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AD&[ibRAR^
JS.
TinV
ommtrria
DAM* COMPANY, NEW YORK.
COPYRIGHTED IN 1941 OY WILLIAM 8.
lMued%%4pe°ev1saraGopy-
VOL 153.
MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3,
ENTEREO AS SECOND-Ct ASS
NO. 3975.
NEW YORK, AUGUST 30, 1941
BROOKLYN TRUST
THE
BANK
COMPANY
CHASE
BANK
NATIONAL
Chartered 1866
1879.
OF THE CITY OF NEW YORK
OF
George V. McLaughlin
President
NEW YORK
Broaden your customer
N E W
BROOKLYN
Member Federal Deposit Insurance
ser\
YOR K
Corporation
.
ice with Chase
correspondent
■
facilities
Member Federal Deposit Insurance
Corporation
Hall^arten & Co.
Established 1850
United States
new
york
Government
London
Chicago:
City of
Securities
Philadelphia
Bonds
"Guide to Railroad
Reorganization Securities"
The
Ieaue
The New and Improved 1941
Containing all New Plans of Reorganiza¬
tion and all the changes in prior plans,
together
detailed
with
system..
maps
FIRST BOSTON
of each
CORPORATION
-
There will be only one
$5
CHICAGO
available at
per copy
SAN FRANCISCO
PHILADELPHIA
(Including New York City Sales
philadelphia
BOSTON
NEW YORK
This book is now
Moucure Biddle & Co.
printing
Tax)
AND OTHER
PRINCIFAL CITIES
Pflugfelder, Bampton & Rust
Members New York Stock Exchange
61 Broadway
New York
Telephone—DIgby 4-4933
Bell Teletype—NY 1-310
Riter & Co.
■
Vr;-; The
Members Next) York Stock Exchange
New York Trust
NewYork Curb Exchange
Members
Members
(Associate)
Chicago Stock Exchange
Philadelphia Stock Exchange
Company
48 Wall Street,
Capital Funds
.
$37,500,000
OTIS & CO.
(Incorporated)
CHICAGO
New York
PHILADELPHIA
Morristown
IOO
BROADWAY
St. Paul
Milwaukee
Rochester
Hartford
Easton
Established 1899
New York
,
CLEVELAND
Chicago
MADISON
R. H. JOHNSON & CO.
AND 40TH
AVENUE
STREET
LAMBORN & CO., INC.
99 Wall Street. N. Y. C.
SUGAR
INVESTMENT SECURITIES
64 Wall
Street
Export—Imports—Futures
New York
TEN
PHILADELPHIA
BOSTON
DIgby 4-2727
ROCKEFELLER
PLAZA
Canadian Securities
CarlM.Loeb,Rhoades&Co.
61
BROADWAY
Member of
NEW YORK
the
HART SMITH & CO.
62 William St.
Federal Deposit
London
Geneva
Buenos Airet
Insurance
Corporation
Montreal
NEW YORK
Toronto
II
The Commercial & Financial Chronicle
Aug.* 30, 1941
Dividends
This is
an
announcement and is not fa
be construed as
an
offer
fa sell or
a
solicitation of an offer fa buy the securities
herein mentioned. The offering is made only
by the
Prospectus.
American Cyanamid
Company
NEW ISSUE
^
AUGUST 27, 1941
DIVIDEND
PREFERRED
On August 26,
Directors
$30,000,000
declared
IV*%
dividend of
Wisconsin Power and
the
on
Light Company
5%
ond
Mortgage Bonds, Series A, 3lA%
stock
to
of
Dated August 1,1941
share
of
October
such
of
the
at
September
the
Pre¬
"Sec¬
Series"
payable
holders
the
record
business
:
"Third
and
Company,
1941
per
Convertible
"First Series",
Series"
the
1,
quarterly
shares
outstanding
ferred Stock,
Cyanamid
a
($.125)
Cumulative
of
First
1941 the Board of
American
of
Company
of
close
1941.
8,
Due August 1,1971
COMMON
On August 26,
Price \061/n% and accrued interest
Directors
of
Company
DIVIDEND
1941 the Board of
American
declared
Cyanamid
quarterly
a
dividend
of
share
the outstanding shares of
the
on
Class
mon
as are
be obtained in
may
any
state in which this announcement is circulated ftpm only such of the
undersigned
Stock
securities
law
per
of
the
1,
Company,
1941
pay¬
to the holders
of such stock of record at the close
of
registered dealers and are offering the securities in compliance with the
(15<*)
and Class "B" Com¬
"A"
able October
The Prospectus
cents
fifteen
business
September
1941.
8,
in such state.
P> STURTEVANT,
W.
Secretary.
Glore, Forgao & Co.
A. G. Becker & Co.
Halsey, Stuart & Co. Inc
Harris, Hall & Company
Incorporated
Harriman
(Incorporated)
Bonbright & Company
W. C.
Ripley & Co.
THE ATLANTIC REFINING
Incorporated
Langley & Co.
Lee
Higginson Corporation
CO.
E. H. Rollins & Sons
The Wisconsin
Incorporated
A. C.
Company
PREFERRED
NUMBER
DIVIDEND
Incorporated
22
Allyn and Company
Incorporated
At
a
meeting of the Board of Directors
held August 25, 1941, a dividend of
one dollar ($1) per share was declared
the Cumulative Preferred Stock
Convertible 4% Series A, of the Com¬
on
pany,
payable November 1, 1941, to
stockholders
of record at the close of
business October 6, 1941. Checks will
be mailed.
w M. O'CONNOR
NOTICE
August 25, 1941
To the Holders of
fv
Secretary
The Kingdom of Belgium External Loan
Thirty Year Sinking Fund 6% Gold Bonds,
Payable January 1, 1955
The
UNION
Kingdom of Belgium External Loan
A NO
Twenty-five Year 6)^% Gold Bonds,
CARBIDE
CARIION
Payable September 1, 1949, and
The
CORPORATION
Kingdom of Belgium External Loan
DB3
Thirty Year Sinking Fund 7% Gold Bonds,
A
Payable June 1, 1955:
In
a
notice dated
April 25,1941, and published in The Commercial & Financial Chronicle
May 3, 1941, The Kingdom of Belgium informed holders of the above-described bonds
that the Belgian Government had been
furnishing, and expected to continue furnishing,
to J. P. Morgan & Co.
Incorporated and Guaranty Trust Company of New York, its Paying
Agents and Sinking Fund Administrators for these issues, United States dollar funds sufficient
to pay interest on the
principal amounts of bonds outstanding after retirements by the con¬
version of 1935 and by sinking-fund
operations.
The above-mentioned notice stated further¬
more that the Belgian Government was
directing the Paying Agents to apply these funds
thereafter to payments of interest only on those bonds the serial numbers of
which should be
designated by the Government, including specifically all bonds on which interest was
paid in
New York since June
1, 1940.
In a subsequent notice dated May 31, 1941, the Belgian
Government designated the serial numbers of certain such
bonds, and the serial numbers
of further bonds are
being added thereto from time to time.
of
cash
dividend
of Seventy-five
(75c) per share on the out¬
standing capital stock of this
Corporation has been declared,
cents
payable
October
stockholders
close
of
of
1,
1941,
record
business
at
to
the
September
5,
1941.
ROBERT W. WHITE, Vice-President
The
undersigned Ambassador Extraordinary of The Kingdom of Belgium, acting upon
instructions from the Belgian Government,
hereby notifies bondholders that experience
gained in the meantime indicates that the dollar amounts required
by the Paying Agents to
pay coupons detached from the bonds designated by the Government are
considerably
L I. du Pont de Nemours
smaller than the dollar remittances which the Government has been
making to the
Agents since June 1, 1940.
Accordingly, the Belgian Government is now
Paying
directing the
& Company
Paying Agents to utilize the above-mentioned excess balances of interest
moneys now in
their hands for the payment of coupons of future maturities detached
from bonds designated
by the Government.
The
Belgian Government will, when these balances are exhausted,
make dollar remittances to the
Paying Agents in amounts sufficient to pay coupons detached
only from bonds designated by it.
Upon the return of normal conditions, the Belgian Gov¬
ernment will remit to the
Paying Agents such dollar funds as are required to pay all coupons
of the
outstanding bonds of the three issues.
THE
KINGDOM
OF
by GEORGES
August 23. 1941
BELGIUM
THEUNIS,
Ambassador
Extraordinary
Wilmington, Delaware: August 18, 1941
The Board of Directors has declared this day a
dividend of $1.121/2 a share on the outstanding
Preferred
Stock, payable October 25,
1941,
to
stockholders of record at the close of business
on
October
10,
1941; also $1.75 a share, as the
third "interim" dividend for 1941, on the out¬
standing Common Stock, payable September 13,
1941, to stockholders of record at the close of
business on August 25, 1941.
W. F.
Dividends
Notices
NEW
YORK
TRANSIT
26
AMERICAN
CAN
COMPANY
PREFERRED
On
one
on
July
22nd,
and
the
1941
three-quarters
Preferred Stock
per
of
cent
this
W.
dividend
was
of
Books will
remain open.
pay¬
Checks
will
be mailed.
R.
A.
W.
STARK, Cashier.
A dividend of
been
declared
value)
of
this
COMPANY
Broadway
New York,
August 19, 1941.
Thirty (30) Cents per share has
the Capital Stock ($5.00 par
Company, payable October 15,
on
1941 to stockholders of record
business September 26, 1941.
J.
Dated July 8, 1941
R.
at
the
close
of
<
FAST,
Secretary.
declared
Company,
able October 1st, 1941, to Stockholders of record
at the close of business
September 17th, 1941.
Transfer
present the notes and other claims for payment.
STOCK
quarterly
a
The Winters National Bank located at
Winters,
in the State of California, is
closing its affairs.
All note holders and other creditors of
the
association
are
therefore hereby notified to
RASKOB, Secretary
BLRGER, Secretary.
The
Bank
of
Suisun,
National
Association
located at Suisun, in the State of California is
closing its affairs.
All note holders and other
creditors of the association are therefore
hereby
notified to present the notes and other claims
for payment.
^
Dated July 9, 1941
J0NES- President
INTERNATIONAL
The
Directors
HARVESTER
of
COMPANY
International
Harvester
quarterly dividend of forty
(40c.) per share on the common stock,
payable October 15, 1941, to all holders of record
Company declared
a
cents
at the close of business on
SANFORD
B.
September 20, 1941.
WHITE, Secretary.
Volume
& Financial Chronicle
The Commercial
153
This is
announcement
an
to
offer to sell or as
and is not to be construed as an
buy these securities. The offering is made only by the
$2,
III
a
'
I 25,000
New York and Richmond Gas
First Mortgage
Company
Bonds 4/4% Series
Due
Dated
solicitation 0} an offer
Prospectus.
1966
Due August 1, 1966
August 1, 1941
and
accrued interest
Price iobl/2%
onlyfrom
Prospectus may be obtained in any state in which this announcement is circulated,
the undersigned and such other dealers as are offering these securities in
The
compliance with the securities law in such state.
HALSEY, STUART &. CO. Inc.
August 30, 1941
Dividends
Dividends
Dividends
INTERNATIONAL SALT COMPANY
New York, N.Y.
475 Fifth Avenue,
Allied Chemical &
Dye Corporation
New York
61 Broadway,
A
been
declared on
August 26, 1941
Chemical & Dye Corporation
quarterly dividend No. 82
of One Dollar and Fifty Cents ($1.50)
payable October
1,
(0MMERCIAL JwESTMErqjKUST
will not be closed.
has declared
share on the Common Stock of the
Company, payable September 20, 1941,
to common stockholders of record at the
close of business September 5, 1941.
has
the capital stock of this Com¬
1941, to stockholders
of record at the close of business on September 15,
1941.
The stock transfer books of the Company
pany,
Allied
CENTS a share
FIFTY
dividend of
HERVEY J.
CORPORATION
OSBORN, Secretary.
Convertible
per
THE
UNITED
Preference
dividends
W. C. KING,
Secretary
STATES
LEATHER CO.
its Prior
account of
A dividend of $3.75 per share on
stock to
in arrears
apply
on
on
this
date
has
been
A
dividend of
quarterly
AMERICAN POWER & LIGHT
CO.
declared
CORPORATION
New York,
quarterly dividend of $1.00
has
declared
been
per
share in cash
Stock of
TRUST
Common
the
on
INVESTMENT
COMMERCIAL
CORPORATION, payable October 1, 1941, to
stockholders of record at the close of business
•September 10, 1941. The transfer books will
not close. Checks will be mailed.
I. SNYDER, Treasurer.
JOHN
August 28, 1941.
and Treasurer.
on
payable
close of business September 10, 1941. The trans¬
fer books will not close. Checks will be mailed.
A
share on the Preferred
Stock ($6) and a dividend of $.93 % Per share
on
the $5 Preferred Stock of American Power
& Light Company were declared on August 27,
1941
for payment October 1, 1941, to stock¬
holders of record at the close of business Sep¬
tember 8,1941.
These amounts are three-fourths
of the quarterly dividend rates of $1.50 per share
on the Preferred Stock ($6)
and $1.25 per share
on the $5 Preferred Stock.
Light Corporation
1935,
TRUST
Common Stock, Dividend
PREFERRED STOCK DIVIDENDS
Dividends
declared
August 27, 1941,
A dividend of $1.1244 per
Electric Power &
been
has
October 1, 1941, to stockholders of record at the
New York, N. Y.
D. W. JACK, Secretary
the Con¬
on
INVESTMENT
COMMERCIAL
Company,
Two Rector Street,
$1.0614
vertible Preference Stock, $4.25 Series of
of
by the Board of Directors of this
payable
October
1,
1941
to
stockholders of record September 10, 1941.
I
C. CAMERON, Treasurer.
Preference Stock,
$4.25 Series of 1935, Dividend
The
"Expandit" Binder
Preferred Stock
of the Board of Directors of
$6 Preferred Stock & $7
At
a
Electric
August
meeting
Power
26,
Corporation held on
dividend of 30 Cents per
Light
&
1941,
a
declared on the $6 Preferred Stock
and 35 Cents per share on the $7 Preferred Stock
of the Corporation for payment October 1, 1941,
to stockholders of record at the close of business
share
opens as
flat
as
was
September 6,1941.
.
E.
*
a
single
copy
American Locomotive Company
m
H. DIXON, Treasurer.
In sizes up to 13x814
inches
30 Church Street
new
TRUST
IRVING
COMPANY
August 28,
The Board of Directors has this day
1941
declared
quarterly dividend of fifteen cents per share
on the capital stock of this Company, par $10.,
payable October 1, 1941, to stockholders of
record at the close of business September 9, 1941.
Price $2.00 each
Phis postage
a
STEPHEN
G.
A
dividend
Stock
Prices for larger sizes
on
application
KENT
Secretary
york, n.y.
Preferred Dividend No. 133
of
share
on
dividends
September
the
on
this
Preferred Capital
Company of $1.75
of
account
has
been
25,
per
accumulated
declared
payable
the
holders
1941,
to
of record of said stock at the close of
business
THE CHESAPEAKE AND
OHIO RY. CO.
of
Stock, Series A,
and of seventy-five "cents per share on $25 par
common stock ($3.00 per share on $100 par com¬
mon stock) will be paid October 1, 1941, to stock¬
holders of record at close of business September 8,
1941,
Transfer books will not close.
A
one
dividend
for
the
third
quarter of 1941
dollar per share on Preference
II.
F.
LOHMEYER, Secretary.
The "EXPANDIT" Binder
25 Spruce St., New York Ctty
on
Transfer
September 10, 1941.
books
will
not
be
closed.
Checks will be mailed by the Bankers
Trust
Company
on
September 24, 1941,
John D. Finn
August 28, 1941
Secretary
Aug. 30,
The Commercial & Financial Chronicle
In Your Community
You
probably know several life insurance agents in
community.
your
in
the
They
instrumental
been
have
placing large and small amounts of insurance on
lives
of
your
fellow
total, this life insurance is really
children,
and
elderly
bread and butter,
a
people,
roof
Whatever
citizens.
over
money
money
the
for
women,
to
provide
their heads, and
some
of the comforts of life.
In most
cases
the money would not be there
not
been for the agent
the
insurance.
not be
We
our
real job in selling
a
most
people
well insured if it hadn't been for
We also know that
of
who did
know that
families
insurance money
had it
some
would
agent.
according to records about 80%
receive
little
or
when the head of
nothing
but
life
the family dies.
MASSACHUSETTS MUTUAL LIFE
INSURANCE
Springfield,
Bertrand J. Perry,
President
COMPANY
Massachusetts
Established Ninety Years
1941
Vol. 153
AUGUST 30,
No. 3975
1941
CONTENTS
Editorials
The Financial Situation
1168
Vanishing Freedom
-
— -
Iceland
1179
-
.
_
1181
Comment and Review
Week
on
the European
Stock Exchanges
1172
Foreign Political and Economic Situation
1172
Foreign Exchange Rates and Comment
1176 & 1222
Course of the Bond Market
1184
Indications of Business Activity
1185
Week
on
the New York Stock
Week
on
the New York Curb Exchange
Exchange
.->-..1170
1121
News
Current Events and Discussions.
Bank and Trust
General Corporation
1220
and Investment News
Dry Goods Trade
State and
....—:..i......l200
Company Items
1266
1302
- — .—
Municipal Department
1303
Stocks and Bonds
Foreign Stock Exchange Quotations —
Bonds Called and Sinking
1222
Fund Notices
1224
Dividends Declared
1224
Auction Sales
-
New York S ock
♦New York Stock
Other
1224
1234
Exchange—Bond Quotations. 1234 & 1244
New York Curb Exchange—Stock
♦New York Curb
-
Exchange—Stock Quotations
Quotations,.
Exchange—Bond Quotations...
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
1250
1254
1256
1260
Over-the-Counter Securities—Stock & Bond Quotations. 1262
Reports
1222
Foreign Bank Statements
Course of Bank Clearings——...
....1222
....1169 & 1232
Federal Reserve Bank Statements
General Corporation
and Investment News
1266
Commodities
The Commercial Markets and the
Crops
Cotton
1294
...
♦
on
the new column incorporated ^n our tables
New York Stock Exchange and New York Curb Exchange bond quota¬
Attention
is directed
tions pertaining to
Published Every
1296
1299
Breads tuff s
to
bapk eligibility and rating.
Saturday Morning by the William B. Dana Company,
25 Spruce Street, New York City, N. Y.
President and Treasurer; William D. Rlggs, Business Manager.
208 South La Salle Street (Telephone State 0613). London—*
Edwards & Smith, 1 Drapers' Gardens, London, E.C.
Copyright 1941 by William B. Dana Company.
Entered as second-class matter
June 23,1879, at the post office at New York, N. Y., under the Act of March 3,1879.
Subscriptions in United States and Possessions, $18.U0
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 line.
Contract and card rates on request. NOTE: On account
of the fluctuations In the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Herbert D. Selbert, Chairman of the Board and Editor; William Dana Seibert,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
The Financial Situation
our very
"our way of
life" in this country,
ently place
our
should not
called
still
that
seems
the Atlantic,
As time has
that have served to
not without
were
miles
a
basis.
beneath the surface.
tion abroad
the
are
time past
some
times reports
disorder
minor
or
various
tories
The
most
recently
countered.
been
hailed
conquered
holds under
and
and various other statistical
of
cal
ascertainable part,
heretofore
as
Thereafter
three times
he
a
tical
one
or
the
"Chronicle"
on
Thursday, and
pears
to
find
in
the
it
ardent
sup¬
ideas."
accus¬
as
of
has
with
Ave ry consider¬
able
B.
DANA
"advanced
support for such
es¬
sentially
Communistic
programs
pre¬
else the
New
COMPANY.
and
existed,
one
of the chief
Germany, in the
1939,
are
"Chronicle"
band
to
and
porters
ap¬
France could not bestir herself to
prepare for
what
his
wholly
Roosevelt
ideas
WILLIAM
to be generally overlooked that
reasons
two sta¬
These
ours can not
attributed
President
been appearing.
doubt¬
attitude, but it
be
appear
"service" issues, one on Tuesday and
Saturday, carrying the wealth of cor¬
material and the like that readers
tomed
decade?
a
departures of
poration reports, municipal items, statistical
un-
of
ters
the
in
will
less, there is warrant for
this
country, particularly
during the past three-quar¬
news
semi-statisti¬
published
Russia
deeply injurious effect in
or
on
from
profound and
a
this
week—a general news, editorial
and feature issue
now
some
items
degree
have had
"Chronicle."
with corresponding
In
sive
being added.
are
and
philoso¬
phies emanating in exten¬
both publi¬
containing corporation and municipal
guard, and, of
jubilation.
to
munist ideas
The first issue of the combined
publications
this
countries
new
going the
but who
fhat the Com¬
doubt
can
will appear on Thursday, Sept.
4, and will be
followed on Saturday, Sept. 6, by an issue
his hands in
on
number of features
a
cations
problems Mr.
various
course,
Beginning next week the "Commercial and
Chronicle,"
enlarged
and
im¬
proved, will appear in an entirely new dress.
With it, as of Sept. 1, will be combined the
"Security Dealers Financial Reporter," here¬
tofore published by Herbert D. Seibert &
Co.,
and
been
years
rounds among us,
Financial
en¬
evidences
as
of the
accounts of
Russia-supported machinations
Important Announcement
there
in
been inclined to
in this country that have
For the most
have
their ideas
been in the matter of
great deal of stock in the alarmist
a
whit
every
cause
never
for
diffi¬
developments
has
ever
We have
Communist cells and
of
to
possession "every where in the world"
regime has
military conquest?
rumors,
and doubtless will
otherwise,
as
the German
fallen
part
the
well
take root and
take
it is
territorially, the Com¬
were
as
France,
considerable
Hitler has
as
Leninism
Hitlerism,
figuratively if not literally.
doubt that,
affairs, the situation in
by
culty is evidently being
country
our guns,
can
to
definite than
yet
These
and therefore should be
turns his atten¬
spotlight
and focused upon
some
of
And who
uprisings
occupied
now
where
more
the target
remain, territorially
rumors, some¬
say
hears it said time
than
more
aggressive in their determination
there have been
can
even
is
one
do not admire
we
points in terri¬
Germany.
has
rather
whit
munistic fanatics of Russia
regard is not greatly different.
For
one
as
one
and who
one
looking
Whether
to domestic
or
in the habit of
again that while
as
aggressor.
but in what is
sense,
way,
Hitler who is the aggressor,
quar¬
after the other,
one
military
ideological
much
as
the
was
damage done by the
Stalinism
or
In
more so,
facts to bear in* mind when
are
and
bring all this poignantly again to
the minds of all those who
at
of
a
Russia, fully
years
greater than that perpetrated by the other?
similar regime
a
weeks, in particular, events in various
have been occurring,
this
thousands
from
an
whether the
so-
passed it has become increasingly clear
that fears of this kind
ters
or
from the
us
in
sure,
termed
n>w
more
thousands of miles away across the Pacific.
more
recent
to threaten
dictatorships
aggressor
away across
Not, to be
pres¬
heritage of freedom in general and
private enterprise in particular, in danger far
real than any
Germany, and perhaps
preserve
we
Throughout those
ers.
THOUGHTFUL observers from efforts tohave won¬
the first
dered whether, in
Deal
a
with the aggressive
even
politician
as
or
support of
the President could
so
artful
have made
never
was
years immediately preceding
clearly setting itself to do to Europe, and
certainly the major reason why France was so piti¬
fully weak when pitted against the German legions,
the existence within her borders of
precisely the
elements which now seem to be
giving the most
the
headway that it has.
Communism Under Other Names
Of
trouble in that country.
To be sure it does not
memory to
lovers of France and the French of the
economic
obvious
weakness, not to
across
where fears
ing
the
a
stronger term,
so
were we
institutions.
told that Communism
was
point of taking possession of France, and
the United Kingdom in danger!
Com¬
even
promises had to be effected and situations handled
with
kid
gloves lest this pestilence break forth in
virulent form.
The
long, sad history of the British
dole, and the Blum regime in France,
can
scarcely
have vanished from the memories of mature observ¬
in the country dis¬
reserve
the right to determine for themselves
or
Communistic.
The result is that it is not at all difficult for them to
shout anathemas at Mr. Stalin and his
in
and
one
what is and what is not Communism
at
customs
every
Communism, and most of them
always done so, but a great many of them who
undertake to disassociate themselves with Com¬
munism
British
were
and damns
have
English Channel from England,
not infrequently
expressed concern¬
traditional
placing
use
political and
the
How many times
on
avows
so
place a great strain upon the
recall the repeated explanations by the
nearly
course,
was
the
same
time take to
works, and
their bosoms much that
differs from Bolshevism
only in name, or at the most
superficial
into
appearances.
When
Russia
entered
a
pact with Germany at the outbreak of war, the
effect here was to lead
fairly generally to an intensifi¬
cation of
our
antipathy toward Stalin, Russia and the
Russians, but not toward our adaptations of a good
of the things that had been done in that coun¬
When at length Russia was attacked, there
a
good many who seemed to feel highly elated in
many
try.
were
the belief that
delays and difficulties encountered
in
Voliune
The Commercial & Financial Chronicle
153
armament
our
give trouble.
but
case,
Moscow, would cease to
Such has plainly not proved to be the
that the Russian armies
now
have been much better than supposed,
sian
Government
than had been
cess
shall
so
anticipated, it
appear
to
and the Rus¬
an
ability to
much
more suc¬
demonstrating
difficult campaign with
manage a
we
is
may
well be that
presently look with considerably less con¬
tempt and innate hostility toward anything that is
generally recognized
coming out of Russia.
enough from the unthink¬
as
There has been demand
ing that
result
play the sedulous ape to Germany as a
we
of
country has
sense
efficiency with which that
obvious
the
industrially
as
well as in a military
To be sure, few, if any,
prepared for war.
in
many
words have made any such demands, but it
lias been
repeatedly asserted by many that some such
so
regimentation might, or even would, be necessary
in this country
if
we were
to match the efficiency of
organization, and there are quite a suffi¬
the Hitler
cient number of advocates of the
deal of the German
adoption of a good
general program.
Many, if not
the same
time to pay homage to the German system of getting
things done.
A corresponding result may well be
produced by the record that the Russian army and
the Russian government are now making.
That is
to say that presently Communist efficiency will in
some part at least share in the minds of the Ameri¬
can people the place heretofore accorded
German
efficiency, and Communism (although not called by
that name)
gain additional support among the
masses in this country.
Thus Russia even in defeat
could conceivably at least be, if not as harmful as
a victorious Germany, at all events a deeply dan¬
gerous influence throughout the world, particularly,
most, of us have appeared to hate and at
come,
be
have by no means lost their force may easily
from the course of current events.
The af¬
seen
eventually has led to Government seizure
fair which
of
currents, from whatever source they
such
of
one
clearly
a case
evincing
large shipbuilding establishments is
our
a
in point.
Labor for a long while past
determination to make use of the arma¬
is
The President
persuaded to relax his insistence upon the "four
freedoms"
"everywhere in the world" in order ap¬
parently to render ourselves
rades to the Soviets.
congenial
more
Apparently, too,
com¬
we are pre¬
pared to insist upon access to the Russian port of
Vladivostok
for
the
of making good the
purpose
delivery of Russian aid—something
we
have not even
yet gained our own consent to do in the case of the
United
Kingdom.
called upon
least
at
ure
become
democracy to be
To be sure,
may
citizens
American
effective
an
sure,
for
not
it is highly improbable that any aid we
be able to extend to Russia will be of great con¬
for
sequence
long time to come, but it is in the
a
,
One thing is
recent
certain, if hatreds had not been fanned
sympathetic emotions
our
so
worked
in
upon
times, the American people would scarcely
have been
so
Dislike of
our
important
groups
become
as
taking that the
we are
danger lies.
ing
arsenal
but for Communistic tyranny.
principle, in the attitude that
and
being
are
to sacrifice that we may in some meas¬
docilely led into this strange position.
position
manifest,
far
as
it
ally of Russia among
as an
in the Nation has, however, of late
fact which is distinctly hearten¬
a
goes.
It would be
a
most excellent'
we
thing if
found the time amid all the talk about
or
exterminating Hitler to consider calmly
crushing
the hazards of
Communism
a
in
partnership with Stalin to
Russia—or
preserve
perhaps to make
the
world safe for Communism.
Federal Reserve Bank Statement
BANKING statistics reveal rapidly in theinweekly
circu¬
lation again advanced that currency
little immediate
decline in member bank
rency
increase
raised
the
as
other changes
were
of
was
a
importance, the net effect
now
reserve
balances.
The
cur¬
disclosed is $59,000,000, which
another record figure of
aggregate to
$9,899,000,000. There were rumors early this week
that an inquiry into the reasons for the sharp and
prolonged upswing in circulation
may
be under¬
industry has clearly won effective aid from the
Board, which appears to have
gained another $6,000,000 to the fresh record level
to fasten a closed shop upon Ameri¬
President's Mediation
adopted the policy of granting the larger part of the
substance of the demands of the unions in
ter. Previous efforts of the
Board in
fuse to
this mat¬
National Labor Relations
making it hazardous for employers to re¬
employ
application
a
member of any union who made
(more
plicant's ability)
or
less regardless of the
ap¬
had already given a strong im¬
petus to the closed shop movement.
the
proceed to make a great virtue of
we
decision to that effect would be most
commendable.
Monetary gold stocks of the country
ment program
can
Meanwhile
giving aid to Communistic Russia.
period ended Aug. 27, and
perhaps, in this country.
That
Making the World Safe for Communism
often attributed to Com¬
program,
munists under orders from
1169
The seizure of
yards of the Federal Shipbuilding and Dry Dock
Company is not likely to reduce, but rather to en¬
hance the determination of the
while
the
closed
sun
shines in
unions to make hay
the matter of
obtaining
Meanwhile the
apparently is either fundamentally
shops throughout industry.
Administration
taken, and
of
any
$22,716,000,000.
United
States
Treasury de¬
posits with the 12 Federal Reserve banks were off
modestly and non-member deposits reflected a small
increase.
Excess
reserves
of member
banks
over
legal requirements declined $70,000,000 to $4,990,-
The demand side of the credit picture sug¬
demand for accommodation,
despite occasional downward variations for special
reasons.
In the weekly period ended Aug. 27, New
000,000.
gests further effective
York City
reporting member banks found their com¬
but this was readily
single large loan which
mercial loans off $10,000,000,
traceable to repayment
of
a
blanketed the slow advance taking place as a
The total of such loans
n
w
whole.
is reported at $2,375,-
Loans by the same banks to brokers and
security collateral increased $8,000,000 to
sympathetic to the movement or is, perhaps, as gov¬
ernments did in pre-war France, making the mistake
000,000.
of
$325,000,000.
pursuing a policy of appeasement toward ele¬
ments which would
ture of
progressively weaken the struc¬
American private
injury to "our
way
enterprise and do serious
of life."
dealers
on
The Treasury
from
in Washington continues to refrain
reimbursing itself for gold acquisitions by de¬
positing gold certificates with the 12
Federal Reserve
The Commercial & Financial Chronicle
1170
banks and the
at
holdings of the banks
cash of the
total
usual for the week.
and the
few
lower by $752,000 at $20,589,-
were
the
Federal
12
$45,165,000 to $15,612,351,000,
variations
consisting of
balances
banks
Reserve
which
in
by $39,815,000 to $12,997,655,000;
270,000 to $772,074,000;
a
other
ratio fell to
91.0% from 91.1%.
by the 12 regional institutions
Industrial
$10,380,000.
were up
advances
vances
open
of
fell $150,000 to $12,928,000.
There
market operations during the week,
United
States
Treasury
as
obligations
were no
holdings
were
un¬
activity
ing
to
levels
carry
were
The
naturally
but
no
The
prevailing desire
ors
real enthusiasm
plainly
least
the
departments of the market,
was
was
among
discernible anywhere.
to await fresh developments, or at
sign of the way the world will turn in
some
highly puzzling and complicated situation
evident.
bered
Small
the
now
buying orders nevertheless outnum¬
equally modest liquidation, and
industrial section advances of
a
point
or
in the
two
for
On
touchhed
the
foreign exchanges
York
Stock
the
dull,
were
Exchange
high levels for the
Curb
York
high levels
Call loans
were
On
pending 1941 tax bill of necessity im¬
additional and agregious burden on
perhaps more American taxpayers than ever
before reached by direct Federal taxes.
Base
under
85
stocks
the present
year
low levels.
new
On
Exchange 50 stocks touched
15
and
stocks
touched
low
new
levels.
Let Us Have Action!
poses an
prices.
upon
motionless
while 23 stocks touched
New
new
effect
remained
The
New
new
mained at
The
little
rise in Canadian dollars.
a
the
week
re¬
proposing to "freeze" cotton and wheat
official controls.
save
Latin American loans
commodity markets
quiet in the week, with the presidential veto
of the bill
speculators and invest¬
Foreign
fairly prominent, with high prices
cases.
metals
at times, but it failed
to any great extent.
nearly all
exerting
the
to
response
In the speculative areas!
best demand.
in
stocks
most
lifeless
so
revival of demand for carrier
a
up
OTHER than athe New tone, there was little to
distinguish firmer York stock market dur¬
the rule in
quite
United States Treas¬
issues seemed to be in progress
ing the final week of August from the preceding
were
not
was
adequate.
mained
Modest price gains
ample room
course,
well maintained, and best-grade
were
of the bond market
were
ending.
is, of
observable.
was
was
the rule in
now
August the hope
modest, but the market
was
offerings
The New York Stock Market
weeks of the month
the state of
on
corporate issues also held their ground. New financ¬
dollar issues
changed at $2,184,100,000.
of
full session,
any
equities division, but nothing approaching
obligations
ury
to
$9,563,000, while commitments to make such ad¬
the
real
The
Discounts
$23,000
At the end
the autumn and there
as
$2,091,000 to
fell
affairs.
The listed bond market
increase of
deposits by $58,093,000 to $689,923,000.
reserve
500,000-share level in
for betterment.
decrease of foreign deposits
an
noteworthy follow¬
the New York Stock Exchange did
on
sufficient commentary
a
A
naturally prevailed that improvement would develop
re¬
decrease of the Treasury general account by $13,-
by $50,173,000 to $1,152,699,000, and
is
financial
with the account
drop in member bank
a
Trading
not reach the
fell
variable,
were
into prominence, as usual, but
came
these failed to attract any
ing.
Total
$54,321,000 to $7,006,926,000.
deposits with
Railroad stocks
utility group held around former levels.
specialties
even
Federal Reserve notes in actual circula¬
tion moved up
a
unchanged
regional banks hardly varied, and their
reserves
648,000.,
serve
were
The redemption fund and other
$20,299,532,000.
Aug. 30, 1941
the New York
on
the New York
Saturday
shares;
Stock
Exchange
re¬
Exchange the sales
on
1%.
Stock
150,560 shares;
were
on
Monday, 330,370
Tuesday, 458,830 shares;
on
432,510 shares;
on
Wednesday,
Thursday, 401,700 shares, and
on
This step now is absolutely necessary in the
teeth of the current defense
the
New
York
sincere
Saturday
were
32,435 shares;
on
Friday, 351,680 shares.
emergency, but
it is shameful that there has been no
earnest,
effort
to
reduce
non-essential,
non-
defense expenditures of the Federal Govern¬
Reductions made in
ment.
these items this
have been inconsequential, and probably
will be wiped out
entirely when all the sup¬
year
plemental deficiency appropriation bills
passed.
parts
of
appropriations for other
the Veterans Administra¬
agencies, such as
tion, the National Resources Planning Board,
the Civil Service
Commission, Federal Com¬
munications Commission, Federal Power Com¬
mission, &c.
It is little short of
outrageous to impose the
burden of this tax bill upon the citizens of
this country without at least a sincere at¬
tempt
to
reduce
Federal
expenditures out¬
side of essentially
emergency items.—Senator
Byrd.
Not
a
word need be added
account of
to
the Senator's
What is needed is action, which
very few in
at this
moment
appear
to
be
prepared to provide.
heartening
to observe that the Senate
Finance Committee is
taking the lead in the
of reason in fiscal affairs
now, when the
begin in
earnest.
a
new
budget is about
to
Exchange the sales
on
on
Monday, 69,245
on
on
Wednesday,
Thursday, 100,540 shares, and
on
Friday, 81,920 shares.
The stock market
a
dull
was'made by rail, steel,
showing
order
Saturday of last week
on
affair, with prices firm and mixed.
was
The best
and mail
copper
issues, while motors and aircrafts presented
a
mixed
trend
was
evident
among
oil, chemical and amusement stocks.
At the
A
opening prices
tended
to
drift
slightly easier tone
were
in
mixed
the
first
light dealings, and
on
hour.
Firmness
later
followed and values hardened somewhat toward the
finish.
The
confusion
uncertainty
at
home
over
induced
the
in
national affairs had the effect of
to the side-lines
the
on
day's trades, with
volume
was
Amusement
concerned
stocks
prices
on
a
a
clearer pic¬
at
the
leader in
so
close.
far
as
block of 19,790 shares.
continued
ican Tel. & Tel. likewise
by
relegating traders
mixed
was a
a
abroad and
measure
Irregularity featured
interest and showed fractional
advancing
war
great
Monday to await
world situation.
Commonwealth & Southern
name
work of preparing
Curb
Tuesday, 101,685 shares;
on
ture of the
the situation.
Washington
It is
shares;
92,560 shares;
are
Moreover, the budget for the current year
includes as emergency defense items the nor¬
mal strictly peacetime
expenditures of the
War and Navy departments as well as sub¬
stantial
On
to
hold
the
improvement.
public's
Amer¬
displayed activity, and after
point closed the day with
a
net gain of
'
$
*
Volume
153
The Commercial
•
A wider interest was perceptible in
% point.
day's trading as the list moved forward in a
erate
and
Tuesmod-
Improvement in sales volume was
manner.
medium-
Demand centered chiefly in the
also noted.
& Financial Chronicle
in
The Senate's action
stocks.
lower-priced
broadening the tax base by increasing
the rate on
in the
personal income to meet the tax deficiency
bill, rather than raising the excess profits tax
rates, appeared to set well with the trading frater-
tax
Some strength was reflected in the
nity.
carrier
improved earnings reports came to hand.
Amusement issues continued to hold up well, and
stocks
as
list
the
better
as
evident in the list on Wednesday
affairs and home problems took
was
international
as
on
brighter aspect than has been the case
a
A
closed fractionally higher.
whole
a
spirit
in previof
sessions, but with trading selective the pace
ous
slowed
market
the
producing
thus
down,
changes which in the main ran to
Richfield Oil stood out as the most
issue
closed the session one-half
Oil of New Jersey
the group were
heavily-traded
This stock
of 26,806 shares.
turnover
a
on
price
major fractions.
point lower.
Standard
lost 1% points, while others in
mixed.
Numbered among the stocks
pointed higher on the day was United States
that
Steel, which played an important part on a gain of
not
one-quarter of a point, but wider advances were
Best prices were chalked
lacking in other leaders.
when trades
closing hour,
the
in
up
the
were
Consolidated Aircraft served as a rally-
heaviest.
Moderately
ing point on an advance of 1% points.
higher levels were the rule for the list at the close.
changeover to better prices was extended
The
trading
lighten
as
in
Thursday, but commitments tended to
on
tlie Labor Day holiday on Monday apThe market was afforded further basis
proached.
optimism from reports telling of the cessation
armed resistance to the British and Russian
for
of
Then, too, the lessening of tension
forces in Iran.
Japan and the United States was not with-
between
At the start of trading values ruled
out its effect.
firm to
fractionally higher, but subsequently turned
irregular and held that way the rest of the morning,
Firmness was restored in the afternoon as aircraft
Rails, steels and
rubber issues took the lead.
and
motors were mixed on the
mail order,
per,
day, while chemical, cop-
rubber and electrical equipment
issues moved up
fractions to one point in Westing-
house Electric.
Irregular price movements charac-
Friday's session as the extended week-end
terized
drew closer.
were
Many specialty issues attracted specu-
interest, while stocks in the alcohol group
lative
strong in spots.
Among aviation shares, ConAircraft picked up
solidated Aircraft and Douglas
ground along with other stocks such as Standard Oil
and U. S. Rubber.
The possibility of a 166% stock
dividend
was
announced
stockholders.
and
broke
would sell
General
31%
Co.
on
Friday by the Consoli-
Corp. directors in
Aircraft
dated
Westinghouse
two
points
more
notice to its
was
weak
that the company
stock.
Electric
on
closed
news
of
Friday at 32% against
Friday of last week; Consolidated Edison
New York at 17% against 17%; Columbia
2% against 2%; Public Service
Corp. of N. J. at 22% against
Harvester at 54
22%; International
against 53%; Sears, Roebuck & Co.
73% against 72; Montgomery Ward & Co. at
34%
against 34%; Woolworth at 29% against 29%, and
American Tel. & Tel. at 155% against 153%.
A comparison of closing prices on Friday last
with those on Friday one week ago show moderately
higher levels. Western Union closed Friday at 28%
against 27% on Friday of last week; Allied Chemical & Dye at 162% against 166; E. I. du Pont de
Nemours at 156 against 156%; National Cash Register at 13% against 13%; National Dairy Products
at 15 ex-div. against 14%; National Biscuit at 16%
against 16%; Texas Gulf Sulphur at 37% ex-div.
against 37%; Continental Can at 36% against 36%;
Eastmak Kodak at 141% against 139; Westinghouse Elec. & Mfg. at 96 against 92; Standard
Brands at 5% against, 5%; Canada Dry at 16
against 15%; Schenley Distillers at 17% against
15%, and National Distillers at 24 against 22%.
In the rubber group, Goodyear Tire & Rubber
closed Friday at 19% against 18% on Friday of
last week; B. F. Goodrich at 19 against 18%, and
United States Rubber at 24% against 22%.
Railroad stocks veered moderately higher the
present week. Pennsylvania RR. closed Friday at
23% against 23% on Friday of last week; Atchison
Topeka & Santa Fe at 28 against 27%; New York
Central at 12% against 12%; Union Pacific at 81%
ex-div. against 86%; Southern Pacific at 13%
against 13%; Southern Ry. at 17% against 18, and
Northern Pacific at 7% against 7%.
The steel shares also gained fresh ground this
week. United States Steel closed Friday at 57%
against 56% on Friday of last week; Crucible Steel
at 41% against 40; Bethlehem Steel at 69% against
68%, and Youngstown Sheet & Tube at 38%
against 37%.
In the motor group General Motors closed Friday
at 39% against 38% on Friday of last week; Chrysler at 57% against 56; Packard at 2% against 3,
and Studebaker at 5% against 5%.
Among the oil stocks, Standard Oil of N. J. closed
Friday at 43% against 43 on Friday of last week;
Shell Union Oil at 14 against 14, and Atlantic Refining at 21% against 22.
Among the copper stocks, Anaconda Copper
closed Friday at 28 ex-div. against 28% on Friday
of wast week; American Smelting & Refining at
42% against 41%, and Phelps Dodge at 32%
against 32%.
In the aviation group Curtiss-Wright closed Friday at 9% against 9 on Friday of last week; Boeing Airplane at 19% against 18%, and Douglas Aircraft at 74% against 69%.
Trade and industrial reports now indicate little
variation in the high rate of activity attained under
the defense program. Steel operations for the week
ending today were estimated by American Iron and
Steel Institute at 96.5% of capacity, oh a
revised
basis of calculation taking in some recent additions
to productive capacity. The rate compared with a
revised figure of 96.2% for last week and 97.6% for
this week last month. At this time in 1946 the rate
Production of electric power for the
reported by Edison Electric
Institute at 3,193,464,666 kwh., against 3,266,818,000 kwh. in the preceding week, and 2,714,193,066 kwh. at this time last year. Car loadings
of revenue freight for the week ended Aug. 23 were
reported by the Association of American Railroads
at 899,750 cars, an increase over the preceding week
of 9,796 cars, an increase over the preceding week
of 9,376 cars, and over the similar week of last year
was
92.3%.
week ended Aug. 23 was
on
Gas & Electric at
at
a
Electric
1171
of 138,642 cars.
The Commercial & Financial Chronicle
1172
As
indicating the
of the commodity
course
mar-
1
Aug. 30, 1941
Mr. Churchill also
to see America enter the war.
kets, the September option for wheat in Chicago
declared flatly that the British and Amercian chiefs
closed
of State now have jointly pledged their countries to
Friday at 113%c. against 112%c.
of last
week.
September
Friday at 77%e. against 77%c. the close
of last
week.
Friday
on
at Chicago
corn
closed
Friday
on
September oats at Chicago closed
Friday at the nominal price of 46%c. against 44%c.
the close
The
Friday of last week.
on
spot price for cotton here in New York closed
Friday at 16.46c. against 17.00c. the close
week.
of last
Domestic
22%c., the close
Friday of last week.
on
closed Friday at 12c., the close
copper
Friday1
Friday at
on
rubber closed
Domestic
Friday of
on
last week.
In London the
at
23%
against 23 7/16
the matter of
fers
London
on
Friday at 34%c., the close
foreign exchanges, cable trans-
Friday at $4.03% against
Friday of last week.
on
.
__
European Stoc
IRREGULAR
1
week
ropean
on
price
stock
a splendid oration is
hardly to be denied, and his presentation of the Brit-
ish viewpoint merits the study it has received. He
mentioned briefly the "comradeship" of the conferenee
with Mr. Roosevelt at some still undisclosed
movements
noted
were
this
financial centers, with war developments
an
The London market
encouraged in most sessions by the advance into
Iran and the prospects of further Russian resistance
Prime Minister Churchill also
provided the London market with
saw the Englishthe guidance of the
fortunes of the broad toiling masses in all the
as
exchanges in all the leading Eu-
to the Nazi invaders.
consanguinity, the Prime Minister
speaking Nations taking
continents, and he denied
,
Markets
obvious influence at all times.
was
participation in the war.
That Mr. Churchill delivered
pointedly referred to the concurrent staff meetings
of British and American naval and military cornmanders. Deftly emphasizing British and American
closed
$4.03% the close
some encourage-
the
masses
Mr.
Churchill, who answered it in several ways. He
plunging of the United States into
war
depended
of the
gains modified in mid-week profitIndustrial stocks were generally firm at
some
taking.
London, and home rail shares
fected
anese
by the tightened Government controls.
bonds
were
Japmarked higher, and Anglo-Iranian
oil stocks were favorites.
soft
not much af-
were
On the Berlin Boerse
a
tone
prevailed during the early part of the
week, but the market suddenly strengthened in the
mid-week
mon on
the
dealings.
so-called
Bourse
Gains of 3 to 5 points
the German
was
were com-
market, in industrial issues and
Colonial
dull and
shares.
The
Amsterdam
fairly steady throughout the
wee^'
upon
Hitler,
settling accounts with
one
whose
Nation at
procedure
a
of
time eventu-
ally will be extended to
erai.
with
clog of selfish interest
found that the
day about the Atlantic conference with President
Monday,
any
led "forward out of the miseries
they have been plunged back to the broad
highroad of freedom and justice." The question of
American entry into the war was posed
directly by
Churchill
A brisk advance occurred last
are
up
into which
ment, in consequence of the radio address last SunRoosevelt.
conference eight-point
Friday of last week, and spot
on
Friday of last week.
In
the Atlantic
of
pretation
declaration, and it is thus evident that a new phase
has been reached in the rapid official drift of the
Roosevelt Administration .toward all-out military
location on the American coast, Aug. 9 to 11, and
silver in New York closed
on
There
pence per
pence per ounce
the close
ounce,
price of bar silver closed Friday
the final destruction of the Nazi tyranny.
has been no objection in Washington to this inter-
this country and, Mr.
said, to the Western Hemisphere in gen-
But it also
was
noted in the address that the
President and Prime Minister "have
jointly pledged
their countries to the final destruction of the Nazi
tyranny."
This grave and solemn undertaking must
and will be made
good, Mr. Churchill asserted, and
"many practical arrangements to fulpurpose have been and are being organized
he added that
fill that
and set in motion."
Japanese aggression
in
the
Far
East
received
passing attention in the address, and the Prime Minister revealed in this portion of his
speech a
highly
significant reversal of the British attitude of
ness
prevalent just ten years
ago.
aloof-
It is certain that
Japanese aggression must be halted, Mr. Churchill
announced.
He disclosed that the United States
Government is laboring "with infinite
patience" to
#
Churchill Reports
WITH hisWinston Churchill spoke at Prime Min- arrive at
customary persuasiveness,
length
will give
ister
some
last
a fair and reasonable settlement which
Japan the utmost
reassurance
for
her
Sunday regarding his historic Atlantic meeting
With President Roosevelt, and in some
respects the
legitimate interests. But if such efforts fail, the
Prime Minister added, "we shall, of course, range
comments were
ourselves unhesitatingly at the side of the United
States."
Mr. Churchill also discoursed at length
on the "barbaric fury of the Nazis," and the
unhappy
Roosevelt
more
revealing than anything Mr.
far has cared to say to
the people of the
United States. The statements made
by Mr. Churchill
in
a
so
general
radio
address
deterioration of relations
United
reflected
between
the
steady
Japan and the
States, and ranged Great Britain fully on
in the event of battle. Im-
the side of this
country
plications of such
comments
are,
of course, rather
obvious, since the United States
almost automati-
cally will be at
war
the
of
Praising the Russian defense, he estimated at 1,500,000 to 2,000,000 the Nazi soldiers who
aggresors.
"have bit the dust of the endless plains of Russia."
To each of the conquered Nations of Europe, in turn,
Mr. Churchill held out the hope of deliverance,
with the German and Italian
partners of the Axis, in the event of
a
Japanese partner, and the British aim of in vol ving the United States fully in the European war
then will have been achieved.
Any doubts
aspect of international relations
were
Tuesday, by the British Minister
Beaverbrook, who declared in
of
Eastern War Clouds
conflict with
the
state of the European continent under the heels
as
to this
dispelled, last
DELATIONS
between
Japan
and
the
United
States moved close to the breaking point this
week, with vital decisions as to war or peace pos-
siblv
a
matter of weeks
or even
days.
All the evi-
Supply, Lord
dence tends to confirm the British view, expressed
London that he wished
after the return of Prime Minister Churchill to Lon-
Volume
The Commercial
153
don, that the United States has assumed a sort
of
"regional guardianship" in the Far East as a con¬
of the Roosevelt-Churchill conference. That
sequence
with
decisions
respect
the
of
formed 'one
th£ British Prime
that
a
ranged
easily
may
enter waters controlled
from the
gasoline shipments.
the United
States the
tion in the
of
support
the
That Tokio is acting
equally
poses
for
question of active participa¬
ever-widening world
war.
Nazi-Communist Conflict
carrying
;
by the Japanese, and Tokio
PERHAPS the most favorable development in the
conflict
raging between the German
vast
Reichswehr and the Red Army
is the
dispatches reflected plainly the debate there as to
of
free
of
passage
military
develop, if Japan should
large c&rgo of gasoline is about to
a
effect, Moscow thus was ranged
active
States, in the event of complications arising
the side of the United States.
gasoline to the Russian port of Vladivostok.
A vessel with
United
In
in
obvious, and the Far Eastern issue thus
attempt to interfere with American ships
aviation
London
disclosed last Sunday by
was
Minister, who stated categorically
on
conflict
a
with
partly in the interest of Berlin and Rome
Japanese-American conflict would find Great
Britain
Such
aggressions
United States.
significant points of the
more
Atlantic discussions
Japanese
to
1173
& Financial Chronicle
of the ship, or a halt with the con¬
a
in Eastern Europe
approach of wintry weather, with its promise
halt in the
recent
Actual military moves
campaigns.
reflected the extraordinary
days again
of the Nazi force.
Bitter resistance
sequent risk of war. Secretary of State Cordell
striking
maintained
offered
by the Red troops doubtless proved costly
to both
sides, but the fact remains that the Germans
Hull
United
unhindered passage of the
Wednesday, that
calmly,
insist upon
States will
the
marched
ship under the principle of freedom of the seas.
Fresh
warnings were conveyed to Japan, in diplo¬
but
matic
unmistakable
terms, of the increasing
Washington concern regarding the aggressiveness
of the Tokio forces in
China, French Indo-China and
President Roose¬
various islands in the South Seas.
velt announced
Tuesday that an American mil¬
on
itary mission will be dispatched to China within
weeks, to advise the Nationalist regime of Gen¬
two
eralissimo
Chiang Kai-shek and expedite lend-lease
aid to the victim of
Mr.
week
Japanese aggression.
raised
Roosevelt
the
Late last
American
power
import
regardless of losses and it may easily be
on
vaunted
the
that
Russian
manpower
longer
no
adequate arms to stem the Nazi advance.
points on the 1,650 mile front from the
Finland to the Black Sea the pressure slowly
possesses
At various
Gulf of
forced the Russians
back, and the danger of accelera¬
tion in this movement cannot be
denied.
New sup¬
plies probably will reach the Russians in volume be¬
fore
long,
over
of this
question for continuance
easily center around the
even in Berlin, where
in Europe may
Avar
This
weather.
the route through Iran now being
But the vital
established.
is
admitted
duty on Japanese crab meat to 22 y2% ad valorem
preparations are said to be in progress for winter
from
campaigns of a sort.
15%, the step having only political significance
at this
time, in view of the cessation of trade rela¬
tions under the
Washington freezing order and the
These moves im¬
pressed the Japanese less, however, than the dis¬
patch of an American ship with aviation gasoline
to Vladivostok, for this action afforded the sharpest
possible contrast with the embargo on gasoline ship¬
ments to Japan.
It bids fair to force the hands of
the Japanese respecting their next moves in Eastern
Asia, which may be either toward Singapore and
the Netherlands East Indies, or toward the Mari¬
Japanese reactions to that move.
time Province of Siberia.
The increasing exaspera¬
tion of
Japanese authorities over the gasoline ship¬
tends to confirm the view held in various in¬
ment
formed
quarters that Japan intends to attack Rus¬
Siberia if
sian
and
Communists in
when the Germans defeat the
be
on
and
with the coming
Tuesday, were of a most discouraging nature, since
At various
The Japanese Ambassador to
Moscow, Yoshitsugu Tatekawa, was
said to have
notified the Soviet Government of this
interdict, and
oblique confirmation of the report quickly was
warned Tokio
now
Rusian defenders spared
as
the battles developed.
no
effort and in the Center
they were able to claim
The defense was valiant
in all sectors, with the scorched-earth policy of the
Russian Government rendering the Reich territorial
recapture of some points.
gains of little value for the time being. Russian
sacrificed 1,500,000
estimates that the Germans have
to
2,000,000 men in the struggle gained a measure of
last Sunday, when Prime Minister
Churchill used the same figures.
when the Kremlin
against unfriendly interference with
Wednesday,
side
The Russian losses
placed by the Germans, at the end of two
were
with
vailable,
week
ending, interest shifting rapidly from area to area
fighting, at 1,250,000 prisoners of war,
months of
made
points in the Center, the South and the
North the Germans moved forward in the
mitting American war materials to reach Russia by
an
favorable than it appears to
be at this moment.
they suggested that Japan has no intention of per¬
of Vladivostok.
of next spring the Russian
situation might be more
confirmation
Europe.
Diplomatic reports available in Washington, last
way
No German arrangements can
fact, however, that General Winter would
the side of the Russians in these campaigns,
alter the
only vague guesses available from the German
as to Russian dead and wounded.
Their own
losses
were
placed by the Russians at 700,000 dead,
and
wounded
missing, and it was admitted that
4,500 Russian airplanes had been
of
estimates
German
destroyed, against
The
had
and 11,250 air¬
7,200 German airplane losses.
High Command said that the Russians
14,000 tanks, 15,000 guns
entertained at
Tokio, it appeared, that the gasoline might be
utilized by Russian forces in attacks against Japan.
lost about
The Soviet Government
figures supplied by the adversaries, the totals still
remain tremendous and indicative of a prodigious
Apprehensions
shipments.
to
Moscow
Japan,
United Sttaes
war
in the
are
terfere
provided formal
said,
that
supplies
assurances
from
the
destined firstly for the defensive
West, and also for Agricultural" needs in
the Soviet Far East.
regard
were
Russia, it was added, would
hostile act any Japanese attempt to in¬
with war materials shipments from the
as a
planes.
of
If the fairly reasonable method is adopted
placing the actual losses someAvhere betAveen the
Avastage of material and manpoAver.
may
the
The question
Avell be posed whether either the Germans or
Russians will have much strength or will to
battle left after the vast Eastern
ends.
.
European struggle
.
■'?'
1174
The Commercial & Financial Chronicle
It is in the far North that the Germans
appear
be
to
forces
making their most determined efforts, obviously
the expectation that
wintry weather would ham-
in
operations.
per
The drive
Leningrad
on
pushed
was
precipitately, and the Russians admitted
over
the
last week-end the grave
danger facing their second
The 2,000,000 inhabitants of Leningrad were
city.
ordered to
dig themselves in and battle to
against the Nazi invaders.
Battle of
but
Leningrad
the
German
the end
Official reports
were terse and
spokesmen
in
on
stated
on
Wednesday that the vtial Leningrad-Moscow rail
line had been reached and cut.
in the German
servers
from
Berlin
were
convinced
be
to
Neutral
capital
that
military ob-
said in reports
German
some
position to push
a
from
on
moderate weather lingers longer in the
Ukraine than
in the South
reached
are
on
other
in regions where time
"terrible peril."
ward
that
Leningrad is in
While the Nazis
were
pushing to-
Leningrad from the West and South, Finnish
forces drove
sides
of
headlong down from the North,
Lake
Ladoga.
Estonia,
In
m-jji
Middle East
f\NE of the most significant moves on the tre^ mentions chessboard of war was made last
Monday at dawn by British and Russian forces,
which moved
obvious aim
over
the border into Iran with the
of securing the
supply line from the
pocket
of
contingents
of
Viborg
Northwestern
battled
the
the
battle
fresh blows.
situated
The Reich
claimed
40,000.
tion of the Cabinet
of that
the
City, which
start, and
matched
and
other
a
pocket
vast
by another South
near
reported.
For all
a
vital link thus made safe for the East-
Elaborate British and Russian statements
was
said in such accounts of the real
invasion, which
were
for the
reason
the communications value of
was
Iran.
Both countries pointed to the
danger inherent in the widespread influence of Nazi tech-
Gomel by means
encircling movement similar
were
issued when the drive into Iran began, but nothing
the other hand, that an-
being formed
was
A
day, and
captured by the Russians in that sector, Tuesday, according to Moscow statements. There were
of
reorganiza-
Teheran.
made by the Iranians at the
few casualties
a
a
West communications of the British Empire and the
North-South communications of aid to Russia.
forced by the Russians in
on
was
at
were
region around Gomel. Several German battalions
Berlin,
effected
was
were
were
intimations from
was
practical purposes, however, the sizable territory
of Iran was safely in Anglo-Russian hands by Thurs-
This "battle of annihilation"
was
Thursday, immediately after
on
show of resistance
High Command announced
was
which
move,
pocket variety, for Iranian resistance
salient, with the Nazis
by the Nazis, while the Russian dead
said to exceed
There
any event.
particular surprise in the
be of the
to
Lake Ilmen and
Smolensk,
30,000 prisoners arid 400 cannon
North of Smolensk
Iranians favored the British in
ceased
between
than
The
was
requirement for gaining control of some assured
of aiding the Russians. The war turned out
Wednesday the capture of the City of Velikye Luki,
inore
charges that
means
shortening their lines and preparing for
on
upon
plotting trouble.
"Blitzkrieg" against the modest Iranian forces
raged both North and
Soutli of the great Smolensk
intent
were
heralded by the British preparations and the simple
Nazis
the last Russian stand in the Baltic State.
Center
based diplomatically
was
Persia,
as
attended the Anglo-Russian effort,
German agents in Iran
was no
was reported afire,
Wednesday, which suggests the approaching end of
the
which
success
assured of early success, owing to the lack of ade-
fiercely, but the port of Tallinn
In
Prompt
safeguarding the
known
was
quate Iranian equipment, and perhaps because the
the
Russian
sig-
more
moving down the Karelian
Isthmus, with the former Finnish fortress
objective.
both
a
The principal force from
Finland appeared to be
an
on
is
nificant factor,
oil supply in what formerly
admission
Since
Southern
fronts, the Reich movements
Ladoga, early this week, and this possibly accounts
Russian
Dnieper
possibly will be deferred until decisions
Persian Gulf into Russia and of
the
the
toward the vitally important Donetz Basin.
detachments had reached the southern shore of Lake
for
1941
the Eastern bank, the Germans plainly
on
in
the
uninformative,
Berlin
are
Aug. 30,
nieians in Iran, and based their invasion
need for
to those which
"protecting" Iran.
decimated the Russian forces in the first two months
London at about
the
German technicians and
of the
upon
The number of such
war.
.
No less serious than the
and the Center
ern
were
reports from the North
the claims
Ukraine, where the Nazis
to have
Dnieper, excepting only Odessa.
battle for Odessa continues and
be
of
one
struggle.
the
of
the
a
few
Dnieper,
Dnepropetrovsk
German
probably will
hands.
was
The
Dnepropetrovsk is
sian troops marched South and threatened Teheran,
After perfunctory resistance
after taking Tabriz.
The
the Iranians submitted to the inevitable, reorganized their Cabinet and, to all intents and purposes,
prove
bloody in this sanguinary
Early this week the Germans
they held all but
bank
most
bridgeheads
and
the
conceded
fate
still
of
on
claimed that
welcomed the invaders.
the Western
and Moscow of the need for
important
huge dam
matters
near
uncertain, with the Rus-
some units of the vast structure had
damage.
man
The circumstances
version, for the Nazis
the swollen
trial
seem
a
on
operation that probably required the dam itself
over
the river.
With
the
an
as a
establishment of
stand, the Russians
even
if
battle fronts
German drive.
crossing of
the Eastern bank,
now
continue,
present
reported
Dnieper and the capture of the indus-
city of Zaporozlie,
bridge
will
suffered
to favor the Ger-
announced
made in London
are
assured of
a
supply line, regardless of the happenings in the Far
East, and Russian resistance to the Nazis probably
declaring on Thursday that it had been blown
whereas Reich spokesmen earlier had said that
only
was
mans,
sians
up,
Much
forestalling the Gerbut military invasion by the Nazis obviously
would not be possible for some time to come.
As
city of
by Moscow to be in
the
British forces moved
in from East and West, and the Royal Navy landed
detachments at the head of the Persian Gulf. Rus-
acknowledged
gained control of virtually the entire region
West of the
to
mated them at less than TOO.
regarding the South-
now are
"tourists" was placed in
4,000, but Iranian authorities esti-
as
sizable
made
are
withdrawals
necessary
The United States Government
viewing the
move
into
Iran
from
by the
was
svmpa-
thetically.
-
Fresh problems promptly
est
development of the
of«these relates to
were
raised by the
new-
war,
and the most important
Turkey.
Official spokesmen in
Volume
The Commercial & Financial Chronicle
153
Turkey made it clear that
would
a
Iran, but the people of Turkey
much adverse comment
danger
another.
The
nations
sort
their
a
the
Turkish
was
In
rumored that the Ger¬
proposed to demand expulsion by Turkey of
mans
Russians and
the demands
Britons, under penalty of invasion if
of the Iranian
The
not met.
were
rapid termination
campaign doubtless will dispel such
to
move
shevism/'
great show of
significant only to Istanbul.
was
capital it
on
Wednesday
.and
occurrences
measures
were
against occupying
attack
an
developed
of his associates in
some
join the German
of the "French
At
cause.
meeting
a
Legion of Volunteers to Combat Bol¬
Frenchman emptied his revolver
a young
seriously wounded M. Laval and several others.
^Slarcel
*
the
patriotic Frenchmen
but
of the
some
Not only
grave.
against Pierre Laval and
or
the invasion of Iran, but the reac¬
over
tion in Berlin
hands, made
by
troops,
Nazis, with the blood of nearly a score
on
indignation
one
exceedingly
taken
longer the importunate Ger¬
demands for Turkish assistance of
man
against the Nazis, and
were
The
move.
Paris, which is in the Germanthe scene of various demonstra¬
was
tions
aroused and
the
might find it impossible in the circum¬
stances to resist much
of
on
recognized in London and Moscow that
was
Istanbul
occupied area,
the invasion of
were
heard
was
with the Germans.
policy of neutrality
with respect to
followed
be
1175
Deat and Colonel Pierre
remain
Durvy
hit and
were
hospitalized. The German occupying author¬
ities washed their hands of the matter and declared
that
it
of
was
the
to
concern
French
A
alone.
round-up of Communists quickly followed, and three
alleged conspirators were guillotined, Thursday.
threats, for the time being, but the problem remains
of German
in the event of any
maneuvers
tlement of Russo-German
would
be
scores.
Turkey, of
course,
exceedingly valuable to the Nazis
as
a
Blitzkrieg against Suez and the
springboard for
a
huge British oil
resources
Discount Rates of Foreign Central Banks
early set¬
of the Middle East.
THEREdiscount noof
have been changes during the week in
the
of the foreign central
rates
banks.
Present
Rate in
Country
DIRECT action in the war between Great Britain
German-Italian Axis continues to
the
and
take the
tacks
now
familiar form of sweeping aerial
against objectives
with the German
There
at¬
the European Continent,
opposition admittedly stiffening.
further
were
on
spells of bad weather in the
ending, and they hampered the Royal Air
a
Large squadrons of punishing
degree.
aircraft nevertheless swept over
Argentina..
3H
Mar.
Belgium
2
Jan.
5
Dec.
German-held terri¬
1 1940
tremendous
German airmen
fliers.
the West-in greater
the
according
damage,
Russians, and
admitted
apparently
the
were
returning
returned to
on one
encountering
occasion the British fliers
no
less than 1G0 German air¬
daily, in these circumstances, but the raids
more,
German fliers
continued.
Great
essayed a few raids over
Britain, but failed to do any damage of conse¬
The Reich, on the other hand, seemed more
quence.
intent than in recent weeks upon
British
shipping,
a
the destruction of
foray being reported in Berlin,
Sunday, which the Nazis claimed resulted in
the sinking of
London confirmed the
24 vessels.
raid but said that
eight ships actually were sunk.
A London announcement of some interest
Tuesday,
the loss
indicated,
of the British destroyer Bath,
1,000 tons, the ship having been the former Amer¬
ican
destroyer Hopewell, transferred to
Great
Britain last year.
of
consisted
Action in the Mediterranean area
aerial
sporadic
bombing
Oct.
3
Nov. 28 1935
3H
4 ^
May 18 1936
Apr.
7 1936
3.65
2H
Mar. 11 1935
mrnrn
3
Dec. 16 1936
4
Italy
Japan
Colombia-.
4
July
5
Java
18 1933
Czechoslo¬
Denmark
3.29
3
Lithuania..
'■
4
Jan.
15 1939
4
7
July
3H
Morocco
6H
5
Norway
3
May 28 1935
May 13 1940
Oct.
■;
6
1 1936
2 1937
16 1940
4H
Poland
4X
Dec.
3X
Portugal...
4
Mar. 31
1941
4H
3
Rumania
3
Sept. 12 1940
May 15 1933
3H
3
JUne 30 1932
England
2
;J Oct. 26 1939
4H
..
Oct.
1 1935
5
South Africa
Finland
4
Dec.
3 1934
4H
Spain
France
1H
Mar. 17 1941
2
Sweden
Germany
3X
Apr.
6 1940
4
Switzerland
Greece
6
Jan.
4 1937
7
Yugoslavia.
*
5
14 1937
Jan.
4
__
22 1940
Jan.
V
3
vakia
Danzig
:£i
3
4
3
India
Canada
4H
4 ^
17 1937
5
4H
*4
Mar. 29 1939
5
3
May 29 1941
3H
Nov. 26 1936
2
6H
1 1935
Feb.
5
Not officially confirmed.
Bank of
of
Italian
ports, and fresh Axis raids against the Suez Canal.
England Statement
HP HE Bank's statement for the week ended Aug.
1
27 showed
numbers, after action against
Admitted losses ranged to 10 planes apd
planes.
last
to
Rate
June 26 1941
Hungary...
6
Chile
highly explosive British bombs did
new
vious
cities and
various Reich industrial
over
The
ports.
Date
Effective
Holland
5 1940
Bulgaria
Pre¬
Effect
Country
1 1936
tory in France and the Low Countries, and occa¬
sionally
are
Aug 29
Rale
Estonia
Force to
centers
Rate in
vious
'
now
leading
Pre¬
Date
Effective
Effect
Aug 29
Erie
week
the
at
shown in the table which follows:
and the Axis
Britain
any
rates
of
£072,000 to
a
a
further decline in note circulation
Circulation,
total of £064,703,000.
prior to the loss of a week ago, had risen steadily for
crease
Gold
weeks.
twelve
of
holdings showed
a
slight in¬
£11,594, and together with the drop in cir¬
culation, resulted in an advance of £084,000 in re¬
loss of
A
serves.
£20,754,000
noted in public
was
deposits, but this was more than offset by an in¬
of
crease
£23,522,178
in
Other
deposits.
other
deposits comprise "bankers' accounts" and "other
which
accounts,"
£23,050,080
rose
and
£400,092
respectively. The proportion of reserves to liabilities
stood at 9.1%, compared with 8.8% a week ago and
11.0%
a
year
Government securities fell off
ago.
£1,010,000 while other securities gained £3,711,090.
The latter consists of discounts and advances, which
decreased
£82,139
rate.
and securities,
which increased
No change was made in the 2% discount
£3,793,829.
Below
we
furnish the various items with com¬
parisons for previous years:
BANK
OF ENGLAND'S COMPARATIVE
STATEMENT
France
Aug. 27,
F
ways
this
were
week,
are
1941
accentuated in various
with
the
developments
especially interesting because they reflect sentiment
in all the countries that, to one degree or another,
now
subject to the Nazi yoke.
In France the
Aug. 30,
Aug. 31,
Sept.
1,
flared
persistently.
in consequence,
has been unable to make much prog¬
with his announced program
of collaboration
1940
1939
1938
1937
£
£
£
664.703.000 610,041 ,833 529 498,805 480,432 947 490 ,309,532
14 ,111,338
31 067,576
27,758, 141
8,827, 829
Public deposits
14,863,000
652 140 ,703,732
Other tie posits------ 174.773,867 170,458 764 129 ,119,667 131,119
90 143,424
94,743 569 104 ,172,489
Bankers' accounts- 125,666,094 118,655, 912
36 531,243
36,376, 083
38 976,243
51,802 852
Other accounts
49,107,773
160.342.838 147,972 838 113 126,164 102,061, 164 109 274,772
Govt, securities
26 122,900
27.696, 231
31 016,418
645
29,994,948 28,496.
Other securities
Circulation
—
DLsct. & advances
the conquering Germans
Marshal Henri Philippe Petain,
spirit of revolt against
ress
Aug. 28.
£
RENCII difficulties
-
.
Securities-.-
6.388,495
23,606,453
Reserve notes & coin
17,299,000
Coih and bullion—.
2,001,765
5
6 387,710
5,369, 680
3,875, 187
20
24 ,628,708
22.326, 551
37
34 249,947
47.327, 631
20,884, 137
925, 970 263 748,752 327,760, 578 327
24,621, 458
Proportion of reserve
to
liabilities
Bank rate.__
Gold val. per fine oz_
9.1%
2%
168s.
11.6%
2%
168s.
21.3%
158s.
4%
84s.
6d.
368,210
754,690
650,648
960,180
29.7%
24.3%
2%
ll^d. 84s.
2%
ll^d.
The Commercial & Financial Chronicle
1176
'
Bank of Germany Statement
THE statement of the Bank 15,411,858,000 showed
notes, in circulation at as of Aug. 23 marks,
loss of
618,754,000 marks from the record high of
16,030,612,000 marks July 31.
Gold holdings rose
a
ing 90 days are %% bid and 7-16% asked; for bills
running for four months, 9-16% bid and %% asked;
for five and six
The bill
is
of
is
Discount Rates of the Federal Reserve Banks
exchange and checks declined 562,693,000
marks to
tion of
total of
a
16,191,568 marks.
The propor¬
gold and foreign exchange to note circulation
now
months, %% bid and 9-16% asked.
buying rate of the New York Reserve Bank
%% for bills running from 1 to 90 days.
22,000 marks to "a total of 77,676,000 marks, while
bills
Aug. 30, 1941
/
THERE have been nothe Federal Reserve banks;
changes this week in the
rediscount
rates of
recent advances
Governnent obligations
on
0.50%, compared with the record low, 0.48%
July 31 and 0.64% a year ago. Investments increased
in the footnote to the table.
1,296,000 marks while other assets
schedule of rates
and other
daily
maturing
obligations dropped 202,707,000 marks
94,127,000 marks, respectively. Below we show
and
the
different items
with
of paper at
now
The
are
in effect for the various classes
the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
comparisons for previous
Rate in Effect
Date
Previous
Aug. 29
Established
Rate
Federal Reserve Banks
years:
Boston
REICIISBANK'S COMPARATIVE
STATEMENT
1
New York
Cleveland—
Changes
Assets—
Reichsmarks
Gold & for'n exchange.
Bills of exch. & checkh.
Silver and other coin...
Reichsmarks
77,676,000
Other assets......
Notes In circulation...
-618,754,000 15,411.858,000 12,106,645,000 8.709.828,000
maturing
obligations
—94,127,000
2,148.660,000
Other liabilities
foreign cut. to note
circulation........
as of
+0.02%
478,696,000
0.50%
0.64%
0.88%
July 15, 1941.
were
bills,
as
Friday of last week.
Friday
was
on
rates
this
area
firmer
again
sums up
week.
The
undertone
flected in
now
any
in progress, but this
rate variations.
commercial paper were turned
of
a
owing to the examination of credit
possibilities
The
was
Bankers'
over
Treasury in Washington sold
on
were
at
$0,114%
average,
annual bank discount basis.
control
not
bills
and
Monday
91
an
days, and
computed
Call loans
issue
on
on
an
the New
Exchange held to 1% for all transactions,
time loans remained at
1%% for 60 and 90 days,
1%% for four to six months.
New York
Money Rates
DEALING in detailfrom day toloan rates
with call day, 1%
Stock Exchange
and
renewals
continues quiet.
up
on the
was
maturities.
paper
The
market for time
the
new
money
at 1%%
1%% for four to six months'
The market for prime commercial
paper
active this week.
The supply of
very
has been good and the demand continues
heavy.
are %@%% for all maturities.
Ruling rates
Acceptances
2
2, 1937
2
'
Aug. 24, 1937
Sept.
Aug.
Sent.
2
3, 1937
2
31, 1937
2
3. 1937
2
for
sterling
exchange
and without feature.
continues
The free
pound
The range for ster¬
ling this week has been between $4.03 and $4.03%
sight, compared with a range of between
for bankers'
$4.03% last week.
has
been
compared with
a
between
a range
The range for cable
$4.03% and
$4.03%,
of between $4.03% and $4.04
week ago.
quotdd by the Bank of England
unchanged:
Canada,
York, $4.02%@$4.03%;
(Canadian official, 90.09c.@
Zealand,
3.2280@3.2442.
commercial bank rates for official
at 4.02
American
sterling continue
buying and 4.04 selling.
In London
Italy,
con¬
New
United States dollar); Australia, 3.2150@
New
3.2280;
/
4.43-4.47
90.91c. per
or
exchange is not quoted
any
on
Germany,
of the invaded European countries.
Since
July 26 exchange on Japan and China has been
suspended by Government order.
In New York
exchange is not quoted on any of the Continental
European countries, due to the June 14 Executive
freezing order. Exchange on Japan and China was
similarly suspended on July 26, but trading has been
resumed in the Shanghai yuan under
special
license.
on
Treasury
the supplemental lease-lend bill for
aid to Britain and her non-Axis allies
to be held
as soon
as
are expected
by the House Appropriations Committee
the Bureau of the
estimates.
The
Budget is ready to sub¬
to be requested is
thought in Congressional circles to be around $5,000,000,000.
Russia will not be included in the
measure,
but
amount
Federal
Jones has indicated that
Loan
a
Administrator
Jesse
credit may be extended
to Pa^ for Russian purchases of war supplies. Coordination of the allocation of materials and supplies
for
Bankers
Sept.
steady around official rates.
mit
Rates continued nominal
to 90 days and
continued
market
narrow
Hearings
ruling quotation all through the week for both
loans
HE
and
York Stock
and
T
re¬
in small volume.
$100,000,000 discount bills due in
awards
was
little
Aug. 21. 1937
Course of Sterling Exchange
Official rates
dealings at unchanged
the situation in the New
2
2
Advances on Government obligations bear a rate of
1%, effective Sept. 1, 1939
Chicago: Sept. 16, 1939, Atlanta. Kansas City and Dallas; Sept. 21,
1939, St. Louis
tinue
Money Market
2
Aug. 27, 1937
Aug. 21, 1937
*
$4.03 and
ODEST money market
York
Dallas
1%.
New York
M'
Kansas City
transfers
on
2
*ix
*ix
IX
*ix
*1X
IX
San Francisco
1-32@1 1-16% for
against 1 1-32@1 1-16%
Money on call at London
IX
IX
4, 1937
May 11, 1935
IX
...
as
Friday of last week, and 1
three months'
Minneapolis.
1, 1939
*ix
St. Louis
is
IN bills Friday market discount rates for1-32%
LONDON open 1 1-32%, against 1 short
on
...
454,774,000
Foreign Money Rates
on
..
Atlanta
1,642,187,000 1,195,424,000
0406,933,000
Proportion of gold and
Figures
77,036,000
1,380,462,000
Liabilities—
a
Reichsmarks
77,374,000
-562,693,000 16,191,568,000 12,132,369.000
8,139,965,000
al54,717,000
282,230.000
168.205.000
a20,976,000
19,830,000
22,220,000
+ 1,296,000
14,597,000
50,726.000
982,622,000
—202,707,000 1.674,646.000
1,675,925,000
Investments
dally
Aug. 23, 1939
Chicago
Reichsmarks
+ 22,030
Advances
Other
Aug. 23, 1940
Sept.
IX
Richmond
Aug. 23, 1941
Aug. 27, 1937
IX
...
Sept.
1
—
Philadelphia
for Week
shown
following is the
military, lease-lend, civilian and export needs
will be effected by the seven-member
super priorities
THE market for prime bankers' The demand has to speed
acceptances has board established on Aug. 28 by President Roosevelt,
been
quiet this week.
production for the United
very
been good but far in
bills.
Dealers'
rates
excess
are
of the
supply of prime
reported by the Federal
Reserve Bank of New York for bills
up to and includ-
up arms
States,
Britain, China, and Russia, and to end jurisdictional
conflicts among the existing defense agencies.
new
Supply Priorities and Allocations Board
The
consists
;
Volume
of
The Commercial & Financial Chronicle
153
Vice-President
Wm. S.
Wallace, OPM Director General
Knudsen, OPM Associate Director General
Sidney Hillman, Secretary of War Henry L. Stimson,
Secretary of the Navy Frank Knox, Harry L. Hop-
1177
the British to protect the road to India, and
open a
supply line to Russia for both British and United
States aid.
.
The British Board of Trade
on
Aug. 23 urged the
kins, special assistant to the President and Leon
government of Burma to abolish its 1% ad valorem
Henderson,
tax
Federal
rector of the OPM
and
Administrator
Price
Di-
Civilian Supply Division.
Rumors of misuse of lease-lend materials have been
circulated
assiduously and with such fanciful elab-
so
despite official denials,
oration,
propagandist origin and
fantastic stories.
a
to reveal the
as
of at least the more
purpose
On Aug. 22 it was reported that
long official British memorandum, dated July 30,
had been filed with the State
it is stated that Britain is
material, permits
the
distribution
supplies in
conference
press
President Roosevelt asserted that
paign is being conducted, by
tor tions of fact and deliberate
of
financed
from their
dis-
falsehoods, to sabotage
aid to the enemies of
imports from the United
through London, Bank of England
a
guarantee
country's central bank that United States
dollars will be
financed by
provided in reimbursement of the bills
the London bankers, in order to protect
the British Treasury from
The
transaction.
guay,
cam-
rumors,
regulations require importers to obtain
loss
has
rule
on
completion of the
been extended to
Uru-
according to recent London advices.
Free
foreign exchange will henceforth be obtained
by Argentine importers from the Argentine central
bank, instead of from the Argentine foreign exchange
control
the
in
form
of
requests
for
prior import
permits.
Lord
stated
Beaverbrook, the British Minister of Supply,
his
on
return
from
United
the
States
last
Sunday that Britain will suspend importation of
scrap iron from the United States because all available
supplies
are
It has also been de-
needed there.
cided, he said, that Britain will import less pig iron
and
finished metals.
more
Calling for redoubled
British production, he said that
there
were now more
troops than equipment.
control
on
placed under complete Govwith direction of
Thursday,
railways and London's sub-
Britain's four main line
way,
bus and trolley systems under the manageTransport Board.
ment of the London
Navicert quotas
have been exhausted on ten comPortugal,
modities for Switzerland and on four for
Applications from exporters desiring to ship goods
cannot be accepted before Dec. 1 on orders calling
for
shipment during the first quarter of 1942. Anlist has also been published by the British
other
Consulate
made
be
on
which ^application for navicerts may
after
Sept.
Oct. 1 to Dec. 31.
British
1 covering shipments
export permits to Iran were revoked on
Aug. 25 and further exports were
The
from
,
placed under license,
joint British-Russian occupation of Iran will not
only complete the economic blockade of Germany
by cutting off the flow of Iranian
goods to Germany
of Turkey, but will make available the huge
by
way
oil
reserves
of Iran, will
place the Russians in a pooil fields and enable
sition to defend the Caucasian
on
China's monetary
and to eliminate the criticism abroad that
Britain had profited from United States aid to China
by taxing materials shipped to Chungking.
In
another move to aid China, Britain issued an order ;
through the Board of Trade prohibiting as from Aug.
25 the export of any goods, except under license, to
China, the Japanese Pacific islands and Macao,
The embargo is aimed at Japanese trade with occupied Chinese territory and supplements the Aug. 14
order forbidding exports to Japan, Japanese islands
and Korea, except under license. The order does
not apply to goods in transit to China over the Burma
Road.
>
.
,
\
Establishment was announced recently of a "clearing account" in London through which
any
possible
import payments from Japan could be made and
licensed exports to Japan could be financed.
It
denied that a barter agreement was contemplated or that frozen Japanese funds would be
was
released.
In order to prevent the disclosure of details of inventions important in national defense, a law was
passed on July 1, 1940, authorizing the United
States Commissioner of Patents to impose secrecy on
interested parties or to withhold patent grants where
necessary for the national defense.
However, it was
found that secrecy orders proved useless where patent:
applications had already been filed abroad, and the
law was amended last week, on Aug. 22, to forbid
the filing of patent applications in foreign countries
covering United States inventions without first oba license from the United States Commis-
taining
sioner of Patents.
Violation of the law will not only
result in denial of a United States patent, but is
punishable by fine and imprisonment under, the
Espionage Act.
On the basis of questionnaires on Form TFR-300
already distributed by the New York Federal Re-
Bank in connection with the comprehensive
of foreign assets in the United States now in
progress, at least 128,000 replies are to be expected,
Of the nine series in which Form TFR-300 is issued,
the greatest demand has been for Form E, on which
banks report foreign securities in their custody or
held as collateral. Many requests have also been
received for Forms A and B for the reporting of
property interests of individual foreign nationals.
World gold production in 1940 was placed by the
League of Nations monthly statistics bulletin at
40,200,000 ounces, nearly twice the annual production 10 years ago.
According to the American
Bureau of Metal Statistics the gold output in 1940
was 41,397,100 ounces.
Official data on Soviet
gold production is lacking.
Since August 1929
money in circulation has shown a sharp upward
trend throughout the world, having been almost
doubled in the United States and Britain, increased
three times in Germany, and 33in France. Bank
deposits have likewise expanded rapidly. As a result
J of the inflationary trend caused by the vastly increased money supply created by huge expenditures
of borrowed funds and the curtailment of conserve
survey
British railways were
ernment
lease-lend goods for China crossing Burma,
resources
any
Latin American
are
organized
"J
Hitlerism.
States
Britain,
Wednesday
on
an
means
the United States program of
Where
lend-lease
such supplies will not be used for
his
At
export.
lend-lease
of
no
profiteering in connection with
no
and promises that
Department, in which
re-exporting
on
in order to relieve the drain
The Commercial & Financial Chronicle
1178
goods to meet the requirements of
sumer
duction, increasing economic controls
imposed.
war
pro¬
inevitably
are
at
1%.
Bill
rates
follows:
as
are
rate
marks is raised to
two-
bills, 1 1-32%; three-months bills, 1 1-32% to
1-16%; four-months bills, 1 1-32% to 1 1-16%, and
1
bills, 1 3-32%.
j
on
Wednes¬
day, the highest level since November, 1939, on buy¬
ing for Labor Day tourist requirements.
Canada's
trade
totaled
of
imposed
on
corporate incomes in excess of 100,000
$298,608,198 in July,
com¬
55%.
occupied countries
the
German banking control
extended to Greece with
was
conclusion
recent
ments" with the
The Canadian dollar advanced to 89.44
external
business
on
annual net income of less than
an
Call money is
months
six-months
The previous 30% tax
profits.
corporations with
100,000 marks is increased to 37.5%, while the 40%
.
The London money market is easy.
available
total
Aug. 30, 1941
of
"special
bank has made
Greek reconstruction plans.
serve
as
agree¬
The Deutsche-
"friendship agreement" with the
a
National Bank of Greece for the
also
working
leading Greek banks.
joint financing of
The Deutschebank will
intermediary between the National
an
pared with $261,746,093 in June and $190,959,406
in July, 1940, according to the Dominion Bureau of
The Dresdner Bank will cooperate on a similar basis
Statistics.
with the Bank of
Imports
to
rose
$127,707,343 in July
Bank
of
Greece
and
from
$114,923,715 in June and $89,498,233 in July,
1940, while domestic exports advanced to $169,-
participating and
684,572 from $145,358,592 and $100,782,062.
officially ends
Canadian
fine ounces,
449,185
gold production in June totaled 453,987
valued at $17,478,500, compared with
Athens, with
German
capital issues
2,636,246 fine
funds
valued at $101,495,471,
pared with 2,575,980
ounces
com¬
valued at $99,175,230
during the first six months of 1940.
War
rate of
$3,000,000 to $4,000,000
the Bank of Montreal.
ranged dur¬
discount of 10%% and
United States
gold imports and exports which
weekly statement of the
Department of Commerce and
the week ended
cover
EXPORTS, AUG. 14 TO AUG. 20, INCLUSIVE*
Imports
bullion.
Exports
*$1,507,268
Refined bullion and coin
11,551,106
$145
$13,058,374
Total
$145
..$3,087,874
Greece.
10,500
Portugal.68
Venezuela
*
British Malaya...$1,807,218
Australia
6,559,053
New Zealand
31,862
54,531
Chiefly Canada $147,263, Nicaragua $404,991, Peru $133,464, Phili-
Referring to day-to-day rates, sterling exchange
Saturday last
$4.03@$4.03% for bankers'
was
sight and $4.03%@$4-03% for cable transfers.
Monday the
range was
On
$4.03@$4.03% for bankers'
sight and $4.03%@$4.03% for cable transfers.
Tuesday
cable
bankers'
transfers
day bankers'
transfers
range
was
sight
sight
was
On
$4.03@$4.03%
was
$4.03%@$4.04.
were
and
On Wednes¬
$4.03@$4.03% and cable
$4.03 34@$4.04.
On Thursday the
$4.03@$4.03% for
bankers' sight and
were
$4.033^2@$4.03^4 for cable transfers.
On Friday the
$4.0334@$4.03% for bankers' sight and
$4.03%©$4.04 for cable transfers.
Closing quota¬
range was
tions
on
Friday
were
$4.03% for demand and $4.03%
for cable transfers.
at
Commercial sight bills finished
$4.00; 60- and 90-day bills
are no
longer quoted.
Continental and Other Foreign Exchange
to
revenue
of
tax and of the
the
profits of
war
an
surtax
on
half of that part
individually owned
company
which is not used for the owner's expenses but is
in the business until the end of the
duction
applies to
a
The
Stock
50,000,000 francs cannot be placed
authorization
by the Ministry of
a
assure
financing operations
or
to
flood of simul¬
unim¬
an
peded market for government issues when desired.
M. Hubert
Ansiaux,
inspector for the National
an
Belgium, who left this week by Clipper to
report to the Belgian Government-in-Exile, explained
that
prior to the collapse of Belgium on May 10,
1940, the National Bank of Belgium deposited with
safekeeping.
When was French defeat imminent, the
Belgian authorities asked that the gold be shipped to
the United States for transfer to the
Belgian Go vern¬
ment-in-Exile in London.
The Bank of France re¬
war.
kept
The
re¬
maximum of 10% of the owner's
Without
con¬
sulting the Belgians, the Bank of France subsequently;
surrendered the gold to the German Reichsbank at
Marseilles,
whence
months
return of the
obtained
of
it
was
the
New
York
The
Supreme
Court
an
French bank appealed on the
ground that the New York
case
Berlin.
to
negotiation for the
funds of the Bank of France in the
on
United States.
and the
transferred
unsuccessful
gold, the Belgian Government-in-Exile
from
attachment
court lacked
will be reviewed by
jurisdiction,
the United States
Supreme Court.
Exchange
the
on
Latin
quiet.
The purchase
Italian
ships
for
on
American
countries
reserves
the
eight
of
which the
right to repurchase
six months after the cessation of hostilities in
will benefit Britain
will
be
release
across
indirectly, since
some
placed in the United States
United
States
the Atlantic.
a
tonnage
Half the
to
Europe,
of the ships
and
route
carry
so
supplies
purchase price will be
blocked account in the Central Bank of
Argentine Republic for the duration of the
and the
is
Aug. 25 by Argentina of 16
$12,200,000,
Italian Government
the
THE Reich tax decree issued last week authorizes
officers
remit the payment of in¬
come
supply.
taneous
placed in
.
availing them¬
are
money
Finance, probably in order to avoid
After
pine Islands $599,169.
on
abundant
fused and sent the metal to Dakar.
Details of Refined Bullion and Coin Imports
Canada...
being announced daily by
are
the Bank of France about
$230,000,000 in gold for
Aug. 20, 1941.
GOLD IMPORTS AND
Ore and base
a
of
without
the Amster¬
for long-term expenditure.
are
excess
sale
on
result.
a
Bank of
taken from the
are
day, according to
10%%.
The amounts of
follow
a
at the
are now
Montreal funds
ing the week between
discount of
a
issues in
on
expenditures in the Dominion
as
large French corporations, which
acquired
blocked marks
on
participation in transactions
selves of the present
ounces
French minority
a
Monday, and it is expected that
on
dam Bourse will increase
New
concerns.
branch office in New York.
a
valued at $17,400,614 in June, 1940.
During the first half of 1941 the gold output was
ounces
industrial
The Netherlands withdrawal tax
valued at $17,298,622 in May and
ounces
451,964
German
war,
remainder, with interest at 2%%, will be
paid at the end of the war and will be used by Italy
solely for the purchase of Argentine goods. All of
the ships now immobilized in Latin American
ports
will
be used in inter-American trade under
announced
nancial and
on
a
plan
Aug. 28 by the Inter-American Fi¬
Economic Advisory Committee,
which
Volume
The Commercial &
153
1179
Financial Chronicle
regular reports were not obtainable from Spain and Italy, figures for which
as of April 30. 1938. and March 20, 1940. respectively.
The last report from
war,
will release
of
urgently needed tonnage for the delivery
strategic materials.
Argentina's
months of
,
,,
balance for the first seven
237,405,000 pesos, against 57,-
are
was received Oct. 25; Belgium, May 24; Netherlands, May 17; Sweden,
May 24; Denmark, March 29; Norway, March 1 (all as of 1940), and Germany as of
Aug.29, 1941, and France as of Aug. 22, 1941.
Switzerland
export
1941
was
*
Pursuant to the Currency and Bank Notes
Act, 1939, the Bank of England
since have carried the gold holdings of the Bank
date, instead of the statutory price
statements for March 1, 1939, and
at the market value current as of the statement
was formerly the basis cf value.
On the market price basis (168s. per fine
reported holdings of £2,001,765, equivalent, however, to only
£1,012,293 at the statutory rate (84s. 11
per fine ounce), according to our
calculations.
In order to make the current figure comparable with former periods
which
last year.
Imports for the seven
months declined 36.5%, from 969,896,000 pesos to
893,000
pesos
The principal declines were
shown in textiles, iron, machinery and vehicles, and
fuel and lubricants.
In its trade with the United
616,365,000
pesos.
States, it is estimated that Argentina's export balance
for the first seven months of 1941 was about 150,000,000 pesos.
A commission
to
was
established in Cuba
control the importation
on
order
provide for equitable distribution of available
The
Argentine unofficial or free market peso
closed
The Argentine official peso
23.85, against 23.90.
The Brazilian milreis closed at
5.15, against 5.15.
Chilean exchange is nominally
quoted at 5.17, against 5.17. The Chilean export
peso is nominally quoted at 4.00.
Peru is nominal
at 15.75, against 15.75.
The Mexican peso is quoted
nominally at 20.70, against 20.70.
Exchange on the Far Eastern countries is dull and
without special interest.
Trading in the Japanese
yen was suspended on July 26.
Japanese industries
is
pegged at 29.78.
authorized on
25 by the Finance Ministry to issue quoted
holding
Aug.
armament
contracts
were
Industrial Bank of Japan
if they need money to finance the contracts.
The
bills are quoted at par, run for one year and are
negotiable. They are intended to absorb the supply
of short-term money, which is plentiful, while long-
munitions bills against the
Although the Japanese
national debt is increasing at the rate of 1,000,-
term
funds
scarce.
are
well as with the figures for other countries in the tabulation, we show
holdings in the above in statutory pounds.
as
Gold holdings of the Bank of Germany as
y
The Bank of France gold holdings have been
to March 7,1940, there were about
The
and officers of the Federal
directors
the
majority of the stockholders of whom they are
the
only lawful representatives, believe that the em¬
ployer relation cannot properly or decently be made
instrumentality to coerce wage-earners, against
an
their
judgment and desire, to continue as members
of labor
organizations, and substantial contributors
to their
support, after they have come to believe that
the
policies and methods of those organizations are
inimical
their
to
welfare,
or
perhaps merely in¬
capable of benefiting them and therefore parasitic.
The Government of the United States or, rather,
President
the
which
just
small
closed
on
against 47y<& Bombay at 30.31,
Calcutta at 30.31, against 30.31.
Friday at 5 5-16,
against 30.31, and
sort
even
Washington,
Banks
to the
of the
use
of emergency,
table indicates the amounts of gold
1
bullion (converted into pounds sterling at the
British statutory rate, 84s. llKd. per fine ounce)
in the principal European banks as of respective
dates of most recent statements, reported to us by
extraordinary power of
to remain
tions from which
they desire to withdraw their sup¬
*
-
In pursuance
of compelling reluctant work¬
dues-paying members of organiza¬
as
,
of this executive policy, the Federal
Shipbuilding and Dry Dock Company having finally
declined
to
apply such coercion to the employees
engaged in the operation of its plant at Kearny,
New
Jersey,
an
executive order,
of the President but
action
was
taken
the White House
on
Saturday of last week, authoriz¬
to take over the
the
of
property of this employer, excluding
corporate owners, and to operate it for the pur¬
and for the length of time to be hereafter
by the Chief Executive.
Spain
Italy—---
Netherlands
...
132,857,000
84,758,000
41,994,000
6,505,000
6,667,000
Total weekPrev. week.
696,347,763
696,340.799
Nat. Belg'm
Switzerland
Sweden
Denmark
Norway
_.
1940
£
many
£
1938
£
1937
£
*468,263
*141,373,101
327,760,578
328,601,484
293,728,209
293,250,172
3,868,700
63,667,000
17,440,000
97,714,000
132,857,000
3,851,800
63,667,000
23,400,000
96,117,000
102,315,000
98,433,000
35,000,000
6,500,000
86,730,000
41,994,000
6,505,000
6,667,000
700,362.909
700,498.184
6,666,000
3,008,600
2,464,000
63,667,000
87,323,000
25,232,000
123,378,000
105,490,000
87,594,000
open,
but this must be regarded
technical declaration
the sole
a
merely
issue, unless it is intended, the seizure would
This is the second forcible
of
a
excuse.
expropriation during
manufacturing plant in which
part of the employees were on strike, the previous
instance
being that of the North American Aviation
Company's plant
near
102,544,000
83,250,000
29,292,000
6,539.000
25,937,000
6,549,000
6,602,000
905,924.385 1.081,429,387 1,066,631,352
904,141,964 1,080,746,386 1.066,988,042
made it impossible to obtain up-to-date reports
of the countries shown in this tabulation.
Even before the present
as
because, such coercion being
a
Los Angeles, but there exists
remarkable difference between
the conditions
of
25,232,000
113,788,000
7,442,000
question
employee coercion had not been prejudged and is
still
327,960,180
242,451,946
Mote—The war in Europe has
from
1939
It is true that
of the naval officers asserted that the
the current year
Germany x.
the
of
ing and directing the Secretary of the Navy forcibly
four years:
£
the signature
"Commander-in-Chief
as
be fatuous and without color of
*1,012,293
240,687,670
3,883,800
63,667,000
16,602,000
97,714,000
over
specifically asserting that the
special cable yesterday (Friday); comparisons, are
shown for the corresponding dates in the previous
—
to
and to invoke the armed forces of the
Nation for the purpose
one
fTlHE following
France y...
determined
have
expropriation, available only in abnormal periods
poses
Gold Bullion in European
England
group
adopt and enforce the directly opposite policy, to re¬
determined
1941
intimate
and
formulates the executive policies
now
from
enforced
the
and
Army and Navy of the United States," issued from
against 5 5-16 on Friday of last week. The Hong¬
kong dollar closed at 25 5-16, against 25'5-16;
Manila at 49.85, against 49.85; Singapore at 47
Banks of—
Ship¬
building and Dry Dock Company, and presumably
port.
manufactured goods will be pur-,
For details
Vanishing Freedom
expanded and purchasing power curtailed.
He
urged banks to shift credit from commercial loans
to war production.
A joint financial syndicate is
to be formed by the 11 largest banks in Japan to
support and expand industrial production.
On Aug. 26 the Netherlands Indies Minister of
Commerce, J. H. Van Mook, stated that no raw
materials will be sent to Japan and predicted that no
Japanese
insti¬
pound about 349 francs; prior
2 96 francs per pound, and as recently as Septem¬
ber, 1936, as few as 125 francs were equivalent to the statutory pound.
of changes, see footnote to this table in Issue of July 20, 1940.
000,000 yen a month, Finance Minister Ogura stated
recently that national defense expenditures must be
more
revalued several times in recent
(23.34 mg.gold 0.9 fine equals one franc),
years; on basis of latest valuation
tuted March 7,1940, there are per British statutory
men
chased by the Indies.
The Shanghai yuan
English
reported in 1939 and since include
•deposits held abroad" and "reserves in foreign currencies."
x
Tuesday
supplies.
at
about
of products subject to
priorities regulations in the United States, in
to
ounce), the Bank
the two controversies
alleged to warrant the strik¬
ing workers in interrupting defense production.
the California instance
displeased 'by
an
fense (Mediation
some
of the
employees
In
were
order entered by the National De¬
Board
enforcement in the
and
plant that
struck
was
to
prevent its
eventually seized
The Commercial & Financial Chronicle
1X80
The strike
under Presidential order.
by the officers of
the labor
was
condemned
organization
dent
authorizes,
Aug. 30, 1941
could effectively authorize, the
or
delegation to any group of men not regularly ap-
having
jurisdiction in the premises that had obtained Fed-
pointed and confirmed by the Senate, or at least con-
eral
stitutionally appointed
recognition, but
of the employees at the
some
plant continued to be insubordinate, the strike
not
promptly settled, and the armed forces of the
Government
forcibly entered and took possession,
Yet this action
labor
organization
resisted
the
not directed
was
owners
although
Mediation
the
it
against the local
had
Board's
flouted
order, and
and
were
obliged to
agree
pecuniary
reward
to
However that
may
be, it is beyond question inappropriate and unseemly that sweeping executive powers, conferred solely
for the purposes of a great emergency calling for
a
reaped
was
by
the
con-
the part of the public, workers and employers
on
and
alike, producers
the seizure
was
adverse to the
corporate ownership, but in California the
owners
had
gency
should
field of meeting the
be
emer-
demands, and applied to the enforcement of
changes in
permanent
which
methods
and
alike,
consumers
diverted from their proper
cases
has attempted to ex-
cases.
extraordinary action and extraordinary submission
Quite different is the New Jersey example of last
In both
which the Mediation Board
ercise in this and similar
property they
settlement by which a
tumacious strikers.
week.
u
before
recovered control of their
rich
subordinate officers, of
as
such broad and drastic legislative discretion as that
was
the economic organization
could
not
lawfully
be
corn-
accepted the action of the Mediation Board,
while in New Jersey the corporation regarded the
manded under
order
For the Executive Department to take advantage of
as
unwarranted in law and in
principle and
was determined to exhaust its lawful
rights, includting those of judicial review, before submitting its
employees to the coercion desired by the Executive
;
Department.
The
and the Mediation Board,
conformity with
corporation
a
that, in
was
policy adopted by the Board, the
directed to dismiss from its
was
ployment every worker who, being at present
ber of the labor union
after
enrolling
undertake
to
as
officially recognized
member,
a
withdraw
from
should
such
em-
here-
thereafter
workers the liberties
are
joyed,
though it
even
judicial authority
relied
organization
might demand.
This
union member,
always
a
ina
union
member," supplemented by the singular requirement that, whatever the extent of individual
necessities and
obligations
might feel authorized
pecuniary demands,
must be
or
or
however the worker
compelled to treat other
union dues
and
paid without diminution
or
assessments
delay, must be
highly gratifying to professional leaders of the
ganizationsf, especially to those who
labored
assume
at
to
the
trades
have
or-
never
or
occupations which they
represent, but adopted the vocation of
leadership, in
numerous
instances in continuance
of
criminal* and
racketeering careers, because it appeared to offer lucrative opportunities for living by
their wits.
Enforced permanently, it would bind to
particular unions all those once compelled or cajoled
into
membership, regardless of radical and deterimental
changes in the direction
and methods of the
organization, regardless of expanded and extreme
pecuniary demands however without warrant,
gardless of degeneration in
re-
managerial personnel
and purposes.
As
a
practice
coercion of wage-earners is
origin.
not
or
a
by
any
Congressional
order
terms under
The
Government, this
exclusively of executive
instrumentality established by statute
of the Executive
dential
of
The National Defense Mediation Board is
Federal
economic,
ganization
action.
Department
It
was a
and created
alleged to be authorized
nor
even
the intendments of the
grave reasons for
desired
or
American must join
or
retain
organization, religious, fraternal,
such
any
to continue in its ranks after
all American
by
no means
any
or-
once
individual
Such
an
enaet-
principles and practice that it is
too much to insist that there will
exist, in this Nation
or
induced to
the National
comes
a
majority could
favor any such enactment.
determines
never
in any of the States, any
legislative body in which
ever
Yet
be
now
Defense Mediation Board
and
just such coercion of individual
upon
workers and when a corporation rejects such a
policy and declares its determination lawfully to
test its validity, the President of the Untied States
takes the occasion to create an example for all other
employers and employees, tending to inspire widespread
conviction
that
employers
who
retain their properties must consent to
employees,
upon
sistence
desire
coerce
to
their
penalty of instantaneous dismissal
and permanent loss of their means of
for themselves
and
their
earning sub-
families, in the
possibly vital and always personal matters of labor
organization membership and support,
example afforded by last week's seizure of the
New Jersey
plant,
showing that
some
men
may,
under existing conditions and with the sanction and
assistance
of
the
Government,
arrogate
to
them-
selves the right to. limit the volition of their fellowmen,
a
most
in
general
is possibly neither the most startling nor the
flagrant among the many that might be
enumerated.
even
mate
plausible
purpose
Perhaps it excels solely in its lack of
or
nominal relationship to any legiti-
of Government
subordinate officers, within
imaginary
Constitution, and
or
any
real
or
even
Nevertheless, it is
doubting whether
authority that has been
not the
course
dared
that refusal to join
or
or
to
one or
United States
no
men't would, in truth, be so contrary and obnoxious
by
another of the
emergency powers,
members of the Board are not
officers of the
any
ever
to any penalty or disadvantage.
conception
Presi-
State, and of
acquiring membership, should subject
The
policy and
any
enact that any
to
or
the
en-
in existence that could be
now
No Legislature of
by
genious dogma, "once
happen that there is
Congress of the United States,
decline to continue to contribute to its
support
ments
may
men
they have always
to restrain the impropriety, is bald and
upon
membership in
assess-
pur-
arrogant usurpation.
or
regular payment of whatever dues and
for the
powers
of revising long-established peace-time relation-
membership
the
emergency,
ships in industry, above all of denying to free
a mem-
or
normally
powers
in the absence of genuine
or
such abnormal and temporary
pose
who
precise practical issue, in this case, between
the company
existing
governmental
any
conferred
there
are
any emergency
upon
the Presi-
of
a
our
condition
of
the
claimed
emergency,
an immediate and salient example
prevailing tendency of governments, not only
own
Government
but
all
those
functioning
Volume
The Commercial & Financial Chronicle
153
throughout the world, to intrude
and more
more
individual liberties and to enforce conformity
upon
to rules and requirements
upon
the part of all
men
laid
down
majority
by
the
or,
accurately
more
1181
the protection of Iceland to the United States"
certain specified conditions.
These conditions
President accepted by repeating them verbatim, and
adding: "I take pleasure in confirming to
stated, by the clique of office-holders which the ma-
that the conditions set forth in
jority has in
now
some manner
A swollen executive
that
powers
are
been induced to install.
authority/accorded sweeping
legislative
judicial rather than
or
on
our
under acknowledgement
your
hereby
you
communication
fully acceptable to
are
the Government of the United States and that these
conditions will be observed in the relations between
executive, invariably absorbs the liberties of the
the United States and Iceland."
people, quite
Icelanders deem the first condition, thus accepted,
it
is
as
claimed
much when it is elective as when
by hereditary
divine right
or
merely the despotic creature of usurpation.
Italy, Japan, and certain minor regions, the
many,
principle of individual freedom,
stood
the
throughout
centries is
States
in
and
rationalized,
in
could
his
of
theory
ultimate
the
of the State and the necessity of
and
among
the
universal
practice
of
all
his contemporaries and predecessors,
the world
survey
might well
say
has
prevailed
truly
un-
it today governed, he
as
that the Prussia which he exalted
the
all
over
Earth.
For,
temporarily at least, the subjection to government
which he demanded is the
paramount condition of
land, air and
from Iceland immediately
sea
Thus,
to
we were
invited into Iceland and have agreed
depart "immediately
the end of the acceptance: "immediately on the
near
termination of the present international
obligation
on our
However,in other respects the situation cannot
to them
definite.
so
The
invitation shows that it
This fact may or may not,
give them
far
every
conscription
for military purposes
has been
further
much
than
gone
Germany in the investment of
we
know
and
Iceland "must be strong
defense of
our
almost five times
States
required elsewhere."
in the view of the British,
the stipulation whereby we under-
that
that
are
interest in the transaction, especially in
an
as concerns
while
adopted in the United States, this country has
extended at the instance
Iceland, who had "explained
that British forces in Iceland
s0
seem
opening paragraph of the
was
of the British Minister to
enough to meet
sian
clear-
as a
part.
ized, but under all the Nations which in other times
Prus-
emergency."
Icelanders should be entitled to regard this
take
justice and opposed its extension.
conclusion of present war"
on
President put it again, a trifle more vaguely,
or as our
cut
on con-
'v ^
elusion of present war."
existence, not only in the Germany that he Prussiandenied its
It reads: "The United
States promise to withdraw all, their military forces
invariable individual subordination to
requirements,
despots
If Prince Bismarck,
practice.
to be the most important.
Twentieth
and
eulogy and lip-service, but it is too fre-
supremacy
its
Nineteenth
England that principle is accorded
quently denied in
limited
it has been under-
as
openly and frankly denied. In the United
abundant
who
is
or
In Ger-
Undoubtedly the
eventuality."
the
nearer
if
that,
British
At
Isles
Iceland than
located
the United
are
Germany wins
rate,
any
are
the
war
and
Federal funds and credit in great industrial enter-
Iceland, Great Britain will be virtually
«encircled" by her mortal enemy, the world has not
prises, it is gradually following the German lead in
been
regard to transportation facilities and their
entered into any commitment as to the time of their
opera-
tion, all its. devices of so-called social security have
been
copied from those of Germany, both countries
control trade and credit in much the
same
occupies
informed
manner
actually to determination, by the electorate
any
left
or peace
or
by
representative body.
^
let there remains
words of John Stuart
great
"On
essay
Mill, in the conclusion of his
mischief
begins
which
every
again and again
when
instead
of
thinking
:
calling
sr»
of
a
the
"s
State, in the long
run,
have
with ourselves;
js n0^
surprising, therefore, that recent
written
items
by
Iceland
visited
are
American
indicate
that
who
reporters
news
have
of the people
many
greatly perturbed over the future of their
an important pawn in op-
country—now become
erations
over
which they have no
control.
Their
jong bar(j history, the details of which are known to
practically all Icelanders, has tended to make them
forth
activity and powers of individuals and bodies, it
(any
government—Editor) substitutes its own activity for theirs;
when, instead of informing, advising, and, upon occasion,
worth
or
British
be
are
there
^
Liberty,"
American ought to read
The
^
significance and validity in the
the
just what the British claims in the premises, if
or
yet entirely in the same degree, and in neither
country are the great questions of war
not
or
withdrawal, either with Iceland
any
if not
whether
is the worth of the in-
Mr. Joseph Driscoll reported the other
pessimistic.
Tribune that, thev ficmre that the
m the Meraia triDune tnat tney iigure tnat tne
odds are about three to one against their recovering
«•£%*,?*•and Irib•sts*
present war is finished. Both the limes
dividuais composing it; and a State which postpones the
interests of their
mental expansion and elevation, to a
une
little
attitude of the Government, the people ol Iceland—
more
it which
which
of administrative skill, or of
that semblance of
practice gives, in the details of business;
dwarfs
its
men,
in
that
order
they
may
a
State
be
more
docile instruments in its hands even for beneficial purposes
—will find
which
that with
small
men
no
great thing can really
^eywyferfwlll0in th^endavStl
it
dispatches indicate that whatever
.
.
1
..
„
^
,,
,
may
,
c
T
be the
i
j
especially the older elements—resent the presence of
A
^
i
a
•
±
~
„
British and American troops.
the
on
„
a
n
I hey are/aware that
British, whose interests appear more deeply in-
volved, sent their forces not only uninvited but also
nothing, for want of the vital power which, in order that
in
bani"hChine might W°rk m°re sm00thly'14 Ms prefferred t0
and occupied the island.
spite of the protest of the Icelandic Government
The Icelanders
are too
in-
telligent not to realize, that fundamentally the British
Iceland
As
published
on
came as
July 7 the record shows that the
Government of Iceland invited the United States to
send troops
"to supplement and eventually to
re-
place the British force," which had been there since
May 9,
1940, and expressed readiness "to entrust
conquerors
and will depart only if, and when,
the British interests are deemed protected.
The Prime Minister of Iceland at the end of the
invitation wrote that the decision to issue it was
made "on the part of Iceland as an absolutely free
and sovereign state and it is considered as a matter
The Commercial & Financial Chronicle
1182
of
that the United States wiii from the
course
begin-
Stefansson
Vilhjalmur
Mr.
Aug. 30, 1941
"Iceland—The
his
in
ning recognize this legal status of the country, both
First American Republic" favors 30%
states
imately correct estimate of the proportion of the
immediately
This
sentatives."
diplomatic
exchanging
accepted.
was
velt declared in the
reply that "the steps
Irish strain.
These petty kings in
taken
taken
families,
recognition of the sovereignty and independ-
of Iceland."
ence
so
are
by the Government of the United States
in full
repre-
President Roose-
Our Minister to Iceland has been
Denmark
governed
was
Nov. 30, 1918,
landic
relation
by the Act of
Iceland
parliaments.
allegiance to him.
take
Union
recognized
was
as
As
a
The tie
temporary
the
was
measure
some
three hundred
rest of Europe
a
a
remark-
years a
a
period when the
still in the throes of the Dark
was
Ages.
...
The effective organized group
common
the family, which coalesced into
Denmark
charge of the international relations of
headed by
chieftain.
a
of the settlers
a
The latter had assumed not
only political but also religious functions.
treaties with other countries except
10th century
of the Government of Iceland.
the
between
provision
the
in
Act
The
units
two
for
with the assent
degree of
indicated
is
arbitration
between them—surely a novel
of
a
disputes
for two
measure
sep-
by
coun-
tries deemed to be united.
Machinery
A delegate
a
was
need
organized.
the
was
It met
mally adopted.
sion of holding
.the
parliaments and by popular plebiscites, which
Professor
1944.
lished in
its
stipulated culmination before
Philip E. Mosely in
were
parliament,
or
legislative functions.
as
were
made the
occa-
recited.
Sagas and other literary
Returned travellers
heard.
were
The Icelanders, in fact, especially in the early
when they still possessed the ships they had brought
inconsistency, in view of the fact that part
from the mainland, travelled widely, first as raiders—
like other Norsemen of the time—and as explorers,
recognized Iceland
as
a
sovereign state,
that it thus required the Governments and electorates
but also individually in various occupational
of
suits.
countries
to
participate in the
process
of
separating them.
occupied Denmark last
year
,the parliament of Iceland declared its captured king
temporarily incapable of acting
such and dele-
as
gated his prerogatives to its Cabinet.
These
tions.
measures
.cumstances and in
the
seem
logical under the cir-
harmony both with the letter and
spirit of this unique "union."
ihe
Icelandic
union with
Prime
Iceland also
the management of its own foreign rela-
over
pur-
They usually returned home, and their recitals
added to the fund of information of the people and
When the Germans
took
age
as
of the Act
both
It
for-
was
species of annual fair, which also
assumed cultural aspects.
efforts
article pub-
an
Foreign Affairs (July 1940) pointed out
curious
-a
reach
not
code of
prepare a
whereby Christianity
The meetings
a
By the
closer national tie.
a
annually for two weeks, and
well
as
instrument
provided in the Act for the disso-
.could
felt for
sent to Norway to
exercised judicial
jution of the union by procedure involving action by
was
was
laws, and in 930 the famous Althing,
was
was
local district unit
Iceland, but could not bind the latter by future
aration
the
variety of forms, and
at its creative height during
was
settlers
manifested itself mainly
in the realm of literature, in
of
The
They and their descendants de-
able degree of culture which
and
The Danish king became the King
of Denmark and of Iceland.
to
Iceland
adopted by both the Danish and Ice-
sovereign state.
was
between
arrived with their
retainers.
pretty fair cross-section of
a
Norwegian folk.
veloped during
the
of
status
many cases
and
connections
thus represented
appointed.
The
as an approx-
On May 16, 1941,
parliament resolved to dissolve this
Denmark, and it would
Minister's reference to
from the
seem
Iceland "as
an
abso-
inspired their literature.
After the creative period
passed in the 13th century, the store was added to
by translations from foreign languages.
The print-
ing
press was
surprisingly
quickly made
literate
of by this people—
use
for/ those
times—due
the
to
effort of the clergy and to home instruction.
this day the old sagas, annals and poetry
are
To
known
to practically everybody, for the language has not
altered
greatly.
This fund of national literature,
brightening the long winter nights, has had an im-
measurable
effect
on
the
mental
structure
of
the
lutely free and sovereign state" that he regarded the
people and their lives.
dissolution
ligious poetry of the 17th century, and the revival
already consummated
as
later.
If so,
of
difficult
the
this
be deemed to be
may
decisions
small
few
a
an
countries
weeks
instance
enmeshed
against their will in this titanic struggle, have had
,to
make in self-defense,
pliance with
union
rather than
agreement
an
which
a
strict
Iceland has had
permanent
a
long history.
settlers
arrived in the 9th century.
petty kings in their
because Harold
own
The first recorded
Norwegian
were
vikings
Their leaders had been
country, and had left it
Norway under his
on
smaller scale),
a
own
rule, and made
had united
many
in the land tenure and in taxation which
onerous
settlers
<came
and
were
after
were
and
later
would
some
a more or
less
accompanied
not
accept.
Norwegian
changes
they felt
Among the
vikings,
who
prolonged stay in Ireland,
by
numerous
Celts.
jmain racial strain in Iceland is therefore Norse.
.extent of the Celtic element is
who
Fairhair, following the example of
Charlemagne (but
a
matter of
of creative literature in the 19th and 20th centuries,
well as contributed to the
impulse which has kept
them mentally in touch with world developments to
a
remarkable degree in spite of their insular position,
Iceland, of the 300
years
as
term
to
Aristocratic Republic.
an
as
the
we
days.
The district chiefs
permitted the delegation of
never
power to
Althing
a
was
Republic
as a
Certainly the first
understand it here is scarcely applicable
Iceland of those
central authority.
a
any
real executive
The Speaker of the
presiding officer and
pounder of law rather than
an
an
academic
executive
Some scholars believe that the Althing,
legislature, functioned rather
tradition than
as
a
as a
or
ex-
judge.
even
as
a
recorder of Norse
truly legislative body.
In the
of time its decisions, legislative and judicial,
more
and more disregarded by the district
course
were
The
chiefs, who finally
The
gian king rather than to
dispute,
which ended in the middle
of the 13th century, is often referred to
or
.
re-
as
a
perhaps too tenuous to withstand the strain
,of conflicting interests in times like these.
were
com-
provided for
It also influenced their
were wont
to look to the Norwe-
any
Icelandic
authority to settle their disputes and feuds.
organ
of
Finally
Volume
in
The Commercial & Financial Chronicle
153
1261-3, assisted it is said by Norwegian intrigues,
the loose oligarchy of
Iceland passed by agreement to
Later,
near
with
dynastic
the end of the 14th century, Iceland
Norway to the
Danish
crown
by the
She had lost not only her political
process.
In 1920 the propor-
nance on
agricultural pursuits.
tion
42.9%, and in 1880 it
was
other largest occupational
Norway.
went
1183
with fisheries.
their
and
means
the
group
73.2%.
was
The
is that concerned
Nearly 30% of the population derive
Icelandic fisheries
of living from the
concerned with
industries
processing
or
There is little extreme pov-
independence, but also shared, except for the private
treating their products.
lives of her
erty and little of what in America would pass as
people, the cultural eclipse suffered by all
of Scandinavia in and after the
Icelanders
believed
the
that
Danish
14th
of
their
interest
selfish exploita-
was
The
paramount power.
particularly irksome,
great disasters extending from the
monopoly of trade
A succession
The
sole
foreign rulers in their country
tion for the benefit of the
14th century.
of
was
through the 18th century, including visitations
of the Black
Death, small-pox, famine, eruptions and
devasted the land
earthquakes,
and reduced the
population to less than half of what it had been in
the old
which
the
In the absence of effective leadership,
days.
only in the middle of the 19th century
came
people accepted their fate with pessimistic stoi-
•cism, but
never
forgot their ambition to govern their
destiny.
own
Under the leadership
of Jon Sigurdsson, the Ice-
landers secured in 1843 the restoration of the Althing
as
monopoly.
stitutional charter
home rule.
Act
of
force.
seen,
obtained without the
were
use
Iceland, indeed, has until recently, at
of
any
rate, been unarmed.
The
or
area
of the island is about 40,000 square
miles,
approximately the size of Kentucky.
Its coast
3,730 miles is deeply indented by fiords.
A
line of
large part of the territory consists of a series of volcanic tablelands overlaid by
vast snowfields.
extensive lava beds and
Only about one-fourth of the
is habitable by man.
of Iceland is under
tracts of
Some one-half of
one per
cultivation, but there
grasslands.
There
are
few mineral
are
area
cent
large
resources,
Probably the most interesting is the rare calcareous
spar, a
During the last
refracting crystal.
war some
lignite and sulphur were mined, but transportation
difficulties make its extraction unprofitable in normal
times.
Probably
natural
Only
a
wealth
the
the
is
largest
potential
unharnessed
source
water
of
power.
small part of the total estimated 2Yi million
horsepower has yet been utilized, but progress is
being made and already electricity is widely used for
even
so
cooking purposes, where available, since it is
cheap.
The climate of
Iceland, though
very
variable, is,
generally speaking, not severe in the habitable portion,
The
owing to the influence of the Gulf Stream.
temperature of Reykjavik for January is about
The
annual tempera-
that of
Philadelphia.
ture at
Reykjavik, which is located in the southwest
of the
very
degrees Fahrenheit.
The rainfall is
variable and contributes, with the short summer,
to the
The
in
average
island, is 39 degrees Fahrenheit, and at a point
in the north 36
difficulties of agriculture.
population is 120,000, of whom 36,100 live
capital, a warm-water port,
36% of the total now depend for their suste-
Reykjavik,
About
marked class distinction.
people, taken
as
a
whole,
intelligent, imaginative, temperate, thrifty
"and independent in spirit. They appear to belong
rather to the type of "he that endureth,,, which their
rich cultural heritage helps them to do with equanimity, than to those who hasten to meet the difficulties of life more than half way. At least one observer
has found in them a certain indifference in practical
matters as well as a lack of aggressive energy. Notwithstanding the numerous tales travelers used to
bring Lack of Icelandic hospitality, especially in the
rural districts,
our
reporters are confirming the im-
pression long made on many that Icelanders do not
desire people of alien race to settle permanently in
their country,
Stimulated by the
progress
made towards attain-
tically from the start of her history, fishing has been
have
we
Be it noted to the credit of Denmark,
adopted.
no
the
as
separate king in the same person, was
these concessions
as
the
ment since the turn of the century. The chief source
of the advance has been the fishing industry.
Prac-
Finally, in 1918,
a
pass
observers
Danish
Union, which recognized the sovereignty of
Iceland with
most
In 1874 Iceland received a conand in 1903 a large measure of
followed in 1854 by the abolishment of the
was
trade
To
ing full political independence, the Icelanders had
achieved a considerable degree of economic develop-
This
legislative body, though of limited scope.
a
wealth, there being also
the
In the waters along
the coast, cod, herring and other fish have
been sought not only by the Icelanders, but also by
German, English, French and other fishermen.
Until
a
factor in Iceland's economy.
or near
1900,
or
thereabouts, the Icelanders met this
compe-
tition only with antiquated equipment. Since then
their fishers have been conducted principally by a
modern fleet and have played a major basic part in
the export trade of Iceland, essential to enable her to
obtain themany foodstuffs and other necessaries,
as well as the requirements of a modern standard of
living, which she cannot secure at home,
The fish exports of Iceland were greatly affected
during the middle thirties by the Spanish Civil War
and Italy's Ethiopian adventure, as well as by the
restrictions which so many countries had placed on
imports owing to the effects of the world depression,
In the twenties and early thirties Spain, Italy and
Portugal were heavy buyers of dried split cod. In
1929, mainly owing to such purchases, they absorbed
52% of all Icelandic exports. In 1933 the percentage
55.4. By 1936 it had dropped to 20.8%, in
1937 to 19% and in 1939 to only 15%.
On the other hand, Iceland had been obliged to
buy much of her needs in foodstuffs, manufactured
goods, fuel, building materials, machinery and equipment from countries who did not buy proportionately
was
from her. In 1930 Denmark, Great Britain, and
Germany furnished her with 70.9% of her purchases,
and bought only 28% of her exports. The solution
adopted by the Icelandic Government was to encourage the development of the fish products industries, in which more markets are interested than in
fish itself. Accordingly the manufacture of herring
oil, cod liver oil, fish meal, etc., was expanded. By
1937 the proportion of the total Icelandic imports
furnished by the three countries mentioned had been
reduced to 61%, and the proportion of their purchases of the exports had been increased to 45%.
1184
The Commercial & Financial Chronicle
In 1939 the
corresponding percentages
were respec¬
(11%) as a purchaser of Icelandic products (about
80% cod liver oil) to the value of $1,302,000. Our
tively 59 to 39.
The
predominance of fish and fish products in
contribution to Iceland's
Iceland's exports is indicated by the fact that at their
000.
peak in 1932 their value amounted
of
total.
85.
to
92.1% of the
More recently the percentage has been about
The balance of the exports are
due to her lack of
raw
In
hay and potatoes.
turnips and rhubarb
as
Some other
are
even
valuable
most
in the
case
vege¬
also grown.
difficult economic prob¬
to
the world
exercises
and to make her
more
self-
measures
cooperative activities of divers kinds.
As in Scan¬
dinavia, cooperatives are important in the economic
life of Iceland.
Perhaps because of the small size of
the country and a simpler economy
than, for in¬
stance, obtains in Sweden or Denmark, the Icelandic
cooperatives are not as specialized, and. draft their
members from many trades and
occupations, serving
purchasing their requirements and mar¬
keting their products. About 20% of Iceland's ex¬
ports are controlled by cooperatives.
sheep supply most of the meat for the home markets,
though, as we have seen sheep products also figure to
them both in
the exports.
imports of 1938 aggregated in value $10,812,-
000, the exports $12,717,000.
sponding figures
sion.
In that year
(Based
U. 8.
nailu
Avge.
Govt.
Averages
Bonds
VlW
1939 the
corre¬
The Course of the Bond Market
the fifth in
was
A
succes¬
on
in
the
MOODY'S BOND
Average Yields)
(Based
Corporate by Groups *
1941
Daily
Aa
A
Baa
R. R.
P. U.
Indus.
rate
on
Avge.
Corpo¬
Average
J/w
Aaa
mar¬
While advances have not been
outstanding
averages, strength has been apparent, particularly
PRICES t
Corporate by Ratings *
rate *
quiet undertone of strength has .pervaded the bond
ket this week.
the United States ranked fourth
MOODY'S BOND
1941
In
$10,879,000 and $12,294,000.
were
The export balance of 1939
Aug. 29-. 119.14
107.80
118.40
114.85
108.88
91.77
97.16
111.81
23.. 119.03
115.43
107.80
118.40
114.85
108.70
Aug. 29
91.91
97.16
111.81
27..
115.43
119.02
107.80
118.20
28
114.85
108.7C
92.06
97.31
112.00
26__ 118.94
115.24
107.80
118.20
27
114.85
108.70
91.91
97.16
112.00
115.24
26
.
trade agreement.
a
many
encouraged by subsidies and
other
principal factor in land
transportation), and sheep feed in the wild meadows,
or on the
hay derived from them. These cattle and
among
of negotiating
mission for the
a
the establishment of
manufacturing
industries, certain forms of cultivation of the soil and
of potatoes, the second
crop—Iceland is not self sufficient.
important extent
The
us
the country's economy
supply the home market with their products;
The
value
sufficient the State has
Other cattle, horses (still the
an
a
rigid control of imports, and has
sought to direct them to the principal buyers of fish
products. For the purpose of broadening the base of
The cultivated hay crop is given to the
dairy cows,
who
valued $406,-
was
sales totaled $142,000.
our
confronting the
ernment
However, the grand total of 1,200 acres allocated to
vegetable gardens does not suggest important pro¬
duction, and
imports
10% of the exports to
situation, Iceland has, in the last decade, or pre¬
viously, adopted numerous expedients.
The Gov¬
materials and the
chief crops are
took
lems inherent in her position or due
restricted nature of her agricultural production
owing
to the short summer and the
northern, latitude. The
tables such
we
$1,286,000, while
purpose
The fundamental imperatives in Iceland's economic
are
In 1938
Icelandic Government has sent
largely farm
products, consisting almost entirely of mutton (frozen
and salted), wool, sheepskins and
sheep casings.
position
Aug. 30, 1941
YIELD AVERAGES t
Individual
Closing Prices)
Corporate by Ratings
Aaa
2.73
3.29
Aa
2.91
A
3.23
!
Corporate by Groups
Baa
4.29
R.
R.
3.93
P. U
3.06
Indus.
2.88
3.29
2.73
2.91
3.24
4.28
3.93
3.07
3.29
2.88
2.74
2.91
3.24
4.27
3.92
3.06
2.89
3.29
2.74
2.91
3.24
118.79
107.62
118.20
114.66
108.70
91.91
4.28
3.93
23- 118.78
115.04
107.62
118.00
25.
114.66
108.70
3.30
2.74
2.92
91.77
3.24
97.16
4.28
112.00
3.93
118.00
23.
2.90
107.62
115.04
3 06
22-
114.66
108.70
3.30
2.75
91.77
2.92
3.24
97.16
4.29
112.00
115.04
3.93
3.06
22-
2.90
3.30
2.75
2.92
25..
118.78
21- 118.72
107.62
118.00
114.66
108.70
91.91
97.16
97.16
112.00
...
3.24
4.29
3.93
3.06
3.06
2.89
2.90
112.00
118.73
115.04
107.62
118.00
21
114.66
108.70
3.30
2.75
91.77
2.92
3.24
97.00
112.00
4.28
3.93
115.04
3.06
107.62
118.00
20
2.90
19- 118.76
114.85
108.52
3.30
91.77
2.75
2.92
3.24
97.16
4.29
112.00
3.94
3.06
2.90
20-
114.85
19
3.30
2.75
2.91
18- 118.76
107.62
118.00
114.85
108.52
91.77
97.16
3.25
4.29
16- 118 88
112.00
114.85
107.62
118.00
115.04
18
108.70
3.30
2.75
2.91
91.77
97.16
3.25
4.29
112.00
3.93
115.04
3.06
107.80
118.00
115.04
108.70
16
2.91
15- 118.90
3.30
2.75
2.90
3.24
4.29
3.93
3.06
2.90
3.06
2.90
3.93
3.06
2.91
91.91
97.31
112.00
118.75
107.80
118.00
115.04
15
108.52
3.29
2.90
92.06
3.24
97.31
112.00
13- 118.72
107.80
115.04
118.00
14
115.04
108.52
3.29
2.75
2.90
92.06
97.47
3.25
4.27
112.00
115.04
3.92
3.06
12—
107.80
118.00
13--
3.29
2.75
2.90
3.25
4.27
3.91
3.06
12
2.90
3.29
2.75
2.89
3.24
4.27
3.92
3.06
2.83
3.29
2.74
2.90
3.24
4.27
3.91
3.06
2.9
14-
118.74
11— 118.71
9-
115.24
108.70
92.06
97.31
112.00
115.24
97.47
112.00
115.04
107.80
118.20
115.04
108.70
92.06
107.80
119.09
115.04
118.20
115.24
108.52
92.20
2.75
'
11
4.28
3.92
2.93
97.47
112.00
115.24
107.98
118.20
9
115.24
108.70
3.29
92.20
2.74
97.47
2.89
3.25
112.00
4.26
3.06
118.20
115.24
8
2.89
107.98
115.24
3.91
119.33
108.70
3.28
2.74
92.20
2.89
3.24
97.47
4.26
112.00
3.06
118.20
7
2.89
107.98
115.24
3.91
6- 119.48
3.28
2.74
2.89
3.24
4.26
3.91
3.06
2.89
8- 119.20
7-
115.24
108.52
92.35
97.62
112.00
115.24
6
2.74
92.35
3.28
97.62
2.89
3.25
112.00
4.25
115.24
3.90
3.06
5
2.89
3.28
2.73
2.89
3.25
4.25
3.90
3.06
2.89
5- 119.48
107.98
118.40
115.24
108.52
4— 119.50
107.80
118.40
115.04
108.52
92.20
97.62
112.00
2- 119.54
115.24
107.98
118.40
115.24
4
108.52
3.29
92.20
2.73
2.90
97.62
3.25
112.00
3.06
107.80
115.24
3.90
1—
118.20
115.24
2
108.52
3.28
2.73
92.06
97.47
2.89
3.25
112.00
4.26
115.24
3.90
3.06
1
2.89
3.29
2.74
2.89
3.25
4.27
3.91
3.06
2.89
119.56
July 25- 119.55
4.26
2.89
107.80
118.00
115.24
108.52
92.06
112.00
119.47
107.62
115.04
118.20
115.04
108.34
91.91
97.46
11— 119.46
112.00
107.62
115.04
118.20
115.04
18
108.16
91.91
97.16
3- 119.55
111.81
107.44
115.04
118.00
114.66
11
107.98
91.77
June 27.. 119.45
20— 119.02
97.00
111.62
107.44
114.85
118.00
114.66
3
107.80
3.31
91.77
2.75
97.16
3.28
114.44
4.29
107.09
114.66
117.80
114.46
June 27
107.62
3.31
2.75
2.92
91.48
3.29
97.00
4.29
111.44
3.09
117.60
20
2.92
106.92
114.27
3.93
13- 118.97
114.08
107.44
3.33
2.76
2.93
3.30
4.31
3.94
3.09
2.94
18-
91.48
97.47
97.00
July
25
3.29
—
2.75
2.89
3.25
3.06
2.90
3.30
—
2.74
2.90
3.26
4.28
3.93
3.06
2.90
3.30
2.74
2.90
3.27
4.28
3.9
3.07
2.90
2.92
4.27
3.91
3.9
3.08
2.91
111.25
106.74
113.89
117.20
113.70
107.27
91.19
96.69
2.95
3.31
May 29— 118.71
110.88
106.39
113.31
116.61
113.31
107.09
91.05
2.79
2.97
3.32
96.69
110.70
4.33
3.12
May 29————
2.99
106.39
112.75
3.96
23- 118.35
16- 118.52
3.37
2.82
2.99
3.33
110.70
4.34
112.93
3.96
3.13
23—
3.02
3.37
2.81
2.98
3.34
4.33
3.96
3.13
16
3.01
3.37
2.82
2.99
3.34
4.32
3.95
3.14
3.02
3.36
2.81
3.00
3.34
4.30
3.94
3.14
3.01
6— 118.81
116.80
113.50
106.92
91.19
96.69
13
3.34
6
106.39
116.61
113.31
106.92
91.34
9— 118.45
96.85
110.52
112.75
106.56
116.80
113.12
106.92
91.62
2— 118.66
97.00
110.52
106.39
112.93
117.00
9
112.93
106.74
91.34
96.85
110.52
112.75
2.77
3.35
2
-
4.31
3.94
3.10
2.96
Apr. 25— 118.62
106.21
116.61
106.56
3.37
91.19
2.80
3.01
96.69
3.35
110.34
4.32
112.19
3.95
3.02
105.86
105.69
116.41
112.56
Apr. 25
3.14
18- 118.28
10- 117.36
106.39
90.91
3.38
2.82
3.02
3.36
96.54
110.15
4.33
112.00
3.96
3.15
112.19
18
3.05-
116.41
106.21
3.40
90.77
2.83
3.03
3.37
109.79
4.35
3.16
3.06
106.04
111.81
3.97
4— 117.55
Mar.28— 117.80
21.. 117.85
96.54
112.37
116.80
112.75
....
10
106.21
91.48
97.00
109.97
105.86
112.19
116.41
106.04
91.05
96.54
109.79
111.81
117.00
106.56
90.77
96.54
3.41
110.15
2.83
3.38
4.36
3.39,
Mar. 28
112.93
2.81
3.04
3.38
4.31
3.94
3.17
3.05-
3.40
3.38
4
112.19
106.21
2.83
3.05
3.39
4.34
3.97
3.18
3.07
2.80
3.01
3.05
3.97
3.18
3.07
117.77
7— 116.90
106.21
112.75
113.31
21
106.56
90 48
96.54
109.97
106.04
113.31
117.40
113.31
14
106.39
90.20
3.38
2.99
96.23
2.78
3.36
109.97
4.38
113.12
3.97
3.17
105.86
117.20
7
2.99
Feb. 28— 116.93
112.93
106.21
3.39
2.99
3.37
95.92
4.40
109.79
3.99
117.00
28
3.0O
105.52
112.75
3.17
21.. 116.06
89.78
2.78
112.75
106.04
3.40
89.52
2.79
95.62
3.01
3.38
109.60
4.43
4.01
3.18
117.60
21
3.02
105.86
112.75
3.42
3.39
14-
117.40
Feb.
—
—
3.36
4.36
3.97
3.46
3.02
113.12
106.21
89.64
2.80
3.02
95.92
113.12
3.19
3.02
106.21
117.80
113.31
14
106.39
3.40
90.20
2.77
3.00
3.38
95.54
109.79
4.44
4.01
118.00
7
3.00
106.39
113.31
3.19
117.14
113.70
106.39
90.48
3.38
2.76
2.99
3.37
109.79
4.40
3.18
106.66
113.70
3.97
117.64
96.85
117.60
113.89
106.56
3.37
90.77
2.97
3.37
4.37
109.97
3.18
118.20
24
2.97
106.66
113.50
3.95
17— 118.06
97.16
2.75
113.89
106.56
90.48
3.36
2.77
2.96
96.69
3.36
4.36
113.89
3.93
3.17
118.20
17
2.98
106.56
110.15
114.27
106.56
90.34
3.36
2.74
96.69
2.96
3.36
110.15
4.38
3.96
3.16
2.96
2.95
14— 116.24
7— 116.52
Jan. 31
24..
10— 118.03
3—
118.65
106.39
118.40
109.60
Jan.
31
114.08
—
10
114.46
106.39
89.78
High 1941 119.62
95.92
110.15
107.98
114.46
118.60
115.24
108.88
Low 1941
92.35
97.62
115.89
105.52
112.00
115.43
116.22
112.00
106.74
111.62
Low 1941
114.85
Low
1
2.94
3.36
3.96
3.16
2.93
3.37
4.43
4.01
3.16
2.84
3.06
3.39
4.47
4.03
...
3.20
3.08:
2.72
2.89
3.23
4.25
3.90
3.06
2.88
3.06
3.19
2.78
5.24
4.68
3.42
3.36
,
4.39
2.93
115.04
106.74
89.92
112.19
109.60
99.52
79.37
86.38
105.52
106.56
Low 1940
3.35
2.70
2.90
3.35
4.42
3.12
2.91
116.22
112.56
103.30
85.46
91.48
109.24
111.07
1 Year Ago—
Aug. 29. 1940...
4.00
103.47
3.54
2.84
3.03
3.55
4.75
4.31
3.21
3.11
3.74
2.99
3.18
3.84
4.96
4.50
3.45
3.28
2 Yrs.Ago
Aug.29'39 115.17
These
109.42
2.74
2.73
3.42
3.37
—
119.00
Yr. Ago
Aug. 29' 40 115.59
100.16
prices
average level or
95.62
3
99.04
1940 113.02
*
89.23
2.99
3.28
High 1940
106.04
4.03
3.81
High 1941
High 1940 119.63
3.36
4.45
are
the
113.31
110.88
2
109.79
98.57
82.77
computed from average yields
average
96.07
movement
of
actual
88.81
105.00
the basis 01 one "typical'
quotations.
They merely
picture of the bond
narset
on
price
of yield averages, the latter
being the true
t The latest conolete list of bonds used in
computing these Indexes
movement
107.98
was
\'
Years Ago—
Aug. 29, 1939...
bond
;rve
'
(3H%
to
In
coupon, maturing In 25 years) and do not purport to show e ther
the
in a more comprehensive way the relative
levels and the relative
Illustrate
the
Issue
of
July 13.
1940.
page
160
Volume
.
in
high
than
The Commercial
153
issues also gained,
Treasury
grades.
week with
a
& Financial Chronicle
after more
Power
funds
fluctuation.
no
Union
Medium-grade
3V2s, 1980, at 107 were up V2 point.
rail
issues
while speculative rails were
mixed
were
lower.
1971,
Light first 3% s,
for
were
offered to provide
refunding purposes.
Strength in
High-grade railroad bonds have gained fractions.
Pacific
&
1185
'
speculative and lower medium-grade
high ground have been such issues as Childs 5s,
national
unchanged at 96Mj, while among the latter New York Chi¬
5s, 1952, and Paramount conv. 3*4 s, 1947.
cago
& St. Louis 4V&S, 1978, gained ^4 at 62*4.
Reorganiza¬
tion
developments created interest among Seaboard Air Line
and
Denver
&
Grande
Rio
issue,
which touched new 1941
their highs have been Hudson
1947;
conv.
Selling close to
Coal 5s, 1962; Celotex 4%s,
Manati Sugar 4s, 1957;
6s, 1945;
1953, and Warner Bros. 6s, 1948.
Foreign bonds have not moved widely in either direction
highs.
Activity in the utility bond market has been limited and
movements
up,
fractional
to
amounts.
Gs,
the
Japanese issues, which
exception of
Friday upon announcement of a move
by the Japanese Premier to confer directly with President
1944, have been prominent on
6s,
Some interest developed in the International
Gas
with
Roosevelt regarding strained American-Japanese relations.
Australian issues have been unchanged.
Belgian bonds,
Telephone & Telegraph debentures, while demand for the
Laclede
week,
rallied 5 to 10 points
Inter¬
Hydro-Electric
the downside.
this
but some easing among speculative
noticeable in the latter part of the week.
was
national
restricted
generally
High grades held
Issues
Studebaker
United Drug 5s,
1943; Inter¬
United Cigar-Whelan
Marine 6s, 1941;
Among the former Louisville & Nashville 4%s, 2003, closed
Mercantile
issues
Moving into new 1941
featured the industrial bond market.
1942,
continued.
$30,000,000
Wisconsin
about
the
only
European
issues
extremely
selling at
not
prices, lost ground, the 6%s, 1949, declining 4
to 78.
Bonds of Western Hemisphere countries
depressed
points
gained fractionally to a point or two.
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Aug. 29, 1941
Business
activity made
a
the Journal of Commerce
of 126.1
as
further sharp gain the past week,
weekly index reaching
compared with
a
a new
high
revised figure of 124.8 for the
preceding week and 107.0 during the corresponding week
last year.
It is reported that virtually all components of the
index scored further advances.
The
news
from tre Russian front is not
but could be much worse.
so
heartening,
The German advance continues
to meet strenuous resistance.
News from Washington on
Japan looked more favorable, and there still seems to be a
chance that war between Japan and the democracies may be
averted.
turbances
Some
an
optimists
were
able to
see
in the French dis¬
ultimate hindrance to the German conquests,
war news was not so heartening.
There
but otherwise the
the possibility of a
German invasion of Turkey.
appreciable changes, apparently
marking time with the long holiday ahead.
Incoming business dropped this week for some steel plants
as consumers
gathered information required by the OPM
before submitting orders to steel companies, the "Iron Age"
reports.
More and more the steel consuming and producing
industries are yielding to Government control of tonnage
accepted, schedules and deliveries.
"For another seven days the steel and metal working in¬
dustries have been racing from knot-hole to knot-hole in a
series of openings through which from time to time they have
been given official views, none complete, of what the Gov¬
ernment wants done in the defense program," the review
seems
now
The stock market showed
no
comments.
priorities and losses to defense
small plants through mandatory diversion
of such materials as steel to defense work, arises in Mid-West
areas.
A recent survey of small Illinois plants (95% in the
metai-working field) showed that 64% expect to be out of
business before the end of the year unless a way is found to
"Mucn dissatisfaction over
work sustained by
supply them with materials."
The "Iron Age" says that the OP ACS scrap price structure
is in a state of complete collapse.
Steel plants face higher
scrap prices since community scrap collection drives are un¬
likely to bring out the heavy tonnages needed.
Partly be¬
cause of lack of scrap steel, plants were unable to pushfingot
production above last week's rate.
Distribution of electric industry declined to 3,193,404,000
kilowatt hours in the week ended Aug. 23d, from 3,200,818,000 kilowatt hours in the preceding week, the Edison
Electric Institute reported this week.
The latest total was
17.7% above the 1940 comparative of 2,714,193,000 kilowatt
Loadings of revenue freight for the week ended Aug.
23d,
totaled 899,750 cars, according to reports filed by the rail¬
roads with the Association of American Railroads and made
This was an increase of 9,876 cars over the
preceding week this year, 138,642
more than the corre¬
sponding week in 1940 and 215,844 above the same period
two years ago.
This total was 132.81% of average loadings
for the corresponding week of the 10 preceding years.
Engineering construction awards for the week, $124,233,000, climbed sharply to gain 55% over last week's total, and
to top the volume for the corresponding 1940 week by 116%,
according to Engineering News-Record. Public construction
is responsible for the increase, gaining 187% over the 1940
week and 71% over a week ago.
Private construction is 5
and 12% lower respectively, than last week and last year.
The week's awards bring 1941 construction to $4,329,627,000, a 103% gain over the total for the 35 week period in
1940.
Private awards, $893,742,000, are 41% above the
public today.
129% higher, due to the 357% increase in Federal work.
Class
construction, $3,435,885,000,
I railroads
of
the United
States had net income,
after interest and rentals, of $244,376,852
months of 1941, compared with $3,441,371
in the first seven
in the like period
last year,
the Association of American Railroads reported
today.
Net railway operating income, before interest and
rentals amounted to $539,853,203, compared with $303,248,276 in the corresponding 1940 period.
Class I railroads in July had earnings, after interest and
rentals, of $66,427,128, compared with $16,248,415 in
July, 1940. Net railway operating income, before interest
and rentals totaled $106,314,792, compared with $57,725,166
in July of last year.
Ward's Automotive Reports estimated today that this
t
production of cars and trucks in United States and
totaled 29,965 units. This compared with
45,525 last week and 27,645 this week a year ago. The sur¬
vey said that next week's production would be reduced some¬
what by the Labor Day holiday, but that a definite rise
would develop thereafter.
Shortages of materials acted as a brake on expansion of
production and sales this week, Dun & Bradstreet observed
today.
Manufacturing industry, which usually broadens
operations at this season, made no further over-all gain.
R tail trade, however, responded briskly to the seasonal
pull. With demand continuing of rush proportions in many
lines, sales held firmly to the increases of early August.
Prices again moved higher, touching a new peak for recent
week's
Canadian plants
years.
.
#
.
.
additions to the list of
have been set by the
Government, prices continued to move higher on average.
The wholesale food price index was up 1.6% in the week to
$3.26, a new peak since October, 1929. The daily wholesale
price index of 30 basic commodities advanced from 143.17 a
week ago to 144.74 this Thursday.
Retailing showed no
signs of losing the fast pace of recent weeks."
The outstanding feature of the weather this week was a gale
that struck along the Atlantic Coast, wrecking 75 Jersey
houses, leaving one dead and many injured.
The gale was
accompanied by cyclonic swirls which unroofed and demol¬
ished houses, overturned automobiles and uprooted trees in
Wilmington, Del
Swedesboro and Woodbridge, N J
The
wind brought a deluge of rain to New York City, but there
were only local gusts which caused no serious damage
The
weather for the rest of the country showed no spectacular
features.
While considerable areas in the interior valleys
The report says: "Despite new
commodities over which ceilings
,
remain much too dry,
seasonable temperatures,
attended by
and South¬
showers, in the Eastern States, the Lake region
western sections made a good growing week and
rather extensive of an
reports are
improved agricultural outlook.
The
reported as timely in the Middle Atlantic area,
New England, the lower Missouri Valley and considerable
sections of the Southwest.
In the New York City area the
weather has been generally clear, with comfortable tempera¬
tures prevailing.
The weather today was clear and cool as temperatures
rains
hours, however.
period last year, and public
is
were
,
ranged between 60 degrees and 74 degrees. The forecast is
for partly cloudy ana somewhat warmer tonight and on
Saturday, and probably Sunday. Prevailing light southeast
winds are expected to shift on Saturday to moderate south¬
west.
Lowest temperatures
tonight are set at 62 degrees
and 50 degrees in the suburbs with a high on
Saturday of about 82 degrees.
Overnight at Boston it was 53 to 70 degrees; Baltimore, 54
to 77; Pittsburgh, 50 to 71; Portland, Me., 38 to 68; Chicago,
56 to 77; Cincinnati, 54 to 81; Cleveland, 51 to 75; Detroit,
58 to 71; Milwaukee, 57 to 71; Charleston, 70 to 84; Savan¬
nah, 70 to 94; Dallas, 74 to 93; Kansas City, Mo., 73 to 84;
Springfield, 111., 60 to 84; Oklahoma City, 70 to 91; Salt
Lake City, 60 to 89 and Seattle, 53 to 70.
for the city
The Commercial & Financial Chronicle
1186
Income and Balance Sheet Items of Class I
Selected
Steam
999
Railways for May
The Bureau of Statistics of the Interstate Commerce
Commission has issued a statement showing the
aggregate
totals of selected income and balance sheet items for class I
TOTALS
FOR THE
UNITED STATES
Income
the
823
first
locomotives,
58
which
Freight
included
the
Revenue
,
i
164
22,299 box,
18,503
miscellaneous
SO,
coal,
1,228 flat,.
cars.
months, this year, the railroads also put in service
which 75 were steam and 248 electric and Diesel-
first seven months,
steam
were
and
ears
in
were
stock, and
of
Installed in the
of
Aug.
there
year,
50
seven
and
143
least year,
electric
locomotives
above
leased
and
201
were
new
locomotives,
Diesel.
otherwise
or
acquired
not
are
figures.
Freight Car Loadings Totaled 899,750 Cars in
Week Ended Aug. 23
Loading of
(ALL REGIONS)
Items
this
refrigerator,
In
steam
railways in the United States for the month of May
and for the five months ended May, 1941 and 1940.
These figures are subject to revision and were compiled
from 132 reports representing 137 steam ,railways.
The
present statement excludes returns for class A switching and
terminal companies.
The report is as follows:
months,
seven
freight for the week ended Aug. 23
revenue
totaled 899,750 cars, the Association of American Railroads
announced
Aug. 28. This was an increase of 138,642 cars
18.2% above the corresponding week in 1940, and an in¬
of 215,844 ears or 31.6% above the same week in 1939.
Loading of revenue freight for the week of Aug. 23 was an
increase of 9,376 cars or 1.1% above the preceding week.
The Association further reported:
on
of
All Class I Railways
crease
For the Month of May
1941
1941
S
$
t
Net railway operating income
88.630,031
Otber income...
11,113,383
..........
.
For the Five Months
1940
Total Income ................
2,757,512
Income avail, for fixed charges.
■■■■■«"■
47,408,235 342,702,126 197.432,329
11,571,524 53,796,864
56.359,132
99,743,414
Mlscell. deductions from income.
of
1940
96,985,902
58,979,759 396,498,990 253,791.461
2,470,877
14,159,258
Miscellaneous freight loading totaled 376,914 cars,
cars
an
increase of 8.517
increase of 78,367
an
above the
cars
Loading of merchandise less than carload lot freight totaled 157,102
an
increase of 846
cars
cars
above the preceding week, and an increase of 5,912
cars
above the corresopnding week in 1940.
Coal
Fixed charges:
Rent for leased roads &
and
corresponding week in 1940.
12,919,040
56,508,882 382.339,732 240,872,421
above the preceding week,
loading amounted to 169,653
equip..
13,846,453
11,859,397
Interest deductions.a........
37,878,026
119,163
38,407,800 188,019,933 191,856,705
128,703
593,308
647,614
51,843,642
50,395,900 252,911,548 247,773,672
cars
45,142,260
2,005,177
6,112,982 129,428,184 df6,901,261
1,965,780
9,992,569
9,831.597
43,137,083
4,147,202 119,435,615 df16732,848
cars, an
increase of 1,939
cars
above the
in 1940.
Other deductions—
—
Total fixed charges.
64,298,307
65,269,453
preceding week, and
increase of 34,761
an
.....
Contingent charges............
Net income.
below the preceding week, and a decrease of 685 cars be'ow the
18,049,393
13,792,409
17,161,806
89,080,038
4,070,969
44,000,910
15,824,520
17,985,325
17.813,463
39,669,541
40,415,732
6,022,597
3,962,660
11,231,673
9,228,076
1.87
1.12
1.51
0.97
84,925,930
Dividend appropriations:
cars, a
430 cars below the preceding week, and a decrease of 533
corresponding week in
On preferred stock
Ratio of income to fixed charges b
above the preceding week,
sponding week in 1940.
Asset
and
but
a
12,013
cars,
increase of 1,083
an
decrease of 1,498
cars
below the
Ore
Class I Railways Not In
Receivership
or
Trusteeship
cars
above
week in 1940.
loading totaled 50,445
week in 1940.
All Class I Railways
cars
corre
In the Western districts alone, loading of live
cars, an increase of 80 cars above
the preceding week, and an increase ot 7,037 cars above the
Liability Items
o
below the
the preceding week, but a decrease of 1,099 cars below the eorrasponding
Forest products
Selected
decrease
cars
1940.
stock for the week of Aug. 23 totals 8,874 cars, an increase of 907
On common stock.
corre¬
In the Western districts alone, grain and grain
products loading for the week of Aug. 23 totaled 30,725
Live stock loading amounted to
Depreciation (way and structures
and equipment).............
Federal income taxes..
above the corresponding week
Grain and grain products loading totaled 43,625 cars, a decrease of 750
sponding week in 1940.
Income after fixed charges
cars
corresponding
.
loading amounted to 77,019
preceding week, but
an
cars,
a
increase of 12,407
decrease of 1,828
cars
cars
below the
above the corresponding week
in 1940.
Balance at End of May
1941
Balance at End of May
1940
1941
%
*
Coke loading amounted to 12,979 cars, a decrease of 511 cars below the
preceding week, but an increase of 2,345
1940
S
cars
above the corresponding week
in 1940.
Selected Asset Items—
Invest,
in
stocks,
All districts reported increases compared with
bonds,
in
&c., other than those of
affiliated companies...
561,975,907
604,472,421
481,431,753
524,509,552
712,415,133
537,975.934
the corresponding weeks
1940 and 1939.
'
1941
Cash
Temporary cash lnvest's..
Special deposits
91,458,363
478,908,656
61,242,591
103,713,120
147,602,845
75,366,586
386,177,268
47,687,843
133,312,829
Loans and bills receivable.
1,412,870
2,070,233
1,150,124
1,853,658
29,049,167
23,886,051
26,510,219
— ...
and
Traffic
car-service
21,740,830
from
receivable
bal,
Four weeks of January
Four weeks of February..
agents and conductors.
67,170,403
143,30.5,645
46,800,324
50,982,483
Mlscell. acc'ts receivable.
120,402,103
Materials and supplies...
373,492,070
359,982,261
Int. & divs. receivable...
20,795,559
23,889,633
107,358,719
288,651,603
17,965,081
35,748,030
93,659,508
279,393,436
....
1,330,538
1,548,230
1,002,045
21,340,102
957,718
Other current assets.....
7,284,527
5,494,381
4,876,993
_
.
2,557,735
2,488,879
2,282,866
2,976.655
3,817,918
.. _._...
2,495,212
2,225,188
4,160.527
3,510.137
3,413,427
.....
3,123,916
2,793,563
....
Five weeks of May ...:
Four weeks of June....
Four weeks of J uly.
2.288,730
2,824,188
—
Five weeks of March
1939
1940
■
2,740,095
Four weeks of April...
balances—Dr.....
Net
66,785.735
3,351,840
2,896,953
2,926,408
2,563,953
2,822,450
2,532,236
Week of Aug.
2.
883,065
717,927
656,553
Week of Aug.
9.
878,549
661.023
890,374
727,073
743,050
899,750
761,108
683,906
26,811,593
22,686,143
20,467,311
3,692,536
Rents receivable...
-
Total current assets... 1,551,427,395 1,271,827,308 1,178,625,522 1,02.5,564,364
debt
maturing
within six months.c...
72,020,386
Loans & bills payable.d..
and
Traffic
108,097,433
46.969,712
144,791,673
77,199,336
135,422,929
20,257,584
57,811.857
48,964,299
40,160,066
33,937,661
28,011,162
265,325,216
239,978,371
208,063,914
49,786,061
60,763,869
25,666,560
1,491,946
37,547,827
26,766,381
188,172,521
49,546,590
car-service
balances—Cr
Audited accounts & wages
payable
....
—
......
Week of Aug. 23..
Total
.
.
.
669,793
The first 18
Selected liability Items—
Funded
Week of Aug. 16....
...
MiScell. acc'ts payable...
Interest matured unpaid.
31,418,319
Divs.
matured unpaid
Unmatured int. accrued..
1,632,991
major railroads to report.for the week ended
Aug. 23,1941 loaded a total of 422,230 cars of revenue freight
on their own lines, compared with 416,893 cars in the pre¬
ceding week and 347,162 cars in the seven days ended Aug.
24, 1940. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
-
20,666.288
1,127,662
1,268,877
88,947,887
Unmatured rents accrued.
93,624,890
67,951,362
68,762.837
36,220,925
30,582,708
Unmatured divs. declared
Loaded ori Own tines
27,211,244
36,226,925
27,211,244
27,492,324
Weeks Ended—
30,956,787
156,760,094
242,027,438
195,381,828
27,353,827
202,146,935
Other current liabilities..
36,766,183
100,157,318
24,719.440
90,704,843
Total current liabilities.
909,477,363
950,815,808
686,240,733
716,267,412
Accrued tax liability
Received from Connections
Weeks Ended—
AUQ. 23 Aug. 16 Aug. 24 Aug. 23 Aug. 16 Aug. 24
1941
1940
1941
1941
1941
1940
U. 8. Govt,
taxes
taxes
70,651,380
117,925,761
68,932,766
118,730,448
84,221,174
87,827.328
a
Represents accruals, including the amount in default.
railways in receivership and trusteeship the ratio was as follows:
May,
1941, 1.09; May, 1940, 0.33; live months 1941, 0.98; five months 1940, 0.37.
c
Includes payments of principal of long-term debt (other than
long-term debt in
d Includes obligations which mature not
more
arter close of month of report,
than two years after date of issue.
Railroads Had 89,416 New Freight Cars
Aug. 1
Class I railroads
cars
order,
on
nounced
on
on
Order
on
on
I
of
American
new
new
the
were
were
first
freight
Of the
11,719
Chicago Burl. & Quincy RR
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry
19,192
25,930
23,103
3,781
2,134
4,769
17,235
51,140
Missouri-Kansas-Texas
RR
Missouri Pacific RR
New York Central Lines
N. Y.
14,666
21,546
10,705
10,176
8,112
7,930
21.C23
12,859
10,843
10,586
2,997
2,727
18,775
2,057
2,166
4,592
1,686
2,577
2,390
1,821
4,031
3,723
2,670
16,634
13,955
12,505
3,613
11,563
50,521
52,622
1,323
1,392
8,527
42.029
53,066
6,863
5,851
13,960
25,089
21,300
6,276
6,185
5,264
90,097
90,174
70,479
44,477
5,784
7,508
6,313
5,239
37,086
5,596
8,549
36.745
6,235
6,372
58,155
6,349
9,326
12,399
10,222
56,716
5,767
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
41,419
7,174
25,316
Chicago & St. Louis Ry
Norfolk & Western Ry:
Wabash Ry—
18,497
24,771
23,165
8,607
———
30,995
5,239
13,631
9,965
11,023
7,981
12,179
8,420
10,221
8,426
422,230 416,893 347,162 274,796 264,447 209,728
—iv—-
freight
Railroads
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
an¬
Aug.
on
559
1, this
steam
were
303
locomotives
new
electric and
Diesel.
also had 603
year,
and
electric
on
New
and
new
locomotives
Diesel.
order, of which 265
locomotives
on
order
On
were
on
on
July 1,
steam
Aug.
1,
last year, totaled 168, which included 115 steam and 53 electric and Diesel.
In
18,274
12,727
(Number of Cars)
Aug. 20.
railroads
1941, there
294
5/581
22,547
13,161
10,701
29,970
on
order, of which 300,
and
8,831
22,430
Total
Aug. 1, 1941, had 89,416
on
the Association
26,980 coal, 100 stock, 2,060 flat, 1,350 refrigerator, and
1,184 miscellaneous cars.
The Association further reported:
Class
8,409
35,031
25,883
On July 1, 1941, they had 92,566 on
Aug. 1, last year, there were 19,765.
The new
order on Aug. 1, this
year, included 57,742 box,
order, and
cars
18,039
41,861
International Great Northern RR
b For
default) which will become due within six months
22,331
42,807
29,249
Gulf Coast Lines
127,248,179
115,379,259
Other than U. S. Govt,
22,608
Chesapeake & Ohio Ry
accr. tax llab.:
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
Analysis of
seven
cars,
total
months
of
compared with
number of
new
1941
the
40,416
freight
in
ears
railroads
the
put
same
in
service
period last
placed in operation
in
43,243
year.
the first
Weeks Ended—
Aug. 23, 1941
Aug. 16, 1941
29,429
29,044
39,713
15,906
38,716
15,531
85,048
83,285
Chicago Rock Island & Pacific Ry_
Illinois Central System
t. Louis-San Francisco
Ry
—
Total
In the
following
we
#
Aug. 24, 1940
v
25,100
31,253
12,318
68 671
undertake to show also the loadings
for separate roads and systems for the week ended Aug. 16,
1941.
During this period 119 roads showed increases when
compared with the same week last year.
Volume
The Commercial
153
REVENUE FREIGHT LOADED
AND RECEIVED
582
612
578
1,456
796
867
229
252
8,789
7,024
1,414
7,142
1,798
13,142
1,549
18
Maine.
13
10
59
1,501
1.240
2,379
7,315
5,609
8,645
10,592
10,315
1,161
5,209
8,561
8,574
2,069
7,584
6,950
324
409
383
106
Central Indiana
Central Vermont
...
2,772
2,668
3,078
870
938
495
378
400
317
1,401
1,350
5,396
6,463
19,167
2,668
4,041
14,202
639
131
.
Chicago Indianapolis & Louis v.
...
Delaware & Hudson.
Delaware Lackawanna & West-
Detroit & Mackinac
Piedmont Northern
1,183
203
3,724
12,289
15,566
4,745
3,798
Southern System.
Tennessee Central...~
1,448
1,721
...
390
20,544
549
446
352
714
152
150
159
1,080
751
Total.....................
120,760
97,270
92,156
86,753
61,383
19,769
2,458
19,409
2,745
12,859
9,907
2,476
20,587
10,176
3,963
20,599
4,177
21,311
13,131
254
3,309
8,732
2,635
*12,464
7,056
171
153
36
2,706
1,877
Chicago & North Western
23^165
Lehigh <fe New England
2,424
1,578
2,401
1,465
9,878
Maine Central...
3,293
2,656
7,913
2,412
2,508
7,361
1,830
Chicago Great Western
Chicago Milw. St. P. & Pac—
2,882
24,127
Lehigh Valley
9,941
1,969
8,471
6,435
2,534
5,264
2,268
42,092
362
231
Monongahela
Montour.
Chicago St, P. Minn. & Omaha
Duluth Missabe & Iron Range
50
34
Duluth South Shore & Atlantic.
Detroit & Toledo Shore Line...
Grand Trunk Western
Lehigh <fc Hudson River
...
...
.......
New
51,156
12,064
1,227
York Central Lines
N. Y.N. H.& Hartford
New York Ontario <fc Western..
9,555
1.241
5,681
6,863
N. Y. Chicago <fe St. Louis
Northwestern
51,987
42,207
11,658
1,920
Ft. Dodge Des
5,614
13,631
.
375
336
1,621
8,521
7,203
5,135
9,993
Pere Marquette
5,596
5,430
4,711
6,313
5,184
665
837
346
34
59
479-
380
409
414
260
1,110
970
2,142
Pittsburgh Shawmut & North..
638
623
1,194
6,372
5,207
4,894
10.221
4,712
4,346
4,367
180,156
150,0 8
135,449
206,653
478
166
146
23,113
4,458
3,116
509
605
747
579
2,918
2,699
2,188
7,425
2,210
1,576
3,385
5,097
2,396
827
536
424
1,192
41,861
33,607
30,569
22,547
19,754
4,592
2,300
2,258
6,318
5,844
Bessemer & Lake Erie
301
286
272
4
1,935
1,583
1,381
15
10,554
254
429
323
3,087
2,016
1,624
2,447
1,564
150,483
132,692
116,503
60,239
44,348
22,331
18,195
3,346
2,953
18,262
2,788
8,331
2,871
5,331
2,089
585
505
443
68
69
18,497
2,940
13,617
2,829
Central RR. of New Jersey
Cornwall
8,038
16,355
14,286
1,981
13,952
10,586
7,865
1,697
954
835
11,477
11,435
2,360
2,369
10,362
2,932
715
702
3,823
3,966
2,834
8,109
2,617
1,261
3,051
682
801
607
40
27
1,136
2,012
Fe System.
969
899
1,106
772
-
._
Chicago Burlington & Qulncy..
Midland
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois
Chicago & Illinois
16
Colorado & Southern
11,428
6,454
5,507
666
676
560
74
51
Denver & Rio
270
285
190
35
41
Cumberland & Pennsylvania...
Llgonler
138
96
79
850
Denver A Salt
42
45
...
Fort Worth & Denver
City
1,415
2,154
>1,552
Pennsylvania System
Reading Co
14,311
11,410
43,521
16,727
Nevada
17,147
56,716
23,046
Union (Pittsburgh)
19,718
4,172
19,240
11,630
6,149
Peoria & Pekin Union
3,570
3,068
5,813
8,499
7,100
Southern Pacific
194,198
158,874
129,186
141,957
;112,024
591
Northern
Pacific.
North Western
2,051
1,689
1,275
784
453
1,517
131
130
872
656
13
...
25,727
279
290
7,162
1,521
16,828
15,258
14,432
11,268
603
442
167
10
8
2,073
2,027
2,096
2,947
2,266
128,014
107,611
103,618
68,494
51,977
Utah...—
Western Pacific
11,097
25,787
24,629
12,727
20,664
4,361
19,640
6,185
4,632
5,084
3,865
1,934
1,091
60,143
50,812
48,134
20,846
16,820
29,970
25,089
Chesapeake & Ohio
Norfolk & Western
Virginian
Total.
Total
Alabama Tennessee & Northern
421
219
278
Southwestern
816
694
665
Atlanta Birmingham & Coast..
836
623
1,695
1,049
6,365
3,853
1,374
928
248
10,941
8,346
4,577
3,755
8,497
3,503
455
363
404
...
District—
176
Kansas
648
Columbus & Greenville
2,752
1,717
1,622
329
298
649
559
304
172
1,235
360
'-'-■M 349
164
160
338
274
336
4,592
16,654
Missouri-Kansas-Texas Lines.
377
Missouri Pacific
3,811
13,010
4,084
12,632
3.613
2,545
11,563
7,994
Missouri & Arkansas.....
1,418
Durham & Southern
170
133
165
Florida East Coast
430
425
387
822
725
Quanah Acme &
Midland
38
21
27
134
122
St. Louis-San
St.
1,554
1,945
515
1,721
Midland Valley
151
788
254
219
2,015
223
Litchfield & Madison
734
1,160
903
1,685
1,757
2,166
—.
1,657
2,432
1,196
1,323
326
Louisiana & Arkansas
469
Georgia
264
1,970
1,897
844
4,756
271
Cllnchfield-.
171
2,663
2,772
2,501
Southern
1,871
Charleston & Western Carolina
145
2,997
2,390
1,189
3,471
1,885
1,392
Oklahoma & Gulf
Kansas City
165
3,133
International-Great Northern.
154
Atl. & W. P.—W. RR. of Ala..
Atlantic Coast Line
........
Burlington-Rock Island
Gulf Coast Lines
Southern District—
Central of Georgia
715
615
494
584
2,858
xl,429
3,273
Illinois Central System
25,648
19,802
19,010
Nashville
26,330
23,340
20,603
14,090
7,952
3,194
10,368
5,194
Macon Dublin & Savannah
215
116
109
781
175
132
113
376
280
Gulf Mobile & Ohio
* Previous figures,
Note—Previous year's figures revised.
x
Gulf Mobile A
99
111
92
6,728
3,247
4,074
3,824
3,248
6,276
2,143
6,183
3,582
5,444
2,114
7,735
4,810
4,129
1,999
2,610
3,204
148
134
176
62
43
19
Orleans
76
6,666
12
26
45
14
45,743
44,747
46,079
31,386
week ago to
213.9 this Friday.
212.9
as
follows:
.—212.9 Two weeks ago, Aug. 15.—>—210-8
212.1
212.9 Month ago, July 29
152.1
Mon.
Aug. 25
212.6 Year ago, Aug. 29
171.8
Tues.
Aug. 26..
..213.4 1940 High—Dec. 31
i/ow—Aug. 16
149.3
Wed.
Aug. 27
—214.3
214.3
Thurs. Aug. 28-.-.. ,—.—214.1 1941 High—Aug. 27
Low—Feb. 17
-..171.6
Fri.
Aug. 29--213.9
Fri.
Aug. 22.
Aug. 23
Sat.
...
—
in recent months to
For example, a large number of New
York Central cars were requisitioned to carry troops of the 27th Division
on leave to New York from camp in Anniston, Ala.
The New York Central
expects to lend more cars to other railroads after the new schedules go into
effect.
Army officers, with whom the railroad managements are in close
touch, anticipate an increasing need for passenger cars and the railroads are
doing their best to aid in this situation.
The railroads are not meeting by groups in this matter, which would be
Both
Cotton made the principle
individual gain.
The movement of the Index has been
....
these
companies have lent passenger cars
the usual procedure,
American Railroads,
mitted.
is an important cause
In conformity
as
but are reporting as individuals to the Association of
through whom the request for rolling stock was trans¬
There is a shortage of
steel for the manufacture of cars and this
for the present procedure.
with the policy followed with Independence Day travel,
advertising excursions for the Labor Day week-end,
However, passenger
Sept. 28
Southeast.
the railroads are not
Railroads to Curtail Service Sept. 28
The railroads have set
56,620 «
-----
—
Western lines and to the
Moody's Daily Commodity Index advanced from
a
Southern
Northern only.
Index Advances
Moody's Commodity
960
144
Weatherford M. W. & N. W_.
Total
1,135
2,624
Texas & Pacific.
Wichita Falls &
812
1,915
8,567
Pacific
Francisco
470
Mississippi Central....
......
Louis Southwestern
Texas & New
323
4,031
Georgia & Florida
Louisville &
0
4,983
1,101
8,774
333
--
538
0
31,148
(Pacific)
Union Pacific System..
Pocahontas District—
15,
25,108
—
Toledo Peoria & Western
Total....
Gainsville
1,858
905
1,893
1,044
24
Missouri-Illinois
57,498
1,815
1,089
2,489
1,535
69.582
795
1,641
3,073
1,923
1,355
Illinois Terminal
3,162
2,036
1,071
J
—
Grande WesternLake
90,174
Island
Penn-Readlng Seashore Lines..
Maryland
3,929
11,411
354
Bingham & Garfield
0
Cambria & Indiana..
Buffalo Creek & Gauley
Western
7,891
84
87
Central Western District—
896
Akron Canton & Youngstown..
Valley
2,249
274
Total
Atch. Top. & Santa
Alleghany District—
Long
487
5,919
614
International
Spokane Portland & Seattle
Alton
Baltimore & Ohio
594
9,337
26,358
Spokane
162,376
iV
Wheeling & Lake Erie
.............
902
6,600
3,342
Rutland
Total....
241
1,101
9,283
3,229
2,315
8,047
11,874
Northern Pacific........
8,143
5,503
1,192
575
Pittsburgh & West Virginia
Wabash
7,607
3,998
538
Minneapolis & St. Louis
Minn. St. Paul & S. S. M..
2,175
1,062
4,717
674
Green Bay & Western
......
Lake Superior & Ishpeming
1,290
8,233
.
3,276
27,072
Moines & South.
Great Northern
10,699
V.V 558
Pittsburgh «fc Shawmut
4,367
26,761
1,654
10,517
Elgin Jollet & Eastern
16,369
Pittsburgh & Lake Erie
N. Y. Susquehanna & Western.
District—
4,233
2,199
36,186
9,506
1,044
2,303
8,011
19,221
7,822
Southbound...
Winston-Salem
1,193
273
13,252
441
10,443
24,733
Richmond Fred. & Potomac—
Seaboard Air Line
51
316
2,147
Southern
Norfolk
9,673
2,130
2,417
16,005
Detroit Toledo & Ironton
Erie
2,555
863
947
3,542
1,177
Nashville Chattanooga & St. L.
1,158
981
Arbor
Bangor <fe Aroostook
Boston <fe
1940
1941
Southern District—(Concl.)
Eastern District—
Ann
from Connections
1939
1940
1941
1940
1941
Total Loads Received
Total Revenue
Freight Loaded
Railroads
Connections
from
1939
1940
1941
CARS)—WEEK ENDED AUG. 16
FROM CONNECTIONS (NUMBER OF
Total Loads Received
Total Revenue
Freight Loaded
Railroads
1187
& Financial Chronicle
travel, both civil and military, is
expected to be heavy.
the date when train
schedules will be revised to conform with the Federal Gov¬
services be reduced to
but their plans will be
dislocated if the usual change from daylight to standard
ernment's request that passenger
cars for military purposes,
became known
The "New York Times" in reporting this
time is not made at the end of next month, it
on
Aug. 25.
news
stated:
The revisions have been made on the
be restored as usual.
municipalities,
more
the change of time is undertaken by States or
revision of schedules will be necessary.
railroad men are confident that
The
assumption that standard time will
Should daylight time be continued or if independent
and conflicting action on
tions
However,
they will not be subjected to this confusion.
service in con¬
expected to announce more reduc¬
Pennsylvania already has reduced or eliminated train
formity with Washington's request and is
a
month from now.
of its schedules
The New York Central is completing revisions
in the expectation that a
substantial reduction in train
release of rolling stock. This applies
also to its subsidiary, the Boston & Albany RR.
Many changes in local
services are proposed and in addition there will be action taken with main¬
mileage will result, with consequent
In
general the procedure will be to combine
trains where possible and
the number of stops in some cases. It is expected, how¬
ever, that the crack New York Chicago trains of both the New York Central
and the
Pennsylvania will be continued.
Loadings 35.8%
Truck
Over Year Ago
Defying normal trends of previous years, the volume of
revenue freight transported by motor truck in July increased
2.3 % over June and almost equalled the all-time record
established in May, according to reports compiled and
released on Aug. 25 by the American Trucking Associations.
The July volume was 35.8% higher than that of July, 1940.
The Association's report
further showed:
Comparable reports were received
tons
by A. T. A. from 206 motor carriers
1»
transported an aggregate of 1,455.307
1,422,278 tons in June, and 1,071.685 tons in July,
'
<;
figure, computed on the basis of the average monthly
The reporting carriers
39 States.
in July, as against
J 940.
The A. T. A. index
tonnage of
the reporting carriers for
resenting 100, stood at
the three-year period 1938-40 as rep¬
The index figure for June was
155.12 for July.
152.49.
Almost
76% of all the tonnage
carriers of general
line service.
also to increase
July
^
release
over
freight.
June, and 37.3% over
products, accounting for a little more than
reported, showed an increase of 9.1% over June,
Transporters of petroleum
10% of the total tonnage
reported by
increased 3.7%
transported in the month was
The volume in this category
July of the previous year.
and an increase of 12.5% over
July, 1940.
The Commercial & Financial Chronicle
1188
Movement of
new
automobiles and trucks/constituting about 4
of
the total tonnage, declined 17.2% in July* as compared with June, but held
sateen and yarns
Haulers of
iron
and
steel
Higher prices
reported almost 4%
products
of the total
Slightly
than 6% of the total tonnage reported
more
was
Except for
Tonnage in this class decreased 3.8% under
goods.
reported for coal and for Pennsylvania crude oil, fuel
decline of $3 per flask for quicksilver following the $.5 advance
a
of the previous week, and a ceiling of 52c. a pound for pig tin, lc.
M
miscellaneous
below the
prevailing market level, the metal markets were steady.
commodities, including tobacco, milk, textile products, building materials,
cement and household
were
oil and for gasoline.
The volume of these commodities decreased 3.7% under June,
but represented an increase of 46.4% as compared with July, 1940.
Quotations were higher for blankets
continued to rise.
and oil cloth.
76.5% over July of last year.
tonnage.
Aug. 30, 1941
Further
above
Commodity Price Indexes of 10 Countries Compiled by
General Motors and Cornell University
General Motors Corp. and Cornell University, which prior
to the European war had collaborated in the publication of
a world commodity price index, have resumed issuance of
international price statistics, but on a different basis than
prices for lumber,
particularly yellow
The current increase of 0.6% places the index about 29%
pine and spruce.
June, but held 12.9% over July of last year.
in
occurred
advances
the week.
to advance in
before
the
Instead of
composite index of world
publishing the informa¬
individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country in so far as possible.
Each
commodity is weighted uniformly for each country, accord¬
ing to its relative importance in world production.
The
actual price data are collected weekly by General Motors
overseas operations from sources described as "the most
responsible agencies available in each country, usually a
government department."
The commodities involved in¬
clude "a comprehensive list of several groups, including
grains, livestock and livestock products, miscellaneous foods
{coffee, cocoa, tea, sugar, &c.), textiles, fuels, metals and a
hist of other miscellaneous materials (rubber, hides, lumber,
newsprint, linseed oil, &c.)." Weights assigned in the index
to the different commodity groups are as follows:
Grains,
20; livestock and livestock products, 19; vegetable fats and
other foods, 9; textiles, 12; fuel, 11; metals, 11; miscel¬
laneous, 18.
The indexes, which are based on prices expressed in the
currency of each country, were reported Aug. 25 as follows:
war.
prices, these organizations
Tung oil, turpentine, rosin and copal gum continued
a year ago.
price. Boxboard and paper quotations averaged higher during
principal groups of
The following tables show, (1) index numbers for the
commodities for the past
three weeks, for July 26, 1941 and for Aug. 24,
and the percentage changes from a week ago, a month ago and a year
1940
(2) percentage changes in subgroup indexes from Aug. 16 to Aug. 23,
ago,
1941.
»
■
'
.
•.
;
(1926=100)
a
Percentage Changes to
now are
Aug. 23,
1941 from
Aug.
Aug.
Aug.
Aug.
July
23.
16.
9.
26
24,
1941
Commodity Groups
tion only as
1941
1941
1940
July
1941
1941
Aug.
16,
1941
Aug.
24.
26,
1940
+ 1.4 + 16.6
All commodities—..........
90 X
89.6
89.6
88.8
77.2
+0.4
Farm products——
86.7
86.4
87.8
86.7
65.6
+0.3
87.0
86.7
86.2
84.6
70.0
+0.3
+ 2.8 + 24.3
110.8 110.2 109.9 109.7
97.0
+0.6
+ 1.0 + 14.2
71.7
—■O.l
+ 1.0 +21.8
Foods
Hides and leather products
Textile products....
Fuel and
+ 32.2
87.3
87.4
87.1
86.4
79.8
79.5
79.6
79.4
71.7
+0.4
98.6
98.7
98.6
98.6
94.9
—0.1
105.2 104.8 104.2 102.7
93.2
+0.4
+2.4 + 12.9
76.4
0
+ 1.1 + 12.4
lighting materials
Metals and metal products
Building materials.
0
— ...
Chemicals and allied products—
85.9
85.9
85.7
85.0
House furnishing
95.9
+0.5 +11.3
0
+ 3.9
96.8
96.4
95.5
90.0
+0.4
+ 1.4
+ 7.6
Miscellaneous commodities
83.6
83.1
83.0
81.8
76.4
+ 0.6
+2.2
+9.4
Raw materials
86.9
86.7
87.4
86.4
69.6
+0.2
+0.6 + 24.9
goods
—
+ 1.8 + 16.9
89.4
88.9
87.8
76.5
91.3
91.0
90.5
81.2
+0.5
90.7
90.3
90.0
89.3
79.7
+0.4
+ 1.6 + 13.8
90.9
....
Manufactured products
89.5
91.8
Semimanufactured articles
90.7
90.6
90.0
82.1
+0.2
+ 1.0 + 10.7
+ 1 4 + 13.1
All commodities otner than farm
products
...—
A'l commodities other than farm
products and foods
PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
AUG. 23, 1941
AUG. 16 TO
Increases
..v..-.
3.0
Cotton goods—...—
0.6
....
1.8
Hides and skins.....—
0.3
1.5
Other building materials
0.3
Hosiery and underwear
Anthracite
1.4
1.1
Leather
Shoes...
1.0
Paint and paint materials.
0.8
Livestock and poultry—
Meats
(August. 1939=100)
Catt
............
feed
e
Grains
Argen¬
Aus¬
Can-
tina
tralia
ada
Mex¬
Eng¬
land
Java
New
ZeaI'd
ico
Switz¬ United
Swe¬
den
erland States
——————
1940—
...............
Other miscellaneous
May.......
120
118
120
143
116
113
112
132
112
June.......
118
118
120
144
116
113
114
131
136
109
July.......
118
118
120
145
115
112
114
132
140
109
August
September..
118
119
120
150
115
111
120
132
144
109
116
120
121
145
116
110
122
135
153
113
123
122
145
117
110
120
139
158
114
November..
113
125
124
146
118
111
118
142
164
118
December..
113
126
126
149
120
111
119
144
168
118
January
114
127
126
150
7-120
111
119
144
rl72
114
126
127
160
121
113
119
147
171
—
.....
0.2
0.2
0.2
0.1
0.1
0.1
120
February...
.
111
October
-
—
Otner leather products.
120
131
Petroleum
Other farm products
products—0.7
Cereal products
Furnishings
0.7
Paper and pulp..— ..... ........ 0.7
-
1941—
March
119
150
123
119
154
176
122
April—
May
121
121
131
150
125
115
119
156
180
120
134
rl52
129
117
120
156
189
June.......
133
121
137
155
131
119
121
155
193
120
142
168
137
123
123
166
194
Fr> it- and vegetables...
4.4
Fertilizer materials
—... —
—
—
-
0.1
0.1
0.1
...
Decreases
132
136
4.5
129
July.......
Other textile products
Bituminous coal
Oils and fats..—-
0.6
125
126
Lumber.....
0.2
0.2
Dairy products
Nonferrous metals
137
122
129
.
114
Further Increase
age
Fertilizer Association
The
1941—
Weeks end.;
July
July
5..
121
rl33
139
134
7-155
123
121
*194
154
1219-
133
121
141
134
126
121
156
194
137
July
133
121
141
7-150
136
126
122
155
194
7-136
July
26-
133
120
143
*158
7-137
124
124
155
138
7-123
123
7-156
137
136
120
142
156
194
9..
136
120
142
*158
137
123
123
156
♦194
Aug. 16..
137
120
142
*159
138
127
123
*156
Aug.
Aug.
*
2..
Preliminary,
r
*157
—
137
137
modity Prices Advanced 0.4% During Week Ended
Aug. 23
Following a short period of some stability during the first
August, wholesale commodity prices resumed their
upward movement and advanced 0.4% in the week ended
Aug. 23, Acting Commissioner Hinrichs of the Bureau of
Labor Statistics reported on Aug. 28.
"Higher prices for
grains and meats led the advance, but there was a general
upward movement in prices of cotton textiles, building
half of
materials and other industrial groups," Mr. Hinrichs said.
"The all-commodity index is now at the highest
point since
April, 1930, 90.0% of the 1926 average. In the past month
commodity prices have risen 1.4% and they are
now 16.6% higher than a
year ago at this time."
In its announcement the Department of Labor further said:
wholesale
10 major
commodity
groups
advanced during the week.
Fertilizer
ended
of the 1935-39
Aug. 23, advancing to 114.7%
In the week previous this index stood at 114.1;
112.4 a month ago, and 96.1 a year ago.
The Associa¬
average.
it
was
tion's report, under date of Aug. 25,
The
with
Bureau of Labor Statistics' Index of Wholesale Com¬
Seven of the
week
137
Revised.
commodity price index compiled by The
Association was again higher in the
wholesale
National
7-135
Registered, by Commodity Price Aver¬
in Week Ended Aug. 23 According to National
trend
general
the
of
commodity
continued
as follows:
the week was upward,
prices during
advancing,
two remaining un¬
changed, and only two declining.
The greatest increase occurred in the
food price index due to price rises for 15 items included in the group
and
seven
of
declines
for
principal
only
indexes
group
four.
The farm
product price average
moved to
higher levels; the price of cotton recovered part of the loss sustained in
the
and grain quotations also
increased.
An advance in the price of anthracite coal was responsible
for a
fractional upturn in the fuel price average.
The miscellaneous
preceding
while
week,
livestock
most
commodity index was higher, the result of increases in book paper, paper
board, and cottonseed meal offsetting declines in cattle feed Quotations.
Increases
prices
As
week.
lower
textile
a
In
the
textile
in the indexes representing the
and mixed fertilizers.
ceiling, the price of burlap was lower
this decline in burlap, combined with
brown sheetings, more than offset
cotton, woolen goods, and sisal, and caused another drop in the
price index.
A small decline in the price of tin was responsible
quotations for
in
rises
for
during the week
materials, chemicals and drugs,
result of the Government price
a
last
occurred
also
of building
fractional
group
wool,
decrease
hemp and
the
in
metal
index.
During the week 41 price series included in the index advanced and 17
declined; in the preceding week there were 24 advances and 17 declines;
in the second preceding week there were 35 advances and 20 declines.
The increases ranged from 0.3% for farm products and foods to
0.6% for
miscellaneous commodities.
Further action to control prices taken
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Complied by the National Fertilizer Association.
by
(1935-1939=100*)
Office of Production and Civilian
Service caused average prices for textile
products and metals and metal products to decline slightly as price ceilings
were
established for burlap and tin.
Average prices for chemicals and allied
products remained unchanged at last week's level.
Commodity prices in wholesale markets
they
were a year ago.
and foods, over 20%,
Farm products
are
are
reported in prices for barley, rye and wheat.
and cattle feed
rose
1.8%.
poultry (New York) and for
Corn and oats
Quotations
most fruits and
3% for meats.
cheese, rice, flour, coffee and vinegar.
more
107.2
90.2
116.8
115.7
64.0
134.5
128.2
63.5
116.6
115.4
112.7
85.9
152.6
139.7
145.9
91.3
Grains——————
103.3
102.6
96.6
76.1
Livestock
than
23.0
were
rose
fractionally
17.3
1
10.8
lower for cattle, live
8.2
112.9
111.8
110.5
86.6
Fuels
111.3
111.0
110.4
101.9
Miscellaneous commodities..
122.7
122.1
121.9
108.8
Textiles
136.4
139.6
135.8
101.8
Farm products
7.1
were
largely due
/'•;/"
also reported for eggs,
Metals
103.8
103.9
103.9
101.0
6.1
Building materials
120.5
120.4
116.0
103.1
1.3
Chemicals and drugs
106.3
106.2
105.2
103.7
Fertilizer materials
112.7
112.7
111.9
101.4
107.1
106.4
104.3
103.0
99.3
99.3
99.3
99.3
114.7
114.1
112.4
96.1
.3
.3
.3
With seasonal declines in prices for
apples and bananas, average prices of fruits and vegetables
dropped 4.4%.
Prices were also lower for pepper, raw sugar, olive and
Fertilizers
100.0
*
of clothing,
pqrticularly hosiery and
underwear, and of shoes
Industrial cotton goods, including osnaburg, ticking, sheeting,
100.
.
.
„
..
_—. .
All groups combined
Base period changed Jan.
Indexes
.
Farm machinery...
oleo oils.
Prices
1940
109.5
Cottonseed oil
citrus fruits,
advanced.
111.2
Ago
1941
119.0
Fats and oils
vegetables.
Higher prices
1941
139.0
Foods,... ....—————
active with sharp advances
The slight advance in average wholesale prices ot foods was
to an increase of
1941
Year
19. Aug. 24,
Colston—
25.3
30%, textile products
Seeds continued to advance and prices were
higher for hogs and lambs.
Ago
substantially higher than
up over
were
Month
Week
Aug. 23, Aug. 16, July
Group
and fuel and lighting materials, hides and leather
During the past week grain markets
Preced'g
Week
Percent
Each Group
Bears to the
Total Index
products, building materials and chemicals and allied products,
10%.
also
Latest
on
4 from
.—.
1920-1928
1926-1928 base were: Aug. 23,
Aug. 24, 1940, 74.9.
average to
1935-1939 average as
1941, 88.9?"
1941, 89.4; Aug. 16,
Volume
Dollar
& Financial Chronicle
The Commercial
153
Volume
of
Store
Department
Sales
in
Increased 24% Over Year Ago, According to
of Governors of Federal Reserve System
The Board of Governors of the
July
Board
DATA
FOR
RECENT
1189
WEEKS
(THOUSAND3
Change
Week Ended
Federal Reserve System
1941
1941
1940
Aug. 26 that the dollar volume of July depart¬
ment store sales for the country as a whole was 24% larger
than in the corresponding period a year ago.
Tais com¬
pares with an increase of 13% for June and a gain of 16%
for the seven months of 1941 over the same periods of 1940.
These figures are based on reports received from each of
the 12 Federal Reserve districts.
The following tables,
on
issued by the
Board, show the percentage cnanges from a
year ago for tne country as a wnole, for Federal Reserve
districts, anc. for leading cities:
1941
STORE SALES IN JULY,
DEPARTMENT
Federal Reserve
July
June
District
1941
1941
+11
+ 23
Boston
+15
Chicago
.+24
+11
+15
1941
1941
1941
New Haven, Conn. ...+20
+ 14
+ 15
1941
1941
Chicago. Ill
+ 14
+3
+8
+ 13
+ 10
+ 12
Wayne. Ind
+ 37
Indianapolis. Ind.—-- + 23
Des Moines. Iowa
+ 15
+ 16
+ 25
+ 10
+8
+ 18
+ 17
+ 11
+ 10
+ 37
+21
+23
+ 36
Mich..+27
+41
+ 16
+ 14
+ 19
+ 27
+28
+ 13
+ 19
.+27
+25
+ 16
+25
+47
+26
+44
+ 26
+ 15
+ 14
+ 19
+24
+4
+ 12
+7
+ 14
+24
+35
Iowa
Detroit. Mich
New York District—
+25
Bridgeport, Conn
+33
Newark, N. J
+22
Albany, N. Y
Blnghamton, N. Y
Buffalo, N.Y
+ 23
+29
+31
+7*26
+24
Elmira. N.Y
+ 34
+ 21
+ 30
Niagara Falls. N. Y—+ 21
New York & Brooklyn,
N. Y
+22
+ 12
+9
+ 13
+8
+ 14
+ 15
+20
+8
+ 11
+4
+ 14
+ 11
+ 13
+ 18
+ 18
+ 20
-+21
+5
+ 16
+ 18
+6
+ 12
+ 11
+ 16
Flint, Mich
Grand Rapids,
Lansing, Mich
Milwaukee. Wis
St.
+ 16
+ 19
Wllkes-Barre, Pa... ..+24
+6
+ 12
-.+25
+ 13
+ 18
Little Rock, Ark
Qulncy, III
Evansvllle. Ind
Louisville, Ky
St. Louis, Mo
+ 32
St. Paul, Minn..
Kansas City District
.
.....
...
+ 15
Oklahoma City,
+25
+ 21
+22
+ 10
+ 17
+ 20
,
,K
It
01
T
i
I To
oI
Iqi
tff
lif
Tfft
Iiq
Norfolk, Va
+49
Richmond, Va
+22
+ 30
+22
Iif
+ 14
+ 19
+ 11
+32
+ 14
+ 15
j_a
+iS
2.287.420
mm
3.120.780
2.659.825
+ 17.3
2 074.014
2.285.362
2,866.865
3.141.158
2.425.229
+ 18.2
2.395.857
2.145.033
1.937.486
2.651.626
+ 18.5
2,402,893
2.154 099
2,139.281
2.358.438
3,162,586
3.183.925
3,226,141
2.681.071
+ 18 0
2.377.902
2.152.779
2.760 935
+ 15.3
2,426.631
2.159.667
2,321.531
2.312.104
2.762.240
2.399.805
2.193.750
2.341.103
5...
12
19
mm
mm
26
mm
2
mm
Aug.
9
mm
2,736.224
Dwelling Units Provided in Non-Farm Areas of United
States During First Half of 1941 Increased 31%
Over Year Ago
were
319,000 dwelling units provided in non-farm
of the United Sates during the first
increase of 31% over the corresponding
half of 1941, an
period of 1940,
Secretary of Labor Perkins reported on Aug. 16.
"The
number of dwelling units constructed during the first half
of this year was greater than during any similar period since
1929 and exceeded the numbef of dwelling units provided
during each of the calendar years 1930 to 1937," she said.
"It is estimated by the Bureau of Labor Statistics of the
United States Department of Labor that the permit valua¬
tion of the new dwellings erected during the first six months
of 1941 reached an aggregate of approximately $1,116,000,000.
The non-farm area of the United States is defined
by the Bureau of the Census as including all incorporated
places, and all unincorporated places except farms." Secre¬
tary Perkins further stated:
areas
Projects financed with public funds during the first half of the current
designated for the use of families of defense workers
were
The remaining
1941
projects.
+ 10
+ 15
total number, were publicly financed.
+24
+ 13
All city-size groups,
creases
in number of
All of these were in USHA projects.
and the rural non-farm area as well, experienced in¬
new
dwelling units during the first half of the current
year as
percentage gains were shown in the smallest sized cities and the
+
9
compared with the corresponding period of last year.
farm area, the smallest,
18%, in cities of
over
The largest
rural non-
500,000 population.
+ 14
+ 21
+ 14
Texas... + 22
+ 28
+ 17
non-farm
total,
2-family
+ 18
+ 20
+15
houses for
12%.
During the first half of 1940, the composition of the new
+ 32
+ 25
+34
+25
Dallas, Texas
Worth.
...
One-family dwellings comprised approximately 82% of the first half 1941
dwelling unit total
Bakersfleld, Calif
Fresno, Calif
Long Beach, Calif
L°8 Angeles, Calif
Oakland and Berkeley,
—1
+3
HOUSEKEEPING
+ 10
+6
UNITED
+ 24
+ 24
4-20
+ 17
POPULATION
1940 BY
+ 13
+ 13
+5
+2
+4
+ 10
+ 11
+4
Vallejo Napa, Calif...+ 71
+ 43
All Types
+30 ! Boise & Nampa, Idaho +13
+23
+ 17
Portland, Ore...
+ 16
Salt Lake City, Utah.. +17
+ 16
+ 17
+24
+ 15
+27
+ 17
+20
Belllngham
Was)....+13
+3
+ 16
+ 14
Everett, Wash.......+48
+ 17
+ 18
+ 15
Seattle, Wash
+37
+ 25
+ 27
+ 19
+ 18
Spokane, Wash
4-21
+ 12
+ 19
Taeoma. Wash
+47
Walla Walla, Wash...
+ 18
+ 19
,
+4
+ 25
+ 15
+ 14
+7
+ 23
+26
+ 15
+ 36
+4
0
—1
—1
+4
+211 Yakima, Wash
+ 13
Percentage change.
Total urban
20.1
:
Week Ended
Aug. 16, 1941
Aug. 9, 1941
21.9
23.0
Week
Ended
22.9
Middle Atlantic
15.1
13.2
15.5
16.9
Central Industrial
20.2
19.4
21.0
21.7
West Central
16.2
17.5
19.5
14.6
Southern States
24.2
21.8
15.9
16.4
4.5
x9.0
17.7
16.6
5.4
3.1
xl0.3
•?>
5.4
x8-7
x8.3
16.5
16.8
under revision.
1940
2,941 21,522 19,968
6.970 7,371
46,943
29,844
24,034
4,207
48.952
39,718
37,759
27,951
4,223
4,396
22,961
18,711
17,996
14,528
2,077
2,595
2,106
1,424
2,025
2,313
1,375
1,647
1,944
50.000.
27,188
20,845
23,703
17,108
10,000 to 25.000.
34,844
26,017
31,216
22,698
2,370
1,460
1,981
10,000.
21,528
17,899
19,890
15,886
793
810
845
5,000.
16.393
11,876
14,938
10,890
514
560
941
426
91,369
60,740
86,343
56,467
2,628
2,647
2,398
1,626
25,000 to
5,000 to
non-farm
Includes
1- and 2-family dwellings
with stores,
b Includes multifamily
1,203
dwell-
ings with stores.
Far
Western
Business in July
Reached Record Level,
Reports Bank of America
(California)
activity in all major lines in California and the
Far West was greater in July than ever before, according
to the Bank of America's "Business Review" for the month,
Business
recently released.
The bank's Far Western business index
rose to 138.4% of the 1935-39 average, a 3% gain over June
and a rise of 27% over July, 1940.
The bank's review
continues:
buy more goods was speeded in July and early August by
in certain lines would soon be noticable in retail
trend of wholesale prices would be more sharply
stocks and that the higher
The presidential order
curb Instalment buying and the
by the Government of all silk stocks were Important factors in stimul-
reflected
retail trade
in
as
new
stocks arrived.
empowering the Federal Reserve System to
seizure
acting sales."
For the first time
the monthly
value of all
So
far
■
The July
construction Initiated in the Far West was $132,600,000, an
June and 63% over July last year.
the upward trend in
effect upon
v";
during the current building boom, the review notes,
construction total passed the $100,000,000 mark.
increase of 45% over
Percentage should be higher; data
1941
65,573
"The urge to
Aug. 2, 1941
1940
227,439 182,009 175,346 133,095 15,548 13,583 36,545 35,331
reports that shortages
Week Ended
1941
1940
1941
318,808 242,749 261,689 189,562 18,176 16,230 38,943 36,957
+ 5.4
+ 12.0
+ 31.3
+ 38.0
50.000 to 100,000.
port,
Week Ended
Dwellings b
100.000 to 500,000.
a
PERCENTAGE INCREASE FROM PREVIOUS YEAR
—
...
2,500 to
Electric Institute, in its current weekly re¬
estimated that the production of electricity by the
electric light and power industry of the United Statas for
the week ended Aug. 23, 1941, was 3,193,404,000 kwh.
The
current week's output is 17.7% above the output of the cor¬
responding week of 1940, when production totaled 2,714,193,000 kwh.
The output for the week ended Aug. 16, 1941,
was
estimated to be 3,200,818,000 kwh., an increase of
16.6% over the like week a year ago.
Multifamily
a
500,000 and over—
Rural
The Edison
Two-Family
Dwellings
Cities of—
Revised.
Output for Week Ended Aug. 23, 1941, Shows
Gain of 17.7% Over Year Ago
1941 AND
TYPE OF DWELLING
Dewellings
1940
1941
Total non-farm
+ 1
—
+ 12
PROVIDED BY NEW
NON-FARM AREAS OF THE
First Six Months of—
—2
+ 13
apartment
UNITS
IN
GROUP AND
Population Group
(1940 Census)
+7
0
Stockton, Calf f.
+ 13
and
FIRST SIX MONTHS OF
One-Family
+ 37
+ 16
DWELLING
STATES DURING THE
+9
+ 38
Calif
OF
CONSTRUCTION
+7
+ 13
+ 18
+44
+ 19
6%,
+ 14
+ 17
+ 19
for
78%, 1-family, 7%, 2-family, and 15% apartments.
was
NUMBER
ESTIMATED
+ 36
+ 20
+ 13
+38
+9
caiu
San Diego. Calif
A ug. 23, 1941
accounted
dwellings
San Francisco Dist.
+24
x
Authority
Housing
+ 12
+ 35
Total United States.
public funds now stands at 63,767.
States
+ 14
+ 20
Rocky Mountain
United
non-defense
in
were
+39
+13
+32
Pacific Coast
The total of all new defense housing
13,689 publicly financed projects during the first half of
During the first six months of 1940, 21,416 units, approximately 9% of the
—+29
New England
Of this total,
included 53,671 units, or 17% of the non-farm total.
+ 17
.—+29
Major Geographic
Regions
2,216.648
+ 19
+ 34
Electric
mm
+ 11
+ 33
+8
r
2.260.771
2,082.232
+ 23
+ 24
Santa Rosa,
Not available,
2,340.571
2.362.436
2.051.006
+ 15.2
+22
Dallas District—
Knoxville. Tenn......+29
•
+ 15.1
2.653.788
+ 14
San Jose. Calif
+31
+ 35
Chattanooga, Tenn
2.664.853
3.055.841
+ 17
Iff Sacramento, Calif
Atlanta District—
Nashville, Tenn
3.066.047
mm
+ 10
San Francisco, Calif.. +19
La
mm
+8
I™ Phoenix, Ariz
a
Iqq
New Orleans,
14
San An onio. Texas... + 32
+21
Jackson. Miss
2.266.769
June
June 21......
June 28
+9
4-14 Shreveport. La
Winston-Salem, N. C. +22'
Charleston, S. C
+ 55
La
2.056.509
+ 14
Tulsa. Okla
Richmond District—
ge,
2.328.756
Okla. + 20
Omaha, Neb
+ 16
+ 23
Washington, D. C....+33
Baltimore, Md
+27
Baton Ro
+ 17.1
+ 20
+ 12
+ 12
Fort
Macon, Ga
2.598.812
+ 15
+25
+26
+ 35
+ 38
+23
+ 36
Houston, Texas
Tampa, Fla
Atlanta, Ga
3.042.128
units in the United States paid for with
+ 13
St. Joseph, Mo
Montgomery, Ala
Jacksonville. Fla
mm
and of officers and enlisted men.
*
+ 15
Joplin, Mo
Birmingham, Ala
7
39,982 units
+26
Denver, Colo..
Hutchinson, Kan
Topeka, Kan
+20
Huntington, W. Va
2,251.995
2.176.399
June
year
*
+ 15
Charleston, W. Va
1.936.597
'
*
*
*
Superior, Wis
Minneapolis. Minn
+28
Lynchburg, Va
2.186.394
+ 18
#
+24
Wheeling, W. Va
+ 18.0
*
+8
+ 14
Pittsburgh, Pa
+41
+ 22
*
+ 39
.
+ 14
+ 10
Springfield, Mo
Memphis, Tenn
Minneapolis District
Cincinnati. Ohio.t...+26
Columbus, Ohio
+28
+22
Wichita, Kan
Kansas City, Kan & Mo+25
Cleveland District—
+9
District—
Louis
Fort Smith, Ark
Duluth-Minn
Toledo. Ohio..i.
Youngstown, Ohio
Erie, Pa
2.477.689
There
Sioux City.
+33
2.924.460
2,351.233
2.380,301
1941
Chicago District—
+ 17
...
mm
May 31
2,365.859
Mos.
+ 13
Cleveland, Ohio
2 030.754
Aug. 30
June
Peoria. Ill
Akron, Ohio.
2.277.749
2,360.960
July
-
Fort
_
+ 16.3
Period a Year ago
+ 15
York, Pa
2.688.821
2,202,454
+16
+ 18
r
3.011.754
+15
+ 11
..+25
mm
2,434,101
2,442,021
+ 13
+7
..+26
2.249,305
May 24......
2.225.194
+ 17.7
+24
United States total.
+ 13
Reading, Pa
2.242,421
2.023.830
+17
+ 13
Philadelphia. Pa
2.019.065
2.234.592
2,714.193
+23
+22
..
2.238.826
+ 17.0
3,193,404
+ 17
...+21
Lancaster. Pa
+ 18.3
2.550.071
Aug. 23
+21
Springfield, Mass.. ...+26
Providence, R. I.. ...+21
TrentO'i, N. J
2.224.723
2.515.515
2.982.715
+9
-.——+24
San Francisco
Boston, Mass
Syracuse. N. Y
+ 16.4
2.975.024
mm
+14
Portland, Me
—
2.503.899
mm
3
+19
+ 12
Mos.
N. Y—+ 18
+ 18
2.914.882
May 10
May 17
May
7
June
Rochester, N. Y
2.244.039
2.206,560
7
July
Poughkeepsle,
+ 17.1
2.198,266
Report by Cities
+23
+9
2.499,060
1,995.555
1.992.161
•
2,453,556
+ 15
+23
Percentage Change from Corresponding
Boston District—
2.926.445
2.229,866
2.237.542
2,413.600
+8
Kansas City
Dallas
+19
2.218.615
2.010.121
+ 16.6
+ 15
+16
+20
+17
2.016.227
2.265.216
2,745.697
+ 29
St. Louis
+10
+13
2.234.908
+ 13.6
2.743.284
1941
+23
+15
+18
+ 13.9
2.528.868
3.196.009
Mos.
1941
Philadelphia
+ 30
•
Apr. 26
2.529.908
3.200,818
June
Minneapolis
+29
2,218.798
2.050.101
2.243,986
2.493.690
2.882.319
2.873.710
Aug. 16
July
1941
+13
+27
+ 17.8
2,937.585
mm
+ 16.8
+ 16.5
District
+10
Cleveland
19
July
Federal Reserve
+ 22
Richmond
12
Apr.
Aug.
New York
Atlanta
6
Apr.
July
'
Mos.
1941
Apr.
July
Percentage Change from Corresponding Period a Year ago
7
1940
July
Federal Reserve Districts
Report by
1937
1938
1939
from
•
announced
KILOWATT-HOURS
OF
Percent
building costs has not had any noticeable
the demand for new homes.
In fact, the demand is stimulated
The Commercial & Financial Chronicle
1190
the knowledge that
by
and
scarcer
essential building materials
many
scarcer.
rise in the general
becoming
are
>
the farmer is found in another sharp
Evidence of the bettering position of
level of farm prices, which brought the farm price index
125% of the 1910-1914 average, 30 points above July a year ago.
to
Bank Debits for Week Ended
Year
a
Bank debits
Aug. 20, 1941, 40% Above
Ago
■
reported by banks in leading centers for
1941, aggregated $10,039,000,000.
13 weeks ended Aug. 20, 1941,
amounted to $133,297,000,000, or 29% above the total
reported for the corresponding period a year ago.
At banks
in New York City there was an increase of 27 % compared
with the corresponding period a year ago and at the other
reporting centers there was an increase of 30%.
as
those
Aug, 30, 1941
durable goods,
Gains were reported
in all of the groups covered by the Board's indexes with the exception of
railroad equipment, rubber products and textiles.
The Board's adjusted index of the value of shipments has more than
doubled in the past two years.
In July, 1939, the index stood at 101
(1935-39 equals 100) ; from this point it advanced during the first few
months of the war but receded in the first half of 1940.
In June, 1940,
industries
in
than
producing
the shipment index
time It has followed a generally rising trend
the July, 1941, record high point of 204.
just prior to the inauguration of the defense program,
stood at 115, and since that
to
the week ended Aug. 20,
Total debits during the
V H,:-/:
v':;-'
Inventories
advanced 3.5%
The value of inventories in the hands of manufacturers
during July to a level 21.4% higher than was registered in July, 1940,
The rise for the month was more pronounced for producers of non-durable
goods than in the durable goods field.
Advances occurred in all industries
except iron and steel, with the greatest increase reported in the auto¬
motive, electrical and railway equipment industries, in textiles and In
housefurnishings.
'
An advance of approximately 15% has taken place in the Board's index
of the value of inventories since the first of the year; this compares
With a rise in wholesale prices, other than foods and farm products,
.
SUMMARY BY FEDERAL RESERVE DISTRICTS
(In Millions of Dollars)
13 Weeks Ended
Week Ended
Federal Reserve District
Aug. 20,
1940
A ug .
Aug. 20,
1941
■
Aw. 21,
1941
21,
1940
they have undoubtedly accounted for a part of the advance.
1560
$401
$7,286
3,763
2,617
389
53,965
7,705
42,801
638
.
Unfilled Orders
15,769
Boston.
New York
amounting to about 7%.
The extent to which price increases have been
reflected in inventory values during this period cannot be estimated, but
Philadelphia
786
Cleveland.......
562
9,652
7,332
Bicbmond
423
300
5,208
4,004
Atlanta.......................
Chicago.......................
St. Louis......................
346
247
3,135
1,568
318
1,067
4,263
20,148
234
Unfilled orders increased in July in both durable and non-durable goods
5,614
15,242
4,348
3,257
210
160
2,459
2,049
362
271
3,410
...............
284
209
San Francisco..................
891
677
4,245
3,328
10,692
Minneapolis.
Kansas
... .
..............
City...................
Dallas
t
2,542
8,647
of
49,123
38,748
5,720
4,108
72,872
55,981
924
684
11,302
for
than
was
for the preceding month, and for the corresponding month of
July,
1940, together with
$103,692
percentage changes.
monthly average as 100,
These indexes, all based
SHIPMENTS AND ORDERS JULY,
INVENTORIES.
INDEXES OF
Percentage Change From
xJune,
1941
Analysis of Food Prices and Factory Wages by Depart¬
ment of Agriculture—Finds Factory Workers Have
More to Spend for Non-Food Items than in 1929
The average factory worker in 1929
had to spend a third
standard food budget (58 items); so far
this year he has had to spend about a fourth, according to
Department of Agriculture economist Louis II. Bean.
This
Bean points out, that the average factory
worker, after taking care of his food budget, has almost a
fifth
Mr.
to
spend on commodities other than food than
So far this year, it is stated, the average
employed factory worker has been able to buy 35% more in
the way of goods other than food than in 1929.
For other
wage-earning groups, however, the gain in purchasing power
has been smaller.
The Department's announcement goes
more
he had in 1929.
to say:
on
In
analysis
an
of
food
current
and
prices
factory
which will
appear
in the August "Agricultural Situation," the monthly review of
economic conditions published by the Department of Agriculture, Mr. Bean
reports that the average employed factory worker in 1929 had $887 to
spend
first six
he
non-food items.
on
the
last
if
wages
and food costs during the
wages
months of the year are
taken as typical of the year
$1,045 left after taking care of his food bills.
will have
Retail
of
This year,
food
prices during the
level.
1929
year
and
This
first
'six
months
76%
with
compares
75% to 77% in the period
of
1941
as a
whole,
79%
averaged
the first six months of
in
1938-40.
In
June retail food
prices were at 80% of the 1929 level, and in July they rose to 81%.
During the first six months of this year average factory payrolls
employed worker
trades earned at
an
$1,238,
in mining
$1,869,
and
these
six
in
at
were
$1,379, in transportation,
Government
service
combined earned at
groups
$1,372.
Workers
in service
This
communication
(excluding military)
an
with $1,280 in
compares
utilities
$1,827.
of $1,396
rate
average
and
All
in the
of
first
1940 and $1,372
1929.
Available
the
allowance
same
listed,
indexes of
non-food
living costs apply only to factory workers,
retail
for
food
costs
is
made
for
all
the
if
groups
income
buying power shows a gain of about 11% over
last year and about 12% over 1929.
The increases over last year range
from 21% for factory workers to 1% to 3% for the other
groups, with
change shown for Government workers.
no
1940
June, 1941
to
Durable
145.6
140.7
July, 1940
July, 1941 to July, 1941
Durable goods
+ 3.0
+28.5
115.9
+4.7
+ 10.4
190
127
+7
231
—
+21.4
123.8
122.2
204
Shipments-..—
+3.5
154.5
128.0
--
goods
Nondurable goods
119.9
159.1
Inventories
216
134
+7
+72
+61
Nondurable goods
New orders
176
160
121
+ 10
+45
268
240
157
+ 12
+ 71
Unfilled orders
548
521
159
+5
+245
Revised.
x
Living Costs Increased Further by 0.6% from Mid-June
to
Mid-July, According to Secretary of Labor
Perkins
Living costs in large cities increased further by 0.6% from
mid-June to mid-July, Secretary of Labor Perkins reported
on
"The cost of living index for July 15, at 105.2 %
Aug. 17.
of the 1935-39 average, is now almost 7% higher than when
war broke out in Europe," she said.
"Of this increase, 4%
has come since March of this year.
During the past month
housefurnishings and clothing showed the greatest advance,
the rise in food costs, which had been exceedingly
rapid during the spring, slackened because of seasonally
lower prices for fresh fruits and vegetables.
Prices of most
other foods continued to rise.
Goal prices also increased in
large cities." The Labor Department's announcement went
while
to state:
on
Food
/
Retail food prices, which advanced about 2% per month from March
through June,
reports
rose
by 0.8% from mid-June to mid-July, and preliminary
since mid-July Indicate
the
that
upward trend
according to Bureau of Labor Statistics figures.
9.5% higher than
were
has continued,
Food costs
as
a
whole
earlier.
a year
Except for fresh fruits and vegetables, prices for nearly all foods continued
to advance between June and
for pork, lard, shortening,
but
Jvly,
1941
,
per
annual rate of $855, those in retail and wholesale trades
months of this year.
in
annual rate of
an
1941
(1935-1939—100)
.
July.
means,
the
on
adjusted for seasonal change:
are
Centers for which bank debits figures are available back to 1919.
of his wages on a
about three and one-half
on.
8,962
510,039
New York City
140 Other leading centers *
133 Other centers
*
$133,297
3,394
$7,134
2,342
end of the month it
July 31, 1940.
-i
The following table gives the Conference Board's indexes of the value
manufacturers' inventories, shipments, new orders and unfilled orders
higher
1935-39
Total, 274 reporting centers
unfilled orders increased about 5% during
The index of total
industries.
the month, and at the
times
Milk prices rose in
cost index.
low
point
July.
Sharp increases
were
Prices for fresh fruits and vegetables are nearing their seasonal
and
mid-July prices
were
much
lower than those reported in
June, especially for apples, onions, carrots and potatoes.
As has been the
in recent months, the principal factors accounting for rising food prices
case
are
again reported
cheese, coffee, tea, sugar and canned foods.
10 of the 51 large cities included in the Bureau's food
increased
consumer
demand, large Government purchases and
some
speculative buying.
Manufacturers'
New Orders
According to
Resume Advance in
Conference
and
new
orders,
shipments, inventories, and
unfilled orders advanced sharply in July,
according to the
statistics compiled each month by the Division of Industrial
Economics of the Conference Board.
The Board's index of
orders reached a new high record,
ing the decline which occurred in June.
new
than
more
shipments,
however,
recover¬
The index of
ship¬
Despite
ments increased for the fourth consecutive month.
in
unfilled
orders
con¬
tinued to pile up, and at the end of July they were almost
five and one-half times the average for 1935-39.
The index
of
inventories
month.
of housefurnishings,
which have been rising steadily since last
cities for which the Bureau has reports, except
Manufacturers'
increase
Prices
January, increased by 1.8% during the month.
Inventories Also Higher
the
Housefurnishings
July
Board—Shipments
advanced
for
the
reduction from 3% to 2% offset the June to
and bedroom suites
and
are
there
now
were
on
rose
from 3%
the average
15% above prices prevailing
tric refrigerators, stoves and radios.
on
The
index
All
groups
road
of
12%
of
over
June
an
Even
in those
two
Despite these price rises, the dollar
wholesale furniture markets is reported to have exceeded
selected housefurnishings are shown below:
PERCENTAGE CHANGES IN PRICES FOR SPECIFIED
HOUSEFURNISHINGS
July 15, 1941, Compared with
Item
to
268
increase
in
of
industries,
extremely high levels.
July,
71%
and
over
showed
July,
iron and steel and
however,
'
new
orders
.....
t: Shipments
continue
rail¬
re¬
*
Living
room
July the advance
come
was
through
+ 5.1
suites
Aug. 15, 1939
+21.5
+ 2.8
Electric refrigerators
_.
+ 13.2
+ 1.0
—10.8
+ 3.5
^
+9.4
+ .5
Washing machines
Rugs
Shipments
•
to
1941
an
1940.
Linoleum
month of
and
Recent changes in prices paid by wage earners and clerical workers for
some
Orders
advanced
and
room
a year ago,
twenty-second consecutive
of industries reported increases except
equipment.
mained at
orders
new
sales tax
of washing machines, elec¬
June 15.
increase
a
Living
those of last year by nearly 70%.
Under date of Aug. 29 the Board further reported:
New
July increases.
to 5% between mid-June and mid-July
also substantial advances in prices
volume of sales
Advances occurred in all
Chicago, where
+21.6
X
—1.4
Mattresses
in
increased
volume.
For
the
somewhat greater in the non-durable goods
+ 3.1
+7.0
Sheets
+ 1.9
+ 14.1
x
No change.
i'S'v'K :"V'V;|
The Commercial & Financial Chronicle
Volume 153
Clothing
1
Clothing prices, continuing the steady rise since last February, advanced
almost
1%
between mid-June
and
the month.
Chicago showed
decrease due to the reduction in the sales
a
tax.
:v-'C''V"\.aC.:-'
Changes in
are
n
prices to July 15,1941, in some important articles of clothing
shown in the following table, both since June 15,1941 and August, 1939:
PERCENTAGE
CHANGES IN PRICES
Increase of 2% Reported in Employment in
vania Factories in July—Payrolls Reflect
Payrolls and Employment
Employment in Pennsylvania factories in July increased
2% further to approximately 1,126,000 workers, while pay¬
rolls showed a seasonal dec-line of 2% to $33,250,000 a week,
according to reports received by the Federal Reserve Bank
ARTICLES
SPECIFIED
OF
of
Philadelphia from 2,757 establishments.
in
FOR
CLOTHING
wage
The decrease
disbursements, the Bank explained, reflected sucli
vacations, holidays and shut-downs for repairs.
The number of wage earners employed in July was at an
18-year peak, and was 25% above the level of 1940; pay¬
rolls were 50% greater than a year ago.
Over the entire
war period employment has expanded 31% and wage pay¬
ments 67%, the Bank stated in an announcement issued
Aug. 18, from which the following is also taken:
factors
July 15, 1941, Compared with
Item
June 15,
Men's—Overalls-
.11..-*. jm
,
+ 15.1
+ 14.0
+ 1.?
+ 9.3
+ 1.5
+ 8.7
...
;
Work
shirts
Work
trousers
.111.1111111.
Work shoes...
Women's—Percale dresses..:
.
...
...
...
+ 1.9
..'-..Shoes
+ 9.1
+ 1.0
+ 1.8
—0.4
—0.9
.....................—.
Silk hose *
+ 7.2
+ 4.8
,
Silk and rayon slips
*
Aug. 15, 1
1941
+2.0
+4,1
.................
I..
—...
Activity
on
sales of raw silk.
There is usually little turnover in dwelling properties in mid-summer.
in the 20 large cities surveyed from June to July.
average
increases
were
of vacancies
reported in 15 cities.
were
rooming
or
boarding houses
or
furnished apartments.
'
Fuel, Electricity and Ice
Higher coal prices
July.
reported from 26 of the 34 large cities surveyed in
were
In New York there
domestic
Electricity rates
was a
reduction in gas and electricity rates to
and in Seattle there
consumers
were
the
was a
sharp decrease in wood prices.
lowered in Detroit.
Miscellaneous Goods and Services
Retail prices of soaps went up sharply in every city following advances in
wholesale prices for fats and oils.
The cost of laundry services also rose in
11 of the 20 cities, as laundries reported higher labor costs.
Table 1 presents percentage changes in the costs of goods purchased by
a
maintained
transportation
year
July
in
in
most
durable
major lines,
chemicals,
equipment,
including
Com¬
and textiles.
in wage disbursements were
the sharpest increases
ago
those producing
electrical apparatus,
automobiles, locomotives, and ships.
In non-durable goods lines the most
substantial gains over 1940 were reported by textile and clothing mills,
and
steel,
leather
goods
particularly
industries,
non-ferrous
certain
metal
tanneries, and manufacturers
of
products,
containers,
paper
rubber tires and
goods, and musical instruments.
Earnings of factoiy workers in Pennsylvania increased in July to a new
These rent reports do
reported, rents dropped 0.1%.
not include rooms in
on
Average rent
In New York, where a large number
well
was
steel,
defense
in
primary
Rents for homes occupied by moderate-income families rose 0.3%
.
and
iron
Rents
.
as
pared with
Prior to the restrictions
Pennsyl¬
Seasonal
Factories Show Gains in Both
Decline—Delaware
Men's work clothing and
mid-July.
women's percale dresses and silk and
rayon slips showed the largest increases.
In Cleveland and
Birmingham, the average rise was more than 2% during
1191
peak slightly above 81c. an hour, as against less than 73c. a year earlier.
Weekly earnings decreased from an average of $33.16 in June to $32.12
in July, owing to a decline in the number of hours worked, but averaged
nearly $6
more
than in July, 1940.
In
commenting on conditions in Delaware factories, the
Reserve Bank had the following to say:
In Delaware factories the volume of employment increased '8% in July
to a level 34% above a year ago.
Wage disbursements were about 1%
greater
than
in June,
and showed
a
62%
gain of
over
1940.
The most
pronounced increase in activity last month was at establishments producing
food and tobacco products, where payrolls were 9% above the June level.
Smaller gains
occurred in such lines
leather.
wage earners and lower-salaried workers in 20 large cities and these cities
and
combined from June 15, 1941 to July 15, 1941.
as
transportation equipment, textiles,
lumber, and metal products.
based
on average
Indexes of these costs,'
THE
costs in 1935-39, are presented in Table 2.
COST
OF
GOODS
PURCHASED
WAGE
BY
Illinois
Food
ing
Elec¬
Fur-
Miscel¬
nlsh-
laneous
+0.9x
Rent
+ 1.8
+0.4
(k
Average—Large cities.
_
9
•
_
+0.3
Ice
+0.8*
+0.9
+2.0
+0.2
+ 0.2
+ 1.1
+ 2.1
+ 0.7
+0.6
+ 0.6
_
+ 1.0
+0.6
+ 1.4
+2.0
+0.3
+ 1.3
.
New"England;
1
Boston.
+1.2
;
Middle Atlantic:
Buffalo
■'
■
+0.7
—-0.1
z
+0.3
+0.1
+0.4
+0.2
+ 1.0
+2.6
+ 1.7
+0.2
Philadelphia
Pittsburgh
+ 1.0
+ 1.3
+ 1.1
+0.1
+ 1.2
+ 2.1
+0.8
New
East
+0.3
York
+0.3
+ 1.0
+ 1.6
—-0.7
+0.2
+ 13
—0.5
+ 1.7
Cincinnati
+ 0.5
—O.l
+0.6
+0.2
+ 2.6
+3.1
+ 0.1
'
Cleveland
+0.8
+ 0.8
+ 2.7
z
+0.6
+0.2
+ 1.7
+ 1.3
+0.1
+ 2.5
+0.3
+0.7
+2.4
+0.4
•
West North Central:
+0.4
—0.1
+0.6
+0.8
+0.2
+ 0.5
+0.7
+0.6
+0.1
+ 1.2
+ 0.3
+0.2
+ 0.5
+ 1.2
+ 10
+ 0.1
+ 1.4
+ 3.0
—0.9
+0.4
—0.2
+0.8
+0.6
+ 1.9
+ 1.0
+0.4
Savannah .......iici
East South Central:
+2.0
+4.1.
+ 1.0
+0.4
+2.8
+ 1.0
+0.6
^ Birmingham
+ 1.3
+2.1
+2.3
+ 1.1
+0.9
+ 1.8
+0,4
Kansas
City-,.:—,-.,—-
Minneapolis.
St. Louis
+2.3
+0.1
.......—_
were
month
The
since
and
-;T:;z
are
z
z
+ 1.7
+0.1
z
+2.0
+0.9
July, 1937.
z
+ 1.4
+0.1
an
increase
z
+ 1.8
+0.2
+ 1.2
z
be
due
+ 0.7
+0.1
+0.9
+0.1
—0.4
+0.8
■
z
+0.5
—0.2
to
x
Based on data for 34 cities,
z
OF THE UNITED STATES, BY GROUPS OF ITEMS, JULY 15, 1941
1935-39=100)
'
Fuel,
Cloth¬
All
House-
Elec¬
Fur-
Miscel¬
tricity
nish-
laneous
ing
Rent
106.7*
104.2
106.1
102.3x
107.2
103.7
103.7
104.7
102.9
101.0
108.0
104.9
103.0
108.0
110.8
104.1
110.6
101.2
109.7
100.0
104.8
107.0
104.4
102.7
103.4
102.7
104.1
Items
Area and City
Food
105.2
&
Average—Large cities-
__
New England—
Boston
—
Ice
ings
,
103.6
103.4
103.7
104.7
101.5
106.8
103.1
108.7
103.7
106.8
105.8
108.4
103.0
105.9
107.5
100.7
110.5
101.7
105.5
103.3
104.4
104.7
105.2
103.0
102.4
110.6
103.4
107.1
108.7
105.7
110.2
110.6
111.3
102.4
107.0
Chicago...
.
Cleveland
i.
Detroit
107.2
105.0
112.1
102.2
109.0
105.0
104.1
101.2
101.2
101.2
104.1
Minneapolis
106.1
108.2
104.1
108.4
97.2
108.2
105.5
St.
104.6
108.5
105.2
101.8
103.9
102.8
102.0
106.3
108.5
104.3
109.0
101.8
107.2
103.2
City
-
Louis
102.2
105.6
Baltimore
107.1
113.4
104.1
106.6
99.6
106.5
103.0
106.9
105.2
107.9
120.6
96.4
105.3
104.2
104.9
Savannah
108.7
104.7
106.9
93.1
111.0
101.3
103.7
104.2
101.0
106.7
97.4
108.1
103.3
Central-
Birmingham
—
West South Central—
Houston
Mountain—
Denver
—.
approximately 2,200,000 factory workers,"
widespread in the de¬
"Overtime operations are
week per wage earner in June.
Overtime premiums continue
to influence the trend of workers' earnings."
Secretary
Perkins further reports:
Wage rate increases from May
than 700,000
of
a
earners.
wage
earners were
Pacific—
parts '263,600), paper and pulp
shipbuilding (28,160), rubber tires
(20,640), foundries and machine shops
(16,410). hardware '16,250), rayon (15,830), photographic apparatus
(15,270), men's clothing (13,040), furniture (11,510). '/■/.<:;] /<
Average hourly earnings in manufacturing industries rose to 73.8 cents,
representing an increase of 1.8% over May and 10.6% over June, 1940.
Eighty-five of the 90 manufacturing industries reported increases in hourly
earnings between May and June.
Average hours worked per wage earner
industries.
Automobiles,
bodies
105.6
107.2
106.4
106.6
94.2
106.6
104.6
increased from 40.8 in May to
San Francisco
105.6
107.2
106.1
104.0
91.6
107.4
106.1
more
107.3
109.3
107.4
111.3
95.7
103.2
106.1
*
Angeles
Based on data for 51 cities,
x
Based on data for 34 cities.
and
(26,290), brass, bronze and copper
Seattle
Los
15 to June 15 averaging 9.1% for more
reported by 1,374 manufacturing plants
reporting sample of 33,016 plants employing 7,150,000 wage
Substantial numbers of workers were affected in the following
'49,653, electrical machinery (29,880),
South Atlantic—
East South
affected
of the 43 durable goods industries regu¬
larly tabulated showing operations in excess of 40 hours per
out
West North Central—I
Kansas
Hourly and weekly earnings of wage earners in manufac¬
turing industries in June again registered a marked advance,
Secretary of Labor Frances Perkins reported on Aug. 17.
"During the past three months reported wage rate increases
fense industries, 38
East North Central—
Cincinnati
during the
Hourly and Weekly Earnings in Manufacturing In¬
dustry Advanced Further in June, Reports Secre¬
tary of Labor Perkins
she said.
106.2
--—--
Pittsburgh:
additional temporary workers
season.
+.
have
Middle AtlanticBuffalo
employment of
No change,
TABLE 2—INDEXES OF THE COST OF GOODS PURCHASED BY WAGE
EARNERS AND LOWER-SALARIED WORKERS IN 20 LARGE CITIES
(Average
in
the
vacation
summer
Based on data for 51 cities,
employment gains for the month are believed to be due to
industrial and business activity, although some part may
of the
Most
—0.5
Seattle
? ■:
1940, which were 104.6 and 112.8, respectively, and the
12.4% and 29.1% higher, respectively, than the indexes for
indexes
+0.8
+0.4
z
^...
1941.
(Monthly average for year 1935-39 equals
155.1, respectively.
+ 1.2
+0.2
Philadelphia
seasonal declines from December, 1940, to January,
for July,
+ 2.2
San Francisco.
New ■ York
April, 1940 (15 months), with the exception of the approxi¬
These indexes are 22.3% and 37.5% higher, respectively, than the
100.)
+0.8
Los Angeles
average
July employment and payroll indexes for all-reporting industries were
127.9
Pacific:
*
an
decline of 3.0% for payrolls.
'
Denver
expected
decline of 1.0% for employment and an average
Gains in both series from June to July were
reported in only 1933 and 1940 in the 18-year 1923-40 period.
Increases in both employment and payrolls have been reported for each
period
+0.9
Houston..
Payrolls Show
Average June to July changes for the previous 18-year
July.
indexes
West South Central:
Mountain:
and
decline in both employment and payrolls could be
a
from June to
mately normal
South Atlantic:
Baltimore.
Employment
further stated:
Ordinarily
Chicago.
Detroit
chemicals,
in employment and 0.6% in payrolls from June to July,
1941, which represents a continuation of the current trend
for increasing industrial employment, according to a report
issued Aug. 21 by the Illinois Department of Labor.
These
percent changes are based on reports covering a sample
group of 789,833 wage earners in Illinois manufacturing,
trade, service, public utility, coal mining, and building con¬
struction establishments.
The Department's announcement
Central:
North
of
Reports from 6,482 combined Illinois industrial and busi¬
establishments show contra-seasonal increases of 2.0%
tricity
Cloth¬
AU
manufacturers
ness
House-
Fuel,
Items
by
Contra-Seasonal Increases from June to July
STATES, BY GROUPS OF ITEMS
Area and City
Industrial
EARNERS AND
LOWER-SALARIES WORKERS IN 20 LARGE CITIES OF THE UNITED
W
reported
were
*
TABLE 1—PERCENTAGE CHANGE FROM JUNE 15,1941 TO JULY 15, 1941
IN
Decreases
hours per week in June
in June,
1940.
aged $31,84
a
41.3 in June.
Wage earners averaged 1.3%
hours than
part-time workers aver¬
23.3% over June. 1940.
than in May, and 10.2% longer
Weekly earnings of full-time and
rise of 3.1% since May and
')K*\
'v
'■
The Commercial & Financial Chronicle
1192
Three strategic defense industries operated
in
(43.1), aluminum (42.2). optical goods (41.5) and
smelting and. refining-^-copper, lead and zinc (40.5).
(44.6). ammunition
As
result of the concentration of the defense production among the
a
goods industries, the expansion in hours and earnings of wage
the past year has been almost twice as great in the durable as
earners over
in the non-durable
goods industries.
May,
June,
1940
1941
1941
1941
1940
(46.5), shipbuilding
(45.3), brass, bronze and copper products (44.8), aircraft (44.7), explosives
durable
6 Mos. Ended June
June,
Commodity
following levels: Screw machine products (48.7),
professional, scientific and commercial
,\
V
Other important defense
hours), machine tool accessories (50.4 hours).
industries operated at the
1,000 Dollar*
Crude Foodstuffs—Value In
per
in June: Machine tools (51.9 hours), firearms (51.5
week per wage earner
instruments,
of 50 hours
excess
Aug. 30, 1941
90
Corn..
Vegetables, fresh and dried
Apples, fresh......................
821
218
13,371
2,267
1,760
3,936
2,223
7,848
7,215
7,816
450
Wheat
1,205
2,728
1,336
52
79
52
1,134
527
Oranges..........................
749
1,035
654
4,612
4,681
Other fresh fruit...
723
560
646
2,746
2,454
442
2,421
1,948
3,997
6,043
...........
All other crude foodstuffs...
Average hours in June amounted to
1,000 Dollars
Foodstuffs—Value in
Manufactured
43.1 hours per week in durable goods, a rise of 11.7% over the year c<>m-
pared with an average of 39.4 hours in non-durable goods, an increase
of 7.9%*
G Mos. Ended June
June,
Commodity
durable goods group.
As
result of these increases, weekly earnings in
a
the durable goods group $36.89 were 26.6% above June,
to
weekly earnings of
1940. compared
in nondurable goods, an increase of 15.3%
$25.08
Increased production and shipments in anthracite coal mining resulted
in
rise of 48.6% in average hours worked per wage earner between May
a
and June.
The
agreement reached during May provided for an im¬
new
mediate wage increase of 7M%.
mining
1940 level.
over
In bituminous coal mining, weekly earnings increased 2.4%
the month and
mining reported
month
and
were
June, 1940.
36.8% higher than a year ago.
an average
gain of 19.2%
mining showed
in
Average weekly earnings in anthracite
51.4% higher in June than in May and 27.4% above the June,
were
2.9%
a
the year.
increase
over
Quarrying and
Milled
rice,
over
the month and year.
15,305
518
768
7,081
5,178
1,141
5,062
7,957
1,086
1,518
2,718
2,483
11,048
567
038
823
4,603
13,203
3,607
228
1,455
4,591
4,648
719
956
993
4,346
894
856
...
including brown,
8,423
18,905
broken
and screenings
Wheat flour
Vegetables, canned and prepared
Dried and evaporated fruits
620
435
89
105
8,469
596
Sugar and related products
2,682
554
416
All other manufactured foodstuffs
1,892
2,798
2,644
12,477
17,022
14,136
Canned fruits
Semi-Manufactures—Value in
3,647
1,000 Dollars
non-metallic
the month and a 17.2%
1941
j
1,793
7,827
9,184
the
over
1940
15,238
7,759
4,313
1,345
Dairy products (except fresh milk)
6 Mos. Ended June
gain since
June,
May,
June,
1940
Commodity
Wholesale and retail, trade establishments reported increases
weekly earnings
1941
925
Metalliferous
increase of 3.7% in weekly earnings
over
June,
1941
Meat products..;...Lard, including neutral lard
Fish, canned, prepared, &c
the year.
over
May,
1940
Hourly earnings in durable goods in June averaged 82.2 cents,
12.8% above June, 1940, as compared with a gain of 6.0% for the non¬
1941
1941
1941
1940
Reflecting the high level of
7,915
5,375
797
1,305
816
1,037
1,017
722
7,213
7,477
437
131
246
2,869
1,481
Boards, planks, &c
2,212
2,755
3,961
1,826
1,475
1,825
1,580
Wood pulp
automotive sales, weekly earnings in retail automobile establishments were
10,806
11.283
2,399
31,655
22,476
22,492
12,432
12,169
20,189
158,705
5,251
1,261
1,060
25,092
10,688
6,154
2,305
10,843
52,299
8,111
75,755
5,556
2,989
40,360
30,945
36,626
13,155
894
1,011
9,416
13,449
52.198
8,034
Leather
Naval stores, gums and resins
13.1% higher than in June, 1940.
Sawed timber
Analysis of Imports and Exports of the United States
in June and Six Months Ended June
.....
Gas and fuel oil
Iron and steel semi-manufactures
Iron and steel scrap
The Department of Commerce's report
of the character of
the country's foreign trade reduces the export and import
figures into five separate groups, ranging from crude ma¬
terials to finished manufactures, in each of which the agri¬
b............
Steel ingots, billets, bars, rods, Ac..
Plates, sheets and skelp...
Tin plate and
....
13,005
7,724
3,778
1,823
taggers* tin
Ferro alloys, ores and metals
Aluminum semi-manufactures
909
3,159
195
183
Copper (Ingots, plates, rods)
6,586
2,253
1,571
v
11,857
149,794
6,105
1,916
cultural and non-agricultural totals are shown separately.
In the six months ended June, 1941,9% of domestic exports
Brass and bronze semi-manufactures..
1,218
558
358
Coal-tar products..
Industrial chemicals..
1,841
2,291
2,196
14,986
13,861
11,849
15,386
4,276
5,281
4,216
26.330
29,873
and
Pigments—
1,125
13,371
1,560
1,067
8,199
12,050
11,156
83,937
7,669
72,091
55% of imports for consumption were agricultural
products; 91% of domestic exports, and 45% of imports for
consumption were non-agricultural products.
We present
........
All other semi-manufactures....
Finished Manufactures—Value in
1,000 Dollars
the tabulation below.
6 Mos. Ended June
DOMESTIC EXPORTS
FROM AND
ANALYSIS
IMPORTS INTO UNITED
BY ECONOMIC
STATES-
June,
Rubber manufactures
1941
June,
Man,
Economic
1940
1941
June,
1941
Class
Value
Value
Total
33,39412,732
20,662
6,480
Non-agr icul tural
...
Crude foodstuffs
....
Agricultural......
•28,647
29,020
302,951
15.0
125,508
6.1
10,970
17,677
9,162
10.5
56,756
2.8
3.4
8,388
19,859
5,368
211,994
90,956
6.459
Agricultural
8,362
5,351
2.0
68,752
27,711
2.0
27,556
95,004
1.4
.
1.3
22
26
17
342
16,935
16,156
27,805
26,831
98,363
4.9
89,377
4.4
88,966
4.3
8,986
437,663
2,348
0.4
21.7
6,639
357,261
1. 4
1,068
....
779
974
76,253
Non-agricultural
.
40,891
40,549
11,277
10,208
Non-agricultural.
Mfd, foodstuffs and be v..
Agricultural..........
Semi-manufactures.
4.5
55,137
50,922
344
579
509
75,909
Agricultural...
54,557
155
50,413
0.1
4.7
0.4
0,1
435,315
218,582 1,138,373
3,639
353,622
17.2
56.4 1,444,362
70.4
1,001
1,053
Agricultural..........
1,155
6,455
Non-agricultural...... 215,308 266,195 217,427 1,131,908
0.3
7,101
50.1. 1,437,261
70.1
Non-agricultural......
Finished manufactures... 216,310 267,248
of
exports
U.
21.6
0.3
merchandise
343,714 376.364 331,697 2,018,241 100.0 2,050,447 100.0
30,745 37,120 43,008
9.0
350,733 17.4
184,018
82.6 1,866,429
91.0
Non-agricultural...... 312,969 339,234 288,689 1,667,508
Imports for Consumption
Crude materials
70.388 116,777 110,609
464,060
37.3
91,516
78,714
344,002
27.7
626,956
474,421
41.5
47,159
23,229
25,261
120,058
9.7
152,535
10.1
Crude foodstuffs
23,659
36,418
31,896
31,988
149,075
12.0
2z,4l8
35,221
30,511
142(804
11.5
1,241
1,197
1,477
6,271
0.5
199,465
192,532
6,933
13.2
Agricultural
31,259
34,370
27,437
28,082
152,246
12.2
165,722
23,488
120,306
6,933
57,862
4,594
54,553
31,939
273,926
30,407
243,519
Non-agricultural......
Non-agricultural
Mfd. foodstuffs and be v..
Agricultural
22,834
Non-agricultural......
Semi-manufactures
8,245
45,112
......
Agricultural
Non-agrloul tural......
6,347
Agricultural
33,903
....
Non-agricultural
...
4,862
52,918
35,925
1,109
49,691
35,864
930
Finished manufactures...
4,944
38,765
34,832
34,816
35,196
668
31.4
12.7
137.783
2.6
27,939
326,068
22,267
303,800
193,664
4,352
189,313
2.4
19.6
204,304
16.4
3,794
200,510
0.3
16.1
4,309
c3,475
3,297
7,657
1,882
13,528
4,250
5,522
1,410
13,135
Less than
1-10 of
602,298
48.4
61,028
30,346
8,648
Lubricating oil
Glass and glass products
8,626
6,542
Electrical machinery and apparatus..
9,598
12,276
1,602
2,271
8,734
1,740
58,033
Radio apparatus..
Industrial machinery
11,054
12,076
36,729
3,115
36,509
3,359
3,250
17,142
28,377
209,151
15,862
226,258
17,949
21,050
117,861
1,979
8,309
1,480
Construction & conveying mach'y..
Mining well <fc pumping machinery.
3,788
Metal-working machinery
Offlceappllances...................
Agricultural machinery & implements.
19,135
Motor trucks and buses (new)
AND
...
powered and without engines)
Engines for aircraft
Merchant vessels
Medicinal." and pharmaceuticals
Explosives, fuses, Ac
Scientific and professional Instruments
Firearms a id ammunition, Ac.......
All other finished manufactures
domestic exports
UNITED
12,119
43,381
9,078
47,733
"
10,408
40,841
63,154
30,609
5,686
3,410
4,903
3.942
2,880
35,617
23,015
23,375
40,743
3,231
23,815
95,261
185,895
6,520
3,454
3,626
2,737
6,978
1,293
19,469
33,471
3,225
3,976
17,704
24,932
14,726
9,310
8,186
25,296
191,399
45,738
1,611
35,323
23,154
2,178
3,665
15,213
49,356
9,276
50,942
18,957
18,730
13,692
13,031
72,413
261,606
343,714 376.354 331,697 2,018,241 2,050,447
Crude Materials—Value In
1,000
Dollars
Mos. Ended June
Commodity
June,
May,
June,
1940
1941
1941
1940
1941
12.8
0.3
12.5
Hides and skins
45.0
21,024
Undressed furs
Oilseeds
702
3,091
914
STATES-
26,028
35,105
5,907
7,534
26,116
33,779
136,471
2,655
,
7,130
40,655
2,033
Flaxseed
Tobacco, unmanufactured
2,045
21,794
882
3,315
2,124
615
10,353
3,246
1,563
17,854
5,805
39,916
190,558
13,244
5,270
18,587
9,413
712
4,993
1,733
43,873
323
Flax and hemp, unmanufactured
Wool, unmanufactured
Silk, raw.
Other textile
7,078
3,822
5,693
Jute and Jute butts...
INTO
6.345
IMPORT8 FOR CONSUMPTION
Cotton, unmanufactured
IMPORTS
26,389
109,112
(landplanes and seaplanes,
472
fibers_c
133
154
4,534
6,228
18,679
8,959
1,900
2,841
20,564
10,233
2,413
3,497
793
600
437
414
1,858
2,775
Diamonds, rough, uncut
1,618
1,191
Diamonds for industrial use
Non-ferrous ores and concentrates....
ores.......
All other crude materials
ANALYSIS BY LEADING COMMODITIES IN EACH ECONOMIC GROUP
Crude
^
170
......
Crude petroleum......
Ferro-alloying
FROM
13,650
6,147
2,429
13,552
20,321
3,123
7,673
...
Automobile parts for replacement....
Total
1,594
7,179
6,538
3,934
3,245
3,152
2,615
2,617
Passengers cars (new)
Automobile parts tor assembly
1.5
groups.
EXPORTS
37,166
10,016
77,082
44,547
65,298
Iron and steel advanced manufactures.
Steel-mill manufactures
20.1
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
DOMESTIC
24,029
1.9
I
1%.
7,817
41,671
1,190
11,399
5.087
9.1
680,520
13,964
31,340
c39,069
60,200
6,450
1,100
21.6
Tot. Imports for consum'n 202,250 281,351 261,097 1,243,611 100.0 1,511,875 100.0
Agricultural.
99,687 160,228 138,244
641,313 51.6
831,355 55.0
105,563 121,124 122,853
13,355
5,725
32,238
6,217
Crude rubber
Non-agricultural
6,096
6,531
0.5
9.7
22.0
27,488
8,858
619
Paper and manufactures
11.0
Agricultural
20,342
1,047
Rayon manufactures
manufactures, advanced
Airplanes
8.
Agricultural..
4,669
Wood
Motor fuel an I gasoline
Domestic Exports—
Crude materials
0,766
4,295
2,675
1,098
1,047
2,349
1,746
8,285
5,669
2,924
1,107
..
Cotton cloth, duck and tire fabric..
% of
Value
Total
25,609
2,016
Cotton manufactures
1941
% of
Value
1941
16,955
7,282
7,205
31,628
3,518
1.204
Automobile casings
Value
1940
1940
4,460
2,522
1.203
Tobacco manufactures
Sir Months Ended June
a
June,
1941
(Value in 1,000 Dollars)
_____
Total
May,
1940
Commodity
GROUPS
...
...
11,208
11,575
13,488
17,654
3,999
3,886
26,679
20,445
67,583
1,709
3,280
6,433
3,181
4,617
12,932
4,816
13,139
61,410
Foodstuffs—Value In
764
50,127
3,531
3,657
11,604
10,218
4,506
113,544
49,498
16,705
1,000 Dollars
DOMESTIC EXPORTS
Crude Materials—Value
In
6 Mos. Ended June
1,000 Dollars
Commodity
June,
May,
June,
1940
1941
1941
1940
1941
6 Mos. Ended June
Commodity
June,
May,
June,
1940
1941
1941
Cotton, unmanufactured
Tobacco, unmanufactured
...
8,189
Goal.'..-..-....—....—..........
11,225
Crude petroleum
All other crude materials
3,494
7,371
3,115
4,389
5,458
9,725
6,130
2,965
4,716
3,603
172,100
27,234
12,439
5,741
2,521
39,383
34,902
29,332
1941
26,267
856
1,603
414
434
431
3,217
Vegetables, fresh and dried
1940
Cattle, except for breeding
Wheat for milling and export
239
593
289
4,848
Bananas
2,705
2,910
1,242
2,961
8,854
14,556
19
9,786
2,492
6,349
14,585
2 503
37,430
21,658
17.873
All other crude foodstuffs
Tea
_
nf.n
OKO
O03 7«ft
17,569
13,927
1,560
Coffee
4 373
10,557
22,280
2,947
5,989
2,293
70,072
11,893
5,785
22,377
103,797
11,987
27,703
4,765
Volume
The Commercial & Financial Chronicle
153
Manufactured
Foodstuffs—Value In
1,000
Dollars
1193
$238,039,901, reported for that month by the 400 organiza¬
tions.
6 Mos. Ended June
Commodity
May.
June,
1940
Meat products
June,
1941
1941
1,525
1,959
1940
1941
10,291
i.
Figures of automobile financing for the month of May,
1941, were published in the July 19, 1941, issue of the
"Chronicle," page 307. ;■
The following tabulations on automobile financing for
400 organizations for June, 1941, were released on Aug. 25,
1941, by Director J. C. Capt, Bureau of the Census, De¬
422
260
10,404
>
5.306
925
856
1,277
9,404
Vegetable oils, edible
1,292
187
232
5,287
$.239
Cane sugar—From Philippine Islands.
From foreign countries
4,356
6.301
4,316
23.069
27,159
7,340
7,472
9,960
3,302
41,910
22,361
61,521
1,704
11,731
6,071
392
308
4,802
1,962
AUTOMOBILE FINANCING
5,815
6,451
6,914
29,703
33,592
Summary for 400 Organizations
......
■Cheese
prepared,<fec.)
Whisky and other spirits........
■
v
830
-
Fish & shellfish (canned,
Wines
All other manufactured foodstuffs-
_
_
Semi*Manufactures—Value in
1,513
2,101
6,189
21,688
partment of Commerce.
1,000 Dollars
Retail Financing
Wholesale
6 Mos. Ended June
June,
May,
June,
1940
sCommodity
1941
1941
Financ¬
boards,
ing
and
Volume
in
1941
472
399
519
3,206
4,738
3,648
29,174
2,986
20,336
598
lumber
and
1940
5,397
683
749
2,882
Volume
2,890
3,395
9,106
In
Number
in
of
Thou¬
of
Thou¬
Cars
sand
Cars
sand
Dollars
6,009
33,949
13,703
29,691
1,716
Cars
Volume
Number
:
in
of
Thou¬
Cars
sand
Dollars
Dollars
15,383
5,330
1,976
J
1,063
1,056
955
14,638
12,739
8,111
4,124
9,915
7,429
30,941
3,039
3,313
3,163
14,796
19,054
11,541
13,663
12,132
1
1941—
53,203
79,936
Diamonds, cut but not set
......
Nickel and alloys
Tin (bars, blocks, pigs)
Volume
Dollars
1,757
4,476
Unclassified
Number
Thousand
(ercept
cabinet woods and railroad ties)
Wood pulp
Gas oil and fuel oil.g
Copper .e.
New Cars
Total
4,525
-
Expressed oils, inedlble.d..
Wool seml-maaufactures
Sawed
Year
Month
Ueathei^w^i^Jiii^
Used and
'
1,570
May
251,490
528,509
June
231,322
*508,266
Total 6
542
885
927
52,u99
4,635
696
1,394
1,332
6,487
6,958
2,011
2,325
1,345
18.199
12,504
June
All other semi-manufactures
7,420
9.555
11,380
40,111
1,481.561 2,649,097 1,231,826
mos.
May
Fertilizers and materials.d..
248,313
238,039
196,797 141,024
331,712 107,289
179,309 129,877
328,957 108,162
973,329 696,013 1,675,768 535,812
56,077
Coal-tar products.d
—
Industrial chemicals.d
4.565
1940—
201,068
Manufactures—Value In
170,151
145,952
96,517
256,507
73,633
389,761
166,921
141,891
95,038
247,870
71,833
1,168,967 2,028,206
Total 6 mos.
Finished
402.459
162,100
861,508
745,731 490,437 1,282,475 371,071
i.;
1,000 Dollars
1939—
Commodity
May,
June,
1940
1941
1941
1940
May
145,457
351,217
141,789
123,587
78,587
227,630
June.---------
6 Mos. Ended June
June,
122.684
340,245
138,571
116,993
76,249
222,252
849.665 1,707,017
686,854
589,814 375,853 1,117,203 311,000
Total 6 mos.
257
.190
231
2,174
2,281
1,821
1,548
16,032
469
466
255
3,281
2,776
Leather manufactures
Cotton manufactures
Cotton cloth
1,263
10,947
4,660
3,576
22,216
Flax, hemp and ramie manufactures..
1,227
1,083
1,245
9,507
7,4.92
Wool manufactures
1,354
1,305
1,590
9,237
339
422
267
3,025
622
835
771
3,638
2,079
4,397
11,675
12,460
11,382
58,461
60,840
*
Of this number 35.3%
....
Silk manufactures
Shingles.
.....
...
.....................
Newsprint
were
new
64.4%
cars.
were
used
cars,
and 0.3% un¬
classified.
8,577
Burlaps
63,202
62,322
1941
2,811
20,471
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF MONTH
AS REPORTED BY 214 IDENTICAL ORGANIZATIONS
1941
1940
1,180.906.448
February
569
462
462
3,147
2,793
March
1.208,702.083
1.255,229,506
771
1,321
1,122
5,109
6,708
April
1,340.696,165
1,192
354
302
3,077
May
1,432,542 508
All other finished manufactures
8,776
10,639
9.6C2
5,943
53,814
52,603
June
Non-commercial Imports.!..........
2,488
2,257
2,682
12,001
$
1940
$
876.699.079 July.......
887.096,773 August
1,105,275,234
1.116.928,055
12,417
Total imports for consumption..... 205,250 281,351 261,097 1,243,611
1941
S
f
January
1,511,875
—...
Pottery
Machinery
......
.....
Works of art
a
Includes
small item
a
scrap and waste,
d Includes
&c.
a
c
which Is
not
a
semi-manufacture,
few items not semi-manufactures,
refining and export,
e
Chiefly unrefined copper for
f Chiefly merchandise returned.
»? Partly
oil used for refuel¬
h Revised to include anti-knock compounds.
918,645.709 September..
971,940,670 October.
1,021,533,732 November..
1.063.638.452
1,097.627.143
1,114,626.850
1.137,469,965
1.166.050.596
December..
Weekly Statistics of Paper board
b Includes
tinplate
Includes sisal, manila, kapok, New Zealand fiber, crin vegetal,
ing yebsels and for refining and export,
...
Industry
We give herewith latest figures received by us from the
National Paperboard Association, Chicago, 111., in relation
to
activity in the pa^erboard industry.
members of this Association represent 83% of the
industry, and its program includes a statement each
The
Report of Lumber Movement Week Endecl Aug. 16, 1941
Lumber
production during the week ended Aug. 16,1941,
2% less than in the previous week; shipments were 2%
new business 1% less, according to reports to the Na¬
tional Lumber Manufacturers Association from regional
associations covering the operations of representative hard¬
wood and softwood mills.
Shipments were 1% below pro¬
duction; new orders 11% below production. Compared with
the corresponding week of 1940, production was 14%
greater, shipments 10% greater, and new business 17%
less.
The industry stood at 127% of the average of pro¬
duction in the corresponding week of 1935-39 and 137%
of average 1935-39 shipments in the same week.
The
Association further reported:
was
less;
Reported production for the 33 weeks of 1941 to date
And new orders
were
17%
were
was
14% above
above the shipments
18% above the orders of the 1940 period.
For the
33 weeks of 1941 to date, new business was 10% above production, and
STATISTICAL
Unfilled orders
REPORTS—ORDERS.
PRODUCTION,
M ILL
ACTIVITY
Unfilled
Orders
Production
Orders
Received
Period
Tons
Remaining
Tons
1940—Month
Tons
Percent of Activity
Current
Cumulative
167,240
137,631
72
71
70
71
69
of—
628.155
January..
679.739
February ..........
420.639
453,518
March
429,334
449,221
620,907
456.942
682,490
624.184
70
June
508.005
609.781
129,466
193,411
247,644
236.693
79
73
644.221
587.339
196,037
72
73
452,613
487,127
162,653
74
September.
468.870
470,228
163,769
72
73
October
670,473
648.611
184,002
79
73
November..
488,990
509.945
161.985
73
464.537
479,099
151,729
77
71
...
673,446
629.863
202,417
75
608.521
652,128
548,579
261.650
81
........
671.050
337.022
82
.......
April..............
May.
December
1941—Month
.
The ratio of unfilled orders to gross stocks was 46% on
year ago, gross stocks were
a
February
March.
Supply and Demand Comparisons
compared with 26% a year ago.
production, and
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.
also
January
.shipments were 6% above production.
•a
week from each member of the orders and
July
August.
Year to-Date Comparisons
■corresponding weeks of 1940, shipments
total
were
Aug. 16, 1941,
60% greater than
.
.
70
76
72
73
73
of—
u
'•.*
-44'
mm
April..............
857.732
726.460
447,525
83
May
June.
656,437
488,993
509.231
88
i
509,231
807,440
737,420
86
%
.
84
634.684
<><•2,323
608.995
.
.............
lily
15% less.
70
...
•
y
'
;•
,;i 4:0*;. v! !•'.!'
Week Ended—
Softwoods and Hardwoods
1941—
and for the corresponding a week of a year ago, follows in 1,000 board feet:
Hardwoods
Softwoods
Softwoods and Hardwoods
3.
10...........
17
24
31...........
165.583
170,436
147,188
447,625
83
80
May
May
May
May
148,381
466.064
84
80
161,295
149.884
472,782
489,915
84
80
7...........
488,993
500,252
84
June
Record for the current week ended Aug. 16, 1941, for the previous week
May
168,875
152,410
155,831
151,648
156,188
144,481
156,439
153,364
1941
1941
1941
1941
Week
Week
Week
Week
June 14
158,821
Previous
1941
June 21
168.561
June 28...........
161,114
149.197
Week
85
84
504,786
88
518,755
r
88
509,231
81
81
y-8iv^
90
8i:^?->
82
154,711
629,633
74
82
542,738
77
82
550,902
92
82
Production.
Shipments
Orders
283,260
...
——......
Smaller
279,264
251,136
Volume
of
86
100%
99
89
458
458
475
299,791
298,362
10,982
100%
294,242
257,755
12,030
110
291,294
11,384
104
265,740
314,719
Automobile
262,522
Financing
in
265,603
June
The dollar volume of retail
financing for June, 1941, for
organizations amounted to $238,039,901, a decrease of
4.1% as compared with May, 1941; an increase of 42.6%
as
compared with June, 1940; and an increase of 71.8%
as compared with
June, 1939.
The volume of wholesale
financing for June, 1941, amounted to $231,322,738, a de¬
crease of 8% compared with May, 1941; an increase of
42.7%
as
compared with June, 1940; and an increase of 88.6%
as compared with June, 1939.
400
The volume of retail automobile receivables
outstanding
end of June, 1941, as reported by 214 organizations,
amounted
to
$1,499,983,244.
These 214 organizations
at the
accounted for 95.3% of the total volume of retail
financing,
182,603
572,532
92
2
159,844
159,272
672,635
93
Aug.
9
174,815
159,894
587,498
91
169,472
162,889
592,840
92
83
Aug. 23
383
Aug.
Aug. 16...
Mills
(Revised)
129,019
131,531
156,989
160,609
158,403
162,964
584,484
94
83
July
5
July 12
July 19
July 26
147,365
168,431
82
83
V'
^
83
Note—Unfilled orders of the prior week plus orders received, less production, do
not necessarily
equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other Items made necessary adjust¬
ments of unfilled orders.
July Automobile Production Smallest This Year
Factory sales of automobiles manufactured in the United
States, including complete units or vehicles reported as
assembled in foreign countries from parts made in the
United States, for July, 1941, consisted of 444,103 vehicles,
of which 343,748 were passenger cars and 100,355 commercial
cars, trucks, or road tractors, as compared with 520,525
vehicles in June, 1941, 231,703 vehicles in July, 1940, and
209,359 vehicles in July, 1939.
These statistics comprise
data for the entire industry and were released Aug. 27 by
1194
The Commercial & Financial Chronicle
Director J. C.
Capt, Bureau of the Census,
the
Department
of Commerce.
1941
based
on
of
manufacturers in
(14 of the 20
passenger car manufacturers also
making
The
months
NUMBER OF VEHICLES
appeared in
our
issue
of
(INCLUDING CHASSIS)
above
Canada
{Production)
Month
Total
Pas¬
{AU
Passenger
Trucks,
Vehicles)
Cars
& c.
have
war
with
been
$187,200,000
responsible
outlay
total
a
for
in
the
whole of
the
total
of
about
the
year
the
at
were
of
best
level
since
months
seven
compared with the
as
railways
Canadian
of
in
1929
the
and
first
seven
26.4%
were
These earningstotal of $301,588,000 for
1929
exports,
similar
total
up to
$882,058,000
high
monthly
brought
This
compared with $648,921,000
as
period of last year.
Sugar Exports Decline in June Stocks
Rise
Sugar exports from Java for June were 85,923 short tons
according to B. W. Dyer & Co., New York, sugar economists
and brokers.
This is a decline of 12,666 tons or
12.8% from
the June, 1940 figure of 98,589.
Exports for the first three
months of their present crop year (April to
June) amounted
a
258,508,
a
year ago.
Stocks of
Comm'l
Cars <fc
This is
Cars
Trucks
same
decline of 12,441 or 4.6% from the
The firm's announcement adds:
in Java
sugar
increase of
an
date
a
estimated at 7.30,000 short tons
are
over
of June 30.
as
300,000 tons from the figure of 425,268 tons the
Nivas has announced the sale of 100,000 metric tons to
Japan.
1941—
period
same
year ago.
June
*520,525
418,983 *101,542
25,753
8,538
17,215
the recent freezing of credits by the Dutch East
444,103
343,748
100,355
24,654
3,849
20,805
probably prevent the consummation of this transaction.
3,439,985
2,771,350
668,635
177,525
344,636
231,703
286,040
58,596
17,930
8,739
9,191
168,769
62,934
14,468
3.397
11,071
2,660,231
2,196,199
464,032
125,380
75,683
49,697
June
309,738
246,704
63,034
14,515
10,585
3,930
July
209,359
150,738
58,621
9,241
5,112
4,129
2,171,348
1,732,889
438,459
103,000
75,080
27,920
69,048 108,477
an
last year.
July
Total 7 mos. end. July
The
with
period.
months'
Java
were
$49,000,000.
excluding gold, in July rose to the
$169,691,000, exceeded only in December, 1925.
of
seven
in
earnings
gross
$286,570,000
similar
the
the
further enlargement
a
lately three shipbuilding companies
and
involving
figure for the first
Domestic
senger
Total
of
the
reached
the
to
United States {Factory Sales)
Year and
contracts
combined
months
cars,
Figures for previous
July 5, page 754.
and
1941
industry in June operated at 96.9% of capacity,
output of 2,117,976 barrels, 'which was a record for this month.
or
Dominion Bureau of Statistics.
1940,
30,
flour-milling
com¬
road tractors have been included in the number
shown as making passenger cars and in the number shown as
making commercial cars, trucks, or road tractors, respectively.
The figures for passenger cars include those for taxicabs.
The figures for commercial cars, trucks, and road tractors
include those for ambulances, funeral cars, fire
apparatus,
street sweepers, station wagons, and
buses, but the number
of such special purpose vehicles is very small and hence a
negligible factor in any analysis for which the figures may
be used.
Canadian production figures are supplied
by the
the
the shipbuilding program
awarded
mercial cars, trucks, or road tractors).
It should be noted
that those making both passenger cars and commercial
trucks,
period of
needs of
The
data received from 69
the United States, 20 making
passenger
and 63 making commercial cars, trucks, or road tractors
are
Aug.
1939.
year
Statistics for
cars
similar
However,
Indies government will
Japan is in great
need of this sugar because her present crop is
25% below the previous one.
1940—
June
-
—
July
Total 7
end. July
mos.
Index
of
Sugar
Distribution
Declines
in
July
The preliminary July distribution of 734,704 tons as an¬
nounced by the Agricultural Adjustment
Administration,
approximately 113% of the normal July distribution,
according to the index of sugar distribution (adjusted for
seasonal variation and long-term
trend) prepared by B. W.
Dyer & Co., New York, sugar economists and brokers. The
was
1939—
Total 7 mos. end. July
*
Dyer
firm further reports:
Revised.
Their July figure of 113 compares with 114
(revised) in June and 116 in
July, 1940.
Customs Bureau Reports on Wheat and Flour
Imports
Under Quota System
The Bureau of Customs announced
Aug. 21 preliminary
figures showing the quantities of wheat and wheat flour
entered, or withdrawn from warehouse, for consumption
under the import quotas established in the
President's
Proclamation of May 28, 1941, for the 12 months com¬
mencing May 29, 1941, as follows*
Wheat
Wheat
Flour,
Crushed
and
Similar
Wheat
Wheat
Products
Country of Origin
Imports May
Established
29,
1941
ImpwU May
29, 1941 to
Established
to
T'-JTC TTT'T
,r
.
added to their invisibles
that invisibles
mate
'
v:-
,'
.
Dyer firm states that July distribution continued at
consumers
increased
high level
a
(consumers' inventories).
about
level ap¬
a
proximately 650,000 tons above the level prevailing at the first of the
♦
as
They esti¬
50,000 tons in July to
year.
'
"
Agriculture Department Announces Blue Stamp Foods
for August
Foods which will be available in
exchange for blue stamps
throughout the month of August to families taking
the Food Stamp program, were announced
Semolina,
Cracked
or
The
on
the Department of Agriculture.
These foods
at local stores wherever the Food
Stamp
operation.
part in
July 31 by
obtainable
are
program
is
in
The Department states:
Fresh pears, plums, prunes, apples and enriched wheat
flour have been
added to the list of foods which will be obtainable
nationally during August,
while pork and pork lard, available in
July in all areas, and
Quota
.
.
.
_
.-
-
i...
.
Pounds
795,000
-
Quota
Bushels
87,273
3,815,000
1,935
shortening, obtainable
24,000
Canada...
Aug. 2, 1941
Bushels
5,100
August list.
5,940
reflected current situations and that the
products would be restored to the
China
Hungary
13,000
:
^
'"loo
.■-»
100
-
—-
...
Netherlands..-
—
1,000
'"loo
.
r
Cuba
„
2,000
12,000
"i",66o
-
«
.
.
.
i.
"~~ioo
——,
""57
1,000
1,000
1,000
,;.:i —..'v.i—.
—
Panama
1,000
i
Uruguay
i
„
3i. i
.
*.
■;
Y ugosl avia.
_
.
.
creased
i;ooo
.
Rumania
1,000
Guatemala..
100
......
of
Soviet
100
......
.
Belgium
100
the
Total.
800,000
87,273
The
President's proclamation
columns of May 31,
page
was
4,000,000
referred
13,032
in
to
total
these
The
Expansion
Montreal
Business exiiansion
under
Continues,
Bank
of
the
influence of
war
the statement that in
July these expenditures totaled about
$108,000,000 and are now running at the rate of between
$3,000,000 and $4,000,000 a day. The review adds:
the
similar
electric
ports,
there
for
the
first
period
power
of
six
months
last
production
year,
5.1%,
of
been
the
a
spectacular
year,
to
of
1941
show
that,
as
compared with
manufacturing production rose 11%,
loadings 15%, and exports and im¬
car
excluding gold, each 30.1%.
has
months
under
In
increase,
$247,400,000,
the
these
as
value of
construction
advancing,
compared
in
with
the
contracts
first
seven
$154,700,000
soil-depleting allotments and are one
measures for encouraging greater
total
the
in¬
de¬
in
of
the
use
pro¬
of soil-
allotments
being eliminated in most of the country in
acreages of crops, called for by the defense
being retained in designated surplus feed-producing areas
stabilize feed production.
to
to
As
Reports
expendi¬
tures continues in
Canada, particularly in industrial fields,
the Bank of Montreal states in
its Aug. 22 Canadian "Busi¬
ness Summary."
The fact that the increasing
production
is strongly influenced
by war expenditures is indicated in
Returns
conservation
encourage
conserving crops." It adds:
3425.
program,
Business
needed
gram's chief
order
Canadian
commodities
on Aug. 18
by the Department of Agriculture.
The
Department points out that "the goals under which a mini¬
mum of cropland must be in soil
conserving crops, replace
Socialist
Republics
of
nounced
100
Union
production
fense program, mark the 1942 agricultural conservation
pro¬
gram of the Agricultural Adjustment
Administration an¬
1,000
Brazil
to bring about more
farms, and changes that will
individual
on
■
..
............
Five Types of Soil Conservation Plans Offered
by AAA
in 1942 Program Incident to Defense Measures
Soil-conserving goals
1,000
1,000
— —
1,000
Norway
Canary Island
.
------
1,000
Poland and Danzig
Sweden
_
corn meal, shell eggs, raisins, dried prunes,
hominy
(corn grits), dry edible beans, wheat
flour, enriched wheat flour, self rising
flour, enriched self-rising flour, and whole wheat (Graham) flour.
14,000
,
loo
...
„
(including potatoes),
1,000
2,000
;
Greece
period Aug. 1 through Aug. 31 in all
stamp program areas, is as follows:
Fresh pears,
plums, prunes, apples, oranges and peaches, fresh vegetables
1,000
Chile
Argentina
Italy
With these revisions
5,000
5,000
100
......
New Zealand
supply situation warranted it.
They added that lard would
be put back on the list,
probably during the early part of August.
the complete list of "blue stamp foods" for the
soon
1,000
Germany
Syria
in designated areas in July, are'not included in the
Officials said that these removals, in line with usual
policy,
list when the
8,000
75,000
Australia
Mexico.
vegetable
:
__
United Kingdom.
France.'.
1941
Pounds
13,000
hr>..
Hongkong
Japan...
Aug. 2,
in
promote
but
are
increased
are
previous
years,
payments
for
rates
1942
for
wheat,
seeding
and
rice,
within
all
allotments
acreage
cotton, peanuts, potatoes,
these
1942
will
be
determined
tobacco, and wheat, and farmers
allotments.
allotments,
which has already been
with
Crop
the
for
corn,
may
earn
allotment
exception
set at 55,000,000 acres,
will
payment
of
that
for
be announced
later.
In
indicating that five types of minimum
plans
are offered in the 1942 program,
State AAA committees and
local
conditions
ance
with
for
farm's
a
the AAA will select
application
special
in
crop
each
allotments
achieving the soil-conserving goal set
The
1.
are
Devoting
crops
the
plans
at
as
up
the
Full
will
for the
plan
most
payment
be
suited
for
contingent
to
compli¬
cn
fully
farm.
follows:
least
25%
during the entire
designated
State.
conservation
the Department says:
surplus
1942
of
the
crop
cropland
year.
feed-producing
on
the
This plan
areas.
farm
will
be
to
conserving
applicable in
2.
The Commercial & Financial Chronicle
153
Volume
Devoting
20%
least
at
during the entire
crops
outside
the
surplus
feed
resisting
crop
of
from
the
the
on
This plan,
called
acreage
25%
cropland
year.
differs
areas,
percentage of conserving
3, Devoting at least
the
of
1942
the
farm
which
conserving
to
above only
plan
used
be
may
the
in
cropland
the
on
farm
soil-building
be
total
farm allotments will
limited to counties
feed crops
in
which
be used in
there
is
These
1942.
produced
normally
a
will
areas
of
surplus
in the States of Illinois,
Missouri, Nebraska, Ohio, Oklahoma,
South Dakota, Texas and Wisconsin.
the
Blue food order stamps
farm
added nearly $10,000,000 worth of
products in June to the diets of almost 4,000,000 mem¬
bers
of
elimination
the
1942
the total
of
based
State AAA
of minimum soil-conserving goals and
soil-depleting allotments in most of the country,
follows closely the
program
changes,
Two
the establishment
from
largely
current
recommendations
on
the
of
only minor
Conference of
and
program,
eligible to receive public assistance, the
Department of Agriculture announced on
Aug. 18 in its monthly report on the food stamp program.
The Department, in its report, stated:
June
During June families taking part in the food stamp program used blue
practices have been added to the program.
caused by
food
improver
One practice, applicable
cover
perennial
In
tion
in orchards or
crops
the
be combined
gained
in
several
in
out
1940
all
and
maximum
Administration,
12,443,000 pounds
than
range
combined
40,000,000
of pork,
pounds
blue stamp
addition
In
farmers
payments
may
earn
by carrying
on
was
soil-build'ng
out
for
Section
of
5,514,000
July 25.
Farm employment on Aug. 1 was at the lowest level for
that month since labor estimates
were begun in 1925, the
Department of Agriculture said on Aug. 15 in its monthly
farm labor report.
Hired and family workers employed on
Aug. 1 totaled 10,633,000, compared with 10,867,000 a year
number
All
sections
workers
of
of
the
showed
country
except
North
West
the
decline in
a
36,562,000
eggs;
more
potatoes.
included 2,772,000 dozens
in
use
to
free
purchases of commodities with blue stamps,
school
lunches,
and
in
June to
distribute
needy families in
to
the
farm
areas
Surplus
products
served
not
program.
CCC Offers to
The
Purchase 1939 Flue-Cured Tobacco
Commodity Credit Corporation
on
Aug. 20 offered to
purchase flue-cured tobacco from the 1939 crop, suitable for
requirements of British manufacturers, the Department of
Employment at Lowest Level Aug, 1 Since 1925
earlier.
com¬
Surplus
and 6,889,000 pounds of pork lard; and
of vegetables and
purchases during the month
Agriculture announced,
Farm
dozen
farm
the
follows
program
States.
practices under the 1942 program were announced
outlets
conserva¬
This action
States.
the
pork products;
new
Analysis
Economic
included
for
fruit, and 15% for vegetables.
of fresh oranges;
4,941,000 fresh grapefruit; 5,651,000 pounds of fresh
apples; 1,466,000 pounds of raisins, and 1,893,000 pounds of dried prunes.
Soil-building allowance rates which constitute the basis for determining
the
the
36%
eggs;
tor
pounds of white and Graham flour, and 12,028,000 pounds of other cereals;
The
the agricultural
when
1941
by
for
14%
representing
for
program
in
and
17%
about
stamps,
estimated
as
Marketing
blue
by the food stamp
conservation
range
will
program
experience
tried
modities,
with
in connection with the seeding of
or
water.
legumes.
1942
Purchases
Marketing Administration continued
of
or
vineyards
irrigation
follows:
as
18% for flour and other cereals;
other
boric acid fertilizer to leguminous
control
provides for the application of borax
50%,
mately
Other
only in irrigated areas, is designed to prevent soil-eroeion and leaching of
plant
States
stamps which increased their expenditures for agricultural products approxi¬
have been made.
Committeemen,
families
United
Indiana* Iowa, Michigan, Minnesota,
Aside
Buying with Blue Stamps During June Neared
$10,000,000 Mark
a
performance to compliance with crop allot¬
ments.
This plan is being used in North Carolina and a few counties in
other States this year.
Under this plan, as with the four outlined above,
the payment earned for
complying with the crop allotments will be
reduced in the same proportion that soil-building earnings fall below the
farm's soil-building allowance.
Local State AAA committees and the AAA will designate the areas in
the
Lease Act, or for stabilization reserves.
Food
out
Relating
which
shipment to war refugee areas,
for transfer to other countries under the terms of the Lend-
erosion-
to
well-rounded farm conservation plan which over a
period of years will conserve the soil and increase its productivity*
Used
in Alabama in 1941, this plan is commonly known as the Alabama plan.
5,
inents for the Red Cross for
for.
crops.
(Kyi. Carrying
1195
Central,
in asking
offered
exceed
for bids, the Corporation
10,000,000 pounds of such
tobacco, at prices not exceeding the original cost of the
tobacco when purchased in the auction markets, plus pack¬
ing, transportation, storage, and other carrying costs to
Sept. 1, 1941. The Agriculture Department's announcement
further explained:
to
Dealers
before
the
COO
Mountain, and the Pacific Coast States, said the Depart¬
ment, which added :
buy not
to
desiring to sell such tobacco
Sept.
10,
to the CCO.
1941,
asked
are
submit
to
offers
on
or
Such offers may be accepted by the
bid should state for each grade
floor
Generally favorable weather conditions for farm work and efficient
of
the
tions
workers
with
production
employed have enabled fanners to continue normal
smaller
a
was
labor
reported
at
force,
the
record
Department
rates
on
said.
Aug.
Milk
opera¬
and
harvesting
1;
use
of
of
tobacco, is reported to be usually good.
cotton and
some
Nov.
1941.
1,
The
quantity in hogsheads and pounds, redried weight, the average auction
price per hundred pounds, transportation costs, storage charges, and
carrying charges, and the price at which the dealer will sell the
tobacco.
the
All
Forms
for
sbumitting
these
offers
will
,
_to
information
verification.
sideration
submitted
If any
will be given
offers
must
are
be
certified, and
notarized and
bility for the British trade, and the bid price.
Prior to acceptance the tobacco will be inspected by
of the tobacco trade and the
mittee
Department of Agriculture Reports Food Purchases
During Weeks Ended Aug. 9 and Aug. 16
Stated Department of Agriculture announced
The United
Aug. 12 the purchase of the following food supplies dur¬
on
upon
will
British
be
be
trade
determine
and
whether
subject
accepted, CCC officials explained,
to initial costs and quality of the
the
tobacco
acceptable under the
offered
based on inspection of each hogshead.
requested to submit samples for inspection.
Those
com-
The
suitable
Final
program.
be submitted prior to a request therefor by
CCC.
is
con¬
tobacco, suita¬
committee
a
posed of representatives
-
furnished
be
request.
types
■
,
before
other
egg
largest wheat crop since 1919 is almost completed; mid-season fruit and
truck crops are moving to market in larger volume than a year earlier;
and the progress of all important late crops* except
the
or
on
com¬
for
acceptance
the
will
offering tobacco may
However, samples should not
the CCC.
ing the week ending Aug. 9:
Commodity—
Quantity
Pork meat products:
..10,675.000
3,566,252
Casings, 100-yard bundles..
25,000
Lard, pounds
948,000
Shell eggs, cases
42,343
Dried eggs, pounds
2,985,625
American cheese, pounds
5,303,500
Dry skim milk (spray), lbs.-.
280,000
Dry skim milk (roller), lbs.-320,000
Evaporated milk, cases—_ —
80,000
Canned fish (futures), cases.77,500
Dry beans, pounds.
1,000,000
Cornstarch, pounds.-. ----- 8,000,000
Cured, pounds....
Canned, pounds—
—
—
_
Commodity—Soy flour, pounds..
Quantity
3,000,000
Fresh beets, bushels
11.008
Fresh carrots, bushels.
2,470
bustiels...
9,165
Fresh peaches, bushels.......
Snap beans, bushels.
a-—Carotene
oil solution.
22,119
In
*2,205
also announced that the Surplus Mar¬
recently had taken over 33,600,000
pounds of tobacco and 17,000 bales of cotton from the Com¬
modity Credit Corporation.
These are in addition to
33,000,000 pounds of tobacco, 2,544,160 bushels of corn, and
90,000 bales of cotton previously taken over from the CCC.
Under date of Aug. 19 the Department announced the
purchase of the following food supplies during the
ending Aug. 16:
Quantity
Pork Meat Products:
Cured, pounds
_.
Canned, pounds.
Casings, 100-yard bundles..
Lard, pounds
-----
Shell eggs, cases
Frozen eggs, pounds
Dried eggs, pounds
-
9,275,000
9,889,404
25,000
4,870,576
22,268
1,515,COO
803,050
3,474,000
Cheese, pounds
Commodity—
week
Quantity
Dry beans, pounds...
1,450,000
Dried apricots, pounds.......
533,000
•
Dried peaches, pounds
Dried apples, pounds...
Biscuits (hard bread), pounds.
White potatoes, bushels.
Carrots, bushels
Snap beans, bushels
Beets, bushels
Dry skim milk (spray), lbs—
100,500
Fresh tomatoes, bushels
Dry skim milk (roller), lbs....
480,000
Fresh peas, bushels.
Evaporated milk, cases
Canned fish (futures), cases..
252,000
8,000
Fresh corn, bushels
Fresh peaches, bushels
Canned pork and beans, cases.
928,998
Can. freestone peaches, cases.
84,000
Terpentine, gallons..........
Vitamin A—fish liver oil
Canned apricots, cases
191,200
3,200,000
319,750
75,000
8,025
491
5,357
90,674
*
Pounds
or
2,896
14,665
5,578
236,433
720,900
*2,240.5
107,821 million units of VitaminA.
The Department
also announced (Aug. 19) that the Sur¬
plus Marketing Administration during the week took over
170,000 hales of cotton and 17,120 bushels of corn from the
Commodity Credit Corporation.
The Department calls attention to the fact that these
food supplies can be used for domestic distribution to public
aid
families
and for free
school lunches, to meet require-
Pir>e
Ceiling—Daily
tyew High
400,000
....
Prices—Mr.
Roosevelt
Grade Crude
Protest
Issues
Liner—Tanker
Reduc¬
Decree
Control
A
dramatic
Average
charge by
Crude
Production
Deputy Petroleum
on
Board
Created—Maritime Commission Sets Tanker
575
White potatoes, bushels
Cracked wheat, pounds....
in
Penn
Rescinded—Producers
Plantation
177,953
keting Administration
Commodity—
tion
649
Fresh plums, boxes
*Or 75,000 million units of Vitamin A.
The Department
Advanced
57.000
Fresh corn, bushels
Pro-Vitamin
Construction—OPACS Orders
6.644
....
Fresh tomatoes, bushels......
Fresh peas,
Petroleum and Its Products-—Davies Hints Sabotage in
Gas
Supply
Confusion—-Land
Proposes
Barge
Rate
Hits
Coordinator
Ralph K. Davies that "sinister and planned" sabotage may
be responsible for charges that the gasoline shortage along j
the East Coast is "phoney" featured the opening session of
the Senate's investigation of the oil situation on the Atlantic
Seaboard.
Mr. Ickes, Petroleum Coordinator, had been
scheduled to
be the first
witness
Sub-committee but he
before the
Senate Com¬
unable to appear,
being
trip to the West Coast, and Mr. Davies appeared in
his stead.
During the Thursday hearings, the Senate
unanimously approved a resolution transforming the com¬
merce sub-committee into a special investigating group.
Mr. Davies told the Sub-committee that gasoline deliveries
in September will be 15% under the total received during
July by service stations because of the rising requirements
of national defense.
Restrictions on gasoline usage started
merce
on
was
a
this month when service station operators were notified that
they would receive 10% less supplies during the second
August.
Assurance was given by Mr. Davies in his
testimoney that Federal rationing of individual motorists
is not yet in sight, although such plans have been considered
and deferred, at least temporarily, due to their complexities.
He predicted that the shortage will be relieved by spring
"assuming no further depletion .are made in the domestic
half o?
tanker fleet."
In the 51 page statement Mr. Davies had prepared for the
investigating group, Mr. Davies cited "carelessly broadcast
charges" that the shortage has been "created artificially"
to foster a war psychology.
Statistics issued from his office,
he declared, have been challenged in the press and by men in
public life.
"One cannot but wonder if there does not lie
The Commercial & Financial Chronicle
1196
behind
these
efforts to promote
confusion and spread dis¬
sension, some purpose, sinister and planned, ''he said.
"Is it possible that we have here an attempt at sabotage?
No more vital effort than the supply of oil could be selected
for interference by forces antagonistic to national defense."
The Deputy Petroleum Coordinator cited unsuccessful
efforts by the United States Navy to obtain bids on 2,500,000
barrels of heavy fuel oil in June for delivery on the East
Coast as proof that a shortage really exists.
"No bids were
submitted, because no company would supply the oil unless
the Navy would carry it in its own tankers from the Gulf
Coast," he said.
"There were not enough private tankers
to deliver oil to the United States Navy, which is expected
to guard our shores, because those tankers were too busy
carrying gasoline to motorists in the East."
Mr. Davies explained the problem of rationing fuel as one
of obtaining a balance between fuel oil for domestic heating
purposes, fuel for defense plants, fuel for army and navy
equipment, and gasoline for private transportation. He said
that the transportation shortage would create a deficit of
27,800,000 barrels of petroleum and its products on the East
Coast during the next four months.
If the deficit was met
solely by withdrawing oil from the reserve supply, stocks on
hand at the end oi the year would be about 44,800,000 barrels,
compared with 72,620,000 barrels on hand at the close of
1940, he continued.
"This would
mean
working levels with
of such
that stocks then would be at irreducible
no
reserves," he declared.
trend, he added, would
Continuation
that gasolie stocks at
the close of 1941 would be about 4,000,000 barrels below the
normal level; stocks of light heating oils would be about
3,000,000 barrels below the level necessary for home heating,
and stocks of industrial fuel oils, necessary for essential
defense needs, would be exhausted before the end of the year.
Construction of 100 reinforced concrete barges is the
a
mean
the
to
Aug. 30, 1941
a barrel under current postings, and at the
prevailing before the advance of Aug. 14.
On Aug.
25, the South Penn Oil Co. canceled its advances of Aug.
23
to 25 cents
levels
in accordance with
14
derson.
order received from Mr.
the
Curry, President of the South Penn Oil
Co., scored the order issued bv Mr. Henderson pointing out
that production, alreadv inadequate in view of the heavy
demand, would decline under the pressure of the lower prices.
He pointed out that the wave of protests filed by producers
and refiners immediately upon the news of the OPACS order
becoming public was proof of this contention.
The Plantation Pipeline Co., which is building a pipe¬
line to connect the East Coast
Louisiana's oil fields,
with
granted the right of eminent domain in an order signed
by President Roosevelt on Aug. 23 under the authority
granted bv the recently enacted Cole pipeline law.
Deputy
Coordinator Danes said on Tuesday that through exercise
of the right of eminent domain thus granted, the 1,200-mile
pipeline, running from Baton Rouge, La., to Greensboro,
N. C., should be completed in four months.
He pointed
out that not only would it supply the territory it covers but
also would move sufficient petroleum and products to permit
the release of 10 to 12 tankers now serving that area for use
was
on
the Gulf Coast-Atlantic Coast
Formation
of
efforts
bearing
owned
or
was
upon
controlled
Board to coordinate all
the allocation and utilization of tankers
by American oil and shipping companies
announced from
Harold L. Ickes
run.
Tanker Control
a
the
office
of
Petroleum
Coordinator
Aug. 27.
The board will be headed by
Ralph K. Davies, Deputy Petroleum Coordinator, as
Chairman, with M. W. Bowen, assistant director of the
Maritime Commission's division of emergency shipping, as
Vice-Chairman.
The establishment of the board, it was
indicated in Washington quarters, is a major step toward
ironing out of the friction between Maritime Commission
officials
and
on
those
of
the
Oil
Coordinator's
the Commission and the Coordinator's office to
dividual statistics upon the tanker situation.
A price ceiling upon ocean shipments of
lines.
tankers
Admiral Emory 8. Land,
First deliveries
on
the barges could be made in January, at
the rate of 20 per month, he stated in his testimony.
enthusiasm whatsoever for 750,000 tons of steel
"I have
going to
pipelines when it could be used for emergency and standard
ships," he declared. He added that there are 80 idle vessels
no
in
South America in which
could
be
used
to
alleviate
are
included 20 tankers which
the
situation.
A
"pro rata"
by the LatinAmerican republics and the United States, he disciosed, but
refused to discuss the details in open session.
Chairman Mahoney said that supplies of industrial fuel
for defense plans may be jeopardized if Latin-American
countries are permitted to get petroleum on the same basis
as
Eastern
seaboard
states.
Mr.
Maloney questioned
Admiral Land on statements made yesterday by Mr. Davies
formula for
their
use
has been worker!
that Latin-American nations
of oil
are
out
allowed the
same
amount
is being
delivered to the East Coast.
He pointed
England manufacturers, faced with short in¬
ventories, are worried for fear that they will have to shut
down operations for lack of fuel oil.
Such a shutdown, he
pointed out, would be a serious blow to the defense program.
Simultaneously with the opening of the Senate investiga¬
as
out that New
tion
came an
striking dispute to date has been the
The
news
of the action of
the
Associated
Gasoline
Aug. 24 by the Maritime Com¬
mission which disclosed that the order affected foreign flag
as
well
out that the
Philadelphia brought forth a charge from Price
Administrator Henderson that the group's action" is an un¬
warranted and unjustified attempt to take advantage of
motorists at a time when restraint is required from all
reputable businessmen."
Disregarding this statement,
Philadelphia operators, stressing that they were acting as
individuals rather than as an association, advanced gasoline
prices on Friday to 19 and 19.5 cents a gallon, against the
"fair price" of 18.5 cents set by Mr. Henderson for Phila¬
delphia.
With the recent 23-cent to
25-cent
a
Pennsylvania grade crude oil canceled
Office
of
Price
Administration and
barrel
as
a
Civilian
advance in
result of
an
Supply order
setting the ceiling at the levels prevailing before the in¬
crease, at week-end a group of Pennsylvania oil men were in
Washington seeking possible action for a review of the
price cut order.
J. K. Galbraith, of the OPACS office, has
offered to hold a hearing on the situation if the protesting
oil me l prepare cost and other data on operations in the
Pennsylvania grade crude oil fields to be submitted for con¬
sideration of the Federal agency before the hearing.
Mr. Henderson, Price Administrator, issued an order on
Aug. 23 imposing ceilings on Pennsylvania grade crude oils
as
on
American vessels.
new
maximum rat
*s
The Commission
pointed
for time charter of tankers,
effective
Sept. 1, were intended to stabilize charges and
prevent undesirable fluctuations in retail costs of petroleum
and its products.
for tankers
It
also disclosed that charter rates
was
subject to further study by the Commission,
the results of such study to be announced before Oct. 1, next.
Daily average production of crude oil in the United States
during the week ended Aug. 23 hit a new peak at 3,975,450
barrels, up 22,150 barrels, according to the midweek report
are
of the American Petroleum Institute.
The total was 35,450
the August market demand estimate of the
United States Bureau of Mines.
Gains of better than 20,000
barrels and 10,000 barrels,
barrels abov^e
respectively,
in
Illinois
Oklahoma offset lower production totals in California
other
major oil-producing
barrels in stocks
States.
A
decline
and
and
932,000
of
of domestic and
foreign crude oil in the
States developed during the week ended Aug. 17,
according to the United States Bureau of Mines, which
placed the inventory figure at 251,013,000 barrels.
Price changes follow:
United
Aug. 25—The South Penn Oil Co. canceled the Aug. 14 advances of irom
23 to 25 cents
a
barrel in Pennsylvania grade crude oil prices.
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford. Pa
12.75
are not
shown)
Rodessa, Ark., 40 and above
$1.20
Corning, Pa
1.31
East Texas, Texas, 40 and over...
1.25
Eastern Illinois
1,22
1.29
Illinois Basin
1.37
Kettleman Hills, 37.9 and over...
Pecos County, Texas
Lance
1.12
Mid Cont't, Okla., 40 and above..
Smackover, Heavy
...
REFINED
IN
1.25
,83
PRODUCTS—OPACS
40
EASTERN
TREND
OF
Creek, Wyo
Signal Hill. 30.9 and
LISTS
CITIES—MOVE
MOTOR
FUEL
MAXIMUM
IS
ANSWER
.95
1.23
over
GAS
TO
PRICES—GASOLINE
PRICES
RISING
PRICES
HIGHER IN NEW YORK-NEW ENGLAND MARKETS—EAST
Re¬
of
announced
was
son,
tailers
by both
gather in¬
mo^es
petroleum by
tankers
announcement from the office of Leon Hender¬
director of the Offic* of Price Administration and Civilian
Supply, setting maximum prices which should govern retail
gasoline sales in 40 Eastern cities.
Mr. Henderson issued
the list following reports that gasoline had risen as much as
three cents in some Atlantic Seaboard areas. Only immediate
reaction to the suggested price ceilings which carried no
threat of action by the OPACS and apparently depend
entirely upon consumer reaction for enforcement, came from
the Associated Gasoline Retailers of Philadelphia who an¬
nounced refusal to accept the 183^-cent level set for that city.
recent
Most
office.
gasoline shortage tnreat in the East Coast,
Chairman of the Maritime Com¬
mission, told the Senate group at its Friday hearings.
He
testitied that the barges could be budt faster than the con¬
templated pipelines and would require far less steel.
One
hundred barges, capable of being towed, would require only
100,000 tons of steel, against 750,000 tons of steel for pipe¬
answer
Hen¬
H.
P.
COAST
>
DISTRIBUTORS
TO
MEET
SEPT.
3—MOTOR
FUEL STOCKS OFF—FUEL OIL INVENTORIES
SEASONAL
IN
FUEL
CONTRA-
DIP
The Office of Price Administration and Civilian
Supply,
which
of
previously had announced that it was checking reports
rising gasoline prices in the shortage-threatened East
Coast areas, issued
a
"fair maximum retail price" table on
affected areas.
Aug. 27,
covering 40 major cities in the
That
table
the
did not in itself constitute a formal price
surprise, with the terms of the announcement
inferring that the prices were to be consumer-enforced.
Since motorists were urged to report instances where
they
were forced to
pay more than the prices listed in the table,
however, it was generally believed that more positive action
will be taken by the OPACS if this move is unsuccessful in
holding down prices.
schedule
was a
The OPACS said that the
price advances recently made
by dealers widening their own profit mar¬
gin, rather than as a result of tank wagon prices.
The major
oil companies, Mr. Henderson said, have
agreed not to
advance gasoline delivery prices and are
sticking by this
agreement.
Most of the retail prices listed in the table are
as of Aug. 1,
except in instances where price wars held down
prices at that date.
The "fair" price set in the table for
came
from
moves
Volume
cities in the New York-New England area is under
prevailing prices because it has been in those cities that the
advances have been made.
"Fair" prices for other cities
will be announced shortly by the OPACS, Mr. Henderson
many
said.
Following is the table of "fair maximum retail service
prices for regular grade gasoline, issued by the
station
OPACS:
The current week's figures were above
fkJ. "A
States during August.
Daily average production for the
four weeks ended Aug. 23, 1941, is estimated at 3,884,000
barrels.
The daily average output for the week ended
Aug. 24, 1940, totaled 3;508,000 barrels.
Further details as
reported by the Institute follow:
++c'V-
Tank
Federal
Cents
ice Station
Dealer
Slate cfe
<
Price
Location—
Retail Serv¬
Taxes,
Wagart
Margin
Cents
M^Price-^:':
Cents
Cents
9.6
5.5
4.0
5.5
4.0
20.1
19.7
.
10.2 '
5.5
4.0
9.2
4.0
9.8
4.5
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
17.8
New Bedford, Mass
9.7
18.2
9.2
4.5
4.5
4.0
Somerville, Mass
Lowell, Mass
Pittsfield, Mass
Providence, R. I_.
Hartford, Conn
New Haven, Conn
4.0
17.7
Worcester, M ass
,
>
£
...
9.8
4.5
4.5
Buffalo, N. Y___
10.1
Rochester, N. Y
9.8
Syracuse, N. Y
-
4.0
4.0
5.5
4.0
4.0
4.0
4.5
4.5
Philadelphia, Pa_
Pittsburgh, Pa
Scranton, Pa.
Erie,'
Reading, Pa_
_
estimated
daily potential refining capacity of the United
4.5
4.0
4.0
4.5
4.0
V".'
gasoline.
by all conpanies is esti¬
during the week,
AVERAGE CRUDE OIL
DAILY
PRODUCTION
(Figures In Barrels)
Actual Production
Four
B. of M.
Week
Change
Weeks
Week
lated.
State
Ended
from
Ended
Ended
Require¬
Allow¬
Previous
ments
ables
Aug. 23,
1941
Calcu¬
Aug. 23, Aug. 24,
1940
1941
Week
(August)
Oklahoma
492,400
415,000
b427,400
+ 10,450
419,150
401,750
Kansas
240,800
242,800
b254,550
+ 3,850
241,500
181,800
b7,350
+750
6,250
200
5,250
79,050
67,750
9.5
4.0
5.5
4.0
19.0
19.0
19.0
9.5
9.5
5.5
4.0
19.0
Panhandle Texas
4.0
5.5
4.0
19.0
18.5
18.2
16.5
20.0
North Texas
9.0
8.5
Hazeltine, Pa____
Wilmington, Del
Baltimore, Md
Washington, D. C
Richmond, Va
Norfolk, Va
5.5
5.5
East Texas
369,(500
—250
352,000
4.0
19.75
Southwest Texas
218,750
—100
—800
5.5
4.0
;V
5.5
9.0
;
4.0
3.5
-
9.5
6.5
9.25
4.0
'
6.5
'
4.0
4,400
Nebraska
.
75,000
100,200
+ 50
100,400
93,500
30,650
West Texas
—250
30,500
28.600
+ 1,600
259,750
195,350
82,800
209,050
71,400
374,850
181,300
276,600
187,600
+ 500
84,600
East Central Texas..
gallon in retail gasoline prices
ia southern New York State, New Jersey ana Pennsylvania
—
273,150
West Central Texas..
289,250
Coastal Texas
Advances of 1 to 2 cents
all
and in pipe
of finished and unfinished
The total amount of gasoline produced
mated to have been 13,220,000 barrels
17.5
18.5
4.0
5.5
of the end of the week 82,566,00(1 barrels
17.5
17.5
17.5
4.0
4.5
4.5
as
9.5
9.5
— _.
—
States
stills, on a Bureau of Mines
companies had in storage at refineries, bulk terminals, in transit
18.9
18.7
19.7
17.5
17.5
4.0
9.0
9.0"
9.0
9.0
barrel
indicate that the industry as a whole ran to
18.9
19.0
19.6
19.3
4.0
9.0
9.0
9.0
Reports received from refining companies owning 86.3% of the 4,538,000
17.8
17.8
4.0
4.0
4.0
4.0
Paterson, N.
Trenton, N.J
Camden. N. J__
Elizabeth, N. J
receipts of California oil at either Atlantic or Gulf Coast
ports during the week ended Aug, 23.
18.4
4.0
5.5
Jersey City, N. J
but it is impossible to make the separation
lines
5.5
5.5
Newark, N. J
were no
18.2
9.2
9.4
There
18.3
17.8
4.0
10.2
Yonkers, N.Y
Albany, N. Y
Utica.N. Y
23.
4.0
5.5
9.4
9.5
...
,
4.5
9.3
Aug.
basis, 3,975,000 barrels of crude oil daily during the week, and that
4.5
4.5
5.5
5.5
9.3
Bridgeport, Conn
New York, N. Y
4.5
9.7
9 3
9.9
ended
4-0
'
■
.
.&?
barrels diily for the four
These figures include all oil imported, whether
bonded or for domestic use,
17.7
Boston, Mass
totaled 1,713,000 barrels,
daily average of 244,714 barrels, compared with a daily average of 220,000
barrels for the week ended Aug. 16 and 244,929
in weekly statistics.
18.6
9.2
9.3
a
17.7
18.3
10.1
United States ports for the week ended Aug. 23
weeks
19.1
10.6
Portland, Me
Manchester, N. H_
Burlington, Vt
•
Imports of petroleum for domestic use and receipts in bond at principal
Maximum
k +
the 3,940,000 barrels
the Interior to be the
various oil-producing
calculated by the U. S. Department of
total of restrictions imposed by the
Fair
Springfield, Mass
Cambridge, Mass
Fall River, Mass.«
1197
The Commercial & Financial Chronicle
153
a
followed advances in the New
England marketing area in
the early part of this week.
Dealers posting the higher prices
said that lower gross revenue because of rationing and night
closing made it necessarv for them to increase their profit
margin on gasoline. All grades of gasoline showed strength
in the Gulf Coast markets with advances during the week
averaging
cent a gallon. Lubricating oils showed strength
in the midcontinent market, rising % to 1 cent a gallon.
As Standard Oil of New Jersey notified its 25,000 dealers in
the Atlantic Seaboard area that during the second half of
August their deliveries would be cut by 45 % of
their
July deliveries, plans were completed for a meeting of
representatives of retail gasoline distributors' organizations
in 16 States and the District of Columbia in Philadelphia on
Sept. 3 to discuss supplv prospects and other problems
currently facing the operators.
It was indicated that a
representative from the office of Petroleum Coordinator
Ickes will address the meeting.
Inventories of finished, unfinished and aviation gasoline
were off 1,211,000 barrels during the Aug. 23 week, dropping
to 82 556,000 barrels, the American Petroleum Institute
disclosed.
Refinery operations expanded sharply,
rising 1.3 points to 92.6% of capacity with dailv average
runs of crude oil to stills gaining 55,000 barrels to 3,975,000
barrels. A surprise was the contra-seasonal slump in hoi dings
of residual fuel oil which dropped 444,000 barrels during the
week.
Production of gasoline was up 723,000 barrels to
13,220,000 barrels.
Price changes follow:
report
+ 5,600
78,300
249,000
North Louisiana.....
Coastal Louisiana...
77,200
65,100
1,200
245,650
208,700
273,800
—
324,500
+ 4,400
322,850
74.350
+ 150
b48,O00
385,600
—1,600
73,850
48,300
73,900
20,300
+ 20,050
366,400
381,650
22,100
b21,000
+ 2,300
20,100
16,850
98,900
90,800
+ 350
91,000
89,750
25,200
—
.
327,300
74,428
390,100
Mississippi
Illinois..
325,081
80,700
Total Louisiana—
Arkansas
Indiana.
—4,500 1,389,850 1,200,350
1,361,600 C1404 665 1,441,400
Total Texas
.
Eastern (not incl. Illi¬
nois and Indiana)..
36,000
42,000
—950
42,300
53,750
...
85,000
83,100
78,350
...........
83,200
20,300
+ 2,350
20,000
...
4,400
3,900
+ 100
3,900
17,500
3,400
New Mexico........
112,900
113,700
+3,950
110,700
100,650
Michigan
Wyoming
Montana
Colorado......
112,900
641,000
d61Q,000
634,600
3,975,450
3,940,000
a
+ 41,650 3,239,600 2,894,000
3,340,850
Total east of Calif.. 3,299,000
California
These are Bureau of Mines' calculations of the
20,350
"
—
19,500
644,400
614,000
+ 22,150 3,884,000 3,508,000
requirements of domestic crude
premises outlined in its detailed forecast for the month of
stocks, or from new pro¬
duction, contemplated withdrawals from crude oil Inventories must be deducted
from the Bureau's estimated' requirements to determine the amount of new crude
oil based upon certain
As requirements may be supplied either from
August.
to be produced.
a.
m.
ended
Nebraska, Mississippi, Indiana figures are for week
b Oklahoma, Kansas,
7
Aug. 20.
allowable as of Aug. 1 but experience indicates that
it will Increase as new wells are completed, and if any upward revisions are made
Panhandle shutdown days are Aug, 3, 10, 17, 24 and 31; with a few exceptions the
rest of the State was ordered shut down on Aug, 2,3,9, 10, 16, 17, 23, 24, 30 and 31.
c
This is the net basic 31-day
d Recommendation of
Note—'The figures
Conservation Committee of California OH Producers.
Indicated above do not include any estimate of any oil which
might have been surreptitiously
produced,
PRODUCTION OF GASOLINE AND STOCKS
UNFINISHED GASOLINE AND GAS AND FUEL
CRUDE RUNS TO STILLS,
OF FINISHED
AND
OIL. WEEK ENDED AUG. 23. 1941
Aug. 23—Advances of 1 to 2 cents a gallon in retail gasoline prices de¬
(Figures in Thousands of Barrels
of 42 Gallons Each)
veloped in several sections of the New York-New England marketing area.
Aug. 25—Prices of gasoline at service stations advanced in New Jersey
New
Dadv Refin¬
ing Capacity
forward price movements in New York and
England,
in Philadelphia.
Texas
$.085
$.085
—
Chicago
Branded,
y
y
Shell Eastern...
.
$.06-.08 yt
Gulf Coast...
.085
.06-.06
Oklahoma
.09
Tide Water Oil
.06-.06^i
Super.
New York—
(Bayonue)..
,
.
.....
Philadelphia—.—.$.0525. New Orleans.$.05H->06
.04 Tulsa.—..
.04$*-.04j*
$.055 North Texas—.....
Diesel....
$1.35
Phila, Bunker C
1.35
Halifax
—
7 plus
.....
1.60
Aver.
129
92.8
752
84.4
and
Fuel
Oaso¬
Oaso¬
Dis¬
011
line
Blended
line
80.7
tillates
8,791 E. C'st
1,688
.
20,094
14,896
459
98.4
413
Avia¬
ished
91.4
615
Stocks b Stocks
Natural
ated
625
2,950
14,825
582
561
4,884
4,099
2,378
305
91.6
1,197
6,767
63.2
141
84.9
654
91.0
984
98.5
3,191
2,182
11,465
3,205
6,264
1,948
1,910
263
357
439
663
Inter'r
1,323
1,284
8,242 G. C'st
1,771
1,510
3,142
89.1
149 106.4
No. La. & Ark
95
49.9
55 117.0
149
388
321
Mtn._
136
50.1
50
73.5
249
1,083
121
429
787
90.9
571
79.9
1,578
13,957
12,330
65,219
1,743
3,624
92.6
11,900
76,916
5,650
43,257
92,808
6,832
1,025
1,500
360
94,308
13,220 a82,566 44,282
12,497 fg83777 £43,558 £94,752
£7,427
43,407 106,933
5,689
Louisiana Gulf
86.3
Reported
1,320
351
r
425
Calif.
•Est. tot. U.S.
$.03X-.O*"
I
Aug. 23, '41
4,538
Aug. 16, '41
|Tulsa
$.053
ing
Unfin¬
a
Incl.
port¬ Daily Oper¬
673 100.0
83.8
166
Est. unrep'ted
2.00
(Chicago—
$.041
28.30 D
tion
fineries
P. C.
$.85-.90
Gas Oil* F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
sidual
1,097
156
California
Savannah, Bunker C.$ 1.30 iGulf Coast-...
of Re¬
Oil
Texas Gulf...
Rocky
Fuel Oil* F.O.B. Refinery or Terminal
N. Y. (Harbor)—
Bunker C
of
Oas
a
Kan.,
Missouri...
.0525
Baltimore
Ind., Ill,, Ky.
Okla.,
Fin¬
ished dk
Inland Texas.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
■
East Coast...
Appalachian..
Produc'n
Re¬
Rate
Other Cities—
New York—
New York—
x
Stocks
to Stills
P. C.
tial
U. S. Gasoline (Above 65. Octane), Tank Car Lots, F.O.B. Refinery
Socony-Vac
Po¬
ten¬
District
Aug. 29—Gasoline prices were advanced to 19 and 19.5 cents a gallon
.
Stocks
Oasoline
at Re¬
and Pennsylvania following
Crude Runs
4,538
3,975
3,920
7,192
♦U.S.B. of M.
Daily Average Crude Oil Production for Week Ended
Aug. 23, 1941, Continues Higher
The
American
Petroleum
Institute
estimates
that
the
daily average crude oil production for the week ended
Aug. 23, 1941, was 3,975,450 barrels.
This was another
new high mark and a gain of 22,150 barrels from the output
of the preceding week (the previous ad-time high record).
Aug. 23, '40
c3,508
dll.468
85.258
terminals, in transit
and In pipe lines,
b Included in finLshed and unfinished gasoline total,
c Aug.,
1940, daily average,
d This Is a week's production based on the U. S. Bureau of
Mines daily average,
e Finished, 75,065,000 bbl.; unfinished,
7,501,000 bbl.
f Revised upward in Texas Gulf area by 363.000 bbl. due to error by reporting
company,
g Revised to exclude those quantities of shuttle or lease-lend material
which were formerly reported by companies concerned as part of East Coast in¬
ventories.
Tnis procedure will also be adopted by the Bureau of Mines beginning
with its petroleum statement covering the month of July.
*
Estimated Bureau of Mines basis,
a
At refineries, bulk
Weekly Coal Production Statistics
the
Aeskly coal report of the Bituminous Coal
Division, United States Department of the Interior revealed
been
production of soft coal increased slightly in the week
16.
The total output is estimated at 10,740,000
net tons, as against 10,550,000 tons in the preceding week.
Production in the corresponding week of 1940 amounted to
but 8,915,000 tons.
said.
UNITED
COMPARABLE DATA
STATES PRODUCTION OF SOFT COAL WITH
ON PRODUCTION OF CRUDE PETROLEUM
(In Thousands of Net Tone)
1941
1940
in
total
1929
the
Coal equivalent
10,550
1,790
1,758
8,915 297,194 276,528 324,607
1,486
1,529
1,422
1,661
6,333
of weekly output.
6,266
5,636 195,355 196,546 143,752
!
with
meet
Lead
,
,
■/.'yv,.
y--;,
representatives of
PENNSYLVANIA
OF
PRODUCTION
BEEHIVE
ANTHRACITE
AND
COKE
3
quantity released by
Metals Reserve for August
of
lead,
common
excluding
metal
Aug. 17
1941
1940
1941
1940
1929
a
the contract basis of
York,
5.70c., St.
a
of
for
zinc
the
1,174,000 C1287.000 952,000
c.33387000 31,815,000 42,693,000
Com'J production _d 1,115,000 C1223.000 904,000 C31724000 30,224,000 39,619,000
Beehive Coke-—-
138,100
138,200
23,017
United States total.
23.033
Daily average
61,300
3,693,500
1,322,700
18,941
10,217
4,327,300
6,783
remains
zinc
tight.
producers
some
The
With
ended
22,191
amounted to 3,979
23
zinc
"pool"
Joplin
concentrate
The supply situa¬
situation
basis
firming
September
the July
established
was
rate
by
Division
the
10%.
•
week's
last
issue it
stated
was
there
that
were
imports of slab zinc
no
during June.
'-//A
was
almost unobtainable.
market
the Metals Reserve Co.
release
a
those
moderate
announced
tonnage of
actually in need of tin.
consumers
week occurred
in
of
out
preserve
its
Straits tin
delivery held at the "fixed" level of 52c.
Straits tin
To
orderly
an
during the last week that it will
metal
spot
stockpile
for spot
The only
relieve
to
and nearby
in
movement
prices
futures.
for future arrival
was
as
follows
:
August
September
October
November
52.000
OF COAL, BY STATES
52.000
52.000
61.850
Aug. 9 Aug. 2 Aug. 10 Aug 12 Aug. 10
1940
1929
1941
1941
1939
State
f
Aug.
Avge.
1923e
3
3
3
350
285
225
354
77
77
52
61
77
----
.......
126
90
77
117
*
*
f
52.000
52.000
52.000
52.000
52.000
51.950
52.000
52.000
52.000
52.000
t.
51.875
Chinese tin, 99%, spot, was nominally as follows:
Aug. 21, 51.125c.;
Aug. 22, 51.125c.; Aug. 23, 51.125c.; Aug. 25, 51.125c.; Aug. 26, 51.125c.;
Aug. 27, 51.125c.
DAILY PRICES OF
METALS
Electrolytic Copper
("E.
Straits
&
M. J." QUOTATIONS)
Tin
Lead
Zinc
f
1
1
1,020
—
51.875
52.000
397
1,073
789
648
914
1,363
403
—i-
-
Indiana
51.850
52.000
173
439
302
229
296
440
Georgia and North Carolina
Illinois
52.000
52.000
81
124
Arkansas and Oklahoma
Colorado
52.000
f
2
346
Alaska
Alabama..
52.000
52.000
Aug. 27
Week Ended—
■
Aug. 21....*.*«.
Aug. 22
Aug. 23.
Aug. 25
Aug. 26....
(The current weekly estimates are based on railroad carloadings and river ship¬
revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
ments and are subject to
of
production.
of
Correction—Imports of slab zinc during June amounted to 3,696 tons,
which 905 tons were imported from Canada and 2,791 tons from Mexico.
last
(In Thousands of Net Tons)
up,
for Prime Western
indefinitely.
for
27% of
at
the
The backlog of the
tons.
Emergency stock for
August was 27% of the output for June.
The quantity of zinc oxide to be
set aside for
the "pool" during September was continued at the rate
Adjusted to comparable periods in tne three years,
b Includes washery and
dredge coal, and coal shipped by truck from authorized operations,
c Revised,
d Excludes colliery fuel.
WEEKLY PRODUCTION
Aug.
wondering whether the 7^c.
are
be maintained
can
Priorities
a
ESTIMATED
Reserve,
:>'r\ "v:Vvfvs\:';v"
week
dropped slightly to 72,187
group
Spot and nearby tin
colliery
incl.
b
IMetals
Louis.
common
Western
Prime
Pa. Anthracite—
fuel
was
The quotation held at 5.85c.t
the American Smelting & Refining Co.,
Tin
Total,
by
released
tons, with shipments in the same period of 4,388 tons.
In
Aug. 9
1941
Wash¬
28,000 tons.
Sales
of
Calendar Year to Date
Aug. 16
in
consider allocations of foreign
to
The
believes.
and at
of
(In Net Tons)
Week Ended
,
the Government
amounted to 4,547 tons during the last week.
tion
of historical comparison and statistical convenience the
production of lignite,
b Total barrels produced during the week ocnverted to
equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u, per
pound of coal.
Note that most of the supply of petroleum products Is not directly
competitive with coal (Minerals Yearbook 1939, page 702.)
c Sum of 33 weeks
ending Aug. 16, 1941, and corresponding weeks of 1940 and 1929.
ESTIMATED
of
tons
Of the total quantity
against 119,857 tons in June.
v'..
will
Sept.
on
trade
Includes for purposes
a
far
so
on
Zinc
10,740
Daily average—
Crude Petroleum b—
was
last
month
the basis of 12c., Valley.
United States produced 122,158
closed
Bituminous Coal a—
Total, including mine fuel
the
for
it
for the
Sales
appreciably.
lead for September.
Quick action is expected, and the program of moving foreign lead to
consumers will probably operate without much difficulty from now on, the
ington
New
1940
operating
eased
making the
c
9 Aug. 17
1941
1941
Calendar Year to Date
were
-
Producers
Sales
Aug. 16 Aug.
has
tons,
produced during July, 30,196 tons consisted of foreign origin copper.
around
Week Ended
13,624
during July,
copper
market
the
to
All sales
Refineries
United
ESTIMATED
amounted
67,764 tons.
estimated
in
Tension
'
week
prob¬
believe that future purchases by Metals Reserve will
ably be concluded at a higher level than 10c.
Allocations for September will go into the mail in a few days,
ended Aug.
States Bureau of Mines reported that the
production of Pennsylvania anthracite for the
week ended Aug. 16 was 1,174,000 tons, a decrease of 113,000
tons (about 9%) from tne preceding week.
In comparison
with the output in the corresponding week of 1940, how¬
ever, there was an increase of 222,000 tons.
Chile faces
problem of raising additional funds through taxation, and copper has
mentioned as a likely source, leading to agitation for a higher price.
Observers here
that
Aug. 30, 1941
keep the copper moving to this country after that month.
to
The current
The
Chronicle
The Commercial & Financial
1198
30
St. Louis
St. Louis
100
Aug. 21
10.950
52.000
132
136
93
85
97
145
Aug. 22
11.775
10.950
52.000
5.85
924
904
789
777
873
765
Aug. 23
11.775
10.950
52.000
5.85
218
199
146
114
209
217
Aug. 25
11.775
5.85
5.70
7.25
38
37
26
26
48
44
Aug. 26
11.775
10.950
52.000
5.85
5.70
7.25
1
2
8
9
17
21
Aug. 27
11.775
10.950
52.000
5.85
5.70
7.25
Montana
53
48
45
45
57
50
New
20
18
16
21
37
49
11.775
10.950
52.000
5.85
5.70
7.25
* *
Western
.
.
*
** .
29
.—
—
.
Maryland....—
Michigan..*
• ---—
—
Mexico
21
21
North and South Dakota
64
New York
Kentucky—Eastern
„
37
New York
Kansas and Missouri
Iowa
42
Dom.,Refv. Exp., Refy.
fl2
21
16
628
452
374
445
871
2,660
2,254
1,829
2,764
3,734
130
bituminous
Pennsylvania
123
116
106
102
118
Tennessee
Texas.
*.* * *.*....—
-
9
~
10
6
22
16
24
81
68
72
44
63
83
390
399
295
286
227
248
35
29
27
27
36
47
2,227
2,203
1,912
1,851
2,127
1,515
854
813
613
525
676
875
93
106
154
Utah
Virginia.....
....
Washington.
West Virginia—Southern.®
Northern, b
110
Wyoming.....
107
*
1
Other Wistern States.c
91
*
*
f5
15
10,550
10,500
8,544
7,529
9,745
11,538
1,285
1,237
834
833
1,063
1,926
11,835
Total bituminous coal
11,737
9,378
8,362
10,808
13,464
Pennsylvania anthracite.d
...
10.950
a
Includes operations on the N. <fe W.; C. & O.; Virginian; K. & M.; B. C. & G.,
and on the
&
B.
in Kanawha,
O.
Mason, and Clay Counties,
b Rest of State,
including the Panhandle District and Grant, Mineral and Tucker Counties,
c In¬
cludes Arizona, California, Idano, Nevada and Oregon,
d Data for Pennsylvania
anthracite
for
rate
published
from
month,
entire
included with
records
f Alaska,
of tne Bureau of Mines,
e Average
weekly
Georgia, North Carolina and South Dakota
"other Western States,"
* Less than 1,000 tons.
Non-Ferrous Metals—Aluminum at 15c. After
Sept. 30—
Higher Antimony Quotation Canceled
"Metal
and
Mineral
Markets/' in its issue of Aug. 28,
though aluminum does not compete with
reported that even
any of the major non-ferrous metals under prevailing com
ditions, producers of copper and zinc were deeply interested
in
trend
of prices
for the light metal.
1, aluminum will be sold (to those who can
get it) at 15c. a pound, a reduction of 2c.
The leading pro¬
ducer of antimony raised its quotation %c. on Aug. 21, but
the
downward
Effective Oct.
on
from OPACS canceled the rise on the following
Tin for future! delivery strengthened during the last
pressure
day.
week, prices moving up to the spot level.
Quicksilver for
future delivery
was
unsettled.
The publication further
reported:
Copper
Interest
in
the contract
will
leave
copper
centered in developments in connection with renewing
for Chilean metal.
Chile
during
October.
The
last shipments
under
Negotiations should be
the old contract
concluded
52.000
5.70
7.25
5.70
'
7.25
5.70
7.25
Average prices for calendar week ended Aug. 23 are: Domestic copper f.o.b.
refinery, 11.775c.; export copper, f.o.b. refinery, 10.950c.; Straits tin, 52.000c.;
5.850c.; St. Louis lead, 5.700c.; St. Louis zinc, 7.250c.; and silver,
New York lead,
34.750c.
The above quotations are "M. & M. M.'s" appraisal of the
major United States
markets, based on sales reported by producers and agencies.
They are reduced
the
to
basis of cash.
New York
soon
or
St. Louis,
as
noted.
All prices
are
In cents
per pound.
Copper, lead and zino 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.
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above
are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the
refinery oasis.
Export quotations for
Total, all coal
5.85
f20
646
2,658
Ohio
Average
11.775
copper
are
reduced
to
net
at
refineries
on
the Atlantic
seaboard.
On foreign business, owing to the
European War, most sellers are
restricting offerings to f.ajs. transactions, dollar basis.
Quotations, for the present,
reflect this change in method of doing business.
A total of 0.05c. Is deducted from
f.a.B. basis (lighterage. <fec.) to arrive at the f.o.b.
refinery quotation.
Due to the
European
war the usual table of
daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: Aug. 21, spot, £256%,
three months, £259*4; Aug. 22, spot,
£256%, three months,
£259% ; Aug. 25, spot, £256*4, three months, £259%; Aug. 26,
spot, £256, three months, £259%, and Aug. 27, spot, £256%,
three months,
£259%.
Nation's Steel Capacity Increased By
Nearly 2,000,000
Tons Since Jan. 1
The steel
industry increased its annual steelmaking capac¬
ity by a total of almost 2,000,000 tons during the first half
of 1941, making a total increase in the
past 18 months of
nearly 4,500,000 tons of new capacity, it is revealed by
figures recently compiled by the American Iron and Steel
Institute.
Installations of
new
equipment during the first six months
capacity as of
ingots and castings.
of this year raise the
industry's total annual
June 30,1941, to 86,148,700 tons of steel
At the close of 1940, the nation's steel
capacity was rated
84,152,000 tons per year.
The Institute further states:
at
Capacity is ordinarily rated by the Institute only
as
of the close of
a year,
but the substantial auditions to
capacity which went into operation during
Volume
The Commercial & Financial Chronicle
153
rirst halt of 1941 made advisable
ne
a
survey of capacity as of mid-year.
Blast furnace capacity of the
industiy was increased by 30C.000 tons
during the first half of this year, and is now rated at 57,937,000 tons of pig
iron and ferro-alloys per year.
Plans
are now
being considered to construct
additional 6,500,000 tons of blast furnace
capacity.
an
Present steel making capacity of the industry is
18% greater than the
72,985,000 tons of capacity available in 1929, and exceeds by fully 40%
the total of 61,021,000 tons of
capacity available in 1918.
Of the total tonnage of new steel
capacity w hich was placed into operation
during the first half of thie
tional
hearth
open
capacity of
slightly
year,
furnace
about 1,500,000 tons represented addi¬
capacity
electric furnaces,
new
as one converter,
and
786,000
tons
represented
the
Bessemer steel capacity was reduced
installed largely for experimental purposes,
was
dropped from the list.
Total capacity for producing steel by the open hearth
process is now
rated at 76,097,130 tons per year, a new peak.
Bessemer steel capacity as of June 30, 1941, is rated at 6,793,400 tons
year>"W/fe-^
Steel
Industry Still in Quandary as to Government's
Wants—Priorities Creating Hardships
The "Iron
another
follows:
hot
pipe.
The
combined tonnages of these products produced for sale during
the past decade
approximated 78% of all finished steel
products offered for sale, other than tin plate and galvanized
steel.
It was decided to eliminate the coated
products from
the index in order to make it more
truly representative of
the value of finished
steel, per se, rather than expose it to
the influence of the market
prices of other metals, as well.
The importance of each price used in the
composite index
has been weighted in direct
relationship, to the tonnage sold
during the past decade, so that its true weight upon the
were
selected,
as
accurately reflected.
sensitivity of "The Iron Age's" new finished steel
composite index is reflected by the fact that during the 19291940 period it registered a low
point of 1.7584c. in May,
1933, and a peak of 2.58414c. in March, 1937, whereas the
former index indicated a low of 1.792c. in
May, 1933, and a
high of 2.512c. in March, 1937. Moreover, the new weighted
price is expected to reflect future conditions more accurately
The
when the defense
emergency comes some time to its inevitable
end.
/
THE
Age" in its issue of Aug. 28 reported that for
seven
10 classifications
group,
hot rolled strip, cold rolled
strip, bars, plates, beams,
rolled sheets, cold rolled sheets, wire, rails, and
index is
Capacity of the industry's electric furnaces, used primarily to produce
high quality alloy steels, is now 3,272,370 tons, likewise the highest on
record.
In the past year and a half, electric furnace
capacity has risen
nearly 75%.
per
major steel
1199
days, the steel and metal-working industries
have been racing from knothole to knothole in the series of
openings through which, from time to time, they have been
given official views, none complete, of what the Government
•IRON AGE"
COMPOSITE PRICES
Finished Steel
Aug. 26, 1941, 2,30467c. a Lb.
One week ago
...2.30467c.
One month ago.
One year ago
A
weighted index based
steel bars,
on
beams, tank plates, wire, rails, black
pipe, hot and cold-roiled sheets and
2.30467c.
2 30467c.
strip.
These products represent 78%
of the United States output.
The "Iron Age" further
program.
While
difficulties of manufacturing defense items in the quantity
demanded, in the time periods hopefully outlined, can eventually be
now
some
industrialists believe that in backing
overcome, most
up
the "maintenance
of membership" principle in the Federal Shipbuilding strike at
Kearny,
N. J., the Government is hardly taking the right step to help a lame
dog
over a stile.
Certainly most industrialists and most employees want to
help the defense program.
ruptions in production.
Certainly most of them do not
By assuming management
inter¬
want
powers at the
Kearny
High
2.30467c.
1940
done in the defense
stated:
1941
2.30467c.
Jan.
2
2.24107c.
Apr.
1939
wants
2.35367c.
Jan.
3
2.26689c.
May
16
16
2.58414c.
Jan.
4
2.27207c.
Oct.
18
4
1938
1937.
2.58414c.
Mar.
1936
2.32263c.
Dec.
open
the door lor similar maintenance
ot
membership union demands
on
all metal-working companies which have union contracts.
On the credit side of the week's news,
purchasing officials giving
up
of
some
spread sub-contracting and head off
strongly-held
to
a
substantially higher costs and negotiate contracts at higher prices to
stimulate more subcontracting of defense work.
These steps were taken, it
production chief and
to
Washington of Lord Beaverbrook, British
of the British "bits and pieces" program.
a sponsor
Much dissatisfaction
2.07642c.
Oct.
1
2.U6492C.
Jan.
8
2.15367c.
Jan.
2
1.95578c.
Apr. 24
Oct.
3
1.95757c.
1933.
1.75836c.
May
1932
1.89196c,
July
1.83901c.
Mar.
1
1931
......1.99629C,
Jan.
5
13
1.86586c.
Dec.
29
1930
2.25488c.
Jan.
7
1.97319c.
Dec.
9
1929
2.31773c.
May 28
2.26498c.
Oct.
over
arises in Midwest areas.
A recent survey of small
the
showed that 64%
working field)
Illinois plants (95% in
to be
expect
of business
out
supply them with mar
During the next 30 days significant changes are likely in the
general industrial picture with many hundreds of small plants in Ohio,
Pennsylvania and other industrial States restricting their operations
closing down entirely.
or
Possibilities that iron and steel scrap will come under a full priorities
or that a Government pool to handle emergency needs will be
$23.61
Mar. 20
$23.45
Jan.
2
1940
1939...
23.45
Deo. 23
22.61
Jan.
2
22.61
20.61
1938..
23,25
Sept. 19
June 21
19.61
Sept.12
July
6
1937
23.25
Mar.
being discussed at midweek, prior to the Knudsen-Henderson
with
scrap
buyers and sellers.
higher scrap prices, since community
to
bring out the continued,
Steel plants apparently
scrap
collection drives
unlikely
heavy tonnages needed and other methods
tried to bring out sufficient scrap have not been successful.
The Southern
States, normally not an important contributor to the scrap supplies,
able to develop
ago
when prices
large tonnages during the export movement of
were
face
are
sufficiently high to
a
were
few years
encourage scrap collection.
Mean¬
20.25
Feb.
Nov. 24
18.73
Aug. 17
1935
Nov.
5
17.83
May 14
Jan. 27
................................
18.84
17.90
May
1
16.90
16.90
Dee.
5
13.66
14.81
Jan.
13.56
Dec.
6
1931
15.90
14.79
Deo.
15
1930
18.21
Jan.
Jan.
5
6
7
15.90
Dec.
16
1929
18.71
May 14
18.21
Dec.
17
1933
*
1932
Partly because of lack of scrap, steel plants
production above last week's rate, the
were
average
continuing unchanged at
97%, based on the American Iron & Steel Institute's
of June 30.
unable to push ingot
new
capacity figures
On the old basis this week's rate would
be 99M%.
The new
capacity figures show total openhearth capacity of 76,097,130 tons, electric
as
furnace capacity
Construction
of 3,272,370 tons and bessemer capacity of 6,793,400
with
Federal
funds
of
four
blast
furnaces
with
a
tons.
total
annual capacity of L,572,000 tons, to be operated by Republic Steel
Corp.,
is another step in the OPM plan to lift blast furnace capacity
by 6,500,000
tons
annually.
A sidelight
on
the metal shortages
appears in reports from
various "Iron Age" correspondents that many foundries, beset by a lack
of scrap and
hampered by priorities shutting off iron supplies irom
non-
defense plants, are In a precarious position.
Meanwhile steel manufacturers regret the spread of the misconceptions
that most steel going into defense will be for tanks,
ships, guns, planes.
Actually the oiggest tonnages of defense steel will be utilized in pipe lines,
freight cars, factory buildings and other such items.
Other common errors
are
in believing that steel is being hoarded and in confusing the
industry's
ingot capacity figures of more than 84,000,000 tons with the 55,000,000
tons of finished and semi-finished steel likely to be shipped in 1941.
Incoming business dropped this week for
some
steel plants, as
Aug. 26.1941, $19.17 a Gross Ton
One week
ago
consumers
Hloh
Deo. 30
22.60
Oct.
16.00
1
are
are
expected to be placed in
a
yielding to Government control of tonnage accepted, schedules and
14.08
11.00
May 16
June
7
Mar. 30
12.92
9
Nov. 10
17.75
Dec. 21
12.67
June
Dec. 10
Apr. 29
1934
13.00
Mar. 13
10.33
9.50
1933———————————— 12.25
Aug.
6.75
8
9
Sept. 25
Jan.
3
July
5
Dec. 29
1932
8.50
Jan.
12
6.43
1931
11.33
Jan.
6
8.50
15.00
Feb. 18
11.25
Dec.
9
17.58
Jan.
29
14.08
Deo.
3
——
1929....—.—.—.—.
The American Iron and Steel Institute on Aug. 25 an¬
nounced that telegraphic reports which it had received indi¬
cated that operating rate of steel companies having 91 % of
the steel capacity of the industry will be 98.5% of capacity
for the week beginning Aug. 25, compared with a revised
figure of 96.2% one week ago, 97.6% one month ago (like¬
wise revised)
and 91.3% one year ago (unrevised). This
represents an increase of 0.3 points, or 0.3%, from the
preceding week. Weekly indicated rates of steel operations
since Aug. 5, 1940, follow:
1940—
1940—
6—.—90.5%
89.5%
Aug. 19—89.7%
Aug. 26
91.3%
Aug.
Aug.
12
Sept. 2
Sept. 9
Sept. 16
-82.5%
91.9%
Sept. 23
Sept. 30
92.5%
92.6%
94.2%
94.4%
94.9%
95.7%
96.0%
96.1%
Oct.
92.9%
7
28
More and more the steel consuming and producing industries
Apr.
3
*
13.42
Oct.
days.
Apr, 10
16.04
Noy, 22
21.92
14
tremendous, and heavy new defense orders
$19.17
7
Jan.
1935*
21
few
Low
21.83
1938
1937
1936
steel
19.08,
..$22.00
Oct.
Demand for plates, shapes and bars is
melting
heavy
and Chicago.
1940
Oct.
well above plant capacity.
1
quotations at Pittsburgh, Philadelphia,
19.17
1941
gathered information for form PD-73,
still
[Based on No.
_$19.17{
One month ago.————
One year ago..—..——........-
submitting orders to steel companies.
as required by the OPM, before
Other companies reported an inflow
3
Jan.
Steel Scrap
1930...—
while the OPACS scrap price structure Is in a state of complete collapse.
16
9
1936—19.74
1939
system,
conference
Lou>
High
1941
terials.
were
29
Aug. 26, 1941, S23.61 a Gross Ton
(Based on average for basic Iron at Valley
One week ago............—$23.61
furnace and foundry iron at Chicago,
One month ago
23.61
Philadelphia,
Buffalo,
Valley,
and
One year ago...
22.61
Southern Iron at Cincinnati.
before the end of the year unless a way is found to
created,
2
Pig Iron
1934
priorities and losses sustained by small plants
through mandatory diversion of such materials as steel to defense work
metal
Mar. 10
navy
positions
to face
noted, following the visit
Jan.
2.05200c.
............
industry finds army and
their
depression in the midst of prosperity.
As their share in spreading the orders, army and navy buyers are
prepared
was
2.32263c.
1935
not in
of
9
28
1934
yards
(without, however, indicating that it would dismiss employees
good union standing) ,' the Government did not move in the direction
peace and order and greater defense production. Apparently it did throw
Low
2.30467c.
Nov.
4
Nov. 11
x
-1941—
1941—
Nov. 18—96.6%
Feb. 24
96.3%
June
9
98.6%
Nov. 25
.96.6%
Mar
3
97.5%
June
16
Dec.
96.9%
96.0%
.96.8%
80.8%
95.9%
Mar. 10
June 23
99.0%
99.9%
Mar. 17
98.8%
99.4%
Mar. 24
Det.
2
9
Dec.
16
Dec.
23
Dec. 30
1941—
Jan.
6--—-97.2%
Jan. 13
98.5%
Jan. 20
96.5%
Jan. 27
97.1%
Feb.
3
96.9%
June 30
....91.8
vo
99.8%
July
7
94.9%
Mar. 31--—-99.2%
July
14
95 2%
Apr.
7
Apr. 14
99.3%
98.3%
July
Apr. 21
Apr. 28
May
5
96.0%
94.3%
12
19
May
96.8%
Feb.
10
97.1%
May 26
99.2%
99.9%
98.6%
Feb.
17
94.6%
June
2
96.0%
97.6%
96.3%
Aug. 11 —-95.6%
Aug. 18
96.2%
Aug. 25
96.5%
July
Aug.
21
28
4
99.2%
May
The revisions in the rates published for previous weeks reflect the recently
nounced Increased capacity of the
industry, rated
as
an¬
of June 3i>, 1941.
deliveries.
"Steel" of Cleveland, in
Change Made in Composite Index of Finished Steel Prices
In order to reflect the broad
changes that have taken p'ace
of steel produced and the relative
importance of each group, The "Iron Age's" finished steel
price index has been revised to more fully appraise the nature
of production for steel as it is constituted today.
After
careful weighting of the importance and sensitivity of each
with respect to the types
markets,
on
its summary of the iron and steel
Aug. 25, stated:
Under the impact of the all-out priority system recently applied to steel
in all forms some consuming
plants already have been forced to suspend
operations on civilian goods.
Although not yet in the critical stage, indica¬
tions
are
that such suspensions will become widespread, resulting in large
unemployment during at least a temporary period in turning from civilian
goods production
general.
' to
defense.
'
Involved
are
goods made from metals in
'
The Commercial & Financial Chronicle
1200
Under the stringent new pig iron regulations one Southern producer finds
it hereafter can ship to only about 10% of its customers, who
priority business, the remaining 90%
on
decision
The
cut
to
passenger
car
are
engated
are
analyzed their order books to determine what finished
mills
week
products are least involved in defense.
and
fewest
next
steel
that order.
Some semi-finished
going into wire immediately will be diverted to products such
now
plates, which come largely under high
priority.
as
Similar diversions will
reduce the output of the other products named, excepting
production last
areas
Aug. 30, 19M
week advanced
being slight.
H-Point
as
98M%.
to
33^ to 93, Cincinnati 2Yz to 88 and Buffalo 2)4
follows:
Pittsburgh,
changes in
Chicago gained Wz points to 101 H%, Cleve¬
dropped 2 points to 92 and Wheeling 1 point
to 93%.
Detroit
Unchanged rates
to 92.
were
Youngstown, 98, New England, 90, eastern
100,
Pennsylvania, 95 Y, St. Louis, 98, Birmingham, 90.
Fewest priority orders involve wire
apply in cold-rolled sheets and strip, galvanized sheets,
sheets and strip, tin plate, in
hot-rolled
various
land
threatened with shutdowns.
production 26during the four
months starting Aug. 1 is a straw showing which way the wind is blowing.
Last
Steel
Lake
Superior iron ore consumption in July set
new
a
high mark at
6,497,442 gross tons, eclipsing the previous high set in March.
continued
rate
or
exceeded through the winter the expected
With this
until the opening
over
total
season
of 75,000.000 to 78,000,000 tons of ore would be none too much
of navigation in 1942.
to tide
'
possibly tin plate,
"Steel's" composites hold unchanged at the level prevailing for several
which, while not yet under extensive priority, will be needed in large volume
weeks, $56.60 for finished steel, $38.15 for iron and steel and $19.16 for
for food canning.
steelworks scrap.
Plate
as
i';''■ ;';r^i
hope the
consumers
It is believed
regulations
new
result in better shipments
may
material lor shipbuilding has been accumulated in ship¬
yards faster than it can be fabricated and that cognizance may be taken of
this
and
plates be released for other purposes until accumulations have
been reduced.
to keep up
to the "Wall Street Journal" of
production
this preference is behind
as
specify that
mills
Form
PD73
be
received from
customers
by
1 for all orders now on books, although the priorities division has
Sept.
provided that this form may be furnished by Oct.
orders
on
15 in connection with
books before Sept. 1, on which shipments will not be completed
Producers
by Oct. 15.
are
emphasizing to customers that this form has
nothing to do with priority rating, which must accompany all new orders.
They also point out that mills
covered by
U.
iron.
Reports of sales at $2 to S3
Steel is estimated at 973^%, the same as the week
99lA%, also unchanged from the preceding week.
they
9834%.
were at
;
+
before, and
Leading independents
are
with the nearest corresponding week of previous years,
together with the
approximate changes, in points, from the week immediately preceding:
Industry
1940
over
Independents
9914
93
14
+
63
.........
S. Steel
9714
9034
1939
1938
per ton
I.
99
1941.
the ceiling have
at Cleveland at $23.50 and at
Chicago at $23.
mandatory priority to
to be announced soon to
cover
steel warehouse sales is expected
clarify the situation of secondary suppliers and stop
leaks of material for less essential requirements.
Warehouses have been
tightening releases to civilian trade and filling higher priorities first.
Automobile production last
ago
:''CO-
The following tables gives a comparison of the percentage of production
1 heavy melting steel is reported to have been sold
in the Pittsburgh district at $25 per ton,
credited
Two weeks
89
14
—
57
—114
6914
—114
+3
+2
3714
+3
4934
1937.
84
+ 1
84
+3
84
1936
72 H
6934
+
45
-
year.
—514
42
1933
1932
57 X'
—6
12
—
65
14
1314
—1
—1
1929
87 34
—134
93
1928
7714
+ 134
14
—1
—834
—
29
,14
14
—7
4234
14
—
34
—
—
50
—4
41
14
—
—1
•31
75
34
19
—7
13
-
1931
+ 1
—
1914
37
—1
19
1934...
1930...
week totaled 45,525 units, compared with
46,750 the previous week and 23,732 in the corresponding period last
44
1935
been received and No.
Some form of
with
be entered.
must
grades has all but disappeared, melters being glad to get anything that is
or
S.
compared with 963^% two weeks ago.
orders in which only part is
can not accept
priority and that separate orders
Demoralization proceeds in the scrap market and differentials between
steel
Aug. 28. This is unchanged
previous week and compares with 98% two weeks
The "Journal" further reported:
ago.
large tonnage carrying
a
higher rank.
Some
].vi>•/'!';V"'':y '
-
from the
Bating of A-3 for railroad car building material may not be sufficient
a
'
Steel ingot production for the week ended Aug. 25, on the
basis of capacity as of Jan. 1, last, is placed at 99% according
14
—1
51
83
77
■—2
77 34
+2
Current Events and Discussions
New York City
The Week with the Federal Reserve Banks
Aug. 27
During the week ended Aug. 27 member bank reserve
balances decreased $39,000,000.
Reductions in member
bank
reserves
arose
from increases of $59,000,000 in money
in circulation and $8,000,00° in non-member
deposits and
other Federal Reserve accounts, offset in part bv increases
of $9,000,000 in Reserve Bank credit and $6,000,000 in gold
stock and by a decrease of $13,n<Y,000 in Treasury deposits
with Federal Reserve banks.
Excess reserves of member
banks
Aug. 27 were estimated to be approximately $4,990,a decrease of $70,000,000 for the week.
The statement in full for the week ended Aug. 27 will be
found on pages 1232 and 1233.
Changes in member bank reserve balances and related
items during the week and the year ended Aug. 27, 1941,
on
000,030,
were
as
follows:
•
Increase
(+)
or
Decrease (—)
Since
Aug. 27, 1941
Aug. 20, 1941
$
Bills discounted
U. 8. Govt, guaranteed
Industrial advs.(not lncl
.
10,000,000
......
U. S. Govt, direct obligations
$
:
%
+2,000,000
2,179,000,000
obligations.
$13,000,000
Aug. 28, 1940
5,000,000
+ 6,000,000
—256,000,000
—2,000,000
'
commitments. Aug. 27)
+1,000,000
10,000,000
Other Reserve Bank credit
77,000,000
+ 7,000,000
+ 51,000,000
2,281,000,000
+ 9,000,000
—199,000,000
22,716,000,000
+6,000,000
+ 1,845,000,000
Total Reserve Bank credit
Gold stock
3,178,000,000
Treasury currency
+ 144,000,000
12,998,000,000
—39.bbb~66o
—518,000,000
Money In circulation
9,899,000,000
+ 59,000,000
Treasury cash
2,378,000.000
+ 1,000,000
+ 1,893,000,000
+ 87,000,000
772,000,000
—13,000,000
—41,000,000
2,128,000,000
+ 8,000,000
+369,000,000
Member bank reserve balances
Treasury deposits with F. R. banks.
Non-member
deposits
and
other
F
R. accounts
Returns
of Member Banks in
New York
City and
Liabilities—
Reserve
System for the New York City member
Chicago member banks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
banks and also for the
AS8ETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
1941
1941
1940
1941
1941
1940
$
Commercial,
industrial
agricultural loans...
$
$
1
$
$
12,157
12,127
9,568
2,711
2,6S3
2,305
3,537
3,540
2,737
880
884
40
40
43
88
78
277
274
258
315
319
42
42
45
90
85
Balances with domestic banks.
93
315
8
Liabilities—
Demand deposits—adjusted...
Time deposits
10,965
Government deposits
Inter-bank deposits:
10,979
9,727
2,251
2,274
1,970
764
..
U. 8.
714
492
493
507
66
35
95
95
94
3,799
3,640
1,055
1,042
1,003
89
Domestic banks
3,791
..
Foreign banks
568
568
626
7
8
7
264
260
283
14
14
13
if516
1,518
1,495
275
274
255
'
Borrowings
.
L'' '•
m
Other liabilities
Capital accounts
Complete
..
Returns
W
■
~
Member
of
•
■
Banks
of
the
Federal
Reserve System for the Preceding Week
As explained above, the statement of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
.
of Governors of the Federal Reserve System
respecting the
returns of the entire body of reporting member banks of
the
Federal
Reserve
close of business
System for the week ended with the
Aug. 20:
The condition statement of weekly reporting member banks in 101 leading
cities shows the following principal changes for the week ended Aug. 20:
Increases of $34,000,000 in commercial, industrial, and agricultural loans,
reserve
balances with
banks, and $210,000,000 in demand deposits—adjusted.
Commercial, industrial and agricultural loans increased $13,000,000 in
New York City and $34,000,000 at all reporting member banks.
Holdings of United States Government direct and guaranteed obligations
increased $23,000,000 in the Richmond District, $17,000,000 in New York
City, and $34,000,000 at all reporting member banks, and declined $34,000,000 in the Chicago District.
Holdings of "Other securities" increased
$74,000,000 in New York City and $92,000,000 at all reporting member
banks.
$210,000,000
at all
reporting member banks.
2,385
1,691
655
A summary of
the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Aug. 20, 1941, follows:
608
2,375
Loans—total
85
Cash in vault..
Chicago
Aug. 27 Aug. 20 Aug. 28 Aug. 27 Aug. 20 Aug.28
.
1940
$
S
Other assets—net
Aug. 28
1941
$
$
and
New York City
(
1941
Demand deposits—adjusted increased $191,000,000 in New York
City
(In Millions of Dollars)
V
1940
$
IN CENTRAL RESERVE CITIES
Assets—
Chicago—
Aug. 27 Aug. 20
Aug. 28
1941
Federal Reserve
Below is the statement of the Board of Governors of the
Loans and Investments—total..
Aug. 20
$92,000,000 in "Other securities," $102,000,000 in
Chicago—Brokers' Loans
Federal
1941
430
Increase
(+)
or
Decrease
and
(—)
81
84
82
31
654
32
325
317
259
31
35
23
Loans and investments—total
29,025,000,000
+151,000,000
+ 4,845,000,000
160
160
162
53
53
60
Loans—total
10,688,000,000
+25,000,000
109
109
124
22
21
18
+2,179,000,000
34
32
31
6,180,000,000
+ 34,000,000
Other loans
453
+1,725,000,000
453
388
88
89
56
404,000,000
+ 5,000,000
Treasury bills
590
609
324
361
330
306
.+ 109,000,000
1,443
1,445
3,183
1,062
116
116
160
444,000,000
—13,000,000
2,644
820
820
729
437,000,000
1,252,000,000
—3,000,000
—2,000,000
41,000,000
—1,000,000
1,930,000,000
+ 5,000,000
Open market paper
Loans to brokers and dealers..
Aug. 20, 1941
21
Assets—
$
Aug. 13, 1941
$
Aug. 21, 1940
$
Other loans for purchasing or
carrying securities
Real estate loans
Loans to banks
Treasury notes
United States bonds
Obligations
guaranteed
3,176
by
cultural loans
the
United States Government...
1,857
1,372
Commercial, industrial and agri¬
....
Open market paper..
Loans to brokers and dealers in
•>
securities
Other
loans
lor
purchasing
carrying securities..
Real estate loans
1,554
1,496
1,429
159
375
143
•Other securities
374
359
Loans to banks
Reserve with Fed. Res. banks..
5,302
5,339
6,470
1,119
1,161
1,200
1,854
159
Other loans
or
+ 67.000,000
,
—36,000,000
+ 37.000,000
+2,000,000
+ 275,000,000
>•
Volume
The Commercial & Financial Chronicle
f.-r
153
Increase
Aug.20, 1941
5
Assets
Treasury bills
Treasury notes
.
.
.
.
_
.
.
.
...i,..
United States bonds...
Obligations
by
guaranteed
The
(—)
Aug. 21. 1940
$
;
weekly reports filed with the New
York Stock Exchange and the New York Curb
tive members.
These reports are
classified
as
Exchange by their respec¬
follows:
+ 2,000,000
+ 92,000,000
+ 102,000,000
—652,000,000
Stock
«.
-
—20,000,000
+ 46,000,000
1.
Reports showing transactions as specialists
—44,000,000
+ 322,000,000
2.
3.
774
97
25
Reports showing other transactions initiated on the
Reports showing other transactions initiated off the
floor
Liabilities—-
_
floor
+3,499,000,000
177
66
638
594
24,455,000,000
5,435,000,000
552,000,000
+210,000,000
+ 1,000,000
+89,000,000
4.
+8,000,000
+ 24,000,000
Note—On the New York Curb Exchange, odd-lot transactions are
9,218,000,000
631,000,000
1.000,000
—3,000.000
+856,000,000
—17.000,000
—48.000,000
Domestic banks...
Foreign banks.
B orro wings
Exchange
1,062
185
157
Total number of reports received
536,000,000
deposits—adjusted.
Curb
Exchange
+731,000,000
+67,000,000
3,495,000,000
Cash in vault
Balances with domestic banks
Time deposits......
„
.....
United States Government deposits
Interbank deposits:
....
■_
Reports showing no transactions
handled solely
by specialists in the stocks in which they are registered and the round-lot trans¬
—3,000,000
actions
from
other round-lot trades.
On the New York Stock Exchange,
a fraction of the odd-lot transactions are effected by
the specialists'
the
on
......
resulting from such odd-lot transactions are not segregated
of specialists
other
all but
hand,
deaiers engaged solely
actions of specialists
As a result, the round-lot trans¬
in the odd-lot business.
in stocks in which they are registered are not directly com¬
parable on the two exchanges.
Japan and Thai Make Currency Agreement
The number of reports in tbe various classifications ipay
Bangkok, Thailand-—An agreement between the Yokohama
Specie Bank and the National Banking Bureau of the Thai¬
Finance Ministry for Thailand to buy 25,000,000
land
New York
■New York
3,314,000,000
3,744,000,000
Reserve with Fed. Reserve banks. 10,696,000,000
Demand
the following data for
available
made
Aug. 16:
The data published are based upon
+329,000,000
+ 5,000.000
Commission
the week ended
the
....
..
or Decrease
Since
+20,000,000
+160,000,000
+ 7,000,000 +1,379,000,000
7,939,000,000
United States Government
Other securities
$
'
„1,064,000,000
2,276.000,000
......
(+)
Aug. 13, 1941
tikals
total more than
the number of reports received because a single report may carry
than
n more
one
entries
classification.
SALES ON THE NEW
TOTAL ROUND-LOT STOCK
YORK STOCK EX¬
ACCOUNT
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR
($8,750,000) of gold from Japan was announced officially to¬
OF MEMBERS *
(SHARE8)
Week Ended Aug. 16,
day.
1941
,
P> r I
Cent a
Total for
The agreement was made
in order to make that currency
Week
>:■s'
A. Total round-lot sales:
available in Japan.
65.480
2,254,990
Short sales
Other sales.b
The tikal, or balit, a newer name by which Thai currency
also is known, has an official
.
2,320,470
Total sales
value of 35 cents.
B.
Round lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
American Republics Agree
Plan to Use Idle Foreign
Ships—Inter-American Committee's Recommenda¬
tion Adopted
Inter-American
The
Committee formally
that the 21
Financial and
some
Economic
announced in Washington
American republics had
utilization of
1.
on
80 German,
agreed
Transactions of specialists In stocks In which
on
Total sales..
Aug. 28,
plan for
Italian and Danish ships
10,610
86,610
Total sales................
9,050
Other sales.b.
65,920
Total sales
climaxed seven months of negotiations between the
47.780
Other sales-b_.
327,980
T
BERS •
any
are
Week Ended Aug.
of ships for
Cent a
Week
Total round-lot sales:
4,780
provided "the nation where such
.
'■■■N
380,570
Other sales.b
help in
"the closest cooperation among maritime authorities
Total sales
—
385,350
Round-lot transactions for the account of members:
1. Transactions of specialist!* In stocks in which they are
B.
Short sales...
3,145
inter-American trade and speed up delivery of strategic goods
Other sales.b.
46,190
the American republics.
Total sales
—
—
49,335
6,350
floor—Total purchases
2. Other transactions Initiated on the
operated under the flag of any American republic in inter-American
or
The
Short
by the United States Government in general services according
to terms of
10.76
rights on'condition that
the vessels transferred are operated in accordance with the plan and that the
are
33,585
registered—Total purchases..
all available vessels,"
significant effects will be to relieve an acute shortage
Great Britain agreed to renounce its belligerent
ships
16, 1941
Total for
A.
ship-operating nations of the Western Hemisphere in planning the
One of its most
trade,
CURB EX¬
OF MEM¬
tied up wishes assistance.
most effective use of
among
STOCK
Short sales
to operate the refugee ships,
way
The plan calls for
of the
AND
(SHARES)
originated with the Uruguayan Foreign Minister, applies
Requisitioning Act.
ships
STOCK SALES ON THE NEW YORK
TRANSACTIONS FOR ACCOUNT
ROUND-LOT
CHANGE
organization in November, 1939.
The United States and its Maritime Commission have offered to
16.29
375,760
Total sales.
1
Under Secretary of State, Chairman of the Committee,
ships which the United States has seized or may take over under its
to
380,340
Short sales....
TOTAL
The plan, which
3.27
74^970
Total—Total purchases
called the agreement the most important achievement of the Committee
since its
76,590
Short sales—
Brazil will make out¬
Americas.
Sumner "Welles,
4.28
97.220
............
3. Other transactions initiated off the floor-Total purchases
with the vessels, which will be used exclusively in hemispheric commerce.
agreement
8.74
101,470
floor—^Total purchase <
Other sales, b.
right purchases of refugee vessels after negotiations with the Axis powers.
Great Britain has agreed to waive its belligerent rights in connection
The
the
Short sales
for just and adequate compensation for such ships*
indicated unofficially that Argentina and
was
on
203,570
—
-
2, Other transactions initiated
approved the plan under which all refugee ships will be
employed "in such a manner as to promote the defense of the
economies of the American republics as well as the peace and
security of the continent." With respect to the plan United
Press Washington advices Aug. 28 said:
It
28,120
175,450
Other sales.b.
immobilized in Western Hemisphere ports.
The delegates
to the meeting announced that their governments have
The plan provides
202.280
—
Short sales
Advisory
on a
they are
registered—Total purch ases
300
sales......................................
4,860
Other sales.b
the plan.
Inter-American
American
April; this
Committee's
suggestion
republics to take such action was
was indicated in our issue of May 3,
to
last referred to in these columns, July 19, page
3. Other transactions Initiated off the
made last
2785.
page
United States' seizure of German and Italian vessels
5,160
Total sales.............
the
735
Short sales
11,890
Other sales.b
was
320.
1.49
7,490
floor-Total purchases
—
12,625
—
Total sales
2.61
47,425
—.——
4.
Total—Total purchases
Member Trading on New York Stock and New York
Curb Exchanges During Week Ended Aug. 16
The Securities and Exchange
4,180"
Short sales
62,940
Other sales.b..
Commission made public on
Aug. 29 figures showing the daily volume of total round-lot
stock sales on the New York Stock Exchange and the New
York Curb Exchange and the volume of round-lot stock
transactions for the account of all members of these exchanges
in the week ended Aug. 16, 1941, continuing a series of current
Total purchases «. .
*
The
their
terra
firms
preceding week trading for the account of Curb members
123,825 shares was 16.04% of total trading of 685,035
shares.
77
31,854
18,140
......
"members" includes all regular and associate Exchange members,
and their partners, including special partners.
transactions as per cent of twice total round-lot volume.
the total of members' transactions is compared
round-lot volume on the Exchange for the reason that the total
of members' transactions includes both purchases and sales, while the Exchange
volume includes only sales.
a
Shares in members'
calculating these percentages,
In
with twice the total
b
Round-lot short sales which are exempted from
rules are included
c
exempt" are included with "other sales."
Odd-Lot Trading on New
The
made
Securities
public
restriction by the Commission
with "other sales."
Sales marked "short
.
the
14.86
31,777
» .. .
Total sales...
mission
of
of specialists:
Customers' other sales.c
figures being published by the Commission. Short sales are
shown separately from other sales in these figures, the Com¬
explained.
Trading on the Stock Exchange for the account of mem¬
bers (except odd-lot dealers) during the week ended Aug. 16
(in round-lot transactions) totaled 375,760 shares, which
amount was 16.29% of total transactions on the Exchange
of 2,320,470 shares.
This compares with member trading
during the previous week ended Aug. 9 of 599,370 shares or
16.96% of total trading of 3,393,230 shares.
Qn the New
York Curb Exchange, member trading during the week
ended Aug. 16 amounted to 67,120 shares, or 14.86% of
the total volume on that Exchange of 385,350 shares; during
67,120
Total sales.
C. Odd-lot transactions for the account
Customers' short sales
York Stock Exchange During
Week Ended Aug. 23
and
Exchange
a summary
I
Commission
on
Aug. 29
for the week ended Aug. 23, 1941,
The Commercial & Financial Chronicle
1202
of
complete figures showing the daily volume of stock trans¬
for
actions
the
odd-lot
account
of
all
odd-lot
dealers
and
specialists who handle odd lots on the New York Stock
Exchange, continuing a series of current figures being pub¬
lished by the Commission.
The figures, which are based
upon reports filed with the Commission by the odd-lot
dealers and specialists, are given below:
STOCK
TRANSACTIONS
FOR
THE
ODD LOT
ACCOUNT
OF
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK
ODD-LOT
EXCHANGE
Week Ended Aug. 23, 1941
Total
for Week
Odd-lot sales by dealers (customers' purchases):
Number of orders
...
i.
11,239
—
conversion and options and a small amount to be issued for selling and dis¬
enterprises.
of the securities proposed for sale were to be offered
Most
directly to holders of their
securities.
own
18.2%,
or
$38,179,000,
amount
81.8% of the total.
to be dis¬
The balance
intended for sale to the public.
was
13.1%,
or
by issuers
The amount intended
tributed in this way was $237,785,000, or
Of this
be underwritten, $4,021,000,
to
was
or
1.4%, was to be offered through agents, and the remainder of $10,800,000,
3.7%, was to be sold to the public directly by issuers.
or
The indicated compensation to underwriters in July amounted to
Number of shares
—288,836
—
Dollar value
11,352,908
$1,272,0.4% of the total amount registered and proposed for sale by issuers.
Other expenses of distribution were $1,749,000, or 0.6% of the total.
000,
or
EFFECTIVE
REGISTRATIONS
UNDER THE SECURITIES
BY TYPES OF SECURITIES, JULY, 1941
Odd-lot purchases by dealers (customers' sales):
Number of orders:
Customers'short
After deducting the value of securities reserved for
of issuers.
account
tributive expenses, there were left $290,785,000 of securities registered for
the account of issuers and proposed for sale. None of these issuers were new
of $53,000,000,
■
Aug. 30, 1941
$374,000 were substitute securities and $29,481,000 were reg¬
istered for the account of others, leaving $618,545,000 registered for the
aggregate,
ACT
OF
1933
sales..177
Customers' other sales.a
-
Total Securities
12,144
Effectively Registered,
Customers'
Type of Security
totalsales.—12,321
Number of shares:
No.
of
Issues
-
Amount
Customers* short
Customers'
sales.-—5,216
other sales.a
292,470
Customers' total sales...
297,692
Dollar value
Secured bonds
0
....
Unsecured bonds—
5
—
Preferred stock
—
.
.
Common stock.
~
$268,286,150
23,193,535
328.521,114
6
-
5
...
Certificates of participation, beneficial interest, &c..—___
7
Warrants
_i.-
2
Substitute securities (voting trust ctfs. and ctfs. of deposit)
9,311,298
Round-lot sales by dealers:
Number of shares:
2
373,804
27
$648,400,510
rights
or
.
2,412,225
25,713,682
•
Short
sales........................20
Other sales.b
Grand total
■
—
83,583
Total, Las Securities
Total sales
Reserved for Conversion
or Substitution
83,603
Round-lot purchases by dealers:
Number of shares.
iU";'
Securities Proposed
for Sale by Issuers
Type of Security
.
77,090
July,
July,
July,
July,
Amount
a
1941
1940
Amount
1941
1940
S
%
%
S
%
%
64.8
36.1
268.286* 150
92.3
36.9
Sales marked "short exempt" are reported with "other sales."
b Sales
to offset customers
which Is less than
a
round lot
odd-lot orders, and sales to liquidate
are
.
a
long position
reported with "other sales,"
Secured bonds
f2.7
...
Unsecured bonds
-
-
-
.
*
-i.
-
-
i. 268,286,150
Preferred stock
July Sales on National Securities Exchanges Increased
54% Over June and 81% Over July, 1940
The Securities and
Exchange Commission announced
Aug. 22 that the market value of total sales
on
all
on
: 5.6
5.5
19,443,000
6.7
5.7
94,336,214
22.8
4.6
643,750
0.2
2.5
2,412,225
25,713,682
0.6
1.1
2,412,225
0.8
6.2
0.0
413,841,806 100.0
100.0
23,093.535
Common stock
Certificates
of
-
rights
or
Substitute
,
participation,
beneficial interest, &c
Warrants
53.8
securities
(v.
l.l
0.0
t.
ctfs. and ctfs. of deposit)
registered
Grand total
securities
exchanges for July, 1941 amounted to $727,736,446,
increase of 43.8% over the market value of total sales
for
June and an increase of 80.9% over the market
value of total
290,785,125 100.0
100.0
an
sales
July, 1940.
Stock sales, excluding rights and
warrants, had a market value of $611,097,044, an increase
of 48.8% over June. Bond sales were valued at
$116,272,163,
an increase of
22.3% over the total for June. The market
value of right and warrant sales in
July totaled $367,239.
The volume of stock sales, excluding
rights and warrants,
shares, an increase of 60.7% over June, Total
principal
sold
United
was
28,854,926
amount of bonds
was
$222,972,950, an increase of 28,7% over June.
The two leading New York exchanges accounted for
94 1% of the market
value of total
sales, 93.0% of the market value of stock sales, and
99.8% of
on all registered securities
exchanges.
the market value of bond sales
The market value of total sales
July, 1941 amounted
to
$619,964,
on
all exempted securities
an
increase of 10.2%
exchanges for
States Business After Two
War
for
Defense
The Securities and
Exchange Commission announced on
Aug. 22 that registrations effective during July, 1941 under
the Securities Act of 1933 amounted to
$648,401,000, accord¬
analysis prepared by the Research and Statistics
Subdivision of the Trading and
Exchange Division. Of this
amount $290,785,000 was
proposed for sale for the account of
issuers, which compares with $149,233,000 in
June, 1941, and
$195,286,000 in July, 1940. A single issue of 3% convertible
debenture bonds, due 1956, of the American
Telephone &
Telegraph Co., offered to the stockholders of the
ing to
an
at par,
further stated:
The
communication group
of
New
viz.,
registrations for all industries.
The electric and gas utilities
group and the manufacturing
group, which
have usually been
high in the volume of monthly registrations, accounted
for only 5.2% and
5.6%. respectively, being surpassed by the
merchandising
group, which accounted for 6.9% of the registrations for
sale.
The distribution of registrations
by types of securities also showed a
distinct departure from the recent
monthly pattern. There
were no
registra¬
tions for sale in
July of secured bonds, the type which had been most im¬
portant in volume in recent months.
Unsecured bonds amounted
286,000,
to
$268,-
or 92.3% of aggregate of all
types. Preferred stock was second in
importance with $19,443,000, or
6.7% of the total.
Certificates of par¬
ticipation in the amount of $2,412,000 and common
$644,000 made
stock in the amount of
up the
1.0% remaining.
Net proceeds of securities
effectively registered during July, after de¬
ducting commissions
Slightly
over
and expenses, were expected to
aggregate
half of this
amount was
intended for
new
$287,765,000.
money purposes with
$143,558,000, or 49.9% of total net proceeds, expected to be
applied to
plant and equipment and
$4,465,000, or 1.5%, to be added to working
capital.
Most of the balance
was
intended for repayment of indebtedness:
bonds and notes were to be retired
with $130,033,000, or
45.2% of the
total net proceeds, and other debt
reduced with $7,476,000, or
2.6% of net
proceeds.
The purchase of securities for
investment was to require $2,211,000, or 0.8%, and all other uses combined
accounted for less than 1-10 of 1
%.
The number of registration
statements which became effective
during
July were 17, covering 27 issues in the amount of
$648,401,000.
Of this
Co.
Future
European
of
New
Incident
to
that
economic
situation
and
outlook
in
the
York, in the Aug. 25 issue of its monthly review,
"The Guaranty
Survey," states that
"in
much
as
as
the American defense program did not get under
way until
after almost a year of war, the most radical
changes in this
have
"that
occurred
have
the
these
United
during
the
changes
States
a
12
last
been,"
finds
now
position not unlike that of
itself
nation
months."
the
says
in
"So
"Survey,"
economic
an
actually at war."
"It
is
doubtful, however," the "Survey" observes, "whether the
country is yet fully awake to the implications of an un¬
limited national emergency."
It adds :
There
is
still
a
disposition
gram not as a common
and
sacrifice
an
but
equitable
itself
as
will
sharing
be
The
to
As long as
of
impeded
be
costs
and
rendered
broad
its
the
promote
by unanimous effort
interests
this attitude persists,
impossible,
economic
but
rearmament
along with
groups,
states that "the stimulating effects of
demands on production facilities have been felt,
of
the
major strains
are
yet to
appear."
but
these
the sacrifices
how
divert
a
time
large
It
of
production
standard
obvious,
of
without
it
from
the
the
is
share
And
turned
are
small
is
the
of
of
significance
have to be made in the
great these sacrifices will
channels
structure.
be
restraints
that will
be foreseen.
yet
Con¬
says:
Priorities, price ceilings and export curbs have been imposed in
Just
the
"Survey"
most
cases;
certain
immeasurably
consequences
hurt of the self-seeking
of
not only will
community.
emergency
but
quarters to regard the defense pro¬
some
opportunity
aggravated, to the lasting
rest of the
in
task that must be accomplished
an
at public expense.
groups
overshadowed all other
industrial classifications in the volume of
securities registered for sale in
July, with $235,145,000, or 80.9% of the total
of
"the end of two years of war in
out
the
finds
tinuing, it
transportation and
Sacrifices
of
United States profoundly altered," the Guaranty Trust Co.
company
accounted for four-fifths of the registrations for sale
The Commissions' announcement
by issuers in the month.
Years
Trust
Guaranty
Program
In pointing
Europe
sweeping
Registration of 27 New Issues Aggregating
$648,401,000
Became
Effectively Registered Under Securities
Act During July
by
York—Stresses
country
over June.
Discussed
its
be and
however,
productive
serious
that
where
a
capacity
damage
to
in
numerous
comparison
with
future.
they will fall cannot
country
from
parts
some
abruptly
cannot
peace-time
of
its
to
war¬
industrial
equally clear that the energies of the people cannot
production of
implements
of
the
war
necessities
without
a
and
comforts
of
life
to
corresponding decline in
living.
Referring to the "almost
total absence of response by
investors to higher business activity," which it
says is partly
"due to broad uncertainties arising from doubts
concerning
the
duration
American
also,
it
and
reflects
immediate
of
outcome
business
in
the
conditions
outlook
for
the
and
war
the position
post-war world,"
and
and
of
"in
part,
on
the
prospects
bearing
earnings," the "Survey"
business
comments:
A
the
level
number
high
of
branches
rate
of
of
business
of
factors
combine
industrial
profits.
business,
far
to
create
activity will
In
the
from
first
this
uncertainty
find
any
place,
it
profiting
by
clear
seems
the
as
to
whether
reflection
clear
that
in
the
many
emergency,
will face
increasingly difficult conditions owing to shortages of materials and labor
and to
forced curtailment of
demand.
Volume
In
the
defense
of
in
second
lines,
degree
farm
become
this
a
aim
doubt
defense
in
well as nonincreasing:
as
probably experience in
profits taxes and other direct levies on business
excess
toward
far
go
wiping
out
earnings that
additional
any
It
shall not
source of
private enrichment.
As far as business is concerned,
is being pursued with a thoroughness that leaves little room for
avowed
an
whole,
a
rising costs due to higher wages and higher prices
imported commodities and raw materials in general,
might normally result from the
is
as
and will
its
to
as
governmental
that
national
the
emergency
In conclusion the "Survey"
the
which
with
rqinain which
merchandising of defense
few institutions still
a
yet undertaken the
as
bonds to their customers.
Governors
people
Federal
of
System
Reserve
List
of
24
10%
1—Down Payments Range from
331-3%, While Time Limit Is 18 Months
Sept.
the
accepting
are
Initial
Issue
Instalment Credit—Sets Curbs on
Consumers' Durable Goods Beginning
Regulation of
states:
of
unprecedented tax levels is an encouraging indication of the general
recognition that burdensome taxation offers the only alternative to the
grave financial disorders that military emergencies commonly entail.
readiness
The
However, it is stated,
have not
'
realization.
broad
non-qualified institutions do not engage in a general banking
and have no banking contacts with the public.
business
demand for their products.
emergency
aim
1203
& Financial Chronicle
on,
place,
will
enterprises
business
experienced,
goes
products,
third
the
place,
has
time
as
The Commercial
153
prospect
the President's order of
In accordance with
to
Aug. 9 em¬
Reserve
Aug. 22
regulation (adopted Aug. 21) covering a
durable goods on which maximum maturi¬
powering the Board of Governors of the Federal
System to regulate consumer credit, the Board on
Increased by $500,000,000
Quarter Ended June 30 and Were $1,750,000,000
Higher Than Year Ago—Comptroller of Currency
Delano Reports Assets and Deposits Above Any
Loans Held by National Banks
in
Call Date.
Previous
Aug. 20 that the loans held by National banks in the United
States
and
possessions
call
for
on
condition
June 30, 1941, the date of the
$500,-
nearly
increased
reports,
that date, and were nearly
$1,750,000,000 more than the loans held at the end of June
in 1940.
The call covered the 5,136 active banks.
Their
loans and discounts amounted to $10,922,000,000.
The total assets
of the banks of $41,315,000,000,
the
000,000 in
ended
the quarter
Comptroller stated, were higher than on any previous call
date, and exceeded by $1,122,000,000 and $4,430,000,000 the
total assets reported as of April 4, 1941, and June 29, 1940,
respectively.
the
in
o!
of
and
on
other call
$1,064,000,000
any
The
year.
deposits
of
deposits at the recent
individuals, partnerships
$8,042,000,000,
call
and
respectively; ,United
checks, cash letters
and
of
with
time
deposits
banks in
of
individuals,
of
countries.
partnerships, and
foreign
and
in
than
more
banks
in
indirect
and
$8,857,000,000 and
instalment
June 30, 1941, were
Other bonds, stocks and
on
political subdivisions of $2,020,000,000, showed a decrease of $173,000,000
the previous call but an increase of
since
of
Cash
in
of collection,
process
banks of
serve
$25,000,000 in the year.
$710,000,000^ balances with other banks, including cash items
of $6,360,000,000,
and
reserves
$7,452,000,000, a total of $14,522,000,000,
and $645,000,000 since June of last
000,000 since April
Bills
payable,
rediscounts
twelve
other
months, respectively.
$184,000,000
preferred
of
profits of $499,000,000,
$2,075,000,000,
of
The
1941,
last
money
of
Surplus
stock.
and
banks
reserve
was
of
$1,523,000,000, including
undivided
$1,336,000,000,
accounts of
of
loans
and
discounts
to
total
deposits
on
June
Yet
Qualified
as
Agents Urged to Cooperate
State Superintendent of Banks William R.
Aug. 19 addressed a letter to all New York State
banks, trust companies and savings banks which have not
as yet qualified
as agents of the Treasury for the sale of
defense bonds, urging them to cooperate with the Federal
Government by qualifying as agents and by assisting actively
in the merchandising of defense bonds.
Stating that 89%
of the State banks and trust companies, 91% of the National
banks, and 96% of the savings banks had already qualified,
York
This commendable record shows that New York leads most of the other
and
4.
The Treas¬
however, is desirous of obtaining the help of all banks, for it is
of the
blished: the greater will be the total of bond sales.
This Department
ductive
is in complete sympathy with the Treasury's defense
agents of the Treasury
to
demand
stimulate
for
con¬
are
of
savings
consumers' durable goods the
needed for national defense, in
(a) to facilitate the transfer of productive resources to defense
industries,
(b)
to assist in curbing unwarranted price advances and
profiteering which tend to result when the supply of such goods is cur¬
tailed without corresponding curtailment of
demand, (c) to assist in
restraining general inflationary tendencies, to support or supplement taxa¬
tion imposed to restrain such tendencies, and to promote the accumulation
of savings available
for financing the defense program, (d) to aid in
creating a backlog of demand for consumers' durable goods, and (e) to
restrain the development of a consumer debt structure that would repress
effective demand for goods and services in the post-defense period.
6. In order to prevent evasion or avoidance of this order and sueh regu¬
production
lations
and refinancing purchases of
absorbs
which
of
as
may
available
forms
of
resources
7.
should also
the use of other instalment credit and other
regulating
usually extended
to consumers or on
consumers' durable
/v
It is
regulated through
with
appropriate that sueh credit be controlled and
existing
an
be prescribed to effectuate its purposes, means
for
credit
goods.
governmental agency which has primary responsibilities
administration of national credit policies.
The Board also adds that the
regulation "is issued in the
"there will be changes from time to time
instalment contracts."
The full text of the
$1,000 or less.
In administering the restrictions, it was explained that
"the Federal Reserve System will
their 24 branches,
It expressed the hope that in the near future all State
program.
It is understood
the defense bond program, because a number of the
System's prac¬
in the field of credit and decentralizing so
as
From
Part
1.
Listed
Articles,
Maximum
Maturities,
and
Maximum
Credit
the regulation the following maximum maturi¬
and maximum credit values shall apply to the following list of articles:
Values—For the purposes of
ties
Maximum
Articles of
Consumers' Durable Goods
(Whether New or Used)
Maximum
Credit
in Months
Value in Percent
of Basis Price
18
(See Part 3)
Maturity
Group A—
Automobiles (passenger cars designed for the pur¬
pose of transporting less than 10 passengers,
including taxicabs)
Group B—
1. Aircraft (including gliders) — 2. Power driven boats, and motors designed for use
therein, other than boats or motors designed
1.
that, for practical purposes, New York
has nearly 100% of its banks working with the Treas¬
utilize the 12 banks and
thus making available the
possible the administration of the regulations."
the
Board's pamphlet embodying the regulation
(known as Regulation W) we take the following:
far
and by assisting actively in the merchandising of
institutions in New York would be lending their full support to the defense
President's order regulating consumer
these columns Aug. 16, page 921.
The Board's initial regulation also places a time limit of
18 months on any extension of instalment loan credit of
credit appeared in
On Aug. 14, the New York State Banking Board expressed
Treasury agents.
in this regulation,
particularly in the list of consumers' durable goods covered
by the regulation, in the size of the minimum down pay¬
ments required, and in the maximum length permitted for
gratified that so many banks in New York had already qualified as
ury on
tend
order
<v
now
The
financing
savings bank to cooperate with the Federal Government by qualifying as
bond
credit
increasing consequence as the limits of pro¬
approached in more and more fields and to hinder
available for financing the defense program.
public interest requires control of the use of instalment credit
capacity
accumulation
It desires to urge every State bank, trust company, and
bond program.
as
such
for
goods the
developments of
inflationary
opinion that the more outlets for defense bond merchandising that are esta¬
itself
general,
terms
durable
tical experience
States in the effort to promote the defense financing program.
defense bonds.
im¬
production of which requires materials, skills,
equipment needed for national defense.
The extension of such credit in excessive volume tends to generate
sumers'
on
Mr. White said*
ury,
in
Liberal
3.
an
only for
for goods
light of the foregoing considerations and as a step supple¬
menting more fundamental governmental measures designed
to combat inflationary developments."
It further says that
by Superintendent of Banks White
New
available have
is
30,
Nearly 100% of New York State Banks Cooperating
With Treasury on Defense Bond Program—Those
Not
credit
upon
respect to the determination and
1940.
White
services
and
in comparison with 28.74 on April 4, 1941, and 27.75 on
29.24,
such
the volume and timing of demand, not
particular goods and services purchased on credit but also
the
$240,000,000, a total of
year.
which
under
conditions
influence
portant
be
increased $29,000,000 since April and $133,000,000 since
percentage
was
June 29,
increased $278,year.
for borrowed
-
The unimpaired capital stock of the
June
liabilities
decreases of $425,000 and $905,000 in the last three
$2,000,000 showed
and
and
with Federal Re¬
the President in his executive order
payment basis.
The
2.
for
held
by
for and purpose of regulation of con¬
sumer credit, as follows:
1. A large volume of credit is being devoted to financing and refinancing
purchases of consumers' goods and services through extensions of credit
that usually are made to individuals and to a larye extent are on an
obligations,
obligations
while the minimum down payments
to the necessity
as
Government
$2,279,000,000 respectively.
forth
set
reasons
the
held, totaling $3,819,000,000, including obligations of States and
securities
The
required ranges from 10% to 33 1/3%.
In a foreword to the regulation the Board gives the seven
States
United
including automobiles, aircraft, motor-
contracts is 18 months,
16,567,579
aggregating
purchasing obliga¬
or
of instalment credit," covers
permitted by the regulation for instalment
maximum length
represented
$11,136,000,000, were $540,000,000
April and $2,025,000,000 more than the amount held a year
direct
The
ago.
the
by
guaranteed,
beginning
boats, refrigeration, household furniture and furnaces.
5.
Investments
discounting
of
or
five groups of items,
accounts.
direct
credit
tions arising out of extensions
and
$7,153,000,000
to
and travelers' checks
apply
of making extensions of
who is engaged in the business
instalment
deposits,of banks of $6,592,000,000 the
$343,000,000
deposits
amounted
of credit,
shall
values
credit
maximum
The regulation, applying "in general to any per¬
Sept. 1.
deposits of States and politi¬
$2,529,000,000; postal savings deposits of $16,000,000 ;
included
corporations
time
$453,000,000,
including
Savings
higher than
deposits of $525,000,000 ;
cashiers'
outstanding of
latter
and
last
$19,194,000,000 and
Government
cal subdivisions of
certified
of
June
and
ties
previqps call date and $4,277,000,000 more than the
in
demand
corporations
States
the
on
held
aggregate
consisted
$37,351,000,000, again
history of the National Banking System, were
than
more
Comptroller's announcement continued:
The
totaling
Deposits
date
its initial
list of consumers'
son
Comptroller of the Currency Preston Delano announced on
recent
issued
specifically for commercial use
3.
Outboard boat motors
4.
18
66 2-3
18
18
66 2-3
66 2-3
18
66 2-3
Motorcycles (two or three-wheel motor vehicles,
including motor bicycles)
—
1204
The Commercial & Financial Chronicle
*
' /
:
Maximum
-
if Mechanical
Vt,V?u7Zn'
rpwgeratore of less than 12 cubic feet
ra^d capacity—
2.
Maximum Credit
.US
,
18
.......
80
Washing machines designed for household use——
18
18
80
18
80
5.
Cooking stoves and
heating surfaces.
6. Heating stoves and
with less than
ranges
—
household
7.
3,
18
designed
80
18
80
Sewing machines designed for household
10.
18
Alnyphthflu
branches
the
<K\ \
m,1(,
JUSttludJ
(AUg.
had
invited
.
...
..
.
.
on
011
L»ec.
0f
^)ie
80
if hi
,1
,
,
.
Hip
thereof
of
fitcreiarj
the
tenders
lite
t.
0
,
Hie
All if.
Aua.
oil
teimus
tlie
ul
uu
discount basis under
a
to
up
Swrptflrv
-J).
AiOl^eiiinau nau mviieu
q
o,
T
t
80
IS
....
vf>«torrtnv
l
bills, which were sold
.
80
is
and
petltlVC bidding, Will be dated Sept.
80
18
use—...
metals—
The
80
18
......
Radio receiving sets, phonographs, or combinations
Musical
instruments
composed
principally
of
11.
/pt<T
(IjoA)
111.
iieasurj
Electric dishwashers designed for household use—
Itoorn-unit air conditioners
9.
p.
Trosaiirv
for
—..
8.
.
f)
banks
Reserve
Federal
v
seven
.....
heaters
space
use...
Thereabouts
or
offering of 01-day Treasury bills to the
a new
amount of $100,000,000, or thereabouts, were received at the
*
'
80
3. ironero designed lor household use
4. Suction cleaners designed for household use......
Tenders to
1941
Treasury Bills Dated Sept. 3 Sold
in Amount of $100,000,000
•'
•
Aug. 30,
New Issue of 91-Day
27.
-i.
com-
%v,
1941, <111(1 Will llldtlUC
o,
motnritv
doto
1 ho
f'ico
1J41, aim on tne maturity uate uic race n mount
amount
|)ins
,, n
AT1
be
will
payable without
interest.
There
is
r„
maturity of a previous
Household furnaces and heating units for furnaces
2.
(including oil burners, gas conversion burners,
stokers)
J8
Water heaters designed for household use18
and
3.
..
.
..
..--------
.
Water pumps designed for household use..
Plumbing and sanitary fixtures designed for house-
18
—
4.
Attic ventilating fans....—
household furniture
(including
7.
ice
8.
18
90
18
90
J,
.
.
,
thr®>. animals
Tenders
trust
in Group
of
G or D) In connection with repairs,
or improvements upon urban, suburban, or rural real property in connection with
18
.
Part
2,
bona
fide
including
tion
Price
Basis
price
of
cash
Listed
of
listed
any
the
purchase
price
the
of
sales taxes thereon and
any
charges,
minus
the
of
amount
Than
article
face
which the seller buys
at
about the time of the
or
Part
3.
Maximum
Section 4
and
5
(a)
of
the
bona,
but
in
fide cash purchase
sales
any
event
no
(1) The
to exceed
66
Automobiles—For
the
price
the automobile .and
of
and
funds
the
2/3%
to
Transportation
going;
bona fide
case
a
given
the
amount
equal
the
to
,?art ,?*
$1 600
delivery
for
accessories
or
freight
from
■
automobile
.
the
by
dealer
a
and
,.
^
Regu-
More
Associations
Increased
,.
,
_
.
.
,
loan
rm
current
c,,,,,,,,!
,
,
expansion
of
•
Although
during the
a
the
institutions
protection
this
of
about
associations
savers
being
by
rose
Resources
of
tlie
of
,
,
funds
...
available
for
the
/i
t^
Insurance
A
Corporation,
from
comes
represents
increased
an
associations
savings
factor.
during
Private
the
to
year
insured
flowing
pulbic confidence
important
$407,779,000
the
new
inspired by
capital
,
2,310
insured
thrift
institutions
Treasury
Aug. 25 that the tenders
age rate of
01
0.114%.
*
announced
on
offering last week of $100T
m
,M1
,
.
,
.
Treasnry b,Us tot,llMl
$.160,199,000
was
accepted at
The Treasury hills
are
and will mature
on
appeared in
an
aver-
dated Aug.
27
issue of Aug. 23, page 1066
our
Nov. 26, 1941.
Reference to the offering
The following re^nvUin^ +W
'
.
is
from
Mr.
Total applied for
the acce-nted b
Morgenthau's
announcement
S327.055.000
Range ot accepted bids (excepting
fUr.
ds/«r the 25:
offering
of Aug.
Total accepted-
one tender of
be subject to
Treasury
tenders,
in
or
gain
purposes
from
exemption,
any
Treasury
as
bills shall
now
estate, inheritance,
or
gift,
but shall be exempt from
or
State,
on
the principal
possessions of
For
are
imposed
the
or
United
of taxation
the
interest thereof
States,
amount
by
or
any
discount
of
originally sold by the United States shall be
interest.
of
Circular
the
No.
418,
as
Treasury bills
approximately 0.114%.
(34% of the amount bid for
Bankers Association
.
at t'ie tow
QAA
amended,
and
AAA
and
the
govern
Renorts
P.
AAA
..
on
a
.
June 30,
this
notice,
conditions
of
prhe
was
acjeptsd.)
Rankf I
k
nans
loans
f
o
to
T»
»
...
...
the
total
is
.
ri.k/k
Allg.
on
increase
of
March 31, last.
on
made by the Association
survey
,.
an
as
1941, by 309 banks in 142 cities,
high-spotting
„
commitments
tota!ing ^$801,066,688
of
on
—
The $1,300000,009
•>.
more
than
$300.009,(XX)
In its announcement the
7 970 defense loans.
the
defense
loan
transactions.
The 309 banks reP°rted 3>313 loan
supplies and
work
and
equipment
plant
i,ddition'
"working
totaling
facilities
they
capital
commitments
$505,051,659
and
for production
2,304
for
of
construction
totaling-$513,236,642.
reported
purposes,"
2,353
other
totaling
defense
loan
commitments
for
$284,808,232.
^
n
-j
.
D
„
r
..
'
_
resident
sador
Kooseveit Confers with Japanese Ambason
Relations Between Two Countries—
Premier Konoye Sends Note to President
President Roosevelt and Admiral Kichisaburo Nomura,
on
at the White House
general problems connected with
on
relations be-
tween the two governments at which time the Ambassador
a letter from Prince Fumimaro
presented to the President
Konoye, Japan's Premier.
The contents of the note
not disclosed but, according to the United Press it
were
was specu-
latedthat it opened the door
to improved Japanese-American
relations and easement of the crisis m the Pacific.
Secretary of State Hull, who has conferred several times
recently with the Japanese envoy, also sat in on the White
House talks. He revealed at a press conference later in the
day (Aug. 28) that the President would send a reply to
Japanese Premier's note. Air. Hull also indicated that
the
the
President and Ambassador would hold further meetings
a view to adjusting numerous matters pending between
^th
the two governments
—5100,799,000
S200.000):
High, 99.977, equivalent rate approximately
0.091%.
Low, 99.970, equivalent rate approximately 0.119%.
Average price, 99.971, equivalent rate
of the
interest
of
-en*e •pl»«UU,Ul/U,UUU on June oil
than $1,300,(X30,000 of commitments for
,
Aug. 28
Morgenthau
the
to
nv
$0-7,600,(XX),
all
such, under Federal tax Acts
shall
hereafter
any
whether
disposition
the Japanese Ambassador, conferred
0.114%
f
ot which
the
of
or
The survey revealed that 75% of the commitments were made without
assignments of contract and that assignments were required in only 25%
now
$327,055,000 Received to Offering of $100 000,000 of 91-Day Treasury Bills Dated Aug. 27—
$100,799,000 Accepted at Average Rate of
000eon
any
In order to obtain an indication of the trend in the volume of credit
extended for the financing of defense orders, the A. B. A. queried 500 of
the larger banks throughout the
country.
Of this number, 342 institutions
3n 142 cities replied that they had outstanding on June 30 commitments
of
Tenders of
the
the
at
announce-
Association says:
in
total
a
♦
of
bills
into
$3,160,000,000, he reported.
Secretary
opened
public
Secretary
reject
bills, shall not have
«'iid released for publication
$2,458,000,000.
total
The
or
other
as
L.
In
gain
$386,000,000
previously insured,
of
or
treatment,
The
terms
according to
.
portion
year,
this
these
u.n.n.rn,.
Mana-ei
General
be
will
which
in
Treasury bills,
sale
Department
...
financing small homes in the United States, by Oscar It
UVonfr/
incorporated bank
an
plies was reported to tlie Am6rican Bankers Association
over
Loan
associations increased their resources by
$450,000,000, the Federal Savings and Loan Insurance Corporaft,
.
n
leported 011 All^,. 23.
llllS IS regarded as a striking
Kreutz,
from
the
or
be
to
the
outstanding
Fiscal Year by $450,000,000
'
■■■■:.-■
ending last June 30, insured savings
.
the
by
manufacturers for financing the production of defense sup-
,
Last
in
Over the fiscal year
of
action
taxes/whether Federal
or
p.
,
credit
maximum
maturity of any extension of instalment loan credit
subject to Section 5 (b) of the regulation shall bo 18
Resources
example
accept
Treasury bills
American
thereon).
Savings
and
issue.
their
its, vicinity who actually
vicinity and use it there,
the factory to such place may be
♦
*?u
which
ol:
Insured
banks
|*vra..m ..( 10%
unless the tenders are
for,
tender*
thereof.
to
his
taxing authority.
or
value, until othershall be 66 2/3% of the bona fide cash purchase price (in-
less
incorporated
1941.
special
now
or
Instalment Loan iCrcd't Subject to Section 5 (b) of the
maximum
or
from
following
right
and
from
State,
Treasury
in
months.
and
any
at
3,
excise
taxation
by
fore-
included
not
delivery at the factory,
of such
,
used
sales taxes
any
lation—The
of
the
in
than
more
—♦
resident
a
,
any
provided,
eluding
for
place
bring the automobile to such place
(b) For
.
charges
automobile is sold
inC/uvCi
wise
included
not
hour,
branches,
'
place to
intends to
an
taxes
not
used
Secretary of the Treasury of the amount and
bids.
Those submitting tenders will be advised
rejection
or
enacted.
prescribe
foregoing items.
In
in
local
or
be
the
the
derived
any
considered
.
State,
cloning
and
by
part,
loss
all
and
(4) Any
the
other
or
standard
charges established by the manufacturer from factory
Federal,
deposit
bills applied
other disposition of the
and
local
point of delivery;
(3) Any
with
100,
not
tnav
guaranty of payment
the
banks
accepted
Sept.
or
hereafter
equipment) at the factory;
(2)
in
have
not
items:
(with
after
of
income
the sale
delivery charges)
automobile
Treasury
express
made
reserves
on
The
of
accessories
of the following
sum
price of
fide
bona
any
2/3% of the
delivered
60
be
or
such,
be
without
any such respect shall
be final,
Payment of accepted tenders at the prices offered must be made or completed at the Federal Reserve Bank in cash or other immedately available
any-
purposes
automobile shall
new
a
thereon
taxes
advertised
trade-in
a
an
acceptance
expressly
the regulation:
of
(a) The maximum credit value of
(including
such
as
the
whole
arranges to have bought from the purchaser
purchase of the listed article).
Value
by
range
0f
or
Credit
Section
the
purchased,
made bv the seller for
allowance
any
be
shall
accessories
and
bona fide delivery and installa-
any
amount ot
Reserve
will
price
Automobiles—The
the basis of
on
Fraction*
f ractions maj not be used.
received
Tenders from other, most b, .ceompani.d by
merit
automobile
an
article traded-in by the purchaser (including
any
xfiyag
of
Other
than
other
qn no-
„
be
Immediately
X. limitation
a consumer.
Articles
article
Secretary
'
.
trust company
Federal
basit
"
,
companies and from responsible and recognized dealers in investment
accompanied
—
•
e.g.. W.Vio.
will
Keuritk*.
alterations,
by
.
expressed
must be
prjce offered
drap-
services (other ttaamaterl*!. listed
mi
An article Is not new if It has been used
,,
,
$1,000. $5,000, $10,000, $100,000, $500,00 and $1,000 000 (maturity
value).
Each tender must be for an even multiple of $1,000, and the
85
Pianos and household electric organs......
*
,
of
85
refrlgbut ex-
erators, bed springs, and mattresses
eluding floor coverings, wall coverings,
eries, and bed coverings)*....
,
Moi'gOJltliaU also had tlie follOwin» to Saj
Thoy (tj,c. bius) will be issued in bearer form only, and in denominations
18
New
n
.,
<.
Sept. 6,
OI $-W,io^,UW,
In his announcement of the offering this week,
85
Homid?condoning"18
5.
6.
a
011
<z<u\r\ 1 on n/Vl
,.<•
M amount
"
85
85
---
,
Treasury hills
of
issue
a
T>
.
Group d—
1.
PrP!« W^liirirfnn oJinW
f
A11(r
OQ
+L*
Associated Iress Washington ad\uces Aug. 28 reported the
IOllOWing.
Ambassador
Nomura
came
to the White House after
days of rapidly
developing tension growing out of the conflict of Japanese and American
policies in the Pacific.
He conferred there with the President and
Secretary
Volume
of State Hull.
of questions
He refused to elaborate in reply to a barrage
from reporters as to what the message
from Prime Minister Konoye con¬
.allocation will be determined by the board,
and regulations the actual
Before the conference,
including
reported
Japanese
representations
States against shipments of American oil and
Russia
to
and the
United
other supplies to Russia via
materials and commodities needed respectively for
ments
taken to mean
by some observers that the whole range of con¬
might have been explored
several
more
meetings between the President and the
questions, he said the State Department would not disclose the text
Prime IVHnlster's message, and he
points in it.
ease
the situation in the
Far East, the Secretary replied that it dealt with a
general exchange of
would
views
planes
or
guns
determine the division of
Its jurisdiction will
ships.
or
: S'V
President Roosevelt Disputing Figures
of Senator Byrd
Approximately
Declares That Defense Production
Meets With Estimates
of the
declined any comment on any specific
Asked whether he thought the message
as
only to the materials, parts, machine tools, etc., required for their
might be
Ambassador
In an effort to reach a peaceful solution of questions between the two nations
in what he described as a more intimate and personal manner. In reply to
or
<
board will sit with the President.
manufacture.
today's conference, not the single point of Russian shipments.
Secretary Hull said at his press conference later that there
another
<
finished material—such
extend
of such require¬
recommendations to the President
make
necessary,
The board, of course, will have no power to
Russia, Admiral Nomura replied he did not think so.
troversies between Japan and the United States
at
where
It is expected that from time to time this
specifically whether the message he carried related to shipments t o
was
and,
of
defense, civilian, and all
other purposes, and to establish policies lor the fulfillment
relative thereto.
Vladivostok.
Asked
division.
The board will have jurisdiction to determine the total requirements
however, it was reported that the envoy would
discuss with Mr. Roosevelt the strained relations between the two countries,
and pursuant to these policies
day-by-day administration of specific priorities
will be carried out by the priorities
tained.
This
1205
The Commercial & Financial Chronicle
153
'
'
\
Criticizing defense production figures of Senator Byrd
(Democrat) of Virginia, President Roosevelt on Aug. 22
asserted that while American defense production never had
been
relating to affairs pending between the two governments.
completely satisfactory, on the average it was up to
Noting this Associated Press accounts from
Washington on that date added in part:
estimates.
President Roosevelt Creates New Defense
Power—Vice-Chairman
and
Fuel
Board to Fix
Materials,
Head of Seven-Man
Wallace
Named
Group—E. R. Stettinius Named
Lease-Lend Administrator
President
Roosevelt
on
Supply
machinery for
Aug. 28 established
setting
Priorities and Allocations Board,
up
a
and other commodities of all kinds in the
The Board will be headed by Vice-President
power,
United States.
who is also chairman of the recently organized
Wallace,
Economic Defense Board, and will
include the existing board
Management—namely, Secretary
of War Stimson, Secretary of the Navy Knox, OPM Director
General Knudsen and OPM Associate Director Hillman—and
two other officials—Harry L. Hopkins, the President's special
assistant supervising the lease-lend program,
and Price
Administrator Henderson.
The Board will fix the amount
of materials to be allocated to military needs, defense-aid
needs, economic warfare needs and total civilian needs.
Donald M. Nelson, OPM Purchasing Director, has been
made Executive Director of the new Board and also OPM
Priorities Director.
In this latter position he succeeds
Edward R. Stettinius, who has been selected by the Presi¬
dent as Lease-Lend Administrator.
Mr. Hopkins, who
of the Office of Production
formerly held this post will continue to serve in an advisory
capacity, as special assistant to the President, over all defense
,aid by the United States.
the
reporter at a press
conference—and he volunteered
Byrd earlier in the week in Washington, which said defense production was
He said he had asked the War Department for a check
lagging seriously.
planes.
the river
on the
figures.
The War Department, he said,
Senator's data were
told him it was most unfortunate that the
misled him.
inaccurate and that somebody had
so
Then Mr. Roosevelt became specific.
Senator
to
Byrd averred, the President said, that not a single tank
to the
British, tanks of modern design produced in the last year.
these, as is known, he said, have gone to Egypt and the papers
stories
on
guns
Roosevelt went on, the Senator said the pro¬
provides tor average monthly deliveries of only tour 90-millimeter
in the balance of this calendar year.
actually calls, he said, tor monthly deliveries of 61
The program
four
for the
that
remaining months of 1941, and the War Department believes
program
will be met.
As for 37-millimeter anti-tank guns.
Mr. Roosevelt said the Senator had
15 a month, whereas the actual output
declared the production would be
was
Some of
have carried
the excellence of their performance.
On anti-aircraft guns, Mr.
gram
had gone
Actually, he asserted, we have turned over hundreds of tanks
England.
72 in July and would be 160 in
August, 260 in September and 320 in
October.
There
be
seems to
certain discrepancy between the figure 15
a
War Department figures
if
a
zero were
and the
remarked, even
and there would be, the President
added to the 15.
Senator Byrd said only 15 81-millimeter
Furthermore, he continued,
mortars would be
In July, he said,
produced
per
month in tho months immediately ahead.
In August the output will
production was actually 221.
be 340, he said, and in
changing of the name of the existing Office of Price
in all categories but
,
Somebody, Mr. Roosevelt said, sold the Senator down
the President on Aug. 28
Another revision announced by
was
a
the Information—that he had heard and read a statement made by Senator
and that it had showed that Senator Byrd was wrong
fixing priorities and allocations of the supply of materials,
fuel, and
Mr. Roosevelt told
and Allocations of Supply of
Priorities
larger.
substantially correct, Mr. Roose¬
September and October it will be even
Senator Byrd's figures on planes were
velt said, adding in response to a
question that the Senator had used those
Administration and Civilian Supply to the Office of Price
of the Office of Production Management.
Administration and the setting up in the OPM
Division of Civilian Supply.
Mr. Henderson
Director, about the matter, but that it was his
Price Administrator and will also head the new
of a separate
continues as
OPM division.
Biggers, OPM Production Director, is being sent
to London to work, with the rank of Minister, with W.
Averill Harriman in expediting material aid to the British
Empire. Mr. Bigger's particular assignment will be in con¬
nection with synchronizing British and American produc¬
tion, the White House statement said.
Douglas MacKeachie, current Assistant Purchasing Di¬
rector of the OPM, will succeed Mr Nelson as director.
The new and expanded machinery, the White House said,
has been worked out in conference, and with the voluntary
John D.
cooperation of OPM, OPACS, the Secretary of War, and
the Secretary of the Navy
The following regarding the new Board is from the Presi¬
dent's statement:
The President
materials, fuel and power and
of all kinds in the United States.
The Executive Order
takes cognizance of
production
the fact that in many strategic materials the priorities
which must be given to the manufacture
of materials for the Army and
civilian
use
necessarily create a shortage for
therefore, is charged with the duty not only of
between military needs, defenseaid needs, and the total civilian needs of the people of the United States,
but also will equitably allocate the supply between the different civilian in¬
dividing the available supply of materials
dustries and users in the
United States.
determine the amount to
It also will have the power to
be allocated to the needs of economic defense
recently assigned to the committee
of which Vice- President Wallace is
chairman....
general field of civilian needs, this group will make policies and
regulations for the allocation of the available supply of materials between
the different competing civilian industries and users.
To illustrate, if the
recollection the July plane
1,465 compared with an earlier estimate
of 1,500 for the
said was Senator Byrd's con¬
tention that production of military planes had declined progressively in
May, June and July.
The number of training planes increased, Mr.
Roosevelt said, and the production of military aircraft remained steady
because of changes in design and the testing of new designs to meet lessons
learned last spring.
But the iact remains, he said, that the
in every single
Senator's statement as a whole,
Item except planes, was as full oi
discrepancies as those he
had mentioned.
Senator
Senate
on
Byrd, in his statement (which was made in
Aug. 19) had said, among other things:
America has the capacity in labor and raw
other nation in the production of
the
materials to out-produce any
In that job for
mechanized equipment.
have failed, and miserably failed, and the sooner we
Nation realize it the better we can remedy our mistakes and go forward.
the past two years we
figures to which the
Byrd called for the suspension of the
40-hour work-week and the substitution of a full-week work¬
At the
same
time in presenting the
President refers, Senator
ing basis.
a
.
Following the President's comments, Senator
statement in Washington saying:
in the United States.
The machinery set up,
should ask William S. Knudsen, OPM
The President took exception to what he
Navy and for the use of defense-aid to Great Britain, Russia, China and the
other countries resisting aggression, will
was
some one
month.
as a
today by Executive Order established machinery for lixing
priorities and allocations of the supply of
other commodities
The President said that
In admitting the accuracy
of
Byrd issued
fighting plane
principal factor in my anxiety over
giving to Great Britain and the inadequacy
my
speech in the Senate as to
production, the President sustains the
the inadequacy of the aid we are
of
our own
protection.
So far as his wisecrack
river in his
that "somebody had sold the Senator
figures" is concerned,
amusement but do not
down the
I will say that wisecracks may create
accomplish military preparedness.
My speech in the Senate is
substantially accurate.
In the
commodity involved is steel, this board will determine upon policies and
first for materials required
United States, and then for the defense-aid
needs, economic warfare needs and civilian needs.
When the total amount
determined for civilian needs is arrived at this board will determine the
regulations under which steel will be allocated,
by the Army and Navy of the
policies and make regulations lor the amount to
railroad cars, refrigerators, building,
various purposes
OPM.
on
be allocated to automobiles,
The actual adminis¬
typewriters, etc.
tration of these policies by way of issuance
of priority certificates for the
will be carried on through the appropriate divisions of
It is, of course, not
contemplated that this board actually will pass
filed by the thousands every
the priorities division under Donald
specific priority applications which are
week.
That will continue to be done in
Nelson.
Only
broad policies and general regulations for
priorities and
President
Under
Roosevelt
Places
All
Military Equipment
Designed to Limit
Export Control—Active
Philippine Exports
President Roosevelt, on Aug. 27,
issued
a
proclamation
placing under export control, all military equipment, muni¬
tions and component parts, machinery, tools or materials, or
supplies necessary for thefr manufacture, servicing, or
Operation, which had not been made subject to such control
by previous proclamations.
A White House statement said the practical effect of the
proclamation would be to-"limit the exportation from the
Philippine Islands of the materials to which reference is
The Commercial & Financial Chronicle
1206
made, but to permit them to flow freely from the United
The statement added:
States."
-
>
,
t
■<
,,
of
its territories and possessions, but not
from the Philippine Islands.
This will not include exports to consignees
whose names appear
on
the
proclaimed list of certain blocked nationals.
The
Export Control Administration, in accordance with the
proclamation, issued a schedule
conversions, and derivatives of
prescribing the forms,
the additional articles
placed under control.
Among the articles included were
animal products ana vegetable products, textile
numerous
fibers and manufactures.
President Roosevelt Issues Ship Priority Order—-Sets
Up Warrant System in Maritime Commission to
Insure Delivery of Defense Materials
President
Roosevelt,
by Executive Order
Aug. 27,
on
authorized the Maritime Commission to set up a warrant
mission
essential
authorized
is
defense
the
to
issue priority
to
The
program.
he shall
as
The President said that the warrant system
gram
1. The importation
necessary to
will insure the
the defense pro¬
of substantial quantities of strategic and critical
materials.
2.
The transportation
of substantial quantities of materials requested
by defense agencies.
3. The transportation in the foreign
domestic
or
commerce
of the United
States of substantial quantities of materials essential to the defense of the
United States.
The action
taken under the Ship Warrants Act which
was
the President signed on July 14
July 19, page
referred to in
issue of
our
322.
The President's
order, establishing the Board:
Executive Order
Authorizing the United States Maritime Commission to issue warrants
with respect to vessels.
Whereas the Act of July 14, 1941, Public Law 173, 77th Congress, pro¬
vides that the President may, whenever he deems it in the interest of national
defense, including the maintenance of essential supplies and services, author¬
ize the United States Maritime Commission to issue warrants
in such Act with respect to vessels
States and vessels not
so
as
provided
documented under the laws of the United
documented but owned by citizens of the United
States, and, upon application therefor, to foreign-flag vessels not owned
by citizens of the United States, and
Whereas the Interest of the national defense, including the maintenance of
essential supplies and services, requires that provision be made through the
issuance of warrants to insure the prompt
the national defense through
of strategic
delivery of materials essential to
(1) the importation of sbustantial quantities
and critical materials,
(2)
the transportation of substantial
quantities of materials requested by defense agencies, and
portation in the foreign
or
domestic
commerce
(3)
the trans¬
of the United States of sub¬
stantial quantities of materials essential to the defense of the United States:
Now, therefore, by virtue of the authority vested in
by the said Act
me
of July
14, 1941, I hereby authorize the United States Maritime Com¬
mission
time prescribe.
to
j
„
ROOSEVELT.
D.
classes of vessels therein described.
Vetoes
Bill
"Freezing"
Govern¬
Stocks of Cotton and Wheat—Says Measure
Is Contrary to Sound Government Policy—Bill Had
ment
Also
Provided
for
Easing
Excess
Wheat
Penalty
"and Parity Price for Peanuts
President Roosevelt on Aug. 25 voted the legislation
providing for "freezing" of Government-owned stocks of
cotton and wheat during the present emergency. In a message
to the House the President said that it was his conviction
that approval of the measure "would seriously and adversely
affect the agricultural adjustment
and the attendant
program
policies which have been so beneficial to our farmers during
the last few years."
Besides withholding from the normal channels of trade
and
the Government-owned stocks of cotton and
commerce
wheat, this bill would have permitted wheat growers to dis¬
pose of excess wheat as feed on their farms without incurring
the penalty and would have guaranteed a price for peanuts
of 85% of parity.
In his message the President said the bill "is contrary to
sound governemtal policy and the long-time best interests
of both farmers and consumers."
Pinal Congressional action on this bill was reported in
issue of Aug. 16, page 912, at which time it was predicted
that the President would veto the measure.
Secretary of
our
Agriculture Wichard had voiced his disapproval of the
legislation.
The measure as it originally passed the House on July 21
provided only for easing of the wheat penalty but the Senate,
m approving the measure on July 29, added the cotton and
wheat "freezing" provision and the peanut "parity" pro¬
gram (noted in our issue of Aug. 2, page 628).
A joint con¬
ference report on the legislation was adopted by the Senate
on Aug. 6 by a voice vote and the House
by a vote of 176
to 163 approved the report on Aug. 13.
The text of the President's veto message follows:
to issue warrants as provided in such Act with respect to the class
or
time
Roosevelt
President
in return for agreement by the ships' operators to comply
with Commission control over voyages, rates and cargoes.
delivery of materials
through:
from
FRANKLIN
domestic and foreign vessels entitling them to preferential
treatment in port facilities, repairs and other accommodations
prompt
the
hereafter be, in the active military service of the United States
pursuant to orders issued under the authority of Public Resolution No. 96,
Seventy-sixth Congress, approved Aug. 27, 1940, are hereby extended for a
period of 18 months, unless such persons or unite are sooner released or
discharged. After completion in each case of 12 months of active military
service by such persons and units, and as the interests of national defense
permit, the Secretary of War shall provide for the release of such persons
or units
from active military service under such regulations as he shall
from time to time prescribe.
3. The periods of enlistment of all persons who are now, or who may
hereafter he, enlisted in the regular army, the regular army reserve, the
enlisted corps, and the National Guard of the United States are hereby
extended for a period of 18 months, unless such persons are sooner dis¬
charged. After completion in each case of the unextended period of enlist¬
ment by such persons, and as the interests of national defense permit, the
Secretary of War shall provide for their discharge under such regulations
who may
Com¬
to both
warrants
of
units
critical
system to expedite the movement of strategic and
materials
all members of the enlisted reserve corps, and all members
National Guard of the United States who are now, or
army reserve,
and
a
periods of active military service of all members of the regular
The
2.
early creation of
Nation.
the
General licenses will be issued covering the exportation of these com¬
modities from the United States,
Aug. 30, 1941
large trained reserve while, at the same
time, maintaining the army in immediate readiness for use in the defense
to the
view
To the House of Representatives.
I
returning herewith, without
am
my
approval,
a
bill (H. R. 5300)
entitled "An act relating to wheat-marketing quotas under the Agricultural
FRANKLIN
D.
ROOSEVELT.
Adjustment Act of 1938,
The White House, Aug. 26, 1941.
normal
channels
as
of trade
amended, to provide for withholding from the
and
commerce
Government-owned cotton and
wheat of the 1940 and previous crops, and to provide 85% of parity with
President
Extends Military Service by 18
Selectees, National Guardsmen, Re¬
servists, and Regular Army
Roosevelt
Months
the
service
of
an
executive order
selectees,
on
Aug. 22
Guardsmen,
National
reservists and regular army men for a period of 18 months
beyond their original terms, unless such persons are sooner
discharged. This order formally makes effective the resolu¬
tion which became law on Aug. 18 as an amendment to the
Selective Training and Service Act of 1940 (indicated in
these columns Aug. 23, page 1069).
The War Department
plans to release from service selectees, Guardsmen and
reservists after they have served 14 to 18 months' total
active service.
The President's order would
not
apply to
hardship and dependency cases; men over 28 years of age
on July
1, 1941, and married men who request their dis¬
charge after a year's service.
The text of
tending
By
the
President's executive order formally ex¬
army service follows:
virtue
of
the
authority
Service Extension Act of 1941
approved Aug.
18,
1941,
and
conferred
The periods of
upon
me
by
Section
2
of
the
(Public Law 213, Seventy-seventh Congress),
as
Commander
Navy of the United States, it is ordered
!•
It is my conviction that approval of the measure would seriously and
for
(President Roosevelt issued
extending
respect to peanuts of the 1941 crop."
as
in
Chief
of
the
Army and
follows:
training and service of all
persons inducted for train¬
ing and service under the provisions of the Selective Training and Service
Avt of 1940, as amended, who are
now, or who may hereafter be, in such
training and service are hereby extended for a period of 18 months, unless
6uch persons are sooner
discharged.
Notwithstanding such extension of the
periods of training and service, the Secretary of War shall, as the interests
of national defense permit, release from
training and service and transfer
to a reserve component of the land
forces, as provided in Section 3 (C) of
the Selective Training and Service Act of 1940, as
amended, all those
persons who shall have completed 12 months of such training and service.
The release of such persons from
training and service and their transfer
to a reserve component of the land forces shall be
accomplished with a
,
adversely affect the agricultural adjustment
program and the attendant
policies which have been
farmers
so
beneficial to
our
during the past tew
years.
One provision of this act would permit the farmers to dispose of, as feed,
without penalty, an indefinite amount of wheat produced in excess of their
farm acreage allotments for 1941.
This provision would place
a
premium
on
non-compliance with the wheat program, constitute
a
the
program, and so relax
large majority of farmers who complied with the
the control features of the farm program as to
breach ot faith with
adversely affect future
participation therein.
Even
more
objectionable Is the provision which would direct the Com¬
modity Credit Corporation to acquire title to all cotton and wheat of the
1940 and previous crops in which it has an interest, and to hold these
com¬
modities for
an indefinite period.
The goal of the administration's agri¬
cultural policy has been parity prices for the farmers, and this has been
accepted by the producers, the consumers, and the Congress
as
fair and
reasonable.
I do not feel that farmers would wish this acceptance destroyed
by action designed to force prices above parity through the arbitrary with¬
holding of Government owned stocks from the normal channels of trade
and commerce.
Recently, I approved legislation enacted by the Congress authorizing the
Commodity Credit Corporation to make loans at
a
rate of 85%
of the
parity prices of the five basic agricultural commodities, which, in addition
to
agricultural
conservation
payments
and authorized
will enable the growers of these crops to
duction
.
Parity, however, is only
is volume sold.
one
The ultimate effect
parity payments,
realize parity for their 1941
of two elements of Income.
pro¬
The other
of this bill would be to restrict the
volume of the products sold and thus shrink the use of and the market for
these commodities.
how
soon
The
Moreover, in times such as these no one
these Government-owned stocks may be needed.
can
foresee
_
Commodity Credit Corporation should be free to dispose of the
commodities
acqiu'red
Otherwise it will
under
the
loan
programs
be impossible to maintain an
in
an
orderly
tion of this authority of the corporation would
manner.
"ever normal granary" to
protect farmers against surpluses and consumers against scarcity.
Restric¬
greatly increase its losses,
nullify the effectiveness of existing programs, and, by breaking faith with
consumers,
be inconsistent with
our
present price control efforts.
Volume
The Commercial &
153
In my judgment, this bill is contrary to sound
the long-time best
Financial Chronicle
governmental policy and
interests of both farmers and
FRANKLIN
ROOSEVELT.
D.
imports
for
13,500,000
consumers,
the'
Roosevelt
Signs
Defense Ap¬
$7,596,000,000
In
sion
a
industry
the
the
The
industry
and
crab of
authority for the
completed
Congressional
army,
action
and Maritime
navy
this
on
was
measure
Aug. 15 when both the Senate and the House
on
This report restored $750,-
approved a conference report.
000,000 of the $1,347,000,000 eliminated from the measure
•by the Senate in (passing it
Aug. 14 (referred to in these
on
columns Aug. 16, page 922).
The Senate had reduced the
However, after Secre¬
did not need the funds now.
army
tary of War Stimson had appealed for the full amount the
conference
committee
restored
$750,000,000
of
total.
the
part
made
was
prevent
in
possible
of
discoloration
canned
crab
consumption.
domestic
of
chiefly
meat
was
the
expan¬
canning
is packed in
it
after
meat
Thi9
improved
by
original species of crabs used by the domestic canning
two
the Pacific
Domestic canneries
coast.
are
loctaed
in
Maine,
Vir¬
ginia, South Carolina, Louisiana, Oregon, Washington, and Alaska.
The investigation
fresh
on
States
crab
and
did not disclose facts warranting a change in the duty
crab
Fresh
meat.
in
Alaska.
The
ginia continue to account for
duction
tion
fact
fresh crab
that
equipped
to
For these
handle
with
fresh
is
in
in
coastal
and Vir¬
of the total domestic pro¬
most other States.
the
Although
the
of
15
States of Maryland
highly perishable is
a
distanct limita¬
difficulties of
transportation
exclusively
meat,
the marketing of
the other hand,
on
in
inland
is distributed largely through retail establish¬
in
$8,063,238,478 (noted in our issue of Aug. 2, page 629).
crab
small, particularly
consumption is confined largely to the coastal
clubs, &c., taking more than half of
hotels,
The remainder
engaged
still
seafoods is
reasons
restaurants,
production.
ments
produced
half
largely overcome, the number of retail establishments adequately
centers.
States,
increases
meat
distribution.
national
to
than
more
despite present steady
The
is
meat
Chesapeake Bay
handled by a majority of retail grocery stores
Associated
for
In the last few years, however, sev¬
the United States, and their output
Canned
measure
of
90%
represented
Japan
market
States
When the bill passed the House on July 28 it aggregated
Regarding the main provisions of the
During this
the blue crab of the Atlantic and Gulf coasts and the dungeness
aie
have been
House-approved bill by $1,347,000,000, contending that the
United
established
considerable
which
can.
fense appropriation bill carrying about $7,596,000,000 in cash
contract
the
been
of
methods
Commission.
have
supplies
now
from
imports
supplied almost entirely by imports.
vision for Army* Navy
supplemental de¬
to
1934
in
pounds
:;-,v:'
1934
eral canneries
President Roosevelt signed on Aug. 25 a
7,400,000
10,100,000 pounds.
;?■;
about
propriation Bill—Congress Restores $750,000,000 of
Senate Cut of $1,347,000,000—Measure Makes Pro¬
and Maritime Commission
from
ranged
however,
1940,
total.
Until
President
consumption
pounds in 1939 and averaged
period Japan supplied 78% and the Soviet Union 21% of the total quantity
imported.
The White House, Aug. 25, 1941.
1207
seafoods.
fresh and frozen
enjoys national
distribution and is
for consumption in individual
homes.
Press Washington advices, Aug. 25, said:
The
appropriates $6,586,896,948 for new army tanks, anti-tank
ammunition, and for expansion of the naval establishment.
appropriates $698,650,000 for the Maritime Commission's ship-
measure
President Roosevelt Signs Bill Preventing Publication
of Patent Inventions
Weapons and
It' also
acquisition
construction
and
authorization
contract
The War
that
an
additional
$1,000,000,000
work.
Department will get about $3,400,000,000 for ammunition and
items to modernize the army and $800,000,000 more for
special ordnance
radio
for
plus
program,
equipment, searchlights and a supply of reserve materials for the
Air Corps.
A
fund
of
$2,500,000
defense expenditures
he saw fit to authorize without further congressional
approval.
For
.
the
the
navy
shore
,
made available to the President for special
was
stations,
build
up
$380,000,000
material
$294,528,500
provided
measure
for
material
for
new
for
dozens
of
new
$369,000,000 to
ships,
and about $260,000,000 for expansion of the
reserves,
and Marine Corps personnel.
navy
President
Roosevelt
Signs Order
Giving
Right of Eminent Domain
Builder
On
Aug. 24 President Roosevelt
signed
Pipeline
granting the right of eminent domain for the construction
of
petroleum pipe line to connect the East coast with
a
The proclamation, according to the
Louisiana's oil fields.
United Press,
in
permits the Plantation Pipeline Co.,
Dela¬
a
corporation, to exercise the right of eminent domain
ware
acquiring a pipe line right of way between Baton Rouge,
under
a
bill
he
signed on July 30,
Government to build
or
aid
private firms in the construction of oil pipe lines (congres¬
sional action
of
July 26,
in
view
this legislation was reported in our issue
on
470).
page
Regarding the latest action, taken
threatened oil
of the
from
a
license from the Commissioner of Patents.
The measure, signed by the President on Aug. 21, passed
the House on June 24 and the Senate, in amended form, on
The House completed Congressional action
Aug. 11.
bill
on
The
legislation amends
a
law signed by President Roosevelt on July I,
1940, which authorized the Commissioner of Patents to impose secrecy on
tion for
a
mental to the defense program.
It was testified at hearings on
There
ficient.
considered
were cases
be
to
issuance of secrecy
of
the
that
Knoxville,
The
project
branches
shortage on the East coast
seek
will
a
strip
off
the
for
main
100-foot
run
channel
vital
To meet this
Carolina.
barrels
to
barrels
90,000
daily,
and finally
pumping stations,
its
to
Montgomery
been redesigned to deliver
60,000 barrels.
With
the Army and the
installation
application has been filed.
the Patent Office,
Navy and other defense agencies have had an oppor¬
country's defense.
Among penalties for violation ot the law are included those of the Es¬
Any person who makes, consents to or assists another's
pionage Act.
making application in a foreign country without first getting the required
authorization is not only debarred from
$10,000
or
receiving a United States patent
also subject,-upon conviction, to a fine of
imprisonment or both.
President
Roosevelt
Signs
$246,000,000
Naval
Works
Bill
President Roosevelt signed on Aug. 21
ing
at
legislation authoriz¬
total of $245,000,000 for construction of public works
Naval shore and island bases.
The House originally
a
approved the
measure on
July 23 and the Senate passed the
concurring in
bill in amended form on Aug. 14; the House
daily.
Roosevelt
Meat—Action,
r
5;:
House adoption of the bill was
Washington advises
Aug. 22 to the New York "Times" reported:
these
Raises
Duty on
at
Japan,
Aimed
Canned
#
Crab
Necessary
to
Equalize Cost of Production
President Roosevelt issued
changes
a
proclamation
Aug. 22 in¬
on
valorem, to become effective Sept. 21, 1941.
taken following the
An
The action
Tariff Commission's report
on
the
our
on
Aug. 15.
issue of July 26, page 472.
official classification of the
shows
measure
creasing the duty on canned crab meat from 15% to 22M»%
was
the
tunity first to determine whether the invention proposed is of importance
to this
noted in
ad
United'States
and
delivery potential may be stepped up
♦
President
warrant
and have
line,
Projected originally to deliver 32,000
barrels of oil daily to its terminus, it since has
48,000
to
situation, the new legislation applies to applications for
It thus prevents the filing of any application abroad until
projected line will traverse Louisiana, Mississippi, Alabama, Georgia,
of additional
national defense
to
orders, but the orders proved valueless because applica¬
tions had already been filed abroad.
Tenn.
South Carolina and North
first
the
Columbus and Macon, Ga., and Chattanooga
Ala.;
the new law that the 1940 Act was de¬
where applications had been filed on inventions
sufficiently
not more than
Birmingham,
invention disclosed in an applica¬
United States patent and to withhold the grant of a patent
whenever the publication or disclosure of the invention might be detri¬
for the same invention, but is
Backers
the
following concerning the legislation was reported in
Washington advices of Aug. 22 to the New York "Times":
Press advices said:
and
on
Aug. 13 by agreeing to the Senate amendments.
The
caused by the transfer of tankers to Great Britain, United
announced
The measure,
filing applications for patents in foreign countries
without
regardless of whether or not a
the Federal
which authorized
inventions essential to national defense.
on
said the United Press, would prohibit American inventors
patents in foreign countries covering any Invention made in this country,
La., and Greensboro, N. C.
The President acted
strictions against the publication of applications for patents
all interested parties with respect to any
proclamation
a
President Roosevelt has signed legislation tightening re¬
$75,500,000
items contained in the authorization
earmarked
for
Pacific
including shore establishments on the Alaskan and
island
defenses,
$36,600,000 for naval defenses in the Caribbean area, and $41,100,000
shore
establishments
storage
on
the
facilities, expanded
Atlantic
coast.
not
United States coasts,
Included
are
for
ammunition
hospital facilities and other types of shore
facilities.
—
differences in costs of production of canned and fresh crab
in
meat
the
United
States and in the principal competing
According to the proclamation the
country, which is Japan.
increased rate of duty is necessary to equalize such differ¬
in costs of production.
ences
The
issued by the
For
the
crab
meat
crab
meat
crab
meat.
five
meat
consumption
was
Tariff Commission on Aug. 22;
years
ended
1939
entirely
43%
was
fresh
United States and 57% was canned
Of the consumption cf canned meat. 95% was imported and
in
the
5% domestic.
United
Japan
and
States
the
imports
Soviet
of
canned
Union.
Shore Establishments
Legislation authorizing the creation by the Navy Depart¬
crab
meat
During the
are
almost
10 years
a
special plant protection force to investigate any
existing
or
threatened sabotage or espionage at Naval shore
was signed by President Roosevelt on Aug. 11.
establishments
the United States consumption of all
averaged 19,200,000 pounds annually, of which
produced
Roosevelt Signs Bill Creating Plant Protec¬
tion Force for Naval
ment of
crab
regarding
following
President
ended
entirely
1940
from
annua]
Congressional action on the measure was completed on July
31, when the House concurred in Senate amendments.
The
bill
authorizing the expenditure of $1,000,000 a year to
maintain the force was originally passed by the House on
May 22 and by the Senate on July 22 (Senate
ported in our issue of July 26 page 472).
action
was re¬
The Commercial & Financial Chronicle
1208
Following Close of Hearings on Tax Bill Senate Finance
Committee Expedites Action on Measure—Lowers
Tax Exemptions on Incomes of Married Couples to
$1,600 and to $750 for Single Persons—Approves
New
Return
Incomes
for
Under
Committee Changes
With
hearings
Finance Committee
in the
All four of these schedules
$3,000—Other
yesterday and today
new
legislation.
In its initial action
the House Ways and Means Committee in its
majority
report called attention to the fact that individual income
tax
exemptions were reduced last year from $1,000 to $800
single person and from $2,500 to $2,000 for married
eoujiles, and stated that the Committee felt ''that a 'further
a
reduction in these exemptions' is not warranted at this time."
In reducing the exemptions to $1,500 for married
couples,
and $750 for
single persons the Senate Committee this week
suggestion made by President Roosevelt to
the House Committee, but which the latter
reported on Aug.
2, as noted in our Aug. 9 issue, page 770.
In Associated
Press accounts from Washington on Aug. 26 it was stated:
the
Senate opposition materialized quickly today to the Finance Committee's
proposal for stiffening the tax bill by lowering personal income
exemptions
and thus requiring an additional 7,000,000
persons to file returns.
There
was
opposition, too, for
provision that would end the community
property system of filing returns now permitted in eight States—Texas,
a
Louisiana, Arizona, New Mexico,
Idaho, California, Nevada and
Wash¬
ington.
Under the Finance Committee's plan, the bill—which called for
breaking $3,230,700,000,
boosted to
as
a
record-
passed by the House—would have its yield
by eliminating the
community property returns.
In the past husbands and wives in the
have been able
with
file
on
a
divide their income and make separate returns.
to
$10,000 salary could file
$5,000.
eight community property States
a return on
$5,000 and his wife could
In
"The change does not affect any of the
country except the community
property States," said Senator George of Georgia, Chairman of the Finance
Committee, "It puts the whole country
In its action taken
on
the
same
basis."
Aug. 25 the Senate Committee also
a simplified return for income tax
earning $3,000 a year
on Aug. 25 said*:
less.
or
As to this the Asso¬
new
advocated by
one
V 3.
Secretary of the Treasury Morgen-
Under the proposal, the taxpayer could
go to the post office or some
other Federal office, inform officials about his total
income and dependents,
and learn quickly the amount of taxes he
must pay.
Graduated tables
giving the amount of tax owed for various amounts of net income
would
be made widely available.
Aug. 25 (we quote from
Press) slight increases in the so-called
for
would
all
smaller
absorb
increase estimated
the
corporations
which
Senators
of the bill
revenues
by $3,200,000
a year.
Stating that it was learned by the New York "Journal of
on Aug. 26 that the Senate
Finance Committee
had voted down, one
by one, four alternative proposals
made by the Treasury
Department to increase the yield of
the House approved bill, that
paper on
following from its Washington bureau:
$4,000,000,000 goal for the
revenue
Aug. 26 reported the
measure
was
set
$1,000,000,000.
At the request of the Committee
members Treasury experts submitted
to show how these
recommendations could be carried
out.
The first set of estimates was drafted on
Aug. 14, six days afte*- Mr.
Morgenthau's testimony.
A second set was submitted
detailed estimates
Neither set,
mentioned
two
of
Secretary Morgenthau's six
These two proposals
were:
(1) Revision of the
excess
use
average earnings credit and forcing all
the invested capital
method, and (2) elimination of the
exemption
on
income
from
new
issues
of
State
and
local
securities.
profits taxes which the present law allows for income from
To accept the House bill rates doubling the excise tax
5.
cents and 3 cents per
To accept the House bill tax of 20%
boxes.
6.
To increase the House bill rates
7.
tax
brandy
At the
as a
same
On
rates
of the rental
cents per
safety deposit
gallon to 2 cents and to allow
Aug. 28 the Committee voted
corporate incomes by
on
on
wines, cordials and liquors and to
100-galIon exemption from the floor stock
a
tires and
distilled spirit subject to the proposed tax of $4 per gallon.
time, the Committee voted down motions to increase the
Federal gasoline tax from
tailers
on
on
pound, respectively.
Street
Journal"
this
tax on distilled
re¬
spirits.
to increase the surtax
1%, advices to the "Wall
follows:
as
from
its
Washington
bureau,
indicating
To lift the total of the tax bill to an estimated
Mr. Morgenthau's other four
proposals were:
(1) Lowering of individual
(2) mandatory joint returns, (3) elimination of
per¬
centage depletion allowances for mines and oil
wells, and (4) lower exemp¬
tions and stiffer rates in the
estates and
To the estimates for these
proposals,
for increased excise taxes
individuals, and
on
gift taxes.
1.
A
6%
2.
A
10% tax
the Treasury experts added esti¬
five commodities, increased surtax rates
proposal to treat income of husbands and wives in
community property States on the same basis as income in other
States.
of
those
surtax on the first
$25,000 of corporate earnings and a 7%
surtax on all earnings above this
level, estimated to yield an additional
$110 million. The rates provided in the House bill were
5% and 6%>.
$28.6 million.
3.
A
new
on
local telephone bills, estimated to yield
The House bill
manufacturers'
race
was
excise
tax
estimated
was
$1,926,900,000.
adopted.
The
an
additional
5%.
of
10%
on
electric
light
bulbs,
estimated to yield $8 million.
A 15% rate on admissions, which will amount to
1% cents of tax for
every 10 cents of charge, estimated to yield $72.5 bullion.
The House rate
4.
was
10%,
or
1 cent for each 10
of charge.
cents
These levies, with an aggregate
yield of $209.1 million, were
$412 million additional program prepared
Senators
Brown
Assistant
of
Michigan and
a two-member
Danaher
Secretary of the Treasury John
Chief of the Staff of the Joint Committee
of
L.
on
Connecticut,
Sullivan
a
part of a
subcommittee,
and
assisted
Colin
by
Stam,
Taxation.
further stated in the advices indicated:
was
Other features of the program which
were
rejected included
(1)
a
two
percentage points increase in each
excess profits tax bracket, which would
have provided a range from 37% to
62%, (2) a K cent a gallon increase in
the tax on gasoline, and (3) an increase in the
retail sales tax on furs, jewelry
and cosmestics from 10% to 15%.
The
Committee amended the present capital stock tax
by providing for
yearly declaration of value, instead of a
declaration every third year.
Also, it extended by 30 days, from September 29, the time for
filing under
a
bill
incease in
and declared
value excess profits tax.
the capital stock
tax,
from $1.10 to
The
House bill
$1.25 per
$1,000 of
declared value, was approved.
Action
taken by the Committee at the same time
toward the institution of measures to effect a
in
non-defense Government
expenditures, the
was
(Aug. 28)
reduction
"Wall Street Journal"
stating
as to
this:
The Committee,
acting under the Budget and Accounting Act of 1923,
adopted a resolution requesting the Bureau of the
Budget to submit revised
budget estimates which would cut non-defense
spending in the current
fiscal year by up to $2 billion.
It included in the tax
bill an amendment
establishing a committee, con¬
sisting of 12 members of the House and Senate Tax and
Appropriations
Committees, the Secretary of the Treasury and the Director of the
Budget,
to study Government
expenditures and recommend deductions.
Excise
taxes
on
radio
broadcasting stations and outdoor
advertising were stricken out by the Senate Committee on
Aug. 27, and at the same time it dropped the tax on soft
drinks voted by the House.
This is learned from Washing¬
ton advices
Aug. 27 to the New York "Times" which, in
part, added:
According to Senator George of Georgia, Chairman, the Committee did
not
give
up
the idea of taxing radio broadcasting
stations, but
the Treasury Department and the Joint
Committee
to
study
a
possible franchise tax.
One of the
10%
tax
.
on
Treasury
ex¬
instructed
Revenue Taxation
.
changes made by the Committee would eliminate the
special
by the House on certain classes of corporations.
The
voted
House's tax would apply to corporations the
earnings of which now exceed
earnings for the base years, 1936-1939, inclusive, but which under
average
would
otherwise
excape payment of the tax.
The Committee explained that the
special
as
a
levy
plaints
a
perts did not propose that all be
S3,688,500,000, the Com¬
mittee agreed to these new and increased taxes:
the invested capital system of
computing excess profits
income exemptions,
total
excess
tubes, making them 5
profits tax structure,
eliminating the option of using the
The
single
than $3,000.
domestic mining of tungsten, quicksilver, manganese,
platinum, antimony,
chromite or tin.
yesterday.
however,
proposals, indicating that the Treasury had
given up the battle for them by
Aug. 14, 11 days before the Senate Committee
began its executive sessions.
on
more
To retain the section of the House bill which
repeals the exemption
4.
from
by Secretary
Morgenthau who submitted six recommendations to the
Senate Committee
which, he said, would raise the yield of the House
bill by $800,000,000 to
mates
to $1,500 for married persons and $750 for
and simplified income tax payment plan which could
be used by persons with gross incomes of not
said
present
Commerce"
tax
new
a
normal
10% defense tax.
These
increases would apply to all
corporations with a net annual
income of $25,000 or less and, committee
officials said, would
present
with
persons
the capital stock
The Committee also
approved on
the Associated
companies to
To follow up Monday's vote to broaden the income tax base by reduc¬
ing personal exemptions
simplified form for small tax¬
thau and would aid both
taxpayers and the Treasury in putting into effect
the record-breaking
$3,500,000,000 tax bill.
The
To increase slightly the normal tax rates applicable to corporations
2.
It
Committee members said that the
payers was similar to
rate
profits tax law revisions
excess
with incomes of less than $25,000, but to leave unchanged the rate of
24%
which is paid by corporations with incomes above $25,000.
ciated Press
also
To accept the basic features of the
1.
by
on
approved what is termed
tax
Aug. 26, said
contained in the House bill, including the retention of the optional methods
of computing the excess profits credit.
Thus,
many cases the system brought the aggregate of the
separate taxes below what the total would have been under a
single return.
payers
on
the "Wall Street Journal" in its advices from Washington,
decided:
estimated $3,590,700,000.
an
Approximately $303,000,000 of this potential increase was accounted for
when the Committee voted yesterday to lower
present income exemptions
from $2,000 to $1,500, and from $800 to $750 for
single persofis.
An additional $51,000,000 revenue would be derived
a man
proposal
brandy levies.
The Finance Committee at its sessions
tax
followed
up one tax
about $364,000,000: $303,000,000 by lowering exemptions, about $51,000,-
and
on
exemptions from $2,000 to $1,500 in the case of
married couples and from $800 to $750 for single persons. No
change was made in the present exemptions of $2,000 and
$1,500, respectively, by the House in passing the bill on Aug.
4 (to which reference was made in our issue of
Aug. 9, page
769); as was stated in these columns Aug. 2, (pages 629, 630),
for
voted down by the Senate Committee
were
the group proceeded to take
000 by taxing community property and about $10,000,000 by boosting wine
Aug. 25 the Committee voted to lower the individual in¬
come
as
Of the original total of $1,926,900,000. the Committee so far has accepted
Aug. 25 to proiiosals to be
on
Two of these alternatives
after another.
Saturday last, Aug. 23, the Com¬
on
selected number of these taxes into four alterna¬
of the House bill to $4,000,000,000.
drafted Aug. 14 and the other two were submitted yesterday.
were
the pending tax bill ended by the Senate
on
a
1941
tive proposals, each of which would raise about $800,000,000, thus bringing
the yield
'
mittee turned its attention
embodied
Instead, they combined
Aug. 30,
on
10%
was voted
by the House
companies which benefited from the defense, but
many
com¬
received that it was hampering companies which for
the first
time in years were having an
opportunity of making up for losses.
A modification of the House provision on admission
taxes was voted by
the Committee.
Under the House bill, admissions were
exempt up to 9
cents.
The Committee voted to eliminate this
exemption, but retained it
were
tor children under
or
less.
12, where the price of the ticket amounted to 10 cents
Children from 12 to 17 would be taxed
only on the actual amount
Volume
The Commercial &
153
paid lor the ticket, at the
race
of 1 cent for each 10 cents of
The same rate would apply to soldiers, sailors and
admission.
Civilian Conservation
Corps enrollees.
playing
cards, luggage, rubber articles, club dues, radios and phonographs, me¬
chanical refrigerators,
matches, office equipment, business machines,
jewelry, furs, the 5% transportation tax, and the $5 tax on motor vehicles
and boats, with a modification that boats so taxable shall be those used
Approved without change were the House schedules on cabarets,
"chiefly for business."
The tax on electrical
appliances* was amended
to specify that the same
10% shall apply to gas and oil appliances.
An amendment brought all
Aug. 23 issue,
our
page
A proposal made the day
923.
hearings (Aug. 22)
came
1070, and Aug. 16, page
before the conclusion of the
from Prof. Harley L. Lutz, Pro¬
University who urged
fessor of Public Finance at Princeton
that the
Warning
of both
gasoline and oil for heating and industry this winter, Mr.
Davies estimated the deficit at 27,800,000 barrels of petroleum
products during the four remaining months of this year. He
said the reduction in gasoline supplies to filling stations
would help meet this shortage.
Regarding his further testimony, the Associated Press
^
accounts said:
and home heating plans, Mr.
of shutdowns for industry
Davies said officials were ready to operate a
rigid rationing plan, but he added they hoped to avoid such drastic
hearings by the Senate Finance Committee were re-,
reffed to in
reduced 15% in September compared with July.
that the eastern coast faced an actual shortage
If present methods fail to eliminate danger
washing machines under the tax, instead of
commercial washing machines only.
The
1209
Financial Chronicle
Committee approve a 10% withholding tax on
As was indicated in our item of a week
individual income.
Senator George, Chairman of the Committee, was
reported as saying on Aug. 17 that the latter would study a
proposal of the United States Chamber of Commerce to
impose a withholding or pay roll tax.
It was also noted
in the same item that E. C. Alvord, Chairman of the Cham¬
ber's Federal Finance .Committee estimated that a 3 %
withholding tax would yield at least $2,000,000,000 an¬
nually.
Mr. Lutz on Aug. 22 stated that the 10% with¬
holding tax proposed by him, with no deductions or ex¬
emptions, would produce $7,000,000,000 annually, compared
with the $3,236,700,000 estimated for the House, approved
tax bill.
Prof. Lutz, according to the Associated Press,
suggested that the withholding tax apply "on all income
payments to individuals—wages and salaries, interest and
dividends, net rents and royalties and entrepreneurial
ago
withdrawals."
He
flatly disputed
action.
which he said had been circulated that the
rumors
shortage is being played up to foster war psychology, that a shortage has
been created artificially to assure passage
of a pipeline bill or that a shortage
of gasoline was precipitated
deliberately.
former vice president of the Standard Oil Co. of
The witness, who is a
California, told the committee that unless East Coast supplies were brought
into
balance,
one
of the following conditions would result:
enough oil to heat out homes—
"1.
All the gasoline we want and not
"2.
Heat for homes and all the gasoline we want,
but industry paralyzed
for want of fuel oil—
Ample oil for industries, but not heat for homes and gasoline for
"3.
transportation.
New Lease-Lend Bill to Total About
Not
for
Provide
Aid
to
$5,000,000,000—Will
Russia
but
Union
Soviet
May Get Cash Loan—President Roosevelt Critizes
Rumors of Misuse of Funds by Britain
With
respect
President
to
Roosevelt's
lease-lend
new
request which is expected to be asked of Congress next month
it is reported that it will approximate $5,000,000,000 and
that
of the
none
new
funds will be for the benefit, of Soviet
President Roosevelt has held several conferences
Russia.
with his legislative leaders on the subject
no exact amount has been decided upon.
but, it -is said,
However, Ad¬
agreed that no mention of Russia
will be made in connection with the new request, restricting
it specifically to aid to Great Britain and China. Federal
day's hearing (Aug. 23) L. H. Parker, Wash¬
ington tax consultant, said that the tax schedules proposed
in the Administration's bill far exceeded the rates imposed
ministration leaders have
in the
Loan
At the final
war
year
Washington advices Aug. 23 to
added:
of 1918.
the New York "Times" from which we quote,
"The Revenue Act of 1918, enacted in a similar period, imposed unprece-
dentiy high income taxes and yet this proposed revenue
bill of 1941 far ex¬
told the Com¬
"In fact, every person with a net
Mr. Parker, formerly
were
so
surtaxes
indicated
employed
as an
high they eliminated the incentive to work and produce.
Concerning his remarks in the matter United Press advices
He emphasized that there had been no
definite talks so far regarding a
loan, but added:
"If it becomes a matter of Administration policy to
she is unable to pay for things she
Weds
same
account in the "Times" also said in part:
Senator Bailey,
week.
W. C. Hushing of Washington,
Labor's legislative
Chairman of the American Federation of
committee, said that the organization was opposed to
payroll and sales,taxes and lowering of exemptions.
He said it also was
against taxes on radio time sales.
Referring to proposals to lower exemptions, he said:
"I do not believe these poor
devils earning such insignificant salaries
should be taxed with an income tax."
Urged that the existing tax structure be abolished and that a 5% gross in¬
come tax be substituted.
'
"I believe that if your
much in building up
sador Constantino A. Oumansky on
At his press
Votes
on
vicious rumor, distortion of fact reports
as
In another item in this issue we refer to the memo¬
sion.
Department at Washington on
Aug. 21 formally denying reports of misuse of lease-lend
supplies.
♦
Memorandum
he said.
to
Investigate
Threatened
Oil
Short¬
unanimously
Britain
Aug. 26 to investigate the threatened oil shortage on the
East Coast.
A sub-committee, headed by Senator Maloney,
sponsor
of the resolution,
be had.
In an effort to assure equitable distribution of petroleum
products in Eastern companies, there was created on Aug. 27
a Tanker Control Board.
Formed jointly by the Defense
Petroleum Coordinator and the United States Maritime
Commission, the Board was ordered to "coordinate all efforts
bearing on the allocation and utilization of tankers owned or
controlled by American companies."
Ralph K. Davies,
Deputy Petroleum Coordinator, was named Chairman of
the Board, with M. W. Bowen, Assistant Director
of
Maritime Commission's division of emergency shipping, as
Vice-Chairman.
Opening the Senate group's inquiry on Aug. 28,
Petroleum Coordinator Davies announced that
gasoline supplies for filling stations in the East would be
Deputy
by Great
Britain
on
misuse of supplies sent to Great
any
United States under the "lend-lease" pro¬
contained in a memorandum forwarded by
Great
Washington under date
30 and made public in London press
advices Aug. 21,
United Press London accounts of that
date, given as follows in the New York "Times" :
. ' >
The memorandum, sent to the State Department, made these statements:
according
of
the
to
1.
was
inquiry.
On Aug. 28 the Senate approved the group's
inquiry. The Senate Committee's action followed an appeal
by the American Automobile Association for Congress to
undertake an investigation so that "a clear statement of
the facts in the interests of public understanding," would
States
Britain to the State Department at
That
That
no
Britain
Great
2.
of Connecticut,
named bv Chairman Bailey of North Carolina to conduct the
of
denial
by the
gram was
of July
on
United
of
Formal
East-—Tanker
The Senate Commerce Committee voted
to
Supplies Under Lease-Lend Program—Re¬
ports of Any Misuse of Same Denied
Use
Faced This Winter
Democrat
conference
could simplify the tax system, you would do as
Control Board NamedGasoline Supplies for Filling Stations Reduced
15% for September—Deputy Coordinator Davies
Says Actual Shortage for Heating and Industry Is
in
Russia's general needs.
Aug. 26, President Roosevelt
of
misuse of lease-lend funds by the British.
He asserted that
such stories were part of an organized campaign to sabotage
the United States program of aiding nations resisting aggres¬
characterized
♦
age
which he
security.
expected to confer soon with Russian Ambas¬
loyalty to our Government, which the present hodge¬
podge system has destroyed, as anything else,"
Senate
on
promissory note would be accepted by this country as
a
Mr. Jones revealed that he
randum handed to the State
...
Townsend, a leader of the old-age pension movement.
Francis E.
"guessed"
taxpayers' income
Bailey said he would offer such an amendment next
Mr.
through the Lend Lease
Act, but said it probably would be transacted as a loan
who is a member of the Committee, suggested today that
the Government do the work of filling out the small
help Russia, and if
from this country, I imagine some
will be found to help her."
way
He doubted that Russian aid would be extended
Dr.
20
said:
The
proposed in the current bill "in many instances pass the danger
tax returns.
Aug.
she is unable to pay.
expert by the two taxing committees
declared that every previous tax bill had avoided rates which
point," he warned.
The
on
bill, and many as much as 80% more."
tax under this
of Congress,
income of over $2,300 pays more
Jones
Jesse
probably be granted a loan by the United
finance purchases of war supplies in this country if
States to
ceeds the rates of tax imposed by the 1918 Act," Mr. Parker
mittee.
Administrator
that Russia would
lend-lease
That
3.
Britain
material.
with the distribution
promises that ho lend-lease supplies
will in the
export.
lend-lease commodities which
ingredients in finished British industrial products, such as
memorandum
become
had
reexporting no lend-lease
.supplies within Great Britain.
Great
future be used for
The
was
profiteering was allowed in connection
admitted
that certain
machinery, had been exported.
But it "pointed out that British and American authorities had agreed
that it would be mutually disadvantageous if the British Empire ceased
to
be
a
going concern commercially, as this would increase British
the United States under the lend-lease system.
reliance
and demands upon
used United States
tankers to import oil from. Latin America.
This was held justified on the
ground it was essential to the conduct of the war to use the tankers over
It did
the
.possible distances.
reports that private passengers bad been allowed to
on
British-operated clippers taken from United States
shortest
denied
Officials
the
cross
Atlantic
service upon
The
was
a
British
aware
American
that
contribution of
of
use
reciprocal
States
that Great Britain occasionally had
not deny
£100 ($400) to the British Spitfire fund.
the North Atlantic ferry service served
few clippers in
and American
interests, it was said, and the United
of the use of the clippers for this purpose.
authorities in
London were described as satisfied that charges
in sharp practices in the use of American
"trumped-up Axis fairy tales."
the British were engaging
lend-lease materials
were
The Commercial & Financial Chronicle
1210
It
understood that Great Britain had
was
steel and
British
other
metals
explained to Washington that
exported to South America
the Lend-Lease Act became
had left Great Britain before passage of the Act.
by
signed
contracts
before
months
covered
were
law, and
Mortgage Bankers Association of America in New
1. 2 and 3. Mr. Hill said.
Iiarry C. Peiker,
the
of
Aug. 30, 1941
Oct.
York,
superintendent of loans, Massachusetts Mutual
of Springfield, Muss., will address the
on
Oct. 2 on office buildings as investments.
associate
Insurance Co.
Life
convention
Building Industry Urged by FHLBB to Adjust Itself
to Emergency Conditions
"With
demand
the
restrictions
for
homes
new
steadily rising and
building materials already in off8Ct, the
on some
building industry faces
tion was
%
..
be maintained, says the Federal Home
Loan Bank Board under date of Aug. 16.
It is pointed out
to
that the adoption of simple designs, new types of materials
new building methods, as well as further concentration
on low priced houses, is required.
The Board notes that this
is the opinion of Federal analysts as summarized in the
August issue of the 44Federal Home Loan Bank Review,"
Investors Toward Farm Mortgages Not
Common Stocks Discussed by H. F. Williams of
pects for residential construction.
The "Review"
The job before all elements of the building industry
will require a great
says:
is stupendous and
deal of planning and cooperation in addition to radical
changes in local building codes, labor practices, and construction standards
by home-mortgage lenders.
set
In the end, however, the success of these
adjustments will depend upon the consumers' acceptance of
new standards
which, although forced by the emergency, may In many instances involve
impairment in the utility of homes.
no
Mortgage Bankers Association
construction but
more
Navy
needs require the prohibition or rationing of some materials used In resi¬
dential building.
seemingly
the
of
part
the
on
equity
buyers
stocks but the changed attitude of a much larger
toward
toward
investors
of
class
disinterest
farm
mortgages,
F,
Hobart
Minneapolis, Governor of the Mortgage Bankers
Association of America, pointed out on Aug. 22 in a special
Williams of
study published by the Association.
His report represents
investigation he made for the group's Farm Mortgage
an
Committee
behalf of its proposal to further extend Fed¬
Administration insurance to farm loans under
on
eral Housing
National
the
Housing Act.
Mr. Williams
serious perhaps is the fact that armament
field today is not
The greatest apathy in the investment
...
The demand for materials and labor has been multiplied by Army,
and factory
of
Attitude
"and
which discusses the effects of the defense program on pros¬
Co. of
Previous reference to the conven¬
made in these columns Aug. 16, page 929.
Cincinnati, Mr. Hill said.
itself to emergency conditions if the high volume of home
construction is
conducted by Paul J.
ventional mortgage loans and will be
Vol 1 mar of The Western & Southern Life Insurance
immediate challenge to adjust
an
day session will be in a clinic devoted to con¬
This second
States
with
formerly
was
economist with the United
an
Department of Agriculture, later
Federal
the
in
banker
chief appraiser
a
Bank
Land
System, and is a mortgage
His study, as published by the
Minneapolis.
.
The supply of the basic materials going into the typical one- or
house is sufficient, it is estimated, but
In the equipment of a
shortages
two-family
Association, says:
A substantial portion of America's farm
noted in materials used
are
individuals,
modern home, mainly for heating and plumbing.
The official announcement on the introduction of priorities for building
people interested
priority assistance will generally be given only in
especially designated defense areas of defense industries and then only for
loans
farm
with
materials indicated that
houses selling for $6,000 or less, not
including land (or, in the
projects, for units renting at $50 per month or less).
case
of rental
Another requirement
of
many
them
directly
than
had
either
are
made
the
mortgage debt today is held by
retired
indirectly
or
thirties
the
in
whom
been
traditionally
farmers
country
or
farm lands.
in
farm
mortgage somewhat less
the
One
town
disaster
The
to
popular
the
of
greatest
problems of putting idle private capital back to work in this country, and
hence lightening the tremendous credit burden now carried by the Federal
this great class
case.
is that the accomodations are suitable for defense workers and that builders
Government,
give reasonable preference in occupancy to them.
again represent a good medium for their funds.
There
The establishment of priorities will eventually result in the elimination—
as
far
possible—of each of the following basic metals: aluminum, brass,
as
bronze, copper, chromium, zinc and all types of metal alloys.
cork,
as an
insulating material, will be greatly restricted.
conservative
use
The
use
of
The confidence
confidence
Government's
Employees Numbered 1,370,110
Figure—5,333,000 Persons
Were Employed by Federal, State, County and
Local Governments in January
June 30—New Record
on
branch reached
a
Service
Civil
the
record of 1,370,110 on June 30,
new
the end of the fiscal year,
it
was
announced
Commission.
This
on
figure
Aug. 24 by
63,777
was
greater than such employment at the end of May and 218,962
greater than at the start of the 1941 fiscal year, July 1,1940.
United Press Washington advices, Aug. 24, also said:
The Commission noted that most of the increase
Civilian
June
employment
in
the
SO, 1940, to 320,291
from
was
in defense agencies.
jumped
137,318
from
on
nothing that could conceivably hope to accomplish
insurance for farm
loans—the
medium that
revived
the
of this vast group
in
land
values
of investors must be restored because
stabilized values.
means
There
farm
loans
farm
home
loans
FHA
would
mortgages
FHA
system of large-scale
a
be
purchased
by
indi¬
well.
is
nothing else that could be done today in the entire field of
banking and investment that would so materially revitalize the interest
of so many investors as would full FHA insurance for farm mortgages, or
type of mutual mortgage insurance for farm loans.
some
Mr. Williams's report emphasized that under such a plan
proposed by the Farm Mortgage Committee of the Mort¬
Bankers Association no Government money would be
needed and Government credit in only a slight degree would
be required.
He declared, as other members have pointed
out in recent studies, that full FHA insurance of farm loans
would greatly relieve the present Federal credit burden by
at least a billion dollars, thus making this amount available
as
gage
for defense needs.
.
period, and the Civil Service Commission
same
2,780 to 6,709.
Department
loans
June 36, 1941; the Navy Department from
on
117,981 to 332,862 in the
itself
War
of
viduals as
Civilian employment of the Federal Government's execu¬
tive
of investors that farm
purchased only by institutions but under
insurance
Federal
be
except mutual
local
are
1
r
convincing
to
city mortgage banking structure.
In addition, the
of plywoods, steel and galvanized and cast iron is earnestly
recommended.
this
is
seems
The Office for Emergency Management, which
Non-Farm
1940t had
Real Estate Foreclosures in First Half of
1941 Below Figures for Same Periods Last YearJune Foreclosures Lower than in May, FHLBB
24 the Bureau of the Census also issued a report
disclosing that about 5,333,000 persons were employed by
Federal State, county and local governments in January of
For the first half of 1941 non-farm real estate foreclosure
the National Defense Council had
as
3,624 employees
70 employees on June 30,
June 30, 1941.
on
On Aug.
this
year,
earning $621,000,000, or about one-sixth
Nation's non-agricultural
About 3,225,000 workers received
State
and
The
local
Census
ployees
were
1,333,000
$206,000,000 in
earning
were
Federal employees.
that the largest group of State and
teachers and
$175,000,000 in January.
other
salaries aggregating $381,000,000 from
The remainder
governments.
Bureau said
Almost
January,
of the
Regarding this
payments.
report United IFress advices said:
wage
other
school
were
required
local
em¬
public employees,
for the
performance of
State and local government duties.
California, Illinois, Massachusetts, Michigan, New York, Ohio and Penn¬
sylvania accounted for almost half the number of State and local employees
and
over
D.
R.
half of the
activity in the United States
of the
stated
Office
Fast
as
"the estimated number of cases,
decline of 18% from a similar period of
a
July 29
31,941,
repre¬
1940, while
the average for one year to date is
75% under the average
of 1933."
The announcement issued by Clifford C.
Boyd, Assistant Director of
Statistics of
Board
the
the Division
further
of Research
and
says:
Although the degree of improvement was not as great as that shown
during the first half of 1940, indications are that foreclosure actions will
show
more favorable decline in the last half of the
year than anticipated
during the opening months of 1941, and in all probability this will bring
January payroll.
Sees
that
month
the
Hill
Third
substantially below that
was
corresponding period of 1940, according to the Fed¬
eral Home Loan Bank Board, which under date of
sents
employees, who earned
2,000,000 non-school
Reports
Building Upkeep Decline only
Income—Bright
Investment
as
a
estimated
soemwhere
for
Future Predicted
This
Annual income of the average office building in the last
10 years has declined nearly three times as much as'has
foreclosure accumulations
around
55,000
cases,
for the
ending Dec. 31,
year
mark well below
a
the
68,000
1941,
estimated
1926.
will
assumption
continue
decline
for
munities
like
a
that
be
to
improvement
more
favorable
period plus
designated
non-farm
based
unusual
an
national
as
in
is
defense
real
the
upon
abatement
in
Of
areas.
the
estate
foreclosures
previous
rate
activity for
total
of
com¬
number
of
been the decrease in operating
costs, data compiled by the
estimated
foreclosures for the first half of the year, areas in which defense
Mortgage Bankers Association of America shows.
activities
are
income of
the
Annual
building during this period has de¬
clined 35% while operating costs have
only shrunk about
average
13%%, the data indicates.
However, according to Dean R.
Hill,
President,
looks
brighter today than it has in 15
the
investment
future
of
years.
office
American cities considerable
surplus space
nated through the demolition of older
structures
way
for smaller "taxpayer" units
or
buildings
In many large
has been elimi¬
to
make
for converting the land
into parking lots.
The office building and its future investment
position is
bPing given a place on the forthcoming convention program
resulting
in
acute
housing shortages accounted for 66% of
total.
The 21,044 cases in these communities
represent a drop of
20% from the corresponding period of 1940; at the same time other areas
of the country indicated an
average drop of only 12%.
Geographically, all Federal Home Loan Bank districts participated in
the
this general downward movement
to
5%
for
scattered
decreased.
21%,
In
bered
this
5,047
four
number
of
during June,
compares
Further
study
reveals
that
only
10
foreclosure
groups
decrease exceeding
of
ranging from 33% for the Boston district
district.
increased
activity, while all others
by size of community, all shared in this
while Group No. 4 showed the sharpest with a decline
the
trend,
a
terms
Chicago
showed
For
downward
of
the
States
the
cases,
a
national
average.
foreclosures
reduction of
6%
for
the
from
United
the
States
num¬
previous month;
favorably with the customary May-to-June decrease
of
2%.
Volume
Further
The Commercial &
153
analysis
of
Federal
Home
Loan
of each
districts and
Bank
that Group No. 1 showed no change
(13%) in May-to-June foreclosure activity
by size of community reveals
group
and
in
the
that
was
greatest decrease
Group
No.
relation
to
Federal
Home
while Group No.
last
Loan
Index
decrease
The
in
4 was the smallest with
5%.
In
there are 1,550, or 24%, fewer cases.
All
all size groups, and all but seven
year,
Bank
districts,
contributed
States
scattered
2,
of
June
this
to
real
non-farm
movement.
downward
Adjusted for Seasonal
estate
Variations
foreclosures
36.7.
1926
the
index
(average
having
par
M/',
The
value of $094,236,259.
listed
report
follows
as
ments for all purposes
disbursements
%
Railroads (including receivers).
1,921,653,364.71
810,325 ,175.16 *348,635,106.93
of
states
commitments
of
the
Reconstruction
Finance Corpora¬
includes
governmental
organization
$1,679,049,946
of
total
a
to $865,475,940,
authorized
for
other
agencies and $1,800,000,000 for relief from
through
July
31,
1941.
Authorizations
withdrawn during
said, making total cancellations and
aggregating $30,403,619 were canceled or
July,
Mr.
Henderson
withdrawals of
$2,421,842,575.
A total of $3,443,435,404 re¬
mains available to borrowers and to
banks in the purchase
During July $113,investments and $36,686,130 was repaid, making total disbursements through
July 31, 1941, of $8,859,131,765 and repayments of $6,408,114,066 (approximately 73%).
Chairman Henderson's re¬
of
preferred
stock
and
600,095.79
14,718.06
14,718.06
cessing tax
Loans
to
Secretary
4, 315,454,809.88 3,551,669,772.15
of Agriculture to
purchase
3,300,000.00
19,174,812.71
and Irriga¬
tion districts
Loans to
3,300,000.00
97,801,316.09
cotton
Loans for refinancing drainage, levee
public school authorities for payment
salaries and for refinancing out¬
teachers'
of
23,242,170.85
Loans to aid In financing
22,391,400.00
602,898,215.14
standing indebtedness
514,445,903.55
self-liquidating construc¬
tion projects
Loans for repair and reconstruction of property
tornado, flood
damaged by earthquake, fire,
and other catastrophes
12,003,055.32
47,251,981.13,
agricultural
surpluses in foreign markets
Loans to business enterprises..
393,548 ,960.67
25,000 ,000.00
54,808,199.21
25,000,000.00
49,163 ,317.26
of closed banks.
46,686,241.23
6,893 ,409.40
Loans to mining businesses
Loans to finance the carrying and
loans
767,716,962.21
18,999,873.00
secured by pref.stock_6,650,419,047.49
5,207,252,329.33
767,716,962.21
...
Other......
Total loans,excl.of loans
capital notes and
debentures of banks and trust companies (In¬
Purchase
of
preferred stock,
cluding $45,161,800.7G disbursed and $17,261,463.54 repaid on loans secured by pref. stocks).1,344,436,331.56
to
those in
Purchase of stock of Federal Home Loan banks..
canceled,
Purchase of stock of the RFC Mortgage Co
July 31,
Purchase of stock of the Fed. Nat, Mtge. Assn..
Purchase of Stock-Rubber Reserve Co
Of this amount
$517,526,809 has been withdrawn, $16,044,627 remains available to bor¬
rowers,
and $2,069,152,430 has been disbursed.
Of this latter amount
$1,968,339,606, approximately 95%, has been repaid.
Only $5,677,417 ia
owing by open banks, and that includes $5,101,444 -from one mortgage
Purchase of Stock-Defense Plant Corp
and
trust
company.
authorized the purchase of debentures of
Through July 31, 1941, authorizations
have been
made for the purchase of preferred stock, capital notes and
debentures of 6,804 banks and trust companies aggregating $1,466,760,663
and
1,123 loans were authorized in the amount of $52,811,026 to be
secured by preferred stock, a total authorization for preferred stock, capital
notes and debentures of 6,874 banks and trust companies of $1,519,571,689;
$174,322,857 of this has been withdrawn and $812,500 remains available
to the banks when conditions of authorizations have been met.
During July loans for distribution to depositors of closed banks were
increased in the amount of $89,418; $f88 was canceled, $56,503 was dis¬
bursed, and $3,093,182 was repaid.
Through July 31, 1941, loans have
been authorized for distribution to depositors of 2,778 closed banks aggre¬
During
one
July
....
Purchase of Stock-Defense Supplies Corp
Loans
by preferred stock of insurance
(including 5100,000 disbursed for
preferred stock)
secured
companies
34,475,000.00
$339,981,048 of this amount has been withdrawn
and
$16,026,627 remains available to the borrowers; $1,034,442,554 has
been disbursed and $984,931,190, approximately 95%, has been repaid.
During July the authorizations to finance drainage, levee and irrigaticr.
districts were increased by $278,690 ; $222 was canceled and $869,407 was
disbursed.
Through July 31, 1941, loans have been authorized to refinane-;
659
drainage, levee and irrigation districts aggregating $147,415,808, o
which $40,203,771 has been withdrawn; $3,410,721 remains available to
the borrowers, and $97,801,316 has been disbursed.
Under the provisions of Section 5 (d), which was added to the Recon
struction Finance Corporation Act June 19, 1934, and amended April IS
1938, 37 loans to industry, aggregating $2,533,049 were authorized durin
July, and authorizations in the amount of $4,274,486 were canceled c
withdrawn.
Through July 31, 1941, including loans to the fishing industry
to banks and to mortgage loan companies to assist business and industry
the
Corporation has authorized 7,809 loans for the benefit of industry
aggregating $498,744,817.
Of this amount $106,522,745 has been with
drawn and $124,072,920 remains available to the borrowers.
In addition
the Corporation agreed to purchase participations amounting to $1,500,32'
in loans to 19 businesses during July, and similar authorizations aggregat
ing $720,858 were withdrawn.
Through July 31, 1941. the Corporatior
has authorized or has agreed to the purchase of participations aggregating
Administration.
Works
Public
Federal
Allocations to Governmental agencies under pro¬
visions of existing statutes:
Secretary of the Treasury to purchase:
200,000,000.00
Capital stock of Home Owners' Loan Corp..
Capital stock of„Federal Home Loan banks.
Loan (now Land Bank) Commissioner
124,741,000.00
Farm
for loans to:
145,000,000.00
2,600,000.00
55,000,000.00
Farmers
Joint Stock Land banks
Federal Farm Mtge, Corp. for loans to farmers.
Federal Housing Administrator:
To create mutual mortgage Insuranoe fund..
10,000,000.00
For other purposes
80,186,380.80
Allocations to Governmental agencies under pro¬
statutes—Concluded—
visions of existing
Sec. of Agrlcul. for crop loans to farmers (net).
115,000.000.00
rehabilitation loans...
114,640,000.00
Sec. of Agrlcul.—Rural
33,350,000.00
farm t<nant loans
57,452,041.80
1,676,236.07
Administration for
revolving fund to provide capital for pro¬
Governor of the Farm Credit
40,500,000.00
duction credit corporations..
97,000,000.00
24,000,000.00
Stock—Commodity Credit Corporation....
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations for:
Purchase of capital stock (lncl. $39,500,000
44,500,000.00
held In revolving fund)
3,108,000.00
14,700,852.92
116,494.55
126,871.85
Expenses—Prior to May 27,1933
Since May 26, 1933
...
Administrative.......-.-..-.-......—.....
Administrative expense—1932 relief
190,500,000.00
2,425.46
1,295,069,878.76
59,130,703,33
299,984,999.00
al7,159,232.30
ural Electrification Administration
Total allocations to governmental agencies
For relief—To States
To
States
directly by Corporation...
of Federal Relief
certification
on
Administrator
Under Emergency
Under
Emergency
1935
Appropriation Act—1935...
Relief Appropriation Act,
499,999,065.72
500,000,000.00
500,000,000.00
-
-
1,799,984,084.72
Total for relief
nterest on notes issued for
17,159,232.30
funds for allocations
and relief advances...
agencies for self-liquidation projects.
Disbursements amounted to
and repayments amounted to $1,954,779.
Through July 31
408 loans have been authorized on self-liquidating projects aggre
$75,584,143 of this amount has been withdrawn anc
available to the borrowers; $602,989,215 has beet
disbursed and $514,445,904 has been repaid.
During July tfes Corporation agreed to purchase from the Public Wjrk?
Administration one block (one issue) of securities having a par value o
8.850,131.765.15 6,468,114.066.32
Total
Total allocations and relief
$46,230,600
1941,
532,175,890,97
Works
Agency, security transactions
$113,536,121 of 1,941 businesses, $60,182,387 of which has been withdraw!
and $32,310,700 remains available.
During July three loans in the amount of $166,800 were authorized to
public
728,685,846.02
652,060,386.10
Total....
bank in the amount of $20,000.
gating $1,390,450,229;
12,455,381.37
1,556,652,331.56
the purchase of
the Corporation
718,230,464.65
124,741,000.00
25,000,000.00
11,000,000.00
5,000,000.00
2,000.000.00
5,000,000.00
5,000,000.00
Purchase of Stock-Metals Reserve Co
companies (in¬
1941< loans have been authorized to 7,541 banks and trust
cluding those in receivership) aggregating $2,602,723,866.
2,925,699.53
19,644,491.78
Commodity Credit Corporation
debentures.
banks and trust companies (including
liquidation) were increased in the amount of $89,418; $387 was
$56,503 was disbursed, and $3,813,290 was repaid.
Through
July
During
„
orderly market¬
ing of agricultural commodities and livestock:
port continues:
-
127,726,065.54
286,451 ,513.32
Loans for National defense
Loans to Export-Import Bank
Loans on and purchases of assets
5,155,419.07
47,300 ,825.57
Loans to aid in financing the sale of
307,325 was disbursed for loans and
:
670,948.48
of pro¬
authorizations
rescissions of
previous authorizations and commitments
amounted to
$12,383,420, making total authorizations through July 31,
1941,
and
tentative
commitments
outstanding at the
end of the month of $18,109,743,708.
This latter amount
during July amounted
tion
5,599,953.83
600,095.79
distributors for payment
Total loans under Section 5
and
9,250,000.00
5,643,618.22
719,675.00
Credit unions
Henderson,
12,971,598.69
9,250,000.00
Agricultural Credit corporations...
Fishing Industry
or
13,064,631.18
13,064.631.18
12,971,598.69
moneys
Livestock Credit corporations
Federal Intermediate Credit banks
Processors
87,967,863.33
22,440,587.45
24,666 ,880.20
public
State funds for Insurance of deposits of
with Railroad-
that
173,243 640.72
124,696 664.73
90,693 ,209.81
Joint Stock Land banks
of operations of the Reconstruction
Corporation,
the
387,236 ,000.00
Building and loan associations (lncl. receivers).
Insurance companies
Itemized
Chairman
642,439,
Regional Agricultural Credit corporations.
1932 to July 31,
$18,109,743,708 Authorized—$2,421,842,575
Canceled
or
Withdrawn—$8,859,131,765
Disbursed
for
Loans
and
Investments—$6,468,s
447,642,604.91
387,236,000.00
173,243,640.72
120,678,658.07
789.60
Mortgage loan companies
1941—Loans of
issued Aug. 18, Charles B.
Repayments
Disbursements
Report of Operations of RFC Feb. 2,
Finance Corporation,
repay¬
Banks and trust companies (lncl. receivers)...2,019,989 112.72
Federal Land banks
In his monthly report
and
from Feb. 2, 1932, to July 31, 1941:
Loans under Section 5:
,
114,066 Repaid—RFC Transactions
Federal
Public Works)
of
Administration
securities
1935-39)
annual average.
Federal Works Agency (formerly
4,417 blocks (3,316 issues)
Of this amount, securities
having par value of $513,^69,195 were sold at a premium of $14,311,056.
Securities having a par value of $147,541,201 are still held.
In addition,
the Corporation has agreed to purchase, to be held and collected or sold
at a later date, such part of securities having an aggregate par value of
$3,733,529 as the Administration is in a position to deliver from time
to time.
.■J-'' ''' '
Emergency
of
States
has moved to successively lower
The index
the Public Works Administration,
■
for the Untied
adjusted for seasonal variations to
levels during each of the
first six months of 1941, with the exception of March, when a slight
increase was reported.
Compared with the same month a year ago, the
June index decreased 23% and stood seven percentage points below the
brought
1211
Financial Chronicle
33,177,419.82
3,128,231,363.30
76,289,935.63
11,987,363,128.45 6,544,404,001.95
Grand total
gating $776,803,933 ;
$98,321,575
sold securities previously purchased from the Public WoTke
Administration haying a par value of $2,429,403 at a premium of $126,156.
The Corporation also collected maturing PWA securities having par value
$3,529,
of
and
$144,518.
•
remains
Through July 31, 1941, the Corporation has purchased from
Does not include
$4,450,000 represented by notes of the Canadian Pacific Ry.
which were accepted in payment for the balance
ccipolls St. Paul & Sault Ste. Marie Ry. Co.
o.,
due on loan made to the Mln-
repayments of funds disbursed for relief under the Emergency
Act of 1932, the Corporation's notes have been canceled
$2,735,494,131 on account of amounts disbursed for allocations
I; c 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
a
In addition to the
Relief and Construction
t
the amount of
Feb.24.1938.
The Commercial & Financial Chronicle
1212
The loans authorized and authorizations canceled
or
with¬
drawn for each
railroad, together with the amount disbursed
to and repaid by each, are shown in the following table (as
of July 31, 1941), contained in the report:
Canceled
or
Authorized
Withdrawn
•
$
Aberdeen Ac Rockflsh RR
Co...
Aia.Tenn.A Northern RR.Corp.
Alton RR. Co
Aim Arbor RR, Co.
(receivers)..
127,000
Ashley Drew A Northern Ry. Co.
400,000
41,300
Boston A Maine RR
14,600
1,173,032
41,300
47,877,937
Buffalo Union-Carolina RR
90,000
95,343,400
47,877,937
634,757
400,000
12,462,775.
41,300
7,684,937
53,960
53,960
649,000
13,200
535,800
141,697
(Atlantic Coast Line and Loulslessees).
dl8,300,000
Central of Georgia Ry. Co
3,124,319
4,150,000
14,150,000
3,124,319
464,299
14,150,000
Carlton A Coast RR. Co..
......
Carolina CUnohfleld A Ohio Ry
ville A Nashville,
Central RR. Co. of N.J
Chicago A Eastern Illinois Ry. Co
Chicago A Eastern 111. RR. Co..
4,933,000
Chicago A North Western Ry. Co 46,589,133
Chicago Great Western RR. Co.
1,289,000
Chlo.Gt. West. RR/Co. (trustee)
150,000
Chic. Gt. West Ry. Co
6,396,870
Chic. Mllw. St.P. A Pac. RR. Co.
35,701
140,000
5,918,500
140,000
220,692
464,299
245,000
4,338,000
150,000
—•
—.
Secure
150,000
6,396,870
10,341
Brigadier-General Lewis B. Hershey, Director of Selective
500,000
11,500,000
1,080.537
Service, directed local draft boards on Aug. 24 to be pre¬
8,920,000
158,000
8,762,000
8.762,000
Chicago R. I. A Pae. Ry. Co
Chlc.R.I.APac.Ry.Co. (trustees)
13,718,700
Cincinnati Union Terminal Co—
10,398,925
2,098,925
Colorado A Southern Ry. Co
30,123,900
Columbus A Greenville Ry. Co—
60,000
68,678
1,150,000
1,150,000
13,718,700
*
2,680,000
Copper Range RR. Co—53,500
60,000
2,680,000
8,300,000
30,055,222
———
2,680,000
8,300,000
1,623,040
———
Denver A Rio Grande W.RR.Co.
8,300,000
219,000
1,800,000
3,182,150
*
53,500
8,081,000
2,310,000
500,000
1,800,000
3,182,150
10,582,000
10,000,000
1,800.000
71.300
582,000
3,300,000
1,807,075
227,434
8,780,422
23,000
pared to assist soldiers in being reemployed in civilian occu¬
pations upon their release from active military service. In
a letter to all State headquarters General Hershey said:
It
......
.—
Gainsvllle Midl'd Ry.
(receivers)
Galv. Houston A Hend. RR. Co.
10,539
3,183,000
540,000
County RR. Co
Gulf Mobile A Northern RR. Co.
Lehigh Valley RR. Co
1,112,000
10,278,000
*3,200,000
(trustee)
————
Minn. St. P.&S.S.Marle Ry. Co.
Mississippi Export RR. Co
Missouri-Kansas-Texas RR. Co.
Missouri Pacific RR. Co
20,000,000
13,915
520,000
9,500,000
407,000
56,073,000
1,112,000
9,278,000
800,000
1,000,000
350,000
1,418,340
1,112,000
9,278,000
800,000
2,500,000
2,550,000
450,000
2.550,000
288,500
3,000
285,500
50,000
2,729,252
6,843,082
100,000
5,124,000
744,252
985,000
6,843,082
a6,843,082
100,000
99,200
—
100,000
5,124,000
—
785,000
785,000
Co.(receivers)
1,070,599
1,070,599
Murfreesboro-NashvllleRy.Co—
25,000
New York Central RR. Co
b41.499,000
30,499,000
18,200,000
18,200,000
1,681,000
1,681,000
Northern Pacific Ry.
5,000,000
29,500,000
3,000,000
5,000,000
Pennsylvania RR. Co
Pere Marquette Ry. Co
7,700,000
Pioneer A Fayette RR—17,000
Pittsburgh A W. Va. Ry. Co.—
Puget Sound A Cascade Ry. Co.
9,045,207
300,000
St. Louis-San Fran. Ry, Co
St. Louis-Southwestern Ry. Co--
18,790,000
Salt Lake A Utah RR. Co. (rec'rs)
Salt Lake A Utah RR. Corp
222
600,000
—
200,000
400,000
-
Sumpter Valley Ry. Co
—
Texas City Terminal Ry. Co.
Texas Okla. A Eastern RR. Co—
-
—
5,332,700
1.897,000
28,900,000
3,000,000
17,000
9,045,207
Service
to see that
Hershey
* 65,000
128,000
1,200,000
500,000
——
108,740
2,035,000
30,000
45,000
6,000
The Utah Idaho Cent. RR. Corp.
Wabash Ry. Co. (receivers)
452,000
25,981,583
8,200
50,905,000
100,000
100,000
5,332,700
1,897,000
193,700
2,035,000
30,000
39,000
108,740
Texas A Pacific Ry. Co
Texas-South-Eastern RR. Co
Tuckerton RR. Co.——
44,000,000
4,366,000
25,973,383
4,366,000
(trustees).
13,502,922
13,502,922
789,000
30,000
39,000
210,080
10,241,800
1,403,000
3,699,029
Wichita Falls A Southern RR.Co.
750,000
750,000
22,525
22,525
General
headquarters,
Hershey
said#
lias
some
said
legal reason, unavailable.
the Selective
under
that
/
Service
law these
have
do
to
changed
so
as
to
make
it
men
impossible or
so."
local reemployment committeeman will be to get in
former employer prior to return of the soldier; to ascertain
job of the
available
to transmit to the nearest State
;
available
If
work.
soldier does not get
a
committeeman
to
ask
the
work after such efforts, it will be up to the
of
services
and similar organizations in finding
civic
clubs,
chambers of
President Roosevelt Adds Six Items to Export
Adds
Also
List—Administrator
commerce
employment for the man.
Control
Additional
Com¬
modities.
Eoosevelt
President
signed
Aug.
on
19
a
proclamation
adding six articles and materials to the list of those subject
to export control by virtue of Section 6 of the Act of July 2,
1940, The additional articles and materials, which will be
brought under control as of Sept. 10, 1941, are as follows:
1.
Furs.
2.
3.
Synthetic fibers.
Wood.
4.
Natural
5.
Non-ferrous
0.
Precious
On Aug.
asphalt
or
bitumen.
metals.
*'
■
metals.
17 it was announced that acting under instruc¬
tions from the President,
Brigadier-General Russell L. Max¬
Export Control, has placed under
export control a long list of additional commodities, includ¬
ing practically all wood pulp, metals and manufactures,
machinery and vehicles, rubber and manufactures not
already listed, and chemicals and related products except
certain pharmaceuticals and medicines.
The inclusion of
these articles, it was stated, will bring the total list of con¬
well,
Administrator of
500,000
22,525
reemployment program was
employment office the records of returning soldiers who have no jobs, and
to act as liaison agent for the soldier in placing him in contact with
222,500
52,000
162,600
624,000
37,000,000
47,278,000
Guards¬
returning soldiers get their old jobs back, or get new
for
circumstances
touch with the
2,805,175
18,672,250
200,000
1,235,000
162,000
8,225,000
a
back their jobs in private industry or business, "unless the
be given
The
300,000
7,995,176
18,672,250
200,000
400,000
117,750
100,000
Tennessee Central Ry. Co.
7,699,778
36,499,000
18.200,000
975,008
70,000
5,000,000
28,900,000
3,000,000
15,000
4,975,207
but
local draft board should appoint a reemployment com¬
if the old are,
must
99,200
785,000
1.070,599
300,000
7,995,175
Savannah A Atlanta Ry. Co
1,300,000
Sand Springs Ry. Co
162,600
Seaboard Air L.Ry, Co. (rec'rs)c c8,545,000
Southern Pacific Co
45,200,000
Southern Ry. Co
51,405,000
mitteeman
ones
-
25,000
5,000,000
N. Y. Chic. A St. L. RR. Co
N. Y.N. H. A Hartford RR. Co.
Norf.South. RR. Co. (receivers),
Co
Selective
National
planned that each
2,309,760
23,134,800
99,200
moral obligation
t
release of selectees and National
the
whether the former job still is
22,667
not only a
It is
noted in these columns Aug, 23, page 1069,
unreasonable
——
26,000,000
13,915
520,000
occupations.
The following regarding the
employer's
354,721
99,422,400
800,000
Missouri Southern RR, Co——„
Mobile A Ohio RR.
1,211,000
Service system
be protected in their legal right to reemploy¬
reported by the Associated Press:
546,000
-
23,134,800
Mobile A Ohio RR. Co
10,000
61,422
of the Selective
operation
answered the call of their country to qualify them¬
imposed by law.
for
General
3,183,000
2,550,000
Maryland A Penna. RR. Co
Meridian A Blgbee River Ry. Co.
civilian
men were
10,539
13,915
620,000
Litchfield A Madison Ry. Co
Louisiana A Arkansas Ry. Co...
Maine Central RR. Co
15,078
15,000
354,721
Gulf Mobile A Ohio RR. Co. and
Gulf Mobile A North. RR, Co.
9,500,000
Illinois Central RR. Co
56,095,067
Kansas City Southern Ry. Co.—
90,000
227,434
Grand Trunk West RR. Co.—.
5,692,000
Great Northern Ry. Co
125,422,400
Green
3,000
8,795,500
15,000
78,000
Galveston Terminal Ry. Co
Georgia A Fla.RR.Co. (receivers)
in
ment
Plans
Denver A Salt Lake West.RR.C0.
Erie RR. Co
10,582,000
Erie RR. Co. (trustees)
10,000,000
Eureka Nevada Ry. Co
3,000
Fla. E. Coast Ry. Co. (receivers)
1,957,075
successful
the
to
responsibility
Denver A Rio Grande W.RR.Co.
Galnsville Midland RR. Co
vital
is
that the men who have
selves for its armed defense
813,075
78,000
5,100,000
53,500
5,100,000
......
Del. Lackawanna A Western RR.
Fredericksburg A North. Ry. Co-
Directed to Help
Released Soldiers
Jobs—Reemployment Program Worked Out
Boards
Draft
1,289,000
1,680,000
Ft .Smith A W.Ry .Co. (receivers)
Ft. Worth A Den. City Ry. Co--
been able to expand their lending facili¬
by supplementing local shareholders' funds with longterm advances from the home loan bank in record volume.
ties
12,000,000
Chic .St .P.Minn. A Omaha Ry .Co
Chic. No. Shore A Mllw. RR. Co.
(trustees)—
Chicago reported on Aug. 26.
155,632
4,933,000
46,588 133
1,289,000
Chic. Mllw. St.P. A Pac. RR. Co.
(trustee)
Federal
Lending
of this $50,000,000 by savings, building and loan associations
which are members of the Bank in all 16 communities in the
district definitely designated as defense housing areas repre¬
sented a 10-year record in their loan volume, according to
A. It. Gardner, President. These community home financing
Home Loan Bank of
140,000
5,916,500
1,000
kept the Government expenditures for
housing down to $7,785,044 in those same areas, the
institutions have
500,000
Charles City Western Ry. Co.—
Expenditures in Area
months of this year
127,000
2,500,000
634,757
400,000
95,358,000
Birmingham ASo'easternRR. Co.
Repaid
127,000
275,000
275.000
2.500,000
634,757
Baltimore A Ohio RR. Co....___
Disbursed
»
......
$50,000,000 of Private Credit Advanced in Illinois and
Wisconsin
Defense Areas, According to Federal
Home Loan Bank of Chicago—Lowers Government
Private credit of $50,533,648 made available in the defense
areas
of Illinois and Wisconsin during the first seven
Authorization*
1
>
Aug. 30, 1941
Western Pacific RR. Co
Western Pac. RR. Co.
WrJghtsvllle A Tennllle RR
Totals—..
*
n
Includes two guarantees
452,000
of $350,000 each
a
The loan to Minneapolis St. Paul A Sault Ste. Marie Ry. Co. (The Soo Line)
secured by Its bonds, the interest on which was guaranteed by the Canadian
Pacific Ry. Co. and when the "Soo Line" went Into bankruptcy, we sold the balance
on
the loan to the Canadian Pacific, receiving $662,245.50 In cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000, maturing over a
period of 10 years, $1,050,000
of which matured and has been paid.
b Includes a $5,000,000 guarantee (now
canceled); in addition the
also guaranteed the payment of interest.
Corporation
Includes $320,000 guarantee by the corporation of securltle sold by it.
Since
the 8ale. $128,000 of the $320,000 has been repaid
by the railroad, thus reducing the
c
Corporation's liability under the guarantee.
d Includes an agreement by which the Corporation
may be required, or may
elect, to repurchase at any time prior to maturity, $4,150,000 securities sold by it
fats and oils and their
known that
Corporation
amount of $394,-
approved, in principle, loans in the
799,259 upon the performance of specified conditions.
Of
this amount $334,370,821 has been canceled, leaving $60,428,438 outstanding at the end of the month.
Fats and Oils Trading
products.
Mr. Henderson also made
ceiling prices would be imposed on cotton¬
seed oil, as previously planned, since the warning had
served to stabilize prices over recent weeks; the possibility
of ceiling action on this product was noted in our issue of
July 5, page 40. Mr. Henderson said that a ceiling would be
placed on cottonseed oil only if a "runaway" price situation
developed for which there is little likelihood. According to
the Associated Press, Mr. Henderson's order provided that:
no
Purchases of fats and oils purely tor
In addition to the above loans authorized the
1941.
Price Administrator Henderson oh Aug, 28 banned four
"speculative and inflationary price practices" in trading in
(now canceled).
has
of
Banned by OPACS—No Ceiling on Cottonseed Oil
—Various Markets Suspend Trading
(one of which has been canceled);
was
months
Four Spectulative Practices in
—935,022.087 116,782,912 810,325,175 353,085,107
addition the Corporation also guaranteed the payment of interest.
due
trolled commodities to about 80 of the total value of exports
for the first five
a
profit
on an
or
are
prohibited.
the purpose of speculative resale at
The prohibition does not apply to futures trading
organized commodity exchange for hedging purposes, or to purchases
sales in the
course
of recognized
manufacturing or distributing functions.
Deliveries against forward purchases must
ol commitments.
as are
be completed within 45 days
Forward sales of crude oils by crushing mills are excluded,
forward sales of imported oils and
fish oils.
The Commercial & Financial Chronicle
Volume 15S
"Guarantees,"
be
not
Under the order covering these chemicals which
the part of sellers against future price declines may
on
given, except that
wholesalers,
such guarantees regarding their
jobbers and retailers
floor stocks.
Circulation of fictitious price quotations in the trade is prohibited.
Putting into effect
Following these rulings the New York Produce Exchange
yesterday (Aug. 29) temporarily suspended dealings in
cottonseed oil and lard futures pending clarification of the
OPACS order.
Similar action was taken by the Chicago
Board of Trade while trading in the New Orleans cotton¬
seed oil market was also suspended.
At
Ceiling
Sugar Exchange, held
on
Aug. 22,
of uses for which
rating of A-10 unless
domestic sugar,
The
be resumed
on
Civilian
and
preference
a
shall first fill ordeis for the purposes listed in classification
1, which include
such essential civilian services as public and industrial
heat, light, power and
equipment, transportation equipment, oil well equipment, industrial,
and
medicinal
containers,
material
Classification
equipment
for
scientific
to
that
announce
uses
1
,
which includes such typical pieces of equipment as
radios, household appliances, passenger automobiles, com¬
kitchen ware,
mercial
and
The priority rating of B-4 is assigned to resins for all
2,
photographic equipment, &c., is assigned the rating of B-8.
Among the prohibited
listed
uses
in classification 3
those
are
of amateur
photographic equipment,
hardware,
articles, advertising items, picture frames, toys, games, &c.
Aug. 25.
Suipply
assigned
higher rating has been assigned.
a
production
Exchange has been requested by the Office of Price
Administration
are
After all defense needs have been met, producers of the
synthetic resins
itemized in classification 1.
adopted providing that trading in Sugar Contract No. 3,
was
number
a
of the resins may be sold.
none
All defense deliveries of the chemicals and resins
research, &c.
resolution
a
Supply the preference order divides civilian
for these chemicals into three groups, the third of which lists
uses
food
meeting of the Board of Managers of the New York
a
Coffee and
or
New
on
civilian allocation program of the Office of Price
a
Administration and Civilian
water
Trading Resumed in Domestic Sugar Contract
York Coffee and Sugar Exchange—Price
on
Raw Sugar Recently Made Effective
essential to defense
are
requirements in the fields of explosives and plastics, it is obligatory for
producers to accept, under certain conditions, defense orders.
obtain
may
1213
for the
smoker's
Deliveries of the three chemicals for all non-defense,
non-plastic uses are
assigned
a
preference rating of B-4.
OPACS will regard any transactions at prices in excess of
the
ceiling fixed by it
of 3.5c.
ceiling
as
a
pound
per
violation of its
raw
on
order.^A price
OPM
Issues New
Rules for Operation of Priorities
System—Defense Orders Must be Given Preference
became effective
sugar
and
Aug. 14
(noted in our issue of Aug. 16, page 1009).
Dealings in domestic sugar were suspended on Aug. 14
following Price Administrator Henderson's request
(re¬
ferred
these columns of Aug. 16, page 926).
Since
Exchange officials had held conferences with
representatives of OPAOS to adjust problems arising out
of the imposition of the raw sugar ceiling.
that
in
to
time
Plans
Agreed to by OPM and Army and Navy to Spread
Subcontracting of Defense Orders Expected to Aid
The council of the Office of Production
to
Army and Navy agreed
on
Aug. 19
Management and
designed
on a program
spread subcontracting of defense orders throughout all
A
industry.
for revision
program
of
Army
and
Navy
purchasing policies has been approved providing for sub¬
contracting and farming-out orders where priorities on plant
conversion may cause unemployment.
According to Wash¬
ington advices to the 4'Wall Street Journal" of Aug. 20
smaller industries will shortly receive more defense business
under the proposals.
These advices also stated in part:
The
new
has
program
as
of Production. Management, issued on
Aug. 27 a regulation
establishing
its twin objective speeding defense production
spreading work to areas w here shortages caused by defense production
have resulted in "priority unemployment."
method of giving special treatment to such communities and
one
industries,
group
a
of manufacturers
may
pool their
resources
to
to
deliveries
to
the percentage
of work to be
a
requirement that
"farmed out"
detailed statement
a
to
as
a
under sub¬
attention
for
previously accepted
or
The
following is an informal summary of the regulation,
reported in Washington advices of Aug. 27 to the New
as
York "Times":
(1)
industries
or
A system
communities
The director
C2)
(3)
duction
in¬
<
under defense
on
also issue binding in¬
hand must
orders
will
be
so
his'pro-
schedule
made
the
on
dates
,
Delivery dates specified in defense orders must
(4)
be earlier than
not
m*'-'".-
Any allocations of material ordered by the director
without regard
to
preference ratings which
deliveries under particular contracts
or
or
may
have
may
been
purchases and in such
be made
assigned to
cases
specific
blanket ratings.
Intra-company deliveries, except when otherwise specified,
(6)
wich
subject to the
out defense production
same
restrictions which
Accumulation of
excess
are to
be
apply to intercompany deliveries.
inventories is prohibited.
may
All records required to be kept by priority orders
(8)
audit
represents a major victory for
insisting that "all
deliveries
required.
more.
threatened
Secretary of War Stimson and
Their decision
that
may
assigning preference ratings.
Any person who has defense orders
(7)
Secretary of the Navy Knox.
defense customer for any
assign preference ratings to orders which have been
may
which have not been placed, and he
or
structions regarding deliveries, without
The OPM council is compared of Director General William S. Knudsen,
those in the OPM who have been
any
who will take appropriate action.
placed
"priority unemployment."
Associate Director General Sidney Hillman,
is provided under which
material, who is unable to place his order satisfactorily or whose order is
delayed, may bring this matter formally before the Director of Priorities,
allocations will take precedence over individual preference rating certificates
subcontracting
tentions be submitted with contract proposals of $250,000 or
3—Special
orders
required.
shall be placed in every contract over $50,000.
2—A requirement that
under non-defense
Four specific exceptions are made for refusal to
accept defense orders.
A "defense order" is defined as
covering both domestic and lease-lend orders.
(5)
1—Major changes in purchasing policies, including
as
the
to
ratings.
Chief points in the broad program include:
contracts
applicable
industry must accept defense orders in preference to any
other contracts, even if acceptance will result in deferment of
handle
defense work that a single one of them might be too small to do.
statement
definitions
and
The regulation, designed
promote the defense of the United States, specifies that
and
Under
provisions
operation of the priorities system.
will prevent deliveries of defense orders with lower preference
Smaller Industries
the
Accepted by Every Industry
Edward R. Stettinius, Director of Priorities of the Office
are to
be open to
and inspection by representatives of the OPM.
(9)
Any person
making
deliveries of material.
speed" could not be accomplished until the Army and Navy revised their
may
purchasing policies to provide lor more subcontracting.
In
willful
false statements
be
may
deprived
of
where such action is warranted, the director
cases
Code.
Among the new purchasing policies agreed
purchases
the Defense
over
$50,000, also will be sped to appropriate branches of
Contract
Service, to be located throughout the country.
OPACS Issues List of "Fair" Retail Gasoline Prices for
40 Eastern Cities—Price Administrator Henderson
Calls for bids of large quantities to be broken down into optional units
2.
to
also recommend criminal prosecution under Section 35 of the Crimina
•'
:*<;■
are:
Forms, blueprints and specifications, normally sent directly to bidders
1.
for
on
permit smaller concerns to bid for appropriate quantities.
Suggests
Contracting
and
officers shall be empowered to divide an award so that part of it would go
to
other than the low bidder.
Bidders must submit with each
3.
setting forth
contract, on
the
•,
final
The
dollar value basis.
contract.
bidder shall
plan
proposal
A
over
the minimum percentage of the total
$50,000
which
a
statement
they will sub¬
This statement will then become part of
The percentage
of subcontracting guaranteed
by
a
be weighed favorably in valuing bids.
aid industries
to
and
communities
facing
"priority
unem¬
ployment" because of material shortages provides special Army and Navy
purchasing policies to remedy the situation. The OPM may recommend one
or more of the following proposals to aid these industries and communities:
Orders for a "responsible defense association or corporation" organized so
that manufacturers may
individually,
jointly handle defense work they could
elimination
of bid
or
performance
reimbursement of prime contracts for
bonds
when
not
do
necessary,
additional costs resulting from
ex¬
tension of such policies to their subcontractors.
Places
Three
Chemicals
and
Synthetic
Under Full Priority Control
Three chemicals essential to the manufacture of
explosives
plastics and the synthetic resins made from them were
placed under full priority control by the Office of Production
Management on Aug. 22.
The chemicals covered by the
order are formaldehyde, paraformaldehyde and hexamethylenetetramine.
A price ceiling was imposed on formaldehyde
on Aug. 21 (see issue of Aug. 23, page 1072).
The following
regarding the order is from Washington advices to the
"Wall Street Journal" of Aug. 23:
This order is unique in that it is the first preference rating order which
specifically prohibits the use of scarce materials for certain normal, though
not
essential, items.
Station
of
"fair
Prices as Guide
Operators
maximum
retail
Motorists
to
service
station
"regular"
gasoline in 40 cities in the North¬
eastern and Middle Atlantic States was issued on Aug. 28 by
Leon Henderson, head of the Office of Price Administra¬
tion and Civilian Supply.
In Washington advices to the
New York "Herald Tribune," it was observed that he did
not set mandatory ceilings but offered the schedule, based
on prices prevailing on Aug.
1, as a guide to filling-station
operators and advised motorists to carry it with them so
they would know whether they were being over-charged and
could
expose any profiteers.
assumed that if these prices
These advices added it
was
adhered to for regular
gasoline, prices for high-test fuel would be in proportion to
were
present difference in prices between them.
The
Resins
and
schedule
prices" for
the
OPM
Maximum
Service
price list ranges from 16.5 cents in Washington, D. C.,
Manchester, N. H., including the tank wagon
to 20.1 cents in
prices, Federal and State taxes and a dealer margin of four
a gallon.
Price Administrator stated that the action
cents
was
taken following
from
resulting
lie went
The
to
on
retail
both
a
"widespread increases in retail prices"
of dealers' margin of profit,
widening
to say:
prices tabulated by OPACS are designed to serve as a guide
and service station operators.
They are the maximum
motorists
should
prices
which
initial
prices will be below those listed, particularly over the Labor Day
motorists
pay.
It
is
expected
week end.
On
the
in
many
cases
'
one
hand
they will
40 cities to determine whether
It is hoped
that
enable
motorists
buying gasoline
in
these
advantage is being taken of them by dealers.
that motorists will protest vigorously against prices higher than
The Commercial & Financial
1214
those listed lor
invited to report by letter to
Office of
these cities where they are charged more for "regular"
Aug. 30, 1941
Agricultural Defense Relations, of which M, Clifford Townsend is
Director.
Motorists
these cities.
OPACS any cases in
Chronicle
are
Prices for grades other than "regular?
differentials.
of the table of prices as rapidly as
possible to smaller cities in the Atlantic coast area, though for the most
part these will conform to the prices for the nearest large city.
This will
the prices listed.
gasoline than
gasoline are expected to be maintained at their normal
is
It
to extend
planned
coverage
erally in the last few days than in other areas.
On the other hand, the prices listed by OPAC3 are expected to establish
standards which can be followed by service-station operators in these 40
cities listed
initially,
as
well
as
in the smaller cities to follow, in determin¬
ing what is a maximum price to be charged during the emergency.
Price Ceiling Set
Price
Pennsylvania Grade Crude Oils
on
Henderson
Administrator
levels
23
about
to
25
on
23
Aug.
imposed
a
cents
below
barrel
a
Press advices in reporting this
The schedule sets
896.948, mostly for the army,, which Congress
has since been signed.)
further said:
for
breakdown of how the huge sums will be spent—in
Here is a general
many cases over a
Eureka j $2.30 for south¬
eastern Ohio ; and $2.63 to $2.69 for various qualities between Oil City
and Titusville, Pa.
$2.34
Pennsylvania;
bill carrying $6,586,-
approved last week. (This
measure
War
ceiling price of $2.75 a barrel for Bradford crude;
a
southwest
for
These advices further said:
Included in the total was a supplemental defense
Associated
ing before increases went into effect on Aug. 14.
$2.40
Total costs of $51,000,000,000 embodied in allocations
the defense program were noted by the
on Aug 20, which pointed out that Congress
has appropriated $37,260,260,222 since July 1, 1940, for the
army, navy and other defense activities, in addition to the
initial $7,000,000,000 lease-lend outlay and authorizations
tp spend $7,297,000,000 on top of sums already appropriated,
for completion of a two-ocean navy.
Associated Press
prevailing
lie said the ceilings were at the levels prevail¬
quotations.
37,000,$7,000,-
and commitments for
Pennsylvania grade crude oils
schedule of ceiling prices on
at
Army and Navy Appropriations of Over
000,000 and tease-Lend Authorization of
000,000
Massachusetts, where prices have risen more gen*
be done first for cities in
Reported at 51 Billion Dollars—Include
Defense Costs
period of years:
Department-f-$24,805,321,523 for an army of 1,500.600, a force of
supplies.
Department—$9,421,487,646, i'or more ships for the two ocean
10,000 planes, bases encircling the United States, new shore stations,
36,000 planes, tanks, ammunition, new quarters and
Navy
navy,
equipment and ammunition.
i
Other
OPACS
Price
Puts
Ceiling
Rayon
on
Gray
Goods
of new additional cargo
Maximum prices averaging about 10 % below recent levels
established for the major types
were
of
goods
rayon gray
on
Aug. 23 by Leon Henderson, head of the Office of Price
Administration and
Civilian Supply.
The price ceiling
schedule is expected to affect the costs of most wearing ap¬
parel items.
This action followd the broadening of the*
cotton grajr goods schedule on the previous day (Aug. 22)
referred to in our issue of Aug. 23, page 1073.
With regard to the latest action, Washington advices of
Aug. 23 to the New York "Herald Tribune" said*
"Rayon gray goods" is a term applied to cloth woven of rayon yarn and
an unfinished state to converters.
The converters dye, print or
sold in
otherwise "finish" the goods for sale in turn to the underwear, cloak and
of building and acquiring hundreds
Senator
ships.
Democrat, of Texas, said that the new
Connally,
Some of the leading constructions
covered by the new schedule, their
and their maximum prices follow:
Linings—Viscose twill, 38-inch,
112 by 68, 20 cents a yard, pigment
taffeta, 4014 inches, 02 by 68,18 cents a yard.
Dress Goods—Spun rayon, 10 per blend, 41-inch, 66 by 38,15:3, 5 a yard,
two-ply alpaca, 48 inch, 44 by 36, 30 cents a yard.
Underwear Fabrics—Acetate satin, 42-inch, 200 by 72, 2514 cents yard,
originally appropriated last spring.
Committee statistics showed
ol
that actual appropriations of this session
$32,782,370,190, although many
contained authority to proceed on long-term projects,
Congress which began Jan. 3 totaled
of the defense items
such
constructing of battleships, for which the Government was com¬
as
mitted to make new
appropriations in the future.
Detroit
Transportation Strike Settled
System resumed opera¬
August 24, after the strikers and the City agreed to
holding of a system-wide election, to determine the Union
to be sole representative of the 5,500 transit workers.
At.
the election, which was held Aug. 27, the American Federa¬
tion of Labor Union won with 3,076 votes against 1,925
Detroit Municipal Transit
The
tions
votes for the C. I. 0.
Union.
The start of the strike
issue of August 23, page
on August 20 was referred to in our
1073.
taffeta, 42-inch, 180 by 60, 23 34 cents a yard, French crepe, 43 >4-
acetate
inchi 150 by 94, 28 H cents a yard.
Contracts calling for delivery of gray goods at
provisions of the schedule.
The voluntary agreements obtained by
OPACS with leading
weavers
in
mid-July to maintain temporarily the then-existing prices for certain
standard fabrics, Mr. Henderson said, have been adhered to by the parti¬
However, it
cipants.
was
stated at that time that the prices for
x>f types of rayon gray goods were
a
number
considered too high.
Sales by mills not parties to
An agreement to end the strike
States Gypsum Co. was reached
the understanding, and particularly
resales, have been made at excessive prices in many cases, Mr. Henderson
said.
By imposing maximum prices on rayon gray goods, OPACS has removed
Mr. Henderson said that
should finished goods prices not be brought into line
with the lower levels
established for gray goods, appropriate action will be taken to bring
about
an
equitable adjustment.
Similarly, the OPACS Administrator stated, constructions of rayon gray
Union said it
was
Coke and Chemical Workers
notifying 3,000 employees on strike to return to their jobs
at once.
The Board had asked the union to end the stoppage
in the interest of
special representative would be ap¬
pointed to investigate four unsettled issues in the dispufb.
The strike has been in effect since June 26, and officials said that it bad
tied up about 40% of the total national output
board
necessary
of gypsum, plaster and wall
for defense housing.
dispute are at New York City, where there is
on Staten Island, Jersey City, Philadelphia, Bos¬
The plants involved in the
in the Bronx and one
one
goods not presently covered by the schedule should assume their normal
ton, Farnams, Mass., East Chicago,
market differentials to the prices of fabrics now under the ceiling.
Mich
.
Ind., Oakfield, N. y., River Rouge,
Falls Vol-
Alabaster, Mich., Fort Dodge, Iowa, South Bend, Ind.,
lage, Conn., Genoa, Ohio, Southgate, Cal., and Harrison,
OPACS Places Price Ceiling
on
Government Takes
Federal
ceilings for three domestic types of animal hair used
announced
on
Office of Price Administration and Civilian
Aug. 25 by the
Supply.
Maxi¬
prices of 45 cents a pound and 8 cents a pound, respect¬
ively are set for domestic washed cattle tail hair and domestic
processed winter hog hair, while a top price of $60 a ton was
fixed for domestic coil dried winter hog hair.
The price
schedule does not apply to imported hair.
mum
Announces
OPM
Farm
Machinery
and
Equipment
Rating Plan
Announcement
Farm
a
two
by the Office of Production Management
Machinery and Equipment Rating Plan, involving
preference rating orders of vital importance to agricul¬
ture, was described on Aug. 22 by the Department of Agri¬
culture's Office of Agricultural Defense Relations as "the
best
assurance
that
the
Nation's
farmers
will
be
able
to
their vital food-for-defense program." The prefer¬
rating orders were announced Aug. 22 by Edward R.
carry on
ence
Stettinius Jr., Director of Priorities of the OPM.
nouncement
order
One
necessary
existing
assigns
for
farm
the
a
farm
list
to
defense
equipment.
deliveries
a
equipment.
rating—A-10—to
deliveries
of
materials
production of parts for the repair and maintenance of
rating—B-l—to
critical
The an-*
says:
The other order assigns the highest civilian
materials which appear on the priorities
of
manufacturer who needs
The
orders
were
them
drafted
for
after
the production
conferences
of
new
with
the
The Federal
N.
Oyer Kearny,
Shipbuilding
&
N. J., Shipyards of
Drydock
Co.
to
End
Strike
■
in high-grade mattresses were
N. J.
Three Types of Domestic
Animal Hair
Price
United
Aug. 29 according to an
announcement made that day by the Defense Mediation
Board.
Concerning the statement of the Board Associated
Press Washington advices of Aug. 29 said:
national defense, and promised that a
the main cause for higher finished goods prices.
at 17 plants of the
Officials said that the Gas, By products,
Prices for fabrics not included in these agreements have continued to
increase.
Strike Ended at United States Gypsum Plants
higher than ceiling prices
be completed except at the maximum prices or below, tinder the
may not
of
lease-lend
appropriation probably would be for $4,000,000,060, but other informed
sources said that it might be nearer $7,000,000,000—the amount Congress
the
suit and dress-cutting trades.
uses
agencies—$3,033,451,0,53 for all other defense activities such as
the Maritime Commission's program
Shipbuilding & Drydock Co. yards at Kearny,
J., resumed under government operation on
Aug. 26
closed by a strike since Aug. 7.
The
government acted to take over the plants by presidential
proclamation on Aug. 23 after all efforts to break the dead¬
lock between men and management had failed.
It was
estimated that the strike involved 17,000 men and tied up
$493,000,000 defense orders for naval and merchant vessels.
Operations are now in charge of Rear Admiral Harold G.
Bowen, Superintendent of the Naval Research Laboratory.
The government may purchase the shipyard or rent it for
the duration of the emergency Secretary of the Navy Knox
said Aug. 27.
Consideration is also being given to several
other proposals under the terms of an offer from company
officials to make available to the Administration all real
estate, machinery, materials, tools and equipment necessary
to operate the yard.
Mr. Knox said no decision had been
reached yet but indicated that one would be taken shortly.
In issuing the order directing Secretary Knox to take over
the yards, President Roosevelt did so under his unlimited
emergency powers; he held that the national interest would
be endangered by continuance of the strike.
Following is
the text of the President's proclamation:
after having been
Whereas
on
mation was
upon
the twenty-seventh
day of May, 1941, a Presidential
issued, declaring an unlimited national emergency
all loyal citizens in production for
procla¬
and calling
defense to give precedence to the
The Commercial & Financial Chronicle
Volume 153
needs of the nation to the end that
private enterprise possible
and
a
system of government which makes
survive, and calling upon our loyal workmen
may
a
labor
or
the rights oi
capital, and calling upon all loyal citizens to place the nation's
needs first in mind and in action to the end that
ready for instant defensive
strength and all of the national
resources
mobilize and have
we may
all of the physical
use
powers,
with the United States, its departments and agencies
and manufacture of vessels,
The
The Government
mission
has contracted
for the construction
facilities and other material and equipment
at the
have been in the
course of construction
plant of said company and the United States
in the course of construction and material and
Whereas
a
owns
and manufacture
vessels and facilities
equipment there situated, and
controversy arose concerning the terms and conditions of em¬
will
under
John
as
a
The
result of such refusal, the construction and manufacture
proclamation of May 27, 1941,
the objectives of said
the
the
served
ground
equipment is essential to the defense of the United States, and
the
in
the
and
materials;
States,
of
and
maintenance
suggestions
China
to
of
as
China,
of
articles
appropriate
of
effective
as
and
the world
of
thus
character
possible
as
in
effort
the
to
Soviet
staff
of
in
parallel lines
on
The
Union.
had
long experience
He,
therefore,
China,
in
purposes
will
be
where he
working
twice
familiar
on
people he knows well, and to whom he is well known.
among
adequate
has
attache.
military
to assist
identical.
are
Magruder
the
formulate
to
conquest by force.
similar mission
a
missions
'
the need
delivery in China of such materiel
use
and
assistance
United
movements
sending of
General
and
Whereas for the time being and under the circumstances set forth, it is
to
two
tion of the construction and manufacture of said vessels, facilities, material
essential In order that operation at said plant be continued that the plant
of
in
advice
give
lend-lease
the
with
China,
in
situation
types and quantities of items needed;
instruct
to
V
in collaboration
study,
materiel
this country and
to
to
sending of this mission is in keeping with and is
to
of
jeopardized and the immediate resump¬
are
interest
for
Government
The
out
Its chief will be Brigadier-
military
and
resistance
company's plant of vessels, facilities, material and equipment has
the
making
carrying
in
/
authorities,
materials;
Hie
assisting
other
procuremen£*in
in
order of March 19, 1941, and the said Board has made
Whereas
con¬
being organized and it will operate
Secretary of War.
recommendations regarding
toward
been interrupted by a strike which still continues,
President
the
military mission to China.
a
of
It is
be
Chinese
the
the
of
send
purpose
will
of
provided,
at said
the
for
the mission
and
ployment between said company and its workers which they have been
which the company has refused to accept, and
is preparing to
sent
of
Chinese
unable to
recommendation
after
made
Magruder.
The function
certified to the National Defense Mediation Board, established by executive
a
be
the direction
General
and
adjust by collective bargaining, and the controversy was duly
Union," adding that the pur¬
identical.
are
was
of the Lend-Lease Act.
purposes
vital to the defense ot the United States, and such vessels, facilities, material
and equipment
announcement
ferred with Dr. Hui Sliili, the Chinese Ambassador.
The President's statement follows:
all of the moral
of the nation, and
Whereas the Federal Shipbuilding and Drydock Company
of the two missions
poses
employers to merge their lesser differences in the larger effort to insure
the survival of the only kind of government which recognizes
1215
similar mission to the Soviet
qaulified
thoroughly
officers
will
An
General
accompany
Magruder.
be operated by or under the control of the United States:
Now, therefore, I, Franklin D. Roosevelt, pursuant to the powers vested
in
me
by the Constitution and laws of the United States,
and
United
States
United
States,
Commander
in
Chief of the
as
President oi the
Plans for sending a mission to Russia were discussed in
these columns Aug.
hereby authorize and direct the
Secretary of the Navy
World Gold Production in
instrumentality
persons or
as may
be designated, and, in so far
University Press—Union
Important Producer
be necessary or desirable, to produce the vessels, facilities, material
and equipment
called for by the company's contracts with the United States,
its departments
and agencies,
or
otherwise, and do all things necessary or
World
adviser
on
industrial relations, as are necessary to carry out the provisions
of this
order, and, in furtherance of the purposes of this order, the Secretary
of the
Navy
may
soon
manner
he detenmined
as
that
the plant
will be privately operated in a
to
the
"Monthly Bulletin
distributed
Documents
York.
ounces, followed
August 23, 1941.
The Executive order
released by the President at his
was
home at Hyde Park, N.
Y., and
explanatory statement which said:
President
United
'
has
today
signed
was
accompanied by
an
order
authorizing
case
In view of the national emergency, the stoppage
Whereas
of work jeopardizes the
The methods and policies relating to the ultimate title and other matters
between government and the
company
will be worked out after further
studies and negotiations.
Aug. 26 (by the
read
company
as
follows:
Federal
to
over
and
formed
equipment,
for
contracts
including ships under construction and all unper¬
the
construction
of ships
and for
The Secretary of the Navy
letter dated Aug. 25, 1941, from L.
the purchase
was so
of
informed in
H. Korndorfl, President of the Ship¬
yard.
Secretary of the Navy that Federal Shipbuilding
Dry Dock Company can
ment and
assume no
responsibility for further manage¬
operation of the Yard, but will be glad to cooperate with the Navy
the best of its ability by voluntarily assisting in carrying forward the
to
national defense program.
To
■
;:v-v■
simplify matters and to obviate complicated accounting procedur e,
Mr. Korndorff offered to transfer to the Navy, or to some other agency of
the
in
United States
stock of the
even
Asia,
Africa
has
in
the
without
increased
with the result that it
it
trebled.
nearly
of
some
and
the
New
Thus
during
nearly doubled;
minor
(including Tanganyika
Islands,
South
years,
pronounced.
more
America
in
of
Union
The
in
nearly
was
The
last
10
years
South America, Oceania,
still
was
the Philippines,
Chile,
contribution
aggregate
become
to
more
African
countries—various
and Kenya),
Guinea.
the
development
producing
secondary producers to the world total tends
The
data
Government, the physical assets
or
the entire capital
Company,%n the understanding that just compensation will
be determined latex either
case
of failure to agree, by
in
the
United
it had
1941,
of
the
previous reference to the strike appeared in
Aug. 23, page 1073.
our
issue of
and
exceed
dent
to Send
Military Mission to China to
Making Effective Lend-Lease Aid—Presi¬
Roosevelt
Names
Brig.-Gen. Magruder to
Head
Group—Action Parallel to that Proposed in
States
In Argentina
it
the
of
these
and
more
more
Switzerland,
the rise
in
tion
figures
are
1941
1937
the
some
lesser extent in
a
and
the end of
also
in
1937 did
the index numbers
of
the market
in about half the countries
averages
Belgium,
Denmark, Nor¬
Colombia, and Mexico.
It
below
was
Chile, Japan, Hungary, Portugal,
and Sweden.
In the United States, how¬
the construction
shipbuilding companies
of
April
between
8%
increased
May and
March
of aircraft and
25%
were
production
5%
in
and April the
went
to
35%
6%
in
the
up
above
Canada
from
increase
was
March
to
United
April.
In
3% for total produc¬
investment goods.
for
of
during
industrial
to
indices
While stocks
February,
in
level.
from
and
April,
of
recorded
were
Commonwealth,
available—Germany,
United Kingdom,
shipping and
1937
diminish
have
above
shares of companies connected with
General
negligible;
was
Canada, the United States,
Rumania, the
of
showed
rise naturally varied
the rise
compared with
as
monthly
50%.
such
that level
shares
everywhere
increases
British
the
of
The Netherlands, Switzerland,
way,
grouping
date,
but by the end
regular,
The largest
countries
most
shares stood
which
for
graph
a
to
Brazil
and
and
slow
was
40%.
in
1937
of
arid rapidity of the
During the first few months of
value of
States
States
end
the
The extent
reached
In
Denmark
Assist in
illustrated
as
from
belligerent countries, in Rumania, Turkey, and to
Sweden
not
their
A
countries
23
according to countries.
ever,
by agreement, or, in
circulation,
monetary
for
upward movement.
an
arbitration.
United
Production
ounces.
1941 than in 1931, the increase in certain other coun*
North
probably
spectacular
Fiji
the
during the last few
Denmark.
Mr. Korndorft told the
and
4,800,000
important.
materials and equipment.
a
and
Shipbuilding and Dry Dock Company is immediately turning
Secretary of the Navy Knox the shipyard at Kearny, New Jersey,
including all ot the real estate, buildings, facilities, machinery, materials,
tools
in
output
been
territories
issued
statement
has
production
that work will be resumed Monday.
says,
by Canada with 5,300,000 ounces, and the
with
one-third larger in
tries
•construction of vessels essential to the defense of the United States.
It is expected
States
interruption
is set forth in the order.
"Bulletin"
the
ing the figures also stated:
plant of the Federal Shipbuilding and Dry Dock Company.
history of this
University Press, New
Africa,
world production and to have attained its highest level
1036, the "Bulletin" reports. The announcement concern¬
and
•directing the Secretary of the Navy to take possession of and operate the
A
South
of
League of
the
the International
U. S. S. It. remains uncertain, it is added, owing to lack of
It may be assumed to occupy the fourth rank
in
executive
or
official data.
in
an
Most
by far the most important producer with 14,000,000
ROOSEVELT.
D.
The White House,
The
Union
of
by
country
Service of the Columbia
The
remains
The
Statistics"
of
this
in
consistent witn the needs of national defense.
FRANKLIN
Africa
nearly double the production of 10 years before, according
Nations,
Possession and operation hereunder shall be terminated by the President
as
South
1040, reaching the record level of 40.200,000 fine ounces,
exercise any existing contract rights with said company,
take such other steps as may be necessary or desirable.
or
of
production of gold continued its upward trend in
incidental to that end.
There shall be employed such employees, including a competent civilian
1940 Reached Record Total
of 40,200,000 Fine Ounces, According to Statistics
of League of Nations Made Available by Columbia
Shipbuilding and Drydock Company, through and with the aid of such
person or
1064.
page
♦
immediately to rake possession of and operate the plant of the Federal
as may
23,
Army and Navy of the
non-ferrous
the
last
metals
few
uninterruptedly
1940, and March,
in
months,
since
1941,
the
United
stocks
the
of
States
rubber
beginning
of
have
in
tended
that
1940;
to
country
between
they nearly trebled.
Case of Soviet Russia
President Roosevelt announced on Aug. 26 that the United
States will
in
soon
send a military mission to China to assist
carrying out the purposes of the Lend-Lease Act.
mission,
which will
be
headed
The
by Brigadier-General John
Magruder, will, among other things, study the military situ¬
Federal Taxes Take Over Half of
According
serves
to
Conference
Rise from
Industrial
Board
Earnings,
Study—Tax
Re¬
26.7% to 51.6% in Year
Reserves for Federal income taxes absorbed
a
much higher
percentage of earnings before taxes in the first half of 1941
ation in China and the Chinese Government's need for war
than in the
materials,, and give advice and suggestions toward making
analysis of the statements of 275 industrial companies by
possible "in the interest
the Division of Industrial Economics of the Conference Board.
This year says the board these companies in the aggregate
lend-lease assistance as effective as
of
the
United States, of China, and of the world effort in
resistance to movements of conquest by force."
dent's statement also said
is "in keeping
The Presi¬
that the sending of the mission
with and is on parallel lines to the sending of
corresponding period last
year
according to
an
set aside 51.6% of their earnings for Federal taxes as com¬
pared with 26.7% last year so that net income after taxes
was only 20% higher than last year
despite the fact that
The Commercial &
1216
in earnings amounted to
Under date of Aug. 25 the board's announcement
before Federal taxes the increase
82%.
further said:
manufacturing aircraft and parts set aside 67.5 %
Six companies
this
against 21.1% last, so that net income after taxes was 6% lower
in the first half of 1940. although before taxes earnings were 127%
year as
than
Federal tax reserves for these six companies amounted
the first half of
higher than last year.
all
in
$28,470,000, as compared with $3,923,000 In
to
after taxes amounted to $13,727,000, as compared with
1940, net income
The 15 chemical companies included in the analysis were
Federal taxes, which took 53% of their earnings this year
$14,681,000.
also hit hard by
half of 1940, so that their aggregate
of 58% in earnings
compared with 24.6% in the first
as
after taxes was 1 % lower despite an increase
net income
before Federal taxes.
Sixteen manufacturers
of paper products reported an increase of only 2%
although earnings before Federal taxes showed
in net income after taxes,
to Federal tax reserves, as
compared with 33% in the first half of 1940.
industry classifications:
pur people cannot spend their
ruinously upon all of us. Instead of an ever-expanding volume
credit we need to bring about a substantial reduction in the
outstanding.
total
goods must be adjusted as closely as possible to
Civilian demand for
Federal Income Tax
Percentage Changes
First
Reserves
Half, 1940
as
After
Taxes
Half
1940
21.1
——6
Automobiles
,
19
Building materials.
1st
Half
1941
+ 127
67.5
+6
+ 15
+70
59.0
32.3
+80
53.9
28.1
+84
47.0
27.1
53.0
24.6
6
Aircraft and parts-..
1st
Before
Taxes
16
Chemicals
15
+34
;>v;:+++i;+;:
Electrical products _.
11
+ 14
+93
62.5
36.7
21
+6
+37
+ 93
42.0
25.2
54.6
28.7
__
Food products
Machinery---
33.0
+ 32
47,8
16
+ 12
+ 26
23.1
13.4
3
+ 96
+243
56.3
23.5
22
+81
+ 187
49.2
19.7
9
products-
Rubber products
Steel and Iron
Textiles
*
+23
— -
+48
+ 132
50.9
23.0
}k
+2
16
Paper products
Petroleum
"
17
— -—-.
+58
Earnings before Federal taxes.
help avoid inflation, we can aid in defense,
can
we
Companies
protecting the public.
of
The regulation
Federal Reserve System Warns of
Additional Curbs on Public Buying Power-—De¬
fense Demands Must Have Right of Way over Civil¬
ian Needs—Urges Public to Apply Increased In^
comes Toward Getting Out of Debt
Chairman Eccles of
Chairman of the Board of Governors
Reserve
Federal
the
of
issued Aug. 24 that the
warned in
System,
develops and as economic conditions re¬
its administration
buying power in order to safe¬
and the public generally."
Reserve's regulation, set to go into effect
quire a further dampening of
Demand for these goods
as
to
absorb
materials
increasingly needed for defense. The regulation prescribes instalment terms
that are by no means stringent or onerous.
It does not prohibit buying
it be automobiles or ice boxes.
instalments, whether
on
It is a supple¬
mental instrument to be used in conjunction with the broader, more basic
mentals
lines
the
other governmental
and
being used
not
experience with
change from time to time as
"is subject to
statement
a
initial instalment credit regulation
issued by the Board of Governors of the Federal Reserve
System covers a list of consumers' durable goods.
tends to cause inflationary price rises as well
fiscal
Marriner S. Eccles,
to this end.
necessary measure
■
Number of
Automobile parts
Regulation of instalment credit is a
By deferring civilian demand at this time
and we can store up
a backlog of buying power that will help offset a post-defense slump.
The impression held by some that regulation of instalment buying tends
to restrict production or to curtail the business of dealers in merchandise
is based on misunderstanding.
It is because of defense needs, not because
of regulation of instalment credit, that civilian supply is reduced in various
lines, such as automobiles.
The purpose of instalment credit regulation
is to help dampen demand for goods the civilian supply of which has
already been reduced and must be forther reduced because of defense
needs.
-vV'?.;:';
In a word, the purpose is to dampen demand, not to diminish production.
If production could keep pace with both civilian and defense. demands, we
would have no price inflation troubles. . We would need none of the meas¬
ures of control arid regulation which are being Invoked with the objective
supplies available for consumption.
Percen¬
tages'Of Earnings*
to 1941
increased incomes and go into debt for
today without precipitating a price inflation that
and more things
would recoil
of consumer
EARNINGS OF INDUSTRIAL COMPANIES
tax anticipation notes, to
and stamps, and in
more
by
table gives a complete analysis of these percentages
The following
the public to invest in savings
aid in meeting the
costs of defense and to divert money from the market-place until such
time as we can turn again to peace-time production.
These broad measures have to be backed up by others.
Thus, in the
case
of acute shortages the Government has had to fix prices, to invoke
rationing and priorities.
Beyond all this, however, it is evident that if
we, in
effect, draw off buying power with one hand and extend credit
with the other we have accomplished nothing in reducing the aggregate
demand in the markets.
If you pay $50 in taxes and invest $50 in savings
bonds, and then turn around and borrow $109 to spend, you have not
curtailed your purchases by a penny.
Accordingly it is of primary importance that restraints be placed upon
the wholesale extension of credit, including instalment buying.
The volume
of instalment credit has been expanding very rapidly, as it always does in
times of rising national income.
Yet when incomes are at high levels that
is the time when people should reduce their debts or get out of debt.
Similarly the Treasury has appealed to
bonds
These companies charged off 47.8% of their earnings
increase of 32%.
an
Aug. 30, 1941
Financial Chronicle
of
our
powers
combating price inflation.
It is
of reform or alteration of the funda¬
In effect, it recognizes what in many
The intent is not to disrupt but to protect
instrument
economic system.
an
as
standard practices.
are
in
economy.
public should be fully aware, however, that the regulation is subject
The
change from time to time as experience with its administration develops,
to
and
economic
as
in order to
conditions
require
a
further dampening of buying
power
safeguard the interests of consumers and the public generally.
s
guard the interests of consumers
Federal
The
elsewhere in these columns today.
Explaining that the purpose of regulating instalment credit
"is to help dampen demand for goods, the civilian supply
of which has already been reduced and must be further re¬
duced because of defense needs," Mr. Eccles declared that
Sept. 1, is referred to
production could keep pace with both
"if
fense demands
troubles."
would have no price inflation
people "to re¬
Reserve Chairman advised the
Federal
The
we
civilian and de¬
duce their debts or get out of
rising to new high levels due
debt"
that incomes are
now
primarily to the "huge defense
He further asserted that "our people cannot
expenditures."
incomes and go into debt for more
and more things today without precipitating a price infla¬
tion that would recoil ruinously upon all of us," adding
that "instead of an ever-expanding volume of consumer
credit, we need to bring about a substantial reduction in the
spend their increased
outstanding."
total
is
the
that
important
public
Eccles's statement:
why
know
asked to accept
they are
to
in making effective the President's
cooperate
ing for regulation of instalment
materials.
the extent that plants can
To
that
can
we
be expanded or can work longer hours or
materials or of skilled help can be overcome,
produce both for defense and for civilian consumption.
And the
all policy should be to increase production to the fullest possible
shortages of strategic
of
aim
second
of
and
more
and
more
If there
for
We know that beyond a point our plants cannot turn
goods for the public and at the same time produce
defense.
The imperative demands for defense must
are
ference
as
articles
that
be
be
cannot
«
Inflation
ments
of
The
is
as
produced
sufficient
in
would
increasing income
quantity to
meet
the
our
not
as
only
what
It
deflation.
machine.
entire
commonly termed
is
is
shatters
-v
vastly
economy
It
hits
hardest
increase
and
the
make
of
all
all
costs
of
of
the
those
of
defense
increasingly
adjust¬
small
but
difficult
it
the
of the post-war period.
Government is
a
The consequence
up.
Y
destructive
economic
imperil
adjustments
tion
is
our
It
means.
would
bid
rapidly
inflation.
means
striving in various
ways
to combat inflation.
Taxa¬
not only of helping to pay for defense but of drawing off
buying power that would otherwise inundate our markets.
Further details were given by the Board,
Board.
I
follows, on Aug. 27:
Net
income
after
although the Federal Reserve unadjusted index of
The aggregate amount set aside for
to the second,
quarter
industrial
Federal
production
taxes
consequently increased only 1% from the first
taxes
increased 9%.
by 173 companies which reported in detail on the amounts
charged to tax reserves was 57% of earnings before taxes in the
second
compared with 46% in the first quarter.
The Conference Board's seasonally adjusted index of the quarterly net
quarter,
as
income of
industrial companies,
after reallocation of Federal taxes applic¬
(1935-39 equals 100) for the
compared with 144 for the first quarter and
163 for the fourth quarter of 1940, when it reached the highest level since
1929.
The index for the second quarter of this year was lower than the
index for the fourth quarter of 1940, despite the fact that the Federal
Reserve index of industrial production averaged 149 as compared with 134
in the
quarter of
1941,
as
fourth quarter of 1940.
National Economy League Proposes 10% Tax on Indi¬
vidual Incomes and Federal Tax Yield of $10,000,-
000,000 Urged—-Proposals Embodied in Study by
W. D. Arant and Dr. Harley L. Lutz—Views on
Exemptions
Decided
Upon
by
Senate
Finance Committee
A recommendation that a
vidual incomes is made
which, in urging
restraints upon the public's spending of
no
increasing demand, the inevitable result is that the price of these articles
will
quarterly income statements of 421 industrial com¬
the
metals and other
right of way over civilian needs.
have the
for
more
more
all of the profits
production, according to an analysis
panies by the Division of Industrial Economics of the Con¬
Reduced
know that there are acute shortages of certain
we
strategic materials.
out
quarter absorbed virtually
realized from increased
extent.
But
in Second Quarter—
Increased Taxes
Provision of reserves for higher Federal income taxes in
the
second
executive order call¬
credit.
Employment and national income
are
rapidly rising to new high levels, primarily because of the huge
defense expenditures.
This means that by #ad large, people have more
money to
spend than ever before.
This is happening at a time when
more
and more of our industrial plant must be used to produce defense
and
trial Companies Increases 1%
Higher Earnings Absorbed by
able to the first and second quarters, was 159
Following is the text of Mr.
It
Reports Net Income of 421 Indus¬
Conference Board
10% tax be imposed
on
indi¬
by the National Economy League,
Federal tax yield of $10,000,000,000,
a
declares this to be the only
alternative to inflation
"totalitarian" system
recommendation
contained in
or
a
of price control.
According to Wash¬
ington advices to the New York "Times" Aug. 27, the
was
a
study by Willard D.
Arant, research director of the League, and Dr. Harley L.
Lutz, Professor of Public Finance at Princeton
University,
It is added that the tax
yield required to avoid inflation could be reduced to $8,500.000,000 through economies in non-defense expenditures, it
entitled, "Taxation
was
reported.
vs.
Inflation."
Volume
The Commercial &
153
From the "Times" advices
we
also quote:
Among inflationary influences the study listed the lack of efficient de¬
fense planning.
<
,t(
,
''Defense production will require an enormous diversion of
labor from peacetime pursuits in any case, but the lack
plan of defense and of
Will be
government who think
other things, are most
undue increase in prices and costs,"
intense competition among those in the
an
that naval ships, or merchant ships, or aircraft, or
essential.
The result of this may be an
the study said.
limited fields, the
"While admitting that price control was necessary in
League declared that "to extend it
over
the whole economic structure as a
substitute for sound financial policy is to adopt totalitarian
It is likewise stated that disagreeing with
methods."
genthau's plan to raise two-thirds of the budget by taxation
and one-third by borrowing, the experts asserted the present
tax program was "only the first World War tax system with
The "Times" further quotes
the dust brushed off."
from
the study:
methods that would be
effective," the report said.
more
taxation today to the methods used in
as
equipped
army,
mistake
great
the first World War, we shall be
it would be to send General Pershing's
as
it was then, into the field against
as
consideration of
"But if we limit
1918
Hitler's 1941 mechan¬
ized divisions.
spending, bearing in mind the extra-budgetary
''At the present rate of
operations of governmental corporations, a failure to cover more
than two-
thirds of the budget by taxes is an invitation to inflation;
"The extent to which the Federal credit is employed outside the budget
public," the study added, "and this
has been too little recognized by the
operations especially insidious as an inflationary
act makes their
"While the Treasury has taken some steps to
outside the banks, no such concern has been
evidenced over the marketing
corporations, practically all of which are ex¬
of obligations of government
changed for
influence-
finance the budgetary deficit
bank credit."
new
in the regular income tax, as
Reduction of exemptions
decided upon
Monday by the Senate Finance Committee, "cannot be viewed as meeting
the need for widespread and universal
taxation," the writers stated.
meeting
The
they added.
the na¬
afford a much
asserted, would reach only a part of
A Federal sales tax, it was
that which is spent at retail, and would
tional income,
24,
July
on
descrip¬
industry," said John Lowry, the Association's President,
commenting
the
these columns
embracing 68 divisions of commerce
association
an
the members at a
indicated in
"The new title is more accurately
Aug. 9, page 773.
tive of
was
as
commercial organiza¬
by
adopted
was
name
new
the changes, in the executive offices at
on
He added
Building.
Woolworth
that
"there has fre¬
quently been confusion in the minds of officials and others
who were under the impression that we were an organiza¬
merchants, whereas our membership constitutes
of New York's trade, business and pro¬
tion only of
true cross-section
fessional leaders."
In its announcement this week the
The
Association
Merchants'
service-type of chamber of commerce.
other
Association indicated:
organized in 1897 as a pioneer in the
was
Leading chambers of commerce in
large cities were later founded on the pattern set
During the 44 years of its existence the
by the Association,
Association has taken an active
local
commercial and trade matters of national as well as
part in civic,
importance.
The
maintains
Association
specialists
transportation,
service,
convention
and
the
lines:
various
their
in
research,
following service bureaus, staffed by
Foreign trade, industrial, legislative
publicity, membership, and New York
visitors.
The officers of the Association, in addition to Mr.
Lowry,
F. Voorhees, First Vice-President; William
Fellowes Morgan Jr., Second Vice-President: Jeremiah D.
Maguire, Third Vice-President;
Samuel D. Leidesdorf,
Treasurer, and Thomas Jefferson Miley, Secretary.
Stephen
are:
proportion to the revenue
additional collections would be relatively small in
requirement,
The
tion.
in
New
Merchants' Asso¬
Aug. 27 Commerce and Industry Association of
ciation of New York, the city's largest
a
"Excessive reliance on conventional taxes prevented the
making
On
York, Inc,. became the new name of The
and
Secretary Mor-
New
York Becomes Effective
machinery and
of a comprehensive
York
Change in Name of Merchants Association of New
to
Commerce and
Industry Association of
i
integrated defense administration means there
an
1217
Financial Chronicle
to
Visit
Proposed
Sites
for
Inter-American Tropical Institute
A
smaller base than that of individual gross income.
Scientists
Agricultural
group
United
of
States
agricultural scientists left
proposed for establish¬
Washington recently to inspect sites
Fears of
United States
Disputed by William H. Stevens
Critical Rubber Shortage in
a
Great Britain
or
designed to discount any fears of a critical
A statement
shortage of natural rubber in this country or Great Britain,
issued
was
Aug. 21 by William Henry Stevens, rubber
on
technologist
in the United States to study American
now
of various types of synthetic rubbers,
methods of application
Mr. Stevens said:
particularly in aircraft construction.
though supplies from the important rubber producing areas
Even
of
Dutch East Indies should be cut off, which still
British Malaya and the
India, Ceylon and South
sufficient natural rubber for all military purposes
although civilian supply would suffer.
As long as we have ships we need
highly improbable,
seems
not
worry
Mr.
about rubber.
has
Stevens
England and is
Louis and
a
consulting rubber
a
chemist in
associated with Monsanto Chemicals,
Chemical Co. in
He is visiting Monsanto
number of leading rubber plants
while in
situation
out that
of today's natural raw
this country.
Commenting on the raw materials
in England and Germany, Mr. Stevens pointed
through
chemical
science
many
interchangeable.
materials have been made
He observed:
if petroleum is unavailabla.
well as natural fibres. Plastics,
Gasoline, for example, can be made from coal,
Textiles
can
be made from wood or coal as
madefrom coal
are even
petroleum, can replace some of the
or
making sugar out of wood.
metals.
The Germans
Although these changes involve new
several years to build,
that today a country need not
plants and equipment which may take months or
the fact t hat they are taking place indicates
have all of the strategic raw
of
Revision
materials to wage effective war.
Foreign Trade Definitions—
Trade Council Announces Issu¬
Pamphlet Designed to Clarify Situation
American
National Foreign
ance
of
Changes since the 1019.edition of American Foreign
Definitions
was
published
Convention
Trade
of the National
of the definitions in use, in
Trade
led the 27th National Foreign
Foreign Trade Council,
held in San Francisco in July 1940, to
This
committee
items of
order to clarify the situation for
over
a
period of months and gave much thought
of revision.
In
a
pamphlet of 16 pages the important
covered.
The definitions
foreign trade transportation practice are
given are further clarified by comments, and by advice where doubt might
exist as to the respective responsibilities of the exporter and importer.
These include* since
1919,
some new
to
Exactitude
vided
tions.
responsibilities for sellers and buyers
to avoid complaints
to be recognized and followed, in order
misundertanding.
which require
due
in
transportation
terms
to avoid
(
misunderstanding is pro¬
by proper use of these Revised American Foreign Trade Defini¬
Standardization of foreign trade practice in all countries is the
for
goal sought by this revised edition.
Wide use and dissemination of the
Revised American Foreign Trade Definitions—1941, should go far to accom¬
plish this aim.
of Agriculture announced on Aug. 22.
by air—stopping first at Laguira,
goes
Boyd, Principal Engineer,
Agricultural Chemistry and Engineering, and Dr.
Wilson Popenoe of Antigua, Guatemala, Collaborator of the
Office of Foreign Agricultural Relations.
The Agricultural
Department also had the following to say concerning the
Relations, and included George R.
Bureau of
survey:
The group
will Inspect proposed Institute
sites which have been offered,
Governments of Venezuela, Brazil, Ecuador, Costa
El Salvador, and sites that may be offered by other American
by the
will be inspected
Rica, and
Republics
In
technicians. Tracts
from the standpoint of suitability for tropical agricultural
each country they
the United States late in September.
will be assisted by local agricultural
research and education.
The Institute will be a
that
are
cooperative project of all American Republics
consumption of tropical agricultural
combined school of agriculture and experiment
concerned in the production or
products.
It is planned as a
technicians from all the American Republics.
Establishment of such an Institute has been regarded as essential to
station for students and
proper
development of Western
Hemisphere agriculture.
The project was
announced by Henry A. Wallace, who, as Secretary of Agricul¬
Institute objectives to the Eighth American Scientific Con
gress held in Washington in May, 1940, as follows: Promotion of a better
balanced agricultural economy in the Western Hemisphere, preparation of
comprehensive data on the agricultural problems of the American republics,
development of a broad knowledge of tropical agricultural pests and diseases,
solution of serious problems in crop and animal production, and creation of
understanding among future agricultural leaders of the Americas.
The Scientific Congress formally recommended establishment of the
Institute and the project was approved by the President's Interdepartmental
Committee on Cooperation with the American Republics.
Preliminary
first publicly
ture, outlined
planning has been done by
the Inter-American Commission on
Tropical
United
Agriculture, headed by Dr. Hector David Castro, Minister to the
States from the Republic of El Salvador. Representatives of Bolivia,
Colombia,
United
Costa
Brazil,
Ecuador, Guatemala, Peru, Venezuela and the
other members of the Inter American Com¬
Rica,
States make up the
mission.
of Agriculture
Wickard in Greetings to
Wyoming Forest Gathering Declares Land and
Water
Resources Must
Be Used Wisely at All
Times—E. E. C*app Advocates Public Regulation
of Private Forest Practices
Secretary
foreign trade.
met
and study to the task
The
Venezuela.
The survey party is headed by Ralph H. Allee, Agricultural
Education Specialist of the Office of Foreign Agricultural
party
recommend a revision
The Council on Aug. 20 an¬
nounced that a number of important revisions, accordingly,
have been made by a special committee representing the
Chamber of Commerce of the United States, the National
Council of American Importers, Inc., andf the National For¬
eign Trade Council.
The announcement adds:
those engaged in
Inter-American Institute of Tropical Agriculture,
an
the Department
before their scheduled return to
been
now
Ltd. of London.
St.
the plantations ot
would yield
America
ment of
Claude R. Wickard on Aug. 24
forest-minded men and women celebrating
at Cody, Wyoming, the 50th anniversary of the first na¬
tional forest, and called for more conservation and develop¬
Secretary of Agriculture
sent
greetings to
ment of
American forests.
Chief of the Forest
bration which
the Shoshone
Through Earle H. Clapp, Acting
Service and principal speaker at the cele¬
commemorated the establishment in 1891 of
National Forest, Secretary Wickard sent this
message:
_
Timberland Reserve in 1891 marked the
forests and our other
contribution the Department of Agri¬
culture has made in conserving the Nation's forest land, and in developing
the national forests to be of greatest possible service to the people.
The establishment
of the first
awakening of America to
natural resources.
the importance of conserving
I am proud of the
The Commercial & Financial Chronicle
1218
For years, America exploited and misused her land.
of
aware
We
can
determined
But today we are
mistakes of the past, and are determined
our
make America a land ot abundance for all of
do it.
to
our
to remedy them.
people, and
we
I cannot conceive of
we
ignore the
a
really satisfactory future for the American people if
third of
one
naval reservations in the
including the timber, grazing
land, watershed protection, wildlife, and recreation, just
products of cultivated fields and orchards.
Plans for the Duke's visit to the United States were
ported in
As
as
Nation,
a
our
land In such
a
way
she needs the
we
are
Clapp outlined
some
come.
of the benefits result¬
ing from establishment of the national forests, but added
that
resources in the national forests could and should be
better managed.
The most acute forest problems today, he
said, have to do with privately owned forests. He advocated
public regulation of private forest practices and increased
public ownership of forest land, and said:
Only these
are
bold and drastic enough to give positive assurance that
the job will be done.
Public regulation of forest practices on privately owned lands simply
that the public will set a floor of forest practices adapted to local
means
forest conditions below which cutting may not
further destruction of
long
run
go, a floor which will stop
forests, stop further deterioration which in the
our
is equally bad, and keep the land reasonably productive.
Of public
one means
of
preserving
our
our
Hubert J. N.
gone so
far that
no
acres
A very
large
an
to
Report
on«.
inspector for the National Bank
of Belgium, left New York on Aug. 26, bound for London,
to report to the
mission seeking
Belgian Government-in-exile on his special"
the release of $260,000,000 of French gold
held in this country. Last February Belgian representatives*
obtained a writ in the New York State Supreme Court toattach this amount, held for the Bank of France; (action
discussed in our issue of Feb 8, page 1917).
The writ was;
obtained on the ground that the Bank of Belgium had sent
a similar amount of
gold to the Bank of France for safe¬
keeping, when Germany invaded Belgium, and that the*
metal was subsequently sent by the Bank of France toDakar, French West Africa, and that it is now held by Ger¬
many. Representatives of the Bank of France have appealed
the New York Court's action to the United States SupremeCourt.
♦"
■
■
Ralph E. Flanders Elected Class B Director of Federal
democracy.
Reserve Bank of Boston
forest land today are submargtnal for any private
private
additional millions of
Ansiaux,
Leaves
Mission
Ralph E. Flanders of Springfield, Vt., has been elected
ownership, either because the land is too poor
or
owner can afford to
because the destruction has
bring the forest back.
On
.
of the best forest land will remain in private ownership,
and for this the public must extend the helping hand in much larger
degree
area
than ever before, in such ways as protection against fire and in finding out
and showing private owners how to do the job.
In all of this,; time is the essence.
I hope that when our children and
grandchildren celebrate the centennial of the creation of the first national
forest they can say that we in 1941 had the vision and the
a
Class B director of the Federal Reserve Bank of Boston tountil Dec. 31, 1943.
He succeeds Edward S. Frenchr
serve
who
the public interest is so great that it can only be
protected by public ownership.
Representative
Gold
ownership, he said:
Millions of acres of
Bank
Belgian
Since
the most democratic countries in the world have had to adopt this
measure,
it need and should not lead to either
bureaucracy or a dictatorship. It can
instead be made
our
started,
that it will be most pro¬
ductive, today, tomorrow, and all the tomorrows to
In his talk Mr.
re¬
He arrived at
issue of Aug. 23, page 1075.
Ottawa from England on July 29.
but only started, on the road which will lead to genuine conservation of our
and to the use of
and the Glenn
land which is, or should be, in forest.
our
America needs the products of the forest,
resources
of Norfolk, Va.,
area
L. Martin airplane plant at Baltimore.
are
To this end, we must use our land and water resources
wisely and productively, not only in time of emergency, but for all time.
Aug. SO, 194T
resigned recently.
The
Reserve Bank
chosen in
said
the
Vermont industrialist
was
special election by member banks in group 2—
banks having a combined capital and surplus of more than
$300,000 and not more than $1,200,000.
Mr. Flanders, President of the Jones & Lamson Machine
Co. of Springfield, Vt., an officer of several other corpora¬
tions and President of the New England Council.
a
d&udng and the
courage to take the action which the public welfare demands.
United
Death of
P.
Russell, Senior Member of Brokerage
Firm of Merrill Lynch, Pierce, Fenner & Beane—
Had
Been
Active
New York Stock
in
Administrative
Reform
of
Exchange
Philip W. Russell, a senior partner in the New York
Exchange firm of Merrill Lynch, Pierce, Fenner &
Beane, died on Aug. 24 in the New Haven Hospital, New
Haven, Conn., following a heart attack suffered at his sum¬
Stock
mer
A
home in
native
Madison, Conn.
Mr. Russell
was
63 years old.
of
Detroit, Mr. Russell was a graduate of the
University of Nebraska and later studied at the Columbia
University Law School.
Admitted to the New York State
bar in 1901, Mr. Russell engaged in general corporate and
Stock Exchange practice and was a member of the firm of
Wing, Lakin, Russell & Wheadon. In 1934 he gave up the
practice of law to become general counsel and a partner in
Fenner & Beane, later becoming senior member of the firm.
When this firm
was recently merged with Merrill
Lynch,
E. A. Pierce & Cassatt to form Merrill
Lynch, Pierce, Fen¬
ner & Beane, Mr. Russell retained his status
as one of the
senior members.
Elected a member of the Board of Gover¬
nors
year
of the New York Stock
Mr.
term,
Exchange in 1938 for
Russell had been
active
in
a
three-
Exchange, having served as Chairman of a
special committee on Broker and Exchange Revenue and as
a
member of the Exchange's special committee on
Member
Firms, permissive incorporation and law.
Mr. Russell's home
was
in Scarsdale, N. Y>, where he was
member of the Board of Education for
served as President of the Board the
a
over
20 years and
greater part of his
tenure.
\'-
President Roosevelt to Make Labor
Day Radio Address
—-Labor Leaders Will Also
Participate in Program
President Roosevelt will make a Labor Day
Monday,
Sept. 1 radio address to the Nation, it was announced
Aug. 25.
The speech will climax an hour long coast-tocoast program beginning at noon
(E. S. T.).
The Labor
Day observance program, arranged by the Office for Emer¬
gency Management, also will include an address by British
Minister of Labor Ernest Bevin,
speaking from London.
Others to be heard include William
Green, President of
American Federation of Labor; James B.
Carey, Executive
Secretary of the Congress of Industrial Organizations, and
Sidney Hillman, Associate Director General of the Office of
Production Management.
After spending last week-end as the
guest of President
Roosevelt at his Hyde Park, N. Y.,
home, the Duke of Kent,
youngest brother of King George VI of England, visited
Washington
for Canada.
the Duke
Aug. 25 and 26, departing the latter evening
During his two-day visit to the Nation's capital,
on
was
House and
tendered
a
small informal dinner at the White
reception by the National Press Club. He also
visited the Anacostia Naval Air Station, the
military and
a
G.
R.
Rico—Succeeds
Aug. 25.
Mr. Tugwell was named to the post by President
on July 30, as was indicated in these columns
Aug. 2, page 634.
The nomination was approved on Aug.
18 by the Senate Committee on Territories and Insular Af¬
fairs after, it is stated, extended questioning as to his social
and political views,
A trip to Puerto Rico planned by Mr.
Tugwell (incident to his proposed duties as Chancellor of the
University of Puerto Rico) was delayed on Aug. 14 because
of the Committee's desire for a further hearing on the ap¬
pointment as Governor.
On Aug. 19 Associated Press ad¬
vices-in the Washington "Post" said:
Roosevelt
Mr. Tugwell told the Committee that Interior Secretary Ickes had sent
to Puerto Rico with agents of the Commodity Credit Corporation,
him
the Agricultural
Adjustment Administration, the Farm Security Adminis¬
tration and the Department of Agriculture to study the land tenure system
there and
Mr.
a
to
make recommendations.
Tugwell added that, despite
maximum of 500 acres,
mately 300,000
acres
an
insular law limiting land tenure to
"a dozen large sugar corporations own approxi¬
of the most productive land."
He said, "The land problem of Puerto Rico has got to be solved," but
declared he would oppose any plan of "communal ownership."
Senator McKellar (Democrat) of Tennessee, who conducted most of the
interrogation of Mr. Tugwell, declared that Mr. Tugwell's previous tes¬
timony Indicated the Administration's proposed land policy in Puerto
Rico was "along the same lines as the Russian and Mexican policies,"
Mr.
Tugwell said:
"I would not favor it.
The Government should not own the land, but a
redistribution compatible with the maximum productivity should be carried
out."
Regarding the Senate's confirmation of Mr. Tugwell's
as Governor of Puerto Rico, United Press ac¬
counts from Washington on Aug. 25 said:
appointment
There
was no
record vote.
Senator Robert A. Taft (Rep., Ohio), who
opposed the nomination, saked for
roll
call.
.
Vice-President
a
standing vote but did not request a
Henry A. Wallace announced the result after
counting those standing.
It appeared to reporters that 11 Senators stood in favor
and
seven
of the nomination
opposed it.
As Governor, Mr. Tugwell will succeed Guy J. Swope, who
resigned to become Director of the Division of Territories
and Island Possessions in the Interior Department, as noted
in our Aug. 2 item, page 635.
Mr. Swope returned from
Puerto Rico on Aug. 4.
Under date of Aug. 26, United
Press advices from Puerto Rico said:
The board of trustees of the University of Puerto
a
Duke of Kent Is Guest of President Roosevelt at
Hyde
Park and at White House
Puerto
The nomination of Rexford G. Tugwell as Governor of
Puerto Rico was confirmed by the United States Senate on
administrative
reforms of the
States Senate Confirms Nomination of
Tugwell as Governor of
Guy J. Swope
W,
leave of absence to Chancellor Rexford G.
sume
the
Governorship of the Island.
Rico granted today
Tugwell to enable him to
as¬
The leave is to extend from Sept. 19,
1941, to June 30, 1942, without salary.
A. L. Gates Named by President Roosevelt
as
Assistant
Secretary of Navy for Air
President Roosevelt sent to the Senate
nomination of
sistant
Artemus L.
on
Aug. 28 the
Gates of New York to be
As¬
Secretary of the Navy for Air. Mr. Gates, who was
a
distinguished Navy avihtor during the World War, is now
President of the New York Trust Company, a post he has
Volume
The Commercial &
153
held since 1929.
the
when
The position, which Mr. Gates will assume
is confirmed by the Senate, was
nomination
created by Congress in 1926 but has been vacant
1219
Financial Chronicle
since 1932.
business
Mr. Gates, it is stated is expected to relinquish his
connections with the assumption of his new duties.
The
Estate
bankers
A.'s
They
be
the
at
direction
conducted
be free to
of
on
an
Ernest M.
Dr.
Fisher,
in Mortgage and Real
forum
open
basis, and
interpose questions and express their
This technique follows a conference estab¬
discussions.
December
last
the
under
Department of Research
will
in attendance will
opinions during the
held
held
be
B.
of the A.
Finance.
lished
April designated Robert A. Lovett of
Brown Bros., Harriman & Co., New York private bankers,
as Assistant Secretary of War for Air; this was noted in our
issue of April 26, page 2644.
The President last
will
sessions
Director
first
A.
B.
A.
Real
Estate
Mortgage Clinic,
by the Association in Cleveland, Ohio, which met with outstanding
success.
Bellevue-Stratford
The
quarters.
'
Hotel
in
Philadelphia will be conference head¬
■
t
A committee in
President Roosevelt Names Francis Biddle
General
as
Attorney
;
charge of arrangements for the conference
has been named, which consists of the following bankers:
Frank G.
Say re, Vice-President The Pennsylvania Co. for Insurances on.
Granting Annuities; Philadelphia, Chairman.
B. Brooke Barrett, Secretary Norristown-Penn Trust Co., Norristown, Pa.
E. M. Green Jr., 'Assistant Trust Officer Dauphin Deposit Trust Co.,.
Harrisburg, Pa.
I
,
* '
,
Lives and
General of the United States,
by President Roosevelt to be
Attorney General succeeding Robert H. Jackson, who is
now an Associate Justice of the Supreme Court. Mr. Biddle,
who has been acting Attorney General since Mr. Jackson's
elevation early in July, became Solicitor General in January,
1940, at that time also succeeding Mr. Jackson (referred to
in our issue of Jan. 27, 1940, page 634). Prior to that Mr.
Biddle had been judge of the Third United States Circuit
Court of Appeals (1939); Counsel for the 1938 Congressional
Investigation of the Tennessee Valley Authority and
Francis Biddle, Solicitor
nominated on Aug. 25
was
Chairman of the old National Labor Board.
Samuel F. Rockafellow, Real Estate Officer Easton Trust Co.,
Matthew F.
S.
Easton, Pa*
Judge, Vice-Prefeident Equitable Trust Co., Wilmington, Del..
Page Nelson, Vice-President Savings Bank of Baltimore, Baltimore, Md.
Frank
E. Hemelright, Assistant Vice-President First National Bank of
Scranton, Scranton, Pa.
Robert L.
Ellison, Assistant Secretary, West Branch Bank & Trust Co.*
Williamsport, Pa.
Ernest A.
lantic
Lord,
Real Estate
Officer Guarantee Bank & Trust Co., At¬
City, N. J.
Isaac
W.
Philadelphia,
Roberts,
Vice-President
Philadelphia
Saving
Fund
Society*
Pa.
0. F.
Capt. James Roosevelt Joins Staff of W. J. Donovan,
Coordinator
of
Information—Nathan
H.
David
Also Named to Staff
Ellery, Vice-President Fidelity Union Trust Co., Newark, N. J.,
William L. Beale, Vice-President American Security & Trust Co., Wash¬
ington,
made known that Capt.
staff of Col. William J.
Donovan, Co-ordinator of Information.
The Associated
Press reported from Washington that an official stated on
Aug. 27 that Capt. Roosevelt had no special title in his new
iob, which was that of a military adviser and liaison man
Under date of Aug. 27 it was
James Roosevelt has joined the
The
same
advices added:
The President's son returned from a
military observer
he
was
on
hasty trip around the world as a
June 11 with a variety of information which he said
taking to bis superiors in the Marine Corps.
Frey, Vice-President The Pennsylvania Co. for Insurances
and Granting
John
J,
on-
Annuities, Philadelphia, Pa.
Roe, Vice-President and Treasurer Hudson
City Savings Bank,
Jersey City, N. J.
i;':i>'•-
V;:'^
Douglas Miller Scheduled to Address
vention
Held
of American
Bankers'
Annual
Association
Conv~
to
Be
in
Chicago, Sept. 29-Oct. 2—Was Formerly
Commercial Attache of United States Embassy in
between the information office and other branches of Govern¬
ment.
D. C.
Herbert 0.
Lives
Berlin
-SS
^
Douglas Miller, author of "You Can't Do Business With
and former Commercial \ttache of the U. S.
Embassy in Berlin, will address the members of the American.
Hitler,"
Aug. 18 it was announced that Nathan H. David has
resigned from the Law Department of the Federal Com¬
munications Commission to join the staff of Coordinator
Donovan.
Mr. David, a native of Massachusetts, joined
the Commission in 1939 as Assistant to the Chairman. Sub¬
Bankers' Association at its annual convention to be held in
sequently transferring to the legal staff, his most recent
assignment has been as Chief of the Litigation Section.
The appointment of Col. Donovan as Coordinator was
announced on July 11, and referred to in our July 12 issue,
The subject of his address will be "Propaganda
a Totalitarian Regime."
Mr. Miller, who
is now a member of the faculty of the Univertisty of Denver,
was in the commercial foreign service of the Government for
18 years, and was Commercial Attache at Berlin from 1925
to 1939.
His address will play a part in carrying out the
On
188.
page
Emil Schram, President of New York Stock Exchange
to Be Guest of Honor at Outing of Association of
Customers' Brokers
on
Sept. 17
President of the New York Stock Exchange
of honor at the second annual golf tourna¬
and outing of the Association of Customers' Brokers
Emil Schram,
which is to be held at the Rockville Country
Miller will address the
Relations
<
such as tennis, soft ball and horseshoe pitch¬
ing.
A dinner and entertainment will follow the day's
events at which prizes will be awarded to the various winners.
A grand prize drawing is also to beheld at which the principal
award will be a round trip and expenses by Pan American
Clipper to Bermuda.
Part of the proceeds of this drawing
will be donated to the Great New York Fund and the
U. S. 0.
An invitation to attend the outing will be ex¬
tended to all customers' brokers of member firms regardless
of whether they are members of the Association, so that as
many of those who wish to do so will have a chance to share
in the occasion.
The committee in charge of the outing is
headed by Richard A. Horn; Peter P. McDermott, Andrew
Fox, Francis I. Dupont and Chisholm & Chapman Maurice
Glinnert, Hirsch, Lilienthal & Co.; Frank Hawkes, Merrill
Lynch, Pierce and Fenner & Beane; S. M. Perrin, Whitehouse
& Co.; R. J. Davidson, Fahnestock & Co.; and Beverly
Sinclair, E. F. Hutton & Co.
Included in the Recreation Committee's plans for the bal¬
ance of the year is a special
get-together for partners of
the program,
Savings Division of A. B. A. to Sponsor Mortgage Clinic
in Philadelphia, Oct. 30-31
A Real Estate Mortgage
Clinic, sponsored by the Savings
Bankers Association for banks in
Delaware, the District of Columbia, Maryland, New Jersey,
and eastern
Pennsylvania, will be held in Philadelphia, Pa.,
30-31, it is announced by Iioy R. Marquardt, President
of the Division, who is Vice-President of the First National
Bank of Chicago, 111.
Letters will be sent to banks in the
Oct.
week in September, inviting
representatives of their real estate mortgage
conference area about the third
them to send
departments to the meeting, Mr. Marquardt said.
In all,
1,395 banks in the area.
Mr. Marquardt further
there are
stated:
to
meeting of the Association's
be held on Monday night,
Sept. 29.
Methods Under
A. B. A.'s dual convention theme of "National Defense" and
"Hemispheric Solidarity," Mr. Houston declared.
Refer¬
to the names of those previously made known, who are
scheduled to speak at the convention, appeared in our issue
of Aug. 23, page 1075, when details of the program were
given.
Annual Convention of Mutual Savings Bank of State of
New York to Be Held on Oct. 20-22 at
White
Sulphur Springs, W. Va.
The 48th annual convention of the Mutual
Savings Banks
of the State of New York will be held Lorn Oct. 20 to 22 at
White Sulphur
Springs, W. Va., according to an announce¬
Aug. 28 by Henry Bruere, President of the State
Association and President of the Bowery Savings Bank.
The meeting will be given over largely to consideration of the
Nation's defense program and the part savings banks are to
play.
"At this time, when the Nation is taking stock of its
resources and striving to carry out 'an unprecedented defense
ment made
program," Mr. Bruere stated in issuing a call to the meeting,
"it is not necessary to point to the added importance of this
year's convention. Savings banks have an important part
to play in the defense effort.
Accordingly, this will provide
an opportunity not only to consider jointly how best we are
to do our part but also to learn from competent authorities,
at first hand, what is going on in other areas of defense."
It is expected that over 500 savings banks officers, trustees,
and their guests will attend the meeting and a special
will leave New York, Saturday evening, Oct. 18.
member firms and customers' brokers.
Division of the American
Council
Club, Sept. 17.
This, it is pointed out, will be Mr. Schram's first oppor¬
tunity to meet informally many of the men in the stock
brokerage business who are dealing with the public.
In addition to the golf tournament, numerous events are
on
Mr.
Public
ence
will be the guest
ment
Chicago, Sept. 29-Oct. 2, according to an announcement
on Aug. 25 by P. D. Houston, A. B. A. President.
train
and Loan
Completes Third Year
Graduate School of Savings
and Loan Institute announces that
of the Graduate School of Savings and Loan
in Chicago, the two week's intensive course for managers of
savings building and loan associations and cooperative banks
from all over the country (which began Aug. 18), was con¬
cluded yesterday (Aug. 29).
With an enrollment of 135
students from 30 States the school graduated some 35 of the
executives who completed their third year's study consisting
of public relations, savings and loan management, business
and government, and investments.
Vice-President Fred
Dow Flagg of Northwestern University made the commencement address and Fermor S. Cannon, Vice-President of the
U. S. Savings and Loan League presented the diplomas to
the graduates.
\
'
The American Savings
the third year
,
.
•■'vVV
The Commercial & Financial Chronicle
1220
Grotip 5 of New York State Bankers Association to
Hold Fall Meeting at Bolton Landing, N. Y., on
The annual Fall meeting of
Group 5 of the New York
Bolton Landing, N. Y.,
it is announced
Saturday (Sept. 6),
on next
by Burke Surdam, Chairman of the Forum
Committee and
President
the
of
Bank, Hoosick Falls, N. Y.
Peoples First National
The meeting will consist of three
forum sessions in the afternoon, at which the discussions
include:
"Bank Personnel Problems" by J.
will
Stanley Brown,
Personnel Director of the Chemical Bank & Trust Co., New
York City;
OPM
and
"Defense Subcontracts," by W. O. Crabtree,
Manager for the New York Federal Reserve District,
"Blocked
Strong,
Accounts
a
director of the Guardian Safe
Domestic
in
Banks," by A. M.
National Bank & Trust Co., New York
He
was
Deposit Co., New York
City.
♦—
Day celebration will be held in the town of Weirton, W. Va., on Monday (Sepri 1) depicting the story of
A Labor
The workers of 42 nationalities—all Americans—
America.
who comprise the Americans of All Nations Society
laboration with the United States Army, the National
in col¬
Broad¬
casting Company and the National Association of Manu¬
facturers, will symbolize in symphonic music and words the
historic precedents for our American way of life.
The con¬
clusion of the pageant will be broadcast over the red network
of the National Broadcasting Company from 9:30 to 10:00
p. m. (EDT) and rebroadcast by shortwave to Europe and
South America.
:
♦
of the foreign department of the Public
manager
1941
chairman of the finance committee for nine years.
State Bankers Association will be held at the Hotel Saga¬
more,
30,
1921 to 1931 and
member of its board of governors from
also
Sept.' 6
Aug.
The First National Bank in
City.
increased
lias
its
common
4:
Huntington, Huntington, Ind.,
stock
capital
by $50,900,
from
$150,000 to $200,000, according to the Aug. 25 bulletin issued
Four
Regional Meetings to Be Held in September to
by the Office of Comptroller of Currency.
Plan 1942 Food Production
The
Department of Agriculture announced
that plans for assuring the
Aug.
on
25
production of sufficient food in
1942 both for the United States and for countries
resisting
aggression will be the chief order of business to be taken
up
at four regional agricultural conferences scheduled for
September in line with agriculture's effort to
share of the defense work.
carry out
its
Representatives of the Depart¬
ment of
Agriculture, the State Agricultural Planning Com¬
mittee, chairmen and members of the State USDA Defense
Boards, representatives of farm organizations, and others,
will
be
participate in the conferences.
represented at
All the 48
States will
another of the two-day sessions.
Secretary of Agriculture Claude R. Wiekard plans to attend
each conference.
Following are the places where confer¬
will
ences
be
one
or
held, the dates, and the States that will take
part:
Lake
City, Sept. 15 and 16—Washington, Oregon, Idaho, Montana,
Wyoming, Colorado, Utah, Nevada, California, Arizona and New Mexico.
Chicago, Sept. 18 and 19—North Dakota, South Dakota, Nebraska,
Kansas, Missouri, Illinois, Iowa, Wisconsin, Minnesota, Michigan,
Indiana
Ohio.
New
York
City, Sept. 24 and 25—Maine, New Hampshire, Vermont,
Massachusetts, Rhode Island, Connecticut, New York, Pennsylvania, Dela¬
New Jersey,
ware,
wound
on
Memphis,
Maryland and West Virginia.
Sept.
29
and
30—Virginia,
North Carolina, South Carolina,
Mississippi, Louisiana, Texas, Arkansas Okla*
homa, Tennessee and Kentucky.
'
Georgia,
Florida,
ITEMS
Alabama,
ABOUT
BANKS,
TRUST
&c
Trustee.
a
Arthur S. Kleeman, President of Colonial Trust
Co., of
New York, announces that Eugene F.
Devoy, Treasurer of
the company, has been elected Vice-President
and Treasurer.
Mr.
graduated from Harvard University in 1902 and then joined
Lee-Higginson organization, working in the Boston of¬
In 1905 he opened the Chicago office
and became a partner in the firm in 1913.
Mr. Schweppe
the
fice for three years.
made head
continuing in
a
of
the
banking firm after the World War
He was also
director of Marshall Field & Co. and of Fairbanks, Morse
was
that capacity until his death.
& Co.
v-
4
Henry J. Mok, Chairman, and formerly President of the
First State Bank of East Detroit, died on Aug. 20. lie was
Mr. Mok had been Vice-President of the
Detroit Board of Trade for 20 years.
The board of directors of the Merchants National Bank of
Mobile, Mobile. Ala., announce that Mr. J. F. McRae was
elected (President of the Bank on Aug. 8.
The Midland Bank, Ltd., of London,
as
of June 30, 1941, reports
in its statement of
accounts
total resources of
£653,980,729, as against total assets of £620,381,637 on Dec.
31, 1940, of which the chief items are: Coin bank notes and
England, £66,888,268 (contrast¬
Dec. 31 last); money at call and
short notice, £21,292,796 (down from £26,069,553); invest¬
ments, £177,549,048 (upfrom£ 156,686,506); bills discounted,
£45,452,414 (compared with £57,641,734), and advances,
£180,094,363 (against £188,083,067).
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 £613,126,117 from £578,663,617 at the
ingwith £69,527,197
on
close of 1940.
f.0)^x-^j',_■■■
*
^■
Lake Forest, 111.
Aug. 26 at his home in
Schweppe, who was 60 years old, had been in ill health for
some
time.
A native of Alton, 111., Mr. Schweppe was
balances with the Bank of
COMPANIES,
At the regular meeting on Aug. 26 of the Board of
Trus¬
tees of The New, York Trust
Co., of New York City, Set on
Porter, President' of National Distillers Products Corp., was
elected
of the Lee-Higginson
of a self-inflicted bullet
President
Schweppe,
investment bankers, died
05 years of age.
Salt
and
II.
Charles
Corp.,
Fred W. Bennigsen has been
appointed to the new office
Controller of the Dollar Savings Bank of the
City of
New York.
Mr. Bennigsen became associated with the bank
in 1936 and was
formerly Assistant Treasurer.
Total
of
Lloyds Bank Limited, London, at the
£559,492,651, as compared with £537,950,724 at the end of 1940. The
Trust Co.,
other accounts are listed at
£490,816,084 six months ago.
on June 30, 1941 the bank's
capital (authorized, subscribed and paid up, standing respec¬
tively, ht £74,000,000 £73,302,076 and £15,810,252) is the
same as six months ago.
The reserve fund also stands at
the same figure as on Dec. 31, 1940, £10,000,000.
resources
close of business
bank's
current,
£514,686,936,
Edward
morial
Vanderpoel, Assistant Secretary of the Guaranty
of New York, died on Aug. 22 in Barnrt Me¬
Hospital, Paterson, N. J., after an illness of three
He
years.
bom
in
50
was
old.
years
Mr.
Croton-on-IIudson, N. Y.t
Pace Institute,
Vanderpoel, who
was
graduate of the
and the American Institute of
New York,
was
a
Banking.
He began his banking career at 14 years of
age
with the National Bank of
Commerce, New York, later be¬
coming Assistant Cashier.
When the institution was
merged
in 1929 with the
Guaranty Trust Co. he was named Assist¬
ant
Secretary.
Mr.
a member of the board of
gov¬
the American Institute of
Banking for many years.
«
Lewis H. Losee, President of the
Security Title and Guar¬
anty Co., New York City, died on Aug. 27 at his
home, in
Brooklyn.
He was 77 years old.
A native of Millbrook.
N. Y., Mr. Losee was
graduated from Columbia
Law
Co.
School.
in
University
joined the Lawyers' Title and
Guaranty
He
1901
and
of
the
board
anty Co. and
of
First
was
liquidated several
years ago.
directors
was
of
Vice-President
when
In 1935 he became
the
a
it
was
member
Security Title and Guar¬
elected President in 1937.
Edward E. B. Adams, a
special partner in the. brokerage
firm of E. F. Hutton &
Co., died of heart disease on
at his
years
Aug. 23
summer
old.
A
home
native
in
Old
of
Greenwich, Conn.
Summerville, Mass.,
He
was
69
Mr. Adams
joined tlie Hutton firm in 1904,
becoming a general partner
1910 and a special partner in 1936.
A member of the New
York Curb Exchange from
1912
to
1936, Mr. Adams
was
a
June 30, 1941 are reported at
deposit
compared
and
with
The latest statement shows that
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The following statement of the public debt and contingent
labilities of the United States, showing also the Treasury's
surplus position, all
Vanderpoel had been
ernors of
of
on
from
the
figures of
as
of April 30, 1941, has been extracted
official
Treasury's
a year
earlier
are
report..
Comparative
debt
also shown:
INTEREST-BEARING DEBT OUTSTANDING
TUte of Loan—
38 Of 1961.---........
3s convertible bonds of 1946-1947
InterestAprU 30, 1941 April 30, 1940
Payable
9
9
„Q-M
49,800,(KM)
49,800.000
Q-J
28,894,500
28,894,500
Certificates of indebtedness:
4s Adjusted Service Ctf. Fund—Ser. 1942
19,550,000
11,800,000
2Hs Unemployment Trust Fund—Series 1941
2,117,300,000
1952
A O
758,945,800
4s Treasury bonds of 1944-1954
J-D 1,036,692,400
3Ms Treasury bonds of 1946-1956
M-S
489,080,100
1,640,000,000
4 Me Treasury bonds of 1947
3H8 Treasury bonds of 1943-1947
3^8 Treasury bonds of 1940-1943
3H8 Treasury bonds of 1941-1943
3>is
Treasury bonds of 1946-1949
3s Treasury bonds of 1951-1955.
3Ms Treasury bonds of 1941
4J£s-3J£s Treasury bonds of 1943-1945
3tfs Treasury bonds of 1944-1946
3s Treasury bonds of 1946-1948
ft
3Vgs Treasury bonds of 1949-1952
2Hb Treasury bonds of 1955-1960
2^8 Treasury bonds of 1945-1947
2Hb Treasury bonds of 1948-1951
2HB Treasury bonds of 1951-1954
J-D
J-D
M-S
J-D
M-S
454,135,200
-
818,627,000
755,432,000
834,453,200
A-O 1,400,528,250
A-O 1,518,737,650
_F-A
J-D 1,035,873,400
758,945,800
1,036,692,400
489,080,100
454,135,200
352,993,450
544,870,050
818,627,000
755,432,000
834,453,200
1,400,528,250
1,518,737,650
1,035,873,400
491,375,100
491,375,100
M-S 2,611,092,650
2,611,092,650
1,214,428,950
1,223,495,850
1,626,687,150
J-D
1,214,428,950
1,223,495,850
J-D 1,626,687,150
M-S
M-S
Volume
The Commercial & Financial Chronicle
153
*
Interest April 30, 1941
Pa'.ahie
$
,
,
Title of Loan—
2Kb Treasury bonds of 1956-1959.
2Kb Treasury bonds of 1949-1953
2Kb Treasury bonds of 1945
April 30, 1940
$
981,826,550
1,786,130,150
540,843,550
981,826,550
1,786,134,150
540,843.550
450,978,400
918,780,600
1,185,841,700
1,485,385,100
701,074.400
571,431.150
1,118,051,100
M-8
J-D
J-D
.
2Kr Treasury bonds of 1948
25*s Treasury bonds of 1958-1963
2Kb Treasury bonds of 1950-1952
25*8 Treasury bonds of 1960-1965
2s Treasury bonds of 1947
—.M-S
450,978,400
—J-D
.
918.780,600
1.185,841,700
M-S
J D
2s Treasury bonds of 1948-50
J-D
J-D 1,118,051.100
25*8 Treasury bonds of 1951-53
2J*s Treasury bonds of 1954-56
2s
1,485,384,600
701,072,900
571,431,150
J-D
Treasury bonds of 1953-55
J-D
2s
1,115,368,200
M-8 1,023,568.350
cl72,052,708
Treasury bonds of 1948-50
2Kb Treasury bonds of 1952-54
U. S. Savings bonds, series A, 1935
U. S. Savings bonds, series B, 1936....
M-S
U. S. Savings bonds, series C. 1938
U. S. Savings bonds, series D, 1939
U. S. Savings bonds, series D, 1940
U. S. Savings bonds, series D, 1941
U. 8. Savings bonds, series D,
Unclassified sales
...
2Kb Postal Savings bonds
Treasury notes
Treasury bills..
266,652,819
500,157,956
500,157,956
117,407,880
8,791,210.500
1,603,434,000
J-J
117,586,760
8,469,721,800
1,306,375,000
46,679,193,749 42,121,747,470
371,567,417
390,706,537
Aggregate of Interest-bearing debt
Bearing no Interest
150,332,690
185,574,855
Matured, interest ceased..........-.......—.....
d Does not include $65,000,000 face amount of
Deduct Treasury surplus or add Treasury
deficit..
h
Figures shown
40.739.423.135
THE UNITED STATES APRIL
i Held
30,
Treasury and $292,097,530 of their
consists of
$6,675,000 in gold certificates and in credits with the Treasurer of the United States
payable In gold certificates, and $1,512.4)00 face amount of commercial paper.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
'
/V'-'
v,.
"
' /
204,241,000
289,458,000
835,085,600
94,678,600
236,476,200
103,147,500
696,253,715
1,715
Discount accrued on War
Settlement
168
326
on
5,186,374
445,076
45,900
9,258,000
45,900
9,258,000
Fund:
% % bonds, series L. 1941
1 K%
bds..ser.M.'45-47
190,837,900
754,904,025
2,599,758,750
Reconstruction Fin.
211,460,000
or
2,600,549,861
791,1J11
1,167 211,461,167
299,639,000
319,895,000
915 310,090,915
1,569 275,869,569
319,895,000
1
K% notes, series V.._.
324,397,000
324,397,030
3,653
Tennessee Valley Authority
1,741,349,000
c
\T-V'
114,157,000
112,099,000
3,018
*226,256,000
3,018
226,259,018
6,549,559,355
1,750,288
6,551,309,643
114,160,018
112,099,000
143,000
143,287
287
51,350
705
"V,470,875
13,132
382,402
—
52,055
advancing while Solar, Cessna and
.
dwindling number of transfers
Monday. The transfers
were 70,065 with 242 issues traded in of which 73 closed on
the side of the advance, 69 declined and 100 closed un¬
and
a
the features of the trading on
Draper Corp..came back with a gain of 2% points
to
70%, while Childs Co. pref.
a new
peak at 12.
4,220
687
el0,O81,O25
400,582
Total matured securities
alO,275,375
401,575
10,676,950
Total, based on guarantees.
6,559,834,730
2,151,863
6,561,986,594
140
—
were
10,481,607
the volume of sales climbed up to
101,990 shares, the largest turnover since Aug. 8. Aircraft
stocks were inclined to move forward, Cessna leading the
advance followed by Republic and Vultee.
Fairchild Engine
were
narrow
sagged and there was little activity apparent
& Aircraft
On Credit of U. 8.—
the rest of the group.
System:
hi
350,811,586
1
point to
a new
3,000,000
and cardboard
5,300,000
13 and smaller gains were
speculative favorites. The paper
top for 1941 at
stocks
were
quiet with most of the active
unchanged, while the shipbuilding shares were
Total, based on credit of the
1,322,484,313
United States
36,627,272
1,359,111,586
a
(faceamt.).
Funds have been deposited with tne
of outstanding
j6,271,226,391
Treasurer of the United States for payment
matured principal and interest obligations guaranteed by tne United
States.
or
The day's best gain was
vanced 3 M
points to 62J4.
Brill pref. which ad¬
Industrial stocks were prominent in
Other Obligations—
Fed. Res. notes
issues down
unsettled.:
8,300,000
18,300,000
in
In the oil section, Navarro moved up
registered by several of the
Tennessee Valley Authority:
3,000,000
5,300,000
Tuesday, and while
Renewed activity was apparent on
....
36,627,272
slightly higher and the aircraft issues
unsettled.
changes
Secretary of Agriculture
1.314,184,313
and several of the
registered fractional advances,
recorded in the oil group, paper and
issues in the group
Moderate gains were
were
71,000
worked upward 2% points
In the public utility group Bell Tele¬
phone of Canada moved up 2 points to 108
cardboard stocks
13,132
9,859,277
75,220
89,437
444,540
88,750
444,400
2K% bonds, ser. A.——
2K% bonds, series B—.
featured by Empire Gas & Fuel 8%
down. Shipbuilding shares were unchanged
and cardboard stocks were generally lower or
Narrow price changes
pref.
K% bonds, ser. K, 1940
Savings
short session totaling 29,000 shares.
to
Fourth called
Funds due depositors——
were
changed.
2K% debs., series B—
Postal
approximately 32,000, which was slightly higher
absent from the tape.
1,741,352,653
Home Owners' Loan Corp.:
4% bonds of 1933-51
goodly number of the market
a
the 6%
England Tele¬
phone which surged upward 3
points to 123^. Aircraft
stocks registered fractional changes on each side, Beech,
were
Matured Obligations-^
Federal Farm Mtge. Corp.:
IK% bonds of 1939—
Federal Housing Admin.:
Mutual Mtge. Ins. Fund:
There
group,
and the paper
U. S. Maritime Commission
2?*% bds.,ser.B, 1939-49
2% bonds, series E, 1938
1K% bonds, ser. F, 1939
some
the preceding
Republic
U. 8. Housing Authority:
Total unmatured securities.
the present week.
levels. Industrial shares again held the
of the public utilities, particularly those in
Bellanca and Brewster
299,639,000
310,090,000
275,868,000
J*% notes, series E, 1941
CURB MARKET
pref. forged ahead 3 points to 116 and New
K% notes, series R._...
1% notes, series 8——
V»% notes, series U.
1 */*% notes, ser. B, 1944.
surplus (+).——.—... + 1.716,774,467 + 1,923,363.562
pref., which climbed upward 2 points to 124 while
119,654 875,558,279
2,184 190,840,084
21,287 754,925,312
K% notes, series P—...
—
283,556,027
.....
spectacular movements but there was a fairly steady
were
16,556,200
495
647,985 779,226,185
Corp.:
7A% notes, series N
631,258,202
checks...
wa rant
Public utility issues were
778,578,200
875,438,625
63,396,224
215,266,353
3,402,930
1,490,520
registered substantial gains. Aircraft
down without definite or sustained
change. Aluminum stocks were unsettled, and there was
some modest buying among the petroleum issues.
Ship¬
building shares were quiet and there was only moderate
activity apparent in the paper and cardboard section.
Trading was slow and price variations were light during
the two hour session on Saturday.
The transfers for the
day
Home Owners' Loan Corp.:
2K% bds.,ser. G, '42-'44
68,094,994
557,054,047
3,344,965
2,764,196
Savings certificates.
moved up and
than
3% bonds, ser.A, 1944-52
—3,308,290
2,206,919,589
————
preferred
issues
1,620,850
,
2,210,227,879
—77,351,636
favorites to higher
the
1,270,338,193
950,293
444,750
16,555,705
2,425,384,305
Matured Interest obligations
Disbursing officers* checks
lead, but
1,620,850
Insurance
April 30, 1941 April 30, 1940
•> 1
J/].. <$
'
belated items
upward swing that carried
458,643 835,544,243
224,368 94,902,968
232.265 236,708,465
35,016 103,182,516
5,186,205
—.
2H% debs., series C—
2K % debs., series D...
;> s
Curb Exchange during much of
2K% debs., series B—
Housing
•'
Deduct outstanding obligations:
were no
1,352 202,554,352
210 204,241,210
152 289,458,152
202,553,000
1,269,387,900
Fifth called
!
:
•
$
Fund:
Uncalled...
)•••? '.V>;V
Advancing prices featured the trading on the New York
Federal Housing Admin.:
3% debs., series A
2K% debs., series B—
on
THE
55
$
d696.252.000
Mutual Mtge. Ins.
r
Total
a
Federal Farm Mtge. Corp.:
3% bonds of 1942-47
2 K% bonds of 1942-47—
-
2,348,032,669
under disbursements
or
Balance, deficit (—)
Unmatured Obligations—
3% bonds of 1944-49*...
3K % bonds of 1944-64—
'
;
1941
Commodity Credit Corp.:
K% notes, ser. D, 1941.
1% notes, series E, 1941.
K % notes, Series F, 1943
['"
Balance end of month by dally statements
Add or Deduct—Excess or deficiency of receipts ovet
Contingent Liability
Interest
S
deposited
Federal Reserve notes held by the
own
The collateral security for Federal Reserve notes issued
Matured
Guaranteed bp U. 8.
face value of $1,233,934,010, and other
a
In actual circulation, exclusive of $11,139,453.36 redemption fund
in the
Detail
Principal
19*41—figures as of April 30, 1941, are not
of Jan. 31,
by the Reconstruction Finance Corporation.
issuing banks.
Complied from Latest Reports Received by the Treasury
Amount of
as
Government-guaranteed securities with
Total
LIABILITIES OF
are
assets.
Total gross debt April
CONTINGENT
bonds in transit for redemption on
Offset by cash In designated depository banks and the accrued Interest
amounting to $33,799,744.26, which is secured by the pledge of collateral as provided
in the Regulations of the Postal Savings System, having a face value of $32,874,255,
cash in possession of tne system amounting to $75,248,933.73. Government and
30. 1941, on the basis of dally Treasury statements, was
*47.230,511.288.50. and the net amount of public debt redemption and receipts in
transit, &c., was 55,824,792.18.
c Amount Issued and returned includes accrued
discount; amounts outstanding are stated at current redemption values.
a
series,
#
f Does not include $37,000,000 face amount of
+1.716,774,467 + 1,923,363,562
Net debt....................................45,519,561,554
K% interim notes, second series,
April 30, 1941.
.*47,236,336,021 42,662,786,697
Total debt.
Does not Include $85,825 face amount of
e
i
157,403,100
244,114,950
4^8 Adj. Service bds (Govt. Life Ins. Fund ser. 1946)
1955-69, $16,500,000.
due Sept. 12, 1941, and $75,000,000 face amount of K% interim notes, third
due Oct. 28, 1941, held by the Treasury and reflected in the public debt.
—
■
c84,972,152
3s Adjusted Service bonds of 1945
aggregate face amount of $56,772,500 Issued
available.
174,908,714
319,751,834
417.179,941
503,512,256
835,628,871
414,579,019
c812,763,96l
cl,014,497,141
c336,G73.669
c20,998,181
....
1941
under
Treasury
due Dec.
15, 1948, $272,500; under Section 15c, 1K% bonds of 1943-51, $10,000,000; 2K%
bonds of 1947-57, $15,000,000; 2%% bonds of 1951-63, $15,000,000; 2K% bonds of
an
the Tennessee Valley Authority Act of 1933, as amended, are held by the
and reflected In the public debt; under Section 15a, 2K% bonds, series A,
-
—
c313.205,986
c407.382,026
c491,145.939
U. 8. Savings bonds, series C, 1937
1221
following bonds having
K % notes, series F, due June 30,
1941, held by the Treasury and reflected in the public debt.
680,692,350
724,677,900
J-D
-
The
c
market
There
continued its
were
dozen issues
a
forward
the advances as the
movement
on
Wednesday.
three
number of modest declines but about
registered gains of
a
point
or more
including
The Commercial & Financial Chronicle
1222
Aug. 30, 1941
Ghilds pref., which
FOREIGN EXCHANGE RATES
forged ahead 3% points and again lifted
In the shipbuilding section, Todd
Pursuant to the requirements of Section 522 of the Tariff
Shipyards moved up a point to 99, and in the paper and
Act of 1930, the Federal Reserve Bank is now certifying
cardboard group, Brown Co. pref. advanced fractionally to
daily to the Secretary of the Treasury the buying rate for
22%, where it was close to its peak for the year.
Aircraft
cable transfers in the different countries of the world.
We
shares were unusually active, Cessna moving up to a new
give below a record for the week just passed:
high ground at 10 followed by Vultee and Fairchild, while
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
Beech, Bell and Brewster declined and Republic, Solar and
BANK TO TREASURY UNDER TARIFF ACT OF 1930
Bellanca were unchanged,
AUG. 23, 1941, TO AUG. 29, 1941, INCLUSIVE
The market continued its upward swing on Thursday with
the industrials and public utilities sharing the leadership.
Noon Buying Rale for Cable Transfers in New York
Value In United Stales Money
Country and Monetary
The turnover climbed up to 101,095 shares against 92,545
Uni
on the preceding day.
The gains in the public utility section
Aug. 23
Aug. 25
Aug. 26
Aug. 27
Aug. 28
Aug. 29
included Kings County Lighting pref., B 4% points to 70;
$
V
%
$
$
$
$
Europe—
Central Maine Power pref, (7), 3 points to 108; New York
Belgium, belga
°
Water Service pref2% points to 37%; Pacific Power &
Bulgaria, lev
Czechoslovia, koruna
■+a
Light 7% pref., 2% to 85, and Cities Service Power & Light
Denmark, krone
$7 pref. (7); 2% points to 100.
Engl'd, pound sterl'g
Shipbuilding shares were
4.035000 4.03500U
4.035C00 4.035000 4.035000
4.035000
Official
featured by Todd Shipyards Corp. which advanced 2 points
4.030625
4.030416
4.C31071 4.032500 4.031562 4.033125
Free....
to 101,
Aircraft issues were fractionally higher except
Finland, Markka
France, franc—
Cessna, which gained a full point at 11, a new high for the
Germany, relchsmark
year.
Oil stocks were slightly higher and the paper and card¬
Greece, drachma
'U'+*
Hungary, pengo
board shares registered no change.
a+;+
:++;a?vy+
Italy, lira
+
Irregular price movements marked the Curb Market trad¬
Netherlands, guilder.
a+.-+
.■"a'-'-,-.
Norway, krone
ing during the greater part of the session on Friday. There
a';'
Poland, zloty
a.vky.
a++"
were a number of modest advances in a selected
group of in¬
Portugal, escudo
dustrial specialties and a few small gains among the slow
Rumania, leu
V
Spain, peseta
moving stocks in the general list but there was less activity
Sweden, krona
!'•
c
Switzerland, franc...
apparent than during the previous session.
Aircraft shares
Yugoslavia, dinar.
were unsettled, Bell, Brewster, Cessna and Vultee
registering
Asia—
small advances, while Beech and Bellanca were unchanged.
China—
Chefoo (yuan) dol'r
Paper and cardboard stocks were lower and there was little
Hankow (yuan) dol
activity in evidence among the shipbuilding stocks. As com¬
Shanghai (yuan) dol
Tientsin (yuan) dol
pared with Friday of last week, prices were higher, Aluminum
.251125
.251000
.251000
.251125
.251000
.251000
Hongkong, dollar.
Co. of America closing last night at 115 against 114 on Friday
.301300
.301300
.301300
.301300
.301300
India (British) rupee.301300
a week
Japan, yen
ago; American Cyanamid B at 41% against 39%;
.471600
.471600
.471600
.4716C0
.471600
Straits Settlem'ts, dol
.471600
American Gas & Electric, 24% against 23%; American
Australasia—
Light & Traction, 13% against 12%; Bell Aircraft at 18% | Australia, pound3.228000 3.228000 3.228000 3.228000 3.228000 3.228000
Official.—.
against 17%; Cessna Aircraft at 11% against 8%; Sherwin
3.211875 3.211875 3.212500 3.213125 3.212560 3.213333
Free
3.225125
New Zealand, pound. 3.224500 3.224500 3.225125 3.225750
3.225958 /
Williams Co. at 83% against 80%; Sunray Oil at 2% against
%'''
Africa—
1% and United Shoe Machinery at 61 against 59%.
South Africa, pound. 3.980000 3.980000
3.980000 3.980000 3.980000 3.980000
its recent high for 1941.
■
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
—
a
a
-—
a
■
a
a
a
.——
■
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
.
d
a
—
a
a
■'
a
c
C
'
a
c
c
c
c
a
a
a
a
a
c
c
c
c
c
c
c
C
G
c
c
c
c
c
c
c
a
—
a
c
a
a
a
a
a
.
■
a
a
a
a
a
a
a
a
a
a
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c
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a
c
a
c
c
a
a
a
a
a
a
a
a
a
a
a
a
,
.
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
CURB
North America—
EXCHANGE
Canada, dollar—
■■■+>:/
■:
<+
Bonds (Par Value)
of
Shares)
Aug. 29, 1941
Foreign
Government
Domestic
Foreign
Corporate
Total
Official
■.
Saturday
32,435
83,000
84,000
69,245
Monday
$215,000
572,000
631,000
1,000
13,000
40,000
101.685
Tuesday........
$222,000
586,000
41,000
4,000
3,000
36,000
16,000
685,000
81,920
37,000
2,000
$3,420,000
$158,000
f42,000
83,620.000
Sales at
Week Ended Aug. 29
Jan. 1 to Aug. 29
1941
Exchange
1940
1941
-
Free-—
478,385
261,725
17,414,052
$166,967,000
.909090
.909090
.909090
.888437
.890312
.890781
.891250
N
/
;
.297733*
.297733*
.297733*
.297733*
.297733*
.237044*
.237044*
.237044*
.237044*
.237044*
.060575*
.060575*
.060575*
.060575*
.060675*
.060575*
.050666*
.050666*
.050625*
.050625*
.050066*
.050666*
Official
...
Free—
Chile, peso—
c
———
c
c
c
.569825*
U-UciUU
c
c
c
c
c
c
c
.569825*
.569825*
.658300*
.658300*
.658300*
.437533*
.437550*
.441000*
.569825*
.569825*
.569825*
.658300*
.658300*
.058300*
.436433*
peso.—,.
.436433*
.436433*
Uruguay, peso—
-
Non-controlled
29,873,567
$3,194,000
.909U9C
.887656
.237044*
Controlled
Stocks—No. of shares.
.909090
.909090
.297733*
Export
Colombia,
1940
*205425*
.909090
Free.
Official
New York Curb
.893593
.205425*
Brazil, milieis—
.■
Total
.893126
.205425*
.909090
Official
748,000
*
.892734
.205425*
Argentina, peso—
704,000
478,385
92,560
100,540
.890781
South America—
675,000
704,000
633,000
665,000
Wednesday
Thursday
Friday
.909090
.890312
.205300*
.888437
—
Mexico, peso
Newfoundl'd, dollar-
—
Week Ended
.909090
.205300*
>909090
—
Free-—.-
(Number
.890962
.909090
Official.
Blocks
$206,353,000
Bonds
Domestic
Foreign government.
Foreign corporate
I
158,000
17,000
3,067,COO
42,000
78,000
1.849,0o0
$3,289,000
$171,883,COO
$212,508,000
a
No rates available,
c
Temporarily omitted.
4.617,000
$3,620,000
Nominal rate,
1,538,000
■J
*
Total
COURSE
OF
BANK
CLEARINGS
Bank clearings this week show an increase compared with
THE
LONDON
STOCK
EXCHANGE
Quotations of representative stocks
each day of the past week:
as
h'at.,
Mon.i
Tues.,
Wed.,
Thurs.,
Fri.,
Aug. 23
Aug. 25
Aug. 26
Aug. 27
A ug. 28
Aug. 29
35/-
35/-
35/3
British Amer Tobacco.
35/3
84/3
35/3
83/9
85/-
86/3
86/9
♦Cable & w
£62
£62
£62
£11%
38/9
Boots Pure Drugs
(ord)
Central Mln & Invest—
£12
£12
Cons Goldfleldt, of 8 A.
39/3
39/3
31/6
31/3
Courtaulds S A Co
£7%
£8
68/3
Electric A Musical Ind.
11/9
20/9
68/3
12/-
Ford Ltd
♦London Mid Ry.
£11%
38/9
31/3
£8
£8
68/3
/1224/9
115/£15%
70/9
24/6
112/6
68/3
12/20/9
24/9
113/9
£15%
:
20/6
24/9
112/6
£62
31/3
De Beers
Distillers Co
Hudsons Bay Co
...
Imp Tob A O B A I... Closed
;
76/9
21/-
£62
£11%
39/3
31/3
£8 H
68/3
12 IS
21/25/115/6
£15%
75,6
£15%
76/9
Rand Mines
£7
£7
£7
£0%
76/9
£6%
Rio Tlnto
£6
£6
£0
£6
£6
Metal Box
....
Rolls Royce..
Shell Transport
80/49/3
United Molasses
26/6
Vlckers
West
16/3
£15%
80/-
80/-
80/6
60/6
■
49/6
26/9
16/3
51/9
26/9
26/9
16/3
16/3
Wltwatersrand
Areas
♦
80/60/26/6
16/3
£4%
£4%
£4%
£4%
year ago. Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Aug. 30)
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 35.0% above
those for the corresponding week last year. Our preliminary
total stands at $6,262,880,023, against $4,640,085,145 for
the same week in 1940. At this center there is a gain for the
week ended Friday of 34.3%.
Our comparative summary
a
received by cable
£4%
Per £100 par value.
for the week follows:
Clearings—Returns by Telegraph
Week Ending Aug. 30
82,434, 516,425
New York
FINANCIAL
MARKET—PER
CABLE
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Aug. 25
Aug. 26
Aug. 27
Aug. 28
Aug. 29
Silver, p. oz-d.
Closed
Gold, per f. oz.
Consols, 2%s—
168s.
168s.
168s.
168s.
168s.
168S.
Closed
£81%
£81 ui#
£81%
£81 "u
£81,3is
Closed
£105»n
Closed
£114%
British 3%s
War Loan...
23%d.
23%d.
£105hi
23 %d.
23%d.
£105*ie
£105%
£114%
£114%
23 %d.
£1053ig
British 4s
1960-90
The
States
price of silver
on
the
same
per
ounce
£114%
333, 671,493
81,812,873,689
221,714,540
Philadelphia
402 000,000
279,000,000
+ 44.1
Boston.
213, 062,097
151,377,730
+ 40.7
Kansas City....
105, 892,388
80,014,417
+ 32.4
97, 500,000
68,000,000
135,245,000
100,309,801
+ 43.4
+ 58.9
St. Louis.
San Francisco
166, 189,000
Pittsburgh
Detroit
159, 421,956
143, 279,850
Cleveland..*
142, 750,645
days has been:
+ 50.5
+22.9
90,749,282
+ 57.9
81,147,891
+ 75.9
52,830,434
+ 59.2
$3,073,262,784
693,739,265
+ 35.0
85,219,066,686
1,043,813,337
83,767,002,049
873,083,096
+ 19.6
86.262,880,023
$4,640,085,145
+ 35.0
84, 099,522
Other cities, five days
Total all cities, five days
All cities, one day..
Total all cities for week.
'
■
+ 39.3
+ 38.5
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch as the week ends, today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
In
cases
results
for
the
week
34%
34%
34%
34%
34%
34%
For that week there
71.11
71.11
71.11
71.11
71.11
71.11
of
has to be estimated.
the elaborate detailed statement,
however, which
we
present further below, we are able to give final and complete
TJ. S. Treasury
(newly mined)
+ 34.3
84,282,383,376
936,683,310
Baltimore
(in cents) in the United
BarN. Y. (For¬
eign)
Cent
Fri.,
Aug. 23
1940
Chicago
Eleven cities, five days..
ENGLISH
Per
1941
clearings for
previous—the week ended Aug. 23.
increase of 46.3%, the aggregate
whole country having amounted to
was an
the
-
Volume
The Commercial &
153
Financial Chronicle
$6,853,847,154, against $4,658,162,296 in the same week of
1940.
Outside of this city there was an increase of 38.0%,
the bank clearings at this center having recorded a gain of
39.6We group the cities according to the Federal Re¬
serves® stricts in which they are located, and from this it
appears4 that in the New York Reserve District (including
this city), the totals show an expansion of 49.1%
in the
Boston Reserve District of 53.8% and in the Philadelphia
Reserve District of 42.8%. In the Cleveland Reserve District
the totals record an improvement of 46.6% in the Richmond
Reserve District of 45.1%, and in tho Atlanta Reserve
District of 49.1%.
In the Chicago Reserve District the
totals register a gain of 38.8%, in the St. Louis Reserve
District of 51.6%, and in the Minneapolis Reserve District
of 38.3%.
In the Kansas City Reserve District there is an
increase of 45.8%, in the Dallas Reserve District, of 31.3%,
and in the San Francisco Reserve District of 39.2%.
In the following we furnish a summary by Federal
Week Ended Aug. 23
Inc.
Clearings at—
1938
1940
Dec.
1939
$
$
%
$
$
Seventh Feder al Reserve D Istrict—C h i cago—
430,608
371,636
+ 15.9
297,228
393,760
163,928.594
107,663,288
3,279,305
+ 52.3
80,677,076
72,134,076
+ 19.4
2,543,677
1,353.129
+ 53.0
1,830,070
16,616,000
1,556,832
+ 24.0
1,172,052
797,769
15,247,000
2,568,646
1,052,448
687,112
4,431,043
+ 50.7
1,217,813
4,241,353
19,147,965
+ 27.9
16,460,887
1,016,226
8,903,725
3,390,089
+61.0
Mich.—Ann Arb.
Detroit
Grand
Rapids
3.916,783
.
Lansing
2,070,138
2,270,176
24,092,000
lnd.—Ft.
Wayne
Indianapolis
South
Bend
Terre Haute.
2,508,960
6,676,717
24,490.997
1,620,068
10,955,774
4,685,735
—
Wis.—Milwaukee
Iowa—Ced. Raps
Des
Moines
Sioux
City
111.—Bloom'gton.
Chicago
+45.0
+ 61.2
1
14,623.000
961,589
3,768,935
15,681,847
909,863
899,121
+ 23.0
7,750,344
6,853,688
+38.2
2,764,298
3,009,676
401,992
329,991
+ 21.8
287,694
354,345
380,251,598
282,341,325
+34.7
302,584,306
1,124,212
4,373,535
1,753,192
1,443,506
867.645
+ 29.6
235,030,900
765,547
3,412,311
1,183,851
1,222,576
+ 28.2
+ 48.1
811,097
3,214,844
1,003,117
+ 18.1
1,226,506
1,001,150
636,994,585
458,917,007
+ 38.8
443,206,924
363,583,596
Eighth Federa 1 Reserve Dls trict—St. Lo uis—
+ 44.0
82.200,000
118,400,000
73,700,000
67,500,000
31,445,253
+ 73.4
29,857.904
25,377,284
17,290,113
+ 44.8
14,943,820
11,920,506
Decatur
Peoria*....
...
Rock ford
Reserve
Springfield
Total (18 cities)
BANK
or
1941
districts:
SUMMARY OF
1223
,
2,955,617
842,139
CLEARINGS
Inc.or
Week End. Aug. 23, 1941
Federal
1st
Reserve
Boston
1940
1941
1938
1939
Dec.
Mo.—St. Louis.$
%
+53.8
1,322,555,036 +49.1
368,817,324 +42.8
I
Dists.
12 cities
2d
NewYork._12
"
3,462,444,014
M
PhlladelDhlalO
••
526,737,247
4th
Cleveland..
7
"
443.181,331
306,533,489
6th
Rlcnmond-.
6
"
195,404.822
135,385,442
6th
Atlanta
10
"
241,992,647
165,650.764
1,838,339,894
2,605,285,627
341,128,227
246,892,973
54,537,904
25.031,534
111 .—Jacksonville
311,363,089
X
X
X
X
X
220,238,011
+46.6
+45.1
+49.1
18
191,969,107
208,935,427
280,248,265
320,211,999
Ky.—Louisville..
Tenn.—Memph is
121,300,963
Total (4
107,563,195
139,020,535
645,000
506,000
+ 27.5
384,000
475,000
198,614,438
131.441,366
+ 51.1
118,885,724
105,272,790
Quincy
cities)
.
124.385,5ie
7th
Chicago
"
636,994,585
453,917,007
+38.8
443,206,924
363,583,596
8th
St. Louis-.
4
"
198,614,438
131,441,366
+51.1
118,885,725
105,272,790
Oth
Minneapolis
7
"
149,141,415
107,876,447
+38.3
98,801,075
99,523,498
10th Kansas City 10
11th Dallas
6
"
188,321,696
129,155,993
+45.8
122,060,379
107,397,921
M
91,930,456
69,991,404
+31.3
64,733,666
48,749,642
12th San Fran.._10
Total...
Outside N. Y. City
3,351,403,140
add
new
226,182,759
4,959,488,546
4,492,423,516
305,291,789
411,441,592
our
St.
Paul
+34.3
1,958,147,704
D.—Fargo—
S,
D.—Aberdeen
Mont.—Billings
Helena
.
.......
2,839,826
71.941,673
149,141,415
...
N.
2,214,862,532
3,809,962
101,900,137
34,213,209
2,781,265
+ 1,334.758
1,124,147
3,917,937
Minneapolis.__
207,091,522
+46.3
2,427,819,268 +38.0
253,589,859
4,658,162,296
Canada....... .32 cities
We
+39.2
352,872,504
6,813,847,154
"
113 cities
Reserve Dis trict—M Inn eapolis
Ninth Federal
Minn.—Duluth..
Total (7
cities).
1939
1938
$
S
§
First
Me.— Bangor
...
rict—Boston
669,401
555.574
+ 20.5
452,470
412,936
St.
1,482,447
1,584,879
+ 47.3
279,281,033
179,684,217
+ 55.4
1,781,377
180,339,915
654,800
3,226,154
+ 21.4
2,649,467
2,210,301
107,876,447
+ 38.3
98,801.075
99,523,498
696,937
606,733
+ 50.2
542,940
517,806
as
City
73,080
72,766
72,622
+ 52.3
108,534
+ 24.7
157,527
103,834
2,615,730
+ 14.7
29,679,103
1,923,417
2,634,861
87,684,815
3,302,261
+26.1
2,188,092
26,583,627
1,661,961
1,777,545
24,612,729
1,844,560
2,121,447
614,880
808,910
188,321,696
Joseph
Col.—Col.
Spr'gs
+ 39.7
+ 59.8
2,211,712
+ 54.8
85,389,899
+ 9.2
+ 8.0
2,724,744
494,101
619,670
+ 30.5
575,950
503,917
129,155,893
+45.8
122,060,379
107,397,921
899,235
.36,729,561
73,281,480
2,427,956
651,373
164,500,048
911,025
River
772,696
556,090
Kan.—'Topeka
Mo.—Kan. City.
2,334,067
Portland
Mass.—Boston..
Fall
8
Reserve Dist
Federal
728,839
+ 22.4
2,999,818
37,433,301
2,686,723
4,211,641
135,772,566
3,606,698
Wichita
%
1,892,900
1,995,767
+46.6
110,602
Omalia
or
Dec.
22,803,990
135,347
Hastings
Lincoln
Inc.
3,258,698
68,005,872
21,917,791
+ 22.0
Reserve Dls trict—K a n s
Tenth Federal
Neb.—Fremont..
Week Ended, Aug. 23
1940
3,083,468
67,653,047
+ 32.8
week's
figures for each city sejiaratelv for the four years:
1941
+ 34.2
+ 41.7
910,569
918.727
261,102,820
245,515,647
detailed statement showing last
Clearings at—
25,759,295
2,280,203
266.318
Pueblo
Total (10 cities)
247,32*
418.279
315,289
+ 32.7
917,755
3,185,699
637,056
+ 44.1
563.513
501,897
2,308,481
+ 38.0
2,318,523
2,188,824
*_
2,252,323
1,691,503
+ 33.2
1,515,437
1,657,282
Conn,—Hartford
11,048,079
8,190,729
+ 34.9
8,633,671
5,119,868
3,653,757
8,682,900
387,147
+ 40.1
3,308,811
9,057,159
3,199,373
+ 57.1
8,856,900
355,552
Lowell
New Bedford..
Springfield
Worcester
New Haven
7,543,000
Eleventh Fede ral
Texas—Austin.
_
Reserve
1,697,074
_
74,001,354
Dallas
N.H.—Manches'r
+ 32.4
208,248,265
York-
4,373,149
208,935,427
+ 53.8
Feder at Reserve D istrict—New
+ 50.9
Total (12 cities)
Second
13,562,060
512,470
320,211,999
661,011
191,969,107
1,193,399
Elmlra
Jamestown
1,172,006
+ 1.8
878,54U
28,800,000
23,800.000
416,778
+ 68.2
328,775
377,477
699,484
+ 49.1
672,161
259,711
6,597,360
3,336,095,320 2,230,343,028
Rochester
8,778,418
6,587,581
4,655,395
3,437,152
Syracuse
Conn.—Stamford
6,261,086
4,724,246
N. J.—Montclalr
348,547
338,144
Newark.
22,663,321
15,786,675
New York
.....
Northern N. J.
Galveston.....
2,148,000
1,298,936
3,547,576
91,930,456
La.—Shreveport.
-
27,087,465
22,376,793
10,049,007
—31.8
1,291,468
736,320
3,021,465
+ 17.4
3,025,041
2,866,072
69,991,404
+ 31.3
64,733,666
48,749,642
+49.6 2,754,626,014 2,534,275,812
5,158,189
5,998,257
+ 33.3
+ 35.4
3,132,870
2,816,655
+ 32.5
3,727,808
263,668
13,220,822
16,641,972
3,036,919
+ 3.1
+ 43.6
+ 21.1
197,168
12,099,357
17,835,373
Twelfth Feder al Reserve I) istrict—San
59,800,292
1,526,464
53,686,076
21.982,700
5,059,255
3,394,334
198,821,000
3,904,235
1,565,140
3,133.008
Wash.—Seattle..
Yakima
Ore.—Portland
.
.
Utah—S. L. City
Calif.—Long Bcli
Pasadena
San
.....
Francisco.
San Jose
—_
Santa Barbara.
Stockton
Total (13 cities) 3,462,444,014 2,322,555,036
+ 32.2
52,124,334
+46.8
5,884,787
+44.5
1,571,600
+ 76.4
836,436
6,050,948
1,569,000
634,826
Francl
SCO—•
33,091,985
35,584,422
+43.3
41,727,847
1,238,922
38,408.818
+ 23.2
1,073,451
810,259
+ 39.8
30,395,001
26,581,448
15,826,042
+ 38.9
12,957,921
11,392,147
3,669,555
+ 39.0
3,650,532
3,840,338
2,532,403
+ 34.0
3,013,623
3,008,814
143,074,000
3,462,915
1,281,208
+ 39.0
132,054,000
122,918,000
3,367,849
2,740,967
+ 22.2
1,102,453
1,079.673
2,368,849
+ 28.0
2,193,701
1,817.797
253,589,859
+ 39.2
226,182,759
207,091,522
+ 12.7
+ 49.1 2,838,339,894 2,605,285,627
Total (10
Third Federal
2,489,707
55,966,000
6,290,912
1,487,000
4,708,994
719,972
+ 46.1
700,945
Buffalo
32,300,000
1,042,758
Binghamton
9,236,910
Ft.
Total (6 cities)
—
47,200,000
N. Y.—Albany..
Worth
Wichita Falls..
R. I.—Providence
District—Da lias—
352,872,504
cities)
Reserve Dist rist—Philad elphia*
Pa.—Altoona
.
.
.
415,266
625,320
360,676
270,036
+ 15.1
318,219
351,994
451,948
404,530
484,960
388,379
+ 28.9
Chester..-..*.
+ 4.2
260,093
Lancaster.-..*,
Philadelphia
1,423,648
1,085,839
+ 31.1
242,752
982,233
513.000,000
358,000,000
+43.3
1,547,962
2,518,220
1,332,511
1,598,490
1,247,479
+ 24.7
1,045,836
331,000,000
1,151,415
614,100
1,145,272
N.J.—Trenton..
3,871,300
3,182,600
+ 21.6
526,737,247
368,817,324
+ 42.8
341,128,227
311,363.089
+ 46.3 4,969,488,546 4,492,423,516
+ 38.0 2,214,862,532 1,958,147,704
2,906,500
Total (10 cities)
6,813,847,154 4,658.162,296
Outside New York 3,351,403,140 2.427,819,268
1,725,933
1,692,835
903,864
2,597,400
(115
302,000,000
976,132
1,848,754
Grand total
Bethlehem.*..
...
Reading
Scranton
Wilkes Bar re..
York
+ 30.4
1,931,552
1,097,375 ,+ 21.4
1,038,464
+ 53.9
Cities)
Week Ended Aug. 21
Inc.
Clearings al—
Feder al Reserve D istrict—Clev eland—
Montreal
2,195,425
+ 39.9
80,633,796
56,177,441
+43.5
1,770,212
48,570,231
106,745,193
+ 48.6
83,672,184
Columbus.....
9,305,800
+ 35.3
Mansfield——
2,881,259
2,221,712
+ 29.7
2,795,311
+ 34.1
Pa.—Pittsburgh.
3,743,754
181,669,834
127,092,607
+ 42.9
8,379,400
1,514,831
2,228,178
100,757,937
1,463,142
91,863,740
Total (7 cities).
443,181,331
306,533,489
+44.6
246,892,973
220,238,011
361,548
307,091
...
Cincinnati...
.
Cleveland
Youngstown
..
3,071,683
1,650,746
42,966,733
72,906,727
8,092,300
1,294,623
Winnipeg———
Vancouver
Ottawa.———
Quebec*
* -——-*
Halifax....
-
Hamilton
Calgary
St. John
Reserve Dist rict—Richm ond
Md.—Baltimore.
853,855
3,630,000
55,284,875
1,650,317
104,025,632
D.C.—Washing'n
30,960,143
Va.—Norfolk
Richmond
S. C.—Charleston
—
+ 68.4
+ 64.8
1,885,000
1,926,000
41,897,333
975,530
67,761,683
22,040,974
+ 32.0
43,337,403
37,922,940
+ 69.2
874,938
876,915
+ 53.5
57,057,581
17,784,493
50,253,655
16,276,594
+ 40.5
196,404,822
135,385,442
+ 45.1
+ 54.2
...
+ 32.5
94,700,000
64,100,000
+ 47.7
1,462,461
Nashville.
Augusta.
3,921,398
19,961,325
l,07o,810
+ 35.9
1.415,017
6,048,371
3,728,259
15,283,581
50,590,000
1.040,326
Fla.—Jacksonville
27,407,000
794,928
18,376,000
+ 49.1
669,945
15,491,000
Ala.-Birmingham
31,779,261
20,664,705
+ 53.8
17,836,909
1,706,215 + 129.6
1,499,379
Macon
Mobile
—
..... __
Miss.—Jackson..
3,317,565
X
X
+ 78.0
X
+ 24.1
88,068.313
84,392.803
84,246,932
28,805,675
17,177,309
22,142,882
6,171,032
+ 42.6
85,829,415
81,563,657
+ 62.2
48,174,130
25,783,010
+ 25.6
19,445,935
15,586,375
+ 54.6
12,955,525
14,504,460
+ 6.6
4,501,713
3,966,769
2,655,866
+ 60.0
6,426,098
5,406,682
1,862.353
1,807,255
2,231,892
4,281,624
3,424,199
+ 9.4
2,165,767
4,957,673
4,441,316
2,195,912
4,383,384
—44.9
+ 18.8
+ 18.4
+ 25.9
4,213,914
1,559,284
1,530,759
1,790,327
1,549,077
2,101,230
3,535,768
2,058,302
310,453
+ 43.6
621,376
400,481
+ 53.2
473,182
421,946
1,390,816
1,360,513
592,570
+2.2
1,077,482
1,199,829
+ 17.3
528,427
557,858
1,111,157
1,133,831
811,201
+ 37.0
726,825
777,593
873,131
+ 29.9
788,472
841,021
891,702
445,726
Leth bridge
695,213
Moose Jaw
Brantford
+ 28.4
3,702,163
+ 17.4
3,026,047
294,735
3,347,641
317,574
107,563,195
639,991
390,370
631,257
207,602
+ 41.3
Hat—
+88.0
617,978
229,921
Peterborough—.
121,300,963
a—
26,452,179
Tenn.—Knoxville
Ga.—Atlanta
Reserve Dist rict—-Atlant
106,540,460
2,808.998
5,498,435
4,020,923
Brandon
Saskatoon
*750,000
614,987
+ 22.0
526,586
1,082,464
1,340,706
730,471
+48.2
1,975,770
269,048
New Westminster
Medicine
Sixth Federal
.8
132,250,462
120,131,732
46,713,552
21,573,066
34,236,318
5,513,886
:—
Regina
Fort William
Total (0 cities).
S
—
—
Edmonton
506,922
2,203,000
%
1938
1939
S
995,463
Victoria
London..
Fifth Federal
W.Va.—Hunt'ton
Dec.
4,236,278
7,031,347
6,423,534
2,204,526
—
158,581,605
12,593,400
Ohio—Canton
1940
$
Canada—
Toronto
Fourth
or
1941
*
x
'
3,040.903
15,403,971
46,400,000
Sherbrooke
Kitchener
X
130,258
106,459
+22.4
88,355
+ 53.6
32,882,781
27,658,502
Total (10 cities)
246,992,647
165,650.764
+ 49.1
139,020,535
292,813
926,768
+ 21.3
757,316
751,817
542,674
+ 38.5
605.357
501,139
Chatham
613,502
497,889
+ 23.2
436,103
386,956
Sarnla
545,929
503,697
+ 8.4
453,149
476,668
3,552,890
*475,000
—
811,551
929,040
Sudbury
875,584
+6.1
1,000,511
994,865
411,441,592
306,291,789
+34.3
295,515,647
261,102,820
91.059
34,943,924
+ 32.6
1,081,533
Moncton
53,680,535
+ 27.3
Kingston
632,312
....
Prince Albert
La.—New Orleans
+ 19.8
154,988
556,788
625,521
2,790,301
358,272
891,678
Windsor
741,738
13,305,000
15,832,568
1,279,465
1,118,769
723,236
972,782
2,342,070
,
124,385,518
Vicksburg
Total (32 cities)
*
Estimated,
x
No figures available.
The Commercial & Financial Chronicle
1224
Aug. 30,
DIVIDENDS
REDEMPTION CALLS AND SINKING FUND
NOTICES
Below will be found
bonds, notes, and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details were given in
the
Chronicle."
American I. G. Chemical
Page
Sept. 2
Sept. 1
Sept. 1
Sept. 19
_
bonds..
Corp.—See General Aniline & Film.
American Wire Fabrics Corp. 7% bonds
*
Bellows Falls Hydro-Electric Corp. 5% bonds
Central States Edison. Inc. 15-year bonds
Central States Power & Light Corp. 1st mtge. &
Sept.
Paper Co. 6% bonds
Iowa Power & Light Co. 1st mtge. bonds
Johns-ManviUe Corp. 7% preferred stock
Keith Memorial Theatre Corp. 1st mtge. bonds..
Lukens Steel Co. 8% bonds..
*
Masonite Corp. 5% pref. stock..
1
1
1
1
Sept. 1
Oct.
1
Nov. 1
Sept. 5
..Oct. 13
Sept. 1
Oct.
1
Sept. 1
Sept. 1
Sept. 23
Nov. 1
Mengel Co. 1st mtge. bonds..
National Battery Co. preferred stock
National Distillers Products Corp. 3H% debentures
National Oil Products Co. 3%% debs
*
National Power & Light A 5% gold debs..
Nebraska Light & Power Co. 1st mtge. 6s
*
New York Lake Erie & Western Coal & ItR. Co—
First mortgage bonds
685
685
1125
96
239
984
687
£3965
985
1273
£2550
£3805
693
694
£3028
1132
101
841
1280
842
556
696
697
1282
£3032
The dividends
this
announced
ween are:
Per
Name of
Abbott
•
Laboratories
Share
Company
(quar.)
— — _
Extra--
Aero
%\Vh
25c
Supply Mfg. Co., Inc. $1.50 class A (quar.)
Dye Corp. (quar.).
Allied Chemical &
-----
68 %c. in cash, or at holders option 1-16 share
of class B stock.
Southern Corp
Adjustm nt mtge. bonds
Oct.
1
Oct.
1
Dec.
1
Sept. 1
Sept. 15
♦Soutnern Natural Gas Co. adjustment mtge. bonds
♦Washington Railway & Electric Co. 4% bonds..
Wickwire Spencer Steel 6% notes..
Wilson & Co., Inc., 1st mtge. 30-year bonds
Wlnslow Bros. & Smith Co. 5H% debs..
Sept.
1
Sept. 27
Wisconsin Power & Light Co. 1st mtge. bonds
Announcements this week
IN
£
999
£1586
£.3827
1287
1291
709
1007
256
1292
V. 152.
NATIONAL
NOTES
BANK
The
following shows the amount of National bank notes
(all of which are secured by legal tender deposits)
at the beginning of July and August, and the amount of the
decrease in notes afloat during the month of July for the
afloat
1941 and 1940:
National Bank Notes—All Legal Tender Notes—
1__
1941
1940
...5151,909,100 5167,190,377
....
651,675
938,830
Net decrease during July
$150,970,270 5166,538.702
Note—52,182,009.50 Federal Reserve hank notes outstanding Aug. 1, 1941, secured
by lawful money, against 52,203,796.50 on Aug. 1, 1940.
NATIONAL
Oct.
1
Oct.
1
conv.
Oct.
1
_
—
—
Common.
....
_
_
-
-
--
-- --
7% preferred (quar,)--
--
—
— —
_
_
15c
-
$1 %
— -
American Sumatra Tobacco Corp. (quar.)
American Tobacco Co. 6% preferred (quar.)__.
_
Andes Copper Mining Co
;
Arnold Constable Co,_-—v*.
25c
$1H
25c
i
-
-
12 He
-
Atlantic Refining Co. 4% preferred conv. A (qu.)
Baldwin Co., 6% preferred series A 1924 (quar.)_
6% preferred (quar.)
M
'II
Balfour Building, Inc., com. v. t. c..__
Bell Telephone Co. of Canada (quar.).
Bird Archer Co., common (irregular)
Preferred (irregular)
Black & Decker Manufacturing Co.
$1
$1H
$4
50c
(quar.)
40c
(quar.)
(E. J.) & Sons (quar.)
30c
pf. (qu.)_
t$l %
25c
Bridgeport Brass Co
75c
Briggs & Stratton Corp
Bright (T. G.) & Co., Ltd. com. (quar.)
6% preferred (quar.)
-.
Brown & Sharp Manufacturing Co., com. (.quar.)
Extra.
t7Hc
X$1H
$1 Vi
$3
25c
Bucyrus-Erie Co. common
7% preferred (quar.)
91%
Buff. Niag. & East. Pow. Corp. $5pref. (quar.).
$1 %
40c
6.4% preferred (quar.)
Burlington Steel Co., Ltd., (quar.)
+15c
$2.02
Byers (A. M.) 7% preferred.__ —
Representing the quarterly dividend of $1.75,
due Aug. 1, '38, & int. thereon to Sept.30,'41
Calaveras Cement Co.. 7% preferred
t75c
J 5c
Calgary & Edmonton Corp., Ltd. (interim)
_
Canada Northern Power Corp., Ltd. com. (re¬
U5c
duced) (quar.)_.
xuu
7% preferred (quar.)
Canada Permanent Mtge. Corp. (Toronto) (qu.)
t$2
Canadian Bakeries, Ltd. 5% partic. pf. (interim)
12 H
Canadian Canners, Ltd. common (quar.)
X12HC
J25c
5% 1st preference (quar.)
t5c
Participating
60c. non-cum. conv. preferred (quar.)
+15c
J5c
Participating
Canadian Car & Foundry Co., Ltd.—
J44c
7% partic. preference (accum.)
Canadian Cottons, Ltd., common (quar.)
Isi
XUH
6% preferred (quar.)--- ... - - - -—------ - - Canad. Wireb'd Boxes Ltd. $1.50 cl. A (accum.)
150c
Carnation Co., 5% 1st preferred (quar.)
$1. %
50c
Carpenter Steel Co. (interim)
75c
Central Elec. & Tel. Co. 6% pref. (quar.)
—
$1
Chartered Trust & Executor Co. (Toronto) (qu.)
$1 %
Chicago Daily News, Inc. 5% preferred (quar.).
15c
City Auto Stamping Co. (quar.)
30c
Climax Molydenuin Co
75c
Clorex Chemical Co. (quar.)
75c
Cluett Pea body & Co. (interim).
$1 %
7% preferred (quar.)..50c
Colt's Patent Fire Arms Mfg. Co. (quar.)
35c
Commercial Banking Corp., 7% pref. (quar.)
30c
$1,20 prior preferred (quar.)_____
75c
Commercial Credit Co., common (quar.)
4 % % convertible preferred (quar.)
—$ 1.06 %
$1
Commercial Investment Trust Corp., com. (qu.)
$1.06 %
$4.25 conv. preferred (quar.)
+75c
Commonwealth & Southern Corp. $6 preferred
Com'wealth Tel. Co.(Madison.Wis.)6 pf. (qu.)_
91H
Consolidated Laundries Corp. $7.50 pref. (quar.)
91%
Consumers Power Co. $5 pref. (quar.)
$1 %
$1 %
$4.50 preferred (quar.)-__
,
—
—
_
— —
BANKS
—
The
from
following information regarding National hanKs is
the office of the Comptroller of the Currency, Treasury
Department:
COMMON
CAPITAL
STOCK
INCREASED
Ami. of Inc.
Aug. 20—The Citizens National Bank of Torrington, Torrington, Wyo. From $50,000 to $60,000—
$10,000
Aug. 21—The First National Bank in Huntington, Huntington,
Ind. From $150,000 to $200,000
50,000
_
-
_
—
Continental-Diamond Fibre Co.
AUCTION
The
following securities
were
SALES
sold at auction
on
Wednesday
of the current week:
21
Stocks
Goodall
S per Sh.
Worsted
Co.,
par
550;
10
Niplssing Mines
Co.,
Ltd.,
55;
100 Keweenaw Copper Co., par $25; 20 Cochiti Gold Mining Co.. par 510;
500 Dunlop Consolidated Mines, Ltd., par 51; 100 Jodelo Gold Mines,
Ltd., par $1; 500 South Vermillion Gold Mines, Ltd., par SI; 10 Pennroad
Corp., par 51; 10 St. Louis & San Francisco Ry. Co., common, par 5100.-539 lot
12 United Corp., common
par
16 United States Steel Corp., common
57%
30 Pullman, Inc
27%
CURRENT
NOTICES
Devoe &
Raynofds
vestment
Wall
Lurie is
Allyn & Co., Inc., in¬
now
approved Sutro Bros.
as
an
&
Co.,
Chicago,
associate broker.
as
a
sub-broker
and
Hicks & Price,
Dec.
8
1 Nov. 24
Sept. 15 Sept. 3
Oct.
1 Sept. 10
Sept. 19 Sept. 9
Sept. 24 Sept. 10
Nov.
1 Oct.
Sept. 15 Aug.
Oct.
15 Sept.
Aug. 30 Aug.
Oct. 15 Sept.
Sept. 2 Aug.
Sept. 2 Aug.
Sept.24 Sept.
6
30
30
20
23
26
26
9
Sept. 15 Sept. 5
1 Sept. 13
Oct.
1 Sept. 15
Sept. 30 Sept.16
Sept. 15 Sept. 4
Sept. 15 Aug. 30
Sept. 15 Aug. 30
Sept. 10 Aug. 30
Sept.10 Aug. 30
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
Nov.
1 Oct.
15
Oct.
1 Sept.
1 Sept.
15
15
Oct.
Sept. 30 Sept. 13
1
Sept. 15 Sept.
Sept.30 Aug. 30
Oct.
Oct.
Oct.
25 Sept. 30
15 Sept. 30
1 Sept.
Oct.
1
Oct.
1
Oct.
1
Oct,
1
Oct,
1
Oct.
1
Oct.
lt
15
Sept. 19
Sept.15
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Sept. 20
15
Oct.
1 Sept.
1 Sept.
Oct.
1 Sept. 15
Oct.
1
Oct.
15
Sept. 19
Sept. 20 .Sept. 10
Sept. 30 Sept. 10
1 Sept.15
Oct.
Oct.
1 Sept.20
Oct.
1 Sept. 16
Sept 30 Sept. 22
Sept 25 Sept. 15
Sept 25 Sept. 12
1 Sept. 19
Oct.
Sept 30 Sept. 10
Oct.
1 Sept. 20
1 Sept. 20
Oct.
Sept 30 Sept. 9
Sept 30 Sept. 9
1 Sept.. 10*
Oct.
1 Sept. 10*
Oct.
1 Sept. 12
Oct.
1 Sept. 15
Oct.
~
Nov,
1
Oct.
Oct.
1
Oct.
15
Sept. 12
Sept. 12
15 Sept.
5
1
1
Oct.
1 Sept. 10
Oct.
%25c
H7Hc
$1
;
5c
25c
Co. class A (quar.)
25c
Class B (quar.)
7% preferred (quar.)
Diveo-Twin Truck Co. (irreg.)
91%
50c
$1
Dolese & Shepard Co. (irreg.)
Oct.
15
24iSept.I3
Sept
Sept 10'Aug. 28
Sept 30 Sept. 15
Oct.
liSept.16
Oct.
7! Sept.16
151 Sept.
Sept 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept 19 Aug.
Aug. 3.) Aug.
2
2
20
20
20
30
25
14
Sept
Dominion Tar & Chemical Co., Ltd.—
Nov.
1
Oct.
10c
Oct.
1
10c
Oct.
3
Sept. 15
Sept. 15
75c
Oct.
1
75c
Oct.
1
Oct.
1
$1 %
5%% preferred (auar.)
Donnacona Paper Co. class A (initial)
Class B (initial)
Draper Corp. (quar.)
7% preferred (quar.)
Aug. 30
Sept. 15
Sept. 15
Eastern Gas & Fuel Associates, AH % prior pref.
91%
t75c
(quarterly)
6% preferredEastern Malleable Iron Co_
-
_
El Paso Electric Co. (Texas) $4.50
Electric Cbntroller & Mfg
house committee of the Chicago Mercantile Exchange has
Sept. 30 Sept.
Nov.
50c
■--
__
security analyst-economist for Parrish & Co.,
Street, New York City.
—The clearing
Chicago,
associated with A. C.
securities, 100 West Monroe Street, Chicago, 111.
—Sidney B.
40
now
1 Aug. 25
Sept.
Sept. 30 Sept. 15
1 Sept. 15*
Oct.
Sept. 25 Sept. 10
Oct.
1 Sept.
8
Oct.
1 Sept.
8
$30.50
15c
De|aware Fund, Inc
Nov. 15 Nov.
Sept
15c
David & Fre^e. Ltd., class A (quar.)
Dayton & Michigan RR. (s.-a.)
8% preferred (quar.)
Sept. 15
75 c
Duke Power Co., common
—Timothy J. Grace is
Sept. 11
8
Sept.
Sept.
Sept.
Sept.
Sept.
25c
50c
(quar.)
Cooper-Bessemer Corp. common (resumed)
$3 prior preference (quar.)
$3 cumulative preferred series A
Crowell-Collier Publishing Co. (quar.)
Davey (W. H.) Steel Co. (quar.)
By R. L. Day & Co., Boston:
Shares
1
conv.
—
Amount of bank notes afloat Aug. 1
Oct.
conv.
Brazilian Tr. Lt. & Pow. Co., Ltd. 6%
702
1287
Sept.
12Hc
preferred 1st series (quar.)
—
12 He
preferred 2nd series (quar.)
12Hc
preferred 3rd series (quar.).
50c
American Export Lines, Inc., com. (increased).
$I%
5% preferred (quar.)
American Forging & Socket Co—
12Hc
American-Hawaiian SS. Co. (irregular)-_
$1
20c
American Home Products Corp. (monthly)..—
American locomotive Co., 7% preferred—m%
American Power & Light $5 preferred—
f'93 % c
$6 preferred
t$l Vs
American Radiator & Standard Sanitary Corp.—
5%
5%
5%
Brach
1286
Oct.
1
1 Sept.
£3355
701
Aug. 15
Sept. 10
Sept. 19
Sej)t. 5
Sept. 11
1
£3355
£3355
£3355
107
Oct.
Sept.
Sept.
Oct.
1
1
Sept.11
Oct.
Oct.
1
1
Sept,
Sept.
15c
(quar.)
American Cynamid Co. class A com.
Class B common (quar.)
Bond Stores, Inc.
First consolidated 5s
12^c
37 He
91H
Holders
When
Payable of Record
American Cities Power & Light, $2.75 class A
Nov.
First consolidated 4s...
4uc
10c
-
4H% preferred (quar.)
Abbott's Dairies, Inc. (quar.)
Advance Aluminum Castings Corp.
846
846
Philadelphia Co. 5% bonds
Sept. 2
Remington Rand, Inc. 20-year 4%% bonds...
Sept. I
*
Republic Steel Corp. 4%% bonds.........
Sept.22
Richfield Oil Corp. 4% debs
Sept. 15
Safeway Stores. Inc. 5% pref. stock
Oct.
1
*
Sioux City Service Co. 1st mtge. bonds
Oct.
1
Southeastern Power & Light Co.—See Commonwealth &
Amount afloat July
in our "General Corporation and Investment
Department" in the week when declared.
name
News
Nov.
Nov.
Nov.
;
Prior lien 5s
CHANGES
Further details and record of past
yet been paid.
1
1
700
second table in which
a
dividend payments in many cases are given under the com¬
1283
1137
the
the
previously announced, but which
Sept.
Sept.
4% debentures
years
not
follow with
1
1
1
Peoria Water Works Co—
♦
have
we
dividends
the
show
we
1120
680
1121
983
Then
current week.
680
681
1269
684
are
Nov.
Oct,
Sept.
Oklahoma Natural Gas Co. 1st mtge. 3%s
Pennsylvania Water <fc Power Co. 3%% bonds
Peoples Gas Light & Coke Co.—
First mortgage 1942 series B._
First mortgage 1942 series D
*
we
£1591
Sept.
.Oct.
Oct.
1st lien
gold 5Hs, 1953
....Sept. 19
Champion Paper & Fibre Co.—
4M% bonds (1938)
Sept. 1
A%% bonds (1950)
Sept. 1
Charleston Transit Co. gen. mtge. bonds
....Sept. 1
Chicago Union Station Co., 3%% bonds
Sept. 1
Coast Counties Gas & Electric Co. 4% bonds, series B. .Sept.
1
Columbus & Southern Ohio Electric Co. 1st mtge. 3 Ms..-Sept.
1
Connecticut Light & Power Co. 3%% debs
..Sept. 1
Consolidated Aircraft Corp. $3 prer. stock
Aug. 30
Consolidated Gas Electric Light & Power Co. of Balti¬
more 3%% bonds..
Sept.10
*
Duluth Missabe & Iron Range Ity. 1st mtge. bonds ...Oct.
1
East Tennessee Light & Power Co. 6% refunding bonds .Nov.
1
Federal Light & Traction Co. 5% bonds
Sept. 1
Illinois-lowa Power Co. 6% bonds
Oct.
1
International
first
pany
Date
Company and Issue—
Alabama Gas Co. 4%% bonds..,.
Alabama Power Co. 1st mtge. 5s
Allentown Bethlehem Gas Co. 1st mtge.
Allied Owners Corp. 1st lien bonds
grouped in two separate tables.
In
bring together all the dividends announced
Dividends
list of corporate
a
1941
—-
pref. (quar.)
Electric Hose & Rubber Co. (irreg.)
Electric Power &
—
Light Corp. $6 preferred
$7 second preferred A
-
50c
91%
75c
$5
+30c
t35c
Oct.
1 Sept. 15
Oct.
1 Sept.15
Sept. 10 Aug. 26
1 Sept. 15
Oct.
1 Sept. 20
Oct.
Aug. 22 Aug. 15
Oct.
1 Sept.
6
1 Sept.
Oct.
6
Volume
The Commercial & Financial Chronicle
153
Share
Company
Electrolux Corp
Emporium Capwell Co. common (quar.)
7% preferred (s.-a.)
4 *4 % preferred series A (quar
20c
Sept.
35c
Oct.
Oct.
5614c
$2*4
Oct.
Oct.
Ewa Plantation Co.(irreg.)
Ex-Cell-O Corp
50c
Sept.
65c
Oct.
Family Loan Society, Inc., common (quar.)
$1.50cum. conv. pref. A (quar.)_.
—
$1.50 conv. pref. (quar.)
Famous Players Canadian Corp. (quar.)
Ford Motor Co., Ltd., ord.reg. (annual)
Ford Motor Co of Canada, Ltd., class A (quar.)
Class B (quar.)
Foster <fc tvleiser Co. 6% class A pref. (quar.)
Foster Wheeler Corp. $7 conv. pref. (quar.)
Fox (Peter) Brewing Co., common (quar.)
40c.
Oct.
37 He
Oct,
37 34c
725c
«6%
2,5c
25c
37Hc
—
71*4
Oct.
Oct.
Oct.
25c
Fulton Bag & Cotton Mills
Game well Co. $6 conv. pref.
Oct.
25c
Extra
Aug.
Sept.
$134
(quar.)
Gannett Co., Inc., $6 conv. preferred.
Garfinckle (Julius) & Co. common (quar.)
$1>4
17*4c
6% conv.pref. (guar.)----_--_---~_----....Garner Royalties Co., Ltd., class A__
Gatineau Power Co. common (reduced)
—
5*4 % preferred (quar.)
5% preferred (quar.)
-,
General Candy Corp.—
$2.50 conv. pref. class A (quar.)
General Fire Extinguisher Co
General Mills, Inc., 5% pref. (quar.)
General Railway Signal Co. common..:
6% preferred (quar.)
_
General Theatres Equipment Corp
Georgia Power Co. $0 pref. (quar.)
$5 preferred (quar.).
Girdle.* Corp. (quar.)
Glen Alden Coal Co. (irreg.)
37 He
25c
~
-
-
-
715c
71.37
Oct.
Oct.
25c
75c
$1*4
2oc
$1.34
25c
$1*4
$134
25c
40c
Goldblatt Brothers, Inc. $2.50 conv. pf. (qu.)
Gorton-PeW Fisheries Co., Ltd (quar.)
——
Great
Fire
Insurance
Co.
Eastern
(White
6234c
75c
Plains, N. Y.) (s.-a.)
Great Lakes Paper Co.—
$2 class A partic. preference (accum.)
$2 class B partic. preference (accum.)
Great Western Sugar Co. common...
7% preferred (quar.).
Greenfield Tap & Die Corp. $6 pref
$6 preferred.
Greening (B.) Wire Co., Ltd. (quar.)
__
Griesedieck Western Brewery Co. (irregular)
Gulf States Utilities Co., $6 pref. (quar.)
$5.50 preferred (quar.)
Hall (W. F.) Printing Co. (quar.)
Hamilton Cotton Co., Ltd.-—
$2 convertible (accumulative) preferred
Hamilton United Theatres, Ltd., 7% preferred
(accum.)
Hammond Instrument Co., 6% pref. (quar.)...
Harrisburg Steel Corp. (quar.)
Heath (D. C.) & Co., 7% pref. (quar.)
Helme (Geo. W.) Co,common (quar.)_ -._ — —
7% preferred (quar.)
——
Hercules Powder Co_-.--v.
30c
_
_
_
_
...
—
_
-
Sept.
Oct.
725c
Oct.
50c
Oct.
$1*4
Oct.
$134
Sept.30 Sept. 15
$1H
715c
Nov, 25 Nov. 10
$134
25c
775c
7$1*4
75c
25c
$1*4
$134
$1*4
60c
Sept. 22
Sept. 22
2 Sept. 15
2 Sept. 15
1 Sept.
Sept. 6 Aug.
Sept. 15 Aug.
Sept. 15'Aug.
Sept. 20 Sept.
Oct.
1 Sept.
Sept.30
Aug. 15
Sept.26
Sept. 30
Oct.
1
Oct.
1
Sept. 25
(increased)__
....
$134
Oct.
1
Oct.
1
25c
Sept. 15
Inc.
Oct.
1
Holmes (D. H.) Co., Ltd. (quar.)
$134
1
750c Oct.
Honey Dew, Ltd. (quar.)
25c
Hoskfns Mfg. Co
Sept.26
-—
40c
Hubble (Harvey) Inc. (quar.)
Sept. 20
30c
Sept. 30
Humphreys Mfg. Co. common (quar.)
Sept. 30
6% preferred (quar.).
Oct.
1
Huron & Erie Mortga*
7$1
lortgage Corp. (quar.)
-50c
Oct,
2
Hyde Park Breweries Assoc., Inc
:
$2
Illinois Bell Telephone Co
Sept. 30
Oct.
1
75c
Imperial Paper & Color Corp. (irreg.)
Imperial Tobacco Co. of Canada, Ltd.—
3%
Sept. 30
6% preference (s.-a.)
Common (interim)
710c Sept. 30
----Indianapolis Power & Light Co.—
1
$1.31)4 Oct.
534% preferred (quar.)
$1
Sept. 2
Indianapolis Public Welfare Loan Assoc. (quar.)
50c
Oct.
1
Industrial Rayon Co. —
—— -----Oct.
1
75c
Interlake Steamship Co
Hollander (A.) & Sons,
...
50c
International Silver Co. 7% pref. (quar.).
Interstate Department Stores, Inc.—
Common (increased)
—-----
7 % preferred (quar.)
—-
—
Irying Trust Co. (quar.)
-——
—--—
Jamaica Water Supply Co. common (quar.)
$5 preferred A (quar.)
Jamieson (C. E.) & Co. (quar.)
Jefferson Lake Sulphur Co., Inc.—
7% preferred (s.-a.)
.Kalamazoo Vegetable Parchment Co.
Kansas City Power & Light Co.—
_
_
_
Oct.
$134
International Salt Co
Oct.
25c
Oct.
$1 *4
15c
50c
$1)4
—
15c
35c
15c
(quar.)
Nov.
Sept. 17
Aug. 20
Sept. 8
Sept. 17
1 Sept. 15*
1 Sept, 12*
15 Sept. 25
1 Oct. 16
1 Sept.
9
Sept.30 Sept. 15
Sept.30 Sept. 15
Sept. 15 Sept. 1
Oct.
Sept.10 Aug. 29
Sept. 30 Sept. 19
Oct.
1
$134
$1)4
Keith-Albee-Orpheum Corp. 7% conv. pref
25c
Kelley Lime & Transport
_— - Keivinator Corp. of Canada, Ltd. (quar.)
72,5c
2.5c
Kern County Land Co. (quar.)__i
—
t50c
Keystone Telephone Co. of Phila. $4 preference.
t37)4c
$3 preference
25c
Kobacker Stores, Inc
15c
Kysor Heater Co. (quar.)
Oct.
1 Sept.
Oct.
1 Sept.
Extra
-
-
10c
Sept. 30
Sept.10
Sept.20
Sept.15
Sept. 15
Sept.12
Sept.15
Sept. 15
27c
Oct.
1
$134
—------—
_
La Crosse Telephone Co., com
6% preferred
(guar.)
La Salle Industrial Finance Corp. com. (quar.)
$0.70 class A (quar.). —-------
—
— —
Lackawanna RR. of New
Jersey (quar.)
Lake of the Woods Milling Co., Ltd. (final)
Lamaque Gold Mines, Ltd. (quar.)
Landed Banking & Loan Co. (Hamilton, Ont.),
Oct.
1
__ —
(quar.)
—
Lehigh & Wilkes-Barre Corp. (irreg.)
Leonard Refineries, Inc
Life & Casualty Ins. Co. of Tenn. (quar.)_
Lindsay Light & Chemical Co. 7% pref. (quar.)_
Lock Joint Pipe Co., 8% preferred (quar.)
Lone Star Cement Corp. (quar.)
- -Lorillard (P.) Co., com. (quar.)-____ —
7% preferred (quar.)
—
Lyon Metal Products, Inc
Mabbett & Sons, 7% 1st pref. (quar.)
Second preferred (quar.)
MacMillan Petroleum Corp. (irreg.)
Mahon (R. C.) Co. (quar.)
Mangel Stores Corp. $5 pref
—
Mapes Consolidated Mfg. Co. (quar.)
Marion-Reserve Power Co. $5 pref. (quar,)---.
Mastic Asphalt Corp. (quar.)
Mathieson Alkali Works common (quar.)___
7% preferred (guar.)
McCrory Stores Corp. (quar.)
___
—.
.
—
—
3?4c
171l
5
15
Sept.
Sept.
1 Sept.
—
29
Sept.30
Sept.30
Sept.
13
15
15
15
19
Sept.
Sept. 3
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept. 20
Sept. 20
Sept.26
Sept. 2o
Sept. 5
Sept. 15
Sept. 9
Oct.
1
720c
Oct.
1
710c
Oct.
1
7$1
Oct,
1 Sept. 15
qp JL
$2
5c
15c
1734c
Sept.22
Sept.15
Sept. 10
Sept.15
$2
75c
Oct.
30c
Oct.
1
$1)4
Oct.
1
25c
$1)4
$1)4
30c
15c
t$l)4
50c
$134
10c
37)4c
$1)4
25c
1
Sept.30
Sept.15
Oct.
1
Oct.
1
Sept. 17
Sept.15
Sept.15
Oct.
Oct.
1
1
Sept. 15
Sept.30
Sept.30
Sept. 30
■
_
_
1
---------
—
_
_
_
—
-
_
—-
-
■
-
-
—- -
-
----------- --
-
—
-
-
Co., Ltd.—
Ottawa Light, Heat & Power
Common (quar.).
------
5% preferred (quar.)_
—
Paauhau Sugar Plantation Co., Ltd__—
Pacific Finance Corp. of Calif. 5% pref. (qu.)_.
Preferred A (quar.). .
Preferred C (quar.)
--------Pacific Indemnity Co. (quar.).„
Page-Hershey Tubes, Ltd. (quar.)
Paraffine Companies, Inc., com. (quar.)
4% preferred (quar.)_
— Park & Tilford, Inc., 6%,conv., pref. (quar.)...
.
_
—
Oct.
_
15
22
29
Sept. 15
Aug.
1
Sept.12
Sept. 29
Sept. 8
Sept. 8
Sept. 12
Sept. 6
Sept.16
Sept.
5
Sept.19
Sept. 15
Sept. 11
Sept. 10
Sept. 19
Sept. 19
Sept.15
Sept. 17
Sept. 19
Sept. 20
$1*4
$1)4
$6 preferred B (quar.)
Kansas Electric Power Co. 5% pref. (quar.)
Kansas-Nebraska Natural Gas Co. $6 pref. (qu.)
tion, to Sept. 15, when div. is payable.
25c
Sept. 2 Aug. 25
i
$1
Sept. 2 Aug. 25
8% preferred (quar.)—— —_ — —
20c
Messer Oil Corp
Sept. 10 Aug. 30
.1 Sept.
Oct.
$1)4
2
Metropolitan Edison Co. $7 prior pref. (quar.)
1 Sept.
Oct.
$1)4
$7 cum. pref. (quar.)
2
1 Sept.
Oct.
$6 prior pref. (quar.)
$1)4
2
1 Sept.
$6cum. preferred (quar.)--Oct,
$1)4
2
-----------1 Sept.
Oct.
$5 cum, jpref. (quar.)
$1*4
2
1 Sept. 15
Oct.
$1)4
Michigan Associated Tel. Co. 6% pref. (quar.)Milwaukee Gas Light Co. 7% pref. A
UH
Sept. 1 Aug. 26
Minneapolis Gas Light Co.—
$1)4 Sept. 1 Aug. 22
5% preferred (quar.)
$5.10 1st pref. (quar.)
$1.27)4 Sept. 1 Aug. 22
$1)4
Sept. 1 Aug. 22
5)4% preferred (quar.)
$1 *4
Sept. 1 Aug. 22
6% preferred (quar.)
Minnesota Valley Canning Co., 5% pref. (qu.)_
$1)4
Sept. 15 Sept. 8
1 Sept. 15
Oct.
$1)4
Mississippi River Power Co., 6% pref. (quar.) —
$1 )4
Missouri Utilities Co., 7% pref. (quar.)
Sept. 2 Aug. 25
1 Sept. 20
Oct.
Modern Containers, Ltd., common (quar.)
720c
Oct.
1 Sept. 20
710c
Extra-1 Sept. 20
Oct.
mvs
5)4 % preference (quar.)_
-— - —
50c
Oct. 15 Sept. 12
Montgomery Ward & Co., Inc., com. (quar.)__
1 Sept. 12
Oct.
$1)4
$7 class A (quar.)._
—
84c
Sept. 12 Sept. 2
Mortgage Bk. of Columbia (Am. shs.) (resumed)
Motor Finance Corp., $5 pref. (quar.)
$1)4
Sept. 29 Sept.13
Oct. 15 Sept. 30
50c
Mutual System, Inc., 8% pref. (quar.)
3c
Oct, 15 Sept.30
Common (irreg.)
75c
Sept. 26 Sept. 15
Myers (F. E.) & Brothers Co
Nanaimo-Duncan Util., Ltd., 6)4% Pf. (qur.) — 781 He
Sept. 1 Aug. 15
Nash Keivinator Corp
12)4c
Sept. 26 Sept. l0
25c
National Bond & Invest't Co., com: (quar.)
Sept. 22 Sept. 10
$1)4
Sept. 22 Sept. 10
5% preferred (quar.)
-1 Sept. 15
National Breweries, Ltd., common (quar.)
750c Oct.
1 Sept. 15
Oct.
744c
7% preferred (quar.)
20c
National Cylinder Gas Co
Sept, 25 Sept. 8
30c
Oct.
1 Sept. 20
National Department Stores, 6% pref.
1 Sept. 20
t60c Oct.
6 % preferred.
- - ----50c
National Standard Co. (.quar.)
Sept. 25 Sept. 10
—
25c
Extra.
iSept. 25 Sept. 10
50c
Oct. 15 Sept. 30
National Steel Car Corp. (quar.)
75c
National Steel Corp. (quar.)
Sept. 12 Sept. 2
'
1 Sept.
Newark & Bloomfield RR. Co. (s.-a.)
5
$1*4 Oct.
15c Sept. 30 Sept. 15
New: Idea, Inc
New Method Laundry Co., Ltd.—
71H Sept. 15 Aug. 30
6)4,% preferred (accum.)
Oct.
1 Sept. 5
New York Lackawanna & Western Ry. (quar.)
$1)4
North American Co., com.—
One sh. of Detroit Edison ($20 par) for each
.50 shs. of North Amer. com. held.
This
Oct.
1 Sept. 10
div. is subject to approval of the SEC_.
75c
Oct.
1 Sept. 10
6% preferred (quar.)
1 Sept. 10
71 Kc Oct.
5)4% preferred (quar.)
North American Finance Corp.—
Oct.
1 Sept. 20
87J4c
7% preferred (quar.)
20c
Oct.
1 Sept. 20
Cumulative prior preferred (quar.)
Oct. 25 Sept.30
720c
Northern Ontario Power Co., Ltd., common
Oct. 25 Sept.30
$1)4
6% preferred (quar.)
40c
Oct.
1 Sept. 20
Northwestern States Portland Cement Co. (qu.)
40c
Oct.
1 Sept. 20
WY: Extra.
--4-i;-7$1 )4
Northwestern Utilities, Ltd., 6% pref. (quar.)_
Sept. 1 Aug. 26
30c
Sept. 15 Sept. 5
Oahu Sugar Co., Ltd. (irreg.)
$1*4 Sept. 1 Aug. 23
Ohio Associated Telephone Co., 6% pref. (quar.)
60c
Ohio Seamless Tube Co.:
Sept. 15 Sept. 5
35c
Sept. 30 Sept.15
Oklahoma Natural Gas common. — - -- -- -$1/4
Sept. 30 Sept. 15
$5.50 cum. prior pref. (quar.)
75c
Sept. 30 Sept.15
$3 preferred (quar.)
1 Sept. 15
711*4 Oct.
Ontario Loan & Debenture Co. (quar.)
—
5 Aug. 26
Oct.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
SeDt.
5
_
725c
50c
$1.09375 Sept.15 Sept.
Merrimac Hat Corp., com
Sept.20 Sept. 10
Sept. 15 Aug. 30
Oct.
1 Sept. 10*
Oct.
1 Sept. 10
Oct.
1 Sept.10
Sept.15 Sept. 8
Oct.
1 Sept. 15
Oct.
1 Sept.15
Sept. 15 Sept. 8
Sept.20 Aug. 28
Sept.12 Sept. 2
Oct.
1 Sept. 10
Oct.
1 Sept. 20
50c
Hinde & Dauch Paper Co. common
Hoi land Furnace Co
Sept.
Sept.
Sept.
Sept.
7$134
25c
Globe Steel Tubes Co
Oct.
Payable of Record
Div. declared for the odd period from
July 1,
when company emerged from reorganiza¬
Sept.13
Sept. 6
Sept. 3
Sept. 6
Sept. 6
Sept. 15
Sept. 15
Sept. 15
Sept. 15
Aug. 28
Sept. 5
Sept. 15
Sept.15
Sept.15
Sept. 2
Sept. 2
Sept. 2
Sept. 2
Sept.
Sept.
Sept.
Sept.
25c
—
McKesson & Robbins, Inc., new5)4% pref
Sept. 4
Sept. 20
Sept. 20
Sept. 20
Sept.13
Sept. 5
Sept. 10
Sept. 13
Sept.13
Oct.
—
Share
Company
Holders
When
Per
Name of
Payable of Record
$3*4
European A North American Railway (s-a)
Holders
When
Per
Name of
1225
8
5
22
5
20
11
15
15
1
20
20
5
5
3
17
15
2
Sept. 9
Sept. 9
Sept. 18
Parker Wolverine Co__
---
Pennsylvania Glass Sand Corp., com. (quar.)—
$7 preferred (quar.)
—
Pennsylvania Telephone Corp., $2-50 pref. (qu.)
Peoples Gas Light & Coke Co. (increased)
Peter Paul, Inc. (quar.)
Philadelphia Dairy Products Co., Inc.—
$6 prior preferred—
Pittsburgh Plate Glass CoPowdrell A Alexander, Inc
Prudential Investing Corp
Public Service Co. of Oklahoma, 5% pref. (qu.)
Publication Corp.
Common voting (quar.)
-.—
Common non-voting (quar.)
Sept.
Aug. 27
Aug. 27
5 Aug. 25
Nov.
1 Oct.
15
Nov.
1 Oct.
15
Nov.
1 Oct.
15
50c
Oct.
7$1 *4
Oct.
1 Sept. 15
1 Sept. 15
$1*4
20c
16J4c
50c
Sept. 27 Sept. 10
Oct.
25c
25c
$1*4
6215
3c
$1*4
50c
-—-—- - _—- - - —
$6 preferred (quar.)
- —
-------:—--
7% pref. (quar.)--
Ltd., 6% pref.(qu)
Platinum (irreg.)
Telegraph Co., gtd. (qu.)-Associated Telephone Co.—
Southern & Atlantic
$6 preferred (quar.) —
—
Spencer Trask Fund — - - -- - - - - - -—------- - Standard Brands, Inc. common (quar.)
$4.50preferred (quar.)
—
,
15
Sept.15
Oct.
Sept. 20
Sept. 10
1
Sept. 15 Sept.
Oct.
1 Sept. 15
Oct.
1 Oct.
1
Sept/15
25c
Oct.
1 Sept. 23
Oct.
Oct.
1 Sept. 15
1 Sept. 15
1 Sept. 15
50c
Oct.
737 *4e
10c
25c
25c
.
South American Gold &
Southwestern
1
Sept. 26
Sept. 26
Sept. 15
Sept. 19
Sept. 15
Sept. 15
50c
5c
——
Smith Alsop Paint & Varnish,
Smith (Howard) Paper Mills,
1 Oct.
15 Sept. 22
1 Sept. 20
Oct.
Oct.
10c
25c
Roeser & Pendleton, Inc. (quar.)
20%
Rolls-Royce, Ltd. (final)
40c
St. Helen's Pulp & Paper Co
725c
Sangamo Co., Ltd. (quar.)
10c
San Gabriel River Improvement Co. (monthly)
37J4c
San Jose Water Works common (quar.)___
$0.296875
454% preferred A (quar.)__
$1*4
Schenley Distillers Corp., bY%% pref. (quar.)__
12*4c
Schlaee Lock Co_--------------------------50c
Scovill Mfg. Co
15c
Seven Up Texas Corp. (irreg.)
—;---Shepard-Niles Crane & Hoist Corp. (irreg.)
10c
Simmons-Boardman Publishing Corp., common
75c
$3 convertible preference (quar.)_
715c
Simon (H.) & Sons, Ltd., common (interim)
7$1 *4
7% preferred (quar.)
— —
_ - -
Oct.
Oct.
50c
$154
$1*4
-
$2 participating class A preferred (quar.)
Robbins & Myers Inc., $1.50 partic. prefRoberts Public Markets, Inc. (quar.)
Steel Castings Co _
1
20c
(quar.)
Co. (irreg.)
Rice-Stix Drug Goods Co.. common
7% first preferred (quar.)__
7% second preferred (quar.)
Riverside Silk Mills. Ltd.—
Rheem Mfg. Co.
Skilsow, Inc. (irregular) —
Sloss-Sheffield Steel & Iron Co. common
15 Oct.
Sept .;22 Sept. 2
Sept. 20 Sept. 5
Oct.
1 Sept. 15
Oct.
50c
$1 %
2c
Rhinelander Paper
Si vyer
Oct.
Oct.
$1
75c
$1*4
7% 1st preferred (quar.)_-_—
Original preferred (quar.)
Red Indian Oil Co. (quar.)
E xtra
715c
nYd
$1*4
$i*4
87*4c
7$ 1*4
10c
62*4c
$1*4
15c
loc
$1*4
Oct.
Sept. 15
Sept. 5
1
Oct.
Sept. 5
Aug. 30
1 Sept. 10
Sept. 15 Aug. 26
Oct.
1 Sept. 20
Oct.
1 Sept. 20
Oct.
1 Sept. 10
Sept. 30 July 29
Sept. 2 Aug. 23
Sept. 30 Sept. 25
Aug. 21 Aug. 20
Sept.
1 Aug. 20
Sept.
1 Aug. 20
Oct.
1 Sept. 23
Sept. 15 Sept. 10
Oct.
1 Sept. 15
Aug. 30 Aug. 22
Sept. 2 Aug. 21
Sept. 2 Aug. 28
Sept. 2 Aug. 28
Sept. 27 Sept.13
Sept. 27 Sept. 13
Sept. 12 Sept. 2
Sept. 16 Sept. 2
Sept. 22 Sept.10
Sept. 22 Sept. 10
Sept. I Aug. 20
Oct. 15 Sept. 30
Sept. 22 Sept. 10
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 15 Sept. 5
Oct.
1 Sept.
8
Dec.
15 Dec.
1
The Commercial & Financial Chronicle
1226
When
Per
Share
Name of Company
Stecher-Traung Lithograph Corp. (irreg.).
Sterchi Bros. Stores, Inc., 6%
Strouss Hirschberg Co. (quar
Teck-H.ughes Gold Mines (quar.)
Terre Haute Electric Co., Inc., 6,% pref. (s.-a.).
Thompson Products, Inc., common (irreg.) — _
$5eonv. preferred (quar.) — - - - - — -
^>ref. (quar.)
Timken-Detroit Axle Co
20c
75c
25c
10c
$3
75c
$1H
SI
50c
Troy Sunshade Co. (quar.)
Truax-Traer Coal Co. (irreg.)
Union Carbide & Carbon Corp.
United Aircraft Products, Inc. (quar.)
37 He
-
--
—.—
25c
—
Extra..
United Carbon Co
United Elastic Corp
United Pacific Insurance Co. (quar.)
U. 8. Leather Co. 7% prior pref
7.5c
—
—
25c
75c
—
SI H
t$3 H
----- —
U. 8. Lumber Co. (liquidating)—--U. S. Petroleum Co. (quar.).
U. 8. Truck Lines, Inc., of Delaware
United Steel & Wire Co., Inc. (quar.)
Extra.Utah Oil & Refining Co. (quar.)
Van Norman Machine Tool Co
25c
-
_
$4
-
2c
25c
10c
5c
—
■----
—
10c
25c
Victor-Monaghan Co., 7% pref. (quar.)
Common drregu lar)
Victor Equipment Co. $1 con v. pref
Waldorf System, Inc
Warren (8. D.) Co. (quar.)
—
SI H
$1
t50c
25c
7.5c
Warren RR. Co. (s.-a.)
Wentworth Mfg. Co. (irreg.)
Wesson Oil & Snowdrift Co., Inc
Western Exploration Co. (quar.)__.-
SI %
—
15c
25c
Sept. 30 Sept.15
Sept, 30 Sept.22
Sept. 15 Sept. 5
Oct.
1 Sept. 9
Sept. 2 Aug. 22
Sept. 15 Sept.11
Oct.
1 Sept.22
Sept. 20 Sept. 10
Aug. 23 Aug. 20
25 Oct.
_
Wheeling Steel Corp. common (irreg.)
$5 conv. prior pref. (quar.)
White Villa Grocers, Inc. (s.-a.)
*«po
Wilson Lines, Inc. (s.-a.)
$1
Winter & Hirsch, Inc., 7% pref. (quar.)..
35c
Wisconsin Electric Power Co. (1897)—
Oct.
S1H
6% preferred (quar.)
4 H % preferred (quar.).
S1.18H Sept.
Con
iramon (irreg.)
17 He
Sept.
Wisconsin Gas & Electric Co. 4 H % pref. (quar.)
Oct.
SI H
Wisconsin Michigan Power Co. 4H% (quar.)
SI H
Sept.
Wisconsin Power & Light Co. 7% pref
fS2.91». Sept.
6% pref
tS2H
Sept.
Wolverine Tube Co. (irregular)
20c
Sept.
Wood (Alan) Steel Co. 7% pref.
t$2H
Sept.
Woolf Bros., Inc., 7% pref. (quar.)
SI H
Sept.
--World Investment Trust (ctfs. of ben. int.) (qu.)
4c iSept.
-——
-
-
——
— -
15
1 Sept.
5
Sept. 18 Sept. 8
Sept. 18 Sept. 8
Oct.
1 Sept. 13
Sept. 24 Sept. 4
Sept. 20 Sept.16
Oct.
Sept. 10
Aug.
4
Sept.
Sept. 15 Sept. 5
Sept. 15 Sept. 3
Sept. 15 Sept. 6
Sept. 1.5 Sept. 6
Sept. 15 Aug. 30
Sept. 20 Sept.10
Oct.
1 Sept.20
Sept. 1 Aug. 14
Sept. 15 Sept. 5
Oct.
1 Sept.20
Sept. 29 Sept.20
Oct. 15 Sept.26
Sept.13 Aug. 30
Oct.
1 Sept.15
Sept. 20 Sept.15
Oct. 15 Sept.25
Oct.
1 Sept.11
Sept. 1 Aug. 15
Sept.30 Sept.15
Sept. 2 Aug. 20
Name of
American Public Service Co.
Amor.
Share
Company
t$lH
7% preferred
Aug. 20
Aug. 20
Sept. 30
Aug. 30
Aug. 30
Aug. 30
Sept.16
Sept. 9
Aug. 22
Aug. 26
Belov we give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
$1H
35c
American Rolling Mill Co., common
S1H
4H% convertible preferred (quar.)
American Smelting & Refining Co., com
American States Ins. Co. (Indianapolis) (qu.)American Steel Foundries (year-end)
American Sugar Refining Co. 7% pref. (quar.)American Telephone & Telegraph Co. (quar.).
American Tobacco Co. common (quar.)
Class B (quar.)..
American Trust Co. (San Francisco) (quar.)_—
Amsterdam City Nat. Bank (N. Y.) (quar.)-_
Anaconda Copper Mining Co
Anchor Hocking Glass Corp. $5 pref. (quar.)__Anglo-Canadian Telephone Co., class A (quar.)
Anheuser-Busch. Inc. (quar.)
Apex Electrical Mfg. Co., com. (quar.)
7% prior preferred (quar.)_
A. P. W. Properties, Inc., 4% class A (s.-a.)
50c
30c
75c
$1
fi
$2H
$l H
$1H
—
40c
$3H
50c
$1H
J15c
$1
25c
$1H
10c
Per
Acme Steel Co. (quar.)
Aeronautical Products. Inc. (initial)
Aetna Ball Bearing Mfg. Co. (quar.)
Agnew-Surpass Shoe Stores,
common
(s.-a.)
Sept. 12 Aug. 15
Aug. 30 Aug. 15
Sept. 15 Sept. 1
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Oct.
1 Sept.15
Oct.
1 Sept. 20
,
-
Extra
Class A (quar.)
6% preferred (quar.)__
Aluminum Industries. Inc. (quar.)
Aluminium, Ltd., common
6% preferred (quar.) (payablein U. S. funds).
Aluminum Manufacturers, Inc. (quar.)
Quarterly.
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Electric Corp., Ltd. (interim)
American Airlines. Inc.. $4.25 conv. pref. (quar.)
.
.
____
American Arch Co
American Automobile Ins. Co. (St. L.)
(quar.)..
American Bank Note Co., common
6% preferred (quar.)__
American Box Board Co., 7% preferred (quar.).
American Can Co. 7% pref. (quar.)
American Capital Corp. $5.50 prior pref. (quar.)
American Car & Foundry Co. common
(resumed)
7% non-cum. preferred (quar.)
-
.
American Chain & Cable Co., Inc.com.
5% preferred (quar.)
American Chicle Co. (quar.)
American Cigarette & Cigar Co., common
common
Common
American Envelope Co., 7% pref. A (quar.)
7% preferred A (quar.)..
American & Foreign Power Co. $6 pref
_
$7 preferred
American Gas & Electric Co. common (quar.)
Extra
4H% preferred (quar.)
American General Corp. $3 pref. (quar.)
$2.50 preferred (quar.)
$2 preferred (quar.)
American Hide & Leather Co.—
pref. (quar.)
American Home Products Corp. (monthly)
American Indemnity Co. (Bait.)
American Insurance Co. (Newark) (s.-a.)
Extra
American Investment Co. of Illinois (quar.)
American Laundry Machinery, com. (quar.)
Extra
American Locker Co., Inc.—
$1.50 non-cum. class A (quar.).._
American Machine &
American Meter Co
Foundry Co
American Metal Co., Ltd., common
6% preferred (quar.)
American Nat. Bank & Tr. Co. (Chicago) (quar.)
American Nat'l Bank (Nashville, Tenn.) (quar.)
American News Co. (bi-monthly)
American Paper Co., 7% preferred (quar.)
7% preferred (quar.)
15 Oct.
Oct.
10
Nov.
1 Sept.12
1 Sept.12
1 Oct.
17
Oct.
1
Oct.
1
Sept.
Sept. 30
Sept. 2
Oct.
1
Oct.
Oct.
1
1
1
1
Sept. 30
Sept. 25
Sept. 2
Sept. 10
Alpha Portland Cement Co.Altorfer Brothers Co. $3 conv. preferred
Aluminum Co. of America common
6% preferred (quar.)
American Colortype Co.,
Oct.
Oct.
Oct.
Allied Stores Corp., 5% pref. (quar.)
Allis-Chalmers Mfg. Co
conv.
Holders
,
Extra.
7% preferred (quarterly).
Agricul. Ins. Co. (Watertown, N. Y.) (quar.)..
Agricultural Nat'l Bank (Pittsfield, Mass.)—
(Quarterly)..
Alabama Power Co. $7 pref. (quar.)
$6 preferred
(quar.)
...
$5 preferred (quar.)
Alabama & Vicksburg
Ry. Co. (s.-a.)
Alabama Water Service Co. $6 pref. (quar.)
Alleghany Ludlum Steel Corp., common
7% preferred (quar.)
Allied Laboratories, Inc. (quar.)..
Allied Products Corp., common (quar.)
6%
When
Payable of Record
Oct.
1
Sept. 15
Sept. 5
Sept. 1
Sept. 30
Sept. 8
Aug. 20
Sept.10
Aug. 15
Sept.15
Sept.12
Sept.12
Sept.12
Sept.16
Sept. 8
8ept. 2
Aug. 25
Aug. 28
Sept.15
Aug. 30
Aug. 15
Aug.
8
Sept. 15
Arden Farms Co. $3 preferred.
Arkansas Power & Light Co. $7 pref. (quar.)
$6 preferred (quar J
Armour & Co. (Del.) 7% preferred
Common (interim)
_
25c
_
15c
ArtloomCorp. (irreg.)..
7% preferred (quar.).
$1H
Art Metal Works, Inc.
15c
Asbestos Corp., Ltd. (quar.)
Extra
Jl5c
tl5c
Asbestos Mfg. Co. $1.40 convertible preferred-_
t35c
Associated Dry Goods Corp., 7% 2d pref
t$3H
6% 1st preferred (quar.)
$1H
50c
common (quar.)
preferred (quar.)
Atchison Topeka & 8ante Fe Ry Co.—
Common (irregular)
5%
$1H
$1
Atlanta & Charlotte Air Line Ry. (s.-a.)
Atlantic Refining Co. (quar.)
Atlas Corp. common
25c
75c
6% preferred
Atlas Powder Co. (increased)
Atlas Press Co. (quar.)
$1
20c
—
Aunor Gold Mines, Ltd
Auto Finance Co. 6% preferred
14c
t43Hc
Automotive Gear Works, Inc.—
$1.65 conv. preferred (quar.)
41 He
50c
Badger Paper Mills Inc
Baldwin Locomotive Works 7% preferred (s.-a.)
Baltimore Radio Show, Inc., com. (quar.)
6% preferred (quar.).
Bangor Hydro-Electric Co. 7 % 1st pref. (quar.)
6% preferred (quar.)
Bank of Montreal (quar.)
Bank of Toronto (quar.)
Bank of Nova Scotia (quar.)
Bankers National Investing Corp. common
6% preferred (quar.)
Barlow & Seelig Mfg. Co., $1-20 class A (quar.)
Banque Canadienne Natlonale (Montreal) (qu.)
Barber (W. H.) Co. (quar.)__
Barlow & Seelig Mfg. Co
Barnsdall Oil Col
.
Dec. 31 Dec.
15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Aug. 30 Aug. 15
Oct.
15 Oct.
4
Aug. 30 Aug. 19
Sept. 15 Sept. 1
Oct.
1 Sept.11*
Oct.
1 Sept.11*
Sept. 2 Aug. 19
Oct.
1 Sept. 17
1 Aug. 18
Sept.
Oct.
1 Sept. 24*
Oct.
1 Sept. 24*
Sept. 15 Sept. 3
Sept. 15 Sept. 3
Sept. 15 Sept. 2
Sept. 15 Sept. 1
Sept. 30 Sept.15
Sept. 15 Sept. 5
Dec.
15 Dec.
5
Sept.
1 Aug.
25
Dec.
1 Nov. 25
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.
Basic Refractories. Inc
Bath Iron Works Corp
$1.05
10c
15c
$1.H
$1H
1$2
t$2H
113
6 He
7Hc
30c
t$2
25c
15c
15c
20c
-
25c
Bathurst Pow. & Paper Co., Ltd., cl. A (interim)
t25c
37Hc
Bayuk Cigars, Inc. (quar.)
Beattie Gold Mines, Ltd. (Quebec)
Beau Brummell Ties (irregular)
14c
(quar.)
10c
Beaunit Mills, Inc
25c
preferred (quar.)
c
Beech Creek RR. (quar.)
Beech-Nut Packing Co. (quar.)
$1
Extra
50c
Belden Manufacturing Co. (irregular)
Belmont Radio Corp. (quar.)
Bendix Aviation Corp
4Cc
15c
$1
Bendix Home Appliance class A
Beneficial Loan Society (Del.) (quar.)
Berghoff Brewing Corp. (quar.)
Berkshire Fine Spinning Associates, Inc.—
$5 conv. preferred
$7 preferred
Bethlehem Steel Corp., common
7% preferred (guar.)..
Bigelow-Sanford Carpet Co., Inc., common
6% preferred (quar.)
Bird & Son, Inc., 5% pref. (quar.)
Birmingham Gas Co. $3.50 prior pref. (quar.)
Birmingham Water Works Co., 6% pref. (quar.)
Bliss (E. W.) Co. of Del.—
Representing 6
Representing 6
mos.
mos.
t30c
10c
V
lIil
$1H
S1H
87 He
$1H
div. (6% conv. pref.)
div. (5% conv. pref.)
Optional div. l-32d sh. of com. stk.
Borden Co. (interim)
Boston & Albany RR. Co. (quar.).-Boston Elevated Ry. Co. (quar )
or
75c
62 He
$1H
75c
30c
$2
-
$1H
25c
(quar.)
75c
Brewing Corp.
Brager Eisenberg. Inc. (quar.)
or America
50c
10c
Bristol-Myers Co. (quar.)
60c
Amer. dep. receipts for ord. reg. (interim)
Amer. dep. receipts for 5% pref. reg. (s.-a.)
Amer. dep. receipts for 5% pref. bearer (s.-a.)_
7d
2H%
2H%
BrooKlyn Edison Co., Inc. (quar.)
Brooklyn Telegraph & Messenger Co. (quar.)
15 Aug.
15 Aug.
Brown Fence & Wire Co. A preferred
Brown Shoe Co., Inc. (quar.)
1 Sept.
5
1 Aug. 15
1 Aug. 15
Brunswick-Balke-Collender Co.,
$5 preferred (quar.)
Buckeye Pipe Line
$2
$1H
t$lH
50c
50c
common
S1M
15
Sept. 30 Sept.18
Sept. 2 Aug. 14*
1
Sept. 2 Aug.
Oct.
1 Sept.
3
Oct.
1 Sept.
3
Sept. 2 Aug. 15
Sept. 2 Aug. 20
Sept. 2 Aug. 20
Sept. 30 Sept.
Sept. 26 Sept.
Sept. 16 Aug.
Sept. 2 Aug.
Sept. 2 Aug.
20
10
27
21
21
Oct.
14
15 Oct.
Sept. 30 Sept.20
Sept. 15 Sept. 5
Sept. 15 Sept. 5
Dec.
15 Dec.
5
Bui lard Co
50c
Bullock's, Inc. (Los Angeles) (quar.)
1 Aug.
50c
Bunker Hill & Sullivan Min. & Concent. Co.(qu)
Bunte Brothers 5% preferred (quar.)
25c
5%
Preferred
Burgess Battery
$1H
$1H
(quar.)
Co
15c
Burkhart (F.) Manufacturing Co
Burlington Mills Corp. common
50c
35c
$2.75
conv. preferred (quar.)
Corp. ord. reg. (final)
Burroughs Adding Machine Co.-
68 He
Burma
Butler Brothers
common
15
30
5*
15
9
9
30
15
2
19
15
26
20
20
12
Oct.
1 Sept. 15
Oct.
1 Sept. 15
1 Sept. 10
Oct.
Oct.
1
Sept. 10
15 Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1
1
Aug. 4
2 Aug. 22
2 Aug. 15
25 Sept. 15
30 Sept. 15
30 Sept. 15
1 Aug. 18
Sept.
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Sept. 30 Sept. 12
Sept. 30 Sept. 12
Sept. 2 July 31
Sept. 2 Aug. 20
Sept. 15 Aug. 21
Sept. 5 Aug. 11
Sept. 2 Aug. 11
Sept. 10 Aug. 29
Sept. 10 Sept. 5
Sept. 3 Aug. 15
Sept. 2 Aug. 20
Sept. 1 Aug. 20
Aug. 25 Aug. 15
Sept. 1-Aug. 16
Sept. 1 Aug. 15
Sept. IIAug. 15
Oct.
1 Sept. 10
Oct.
1 Sept. 10Sept. 2 July 31
Sept. 2 Aug. 15
Oct.
1 Sept. 15
Sept. 30 Sept.
Sept. 30 Sept.
Sept. 1 Aug. 16
Sept. 2 Aug. 15
Sept. 15 Aug. 23
Sept.
Aug. 16
Sept.
Aug. 11
Sept. 15 Sept. I
Oct.
Sept. 15
June 15
Sept.
Sept. 15 Aug. 31
Sept. 23 Sept. 9
Sept.
Aug. 12
Sept.
Aug. 15
Sept.
Aug. 15
Oct.
Sept. 12
Oct.
Sept. 10
Oct.
Sept. 10
Sept.
Aug. 18
Sept. 15 SeDt. 2
Sept. 2 Aug.
2
Sept. 25 Sept. 12
Sept.
Aug. 21
Sept. 15 Sept. 5
_
_
Sept.
8ept.
Sept.
Aug. 23
Aug. 23
Aug. 11
Oct.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.15 Sept.
20
20
2
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 30 Sept.
Sept. 2 Aug.
15
15
25
14
Sept.
Sept.
Aug.
Aug.
Sept.
Aug.
Sept.
15
30
Aug. 30 Aug.
Sept. 2 Aug.
Aug. 30 Aug.
Sept. 2 Aug.
Sept. 15 Sept.
Oct.
1 Sept.
Sept. 15 Aug.
Sept. 30 Sept.
Aug. 30 Aug.
Sept. 2 Aug.
Sept. 2 Aug.
8
21
18
20
5
20
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
5
15
15
3
annas
15c
-
5 % conv. preferred (quar.)
Butler Water Co., 7% preferred (quar.)
15c
37 He
$1H
Byers (A. M.) Co., 7% pref. (accumulated)
Div. of $2.0417, representing the quarterly
div. of $1.75 due May 1, 1938, and interest
thereon to Sept. 1, 1941.
California Ink Co.. Inc. (irreg.)
75c
Califor nia-Western States Life Ins. Co. (s.-a.)._
Calumet & Hecla Consolidated Copper Co
50c
25c
10
23
9
Aug. 20
Aug. 25
Aug. 15
Sept.
Sept.
Sept.
Sept. 30
Oct. '41
Oct. 41
Dec.
22
8
11
11
25
1 Nov. 24
Sept. 15 Sept. 5
Sept. 2 Aug. 14
Sept.
Aug. 15
Sept.
Aug. 15
Oct.
Aug. 18
Sept.
July 28
Sept.
Aug.
6
Sept.
Aug.
6
Sept. 15 Sept. 2
Sept. 1 Aug. 16
_
Sent. 20
;
1
1 Mar. 31
1 Aug. 21
2 Aug. 22
British-American Tobacco Ltd.—
15 Aug. 29
15 Aug. 29
i9
19
25
15
15
cash.
-
Boyertown Burial Casket Co.
Bower Roller Bearing Co
25c
t$3H
t$4.55
$1H
Bloch Bros. Tobacco Co. 6% pref. (quar.)
Blue Ridge Corp. $3 conv. pref. (quar.)
31 Oct.
Sept. 22 Sept.
Oct.
1 Sept.
Sept. 2 Aug.
Sept. 12 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
$1 M
til H
$1
Armour & Co. (111.) $6 prior preferred
Armstrong Cork Co., 4% prer. pref. (quar.)
conv.
Oct.
Sept.
Sept.
t75c
$1H
$1H
..
—
(quar.)-..
$1.50
Sept. 20 Aug. 30
Sept.
Aug.
Sept. 15 Aug.
Oct. 15 Sept.
Aug. 30 Aug.
Oct.
1 Sept.
Sept. 15 Aug.
Oct.
2 Sept.
Oct. 15 Sept.
Sept. 2 Aug.
Sept. 2 Aug.
Sept. 15 Aug.
50c
_
Share
Holders
Payable of Record
30c
Class B
Archer-Daniels-Midlana Co
—
Name of Company
1941
Radiator & Standard Sanitary Corp.—
7% preferred (quar.)
Associates Investment Co.
Oct.115
When
Per
Holders
Payable of Record
Oct.
Oct.
Aug. 30,
Sept. 10
|Sept. 15 Aug. 29
iSept.13 Aug. 30
Volume
The Commercial & Financial Chronicle
153
Per
Name of
Company
Share
Canada Cement Co., Ltd., 6H % Dref.
(accuml.)
Canada Crushed Stone
Corp., Ltd. (interim)
Canada Dry Ginger Ale Co. (quar.)
t$XH
110c
15c
Canada A Dominion Sugar Co., Ltd.
(quar.)
Canada Foundries & Forgings. class A
*37 He
37 He
:37Hc
15Jc
15Cc
(quar.)_
Class A (quar.)
Canada Malting Co., Ltd. (quar.)
Canada Starch Co., Ltd. (irregular)
Canada Vinegars, Ltd. (quar.)
...
iiOc
Canada Wire & Cable Co., Ltd., class A
(quar.)
Class B (interim)
isi
150c
_
_____
6H % preferred (quar.)
Canadian Breweries, Ltd., S3 pref. (accum.)
Canadian Foreign Investment
J$1H
Holders
When
Pay able ^of
Per
Name
Record
Sept. 2|Aug.
Sept. 15 Sept.
1
1
15 Dec.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
15. Aug.
15 Sept.
7p Aug.
15 Aug.
15 Aug.
15 Aug.
1 Sepc.
30
Sept.
Sept.
Sept.
Sept.
15
13
30
176c
Oct.
t$2
Oct.
Quarterly
6 H % preferred (quar.)
Quarterly
8
15
31
31
31
13
Canadian General Electric Co., Ltd. (quar.)__
Canadian General Investments. Ltd. (quar.)
Canadian Industries, Ltd., class A
_
*$2
_
Oct.
Oct.
Oct.
Class B
1$1H
ill
+$2
6% preferred (quar.)
Canfield Oil Co., 6 % pref. (quar.)
Common (irreg.)
Capital City Products
Oct.
t$lH
$1H
$2
15c
1 Sept. 20
Class B
2 Aug
Capital Wire Cloth A Mfg. Co., Ltd.—
138c
10c
S1H
$1H
14c
12c
—
Extra
Carman & Co., Inc., $2 class A (quar.)
Class B
;
50c
25c
Carolina Telephone & Telegraph Co. (quar.)
_
$2
50c
—
$1H
__
50c
Central Arkansas Public Service 7% pf. (qu.)
Central Cold Storage Co. (quar.)
Si H
—
25c
Central Illinois Light Co.
4H% pref. (quar.)
Central Illinois Public Service Co. $6 pref
SI H
tSlH
tSlH
SI H
—
6% preferred
Central Ohio Light A Power Co., $6 pref. (quar.)
Central Paper Co., Inc., common (quar.).
3% to6% conv. pref. (quar.)
3% to6% non-conv. pref. (quar.)
Central Patricia Gold Mines, Ltd. tquar.)
■.
15c
15c
15c
14c
Extras—-—4,—w-*
12c
Aug. 12
Sept. 20
Sept. 20
Sept. 20
Oct.
Sept. 3
Oct.
Sept. 3
Sept.
Aug. 15
Aug. 15
Sept.
Oct.
Sept. 24
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 12
Aug. 30 Aug. 15
Sept. 2 Aug. 15
Sept.15
„.8ept. 5
Oct
llSept. 19
Sept. 15 Aug. 20
Sept. 15 Aug. 20
Sept. IIAug. 16
Sept. 2 Aug. 22
Sept. 30 Sept. 30
Sept. 30 Sept. 30
Sept. 30 Sept. 15
Sept. 30 Sept. 15
I
$7 prior lien preferred
$6 prior lien preferred
tSl M
tSlH
Central Steel & Wire Co. 6% pref. (quar.)
Century Ribbon Mills 7 % pref. (quar.)
75c
1
_
-
Champion Paper A Fibre, common.
6% preferred (quar.)
Chartered Investors, Inc., $5 pref. (quar.).
Chesapeake-Camp Corp. 5% pref. (quar.).
Chesapeake Corp. (West Point, Va.)
Chesapeake & Ohio Ry. Co. common (quar.)
4% non-cum. serins A preference (quar.)
Chesebrough Mfg. Co- (consolidated (quar.)
■
25c
$1)4
ii
75c
$1
t
vExtra---—i—.i-—i':-—————-i..,—
Chestnut Hill RR. Co. (quar.)
'_
t50c
$1H
12Hc
25c
common
Chrysler Corporation-
-----—-
Cincinnati Gas & Electric 5% pref. A (quar.)
Cincinnati New Orleans & Texas Pacific Ry.—
5% preferred (quar.)_
National Bank A
wood, N. J.) (quar.)——
Co.
——————
common
7% preferred (quar.)
Cleaiing Machine Corp. (quar.)
Cleary Hill Mines Co. (quar.)
Cleveland & Pittsburgh RR. reg. stock (quar.)
Special guaranteed (quar.)
$2
t$3H
t$3
2 Aug. 15
$1
$1H
$1
$1H
$1H
35c
50c
—
87 He
50c
l'Oct.
21
Sept. 2 Aug. 11
Sept. 2 Aug. 11
Sept. 15 Aug. 30
8ept. 15 Aug. 26
Sept. 15 Aug. 26
Oct.
1 Sept. 15
Sept. l'Aug. 20
Sept. 2 .Aug. 11
Sept. 2 Aug. 11
$1H
50c
7% preferred (quar.)
Dempster Mill Mfg. Co., 5% pref. (quar.)
Dentists' Supply Co. of New York (quar.)
7% pref. (quar.)-.u—
Quarterly.--—--7 % pref. (quar.)
35c
m
$1H
75c
-
$1 J4
—
Denver Union Stock Yards Co., 5H % pref. (qu.)
Des Moines Joint Stock Land BankSecond liquidating
]
1 Nov. 22
Sept. 15 Sept. 2
1 Aug. 29
Sept. 15 Aug. 30
Oct.
—
Sept. 2 Aug. 18
Sept. 13 Sept. 3
Sept. 15 Sept. 5
Sept. 2 Aug. 20
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Sept. 1 Aug. 23
Sept. 3 Aug. 20
Oct.
Dec.
1 Oct.
1
2 Nov. 20
Dec. 23 Dec. 23
Sept.
$14
Detroit Gasket A Mfg. Co., 6% pref. (quar.)
Detroit Hillsdale A Southwestern RR. (s.-a.)
30c
2 Aug. 20
Sept.
Sept.
2 Aug. 15
2 Aug. 15
Corp..
$2
1-5-42 Doc. 20
50c
—
Detroit Steel
Sept. 25 Sept. 13
Sept. 10 Aug. 30
Sept. 15 Aug. 30
Sept. 15 Aug. 29
Sept. 15 Aug. 29
Sept. 15 Aug. 29
Sept. 12 Aug. 30
Sept. 2 Aug. 12
Sept. 2 Aug. 12
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Sept. 2 Aug. 21
Sept. 15 Aug. 30
Oct. 15 Sept. 25
Oct.
LSept.10
Aug. 30 Aug. 15
Detroit Steel Products Co_
Devonian Oil Co
25c
Dewey & Almy Chemical Co., common
35c
25c
.Class B—
35c
$5 convertible preferred (quar.)
$1)4
Diamond Alkali Co_
Diamond Match Co. (irreg.)
Preferred (semi-annual) ——————
Dictaphone Corp., common
8% preferred (quar.)—
50c
37&
50c
$2
$1H
i
-
Di-Noc Mfg. Co. 6% conv. pref. )quar.)
Distillers Corp .-Seagrams, Ltd. (quar.)
,55&c
Dixie-Vortex Co., common.$2.50 class A (quar.)
62 He
Dominguez Oil Fields Co. (monthly).
Dominion & Anglo Investment Corp., Ltd.—
5% preferred (quar.)
Dominion Envelope & Cartons (Western), Ltd.
7% 1st preference (quar.)
Dominion Foundries A Steel. Ltd., 6% pref. qu.)
Dominion-Scottish Investments, Ltd.—
5% preferred (accum.)
Dominion Textile Co., Ldt., com. (quar.)
7% preferred (quar.)
Dr. Pepper Co. (quar.)
Dover & Rockaway RR. Co. (s.-a.)
Doyle Machine A Tool (initial)
-
7% preferred (quar.)
Nov.
75c
t$lH
,
Daniels & Fisher Stores Co. (quar.)___
Dayton Power & Light Co. 4H % pref. (quar.)
Deere & Co., common (irreg.)
Dun & Bradstreet, Inc., com. (quar.)
$6 preferred (quar.)
Duncan Electric Mfg. Co
Sept. 30 Sept. 15*
Sept. 2|Aug. 23*
15
Corp.
Cutler-Hammer, Inc. (irreg.)
Driver-Harris Co., common
15
1-2-42 Dec.
Sept. 11 Aug. 19
Sept. 1 Aug. 19
Sept. 10 Aug. 30
Sept. 10 Aug. 30
Sept. 2 Aug. 15
week was intended for the Continental Steel
Cushman's Sons. Inc.. 7% pref.
1 Sept.
5c
—
Curtiss-Wright Corp.. class A (increased)
Correction: Dividend on 7% preferred stock
in our new announcements last
1 Sept. 30
25c
25c
tllH
Sept.
1 Aug. 15
tMH
1$1H
Sept.
Sept.
Aug. 20
Aug. 20
J50C
1$1H
tlH
15c
$3
10c
60c
$1 H
—
50c
Oct.
1 Aug. 20
1 Sept. 15
Oct.
15 Sept. 30
Sept.
Sept. 1
Oct.
1 Sept. 30
Aug. 30 Aug. 15
Sept.25 Sept. 16
Oct.
1 Sept. 20
Sept. 10 Aug. 22
Oct.
1 Sept. 25
Sept. 10 Aug. 30
du Pont (E. I.) de Nemours & Co.—
Common (interim)-----—
——————
$1H
Sept. 13 Aug. 25
$4.50 preferred (quar.)
Duquesne Light Co. 5% preferred (quar.)
S1H
$1H
Oct.
25 Oct.
Oct.
15 Sept. 15
Durez Plastics A Chemicals, Inc., common
50c
7% preferred (quar.)—————————
6% preferred (quar.———
Eagle-Pitcher Lead Co., common
6% preferred (quar.)
East Malartic Mines, Ltd
— .
$1X
m
$1H
110c
Sept.
Sept.
Sept.
Oct.
Oct.
10
2 Aug. 15
2 Aug. 15
2 Aug. 15
1 Sept. 15
1 Sept. 15
Aug. 30 Aug.
1
East St. Louis & Interurban Water Co.—
...
....
...
Collateral Trustee Shares of New York series A—
Collins & Aikman Corp., common
5% conv. Dref. (quar.)_
Colonial Finance Co. (Lima, Ohio)—
5H% preferred (quar.)
——
Colonial Stores, Inc., common (quar.)
5% preferred A (quar.)
Columbia Broadcasting System Inc., class A
_
Columbian Carbon Co. (quar.)
Commonwealth Loan Co.
(Indianapolis)—
5% preferred (quar.)
Commonwealth Utilities Corp. 6H% pref. (qu.)_
6% pref. (quar.)
6 H% preferred "O" (quar.)
31 He
Sept. 15'Aug. 25
75c
Oct.
1, Sept. 12
$565
Oct.
1 Sept. 12
$1.06)4 Sept. 30 Sept. 9
12«*c
Aug. 31|July 31
25c
Sept. 2 Aug. 19
$1)4 Sept. 2 Aug. 19
Sept.
Sept.
Sept.
Sept.
Sept.
Sept. 10
(qu.)
com. v.t.c.
—
Quarterly.
Congoleum-Nairn, Inc. (quar.)
Coniaurum Mines, Ltd
Connecticut Light & Power, common (quar.)
5H% preferred (quar.)
Connecticut Power Co. (quar.)
Connecticut River Power Co., 6% pref. (quar.)
Consolidated Aircraft Corp. $3 conv. pref. (final)
Consolidated Cement Corp., class A
Consolidated Cigar Corp. 7% pref. (quar.)
Consolidated Edison Co. of N. Y., Inc. (reduced)
Consolidated Film Industries, Inc., $2 pref
Consolidated Gas El. Lt. & Pow. Co. (Bait.)—
Common (quar.)
4H% preferred B (quar.)
4% preferred C (quar.)
Consolidated Investment Trust (quar.)
Special
Consolidated Paper Co. (quar.)
Consolidated Retail Stores, 8% pref. (quar.)__
Consumers Gas (Reading, Pa.) (irreg.)
Continental Baking Co. 8% preferred (special)__
Continental Can Co. (interim) _:
... — „
___ „
.—
___.
.
_
_
_
_
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
7% preferred (quar.).——
6% preferred (quar.)
——
Eastern Mass. Street Ry. Co. 6%
1st pref
Eastern Shore Pub. Serv. Co., $6.50 pref. (qu.)
$6 preferred (quar.)
—
—
Eastman Kodak Co. of New Jersey com. (quar.)
18
6% preferred (quar.)--—
Eddy Paper C orp
—
Edison Bros. Stores, Inc., common (quar.)
20
20
22
22
22
preferred (quar.)
Electric Storage Battery Co. (quar.)
Electrographic Corp. common (quar.)
7% preferred (guar.
Elgin National Watch Co.
5%
conv.
1 Nov. 14
Sept.15 Sept. 5
Sept. 15 Sept. 5
Sept 30 Sept. 25
D„»c.
31
Dec.
14
Sept. 15 Sept. 2
Sept.25 Sept. 12
Oct.
1 Sept. 15
Sept. 1 Aug. 15
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Aug. 30
Sept.15 Aug. 30
Sept. 2 Aug. 15
Sept.15 Aug.
8
Oct.
1 Sept. 10
$1H
$1H
t$lH
$1H
$1H
$1H
$1H
37 He
30c
62 He
50c
25c
$154
25c
Elizabeth A Trenton RR. Co., com. (s.-a.)
Sept. 30 Sept. 15
Aug. 30 Aug. 15
Oct.
1 Sept. 15
Dec.
Confederation Life Association (Toronto) (qu.)_
llSept.20
15
■•y-s, reported
Oct.
$1)4
5% 1st preferred (quar.)..
CocarColaCo
Coca-Cola International Corp. (irreg.)
Colgate-Palmolive-Peet Co.,$4.25 pref.(quar.)_
_
$1)4
$1H
Oct.
Coast Counties Gas A Electric Co.—
.
25
15
1-2-42 Dec. 15
Oct.
1 !Sept. 15
Dec.
30c
$1
75c
Compo Shoe Machinery Corp.,
$2.50 cony, preferred (quar.)
20
15
8
15
10c
(quar.)__
20c
30c
50c
—
1
20
30
8
8
5
5
20
15
20
25
Sept. 13 Aug. 25
1 Sept. 15
Sept.
Clark Equipment Co., common
—
15
Oct.
Clark Controller Co
.....
30
30
1
20
30
(Engle-
6H% preferred (quar.)
City Nat'l Bank A Trust Co. (Chicago) (quar.)
City of New Castle Water Co., 6% pref. (quar.)
City Water of Chattanooga, 5% prer. (quar.)
Class B-_-
Oct.
$1)4
Trust
Citizens A Southern Nat. Bank (Savannah, Ga.)
Common
City Ice & Fuel Co.
$32 H
$1)4
$1H
$1X
___
Citizens
SI
60c
75c
Chicago Corp. $3 preferred
Chicago Flexible Shaft Co
Chicago Rivet & Machine Co. (irreg.)
Chicago Yellow Cab Co., Inc. (quar.)
Christiana Securities Co.
7 % preferred (quar.)
$1 H
Sept. 20 Aug.
Sept. 20 Aug.
Sept. 20 Sept.
Sept. 2 Aug.
Sept. 15 Aug.
Oct.
1 Sept.
Sept. 2 Aug.
Oct.
1 Sept.
Sept. 10 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 29 Sept.
Sepo. 29 Sept.
Sept. 4 Aug.
Sept. 1 Aug.
Sept. 30 Sept.
Sept. 15 Aug.
Sept. 2|Aug.
Sept. 15 Aug.
■
Record
Sept. 2 Aug.
Sept. 29 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 3 July 29
Sept. 15 Sept. 1
Sept. 15 Aug. 25
Sept. 1 Aug. 11
Sept. 15 Aug. 29*
Sept. 1 Aug. 13
Sept. 30 Sept. 15
Aug. 30 Aug. 15
Aug. 30 Aug. 15
Aug. 30 Aug. 15
Sept. 30 Sept. 16
Aug. 30 Aug. 25
Aug. 30 Aug. 25
1 Sept. 28
Oct.
_
Cuneo Press. Inc.. 4H% preferred (quar.)..___
Curtis Publishing Co. prior pref. (quar.)
1
Sept. 30
Sept. 30
Sept. 30
Sept.
Central A South West Utilities Co.—
"
_
Extra
$1.50 conv. preference (quar.)
Carey (Phillip) Mfg. Co. common (irreg.)
6% preferred (quar.)
5% preferred (quar.)
Cariboo Gold Quartz Mining Co., Ltd. (quar.)
Carthage Mills, Inc., common
6% preferred A (quar.).
6% preferred B (quar
".).
Case (J. I.) Co. 7% preferred (quar.)
Caterpillar Tractor Co. (quar.)___
20c
__
7% preferred (quar.)
8% pref. (quar.)
Cudahy Packing Co. 7% preferred
6% preferred—
Culver & Port Clinton RR. Co. (extra)
15
Sept. 30 Sept. 20
Sept. 30 Sept .20
Sept. 25 Sept. 15
Sept.
$1)4
$1)4
$1H
$1H
$1)4
7
10c
_
30
12c
25c
__!
_
Sept. 30
Sept. 30
Tuly 23
Sept.
Sept. 26 Sept. 6
*50c
Canadian Oil Cos., Ltd., 8% pref. (quar.)_
Canadian West Nat. G. L. H. & P. Co., Ltd.—
25c
$4preferred (quar.)
;
$1
Copperweld Steel Co. common
20c
5% conv. preferred (quar.)
62Hc
Corrugated Paper Box Co., Ltd., 7% pf. (accum) t$l)4
Courtauld's, Ltd., Am. dep. rec. fot ord.reg.(in¬
terim)
a2%
Crane Company, 5% conv. preferred
(quar.)
Creameries of America, common (quar.)
12Hc
$3-50 convertible preferied
87 He
(guar.)
Crown Cork & Seal Co., Inc., $2.25 pref. (qu.)_.
56Hc
Crown Zellerbach Corp. $5 conv. pref.
(quar.)#_
Crucible Steel Co. of Amer. 5% conv. pref. (qu.)
$1
Crum & Foster Ins. Shares Corp. class A (quar.)_
30c
Oct.
h
30c
Cook Paint & Varnish Co.
(quar.)
Oct.
7% preferred (quar.)
Canadian Internat. Invest. & Tr., Ltd. (accum.)
Canadian Malartic Gold Mines, Ltd
Holders
Share
7% preferred (quar.)
Continental Telephone Co. 7% partic. pref.
(qu.)
15
Dec
of Company
Continental Casualty Co. (Chicago) (quar.)
Continental Oil Co
Continental Steel Corp., common
Sept. 20 Aug. 30
Sept. 30 Sept. 15
Sept.24 Sept. 10
Corp., Ltd.
8% preferred (quar.)
1227
$1
5% preferred (s.-a.)--------——————
$1)4
Elmira & Williamsport RR. Co. (s.-a.)
El Paso Electric Co. (Del.) 7% pref. A (quar.)__
$1.14
$154
$1H
6% pref. B (quar.)
El Paso Natural Gas Co. 7% pref. (quar.)
$154
60c
Quarterly
25c
Ely & Walker Dry Goods Co. (quar.)
Empire A Bay State Telegraph Co.—
$1
4% guaranteed (quar.)
$1H
Empire Power Corp. $6 pref. (quar.)
$2.25 cumul. participating shares
t75c
40c
Employers Casualty Co. (Dallas) (quar.)
$1H
Engineers Public Service Co., $6 pref. (quar.) —
$5.50 preferred (quar.)
$154
$5 preferred (quar.)
$1)4
English Electric Co. of Canada, Ltd.—
$3 non-cum. class A
$62 He
87 He
Erie& Pittsburgh RR. 7% guar, (quar.)
50c
Faber, Coe A Gregg, Inc. (quar.)
50c
Fairbanks, Morse & Co
50c
Fajardo Sugar Co. of Porto Rico.
Includes div. declared by Fajardo Sugar Grow—
—
-
——.
Oct.
Oct.
Oct.
Sept. 15
Sept. 15
Sept. 2
Oct.
1
Sept. 15
„
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Aug.
15
15
15
2
2
21
15
29
l1 Sept. 20*
Sept. 15 Aug. 25*
Oct.
—
-=
ers
Assn..
an
2 Aug. 11
Sept. 2 Aug.
Sept. 15 Sept.
Sept. 1 Aug.
Sept. 1 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Sept. 29 Sept.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 30 Sept.
Sept. 2 Aug.
Sept. 2 Aug.
Sept. 22 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
11
2
9
9
5
5
15
30
30
9
25
25
6
20
20
Oct.
1 Oct. 20
15 Sept. 30
Oct.
15 Sept. 30
Nov.
Sept. 1 Aug. 15
Sept. 30 Sept. 16
Sept. 2 Aug. 22
Sept. 2 Aug. 21
Sept. 20 Sept. 5
Sept. 20 Sept. 11
Nov.
1 Oct. 25
Oct.
Oct.
Oct.
1 Sept. 12
1 Sept. 12
1 Sept. 12
Sept. 15
Sept. 10
Sept. 2
Sept. 2
Sept. 2
Aug. 30
Aug. 30
Aug. 15
Aug.
9
Aug. 15
affiliate.
Falconbridge Nickel Mines, Ltd.
Falstaff Brewing Corp. (quar.)
Aug. 30 Aug. 16
Oct.
1 Sept. 16
3c
Preferred (semi-ann.)
Fansteel Metallurgical Corp. $5 pref. (quar.)—
—
National Bank (Pitts.) (qu.)
Sept.29 Sept.
Aug. 30 Aug. 16
10c
$5 preferred (quar.)
J5c
15c
—___—
Extra
Farmers Deposit
Sept.
—
$1H
$1)4
$1H
9
Sept. 30 Sept. 15
Dec.
18 Dec.
15
Sept. 30
Per
Name of
Farmers & Traders Liu
Share
Company
lusurai ce <quar.)-
Federal Bake Shops, Inc. (quar.)
—
Federal Compress & Warehouse Co. (quar.)
Ffxleral Insurance Co. of New Jersey (quar.)___
Federal Light & Traction Co., $6 pref. (quar.)..
Federal Mining & Smelting Co
$2M
25c
50c
35c
$1M
$1
25c
Federal Mogul Corp
25c
Ferro Enamel Corp....
Field (Marshall) &
$1M
Co., 6% pref. (quar.)
6% preferred (2d series) (quar.)
—
Union Trust Co. (Cin.) (quar.)
Quarterly
L
Finance Co. of America com class A (quar.)
Common class B (quar.)
5M% preferred (quar.)
Firemen's Fund Indemnity Co. (San Francisco)
Quarterly
■- Firestone Tire & Kubber Co. 6% pref. A (quar.).
First Bank Stock Corp. (s.-a.)
First National Bank (Atlanta, Ga.) (quar.)
First National Bank (Hartford) (quar.)
First Nat Bank (Hazleton, Pa.) (quar.)
First National Bank (Mt. Vernon, N. Y.)—
Common (quar.)
First Nat. Bank (North Easton, Mass.) (quar.)
First National Bank (Pittsburgh) (quar.)
First Nat. Bank & Trust Co. (Lexington. Ky.)
I
When
Oct.
oj
I Sept.
Sept. 30 Sept.
Sept. 2 Aug.
Oct.
1 Sept.
Sept. 2 Aug.
Sept. 19 Aug.
Sept. 15 Sept.
Sept, 20 Sept.
SeptI30 Sept.
Sept. 30 Sept.
1
5% preferred (quar.)
Fishman (M. H.) Co.. Inc. (quar.)
Fitz Simmons & Connell Dredge & Dk.
Hobart Mfg. Co. class
5
Oct.
SIM
$2 M
Oct.
25c
Oct.
$2
$2
Oct.
1 Sept.
30
Oct.
4
25c
Nov.
1 Sept. 26
1 Oct. 20
Nov.
1 Oct.
25c
20c
20c
17 Mc
1714c
25c
-
SIM
87Mc
Foote-Burt Co
50c
(final)
Franklin County Distilling Co., Inc.—
$0.60conv. pref. (quar.)
Freeport Sulphur Co. (quar.)
Fruehauf Trailer Co. common (quar.)
2Q
Sept. 15 Aug. 15
Sept. 15 Aug. 15
Sept.
1 Aug. 15
Sept, 1 Aug. 22
Sept.
Sept.
Sept.
1 Aug. 20
1 Aug. 20
2 Aug 20
Dec.
1 Nov. 20
Sept. 15 Sept. 10
Sept. 15 Sept. 10
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept. 15 Sept. 5
15c
50c
35c
—
SIM
SIM
SIM
50c
SIM
12Mc
12Mc
12Mc
Extra
5M % preferred (quar.)
General America Corp. (quar.)
General Bottlers, Inc., $0.55conv. pref. (quar.).
General Box Co. (quar.)
68 Mc
7,5c
13 Mc
lc
SIM
General
Cigar 7% pref. (quar.)
Common (quar.)
General Electric Co., Ltd. (Great Britain)—
Amer. dep. rets, ordinary registered—
25c
Sept. 30 Sept. 10
Sept. 2 Aug. 15
Sept. 2 Aug. 20
Sept. 2 Aug. 20
Oct.
1 Sept. 22
Oct.
1 Sept. 30
Sept. 15 Sept. 5
Sept. 15 Sept. 5
Sept. 2 Aug. 25
Sept. 15 Aug. 30
Sept. 15 Aug, 30
Sept. 15 Aug. 30
Sept.
1 Aug. 15
Sept. 15 Aug. 30
Oct.
1 Sept. 10
Sept. 1 Aug. 15
Sept. 15 Aug. 18
General Motors Corp. common (irreg.)
Nov. 15 Nov#
Nov. 15 Nov.
Nov.
SIM
25c
General Refactoiies
tSIM
General Shareholdings Corp., $6 conv. pref
1 Oct.
6
5
-
UUErt^rly*
#
.
m
Indianapolis Power & Light Co
—
Indianapolis Water Co. 5% pref. series A (quar.)
Class A
(initial)
Industrial Bank & Trust Co- (St. Louis), quar.).
Industrial Credit Corp. of Lynn, common (qu.)_
7% preferred (quar.)
Ingersoll-Rand Co
Inland Steel Co. (quar.)
Inspiration Consolidated Copper
International Harvester Co.
7%
pref.
of common stock.
40c
62m
20c
Extra
Gillette Safety Razor Co. $5 preferred (quar.)__
Glens Falls Insurance Co. (quar.)
Globe-Democrat Publishing Co., 7% pref. (qu.)
_
Globe & Rutgers Fire Ins. Co., 5% 2nd pref.(s-a)
Gold & 8tock Telegraph Co. (quar.)
Golden Cycle Corp
Goodrich (B. F.) Co. $5 pref. (quar.)
SIM
40c
IVi
S7sl
Goodyear Tire & Rubber Co., common
$5 conv. preferred (quar.)
Gorham Manufactuiing Co. (irreg.)
25c
Gossard (H. W.) Co
Grace National Bank
(N. Y.) (s.-a.)
Granby Consol. Min. Smelting & Pow. Co., Ltd.
Payable in U. S. dollars.
Subject to approval
of Canadian Foreign Control Board, less
15% Canadian dlvid nd tax.
S3
15c
Great Atlantic & Pacific Tea Co. of Amer. com..
SIM
$1 M
Sept. 15 Sept, 3
Oct.
Sept. 15
Aug. 15
Sept.
Aug. 15
Sept.
1
Nov.
Oct.
Oct.
Sept. 15
Aug. 20
Aug. 22
Sept. 30
Aug. 30
Sept. 23
Aug. 15
Aug. 15
Sept. 2
Aug. 14
Aug. 25
Aug. 15
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
10
30
15
15
15
2
1
2
50c
35c
7% 1st preferred (quar.)
Aug. 30 Aug. 15
Aug. 30 Aug. 15
Aug. 30 Aug. 25
Sept. 2 Aug. 20
Oct.
1 Sept.
5
Oct.
Great Lakes Terminal Warehouse Co
15c
Great Northern Paper Co
—
Great Northern Ry. Co., preferred
Great Southern Life Ins. Co. (Houston, Tex.)—
50c
Quarterly
Green Mountain Power Corp., $6 preferred
Greene Cananea Copper Co
—
Griesedieck West.Brew.Co. 514% conv.pf.(qu.)
Group No. 1 Oil Corporation (irregular)
Gulf Power Co. $6 preferred (quar.)
(Quarterly)—
Hackensack Water Co.. 7% pref. A (quar.)
Hajoca Corp. 6% pref. (quar.)
Hale Bros. Stores. Inc. (quar.)
Hall (C. M.) Lamp Co
Hall nor Mines, Ltd. (quar.)
Haloid Co
25c
6% preferred (quar.)
Oct.
Sept.
Sept.
Sept.
SIM
Hammermill Paper Co., common (quar.)
25c
Oct.
% preferred (quar.)
or Calif., class A (quar.)__
Hancock Oil Co.
Extra
50c
Class B
Extra
Hanley (James) Co. common (quar.)
7% preferred (quar.)
Hanna (M. A.) Co.. $5 pref. (quar.)
Harbison-Walker Refractories Co., common
6% preferred (quar.)
Harrisburg Gas Co., 7% preferred (quar.)
Harshaw Chemical Co., 4M% conv., pref. (qu.)
Hart Battery Co., Ltd.
Hart-Carter Co., $2 conv. pref. (quar.)
Harvill Aircraft Die Casting Corp___
Haverty Furniture Cos., Inc. $1.50 pref. (quar.)
Hawaiian Electric Co.. Ltd. (qaur.)
Hazel-Atlas Glass Co. (quar.)
Hazeltine Corp. (quar.)
Hecla Mining Co
Heileman (G.) Brewing Co. (Wise.)
Hein-Werner Motor Parts Corp. (quar.)
...
_
__
10 Oct.
Sept. 2
75c
Sept. 8
34 Mc Sept. 1
S100
Sept. 26
Oct.
1
SIM
1-2-42
SIM
43 Mc
Sept. 30
SIM
Sept. 2
25c
Sept. 2
20c Sept. 10
tl5c
Sept. 3
tSIM
25c
common
25c
50c
25c
25c
87 Mc
SIM
37Mc
SIM
SIM
SIM
t5c
50c
12Mc
37Mc
45c
SIM
75c
25c
25c
20c
10c
25c
SIM
30c
SIM
8Mc
45c
2Mc
62 Mc
sim
SIM
37 Mc
SIM
SIM
SIM
mn
JS3 M
1
si
25c
87 Mc
SIM
SI
25c
tlMc
SIM
Sept. 15
Sept.
1 Aug. 15
1 Sept. 24
1 Sept. 30
Oct.
1-2-42 Dec.
Oct.
40c
(quar.)
Oct.
Oct.
15 Oct.
Oct.
20c
12
Aug. 29
Sept.
5
Sept. 12
Aug. 12
Aug. 13
2 Aug. 15
Sept.
SIM
40c
(quar.)..
15 Dec.
10
15
30
30
2
Sept. 2 Aug. 15
Sept. 12 Aug. 22
Oct.
1 Sept.
1
Sept. 2 Aug. 11
Sept. 2 Aug. 11
Sept. 2 Aug. 20
Sept. 22 Sept. 10
40c
SIM
International Business Machines (quar.)
International Cigar Machinery Co. (irreg.)
International Coal & Coke Co., Ltd. (interim)
50c
International Ocean Telegraph Co. (quar.)
International Safety Razor Corp. class A (quar.)
International Silver Co. (resumed)
International Vitamin Corp
Quarerly
Jaeger Machine Co
Jantzen Knitting Mills. 5% preferred (quar.)..
Jewel Tea Co., Inc. (quar.)
Johns-Manville Corp., com. (irreg.)..
—
7% preferred (quar.)
—
Jones & Laughlin Steel Corp.—
Common (new) (resumed)
.....
5% preferred series A (initial) »quar.)
5% preferred series B conv. (initial) (quar.)..
Joslyn Mfg. & Supply Co. (com.)..
6% preferred (quar.)
Joy Manufacturing Co. (quar.)
Kaynee Co., 7% preferred (quar.)..
Keystone Steel & Wire Co. (irreg.)
Kaufmann Dept. Stores 5% conv. pref. (quar.).
Kemper-Thomas Co., 7% special pref. (quar.)..
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Aug.
Sept.
Aug.
Sept.
Sept.
1
15
25
1
10
20
Dec. 20
Sept.
Aug.
Aug.
Sept,
Aug.
1 Sept.
15 Aug.
2 Aug.
20 Sept.
1 Sept.
1 Aug.
1 Aug.
1 Aug.
1 Aug.
2 Aug.
2 Aug.
16
15
15
1
15
20
29
15
5
15
15
15
15
15
20
20
1 Aug. 15
2 Aug. 12
6
20 Oct.
15 Sept. 30
Sept. 2 Aug.
Aug. 30 Aug.
Sept. 1 Aug.
Sept. 2 Aug.
Oct.
J Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Sept. 16 Sept.
Sept. 15 Aug.
Sept. 15 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
Sept. 15 Aug.
7
15
1
15
7
18
5
12*
2
15
5
5
5
30
$1M
60c
SI
7Mc
25c
Interstate Hosiery Mills, Inc
Iron Fireman Mfg. Co. (quar.)
5
Sept. 24 Sept. 2
1 Aug. 18
Sept.
Payable in cash or at 44-lOOOths of one share
General Telephone Corp. (quar.)
$2.50 preferred (quar.)
Gibraltar First National Ins. Co. (s-a)
7% pref. (quar.)
Hydraulic Press Mfg. Co. 6% conv. pref. (qu.)._
Idaho-Maryland Mines (monthly)
Illinois Commercial Tel. Co. (Madison, Wis.)
Illinois Municipal Water Co. 6% pref. (quar.)_.
Illinois National Bank (Springfield, 111.) (quar.)
Imperial Life Assurance Co. of Canada (quar.)_.
—
$5 preferred (quar.)
General Outdoor Advertising class A
Preferred (quar.)
Hewitt Rubber Corp. (quar.)
,
50c
1 Sept.
Sept. 10 Aug.
Oct.
1 Sept.
Sept. 1 Aug.
Sept. 16 Sept.
Sept. 2 Aug.
Sept. 2 Aug.
Sept. 22 Sept.
Oct.
10 Sept
Sept. 26 Sept.
Sept. 10 Sept.
Oct.
15 Sept.
Sept. 2 Aug.
31
1
12*
22
15
7
2
4
15
5
22
10
4
20
5
International Nickel Co. of Canada—
Sept. 4 July 29
Sept. 4 July 29
Sept. 12 Aug. 14
«10%
a7M%
Bonus
Extra
,
Common (Dayable in U. S. funds)..
5% conv. preferred (quar.)
Fuller Brush Co., 7% pref. (quar.)
Fulton National Bank (Atlanta, Ga.) (quar.)
Gamewell C... common (irreg.)
.$6 convertible preferred (quar.)
Gar Wood Industries, Inc., 5% preferred
Gaylord Container Corp. common (quar.)
Hamilton Watch Co.
(irreg.)__
Huntington Water Corp.
6% preferred (quar.)
6%
Ford Motor Co., Ltd.
Sept.
Sept.
Sept.
Aug.
Sept.
Humble Oil & Refining Co
30
2M%
5% cum. partic class A (quar.)
5% non-cum. partic. class B (quar.)
(quar.)
7% preferred (quar.)
Flinticote Co., common
$4.50 preferred (quar.)
Florida Power Corp., 7% pref. A (quar.)
7% preferred
Dec
15c
.
20
10 Sept. 30
Oct.
16
25c
Horn &
1 Sept.
1 Sept.
1 June
Aug.
Honolulu Oil Corp
Hooker Electrochemical Co., 6% pref. (quar.)..
Sept. 15 Sept. 5
Sept.
1 Aug. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 20
25c
16
15
Aug. 15
Sept.
Sept.
Honolulu Plantation Co
—
(Hawaii) (quar.)
HardartCo. (N. Y.) 5% pref. (quar.)-_.
Horn (A. C.) Co.—
.
7% non-cum. prior participating pref. (qu./_„
6% non-cum. 2nd participating pref. (qu.)__
Hudson's Bay Co
30c
Oct.
21
21
20
60c
Common
SIM
Aug.
Aug.
Aug.
Sept.
Sept.
60c
Insurance
Quarterly
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept. 30 Sept. 20
50c
Holders
Sept. 9 Aug. 26
Sept. 15 Sept. 5
Sept. 15 Sept. 12
Home
Sept. 25
j:'
Co., com.
%5c
—
15c
6 Me
When
Payable of Record
Ltd.—
Monthly
Home Fire & Marine Ins. Co. (Calif.) (quar.)
1-2-42 Dec. 26
15c
xvmc
37Mc
A (quar.)
Hollinger Consolidated Gold Mines,
30, 1941
75c
Sept.
S1.06M Sept.
t31c Sept.
15c
Sept.
30c
E.) Co
Hires (Chas
5
15
15
Fitzsimmons Stores. Ltd.—
7% pref
Hibbard, Spencer. Bartlett & Co. (monthly)
Hinde & Dauche Paper Co. of Canada (quar.)__
$1
'
Fiscal Fund. Inc.—
Beneficial shares, bank stock series
Beneficial shares, insurance stock series
Share
Company
Heyden Chemical Corp
4 M % Preferred A (initial) (quar.)_
Hey wood-Wakefield Co., 5% pref. B___
10
15
21
20
18*
29
31 He
Diego) (qu.)
Per
Name of
liecra
$1
(Quarterly)
First Nat. Trust & Savs. Bank (San
Aug.
Holdoers
| Payable
Oct.
Fifth-Third
4M
Chronicle
The Commercial & Financial
1228
% special Dreferred (quar.)
Kendall Co., $6 partic. preferred A (quar.)
Kennecott Copper Co
Special
Key West Electric Co. 7% preferred A
Kilburn Mills (irreg.)
Kimberly-Clark Corp., com. (quar.)
6% preferred (quar.)
Kings County Lighting Co
7% preferred B (quar.)
6% preferred C (quar
*•)
5% preferred D (quar.)..
Kings burg Cotton Oil Co
Kingston Products Corp. 7% pref. (quar.)
Kinney Manufacturing Co., common
$6 non-cumulative preferred
Klein (D. Emil) Co. common
Kobacker Stores, Inc., 7% pref. (quar.)
Koppers Co. 6% preferred (quar.)
Kresge (S. S.) Co. (quar.)
Kress (S. H.) & Co. common
6 % special preferred (quar.)
Kroger Grocery & Baking Co. common (quar.).
7% preferred (quar.)
6% preferred (quar.)
Lake of the Woods Milling Co., Ltd., 7% pf.(qu)
,
30c
30c
50c
75c
SIM
60c
Oct.
SIM
SIM
Oct.
75c
SIM
30c
SI M
25c
SIM
SIM
6 Sept.
Oct.
1 Sept.
1 Sept.
Sept. 15 Sept.
Sept. 15 Sept.
Sept. 15 Aug. 30
Oct.
1 Sept. 23
Sept. 15 Aug. 30
Sept. 15 Sept.
1
Sept
2 Aug. 20
_
1 Nov. 20
$1 M
Dec.
SIM
Sept. 1 Aug. 10
Sept. 30 Aug. 29
Sept. 30 Aug. 29
Sept. 2 Aug. 15
Sept. 10 Aug. 29
Oct.
1 Sept. 12
25c
50c
tSIM
SI
25c
SIM
Oct.
1
SIM
SIM
SIM
Oct.
1 Sept. 15
1 Sept. 15
1 Sept. 15
5c
SIM
50c
50c
25c
SIM
SIM
30c
40c
15c
j50c
SIM
SIM
tSIM
Lake Shore Mines, Ltd
135c
Lake Superior District Power Co. 5% pref. (qu.)
Landis Machine Co.
SIM
7% preferred (quar.)
7% preferred (quar.)
Lane Bryant. Inc. (quar.)
Lane-Wells Co. (quar.).
SIM
SIM
Extra
Sept. 30 Sept. 2
Oct.
1 8ept.30
Sept. 2 Aug. 18
Sept. 1 Aug. 12*
Sept. 30 Sept. 26
Sept.
Aug. 30
9
Sept. 2 Aug,
Dec.
1 Nov. Oil
Sept. 10 Aug. 30
Aug. 31 July 25
Sept. 20 Sept. 6
Sept. 24 Sept. 10
Oct.
1 Sept. 17
10c
25c
25c
10c
Lang (John A.) & Sons, Ltd. (quar.)
tl7cM
t50c
Langley s, Ltd., 7% conv. pref
7% conv. preferred
T50c
Lanston Monotype Machine Co
25c
Le Tourneau (R. G.), Inc.—
$4.50 conv. pref. (initial quar.)
1M
50c
(Increased) (quar.)
Leath & Co., common
10c
$2-50 preferred (quar.)
Lehigh Portland Cement Co. 4% pref. (quar.)..
Lehn & Fink Products Corp
35c
,
Leslie Salt Co. (quar.)
65c
Lexington Telephone Co. (quar.)
SIM
Lexington Water Co. 7% pref. (quar.)
SIM
50c
Libby-Owens-Ford Glass Co
14c
Liberty Finance Co., participating pref. (qu.)
Life Savers Corp. (quar.)
40c
40c
Special
Liggett & Myers Tobacco Co., com. (quar.)
SI
Class B (quar.)
1
4
SIM
7% pref. (quar.)
30c
Lily-Tulip Cup Corp. (quar.)
Lincoln National Bank & Trust Co. (Syracuse,
N. Y.) quarterly
50c
Lincoln
National
Life
Insurance
Co.
(Fort
Wayne, Ind.) (quar.)
30c
Lincoln Service Corp. (Washington, D. C.)
Common (quar.)
25c
7 % prior preferred (quar.)
87 Mc
37 Mc
6% participating preferred (quar.)
Lincoln Stores, Inc., common (quar.) —'
30c
7 % preferred (quar.)
SIM
Link-Belt Co. common (quar.) (increased)
50c
6M% preferred (quar.)
SIM
Lionel Corp. (quar.)
15c
25c
Liquid Carbonic Corp
Lisk Manufacturing Co., Ltd
SI
.
62*|l
Oct.
Oct.
Sept.12
Sept. 15 Sept.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Oct.
1 Sept.
Sept. 1
Oct.
Aug.
1 Sept.
Sept. 12 Aug.
Sept. 13 Aug.
Sept. 13 Aug.
Sept. 2 Aug.
Nov.
1 Oct.
Oct.
1 Sept.
Sept. 2 Aug.
Sept. 15 Aug.
Sept. 2 Aug.
Aug. 15 Aug.
Sept. 15 Sept.
Dec.
15 Dec
Sept. 2 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Oct.
1 Sept.
Sept. 12 Sept
Dec.
12 Dec.
5
19
20
20
20
15
15
29
25
25
8
17
19
16
30
15
6
5
5
15
27
27
15
3
3
Aug. 30 Aug. 20
Sept.
1 Aug.
1 Aug.
1 Sept.
1 Sept.
1 Sept.
12 Aug.
15 Aug.
15 Sept.
2 Aug.
15 Aug.
30 Aug.
2 Aug.
2 Aug.
1 Aug.
1 Aug.
1 Sept.
15 Sept.
Oct.
9
15 Oct.
Sept.
Sept.
Oct.
Oct.
Oct.
Sept.
Sept.
Oct.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
9
15
15
13
29
23
30
11
29
25
1
1
15
15
12
2
Nov.
1 Oct.
25
Sept,
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
2lAug.
30
30
30
Sept.
Sept.
Oct.
Aug.
Sept.
Sept.
22
22
8
15
13
16
27
Volume
The Commercial &
153
Per
Name of Company
Share
_ _ _ _ .
.
_
Sept.
Nov. 24
Sept.
Aug. 25
Dec.
$1
Lock-Joint Pipe Co. (monthly)
$1M
Sept.
25c
Sept.
1 Aug. 20
1 Aug. 20
Dec.
1 Nov. 20
Dec.
1
20c
$1
___.
___
Extra
Aug. 11
J25c
J25c
Monthly
Corp.—
pref. (quar.)
—
pref. (partic. div.).—pref. (quar.)
pref. (partic. div.)
Lord& Taylor 6% 1st pref. (quar.)
—
Louisiana Land & Exploration Co
Louisville Gas & Elec. Co. (Del.) class A (qu.)__
partic.
partic.
partic.
partic.
-
:v
Class B i
Ludlow Manufacturing Associates
.-
25c
$1H
10c
37m
$2
Lunkenheimer Co. 6H% preference
6H ^ preferred (quar.)
$1M
Sl5/s
(quar.)
M%
-i
Nov
conv. preferred
Macassa Mines, Ltd.
$5 preferred (s.-a.)
National Malleable & Steel Casting Co. (irreg.)
National Oats Co. (quar.)
National Power & Light (quar.)
Aug. 20
Sept. 2*
Aug. 30
Aug. 30
Sept. 8
Sept. 20
Dec. 23
Sept.
15c
Sept.
Nov.
Nov.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug. 27
Aug. 11
Sept.
3
Sept. 15
Sept. 15
-
Dec.
Dec.
Aug. 30
Aug. 25
Aug. 25
Aug. 25
Aug. 29
Sept. 5
Aug. 15
Sept.
20c
25c
Manhattan Shirt Co
Manufacturers Trading Corp. common
Marshall Field & Co., 6% preferred (quar.)
.
Aug.
50c
._
-
6% preferred, second series (quar.)
Marshall & Ilsley Bank (Milwaukee)
4c
„
(s.-a.)
$1H
20c
Maryland Fund Inc. (irregular)
6c
Sept.
MasoniteCorp. common (quar.)
25c
Sept.
■v
■:
Extra.
i-i; i: S+Ji
_
25c
.
$im
5% preferred (quar.)
Mass.
investors Second
Master Electric Co.
lie
....
Mead Corp.
$6pref. A (quar.)......
$5-50preferredB (quar.)
MengelCo, 5% conv. lstpref
--i—
Mercantile Acceptance Corp. 5% pref. (quar.)..
6% preferred (quar.)..^............w.>.».ii.
6% preferred (quar.)
....
6% preferred (quar )...
...
Merchants Fire Ins. Co. (Denver) (quar.)____
Merritt-Chapman & Scott Corp., 6M% pref. A
Mesta Machine Co. (irregular)
Metal Textile Corp. comm. (irreg.)
$3.25 partic. preference (quar.)
.........
Participating
__
Corp.—•
7% preferred (quar.) (Increased)..
Meteor Motor Car Co
_...
......
Michigan Consol. Gas Co. 6% pref. (quar.)_.___
Michigan Public Service Co. common (quar.) ...
7 % preferred (q uar.)
6% preferred (quar.). ..
6% preferred series of 1940 (quar.) ..
$6 junior preferred (quar.)
___L
Michigan Steel Tube Products Co. (irreg.)
Mid-Oity National Bank of Chicago, com
Mid-West Refineries, Inc., common
$1.50 conv. preferred (quar.). .
_
—
Middlesex Water Co. (quar.).........
Midvale Co. (irreg.)i_
Rubber Reclaiming Co. $4 pref. (qu.)_
Minneapolis-Honeywell Regulator—
4% preferred B (quar.)..
Quarterl y
...... i
Midwest
—
Quarterly
Mississippi Valley Public Service Co, comm. ...
7% preferred A (quar.). ... .. . ......... ....
6% preferred B (quar.)
Missouri Gas & Electric Service Co* (s.a.)
Mock. Judson, Voehringer Co. (irreg.).Mohawk Carpet Mills, Inc. (quar.)
_.
Monarch Life Ins. Co. (Springfield, Mass.)—
_
—
Semi-annual.
....
.
...... .......
Monarch Machine Tool Co. (irreg.)..
i
..
...
.......
Morgan (J. P.) & Co., Inc. (increased).—----
Motor Wheel Corp.
Sept.
Aug. 30
Dec.
Dec.
Aug.
Sept.
Sept,
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
t$2H
75c
Oct.
3ojAug.
20
50c
'Sept. 10 Aug. 25
Sept. 10 Aug. 25
Sept. 10 Aug. 30
MX
SIX
SIX
SIX
$1
Oct.
1
Sept. 20
1-2-42 Dec.
Oct.
1 Sept.
Aug. 30 Aug.
Oct.
1 Sept.
SIX
.C$1': Sept. 15 Sept.
12 He
Sept. 10 Aug.
50c
Sept. 10 Aug.
$1M
20
20
1-2-42 Dec. 20
Oct.
1 Sept. 18
SIX
18
18
2
30
30
Sept. 15 Sept.
1
Sept. 2 Aug. 22
Aug. 11
Sept.
Dec.
Nov. 10
Dec.
Nov. 10
Dec.
Nov. 10
Sept.
Aug. 30
Aug. 30
Aug. 31
tsix
Sept.
rsixe Sept.
six
Oct.
Oct.
Dec.
1
31
MX
1-1-
35c
Sept.
Aug. 15
6c
Sept.
SIX
Sept.
Aug. 15
Sept. 2
Oct.
1 Sept.24
Mining & Development Co.—
(quar.)
Sept. 15 Aug. 30
Aug. 30 Aug. 16
Sept. 10 Aug. 22
lc
$1H
50c
Sept. 3 Aug. 15
Sept. 2 Aug. 15
Sept. 15 Sept. 2
Sept. 2 Aug. 15
Sept. 2 Aug. 22
Sept. 2 Aug.
9
Sept. 2 Aug. 20
MX
Sept. 27 Sept. 18
MX
....
Dec. 27 Dec.
t$2H
Mullins Mfg. Corp. $7 pref
Muncie Water Works Co. 8% pref. (quar.)
Munson Line, Inc. $4 preferred A (irreg.)
Murphy (G. C.) Co. (quar.)
Muskogee Co., 6% preferred (quar.)
Muskegon Motor Specialties $2 class A (quar.)__
2 SI
SIX
Mutual Chemical Co. of America—
6% preferred (quar.)
6% preferred (quar.)
Nachman-Spring filled Corp
Nat. Automotive Fibres. Inc.—
25c
15c
6% convertible preferred (quar.)
Oct.
Sept.
$2.20conv. pref. (quar.)_
National Bearing Metals Corp
55c
Oct.
30c
Sept.
National Biscuit Co. com
40c
Oct.
National Battery Co.,
7% preferred (quar.)
National Casualty Co. (Detroit) (quar.)______.
National City Lines, Inc., com. (quar.)__-_ —
Class A
$3 convertible preferred, (quar.)
National Container Corp. (Del,)
National Dairy Products
National Discount Corp. common (quar.)
-—
5% preferred (quar.)
National Electric Welding Machine Co (quar.)
MX
25c
25c
Aug.
Sept.
Sept.
1
Sept.
18
9
Aug.
9
Aug. 15
Aug. 22
Sept. 16
Aug. 15
Aug. 29
Aug. 30
50c
Nov.
Oct.
11
75c
25c
20c
50c
Nov.
Oct.
11
SIM
2c
$5 convertible preferred (quar.)_„.._
Niagara Share Corp .of Maryland 6% pf."A"(QU.)
1900 Corp. class A (quar.)
Noranda Mines Ltd. (interim) (quar.)
Norfolk & Western Ry. Co.. com.
Norma-H Bearing Corp. (quar.)
-
-
Sept. 15 Aug. 29
Aug. 16
Oct.
SIX
SIX
SIX
20c
16
5
Sept.17 Sept.
Nov. 15 Nov.
1
Sept. 15 Aug. 20
Sept. 19 Aug.
Sept. 301 sept.
Sept. 10 Sept.
Sept. 10 Sept.
Sept. 10 Aug.
Sept. 2 Aug.
30
21
3
3
25
15
Aug. 20
Aug. 20
2 Aug. 20
Sept.10 Aug. 22
Sept.
Sept.
Sept.
Nova Scotia Light & Power
Co., Ltd.—
6% preferred (quar.)
—
Nu-Enamel Corp
Ogilvie Flour Mills Co., Ltd., 7% pref. (quar.)..
Ohio Confection Co. $2.50 class A
Ohio Finance Co. common (quar.)
6% preferred (quar.)
5% prior preference (quar.)
iSIX
7Hc
tsix
f50c
40c
Sept.
Oct.
2 Aug. 15
1
10 Oct.
Sept. 2 Aug.
Sept. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
16
5
10 !
10
10
25c
Sept. 20 Aug. 27
Ohio Match Co
Sept. 15 Sept. 2
SIX
Ohio Oil Co. 6% pref. (quar.)
Sept. 2 Aug.
SIX
5
Ohio Power Co. 4 H % pref. (quar.)
Ohio Public Service Co. 7% pref, (monthly)..-- 58 l-3c Sept. 2 Aug. 20
50c
Sept. 2 Aug, 20
6% preferred (monthly)..
_—
41 2-3c Sept. 2 Aug. 20
5% preferred (monthly) — .... i
-—* * ■t$l
Sept. 1 Aug. 15
Ohio River Sand Co. 7% preferred
60c
Sept. 15 Sept. 5
Ohio Seamless Tube Co., common
43 %c
Sept. 20 Sept. 10
7% preferred (quar.)
—
Sept. 15 Aug. 30
Oklahoma Gas & Electric Co. 7% pref. (quar.)..
Sept. 15 Aug. 30
SIX
6% preferred (quar.).
SIX
Sept. 2 Aug. 14
Okonite Co. 6% preferred (quar.)
—
SIX
Sept. 30 Sept. 15
Omaha National Bank (Nebraska) (quar.)
Sept. 10 Sept. 25
six
Omar, Inc., 6% preferred (quar.).—
Sept. 15 Aug. 30
IHXc
Oneida, Ltd.,common (quar.)
43 Mc
Sept. 15 Aug. 30
7% participating preferred (quar.)
10c
Sept. 2 Aug. 20
Oshkosh B'Gosh, Inc., common (quar.)
50c
Sept. 2 Aug. 20
$2 convertible preferred (quar.)
20c Sept. 20 Aug. 26
Otis Elevator Co., common
—
SIX
Sept. 20 Aug. 26
6% preferred (quar.)
t$2 X
Sept. 15 Aug. 30
Otis Steel Co.. $5.50 conv. 1st preferred
t$l X
Sept. 1 Aug. 15
Oxford Paper Co.. $5 preference—
Oct.
1 Sept. 15*
30c
Pacific Finance Corp. of Calif.-.
50c
Sept. 2 Aug. 20
Package Machinery Co. (quar.)
25c
Sept. 1 Aug. 15
Parker Pen Co......
25c
Sept.
1 Aug. 15
25c
Aug. 30 Aug. 11
Parker Rust Proof Co. (quar.)—
—i—
25c
Aug. 30 Aug. 11
:
Extra. w_.- -£* - - - - - -----w$1 Vh
Sept. 2 Aug. 20
Parkersburg Rig & Reel Co. $5.50 pref. (quar.)..
Sept.15 Aug. 31
t50c
Paton Manufacturing Co., Ltd., common (qu.)_
Sept. 15 Aug. 31
tsix
7% preferred (quar.)—------—
25c
Sept. 2 Aug. 25
Patterson-Sargent Co, (quar.) - - - -- -- - - ------25c
Sept. 20 Sept. 10
Peck-Stow & Wilcox Co. (irregular)
75c
Sept. 15 Sept. 2
Penick & Ford, Ltd., Inc. (quar.)
Oct.
1 Sept. 15
50c
Peninsular Telephone (quar.)
SIX
Six
—
—
-- -- -- -
50c
Quarterly
$1.20 pref. cl. A (qu.)_
Pennsylvania Salt Mfg. Co. (irreg.) —
Pennsylvania State Water Corp. $7 pref. (quar.)
Pennsylvania Water & Power Co., com. (quar.)
$5 preferred (quar.)
Peoples Drugstores, Inc
—
_____—Peoples Nat. Bk. of Waah-(Seattle.Wash.) (qu.)
Peoples Telephone Corp. 6% pref. (quar.)-_-_-Peoples Water & Gas Co. $6 preferred (quar.) _ _ _
Perfect Circle Co. (quar.)
Perron Gold Mines, Ltd, (quar.)
Pet Milk
,
$6preference (quar.)_
—
$5 preference (quar.)
---Philadelphia Electric Power 8% pref. (quar.)..Phila Germantown & Norristown RR. Co., com
Philadelphia Suburban Water Co. 6% pref. (qu.)
Philco Corporation
Phillips Petroleum Co. (quar.)Phillips Pump & Tank Co. class A (extra)
Class A (quar.).-Class A (quar.).--.-.
Ho'sie'ry"Co"~7% 1st pref
Photo Engravers
Ltd. (s.-a.)__
Ltd. (quar.) -
& Electrotypers,
$0.60 conv. pref. (quar.).
Pittsburgh Brewing Co. $3.50 preferred
Piper Aircraft Corp.
15
5-15-4
30c
Sept. 15 Sept. 2
Sept. 15 Aug. 29
SIX
SIX
$1
SIM
40c
_
Sept.
Oct.
Oct.
Oct.
5
5
5-42
2 Aug. 11
1 Sept. 15
1 Sept. 15
1 Sept.
8
-25c
Sept.30 Sept. 25
S1H
SIX
Septi.
50c
14c
lie
25c
Co"(quar.")""-""".
Ltd. (s.-a.)
Pfaudler Co. 6% pref. (quar.)
Phelps Dodge Corp. (increased)..
-----Philadelphia Co.. 5% non-cum. pref. (s.-a.)_—
Phoenix
5-42 Dec
Nov. 15 Nov.
35c
Penn Electric Switch Co.
Petrol Oil & Gas Co.
1
35c
Preferred A (quar.)
Preferred A (quar.)
Pillsbury Flour Mills Co. (quar.) _ —. - - - _ — Pioneer Gold Mines of British Columbia (quar.)
20
Oct.
Nov.
n
-
Pickle Crow Gold Mines,
30iOct.
Aug. 16
Sept. 16
Sept.
2 Aug. 15
15c
Oct.
Oct.
8
1 Aug,
15 Sept. 26
Oct.
Sept.
(quar.)__
Sept.
Aug. 20
Sept. 2
Sept.
Aug. 30
Sept. 10 Aug. 30
Sept.13 Aug. 22
Sept, 2 Aug. 8
Sept.
50c
$6 1st preferred B
-
30
30
10
20
SIX
six
.....
Norwich Pharmacal Co. (reduced)
Sept. 30 Sept. 20
12Hc
Sept. 10 Aug. 20
Aug. 25
Sept.
SIX
25c
Sept.
Aug. 15
Sept. 15
six jOct.
Oct.
Sept. 15
SIM
Oct.
Sept. 15
MX
Oct.
Sept. 15
MX
30c
Sept. 10 Aug. 28
Oct.
l! Sept. 20
$1
5c
Sept. 25;Sept. 10
37 He
Sept. 15 Aug. 30
75c
Sept.
1 Aug. 25
Oct.
1 Sept. 15
Sept. 2 Aug. 20
Aug.
Common
Aug.
Aug.
Sept.
Aug.
50c
.
16
20
20
Aug. 20
Sept.
Sept.
10c .Sept,
10c
81 Mc
60c
37Hc
50c
... .....
15
1
12
22
40c
(quar.)
SIX
25c
2.5c
___
30c
-
30c
30c
.
15
15
30
10
$1.27H Sept.
............
.... ... .
(quar.).
Northeastern Water & Eiec. Corp. $4 pref. (qu.)
Northern States Power Co. (Wis.)—
5% preferred (quar.) Northwestern Public Service Co. 7% pref. (qu.)
6% preferred (quar.)
-
1
Mt. Diablo Oil,
Common
....... .
Newberry (J, J.) Realty 5% pref. A (quar.)
Newberry (J. J.) Co. (quar.)..—
Newmont Mining Corp
.....
Newport Electric Corp. (quar.).
Newport News Shipbuilding & Dry Dock Co.-
North River Ins. Co.
—..........
(quar.)
5il0% pref. (initial; (quar.)
New York Transit Co.
Dec.
Morrison Cafeterias Consolidated, Inc.—
7% preferred (quar.)
&
$5 non-cum. pref. (quar.)
New York State Electric & Gas Co.—
Dec.
t$l
7% preferred (quart)..
...
Montreal Loan & Mortgage Co. (quar.)
Mfore (W. R.) Dry Goods Co. (quar.)
Quarterly..
Moran Towing Corp. 7% partic. pref. (quar.)—
-.
t$lH
t$lH
$2
Motors Acceptance Co. 6% preferred
Motor Finance Corp. (quar.)
.. -
A..
$2M
$2X
B (semi-annual)
$4 preferred C (semi-annual)
Montreal Cottons, Ltd., common
$4.50 preferred
Extra
.
25c
50c
(quar.)..'
$4.50 preferred A (semi-annual)
,
_ .
North American Car Corp., $6 1st preferred
$1H
60c
__
.-.--'i-
Monsanto Chemical Co., common
.
Aug. 15
Sept. 15
Aug. 30
$1H
SIM
25c
Quarterly
$6 preferred (quar.)
_
25c
155 He
—
_____
Sept.
Sept.
Sept.
Sept.
1
2 Aug. 11
2 Aug. 11
2 Aug. 11
Sept.
t87Hc
t75c
SIX
2 Aug.
& Power Co
Nov. 28
9
Aug. 29
Aug.
MX
Mfg. Co..
Mississippi Power Co. $7 pref. (quar.)
_ _
.
Aug. 19
Aug.
1
Aug. 30
Aug. 15
$1
9
Aug.
Metal & Thermit
Minnesota Mining &
SIX
New Jersey Zinc Co
_ .
.
New York & Queens Electric Light
Common (quar.)
20
Sept.
Sept.
Sept.
25c
7% preferred (quar.)
New England Public Service Co.—
$7 prior lien preferred
$6 prior lien preferred
New England Telephone & Telegraph Co
5
31 Dec. 20
Dec.
45c
25c
...................
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
■
+$5
Merrimack Manufacturing Co. 5% pref
_
50c
50c
Nov.
25c
|3c
.
$1
$1X
SIX
six
...
30c
.
t$3
25c
New Amsterdam Casualty Co. (s.-a.).
New Bedford Cordage Co., common
/.Glass B_...i........
Aug. 20
Aug. 20
Aug. 20
Sept.
Aug. 22*
Sept.
Aug. 20
Sept.
Aug.
2
Sept.
Sept. 15 Aug. 30
Sept. 30 Sept. 19
Sept. 30 Sept. 19
Oct.
Sept. 23
Aug. 11
Sept.
Aug. 11
Sept.
Aug. 15
Sept.
Aug. 15
Sept.
Aug. 20
Sept.
Sept. 15 Aug. 30
Sept. 30 Sept. 20
Sept.
Sept.
$2H
$1H
_
15c
McClatchey Newspaper, 7% preferred (quar.)
7% preferred (quar.)
McGraw-Hill Publishing Co
Mclntyre Porcupine Mines. Ltd. (quar.)
McKenzie Red Lake Gold Mines, Ltd. (quar.)
Extra,
_
43Mc
75c
■
$4preL (quar.)--_-_.----.jJw-*»-^-..ww---»
_—
„
1 Sept. 21
Sept. 2 Aug. 26
Sept. 2 Aug. 14
Sept. 30 Sept. 12
Sept. 15 Aug. 29
Oct. 17
Nov.
t$2 X
7% preferred (quar.).
Neiman-MarcusCo. 5% preferred (quar.)
Neisner Brothers, Inc. (quar.)-..
43Mc
60c
_
May Department Stores (quar.)...
„
May, McEwen, Kaiser & Co., common (quar.)..
_
-
Oct.
25c
15c
10c
National Union Fire Ins. Co. (s.-a.)
Extra
i xi. *
Nebraska Power Co., 6% preferred (quar.)____
Holders
Payable'of Record
50c
_
National Tool Co. common (initial)
National Supply Co. (Penn.) 5H % prior pref
6 % prior preferred
Nat'1 State Capital Bank (Concord, N. H.) (qu.)
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Fund, Inc. (irreg.)..
(quar.)
Sept.
Sept.
$3H
$2H
Nekoosa-Edwards Paper Co. common
Co mmon
$1H
50c
25c
Macy (R. H.) & Co
Madison Square Garden Corp
Magma Copper Co..
Magnin (I.) & Co. (quar.)
6% pref. (quar.)
Mallory (P. R.) & Co., Inc. (irreg.)
Sept.
Sept.
27 He
_
20
Sept. 2
Sept.15
Sept. 25
Sept. 25
Sept.15
Oct.
1
1-2-42
Aug. 30
Aug. 30
Aug.
8
Aug. 15
Aug. 29
Aug. 29
J$1M
t8c
(accum.)
(quar.)
25c
$1H
12Hc
SIX
SIX
Nat. Life & Accident Ins. Co. (Nashville) (qu.)_
National Linen Service Corp. $7 pref. (s.-a.)
MacKinnon Stee JCorp., Ltd.—
7%
50c
;
7% preferred A (quar.)
6% preferred B (quar.)
Aug. 11
Aug. 15
Aug. 20
Sept. 20
Lone Star Cement
5%
5%
5%
5%
Share
Company
National Gypsum Co., $4.50 pref. (quar.)
National Lead Co., common (quar.)
Nov. 24
Sept.
Sept.
Sept.
Aug.
Sept.
50c
Special guaranteed (quar.)
Lobiaw Groceterias Co., Ltd., class A (quar.)
Class B
Lobiaw Groceterias, Inc. (quar.)
Name of
National Folding Box Co. (quar.)
Aug. 25
Dec.
50c
Original capital
Special guaranteed (quar.)
When
Per
Holders
When
Payable of Record
$1.10
$1.10
Little Miami RR.. original capital
1229
Financial Chronicle
t2c
$1H
50c
25c
MX
Aug.
Aug.
Sept1.
Oct.
Sept.
Sept. 22 Aug.
Sept. 22 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Aug.
Sept.
Sept.10 Aug.
Sept. 2 Aug.
Oct.
31
20
17
30
30
10
15
21
15
11
2
Sept. 2
Sept. 10
Aug. 20
Sept.
Aug. 11*
Sept.
Sept. 12 Aug. 26
1
Aug. 30 Aug.
Aug. 15
Sept.
Nov.
Aug. 15
Sept.
Oct.
Oct.
six
Six
25c
50c
2 He
2Mc
2Mc
2Hc
2-1-42 1-15-42
Aug.
Sept.
Aug.
Sept.
Sept. 2 Aug.
tlOc Sept. 30 Sept.
25c
Aug.
Sept.
Oct.
Aug.
tlOc
15c
Aug.
Sept.
Sept. 20,Sept.
t$l
15
19
15
15
14
30
18
3
The Commercial & Financial Chronicle
1230
Aug. 30, 1941
Per
Holders
Name of
Pittsburgh Bessemer & Lake Erie RR. Co.—
Common (quar.)————.———-——
Pittsburgh Coke 8c Iron Co., $5 conv. pf. (qu.).
Pittsburgh Metallurgical Co.. Inc. (irreg.)
Pittsburgh National Bank (Pa.) (quar.).
Pittsburgh Youngstown & Ashtabula Ry.—
7% preferred (guar.)..-.--.
Pneumatic Scale Corp., Ltd-.—
---—
Pollock Paper & Box Co., 7% pref. (quar,)_——
7% preferred (quar.)—
Poor & Co.. $1.50 class A preference (quar.) —
-
—
Accumulated—.
75c
75c
six
J30c
n
37m
32c
Portland & Ogdensburg Ry. guar, (irreg.)..
Net amount after Federal income tax.
$1U
(quar.)SIX
5% preferred (quar,)..........—.......
20c
Preferred Accident Co., Inc. (qiuir.)—......
70c
Prentice Hall, Inc., common (quar.)
75c
S3 preferred (quar.)
25c
Pressed Metals of America, Inc
Preston East Dome Mines, Ltd. (quar.)
L5c
Procter & Gamble Co. 5% preferred (quar.)—
six
Provident Loan & Savings Society of Detroit—
Common (quar,)—
15c
$1H
5X% convertible preferred series C
—SIX
5% convertible preferred series D
Public Electric Light Co. 6%
SIX
preferred (quar.)—
Public Finance Service, Inc., $6 preferred (quar.)
SIX
Public Nat. Bank & Trust Co. (N.Y.) (quar.)_
37 Xc
Public Service Co. of Colorado 7% pref. (mo.)— 58 l-3c
50c
6% preferred (monthly)
41 2-3c
5% preferred (monthly).
Public Service Electric & Gas Co., 7% pref. (qu.)
SIX
$5 preferred (quar.)
SIX
Potomac Electric Power Co., 6% pref.
Public Service of N. J. common
—
8% preferred (quar.)
;
7% preferred (quar.)———
———
|5preferred (quar.).......................
6% preferred (monthly)
6% preferred (monthly)
Pullman, Inc. (quar.)..............—
—
....
Extra..-
6% preferred (quar.)
——————
Quaker State Oil Refining Corp. (irreg.)
Radio Corp. of Amer. $3.50 conv. 1st pref. (qu.)
$5 preferred B (quar.)
Rath Packing Co. 5% pref. (semi-annual)
Raybestos-Manhattan, Inc. (quar.)
Rayonler, Inc..common..».........———
—
.....
Reading Co. 4% non-cum. 1st pref. (quar.)
2nd preferred (quar.)
Reed-Prentice Corp. 7% pref. (quar.)
Regent Knitting Mills pref. (quar.)
Preferred (quar.)—
Reliance Grain Co., Ltd.—
<3> JL
25c
87 Xc
SIX
S2X
37 Xc
6 X% preferred (accumulated)
Reliance Steel Corp., $1.50 com. pref. (quar.)
Sept. 15 Aug. 31
37 Xc
20c
Oct.
15c
Nov.
2 Aug. 22
1 Sept.10
1 Sept. 10
1 Oct. 15
15c
Nov.
1 Oct.
SIX
Republic Investors Fund, Inc., 6% pref. A (qu.)
6% preferred B (quar.)
Republic Petroleum Co. common (resumed)
Sept.
Oct.
15
3c
Sept. 20 Sept.10
3c
on common
Dec. 20
Oct.
2
Oct.
1
Oct.
1
50c
SIX
SIX
common
6 % prior preference A (quar.)
6% preferred (quar.)
...
Reynolds Spring Co. (resumed)
Rich's, Inc., 6'/*% preferred (quar.)
Robertson (H. H.) Co
25c
25c
Dec.
Sept.
Sept.
Sept.
Sept. 18 Aug.
Sept. 30 Sept.
Sept. 15 Sept.
10
10
10
10
2
Rochester Button Co—
$1.50
conv.
preferred (quar.)
37 Xc
Sept.
1 Aug. 20
Rochester Gas & Electric Corp.—
SIX
.
—
.
Extra-
;
-_——- — —
_——
mx
—
Roxy Theatres, Inc., $1.50 pref. (quar.)
Royal Bank of Canada (Montreal) (quar.)
Russel
Mfg. Co..
—
,
SIX
SIX
SIX
mx
30c
30c
37 Xc
tS2
37 Xc
15c
---------
Rustless Iron & Steel Corp. common
$2.50 conv. preferred (quar.)
Ruud Manufacturing Co., common (quar.)
02Xc
25c
Quarterly
Sept.
Sept.
Sept.
Sept.
Sept. 2
Sept. 2
Sept. 15
Oct.
25c
Dec.
75c
Oct.
Oct.
SIX
Oct.
50c
St. Joseph Water Co. 6% pref. (quar.)
St. Louis Union Trust Co. (Mo.), common—
SIX
~
5 Oct.
Aug. 30 Aug.
Sept. 2 July
Sept. 15 Aug.
Sept. 2 Aug.
Sept. 2 Aug.
Sept. 15 Sept.
SIX
Sabin Robbins Paper Co., 7% pref. (quar.)
Safeway Stores, Inc., common (quar.)
5% preferred (guar.)
St. Joseph Lead Co—
——
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept
15 Dec.
14
14
14
19
19
15
5
4
21
31
30
15
15
5
5
1 Sept. 20
1 Sept. 18
1 Sept. 18
Sept. 10 Aug. 29
Sept. 2 Aug. 11
(Quarterly).—* i&s
(Quarterly).
Sept.30 Sept. 24
Dec.
26 Dec.
20
Sept. 30 Sept. 15
8% debenture A (quar.)
7X% debenture B (quar.)
7% debenture C (quar.)
6\4% debenture D (quar.)
6% preferred (s.-a.)
Schiff Co., common (quar.)
5V*% preferred (quar.)
Scott Paper Co.—
Common (quar.)
$4.50 preferred (quar.)
$4 preferred (quar.)
Scranton Lace Co
Seaboard Oil Co. (Del.) (quar.).
Sears Roebuck & Co. (quar.)
Oct.
Oct.
1 Sept. 10
1 Sept. 10
Oct.
Oct.
1 Sept. 10
1 Sept. 10
Oct.
1 Sept. 10
25c
—
Sept. 15 Aug. 30
45c
SIX
$1
50c
25c
75c
Second Canadian International Investment Co.
4% participating preference (quar.)
Second Nat. Bank (Houston, Texas) (quar.)
Second Nat. Bank (Nashua, N. H.) (quar.)
Secord (Laura) Candy Shops, Ltd
Seeman Brothers, Inc
Serrick
5% preferred, AAA (quar.)
Simon
(quar.)""
SIX
(irreg.)—..
Packing Corp
Corp., common
60c. prior preferred (quar.)
Sept.
29
Sept. 1 Aug. 15
Sept. 15 Aug. 30
Sept. 5 Aug. 25
Sept. 2 Aug. 25
Sept. 30 Sept. 9
Sept. 15 Aug. 25
Sept. 1 Aug. 14
Sept. 22 Sept. 2
Sept. 1 Aug. 20
80c
I
*2c
mx
25c
I-.IIIIIII
5c
15c
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
2
30
15
15
15
15
25
Aug. 15
Aug. 15
Aug. 23
Aug. 16
Sept.
1
Sept.
5
Sept. 4
1 Sept.
4
40c
$1^
50c
SIX
62 Xc
six
40c
Oct.
15 Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
15—
15 Sept.
5
2!Aug. 22
2 Aug. 22
10 Aug. 23
15 Aug. 30
2!Aug. 15
20 Sept. 10
5 Aug. 25
15 Sept.
2
15
20
20
15
15
15
Sept.
15
2
30
30
30
30
25
40c
Sept. 15 Sept.
5
25c
60c
25c
Standard Oil Co. of Kentucky (quar.)
Standard Oil Co. of Ohio common (quar.)
•Extra
———
-------
-——-
-
37 Xc
37 Xc
SIX
5 % preferred (quar.)
Standard Stoker Co. (initial)
Oct.
_
15
15
15
15
8
15
15
15
15
2
Wholesale Phosphate & Acid Works,
Inc. (quar.)-—
$1^
SIX
95c
til
Sept
J20c
Sept,
Sept,
Sept,
Sept.
Sept,
2oc
tlKe
30c
25c
40c
—
S7m
50c
t7c
50c
—
25c
:
———————————————————— ——
50c
,
--------
2.5c
—-
5% preferred (quar.)-------
Oct.
Sept,
—
Extra.
Dec
Sept
Sept,
$1H
—
Extra-----Class A (quar.)
Sept 30 Sept.15
SIX
——
SIX
—
Oct.
Sept,
Sept,
Sept.
Sept.
Sept.
Sept.
Nov.
10c
Oct.
68 Xc
Oct.
Tennessee Corp;.
25c
-—-
-
-
-
-
-——-—* -
—,
Terre Haute Water Works Corp. 7%
Texas Corp. (quar.)
_
pref. (qu.)
_
60c
25c
t28c
fl2c
$15*
15
2 Aug.
15*
Aug. 22
1 Sept. 15
1 Aug. 15
4
2 Aug.
1 Aug.
9
15
15 Aug. 25
15 Sept.
5
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1 Sept.
1 Aug.
2
15
30 Aug. 16
30 Sept. 15
30 Sept. 15
30 Sept. 15
30 Sept. 15
11Sept. 17
l,Sept. 15
lSept. 15
10 Aug. 26
15 Sept.
8
15 Aug. 28
15 Aug. 28
29 Sept. 12
2 Aug. 11
—
Tex-O-Kan Flour Mills Co. 7 % preferred
Texon Oil & Land Co
50c
Oct.
$15*
-------
50c
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
15 Sept.
1
45C
— »—- ------
Texas Gulf Sulphur Co
Texas New Mex. Utilities Co., 7% pref. (quar.).
Texas Pacific Coal & Oil Co. (auar.)
Nov.
Nov.
3
Sept.
Sept.
Sept.
20c
Sept.
35c
Sept.
75c
Sept.
25c
Aug.
$2
Sept.
25c
Sept.
58 l-3c Sept.
50c
Sept.
41 2-3c Sept.
t05Xc Sept.
SIX
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
19
11
SIX
10c
mx
10c
75c
Thermoid Co., $3 preferred (quar.)
Thew Shovel Co.,
,
31 Dec.
30 Sept.
1
15 Aug. 30
Sept, 15 Aug. 29
Sept, 2 Aug. 15
5X% participating preferred (quar.)
Talon Inc
i
Tappan Stove Co.
-.
Telephone Bond & Share Co, 7% pref
———
$3 first preferred---—
Talcott (James), Inc., common
,
15—
12
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Sept.
Aug.
10c
25c
7% preferred (quar.)
1 Sept.
15 Sept.
5
2
2 Aug. 21
2 Aug. 11
2 Aug.
15
26 Sept. 10*
15 Sept. 3
Third Nat. Bank & Trust Co. (Scranton, Pa.)—
Quarterly
..
Thomson Electric Welding Co. (irreg.)
Tide Water Associated Oil Co. (quar.)
Extra.-—
Tilo Roofing Co., common
$1.40conv. preferred (quar.)
$15*
15c
10c
—
Timken Roller Bearing Co
Todd Shipyard Corp. (irreg.)
Tokheim Oil Tank & Pump Co.
Toledo Edison Co. 7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
—
Toronto Elevators, Ldt., 5X% pref. (quar.)
TraneCo. $6 1st pref. (quar.)
—
Transue & Williams Steel Forging Corp. (irreg.).
Truax-Traer Coal Co. 6% pref. (quar.)
45c
Sent.
SIX
Sept.
SIX
Sept.
10 4-5c Sept.
5X% preferred (quar.)._
Trustee Standard Oil Shares series B
Union Gas Co. of Canada. Ltd. (quar.).
—
I20c
11
25
25
20
20
Sept.
2
2
Aug.
Aug.
Aug.
Aug.
Au;.
Aug.
Sept.
15
15
15
28
23
25
5
Sept. 5
July 31
Sept.
Aug. 20
Oct.
Sept. 26
Sept. 2
Sept. 2
Union Market Nat. Bank (Watertown, Mass.)—
-
10c
'Extra---'—----W—-i.-—
Union Pacific RR, Co.
common
"li
-----
4% preferred (s.-a.)
Union Premier Food Stores, Inc., com. (quar.)..
$2.50preferred (quar.)
Union Tank Car Co. (quar.)
United Aircraft Prods..Inc..5H% conv.
United Biscuit Co. of America common
25c
62 Xc
50c
pf. (qu.)
275*c
25c
5% preferred (quar.)
United-Carr Fastener Corp. (quar.)
United Chemicals. Inc., $3 preferred
t75c
United Fuel Investments, Ltd.—
t75c
6% class A preference (quar.).
United Gas Corp., $7 preferred
t$25*
60c
United Gas & Electric Co., common (irreg.)
six
7% preferred (quar.)
20c
United Gas Improvement Co., common-$5 preferred (quar.)
SIX
United Light & Railways 7 % pref. (monthly)
58l-3c
58 l-3c
7% preferred (monthly)
53c
6.36% preferred (monthly)
53c
6.36% preferred (monthly)
ri
50c
6% prior preferred (monthly)
J\
50c
6% prior preferred (monthly)
—^-_
United N. J. RR. & Canal (quar.)
S2X
U. S. Envelope Co., common
$2
S3X
7% preferred (s.-a.)
-
— _
-
SIX
...
2c
Sonotone
J20c
10c
Sloane-Blabon Corp. 6% preferred class A
Snider
1 Oct.
25c
(Wm.) Brewery
Simonds Saw & Steel Co.
Sisco Gold Mines, Ltd
2 Aug. 15
1 Sept. 30
15c
Sherwin-Williams Co.—
20*
Oct.
t$1.38
Servel, Inc
Shattuck (Frank G.) Co. (quar.)
Shenango Valley Water Co., 6% pref.
1 Oct.
Sept. 30 Sept. 10
Sept.15 Sept. 2
Sept. 10 Aug. 11
Nov.
10c
_
20*
$1
12Xc
Corp., class A
1*
1 Oct.
$2
HOc
75c
Selby Shoe Co. (quar.)
Smith (T. L.) Co., 6% pref.
(quar.)
Snyder Tool & Engineering Co. (quar.)—
Sept. 15 Sept.
Nov.
Nov.
$1
$2
SIX
$1X
—.
—
-
Sept. 15 Aug. 30
SIX
3.5c
40c
Title Ins. Corp. of St. Louis (quar.)
San Francisco Remedial Loan Assn. Ltd. (quar.)
Savannah Electric & Power Co.—
10c
t50c
25c
—
6% preferred C (quar.)
6% preferred D (quar.)
5% preferred E (quar.)--Rockwood & Co., 5% prior preference (quar.)
5% prior preferred.
Rolland Paper Co.. Ltd.,6% pref. (quar.)
Roper (Geo. D.) Corp. (quar.)-
1 Nov. 20
1 Aug. 20
1 Nov. 20
Sept. 1 Aug. 20
Dec.
I Nov. 20
Sept. 1 Aug. 15
Sept. 15, Aug. 30
Sept. 2 Aug. 15*
Sept. 15jAug. 30
Oct.
1'Sept. 20
10c
Standard Oil Co, of Indiana (quar.)
Extra
*
Standard Oil Co. of Kansas
.■
1 Aug. 20
Dec.
Sept.
Dec.
37 Xc
t$l
25c
Extra--—
30
15
Sept.
30c
30c
_ _
Stecher-Traung Lithograph Corp.—
5% preferred (quar.).—
5% preferred (quar.)-—————
Sterling Products Inc. (quar.)
Stonega Coke & Coal Co
Strawbridge & Clothier, 7% preferred
6% prior pref, A (quar.)
Stromberg-Carlson Telephone Mfg. Co.—
OX % preferred (quar.)
Stuart (D. A.) Oil Co. class A partic. pref. (qu.).
Sun Oil Co. (quar.)——————.
Sunset Oils. Ltd. (irreg.)
Sunshine Mining Co. (reduced quar.),__;
Sutherland Paper Co
Swan-Finch Oil Corp., common (irreg.)
6% preferred (quar.)
Swift & Co. (quar.)
Swift International Co.. Ltd., dep. ctfs. (quar.).
Sylvanite Gold Mines, Ltd., com. bearer (qu.)
Tacony-Palmyra Bridge Co., com. (quar.)
1 Sept.16
Sept. 15 Aug. 20
Sept. 30 Sept. 16
50c
Standard Dredging Corp., common (irregular)
$1.60 convertible preferred (quar.)
Standard Oil Co. of California (quar.)
1
tSlH
—
Standard Brands, Inc.. $4.50 pref. (quar.)
Standard Cap & Seal Corp. $1.60 conv. pf. (qu.)
1
Sept. 11 Aug. 21
Oct.
9 Sept.18
Oct.
1 Sept. 17
Sept. 1 Aug. 15
Dec.
1 Nov. 15
40c
(Detroit) (quar.) —_
Oct.
Sept. 15 Aug.*2 9
Sept. 2 Aug. 15
liSept. 15
30 Aug. 20
30c
_ -
Nov.
5
Oct.
15c
37 Xc
37 Xc
30c
JQuarterly)-..————————
Standard
Oct.
40c
six
Sept.15 Aug. 29
Oct.
1 Sept.
5
Sept.
30 Aug. 15
30 Aug. 15
37 Xc
6% conv. preferred (quar.)
(Quarterly)
Southern California Water Co. 6% pref. (quar.).
Southern Colorado Power Co., 7% pref
Southern Pipe Line Co.
Southland Royalty Co. (irregular)
Southwest Natural Gas $6 pref. A
Southwestern Life Ins. Co. (Dallas) (quar.)
Southwestern Portland Cement Co., com. (qu.)_
8% preferred (quar.)
——————
Sparks-Withington Co. 6 % conv. pref. (quar.)
Spear & Co., $5.50 1st preferred (quar.)
$5.50 2nd preferred (quar.)
Spencer, Kellogg & Sons, Inc. (quar.)
Spiegel Incorp. $4.50 conv. pref. (quar.)
—Squibb (E. Ft.) & Sons—
Staley (A. E.) Mfg. Co., $5 preferred (quar.)..
1
25c
87 Xc
Remington Rand, Inc., common (interim).
$4.50 preferred (quar.)
Republic Steel Corp.
75c
Aug. 20
30 Aug. 20
30 Aug. 20
si
50c
75c
Greyhountf Lines, Inc. com. (qu.)_
(Quarterly).,.—6% non-conv. preferred (quar.)
,
Aug. 20
Aug.
Aug.
Aug.
Aug.
Aug.
SIX
SIX
Southeastern
Standard Accident Ins. Co.
Sept. 15 Aug. 21*
Sept.
Sept.
SIX
6% preferred B (quar.)
Southern Phosphate Corp
15
15
5
19
19
15
Oct. 15 Sept. 30
Sept. 15 Aug. 25*
50c
50c
preferredjquar.)—
Additional
50c
25c
25c
-.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
50c
—
$2
Sept.
Sept.
Sept.19
Sept. 2
Sept. 2
Sept. 2
Holders
15c
■
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Aug. 30 Aug. 20
When
Payable of Record
v
Extra——
South Carolina Power Co. $6pref. (quar.)-Southern California Edison Co., Ltd.—
15
Nov. 29 Nov.
50c
20c
(quar.).—.—..——————
15 Dec.
SIX
SIX
six
SIX
SIX
25c
.......
Purity Bakeries Corp
Pyrene Manufacturing Co
Quaker Oats Co.. 6% pref. (quar.)
Common
$2
SIX
5X% pref. (irreg.)
6% pref. (quar.)
5 % preferred (quar.)
Sept.
Aug. 20
Sept.
Aug. 22
Sept. 15 Sept. 15
M
55c
—'
1 Sept. 15
Sept. 1 Aug. 20+
Sept. 15 Sept, 5
Oct. 15 Oct. 10
Dec.
Share
Company
Socony Vacuum Oil Co., Inc
Sontag Chain Stores Co., Ltd.,-—
Common (quar.).
7% preferred (quar.)
Southern Advance Bag & Paper Co., Inc.
7% preferred (quar.)
3% preferred (quar.)-.
—$2 conv. preferred (quar.)
South Bend Lathe Works (quar.)
Oct.
Sept. 10 Aug. 20
Sept. 2 Aug. 20
Sept. 2 Aug. 20
Sept. 2 Aug. 15
Sept. 2 Aug. 30
Oct.
1 Sept. 20
Sept. 2 Aug. 20
Sept. 2 Aug. 20
Sept. 2 Aug. 20
Sept. 30 Sept. 2
Sept. 30 Sept. 2
Sept. 30 Aug. 29
Sept. 15 Aug. 15
Sept. 15 Aug. 15
Sept. 1,5 Aug. 15
Sept. 15 Aug. 15
Oct. 15 Sept. 15
Sept.15 Aug. 22
Sept.15 Aug. 22
Oct.
1 Sept.10
Oct.
1 Sept.10
Oct.
1 Sept.10
Sept.-2 Aug. 18
Sept. 15 Aug. 29
Aug. 30 Aug,
1
Sept. 25 Sept. I
— —
Pure Oil Co,
Name of
of Record
Company
.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept. 4
Sept. 4
Aug. 15
Aug. 22
Aug. 14
Aug. 14
Sept. 5
Aug. 11
Oct.
Sept. 20
Sept.
Aug.
8
Sept. 20 Sept. 5
Sept. 20 Sept. 5
Sept
Aug. 29
8ept.
Aug. 29
Sept.
Aug. 15
Oct.
Sept.15
Aug. 15
Sept.
Oct,
Sept. 15
Sept.
Aug. 15
Oct.
Sept. 15
Oct. 10 Sept. 20
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Volume
The Commercial & Financial Chronicle
153
Company
Share
U. S. Freight Co. (interim)
U. S. Graphite Co
U. 8. Plywood Corp. $1.50 conv. pref.
(quar.)__
United States Steel Corp. common
U. 8. Tobacco Co., common
Oct.
(quar.)
(quar.)_.
37Xc
$1
32c
435ic
United Wall Paper Factories, com
10c
6% prior preferred (quar.)
$1X
Universal insurance Co. (quar.)
Upper Canada Mines, Ltd
25c
J4c
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% pref. (quar.)
Upressit Metal Cap Corp., 8% preferred
Upson-Waiton Co
Utah Home Fire Ins. Co. (Salt Lake City)—
Irregular
SIX
SIX
Oct.
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
t$2
Sept. 20 Sept. 10*
Sept. 15 Sept. 10
Oct.
1 Sept.
2
Oct.
1 Sept.
2
Sept. 15 Aug. 15
Co.
a
share of Louisiana Ice & Elec.
com.
Assets-—
$
$
on hand and due from
United States Treasury_x.
8,560,200,000 8,564,933,000 9,009,035,000
Redemption fund—F. R. notes,
1,021,000
1,477,000
1,155,000
Other Cash f
65,486,000
95,412,000
65,161,000
-
Total
reserves
Secured
by
U.
S.
Govt,
obligations
direct and guaranteed
Other bills discounted
1,695,000
7,107,000
1,420,000
5,415,000
1,200,000
Total bills discounted
Industrial advances
\ 8,802,000
1,183,000
6,835,000
1,184,000
1,860,000
1,805,000
Bonds
384,113,000
384,113,000
231,036,000
404,139,000
231,036,000
615,149,000
615,149,000
748,007,000
625,134,000
751,672,000
18,000
10,280,000
623,168,000
18,000
2,311,000
234,610,000
10,280.000
13,505,000
13,161,000
17,650,000
660,000
U. S. Govt, securities, direct and guar¬
anteed:
stock will be received for each
Valley Mould & Iron Corp.
Total U. 8. Government securities,
direct and guaranteed
50c
common
$5.50 preferred (quar.)
Van Dorn Iron Works Co. (resumed)
Van Raalte Co., Inc., common
25c
50c
7% 1st preferred (quar.)
Vanadium-Alloys Steel Co. (irreg.)
Vapor Car Heating Co., pref. tquar.)
Preferred (quar.)
Iincreased (quar.)
Veeder-Root, Inc
$1
$154
$154
75c
75c
Vick Chemical Co. (quar.)
Extra
50c
10c
Vicksburg Shreveport & Pacific Ry.
5% preferred (s.-a.)
;
Viking Pump Co. com. (special)
com.
(s.-a.)
$2 X
$2X
50c
$2.40 preferred (quar.)
Vinco Corp. (quar.)
60c
15c
Virginia Coal & Iron Co. (irreg.)
Virginia Electric & Power Co., $6 pref. (quar.)__
Virginia Fire & Marine Ins. Co. (s.-a.)
Virginian Railway Co.—
SIX
SIX
50c
Common
62^c
6% preferred (quar.)
37Xc
6% preferred (quar.)
37 Xc
6% preferred (quar.)
37Xc
6% preferred (quar.)
37 Xc
Vogt Manufacturing Corp
20c
Vulcan Detinning Co. common (quar.)
SIX
7% preferred (quar.)
$154
Wacker-Wells Building Corp. (irreg.)
50c
Wagner Electric Corp
50c
40c
Walgreen Co. common (quar.)
4X % preferred (quar.)
SIX
Walte Amulet Mines, Ltd. (interim)
UOc
Walker (H.) Gooderham & Worts, Ltd.—
Common (quar.)
t$l
$1 preferred (quar.)
t25c
Warner Bros. Pictures, Inc., $3.85 preferred
mxc
Warren Foundry & Pipe Corp
50c
Warren (Northam) Corp. $3 preferred (quar.)__
75c
Washington Ry. & Electric Co.—
Common
$10
25c
Participating units
5% preferred (quar.)
SIX
5% preferred (quar.)
SIX
Washington Water Power Co. $6 pref. (quar.).six
W elch Grape Juice Co. (year-end)__
40c
Aug. 20
Sept.
Aug. 20
Sept.
Sept. 15 Aug. 30
Aug. 18
Sept.
Sept.
Adg. 18
Sept. 2 Aug. 15
Sept. 10 Aug. 30
Dec. 10 Dec.
1
Sept. 10 Aug. 30
Sept. 15 Aug. 30
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Oct.
Sept; 8
Oct.
Sept. 8
1
Sept. 15 Sept.
1
Sept. 15 Sept.
Sept. 25 Sept. 10
Sept. 4 Aug. 22
Sept. 20 Aug. 29
Sept. 2 Aug. 20
Sept. 25 Sept. 16
Nov.
Oct.
18
Total bills and securities
Due from foreign banks..
Bank premises...
Other assets...
Total assets...
Deposits—Member bank
U.
1,832,555,000 1,820,200,000 1,426,949,000
acc't.. 6,101,787,000 6,113,003,000 7,211,153,000
reserve
8. Treasurer—General
247,317,000
451,237,000
577,562,000
accoui
Total liabilities..
Aug. 22
Aug. 22
8
Aug. 15
Aug. 15
Aug.
Aug. 30 Aug. 15
Aug. 30 Aug. 15
Sept. 2 Aug. 15
Dec.
415,663,000
9,394,279,000 9,386,122,000 9,914,246,000
51,687,000
56,447,000
51,075,000
56,447,000
53,326,000
7,070,000
7,109,000
13,488,000
Other capital accounts.
61,691,000
7,070,000
13,467,000
12,670,000
Total liabilities and capital accounts. 9,522,971,000
Aug. 30
Sept. 2
Aug. 20
Aug. 15
Aug. 18
Sept. 15
Sept. 15
Sept. 1
Sept. 2
Aug. 30
299,588,000
417,658,000
Capital Accounts—
Surplus (Section 7)
15
20
20
15
10
269,506,000
470,073,000
509,995,000
7,377,903,000 7,362,577,000 8,344,062,000
142,372,000
183,027,000
202,649,000
863,000
794,000
696,000
Deferred availability Items
5-1-42 4-18-42
8-1-42 7-18-42
Sept.
Sept.
Sept.
Sept.
Sept
2,161,000
151,216,000
9,785,000
Liabilities—
F. R. notes In actual circulation...
Capital paid in
Sept. 2 Aug. 15
Sept. 20 Sept. 10
Oct. 20 Oct. 10
343,868,000
9,522,971,000 9,514,797,000 10038,426,000
2-2-42 1-17-42
9,514,797,000 10038,426,000
93.7%
94.0%
93.2%
1,524,000
1,524,000
741,000
t "Other cash" doea not lnelude Federal reserve notes or
bank's own Federal
a
Reserve bank notes.
x
certificates given by the United States Treasury for the gold taken
from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
These
over
are
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934,
1 Nov. 15
Weekly Return of the New York City
Clearing House
Sept. 15 Aug. 25
Aug. 30 Aug. 11
Sept.
preferred (quar.)
Canadian Hydro-Electric Corp., Ltd.—
$0-80participating preferred (quar.)__
18,000
3,278,000
244,049,000
Federal Reserve notes of other banks
Uncollected Items
Wesson Oil & Snowdrift Co., Inc.—*■
conv.
8,626,707,000 8,631,249,000 9,105,924,000
...
Bills discounted:
share of Util. Stock & Bond Corp. com.,
held.
$4
'WB
Gold certificates
Notes
Extra
l-20th of
date last year:
Aug. 27,1941 Auffi 20, 1941 Aug. 28,1940
15
20
2
2
18
23
15
15
28
25c
tSl&f
1UX
$6 preferred (quar.)
Utilities Stock & Bond Corp.—
following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 27, 1941,
in comparison with the previous week and the
corresponding
1 Sept. 13
Aug. 31
Sept. 20
Sept. 15
Sept.15
Sept.10
Sept. 1
Sept. 2
Aug. 30
1-2-42 Dec. 29
Oct.
1 Sept. 15
$1
Utah Power & Light Co., 7% pref.
(quar.)
The
Dec. 20 Nov. 29*
5Cc
_
M
Quarterly
U. 8. Playing Card Co. (quar.)
non-cum. preferred
50c
S1H
t$lJS
United States Pipe & Foundry Co., (quar.)
7%
50c
35c
50c
7% preferred (quar.)
U. S. Printing &
Lithograph Co
New York
Payable of Record
Sept. 4 Aug. 21
Sept. 15 Aug. 30
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 19
Sept. 20 Aug. 30
25c
IT. S. Gypsum Co., common
(quar.)
Condition of the Federal Reserve Bank of
Holders
When
Per
Name of
1231
1 Aug. 15
West
t20c
373^c
SIX
Aug. 20
Sept.
Sept.
Aug. 20
Sept. 30 Sept. 15
preference (quar.)_
43 54c
Sept.
2
West Virginia Pulp & Paper Co
Western Auto Supply Co. (quar.)
50c
50c
30c
Oct.
1
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
Aug. 15
Sept.
West Coast Telephone Co., 6% pref. (quar.)__
West Indies Sugar Corp. 5% pref. (s.-a.)
West Michigan Steel Foundry Co.—
$1.75
conv.
Western Grocers Co. (Iowa) (irreg.)
7% preferred
pref. A_
Westgate Greenland Oil Co. (monthly)
Westinghouse Air Brake Co
Westmoreland Coal Co. (irreg.)
Westmoreland. Inc. (quar.)
Weston (George), Ltd. (quar.)
Weston Electrical
t371c
25c
75c
25c
t20c
Instrument
50c
Wheeling Electric Co. 6% pref. (quar.)
Will taker Paper Co., common (quar.)
7% preferred (quar.)
Whitman (William) Co. Inc. 7% pref. (quar.)
Wieboldt Stores, Inc., $5 prior pref. (quar.)
6% preferred (quar.)
Williamsport Water Co. $6 pref. (quar.)
Willson Products, Inc. (quar.)
M
IV4
75
SIX
20c
Ex'ra
20c
Wilsils, Ltd. (quar.)
Wilson & Co., Inc., $6 preferred
Winsted Hos ery Co
(quar.)..
125c
mx
Sept.
Sept.
Sept. 3 Aug. 20
Sept. 2 Aug. 12
Sept. 15 Sept. 10
Sept. 12 Aug. 15
Sept. 10 Aug. 25
Oct.
1 Sept. 15
1 Sept. 12
Oct.
10 Aug. 27
Sept.
Sept. 2 Aug.
5
Oct.
1 Sept. 15
1 Sept. 15
Oct.
1 Sept. 13
Oct.;
1 Sept. 20
Oct.
1 Sept. 20
Octi
Sept. 2 Aug. 11
Sept. 10 Aug. 30
Sept. 10 Aug. 30
Oct.
1 Sept. 15
Sept. 2 Aug. 15
*
*
Clearing House
SIX
7% preferred (quar.).
Wool worth (F. W.) Co. (reduced)
Worthington Pump & Machinery Corp.—
4K% conv. prior preferred (quar.)
$154
50c
40c
SIX
Accumulated
Prior preferred
Accumulated
(quar.)
I
SIX
National City Bank....
Chem Bank & Trust Co.
20,000,000
Trust Co....
Chase National Bank...
90,000,000
41,591,200
21,000,000
15.000,000
10,000,000
50,000,000
4,000,000
100,270,000
Fifth Avenue Bank.....
500,000
Guaranty
Manufacturers Trust Co
Cnt Hanover Bk&Tr Co
Corn Exch Bank Tr. Co.
First National Bank....
Irving Trust Co
Continental Bk & Tr Co.
Bankers Trust Co...—.
nt
Wright-Hargreaves Mines, Ltd
Extra
Wrlgley (Wm.) Jr
Monthly
Wurlitzer
Mfg. Co., common
....
Oct.
15c
B
Oct.
25c
10c
Co. (monthly)
(Rudolph) Co. (The)
Yale & Towne Mfg. Co
Yellow Truck & Coach
Oct.
15c
25c
;
Oct.
25c
Oct.
25c
7% preferred (quar.)
Youngs town Sheet & Tube Co., common.....
5X% preferred A (quar.)
Youngs town Steel Door Co. (correction)
Payable Sept. 15 not Sept. 9 as reported
:
Youngstown Steel Door Co..
Zion's Cooperative Mercantile Institution (qu.)_
Quarterly
$154
75c
Sept.
Aug.
Oct.
Oct.
Sept.
Oct.
50c
Aug. 27
Aug. 21
21
2 Aug. 20
1 Sept. 20
30 Aug. 20
Sept. 10
Sept. 16
Sept.16
Sept. 16
15 Aug. 23
Sept. 13
♦As per official reports:
Includes
50c
50c
50c
Dec.
15 Dec.
available date); e
as
the
and
Bond
daily closing
on
Averages
averages
of
representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
Stocks
Bonds
10
10
30
Total
10
First
Second
10
Utili¬
65
Indus¬
Grade
Grade
Utili¬
4U
roads
ties
Stocks
trials
Rails
Rails
ties
Roads
'
Total
127.43
>
•
107.50
92.89
51.87
110.27
90.63
43.29
107.56
92.99
51.86
110.24
90.66
18.57
43.15
107.57
93.14
51.88
110.32
90.72
30.40
18.50
43.02
107.56
93.01
51.76
110.25
90.64
125.86
i
43.17
18.68
30.38
126.56
ii
18.69
30.22
127.08
i
30.07
127.77
i
1
15
Rail¬
trials
C5oe>t-<©*«S
20
Indus¬
Date
tN
Non-resident
Resident tax
are
stocks and bonds listed
(N
15%.
branches: a $281,621,000 (latest available date):
available date); c (Aug. 28) $3,296,000; d $88,152,000 (latest
$23,206,000 (July 31).
Stock
Below
5
^
source,
deposits In foreign
6 $65,312,000 (latest
1 Aug.
Sept. 15 Aug. 30
Sept. 15 Aug. 30
Sept. 15 Sept. 5
t Payable in Canadian funds, tax deductible at the
5% to
National, June 30. 1941; State, June 30, 1941; trust
1941.
companies, June 30,
<M
tax, effective April 30 1941 increased from
remains at 2%.
a Less British income tax.
8,916,500
10,758,300
1
Transfer books not closed for this dividend.
t On account of accumulated dividends.
779,272,000
10,151,100
28,067,600
518,361,200
Totals
1,688,000
46,940,000
84,931,100 el,164,777,000
1,168,100
18,134,000
12,500,000
7,000,000
7,000,000
New York Trust Co
27,604,000
923,000
5,180,000
960,480,800 16,111,266,000
5,000,000
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
106,830,000
85,497,000
145,961,000
454,653,000
145,492,000
97,829,000
6,000,000
Midland Tr Co.
Marine
16,273,000
38,154,000
165,531,000
8,713,000
88,830,000
4,474,000
79,275,000
2,178,000
3,116,000
42,803,000
1,628,000
53,736,000
25,000,000
Title Guar & Trust Co..
15
Sept. 8
Aug. 27
Sept. 8
Deposits,
Average
14,294,300
245,170,000
27,221,000
686,035,000
82,100,800 a2,652,768,000
860,707,000
58,357,100
187,600,900 &2,225,084,000
40,986,600
791,261,000
75,642,700 cl,168,793,000
20,287,000
335,976,000
109,849,400
818,533,000
53,896,700
740,464,000
4,531,200
74,835,000
137,453,100 <£3,426,131,000
4,267,300
58,663,000
6,000,000
20,000,000
77,500,000
Bank of Manhattan Co.
15
15
15
15
15
Deposits,
Average
S
Bank of New York.*.*.
1 Oct.
Sept.
Sept.
Sept.
Sept.
Time
Undivided
Capital
1941
Net Demand
Profits
1 Oct.
Sept. 1 Aug. 18
Sept. 27 Sept.16
Sept. 27 Sept. 16
Sept. 2 Aug. 11
HOUSE
CLEARING
YORK
Surplus and
Members
Nov'
Wolverine Tube Co., 7% preferred (quar.)
Woodward & Lothrop, common..
*
3
2 Aug. 20
3 Aug. 20
NEW
CLOSE OF BUSINESS THURSDAY, AUG. 28,
Nov.
Extra
Class
OF MEMBERS OF THE
ASSOCIATION AT
fS3X
Western Public Service Co. $1.50
STATEMENT
30.28
18.50
42.82
107.52
93.05
51.55
110.25
90.59
18.40
42.81 1
107.46
93.05
51.75
110.19
90.6i
125.91
30.28
#
The Commercial &
1232
Aug. 30, 1941
Financial Chronicle
the Federal Reserve System
Weekly Return of the Member Births of
Board of Governors of the Federal Reserve System, giving the principa
leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comments of the Board of Governors o^f
the Federal Reserve System wpon the figures for the latest week appear in our department of "Current Events and Discussions,
immediately preceding which we also give the figures of New York and Chicago reporting member banks/or a week later.
Following is the weekly statement issued by the
tems
of
resources
and liabilities of the reporting member banks in 101
WEEKLY REPORTING MEMBER BANKS IN 101
ASSETS AND LIABILITIES OF
(In Million* of Dollars)
LEADING CITIES BY DISTRICTS ON
Kansas
apolis
St. Louis
Chicago
Atlanta
Cleveland Richmond
delphia
~~
City
Dallas
f
$
'
f
1,443
S
13,117
1,337
2,226
817
735
4,086
856
475
3,949
562
859
319
377
1,358
410
242
2,538
299
411
151
191
891
236
126
44
21
14
5
52
21
3
7
42
4
1
3
9
13
3
3
26
14
39
%
$
;
—
10,688
777
Commercial, Indus, and agricul. loans
6,180
424
Open market paper
Loans to brokers and dealers In secure.
404
90
99
12
321
Loans—total
444
carrying
^
809
627
399
330
2,497
1,106
240 •-V
:
,
223
450
n; 2
23
30 y.V'
16
206
31
19
13
11
60
12
6
437
51
184
50
38
139
60
15
23
194
32
80
41
Loans to banks-..—.....—-...-...
10
1,252
Real estate loans
4
32
210
If 88
123
"174
76
91
84
151
27
""111
64
559
2
2
10
332
1
10
34
1
7
636
1.488
183
78
48
216
35
20
45
60
43
25
35
115
1,251
220
122
113
122
807
1,930
1,064
2,276
Other loans.,
Treasury bills
Treasury notes
United States bonds
386
1
1
2
1
J.-"mm
rn^mm
199
2
397
3,426
382
733
251
3,314
76
181
99
70
360
268
68
115
.569
110
41
135
348
271
60
123
1,982
1,636
96
3,744
1,562
215
152
549
513
106
10,696
240
7,939
Obligations guar, by U. S. Govt
securities
Other
$
$
$
%
Francisco
29,025
ASSET8
Loans and Investments—total
Other loans for purchasing or
securities...
San
Minns'
Phila¬
New York
Boston
Total
Federal Resent Distrids—
AUG. 20, 1*41
Reserve with Federal Reserve Bank..
183
285
785
593
5,513
174
46
110
40
80
27
109
25
52
26
16
79
14
7
12
150
19
536
407
262
267
613
203
111
332
245
219
316
197
323
3,495
1,175
384
79
43
52
74
21
15
295
92
31
68
21
11,766
1,252
1,794
663
539
3,435
595
343
587
1,392
1,451
638
24,455
5,435
1,131
258
749
210
191
997
191
111
142
134
1,090
231
17
132
23
86
552
95
15
39
12
2
359
1,401
421
187
479
281
386
2
9
1
"1
109
Cash In vault....
■'
Balances with domestic banks
...
Other assets—net
LIABILITIES
Demand deposits—adjusted
Time deposits——....
United States Government deposits..
Inter-bank deposits:
Domestic banks....-...-....—..
9,218
383
3,895
485
21
570
6
1
1
384
557
631
Foreign banks....
50
34
47
1
Borrowings
752
23
"""267
16
""*21
40
""14
~19
6
3,883
Other liabilities
Capital accounts
249
1,644
219
393
102
98
421
98
63
5 V
330
396
91
Federal Reserve System
Weekly Return of the Board of Governors of the
The following was
20
1
7
Thursday afternoon, Aug. 28,
issued by the Board of Governors of the Federal Reserve System on
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', ast year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions "
showing the condition of the 12 Reserve banks at the close of
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE
Aug. 20,
1941
Aug. 27,
Three Ciphers (000) Omtued
1941
%
$
$
ASSETS
Aug. 13,
1941
Aug. 6,
July 30,
July 23,
July 16,
1941
1941
1941
1941
$
$
AUG. 27, 1941
Aug. 28,
July 2,
1941
July 9,
1941
$
:
CLOSE OF BUSINESS
/Sir.'-
1940
%
:
S
20,302,531
20,307.532
20.310,531
10,553
252,279
20,312,231
8,853
241,080
18,561,978
12,186
283,282
20,6031,000
20,573,363
20.562,164
18,922,194
15,411
16,229
16,657
16,657
20.302,533
16,271
274,705
274,639
279,984
268,243
293,232
16,271
293,072
20,589,648
20,590,400
20,597,170
20,585,431
20,612,036
20,611,874
2,407
7,973
2,187
6,102
5,462
4,500
1,748
3,641
1,622
2,938
1,823
1,366
1,868
1,489
1,365
1,143
1,229
2,619
10,380
Gold ctfs. on hand and due from U. S. Treas.x.
8,289
9,962
5,389
4,560
2,728
2,296
3,357
2,508
3,848
9,563
9,686
9,270
9,448
9,930
9,853
9,807
9,352
9,273
8,553
20,299,532
Redemption fund (Federal Reserve notes)
Otneroash *
Total reserves
Bills discounted:
Secured by U. S. Government obligations,
direct and guaranteed
Other bills discounted.—————
\y_
7.;'• . ,.V;V7.T»'r.<*$pv :•'i'.V'iV77.
Total bills discounted—......
20,299,532
20,300,529
20,300,531
905
v'v'y.•
Industrial advances...
U. S Govt, securities, direct and guaranteed:
y®'.
930
11,826
348,390
1,363,800
820,300
1,363,800
1,363,800
1,363,800
1,363,800
1,363,800
820,300
820,300
820,300
820,300
820,300
1,383,800
820,300
1,363,800
820,300
1,363,800
820,300
1,319,196
1,122,458
guaranteed.........................
2,184,100
2,184,100
2,204,043
2,201,975
2,184,100
2,203,332
2,184.100
2,198,937
2,184,100
2,198,590
2,184,100
2,196,681
2,184,100
2,196,203
2,184,100
2.196,809
2,184,100
2,195,881
2,441,654
2,454,055
Total bills and securities..................
47
47
47
47
47
47
47
47
47
34,235
33,305
31,467
30,090
26,338
29,911
954,428
988,793
40,667
49,359
1,002,878
40,456
880,^3
881,425
936,334
30,130
1,120,507
29,503
895,591
40,417
40,444
40,175
48,189
40,296
47,601
40,429
48,898
46,641
45,896
45,283
23,779
979,078
40,162
<44,641
24,036,227
23,780,771
23,845,752
22,135,247
6,787,914
13,125,376
13,515,998
836,852
813,094
Bonds
———————————
Notes—.
Total
U.
S.
Govt, securities, direct and
Due from foreign banks
.....
Federal Reserve notes of other banks
Uncollected
Bank
Other
Items
40,641
premises
assets
50,220
—
23,873,262
23,904,546
Federal Reserve notes In actual circulation..
7,006,926
Deposits—Member banks' re erve account...
12,997,655
6,952,605
13.037,470
785,344
1,202,872
631,830
Total
assets............................
23,924,248
23,783,594
6,906,411
6,903,785
12,951,427
23.806,433
23,861,917
LIABILITIES
772,074
United States Treasurer—General account..
Foreign
Other
...
1,152,699
689,923
deposits..—.—..
Total
deposits....—.......
Deferred availability Items
Other liabilities, luol. accrued
dividends......
15,612,351
877,919
3,315
23,500,511
Total liabilities..
'
12,947,724
919,425
839,314
1,194,306
621,665
1,201,653
663,688
15,657,516
918,845
2,931
15,683,120
15,656,082
958,777
3,231
848.354
2,704
23,531,897
23,551,539
23,410,925
47
20,812
636,584
41,364
60,191
5,334,240
954,398
849,372
1,165,141
1,185,116
6,797.124
12,971,077
1,038,545
1,191,575
593,544
607,199
564,481
1,208,225
611,503
990,660
507,088
15,766,437
835,032
3,033
15.830,172
885,278
2,658
15,864,719
15,765,678
843,364
2,229
15,781,956
901,936
1,747
15,826,840
23,433,684
23.489,185
23,663,678
23,408,395
23,473,553
21,775,388
140,469
157,065
137,582
6,829,182
6,771.077
6,774,078
13,096,940
921,055
1,144,031
604,411
13,117,089
13,223,032
1,022,766
2,115
i
CAPITAL ACCOUNTS
611,024
3,284
.
140,911
140,894
140,889
140,797
140,578
157,065
157,065
26,785
157,065
26,785
157,065
26,785
26,785
47,959
26,785
47,931
140,933
157,065
26,785
47,926
47,908
48,005
47,993
47,902
157,065
26,785
47,948
23,873,262
23,904,546
23,924,248
23,783,594
23,806,433
23,861,917
24,036,227
91.0%
12,928
91.1%
91.2%
91.2%
91.2%
91.2%
91.0%
13,078
13,058
12,810
11,697
11,393
11,950
7,212
5,562
1,343
8,172
3,783
3,477
2,236
217
118
94
go
683
721
,681
551
276
906
559
737
776
477
104
155
161
266
236
295
264
290
98
192
4,560
2,728
2,296
3,357
2,508
3,848
2,283
2,072
1,515
1,524
1,525
140,942
Surplus (Section 13-b)..
........
—
Other capital acoounts—
Total liabilities and oapltal acoounts
140,868
157,065
26,785
Capital paid In
Surplus (Section 7)
157,065
Commitments to make Industrial advances...
26,839
43,718
23,780,771
23,845,752
22,135,247
91.2%
89.4%
12,432
91.1%
12,590
1,732
2,870
1,950
2,217
122
.122
142
93
42
81
100
688
143
105
20
26
518
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
151,720
26,785
47,880
8,238
Maturity Distribution of Bills and
Short-Term
Securities—
1-15 days bills discounted
......
16-30 days bills discounted..
81-60 days bills d soounted
61-90 days bills discounted
1,481
......
V; V
...
Over 90 days bills discounted.
Total bills dlsoounted.
...
10,380
8,289
9,962
2,202
————
1-15 days Industrial advances...
5,389
2,209
1,969
1,929
343
360
381
323
325
309
754
696
242
256
286
301
278
228
181
193
526
61-90 days Industrial advances
866
938
1,124
1,225
6,019
1,386
5,971
977
839
898
5,962
6,062
9,853
9,807
9,352
9,273
1,565
321
16 30 days industrial advances
81 60 daysi ndustrial advances
233
.........
Over 90 days Industrial advances..—.....
Total Industrial advances
...
5,878
5,895
620
6,014
9,563
9,586
9,270
S
5,957
A
AA Q
o,Tno
5,920
9,930
:
.
173
■
242
Vf;
::
'
298
275-
8,553
The Commercial & Financial Chronicle
Volume 153
]
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
Three Ciphers (000) Omitted
Maturity Distribution of Bills and Short-Term
Securities (Concluded)
O. S. Govt, securities, direct and guaranteed:
1-15 days
16-30 days
31-60 days....
....
61-90 days..
Over 90 days
Total U. S. Government securities, direct
and guaranteed
.....
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
Total collateral....
*
7,430,000
7,513
7,382,000
9,253
7,372,000
4,711
7,305,500
3,937
7,305,500
2,204
7,293,500
1,801
7,243,500
3,037
7,184,000
2,198
5,723,000
2,537
7,437,513
7,391,253
7,376,711
7,209,437
7,307,704
7,295,301
7,246,537
7,186,198
5,725,537
''Other cash" does not Include Federal Reserve notes.
These
x
cents
7,490,000
9,281
7,499,281
hand and due from U. S. Treasury
By eligible paper
certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents
are
Jan. 31,1934, these certificates being worth less to the extent
on
visions of the Gold Reserve Act of 1934.
to
59.00
of the difference, the difference Itself having been appropriated as profit by the Treasury under pro¬
J
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 27, 1941
Three Ciphers
Minne¬
Phila¬
(000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
delphia
Cleveland Richmond
Atlanta
Chicago
Chicago
St. Louts
Kansas
apolis
City
St. Louis
San
Dallas
Francisco
Dallas
San Fran,
ASSETS
Gold
certificates
hand
on
and
due
from United States Treasury
Redemption fund—Fed. Res. notes..
Other cash
Total
...
reserves
.......
Bills discounted:
Secured by U. 8. Govt, obligations,
direct and guaranteed
Other bills discounted
Total bills discounted.
Industrial advances.
U. 8. Govt, securities, direct & guar,
Bonds
Notes
Total U. 8. Govt, securities,
direct and guaranteed
Total bills and securities
Due from foreign banks
Fed Res. notes of other banks.
U ncollected Items....
Bank
premises
Other
assets
Total assets.
LIABILITIES
F. R. notes In actual circulation
Deposits:
Member bank reserve account
U
Treasurer—General account.
8
Foreign
Other deposits
...
Total deposits
Deferred
availability Items
Other liabilities, lncl. accrued dlvs...
Total liabilities.
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)___.
Other capital accounts
Total liabilities and capital acc'ts.
Commitments to make Indus
advs.
Other cash" does not Include Federal Reserve notes,
a
Less than $500
FEDERAL
Three
RESERVE
NOTE STATEMENT
ohiia-
Ciphers (000) Omitted
Total
Federal Reserve Bank of—
Boston
New York
telphia
Cleveland
lichmond
Atlanta
Minneap
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by
federal Reserve Bank
In actual circulation
Collateral held
for
notes
by
agent as security
Issued to banks:
certificates on hand and due
Gold
from United States Treasury
Eligible paper
Total collateral
;
United States Treasury Bills—Friday, Aug. 29
Rates
quoted
Quotations for U. S. Treasury Notes—Friday, Aug. 29
Figures after decimal point represent one or more 32ds of a point.
for discount at purchase.
are
Int.
Int.
Bid
Asked
Bid
Oct.
Treasury Bills
Oct.
1
1941
Oct.
8 1941
Oct.
0.13%
3 1941
Sept
17 1941
Sept. 24 1941
United
States
29 1941
Nov.
5
1941
Nov. 12
1941
Nov. 19
Nov. 26 1941
Government
York Stock Exchange—See
22 1941
Oct.
0.13%
0.13%
0.13%
0.13%
0.13%
Sept.
Sept. 10 1941
15 1941
1941
Securities
following
page.
Asked
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
0.13%
on
the
Maturity
Deo.
151941...
Mw. 15 1942...
Sept. 15 1942...
Dec. 16 1942...
Rats
Asked
Bid
H%
1H%
2%
101.25
1H%
1
101 27
New
1H%
102 9
Asked
102.11
102.3
102 6
Mar. 15 1944...
Juno
16 1944
1%
H%
102.1
103.7
101.12
101.14
103 1
103.3
Sept
15 1944...
1%
102.5
102.7
100.31
101.2
Mar
U 1945...
U%
101.12
101.14
Nat. Defense Nta
H%
100.17
100.19
%%
100.15
100.17
H%
IH%
102.2
102.4
1%
101.30
102
Transactions
Bid
15 1943...
103 5
15 1943...
Sept. 15 1943
Dec.
102 4
$Mar. 16 1943..
June
Rate
Maturity
at
the
J8ept. 15,1944
fDec. 15.1945
New
York
Stock
Daily, Weekly and Yearly—See page 1249.
Exchange,
1
1234
Aug.
1941
30,
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
computing the range for the year.
No
account is taken of such sales In
United States Government Securities
Below
furnish
on
York Stock Exchange
the New
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation coupon bonds on the New York Stock Exchange during the current "v^eek.
Quotations after decimal point represent one or more 32d of a 'point.
we
a
Daily Record of U. 8. Bond Prices Aug. 23 Aug. 25 A
Treasury
4Mb, 1947-62
(High
( Low.
til
Total sa es in $1,000 units...
(High
4s, 1944-54
t
«
1
I
1
1
1
"(Close
(High
105.27
»t4 I1 114 11
105.27
105.27
Low.
106.27
105.27
105.27
105.27
7
*1
r:"
m
^
•,
mm
^
«
.
mm
mm
mmmm
Low
107.14
~
~
—
mm
„
m
m
^
„
•
~
m-
-
-
~
—
•
mm
110.27
Total sales in $1,000 units...
*2
m,
m
mm
mm
mm
—
mum
3
104.17
104.17
104.19
104.22
Low.
104.17
104.17
104.19
104.22
104.17
104.17
104.19
Total sales in $1,000 units...
mm
5
4
50
10
-(Low.
2Mb, 1951-53
106.16
(Close
Total sales in $1.000 units..
106.16
1
.
(High
106.7
Close
106.7
2Mb. 1954-50
'
mm mm
106.7
Low.
mm
mmmmmmrnrn
Total sales in $1,000 units...
.(Low.
2s, 1947
«
I
106.2
(High
1 t I I ft
II I I
106.2
(Close
....
112.30
mmimmmmm
W
»
.
«
High
2s, March 1948-1950
112.30
■m,»mmmm
-
106.2
Total sales in $1,000 units...
....
Low.
-
104.22
106.16
....
-
105.22
fHlgh
t:***
(High
314s, 1949-62
4
106.13
mm
110.27
Close
-
mm
-
\
Low.
105.22
Total sales in $1,000 units...
1
9
110.27
•
»
-r
*1
(High
II
mm m> mm
-
105.22
105.17
105.17
t
106.13
-
■
^
«.
105.17
Close
2Mb. 1952-54
1
2>i8, 1950-58
«.
107.14
Total sales in $1,000 units...
3 lis, 1940-49
2
Low.
(High
1
1
106.13
1
107.14
(Close
i
107.20
(High
\
1
~
106.13
-
High
■
I
I
106.13
„
■
''mm
3 lis, 1944-40....-
1
Total sales in
1
Close
II
1
106.13
■"
Low.
Total sales in $1.000 units..
1
I
High
•
11 Ii »|4 1I
11 1
1 1 I ! li t
I 1
Total sales in $1,000 units..
3 lis, 1943-45
I
1
Close
$1,000 units...
1
1
1
107.20
105.27
1
1
107.20
Low
2Mb. 1950-52
105.27
Close
II
1
3
(High
1
1
1
I
107.20
Total sales in $1,000 units—
1
1
1
ft
107.20
107.20
(Close
1
1
1
It 11I I1
i V t I1I
I Close
3 Hb. 1943-47.—
t
II
....
—
(High
1 Low.
Total sales in $1,000 units...
(
lit!
1.1
1
IHlgn
(Low
2Mb, 1949-53
I
•
Total sales in $1,000 units..
r—
1
I
Low.
3*48, 1946-56
1
ft
Treasury
«
1
1
t
t
Daily Record of U. S. Bond Prices A ug. 23 Aug. 25 Aug. 26 Aug. 27 Aug. 2 8 A ug. 29
28 Aug. 29
I
I
I
A ug.
26, Aug. 27
ug.
I
1
1
(Close
:
»
»
Low.
112.30
Close
'
Total talis in $1,000 units...
(High
3s, 1940-48
•
1
•
1
I
Low.
Close
-
—
■
-
-
1
1
1
(High
(Low.
(Close
1
:
Total sales in $1,000 units...
2s, Dec. 1948-50..
-
-
Total sales in $1,000 units...
—
(High
111.29
112.4
LOW.
111.29
112.4
Close
111.29
Total sales in $1,000 units...
*2
3s. 1951-55
—
2Hb. 1955-00
-•
m
....
'
•
mm
mm
mm
•
*
111 5
11Y.5"
1UA8
111
Low.
Close
110.30
111.4
111.18
111.5
111.4
111
"
mm
3
1
1
1
I
6
| Low.
109.7
(Close
1
I
1
1
....
•
..
Tola
....
-
109.7
109.12
109.12
'mm
Low.
-
-
-
*1
mm*mm
.
»
•
■m-mrn-mmm
.mmm.m
-
+ W
(Close
m
m
111.2
(Close
«
-
-
-
Total sales in $1,000 units...
•
-
Home Owners' Loan
106.20
High
3s, series A, 1944-52
Low
106.20
Close
106.20
Total sales in $1,000 units...
m.
mm
V
•
1
[High
101.28
Low.
101.28
110.24
110.24
.
2Mb, 1942-44..
110.24
Close
101.28
9
Total sales in $1,000 units...
4
111.8
111.10
(High
111.2
111.7
111.10
111.7
111.10
(Close
10
Total sales in $1,000 units...
'
mi.
mm
mm
' mm
5
'
-
'
-
-
111.2
2
*5
High
»
1
*
1
1945.......-....(Low.
JtTotal sales in $1,000 units...
-3b. felfW
(Close
»
1
i
1
1
t
•
1
til I I
»
----
Il4
*
1
fHlgh
-
110.18
110.18
110.18
111.2
Total sales in tl,000nuu.s.m
mm
111.2
W
111 2
Low.
-
mm- m
110.18
•
(High
mm mm
mm
'
f
I
Low.
•
Close
m.
110.18
'•
2Mb, 1942-47
'
5
-
5
-
«
mm
110.18
110.13
m
Low.
i 2MB, 1948
mm
■'
mm
„
110.13
■
Total sales in $1,000 units...
2 lis.
mm
(High
A109.23
mm'mm
High
es
|
Total sales in $1,000 units...
mm mm
mm
•*,«.
110.13
mm.
Close
2 Jis, 1900-05
(Low.
—
109.23
-
mmm-mm-
Low.
.
3
3s, 1942-47
mm mm
mm
109.23
(High
.
106.22
sales in $1,000 units...
(High
mm
High
1
106.22
109.12
Total sales in $1,000 units
■
106.22
Low.
Close
....
....
-
(Close
b
1
Low.
Close
Total sales in $1,000 units
1
ft.
Total sales in $1,000 units..
2Mb. 1958-03
104.13
(High
111.18
8
1
1
109.7
Total sales in $1,000 units..
104.13
(High
I
1
(High'
2Mb, 1950-69
Federal Farm Mortgage
3 lis. 1944-04
3s, 1944-49
Total sales in $1,000 units...1
2Mb, 1951-54
104.13
Low.
Close
2s, 1953-55
'■:mmmmmmm
^
Ill"""
(High
■(Low.
(Close
2Jis, 1948-61
:m'
Total sales in $1,000 units
Total sales in $1,000 units...
2Jis. 1945-47
High
,
112.4
-
(High
%
Total sales in $1,000 units
wl W
»
Close
II II
Total saies in $1.000 units...
11
»
1
1
♦
t
1
1
1
ft
1
1
»
I
1
til
t Deferred delivery sale,
t Cash sale.
Note—Transactions in registered bonds
1
1
t
Odd lot sales,
1
1
I
.(Low.
Low.
«
1
11
I
1Mb, 1945-47
»
were:
Treasury 3s, 1951-55-...—
»i II
1 at 112.4
New York Stock Record
LOW
AND
HIGH
BALE
PRICES—PER
SHARE,
Monday
Tuesday
Aug. 23
Aug. 25
Aug. 26
Aug. 27
$ per share
$ per share
$ per share
$ per share
5434
5434
*5458
55
Wednesday
55
55
*120
121
121
122
*121
*45
5312
*45
50
*45
50
*46
*49
4934
7
49
49
*49*8
5034
*49l2
7
7
7
*120
121
67g
*22
23
678
*22
13'4
41
41U
13*4
413s
*2
*7i«
i8
*7ie
*—.
80
*4*4
*94
438
99
71#
834
8*4
*20
23*8
8
71«
9
8*4
2034
23is
8
*15914 16038
*12
13*4
1
734
*83's
1234
13'4
778
84
414
*94
7
9
838
*20
23*2
*77g
13*4
778
*83*8
29
29
19*4
*1*8
59
*1734
*4H4
*878
4434
*
*15*2
4*8
*94
7io
*59
4134
*1778
*41*2
9i4
4434
44*4
*878
9
85s
2034
2334
*778
'
*121
50
*46
50
*46
5034
*49*2
5034
7
7
50
*7
"""260
2,100
*22
23
*13*8
13*4
*2
*38
*73
*38
42,
80
4*4
4*4
4*4
4*4
*94
#16
*94
*2
*2
43
76
4*4
*73
3,700
*2
100
43g
~1~266
76
*4*4
*94
100
lo
8i#
lo
93g
934
9*4
9*4
9*2
91o
21*4
834
*20*4
834
21*4
878
2078
21
2334
2378
2418
24
24*8
2334
*77S
8*4
162i2
162
1234
13*8
77g
13*8
8
83*2
29*2
19*8
83*2
*1*8
1*4
1778
59
1778
59*2
1778
*16
*18
1838
42i4
9
4134
9*8
42
*44
4434
*44
5938
4H2
1778
1*4
sales
on
*8
8*4
162*2 162*2
13
58*2
*878
2934
1978
914
4434
this day.
13
*13
13
25
100
Am Airlines Inc
9*4
9*4
4434
9*8
44*4
500
44*2
4
7
Jan
8
100
Dec
100
Dec
21% Apr
3
25*8 Jan
6
11*4
60
0
10% Jan
9
38 June
9
534 June
414 May
12i2
7
24
delivery,
n
New stock,
Cash sale,
Jan
4
182
Apr
14
Jan
1034
93*
Apr
Jan
412 May
55
May
2ia4 May
79
11
18
June
Jan
2012 May
1234 Apr
4178
Dec
Jan
Nov
1*8 May
9*2 May
18
Apr
03l2 July 22
38*2 May
12*g May
58*2
Apr
1878 July 26
21
Jan
Feb 19
58*2 Jan
2
4134
75
Apr
5*2 Apr 22
42*2June 19
934 Aug
8
6
June
1234
Apr
6
35
June
60
Jan
40
50
r
July 16
June
Jan
Dec
5
July 28
10
__10
0% preferred
37
2138 Aug 13
10
Jan
14% Feb 28
par
American Bank Note...... 10
130
84
Jan
145g
Mar
41*2 Feb 14
50
No par
(Del)..No
1*8
9*2 Aug 27
6% conv preferred
Amerada Corp
1,700
'
4
May
May
77
Jan
713jMay 14
253sMay 28
14*2 Mar 13
»u Apr 25
4334
9*8
Aug
5
100
43
1,200
75
Allls-Cbalmers Mfg
No par
Alpha Portland Cem..No par
Amalgam Leather Co Inc
1
4284
59
68*a Jan
7s Mar
8*4 July 31
42*2
18
*58
Jan
36*2 June
3* May
5*4 Apr 21
Am Agric Chem
*1634
100
Jan
Apr
No par
700
400
Apr
19*2
135*2 June
87» May
5% preferred....
Feb
Nov
99*2 Aug
*>8 Jan
144*j Mar
60
Feb
27*2
1434 Apr 24
x
4012
■
share
16*8 June
12*2 June
3
1834
1*4
3
45
July 28
5g Jan 14
1134 Feb
100
1,000
6
157j Jan
per
70*4
147
9
4*4 May
6«4May 26
5i2June 6
May 27
18*4 Apr 21
734May 22
No par
Allied Stores Corp
2,800
30
Dec
May
May
347s May
Jan
24*4 Aug
49*4
110
Highest
share $
2
183s
84
734
per
16712 July 28
13
Aug 27
Allied Mills Co Inc
20
6H4 Jan
3s Feb 20
1
800
2934
55*4 Aug 28
Aug 26
4778 Aug
122
$
6
1
Allen Industries Inc
Allied Chemical & Dye.No par
Allied Kid Co
5
5,000
Lowest
share
9
8
July 30
Aug
334 July
par
500
1,400
8
a Def.
75
per
10*4 Feb
Alghny Lud Stl Corp ..No
29
t In receivership,
10
$
May
15*2 May
034 June
*19*8
*44
19*2 Feb 20
12
May 15
3534 Apr 23
S3 A pr 24
par
15
1934
1*4
177g
58
183s
1778
No
Apr
5*8 Apr 22
$2.60 prior conv pref.No par
2834
57*2
No par
Alaska Juneau Gold Min„_ 10
1934
1*4
*18
44
3
Apr 22
Air Reduction Inc
No par
Air Way El Appliance..No
par
Ala & Vlcksburg Ry Co...100
2834
*1*8
38
Address-Multlgr Corp
13*4
8
84
*83*8
Mar 21
No par
Adams Express
Adams-Mlllls Corp
778
*8338
■■
Feb 21
115
98
3,400
*8
8*4
162*2 162*2
*12*2
13*2
13*2
13*2
778
40
100
Acme Steel Co
Range for Previous
Year 1940
Highest
share
No par
conv preferred
1,500
24
8*8
4M%
per
4,600
3,300
938
21%
9
Abbott Laboratories
$
Albuny & Susq RR Co
100
Allegheny Corp
No par
5>i% pf A with $30 war. 100
5M% pf A without war. 100
""900
9*2
9*4
2 llo
*16*4
59*2
18*4
"""266
43
*3g
100
*2
43
Par
Abraham & 8traus
49*2
13*4
19*2
41S4
500
Lowest
i''
■
200
7*8
49*2
23
29*2
5478
124
*13*8
19*2
*1*8
no
5478
124
*22
4134
Range Since Jan. 1
On Basis of 100-Share Lots
Week
Shares
*121
2914
Bid and asked prices:
Aug. 29
13*4
42
16134
1284
13*8
13*8
77S
8
*83*8
84
84
29l4
1934
55*4
EXCHANGE
$ per share
23
*12*4
8
5478
share
*13*8
413g
161
123,j
13*2
5514
124
per
STOCKS
NEW YORK STOCK
the
958
834
2034
2334
9*s
4434
Sales
*22
100
**2
9
Aug. 28
$
7
80
4*4
1*4
17
CENT
Friday
13*8
7lfi
►
8*8
15934 160
*12
20
1*4
17*2
5938
183s
41*2
*2
*5434
Thursday
23
13*8
4112
99
k
29
*1*8
*22
13*4
80
*19
*16
078
23
*13
NOT PER
for
Saturday
x
Apr 12
Ex-dlv.
y
l%Aug
18
47
Mar
Ex-rights.
Jan
2%
Jan
f Called tor redemption.
Volume
LOW
AND
Ne*» York Stock
153
HIGH
SALE
PRICES—PER
SHA RE,
NOT PER
Record-Continued—Page
CENT
Sales
STOCKS
NEW YORK STOCK
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Aug. 23
Aug. 25
Aug. 26
Aug. 27
Aug. 28
Aug. 29
S per share
S per share
$ per share
$ per share
Shares
612
$ per share
612
6%
6%
6%
*35
36
36%
130% *130
130%
212
2%
2%
81% 81%
80% 81%
*34%
*35
*130
180
31%
*176
180
22
31%
31%
72
22
*108
109%
2134
108
^*13%
*7
*>
7%
*7
*
7*8
80%
179%
31%
72%
22
108
*107% 110
14%
*1334
2%
*176
72
v*108% 110
130
2%
80%
31%
74
*72
36
130
212
*176
6%
31%
72%
21%
21%
108
108
*107% 110
*1334
7%
7%
18%
18%
18
9%
18%
*93%
1%
93%
*93%
9434
*93%
1%
*1%
1%
1%
*5%
6%
*5%
6%
%
%
%
*5%
*%
22%
21%
%
21%
3
234
17%
37%
....
7%
8%
*18%
*21
*95 a
*17%
37%
*3%
33
*47%
*1%
24
3%
10
18%
37%
3%
Range Since Jan. 1
3%
13%
41%
43
*24%
24%
11%
*11
11%
1J i32
2634 26%
*115% 116%
*2%
2«4
200
17%
17%
38
3%
4%
87
38
38
3%
3%
1%
10
46%
4%
4%
434
4%
19%
4%
4%
1,700
900
19%
19%
19%
19%
19%
115
*110% 115
*110% 115
*110% 114%
26
25%
25%
25%
25%
2534
25%
1%
1%
1%
1%
1%
1%
1%
33
34
34
34
33%
*34%
35
30%
30%
30%
30%
31
3034
31%
6%
6%
6%
6%
6%
6%
6%
*165
14%
14%
67%
67%
*4%
5%
*9%
37%
41%
10
37%
41%
*152
157
*42
43
24%
*11
11%
*19
24%
11-%
11%
19
19%
11S32
4%
*5%
28%
32%
*15
*10%
*1%
4%
28%
9%
9%
34%
3478
700
31
31
6%
2,300
4,300
6%
*165
14%
14%
14%
14%
14%
14%
67%
68%
68
68
68
68
5
*5%
5%
5%
5%
37%
37
9%
37%
37
37
37
42%
42%
42%
42%
4234
3.900
540
800
5%
42%
*153
157
*43
43
24%
*11
*11%
*18%
92
9%
153% 153%
42%
24%
153% 153%
*42% 43%
42%
*148
9%
*148
*9
43%
2434
*11%
24%
11%
*2334
24%
11%
11%
*11
11%
11%
*11
*11%
19
*18%
92
92
18%
92%
■-ri
*18%
*92%
*18%
19%
19%
154% 155
lls32 D%S
19
19
18%
*92%
19
19
154% 155%
1%
19
155% 155%
1%
li%2
11732
—
6
26%
27
6
«J
26%
27%
116% 116% *116% 116%
7%
75
76
6%
6
55%
*51
4%
87
7%
76
6
41»
*85%
734
76
6%
4%.
55%
*15
2834
*34%
15%
*15
*113
**13
*10%
11%
10%
1%
30%
1%
1%
*1%
4%
65%
*62
28%
9%
*9%
*5
5%
6%
*88%
934
*30
30%
112% *111
4%
66
70
28%
9%
5%
4%
66%
*62
2834
9%
*5
90
*88%
10
9%
70
88
*97
*23
82%
83
*82%
86
*82%
2434
85
28
28%
28
28%
28%
28%
*64
64%
64
64
64
64%
26%
26%
28%
41
39%
39%
*33%
934
20%
9
9
9%
33%
33%
33%
9%
*9
*33%
*86%
7%
Jan 10
165% Aug 15
Jan
6
Jan
4
7
Jan 13
10% July 31
Feb 14
40% July 29
45% July 28
Preferred
100
13834 Mar 13
American Snuff
25
37
Apr 25
100
145
May 12
Amer Steel Foundries..No par
American Stores
No par
19
American Stove Co
10
19
500
American Sugar
300
4%
87
8%
79%
100
Jan 14
Feb 19
20% Aug
Jan
93
Am Sumatra Tobacco..No par
700
13%
13
1134May 27
l48%May 1
Rights
17« Aug
American Tobacco
25
Common class B
6
62
May 28
62
26
6% preferred
2
May 27
3
Jan 21
81
Amer Telep A Teleg Co...100
1,200
Jan
54
100
1,000
97,800
154
150% Jan 10
28% Jan 10
11% July 12
Reflnlng._100
Preferred
12,400
19
l»u
Apr 21
9%May 29
May 26
No par
8
Mar 27
19% Aug
16834
Jan
1 ®i#
6
6
73% Jan
74% Jan
7
8
146% Apr 26
159
Jan
9
2,700
Am Type Founders Ino
10
4% Apr 21
7
Jan
9
6,9 0
American Viscose Corp
14
26% Aug 11
114% Aug 12
29% Aug
1,000
"1,800
1,900
5,600
5%
preferred......—100
Am Water Wks A Elec.No par
$6 1st preferred
American Woolen
4
82
No par
No par
Preferred........
May 20
July
51
Feb 14
5
1
100
Andes
100
A P W Paper Co Inc
700
Archer Daniels Mldl'd.No par
11
1%
30%
100
860
*1%
*88%
934
*86
88
72
28%
9%
5%
90%
934
88
*62
28%
934
*86%
9%
9%
34
Anaconda Copper
25
Apr 18
Mining..50
Copper
7%
Jan 10
Jan 11
8% Aug 8
79% Aug 29
8
Jan
4
May
45% May
1%
18
Deo
May
3
June
12% Sept
41% May
10
May
38
May
10
May
1% May
12% May
90
July
20% June
2
May
34% May
28% May
4% May
135
June
9% May
48% May
534 Dec
6
May
23
May
30% May
122
49%
May
Deo
139
May
19% May
9% May
May
12% May
70% Deo
11% May
145
May
11
66%
68%
136
Dec
12%
May 14
Feb 20
2%
6
3
68
70
23
May 28
800
Armstrong Cork Co
No par
Arnold Constable Corp
6
100
Artloom Corp.....
""800
No
6% 1st preferred
"3"806
88
89
100
5% Feb 19
79% Mar 8
7% 2d preferred
100
87
Feb 19
Assoc Investments Co..No par
23
Aug 28
82
Aug 14
.......100
Associated Dry Goods
1
85
*82%
85
28%
*63%
28%
28
28%
4,300
64%
63%
63%
600
2634
2534
25%
26
3,500
Atlantic Coast Line RR
28%
30%
Atl G A W I SS Lines
42%
2934
41
2,300
41
29%
41%
21%
26%
29%
10
10
10
10%
20
20%
27%
20%
20%
*33%
10%
20%
27
27
*27
'9%
3334
3334
10%
20%
27%
10%
9%
3334
10%
20-%
27-%
10
"9%
100
*33%
10%
5% preferred
100
5% preferred..
1,900
.....100
300
600
10
4%
conv
1
26
pref series A...100
5%
conv
No
200
Atlas Tack Corp
900
Austin Nichols
620
3,800
3,400
1,100
200
20
5,200
I
100
80
Bangor A Arooetook
100
Conv 5% preferred
5% May
83% June
6
May
25% May
4% May
300
In
receivership,
..No par
No
55 preferred w w
34%
9% Aug 29
6*4
Jan 10
9034 Aug 11
10% July 31
87% July 22
102%
35%
96%
31%
Jan
38
Apr
66%
3%
35
Apr
Apr
Mar
6%
Jan
13%
Aug
Apr
67
22*4
Jan
92
Deo
1478
Jan
33g
Jan
25
Mar
121
Mar
26
Mar
5%
Jan
63%
Jan
54
Jan
10%
163
Jan
Mar
18% Nov
74% Nov
12*4 Mar
11%
Feb
41%
Deo
54
Apr
155%
Deo
70
Feb
152% May
33-%
Jan
14%
Apr
17%
23%
Feb
93
Feb
18
Mar
Jan
175% Mar
Apr
100
d Def. delivery,
...No par
Bliss A Laughlln Inc
5
n
New stock,
I
r
Cash sale,
r
y
11
Apr
9%
Jan
102
July
9
Jan
Deo
Mar
July 22
7
Jan 11
Jan 6
19
65
Deo
82
May
13
May
25%
Jan
39% May
64%
Deo
Jan
18% May
102
June
7
May
43% June
57
May
112%June
4
May
17»
10
Feb
May
4
Aug
2
12% May
5% July 31
8% July 31
2*4 May
34
Aug 18
10% July 22
126
Ex-dlv.
Apr
84
20%
5%
June 25
Apr 29
43*4
45
118% Jan 4
9% July 28
2% Jan 11
32
11
Bloomlngdale Brothers.No par
Apr
Apr
95
7% July 10
60%June 3
72% Jan 9
Apr 28
Jan
6
8% July 29
14
Blaw-Knox Co..
Apr
68
Aug
140
400
Apr
Feb
Deo
100% Mar
Apr
1334 Aug 13
50
Aug 18
26-%May 12
67% Aug 15
121% Feb 20
23% Apr 18
16% Apr 19
6% Apr 18
13%June 4
400
111%
7%
64%
Apr
32% Apr 21
1,100
4%
35%
22%
..5
7% preferred
i
100
Blgelow-Sanf Carp Inc.No par
Black A Decker Mfg Co No par
Aug
1578 Nov
22%
Beneficial Indus Loan. .No par
1,000
113%
8% June
9% June
Bendlx Aviation
52.50 dlvser'38N« par
No par
Jan
4% May
Apr
31% July
1,400
Pr pfd
96%
Apr
41%
29%June
42% Aug 27
24% Jan 2
110% Jan 2
4,000
Bethlehem Steel (Del) .No par
22% May
6% May
3% May
32
22% Mar
23%
7% Aug 19
10% Jan 14
Best A Co
May
Jan
Deo
8% Nov
64% Deo
9% May
par
100
35
68%
61*8
28% July 22
No
Belgian Nat Rys part pref
300
June
Apr
8
Beldlng-Hemlnway
9,000
23
97%June
4
May
Jan
Apr
12
49% May
27% July 22
104% July 3
Feb 17
MarlO
June
May
1*4 June
12-%
101%
6
24% Mar 17
31% Mar 24
22
6% Nov
Jan 23
Mar 12
Aug
70%May
28% Feb 17
108
Jan 10
3
5
103
50
Jan 25
July 29
Aug 2
9% July 31
par
Beech-Nut Packing Co...-.20
5%
Aug 22
10% Jan 10
25
Beatrice Creamery...
8
4
Jan 20
May
May
107
8
1834 Feb
2534May
June
4
Apr 23
7% Feb 19
-.1
Beech Creek RR
"
Bid and asked prices; no sales on this dayt
28
6
Bayuk Cigars Inc
6
35
Jan 7
Jan 17
Mar
8% July 28
34
July 25
6% Jan
...60
*27%
28
27
27
27%
27%
27%
27%
*27% 27% *27% 27%
*10334 105% *103% 105% *10334 105% *10334 105% *10334 105% *10334 105%
*
32
*29
*29
*29
30% *29
30%
30%
30% *29
30%
*115
119
*116
119
*114% 119
*116
119
*116
118
*116
119
*7%
*7%
7%
7-%
7%
7%
*7%
7%
*7.%
7%
7%
7%
15
*11%
15
*11%
15
*11%
*11%
15
*11%
15
*11%
15
38
37%
37%
37%
37%
38%
38%
37%
38%
39
38%
38%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
15%
*53
54
*53
54
*53
*53
54
54
54
53®4
*53% 56
*30
30% *30%
30%
30%
30% *29%
30%
*29%
30% *30
30%
69
70
68%
68%
68%
68%
68%
69%
70
69%
69%
69%
*122% 122%
122% 122% *122% 122%
122% 123
*122% 123
"12234 123
*31
31
31
*30%
31% *30% 32
30%
31%
3012 *30
31%
23
23
23
23
*22%
23
*22%
23
22%
22%
*2234 23
*8%
8% r 8%
8%
8%
8%
8%
8%
*8%
1
8%
8%
16
*15%
15%
*15%
15%
*15%
15%
15%
*15%
16% *1534
16%
*14
*14
*14%
15%
*14
15%
15%
15% *14
16%
*13%
16%
200
3
7
No par
514% preferred-
4
23%June
10
Barber Asphalt Corp
Feb
May
3% Mar 3
4% Feb 15
5
Apr 23
.60
Barker Brothers
Apr 22
2% Apr 17
12% Apr 21
.....100
4% preferred
May 16
l%May
100
Baltimore A Ohio
Bath Iron Works Corp
26%
6
13
-
Barnsdall Oil Co
20%
61
111*
No par
55 prior A
1,500
10%
20%
*26%
6% Feb 14
47% Feb 14
No par
Aviation Corp of Del (The) ..3
Baldwin Loco Works v t e..l3
12,400
,
19%June 6
May 29
var
-100
No par
preferred
2
107
6
6% preferred.-.---.—...60
Atlas Corp.
Atlas Powder
Jan
2
13% Feb 14
13% Feb 15
16% Jan 2
100
Atlantic Refining
100
May 16
60% Jan
100
5% preferred
1,300
18
Atch Topeka A Santa Fe.,100
1,700
10%
9%
34
6% Apr 18
4%May 22
par
7% preferred
*82%
10
4
July 28
31% Aug 29
112
5
100
9%
26
109% Mar 24
Jan 20
100
10%
113
Feb 24
1
May
25
9%
Jan
7% Jan
24% Jan
60% May
6% Apr
Oct
2% May
18
60
100
*9
2%
28%
Apr
12% May
47% Jan
100
*40%
Jan
89%
91*4
20
100
90%
10
Apr
153%
July 22
7% preferred
5%
Feb
934
8%
Deo
16
9
Armour A Co of Illinois
*23
*29%
30
56 conv prior pref...No par
1,100
72
28%
Jan
Nov
140% May
June
35% July 29
6
ArmourACo(Del)pf7% gtd 100
"5", 100
5634 July 14
20
23
41%
2134
11% Apr 25
110%June 30
No par
Mining
100
100
46%May 13
22% Feb 14
25% Apr 21
Anaconda W A Cable..No par
55 div preferred
9%
*5
*88%
55 prior conv pref
Anchor Hock Glass Corp 12.50
*113
*10
Nov
23%
11634 Aug 26
99%
5%May 19
100
Amer Zinc Lead A Smelt
1%
....
65
115
4
4,000
6%
Deo
33% May
Aug 29
100
23
10
Jan 13
15%
8,000
•
39
73«4
*97
20%
27%
*27
5% July 10
20% July 31
121
Apr
26
July 24
3% Jan 13
4684 Jan 13
11% Feb 19
10%
20%
26%
*27
Feb 17
6
Apr 18
l",206
•
9%
6
5
Feb 14
100
22
22%
2134
21%
21%
22
21%
2134
110% *107
111
110% *107
110%
108% 108% *107
*107% 111
6%
6%
6%
6%
634
634
634
634
634
634
50% *49i,i
50
49
49%
*49%
4934
4934
*49% 4934
49%
69
*67% 69
2-72
72
*67% 69
71%
71%
71%
*71%
72
117% 117% *117% 123
*117% 123
*117% 123
*117% 123
*117% 123
9
*8-%
9
*8%
9
*8%
*884
9
834
834
834
834
*2%
2%
*2%
2%
2%
2%
*234
3
*2%
2%
*2%
3
19
19
*19
19%
19%
20%
1934
1934
1934
1934
20%
20%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
*15
15
15%
14%
15%
15%
15%
15%
15%
15%
15%
153s
4%
4%
4%
4%
4%
4%
434
4%
434
47g
434
434
*7-%
7%
7%
7%
7%
7%
734
7%
734
734
734
7%
*7
*7
*6%
7%
7%
7%
*7%
7%
7%
7%
7%
7%
*29% 31% *29%
31%
*29%
*30
31
30% *29%
31%
30%
30%
9%
5
6% rreferred
*634
*49%
9
Jan 10
Jan
30
300
*107
9
17%
8
61% Apr 23
4% July 2
7%May 23
Tl "
*5
5%
25
28%
Jan
26
19,000
*9%
9%
100
*27%
*38%
2134
4% Jan 8
13% Jan 27
50
4
conv preferred
100
American Safety Razor.. 18.50
American Seating Co ..No par
2834
35
1534
28%
90%
10
*86
39%
Apr 21
165
100
15
*62
2834
*23
28%
4
May
2:2734
34%
*1%
434
67
*96
*39
25
15%
34%
*30
88
*27%
Mar
23% Jan 24
55 preferred
No par
Am Rad A Stand San'y.No par
29%
35%
29
30%
99%
24%
26%
28%
2584 Aug 29
34
112% *111
*86
26%
6%
8
1% Mar 29
1334
May
56
*10%
*96
26%
77%
51% Aug
95%June 21
111
May
May
23
10% Apr 23
2% Feb 15
15% Apr 24
30
*53
*113
88
26%
6%
3
33% Aug 29
79
No par
56
10%
134
100
26
77
1034 Apr 21
Apr 23
par
30%
31%
112% *111
112%
4%
4%
4%
434
67
67
66%
66%
1534
4%
8%
77
28%
*29%
8
*53
35
11%
28%
7%
76%
6%
34%
112% *111
87
Aug 27
Jan 10
"
55%
*85
*9
3%June 6
Aug 22
100
15534 15578
4%
*85%
734
55%
29
34%
*15
4%
Feb 14
23
Jan
Amer Ship Building Co.No par
200
23%
11%
11%
1»I2
May 15
10
92%
23%
*11
*85%
87
28%
28%
■4%
6
38%
4%
Feb 14
Amer Smelting A Refg.No par
"
687«
687S
70%
70%
*15534 15578
5%
5%
*5%
6
27
27%
26% 27
116% 116%
115% 115%
6
19% Aug
2% May
9% May
140
*68
69
68%
68%
68%
69
70
70
69%
69%
69%
70%
155% 155% *153
155% *153% 155
5%
10% May
4,800
43%
*148
11%
11%
92%
300
9%
37
42*4
153% 153%
75
13
9
Jan
185
15% Apr
91% Mar
3% Mar
6% Apr
May
3% juu
6
116%
8
3
Jan
1%
Jan
June
2% July
13
6
2
45*4
135
9
May
5% May
4% May
23% Aug
1
American Rolling Mill
May
Jan
Jan
par
Preferred...
Jan 23
9% Aug 29
19% Aug 6
9434 Aug 29
1%
46
100
Light...No
July 25
834
6% Aug
20
No par
56 preferred
14%
*95
*23
Amer Power A
68
5%
9%
6% preferred
American News Co
5,400
41%
7%
90
10
510
1%
37%
4%
*85%
....
*165
80
26
1%
10
4%
87
34%
15%
*165
26
*9%
92%
26%
27
116% 116%
*85%
*7%
5
*148
153% 154%
1U32
14%
67%
...
19%
20
114% 115
Locomotive.No
14
3
Sept
1% May
3% June
*4 Deo
3
1% Feb 20
Amer Metal Co Ltd...No par
19
American
7
44%June
50
*4%
5%
21%
preferred
conv
4'g
*88%
65
5%
Jan
2% June 20
Amer Internat Corp...No par
American Invest Co of 111
1
4%
19
112
27
Preferred
100
Amer Mach & Fdy Co.No par
Amer Mach A Metals..No par
5%
28
100
900
90%
84
500
200
700
70
27%
3%
10
47
>3%
*934
*45
1,400
65
*63%
3%
10
47%
13% May
May
100
Jan
29
100
12%
65
*82%
*45
pref
non-cum
May
May
May
11% Apr 15
American Home Products...1
American Ice
No par
6%
7
18
Jan 21
%May 27
1
13%
*62
2434
1,500
Jan
l%May 14
50
92%
70
*24
2534
25%l
1%
25
conv preferred
12%
65
10
1,800
48
1%,
6%
23%
3'4
10
American Hide <fe Leather
13%
*64-%
9%
1%
*24%
*3%
*934
Amer Hawaiian SS Co
92
*60
28%
1,800
1%
47%
48
900
13%
*30
30%
112% *111
4%
400
12%
*113
11%
2,100
3%
33%
48%
93%
75
15%
37%
33
|
13%
*50
32%
37%
3%
33
12%
6
55%
*15
400
92%
7434
*32
*9%
46
17%
12%
4%
,..74
\'*5%
*113
3%
10%
*32
32%
17
13%
7%
28%
*32
18
38%
3%'
34
2% Apr 16
57 2d preferred A...No par
56 preferred
No par
*2%
*17%
92
*7%
9%
3
3
164
1434 Feb 15
..No par
13%
*68% 69%
68%
68%
*69%
70
69%
69%
*153% 155% *153
155%
*5% * 5%
5%
5%
*9
57 preferred...
92
19
*5
700
7
3434 July 22
79% July 11
121
78
American Encaustic Tiling.. 1
Amer European Sees..No
par
12%
*91%
*88%
2134
Jan
May
May
Oct
85% Dec
1%
115
Amer & For'n Power...No
par
12%
19
2812
21%
400
92
92
4%
~1~206
1%
92
19
*30
6%
Jan 10
28
128
Apr 22
6% Apr 23
4% Feb 17
9% Feb 19
100
15,5
6
95%
Highest
$ per share % per share
5% June
9% May
x98%May 29
9% Mar 27
10
6% 1st preferred
12%
*91%
*19
19%
153% 153%
American Crystal Sugar
1278
*148
*11
30
93
6%
*165
37%
18%June
10
*34
2134
47%
13%
1,400
Feb 15
107
Corp..20
*12%
19%
10
*3%
*9%
*46%
13%
18%
9434
American Colortype Co
Am Comm'l Alcohol
Apr 19
66
Am Coal Co of Allegh Co NJ25
300
11,600
*91
4%
14%
67%
5%
3%
1C
47%
13%
23
100
*5%
1%
*934
*46%
78%May 29
171%May 28
No par
*1%
25%
3%
3%
5% conv preferred
American Chicle
1%
1%
10
Am Chain & Cable Inc.No par
200
6%
47%
24
2,200
«i«
*2434
*42
*111
3%
33
185
400
Preferred
100
American Car & Fdy..No par
Preferred
.100
3,300
"2", 000
1%
*2%-
2
2
*%
ar2134
22
Jan
June 18
7
*5%
21%
39
Aug
7%
18%
8%
-
3
9%
9434
5%May 29
29% Apr 14
par
Mar
9
18%
...1
Fdy .No
130
*7%
94%
Corp
5 per share
Lowest
5J4% conv pref
100 zl22% Apr 14
Amer Cable & Radio Corp_.l
1
Mar 18
American Can
25
%
48%
1%
24
*32
Am Brake Shoe A
50
1%
1%
25%
3%
*148
*1%
17%
38%
400
2,400
6%
48%
157
*10
.
18%
7%
9
Year 1940
Highest
5 per share
Par
American Bosch
%
1%
24%
*153
28%
3
8%
Lowest
*1%
*5%
"1
22
'7%
*94
1%
1%
24
6%
*165
**50
94
48%
*
4%
18%
*48%
*110% 115
*110%
*25%
26% *25%
1%
1%
1%
33% 33% *33%
30% 30% *30%
*85%
18%
94
48%
91%
12%
Hijj
334
18%
33
*89%
14%
*67%
5%
*9%
37%
41%
17%
37%
*234
*17%
37%
3%
7%
7%
9%
V
Range for Previous
EXCHANGE
600
6%
2%
94%
1%
22
6%
35
35%
34% *35
130% *130
130% *130
130%
2%
2%
2% I
2%
2%
80%
81%
82% 83%!
82%
82%
*176
179% *176
179% *176
179%
31%
31%
31%
31%
31% 31%
*72
72
72
*72
73
72%
2134
22%
21%
22%
22%
22%
*107% 108% *107% 108% *107% 108%
*107% 110
*107% 109% *106% 109%
*13%
17
*13%
17
*1334
17
34%
8%
9%
6%
*130
*32
47%
13%
*19
*3%
234
7%
*6%
34%
6%
33
*46%
13%
*12%
4%
778
*6%
1235
On Basis of 100-Share Lots
Week
$ per share
2
July 28
3% May
434
8
1
Ex-rlghts.
8% Mar
5%
Mar
32% Mar
8% Apr
1978 May
6%
Jan
8
Jan
Deo
52%
Jan
16%
Apr
Jan
4
May
838
20
May
May
30%
13%
25*4
3584
35*4
112%
29% May
32%
7% June
23% Dec
20% May
18% May
105
102
May
7% June
10
Nov
22% May
63% May
109% May
15% Aug
Feb
80% May
124»4 Jan
8% May
24%
34*4 July 23
89% Jan 3
131% Jan 28
18% Jan
Deo
97a Mar
51
147g
24% May
17% May
31% Aug 8
July 23
10% Jan 4
27% May
111
Dec
July 30
20% Jan 10
67
May 2
23
Jan
49% June
127
Jan
Dec
Jan
Deo
Apr
Apr
Apr
Oct
Jan
97s
Apr
67%
36%
Apr
Apr
22% Mar
56*4 Jan
39
Jan
93% Nov
134
Nov
14
May
34%
Jan
15
May
22%
11%
Apr
5*4 May
13% May
11
May
Jan
23%
Jan
16
Apr
H Called for redemption
Saturday
Monday
Aug. 25
A uy.
$
$ ver share
$ ver share
*8412
19
29
1918
281Z
28l2
97i2
4584
*96
97'2
97
97
45
45
4514
*21*4
*2712
*3%
1012
19
22
22
20
20
20
1812
19%
2l«
19
fc>%
19
*212
*3H2
212
37*
103*
4 H2
6%
12
*34
36
41
212
*40
37
*195g20iz
25%
321*
*205*
67*
55'2
834
3%
21i2
67*
*22
2234
3U
•
40
*40
40%
200
2%
1,700
Brooklyn A Queens Tr.No par
6%
2,500
Bklyn-Manh Transit..No
Brooklyn Union Gas—No
Brown Shoe Co.;
No
Bruns-Balke-Collender. No
31*
21
67*
*223*
33*
20
10%
20
21
""366
500
*53%
3%
21%
634
2284
35*
22%
334
10%
10%
97%
*10%
1034
l0i2
98
98
10%
97%
97%
10
10
10
*10
21%
53%
*21
*51%
*912
*912
105*
*2H*
*5H4
2134
*21
5312
*51 »4
5312
12
15
15
*34
37%
15%
*34
*37i2
*36
36%
3
3%
434
37%
36%
*3
38
*91
91*2
9112
9112
*27l2
283*
*2734
283*
2-'»*
25*
25*
37%
*91%
*2734
*25*
25*
79
79
79
79
*77
*118
121
*118
121
*118
*47
48
47%
47%
473*
257*
257*
25%
121
*834
*665*
87*
68
12012 12012
834
834
675* 675*
18
1734
1734 *17
2l2
2i2
*23*
212
11134 1113.4 *llli4 1117*
*314
4
*3U
414
1234
1234
13 >8 *1214
*3
*212
334
334
*
*86
93
8434" 93
175*
25*
12
*3
334
3284
3U
3H2
1712
31%
*17%
10434 10434 *10412 10434
10434
*3U
312
3212
17%
3212
3U
*311*
*1684
*3%
21%
*213*
215* *21l2 2184
*125*
*12l2
13t2
*12V 13
*334
*334
37*
334
3»4
38
3734
38
377*
381*
*100U 101 '2 *10014 ion2 *100%
13*
13*
H2
*13*
I84
47*
47*
47*
47*
47*
234
234
27*
234
*234
87*
87*
87*
87*
87*
65*
6.34
634
65*
*65*
19
41
19
19
41
*5112
5212
*40U
*5H2
%
'•«
*%
Campbell W & C Fdy_.No par
16
37%
1534
16
37%
12,400
*34
434
*2*166
36%
3%
36%
36%
400
Caonon Mills..-
3%
200
Capital Admin class A
38
*3
434
38
*3%
92%
28-%
100
Carpenter Steel Co...—.—5
2%
400
Carriers A General Corp
*79
7834
700
Case (J I) Co
1
100
11934 *118
11934
Preferred
100
78
'
II934 *118
*234
78
47%
4758
48%
25%
2534I
8%
2534
83,4
8%i
6734
6734i
1734
*1734
1814
17%
*2%
2%
234
111% 111% *111% 112
*3%
4
*3%
4
*11%
11% 12
12%
*3
334
*2%
384
258
93
*86
*17
*3
*41%
*51%
52%
316
%
3ts
9%
9%
40%
40%
52%
52%
54
100
%«
*%
*%
S16
%
9%
13
13%
133*
13%
1338
133s
13%
13%
9%
13%
17*
241*
17*
241*
2
2
2%
2%
2%
2 34
234
5612
25%
58%
10%
25%
56%
1012
76
*.—»
*11312 115
*271*
28
*83
*48%
40%
94
*6034
94
62
15
*103
113% 115
115
28
*27%
"15
104
17
57%
10%
102% 102%
"
*25
5734
"*3%
*38
28
115
*114
28
28%
*102
100
9%
13%
""700
13%
9,500
3
140
25%
58%
*38
115
28%
84
*83
40%
*48%
40%
40%
40%
40%
4034
40%
40%
460
40*34
37
3734
37%
38
38
37%
37%
38
38%
*145
148
*144%
148
95
*93%
61%
94
*93%
*61%
62
61%
17
17
93%
*61%
62
14%
103
"l434
103
20
*19%
11034 11034
17%
17%
95
*61%
9484
62
*61%
*1934
*19%
11034 11034 *11034
17%
17%
17%
134
*1%
134
"""600
94%
62
500
"
"5,966
*1*5"
100
1C4
*103
300
1934 1934
112
*11034 112
1734
1784
1734
134
*13s
134
20
20
*1%
134
*2%
*1%
3
*1%
*2%
3
*2%
3
3
3
*2 34
338
130
1%
1%
*1%
1%
*1%
1%
1%
2
*134
2%
200
*15
1584
1558
2%
1538
*15
284
73%
*62%
1558
15%
15%
15%
15%
15%
1538
153S
15%
2%
73%
15
15
153s
15%
15
153s
900
234
2%
8,600
*80%
72%
*15
234
73
*71%
72%
65
*62%
64
62%
62%
*5734
62%
*5734
60
79%
*7%
79%
80
7%
*7
27*
*73%
74
*63
66
*787*
80%
80%
80%
*7834
80%
712
7%
7%
7%
29%
7%
7%
20
27
2314
23%
*997* 102
*27*4
1,500
15%
15%
2%
73%
23% 23%
*99% 102
234
73
28
28
23%
2334
*99% 102
284
*70
2%
*28% 29%
2334 24%
*99% 102
234
80
7%
28%
28%
24
243s
*99% 102
3,
2512
*
716
%
58%
25%
58%
25%
%
%
2534
58%
25%
59
%
59
25%
%
59%
59%
25%
Bid and asked prices; no sales on this day.
2534
%
60%
25%
2534
(The)
1
143
No pari
Colgate-Paimolive-PeetNo
par
No par
.No par
5% conv preferred
100
Iron Corp.No par
300
10
100
...100
Columb Br'd Sys Inc cl A.2.50
2.50
Columbia Gas A Elec..No par
6% preferred series A. —100
5%
100
preferred
Columbian Carbon Co.No par
*7
7%
500
Columbia Pictures.
28
28%
24%
24%
*99% 102
600
2,900
"3*200
i2"666
%
%
29,800
60%
6034
2,000
%s
61
100
400
„
25%
{ In receivership,
25%
a Def.
1
8,600
delivery,
3
21
May
3% May
Jan
6
20
7
17% May
12% May
7%
12
Jan
4% May
2% May
6% May
May
39
9
6
Jan 24
1
6
7% Jan 6
14% Jan 10
16
May
50% July
1% Jan
2
May
14
2234 July 29
53
May
4% May
11
May
11%
Aug 28
De
Jan
7
34
5% Aug
2
39% Apr
3
2% May
29% May
40
3% July 31
July
2%
Dec
Jan 17
36% Aug
92%May 20
30% Jan 14
3% Jan 29
75% June
41
82
Aug
Jan
22% May
2
7
125
2
May
39% May
June
100
50% July 15
2934 July 28
121% Aug 28
10%June 10
42% May
May
20
105% May
5
May
Jan 14
48
June
2234 Mar 25
17
7334
4
Apr
1%
4
2%
88
2
Jan
18
3% May
99% June
17% May
10% June
2
84% June
102% Feb
3
1 a4 July 21
534 July 22
3
Oct
2%
30% May
Jan 13
44%
Oct
Sept
15% May
15
May
3% July 26
23
19
Dec
May
22% May
34% July 12
5% Jan 13
37% Jan 14
21% Jan 4
106% Feb 10
22
Aug 29
8
15
22
June
106
July 28
97
Aug
l%May
3% July 24
Jan 29
4% Aug 1
13% Aug 23
115%
<
Oct
35% Nov
21% Jan
17% May
4
9
July 28
100
8% Nov
36
5% May
4% Jan
1134 Jan
Feb 14
Apr 29
Feb 20
Mar ll
7234 Nov
Dec
May
2
3«4 Jan 10
2334 Aug 27
6% July 29
23
Aug 0
1
2
17
Jan
1234 Nov
Dec
May 119
6% Jan
May
97
9
July 29
20% July 28
56% July 29
9% July 24
July 31
10% July 22
8% Jan 10
6% May
19% July 21
Jan 9
23% May
8% May
44%
May
41
July 24
54
*i» Feb
8
4
1034 Feb
No par
$2.75 conv preferred.No par
14
15
5
3
Apr 18
2
% Jan
1% Feb 6
1
Feb 18
1434june24
9
2%May 20
73 May 24
1434June
62%July 17
69% Apr 29
4%May 16
21% Apr 17
Oct
8%
85
Sept
44
Sept
2
May
2
24
May
124
July
6
85
Jan 15
56
June
Aug 26
108
May
3334 Jan 10
Aug 28
26
May
103
83%June27
74*~May
Mar 11
46% May
50
41% Aug 15
38% Aug 29
June 17
106
18%May
110
Jan
Aug
53% May
115
19
17
16
May
1% Aiig
20
Apr 26
378 Aug
40% Aug
139
147
Feb
Mar
740 July
11% Feb
10034 Feb
2
5
104% Aug 12
46% Feb 20
Jan 22
87
60
14
Jaii 27
72% Jan
3
Jan
Aug
%» Dec
9
Aug 29
3
27
40
9
2%Mar 7
30%June 6
139
Apr 26
73
Apr23
110
Feb 14
24%June 9
98 May 23
82 May 28
4834July 9
27
Feb 14
28% Feb 18
7834
78®4
32
30
31
30
30
31%
30%
30%
31%
31%
31%
31%
*10312 106
*103% 105% *10334 105% *10334 105% *10334 105%
*103% 108
11%
10%
113s
1012
1034
11%
10%
1058
11%
113s
11%
113s
38
58l2
95
No par
B
Apr
6% May
6
8% July 22
22 June 2
55 July 21
834 Apr 21
25
CJuett Peabody & Co..No par
Preferred
--—.-.100
Class
Apr
29%
l%June 17
Climax Molybdenum..No par
4% 1st preferred.
4% 2d preferred
37%
10
Colorado A Southern..—.100
134
25%
No par
Colo Fuel A
3%
Dec
May
7% May
300
*112
1514
76
Apr
1434 May
Jan
34% Jan
3334 Mar
Apr
1234
27
Jan 17
5%
Mar
4% Nov
2434 Sept
Jan
9% Jan 29
14%June 24
900
*25*
12% Jan
15
6
16
3
8
% Jan
100
Collins A Aikman
5334
1%
%«July25
5% pref.
$4.25 preferred
May
7
1334
x5% Nov
9
8%May 22
1034 Feb 7
——...—
Class A.i
38
May
%« Dec
Clev El Ilium 54.50 pf.No par
:
41% Nov
3834 Nov
Dec
8
%i Dec
Equipment—
No par
CCC A St. Louts Ry Co—100
Coca-Cola Co (The)
May
May
4%
6
Co--
Clev Graph Bronze Co
27
24% Mar
25% Jan
2 34 Jan
% Jan 17
% Jan 18
Coca-Cola Intern Corp.Aro par
14%
*H4
134
Chile Copper
—
8
Jan
118
11
14
Feb 14
%i Jan
Specialgtd 4% stock—...50
2,000
1,600
*700
*700
par
Clev A Pitts RR Co 7% gtd.50
*144% 148
95
1434 "14%
14% "16
*102% 104
*102% 104
20
Childs Co
*48%
*1441i 148
94%
*700
*700
143s T434
104
*103
*144% 148
par
Chickasha Cotton Oil
5% preferred
70
84"
37
*48%
par
100
7% preferred.—.—--100
6% preferred..
100
Chicago Yellow Cab-_.No par
20
40%
*48%
5
2634 Nov
Dec
June
%
14% Jan 13
34% Aug 18
23% Mar 21
3%Mar20
5
Apr 28
9% Feb 19
37% Apr22
49
Apr 8
50
Clark
*102
*83
40
Co—.50
100
84"
84""
-
5% preferred. —
Chicago Mail Order Co
Chicago Pneumat Tool.No
S3 conv preferred...No
Pr pf ($2.50) cum div No
{Chic Rock Isl A Pacific..
300
80
300
*83
*83
Class A
Chic Great West RR
13% May
May
12% May
8% Jan 14
2
% Mar 3
138 Mar 12
»uMar20
Chic A East 111 RR Co.No par
3%
1,400
114% 114%
*27% 28%
103
No par
{Chesapeake Corp
Chesapeake A Ohio Ry
25
Preferred series A......100
76*"
103
5
Chrysler Corp..
5
City Ice A Fuel
No par
6%! % preferred
100
City Investing Co
100
City Stores...—..—----.5
9,400
42
3%
3%
3834
par
38%
57%
76"
76
*lil*1
*9
42
42
3%
3834
%
%
*%
%
1034
10%
10%
10234 *102
10234
102
42
*3%
*37%
%
*%
*9
200
400
84"
*83
*19
195*
1958
20%
*11034 112 i *11034 112
17
28
*102
*700
*700
3%
38%
25%
573s
*10%
76
*48%
"40%
37
*361*
148
*145
*36
76
*102
84*
42
3%
3%
3834
*113%
28
*102
*25
2484
25
24%
5634
57%
565*
1034
1034
105*
*102
102
1023.4
43
*3%
*36
2%l
%
3,700
31S
h
*%
3l2
500
52%
*%
*834
38
3,600
41%
%
43
600
No
Common
26
2% Aug
Apr 21
1534May
100 July
17% Feb
12% Apr
2%May
34%May
93%June
ChamPap A FibCo6% pf. 100
Checker Cab Mfg.—
14.500
700
%
*31*
"2*900
6%
18%
9%
38
300
6,800
41
*%
*%
*
100
*6%
*834
102
110
600
18%
3*
*1#
*
300
70% Mar
29% Apr
17
44% Jan 13
Feb 19
2%May 23
22-% Apr 21
1
Products
6% prior preferred
100
Chain Belt Co
—-No par
Apr
19
41
27
Cerro de Pasco Copper.No par
Certain-teed
740
6%
*%
100
600
18%
9I4
ioi2
10312
1,400
41
*52
Central Violeta Sugar Co
Preferred
*6%
*51%
*%
pref—100
{Central RR of New Jersey 100
Century Ribbon Mills.No par
18%
®J«
*102
"~1*506
658
*884
*
4
12
334
1834
41
i4
24%
66I4
10%
Central 111 Lt 4 <4%
9%
9
9%
2
120
93
*3,6
3*
800
234
112
*3%
1134
...100
5% preferred.
Central Aguirre Assoc.No par
Central Foundry Co
1
1,300
18
*2%
112
7%
60
68
*86
93
1,100
8%
8-%
*67
658
19%
43
52l2
prior preferred.....100
Celotex Corp.—----—No par
1858
634
43
9
Celanese Corp of Amer.No par
130
3234
9
Caterpillar Tractor..—No par
4,800
121%; *120% 122
121
834
"l*800
47%
26
47%
25%
*834
13
*14
Carolina Clinch & Ohio Ry 100
*27
*66% ' 68
1
10
80
*91%
121
No par
$3 preferred A
60
2%
~
25
38
91%
47%
Canadian Pacific Ry
Nov
20% Aug 29
20% July 10
3% July 30
39% Jan 6
4% July 15
123g Jau 2
2538 Jan 6
10%June 3
35 Aug 9
3 % Feb 13
34 May 27
2%May 20
37%May 26
'86% Feb 25
22
Apr 23
2% Apr 28
43
Feb 14
112 Mar 18
40
Apr 14
18%May 26
11634 Mar 19
7
Jan 2
66 June 11
x 15%June 27
1% Apr 22
109%June 10
134june 11
4% Feb 3
2% Feb 19
86%June 13
5
Ginger Ale
Canada Southern Ry Co.-100
434
28;%
78
Canada Dry
95
June
23% July 11
5% Feb 19
10%May 16
Calumet & Hecla Cons Cop..5
458
Jan
34june
1
Callahan Zinc-Lead
800
33
33%
3234 3234
32% 32%
3%
*3%
I 3%
334
3%
3%
3%
33
33%
33
3134 33%
'3384
31%
16 34
1634
17%
17%
1634
1634
17%
105
105
105
105
*104% 105
105
22
21%
21% *2158 2134 i2184 2134
*12
14
13 /
13
13%
13% *13
3%
*334
334
334
*384
3%
37*
38
3734
37% 38%
37%
38%
38%
101% *100% 101% *100% 101% *100% 101
1%
l%i
*1%
1%
ia8
138
13*
5
534
5-'%
53s
534
5%
47*
2 84
234
234
23.li
*2%
234
234
19
I9I4
50
1,800
*234
*86
93
*86
3212
33
33
*311*
*17
4%
12
No par
6%
91%
~
No par
12%
*273S
=21
1117* 112
*3%
1
1
*034
Nov
123%
Jan
per
54
111% Jan 23
54
Jan 18
Byron Jackson Co
California Packing
12
*3758
234
78
834
68
18
25*
834
*665*
"1*366
34
76%
7%
16'4
61
30
5% preferred..
28
121
121
600
1984 May
99
May
51% Dec
19%May29
3
Apr 16
7% Apr 21
53%
92
234
257*
*120
22
10
-----—
Copper & Zinc——.—5
Byers Co (A M)
No par
Participating preferred. .100
220
200
Bros
1
pf 100
5% convpreferred—
500
10%
9
per
35
Butte
400
28
4734
257*
257*
Butler
-
6%
36%
3%
38
*118
121
1,900
2,700
*91%
92
28
234
78%
Bush Term BIdg dep 7%
12%
*34
37%
4%
36%
3%
39
1,020
1534
15%
36i2
5,300
2158
*51%
1
No par
Burroughs Add Much..No par
2:6%
155*
*31*
*37l2
Conv pref $2.75 ser._
*10
28%
51
.1
Bush Terminal
10%
1234 Aug
5% Apr
23%June
27% Feb
1534May
49 May
?7%May
2%May
15% Jan
4% Feb
No par
*1134
153*
*36
Burlington Mills Corp
99
53%
12
484
700
3%
*10%
10%
1
Bulova Watch..
22
334
21%
"16
37%
6«4
22
21%
6%
45*
4
*51%
II84
33*
39
*3%
4
53%
7
*34
22%
0%
*22%
2334
0%
23
2184
12
36'2
*36
23%
10
67*
434
3%
10
117*
3712
434
47*
3«8
300
*1*766
Aug 28
9
7% preferred—-------1O0
Wheel
No par
Co———
No par
55
99
153*
151*
434
1
"is
»i«
*1H2
*35
3%
par
Bullard
8%
3-%
23%
634
20
30
Jan 16
19% Apr 24
par
Budd
19
*53%
8%
8%
par
5
600
share
90
preferred-——-100^109 June
Budd (E G) Mfg
No par
3% Feb
33
19
99
7
*115*
*2534
99
12
7
7
21%
*51%
21%
liie
1
7
3% '
1,000
per
7
$
share
Jan
7%
210
6%
26
*31%
55
8%
1058
98%
10%
312
97
19%
2,500
4»8
634
par
Bucyrus-Erle Co
10
72%
72
2584
33
19%
*53%
2234
33*
Ida
4%
4%
71%
6%
*31%
55%
8%
3%
2334
034
22%
3%
8%
20%
20
4%
*7034
0%
25%
25%
32%
19%
*19
67*
67*
2234
200
12
5
Bristol-Myers Co.
38
20%
25%
,32%
31*
2H2
6%
*11%
*35
38
,
100
10%
10%
10%
1034
1034
*114
115
115
114% *114
*1934
4%
3%
*2%
11%
'
11%
*35
97
3%
*1012
6%
11%
38
*114
7
2512
321*
191*
55%
85*
191*
67*
0i2
6%
11%
19%
2%
6%
*23s
70%
6%
8%
187*
*53%
85*
19
19
*8%
40
23*
4%
*53<2
834
314
21%
*3012
*5312
40
2%
70%
684
32
55%
*25
*80%
31
4%
*67g
25i2
32
187*
634
67*
253*
*29
19%
7014
4'g
701*
634
25i2
414
70
71
*634
Briggs Manufacturing.Aro par
Briggs & Stratton.—-.No par
31
*35
114
70
41*
41i
414
*70
1,800
2,500
5
100
Bower Roller Bearing Co
.5
Brewing Corp. 01 America—3
Bridgeport Brass Co ...No par
Boston & Maine RR
600
10%
(The)
Borden
100
4/
10%
19%
Co
...1
15
Inc
Borg-Warner Corp.-
700
33
4
10%
19%
10%
3,200
3,800
Stores
*29
103*
103*
*2%
*31
4%
Bond
40
12
37
20
114
*4
800
1934
234
No par
Class B
130
22%
20%
19%
32
*31
4534
22%
20%
19
6l2
*115*
*345*
*195*
I
9934
*44
Bon Ami Co class A ...No par
31
23*
6i2
63*
12
*34%
*97%
45
19%
234
40
19
4012
23*
*1014
io-%( 1014 1014
*112l2 114% *11212 114l2
■
10%
1,000
30
share $
12% Apr 21
25% Apr 22
90 May 9
38
Apr 29
17% Apr26
18% Feb 19
16
Apr 18
% Feb 19
30
Apr 8
3% Apr 23
834 Apr 19
18% Apr 22
30 July 23
38
Apr 18
2% Jar- 3
534 Feb 14
10 Apr 21
Boeing Airplane Co.5
Bohn Aluminum & Brass—5
24*100
19%
$
share
Mar 13
per
80
Blumenthal &. Co'pref— ...100
*29
31
63*
20%
20%
103*
1
19
*29
*1H2
j
4
I
19
30
*397*
*2%
212
*2%
*6%
*11%
1012
19
30
31
*40
4
41*
Shares
Highest
Lowest
Highest
Lowest
$
Par
90
30
2234
20%
1934
284
20%
20U
19*2
234
32
*84%
195a
9934
*97%
44%
2234
22
201*
191*
25*
*30i4
32
103*
1012
4534
22
the
Week
8 per share
90
20,
29%
*84%
19%
28%
9934
*45
201*
I9I4
25*
*4
4
90
1934
29l2
*97
22
*212
*30l4
31
31
*1834
*29
90
9712
*4484
*215*
22%
20
1834
2%
32%
4
1934
*18*2
*84i2
19i2
2812
19%
90
18*4
29
Friday
$ per share
$ per share
share
per
90
*8412
187*
*8412
185*
*27%
45
26
EXCHANGE
Aug. 29
Thursday
Auy.2H
Wednesday
Aug. 27
Tuesday
Aug. 23
100-Share Lots
On Basis of
STOCK
NEW YORK
for
Range for Precious
Year 1940
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
WW
Aug. 30, 1941
New York Stock Record—Continued—Page 3
1236
Jan
2
62% Jan 7
740
July 16
15
Aug 23
104
Aug 22
30% Jan
9
25% May
25% May
May
131
99% May
56
May
10% May
June
94
16% May
May
108
114
Mar 19
20
Jan 10
12% May
1% Jan 13
»u Dec
3% Aug
1% Dec
1% Oct
2% Aug
4
5
21% Jan
6
16
May
21
6
16
May
Jan
4% Jan
82% Jan 25
72
Apr 2
83
July 11
4% May
07% May
7% Aug 20
28% Aug 28
3% May
1434 May
69
June
71
May
..10
2134May20
31
Mar
7
27% June
4 M % conv preferred
_100
Comm'l Invest Trust..No par
8
104
Jan
27% Aug 12
Commercial
Credit
99% Apr
rl02%June 9
8% Feb 15
Commonw'lth A Sou..No par
*i»May 19
$6 preferred series...No par
49
Jan 30
Commonwealth Edison Co-25
24%May26
$4.25 conv pfser '35.ATo par
Commercial Solvents..No par
n New stock,
r Cash sale,
x Ex-div.
y
6
95
June
37% Jan 10
32
June
Jan 15
97
11% July 28
8
110
Jan
65% July
2
30%
Jan 11
Ex-rights.
June
May
%
2
l,u
42
Dec
May
25% June
1 Called for redemption
New York Stock Record—Continued—Page 4
Volume 153
AND
SALE
HIGH
PRICES—PER
Monday
Tuesday
Aug. 23
Aug. 25
S per share
5 per share
*3%
3%
*33g
SHARE,
18U
18
38
38%
37
Aug. 29
$ per share
$ per share
$ per share
$ per share
Shares
38
3i2
18%
38
12%
3*2
3*2
*3*2
18*2
18*2
18*2
334
1834
377g
39%
12*2
90
39%
12%
41
12%
12
12
*12
1214
12%
*87%
91
*87l4
9034
*8714
9034
*93%
96
93%
93%
93i2
7%
93%
71i
17%
17l2
175g
17*2
99% IOOI4
*13ie 15i6
99*2
7%
17%
71*
17%
71*
17i2
99i4
99%
7$
99% 100
103,
2%
5%
6
3
3%
71g
34
10%
78
10%
*212
57g
2%
3
*10%
*2*2
103g
2%
12%
*87*4
95
7%
*9334
7%
17%
9934
*"ie
*12%
3%
18%
43%
12%
*87*4
90
*87%
95
*94
95
llo
9*4
9*4
45*8
24*8
*18*2
*15*4
24%
24
24i4
*1812
20
*1514
1534
*5314
54
54
*42l2
43
*42l2
50
50
50
*4%
*18*2
20
43,
*414
45*4
4
24%
45%
9%
45%
9*4
4
3%
24*2
20
24%
*18%
20
35%
9%
45%
3%
24%
*19
15*2
15*2
*15%
15%
54
54
*53
42*2
42%
*51%
*176*2 178
*4%
43g
4%
52
*176% 178
% Jan
2
14
2
14
3*8
4%
4%
%
:>i
%
58
°8
<>4
4
542
1714
1«78
167$
17*4
17*4
17%
17*4
*98
*714
%
17
*99
101
*1734
3
18U
*131*
734
23%
43
1334
*87
90
100
99
99
98*2
99
198%
18
18
18
18%
18%
18%
7%
*18%
7*2
23%
7%
*7%
23%
23*2
3%
24*g
24*4
24%
*19
7%
23%
*42ig
40
*S634
15%
7%
67g
40*4
40*4
4034
40%
40%
4034
87%
87*4
88
88
88
88
7*8
73g
7%
7*4
634
7
10434 10434
*60
67*2
*6%
73g
7ig
*102% 10434
*60
67%
*13% 137g
*19% 20
*42%
13%
7
14
88
105
67
88
7*2
7
6%
105
105
67
14*2
*63%
14%
*42*8
13%
7%
*7%
6%
104% 105
*60
14
1334
*87
88
14%
65*2
14*2
40%
734
7
*7%
9
*26
28
*27
28
*27
28
x25h
9*8
Z2734
2534
9*8
27%
9
9
9*8
*81%
9%
2834
90
*81*4
*43
45
*43
18l2
*18*4
19
18ls
*4%
*16
434
19%
8I4
*111
8I4
*4*2
*16
8*4
25%
25*4
*293S
15%
2934
1512
123g
*29%
*15%
12*8
57g
57g
*
6
'%
"8
20
*81%
*43
89
45
8%
4%
19*2
8%
29%
29%
6
16
12%
6*8
**8
%
20
19%
%
*29*2
30
30
500
15%
12%
15%
12%
15
15
700
12
12*8
12%
16
12%
6
6
6
2434
37*2
24%
25
900
37%
37%
500
18%
19
25
25
25
2434
37
*36%
37*2
37%
834
*8*2
1634
17
76
1634
*72*4
16%
*72
77
*73*2
78
9
>"8
9
834
*8%
*36
I8I4
*16
18*4
I6I2
37
36
36
37
*35*2
18*4
18
18
18%
16
16
15%
16
16
70
7034
131% 131%
113
*110
*16*4
28-'%
15*4
*91«
17g
6
9
*8
9
113
*110
113
*110
113
*110
113
33
33
17
28%
15*4
33
33
*16*4
28*4
15
15%
"16
%
%
17g
1%
1%
35
31%
31%
32
32
*29
31
30*2
45*2
*44%
*110
111
*73
37g
75i2
*76
82
86*4
334
*74*4
*76*2
*84*2
1%
1%
6*2
6%
6*4
17g
*33*2
1%,
34%
*33*2
33%
*73
78
*73
78
26*2
26*2
6*2
7*4
26%
26%
*10*4
*94
98*2
*10%
*95*2
*24*4
24%
*11*8
11%
3%
21%
*3%
21
*2%
7%
*26*4-
*21*4
*11*2
11%
11%
*91
14
*13
44*8
*24%
3%
3%
*7i«
*2
%
92%
175
*175
33
*33
17
28%
15%
*16%
28%
15*8
15*8
1%
*30%
17
17
28%
28%
15*8
15*4
1%
34
6%
6%
25
92*4
25
*91
*1%
33%
*73
78
2%
7*4
26%
2
34
78
3334
234
2%
334
75%
79
*1%
9%
1%
1%
6%
6
*1%
2
3334
34
*1%
3334
3%
1,900
700
900
100
60
2
1,900
9%
1%
6*8
900
1,600
7,600
3*8
3%
7
7
7
26%
2634
"l~505
*2
"4",400
1,300
900
300
39*4
*2
3934
*2
39
40
21%
10%
98*2
24*2
11%
21
21%
2134
2134
1,100
1,600
10%
98%
25
92%
10%
*10%
10%
*10%
*96
98*2
*96
98%
*96
*3%
*7ie
25
*91
13*2
12%
13
1234
44%
44%
44*2
44*2
223%" 23%
*11% *.12
3%
334
92%
1234
4434
24%
*H%
12
7i«
9ie
25
*23*2
*3%
*24
*91
1234
4434
25*8
9134
1234
4434
Apr 18
3
Apr 21
14%May 26
6*4 Apr 18
109*2 July 2
18% Feb 19
14% June 26
Raynolds A..No par
Devoe &
No
Apr 30
Feb 19
3n Jan
4
1934 Aug
6
13
Apr 21
No par
21*2 Apr 29
3434june 12
6% Apr 21
12%May 12
68%May 22
7
May 3
No par
34
Doehler Die Casting Co No par
17
Diamond Match
uar
25
6% partlc preferred
5% pref. with warrants..100
Dixie-Vortex Co
Class A
No par
Dome Mines Ltd—
Dunhlll
....No par
1
International
No par
Duplan Silk
Apr
8
June
July
May
May
12
2
75%
May
Oct
1% May
3% Aug
17% Feb 18
4
Apr 21
6%June
5
100
105
Aug
4
138
May
1
1
._5
Eastern Airlines Inc
(N J).No par
24
No par
Common w 1
100
4% 1st preferred
Apr 29
29
$7 preferred
l..No par
100
100
1
120%May 26
4
.2
5
Boat-..-..-----—3
9
May 14
2% July
160
Electric Auto-Lite (The)
Ctfs of benef lnt w
lll%July
..100
6% cum preferred
Electric
120% Feb 14
June
7
14*2 Feb 14
Apr 21
25
12*2 Feb 14
3$ Jan 4
l%May 31
27% Feb 19
23% Feb 19
28
May 27
26% Apr 29
39% Feb 14
108
June 27
3%May
5
9
Feb
45i 2
Dec
Apr
29%
Feb
4%
51
Jan
May
June
Dec
100
*2
600
*91
13%
44*2
TIoo
2,900
June
92
Mar
Sept
60
May
14% May
3
May
1334 May
23
Oct
3% May
107
Jan 24
June
Fidel Phen Fire Ins N
1
Y.$2.50
5*2 Mar
18*4 Nov
8%
114
Apr
Nov
13% May
23%
30% Aug
7
21
28*8 May
18%
2
11% May
July 31
8% May
14
Jan
634 Aug
Jan
10%
18%
Jan
9
Apr
Dec
5%
Jan
'4
12% May
25% May
32
May
484 May
12% May
56% May
Jan 10
Jan 11
86
37
6
Dec
9
Jan 30
Jan
79
Jan
23%June 24
03$ Jan 8
1034 July 29
86
Dec
143$
Apr
Feb
24%
23%
Apr
May
9% June
117
Jan
9
113
16434
Jan
7
146% May
Octi
114
May
112*2 May
2534 June
126% J une 11
118 May
2
Jan
Apr
Feb
10*8 Feb
20*8 Nov
38
11% May
65% July
127% Nov
1434 Jan
5
May
4
34
Jan
Jan
14
9
Jan
23%
30%
43*4
Jan
30*2 May
8
14134
Apr
19%
23%
Dec
3
41
June
23$
1
% Aug 12
23*4 Apr 7
19% Aug 28
29% Jan 11
2
Jan
94% May
171
Apr
30
Apr
10
Mar
1334
120
Jan
Jan
189% Apr
129% Dec
118s4 Jan
44*2 May
5% Jan 23
3
May
4
117
June
16684
Jan
9
30% Jan 10
17
Aug 29
33% Jan 10
155
June
180
Dec
22
May
37
Apr
17*$
41%
183$
Apr
Apr
I84
Jan
142
Jan
182% Jan
1738
Jan
10*2 May
May
10% May
25
6
3$
% Aug 5
4% Jan 11
37% Apr
34% July
3
Dec
May
18% May
15% May
*24% June
3
9
34% Aug 29
7
26
47% Aug 6
11134 June 18
35
May
May
102
May
33
7
July
5% May
Jan 11
6*4 Nov
Jan
8*4 Jan
40% Nov
36*4 Nov
33*2 May
41%
Jan
40
Apr
112
Mar
12%
Jan
65
Feb 26
80% Apr
63
May
83
Jan
70
Feb 14
83*2 July 17
66
May
89
Jan
75% Feb 14
89% July 24
% Jan 30
77
Dec
97
Jan
•aiJune 28
% Feb20
734 Aug 4
% Feb 15
5*2 Aug 11
%Mar
1
2
Aug
16%June 24
10 May 29
90
May
2
4
2
7% Aug
2
Jan
Jan
84
33$
Jan
1%
Apr
% May
Aug 22
4
Feb 28
3% Jan
834 Jan
3034
Jan
% Jan
45*2 Jan
Dec
4
2
8
6
7
3
24% Mar 10
07% Aug
2*4 Dec
5
May
20%
Jan
%
Oct
29% June
17*2 May
11
May
07*2 Aug
5
Feb
11*4 Apr
3484 May
1
Jan
49*4
31*2
18%
Apr
Apr
13
Mar 17
100
Jan 27
85
June
26'4 July 24
10
July
29*4
Jan
12*% Aug
2*4 May
TnMay
15*2
Oct
1
Jan
15
May
25
Jan
79
June
98%
Dec
14% Jan 14
7
34 Apr 1
25% Aug 19
97% Jan 15
90*2 June 30
11% Apr 29
34% Feb 19
%
I84
%
Aug 22
2% Apr 16
% Apr 18
3
Dec
% May
Aug 22
21% Feb 15
10% Apr 18
18% Jan
.
5
10
Exchange Buffet Corp..No par
Fairbanks Morse & Co.No par
Ferro Enamel Corp
Oct
113$ Mar
32% Mar
2634 July 22
2% Aug 23
5% Feb 19
23% Apr 30
3uJune 17
34 May 17
4%;% conv preferred....100
9134
*12%
500
35*2
42
4% Aug 8
1734 Jan 10
834 Aug 7
37% Aug
Traction... 15
No par
2
Federal-Mogul Corp
5
Federal Motor Truck..No par
Federal Water Serv A ..No par
Federated Dept Stores .No par
17
75
4734 Mar 29
20
July 14
75
Federal Mln A Smelt Co
Jan
8% May
6% July
21% May
9
29% JaB 10
90
Aug 12
Feb 28
Rico..20
Dec
414
91%
2934
3434 Feb 10
Aug 12
Fajardo Sug Co of Pr
Dec
31
1% Jan
75
50
Eureka Vacuum Cleaner
5
Evans Products Co..
...5
Ex-Cell-O Corp...
3
47%
19% June
1% Oct
8
Jan
32
5% pref series Awl
95*4 May
z99
May
45*2 Dec
9% May
17% July 14
May 26
Jan
45*4 Dec
21*8 May
60
16*2 Jan 25
14%May 31
63% Feb 19
Nov
Apr
36
23% Jan 28
120
1%
2414
106
Apr
Apr
Jan
Feb
7% Aug
114
7*2
Jan
18% June
98*2 Jan
Jan
May
734
38%
75
934
70
61%
3234
25
May 31
Co...20
$4.50 preferred
No par
Duquesne Light 5% 1st pf.100
Du P de Nem (E I) &
$6 preferred
600
25
44*8
4
15
27
Federal Light &
300
334
*7i«
*24
Aug 12
42% Feb
June
3
6
Erie A Pitts RR Co
2034
*10%
90
Jan
Dec
Jan
Jan
Apr
184
Jan 16
45
Jan
33
05
92
Aug 21
25
Dec
47%
Aug
40% Mar
4S4 Feb
25*4 May
Dec
3% May
Aug 28
25% Aug 29
7% Feb 14
24% Apr 22
May
Apr
17%
9
7
25
10% Apr
4% Apr
8% Apr
4 2*4
Jan
■S 5% Nov
2334 Nov
108% Dec
19% Apr
Jan
13
4
68
Feb
Apr
Apr
75
July 15
27% Jan 10
41% Feb 20
9%
32%
110% Mar
1% Jan
May
4
May
Ti«Sept
Jan 16
109
Apr
97%
165
19% Jan 10
Feo 15
16
99% Dec
100
Dec
40*4
Jan 24
July 28
72
Jan
Feb
Apr
15% Mar
47
May
41
May
2
8
53% July 28
Jan
6%
24%
31%
49*4
9*4
2
52% Jan
19
share
per
June
-16% June
18*2 May
2634 July 22
23*2 Jan 14
182*2 Jan 16
4% Jan 4
% Jan 14
I
May
4% May
27% May
4534 Aug 28
4*8 Jan 2
8
10
4% 2d preferred
2
33%
78
*73
78
l%May 6
3% Feb 15
20
Preferred
Dlesel-Wemmer-Gllbert
No par
$6 preferred
...No par
Elec Storage Battery...No par
El Paso Natural Gas
3
Endlcott Johnson Corp
50
5% preferred-..
100
Engineers Public Service... *
$5 preferred
No par
$5)4 preferred
No par
$6 preferred
No par
Equitable Office Bldg—No par
J Erie Railroad
100
39
3%
%
Dayton Pow & Lt4J4% pf.100
..No par
Deere & Co...
Electric Power & Light-No par
200
*3i«
2
7
24%
12
334
Conv 5% preferred
25
Davison Chemical Co (The)
Elec & Mus Ind Am shares...
2134
24%
5
Davega Stores Corp...
100
21%
*1134
No par
900
100
86%
1%
*%
....No par
preferred
Edison Bros Stores Inc
2,900
3,200
39
*%
$8
Cutler-Hammer Inc
Eaton Manufacturing Co
""166
334
75*2
79
*85
20
39
*2
....1
Cushman's Sons Inc 7% pf.100
....
500
45*2
2634
7%
"6,200
500
34%
30%
111
111
*9*8
284
34%
2634
%
7
2634
2
32
*30
9*4
*73
... .........
Class A
1,400
%
*'l«
6%
9*4
1%
1%
Prior preferred......No par
Curtlss-Wright.
1
100
17
32
9
31
Dresser Mfg Co
210
28%
33
Apr
No par
Eastman Kodak
*31
70
33
Aug
82
No par
800
32%
9
40*2 Jan 8
9% Aug 27
45*2 Jan
15% Jan
Curtis Pub Co (The)
141% 141%
177*4
177% *175
33
33
33*8
*3%
107
7
11 *8 May
1
82%May 2
35% Apr 14
3934 July
ll%May 6
19% Aug 29
%June 23
5
500
1,500
700
141%
1%
35
2
preferred.... 100
30
Packing Co
Eastern Rolling Mills
1%
*34*4
1%
conv
Cuneo Press Inc
100
*»u
1%
10
100
Preferred
1,400
%
33
100
Sugar
3%
1%
34*2
*®16
6% preferred
Cuban-American
28*2
15%
%
9%
*%
*24
*91
175
2
2
*10%
25
140*4 140*4
9*2
33%
39
39
21%
3%
112
3%
*%
1%
33%
*95*2
9i«
44
6*4
10%
25
4334
•
98*2
24*2
**2
*23%
*13
9*2
lo
*3©
*38*2
112
28%
*44%
*73
2*2
%
112
28
33
*1%
2
2*2
39
2134
10%
112
28
*44%
*1%
*6%
*38
112
**4
2
*38*2
112
*30%
9%
*1%
7
126
141
Cuba RR
8% preferred
126
28
100
Douglas Aircraft
No par
Dow Chemical Co.....No par
100
8
126
31
1%
5%
126
*3%
preferred
conv
800
113
45*2
2
*9%
2*2
*110
3034
3034
31
*44%
45*2
45*2
45*2
*110% 111
*110% 111
111
*110*4 111
384
334
3%
3%
3%
3%
3%
75*2 *74% 75% *7412 75*2 *74*2 75*2
*77
*77
79*8
79*8
80
79*8 *77
86%
86%
86*4 *85% 86%
86*4 *85
1%
7
7234
74%
131% 132
19%
19%
*44%
9%
2*2
900
1,600
5,500
*30
31
178
9%
1%
1%
18%
16%
34*4
30*4
6i«
"
*5i«
18%
16%
126
34%
35
35
160
126
28*8
31%
37
156%
3%
5%
Distil Corp-Seagr's Ltd No par
100
156
*16%
32
*35*2
5%
*7%
pref w w__No par
Diamond T Motor Car Co—2
100
156%
*3%
conv
2% May
834 May
93*4 May
9% May
*
156
27%
$2.25
800
9
156%
28%
17
28*4
15%
15%
*®16
%
*1%
2
6%
*8%
156
*16*2
17
28*2
5%
33
33
31*2
*84*2
19%
5%
35
*334
*19
19%
32
*110
*8%
884
8%
*35*2 37
37
*18%
18%
18%
16%
16%
16%
7034
72*8
70*2
131%
131% *131
19%
19%May 28
No par
4.8C0
75
*7%
35*2
32
31*2
*447g
70%
131%
8%
1,220
834
17%
75
834
9
*31*2
31*2
*3412
16 34
80
19*2
6
19*2
139*4 139*4 *139% 140%
*175
177%
*176% 176
140
*173*2 176
*3234
16%
*74
*5%
156
456*4 157
156*2
156*2 156?4
*125*2 126
125*4 125*4 *125% 126
111% 112
111% 112
111% 111%
27*2
27*2
27%
27%
277g
277g
*3%
3%
*3*2
3%
334
334
140
a;16%
8%
*7%
9
*110
37
*8%
18
70
70*4
70*4
70%
133
*13-112 1333g *131
*19
19*4
19*4
1912
5%
*538
6
5%
*8
834
S«4
17
80
8%
16%
*74
3*8 Aug 1
7% July 31
July 21
106% Jan 22
16*2 July 22
5% Aug 7
30
9
"4" 800
%
19%
18*2
Jan 13
6%May 21
0
Crown Cork & Seal
14%June
4% Jan
tDenv & R G West 6% pf.100
Detroit Edison....
20
20
37
% Aug
5*4 May
2*4 May
5*2 May
% Dec
107
9
19%
25
7
July 10
3%
7
7
2*2 Feb 19
20
18
Apr 18
Delaware & Hudson......100
19%
37
13
9634May
preferred
Delaware Lack & Western. .50
20
247g
834
**8
334 Apr 23
% Jan 7
1,600
7,000
6*8
20
*24*4
8%
5%
20
20
*36*2
834
6
**8
37
17*g
500
5,600
25.
18%
4%
19%
""400
*3634
*8i2
16%
17*4
434
1,400
8%
*2414
173a
10
19%
25%
19%
17%
90
50
25%
29%
20
20
11,700
3,000
*16
Mar 31
170
Preferred._.....
8%
*110%
29*2
%
310
734
8%
25%
.
500
""560
19*8
25
5
100
Cream of Wheat Corp (The).2
Crosley Corp (The)
No par
conv
3,900
25%
2934
*8*4
25%
5%
Crucible Steel of Amer.Ne par
9*4
27%
*44
.1
__1
....
Crown Zellerbach Corp..
5
$5 conv preferred
No par
2,200
2534
19%
434
19%
25%
**8
100
9
90
*110
112
1,000
25%
45
434
200
31
19%
*16
800
350
27%
*81%
*15%
2534
6
8%
*8
112
25*4
*15*8
12*2
19*2
Crane Co
90
109
45
434
*4%
*16
1,600
3,300
16u
......100
1.000
7
*26
25
Coty Inc
Coty Internat Corp
200
7
*81%
19%
19%
19
*112
25%
2934
16
12*2
**8
20
20
*4%
*16
8*4
112
25%
123g
90
45
*43
4%
9%
29
90
18%
9
28%
28%
2834
19*2
112
112
9*8
2834
*81%
45
28*2
Preferred
2,300
26
26
*28l2
30
42% Apr 21
1
1
1% July
11
56
40%May
5)4%
31
97*4 May
Feb 18
50
Corn Products Refining
4% May
213$ May
9
52
Conv pref 5% series
Corn Exch Bank Trust Co..20
Jan
Jan
18% Jan
Cudahy
*26
15i#
200
270
1,500
May
7%
8% July 10
2338 Jan 13
107%
Apr 21
200
1
May
13
200
31
May
75
15*2 Apr 25
1,000
1
63
Jan 15
Copperweld Steel Co
5
2% May
14
15% Jan 16
9734 Jan 23
103
Continental Steel Corp.No par
""206
Continental Motors
14
*26
3
Highest
share
17% June
17% Feb 24
Continental Insurance...$2.50
65
1
Jan
Jan 10
$ per
1834 Aug 28
43% Aug 29
1
Fibre.5
Diamond
Continental Oil of Del
20
31
43g July 21
share
..5
Continental
14*2
1
20
per
31%June 6
6% Feb 3
35% Feb 14
2%May 26
19%
*26
100
Continental Can Inc
65
31
151«
12% Feb 15
20
Ul#
*26
1
2
79
65*2
14%
33%
*»u
*27
*19%
20
*19%
July
4
Container Corp of America.25
Continental Bak Co
No par
108
1334
99
15
15
8 ^ p-aOrre 1..
2,000
1,700
4,800
10,200
3,600
89
20
25
100
conv preferred
2
May 26
1,000
41%
88*4
*19%
20
5%
10
\
106
Consolidation Coal Co
17%June
7,200
90
*88
88
*13*2
*19%
"*"900
42%
41
87*2
*87
Consol Film Industries
Consumers Pow $4.50 pfNo par
42%
52
52%
52%
176% *176% 177
*4%
4*2
4*4
%
17%
17%
17*4
*97% 100
98*2
18%
18%
18%
734
7*2
*7%
24
24
24
42*2 42%
43
13%
14
13%
*86%
1334
1378
90
200
54%
88
*42%
43
43
600
19%
*15
*7*2
*23*4
*42*8
1334
*87*2
40*8
23%
42%
4
*53
43
40
23%
734
23*2
9%
45*2
3%
1534
4%
5©
1714
9%
4534
36%
9%
45%
36%
36
5,500
1,300
6
54*2
42%
52%
176%
51%
534 Apr 21
7% Apr
2%June
x5% Apr
% Feb
2% Feb
15% Feb
10
20
*15
54
42%
52
42*2
95
1
5%
3%
*53%
1534
54
43
50*2
*176*2 178
*176% 178
37g
24*4
Consol Coppermlnes Corp
5
Consol Edison of N Y..No par
$5 preferred
No par
$2 partlc preferred...No par
*"n
3
45*8
4
90
Consol Laundries Corp
5
Consol OH Corp
No par
Consol RR of Cuba 6% pf.100
3
4434
37,
4
82
100
300
2%
3
45%
10%May 26
May 20
May 23
100
7% preferred
6)4% prior pref
500
2%
3
45
Consolidated Cigar....No par
200
"u
10*4
*2%
36%
22% Feb 19
15ie
*»18
*10*8
3
35%
Consol Aircraft Corp..
10*8
2%
»i«
3
36*4
9*4
Feb 19
Apr 25
8,600
1.80C
6
36*4
3
14
7*4
1734
5%
36*2
No par
Congoleum-Nalrn Inc .No par
1
Year 1940
Lowest
4
$
share
99%
6
36*4
9*4
3,000
per
7%
17%
5%
3634
914
900
Conde Nast Pub Inc
$
99
6
3634
914
30,200
Par
7%
1734
57g
3*8
1.000
Range for Previous
Highest
Lowest
99*2
*7*4
17*2
*99
10*2
2%
*10*8
2%
200
90
95
3%
*18%
40*2
*6
*6
6%
6%
6%
6%
6*2
6%
*6*g
6%
03g
27% 27%
28% 28% *27
2834
*26% 28% *26*2 28*4 *27*2 28*2
*10134 10234 *10134 102*4 *101% 102*4 *101% 102% *101% 102% *101% 102
15%
15*2
*14%
15%
15*4
*15% 15%
15%
15%
15*8
*1434
15*8
4%
4*2
4%
4%
4%
4%
4%
4%
4%
434
434
4*4
*106
106
105% 105% *105
IO684
105*2 106*2 *105% 106*8 105% 106
3%
Range Since Jan.
On Basis of 100-Share Lots
Week
*3ig
18%
3714
1
EXCHANGE
Thursday
Aug. 28
3%
183g
212
STOCKS
NEW YORK STOCK
the
CENT
Wednesday
Aug. 27
Friday
Aug. 26
18
*84
*10%
NOT PER
Sales
for
LOW
Saturday
1237
4% Jan
14% Mar 14
45
Aug
8
10
May
27*2 May
102
4%
Apr
Mar
Jan
20
Jan
40%
Feb
I
*
Bid and asked prices; no
sales on this day.
't In receivership,
I
a Del. delivery,
n New stock,
r Cash
sale,
x Ex-dlv.
y Ex-rlghts. 1 Called tor reqemptlo,.
New York Stock Record—Continued—Page 5
1238
W
AND
HIGH
SALE PRICES—PER
Aug. 30, 1941
on day
Aug. 23
Aug. 25
$ per share
t
rer
*17%
17%
*1017« 103
*l4ia
38U
14ig
♦26
27
share
*17%
38%
14%
*37*2
Tuesday
102
Aug. 26
$
rer
share
SHARE,
Wednesday
Aug. 27
$
ver
Aug. 28
3
*17%
17%
*17%
17%
*10178 103
*l013g 102%
*37%
3834
*37%
3834
14l2
14%
14%
14%
14%
1714
39
27
22%
*21
2214
6%
2734
*26
per
26
26
*5*4
27^4
17%
17%
*37%
*1434
300
400
600
FUntkote Co (The)
No
26%
26%
300
Florence Stove Co.
No par
39
39
39
30
22i2
*2H4
2214
*9712
9878
*97l2
98i2
39%
*21%
*97%
39%
22
40
40%
*21-%
40%
403g
40%
40%
22
22
22
22
22
2
2%
2«g
2%
2%
98%
2%
2%
97%
2i«
2%
*10%
1038
10%
10%
10%
*10%
10%
*20
20%
2034
4%
714
20%
4%
7%
lia4
*20
20%
*2
4k
*6%
*lli4
*50ig
*434
*50
12i2
52ig
*6
6ig
*43S
434
434
434
14
*13
91'2
10lg
*12011
3134
*30i4
*114
*7i»
*74
84
*131
*11%
12%
*50%
52%
*50%
52%
5
6
5
105
*103
105
*103
2
XB
5
145
97%
2%
2>>;v
20%
4%
*684
1134
*4%
*684
7
50'2
*138
*20
4'4
105
*103
10%
*2
*434
*103
*97%
*2%
4%
*634
*97%
2%
10%
2
*10%
*20%
4%
20*4
4%
*6%
£1134
4%
*1134
*50%
12%
52%
7%
6:
97%
2%
7%
11%
*2
•
*49%
*5
•
105
*103
*2
10
4%
*634
*11%
98%
2%
2%
*13
50%
14
20%
4%
7%
1234
52%
14
14
*13
*13
14
13
3812
13
3858
4034
38%
127
*41
3878
39%
3884
39% 39%
12734
127% *126% 12734 *127
42
*41
41
42
39%
127
41
*40%
39
393g
I35g
39%
*109
111
12%
3%
*43%
8%
*70%
14
13%
*100
12i2
3%
45%
8%
71%
12%
3%
44%
1%
23g
2%
'85%
18%
*77
18%
*68
1258
*l3g
*32
1284
71%
71
17%
44
44
*43%
*1%
447g
17%
*43%
*1%
2%
*
1%
28g
*78
18%
1%
23«
83%
18%
69
1878
*85%
*1%
337g
87
1%
337g
"u
1
3%
45
45
23g
69
69
19
19%
*86%
134
34
47g
11%
*47g
1134
11
11
11%
9%
*9
33%
*2434
9%
33%
25%
*2484
*17
I784
17%
26
26
26
33%
25%
17%
263g
26
26
26
26
1734
26%
26%
142
141% 141% *140
60
*52% 60
*52%
35
25%
1734
25%
17%
257g
26
26
*140
142
*62%
60
7%
35%,
35%
13%
*11%
9
33
1334
*11%
17%
*2%
*27
1334
11%
17%
234
34
3%
3%
17
2%
*25
3%
19%
35%
137g
11%
16
5
1134
11%
6%
*28
29%
*28
*34
36
*34
36
*13
13%
19%
19%
*13
13%
*13%
14
*10534 107%
102
102
19%
19%
*144
1487g
*5%
57g
*92% 96%
*25g
234
*90
91
*7%
*727g
7%
73
*160%
*14
*74%
*130
*51%
*106
*14%
*160%
14%
747g
131
52%
109
15%
*18
19
*23%
*8%
2334
9%
15%
*112%
45%
15%
*1334
*74
*130
*51%
*106
*145g
*18%
2334
*8%
15%
*11212
45% *45%
34%
*33
12%
*33
*12
12
48%
*48%
48%
*10378 108
*l037g
4%
*33
*%
*2%
1984
*3%
7u
7%
72?g
4%
3334
4%
*33
1984
*%
*27g
1984
3%
3%
%
3%
140
3234
25%
2%
4,500
82%
19%
687g
19%
86%
26%
26%
26%
26%
26%
26%
26%
140% *140%
*52%
19%
20%
3%
19%
34
73
*130
73
73
130
130
7434
131
*14%
*73%
*130
14%
75
*14%
100
10
*73%
130
131
1484
75
130
7i«
-
!
'1*
Bid and asked prices; no sales on this day,
100
100
10
40
600
7i*
7is
%
t In receivership,
7ie
%
98
Feb
10% May
3
Sept
30%
Oct
4% May
May
43
w
dlv ctfs.No par
preferred
7%
Jan
Jan
19%
Jan
106%
»«1«
Dec
18%
33%
Apr
23%
190
100
9 Iv*
05
2,500
300
Hercules
90
500
34
100
1.1G0
conv
MOO
500
1,500
200
T.ioo
300
100
Apr
104
17
140
1
158
8% Nov
9
33
7
29% June
14% NOV
34% Apr
Feb 18
38
30
37
Jan
20%
Feb
July
Jan
Mar 28
9% May
Jan 24
10% May
108
Feb 25
July 16
100% June
106'4 Jan 16
Apr 14
25% Jan 10
3
14934 Feb 11
Jan
6% Jan 23
101
14% Feb
2
138
9%
104
Apr
Apr
Apr
4%
Apr
67g Dec
113%
11%
Apr
Jan
Jan 13
80
June
110
Jan
July 11
155
Jan
167
Dec
9
12% May
80% July 29
Aug 27
126% Aug
10% Jan
130
1
66% Jan 18
115
Jan
Jan 14
16
4
8
69
50
Dec
June
947g May
12% July
21%
100%
133%
67%
Apr
Apr
Jan
Apr
Jan
115%
18%
Jan
35%
Apr
187g Aug 18
30%
9
May 28
Jan 10
9% July 24
167g Aug 5
Feb 14
10
Apr 22
48
100
13% Jan
6
Aug 13
64
9
Aug 14
111
Jan 15
3% Feb 14
26% Apr 22
5
July 22
par
2%June 20
1534May 26
234June 2
1
*i«June 23
Ex-dlv.
y
Jan
37% Jan
%June 20
*
83% June
Jan
28%
168
7
6% Apr 12
100
May
5% May
Dec
Aug
.
1100
130
Jan
106
897g June
6
1578May 23
.5
16% May
Jan
106%
7
Jan
23
No par
June
96
Apr 22
zl23%May
95
17
8% July 31
2
Apr 25
Feb
Feb 10
3% Jan
95
June 12
June
May
8
15
1034 Apr 21
60
Apr
2
93% June 20
17g Apr 21
70
May
21% Aug
Feb 14
4%June
6
1% Aug
Jan
2% Nov
16% Jan
76
Cash sale.
Apr
May
3%
30%
10134 Aug 26
No par
r
Jan
23
Feb
1% Deo
12%June 19
Household Finance....No
par
5% preferred....
100
Houston Oil of Texas v t c_ 25
Howe Sound Co
5
New stock,
65
4
100 zl07% Apr 14 xl07% Apr 14
Homes take Mining
12.50
52% Jan 8
42% Apr 21
Houdallle-Hershey cl A.No par
39
Jan 27
32%May 28
n
142
4% Aug
11% Apr 19
Hud Bay Mln A Sm LtdNo par
Hudson Motor Car
No
a Pet, delivery,
Jan
June
27% July
11
3
33
tHupp Motor Car Corp
*123
Nov
3% July 28
35% July 28
Jan
28
2,200
29%
Jan
99% June 17
preferred
30
18% May
Apr
9
1,400
Jan
18%
15% May
12
36% Aug 29
48%May 28
Hudson A Manhattan
12% Dec
16% Apr
36% Apr
25% July
25%
No par
Class B
Jan
9
May
14% June
25
Hlnde A Dauch Paper Co...10
Hires Co (C E) The
10
Holland Furnace (Del)
.10
5%
"166
6
Jan
Jan
Apr
11% Apr 22
177g Jan 9
No par
Hollander A Sons (A)
Aug
14%
Feb
35%
17%
var
No par
Holly Sugar Corp
7% preferred
52
Mar 26
May
21% May
11% May
Feb
9% May
100
500
20
May
97%
4%
71%
1%
9%
14% Aug 20
13
No par
600
10
Apr
5
.1
preferred
2
36% Jan 16
25Xg Jan 22
1% Feb 19
100
6
Jan
144% Aug 15
i. 25
cum preferred
Jan
2
25
Hershey Chocolate
4% May
9% June
6% June
137g
1234
Feb 14
May
% May
7
18% July 30
28% July 22
28
July 29
Jan
1% Dec
25
Sept
107gjUne 27
1234 Apr 23
1% Feb 4
2
Hercules Powder.
6%
Jan 27
12% May
69
June
1384 Jan
Mar 12
934 May
100
Motors
June 24
29%May 27
100
Preferred
Apr
69% Mar
247g Apr
42
100
Helme (G W)
Apr
May
7
138% Mar 26
Hanna (M A) Co S5 pf.No par
Harbison-Walk Refrac.No par
400
Jan
Dec
45
25
preferred
Jan
Nov
20% July 30
70% Aug
May 15
197g
Hall Printing Co..
10
Hamilton Watch C0...N0 par
Hazel-Atlas Glass Co
Hecker Products Corp
Jan
6% Mar
517g Mar
20%
par
Hayes Mfg Corp..
Apr
May
23%
90
22
par
.
Jan
14% Jan
65% Nov
24% Mar
13% Jan
July
13% Feb 18
100
preferred
Apr
May
28% Apr 22
1
Hat Corp of Amer class A.
Jan
1%
10
23
100
preferred
Apr
110
77
97g Apr 15
9
Apr 22
100
7% preferred class A
Deo
10
Jan 10
10
——.20
preferred
6)4%
3", 100
9
2% July 29
Gulf Mobile A Ohio RR No
35 preferred
No
Hackensack Water
6%
Jan
Apr
July 30
79% Apr 18
10
Grumman Aircraft Corp
1
Guantanamo Sugar....No par
6%
"460
30
52% *51%
52%
*51% 52% *51%
*51%
52%
52%
109
*106
1083g *106
108% *166
108% *106
108%
15%
*14% 15%
*15%
15%
*15%
16
16
*15%
1834
*18%
I884
*18%
1834
*17%
1834
1834
1834
24
2384 2334
2334
24%
24%
24%
24%
24%
9%
*8%
9%
8%
8%
834
9
*834
9%
15%
15%
153g
I53g
15% *15%
*15%
1534
1534
115
*112% 115
*113
115
*113
115
*112% 113
46
47
47
47
46
47
46%
46% 47
34%
*33%
*34
34%
3384
34
3434
3434 3434
12
12
12
12
12
12
12
117g
12
48% 48%
487g
*49%
50%
*49%
50%
*49%
50%
106
*l037g 106
*l037g 106
*10378 106
*1037g 106
4%
4%
4%
*4%
4U
4%
*4%
*4%
4%
337g
*3334
34%
33% 33%
33% 33%
33%
33%
%
*38
*51(J
*5i#
%
616
®16
%
%
*3
*2 34
3%
3%
3%
*3%
3%
*234
3%
20
20
1984 *1934 20%
20%
20%
20%
20%
*3%
3%
3%
*3%
3%
3%
3%
3%
3%
Jan 13
40% July 29
1% Jan 11
6% Jan 6
Greyhound Corp (The) .No
6)4% conv preferred
....
14%
16% May
7% May
13% May
June 10
Preferred
8%
36
7
6
June 20
Green (H L) Co Inc
3,900
36
May
1
8,300
19%
36
14
25
2,400
4*300
*34
747g
60
3%
36.
21
100
Great Northern pref
No par
Great Western Sugar..No par
34
*34
July
No par
3,500
1,000
3%
19%
13%
*13%
13%
13%
13%
*13%
13%
14
*13
14
13%
13% *1234
14
107%
10534 10534 *105% 107% *105% 107%
103
*102
10134 *102
103
*102
103
20
197g
20%
*19%
20%
*1934
20%
1487g *144
1487g *144
1487g
1487s *144
5%
5%
*5%
5%
5%
5%
5%
9934
*92% 97
*92%
97
*92%
97
234
2%
2%
234
234
2%
2»4
91
*91
96
*92
97
*92% 98
75g
.7%
7%
7%
7%
7%
7%
*72
73
727g 727g
727g
727g
73
*160%
*160%
*160%
14%
preferred....No par
conv
Preferred
6%
100
36
14%
par
Gr Nor Iron Ore Prop..No
par
3,900
1,200
*34
14%
35
Gotham Silk Hose
Green Bay A West RR
28
10
60
16
No par
600
17%
28
7%
preferred
2~800
11%
19%
5%
Goodyear Tire A Rubb.No
Without dlv ctfs....No par
Granite City Steel
No par
Grant (W T) Co———10
500
11%
1934
29%
*72%
*160%
500
60
*28
Jan
% Dec
13% July
66%
127% Mar
91
1,700
29%
86%
Deo
20
11%
9%
33%
25%
< 173,i
26%
26%
142
*28
% Nov
984 June
131
1
Grand Union
2%
June
Apr
11% Apr 19
68%May 20
81% Aug
300
28%
91
400
4,300
17%
2%
100
10
2% Jan 25
2% Jan 2
4% Apr 14
*28
*13%
70
7,400
11%
*30
May
32% June
3% June
5% May
Jan
101
4%
3%
17%
2%
34
3%
37% May
116
Jan
%
44
19%
6
17%
*23g
3%
Sept
77% May
118
May
May
*11%
*30
334
l97g
Jan
% May
28
May
5
36%
14%
118%
1% Dec
2
May
Granby Consol MSA P
14
Apr
111% May
11
1% Apr 23
2% Feb 13
400
36%
49%
Jan
37g
Feb 21
12%
33%
Dec
30
47g
*2434
17%
26%
Jan
33%
May
47% July 30
87g Aug 6
73
July 31
% Apr 17
14%
2%
*30
60
1
36%
3%
No par
Brothers..
preferred
Deo
41
20
lll%June 13
14% July 31
2%May 13
34%May 24
5% Feb 14
Graham-Paige Motors
14
34
36
Nov
120
17% Aug 28
40
36
3%
Glmbel
No par
No par
22
May
12% May
24
11
June 20
89% NOV
26% May
102
Aug
16%
22
Jan
4% Sept
46
*434
1734
16% Jan 10
100% Jan 15
% July 24
Apr 28
preferred
3
Jan 27
%
Mar 17
conv
Feb
24
10
35
4
109
Apr 21
Jan
1284 Feb 24
6,900
11%
9%
4% Jan
2334 July
29% Jan
11% Jan
77% July
102
6
7
7% Jan 15
2
100
1% May
Jan
8%
145
40% Feb 25
500
14%
11%
1734
2%
*30
preferred
Jan
Mar
48
18% Apr 10
6%
May
Apr
Dec
57%
Jan
Mar 19
48%
2
30
12
8
12
25
General Tire A Rubber Co.. .5
Gillette Safety Razor—No var
118
105
Apr
1734May 22
par
June
29%
8
127% Aug 25
11
Corp .No
94
35% May
5% May
i»n Mar 17
91
Feb 14
Gen Theatre Eq Corp ..No par
Apr
May
7%
11% May
48% Feb
18% Apr 16
20% Apr 21
9%May 5
46% Jan 30
1
14%
51
4)4% conv preferred50
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
300
2
36%
17%
2%
Shoe Corp
Sept
Jan 10
Apr 10
Jan
20
ll7s
86% Aug 29
132X4 Jan 28
»i«
Dec
3% Sept
5% Apr
200
»i«
*11
60
1
Dec
39%
3,000
»!•
25%
140
Gen Realty A Utilities
Deo
0% Apr
*41
Glidden Co (The).... .No par\
38
17%
*52%
""*20
2%
*24%
60
100
118
Apr
4% May
20% July 8
130% Apr 7
35% Jan 14
40
July 30
117% Aug 6
8
3% July
57gJune
105%May
% Apr
11% Apr
98%June
Jan
Apr
0
Jan
157g
8
6
Gen Time Instru
82%
I77g
141
000
2,100
4384
1%
11%
9%
34
No par
preferred
8
96% July
2
40
Gen Steel Cast 36 pref..No par
General Telephone Corp
20
*1%
9%
*3234
Gen Railway Signal
480
4334
137g
*11%
17%
14%
131
*2434
11%
No par
General
1%
12
No par
800
17%
44
357g
IOI84
*10134 103
*19
19%
197g
*144
I487g *144
5%
5%
*5%
*92%
*92%
2%
2%
2%
7%
727g
11%
9%
9%
32%
*11
preferred
0
6%
June 18
Jan
Jan
36%May 5
12334 Mar 19
36 pref opt dlv series.No par
General Refractories
No par
100
200
434
1
800
3,000
137g
11%
173g
23g
*1,3%
14
*l(fc% 107% *105-%
91
*11
^
Tioo
500
*17g
No par
3% May
Mar 20
126
10
Printing Ink
June
45% June
7% Jan
6
78% July
No par
Common
General
6%
1,900
3534
*13%
*90
47g
12T
800
3%
38
preferred
Gen Public Service.
8%
86%
35
8
8
6
Jan
38
Gen Outdoor Adv A...No par
36
4434
1334
*11%
2%
3%
19%
29%
47g
*11
78
434
200
400
General Motors Corp
May
July 14
112% Jan
% Jan
100
<
5
33% Feb 15
pref series A-No par
General Mills
No par
preferred
12
5% July 29
102%May 10
28%May 29
conv
5%
Dec
144
120
100
~2~0O6
17%
2
39
"
No par
preferred
34.50 preferred
No par
Gen Gas <fe Electric A..No par
3%
6878
19%
86%
100
General Cigar Ino
1% May
2
65
3%
2434 May
Nov
35
107%
21%
Mar 21
5378May
3% Apr 22
10% Apr 21
73% Feb 19
17% Apr 25
No par
2,700
*44%
187g
5
preferred
cum
7%
700
35%
17
34
86%
*134
*33%
13
13
Corp
May
32
Jan
1
£5% June 19
134% Jan 0
par
May
2% Aug
20
7
12% July 29
2
Apr 16
June
9% May
5
4634 Apr 21
General Electric Co—..No par
General Foods Corp ...No par
71%
19-%
2
"i«
*52
*34%
»i«
87
:
No
Class A
8%
2%
82%
19
69%
187g
39
*134
*33
14%
101
5
6
Baking
preferred
200
17
19%
69
19%
87
337g
14%
par
Cable Corp...No par
71%
*68%
83%
19
47g
11%
*24%
♦1%
23s
82%
2%
1834
47g
11%
11%
*34
*43%
1%
187g
*86%
1%
8%
71%
17%
44
83%
*434
*9
8%
*70%
8%
17%
18%
*68%
19
13%
3%
45
3%
71
*80
14%
10% July
June
21%
5% Mar 21
47% Jan 21
4
Bronze
300
*44%
3%
8%
15i«
*l07g
*127g
45
7g
*11
127g
3%
*43
8%
1%
2%
14
18
8
June
7
Jan 28
22
No
preferred—
General
5
par
General
18,600
2%June
2% Jan
10% Aug
334 Apr 19
Apr 23
5
50
Jan
July 31
23% July 29
99
Aug 1
6
6
No
General
700
*19% 20% *1934 20%
IO984 10934 *10934 111
*79
187g
1%
1284
*12%
3%
167g
*68%
337g
111
*109
14
*1934 20
*109
lit
8%
*70%
187g
88
20
167g
8
68%
187g
*86
14
143g
*l9Sg
1684
4478
*1%
20
111
3%
45
8%
71%
*71
1678
*16%
*435s
14
14
*1014
17
par
700
41
3%
20
No
200
127
*658
*19
Gamewell Co (The)
Gen Am Transportation
41
41
Jan
5% July 28
1% Feb 4
1% Apr 10
T.600
127
46
7% Apr 10
Gen Amer Investors
42
01
132
0% preferred-.....——20
"""266
127
7
Feb 19
97% Aug 27
1
""boo
102
Apr21
7
7
1
Galr Co Ino (Robert)
6% Sept
Sept
18% June
22
107% Jan
20% Jan
20% Aug
5% conv pref——
100
Gabriel Co (The) cl A—No par
4
2434 June
19
May
2
32%May 31
10
400
Jan
July 21
84
Jan
2% Feb 17
May 21
1
Fruehauf Trailer Co
100
*3%
33B
3%
3%
3%
3%
*3%
*3%
3%
3%
6%
*6%
6%
*6%
684
6%
678
*6%
7
*684
7
*10734 109
*10734 109
*10734 109
*10784 109
*107% 109
*10784 109
*%
5i«
*%
%«
*14
he
*%
8g
%
*%
«I6
*%
15
15
*14i2 15
*14%
15
15% 15% *14% 15% *15% 15%
*100
105
*100
105
*100
105
*100
105
*100
105
*100
105
*7u
7i»
7x«
7x«
7i«
12
""%
%
*%
#i#
*%
'l6
*22
22
*22
22
223s
*21% 22% *21% 22% *21% 22%
22%
22
22%
*2158
22
22%
*22
22%
22% 22% *22% 23%
22%
*10l8
10% *10%
10%
10%
10% *10%
10% *103g
10%
10%
10%
74
74
*7334
7412
74%
75
74% 75
74%
75
74% 7434
*22
22%
2212
22%
22%
22%
*22% 22% *22%
22%
*22%
22%
*3'g
36
6% preferred
Gaylord Container Corp
5)4% conv preferred
14*900
4
7
105
Gar Wood Industries Inc
30
25% Apr
21% Apr
38% Mar
25% Apr
8% Nov
No par
No par
2,000
1,300
10% May
7% pf.100
Free port Sulphur Co..
10
*7 conv preferred
10
8
8
13
Fk'nSlmonAColno
20
Jan
16% July
337g Jan
10
Francisco Sugar Co
400
Jan
46
104
70
1,200
106
Jan 10
32
Foster-Wheeler..
Highest
share S per share
12% May
May
May 31
June 17
Machinery Corp
4H% conv preferred
per
32% May
18% Jan 10
24
Food
Lowest
%
share
42% Jan 13
105
12
31
conv
100
1.7C0
23
27
per
June 23
$6
*91
*92
03
93
93
9H2 *90
*93
94
93
93
19
19
*19
19 lg *18%
19%
19
19% 19% *18% 20%
*120% 125
125
*120% 125
*120% 125
*120% 125
*120% 125
32
317«
32% 3234
32%
3234
32%
32%
327g
32%
327g
39Ss
39% 39%
39% 39%
39
393g 39%
39% 39%
39%
116
*114
116
116% *114
*114
1163g *114
116
*114% 116
7h
7ie
he
7i •
%«
7i«
12
7i#
7u
%
%
*74
*74
75%
75% *74
75i2 *74
75% *74
75%
75%
84
86
86
*8314
8434
84% 84%
86% 86%
♦84% 86%
*131
*131
*131
*131
*131
127
40«4
10
100
10
100
S
21
5%
500
....
127
♦
300
Corp
preferred
Foilansbee Steel
~i~iob
52%
*49%
5
5
5%
105
*103
105
50%
*13
10
300
50%
*50%
51
51
*51
51%
51%
6
6%
6%
*6
6%
6%
6%
6%
6%
0%
138
138
*135% 138
*135% 137% *135% 137% *135% 137%
*4%
*4%
434
484
*414
434
*4%
434
4%
4%
4%
484
434
*4%
47g
4.%
4%
4%
4%
4%
50%
1,500
200
10
*20
90
Range for Previous
Year 1940
Highest
share
22
27
21% July 23
37gjune 17
par
Florsbelm Shoe class A .No par
""400
per
15% Apr
101%June
317gMay
12% Apr
26
Aug
First National Stores-.No par
1478
3
6% preferred series A...100
39
,
*2134
400
PaT
Firestone Tire & Rubber...10
X
102
102
*5%
Lowest
Week
Shares
*21
*21
22%
22%
*21%
22%
6
6%
6%
6%
0
534
6
*5%
6
2734
27%
27% 27% *27% 28
27%
*27%
28%
31
32
3034
32
*30i2
31
307g
307g
307g
32
31% 31%
*105
105
105
*105
10512 *105
10512
105% *105
105% *105
105%
16%
*16%
163s
16%
1612
16l2
16%
16%
*16%
16%
*16%
1634
*125
127
*12514 128
*125% 127
*126% 127% 127
127% *127% 129%
4%
*4%
5
4%
*4%
47g
434
5%
*4%
434
*4%
5
46
*44
40
*43
40
47
44
44
*43
47
*43
47
*21
Range Since Jan. 1
On Basis of 100-Share Lots
Aug. 2d
*2712
27
STOCKS
EXCHANGE
$ per share
share
17%
17%
102% 102%
*37% 38%
14%
1434
*26
26%
*21%
22%
102
*26
Friday
NEW YORK STOCK
the
NOT PER CENT
Thursday
share
Sales
for
Saturday
8
% Jan 22
3% Jan 6
2034 Aug 19
47g Jan 13
'4
Jan
6
19
May
4% July
8
May
103
35
May
May
28
May
8% May
54% May
101
June
3% May
28
Aug
% Dec
2% May
12
May
3
May
% May
9% Nov
16% Apr
110
00%
38%
16%
71%
112
Mar
Jan
Dec
Apr
Apr
Dec
67g
Jan
60%
1%
Feb
7%
Feb
27
Feb
Jan
6%
Feb
1
Jan
Ex-right. 1 Called for redemption.
Volume
New York Stock
153
Record—Continued—Page 6
1239
'
AND
SALE
HIGH
PRICES—PER
Tuesday
A ug. 26
Aug. 27
$ per share
$ per share
$ per share
$ per share
9%
21%
*41
934
2178
*41
42
*4
9%
2214
978
22%
23
42
42
42
43s
4l4
I8I4
734
*2734
2814
*105
107
*153i2
79%
11%
*684
—
*28
*106
-
*153%
79% *79%
11%
1178
7 i
7
2234!
*22
*7%
*110% 112
*22
28%
106121
106
...J *153%
80
79%
117i
*5278
53%'
\
1%
*1
*7%
734
8
*3%
2634
*128%
18%
68%
*17«
*3834
*44
7
*110% 112
80
12
12%
7
*22% 23
*110% 112
5
5
8%
8%
*1%
40%
Aug. 28
$ per share
$ per share
Shares
9%
22%
*41
1%
8%
4%
240
*18%
1834
834
*8%
8%
1,300
2,600
*4
1%
40%
80%
12%
*634
*80%
8034
12
12%
6%
7
23
111
23
23
111
5
*39%
158
158
53
53
53
*1%
8%
8%
8%
*3%
3%
3%
*3l2
378
*3%
378
27%
27%
27%
2634
27%
27
27%
*128% 131
*128%
*128% 133
*128% 131
131
18%
18%
1834
18%
1834
18%
1878
18%
69%
69%
6934
6878
69%
69% 69%
68%
*2
*1%
2%
2
*1%
2
2
2
39i4
39% *39%
*38% 39% *3812 39%
39
*44
46
46
*44%
28%
*40%
46
28%
4234
46
40%
98
*96
*8%
9%
*3034
3134
*96
*834
31%
*134
*10
10%
10%
35%
35%
35%
*8
25%
2534l
67
67
67
82
*80%
82
2578
834
*120
....
5
5
*19%
*13
22
143s
*102
104
*7%
*95
8%
10278
15%
*15
8%
*13
7
*7
105
*634
*101
*101
9%
3234
10%
*36%
*80
5%
21%
14%
*13
*20
104
834
102%
*15%
15%
*95
15%
7%
105
1334
*11%
*2312
1334
39%
13%
12%
24%
*23
23%
*38
*13%
*4
434
800
""160
13%
*2234
*13%
23%
*2778
534
*33%
*82%
*84%
*173
2734
14
27%
27%
27%
*13%
14
*13%
14
38
38
*35%
38
*35%
39%
12%
*13%
*11%
*24
24%
2434
*23%
23%
13%
13%
1«4
*1334
*23%
2734
23%
114
5%
1%
2778
13%
22%
534
5%
34
*33%
8334
8334
85%
85
*175
13%
22%
2734
13%
23%
534
178
21
*18%
*25
33%
*3234
12%
15%
27%
2,600
4,100
8%
100
9,000
7,700
500
160
200
46
1,100
2734
36%
36%
36%
109%
109% *108
*43
43%
43%
43%
3%
17
17%
158
*156
*21%
21%
*67%
68I2
*25
26
4
85%
180
*175
*18%
20
*18%
*25%
26
25
12%
3%
*16%
3%
17
17%
17%
43%
*3
3%
16%
17%
'
*135
27%
14%
29%
*27%
*14%
*28%
30%
*29%
3%
*7%
15
*1
....
6834
26
....
20%
20%
96
96
*12
1,200
53
*2%
3%
1534
3%
*7%
*15%
1%
1%
1%
4%
7%
27%
8
24%
29%
176
53%i
2%
16%
27%
734
24%
29%
*174
53%
2%
2934
176
54
2%
203s
*20
21
96
*95
96
12
12
12
12
20
26
26
400
1,100
500
.
200
1,100
40
1,000
900
300
26
*135
*135
*3%
*7%
*95
12%
15%
16
......
1
6
---25
-
Lily Tulip Cup
26
100
Preferred
_
20
160
158% 158% *157
2134 21%
*21%
22
67%
68%
68% 6834
*1434
15%
15%
15%
16
15%
1578
*106% 109% *106% 109% "106% 109% *10612 109%
183s
18%
*18%
18%
*18
18%
18%
18%
*8%
834
834
8'4
*8%
834
*8%
834
35%
35%
35%
35%
*35%
36
*34%
35%
13%
1334
1334
13%
13%
13%
1334
1334
1534
180
*18%
*25
Lima
-.100
Corp...No par
Locomotive Wks. No par
No par
Lion Oil Refining Co..-No par
Liquid Carbonic Corp.-No par
Lockheed Aircraft Corp
1
Loews Inc
N° Var
$6.50 preferred.
No par
Lone Star Cement CorpNo par
Long Bell Lumber A...No par
Looser Wiles Biscuit
25
Link Belt Co
-10
7% preferred
-.100
Louisville Gas <fc El A..No par
Louisville & Nashville..—100
MacAndrewsA Forbes
-10
6% preferred
---1(,u
Lorlllard (P) Co....
16%
2734
7%
24%
*29%
*174
54%
*2%
20%
*95
16%
1%
4%
834
1634
28%
8
24%
30
30%
3%
7%
16%
1%
1,000
100
200
200
4%
4%
2,400
8%
8%
16%
28%
8
25%
29%
500
4,700
3,900
1,800
3,400
900
3
*7%
*15%
*1
16%
28%
7%
25
29%
*174
176
54%
2%
20%
*54
55
2%
*20%
2%
21
96
*95
96
176
12
12
11%
12
15%
15%
15%
15%
*106% 109%
*106% 109%
18%
18%
18%
18%
834
834
834
834
35%
35%
*3434 35%
13%
1334
13%
13%
1.
1,100
600
500
50
800
1,400
Macy (R H)
Inc.—-No par
Co Inc.-No par
Garden..-No par
Magma Copper
Manatl Sugar Co
Mandel Bros...—
Manhattan
*
No par
—
—
25
Exploration... 1
Shirt
Maracalbo Oil
Midland Corp..--.-5
6 % pr pref. -100
Co—No par
Martin (Glenn L) Co——-l
Martin-Parry Corp
No par
Marine
Market St Ry
Marshall Field &
MasontteCorp———No par
Mathieson Alkali Wks.No par
7% preferred
—109
May Department Stores. .—10
Maytag Co——
No par
$3 preferred.
No par
$6 1st cum pref
No par
McCallCorp
No par
M cCrory Stores Corp
--1
— -
preferred
ElecCo
6% conv
'"SOO
—.10
—■
McGraw
—100
-----1
500
McGraw-Hill Pub Co-No par
400
Porcupine Mines. .5
McKesson & Robblns, Inc..18
3,800
Mclntyre
3
Jan 16
167% Jan 10
57
July 22
170
Jan
6
2% Jan 10
9% Jan
July 26
28% Apr
4
Jan 13
19
July 22
73% June 10
2% Aug
t
40
July 31
46
Aug
7
31% Jan 30
4334 July 30
102% Aug 20
91
June
2% July
6% May
1
May
18'g May
136
June
38
May
145
May
113
Mar
5% Nov
12% Jan
2%
44
Dec
Dec
191% Mar
6234
173
Jan
Dec
Dec
5%
Jan
5% May
14%
Apr
7
Jan
387s
Jan
1%
3% May
19% June
109
June
133
Jan
10% May
21% May
40% May
134 May
73
5%
Jan
37
56%
39%
Dec
June
26% May
25
May
13% May
97%
Jan
36%
Apr
Feb
Jan
30
Nov
109
Dec
3
Jan
9
134 May
434
3%
Jan 10
1% May
4% May
10%
Jan
92%
Dec
Jan
12% Aug 29
97
July 14
9% Aug 20
5
3334 Aug
134% Aug
14
Jan
44,
74% June
5% May
20% May
4%
8%
33
Jan
Jan
Dec
8
122
June
130
7
9
May
17
Jan
3434 May
52
Mar
Jan 16
44
June
122% May
77%
132
Dec
Jfcn
Jan
978 June
117% May
3% May
11
May
Jan
2
8% May
8% Jan
4
434 May
Mar 26
87% June
24% May
18
106
3934 -uly 22
14% July 30
10
May
40% July 29
No par
Libbey Owens Ford Gl.No par
Libby McNeill & Llbby
7
Life Savers Corp
-5
Liggett &. Myers Tobacco..25
*28%
24
29%
12%
*175
1,400
49
2
23% Feb 15
Co
Series B
11% Jan
2% Jan
1
10
1
Lerner Stores Corp
30%
3%
7%
23%
29%
98
84<%
600
Lehn
7% Nov
47% Mar
par
(The).
& Fink Prod Corp
*28%
8
22
84i2
1334
24%
2734
5%
34%
84%
85
Apr
4% June
21% Aug
1% May
17% May
Lehman Corp
30%
8
*12
20
25%
534
*34
10,200
2,300
400
1,200
4,200
14,600
100
*29%
27%
*20%
180
1%
14%
23%
15^8
Aug 25
2784 May
Mack Trucks
16%
27%
8
23%
29%
*96
86%
1%
14%
23%
*13'2
24%
27%
4,500
7,800
5%
Nov
Jan 10
(The).....No par
Lane Bryant..
No par
Lee Rubber & Tire
5
Lehigh Portland Cement...25
4% conv preferred
100
tLehigh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred
50
Madison Sq
16%
*27%
*778
2234
2%
84
5%
94
33s July 25
Lambert Co
90
66% May
7% May
I84 Jan 24
20
700
115
Jan
Apr
Jan
par
par
39
13%
12%
25%
24%
100
700
Jan
158
Dec
Feb 14
14
.
Apr
May
Feb 14
5% preferred
Nov
May
95
12
Kress (8 H) &
934
29
140
121% Apr 18
31
1,400
8%
16%
27%
7%
24%
53%
434
6%
23
118
8
98% Feb 21
2,400
1.200
4%
53%
2%
1300
„
Jan
Jan
Apr
Jan
43%
May
par
14
4%
5334
2%
25%
1,200
share
13-%
May
7
par
29%
27%
8%
*2%
25%
400
per
24%
72
Apr 16
Kennecott Copper
A.-No
No
Keystone Steel & W Co No
Kimberly-Clark
No
Kinney4G R) Co
$5 prior preferred..-No
Kresge (S S) Co...
Kresge Dept Stores
16% May
9
Kendall Co $6 pt pf
300
7%
105
Dec
92
5% Apr 23
...
6
7
2)4
104% Jan 27
9
Aug 8
—1
Class B—
13% Jan
June
Highest
25% Jan 14
113% Jan 28
v
5% July 22
69% July 9
54% Apr 19
Feb 11
122% Aug 26 128
27% July 31
2434 Aug 26
67
Aug 23
6034 Aug 12
80
Aug 26 I 86-% July 31
12% Jan 10
8% Aug 25
zll6%June 12 121% Mar 12
6
Aug 2
334 Apr 23
22'4 Aug 2
1534 Jan 9
12
1434 Aug 13
Apr 16
Apr 22
270
13%
Apr 23
13
14
24%
27%
5%
34%
934 Apr 21
Kelsey Hayes Wh'l conv cl A. 1
14
23%
Mar 21
200
16%
No par
Kroger Grocery & Bak. No par
Laclede Gas Lt Co St Louis 100
14%
Feb 14
7
27% Apr 21
Aug
2,100
900
2
Feb 24
87
97
28
28
5%
2
1
Kelth-Albee-Orphcuin pf—100
*37%
*114
l%May
l%May
5% Feb 19
"""26
97
27%
27%
115
3
7
"9" 500
13%
*1134
*2434
24%
Jan
Mar 19
3834
14%
31
3
39%
*36%
95
100
14
8%
16%
*53%
1
27%
27%
38%
13%
12%
25%
24
10% Feb 19
57% Feb 19
1% Apr 16
32%May 23
38% Feb 21
26
May 20
25% Feb 15
-100
5
5% conv preferred
Kayser (J) & Co—
29%
27%
4%
*174
100
4% preferred
Kaufmann Dept Stores
14%
8%
176
City P & L pf ser BNo par
City Southern.No par
Kansas
30%
4%
*174
-100
5% pref series A
100
5% pref series B conv —100
Kan
400
—
Kalamazoo Stove & Furn—10
27%
4%
176
800
1,700
1,100
83s
..No par
Preferred.....
Jones & Laughlln Steel.No par
9
131
No par
Johns-Manvllle..
90% Jan
23% Feb 19
May 8
125
par
1
Jan 10
4
par
Island Creek Coal
14
834
16%
27%
*2878
100
par
..100
30
4%
*174
50
7% preferred
Inter Telep & Teleg
No
Foreign share ctfs ...No
Interstate Dept Stores. No
*27%
8%
7%
24%
29%
No par
International Silver
2734
14%
878
16%
27%
International Shoe
30%
4%
16%
No par
14%
8%
"
100
Salt
30
4%
M
100
80
28%
28%
36%
37%
37%
109
108% 108% *108
43
43
43% 4334
3%
3%
3%
3%
16%
16%
*16%
17
1734
18
*17%
17%
*2534
15
5% preferred
International
27%
3
*1
1%
26
*135
21%
Co
5% conv preferred
-100
InternatRys of Cent AmNo par
1434
30%
7%
1534
1%
*1434
21%
Inter Paper & Power
2734
3
734
158% 158%
*68
16
100
161
Apr 24
1
Int Nickel of Canada.-No par
30
*7%
3%
15
1,100
7,000
1,100
8,000
10,900
33%
3
Corp
32
16%
28%
37
12%
6% Apr 21
Internat'l Mining
No par
800
33%
Int Mercantile Marine.No par
Jewel Tea Co Inc
800
2978
*1
85
Apr 15
500
12%
14%
3%
734
15%
1%
*175
3%
39%
25%
June 10
1
Jarvis (W B) Co
*4 ~
30
150
124
33%{
27%
15%
*634
*102
100
1
1
*33
29%
1
105
*15%
1% Apr 10
30% Apr 23
May
1
43%May 5
140
""•ioO
10%
37%
Apr 21
Hydro-ElecSys class A.25
Preferred.
Int
$6 preferred
*12
14%
*3%
100
12%
16%
28%
30
w 734
20
26
16%
7%
97
100
Intertype Corp
9%
3284
....
'""30
*13
3% Feb 17
7
No par
Preferred
33%
28
30
1,700
98
12%
30
*28%
900
33%
17
....
"8J00
33%
*27%
14%
180
86
3%
16%
17%
17%
158
158
*158% 160
21% 21%
21%
21%
*68
68%
68%
68%
25% 25%
*25% 26
*135
*135
534
86%
43%
17%
23
213%
24%
22734
84
43%
*3
14%
*33%
43%
*16%
300
Feb 25
6
Interlake Iron.
Preferred
38"66o
9% Apr 22
19% Apr 16
107
JUly 5
Intercont'l Rubber....No par
Internat'l Harvester..-No par
200
12%
16
1534
1534 *1534
27%
28%
28%
28%
36%
37%
36%
3634
108
*108
108
109%
36%
*3
5%
1%
34
12%
*108
*16%
115
83
33%
12%
1534
27%
12%
*15%
27%
5%
14
38%
13%
*11%
*2434
23%
34
25%
33%
*12%
*15%
534
27%
27%
83
*18%
8%
97
*4
534
34
*175
25%
*32%
13%
13%
13%
12%
12% *11%
25
2434 *24%
23%
23%
23%
115
114% *114
5%
5%
5%
1%
2
1%
13%
14%
1334
2234
23
22%
14
*13%
13%
24%
24%
23%
27%
28
28
*2%
*37%
2:25%
85%
20
26
*102
84
*33%
8334
85%
*19
♦15%
*6%
8334
578
34
*25%
*17%
27%
28
27%
14
180
434
28
23%
28
13%
22%
*4
3%
39
25%
27%
1%
13%
2278
14
23%
178
*2%
2784
*11%
*7%
97
104
May
1
3.800
10312 103%
*7%
8%
20%
Dec
5
20
Prior preferred
5% May
May
12
20
No par
Int. Business Machlnes.No par
4
1
9% July 21
29% July 28
111% Jan 22
Inland Steel Co
100
Aug
share $
Feb 13
5
155% Feb 10
69% Apr 21
6% preferred
10% Aug
24
per
31
100
No par
1
share
per
45%May 22
484 Aug 2
21% Jan 27
2084May 27
93%May 5
200
4~2o6
21%
1438
Feb 18
No par
No par
Interchemleal Corp
Year 1940
Lowest
6
2% Jan 2
18
Aug 26
10
Internat Agricultural..No par
134
41
5%
20%
14%
5%
par
Insuranshares Ctfs Inc
*120
5%
30
2734
2734
13%
114% 114% *114% 115
5%
5%
5%
5%
1%
434
*102
83g
30
2538
,
*13
104
80
30
*37%
2.5%
834
*1334
*30%
*2%
25%
*2%
*38
80%
1334
30%
3%
39%
3
39%
8%
2:1334
30%
25%
80
14
1334
28
37%
*1334
1334
*27%
*10
38%
1334
30%
28
*
3834
*13%
28
10%!
37
a:38%
1334
31%
3
39
25%
*4
37
21%
7
*13%
4*4
*134
38%
38%
*4
*10
21%
105
38%
*2%
*8%
*32%
9%
3234
5
7
38%
25%
*8%
*120
*102
38%
*38
*97
98
*3134
"5%
834
100%
15%
15%
38%
*2%
*37%
25%
8%
*97
7% %
7%
*101
81
*7%
*734
8%
38%
*30
10%
37
*13
*102% 104
38
*30
*97
*134
*120
5%
*19%
10278
105
....
5
14%
*15
81
*120
*102% 104
*734
*8%
*3134
8%
21%
*95
10%
36%
80
5%
*19%
98
*134
8%
*120
5
*96
IndiaD Refining
Inspiration Cons Copper
900
67
6734
68%
67% 67%
67%
66% 66%
*122% 124
*122% 124
122% 122% *122% 124
25%
25%
25% 25%
24% 25%
2434 25%
67
67
*6634 67
66%
66%
66% 66%
*66
66%
66%l
6634
*122% 124 I
*122% 124
25%
6634
81%
9%
3234
'
10%
36
10%
*35
98
*834
*3134
9%
31%
*134
*134
*96
98
Indianapolis P4L Co .No
1,300
28% 2834 *28% 28%
28% 2834
28% 28%
2834
*41
42
4234 *40%
40%
40%
41
41
40%
*101
104
*101
104
*101
104
*101
104
*101
104
*100% 104
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
*2%
2%
2%
2%
*2%
2%
2%
2%
*2%
2%
2%
2%
*2%
2%
12
12
12%
12%
11% 1134
11%
11%
11%
*11%
11% *11%
2834
34% Jan
2,600
*3%
3%
3%
2734
2734 2:27%
130% *128% 130%
I884
19
19
70%
71
70%
2
2%
2%
*40
40%
403g
46
Leased lines 4%
100
RR Sec ctfs series A... 1000
12%
6%
23
164% 164%
1
1%
46
13
"""TOO
*156% 158
53%
54%
5334
8%
$
share
6% Feb 15
100
8034
158
8%
per
Range for Previous
Highest
6% preferred
110
*39
$
6% preferred Berles A... 100
Ingeraoll-Rand..
2,500
834
Illinois Central RR Co
200
5
834
*4%
8%
1%
41
Par
Industrial Rayon
*110% 113%
5
8%
*1%
Lowest
700
29
29
2834 29%
107
106% 106% *106
*153%
*153%
*156
8%
50
1834
*8
164% 164% *163% 16534 *163% 16534
1
1
1 v'
*1
1%
1
8
11,600
1,600
9%
22%
41%
1834
4
*44
*2134
41%
*4
2678
46
934
10
22%
41%
4%
53
5278
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Week
158
158
53%
*634
8TOCK8
NEW YORK STOCK
the
CENT
Friday
Aug. 2V
Thursday
....
80
178
41
*40%
107
*153%
5
8%
434
8%
*1%
*163% 165
*1
2834
*106
12%
2234
18%
8%
28%
79%
1178
*634
2234 \22%
7
*110% 112
5278
....
4%
8%
-
*4%
5
*4%
434
*8%
8%
8%
8%
*1%
1%
*1%
178
*40% 41% *40% 41
*156% 158
*157
158
*163% 165
106
42
18%
8%
28%
*28
10
22%
*4%
18
7^4
734
*41
4%
18
I8I4
734
934
22%
10%
10
223j
NOT PER
SHARE,
Wednesday
Monday
Aug. 25
Sales
for
LO
Saturday
Aug. 23
25%June
4
Feb 14
22
2% Feb 15
*22% Mar
3
Feb 15
24
6% Feb 14
17%
Jan
1184May
7
Jan
2
8
3
21% Apr 14
19% Apr 12
109%June 4
134 Jan 2
% Feb 13
2% Feb 14
19% Apr 12
11% Feb 1
21
Apr 18
26%June
5
3
Feb 19
38
Jan 13
26%
4% July 21
28% Aug
8
29% Jan 10
16% July 15
45% July 15
19% May
2
May
22% Aug
23% May
4
May
8'4 May
13% July 24
13
Aug 1
2734 July 22
11%
25% Jan
15% May
116% Jan
9
4
5% Aug 18
Dec
3% May
163s May
29%
Jan
34%
Apr
9%
Jan
21% Sept
163s Jan
7% Nov
3534 Jan
25
Dec
100% June
13g May
116%
Dec
4
Jan
Dec
1%
Jau
2% July 25
%
2
14% Aug 27
24
July 31
14
July 31
May
434 Nov
15% May
2478 Nov
24% Aug 29
45% Jan 9
7% Jan 23
9% May
18% May
29
30
June
633s
Jan
5
May
9%
Apr
14
Feb
Jan
33%May 27
39
33
May
45
Apr
78%May 22
80
May 26
96% Jan
87
May
109
Apr
98
Jan
87
May
June 16
189
Jan
169
June
109%. Apr
1883s Dec
18% Mar 11
21
16
May
174
20% Apr 21
z29
Jan 18
June 25
30
Jan
4
8
37% Jan 14
9% Apr 15
13% July 30
13
May
Apr 26
19% Apr 21
28 May 22
105
35
June
4
Apr 21
2% Apr 12
1334 Jan 30
15%May 14
150
17
60
25
133
...
8
4
3738 Aug 28
May
1438
46%
3% Jan
3
2
May
4%
Apr
Jen
Apr
17% Aug
8
I884
Jan
19:*8 Jan 15
Jan
2
162
7334 July 22
31% Jan 21
138
33%
Jan 21
Jan 10
13% June
17%
Dec
138% May
15% May
65
35
17
May
2884 Aug 1
1478 Aug 6
31
July 28
20% May
4
4% July 28
1% Aug
734 Aug 18
87s June
21% May
4
May
July 28
11% May
34 May
June 13
5% Jan 14
11% Jan 8
16% July 11
3% May
2% May
13% Jan 17
23
Feb 14
3034 Jan
7
May 20
19
May 28
24%May
5
5
171
June 13
46
Apr 23
2% Aug 20
Aug 26
20
96
Aug 25
21%
May
38
9
16
25% Apr
163% Dec
2534 May
128
Sept
l%May 20
7% Aug
37% Mar
109%
34 Jan 14
*4
Apr
May
21% Aug 29
534 Jan 3
12% Apr 17
4178
June
3
Feb 17
Apr
18% Mar
29
Feb 18
23% Apr
1% Feb
Apr
9
10% May
22% July
20% May
97
Mar
1
May 16
Apr
Dec
41
July 24
2
May
23%
3034
May
45% July 28
110
June
23% Apr 21
2234May 26
11
16% Jan
2938 Aug
18% May
27
Jan
Nov
Jan
136% May
3134
31
1234
38
4%
Dec
Apr
Jan
Mar
Apr
7% Mar
16%
Jan
1% May
5%
Oct
1334
Dec
6
834 May
26«4 June
16% Nov
4734 Apr
12% Jan 6
28% Jan 13
6% May
2l34 June
21
June
1434
40%
3234
Apr
Jan
30% July 22
160
June
173%
Dec
36% May
53%
Jan
4%
Feb
30%
Apr
176
Aug
7
56% July 28
2% Jan 14
28
Apr 8
107
June
5
14%May
6
2% May
20
May
96% June
10% May
105
Apr
Mar
16%
Jan
17%
Apr
11% Aug 28
12%May 26
103% Feb 20
18% Aug 22
7% Feb 19
Aug 18
10
May
111%. Jan 30
93
May lll*'n Dec
25% Jan 11
9% July 18
17% May
5
June
9%
3
36% July 11
26
June
47%
12% July 19
15% July 24
31
Feb
16
29
Apr
Apr
Jan
New York Stock Record—Continued—Page 7
1240
WW
AND
HIGH
SALE PRICES—PER
Aug. 30, 1941
A u<j.
106
8%
8%
*77%
*70%
80
73
*3012
*434
27i2
*21%
32>4
7%
*27
116
*42%
*100
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Thursday
Friday
Aug. 26
Aug. 27
Aug. 28
Aug. 29
Week
$ per share
% per share
31
S's
27i2
23
3214
*30%
*4*4
*27%
*21*4
3178
7%
1612
*7%
7%
*16%
16%
31
5
27%
22*4
3178
*27
28
116
28
116
116
42%
43
*109
....
%
rer share
42%
....
*3*4
3134
4%
*27%
*2134
3212
7%
16%
4%
27%
31%
4%
27%
31%
4%
27%
*22
2234
23
31%
4%
27%
22%
3234
738
106
3234
7%
7%
7%
16%
*27%
16%
28%
117
16%
*27%
4234
117
4234
*109
42%
42%
*109
117
preferred-—-100
27%,
170
24%'
800
31%
16%
*2738
500
Mesta
Miami Copper
----5
Mid-Continent
101% Apr 30
7
May 21
I
No par
Midland Steel Prod
190
8% cum 1st pref..
-100
Minn-Honeywell Regu.No par
4% conv pref series B—100
Minn Moline Power Impt-.-l
1,100
i
33^
moo
500
13%
7434
13%
Mission Corp
No par
-10
*».«
8A
900
Mo-Kan-Texas RR
500
1,700
7% preferred series A—100
Mohawk Carpet Mills
20
Monsanto Chemical Co—.10
10
$4 50 preferred
No par
Preferred series B...No par
*13
3*4
75
1338
*73
7434
13
*%
h
334
7434
75
75
13
76
13
13
n
334
3%
*72
77
13
%
334
37«
13%
13%
13%
34
*#1«
%
34
%
334
334
7434
334
*2*4
34
34
34%
*42
44*4
*28%
8%
*1414
*21%
29%
8%
14'2
22%
*3%
4%
*43
29%
8*4
*14%
21%
*378
29*4
*29%
*43
*
34
34%
44*4
34
31%
4434
4
*65
*13
*14%
*21%
68
*67
13
13
*12%
71
71
71
71
72
*110
114
110
110
110
*5*4
4l2
5*4
578
*42%
44
21%
19%
*578
*7%
7*4
*712
*0%
734
1612
*170
*10
14%
29%
9%
1438
22
*21%
4
68
68
13
*1234
13
112
8*4
834
8*4
9%
16%
1634
16%
16*4
16%
173% *170
173%
173% *170
*10
11
11
*10%
11
3,200
14%
21%
100
500
*4%
4%
600
68
*66
13%
*12%
68
10
13%
200
71
71
72
72
700
114
*110
114
40
6
6
6
44%
1934
*5%
6%
*43%
4%
*2238
19%
5%
44i4
4%
23%
19%
534
*43%
4%
4%
pref ser C
No par
Montg Ward & Co. Inc.No par
$4
5%
3,100
441i
200
4%
8,200
23
23
23
20
19%
19%
1,300
6
534
534
300
7%
Morris &
70% Mar 19
May 8
82
3% Feb 15
2134 Feb 15
7%
7%
7%
7%
9%
9%
9'%
16%
1634
16%
16%
172% 172% *169
175
*10%
11%
*10%
11%
*7%
9%
16%
*9%
173
9%
500
16%
10,000
200
173
10%
10%
*79
82
*79
82
*79
82
*79
82
*79
82
*79
16%
*15%
16%
*15%
16%
*15%
16%
*16
16%
7%
1378
*7%
7*4
7%
7%
7%
738
*15%
7%
16%
7%
7%
7%
*13%
10%
1378
10%
147«
13%
10%
13%
10%
13%
10%
*13%
13%
1334
10%
143.1
15
*13%
10%
143.1
6*4
9%
22%
18%
6%
63.1
6%
9%
9%
22%
*17%
6%
2278
18%
*9%
2234
6%
*1312
*10%
14%
10%
14*4
*6*4
678
*9%
22
9%
22
14%
6*4
*9%
22%
*17*4
7%
10%
£14%
7%
*9%
9%
934
23%
23%
934
22%
23
15
11.400
734
7%
5,000
1,100
10
300
1,400
24%
11,800
*18
18%
19.
19
18%
19
6%
6%
6%
6%
6%
6%
6%
6%
634
*7534
773.4
*753,i
*75%
77*4
7734
*7534
77%
*7534
7734
1734
18
17%
18
17%
18
18
18
177S
18%
18%
*174*4 176
*174% 176
*17434 176
*173
176
*173
*174*4 176
176
1,200
1,400
*17%
18*4
*6*4
6%
79
*76%
177*
146
146
146
147
*144
147
*21
21*4
*21
21%
21%
*31%
32
5*4
*31*4
32
32
*143
32
5*4
53%
7%
*14%
*63%
*66%
*3*4
*10%
5%
5%
5%
5%
53%
53'2
53%
53%
7%
15
65
147g
7%
15
65
67
4
10%
1434
*63%
67
3%
10%
*8.%
7
7%
*J44
2134
3134
3134
5%
53%
7%
53%l
147
*21
21%
7%
32
*32
33
5%
5%
54%
*53%
15%
7%
15%
*15
54
7%
5%
26% Aug 18
105% Apr 21
37%June
107
June
4
2%June
*56%
*%2
%
*%6
31%
*23
*203
59
%
%
%
31%
66
66
67
67
66
66
69
69%
4%
10%
69%
69%
69%
69%
4
*4
4'.|
10%
1,100
23*4
210
*112% 113
12%
13
*54%
5434
%
%
%
*%«
*202
31%
31%
24%
24%
202
*112% 114
12%
13%
*54% 55
*23%
202% 202%
114
13%
19%
5%
*73
*4%
*15%
*147
7%
*58
*19%
*54
*117
*48
10*4
*434
*20%
7%
*97
7%
13%
98
738
20
19%
19%
5%
74%
5%
74%
4%
74%
5
5%
4%
1934
*5%
*74
*4%
20
5%
74%
5
15%
20
5%
534
534
74%
*74
5
*458
20%
5%
.
*74
55
*54
...
*117
55
...
49
4834
11
*10%
48%
1034
4%
*20%
21%
5%
434
*54
55
*117
49
10%
1034
4%
19
*54
*117
48%
4%
11
113s
11%
434
4%
*19%
434
19
25
*9%
24%
37
36%
36%
*9%
24%
*3634
*1734
1834
*17%
1834
1834
18
9%
934
25
9%
*9%
9%
934
9%
*18
4938
19%
9%
9%
9
5
15%
144
*57
59
55
*54
*117
1
...
11%
4%
19%
934
25
24%
25
37
37
37
*3634
18%
18%
18%
*9%
934
18%
$ In receivership,
49%
11%
4%
20-
109%Jnne 25
4%
43%
334
14%
No par
National Cylinder Gas
Co. ..l
Dairy Products...No par
Nat Dept Stores
No par
—10
6% preferred....
Nat Distillers Prod
No par
Nat Eriam & Stamping No par
Nat G y psutn Co . —.. .. .. .. 1
preferred.No par
National l,ead Co
10
119
May
119
July
122
Oct
3
8% May
56
May
97% May
8%
Jan 11
4
May
51%
Jan 27
41
June
Apr 23
luly
2% May
20
May
5% July 28
Apr 21
3% May
23% Aug 27
11
Apr 18
23%
Jan
13%
7%
Jan
5% July
7
9
Jan
7% June
Jan
3
Feb 17
7% Apr 21
5%May 26
■
160 *May 27
10
Aug
1
2
10% Jan
18%
June
9
Jan
June
16%
155
175% Jan
13% Feb 24
Jan
Jan
Dec
June
12%
Dec
86
6
Nov
15%
Oct
Jan 15
9% May
6
May
6
3-15% Aug 29
11% June
4% Feb 15
7% Feb 14
17
Apr 26
7% Aug 29
8% Apr
12%June
12
1
Jan 30
5% Apr 21
May 12
78
11
10
3
Aug 29
24%
19
May
5% May
17
Jan 11
Aug 28
June
7% June
5% May
8% Jan 13
93% Jan 10
66
June
14% Apr 22
168%May 29
19
Aug
8
176
Jan
2
zl60
May
6% preferred B
142
9
154
Jan 15
132
June
16% Apr 21
24
July 11
13% May
32% July 23
1/28% Dec
5% May
100
National Pow A
Lt
.4
.
_
$2
conv
25
preferred
Feb 19
7
4% Apr 23
68% Jan 6
7% July 31
8% Feb 19
14% May
7% Mar 20
3
15% July 30
5% Aug
49
40
5H% prior preferred.... 100
6% prior preferred
100
May
26
No par
June
Feb 19
67
Feb 14
700
Natomaf Co
No par
9
Apr 30
800
Nehi Corp
Neisner Bros Inc...
No par
8
Feb 19
13
48
4*4%
110
500
""306
2,500
2,900
1
conv serial pref...
Newberry Co (J 3)....No par
5% pref series A
..100
Newmont
Mining Corp
Newport Industries
1,300
2,100
preferred....No
par
No par
No par
New York Central
N Y Chic A St Louis Co...100
6% preferred series A... 100
900
NYC Omnibus Corp..Aro par
900
New
York
Dock
No par
5% preferred
1,400
30
14
May
79% Feb 10
72
38
Apr 28
106
June 12
2034 Feb 14
106% Mar 8
31% Apr24
11% Apr 22
1134 Feb 19
conv
No par
N Y A Harlem RR Co
5-% Apr 23
15% Aug 23
4%Mav 16
8
Apr 12
109
50
110
N Y Lack A West Ry Co.. 100
3,800
47
non-cum pref..
JN Y N H A Hartford
10C
Conv preferred
800
10C
200
300
N Y Shipbldg Corp partstk__l
10,200
20
4% May
16% Aug 26
Apr
45
June
Jan
6
*11
Jan
3
*11
Jan
2
24% Feb 14
2334 Aug 26
Aug
%
1% Feb 6
% Jan 10
33% Aug
May
ht
Jan 13
%
Oct
%«
Dec
Jan
188
May 31
215
Jan 25
175
100
109
Feb 25
117
Jan
2
105
Nor ,h
American
Co
10
12
17% Jan 10
14%
50% Apr 29
58% Jan
50
6034 Apr 29
12% Apr 21
96
July 2
57% Jan 20
17% Jan 10
47%
47%
Aviation...
Northern Central Ry Co
1
60
Pharmacal
Co..2.50
Ohio Oil Co
No par
Oliver Farm
No par
6
Equip
Omnibus Corp (The)
8% preferred A
Oppenheim Collins
7
May
800
$5.50
conv
1034 Aug 27
634 Feb 19
1334 Feb 19
2%
June
Jan 11
11
10% May
23%..uly 11
No par
3
Feb 19
5% July
17% Jan
7
9
8
14%May 29
10
150
June
Dec
5% June1
6
140
May
2% May
25% Aug
27% July 30
13% Feb 7
10
July 24
Jan
434May 23
May
27
5
104% Jan
7% May
95
May
2% May
11% June
12434 June
1
Jan 11
No par
6% Apr 23
10% Jan 10
7
1st pref..No par
40% Apr 16
60% Aug 27
26% Jan 6
21
May
May
19
June
Outboard Marine A Mfg
Outlet Co....
.No
5
16
120
Pacific Coast Co
550
1st preferred
2d preferred
10
100
May 3
4% Apr 17
Pacific Gas A Electric
25
Pacific Ltg Corp......No par
Pacific Mills..
No var
9% Aug 12
22%June
32%May
11
....
New stock,
r
Cash sale,
9
10
Pacific Finance Corp (Call). 10
2,700
x
3
5
Feb 19
Ex-div.
Jan 17
120
Mar 26
47
y
11% Aug
5%
22%
10%
11%
28%
May
115% May
42
50% July 16
134 Apr 23
No par
No par
9%
25
55
Mar 26
3834May
7% Apr
Pacific Amer Fisheries Inc...5
330
4
June
48%June
var
Preferred
100
Owens-Illinois Glass Co. 12.60
n
l%May 17
Apr 25
101
10% Aug 29
40
June 10
100
Steel Co
May
7%June
15
May
May
May
May
May
May
May
June
84%
4% May
97% Apr 16
8% Aug
1
113% Feb
1
73
6% preferred
Otis
534 Feb 14
6
100
Otis Elevator........No par
90
20
...50
North Amer
Norwich
32% Jan
Dec
13%
6
8
100
2,200
delivery,
3% May
Adjust 4% preferred
5,600
400
May
20% May
60
23
300
9% May
8% May
15
47% Aug
24% Jan
7% Aug 27
4
Norwalk Tire A Rubber No par
Preferred
50
2,700
3,500
30% May
Jan
7
3
1,200
Jan 10
18% Aug
110
Jan 15
3,500
15%
23% Nov
105% Nov
Jan
104
34
60
45
6% May
Jan
110
900
1178 Aug
27% Jan
116
July 28
Feb 24
Northwest Air Lines...No par
Northwestern Telegraph
50
600
June
20% July
115
"""600
"""960
36
100
31% Jan
112
Northern Pacific Ry
100
North States Pow $5 pf No par
100
Jan 16
Jan 1.7
45%
110
Noblitt-Sparks Indus Inc
Norfolk A Western Ry
5
Oct
July
May
4
Mar
5,600
100
8%
June 18
*»»
{N Y Ontario A Western.. 100
"1*800
Feb 14
25
50
10%
Aug
3% Jan
7% May
Feb 17
N'portNewsShip&Dry Dock 1
$5
26% May
34
Feb
69% July 25
22% Apr 28
N Y Air Brake
Aug 28
5
10% Aug 27
9% Apr 18
17
July 21
10
.1
200
I3~66O
100
41
May
4% May
8
May
69% Aug 27
1,040
a Def.
Nov
May
8% May
Feb 19
112
Apr 22
500
Jan
110
934 Apr 28
14% July 31
conv
Jan
Jan
113% May
17% Jan 15
Nat
1%
z79
4%July 21
74
July 21
1378 Aug 6
72
July 29
88%
10
Nat Cash Register
Apr
64% Dec
11% Nov
434
4%June 30
16
10
934
37%
18%
Feb 19
46
9%May 2
61% Apr 17
24%
3
55
11%
434
6
2% May 15
18%May
43
...
49%
8
31% Apr 30
No par
20
49%
9%
738
*19%
...
21%
1534
144
738
9%
9%
2434
Bid and asked prices; no sales on this day.
*54
*117
49
25
21%
55
...
4834
20%
5%
74%
5
5
7%
*36%
*
20%
xl5
15%
15%
115%
1538
15%
15%
146
*144
£146% 146% *144 < 146% *144
146
7%
7%
*738
7%
7%
7%
7%
7%
58
57
59% *58
5834 60% £57
58%
58%
*19% 20
*19% 20
20%
*19% 20
*19% 20
15%
36%
*9%
74
*4%
*36%
25
20%
534
74
20%
9%
934
25
9%
20
39% Jan
Jau
434
9
634May 27
11'gMay 20
3,600
14%
98
July
14%May 21
15
14%
15%
15%
*97%
9734 c97%
97%
*97%
98
*97%
98
7%
7%
734
73.1
7%
7%
7%
734
*112% 114
*112% 114
*112% 113% *112% 113% *112% 113
*112% 113
*10%
10%
10%
10%
*10%
10% *10%
10%
10% 10%
103,|
10%
39
*38
39
38%
38% 38%
38% 38% *38% 39% *38% 39%
*2
*2
*2
*2
*2
2%
2%
2%
2%
2%
2%
2%
*23% 27% *23%
27% *23% 27% *23% 27% *23% 27
*23%
27
*11
11
11
11
1034
11
11
1034
1034
11%|
11% 11%
9
9
8%
9
I
8%
9
8%
9
8%
9
8%
9
1434
112
Apr
110
May
5% pref series
*97%
7%
6
Dec
Dec
54
May
6% preferred series
54%
108%June
7934 Aug 13
70
114
*54%
Aug 19
100
200
54%
123
National Can Corp
400
*54%
6
45
124%
19-%
15
100
55
55
Mar
Jan
Feb
Dec
*1#
12
preferred
54%
*54%
Feb 14
Mar 27
115
National Tea Co
%
3134
*%8
31%
*2334
77
112
6%
26
28% May
z38% Dec
12% Apr
17% May
1% Dec
9% May
Jan 13
Nat Bond A Invest Co.No par
400
%
3,1
7% May
2
1"34 Aug 4
9234 Aug 27
118% Aug 6
5
*110
%
3.1
3% Aug
May
34% Mar
21% June
—10
200
4
%
2
13% Feb 15
1% Jan
National Supply (The) Pa.. 10
109% 109%
117% *110
117%
*57% 59% *57% 59%
4
79% July 28
1438 Aug
1
1
July 16
June
4
2,700
1,000
*109% 115%
Jan
2% May
26
May
6
7
4%
%
%
95
Jan 11
4%
5
National Oil Products Co
10,900
68%
117% *110
3
9% Feb
May
33% May
Jan
Nat Mall A flt'l Cast Co No par
66
115% *109% 115% *109% 115%
117% *110
117%
*56
60
*57
59
*57%
59%
%
%2
%
%
%
%
1
1
*34 . 1
%
%
*l16
%
*116
*%«
%
%
31% 31%
31%
31% 31% *31
*23%
*24%
23%
2334 24%
24%
205
205
*203% 210
*203% 210
112% 112% *112% 1141
*112% 114
1234
13
1234 .12%
12%
12%
*54
*54
54%
54%
5434
5434
5438
5438
54%
54% *.54%
54%
15
15
14%
1434
15
1434
117% *110
Feb 14
103
Jan 16
110
6
56
9
Jan 14
45% Jan 10
12
200
4
*109% 115% *109
38% Jan
125
7% preferred A.—.100
68
10%
8%
14%
4
Jan
17% Jan
National Steel Corp
*10%
10%
10%
*10%
10%
10%
8%
8%
8%
8%
9
9
*8%
8%
*8%
9
16
16
14-%
14%
14%
*14%
16
*14%
16
*14%
16
72
72
72
72
*70
72
r 72
71% 71% *70
*70
72
*39
40
40
39%
40%
3934
*38*4 40%
1*39%
4038
*39%
40%
*107
110
*107
110
*107% 110
*107% 110
*107% 110
*107% 110
30
30
*29%
2934
*29%
30
£30
30
*29%
30
*29% 30
1078
11
1034
10%
11
*10*4
10%
10%
10%
10%
10%
10%
25
25
25
25
25
25
2434 24%
24%
2434
24%
24%
*112
*112
114
114
*112
114
*110
114
112
110% 111% *110
40
*39
40
*39
*38%
39%
*38%
39% *38% 39% *39
3934
1278
13
1234
13
12%
12%
12*4
1234
12%
12%
12%
1234
17%
17%
17%
17%
17%
17%
17%
17%
17%
17%
17%
17%
44%
44
4334
44% 45
4434
44%
44
44%. 44%
44%
44%
1534
16
16%
16%
17
15%
15%
16%
16%
1634
17
17
*6
6%
6%
7%
7%
6%
638
7% /' 7%
7%
*6%
7%
16%
16% *16
15%
15%
16
15%
16%
*15%
16%
*15%
16
*110
"3",500
4
4'-i
May
6% May
11% May
23% May
9%
43% Jan 23
Aviation Corp
$4.50
67
*64
24
6
17% July 24
30% Aug
1,800
16%
Jan 15
37
6
4
54
7
Aug
6
500
32
10
Jan
7% preferred
90
21%
5%
15
147
*2034
7%
14%
*144
21%
5%
5334
15
147
21%
28% Aug 21
3034 Apr 2
June
5% pref series A
1,300
15%
10'.1
143.1
7
2% May
11%.May
6%May 29
14%June 3
National Biscuit Co
Nat
82
5% July 24
Nat Bond A Hhere Corp No par
7%
13s4
10%
15
conv
F'eb
24% May
13
Nat Automotive Fibres Inc..l
82
*15%
100
Co
Acme
Feb
53%
Jan 10
27%May 23
6% Apr 21
Mar
Jan
Dec
14% May
85
May
38
Nashv Chatt & St Louis—100
National
Feb 14
14
9%
108%
64.
Aug 22
33%
May
7% May
July 15
71
May
90
23
...5
Mueller Brass Co..———-1
Mullins Mfg Co class B
1
17 preferred
No par
MunMrigwear rnc
No par
Murphy Co (G C).....No par
5% preferred
...100
Murray Corp of America.. 10
Myers (F & E) Bro
No par
Nash-Kelvlnator Corp
5
400
660
9
9
50
Corp ..No par
Wheel Corp
Motor
Jan
9% July
31% May
33% May
Essex....
Motor Products
5
7% July 11
109%
Highest
share $ per share
per
No par
Morrell (J) & Co
"".350
9%
4%
6
7% j.
834
8,800
*14%
21%
22
4%
23
50
45
2934
*9
143s
*43%
6
4%
23
1934
6%
3434
500
*110
72%
*110
2934
9%
4%
*71%
44
*7%
6%
*10
4%
*578
21%
*19%
*.5*4
*21
44
*42%
»43%
93g
*66
13%
578
5*4
44
4*4
21%
19%
6%
4%
4%
2U4
lOlg
44
29%
4434
2934
4
110
*4212
34%
*14%
*21%
72
*66
34 34
9%
68
13%
14%
21%
4
34%
29%
4
68
*43
29%
9%
14%
22
9%
9
343s
1,900
S6.50 preferred
i
share
per
27%May 29
No par
*278
*2%
3
3%
2%
2%j
3%
2%
2%
2%
278
17
17
17
I *16%
17
*16%
17%
*16%
17
17%
17%
17%
92
91%
92%
92%
91*4
92
*91% 02
9234| 92% 92%
92
*116i2 H8I4 *116% 118% *116% 118% *116% 118%,*116% 118% *116% 118%
*120
123
12234;*120
122*4 122*4 *120
12234 #]20
122»4 *120
12234
111
111
111
*111
111' *111
111% 111%
113'2
114
*111
115
3*4
*7312
Year 1940
Lowest
65
Petroleum.. 10
100
28%
43%
*109
5
Machine Co....
1,000
1,500
1,700
33%
7%
16%
118
43%
1,100
5
$
Feb 15
6
Range for Previous
Highest
share
per
Mercb & M'n Trans Co.No par
1,300
10
*33%
7%
$
1
Mcl eL'an Stores Co
8% conv
Mead Corp
Ho par
$6 preferred series A.No par
$5 50 pref ser B w w.No par
Melville Shoe Corp...
1
Mengel Co (The)
1
5% conv 1st pref
50
300
117
....
10
73
24
43
*109
500
81
*434
*27%
117
4234
„
9%
*69%
*31
16%
28%
3234
Par
*7834
7%
16%
27% 27%
116
116%
7%
Lowest
Shares
106
9%
31%
4%
27%
23 34
33
32%
7%
i
$ per share
7%
7%
*738
7%
*73s , 7%
*7%
7%
*100
*100
100
106
*100
106
*100
106
9
9
9
9
9%
9%
834
9
79%
*7834 7934
79%
*7834
81
*7834 81
*71
73
*70
73
70% 71
70
70
31
I6I2
STOCKS
NEW YORK STOCK
the
CENT
Wednesday
$ per share
7%
*7h
PER
Tuesday
Aug. 25
23
$ per share
*100
NOT
Sales
lor
SHARE,
Monday
Saturday
June
434 June
5
Aug 18
2
Aug 18
8
Jan 28
Jan 24
May
May
3% May
Aug 18
9% May
*
25% May
Jan
8
33
May
1934 Aug
8
8
May
40
Ex-rights.
1 Called for redemption.
Volume
AND
Saturday
Monday
Tuesday
Aug. 25
Aug. 26
Aug. 27
3
*9
15i8
15i8
10
*9
*100
105
*13%
18
134
14%
14%
*1534
17i2
*1512
18%
934
934
978
18U
18i4
78
141.1
*34
78
*34
55
53
.
53
*84%
85
85
85%
934
54i8
*3%
3%
3%
2%
2%
2%
*16
17
110
*109
2312
2312
25
2434
48l2
50
503s
2434
51
i34
2878
*H2
2734
*1%
28i4
134
2814
28%
Penney (J C) Co
No par
Penn CoaJ & Coke Corp
10
2%
400
Penn-Dlxte Cement
4978
17%
200
*238
49%
23%
2%»
51%
*24%
*50%
51
28%
IOI4
*9
53%
27%
634
32i4
45i2
86
6%
32
*44
*84i2
32%
32
*44i4
45i2
*44%
8o38
1178
867S
86
86
1134
1134
*86%
1134
*8634
8678
10
33%
*23%
63g
45
*1612
1634
;
700
6
*512
45
37i2
37i2
714
72
11
*7
*69l2
*1078
*70
11
174
534,
*5r>8
7%1
*32l2
*59
60
59
*13
133s
13
..
1*2
*7i8
*56i2
32l2
59%!
36%
63
37
200
35
7% pref class B_
5% Pref class A
59%
60%
13%
61
*12%
61
13%
260
1%
17i2
*16%
7i4
103.1
7%
18%
7%
10%
1034
101
10%
10%
1034
10%
*10%
34
*33%
1014
*10
10%
1034
*10
1034
*10%
*3212
35i2
34
59
5934
59%
11914
118i4 *117
223s
22l2
22l2
985s' 9914
117
99
10878
10912
12234 *120
14212
*114l2 11712 *11412
2612
26'8
2678
22%
*9834
9%
912
9l2
103%
103% *102
103% *102
9412
94l2 *93% 95
94l2
11%
11%
11%
11%
lll2
1H2
*10%
12
*10l2
12
*1012
12
4
4
4
4
t<4%
418
55%
55%
55%
55U
*55'8
5514
9%
20
3%
*3%
*52
5234
*52
20
20
19%
3%
1%
"300
15%
600
11%
10%
34%
5934
59
$5 preferred ......—No par
121
121
121
142
141
141
6% preferred---.-,
7% preferred
8% preferred
11%
11%
*10%
4
4%
4
200
120
27%
3,000
934
9%
*102
104%
6,000
Pure Oil (The)
900
11%
4%
4
55%
55%
55%
55%
3%
3%
3%
3%
3%
1,100
2,200
5234
20
*52
5234
52%
53%
300
20
*52
*19%
20%
*19%
20ij
200
15%
15%
600
15%
*15
15%
28»4
15%
*28
29%
1678
*16%
167g
29
29"
*27
32
*27
32
*25%
32
11%
*10
11%
*10
11%
*10
11%
16%
*27
27%
*27
27%
*23
2334
*23
2334
*138
2
*138
2
*25i2
29
*25%
29
*10
11%
*10
11%
27%
*23
*10%
*28
16%
16%
16%
800
27%
23%
23%
*1%
27%
28
200
*23%
237S
23%
23%
*1%
28
*27
100
2834
*28
1%
*1%
1%
j^°
2
*27
10
,9
Radio Corp of
Arner...No par
pref-.No par
S3.50 conv 1st
Corp...No par
Mfg Co
10
Reliable Stores
*8%
9
*8%
9
*8%
*12%
12%
*12%
13
12%
12%
12%
12%
300
Reliance
934
934
9%
*9%
934
9%
9%
900
62i2
*61%
62
*61%
62
*61%
62
*61%
62
*54
57
*54
56
*54%
56%
*54%
56%
*54%
56
1%
1%
1%
1%
1%
1934
20%
1
Preferred with warrants..25
Rensselaer 4 Sara RR Co..100
Reo Motors vtc
1
Republic Steel Corp—No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper 4 Brass
5
Class A
10
1J2
1934
1%
9;%
87i2
9%
19%
99%
8734
*84%
9%
*9
21%
21%
22
22
1934
99%
1978
*9912 100
*8434
1%
*1%
*109
110%
*70
71%
1478
*14%
*9
*21%
21%
22%
9%
21%
*2134
8534
100
9%
9%
1,200
2134
2234
600
11334 115
74
75%
300
22%
74
14%
1434
14%
14%
14%
14%
14
95
95
95
95
95
95
95
9434
8%
8%
8%
8%
8%
8%
3134
31%
31%
3134
32%
53
31%
32%
52%
52%
10%
11%
*52%
53
*52%
11%
11
11%
11%
12%
*52
10%
1,000
4,800
*52%
5234
10%
10%
87,400
11
*9
*4%
4%
4%
4%
*4%
434
*4%
*17%
18%
*17%
18%
18%
18%
18%
18%
*14%
14%
*14
14%
13%
14
*45%
47
*45%
47
*45%
47
46
46
*%
"ie
3478
347«
*%
*4
*44
111
1834
•
14%
"ie
*%
35%
35%
*9
*%
35%
2%
5%,
44%
111
19
*%i
%
*%j
%e
*%
®16
*2
*4
2%
-
44%
5%
44%
*110% 111
19
Bid and asked
19%
*2
*4
5%
44
44%
19%
prices: no sales on
%
300
434
300
300
19
700
13%
No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
Rustless Iron 4 Steel Corp—1
12.50 conv preferred-No par
{Rutland RR 7% pref
100
Richfield Oil Corp
1334
13%
4634
*46%
%
*%
"is
400
XZ473
35%
35%
1,500
*%2
%
*%
*16
100
{St Louis-San Francisco—100
6% preferred
100
278
100
{St Louis South western... 100
%
•
*33J
35%
%
%
*%
*18
*4%
5%
4478
110% 110%
19%
2%
2%
44%
0
*4%
19
1
B.10
-10
Common
%
*2%
2%
110% 111
19%
'
Reynolds Spring
Reynolds (R J) Tob class
♦13%
4634
*%t
%
Reynolds Metals Co—No par
5H% conv preferred—100
35%
35
3534
5
100
100
7% preferred
hH% preferred...
"18
*%
"16
*%
%
*%!
*2
9%
9
9
9%
4%
18%
14%
*9
Remington-Rand
10
9
9
9%
77g
32%
*4%
9%
190
9478
77g
32%
*17%
*9
1,000
14%
5234
32%
12%
50
32%
8
x8
8%
3134
*52%
53
8534
7334
*8%
50
100
9%
73341
*72
3,300
8,400
20%
20
100
11378
11378 *111
♦111
1%
86%
*85
9%
9%
56
*1 %
1478
95
95
86%
*85
9%
20%
20
*99% 100
*99% 100
*99% 100
*85
8734
110% 110%
*70
71%
*14%
*94%
197g
20
..
200
62
62
*54%
1%
1934
this day.
.
5%
44%
111
19%
2%
5%
44%
111
1934
50
47
'
*2%
6
6
44%
19%
{ In receivership,
44°8
111
111
19%
10
May
75% Jan
May
T9
July 15
7
164
Mar 31
21
5
Jan
.....
70
1,400
200
9,000
d Def. delivery,
St
10
Joseph Lead
5% preferred—
.100
No par
Safeway Stores
100
5% preferred
Savage Arms Corp
n New stock,
r Cash sale,
5
%
15
2
6% Apr 22
115
21
120
June 24
July 24
29% Jan
9
6% May
,
6% May
21
May
53
June
112% May
283$
Dec
110
Aug 28
100
Jan 15
11078 May
137
May 14
Jan 11
123%
97%May 26
121
6
6
2
60% July 26
June 14
/108
Jan
Jau
5% May
434 Oct
12% July 28
Jan
Feb
May
12%
8% Jan 10
4% Feb 14
13% Jan
Ma.
151% July
134 July 25
17
July 28
3
14% Apr 21
June
8
15
Jan
May
4
126
June
13834June 17
114% July 17
22% Feb 14
158% Feb 11
117% Jan 25
143
May
Feb 14
10% July 22
104% July 28
Mar
29% July 22
7
114%
Oct
1678 May
634
84
Oct
June
73% May
95% Aug
8
978May
2
123s Aug
6
8% Apr
1
1234 July 16
478 Jan 4
9i2 Sept
62% Jan
2
48% May
Jan
2
83% Feb 15
3%June
47%June
7
9
334
18% July 28
2938 Aug 4
9%
.
16% May
8
11
Manh8ttan.No par
1
........25
..50
4% 1st preferred
50
4% 2d preferred
50
Real Silk Hosiery..
5
Preferred-......—. .—-100
Rels (Robt) 4 Co 1st pref. .100
Raybestos
Rayonler Inc
$3 preferred
Reading Company
12%
934
May
7
53% Aug 29
21% July 25
*9%
9
5
38% Mar 14
177gMay 1
*12%
*8%
4% May
100
6% conv preferred
June
Jan 6
9% Jan 10
7%
2% Apr 21
9%
9
167
1
Radio-Keith Orpheum
1234
*8%
154
Jan
r94
9i2
*61i4
9
13% Nov
May
8
1
*eb
Jan
100
100
..No par
Quaker State Oil Ref Corp.. 10
*1214
*812
Jan
43%
7
Purity Bakeries
12,200
4%
56
55%
3%
5% May
6434 May
65
No par
6% preferred
5% conv preferred
100
11%
*10%
12
Pub Ser EI 4 Gas pf
100
95
11%
*94%
11%
100
100
100
J5.No par
Pullman Inc...—.....No par
•
May
2
Aug 19
13%
600
27
181
4034
109% 109%
934
163
5
9% Apr 21
109%
27%
15
Aug 19
3% May
Jan 30
9% Apr21
32%May 15
50%May
1
—
5% pf (ser of Feb 1 '29). 100
m'tii
16
Mar
»uMay
Pub Serv Corp of N J ..No par
*.4.
May
2
84
Apr 23
9% Feb 19
Mar 31
20
+
May
46% Jan
834 Jan
164
800
117% *114% 117%
Jan
27% May
2% May
6334 Apr 29
2,300
11%
20
2,400
May
30
22
5% conv 1st pref...
.5
6% conv 2d pref
50
Procter 4 Gamble.....No par
1,400
"""266
34%
59%
"3%
7
45% Feb 14
27
May
1
Postal Teleg'h Inc
103.1
Dec
May
36
No par
No par
pref.A'o par
Pressed Steel Car Co Inc
.1
Poor 4 Co class B
June
II84
68
23% Jan 11
7% Jan 2
June 10
434 Apr 26
6
May 3
Pond Creek Pocahontas
2,500
H%
10%
*10%
Aug
16
300
7%
7%
70
3% July 29
52
July 15
9-% Apr 22
5
Plymouth Oil Co
37% May
July 29
July 31
174
No par
600
18
*16%
*1%
16%
15i2
28
*1%
9
77
163
7% pf 100
Pittston Co (The)
25% June
110% July 30
46
Dec
6% May
88% Aug 29
2
May
534
July 21
91
534M ay 27
11834
11834 *117
11834 *117
22%
2234
2234 X22h 22%
99%
9934
99% 99%
99
*10%
5234
100
15%
1534
2834
16%
27%
2334
2
15%
*27%
16%
15%
*27%
16%
15%
28%
*16%
*15
'? 28
59%
11%
3%
5H% 1st ser conv pr
Pittsburgh 4 West Va
Pit Youngs Asht Ry
35
*94%
*94
*19i2
35
5934
104
103% 103% *102
95
95
*94%
*102
5234
*10%
10834
10834 10834 *108% 109%
109
121
121%
12234 *119% 121% *120
141
142% *141
142% *141
14212
*114%
117% *114% 117% *114% 117%
27
27%
27%
26%
26%
2634
9%
9%
9%
9%
9%
*14112 143
*52
*33%
*7%
59%
22%
18
7%
11%
10%
11
*16%
11%
*117
117
22%
1%
15%
*10%
18
5934
9834
*15%
"71;'
190
*163
*1%
1%
15%
1%
15%
1034
3%
..._
15%
*10
*3%
*1234
15
Mar 28
69
100
100
pf.100
100
*1%
*10
*120
58
3334
59%
13%
*15%
*1012
*109
58
163
*7%
99i2
*55%
*163
5% May
'12% Jan 10
4% Apr 22
30
Apr 22
No par
*1234
1% June
778 Jan 23
3578 Jan 2
47% July 14
Feb 20
15
No par
Pittsburgh Steel Co
13
17%
*22i4
Pitts Screw & Bolt
300
13
67g
*98
1.200
7%
58
17i2
*116
5%
*7%
61
36%
58
6 "'8
59
5%
7%
33%
1712
59
_
578
*7
534
11% May
38
35% Feb 20
234 Mar 18
/387n Feb 14
7% preferred.-.100
200
7
3334
*58%
15%
1034
*175% 178
*175% 178
17% May
May 10
Feb 15
434May
$5 conv preferred
534
5634
33%
1512
.
174
1134
May
51%May 23
No par
Pittsburgh Forglngs Co
1
Pitts Ft Wayne4Chic RyColOO
*11%
May
23
1
30% July 11
ll%May 6
60% July 8
2% Aug
105
Pitts Coke 4 Iron Corp No par
*163
15
51% Aug 27
8%May 17
72% Feb 4
40
1134
Jan
2
79
300
70
Feb
Dec
Feb 14
25,8May 5
40% Feb 18
1,300
7%
*7%
62% Jan
96% May
4% Jan
4
4
-.100
2% Mar
12% Mar
10% May
16%
5
6% preferred
44% Apr
23% Nov
1
7% Apr
7
158
153s
.
40
70
174
*163
400
39*8
734
70
*11
11%
174
6
Feb
2% Nov
46%
1% May
24% July
...
Dec
18
934 June
Jan 31
534
*163
1*163
1%'
*138
—
35i2
70
*175
56%
15i2
*32
70
1,900
Dec
Nov
11%
1134 May
*5% Apr 17
6
May 19
7%
13%
*163
40
70
40
"""16
16
6
6%
46
16
Juue
138 May
1078
99
Apr
May
21
No par
Arner..—5
Phillips Jones Corp.
50
Dec
71
29
20
2
16
20
Preferred 4M % serles.-.lOO
No par
7% preferred..
...100
Phillips Petroleum
No par
Phoenix Hosiery............5
Preferred...
100
Plllsbury Flour Mills
25
Pittsburgh Coal of Pa.....100
3,400
3
*2%
*45
43
Aug 20
No par
3
Philip Morris 4 Co Ltd
10
""360
4478
34 May
538 May
Co ...No par
534
7%
58
3212
5912
5634
:6
*7%
534
39%
7%
11%
*174%
5%
5*8
5634
34
*7
3
16
*163
8%
74%
13% May
15
7
16 preferred...
1,500
Dec
25% Apr 4
25
Aug 22
42% Feb 15
20% Feb 14
Phllco Corp
112
44 •%
46
*7%
88%
29%
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
800
May
13$ May
1% Mar 24
22
July
1
100
100
100
Co
Milk Cd
Pfelffer Brewing
80
1134
8
447g
16
11
163
*174%
*17334
4434
*2%
7112
72
11
174
*6912
*1078
*163
174
*163
Jan
Petroleum Corp of
7,700
86
*70
*45%
7%
36«<
Pet
45%
*110
8%
16%
38
7
21
5% prior preferred
5% preferred
100
32-%
11%
87
12
86%'
16
*2%
6
38
712
32%
*44%
86%; *86
44<8
3
47
16i2
*37i4
*678
861}
1134
86%
6%
*6%
68
45
16l2
*5i8
32%
*441}
534
38%
*212
1634
Gi8
39's
1634
*5'8
Feb 14
Pere Maryuette Ry
1,400
63.4
*45%
3
45
*2l2
*40i2
*43
July 30
22
680
24%
6%
634
32%
45%
33%
24%
112
447g
3
109
450
68
44%
44%
Jan 30
pref ser A
Pepsi-Cola Co
100
54%
67%
67%
68
44%
4412
4412
3
*2i2
69
6212
8i4
8i4
*63
38,700
*9
547S
-.9
*110
*110% 112
*8
*8
8%
*110i8 115
8%
*8iS
*
32%
8678
86l2
*110i4 115
73
44i2
6i2
283s
28
55
33%
*23%
6%
634
634
32%
45%
87%
1134
87
634
4512
3178
8I2
*64
6%
853s
*11%
*110l4 115
*8
*23%
6I2
6i2
323s
87
*86l2
33%
24i2
*44
12
12
3338
6I2
29$
9
54%
33%
24%
6%
33
21i
54%
33%
10%
5338
100
200
*1%
12
...100
50
Peoples Drug Stores Inc
5
Peoples GL4CC (Chic) 100
{Peoria 4 Eastern Ry Co--100
2,200
23%
2%
34% Apr 23
No par
conv
Pennsylvania RR
5,900
2334
25
Feb 19
2
No par
No par
$7
Deo
5% June
87% Aug
334 Aug
3% Jan
5234 July
17% Aug
112% Mar
134 Feb 15
Jan
45%
105%
May
15
Apr
June
1
6% May
4
53
4
74% Feb 20
5% preferred.
23%
*1%
43% Mar
No par
Ford
Penn G1 Sand Corp
110
*109
110
*24%
*5034
51%
1%
29
*9
*16%
17%
*16%
*109
2378
*1%
*3%
2%
*49%
Penick &
10
4% May
7
Jan
1
63j Apr 21
100
25
*23
Patino
800
5358
33
23l2
6l2
6l2
7%May
Sept
14% July 30
10% July 28
1
Pathe Film
Corp.—........1
Mines & Enterprises. 10
26ia June
Aug 15
Jan
25%
May
634 Jan
% May
30% Jan 10
20% Jan 6
»4 Feb 21
Parmelee Transporta'n.No par
6,900
4,500
1,700
10i4
6I2
2.50
Parker Rust Proof Co
500
"
3%
5314
32%
2312
25%May 29
17
May 27
87%
*9
6%
No par
Co
54%
53
23t2
&
10%
10i4
3234
Davis
87
53
6%
*612
2
10
53
3212
14
17
4% Mar
2% May
12
6
64
9
Jan
878 Nov
Oct
99
1% Feb 19
*53
*9
*22i2
14%
Park
%000
5%
15% Aug 27
110% Aug 27
1334 Aug 27
1
978May 27
1434 Apr
Deo
7%
278 June
Jan 11
1
Mines
Park Utah Consol
Mar
160
Jan 21
106
95% Feb 14
1
Park 4 Tllford Inc
~2~006
Feo
10
.1
87
3%
2%
49%
51%
134
29
134
14
2,600
543.1
*24
25
5H2
51i8
18«s
*34
78
100
6% 1st preferred
100
6% 2d preferred........10
900
134
29I4
18'2
7g
*1%
29%
preferred
conv
Paramount Pictures inc
24,900
lOU
23%
2334
*24
4%
105
No par
Inc
139
June
6
Jan
share
May
144
178 July 29
37% Jan 10
% Feb 15
27
Apr 22
99
May 31
978
110
*109
110
2312
2312
*2434
23i4
1714
*16
*109
17i8
110
Paraffine Co
16
10
per
115
1
934 Aug
3»8 Jan
2% Apr 30
Apr 21
7% Jan 7
85%
3%
334
2%
4978
17%
2%
*49%
*16%
49
311s
3
share S
per
4% Jan 10
10
1
Panhandle Prod & Ref
Mar
3
per
5% Feb 18
54%f *53%
8534
3&8
312
2%
*2i4
49
*16%
85%
3i2
3%
*2%
*5312
8512
934
85i2
*30i4
*30i4
18i2
14
14
10
2,500
1%
29i4
1%
18l2
*53
*52%
*1534
29k
*18l4
137S
*978
l5s
1434
1478
1*107% 109
13%!
13*4
13%
17i2
*1534
1712
135s
Aug 15
Corp....5
Transp..5
15%!
29
1418
14%
Pan-Amer Petrol &
10iS
1*100
163
No par
Pan Arner Airways
100
110
29
*31
Packard Motor Car
7,500
1%
.105
126
8
1
11,300
*9
3112
7
Pacific Western Oil Corp...10
1538
278
15lS
912
15s
29
*18
78
200
3
Pacific Tin Consol'd Corp
3,200
8
3
14%
1^8
15s
15s
1%
4
8
153s
110
1334
1712
13%
334
8i2
*100
15U
13%
29
14
105
1312
312
*29i2
110% 110i4
110%
29
18%
*34
78
1®4
31%
15
15%
1478
110
10
*100
105
*100
29
*34
*2912
1%
1%
29
18
31%
1434
1434
17%
*1%
*2834
1%
109% 109%
13%
13%
17%
*1534
13%
*16
*9%
134
*29i2
105
*100
14%
1434
*108% 110
10i8
1%
134
31%
*1%
*29%
134
153s
163
163
—
278
15i4
9i2
1%
3
1478
32
*109
278
3
3
1478
*9
*30
978
*8
8i2
3
3
10
1%
3*2
*1434
3%
15
*162l4
3l2
3%
8%
*734
*162%
Aug
147% Apr
S
share
per
115
100
6% preferred..........100
$
share
Jan 27
S
Pacific Telep & Teleg
80
Lowest
Highest
Lowest
Shares
Lots
On Basis of 100-Share
Par
*115l2 117
*11512 117
334
Week
$ per share
S per share
$ per share
$ per share
*116% 117% *116% 117%
*162%
*162%
*162%
*3%
334
3%
334
3%
*8
8%
*8i8
8%
*734
*1434
Friday
EXCHANGE
Aug. 29
Thursday
Aug.2 8
Wednesday
Aug, 23
Range for Previous
Year 1940
1
Range Since Jan.
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
Sales
for
LOW
1241
New York Stock Record—Continued—Paae 8
153
May
2
23% May 28
12% Feb 14
23% Jan 8
21
Jan
7
1% Apr 9
22% Mar 12
7
Apr 22
6% Mar 26
9% Apr 30
7% Apr 21
57%May 23
Feb 13
51
% Apr 10
16% Feb 14
96
Aug 16
82% Apr 21
7% Apr 19
17
May 6
97
Apr 21
60
Apr 17
Feb 15
10
81%May
6%May
9
■
2% Nov
34
June
15% May
13% May
May
24
18% July 25
97S May
1934 June
17
2% July 29
July 29
25
Deo
6
June
38
12% July 22
9% July 16
12% Jan 7
10% Mar 10
May
134 May
6% Mayl
8
Aug
6
May
67% Jan 23
61
Apr 7
2
July 30
2234 Jan 6
z3734 June
101% Feb 10
70% May
50
May
1
May
14
May
May
60
97
Jan 13
11
Jan
3
7%May
24
Jan
2
17% July
Aug 29
70
June
75% Aug 29
39
May
153$ July 28
July
1
8% May
757$ Mar
6% May
30% Dec
115
95
10®8 Jan
6
34%
Jan
7
Jan 17
53%
Jan 13
5
June
4% May
2734 Aug 12
24
Jan 13
28%May 29
52
9
52
May
12% Aug 26
57$ May
434 May
4%June 27
l4%May 1
9% Jan 27
534 Jan 16
19
Aug 29
9% Feb 15
1434 Aug 22
7% Feb 14
6
Apr 15
Jan 14
4238 Mar 1
%i Mar 11
48«4
28%May
3934 July 16
%i
Jan
% Jan
5
7
1
8
% Apr 15
4
26
June
%«
%
Dec
Oct
5
Apr 29
2
Jan
3
Dec
453$ Aug 21
June 19
34
May
96
May
6
4
July 17
8
35
Apr 19
x Ex-dlv
2
% Feb
1% July 17
10978 Feb 17
12%June 3
Aug
3% Aug
11% May
12% Dec
45% Oct
% Dec
May
113
21% July 29
y Ex-rights.
1 Called tor redemption
New York Stock Record—Continued—Page 9
1242
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Aug.
Sales
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
On Basis 0/ 100-Share Lots
the
EXCHANGE
Saturday
Auy. 23
Monday
Tuesday
Wednesday
Thursday
Friday
Auy. 25
Auy. 26
Auy. 27
Auy. 28
Aug. 29
Week
$ vet share.
$ per share
$ per share
16
16%
$ per share
$ per share
% per share
Shares
157*
jr
15%
157*
16
*86
*86
88
*36)2
37*4
*86
88
16%
16%
88
88
88
16%
16%
*87
1634
17%
*87
90
90
37i4
37>2
38
38
37%
37%
38)4 *38
38%
•1125s 113)2 *112% 113% *112% 113% *112% 113% *112% 113% *112% 113%
*110'%
110% 110% *110%
*110%
*110% .... *110%
hi
ht
*:
hi
7i«
hi
*7«
7n
7 it
%
*h
*%
<
*%
; i
*%
%
*%
%
*%
34
*4
*14%
15i2
15% 15%
15%
15%
14% 15
£14%
14%
*14)2 15
*234
*2%
3
3
3%
3%
*2%
3%
*234
3
*2%
3
71%
72%
72% 72%
72)2
72%
72% 72%
73%
73)2
72% 73%
7i2
7%
7%
7%
7%
7%
714
7%
7)4
7%
—
....
—-
Lowest
Par
11,800
100
37%
....
1,100
Schenley Distillers Corp .....5
5preferred
...100
Scott Paper Co
...No par
12^4
*6412
65)2
*434
.
5
56
56
*5%
36%
57s
36%
*4
4%
18%
18)2
1%
1%
27>2
30%
106>2
*26
*30
*105
12*4
63%
*4%
"*56
14
14
*12
*23%
63%
5
5%
36%
6
13%
18%
13%
4%
18%
1%
*26%
1*4
27%
*1%
1%
9%
2%
12%
12%
*12%
*63
64
64
64%
64%
6%
*56
5%
5%
5%
57%
*56%
57)2
.-5%
3.6%
*5%
*30%
6
37
*56%
*578
5%
36%
14.
14
4%
18)2
18)2
14%
4%4%
18%
*15$
1%|
37
*1%
14
1,300
*1%
1%
4
18)2
*113
24)4
13%
15%
9%
2%
22%
*12%
1378
18%
30)2
*32)4
*1%
22%
12%
14%
18%
22%
12%
14%
18%
22%
12%
14%
18%
3034
36
1%
30%
31%
5%
*55%
....
*32%
*1%
*4%
*55%
35%
*4%
1%
5%
....
21%
*21
36%
36
36
37)2
37
57%
*5%
*13%
10%
9%
2-%
16%
9%
2%
18%
18
13)2
16%
par
100
18
18
18% 18%
128% 128)2 *129)2 130
22% 22%
22%
22%
12%
12%
12% 12%
14% 14%
14%
14%
18%
18%
18%
18%
31% 31%
31%
31%
*32%
35)2 *32% 36
*1%
1%
1%
1%
*4%
5)2
*47g
5%
*55%
*55%
21% 21%
21% 21%
....
""500
100
3,000
100
Sharon Steel Corp
2%
*18
18
190
2,100
35%
36
36
36%
14
18
30%
*32%
*1%
*4%
*55%
*21
5%
5%
Shattuck (Frank G)...No par
Sheaffer (W A) Pen Co-No par
Shell Union
600
24%
22%
24%
22%
634
6%
6I4
*434
5
38l2
3
*36
*27*
8%
417g
*3) 2
9%
42
*5
6
6
24%
24%
22)4
*5
24%
*22%
6%
6%
*4%
24%
22i2
67«
6%
24%
22%
6%
6%
24%
22%
5
*36
38)2
3%
*4%
38%
5
38%
3
3
*2%
9%
42%
22%
684
6)4
*434
6%
6%
5
*36
38%
3
3
9%
41%
3%
0%
42
*1134
*7%
3%
37%
I 7%
57g
12%
8
7%
*578
*11%
♦7%
3%
37%
7%
6
12%
8
*39%
41
*39%
41
37%
7%
578
*3
!
3%
54%
37
*3
Skelly Oil Co
13%
000
17
18%
22%
Socony Vacuum OH Co Inc. 15
South Am Gold & Platinum .1
500
S'eastern
2,700
130
13%
14%
18%
31%
36
22%
1278
1378
1778
30*4
*32%
1%
5%
1*8
1*2
*47g
5%
*55%
22
2,400
Southern Calif Edison
3,800
14%
24,800
11,600
Southern
*13%
*10%
14%
14
14
10%
10%
10%
*95
96
*%
*95
1%
*23
*7%
35%
*1078
77%
*114
*109
*15
8
*39%
*3%
*39%
*3%
41
3%
*39%
*3%
41
3%
*3%
28
4%
28
15ie
*14
15i«
14%
10%
63
6%
*37)2
*234
*3%
*28%
»it
14%
3)2
53%
6%
38%
54
3
*284
4%
28»2
*334
28%
«ie
X
6)4
*6
9%
1%
1%
11
10)2
*95
96
10)2
*95
1
70
8)8
8%
8%
21%
*21%
21%
8%
21%
8%
21%
*1%
1%
*1%
1%
*1%
1%
23%
24
8
35%
11
78%
114%
110
15%
29%
39%
10%
13%
112%
48%
20
%
23%
24
8
35%
11
22%
7%
23%
778
23
*7%
8
*35
36
35%
36%
11
11
11
11
23
*23
*7%
*3534
11%
78%
this day
cum
prior pref
No par
70
6%
634
Standard OH of New Jersey.25
25
StarrettCo (The) L S._No par
Sterling Products Inc
Stewart-Warner Corp
Stokely Bros & Co Inc
Stone &
100
10
400
1,100
8,500
1,200
2,700
1,800
500
""700
Webster
10
200
""366
400
300
1
60
10
Symington-Gould Corp w w.l
Without warrants
6
9
32
2%June30
7% Apr 23
278 Feb 14
31)2 Apr 22
5% Mar 4
Texas Pacific Coal & Oil
10
Texas Pacific Land Trust...1
Texas & Pacific Ky Co
100
Preferred
June
2%Mar
38
1
4
10
30
7,100
3%June 30
par
par
9% Mar
...10
1%
8
t In receivership
a
Def
200
400
1,100
1,800
6,800
20
3,100
300
100
900
7,200
3,000
200
20
1.100
500
14,200
4,000
delivery,
Union Oil of Callfonrla
25
Union Pacific RR Co
2
75% Mar 28
100
19
May
45% May
4% May
May
267g May
112
Dec
May
98
June
1
May
2% May
9V*I .y
12% M
16% O
20% May
8%
4
Jan 11
Jan
297« June
23
May
56
May
Jan 10
4% May
5% July 28
8% July 23
4
Dec
5
May
8%
5*4 May
Jan
7
60% July 23
46%
Jan
4
Jan (0
7% May
12)2 May
2% July 11
18% July 31
23 u
Jan
2
5% Aug
4
8
25
Aug
23% July 29
778 July 10
7
July 10
5% July 24
38)2 Aug 22
3% Ja. 16
9% July 28
44% July 31
4%May 12
38% Aug 9
7% July 28
6% Aug 9
14
July 22
10% Jan 23
40% Jan 21
3% Aug 26
5478 Aug 28
5% July 30
40
Aug 20
4% Jan
6
Jan
34
6
6
Jan 10
<114 Jan 18
18
Jan
9
11% July 31
99% Jan 6
34)4 Jan 6
51% Jan 2
5)4
17%
3
May
rl7% May
16% Aug
4% May
3% May
4% May
28% May
278 Dec
4% May
33
May
2)2 May
2078 May
6% Oct
3% July
5
May
7
Dee
86
Dec
2% June
30
June
3
May
June
20
2%
4
Feb
Jan
25% May
1
8
May
May
8% May
81
May
18
May
2
10% May
Jan
21% Aug 25
1% July 31
Jan 10
Jan 13
37% July 26
12%
Oct
May
35% May
4% May
6% Aug 28
11% Aug 9
8% Aug 20
9%
1%
9% May
20
Jan 13
1078 Aug 21
24
Aug
July 10
9
Jan
Oct
May
22% Mar 21
Jan
12%
May
Nov
May
24% July 22
34% July 29
45% July 2 >
48% Aug 2
75
6
33
Jan
July 3
4
Feb 19
9% Jan 30
6 May 23
16%May 20
108% Aug
June
4% Mar 20
21% Mar 21
9
1
17)2
1%
3%
6078
14%
6
Jan
62
6% May
8
May
13% May
Jan
2
Mar 25
7% preferred
100
l6%Feb20
Twin Coach Co
1
6%May 22
Under Elliott Fisher Co No par
30
FeD 14
Union Bag & Paper
No par
9% Feb 14
Union Carbide & Carb.No par
60
Feb 14
Union El Co of Mo $5 pf No par ri 11% Jan 30
No par
1%
May
23% May
46
Apr 16
1
10
Pref $4.50 series
"V.266
6
95% Aug 9
27% Feb 19
39
Feb 17
4%May 26
9%May 15
67i Mar 25
No par
20th Cen Fox Film CorpNo par
$1.50 preferred
No par
24
Jan 17
25% Apr 30
% Apr 16
ll%May 14
Twin City Rapid Tran.No par
36%
11%
79%
1
Feb
26
Tide Water Associated Oil.. 10
Truscon Steel Co
May 21
par
500
100
4
3
2% Apr 23
100
preferred-No
4
Jan
82
.100
.....
Thompson (J R)
Thompson Prods Inc.-No
Tompson-Starrett Co.No
cum
8%
5%May 19
.....No par
Thermold Co
$3 div conv preferred
Third Avenue Ry
$3.50
3»4 Feb 18
..No par
pref.....No pa1
The Fair
6
Jan
34% Feb 19
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
conv
Feb 16
3%May 10
5H% partlc pref
60
Telautograph Corp
5
Tennessee Corp............6
Texas Corp. (The)
25
Thatcher Mfg...
6%
21
4
Jan
113% July 16
9
5% Feb 14
__1
Talcott Inc (James).
67a Jan
57%
126
17% Mar
.
June
40% Aug
117% Aug 19
2
18%June21
4
Feb28
1984May 5
July 21
59
66
Apr 14
3
39% July 22
38i2 July 28
4
-ijBr? 1% Feb 27
Jan
22
Apr 21
lOfi™ 11%
Paper Co
2
40
Apr 14
128
2
6*2 July 28
69
July 31
Aug 25
par W1$
400
8
3
13% Aug 28
14% Aug 1
19% July 31
Apr 16
Superheater Co (The)._No
6,700
36%
28% Jan
Feb 14
Superior Oil Corp
Superior Steel Corp
Sutherland
4
l.U%June
Transue & Williams St'l No par
210
June 19
3%May 5
5% Apr23
4%May 26
Sun Oil Co
...No par
Class A pref (4 H% cum) 100
Sunshine Mining Co
100
110
1,600
Apr 21
6% Mar
No par
Studebaker Corp (The)
$3 60
""166
29
.1
8%
22%
*22%
2
27)2 Apr 25
54% Aug 5
5
Apr 21
44%May 31
31% Feb 19
11134June 2
5
8%
*2134
8
Jan
34
52
10
12
36)2
Mar 10
Mar 31
8
l77gMar
Standard Oil of Ohio
*11
1%
19% Aug 15
21
25% Mar 6
33
Feb 14
34% Feb 19
Trl-Conttnental Corp
1
$6 preferrred...
No par
Truax-Traer Corp....No par
11%
11%
77%
77%
78%
78% ' 78%
79%
78l2
114% 114% *114
115
*114
115
114
114
*114
115
110
*109% 110
*109% 110
*109% 110
*109)2 HO
15
15
15%
15%
15%
15%
15%
15%
15%
15%
81
81
81
81%
81%
81%
81% 82% £81% 8134
*82%
83%
82% 83
*82%
83%
*8234 83%
*8034 83%
*11%
12
*11%
12
*11%
12
12
12
*11%
12
*29%
29%
29% 29% *29% 29%
29% 29% *28% 29%
40%
40%
40% 40%
40%
41
41
41
41%
41%
11
11
11
11%
10%
11
11%
11%
11%
11%
*12%
12%
12%
12% *12%
13
1234 1234 *13
13%
*111% 114% 111% 11134 *111% 113
*11184 113
*11184 113
*47%
48%
*47% 48%
48% 48%
48)2 48%
4834
50
*18% 20
*18% 20
*18%
20
20
*19
20%
207g
%
8ie
%
9ie
%
®I6
"lit
«16
%
916
23%
23%
23% 23%
23% 23%
23% 23%
23%
23%
on
900
934
1%
1% July
10
May
10
Aug
160
3g Mar 21
2% Feb 15
Transcout'l <fe West Air Inc..5
4%
1212
*109
Bid and asked prices: no sales
$7
300
70
684
21%
1516
15
2% July 25
1
10% Feb 19
12% Feb 14
Standard Oil of Calif. .No par
Standard Oil of Indiana
25
"l",966
1-%
1%
3
4%
29
Dec
7% May
53s Apr 26
Tlmken Roller Bearlng.No par
Transamerlca Corp
2
984
| 12
38%
14
Aug 29
10% July 22
2
Jan
Feb 19
108
No par
1,000
1,800
1%
6%,
g
May
17
6
par
prior pref
2,600
*914
*11
.No
cum
33%
46%
1%
70
preferred
$6
$4.50 conv pref
Tlmken Detroit Axle
9»4
7%
8
$4
200
32%
6%
12
....
5
June
par
9634
33%
70
No
96
96
46%
4%
*1134
*9%
*l3g
68)2
6)4
Brands
$4.50 preferred
No par
Standard Gas & El Co. No par
1,800
4%
11%
69%
6%
100
10%
33%
*1134
*9%
1%
2
No par
1
10)2
46)2
1%
*10%
"is
*14
4%
1134
4%
12
14%
10%
*46%
4%
*11
7%
*57g
*11%
54% *55
5% .r:.-'y.v g
38%
38)2
3
»2*4
4%
*334
28% *28%
*5l8
*38
69%
*9)4
11
54
41
21%
12
*
41
3%
1)2
23)3
*7%
35%
10%
77%
83
®16
*39%
3%
7%
83
23%
*8
21%
*11
*111%
*47%
*18%
8
1%
81
39%
10%
*12%
8
21%
81
*29
8
*69
978
*21
8
46
*9%
138
*68%
12
8
46
12
8
7%
5%
12%
45%
4%
12%
9%
12
*11
7%
5%
45%
4%
*11%
*9%
1%
45%
*4%
12%
6%
3%
37%
32%
*11%
69%
3%
37%
32%
32%
45%
4%
6%
43
32%
96
32%
45%
4%
*68
*36
*11%
53
Standard
2,400
14% *'14%
10%
l0)->
96
*95'
33%
33%
32%
45%
4%
32%
2,100
6%
5
7%
5%
3
*3%
*26%
67g
6%
*478
12%
3
4%
27%
1%
*634
5
7%
57s
3
4%
28
1%
*3%
*2612
684
6%
37%
13% Feb 28
8% Mar 3
60
Mar 5
/17%May 22
Sweets Co. of Amer (The)..50
278
May
8
10% May
Aug 22
Swift & Co
.....25
Swift International Ltd
3
278
9%
9)8
4234 \42%
3%
*3%
38% £3778
May
1% May
25% July 31
l4%Junp 12
6
100
5
9
07
105
9
3,500
6%
42-%
0
Jan 27
May
5)2
078
9
Jan
May
2434
22%
6%
42%
3%
112
34
Conv $4 .50 pref
7% Jung
114
6
1
Spiegel Inc
May
17% May
3
5)2
40
Jan
5
23% Mar 13
Square D Co
5% conv preferred
34
12% June
par
Sperry Corp (The) v t 0
1]
Spicer Mfg Co
No par
$3 conv pref A
...No par
Aug
4% May
Jan 30
4
...1
No
£243g
24%
22%
*36
0%June 20
40
Aug
Wlthlngton
May
40%
Aug
Jan
8
$5.50 preferred
No par
Spencer Kellogg & Sons No par
400
24)2
22%
634
22%
July 16
33
10%May 16
par
Aug
3
5% July 22
57
32
No
8% June
8% May
51%
Jan 17
11% Feb 15
19% Feb 14
Sparks
2,300
:
71%
.100
.........
Spear <fe Co...
'
22
*1134
5)4
39%
.
6
2
j8n 21
14% July 22
Mobile & Ohio stk tr ctfslOO
"'m
....
12%
*7)8
5%
*11%
5%
*38%
*2*4
*5
25
5% preferred.
36
36%
37%
Ry
Jan
lO7*
May
1)2 Sept
61% May
Feb 15
9
Southern Pacific Co.-.No par
9,700
78*4
Oct
%
7
Aug
22%May
Southern Natural Gas Co.7 .50
18
31
July
Feb
13
r 13
120
5
100
...
2234
13
8
3%
37%
7%
5%
5%
39%
3
6
Greyhound Lines
8% preferred
%May
11
2<g Jan 20
28% JuJj 8
14% Feb 19
1%
So Porto Rico Sugar...No par
90
3
3% May
95
7,000
3
12% May
112
Smith (A O) Corp
10
Smith & Cor Type v t C.No par
Snider Packing Corp
No par
2%
18%
18%
Jan
4
$6 preferred........No par
3,000
%
34 July 31
17
July 28
15% July 21
Sloes Sheffield Steel & Iron. 100
19,100
101% June
July 15
34
21% Jan 10
1%Mar28
23%June 4
187* Feb 19
15
9)2
64% July
Jan2l
30
9%
43
3%
377g
7%
0
12%
8%
*53
3
1%
9%
42%
5%
*38%
397«
*78
*9
42%
3%
37%
3%
51%
*52%
*514
*38%
5%
*3
*5
10
Slmonds Saw & Steel.-No par
1,200
7)2 May
5
Aug
Highest
share
per
378june 28
16%June 6
No par
Petroleum..
$
May
107)2 June
Feb 19
10.
.15
Simmons Co
Slmms
.
6
Oil.
4%
share
112
Jan p
Jan 20
3534 Apr 19
Silver King Coalition Mines. 6
1,000
■
*5
No par
"MOO
130
22
36%
preferred
25%
*18
130
22%'
12%
conv
1,700
37
38
38
38
*36
*36
600
37%
*57
57% *57
5712
290
57)2 57)2
68)4 58%
5%
6%
5%
5%
5%
5%
6%
2,000
5*4
6*4
*49 i ? 4934
*49 %
*49%
49%
50
49)2 49% *48% 49%
49
49
90
39
39
*38%
39
38%
38%
39% 39%
700
39%
39% 39%
39%
117
*115
117
116% *115
116
116% *115
115
115
00
114)2 H4%
5%
5%
6%
5%
5%
5%
6%
5%
5%
5%
6%
534
7,400
*112
*112
113
112
112
*112
112%
113% *112
113
100
*11078 113%
%
"i«
%
%
%
%
%•
ht
%
%
2,000
%
%
*2% * -<2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2,300
2%
15
15
15
15
15% 15% *15)8
15)2
15%
15%
1,400
15%
15%
17%
17)2
17%
17% *17%
18
17%
17%
*17%
300
17% *17
17%
23%
23%
2278
23%
22% 23%
23% 23%
23%
23% 23%
6,600
23%
31% 31%
31% 31%
31% 31%
31% 31%
31%
31%
31% 32% 13,400
43
43%
42% 43%
43% 43%
42)2
43%
42% 43%
43%
44
15,900
42% 42%
42%
42%
42%
42%
41
41% 42% £40% 41%
5,700
41%
*36
37
*3534
37
*36
37
37
37
37
*36 %
37
200
38
62% 62%
61% 61%
62
62
61% 61%
62
62% 62%
62%
1,400
7
7
7
7
7
7
7
7
*6%
7
634
1,300
67g
5
5
5
5
5
4*4
4%
5
5)8
6%
1,700
5)8
5%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
1,800
5%
5-%
5%
5%
5%
5%
5%
67$
684
5%
6.600 >
534
534
57
57
67
*56% 67
56%
57
56%
300
*5034 • 57% *6612 57%
124
122% 122% 123
♦122% 123
123
12278 12278 *122
122
122
/•.
100
7%
7%
6%
7
67®
7
6?8
7%
£6%
684
12,900
6*4
67g
19
19
19
19
19
19
19
19
19% 19%
*18% 19
1,100
*17*
2
1%
1%
1%
1%
V$
17s
1%
1%
1,000
I7g
178
*16
*16
17
1634
*16%
17
*16% 17
100
♦16% 17
16%
16%
*19% 20)2 *20
20)2
20% 20%
20i2 20% *20% 21% *20
21
•J;300
567g
$5
No par
Sharpe A Dohrne
No par
$3.50convprefser A.No par
100
1*4
27%
9%
2%
18
130
1
Servel Inc.
88
3
1% Apr 29
67% A or 22
7% Aug 18
10% Apr 23
61
Feo 19
3% Apr 23
61% Feb 27
SeagraveCorp.....
vet
38% Mar 28
115% Mar 27
12% Mar
No par
Sears Roebuck & Co—No par
57%
21%
Seaboard Oil Co of Del.No par
8,900
Feb 14
%
%
1334
13)2
1078
9%
2%
18%
9%
108
17
25
13)2
16%
9%
2)2
18%
No par
preferred
Year 1940
Lowest
17% Aug 29
June23
No par
1 Seaboard Air Line...No
*113
25
8% Apr 15
79
25
*113
25
37
57
25
13) 2
13%
15%
9%
2%
18%
*18%
18%
18
18%
128)2 128%
*113
25%
24%
$
$4 preferred
4-2%
1,000
4
18%
share
per
33%June 12
i09%June 9
230
37
14
14%
4%
18%
13
64%
5%
57%
6
*26% 27% *26% 27% *20
27% *20)2
30)2
30% 30%
30%
30% I
31% 31% *31% 32
106% *104
107)2 *105
107)2 *104
107% *104
107%
....
9%
*36
*36
*4%
9%
36%
57%
4%
18%
*15)4
*21
*56%
5%
14
30%
12%
5%
*13%
4%
18%
105
*12%
5
37
*23%
*13%
15%
2%
2%
*18%
18%
17%
177*
*127)2 128%
63%
5
57%
67$
2334
137g
15%
*13
64)2
37
*113
*113
..I'2 .15
3
Range for Previous
Highest
$4.50 preferred
""lb
.
*12%
1941
30.
Jan
4
79% July 22
4% May
1% May
04
Aug
3% May
0% May
5
May
14
May
l%May
137a May
6% May
21% June
9% May
5978 June
15
105
May
109% Aug 11
15% Aug 7
8578 Jan 10
12
May
115
Jan
71
May
.,..100
80
Mar
4
85% Jan 13
70
June
Union Prem FoodStores.Inc.l
Union Tank Car.
No par
11
Aug 15
13% Jan 2
31
July 28
13
Dec
22%
44%
Jan
9
31)2 July
17%
Jan
9
12
4% preferred
United Aircraft Corp
Un Air Lines Transport
United Biscuit Co
25% Feb 19
34% Apr 19
9%May 15
5
.5
No par
5% preferred
100
United Carbon Co
ll%May 27
May 1
n
New stock,
,
r
12% May
1087s Nov
50% Jan 10
42% May
16% Apr 23
%June
3
20% Jan 15
18% Apr 21
30% Jan 10
4078May
No par
Cash sale,
14% July 24
113% Feb 6
2
109
No par
Unlted-Carr Fast Corp .No par
United Corporation...No par
$3 preferred
Jan
May
x
Ex-dlv.
y
1% Jan
7
12
1%
26
May
Dec
Dec
Ex-rights, f Called for redemption.
Volume
LOW
Tuesday
Monday
Aug. 23
Aug, 25
Aug. 26
$ per share
S per share
$ per share
25
*24%
*38
5
3812
*70'4
71%
*434
*377g
70%
7%
7%
5
5%
1%
134
*24
*458
73g
73g
*106i4 107
*12%
*312
*89
*15
*11%
*58i4
11%
5834
*176
58 34
*7
3%
87g
92
30%
92
*87%
3012
30%
*3184
33
24l4
*3134
*23
1%
9534
*60
8
42
*42
33%
4%
4
4
1%
1%
*23%
*92%
3034
*3134
*231i
*1%
33
24%
1%
*94%
134
2334
243g
2*84
9534
94%
63
63
58
57%
121
63%
*7414
5734
75%
*73%
28%
46%
46%
*45%
*1%
1%
1%
1
1
1%
1%
*13
13%
*13
*55%
55%
1334
55%
58
*55
1334
*13
*13%
58
*56
59
*56
59
*56
60
*56
60
*59
*142
150
*142
151
*140
150
*140
150
*140
159
160
160
*158
8160
*158
159
161
*160
9ie
*22%
*13
14
13% *13%
24%
24% *24%
25t2
*113%
*113% 116
*11314 116
*43i2
4334 *43% 43% *43%
*13
64
64
*
*24
*178
%
*i«
*22%
Prior preferred.—
U
85
64
*
61
"25%
26
*25%
64
85
*
22
22
38i2
*37i8
*32
32i2
No par
Unlversal-Cyclop6 Steel Corp 1
*97
102
*97
102
*97
102
*97
102
*97
*141
149
*141
149
*141
149
*141
*8%
8%
878
20
101
5
5
5
5
5
*29l2
30%
*29%
30%
30%
30%
30%
30%
30%
*14
143s
*14%
14%
*14%
14%
*13%
4%
4%
*334
34
*%
20%
5%
20%
»16
»1«
20%
20i2
20%
5
*4U
5%
5%
71
5
*68
*70%
72
*68
1%
*18%
*31
32
♦15U
16
*1538
15%
3
*234
*77
—
*15%
*234
*77
-
*2134
7H4
June
19
May
43% May
Tool—2.50
5
July 10
Van Raalte Co Inc
Va-^arollna Chem
Va El A Pow 16 pref
Va Iron Coal A Coke
500
*70%
107
*105
107
*105
107
*105
28%
28
28%
28<4
28%
28%
3%
3%
8I2
34
2734
*3%
334
3%
*7%
8%
*7%
34
%
28%
*%
2778
22%
9H2
22%
22%
2234
91
91%
*7%
*%
27%
22%
91i4
126%
126l2 ♦125
3134
*30%
31l2 *30%
32%
*3114
3212 *31%
4
97
*95
*28
28U
*65
69
*14l4
*1514
73g
1534
1534
7h
*24
*2%
31
*3134
321
*55
61%
*92
95
90
92
2834
2834
291
29%
29
293s
28%
*65
1534
15%
69
70%
7034
*2534
68
20%
*14%
1434
*118% 1197g
*97g
10
373$
373g
94
*92
163a
♦12%
*17g
163g
127g
2
1534
16%
15%
15%
4,100
White Motor Co
3,000
White Rock Mln Spr
1,100
White Sewing
6%
7%
4%
4%
*48
57
24%
24
484
6
6
6
71%
7134
*71%
*113%
----
7li:
*25%
2934
233«
434
*11334
*2534
26%
29%
29%
23%
23%
*116
*116% 119
*112
*128
125
6734
14%
118
*934
37%
*92
6734
2078
1434
118%
*130
*6734
68
*16%
14%
119
1234
17g
♦6734
15
119
14%
*119
38
4%
6%
mm
m
2%
-
26%
2934
23%
148
200
4,400
4%
3.9C0
6
3.200
434
1,400
$4 conv
"200
""266
29%
9,400
233s
*113%
800
No par
No par
preflOO
10
Woolworth (F W) Co
10
Worthlngt'n PAM(Del)No par
26%
29%
*23%
mm
148
*128
123
*116
123
""166
*58
61
*58
61
400
*60
65
*62
64%
500
*114% 119
64
*112
119
100
68
68
68
*67%
68
300
20%
20%
20%
*20
2034
200
14%
15
1434
14%
14%
119%
119% *119
119% *119
9%
934
934
9%
9%
38
38%
38% 383a
38%
2,900
117
50
600
5,300
94
*92
*92
94
*92
94
16%
*15%
16
1534
153j
"""366
12%
>1%
94
12%
*12%
12%
1234
1234
*1%
2
2
2%
2%
2%
1,000
4,200
sales on this day.
{ In reoelvershlp
5
80
2% May
Deo
15% May
25% July 31
74% Jan 18
65% Mar
May 31
6884 Aug
June
91
106% Jan 25
d Def delivery
$6
preferred
Wisconsin El Pow 6%
Woodward Iron Co
4^% series... 100
Prior pf 4^% conv series 100
Wright Aeronautical..-No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
100
15%
9u Feb
10%
108% May
20%May 26
16% Feb 19
Jan
2734 May
May
May
5% Jan
25% Apr 21
Dec
50
3% Apr 18
4% Apr 24
%
14% May
15% May
85
54%June
26% July
2% May
2% Jan
65% FeD 15
234 May
4% May
July 23
Jan 2
65
100
3
1% Apr 16
112% July 15
June
21
Dec
Feb 16
l%May
100% May
108
17% Jan
20% Feb 14
May
11
36% July 14
112
Aug 9
12% Feb 14
4
Apr 21
4
Feb 14
8% July
5% Jan
18% May
May
61
734
9
11
10
28
31
12
11
13
38
Jan
1434 May
I84
Oct
1%
Jan
3
Jan
334 May
058july 22
9
45
June 10
110
7634 July
114
7
7
2534 July 22
33% Jan
34% Jan
Aug
7% May
4% Mar
3% May
June
Jan
1684 May
30
May
13% May
June
93
Mar 15
147
Aug 21
55
85
Jan 30
130
July 30
60
July
73% Aug 21
29
June
7534 Aug 21
122
July 24
39
June
91
June
Jan 11
73
May
64% Feb 17
58
Feb 13
86
Apr 23
62%May 28
17% Apr 24
11% Apr 21
114
Feb 25
A Wire.-No par
Youngstown 8 A T
No par
5J4% preferred ser A—100
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
Zonlte Products Corp
—1
stock
Jan
141
June
80
117% Jan
Feb 19
23% Mar
Young Spring
n New
107% Jan 18
112
Prior pref
Preferred—
115
7
Mar 31
July
41
96% May
Jan 10
July 31
94
7% preferred A—....—100
6% preferred B—
100
'■'mm
*116
61%
Prior
2638
6
Feb
80
Feb
16% Mar
Wilson A Co Inc
73
2
72%
72
—1
Co No par
2%
*2%
.
White Dental
Mach Corp.-.l
preferred ....No par
preferred
20
Wilcox OH A Gas Co
6
Willys-Overland Motors
1
6% conv preferred—
10
4%
*163a
*92
Bid and asked prices; no
*60%
*934
16%
1234
178
*5834
20%
10
3734
94
24%
4%
125
12434 12434 *120
62
6934
70% *58%
*61
65
72%
74
*197g
*23%
43.
148
113% 118
24
2%
148
145
60%
43g
2%
*128
*135
*48
2%
5
73s
*6%
7%
4%
60%
*2%
23%
*20
16%
2%
297g
23
"166
2%
26%
29%
15%
2%
*113%
297g
2334
71
*14%
6'j
Vl
26%
*70
15%
*2%
70%
-
71
*14%
2h
*2
.6
*113%
pref—No par
Mfg(The SS)-20
$5 conv prior
*69%
*24%
2%
*2%
63^%conv pf..
100
Wheeling Steel Corp...No par
15%
4%
May
14
4% Jan
2%May
80
6
7
20% Jan
7
15% July 25
4,500
Cblor Prod—No par
preferred..—No par
Wheeling A L Erie Ry Co.lOO
¥4.50
71
*48
15% Aug
7
preferred
50
Weston Elec Instrument. 12.60
1st
*6884
73s
57
*48
13% May
3034 July 31
78
Jan 14
Westlnghouse
Westvaco
50,
BrakeNo par
El A Mfg
60
Westlnghouse Air
16
7%
4%
7%
29
29%
May
1738 July 22
21% Apr 18
64
May 19
Maryland...
4% 2d preferred
100
Western Pacific 6% pref—100
Western Union Telegraph. 100
*14%
71
*68
1534
15%
*4%
2834
14
May
100
61%
*55
May
20
May 14
18%June
May
140
111
111
111
111
111% 111%
22
Feb 19
25
20
32%
95
6
*67
*32
61%
434
7134
32%
*55
6
74
*31%
*90
4%
115
32%
*3134
95
6
73
31%
6H
434
7134
*30
111%
578
*108
31%
95
434
126
*30
*55
2434
126
31
334 May
3
1938 Aug 22
33
July 23
23*4 Jan 13
70
90
31
127
% May
110
4,500
89%
92%
128
May
1% July 31
% Mar 11
6
Feb 4
Mar 22
91
128
2234
2234
92
May
2
30
34% Jan 10
2234
4,600
2,000
111
*24
144
22 34
Western
'""166
128
13% Aug
5% Aug 26
July 31
72
Jan
29% July 22
24% July 22
105
Jan 2
34
28%
92
13% Apr 19
2»4 Feb 19
June
3% Deo
% May
18% Feb 13
1734 Apr 22
86
May 31
120%May 2
27%June 6
27% Apr 17
105
Apr 16
60
Aug 18
90
Aug 29
8%
22%
4
l%May 13
1,200
8%
128
14% Aug 20
5% Jan 6
l%June 9
21% July 10
3%May 13
10
438 July 31
9
July 31
T266
3%
*71'
22%
May
18% May
1
2734
*334
*%
June
3
3234 Aug 29
3
2734
4
28
16% May
89
234 Apr 28
6
• Jan
5
28
4
d4
Jan
100
28
4
28%
6%
104% Apr 26
28
*%
Dec
6% preferred
100
Western Auto Supply Co.—10
4
28
Oot
»n
5% May
4
4
6
6
1,200
28
uif
9% Apr
22% Jan
105% Jan
3
20% July 15
105 8 Feb 10
29% July 22
180
107
28%
May
June
%
97
*105
*7%
120
100
107
*ior.
71
June 21
A..No par
98
115% 115%
1934
19%
June 13
7% preferred—
100
6% preferred
100
West Penn Pow Co 4 H% pf -100
West Va Pulp A Pap Co No par
120
*96
97%
97%
115% 115%
19%
*18%
28% May
"11 Jan 17
Jan
zl2% Feb 13
No par
West Penn El class
130
97
55%
*135
$4 conv preferred
20
103
103
617g
2
23%
100
*99% 100%
103%
107
*%
*30%
2
2978
""800
6
% Jan 10
Jan
1
May
30% June
33% Feb
% Apr 15
63
May
5
4
143
•nJune
109
Jan
102
8
July
I84 May
14
May
2
8
118% July 23
23% July 26
Feb 15
No par
71%
*70
71%
*99% 100%
8%
May
Mar 27
7% preferred
..100
Wesson Oil A Snowdrift No par
2234
*105
913a
f
*26
'rn'm'm-m
22%
2234
*95
*48
*113%
*77
*77
*126
2
*70
Webster Elsenlohr
97
Aug
19
Jan
2834July
89
100
Wayne Pump Co—
100
*55
4%
58 I2
214
900
234
111% 111%
2434
*4U
*48%
680
15%
283a
*125
*111% 113
*55
617g
16%
15%
234
115% 116
*19
19%
*7%
23
1,200
15%
*70
60
112
8
2%
136
preferred
3%
*22%
Aug 20
20% July 15
42
6
No par
{Warren Bros Co.——No par
S3 preferred
No par
Warren Fdy A Pipe
No par
Washington Gas Lt Co.No par
Waukesha Motor Co.—....5
13.85
1534
71%
97
■
80
15%
102% 102% *103
97%
115% 116%
1834
19
72%
%
200
•
60
No par
7% preferred
15%
-
Aug 20
Mar 13
Aug
37% Aug 2
31% Mar 29
Warner Bros Pictures
16
100% 100%
97%
98
115
115
*115% 116
1834
18%
18% *18%
*97%
97%
97l2
29,600
100
102
102
103
900
5%
300
22%
*70
71%
34
20%
No par
A ..No par
Class B
500
*5g
53g
21
1001
*99
Ward Baking Co cl
34
*2%
22%
*22,
""160
21
3%
*77
*77
Dlv redeem pref
14%
*32
15%
35% May
5084 Jan
25%May 31
18
*234
Mar 26
A W Ltd No par
21
*15%
3%
*234
67
Walk (H)Good
34
15%
Mar 26
1% Apr 14
19% Apr 22
115% Feb 17
12
Apr 3
4
17
15%
July 30
Co.....100
100
*32
*20%
*15%
*15%
21
70
103
Preferred
45
20
100
100
Vulcan Detlnnlng Co
116
2
67
25
6% preferred
400
21
*31
32
2234
70
5
No par
6% dlv partlc preferred. 100
No par
5% pf 100
Virginian Ry Co
25
20
28
4
66
100
Victor Chemical Worka
4
Aug
39%June
6
100
Feb
22%June
2034 Aug
113
.100
Vlck Chemical Co
34%
18
17%
*9934100%
103
103
.
12
1,700
%
Apr
25
3,000
%
84
6
Van Norman Mach
*19%
%
%
»u Nov
Jan
Mar 17
17% Apr 22
*68
Dec
15
96% June 27
4
May 1
72%
*68
Jan
128
59
Apr 10
No par
No par
%
70
159
June
45
12
H% pref with warrants 100
Walworth Co
...No par
5%
53a
May
13434 June
% Aug 28
Walgreen Co
20
20
72
7134
%
32
—
*21%
2234
*70
*99l2 10038
5%
Apr
Deo
18% Nov
12% May
34% Jan
1,200
1,700
4
Apr.
25% Aug 29
100
*334
June
2
900
14
2%
63%
Apr 21
500
4
%
58
203a
5%
*21
21%
1578
15%
3%
21%
*15%
21l2
%
20%
*7,
1%
1834
32
*21
1%
19%
*78
19
*31
5%
5
5
Deo
234
Apr 18
*11 Jan
20%
143g
*334
14%
4%
34
20%
5%
72
*13%
4%
*334
*%
5
Apr
60
5934 Jan 15
Jan 21
Aug 22
Waldorf System
20%
31%
*97% 102
5
5%
*97% 102
Nov
39%
May
41
Aug 21
157
*97% 102
5
,5
3134 3234
20%
*19%
*97% 102
20%
*1934
20
101
130
Dec
1
161
~~9% "9%
"8% "8%
"9"
9
20
*834
19%
9
20
z73% Dec
76% Nov
42% June
1% Deo
7
4
Jan
07% Nov
15
{Wabash Railway
5% preferred A
101
29%
Jan
Apr
23
....
*99
1'4
41%
117
—100
No par
Preferred
149
*1934
133
Nov
16% Jan 10
May 20
Jan 17
140
100
1st pref.100
57
Apr
24
Vanadium Corp. of Am No par
102
149
%
%
No par
Vadsco Sales
900
39
3234
% Apr 28
44% Apr 25
12
May 10
48 June 2
$6 conv preferred
Universal Pictures
1% Jan
1% Jan
May
Jan
39
103% May
333g Jan 13
48
Jan
4
May 10
1
5
United Stores class A
700
*141
%
*9i«
25
1
Vlcks Sbreve A Pao Ry
.23
32%
.
No par
42
Jan 13
Apr
Apr
May
38%
May
39% May
60
May
4
70% Jan 29
70J4 Jan 6
130
115%June 2
22% Apr 30
42
Mar 27
100
7% preferred
"loo
24
149
•.
69% Apr 25
49% Apr 21
5% preferred
102
*97
*141
50
No par
7% 1st preferred
11634 II684
*37%
55% Mar 13
65% Apr
.100
26%
134
*22
15
68% May
300
23%
134
134
*134
134
134
17g
23
*23%
24
23%
22%
23
24%
118% *11634 118%
118% *117
118% *117
22
2234
23%
2234
22
22%
21%
21%
*37%
39
37%
3734
*37%
38%
*37
38%
*32%
3234
32%
32%
3234
3234
32
32
20
98
United Stockyards Corp
85
23
11812 *117
*117
1778 Feb 14
...
74
% May
2% July 23
July 11
July 11
4
12s4
Dec
22
80% Feb 16
U 8 Tobacco Co
1,400
26%
134
"nJune
7%
2134 June
27% June
2
7
6
10
...
Preferred
160
*
31% Aug
34% Feb
25% Jan
29%May 6
18% Apr 12
May
3% May
8% 1st preferred...——100
8 Smelting Ref <fc Mln
50
U 8 Steel Corp..
64
26
26
25%
1%
54% Feb 24
26% Apr 26
No par
{U 8 Realty & Imp
U 8 Rubber Co
2,100
*
Card Co
Apr 22
6% Apr 24
100
20
10
1
U 8 Pipe & Foundry.,
50
%
^
June 12
Aug
8% preferred
25%
*%
24
24
*
85
*
134
2
2534
*2434
64
«
25
25
26
*
85
*
85
*
*22%
6% Mar
48
100
160
182% May
2«4 May
Apr
1,500
25%
25%
25%
25%
25%
25%
25%
13%
13%
*13%
13%
13»4
13% *13%
25%
25%
*24%
25%
25% *24% 25%
*113% 116
*113% 116
*113% 116
116
*42%
43%
*42% 433g
43%
43%
43%
25%
*24t4
*
9i«
23%
9i«
%
24%
%
*23%
25
25
25
25
*16
24%
®16
9i«
2414
*223g
159%
Jan
May
9%June 27
183
47g Feb 17
May
150
159
165
Nov
89
0
61
150
Jan 14
Apr 23
Deo
11
9% Aug 13
92
Aug 27
Universal Leaf Tob
*56
June
170
Parttc <fc conv cl A—No par
10
*142
50
69% Jan
May
12%
5% May
No par
U 8 Leather Co
1,000
1%
1%
57
13%
8
55
4
May 14
Deo
800
*1%
1%
*55%
97
May
28
2,000
49
Jan
5
3%
35
Preferred
28
80
19
May
14
900
*45
28%
49
13s
1%
57
28%
93
June
3
25% July
8G0
z2734
120% 120%
121%
4% July 15
4
July 28
July 23
July 22
13
July 19
Deo
4
Mar
6
33% Aug 26
4% Aug 13
1,300
14,000
121
Oct
133g Aug 29
43
19,255
121
118
Feo10
preferred
U 8 Plywood Corp
75%
58%
Jan
107% June
22
Apr 18
conv
U 8 Playing
633,.
5734
Jan
15
3
200
*74%
n
85%
33
1,000
*63
58%
*28%
1
95%
J.'
117
Dec
41
Dec
May
9%
20
1,600
9%
95
3034
33
28%
47%
1%
1%
137g
*13
14
1%
233g
600
9%
9%
9%
60
50
5M%
4%
65% Mar
538 Jan
Dec
2% May
25% May
73% Aug 6
10% Jan 16
Mar
6
Sept
20%
U 8 Industrial Alcohol-No par
4,200
4%
24%
1%
24%
95%
63%
75%
*45%
58%
*55
58
I
2
Jan 11
538 July 24
42
Jan
8
8% Mar
5
U 8 Hoffman Mach Corp
50
33%
33
*23%
*27%
1
1
*7«4
9%
9%
121%
121
"l'ioo
43
32%
7% preferred
5% Aug 21
3% Jan 11
1334 Mar
7% Apr
7% Jan
84
No par
pref.100
^..No par
20
100
U S Gypsum Co
1,400
8
42
33%
33
24%
1%
61%
47%
1%
*45%
4712
1%
*13
8
43
33
9534
62
75%
5734
12034 121
*27%
28%
*176
179
95
*94%
28
*55
*176
3034
57%
ll8
179
*93
*74%
*114
58%
I3034
*313;
9534
57%
*45l2
*11%
92
*947g
75%
28
11%
23%
61
U S Freight Co
3034
33
24%
1%
2334
9534
1%
57
12
59%
179
400
91
23
60%
100
3034
*23%
*74%
18
*3134
*3134
75i2
5634
57
*120i2 12Hs
*17
59%
92
30%
60l2
1734
¥8 first preferred
U S Distrlb Corp conv
30%
*87
23%
*7312
U. 8. & Foreign Secur..No par
100
59
9%
24%
17g
1%
United Paperboard
800
4
23
2278
9534
200
*11%
4
*8%
334
334
92%
per
9% Feb 19
10
384
Highest
share ¥ per share
7% Apr
334 May
$
share
per
32
9
3
8% Apr 25
2% Apr 10
2% Feb 19
1
*3%
*17
8
United Mer & Manu Inc v t c
4,000
¥
share
278June 3
l%May 6
20%May 16
3% Apr 21
3378May 5
60
May 29
per
634May
105 May
No par
No par
15 preferred
300
*90%
11%
8
United Gas lmprov't
7,200
13%
1284
5
No par
United Fruit Co
2,900
106
59
*42
United Eng <fe Fdy
300
5
92
92
1734
7%
106
10
100
United Electric Coal Cos
1,100
484
¥
.6
United Dyewood Corp
Preferred
20
7134
7%
11%
8%
*334
33
*23%
1%
2234
38
71%
59
33%
33
87g
17%
43
*42
*37g
*878
*37
*176
179
7%
7%
33%
4
92
*91
17%
11%
59%
58%
*176
43
♦30U
*
*3%
1634
11%
3234
*86
12%
4%
3%
91%
*90%
912
*378
7%
12%
5834
*42
25
38
434
*37
38
200
*23%
484
71%
71%
71%
71%
x7%
7%
7%
7%
107
106% 106% *106
12%
12%
12%
12%
*3%
4%
3%
3%
*31'
334
*3%
334
United Drug Inc
4,500
184
is4
2
24%
4%
24%
Par
Year 1940
Lowest
Highest
Lowest
' 5%
5
5%
*37
*106% 10634
32%
4%
3212
5
*134
38%
7%
180
*7
714
43
*42
Shares
71
16%
117g
*176
180
S per share
70%
92
16%
*11%
1634
434
434
434
EXCHANGE
100-8/iara Lots
On Basis of
Week
38
4
3%
3%
334
91
V
12%
♦3%
4
*334
*89
25
the
Friday
Aug. 2$
2
24%
434
*134
24%
2
*24
107
107
*12
1212
*134
NEW YORK STOCK
$ per share
$ per share
5
5%
5%
5%
5%
134
25
47g
38%
70%
5
*1*8
STOCKS
for
Thursday
Aug. 28
Wednesday
Aug. 27
1
Saturday
Range for Previous
Range Since Jan. 1
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
1243
New York Stock Record—Concluded—Page 10
153
r Cash sale, s
9% Feb 19
30% Apr 18
83
Apr 26
13% Apr 10
1034May 16
13a Apr 23
Ex-dlv
SO
22% Jan 8
17% Jan 10
120
Jan 10
15% May
984 May
98
May
0% June
12% Jan 11
42% Jan 6
95
Aug 6
26% June
6
12% May
3
2% Aug 28
8% May
183s Jan
15% Apr
y Ex-rlghts.
80
2
May
Mar
f Called for redemption.
Aug. 30, 1941
1244
Bond Record—New York Stock
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Price* are "and interest"—except for income and defaulted bonds.
week's range, unless they are the
In the week in which they occur.
Cash and deferred delivery sales are disregarded in the
only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
No account is taken of such such sales in computing the range for the year.
The Italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
Friday
STOCK
U.
Range or
Range
Sale
EXCHANGE
Week Ended Aug. 29
Y.
Week's
Last
BONDS
N.
Friday's'
Since
Price
Treasury 4X»
Asked
High
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
No.
Low
High
12126
O
*119
119.7
119.
*111.8
111.16
J
IT
2*30
D
112.30
121.30
*110.7
111.29
112.4
U1T8 110.30
110.11 112.12
110.15
8
M 8
M
111.18
M
8
8
109.7
109.12
112.15114.9
109.24 111.21
"4
18
*108.10 108.18
M
110.4
108
"2
113.9
107.14111 25
109.24
107 27110 9
109.23
1
107.2
110.18
8
110.18 110.13
110.18
10
107 1
111.2
J
D
110.24 110.18
110.24
14
106.31110.31
J
D
111.10 111.2
111.10
21
107 8
J
D
J
D
M
109.23
+108
S
M
108.6
111.24
107 22108 14
*108.26 107.31
107 16109.22
2Xb
J
D
107.20
107.20
3
105.2
108.9
2X8
M
8
107.20
107.20
2
105.4
108.16
M
1949-1953
1950-1952
2X«
1952-1954
2X8
1956-1958
2X8....-..—1951-1953
2Xs.......... 1954-1956
2s
......._______ 1947
2s.....Mar 16 1948-1950
2s
Dec 15 1948-1950
2s.:
........1953-1955
8
105.17
105.22
7
102.8
106.16
M 8
104.22 104.17
104.22
69
103.1
105.6
i
.....
106.16 106.16
106.16
1
103.5
106.27
106.7
106.7
3
103.5
107.1
106.2
106.2
5
L>
1
D
J
D
14
2
7
♦Chile Mtge Bank 6Xs...
♦6Xs assented
*101.20 101.29
101.22 103.3
*101.20 101.29
102.15103
J
101.28
101 23103
D
*102.24 102.31
101.29103.2
13 X
13X
3i
12 X
13 X
7\
14X
1
lox
14X
1961
12X
13X
14X
13X
25
8*/»
9X
13 X
8X
8X
8X
13 X
12
"3
1
8X
♦6s assented
♦Guar sink fund 6s
Govt.
&
1962
1962
♦6s assented...
♦Chilean Cons Munlc 7s
VN
1960 M
13 X
J2X
5
11X
8X
♦Chinese (Ilukuang Ry) 5s
1951 7 D
♦Cologne (City) Germany 6 Xs.1950 M P
Colombia (Republic of)—
D
8X
2
28
T2
8X
21X
8
13 X
14X
12
8X
26 X
.
♦Colombia Mtge Bank 6X8---1947
♦Sinking fund 7s of 1926
37 X
O
M A
1947
*
D
40
40 X
33
30
40X
28 X
33
25 X
25 X
22 X
25X
26X
23
27
26 X
A
1952 7
30
30
26 X
40
87 X
40 X
33
O
4
1946
VfN
1953
26
21 X
23 X
28
36
25X
27
21
38 X
27
21X
25-year gold 4Xs:
22 X
36
Copenhagen (City) 5s
38
90 X
93
72
93
16X
14X
*25 X
~27 X
27 X
~25 X
J
J
ser
J05X
104X
105X
108
100
105X
Municipal
Agricultural Mtge Bank (Colombia)
♦GUI sink fund 6s
1947 F
A
*26 X
29 X
23
~27 X
1949 F
O
26 X
26 X
27
Akershus (King of Norway) 48.1968 M 8
J
♦Antloqula (Dept) coll 7s A...1945 J
*22 X
22X
21X
102X
1949
1977
101X
67 X
103
103 X
Sinking fund 6X8...Jan 15 1053
♦Public wks 5X8...June 30 1945
♦Czechoslovakia (Rep of) 8s
1951
♦Sinking fund 8s ser B
1952
18
103
100X 103 X
102 X
101 X
101
96
49 X
67X
103 X
104 X
101 X
67 X
99X 104
93 X
93 X
18
18
8X
19X
8X
17X
31H
«5 X
38 X
69 X
73
93 X
18
27
♦Gtd sink fund 6S-.....-...1948 A
P
A
Vf
1944
A
16 X
16 X
*101 x
1951 MA
External loan 4 Xs-J
10
*13
8
1960 M
♦7s assented......
13 X
VfN
4 Xs external debt..
City
1980
14 X
13 X
13 X
14 X
♦Costa Rica (Rep of) 7s
Cuba (Republic) 6s of 1904
Transit Unification Issue—
3% Corporate stock
15X
13 X
106.17107.26
101.28
14
1961
With declaration
106.20
J
J
"41
13 X
14X
14 X
15
1961
1961
With declaration
106.20 106.20
9
11X
9X
9X
8X
14 X
14X
15X
14X
♦6X8 assented
External 6s of 1914
Foreign
13
Cordoba (Prov) Argentina 7s.. 1942
1944-1952 M N
1
High
♦Guar sink fund 6s
♦Sink fund 6Xs of 1926
♦Sinking fund 7s of 1927
J
Now York
*14X
1957
.1957
101.24105.3
Home Owners' Loan Corp—
8X
10X
4
15X
14X
104.13
8 t.
li
13%
D
M
15
13X
/
1942-1947
8X
10X
15X
104.12106.21
1942-1947 /
15
""3
O
....
*108.26 107.31
2X8
14X
"14 x
♦External sinking fund 6s_A.1963 VfN
♦6s assented
1963 VN
D
3s
10X
15
J
106.22 108
21
O
^External sinking fund 6s...1962 A
♦6s assented...... *"...
1962 A
9
14
15X
13X
A
3s
J0X
14X
14
7
106.24 107.28
X
*J4X
Oct 1961
106.22
Low
15X
j
Jan 1961
106.22
No
Since
Jan.
13 X
5
♦6s of 1927
*106.24 107.3
..1942-1944
1945-1947
*14
14
8
♦6s of 1928
M 8
Range
la
Asked
High
Sept 1961 M
♦6s assented
3s externalsf S bonds.......1970 A
104.13
<fc
♦Ext) sinking fund 6s..Sept 1961 M
*
100.24 104.4
1944-1949 M N
2X8 series G
1 Xs series M
Bid
Price
A
a
104.28106.28
1944-1964
A
Friday's
/ j
*103.14 103.21
i06~2
3X8
series
F
r
Jan 1961 j
Jan 1961 j
..Feb 1961
M 8
Federal Farm Mortgage Corp—
3s
•6« assented
107.14 109.9
13
Range or
Sale
LOW
Extl sinking fund 6s...Feb 1961
♦Ry extl e 16s......
♦6s assented
106.13 108.6
1
2
Si
29
Week's
Last
Chile (Iiep)—Concluded—
105 27107.25
10
si
EXCHANGE
Foreign Govt. & Mun. (Cont.)
111.19113 18
113.3
115.7
D
STOCK
Week Ended Aug.
D
J
3 XS--»-«-.»--1949-1952
3s...
....._-1946-1948
3s
1951-1955
2X8
.....1955-1960
2Xs
1945 1947
2Xs
1948-1951
2«4s
1951-1954
2X8
.....—1956 1959
2Xs
.....1958-1963
2%a
..1960-1965
2Xb
1945
2X»
1948
Y.
1
A
*113.1
113.10
Treasury 3X8
...1946-1956 M 8
105.27 105.27
Treasury 3X8-1943-1947 J D
Treasury 3Xs
1943-1945 A O 106.13 106.13 106.13
107.14 107.14
Treasury 3Xs
....1944-1946 A O
310 27
110.27
Treasury 3X8—--—.-..1946-1949 / D
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Jan.
J
1947-1952
1944-1954
..
Treasury 4s
&
Low
Government
S.
bid
Friday
BONDS
N.
10
9X
*9X
9X
♦External
s
♦External
♦External
s
f 7s series B.....1945
f 7s series C_..—1945
s
f 7s series D
1945
♦External
s
f 7s 1st series
1957
♦External
sec s
f 7s 2d series. 1957
9X
*9X
♦External
sec s
f 7s 3d series. 1957
9X
10
7X
7X
10
9X
ox
7X
9X
6X
9X
9X
ox
12X
10
ox
9X
7
14
18
8 f external 4Xs
1948 MN
1971 MA'
8 f extl
1972 F
8 f extl
17X
Australia Com'wealth 5s..
External g 4Xa of 1928
s f 7s
71
72
53X
73 X
53 X
47
b
73 X
67 X
J
:71'65 X
7
a
67 X
7X
5X
5X
15
12
I
With declaration
8
1955 J
J
*77 X
1955 J
D
72 X
1950 A O
f 6s
♦Berlin (Germany) s f 6Xs
"*8X
♦External
1957 A
O
of 1927...1957 A
O
s f
6Xa
1952 J D
1957 Vf 8
♦7s (Central Ry)
Sinking fund gold 5s
20-year s f 6s
1958 F
81
43 X
49 X
"72 X
48X
8
1950 J
♦Budapest (City of) 63
X
8
18X
19X
115
18X
19 X
62
20 X
32
19 X
19 X
20
19
X
70
f
f
4X-4X8
f4X-4X8
External read) 4X-4X8
a
26
16 X
*63
71
57
7
7
5
4X-4XS
v"s
With declaration
63
64 X
19
29 X
33 X
44
44
"59 x
"59 X
0
*55
1976 A O
1975 M N
0
57
59
1969 A
O
*58
59
1969 A
O
*58
59
♦Dresden
1961
.
M
8
59
5X
♦El Salvador 8s ctfs of dep
1948 J
♦Estonia (Republic of) 7s.....1967 )
1945 M
9
78
u us tamped
German Govt
"87"
1965 7
D
7
7X
♦German Rep extl 7s stamped.. 1949
♦7s unstamped
1949
A"d
♦(Cons Agric Loan) 6X8---.1958 J
♦Greek Government
8 f ser
♦7s part paid
♦Sink fund secured 6s
♦6s part paid
*55
85
68
68
64 X
52
54
54
52
54
103
63 X
53 X
54
24
46
54
55
53
55
40
47
55
37 X
38
5
32 X
38
X
52
Chile (Rep)—Extl s f 7s
♦7s assented
45
54 X
45 X
54
92 X
97 X
14
89 X
29
"89"
88 X
89
89 X
24
9
25
J
*8X
29 X
17
88 X
97
101X
102X
89
97
79 X
92
92 X
98
76X
76X
89 X
89X
7
8X
8X
14
9X
24
♦Haiti (Republic) s f 6s
1968
6
I---.
11X
8X
8X
14 X
5
9X
15
26 X
*10
15
9X
*Ii"
f"a
A..1952
A
A
*55 X
0
1946
ser
O
♦Hamburg (State 6s)
'
38 X
59
25
66
14X
7Xs 1950
Helslngfors (City) extl 6Xs
1960
J
A
J
26
O
50
With declaration
27
49 X
30
26
52 X
53
ext
22 X
26
-
With declaration
♦Heidelberg (German)
12X
.....
6X
1968
53
...1945 J
J
*6
7
4X
1946 J
7
*6
6 X
4X
♦Hungarian Land M Inst 7X8.1961 VfN
*6
7X
5
*6
9 X
♦7Xs secured
♦7s secured
s
s f g
f g
♦Sinking fund 7Xs ser B
With declaration
1961 VfN
F
J
11
A
D
Extl sinking fund 5Xs
With declaration
.1965 M N
A
J
65
75
20
16X
46 X
30 X
17X
40
*5X
I
26X
♦4Xs stamped assented
1943 MA
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899
...1945 Q 7
♦Asserting 4s of 1904
1954 J D
*8X
18
8X
18
10X
14 X
8X
14X
14
13X
14X
15X
15
15X
10
15X
14X
13X
14X
9
14X
♦Assenting 4s of 1910
{♦Treas 6s of '13 assent
1945
1933 J
36 X
37 X
7 X
3X
19X
26 X
28
9X
72 X
72 X
6X
6X
6X
6X
25
6X
6X
6X
D
J
8
9
6X
*6
79 X
70
48 X
"_9X
D
1954 J
29 X
35
6 X
♦Medellln (Colombia) 6X8-... 1954 J
Mexican
(Prov) 4s read]
Irrigation—
15
18X
"46 "
45
D
(Province) 7Xs 1950
74 X
21 X
"37"
46
A
♦Lower Austria
6
23 X
29X
74 X
O
F
6
4 X
21 X
48
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s
1947
6X
6X
*15X
21X
♦Italian Cred Consortium 7s ser B'47 M S
♦Italian Public Utility extl 7s__1952 J
J
Japanese Govt 30-yr a f 6Xs.__1954 F A
Mendoza
*14X
9
11979
26 X
O
1942 MA
Hungary 7X9 ext at 4Xa to..
5
4X
25
1942 MA
page 1249.
6
92 X
97 X
fi
♦External sinking fund 6s...I960 .4 O
♦6s assented
i960 A O
see
32
54
"97 x
J
1950 M
101 x
102 x
96 X
100 X
101X
96 X
J
♦68 July coupon on
1960
♦Farm Loan s f 6s...Oct 15 1960 A
♦6s Oct coupon on....... 1960
For footnotes
100 X
101 x
J
1954 J
7
7
9X
1960 MA
f 6s.-July 16 1960 J
9
...1964
1951
s
67
26 X
5
8X
*6X
8X
7S..1964 MA
Irish Free State extl s f 5s
♦Farm Loan
23
6X
D
♦Italy (Kingdom of) extl 7s
1968 MA
93
German Prov & Communal Bks
8
♦Carlsbad (City) 8s
♦Cent Agric Bank (Ger) 7s
7X
*5X
1965
8
1967 /
94
♦5Xs stamp (Canadian Holder)'65
5X
30-year 3s
30-year 3s
87
1949
5
J
51
27
26 X
63
International—
♦5X8 of 1930 stamped.
♦5Xa unstamped
1
1944 /
9X
91
4
1961 J
27
8
9
9
D
8
O
59 X
60
64 X
French Republic 7sstamped... 1949 7
With declaration
8
A
59
52 X
"56" "55"
M N
8
1952 ,VN
52
51
♦Frankfort (City of) s f 6X3---1953
With declaration....
8
1960 A
60
24
With declaration..
J
Aug. 15 1945 F
59 X
60
52 X
8
9X
*8X
J
1968 MA
10-year 2Xs
25-year 3Xs
7-year 2X8
52
52 X
-
t
(Republic) ext 6s
1967 J
6s
60
51X
8X
J
Finland
Bulgaria (Kingdom of)—
♦Secured s f 7s
Canada (Dom of) 30-yr 4s
1
-
(City) external 7s... 1945 M A
J
♦Stabilization loan 7Xa
5
59
5X8 1st series
Customs Admin 5 Xs 2d ser.
65
49X
52 X
57
1984 J
s
"2
57
V
{♦2d series sink fund 5X8... 1940
5
~59X
%
f $ bonds
3% external
44
27 X
31
...
Hungarian Cons Municipal Loan
1961 Vf 8
1977 M 8
1976 F A
7
5X
s
External
26X
23
19 X
19 X
20 X
70
68 '
70 X
52 X
52 X
.
With declaration
Buenos Aires (Prov of)—
♦6s stamped
s
26
17X
15X
15X
68
D
Refunding
5X
27
14
70
22 X
D
1962 J
9
~23~"
23
A
External
8X
26
15X
♦External sinking fund 6a... 1958 / D
With declaration
♦Brazil (U 8 of) external 8s
1941 7 T>
Brisbane (City) s f 5s
69 X
93X
75
91
90
84 X
75X
26X
43 X
43 X
With declaration...
f 6Xs of 1926
r
43X
"78"
78
With declaration
s
69
77
77
16
1949 M
——'
External 30-year s f 7s
With declaration
♦External
69 X
72
1957 J
Belgium 25-yr extl 6X8
Dominican Rep Cust Ad 5Xs_.
J942
{♦1st ser 5Xa of 1926
.1940
6
78 X
58 X
58 X
69 X
J
91X
65
69
67
With declaration.....—__.
♦Bavaria (Free State) 6X8
1945
s
77 X
66 X
1956
♦Austrian (Govt)
External
78
66 X
67
A
1957 M 8
VfN
External 5s of 1927
With declaration..
91 X
1955 J
loan 4s Apr
conv
90 X
1972 A O
loan 4s Feb
conv
~a~6
51 X
F"A
External g 4X8...—Apr 15 1962
With declaration
50
5 Xs 2d series
2
Argentine (National Government)
8 f external 4Xs
-
.1955
External gold 5Xa
9X
18
3
SIX
63
..1942 J
With declaration
26
7 X
10
17X
18
1958
Antwerp (City) external 5s
With declaration
*10"
Denmark 20-year extl. 6s
*18 X
6X
GX
61
8X
9X
9X
73
3H
6X
6 X
10
3X
3X
19
3X
6 X
4X
6X
6
X
Volume
New York Bond
153
Last
BONDS
N.
STOCK
Y.
♦See extl affile
♦See extlsf 6 Ms
♦flg goHpg
A
External
J
P
Apr 1958
4
F
With
F
External
t
a
1956
f 5s
s
1970
44
1952
F
With declaration
♦Panama (Rep) extls f 5s serA
1963
4
♦Pernamhuco (State of) 7s
♦Peru (Rep of) external 7a
♦Nat Loan extl s f 6s 1st ser
♦Stabilization
1960
1940
7
I
59
60 M
61
Ark A Mem Br A Term 5s
bbb3
*100
51 A
31%
70%
Armour A Co (Del) 4s B—..1955 F A
1st a f 4s ser C fOel)
J
1957 J
Atchison Top A Santa Fe—
General 4s
1995 A O
Adjustment gold 4s...
-.1995 Nov
34
40
82
106 A
111M
x
bbb3
90
90
3
88%
93 M
1995 MN
x
bbb3
90
90
7
88
94M
97
7s.
8 f
34A
Stamped 4s
40%
31A
Conv gold 48 of 1909
Conv 4s of 1905
A
100
1960 J
D
96 %
103%
96M
104M
♦Saarbruecken (City)
Santa Fe extl s f 4s
/
Af N
J
1968
j
A
O
j
1945
1946
j
(Kingdom)—
♦Slleslan landowners Assn 68
With declaration
Tokyo City 5s loan of 1912........1952
With declaration.....
_
....
.
.
j
J
M
S
AO
With declaration—
1946
6s—.....I960
♦External s f 6s
.......1964
3%a-4-4%a (f bonds of '37)
external readjustment
3 %-4.4 yt8 ($ bonds of 1937)—
1979
1979
Evternal conversion
1978
1978
1984
3M-4M-4*i# extl conv
4-4
M-4 M* extl readj.
3 Ma extl readjustment
♦Venetian Prov Mtge Bank 7s
11
"il
11
6
1952
♦Vienna (City of) 6s
1952
♦Warsaw (City) external 7s
1958
assented......———.1958
F
79A
31
61
38
Oct 1952 MN y bb
68A
68
90 A
70
LAN coll gold 4s
37 A
36 A
37 A
15
33
38
31%
99%
1C5M
3
29
34 M
20
61 %
131
1948 J
1948 J
1st mtge gold 4s
4s registered
9
7A
Oct 1
Ref A
11
72
j
13A
Ref A ger
P
bb
2
y
bb
1961
63
63%
91
62%
73%
33%
33%
34 A
1.9
33%
47M
C(mt at 11-6%
1946) due—.1995 J
D y ccc3
38%
88
37 M
53 M
iZ4^;
64
33
40%
99%
y
27
♦Conv due
11A
37%
37 A
33%
33 M
ccc3
33%
33M
34
100
33
47
cccl
32%
31 A
32 %
282
14 A
34 A
51
51
52
126
50%
61M
43%
42%
49%
43%
71
42 M
50 M
51
10
49%
58%
86
87
6
84
48 M
49
5
43
92 M
55
4.8
49
18
43
Ref A
72
Pgh L E A W Va System—
6A
13%
1
9%
13%
10%
10%
11
9
7A
8 A
11
(mt at 1 %
1946) due..2000 Af S
.y
cccl
gen ser F (lnt at 1%
Sept 1 1946) due..1996 M S
y
z
to Sept 1
to
42
Feb
1
1960 F
A
Ref g 4s extended to. .1951 MN y bb
10%
11
11
17 A
12
11M
6
18
17 A
Cod ref 4s
y
b
...1951
y
b
y
b
Beech Creek ext 1st g 3 Ms. .1951
x
bbb3
15
Bell Telep of Pa 5s series B..1948
4s
15
3
9A
13%
1
35 A
3
8 A
26
23
25
24
16%
25
16
22
"21
15 A
23 A
61
43 M
66
22%
26A
26A
26%
3 A
8 A
54 A
*21
"23
65 A
63
%
A
66
12
A
1951
stamped
7A
6 A
"*6~~
aa
2
110M
iio %
x
aa
2
132M
132%
1943
x
aaa2
x
a
Belvldere Del
cons
3 Ms
A
1955 A
O
♦Debenture 6s
6%
20 A
26%
71
5054
38 A
38M
38 A
30
30
20
21
18 A
21
21
21
38
38
39 A
54
38
38
38
38
38
*48
55
59
48
~54%
*48
54%
*48
52%
50
81
52%
5§%
39%
*45)3
46
43 M
47
52 %
43 A
53%
35A
35 A
41%
36%
17%
53%
43 A
*12
.
.....
*6%
*4%
A
44
47
53%
44%
28
4
12%
2 A
*5%
~34~~
~38~~
4A
3
"6%
6%
Big Sandy 1st mtge 4s
Blaw Knox 1st mtge 3 Ms
25 M
bbb2
Rating
Sale
See a
Price
A
55%
1
101%
D y bb
2
2
105M
x
aa
2
107.M
107M
x
bbb2
*101 %
Boston A Maine 1st 5s A C—1967 M S y bb
1st M 5s series II.
1955 M N y bb
1st g 4Ms series JJ
1961 A O y bb
106%
*15M
z
1943
x
aa
1943
x
aa
y
cccl
y
cccl
Ala Gt Sou 1st cons A 5s
1st cons 48 series B
*108M
*105 %
53 A
*45 A
77%
1946
1946
y
bbbl
y
bbbl
Alleghany Corp coll trust 6S.1944
y
bb
Coll & conv 5s
—.1949
y
b
91 M
78
♦5s stamped
—.1950
y
b
64
y
bb
AlbASusq 1st guar 3Ms
3 Ms registered
AHegh & West 1st gu 4s
1998
4s.—1942 M 8
Allegb Val gen guar g
Allied Stores Corp 4 Ms debs.1951 F
A
A Ills-Chalmers Mfg conv 4s. 1952 M S
♦Alplne-Montan Steel 7s
1955 Af S
2
x
bbb2
a
75
78
46
66 M
74 M
111
18M
9M
35%
21%
33 A
19%
109M
9
106 %
Guaranteed gold
1
-
«.
_
«'»
-
-
53 M
1960
1962
4 Ms
1957
5s..July 1969
5s...Oct 1969
5s
.1970
109 M
ilOM "35
109M
9
93 M
94 M
«•
„
z
cc
108 %
25
102
1
101M
102 A
108 %
112M
7
54 M
a
2
66M
53
41M
8M
7
79M
54 M
77
66
78 M
bbb2
J
aa
aa
*107M
V-
79 M
13
90 M
89%
103 %
105
27
93 %
106
105 M
106
2C
94
106
6
11
10
90 A 102 M
90% 102 A
12
102% 110 A
aa
105
105
105%
103M
105M
aa
A
Guaranteed gold 4 Ms
Guar gold 4 Ms
^Sept 1951 M S
J
Canadian Northern deb 6 Ms. 1946 J
J
J
Can Pac Ry 4% deb stk per pet-
aa
bbb2
1940 M S
bbb2
Coll trust 4 Ms
ctfs
102 %
110M
109%
110 M
104M
104 A
1944
Dec 1 1954
J
J
J
D
bbb2
1960
J
2
J
bbb2
J
a
Carriers A Gen Corp 5s w w.. 1950 MN
b
64 A
92A
84
b
S
1
Collateral trust 4 Ms
F
A
103M
102
aa
80M
83 A
80
*45
107%
107M
103M
b
2
a
2
100M
bb
2
96M
D
cccl
46 M
64 M
73
^Central of Georgia Ry—
♦
1st mtge 5s..
Nov 1945
A z ccc2
4s—.1981
3s. 1955
103
4
{♦Consol gold 5s
102
♦Ref A gen 5 M" series B.._
105
106 %
108%
•
'
-
52
63 A
100% 104 M
99% 103
1945
1959
♦Ref A gen 5s series C
1959
♦Cbatt Dlv pur mon g 4s—1951
F
MiV
z
cccl
A
z
cc
O
O
cc
z
cccl
J
z
cc
1966
O
x
aaa3
f*Cent New Engl 1st gu 4s.. 1961
J
z
b
2
1
100
96 A
*28
65 %
52
93
93M 106 %
92 % 103M
24
6
104M
84
103
22
80M
50
107M
103M
49M
100M
96%
....
1
"43
52
65%
76
93
101A 105 M
84
69 A
64% 80 A
41
16M
14M
4
4
97 A
6
88
30%
17M
16%
109
4
3
4
8
15M
15M
15%
13 M
15
111 M
65
For footnotes see pace 1249
Attention it directed
to tbe column
32 A
111 M
65
7
5
3
6
55
5M
16 M
1M
5M
1M
5
5M
16M
5M
15M
108M 111M
56
"
J
100 A
97
28 M
15
111 M
46
104 M 108
99 M 103 M
49
53
53
1
z
D
Cent Illinois Light 3 Ms
*47
1
1940
♦Mobile Dlv 1st g 5s
3
103M
102M
102M
aa
aa
79M
103M
aa
5s equip trust
105 M 108 %
107K
1C2A
A
83
A1
104 A
D
102
3
r
102%
F
-
3M
105
2
Cart A Adir 1st gu gold
-
48
52
♦
Celotex Corp deb 4 Ms w w.,1947 J
♦Cent Branch U P 1st g 4s.—1948 J
16
39 %
7
6 A
79A
6M
"52 A
Celanese Corp of America
28
40 M
76
J y ccc2
J
15 1955
1956
101»»2l04
-
113
*77 M
97 M
86
8
•
111
39M
bb
69
62%
103M 107 M
10
6M
y
80
105
61
12
113
7
84
102
108M
40
94
64 M
72
*
1
44
78
95 M
J05M
*110M
79
-
47
111 M
90
105
105%
85 M
72 %
-
M
108 M
108% 113M
113
O
f ♦Carolina Cert 1st guar 4s. 1949 J
Carolina Clinch A Ohio 4s—1905 M
77%
2
77%
91
-
110M
41
79
79 M
107 A 110%
104
104
29
0
Coll trust gold 5s
106 A 107%
54
59
4
53
104 M
62
25
108 M
108M
77%
.
—
20
106 M
29
108M
A
Guaranteed gold
100M 103M
100 % 107%
-
5
94A
D
Guaranteed gold
1
43 M
57 M
99 % 102 A
1
71%
34%
19%
110%
*103M
cc
O
73
i08%
O y bb
Jan.
55%
101%
90%
104 M
z
J y b
90
75 A
.....
a
Consolidated 5s....———1955 J
Since
*101A
2
81 M
x
Bush Term Bldgs 5s gu..—-I960 A
99 M 102
89M
1st lien A ref 6s series A...1947 AfN x bbb2
Debenture gold 5s..
1950 J D y bb
1st lien A ref series B
1957 MN x bbb2
.
104M
102 M 106 A
107 M 109
~77M
109%
..1952, AO
107
100
*76%
aaa3
Bush Terminal 1st 4s
103
*87%
bbbl
z
15M
3
3
x
1981 F A x aa
Buff Nlag Elec 3 Ms series C.1967 J D x aa
Buffalo Rochester A Pgh Ry—
Stamped modified (Interest
at 3% to 1946) due
1957 MN yb
17
105M 107
3
x
4A
Range
Asked
62 A
aa
x
Am & Foreign Pow deb 5s—2030 Af S y b
1
Amer IG Chem conv 5 Ms—.1949 Af N x bbb2
Corp conv 5 Ms. 1949 /
*73
*
x
105M
34 M
Canadian Nat gold
a
*102 A
bb
Albany Perfor Wrap Pap 6s. 1948
6s with warr assented
.1948
103
2
a
a
27
32
Friday's
Bid
cccl
1952
•Adriatic Elec Co extl 7s
103 M
a
x
57%
A
Week's
bb
1G6M
x
Calif-Oregon Power 4s
Canada Sou cons gu 5s A
11
Range or
y
106M
x
JBurllngton Cedar Rapid A Nor—
{♦1st A coll 5s....
1934 A O
♦Certificates of deposit.
26 M
25 M
17
106M
105M
103M
105M
x
26M
10M
15M
z
z
^♦Boston A N Y Air L 1st 4s. 1955 F A
Bklyn Edison cons M 3M3—1966 M N
Bklyn Union El 1st g 5s
1950 F A
Bklyn Un Gas 1st cons g 5s._ 1945 M N
27
['yiy
30
4
Yd
100M
"99"
8
Buffalo Gen Elec 4 Ms B
Last
y
99
J y bb 3
1st mtge 4s series RR
1960 J
♦Inc mtge 4Mb ser A.July 1970 MN y ccc2
z cccl
25
21
38
~21~~
97
85
*103M
1
1965
1944
I960
Consol mtge 3Ms ser H
30
137 %
1959
I960
Consol mtge 3s ser G
61
113M
130
z
Cons mtge 3Ms ser F
68
110
26 %
15
z
♦Berlin Elec El A Undergr 6 Ms'50
Beth Steel 3Ms conv debs... 1952
5M
31
""
110%
132%
z'i'vYxV-
♦Debsinking fund 8MB—-1959 F
With declaration—..
6 A
31
*60
83
z
20
*
44%
z
With declaration
55%
48
50
87%
*
x
8A
*5
*45 A
.1960
1st A ref 5s series C
3%
3%
*4A
"49""
Beneficial Indus Loan 2 Ms.-1950
♦Berlin City EI Co deb 6 Ms. 1951
1314
35 A
With declaration
*0A
"87~~
Battle Cr A Stur 1st gu 3s. .1989
11
"24
22
bb
32
13%
34%
35 A
b
y
25 A
63
8
15
24
y
Bangor A Aroostook 1st 5s..1943
b
15%
A
62
~61A
62
y
22 A
13
22
to Jan 1 1947) due.... 1950
Toledo Cln Dlv ref 4s A.. 1959
UA
COMPANIES
—1947 J
2
S'west Dlv 181 M (lnt at 3 M %
Friday
10-year deb 4%s stamped.1946
68
63
59
RAILROAD and INDUSTRIAL
Coll trust 4s of 1907
73%
65%
cccl
87
23
13%
A
z
60A
70
bb 2
Guar gold 4M8..June
t5*Abltlbl Pow & Pap 1st 58.1953 J D
Adams-Express coll tr g 4s
1948 M S
60 %
*_
O y
;
7M
Bank
it
99%
103M 106%
D
27
13
Elig. &
EXCHANGE
17
75 %
1946) due—.1995 J
9
0
Week Ended Aug. 29
75
Ref A gen ser D
With declaration
BONDS
105
60M
2
32
With declaration
Yokohama (Cltv) extl 6s
68
ser
to Dec 1
27
9A
M N
F
99
105
y
1946) due July 1948 A
A (lnt at 1%
27
11A
9 A
9A
A
O
"99%
J yb
S x aa
33
gen ser
to Dec 1
4
99 A
11
D
J
31
1st mtge g (lnt at 4% to
5%
11
8
Af N
A
J y b
J y b
July 1948
1948
20
Af N
V
2
Stamped modified bonds—
5
72
Af N
j
bbb2
x
y
Baltimore A Ohio RR—
4%
8A
8
9
99 A
4
Af N
100M
99% 102 %
80 A
73 M
69
61%
77
92 A
1
101 %
62%
7%
8A
18 M
9
A
1961
♦Uruguay (Republic) extl 8s
7
A
P
111
97 M
90
16
v
P
.
f 5Me guar
6A
D
j
1955
-.1971
m%
111
78M
3%
3%
4%
6
9A
Yd
1947
5Ms—
109
113M
100M
61A
4%
(Prov of) extl 7s...J
1958
♦4 Ms assented...-.1958
Sydney (City) a t 5 Ma
9
*10 M
M N
'With declaration._.....i——....
♦Silesia
100 M 102 %
111
112M
112
90A
3%
4%
11
M N
1962
13 A3
13
6%
6A
UA
103 M 105
8
6A
99 A
101 %
100 M
97 M 101 %
95 M
96%
79M
62A
7%
7
*100
106 A
bb
135
7
bbb2
S
9
4
x
1945 Af N
Second mortgage 4s
Atl Gulf A W I SS coll tr 53—1959 J
Atlantic Refining deb 3s
1953 M
9
bbb2
D y bb
1964 J
General unified 4 Ms A
10-year coll tr 5s..May 1
9
6
aa
x
J
225
MN
..........
*111M
9
D
1940
2
x
J
35
105M 106M
3
14
*103
2
D
1946 J
7%
j
J
aaal
Atl A Dan 1st g 4s
8
1962
Taiwan Elec Pow a f
J
j
M
1956
extl—.—
P
x
*112M
*111M
9A
Af N
——.—..1950
With declaration..
J
Af
aaal
9%
v
/
81
x
6%
6A
10M
O
1952
♦8s secured extl
90%
Atl A Charl A L 1st 4 Ms A..1944 J
1st 30-year 5s series B
1944 J
Atl Coast 1st cons 4s.July 1952 M
aa
6 A
6A
D
4
{♦San Paulo 8s extl loan of 1921...1936
Serbs Croats A Slovenes
Atl Knox A Nor 1st g 5s
33
8M
D
J
...1957
...
27A
bbb2
x
9
M N
...1964
{♦Secured 1f 7s.
♦Saxon State Mtge Inat 7a
♦Sinking fund g 6 Ms
43M
*6M
AO
1952
1953
♦6s extl dollar loan...—
25%
24%
bbb2
x
1965
113
6A
A
.1967
♦7s extl water loan
12
Trans-Con Short L 1st 4s.. 1958
Cal-Ariz 1st A ref 4 Ms A—1962 M S
*7 M
O
1946
♦Sao Paulo (City of. Brazil) 88
♦6 Ma extl secured s f—T—
38 %
*8
O
F
1953
6s.
38%
96 %
104M
x
..1948
60 M
100M
105
3
9%
A
A
1946
♦7s municipal loan
•Rome (City) extl 6 Ms
Am Internat
100
9 A
9
8
1966
STOCK
bbb2
9%
7 M
j
M
1968
Y.
x
9
J
F
1947
♦7s extl loan of 1926
N.
D
2
58%
% 104
110M
26 A
49
14
Rocky Mtn Div 1st 4s
51
110
100
Conv gold 4s of 1910
54 A
110
6
100
Conv deb 4 Ms
102
105%
106
aaal
x
106M
106M
bbb2
46
3
bbb2
bbb2
107A 111
102M 106
98 M
100M
105M
106M
x
27
5
32
D
28
74
103%
ccc2
1955 J
...1955 J
27 A
8
^8
*106
aa
if S
9M
Y'o
1941
♦8s extl loan of 1921—.
♦6s extl 8 f g.——
"Y/g
VN
Rio Grande do Sul (State of)—
8 f
47
1964
23
57 M
US
1950
♦Rio de Janeiro (City of) 8s
♦Extl sec 6 Ms
♦External
37
33
103
55%
103
0
j
1952
25-year external 6s
♦Rhlne-Maln-Danube 7a A
57%
58 A
Y~d
1966
f 6a
Queensland (State) extl
s
48 A
29
35
O
J
1961
declaration
sec
14
45 %
28
Y"j
1963
♦Prague (Greater City) 7Ms.——-1952
♦Prussia (Free State) extl 6 Ms
1951
♦78 series B
...
38%
O
A
With declaration
♦8s external..
34 M
28 A
38 %
O
A
1950
♦Porto Alegre (City of) 83—
♦Extl loan 7 Ms
s
48
26
0
4
1947
♦4 Ms assented
♦External
—
-
9A
37M
d
A
assented — ............1968
♦Externa] sink fund g 8s
♦4 Ms
32
bb
29M
8
A
1961
1 7s.._.
s
s
j
........1958
......
loan
V
With declaration-...—.....-...
External
12
♦Anglo-Chilean Nitrate deb.. 1967 Jan
tAnn Arbor 1st g 4s
...1995 Q J
31M
85
57
d
M
1959
f 6s 2d ser
♦4 Ha aasented
With
104
66
52
O
M S
1947
{♦Poland (Rep of) gold 6s..
♦4 Ms
76
51%
.....
W
j
108
54 A
85
VN
♦Stamped aasented 5a
1963
Stamp mot 3insert to
.
...1994
,'E'rt sec ref 3 Ms ser B ..........1967
112M
101 %
76
1950 J
deb
conv
30
1955
110
106M 109M
bb
37M
38 %
4~
MiV
Oslo (Cltv) sf 4 Ms
With declaration
"fo
106 A
110
bb
*27 A
M P
1958
109M
46
J
Typp Founders
29 A
With declaration
Extl debt 5 4s__.
627
110M
High
100,53jl04*u
1975 MAT
Anaconda Cop Mln deb 4Msl950 A
O
35
1953
60
112 A
107
103M
112M
aa
Low
Am Wat Wks AElecflsser A
44
}~D
'
aa
109M
109M
109M
aa
l>
1966 J
1956 M S
1
w
39
Am
Y'k
♦Nuremburg (City) extl 68,—.
Oriental Devel guar 68
s
deb
conv
32
Municipal Bank extl
♦Nat Loan extl
3s
No
High
77 A
*35M
AO
With declaration
101A
Low
Since
Jan. 1
60
*38 M
48
if'p
1965
IOO2732 1002*32
109M
108M
109M
108M
aa
Range
II
56%
4
..—1963
-
Asked
& Indus. Cos. (Cord.)
American Telep A Teleg—
20-year sinking fund 5 Ms. 1943 MiV
3%a debentures..
...1961 A O
or
Friday's
Bid
A
Railroad
3%a debentures....
Range
Sale
49
*74 M
...
4%a
f extl loan..
Last
Price
a
51
75 M
With declaration
s
62 A
See
73
declaration
External sink fund 4Ms—
With declaration
4a
8M
54
Rating
75
85
1944
11%
11%
8
13
Elig. A
Week's
75M
4
With declaration
20-year external 6s
30
14
Friday
73
73
O
1943
High
LOW
5
U%
11M
58
11%
*50 M
*48
A
Norway 20-year extl 6s
1245
VT3
BONDS
Y. STOCK EXCHANGE
Week Ended Aug. 29
N.
1
Jan
20
1A%
11M
,c
D
M.V
"(State)" extf 5s II" " 19 57
f 5s
8
M
IQnQ
New So Wales
No
1AM
11%
WP
1959
1952
Since
sl
Low
1958
♦Montevideo (City) 78
A
Asked
Hioh
Bid
14 M
AO
Mlnas Geraes (State)—
Range
Friday's
Price
Foreign Govt. & Mun. (Concl.)
♦Milan (City. Italy) extl 6 Ms
1952
2
Bank
Range or
Sale
EXCHANGE
Week Ended Aug. 29
Record-Continued-Page
Week's
Friday
'
Incorporated in thla tabulation pertaining to bank eligibility and rating of bond*.
See
a.
66 %
Bank
Y.
Railroad & Indus. Cos.
1987
Range
Friday's
Since
See a
J
J
1987
♦General 4s.--—-—---1987
48 registered
—-1987
Central N Y Power 3HS----1962
Cent Pac let ref gu gold 4s..-1949
Through Short L 1st gu 4s. 1954
Guaranteed g 6s
1960
Central RR A Bkg of Ga 58.1942
Certaln-teed Prod 5H» A—1948
6a
Range or
SaU
Price
registered
cccl
x
O
cccl
z
A
cccl
cccl
z
J
J
a
F
2
Af S y b
2
132 K
104 H
A
x
aa
2
J
J
x
aa
2
J
J
x
aaa2
J
J
x
aaa2
A
O
z
ccc2
J
x
a
x
a
x
a
a
a
2
«
'
«.
.
89 H
*
92 H
*
m
—
37
59
95
w
—
A
x
bbb3
70
69
A
x
bbb3
78 H
76 H
76 H
m
116
96
67 %
73 %
J
z
cccl
AfN
x
a
29H
30%
79
116H
U6%
2
30 H
2
J y bb
J y b
1
J
J
z
ccc2
J
J
z
ccc2
J
J
z
ccc2
66H
—
^
AfN
z
cc
1
z
cc
1
J
J
2
21H
20
18H
30
31H
13
6H
10%
1
6H
71
40 H
40
09
29 H
28 H
30 H
....
40%
77
41H
40H
42
42
42 H
12%
z
ccc2
39
39
40%
8
J
z
ccc2
41H
40H
ccc2
41H
41 H
41H
41H
55
z
J
J
z
ccc2
*41H
42 H
F
A
z
cc
2
11M
11H
11 %
475
4%
A
O
z
c
1
2H
2'A
2%
1 A3
1
MA
z
cccl
28 X
MA
z
cccl
K
5
W m
—
—
83
18
10*
19H
D
z
cc
1
20H
20 H
21
91
10H
D
z
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J
J
z
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J
J
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z
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....
_
114
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15
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311
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4
22 H
23
364
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14 H
20
22 H
20%
97
11H
8
13 H
cccl
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22
25
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A
O
z
cc
1
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13H
14H
379
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M
1934
A—1952
S
z
cc
1
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64
7H
c
2
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1%
15
z
23
H
*71
2H
72 %
53
53 %
7
68
68%
26
55 H
53 H
63 %
6
44 H
MN
1960
Ch St L A New Orleans 5s..1961
Gold 3 Ha
June 15 1951
Memphis Dlv 1st g 4s
1951
Cblc TII A So'eastern 1st 5s. 1960
Income guar 5s
Dec 1 1960
J
D ybb
2
J
D ybb
t
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2
2
J
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2
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1
M
cc
1
z
cc
1
z
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20 H
14 H
15 H
2H
1993
1993
Ref A lmpt 4 Hs series E—1977
Cln Wab A M Dlv 1st 48—1991
St L Dlv 1st coll tr g 48—1990
Cleveland Elec Ilium 3s
1970
Cleveland A Pittsburgh RR—
Gen 4 Hs series B
1—
Series B 3 Hs guar
1942
Series A 4Hs guar
1942
Series C 3H« guar
1948
Series D 3 Ha guar
1950
Gen 4Hs series A
1977
Gen A ref 4Hs series B—1981
Cleve Short Line 1st gu 4HB-1961
General 6s series B
53 X
103H
64
J
x
a
2
94 %
64 %
95
66
89 H
95H
S
x
a
2
97 H
96K
97 H
29
91*
98 H
27 H
51*
9H
22 X
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x
x
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x
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aaa3
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50
21 H
22%
16
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50
22 H
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43
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109
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2
113
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1
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98 *
104
107 H 110H
109
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108
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111
113*
89
98 *
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20
23
15
20
96
99 %
39 H
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aa
2
x
aa
2
x
aa
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z
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z
cc
1
z
cc
1
z
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cc
53 %
55
1
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*108
1
108H
106
-----
16
17H
763
7H
17H
16
16M
17%
69
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3
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------
1%
1%
29
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15H
17H
587
-----
2
2%
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7%
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-----
-
-
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107
7%
77
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32
—
-
109
48
46
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8
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*
-----
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3H
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106 H
107
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1
--
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112H
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43
— —
D
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27
30
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96
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2
6
-
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56%
58
93
58
—
101 %
103H 106 H
56
84
95 H
90 %
40 H*
2
49
65
80 H
-
133
70
55 H
2
65
100H
152
98
1
64
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20
105%
90 %
zbbb2
108
150
101 %
91
93
16%
24
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100
64
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-----
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1
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36
55 %
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5
36
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2
38
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1
30 %
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31 %
48
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84 %
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84%
107
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y
b
50%
49%
51
114
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z
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95
97%
17
82 H
z
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119%
x
a
2
z
a
1
-.1953
1953
A
Hs ser A w 12015
♦Erie A Jersey 1st s f 6s..1955
♦Genessee River 1st s f 6a. 1957
Gen mtge lnc 4
AfN
,
181
55%
*N Y A Erie RR ext 1st 4s. 1947
♦3d mtge 4HS
1938 M S
------
2
*102 H
-----
-
—
—
55%
101
--
-
103
30
84H
54
99
118H
101
-----
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Fairbanks Morse deb 4s
1943
{Florida East Coast 1st 4HS-1959
1974
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103
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101 *
101H
98 H
101H
98H
98H
34
bb
50
50
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71
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08.1956
MA y
5e 1949 J D
1945
ccc3
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J
J*81nklng fund deb 6Hs—1940
z
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1
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72
80
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1
85
91
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cccl
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63
61
J
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D
Goodrich (B F) 1st 4Hs
1956
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i
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75
10
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74
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1
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1
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77
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287
13
26
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18
94 H
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12
41
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8
39
35
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10
15 H
24
18
23
21
33
105 H
72
10
21
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95
96
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y
73
48
y
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69
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3
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49
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J
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x
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x
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x
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J
1976
J
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1946
J
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1967
Feb
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bb
103H 100
103H
25
103 H 105 H
Gulf Mobile A Ohio 4s ser
13
114H 114H
104H 109 H
104
2
89 H
15
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102H 108H
97 H 104 H
95 H
88 H
88
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37
100
96
97 H
32
95
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80 H
33
80
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88
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1
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4
19
5
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92
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87
93
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60
22
79
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69
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70 H
26
62
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53
30
60
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103H 106
5
102*
cccl
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107 H
102 %
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10
3
J
4H« ser A—1961
1952
1973
32
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113
109H
113
113H
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59*
1st mtge 5s series C
♦Gen mtge Inc 5s ser A
1st A ref Term M 5s stpd. .1952
y
ccc2
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1961
x
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104
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2
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x
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132 H
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b
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x
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1949 /
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J
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119
119
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1944
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Houston Oil 4Hs debs
1954
aa
2
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Hudson Coal 1st s f 6s ser A. 1962 J
aa
3
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2
Hoe (R) A Co
Hudson Co Gas 1st g 5s
York104H
105H
42
103 H 105H
36
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106%
16
104* 107H
103H 107*
108H
109
8
1949 MA
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F
x
a
—
98
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3
38
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98
65
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3
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101
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—
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104H
105H
x
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Gt Cons El Pow (Japan) 7s„1944 F A
J
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-1950 J
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-
6H
26
z
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...
D
58—1942
75
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80
1949
50
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z
1948
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65
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2
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100
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75
3
x
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♦Certificates of deposit
♦Gen Elec (Germany) 7s
106 H
J
J
♦Certificates of deposit
Gas A El of Berg Co cons g
106 H
AfN
{Fonda Johns A Glover RR—
(Amended) 1st cons 2-4s..1982
Francisco Sugar coll trust
106%
a
75 %
A
tor to 'tootee Bpe page
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103% 109
46%
57%
105
108H
103 H 100
108
106
106
75
J
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12
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J
Consol Edison of New
23
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75
2
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J
22
23
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F
w—Apr 1 1£
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15H
x
J
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A
Income deb w
5
J
x
aaa2
F
22 H
20
J
D
x
A
Jan 15 1961
24
16
2
J
A
Debenture 5s
16H
8
11
1956
Federal Lt A Trac 6« ser B—1954
Firestone Tire A Rub 3s deb 1961
J
AfN y b
24
22 %
99
63 M
70
54 H
67
J
23
22%
19%
108
46 H
108H
J
21%
-
98%
Nor Dlv 1st 4a 1948
1st 5s..1956
♦20-year s f deb 6s
General g 4a
—
-
*
AfN y ccc2
x aaa3
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32
107 H
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Cleve Cln
25%
z
108H
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24 H
2
A
108H
{♦Choctaw Ok A Gulf con 5s. 1952
F A
Cincinnati Gaa A Elec 3HS--1966
J D
1st mtge 3Hs
---J967 MA
CIn Leb A Nor 1st con gu 4s. 1942
Af A
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F A
1st mtge gu 3Ha ser E
1969
J
J
Clearfield A Mah 1st gu 5s.-1943
23
20%
25%
aaa2
F
aaa2
A
--1943
Chllds Co deb 6s
21
a
1954
M
Indiana con 4a. 1952
series D- -1962
19%
x
♦Ernesto Breda 7s
J
1st A ret M 4 H 8
18H
x
78
J
J
99
19%
15H
14H
16H
J
73
x
3%e series E
1963
J
1st mtge 3Hs series F— -1963
1st mtge
92 H
"o
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Station—
102
6
A
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♦jRef A lmpt 5s of 1930—1975
1st cons M 4 Hs ser A w I—1957
1st cons M 4s ser B w 1—.1995
22 H
%
z
1969
1969
4 Hs
♦Gen conv 4s series D
49
24
20%
21
W1 m
1
1st 4 H«—1971
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20H
2%
45
43 H
45
z
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i
28 H
30
21H
cccl
cc
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30 H
51
z
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111 H
107
97 %
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1
36
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1
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cc
106
97 %
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—
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3
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58.1995
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19.50
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El Paso A S W 1st 6s
1965
5s stamped
1905
{♦Erie RR let cons g 4s prior 1990
Prior 4s registered
1996
♦1st consol gen lien g 4a—1990
Gen 4s registered—
1990
♦Conv 4s series A
1953
z
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a
99 H
MA
D
x
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MA
MA
O
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73
29
A
106 %
101
aa
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106 %
aa
bbb2
59
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cccl
z
108
110
aa
x
x
15
29H
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107%
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x
D
x
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x
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x
29 %
cccl
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J
J
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MA
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28
27
29
110%
106 H
J
14
28
109 H
-----
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11
cccl
6
109 H
aa
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28
z
106 %
aa
x
29
10
29H
MA
aa
x
1995
Detroit Term A Tunnel 4 HS-1901
Dow Chemical deb 2Hs
1950
Dul Miss A Ir Range Ry 3 Hs 1962
{{♦Dul Sou Shore A Atl g 58.1937
Duquesne Light 1st M 3Hs—1965
3%
2)0
28
x
M A
♦Second gold 4a..-t
27 H
29H
29 H
Ry gen 4s—1988
AfN
M A
14H
83
27
cccl
registered
1988
♦Certificates of deposit - - - - 4s ctfs registered
1988
84H
15
29
27
z
MA
30 H
30 H
2
27%
MA
4s
27 H
75H
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A
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Detroit Edison 4s ser F
1905
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Gen A ref mtge 3Hs ser G.1900
Gen A ref 3s ser H_
1970 J D x aa
J D yb
Detroit A Mac 1st Hen g 4a—1995
12H
12
72
J
A—---1949
{|*Chlcago Railways 1st 5s stpd
Aug 1940 25% part pd—1927
18
3
z
34 H
J
4%b series
27
4
82 H
{|*Den A R G 1st cons g 4a—1936
|*Consol gold 4Ha--1936
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35
10H
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ccc2
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2
J
J
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81
1952
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1st mortgage
40 H
J
J
1
25
81
cccl
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30H
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5
32
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J
J
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72
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29
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32
3
J
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J
J
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cccl
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J
88
76 H
Del Power A Light
J
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A extended to 1940
♦Deposit receipts
♦0s series B extended to 1946
♦Deposit receipts
- —
Curtis Publishing Co 3s deb. 1955
80
19
78%
77 H
102H 106 H
18
27 H
7
J
♦Deposit receipts
92 % 100H
97
93 H
19
25 H
J
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93 H
22
8
--
105
24 H
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94 H
88
94
F
f*Secured 6 Ha—v;*"Vo!oS
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89
89 H
94
-
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112
119*
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8H
110
17H
89
89H
105H
104 H
cccl
J
♦Deposit receipts
119
17
100
w
F
1987
4s registered
1987
♦Stpd 4s n p Fed lnc tax-1987
♦Gen 4 Ha stpd Fed lnc tax 1987
4%b registered
-—1987
♦Gen 68 stpd Fed Inc tax—1987
♦4 Ha stamped
1987
102 H
102 H
hbb2
z
1
High
/
J
—1967
1970
1st mtge 3HS-1960
1st mtge 3*s
---1969
Continental Oil conv 2*8—1948
Crane Co 2*s s f debs
--I960
Crucible Steel 3Hs s f debs—1955
♦Cuba Nor Ry 1st 5H»
1942
128H 134
6
105
77%
70%
Af S
♦General 4s..
Chic A West
13
15
x
Since
Jan.
NO. Low
High
*
z
Range
§2
«5<§)
J
1st mtge 3HS-.
105H 107
103H 104H
20
132H
104H
—
*102
17H
2
x
J
7
*121
2
x
*109
2
J
1 04 H
104H
2
mwmm
1987
109H
76 H
75 H
68 H
42H
79 H
51H
82 H
91H
*104
2
J987
65H
63 %
29
87
Works
{♦Consol Ry non-conv deb 4a 1954
♦Debenture 4s
—1955
♦Debenture 4a
1956
Consolidation Coal s f 5s—-I960
Consumers Power Co—
1st mtge 3 Hs
May 1 1905
19
106 H
85
53 %
107
107
bbb2
aa
A.—---1975
♦Conv adj 5s
Jan 1 2000
{Chicago A North Western Ry—
Chicago Union
bbb2
aaa3
series
|*Refundlng gold 4s
^Secured 4 Hs series
71
76
x
^
{♦Chlo R I A Pac
x
x
8
J
2
59
108 H
85H
87
x
Hs---—2038
{♦Chic Ind A Loulsv rel 0a—1947
♦Refunding g 6s series B—1947
♦Refunding 4s series C
1947
♦ 1st A
gen 5s series A—-1960
♦1st A gen 6s ser B..May 1966
Chic Ind A Sou 60-year 4s„1950
{Chic Milwaukee A St Paul—♦Gen 4a series A—May 1 1989
♦Gen g 3Hs ser B.May 1 1989
♦Gen 4 Ha series C-May 1 1989
♦Gen 4 Hs series E.May 1 1989
♦Gen 4Ha series F_May 1 1989
jChlo Mllw St Paul A Pac RR—
♦Conv
19
J
J
of Upper Wuertemberg 78-1956
/ D
Consol Oil conv deb 3H*-- 1951
J
J
19H
a
Asked
A
Low
1st mtge 3Ha
F
1977
1971
registered
18H
70
MA
♦Gen lnc mtge 4
3 Ha
♦Consolidated Hydro-Elec
19H
*49
M 8
111 RR—
♦Gen mtge Inc (conv)
1997
Chicago A Erie 1st gold 5a..1982
Chicago Gt West 1st 4s ser, A. 1988
♦General g 3 Ha
22
11%
11H
12H
52 H
53 H
2
Chicago A Eastern
♦Mtge g 5s
13
69
*60
—
A y b
General 4s
series B
Railroad & Indus.
83
19
-
A
AfN y b
4a.--1989
series A
-
See
2
Friday's
Bid
Price
Cos. (Cont.)
High
20
70 H
2d consol
1st A ref 5s
-
-
—
108H
M
No.
Sale
Rating
STOCK EXCHANGE
Week Ended Aug. 29
Y.
Range or
Last
Eliff. A
BONDS
N.
Jan. 1
•
m
3
(1938 Issue)—1950
Chesapeake A Ohio Ry—
General gold 4 Us
---1^92
Ref A Impt mtge 3H« D—1096
Ref A lmpt M 3Ha ser E-.1996
Potts Creek Br 1st 4s
1946
gold 4s
- — 1989
♦Chic A Alton RR ref 3a—-1949
Chic Burl A Q—111 Dlv 3H« 1949
3
registered
1949
Illinois Division 4a
1949
4s registered
1949
18 H
Asked
High
A y bbbl
O y bbbl
F
Sf deb 4% a
1st A ref 4H"
A
18 X
17 X
17
19K
z
z
Champion Paper A Fibre—
M S
Sf deb 4%B (1935 Issue) —1950
R A A Dlv 1st con g
Bid
Low
(Cont.)
{♦Central of N J gen g 6a
Week's
Last
Ift.
29
Week Ended Aug.
Friday
Rating
EXCHANGE
STOCK
1941
Week's
Friday
Bank
Eli0. A
BONDS
N.
Aug. 30,
New York Bond Record—Continued—Page 3
1246
Attention Is directed to the column Incorporated in this tabulation pertaining to bank eligibility and
rating of bonds. See
t
Volume
New York Bond Record—Continued—Page 4
153
Bank
N.
Y.
STOCK
Last
Range or
EXCHANGE
Rating
Week Ended Aug. 29
Railroad &
See
a
Sale
J
x
aaa3
J
1951 J
4s registered
1951 /
x
bbb3
103)4
103)4
*90
Range
High
103)4
x
bbb3
J
x
bbb3
O
x
bbb3
*88
Af S y bbbl
A O
y b
2
*
*30
44)4
b
42)g
43)4
42)4
42%
y
b
43
42%
J
1952 J
1953 MN
b
y
Purchased lines 314a
y
43
1955 MN
Refunding 5a
-1955 MAT y b
40-year 4%s
Aug 1 1966 F a y ccc2
Cairo Bridge gold 4s
x bbb3
1950 J
Litchfield Dlv 1st gold 3s—1951 J
52
No. Low
49
92
91
97
88
90
89%
89%
93%
93)4
44)4
29
38
48%
43)4
52
39
47<%
43
6
38%
45%
43
14
39
46%
16
"89)4
70
52)4
2
1951
3148 registered
1951 J
Springfield Dlv 1st g 3%s_1951 J
ybb
3
bb
3
F
ybb
2
60
ybb
2
*58
63)4
46
46)4
41)4
42
1951
y
57%
*43)4
44)4
45)4
43%
47
43%
49
45)4
45%
51%
50
44
51%
*
"45)4
"45)4
*
*60 "
xbbb2
1951
__
~60" "65"
60
58
60
116
40%
51
91
37%
48
25
D ybb
1
1st A ref 4J4s series C
D y bb
A z
I
1963
1948 F
♦Ilseder Steel Corp 6s
4s——1950 J
{♦Ind & Louisville 1st gu 4s 1956 J
Ind 111 & Iowa 1st g
.
A
Inland 8teel 1st mtge 3s ser F 1961
46 H
41)4
J y bbbl
J z cccl
B.1986 Af S
Ind Union Ry 314s series
x
33
73
78
aa
73
3
Interlake Iron conv deb 4a.-1947
J z cccl
Inspiration Cons Copper 4a. 1952
8
105)4
106%
""9
101
101%
101%
18%
1%
17%
17%
35%
90%
*108
106)4
O y bbbl
o y bbbl
{♦Int-Grt Nor 1st 6s ser A..1952
25)4
24)4
aaa2
x
O
101
18
17
16
4
5
56
75
H
8%
1%
18%
14
8
100
29
122
71
o
z
cc
J
z
cccl
'"17)4
J
z
cccl
17)4
16%
o y b
2
o y ccc3
J ybb 2
31)4
90%
29
104%
105
2
104)4
104)4
80%
A ybb 3
J y cccl
105)4
80%
42%
*91%
40%
141
A y cccl
42)4
45)4
44%
46
188
Internat Paper 5s ser A & B.1947 J
Ref s f 6s series A
1955 Af 8 y b
Int Rys Cent Amer 1st 5a B.1972 AfN ybb
1947 F
1st lien A ref 614s
Int Telep & Teleg deb g
414s 1952
J
1955 F
Debenture 5s.--
{♦Iowa Cent Ry 1st & ref 4a. 1951 Af S
z
1
1%
87)4
2
1)4
1%
1%
54%
6
O
x
bbb3
C Ft 8 4 M Ry ref g 4b 1936 A
O
z
b
z
b
x
bbb2
♦Certificates of deposit...
Kan City
1950 A
Sqy 1st gold 3s
Ref 4 lmpt 5s
Apr
Kansas City Term 1st
Karstadt (Rudolph)
♦Ctfs
1960 J
4s
w w
,
90%
2
%
1%
95%
89
89
89
46)4
47%
68
32%
49%
45)4
46
12
32
48%
66%
67%
63%
69
75%
71%
108)4
108
24
2
8
72
108%
9
18
69
107% 109%
z
18%
18%
z
a
1961
x
a
1961
x
bbb2
1961
x
bbb2
1961
X bbb2
Kentucky 4 Ind Term 4%a_
8 tamped
———
4)48 unguaranteed
109)4
109%
*25
Kings County El L 4 P 6s... 1997
x
x
x
bbb2
Koppers Co 1st mtge 3%s_. 1961 Af 8
x
a
Kresge Foundation 3% notes 1950 Af S
x
*82
bbb2
1954
82%
a
Kings Co Lighting 1st 5s
1st 4 ref 6 %s
3
109% 110%
88
~92
81%
82%
92%
86
*168
161
*106%
106% 108%
106% 108%
104% 107%
102% 105%
108)4
108%
107
108%
2
107
107
4
103%
104%
8
1%
1%
10
99%
23
{♦Kreuger 4 Toll 5s ctfs
1959 Af S
z
f ♦Laclede Gas Lt ref 4 ext 5a
1939
z
bbbl
99)4
1942
Coll 4 ref 5)4a series C—.1953
Coll 4 ref 5%s series D—1960
z
bbbl
98
98%
110
y
bb
83
83
85
228
y
bb
83
83
85
78
Coll tr 68 series A
1942
y
ccc2
73
73
Coll tr 6s series B
1942
76%
y
ccc2
89
82
89
1%
170
4
Ref 4 ext mtge 5s
96%
Lake Erie 4 Western RR—
68 extended at 3% to
3)48
1947
x
bbb2
3)48—1997
x
bbb2
-1997
Lake Sh 4 Mich Sou g
x
bbb2
registered
*86
♦Mlag Mill Mach 1st
Michigan Central—
a
f 78—1956 J
Jack Lans A Sag 3%s
1st gold 3)4s
Ref A lmpt
D
M
1951
S y bb
1952 AfN
4)48 series C—1979
J
Michigan Codsoi Gas 4s
1963 M
{{♦Mid of N J 1st ext 5a
1940 A O
{{♦Mil A No 1st. ext 4)48—1939 J D
♦{Con ext 4%b
1939 J D
z
Lehigh 4 N Y 1st gu g 4s...1945 M S y b
2
30%
6
78
5
25%
62%
60%
93%
33%
79%
76%
98%
52%
73
72%
*95
50
48
73%
96%
17
50
36
Lehigh Valley Coal Co—
♦5s stamped.——
-.1944
♦5s stamped.——
—1954
s f 5s———---1964
♦1st 4 ref
♦5s stamped
♦1st 4 ref
s
z
1954 F
♦1st 4 ref sf 5s
z
—1974
♦5s stamped
f"
98
98
a
b
b
z
—1974
z
b
y
bb
36%
{♦Minn A St Louis 5s ctfs... 1934 MN
z
cccl
1951 A
Leh Val Term Ry ext 5s
z
c
1
2%
z
c
1
z
cc
J
z
z
cc
z
Lion Oil Ref conv deb 4)43—1952 A
cc
cc
x
z
x
Prior lien 5s
ser
aaa3
O ybb
a
2
bbb3
x
bbb3
1944 a
O
x
A
x
aa
Louisiana 4 Ark 1st 5s ser A. 1969 J
Louisville Gas 4 Elec 3)4s—1966 M
<SjX aa
Lou 4 Jeff Bridge Co gu 4s„1945 Af &ix aa
1st 4 ref 5s series B
2003
O
x
196
282
22%
24%
11%
110
cc
2
22%
2
23%
z
cc
1
10%
27%
26%
27%
27
27
a
ccc
cc
1977 Af S
♦lst A ref 5s series F
z
ccc
ccc
z
1st 4 ref 4)4s series C
2003
O
x
bbb3
1st 4 ref 4s series D
2003
1949
ccc
z
AfN
♦1st A ref g 5s series H
1'980 A
♦Certificates of deposit-
O
f"A
z
z
Moh'k A Malone 1st gu g 4s. 1991
M
F
ccc
Ojx bbb3
bbb3
3J4s series E
2003
Unlf mtge 3)4a ser A ext—1950
Unlf mtge 4s ser B ext
1960
x
1965
y
bb
Montana Power lst A ref 3%a *66
Montreal Tram lst A ref 5a..1941
z
a
y
f 5s seriea A—1955
y
a
f 5s series B...1955
a
f 4 %b seriea
a
3
x
a
3
Paducah 4 Mem Dlv 4s_.1946
x
bbb2
8t Louis Dlv 2d
x
a
x
f 5s seriea D—.1955
gold 3s.—1980 Af S
see
naee
1249
Nat Distillers Prod 3%a
3
111%
107
28
28
28
'
20
181
26%
88
"55%
110
48
*48
18
112%
14
107
25
70%
48
49%
*48
b
x
a
42%
~42~~
42%
41%
37%
109%
115%
38
aaa2
x
Ay bb
43
79
42%
64
38
60
4
109%
2
"ll5%
2
67%
D
x
{♦Naugatuck RR lst g 4s._. 1954 Af
Newark Consol Gas cons 5s. 1948 J
{♦New England RR guar 6s. 1946 J
1945IJ
♦Consol guar 4s
66
New Eng Tel A
Tel 5s A
a
2
105%
104
105
105%
1949 Af S'x bbb2
National Steel lst mtge 3a...1965 A Oix
1954 J D X
Natl 8upply 3%a
N'y
aa
115%
9
67%
17
105%
105%
66
103%
a
3
104
b
66
3
3
*105%
*85
Dx aaa3
bb
J
bb
J
1952 J D
1961 AfN
aa
a
*120%
58
*56
bb
43
53
New Orl Pub Ser lst 6s ser A.1952
aa
o
*75
a
J
123%
125%
123%
125%
bb
*107%
76
32 %
161
30%
34%
4
63
16%
14%
17%
20
34
~54
15
107
118%
126
101%
2
104%
"n
20
34%
31%
36%
33%
19% 39
48% 58%
115% 120
104% 107%
118% 123
124
131
95
103
89
122
58%
7
58
123%
125%
80
108
17%
99%
93
"95%
96 %
76
x
bbb2
x
bbbi
New Orleans Term lst gu 4s. 1953
x
bbb2
{{♦N O Tex A Mex n-c Inc 6s 1935
z
b
96%
118
124%
85%
108%
107%
123
128
88
82%
106% 110%
107% 109%
104
15
26
104%
97%
90%
86%
104%
107%
107%
32
90%
85
*106%
85%
O
z
♦Certificates of deposit
♦Certificates of deposit
.-
A
1956
♦lst 5s series C
♦Certificates of deposit
,—
1956
♦lst 4%b series D
f
73%
*35
1
b
z
33%
z
b
*.....
zb
z
z
aa
3
36
35
41%
42
40
"42%
b
x
8
20
48
b
J
2
106%
74%
"39"
40
42%
b
z
74
106%
47
Ax b
..
1954
*41
b
O
♦Certificates of deposit
♦lst 5)4s series A
♦Certificates of deposit
"74%
O z b
.1954
♦lst 5s series B
106%
106%
106%
24
40
"42)4
40
"8
Gen gtd
"85%
1
13
22
"n
102
105%
96% 101
90%. 96%
85
1945
4%a
J
2
3
40
*109
30%
99%
95%
98%
95% 99%
95% 99%
118
122%
97
96%
74
3
Newport A Cincinnati Bdge Co—
104" 105"
30
84
J ybb
4 %B A'52
1955
91%
103% 105%
105% 109%
104% 106%
85%
88
1998 F
A ybb
57%
57 %
58%
10-year 3%s sec s f—-—1946 A O
y
bb
92%
4 %a series A—2013 A O
Ref A lmpt 5s series C
2013 A O
Conv secured 3%b
1952 AfN
J
N Y Cent A Hud River 3)4s.l997 j
y
b
54
92%
53%
54%
449
y
b
59
60
171
N Y Cent RR 4s series A
Ref A lmpt
3%s registered
30-yr deb 4s 1912
Lake Shore coll gold
y
_
bbb2
bb
78%
*
2
ybb
2
bb
bb
2
ybb
2
O ybb
M S ybb
Mich Cent coll gold 3)4s—1998
y
3)4s
A
20
100%
"n
20
2
"56%
56%
51%
57%
51%
6
2
73%
72%
73%
34
61%
94%
93%
62%
138
93%
1
99%
99%
*94%
99%
44
101%
101%
101%
"95
2
62%
x
bbb2
94%
x
bbb2
a
o y bb
1
1960 J
N Y Connecting RR 3%a A—1965 a
D ybb
1
aa
44
79%
55
o
x
58
61
A
o
71
55
f
1941
71
61
61
a
3-year 6% notes
93
78
100%
2
y
57%
78%
58
bbb2
y
3%b—1998
registered..
1998
New York Chicago A St Louis—
Ref 5% a series A
1974
Ref 4%a series C
1978
4s collateral trust
1946
lst mtge 3%a extended to 1947
bb
x
x
1997
1942
1998
registered
Attention Is directed to the column
Incoroorated In this tabulation
y
Nash Chatt A St L 4s ser A—1978 F
J
Nat
6s debentures
For fry notes
C.1955
19
103
104%
15
29%
109%
111%
106%
70%
yb
y b
a
12
1%
"55"
bb
b
a
Gen A ref
3%s
~85
~28~~
109%
-
Gen A ret
77
27%
27%
26%
25%
*84%
29 %
55
a
Gen A ret
33
27%;
S y bb
a
z
6s debentures
204
28%
1
bb
Monogahela Ry 3%s ser B..1966
Monongahela W Penn Pub Ser—
lst mtge 4%s
--I960
27%
26%
26%
ccc
z
1981
♦Certificates of deposit
104
26%
27%
ccc
{♦Mo Pac 3d 7s ext at 4% July *38 MN
62
i
25%
.....
51%
107%
96%
93
36
2%
ccc
z
27%
'28%
ccc
z
2%
ccc
z
1978 MN
♦Certificates of deposit
♦Conv gold 5%b
"2%
z
♦Certificates of deposit
N O A N E lst ref A Imp
*106%
bbb3
....
27%
24%
21
22%
9
ccc
50%
118
2
89%
66
*95%
2
....
27%
z
33
124
Louisville 4 Nashville RR—
5
1%
65
2
z
43
99%
84
*84
8
20
4%
*1%
*63
z
1975
4s
2
*15%
2
J x bbb2
13
4%
Af's
♦Certificates of deposit
♦General
26
*
96%
362
13%
12
36%
1965 F
♦lst A ref 5s series A
56%
50%
104%
aaa2
—1951 F
Lorlllard (P) Co deb 7s
—
x
1949 Af S
4s stamped
1st 4 ref
100
*100
bbb2
1949 Af S
Guar ref gold 4s
bb
x
13
12%
{Missouri Pacific RR Co—
32
117%
z
z
1949 Af 8
31
26
33%
y
65
118%
125%
2
5
I
2%
1%
y cc
N J Pow A Light lst 4)48—1960 a
New Orl Great Nor 6s A
1983 J
101
aaa2
x
38
34%
O
1st g 4 %b series B
N J Junction RR guar lst 4s. 1980 F
107
2
x
11%
13
J y b
40-year 4s series B
-.1962
Prior lien 4%s series D
1978
♦Cum adjust 5s ser A.-Jan 1967
73%
55%
125%
5
88
9%
2%
"13
y cc
67
57%
38%
56%
aaa3
x
17
62)4,
D y ccc2
1962
A
61
*116%
bbb3
x
....
44%'....
36
*1%
J y bb
1990 J
35%
37
56%
...
RR—
35
33%
*31%
"37%
97%
64%
107
25)4
.....
c
37%
32
"33%
a
1962 MN
1946 F a
Long IslaDd unified 4s
debenture
cc
z
O ybb
Lombard Elec 7s series A
1952 J D
♦Long Dock Co 354s ext to__ 1950 A O
5s
z
z
68
35%
c
66
30%
J
1951
Loew's Inc a I deb 3)4s
cc
O
Liggett 4 Myers Tobacco 7s. 1944
Little Miami gen 4s ser A
z
5%
24%
*
cc
J
J
1946 J
..1949 Af S
♦lst A ref 68 series A
J
51
32%
A
Libby McNeil 4 Llbby 4s__ 1955
debenture
cc
O
Lex 4 East 1st 50-yr 5a gu—1965
68
z
70
9%
♦1st A ref gold 4s
1949 Af S
♦Ref A ext 50-yr 5s ser A-.1962 Q F
lst A ref 5s series B
modified
2003 AfN
48 registered
2003
4)4s stamped modified.—2003 AfN
4)48 registered
2003
5s stamped modified
2003 AfN
62%
ccc2
57%
Lehigh Valley RR—
4s stamped
*39
1
z
60
55%
51%
106%
107
ccc2
49
"49
*6l"
cccl
*55
bb
Lehigh Valley N Y 4)4s ext.. 1950
80
66
66
b
y
*63
K
z
*57%
56%
57%
b
Leh Val Harbor Term gu 5s—1954
98
66
b
z
z
Fa
1964
f 5s
b
a z b
5%
z
Dairy Prod 3%b deba—1960
.....•
69%
5%
cccl
z
Mountain States TAT 3)48.1968 J D
Mutual Fuel Gas lst gu 5s. 1947 MN
76%
78
79%
U2"
95
29)4
Lautaro Nitrate Co Ltd—
♦1st mtge Income reg
1975 Dec y cc 2
J ybb 2
Lehigh Coal 4 Nav s f 4 )4s A 1954 J
J y bb 2
Cons sink fund 4)4s ser C.1954 J
Lehigh 4 New Eng RR 4s A.1965 A O.x bbb3
2
25
91%
69%
2
89
84
112
{♦Mil Spar A N W 1st gu 4s. 1947 Af S
1{♦Mllw A State Line 1st 3 %a.*41 J J
{ { *MStPASSM con g 4b Int gu '38 J
f♦lst cons 5a
1938 J
{♦1st cons 5s gu as to int—1938 J
....
79
*107%
3
50
84%
77
79
bbb3
x
J y b
S x a
47
84%
79
z
y b
Morris A Essex lst gu 3)48—2000
Constr M 5s series A
1955 MA y ccc2
Constr M 4%a series B—1955 MN y ccc2
90%
I—„
95%
98%
85
85
71%
82
55
95%
57 %
49
87%
4
87%
*47%
40
92%
56%
89%
18
*89
99%
89%
i
*93
94
87%
17
52 %
43%'
*60
*26
Gen A ref
99
81%
52
42
1
♦1st A ref 5s series I
77%
*89
aaa3
1954
"82 H
109%
59%
82%
81
-
52%
cccl
Missouri-Kansas-Texas
52
Loto
*105)4
81
bb
Mo Kan A Tex 1st gold 4s
49
No
87
y
f 6s__ 1947
47
99
99
J
i§<g
110%
z
a
91%
58%
99%
95)4
""71)4
O
f2
•
High
Stamped
ybb 1
I ♦Market St Ry 7s ser A Apr 1940
z ccc2
z ccc2
(Stamp mod) ext 5s
.1945
Mead Corp 1st mtge 4)48—1955 Af S x bbb3
Metrop Ed 1st 4 %b series D.1968 Af S x aa 2
Metrop Wat Sew A D 5)4s—1950 A O x
t J*Met W Side El (Chic) 4a. 1938 F A z dddl
81
z
...
a
♦lst A ref 5s series G
x
Plain
x
A
76%
54)4
98)4
Inc—
(par $925) 1943
warr
McCrory Stores deb 3)48—1955
30%
32%
46
Kentucky Central gold 4s— 1987
♦Ctfs with
110%
*6%
♦25-year 5%s
♦1st A ref 5)4s series B...1978 J
{♦Mo-Ill RR 1st 5s series A. 1959 J
"47"
2
J ybb 2
J x aaa3
Btmp (par $645) 1943
stmp (par $925) 1943 MAT
w w
♦Ctfs
1950 J
O
a
18
51%
102% 105
101% 105%
17
54)4
D ybb
Jones 4 Laughlln 8teel 3%s. 1961i/
Kanawha 4 Mich 1st gu g 4s 1990 A
3
83 %
1
96
1
James Frankl 4 Clear 1st 4a.1959 J
x
7
19
1
c
98
101%
97% 103
19
1956
ser
102% 107 %
8
A. July 1952
♦Adjustment 6s
26%
15%
106)4 108
79
♦1st g 5s series C
1956
Internat Hydro El deb 6a—1944
Int Merc Marine s f 6a
1941
♦1st 5s series B
61%
95
III Cent and Chic St L & N O—
Joint 1st ref 5s series A—1963
86%
a
Maine Central RR 4s ser A.1945 J
D y bb 2
Gen mtge 4%s series A—1960 J D
y b
2
ManatI 8ugar 4s s f—_ Feb 1 1957 MN y ccc2
Manila Elec RR A Lt 8 f 5s—1953 Af S y bbbl
Manila RR (South Linos) 4s. 1959 AfN x bbb2
a
or
Asked
*110%
bbb2
64
2
3
a
z
59%
b
A
Low
x
,
Friday's
Bia
x
{$*Man G B A N W 1st 3%sl941 J
ybb
Sale
x
Marlon Steam Shovel
58
Range
Last
Price
a
Atl Knox A Cine Dlv 4s_. 1955 AfN
49
"57)4
57)4
Week's
Fridatl
♦Lower Aust Hydro El 6)48.1944 F A
55
St Louis Dlv A Term g 3a.-1951 J
Western Lines 1st g 4s
4s registered.
Railroad & Indus. Cos. (Cont.)
Louisville A Nashville RR (ConcT)
Mob A Montg 1st g 4 %s_. 1945 M S
South Ry Joint Monon 4a. 1952 J
J
82%
3
y
See
78
134
A
Rating
47%
35%
45
ybb
J
8TOCK EXCHANGE
Week Ended Aug. 29
81)4
44)4
*
Loulsv Dlv & Term g 3 %a.195
Omaha Dlv 1st gold 3s
1951 F
Gold 814s
High
100)4 104
Elig
Y.
65
"44)4
bbb2
x
N
Jan. 1
*88"
A
Refunding 4a
BONDS
Since
Asked
91
J
J
1st gold 3%s
1951
Extended 1st gold 3%8—1951
1st gold 3s sterling
1951
Collateral trust gold 4s
1952
Collateral trust gold 4s
A
Low
Illinois Central RR—
let gold 4s
Ba nk
Friday's
Bid
Price
Indus. Cos. (Cont.)
Illinois Bell Telep 2%sser A-1981 /
1247
Week's
Elig. 4
BONDS
Friday
2
94%
5
17
pertaining to bank eligibility and rating of bonds.
.See
1
II
BONOS
N.
EXCHANGE
STOCK
Y
c
Price
Hid.
N
N
Purchase money
gold 4s.-.1949
Greenwood Lake 6el94fl
N Y A Harlem gold 3 Ms.—2000
N Y Lack A West 4a ser A—1973
4 %s series B.*.-».197
♦N Y L E A W Coal A RR 6 %8'42
•N Y L E A W Dk A Impt 6s 1943
N Y A Long Branch gen 4s. -1941
(♦N Y A
F
A
x
A
63%
62%
No
12
72%
73
13
109%
110
13
106% 110%
110.%
110%
2
107% 110%
120% 125%
122%
3
115%
A/N Z cccl
IN X 09
M N y b
M N y b
A/N y bb
J yb
J
US y bb
Hhv A Hart RR—
M S
4b
1947
M 8
♦Non-con* debenture 3 Ms 1947
49
1
-
mm
,
-
*103%
-
54%
*58%
mrn'mmmm
100%
1
2
3
z
-
-
-
-
100%
*94%
m
18
52
60
100'%
98
-
z
—
4s.—-—-1955
48
1942
4s. 1993
N Y Queens EI Lt A Pow 3 %a '66
N Y Rys prior lien 6s stamp. 1958
N Y A Richm Gas 1st 6s A..1951
N Y Steam Corp 1st 3Hi---1963
t»*N V Subq A W 1st ref 58.1937
|*2d gold 4 Mis
1937
(♦General gold 5s
1940
♦Terminal 1st gold 6e
1943
S Y Telep 3148 ser B
— 1967
N Y Trap Rock 1st 6s
1946
6s stamped..-.1946
I (*N Y West A Boet 1st 4 Hi 1946
Niagara Falls Power 3Ma—1960
Nlag Loch A O Pow let 5s A. 1965
Niagara Share (Mo) deb 6 Hi I960
t(»Norf South 1st A ref 5s .1961
17%
20
18%
26%
27
69
18%
26 ;■:*
29%
~"i0H
46%
6H
I
z
cccl
cccl
79 %
20%
79%
7H
1
c::--1
O
b
b
7
20
29%
79%
78
86
33%
254
7%
aaa3
110%
105%
105%
1H
6
47%
10534
*107%
*31
107%
00
J
J
cccl
F
A
cc
1
FA
CC
105?4
1
M N
3
i
-
-
mi'mi'mt
*10
m -
m
*10
cccl
J
*83
aaa3
3D
b
b
110%
2
2
J
J
c
M
S
94
«.:-
W m-«.
-
*99
cc
cc
1
z
cc
•
•
-
1
5s.... 1961
25%
b
aaa3
24%
26%
1
6
1
95% 101%
2%
6%
109
111
108% 110%
102% 104%
4
12%
26%
12%
28
28
20%
10
12
28
*100%
102%
A Z'
0'4- 3
104%
1954
a
3
104%
104 34
1959
F
A x 0
77
—
104%
A
Debenture 4a
ref 6a.-—1974
4 Ms series A
1974
North Cent gen A
Gen A ref
lstgtd g 5s
8
x
aa
M
S
x
aa
104%
2
2
1946
—
A
O
*117
*113%
z
♦Certificates of deposit.....
.1997
4s Registered--.———1997
Gen lien ry A Id g 3a Jan—2047
3b Registered..
—.2047
Ref A impt 4 Hi series A—.2047
Ref A impt 6b series B
2047
Ref A impt 5s series C
2047
Ref A impt 5s series D
2047
Northern States Power Co—
(Minn) 1st A ref M 3 Ms. .1907
(WIbc) 1st mtge3%s.——1964
Northwestern Teleg 4 Hi ext 1944
ccc2
Series J cons guar 4 Ms
Gen mtge 5s series A—.
GeD mtge 6s series B
1977
Gen 4M» series C
Pitts Steel
1st mtge 4 Ms.---1950
103
aa
A
x
aa
x
aa
x
a
x
a
x
a
72
114
68
4
41%
42%
F
y
y
bbbl
bbbl
42 H
A
J
50
5134
78
63%
64%
195
55
55%
30
bb
2
J y bb
2
2
64
J
F
y
bb
J y bb
A
2
aa
x
aa
3
x
bbb2
x
J
54%
190?
-1974
1st gen 5s series B
1st gen 6s series C
1977
1st 4Mb series D
Port Gen Elec 1st 4 Ms
I960
1st 6s extended to
——1950
Potomac El Pow 1st M
3%8_1966
108%
Pressed Sttal Car
{♦Providence Sec guar deb 4s 1957
{♦Providence Term 1st 4«... 1956
Public Service El A Gas 3Ms 1908
x
D
108
-
-
48
55%
1967 M 8
1972 J
J
J D
4s debentures..—
—.1946 J D
Ontario Power N F 1st g 6s.. 1943 F A
Ontario Transmlflslon 1st 6s. 1946 A/N
Oregon RR A Nav con g 4s. .1946 J D
Ore Short Line 1st cons g 5s. 1946 J
J
Guar stpd cons 58..
1946 J
J
ore-Wash RR A Na* 4a
1 61 J
J
Otis Steel 1st mtge A 4%s.-l»02 J
0
3
BHi-
a
3
a
3
bbb3
*102%
-
J
M
S
3
J
3
J
x
3
v
M
F
80%
68
76%
J
3
♦3assented...
....194''
J
♦Rhine-Ruhr Water Ser* 8s. 1953 J
UN
41%
47%
44%
50
58%
62%
70
55
62
64%
62
J
2
*114%
2
114%
114%
114%
6
107
107%
9
bb
2
82%
3%
9
107%
110%
101% 103%
108% 112%
113% 117%
3
82%
79
82%
80
'mm
142
mm
rnmm
218% 222%
m
m
3
110%
110%
m
105
*104%
-
mmmm
mmmmm
152
108% 110%
106
104
bbb2
82
81%
82%
27
82
82
82
65%
70%
78
84 %
78%
84
♦Direct
mtge
113% 117%
105% 107%
78%
89%
60
80
«
—
-
1952
With declaration
♦Cons mtge 6s of 1928
1953
m m
m
1955
*
: 'Jk-2L
9
S
x
b
J
z
b
1
A
O
cccl
M
S
x 00
-S
x
aa
S
x
00
2
S
X 0a
z
50
m-mm
m mm
26%
17%
26%
105
107
6%
9
40
48%
35
50
m
mmmm
7
18
131
131
109% 109%
110
*110
1
110
110
14
82
14%
13%
z
J
z
c
6%
J
z
c
7
Saguenay Pow Ltd lat M 4 Ms *86
St Jos A Grand Island 1st 4s_1947
O
X
bbb2
J 108
2
*109
St Lawr A Adlr 1st g 5s
2d gold 6s.
J y
o y
2
2
*51
-1996
9%
17%
110
107
110%
b
b
93
10%
10%
at
cccl
O
1996
27
15
7
mmmm
mm m
-
----
371
131
*109%
14%
8%
15
290
18
*
1:1
S
10%
48%
15%
17%
2
M
15
106
46
46
..1
mm-mm
20%
14%
8
*8%
mm'mm
2
M
1977
.
48
mm
----
22
105%
1
Gen mtge 3Ms series H—.1967
M
Gen mtge 3 Ms aeries I.—.1967
M
Gen mtge 8Mb series J—1969
9
-----
bbb2
z
1939
♦1st con A coll truat 4s A..1949
Roch Gas A El 4Mb ser D
1
*
A
—
1
mmmm m
mm.m
mmm
-
-
9%
9%
z
D
F
29%
.
28%
33
17
17
-.t—
"o
M
1962
—1955
106%
90% 101
19
z
z
z
♦Cons mtge 0« of 1930
103
m
*
F~A
A
14
11
-
z
A/N
With declaration
11
102% 104%
103% 1055%
101
*100
z
6s
104%
-
31
104%
103%
103%
1
104%
103%
104%
104%
6
z
♦Rhine-Westphalia El Pr 78.1950
{♦Rut-Canadian 4a atmp.._1949
{♦Rutland RR 4Mb atmp.,.1941
2
*221%
m
m
5%
—
109% 111%
6
z
100% 104%
aa
m
*147
mm-mm
mm'mm
-
.
97%
2%
mm
67%
/
1946
{(♦R 1 Ark A Louis 1st 4MS.1934
A
♦Ruhr Chemical a f 6a
_194v
aa
mm
m, m m
m
mm
110
93%
66
a
108% 11.%
_
rn
5
87
*111%
"77% *88%
1
95%
*80
.
bbb3
♦Rhelrielbe Union 8 f 7s
107*4
5
107
67%
bbb2
105% 109%
103% 106%
-
«
...»
2
x
1
-
105% 107%
5
3
x
8
109%
•
aaa3
x
6
117%
«.•«.
-
aaa3
A/N
110%
109 H
1
110
*4%
A/N
45
1956
106%
104%
*103%
"88% "iis
106 %
1
UN
3%8 I960
Pur raon 1st M con* 5 Ms. 195*
109
w-.-
119%
95%
A
Revere Copper A Brass
109
-
103
117
_87
m
1
x
56%
106% 108 %
5
106
— mm
109
m
110
zee
83
51
«
1
65%
106%
"87%
mm mm
bbb2
106
103
05%
108
bb
x
'
aaal
'£
I
aaa3
x
110%
103
bbbl
y
S yb
3
J x aaa3
J
107%
-
2
y a,
MN
107%
2
2
^
65
52
*99%
U'-.
mm
52
38
*117%
-
-
-
18
64%
108
2
106%
-
64%
62%
2
{(♦Rio Gr June 1st gu 5b.__1939
19
61%
63
2
100%
61
115
♦Rlma Steel let a 1 7a.
lat mtge 48—
107 M
aa
105%
99
106% 106%
64%
bbb2
109% 111%
V
102
H
:
.
63
A X 00
x
107% 110%
7%
100
D x 00
D x 00'
Gen A ref 4 Ms series A—1997
3
7
100
J
Gen A ref 4 Ms series B—1997
15
*106%
109% 113%
62
63
123
111%
7%
109% 113%
2
104%
63%
103% 107
39
-
-
13
110%
03
bb
119%
111%
*106%
bb
120%
110%
103%
-
F
190V
f deb 5*—.194*
108%
3
aa
J
y
y
O
2037
107%
0
aa
A
-
bb
2037
1st A ref mtge 8s
{(♦Rio Gr West 1st g 4s
2
aaa2
-
100
x
*101
C
aa
y
AO
deb 5s.—1961 3
Richfield OH Corp—
4s s f con* debentures
15*Og A L Cham 1st gu g 4s. 1948 3
J
4s.. 1943 M S
Ohio Edison 1st mtge 4s.--.1965 M N
Oklahoma Gaa A Eiec 3^48—1966
D
J
121
112%
117
-mm-
-----
110%
110%
------
-
110
117
*109%
*118%
*118%
D y bb
UN x aa
Pitts Y A Ash 1st 4s ser A—1948
111%
3
M 8
3
54%
------
3
71%
70%
68
Q
y
J
3
70
Q
Ohio Connecting Ry 1st
1st mtge
x
113
1
J
113
110% 112%
"
117
1
42
109
111
*112%
bb
a
*40%
109
*111%
y
a
——
J-
aa
Reading Co Jersey Cent coll 4s *61
----
1021532104%
105% 106%
108% 110%
—
*104%
*109%
aa
Purity Bakeries s
116%
17
aa
103
8
104%
77
104%
x
2
106
105
103%
x
9
125
70
104%
105
bbb2
x
3
8%
3%
7%
99% 105%
101% 104%
x
x
x
J
4%
aa
X 00
.
50
57
7%
...
Pub Serv of Nor III 3 Ms
J
J
8%
7%
*102*1#
aa
x
45
*60
71M
7%
7%
aa
x
A
1959
I960
B
Gen mtge 4Mb series C..
Q"j
7%
8%
125% 128
104
107%
11
128
ccc2
z
Q
x
46%
ccc2
z
cellation of guarantee).
North Pacirie prior Hen 4a..
O
F
Republic Steel Corp 4 Ms ser B *61
(stamped can¬
1946 AO
♦1st mtge g 6s
12734
3
M
tNorthern Ohio Ry—
♦
x
3%
3
F
1st mtge 4 Ms series
57
F
Debenture 3*48—
37
aa
1963
A/N
1964
J D
1970
A O
1975
1st mtge 4Mb scries C
97
92
4
26
A
127%
6%
bbb2
I960
15%
16%
61%
92%
108% 111%
86
110 %
94
let cons g 4s—1996
North Amer Co deb 8 Ms
1949 F
O
110%
28%
6%
1
Series I cons 4 Ms..
lat A ref mtge 5s
z
x
1941
ization manager) 5s
16%
—
40
♦CtrB of dep (lBBued by reorgan¬
Norl A W Ry
110
108%
26
9%
13%
2
......
108
1
PItte A W Va 1st 4Mb ser A. 195*
♦Ctfs of dep (issued by reorgan
izatlon manager)
-mm-
19
d
Pitts Va A Char 1st 4s guar. 1947
9%
-
11
20M
108%
26
—
53
1
z
——
-
*
109%
103%
103%
F At
106% 109
116% 120%
113% 115%
64
6%
A
105% 108%
-
110%
m
1
1
27%
1
1942
M .V
1942
A/N
Series D 4a guar
1945
F
A
Series E 3 Ms guar gold—1940
3
D
Series F 4s guar gold
1953
A/N
Series G 4s guar..
195?
104% 107
7
—
-
mm
108% 111%
105
110%
109 M
3
M N y b
M.
54M
1
100%
4%
4H
1
a
'
100
5
109%
aaa2
AO
35
.•» mrn
7%
3
4%
58
2
49
bbb3
..
47%
7%
33%
99
bbb2
106%
110%
cc
Series C 4 Ms guar
3
3
J
74
108
123
27%
7 "J
Series B 4 M« guar
8
UN
MN
74
63%
106%
110%
cccl
J
61%
13
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110%
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71%
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9%
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106
1
62
62
107%
106%
Pittsburgh Cine Chi A St Louis
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107
49%
110%
105%
J
a
Phillips
Petrol l%s debs—1951
M 8
Pitts Coke A Iron con* 4 Ms A '62
30%
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■
72%
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%
6%
63
M 8
♦Certificates of deposit
26%
28%
7
2
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a
J
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33
63
107%
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cc
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1949
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64
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z
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1981
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47%
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cccl
l
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1974
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1964 A O
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1940 UN
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J
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UN
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57
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107
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M
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-----
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1956
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26%
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100% 105%
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♦Non-con* debenture
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-1974
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F
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IN Y New
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75
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LAC oous 68—1943
M S
Refunding gold 5a—
1947
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Peoria A Eastern 4a ext
1960
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Apr 1990 Apr
72%
60
Price
Railroad & Indus. Cos. (Cont.)
Peoples Gas
Range
Friday's
Salt
See k
a.
63%
55
109 %
aaa3
■s,
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St
Week Ended Aug. 29
High
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63%
EXCHANGE
Y. STOCK
N.
Since
Jan. 1
Last
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BONDS
Range
2
Asked
High
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gold 4a
1951 P A yb
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—.
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Friday'8
Rating
29
Week Ended Aug.
Range or
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t
Week's
Friday
Week's
Friday
tan
bank
1941
Aug. 30,
Bond Record -Continued -Page 5
New York
1248
ai
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110
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60
70
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—
64
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25
41%
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39
48%
St Louis Iron Mtn A Southern—
1946
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D
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a
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105%
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b
1970
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41
108% 111%
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110%
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103
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lat M a f g 3a loan ctfs
1955
deb '47
I
M
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85
4
98%
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1948
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29
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1—1908
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262
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1959 A
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For footnotes see page
118
z
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1978
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1952
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1938
29
104%
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See
«
Volume
New York Bond Record—Concluded- Page 6
153
Bank
BONOS
N.
Y.
STOCK
Elig. A
EXCHANGE
c
Week Ended Aug. 29
Lasi
Rating
Price
Railroad & Indus. Cos. (Cont.)
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6a debenturefl
1
30
86
bbb2
M
(Hiram) G A W—
A
1st mtge 3 4s series 1
1966 J
West Va Pulp A Paper 3b... 1964 J
bbb2
aaa3
Tex Pac Mo Pac Ter 54s A.1964
gen
♦Re! A gen 5s series B
84 4
bb
debenture
1953
Studebaker Corp cony deb 6s 1945
1960 A O
Superior Oil 3 4s debs
1961 MN
Swirt A Co 24s debs
3» debentures
66
75
814
2*48
I'ezarkana A Ft 8 gu 54b
204
63
824
2
2
l*8pokane Internat 1st g 58.1955
N J deb 3s
1961
Texas Corp 3e deb
194
66
West Penn
bb
Standard Oil
Gen re!und s ! g 4s
204
A O z cccl
M S x cccl
5 4a A'75 Af Sz cc 1
654
x
Term Assn 8t L 1st cons 5s.. 1944 F
264
57
604
814
aaa3
Tenn Coal Iron A RR gen 5s. 195
254
614
614
1968
1st A re! 3s series C
1
cccl
Westchester Ltg 5s stpd gtd.1950
Gen mtge 34b
1967
y
...
b
z
94 4
2
694
284
;
13
z
704
bb
44
340
J
574
119
y
1956
Devel A gen 6s
1956
Devel A gen 6 4s
1956
Mem d1y 1st g 5s
1996
St Louis Dlv 1st g 4s
1951
So'western Bell Tel 3 4s B..1964
76
428!
4
284,
/
894
654
y
Devel A gen 4a series A
55
1064 1094
1941 J
904
„
74
1094
54 4
72 4
Warren RR 1st re! gu g 3 48.2000 F A y
Washington Cent let gold 4s.1948 Q M y
Wash Term 1st gu 3 4s
1946 F A x
1st 40 year guar 4s
..1945 F Ax
64
654
90
65
1
jJ
904
a
1st cons g 58..1994
1st re! guar 4s
let 4sstamped..
Southern
"524
84 4
J z b
J*Wabash Ry re! A
484
b
y
Gold 4 48...
So Pac RR
634
y
1968 M S
1969 M N
Fran Term 1st 4b
374
344
y
1949
lBt 4 4b (Oregon Lines) A.1977
Gold 4 48
484
1,
8;
15i
69
♦Omaha Dlv 1st g 34s...1941
§*Toledo A Chic Dlv g 4b. 1941
120
105
D y b
734
High
1084 112
§*Des Moines Dlv Ist4s..l939 J
southern Pacific Co—
J
88
72
674
274
♦Det A Chic Ext 1st 5s
119
1224
88
734
284
1954
1034 107 4
"15
......!
694
♦1st lien g term 4s
1024 104,4
1014 104 4
12
13
544
1
85
3074
108
bbb2
Southern Colo Power 6a A..1947
1034
1034
No. Low
664 —j
cccl
•♦1st gold 5s
|*2d gold 5s..
1939 Af N z h
27
x
Since
High
*64
1084
454
A
Range
Jan. 1
1104
i
1094
14
1939 F
^
<§£
Asked
2
Virginian Ry 34s series A—1966 M S,x aa
tWabash RR Co.—
31
9
&
110
.
.7 y bbbl
O y bb 1
54
*1084
aaa2
1958 A
2
ccc2
aa
y
294
"25"
60
1950
aaa2
58..
Sx
S
45
38
*43
3
100
cons
I
Bid
\Low
Va Elec A Pow 3 4s ser B...1968 M
Va Iron Coal A Coke 1st g 58.1949 Af
Va A Southwest 1st gu 5s...2003 J
1st
,
Friday's
)
Price
k
Railroad & Indus. Cos. (Concl.)
994
994
2
1979
Hit h
Low
435
44
See
sa.
Range or
Sale
Rating
c
i
Week's
Last
A
Elig
EXCHANGE
Week Ended Aug. 29
44
...1952
3b debentures
No
Y. STOCK
1
Jan.
4
t§*-Mlesian-Am Corp coll tr 7e.41
Skelly OH 3h debs
S3
34
44
'Siemens A Halake deb 6Mia. 1951 M 5
•Silesia Elec Corp 6 Ms
1946 F A
Simmons Co deb 4b
N.
Since
Asked
Hioh
Low
I*8eaboard All Fla 6e A ctfs.1935 F
Shell Union Oil 2kb
A
BONDS
Range
Friday's
Bia
1249
Friday
Bank
5
Range or
Sale
See a
j3
Week's
Friday
$4.8484
1104 1144
110
1124
Section 77 o! the Bankruptcy Act. or securities assumed by such companies.
Union Pac RR—
1st A land
...1947 J
.....1947
grant 4s
4s registered
J
aaa2
*110
aa
2
""994
aa
1970 A O
36-year 3 4s debenture
1971 MiV
Re! mtge 34b ser A
1980 J D
united Biscuit 34b debs
1965 A O
United Clgar-Whelan 8ts 58.1952 A O
United Drug Co (Del) 5s
1953 Af S
U N J RR A Canal gen 4a... 1944.M S
84-year 3 48 deb
2
984
99
984
aaa2
1064
2
*1054
a
158
"994 "n
994
107
12
96 4
15
102 4
101 4
107 4
104 4
1074
3
78
75.4
78
bb
3
884
88
884
X
Companies reported as being In bankruptcy, receivership, or reorganized under
1004
1064
b
aaa3
96
"19
65 4
37
♦
Friday's bid and asked price.
♦
Bonds selling flat.
No sales transacted during current week.
.•-
824
*1074
78
904
1074 1084
United States Steel Corp—
Serial
k
debentures—
1 1941 MN
aaal
aaal
*100
aaal
*100
aaal
*1004
aaal
aaal
...J- *1004
*1004
1.60s
May
aaal
1.6258
Nov
1 1945 MN
1 1945 MN
1 1946 MN
1 1946 MN
1 1947 MN
1 1947 M N
1 1948 MN
1 1948 MN
1 19491M N
those bonds which we believe
Rating Column—x Indlca
Bank Eligibility and
*1004
1 375s
1 1942 M N
Nov 1 1942 M N
May 1 1943 MN
Nov 1 1943 MN
May 1 1944 MN
Nov 1 1944 M N
.6258
Nov
.756
May
,875s
1.00s
1.125s
1.25s
1 75s
1.80s
1.85s
May
Nov
..May
1.90s
Nov
1.95s
May
aaal
*994
eligible lor bank Investment.
1004
100
y
1004 1004
1004 1004
1004 101
1004 1014
100
1004
*101
aaal
1004
aaal
1004
1014
1014
aaal
1014
1014
aaal
*1014
100
1014
1004 102
1014
1004 1024
aaal
*1014
aaal
1014
1014
*1014
1024
1024
1024
May
2.10s
1 1949'M N
May 1 1950 MN
aaal
aaal
1950 MN
aaal
1951 MN
1951 MN
aaal
aaal
*1014
1014
*1014
*1014
1952 MN
1 1952 MN
aaal
*101
aaal
101
aaal
*101
2.30s
2 35s
2.408
Nov
2.45a
May
2 60s
—Nov
1 1953 MN
1 1953 MN
aaal
...May
1 1954 MN
aaal
*1014
2.60s
Nov
1 1954 MN
aaal
2.65s
May
1 1965 MN
aaal
1014
*1024
*
J D
♦348 assented A
1951 J D
♦Sec s f 64b series C
1951 J D
♦34s assented C
1951 J D
♦Sink !und deb 64i Ber A. 1947 J
J
♦34s assented A
1947 J
J
United Stockyds 44fl w w.,1951 A O
Utah Lt A Trac 1st A ref 58.1944 A O
Utah Power A Light 1st 5S..1944 F A
z
Indicates issues in delault. In bankruptcy, or In process
♦Un Bteel WksCorpd 4s A..1951
A great majority
of the Issues bearing symbol
ccc or
lower are In default,
All Issues
103 4
1034
1004 1044
1004 104
1024
1004 104
100
1024
100
1034
1004 104 4
101
1034
1004 1044
102
1044
33
204
1024
1014
1014
.103
30
37
33
20
25
204
Transactions
at
the New York Stock Exchange,
Daily, Weekly and Yearly
Aug. 29, 1941
bbb2
a
1
bbb2
"1624
States
Bond
For'n Bonds
Bonds
Stale
Salts
944
944
15
1024
10
1024
103
32
2,125,650
$32,055,000
314
Monday..
330,370
334
Tuesday
33
Wednesday
458,830
432,510
914
97
Thursday
100
1044
...
Friday
$10,000
$221,000
351,680
$1,984,000
4,510,000
6,158,000
7,674,000
6,945,000
4,754,000
150,560
Saturday
214
40
1024
94 4
Total
Municipal
Bonds
Number of
Shares
134
*114
United
Mis cell.
Railroad dk
Stocks
Week Ended
33 4
30
bearing ddd or lower are In default.
401,700
$2,215,000
8,000
4,886,000
511.000
30,000
6,699.000
632,000
75,000
8,381,000
626,000
18,000
7,589,000
648,000
67,000
5,469,000
$2,976,000
$208,000
$35,239,000
338,000
994 1054
Total
Vandalla cons g 4s series A..1955 F A
Cons s f 4s series B
1957 MN
o! reorganization.
symbols In this column are based on the ratings assigned to eacn bond
by the three rating agencies
The letters Indicate the quality and the numeral lmmedl
ately following shows the number o! agencies so rating the bonds.
In al! cases the symbols
will represent the rating given by the majority.
Where all three agencies rate a bond
differently. then the highest single rating Is shown
The rating
103
100
*102
2 668
1024
1004
103
2.26s
1
May 1
Nov 1
—May 1
Nov
1034
100
101
2.20s
Indlcate8 those bonds we believe are not bank eligible due either to rating status
provision In the bond tending to make lt speculative.
or some
100
100
Nov
2 06s
2.16s
102
1~02 ~
1014
2 008
Nov
1024
1004 102
100
*1014
aaal
aaal
100
x
aaal
*1104
110
111
x
aaal
*1104
109
1104
Sales at
Jan. 1 to Aug. 29
Week Ended Aug. 29
New York Stock
Exchange
Stocks—No. of shares
1940
1941
1,683,760
2,125,650
1941
92,236,659
1940
141,522,095
Bonds
Railroad and
Total
Attention is directed
to
the column Incorporated in this tabulation pertaining to bank
industrial...
$208,000
$567,000
2,976,000
32,055,000
14,861.000
$35,239,000
Government......
State and foreign
$18,023,000
2,595,000
eligibility and rating of tx»nd*
$13,826,000
105,288,000
1,30s,957,000j
$1,424,071,000
See .oie * aoove
$30,115,000
146,160,00U
843,803,000
$1,020,078,000
Exchange—Weekly and Yearly Record
New York Curb
1250
Aug. 30, 1941
disregarded In tbe week's range unless they are tbe only transactions ol the week and when selling outside
In tbe week In which they occur.
No account Is taken of such sales In computing the range for the year.
NOTICE—CmI and deferred delivery sales are
the regular weekly range are shown In a footnote
following extensive list we furnish a complete record of tbe transactions on the New York Curb Exchange
beginning on Saturday last (Aug. 23, 1941) and ending the present Friday (Aug. 29, 1941).
It is
compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
stock or bond, in which any dealings have occurred during the current year.
In the
for the week
Last
Hale
Par
STOCKS
Fries
Week's Range
of Prices
Low
High
for
Low
Mar
23
July
5%
4%
IX
10%
10%
1
18%
3%
17%
18%
5,700
3%
.500
Feb
22%
Jan
July
6%
Bell Tel of Canada
.500
4
July
6%
300
8%
July
12%
Jan
Jan
Jan
-ix
100
1
Apr]
Feb
1%
25%
Jan
Mar
Apr
hi
Jan
20
pref
hi
Warrants
Benson A Hedges com
Aug
Mar
Blrdsboro Steel Foundry
A Machine Co com
*
Mar
Blauner's
*
2%
%
com...*
*
2%
May
1%
Aug
Mar
1%
is%
18%
50
18%
19% Aug
22%
Jan
4% May
Goods Mfg...*
113% 115
Jan
150
110
July
116
Jan
Bowman-Blltmore
100
12
Mar
18%
Aug
7%
May
Aug
% July
24% May
"73"
"73"
50
X
27
91
200
hi
60
27
5%
65
50
91
91
Amer Box Board Co com.l
5%
*
4
100
Apr
75%
*
99%
Apr
Breeze Corp common
1
9%
%
Jan
Brewster
1
10%
85
5%
Jan
July
%
Mar
hi
Jan
hi
Aug
$ 3 preferred ^*
9%
May
11%
Mar
Apr
hi June
68%
hi
Jan
Jan
03
*
15.60 prior pref
Centrifugal Corp. ..1
Conv class A........25
19 X
17%
25
18
17%
1
ynamld class A..10
41
41
......
! $Class B
Amer
41%
Export Lines com.-l
x2l7/s
n-v
4 H
%
10
Elec
conv
12.60
~~2%
1
28%
preferred
conv
24%
100
10c
preferred
Amer General Corp com
$2
"is
5.50
18
*11
5
%
Jan
Jan
5%
9%
2,800
5%
1,600
7%
Apr
23%
IX
"GOO
July
Apr
30
1%
Feb
41
""4%
5,400
1%
Feb
4%
Aug
he
%
500
%
Jan
%
July
Aug
9
oe\
1
3%
2,600
I
30
%
Jan
6%
10%
July
July
11%
Jan
Apr
1%
Jan
June
Apr
13%
8,200
May
107% 107%
2%.
2%
28%
28%
525
105%
May
700
2%
25%
June
30%
113%
3%
29%
July
Jan
Feb
Jan
Jan
1st 10 preferred
*
10 series preferred
Apr
33
Jan
2,100
100
50
7%
3
7
Aug
»
93%
Mar
84
June
Bunker Hill A Sullivan 2.50
May
Jan
Burco Inc $3
11%
10%
7%
3
2,800
10c
3
Jan
%
June
32%
Apr
6%
2%
Feb
Apr
00
8%
3%
%
50
Jan
*32
2,600
%
Feb
50%
250
42%
May
00
Apr
8
Mar
%
3%
2%
Amer Writing Paper com.*
Anchor Post Fence
2
2%
2%
300
2%
2%
2%
400
1%
Angostura-Wupperman ..1
1
1
200
'hi
Apr
1
Apex Eleo Mfg Co com...*
8%
8%
10c
7%
Aug
12
July
Jan
Jan
Feb
Jan
1%
60
"ix "1%
'"*800
June
Apr
1% June
107
2
July
2%
July
June
96
7%
June
11% Aug
6% June
Apr
Jan
8%
Jan
Mar
Amer dep rets reg
£.1
5 Associated Gas A Eleo—
17%
93%
11%
10%
17%
Am dep 6
Aug
10%
1
10%
25
10%
~"~X "~"x
l'oOQ
??■-, %
50c
Feb
% June
% May
X
%
Feb
Feb
%
Feb
10%
10%
100
8%
Apr
2%
2%
400
6%
Mar
1%
1%
1,300
1% July
1% M ay
2%
Aug
3%
Calamba Sugar Estate..20
10
Calllte Tungsten Corp
1
1%
Jan
3%
16%
Jan
14%
Apr
18%
Jan
3
non vot
16%
3
2%
100
400
500
1%
Apr
May
114%
2%
7% preferred
100
Feb
Mar
121
9
%
hi
h.
1,000
z%
Mar
Carib Syndicate.......25c
Carman A Co class A
•
Aug
June
6%
Aug
3
Jan
X
Jan MrX:
July
1%
Jan
Canadian
Marconi
City Products
Jan
72
100
35
Feb
40
130
109
Aug
113
Apr
103
10.3%
8
60
103
Aug
110%
Feb
Apr
10%
Jan
6% June
6%
5%
8'
Jan
Jan
Jan
July
3%
3%
May
2% May
19
300
1%
1%
200
1
Mar
2
**4% "*4%
400
8
Jan
29%
Aug
July
Jan
4%
July
%
May
100
5%
Jan
100
new
8
17
17
13%
8%
Jan
July
July
4%
Mar
May
$0
preferred....
*
15%
"15%
"25
3,*
hi
he
1st parti c pref
Cent Hud G A E
4%
Aug
Cent Ohio Steel Prod
4%
July
Jan
16
Jan
Ayrshire Patoka Collieries 1
May
%
Jan
0%
7%
36%
Apr
Conv preferred
Feb
6%
Feb
32%
Aug
July
30
30%
400
Baldwin Rubber Co com.l
5%
6%
34%
5%
1,100
30
5%
34%
Apr
FeD
25
7%
37%
82
81%
Purch warrants for com,
1%
1
5
9%
9%
9%
1%
9%
10%
50
100
3%
32
5%
Mar
1,300
50
2,400
tiaumann—See "Ludwig"
Beau Brummell Ties Inc._l
%
9
6%
6%
Jan
Cherry-Burreli common. .6
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
preferred
Apr
Aug
Jan
1%
11
10%
Jan
May
Aug
100
Strip
Co
6
•*——
1255
50
8%
80%
$6
Aug
60c preferred
preferred
95
JaD
May
Feb
10
Jan
hi
Jan
hi
Feb
^ % May
%
2%
%
%
25
11%
T% "Ii%
May
May
hi July
%
%
17",400
3%
Apr
3%
Feb
11
JaD
JaD
Mar
Jan
Aug
m
4%
300
98
99%
150
58%
58%
50
7%
7%
200
316
4%
*16
100
18%
2,875
5
71%
6%
3,000
4%
4%
Mar
Mar
5%
Jan
11%
May
June
14%
110%
Jan
87
56%
Aug
73%
7%
Aug
10
4%
"98^"
1
*
Aug
Aug
Aug
100
71
Aug
Jan
108
%
100
4%
71%
Aug
8
24
Mar
13%
Apr
116%
%
Cities Service common..10
5
Jan
116%
Aug
Jan
1%
10%
Mar
Aug
July
Apr
1%
17%
Mar
Jan
90
106
Jan
6%
51%
%
%
1%
100
12%
Feb
200
Chicago Rivet A Mach...4
Chief Consol Mining
Childs Co preferred
Feb
8
4%
B
*
6
$6 preferred BB
22
10
*
110
100
Conv pref opt ser '29.100
Cessna Aircraft Co
1
4%
22
..20
134
July
June
300
%
100
preferred
4%
Beaunlt Mills Inc oom_.10
20
100
Char 1s Corp common... 10
Apr
Jan
4
35%
-
50
82
Chamberlin Metal Weather
Baldwin Locomotive—
20%
Jan
June
107
1
July
3%
*
50
"~25
Cent Pow A Lt 7% pfd 100
Cent A South West Util 50c
Cent States Elec com
1
%
May
Apr
2%
-
»
17%
29
17
400
46% "46%
107% 107%
8%
8%
108
108
•
com
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Feb
Jan
3%
127% 127%
7% 1st partlo pref... 100
Celluloid Corp common. 16
$7 dlv. preferred
*
Mar
15
7%
50
19
3%
1,300
Celanese Corp of America
May
Tobacco—
10
19
Castle (A M) common..10
Catalin Corp of Amer
1
2%
3%
100
Warrants
7X
Carrier Corp common
1
Carter (J W) Co common. 1
Casco Products
*
12%
15%
Apr
Aug
40
110
3%
*
•
7%
40
109
May
'hi
Aug
Mar
1% June
*
3%
600
•
July
%
Carolina P A L $7 pref...*
109%
7ie
"18
Carnation Co common
Apr
2,600
Aug
1%. Jan
Jan
Apr
3%
2%
,
Jan
Jan
2
Jan
Mar
1%
2%
*
7%
July
6
Canadian Industries Ltd—
125
17
Feb
May
15
Jan
400
hi
Atlas Corp warrants
Atlas Drop Forge com..
%
14
2% May
13
Canadian Indus AlcoholClass A voting
*
Class B
16%
8%
3%
Atlantic Rayon Corp
Jan
hi
%
2%
Aug
Jan
7%
108
3%
Atlantic Coast Line Co..60
Feb
Mar
l
65
100
Lor footnotes see page
12%
%% pref she £1
Class B
Atlanta Gas Lt 0% pref 1D0
$1.60 conv pre!
Mar
99%
*
1%
Refractories Inc... 1
19%
92
1.600
Capital
hi
%
Mai
June
16% June
100
12
Jan
800
Aug
1%
9% May
900
94
May
hi
Assoc Tel A Tel class A
Barlow A Seellg Mfg—
$1.20 conv A com
Aug
6%
$5 preferred
7% preferred
46
11%
Assoc Laundries of Amer *
Barium Stainless Steel
Apr
Feb
30%
150
Apr
2%
1
Babcock A Wilcox Co
45%
June
1
Class A common
44%
4%
Associated Elec Industries
Automatic Voting Mach.,
Avery (B F) A Bona com.6
0% preferred w w
25
0% preferred x-w
26
Vot trust ctfs
Aug
103
5%
13
Cables A Wireless Ltd—
7% partlo preferred...25
Can Colonial Airways
1
Canadian Dredg A Dock.*
6%
500
55
Aug
Canadian Car A Fdy Ltd—
79%
200
Jan
Aug
% June
11%
Jan
30
60c
Jan
100
5%
2%
11%
3%
Mar
Mar
10%
1
Aug
May
Camden Fire Ineur Assn..6
Canada Cement Co Ltd..*
210
6%
com
Jan
2,000
5
Cable Elec Prod
July
7%
Assoc Breweries of Can..*
-July
24
"11 June
3%
11
0%
com
pref...*
Aug
90%
7%
conv
Burry Biscuit Corp__12%c
Mar
11
1
Jan
16%
Feb
1%
z24%
2,300
BUrma Corp Am dep rets.
California Elec Power
90
7%
Arkansas P A L $7 pref..
26
Jan
Aug
1
106% 106%
100
Common cl A non-vot.
$1.00 preferred
$5 1st preferred
3%
3%
Appalachian Elec Power
Arkansas Nat Gas com...*
Jan
%
Apr
7
100
%
June
8%
Buff Niagara A East Pow—
15%
25
ICO
Atlas Plywood Corp
44%
28% June
%
Apr
♦
60
Feb
50
300
1,500
L) Co common..5
Apr
900
"""166
■■
9
3%
50
%
%
1
Apr
49%
.
.
%
66
2
3%
50
*
17%
28%
%
03
Jan
10
13% June
1% May
1,000
24
1%
11%
Apr
22
9
"3%
25
400
Atlantic Coast Fisher lea-.1
preferred
Bruck Silk Mills Ltd
3%
Atlanta Birmingham A
Coast RR Co pref
$6
15
23%
•
Buckeye Pipe Line
13%
12% June
May
July
X
1
.
Brown Rubber Co com
Bruce (E
Aug
2%
Class A..,
com
Class A preferred
Aug
3%
Common
Brown Fence A Wire
100
Brown Forman Distillers. 1
23
2%
Ashland Oil A Ref Co
JBrownCo0% pref
26%
•
10
8
6
Feb
25
12%
Am dep rets ord reg___£l
Feb
27%
31
July
Am dep rets ord bearer £1
10%
12%
May
Jan
10%
Amer Tobacco—
15%
American Thread 6% pf-.5
0% preferred
11%
.*
79%
American
Republics..-.10
Amer Heal-Kapcommon_.2
Am Super power Corp com *
May
63
35% June
1,150
*
Co
100
25
,
Class A..,.
'""360
27%
13%
63
British Col Power cl A...*
13
425
58
30 %
Brlllo Mfg Co common
Aug
24%
23
-
Am dep rets ord reg.. 10s
13
200
■-
100
July
24
28
GO
Aro Equipment Corp
preferred
Feb
Jan
1
Basic
%
British Celanese Ltd—
*ie
*
preferred
7%
Aug
Apr
100
Amer Potash A Chemical
H
Mar
20
Amer Meter Co
26%
%
9%
preferred
25
Mfg Co common. 100
Axton-Flsher
Aug
July
10%
5%
1
«.
41
15%
6%
Auburn Central Mfg
Automatic Products
Jao
7%
3%
»
*
Jan
J 00
22
Art Metal Works
38%
10%
5%
Class
British
2,800
26%
4%%
.
Feb
Feb
Jan
%
41%
22
22
Amer Maracalbo Co
May
31
39%
25
Preferred
June
%
„
35
21
Amer
25
16%
28%
42%
22%
Amer Hard Rubber Co-.50
Amer
May
19 00
preferred...1
Laundry Mach
Amer Lt A Traccom
16%
10
41
%
Amer Fork A Hoe com...*
125
4,900
Amer Foreign Pow warr
American Gas A
19%
%
10
Class B
35
Feb
Apr
July
Feb
Feb
100
Brill Corp class A..
British Amer Oli
Amer Cities Power A Lt~
Class A new
Jan
July
July
•
1% May
10c
Amer C
Apr
8%
2%
Mar
i
Bridgeport Gas Light Co.*
Bridgeport Machine
*
%
Jan
38%
2% June
$5 2d preferred
Brazilian Tr Lt A Pow
Aeronautical
Jan
Apr
May
5%
%
100
Jan
Jan
Apr
10c
Common class B
Amer
7% 1st preferred
8%
4
20%
18%
70
com.
Preferred
American Capital
Class A common
400
Jan
Jan
33
35
Bourjols Inc
American Beverage com.. J
100
7%
«
Jan
Mar
Mar
1
300
33%
2%
35
2%
26
155
13%
50
Aug
40%
13%
200
8
6%
7% 1st preferred
Borne Scrymser Co
July
6%
..100
1,400
8
8
*
*
100
111%
13%
Ltd common.
16%
%
35%
Jan
Jan
%
13%
6% June
3% July
Feb
X
Feb
34% June
5% May
100
2,100
35%
•
Blumenthal (8) A Co
Bohack (H C) Co com
113% 114
100
Co
Apr
7%
10%
%
10%
J
1
Blue Ridge Corp com
700
Aluminum Industries com
Book
Apr
May
115
6% preferred
2
May
Feb
14
18%
25
conv com
0% preferred
common
Bliss (EW) common
$3 opt conv pref
Bros com
American
7%
89%
Aluminum Co common
Aluminium
25
103
pref
Aluminum
38%
111%
.....*
Products (Mich)..10
Class A
38%
Jan
Allied Intl Investing
Altorfer
•
Jan
75%
30%
10% May
37
Apr
50
Aug
Apr
34
Jan
.% May
12
Jan
May
90
89X
111
Mar
1,200
he
12
94 %
88%
5%
23%
%
*
$2.60 preferred
24%
May
May
32
Blckfords Inc common
11%
96
10
108
*
103%
Alllanceln vestment
Allied
2%
Apr
May
16
Conv preferred
Berkey A Gay Furniture. 1
*
$6 preferred
conv
3%
108
100
pf-*
Southern..60
Alabama Power Co $7
S3
com_^_. 1
High
Loto
4%
7,600
5
8%
Air Investors new com—2
10%
1,100
4
8%
Alnswortb Mfg common._5
Air Associates Inc (N J)..l
1
5%
m
8%
5%
Range Since Jan. 1, 1941
for
Week
of Prices
High Shares
Low
Beech Aircraft Corp
Bellanca Aircraft
21%
Class
A lies A Fisher Inc
Price
Par
High
Week's Range
Bell Aircraft Corp com
16X
Supply Mfg—
i-'i Class A......
Qt
Sale
(Continued)
Week
Aero
Alabama
Last
STOCKS
Range Since Jan. 1,1941
Shares
Acme Wire Co common-10
new conv
Sales
Friday
bates
Friday
*
59
i
v
60
600
600
30
Jan
Jan
%
July
5% June
3% July
18%
Feb
hi
"
Jan
Jan
6%
Aug
July
83%
July
4% June
7%
July
Feb
72%
Aug
48
48
Volume
Weet's Range
for
Sale
of Prices
Low
High
1941
YVeel
Par
Price
*
*
preferred
City Auto Stamping
Shares
100
100
98
80
104
Mar
*89?*
Feb
102
Mar
Mar
53*
X
Clayton A Lambert Mfg. .4
Cleveland Elec Ilium.
*
16?*
X
Jan
16?*
150
153*
X
500
3*
June
May
53*
City A Suburban Homes 10
Clark Controller Co
1
1
Claude Neon Lights Inc
Jan
~40X
40 X
"250
4X
4X
100
35
May
Jan
Jan
8%
83*
July
63*
Feb
17
Jan
41
Cllnchfleld Coal Corp..100
23*
Jan
4
Club Alum Utensil Co—*
1
Jan
53*
June
July
Jan
2?*
Cocfcshutt Plow Co com..*
<>2X
2
23*
1,800
Mar
Eversharp Inc
Mar
May
43*
July
2
May
703*
100
6% preferred
1
Commonwealth A Southern
Columbia Oil A Gas
60?*
Mar
IX
20X
hi
hi
900
3*
July
50
183*
June
24 3*
ht June
20X
Community Pub Service 25
50
10
2
Fire Association
Jan
Ford
3*
Jan
133*
Jan
Mar
X
Mar
Mar
11?*
X
-—*
S3 preferred..
*
Conn Telep A Eleo Corp_.l
Rights (expireSept2)...
Consul Biscuit Co
—1
Consol G E L P Bait com.*
4X% series B prof... 100
4% pref Berles C
100
....
303*
IX
1
13*
July
X June
2,600
hit
20,500
200
IX
July
800
55X
May
1183* 1183*
20
1
IX
583*
33 34
Jan
2
*u
July
2?$
Feb
Aug
ht
IX
58?*
r*n
Jan
73
"i~X "ix
""200
115
May
1193*
Jan
105
Feb
1103*
Aug
Consol Mln A Smelt Ltd..6
13*
May
1?*
21?*
Consol Gas Utilities—..1
June
283*
Feb
July
1
3
Mar
4
July
100
10
100
Jan
105
Apr
Consol Retail Stores
preferred
13*
Oil
Consolidated Steel Corp ♦
Continental Gas A Elec Co
Oonsol Royalty
91
8?*
3,800
913*
91
53*
Feb
35?*
preference
8X
Jan
AUg
70
73*
700
June
85
53*
Mar
98
14?*
14
6?*
23*
Apr
5X
May
19?* May
4
3*
8
JaD
Aug
200
6
Apr
May
253*
103*
8?*
July
35
Jan
July
June
19
June
JaD
JaD
763*
60
583*
Apr
450
x96X
July
May
13*
Apr
Jan
113*
Apr
Feb
113*
25?*
13*
July
13*
300
1
900
93*
25
253*
150
13*
1
763*
Aug
1343* June
1
Conv partlo pref
S3 oonv stock
400
Common
Jan
Jan
General Alloys Co
Jan
87
Aug
Jan
1?*
145*
July
Feb
Aug
6?*
23*
Feb
July
July
x5
100
x5
July
July
95?* May
Aug
x5
Aug
July
55?*
Apr
X June
X
Feb
13*
Jai
13*
Jan
63*
July
36
800
3?*
Gen Pub Serv 36 pref
May
73*
May
Aug
600
Apr
Glen
7X
3X
13*
July
Feb
103*
July
63*
Jan
11
Aug
13*
13*
Aug
9
July
20
Mar
12
Jan
Jan
Gray Mfg Co...
Great Atl A Pao Tea—
May
Aug
Feb
8
July
Jan
3?*
Mar
Feb
23*
Mar
Jan
Feb
Jan
1
533*
112
July
June
23*
8X
"366
600
23*
23*
si«
si«
18?*
Aug
8X
Apr
10
Jan
Jan
18?*
Feb
13*
Jan
1?*
Jan
23*
Apr
3*
Jan
ht May
July
17
May
21
Jan
11
Apr
11
Apr
10
7X
8
3,300
63*
70 X
10
23*
500
61
213*
74
74
Non-vot oom stook
•
25
30
preferred
Aug
8
63*
Jan
163*
July
May
6
Jan
76
Jan
Feb
343*
Aug
Jan
3
Jan
50
Apr
763*
June
nie
Jan
July
1
J
•
Hearn Dept Stores oom..6
0% conv preferred
Hecla Mining Co
Rube ostein
Helena
Heller
Co common
June
13*
Jan
Mar
93*
Jan
13*
52?*
35?*
13*
54 3*
373*
300
1?*
May
33*
Jan
Preferred
Preferred
w w
ex-warr
425
48
June
683*
1,150
30
May
42
Apr
For footnotes see page
Jan
Jan
183*
Aug
Apr
•l«
Jan
123*
123*
23*
11?*
Apr
Apr
163*
163*
July
May
33*
Jan
23*
543*
59
73*
2
Chemical
10
Co class A...10
Bollinger Consol G M
5
Holopbane Co common.
Horder s, Inc...
*
Hormel (Geo A) A Co com*
54?*
1,100
473*
2,500
62
108
7
73*
•ii
"43*
1255.
113*
113*
"~4~X "I"
300
M00
113*
273*
2
13
June
Hoe (R) A
Aug
C) Co common.. 1
Horn A Hardart Baking.
Horn A Hardart
•
5%
preferred
100
3*
Jan
HubbeU (Harvey) Ino
Apr
Humble Oil A Ref
•
13
May
70
13*
Apr
Hummel-Ross Fibre Corp
Jan
Huyler's com
Vtcfor 1st pref
6
Aug
123*
Jan
May
323*
Mar
Feb
53*
July
293*
35 3*
Jan
53*
6?*
Aug
3?* June
97
Jan
Feb
105
Jan
Mar
13*
Apr
Mar
3*
Mar
353*
363*
111
1,300
100
90
35
132
Apr
X
Apr
Jan
29
Mar
39
Aug
109
Mar
111
July
Jan
115
1113*
23*
200
Mar
43*
May
20
Feb
54
June
Ja>
23*
8?*
253*
65
Mar
Jan
X
13*
Jan
Jan
4?*
5
18
18
63*
6
103*
July
Apr
13*
Mar
4
June
63*
100
17
May
263*
Jan
Mar
3?*
Aug
250
63*
1,400
103*
;
13*
400
1,000
29?*
29?*
May
1,500
3?*
3
3*
13*
X
100
134
Feb
20
4X
May
93* June
73* May
Aug
Jan
26
434
123*
83 3*
123*
83
83 3*
163*
18
200
100
Apr
30
Jan
Aug
6?*
12
Aug
Jan
103*
9
Jan
Mar
26?*
Feb
26
Jan
5
Feb
Apr
65
83*
13?*
Feb
10
1,200
Apr
9
23
86
Aug
Feb
18
Aug
Aug
Jan
11?*
Jan
93*
173*
13
Apr
13
Apr
Apr
333*
23*
Feb
8
May
313*
23*
263*
263*
100
Mar
24?* June
Apr
Feb
'"3i3*"Jan
63?*
111
63*
643*
10
160
6 3*
100
5X
50
111
Aug
16
111
June
18
Jan
Apr
65
Aug
52?*
53*
63*
3*
1
1
July
103*
Hussmann-LIgonler Co.
Feb
1?* June
14?*
Jan
253* June
42
5
65?*
4
July
June
Horn (A
June
6,300
Mar
3*
June
26
July
July
Apr
23*
60
May
Aug
Jan
7?*
200
400
111
Hewitt Rubber common..6
warrants
113*
X
9
Henry Holt A Co part A..*
93*
7?*
103*
Jan
May
225
Aug
July
Jan
.2
TVs
163*
8?*
Apr
Aug
25
6X
153*
303*
100
X
40
£1133* 114?*
103*
800
*
1
36 3*
25c
•
200
Maob B—*
Grocery Stores.*
May
1273*
325
Class A
1,500
$6 preferred series B
Elgin Nat Watch Co.... 16
Emerson Eleo Mfg
4
X'
33*
29?*
73*
Easy Washing
May
July
7?* June
153* July
5,000
8?*
60
13*
16
Feb
4?*
Mar
43*
hi
129
393*
40
Corp
"i«
153*
19?*
94
Mar
75
993* 100?*
129
1
B non-vot common
Basel tine
X
X
•
Jan
7X June
Feb
83*
49
13*
1003*
Hat Corp of America—
Feb
July
111
J7 preferred series A
73*
25
400
""300
•
Harvard Brewing Co
•is
543*
283*
32
Gypsum Llme&Alabastlne*
Hall Lamp Co
5
Hammermlli Paper.....10
Hartford Eleo Light....25
Hartford Rayon v t 0
Aug
125
Jan
13*
283*
31?*
Gulf States UtU 35.60 pf.*
JaD
July
MaUeableIron._26
Corp
♦
Apr
>11
1
{Guardian Investors
Gulf Oil Corp....
Mar
23*
723*
Eastern States
•
♦
•
40
If
7% 1st pref erred.... 100
Greater N Y Brewery
1
Gt Northern Paper
25
13*
11
23*
200
5
Apr
4?* June
Heyden
Elec Bond A Share com..6
3,800
250
73*
100
98
...»
73*
13*
14 3*
30
73*
Mfg common.. 10
123*
June
109
23*
preferred.
Mar
Aug
3
163*
43*
70X
33
Gorham
May
IX
arl3 3*
Grocery 8ta Prod oom__25c
49
100
500
18?*
54
Mar
30
Greenfield Tap A Die....*
Mar
East Gas A Fuel Assoc—
100
100
1003*
6?*
*
Gorham Inc class A
July
17X
13*
8?*
~93*
Jan
"366
Grand Rapids Varnish...1
28?*
8
Durham Hosiery cl B com *
10
Mai
103*
Goodman Mfg Co......60
Feb
Aug
3?*
30
»
Class B
Aug
23*
13*
100
13?*
Alden Coal
Godohaux Sugars class A.*
May
63*
10
—*
110
July
x3 3*
13*
293*
1
Mat
Jan
•
23*
73*
35
13*
43
'98
.._*
Jan
May
100
100
Preferred
Gilchrist Co
Mar
1
993*
*
May
25
45
37 preferred
*
Goldfleld Consol Mines.. 1
700
100
Duro-Test Corp common .1
May
Gladding MoBean A Co..•
Apr
3*
23
100
108
90
53*
13
DubUler Condenser Corp.l
Jan
Aug
'""53* ~~5X
2?*
13*
223*
Mar
100
9?*
Jan
Feb
»u
Apr
40
May
7X
3X
13*
Jan
July
1043* 1043*
preferred
»
Georgia Power 36 pref...*
35 preferred
•
Gilbert (A C) common.._»
»u
"250
Jan
13*
20
101
33
43*
Apr
3*
Jan
61
1
Gen Water G A E oom
300
"\ox ~iox
July
June
101
600
400
31
45
100
5
83*
83
120
52
23*
7?*
July
May
July
100
*
Jan
400
60
723*
23
*i«
X
1
36 oonv preferred
Aug
4,800
Jan
Mar
Jan
May
3*
523*
52 X
X
Common
3*
1?*
*
70
16 3*
91
General Tire A Rubber—
13*
10 3*
13*
Jan
X
Jan
7
73*
"26
263*
263*
May
103*,
13*
23*
"773* "78"
78
*
3*
5
._
"266
...»
Gen Outdoor Adv 6% pf 100
3*
1?*
Apr
10 X
*
3*
200
1
123* May
40
Investment oom.l
preferred.
May
4
"200
13
13
»
400
Dominion Steel A Coal B 25
preferred...
67
Jan
Amer dep rets ord reg.£l
Gen Flreprooflng com
3*
Dominion Bridge Co Ltd.*
43*% prior pref
47
Mar
90
Mar
Jan
July
General ShareholdlngsCorp
Jan
X
43*
19?*
Dobeckmun Co common. 1
Common
Feb
50
*
IX
1
Mar
23*
Eagle Plcher Lead
28
30
100
Mar
July
10
Duval Texas Sulphur
275
225
953*
Gen Rayon Co A stock...*
.10
Dlvoo-Twln Truck ©om__l
Duke Power Co
46
64
953*
493*
Jan
13*
Diamond Shoe common..*
preferred
65
1
X
20?*
Prod......10
Driver Harris Cot
Feb
100
1?*
16i#
1
Draper Corp
May
34
x5
....
5% preferred
Gellman Mfg Co com
July
123*
20
Fdy__.l
Mich Stove Co com__l
Llauors
Aug
Aug
Gatlneau Power Co—
63*
100
Detroit Gray Iron
preferred
9?*
203*
250
'""375
62 3*
953*
Feb
43*
1,700
23*
60
8% debenture
100
Derby OH A Ref Corp oom«
A conv preferred
.*
Detroit Gasket A Mfg—1
De Vllbiss Co common.
8?* May
8?*
"eo"
443*
._..*
4% conv preferred... 100
Gamewell Co 36 oonv pf..*
5
Dennlson Mfg el A oom.
| Detroit Paper Prod
Jan
18
62 3*
13*
1
6% preferred w w
3,200
15
General
11
2.60
S6 prior pref
Apr
X
63""
8?*
1
Common
Fuller (Geo A) Co oom... 1
23*
(Mo)—_-5
Darby Petroleum oom
5
Davenport Hosiery Mills
Dayton Rubber Mfg
1
Class A oonv
35
Decca Records oommon._l
Stores
13*
19
Froedtert Grain A Malt—
Jan
37
Curtis Mfg Co
Electrographlc Corp
Franklin Co Distilling
3*
*
Cuban Tobacco com
preferred
Aug
Jan
10
113*
Apr
18
17
IX
preferred
Cuban Atlantic Sugar....6
S0
Option
73*
Gen Gas A El $0 pref B..»
May
25
♦
10
7% oonv preferred
J6
50
10 3*
253*
Jan
7
14X
I
Crystal OH Ref com
Elec P A L 2d pref A
1,100
*
Fox (Peter) Brewing Co. .6
Mar
30
600
'""800
23*
18
*
Crown Cent Petrol (Md) .6
Crown Cork Internat A..*
Crown Drug Co com...26c
preferred
400
8
Jan
33*
May
113*
»
H
1,400
"2"l~66
Crocker Wheeler Elec..—♦
15
3
21
28?*
June
7 3*
1?*
IX
Class A non-vot
83*
70
Crowley, Mllner A Co
Economy
2,300
9
113*
Am dep rets ord reg...£l
Feb
"3~600
6
"13* "13*
6
Croft Brewing Co..
Eastern
10 3*
Jan
Motor Co Ltd—
May
"~93*
"ix "ix
£1
Adre ord reg stock
0%
1J* May
213* Mar
763*
107
*
0% preferred A
Creole petroleum
7%
300
106 3* 1073*
(Phlla).lO
03*
Courtaulds Ltd—
Distilled
Mar
23*
35
in June
60
5% conv preferred
33
6
J
Cosden Petroleum com..
13*
35 X
73*
9X
com—*
*
♦
Cornucopia Gold Mines 6c
Corroon A Reynolds
1
So preferred A
*
vjooper-Bessemer
Copper Range Co
7%
JaD
20?*
33*
13
7
93* June
73*
Roll A Steel
Detroit Steel
Jan
Apr
575
73*
*
3*
—1
Cook Paint A Varnish Co
Det
Ma
X
Gen Electrlo Co Ltd—
100
7% prior pref
7?*
8X
Feb
Continental Oil of Mex—1
Delay
8
Apr
193*
21
Class B voting
113*
1
Vtcextto 1946
Curtis Light*g Ino oom
223*
Ford Motor of Canada-
Conn Gas A Coke Secur—
S3 prior
»i«
900
5
Florida P A L J7 pref
Compo Shoe Mach—
Coot
July
Apr
19
Jan
June
Community Water Serv..I
8%
July
138
Flat Amer dep rets
1
Distribution. _1
Common
130
Jan
Fed Compress A W'h'se 26
Feb
Jan
300
Warrants
Commonw
June
2
122
Feb
72
si«
IX
823*
Feb
July
Feb
68
3*
18?*
23*
Fairchild Eng A Airplane. 1
1
1
July
2
10 3*
1
1
11,500
Aug
120
50
23*
193*
Fanny Farmer Candy
Fansteel Metallurgical
Fedders Mfg Co
IX
Feb
53* May
3*
Falstaff Brewing
52 X
673*
983*
213*
Jan
l%
Apr
"266
124
1
com
High
80
70
Jan
June
IX
124
43*
51
140
117k I20"
Apr
80
116
100
Falrohlld Aviation
74 ?*
73?*
10
100
Esquire Ino
1
Eureka Pipe Line com..60
13*
51 J*
73 X
Patent Fire Arms.25
112 3*
Equip..6
Equity Corp common.. 10c
S3 conv preferred
1
9
Columbia Gas A Eleo—
98
98
Emsco Derrick A
Jan
200
Low
Shares
Empire Power part stock.*
43*
£1
6% oonv preferred
Colorado Fuel A Iron warr.
Range Since Jan. 1. 1941
for
Week
High
100
Jan
900
Colon Development ord—
Low
100
preferred
X
8
Cohn A Bosenberger Inc.*
Price
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
X
Jan
Apr
43*
of Prices
6% prefened
6 3*% preferred
7% preferred
6 3*
3?*
Cleveland Tractor com—*
Week's Range
Sale
Par
Mar
89
Last
High
Low
53*
96 X
95
Cities Serv P4LJ7 pref.*
Coif
STOCKS
(Continued)
Range Since Jan. 1,
Last
Sales
Friday
Sales
Friday
STOCKS
(Continued)
$6
1251
New York Curb Exchange—Continued—Page 2
153
5X
4
1143*
May
73*
May
8
7
Aug
Aug
3*
Feb
June
Apr
July
Jan
New York Curb Exchange—Continued—Page 3
1252
Friday
Sales
STOCKS
Last
Week's Range
Sale
of Prices
Low
High
Week
Par
Price
Hydro-Electric Securities *
Hygrade Food Prod--..-6
Hygrade Bylvanla Corp.. »
conv
1)1 v
Illinois
Zinc
30 %
1H
24%
3%
1%
100
29
30%
1,000
4%
500
ctffl
Co
*
12
12
200
1%
2%
40%
3%
Feb
July
May
July
35
Feb
July
Mead Johnson A Co
Aug
Jan
Mercantile Stores com.
6%
6%
6 %
Merchants A Mfgcl A
Apr
13%
Imperial Tobacco of Can.6
May
Jan
7%
Ireland
t
7
Apr
7%
Apr
9
£1
7
4%
4%
Apr
May
2H
200
9
5
5% % preferred
7%
100
June
110% June
24 %
23%
"140
"20
115
Preferred
Aug
Jan
%
Jan
%
July
July
%
Ye
% June
9% Mar
04%
Feb,
100
%
June
81%
"soli "51%
L350
12%
Jan
81%
Aug
July
20%
Jan
15%
Href $3.60 series
60
3%
3%
3%
200
3% May
1% June
internat Industries Inc..
Internat Metal Indus A.
6%
Internat Paper A Pow warr
2%
9H
OH
2 %
on
*
25
8,600
1%
Apr
8%
Jan
7
10
2%
11
$2
Mar
4%
Mar
6%
May
>it
Jan
Class A
Class B
1
Ye
Ye
200
$1.76 preferred
$3.60 prior pref
Vitamin
*
27
5%
1
29 %
Aug
40
**!«
5,600
Aug
Jan
112
Apr
% May
5%
100
4%
Apr
1
1
3C0
%
Feb
6%
7
200
3%
Jan
%
6%
1%
7%
Feb
8
2%
4
4%
400
Jan
Jan
Mar
July
July
Apr
4%
Aug
%
Apr
4% May
%
Aug
6%
Apr
8
150
15%
July
18
Jan
100
108%
1%
Apr
135
July
Apr
%
%
1,300
4%
4%
4%
2,400
Jan
preferred
0%
Missouri
Molybdenum Corp
34%
Jan
Monroe Loan Soc
6%
Aug
10
Jan
100
10%
May
12
Mar
3%
100
16
Apr
5%
10%
109
"~2
1
Jeannette Glass Co
"VA
Montreal
Lt Ht A
Feb
8
Jan
Feb
15
Aug
Jan
%
55%
Aug
93
Mar
45%
Feb
May
%
Jan
Moore
18%
Mar
Apr
14
May
May
Jan
%
1%
1%
167
"21% "21%
500
Mountain
Mountain Producers
3%
Jan
7
1%
Aug
Apr
VA
1 Ye
700
90 %
25
88
Aug
9814
90 Ye
99
60
95
July
104 %
Jan
102% 103 %
50
Aug
110
Jan
___100
7%
preferred
.100
10314
101%
July
9%
5%
Apr
May
8%
36%
Jan
k 29%
%
Mar
%
July
300
1%
11%
June
2%
11%
Jan
1,000
"Too
156
Mar
Feb
14%
15
Apr
May
5%
5%
50
2%
3,700
5%
We
900
4%
City Cop com.5c
10
•
common
22
120
6
120
Lamp A *
Kimberly-Clark 6% pf.100
Kings Co Ltg 7% pf B.100
10j
June
115% June
23%
120
Feb
Aug
on
200
7
Feb
9%
July
5 Ye
9H
5%
100
3
Feb
5%
Aug
70
20
64
July
76
Mar
48 Ye
48%
10
46%
Aug
54
Jan
1
1H
1H
1,300
1
2Ys
2 Ye
1%
2 Ye
100
Products
Klrby Petroleum
300
Klrkl'd Lake GM Co Ltd. 1
Kelln (D Emll) Co com..*
Knott Corp common
Feb
1%
Jan
1%
7i«
Jan
2%
Feb
July
%
Jan
May
14
Feb
July
10%
4
Jan
Apr
12
June
8%
1
Kobacker Stores Inc
1
12
Klelnertd B) Rubber Co. 10
We
3A
100
3% June
.*
10
Mar
Koppers Co 6% pref...100
Kresge Dept Stores—
94
Apr
4% conv 1st pref
100
Kress (8 H) special pref. 10
50
Apr
Kreuger Brewing Co
1
4%
10%
Lakey Foundry A Mach-.l
3%
Larason Corp of Del
4%
400
11%
Apr
4% June
37
Jan
600
10%
July
400
3%
May
%
10%
3%
Feb
Jan
5
Lane Bryant 7% pref.. 100
98%
104%
common..ljBakeries—1
7% June
50
*
5%
Aug
3%
Jan
0%
Apr
11%
June
*
Lefcourt Realty com
1
...
Jan
15
%
13%
5%
129
Aug
200
10
June
11
7
7
100 i
100'
8
We
♦
400
8
5%
N achrn an-S prl ngf llled
■
*
Nat Bellas Hess
1
Jan
5%
9,500
14%
5%
Jan
Jan
2
July
106
June
10%
Jan
15
Jan
Jan
Jan
%
8
Feb
July
5%
Aug
100
»u
Jan
*ia
Jan
400
23%
Feb
z34 %
Aug
6% June
8%
Jan
200
...25
*
National Steel Car Ltd...*
National Sugar Refining.*
14%
Lone 8tar Gas Corp
»
*
New Engl
$2
3
5
5
1,800
1,000
Ludwlg Bauman A Co oom*
Conv 7% 1st pref
100
21%
19%
1%
4%
106%
June
Aug
1%
Feb
27%
Aug
Feb
Mar
25%
Jan
25
25
25
25
21
22%
Manatl Sugar opt warr
60
300
21%
18
Jan
Feb
Apr
June
100
he
3
3
100
1%
Mar
55
55
10
24
»n
»i«
38
Mar
24
Manlschewlta(The B) Co.*
Mapea Consol Mfg Co...*
June
Marconi Intl Marine
Communication Co Ltd.
Margay Oil Corp
•
*
2%
9%
4
1
*
1
\
100
4
%
Ye
28%
28%
2
2
Apr
2%
Feb
100
100
50
Feb
55
Aug
Apr
Jan
Apr
7i«
Feb
2%
Jan
Aug
33
Jan
55%
McCord Rad A Mfg B___*
Apr
59%
Jan
1
9%
9%
600
5%
Jan
20%
Mar
300
7%
Apr
Jan
Aug
Feb
6%
26%
9%
8%
11%
300
10%
Jan
12%
July
3%
300
2%
May
4%
Aug
%
500
12
13%
1,700
9
Aug
Mar
Mar
%
Jan
9%
Feb
13%
Aug
109% May
116%
Mar
%
3%
9%
9%
100
33%
34
50
July
5
6%
%
Feb
10
1%
Aug
3%
Apr
32% June
Mar
0%
56%
18%
Feb
123%
"OO
129%
Jan
6
Aug
110%
May
100
3%
July
16
16
100
13%
Feb
68%
68%
550
61%
May
1%
1%
100
4%
4%
'
Jan
Aug
Jan
14
122
Apr
1
Jan
15
Apr
7
Feb
107
16%
70%
2%
29%
Jan
Feb
Aug
July
Aug
Apr
3% •July
0
Mar
Jan
July
Apr
•
98% June
105%
Jan
1
preferred
19%
7%
116%
22%
'Apr
29%
Mar
6%
Jan
8%
July
112
112%
30
Jan
Shipbuilding Corp—
Founders Shares
New York Transit Co
Common
6% 1st preferred
5% 2d preferred
June
2%
July
Jan
10%
July
38%
2%
35
38%
2%
2,500
68%
2%
100
375
26% June
42
Jan
56%
67
61
May
79%
65%
Jan
Feb
*14
Jan
%
100
67
Apr
May
*m
10
Apr
Jan
4
Feb
20
3%
88%
Apr
600
45%
100
Class A opt warrants
Class B opt warrants
2%
3%
*u
Jan
Jan
Feb
Niagara Share—
Class B
common
3%
5
Class A preferred
*
91
100
NUes-Bement-Pond
Nineteen Hundred Corp B1
N1 pissing Mines
6
50%
1
49%
3%
92
50%
100
8
700
%
300
Noma Electric
I
Nor Amer Lt A Power—
Common
_l
%
3
July
92
June
July
60 %
Jan
10 %
Jan
Feb
%
Jan
%
Jan
May
4
he May
1
Jan
90%
475
70
Feb
21%
200
18
Aug
23 %
Jan
17%
Aug
prior preferred...60
50%
Feb
23%
53%
Aug
No Am Utility Securities. •
Nor Central Texas OH...5
%
Jan
%
3%
Tan
$0 preferred
North Amer Rayon cl A
Class B common
0%
*
For footnotes see page 1255
May
4%
750
Jan
Aug
Niagara Hudson Power-
'"26% "Jan
5*
2,200
4% June
5
N Y Water 8erv
0% pf.100
July
*11 May
1%
Aug
July
2%
July
6%
26%
Warrants
Aug
3
10
4
May
5%
Jan
July
27
May McEwen Kaiser Co—
Dredging.._*
Jan
July
Jan
Jan
1
*
July
87
3%
N Y
July
100%
1,350
*
Jan
1%
28%
xb
Feb
97
Apr
Jan
75
Feb
29%
%
35%
32%
3%
5%
109%
31
29%
3%
2%
6%
1
10%
30%
300
*
Aug
8%
1,000
4%
44%
12%
12%
4%
11%
3%
%
25
8i# June
3,100
%
Mar
Aug
8%'
N Y A Honduras Rosarlo 10
N Y Merchandise
10
N Y Pr A Lt 7% pref..100
Feo
Aug
May
24%
New England Tel A Tel 100
New Haven Clock Co
•
New Idea Inc common
*
1%
Jan
15% June
15
10%
»
N Y Auction Co com
N Y City Omnibus—
Jan
July
10%
*
New Jersey Zinc
New Mex A Ariz Land
New Process Co
Jan
8
200
2%
6
26%
100
19
13%
175
Pow Assoo
preferred
preferred
May
May
May
1,000
95
Nelson (Herman) Corp...6
Neptune Meter class A...*
Nestle Le Mur Co ol A
♦
$6
Conv 7% 1st pf v t o. 100
Lynch Corp common
5
97
*
Feb
250
8%
"3II
June
%
17%
4%
30c
Aug
1
14%
8%
%
»
11%
May
Jan
10%
11%
10%
*
Mar
14%
6
100
Anr
'u May
17%
11%
*
Nat Rubber Mach
•
Navarro Oil Co
332
Lit Brothers oommon
Locke Steel Chain
son
May
6%
Nebraska Pow 7% pref.100
Nehl Corp 1st preferred..*
33%
7%
33
Long Island Lighting—
Common...
Apr
71
10
*
Apr
7%
"sl Ye
7
Jan
12%
38%
Nat Mfg A Stores com
National P A L $6 pref
National Refining com
Mar
Mar
14
$3 conv preferred
50
National Container (Del).l
National Fuel Gas
♦
Jan
Mar
May
100
Lines com.l
12%
9%
National Breweries com..*
National Candy Co
•
National Tea 5 % % pref. 10
Transit
12.60
Llpton (Thos J) Ino—
Louisiana Land A Explor.l
Louisiana P A L $0 pref..*
com
15%
140
5%
67
100
Nat Tunnel A Mines
Nat Union Radio.
332
Develop...25
100
preferred
Aug
46
July
6%
2%
-
*
Le Tourneau (R Q) Ino.. 1
Line Material Co
5
80
11%
Jan
.
B
130%
0%
-
Class
Jan
Jan
July
11%
Apr
Langendorf Utd
Class A
26
2% June
Jan
5%
11
National
Lackawanna RR (N J). 100
Lake Shores Mines Ltd—_1
Mar
Jan
18%
July
National City
70
Jan
%
129
0%
Kokenge com..*
Kennedy's Inc
174
Jan
Murray Ohio Mfg Co
*
Muskegon Piston Rlng_2%
Muskogee Co oommon
•
Johnson Publishing Co..10
Kansas G A E 7% pref.100
Mar
Jan
800
Mountain Sts Tel A Tel 100
preferred
Aug
200
2%
2%
5%
110%
6%
JMountaln States Power
97%
Jan
%
Mtge Bank of Col Am shs..
Jan
Feb
July
3%
(Tom) Diet Stmp.l
%
*
6%
Jan
1,800
6%
31
164
Feb
Feb
%
7%
6%
31
Moody Investors part pf.*
1%
Jan
7
700
Pow..*
Jan
".TOO
6%
7%
6%
Montgomery Ward A...
9%
-
1%
a:13%
112
__1
3%
100
common
475
Montana Dakota Utll—.10
Aug
Jersey Central Pow A Lt
Marlon Steam Shovel
Mass Utll Assoc v t c
A
Apr
%
15%
100
10%
1
preferred
51
6%
1
He
Irving Air Chute
Mangel Stores
200
100
Pub Serv com..*
Aug
Italian Superpower A...
Packing
1,000
83%
Monogram Pictures com.l
9,900
16
Jacobs (F L) Co
7% pref class A
0% pref class B
7%
15
50%
Mock Jud Voehrlnger—
Common
2.60
Apr
2,000
11%
1
Lehigh Coal A Nav
7%
15
50%
27
100
Mar
he
14%
1
Iron Fireman Mfg v t o__
6% preferred D
7%
15
Monarch Machine Tool..*
8
7
11 %
Investors Royalty
preferred
17
17%
127% 130
130
10
Mar
Interstate Power $7 pref.
Apr
May
5%
dlv shares.*
non cum
Jan
We
We
Equip..1
Interstate Hosiery MHls..
y
July
2
%
6%
10%
International
McWilliams
July
103%
1%
%
.1
Minnesota Min A Mfg
Mar
preferred
%
FeD
78
600
A pi
Mississippi River Power—
May
Feb
Electric Co
Mar
250
%
Mining Corp of Canada..
Jan
%
$4
t 0—
Mldvaie Co....—.....
Mid-West Abrasive
50c
May
10%
4%
Master
July
$2 conv preferred
Aug
Feb
Massey Harris
v
Midwest Piping A Sup
May
conv
B
Midwest Oil Co
%
$5
Apr
7%
106
West Corp eom_.5
Jan
3%
Loudon
29%
Fee
Midland Steel Products—
International UUlIty—
preferred
Aug
3%
%
1% June
31
Aug
1
Jan
Internat Safety Razor B
0%
t c
7%
International Products..
Oil
v
2%"
,
Feb
2,500
2%
4%
9
Conv preferred
27%
400
Minnesota P A L 7% pf 100
Coupon shares
Registered shares
Leonard
A
Class
Middle
International Petroleum-
Lane Wells Co
4%
25
6%
Middle States Petroleum-
*A
100
Insurance Co of No Am. 10
Kingston
Mar
27%
Mlcromatlc Hone Corp.,
Aug
Internat Hydro Elec—
Ken- Had Tube A
July
Aug
5
Aug
29
%
International Cigar Macb
A
Jan
5%
22
Mar
%
10
27%
Jan
200
---1
preferred
Julian
Apr
15%
Midland Oil Corp—
V t o common
6%%
97
High
148
100
•
Jan
Non-voting class A—
Interstate Home
90%
4
300
15
13%
Industrial Finance—
7%
4%
Low
124% May
3%
%
preferred...
Class
1
30
22
27%
6%
6%
Michigan Bumper Corp—1
Michigan Steel Tube._2.60
Michigan Sugar Co
♦
Indian Ter Ilium OH—
Class B
4%
....
14%
—100
preferred
130
22
Range Since Jan. 1, 1941
es
Metropolitan Edison—
Indianapolis Power & Light
Indiana Service 6% pf.100
129
Sha
1
Partlc preferred
Jan
Apr
High
Metal Textile Corp....25o
$6
7%
bine
129
A preferred...100
Mesabi Iron Co
imperial Tobacco of Great
Britain
Low
Warrants
Aug
2%
May
Feb
Price
Merrltt Chapman A Scott *
Mar
6
Week
Participating preferred
Jan
5H
•
for
of Prices
"22"
Jan
7%
9%
2,500
•
Week's Range
j
Memphis Nat Gas com..6
6%%
Imperial Oil (Can) coup—*
Indiana Pipe
Sale
Par
2%
Imperial Chemical Indus—
Am dep rets regis
£1
Registered
Feb
31
1%
50
1%
100
100
Last
High
Jan
1%
4
preferred
arrear
Low
Shares
STOCKS
(Cont.nved)
40%
1%
iliiziols Iowa Power Co—*
6%
Range Since Jan. 1,1941
«m
40
Sales
Friday
for
(Continued)
Aug. 30, 1941
88
*
•
21%
21%
♦
4%
4%
4%
300
97
5
July
Jan
Jan
May
Volume
New York Curb Exchange—Continued—Page 4
153
Last
STOCKS
Week's Range
Sale
(Continued)
Par
Nor Ind Pub Ser 6%
Low
High
7% preferred
Northern Pipe Line
9
9
100
5J4
534
300
3
3J4
*3~306
10
Novadel-Agene Corp....*
Ogden Corp com
4
Ohio Brass Co cl B com..*
Ohio Power 4
109
13
com.
preferred
$5%
"266
""25
2%
800
%
800
2%
%
23%
Apr
1%
1%
100
1
Apr
ilo%
Jan
115
Aug
2%
4~9O6
Aug
109%
Class A $2
Jan
7%
Aug
Mar
112%
118%
105%
June
110%
Jan
|
Jan
7%
July
t
21%
Jan
54
Jan
Apr
May
Savoy Oil Co..
I
Jan
Mar
ScovlU
3
Aug
Jan 1
Feb
78%
May
May
*
3%
July
*
14%
May
18%
Jan
Page-Hereey Tubes
*
Pantepec OH of Venezuela-
67%
Jan
67%
Jan
Pacific Public Service
1st preferred
American Bhares
4%
434
4%
4,500
May
31%
108%
28%
101%
20
500
3
7%
Parkersburg Rig <fe Reel—1
734
634
800
30
Peninsular Telephone com*
$1.40 preferred A
25
30%
Mar
Penn Traffic Co
,
1
334
3%
300
10
10
10
5,500
35%
Apr
%
2%
3%
Mar
Jan
%
Common
2%
2%
5
stock
*u
%
1%
100
250
Jau
46%
300
42
July
60
Mar
Jan
41
45%
_
46
3
FeD
46
Jan
Apr
59
%
Mar
Selfridge Provlnc'l Sts Ltd
Am
8%
May
14%
Jan
Mar
July
66%
May
Shawinlgan Wat A Pow._»
Mar
bherwln-WlHlam8 com..25
Apr
Sentry Safety Control
Seton Leather
1
Feb
%
1%
100
%
4%
300
"3% "3%
17200
%
4%
Serrlck Corp class B
Jan
%
Feb
Jan
4 %
Aug
4%
common..
3%
Feb
8%
"83%
'""766
"84
"§6"
Apr
3
May
65
Apr
109
Jan
%
Feb
%
deprcts ord reg...1
Jan
7
4%
11
Jan
Jan
83%
115%
Aug
6%
Feb
Jan
Feb
Aug
13
103
10334
50
98
Aug
113
Apr
Slmmons-Boardman Pub—
22%
Apr
23 %
Jan
1%
Apr
2%
Aug
102% June
149%
Aug
1% June
2%
Mar
'%
Aug
May
182
Jan
13%
Jan
22
Aug
Simplicity
49%
Apr
57%
Mar
79
May
98
Aug
Singer Mfg Co
22
50%
50 34
92
50%
550
92 34
600
June
28
Jan
2%
May
Amer dep rets ord
July
6%
Jan
Mar
118%
Jan
Skinner Organ.....
June
31%
Jan
Smith
400
2%
Feb
4%
July
6,600
1,150
4%
Feb
9
July
300
4%
3%
4
8%
8%
31
Feb
47%
12
reg.£l
100
1%
1%
1%
5%
5%
6
6%
3%
3%
1
July
Jan
Sobs Mfg com
18%
2,600
1%
Aug
South
5%
May
6%
Jan
45
""150
15%
400
12%
79%
80%
500
73
Pleasant Valley Wine Co.l
3%
3%
100
Plough lnc
7%
7%
100
Pittsburgh Plate Glass..26
80%
..1
South Coast
Corp
Penn
OH..
2%
1
com
2%
40
40
6% original preferred. 26
45%
45%
8%
30%
26
7.60
Pneumatic Bcale com
7%
10
10
Polaris Mining Co
Apr
5%% pref series C...25
96%
Jan
2%
42%
Jan
4
Aug
2%
Apr
30%
Jan
60
38
May
46%
30%
100
29
28%
100
28
Feb
Jau
Jau
Fen
1%
Mar
4%
3%
Jan
Mar
""SO
22%
~~~50
17%
June
23%
Jan
300
%
Jan
%
Jan
June
8%
Jau
Feb
Standard Cap A Seal com
*
22%
1
U16
Prentice-Hall
lnc
com
38
*
Metals of Am
1
Producers Corp of Nev
Aug
1
Prosperity Co class B
♦
100
♦
Prudential Investors
Aug
4%
4%
"266
Feb
5%
July
7%
*
Providence Gas
38
May
8%
Mar
9%
Jan
4
May
Jan
113%
%
z%
105%
%
Mar
95%
Jan
45
Jan
Bervlce of Colorado
6%
7%
1st
10b
108% June
116
June
^ubllc Bervlce of Indiana
$6 preferred.
10
Preferred A
133%
*
70'%
131% 133%
66
70%
900
1,075
133%
70%
1st preferred
•
Conv preferred
Aug
Co
94
May
37%
300
14 %
May
Feb
June
67%
18%
8%
105
Jan
Jan
Stein (A) A Co common..
20
74
74
151
151%
69
40
147
Mar
preferred
Raytheon Mfg com
15%
16%
400
111%
June
12%
Jan
17%
Apr
110% 110%
75
107%
Jan
Feb
in
19
8%
8%
8%
900
8%
Jan
2%
Aug
%
Apr
Apr
7%
Jan
'it
Jan
July
900
50
Apr
4%
Juiy
7»I
Mar
16%
Jan
Feb
5%
Jan
11%
4%
1%
Mar
3%
3%
1,700
1
♦
7
1
1%
7
1%
800
100
Jan
14%
7
1
Products Co
50
-.20
Sterling Aluminum Prod
Sterling Brewers lnc
1
1st preferred
6% 2d preferred
Sterling Ino
Stetson (J B) Co com
....
Stlnnes
Jan
Sun Ray Drug
Jan
Co...
1
"l%
10
Technicolor Ino common.
14%
15%
14%
Roosevelt Held lnc
6
1%
Mar
22%
Mar
38
Aug
9%
Apr
12
1
1
Jan
2%
2% June
13% Aug
20
12%
*
12%
300
4%
Jan
July
%
Jan
Tobacco Prod
5%
Apr
8%
Aug
2% June
3%
Jan
"9% "9%
17300
8
Apr
103% June
19%
......
—
1
♦
10
111
111
"~6%
Am
*
Jan
%
June
4%
July
%
July
Mar
3%
Mar
%
101
210
Apr
Jan
%
43
98
Mar
8%
100
dep rights def reg 5s
July
3%
%
""266
Jan
10
19%
2%
14%
500
%
26
114%
May
100
350
6%
0
June
May
5% June
2%
16%
'"4% ""4%
Export/"
Jan
100
900
2%
July
Tobacco Sec Tr Co Ltd—
Todd Shipyards Corp
1255
IOTgoo
8%
2%
8%
2%
Tobacco A Allied StockB..
Root Petroleum Co
Roofing lnc
Jan
300
2%
Tishman Realty A Constr
10%
11
38
16%
Tllo
J illy
July
Jan
600
Aug
2
Jan
July
14%
May
Aug
6
Jan
July
Apr
11
37%
pref..100
13%
5%
7ie
16
100
2%
Thew Shovel Co com
10%
July
45%
Texon Oil A Land Co
Feb
1%
Jan
Texas P A L 7%
Apr
Feb
July
Apr
Feb
8%
Apr
Jan
1%
1 %
37%
Feb
6
%
Aug
8%
100
May
Jan
Mar
10
45
"i% "2%
107
12
40%
Jan
May
Feb
Feb
45
"2%
114
Rome Cable Corp com
Pendleton Inc..*
Feb
7
5%
%
1 %
10
15%
May
104
38%
700
2%
June
July
Aug
"Hi "in """506
114
100
Rochester Tel 634% prflOO
July
5%
50
6%
102%
101%
Rochester GAEl 6 % pf C100
13%
Jan
""TOO
16
Taggart Corp com
1
Tampa Eiectrlo Co com..
Apr
May
2 %
Class B common
Swan Finch OH Corp
Jan
1%
Jan
40
10
6
6%% conv pref
60
Superior OH Co (Calif) ..21
Superior Port Cement-
Jan
44
Jan
25
5%
40
"l6"~
14%
Sunray OH
July
5%
15%
Co....
SuUlvan Machinery
i»„
10%
5%
•
6
(Hugo) Corp
Stroock (S)
44
July
1,000
•
•*
Sterchi Bros Stores
Jan
1%
21
Valley Gas Co1
Jan
May
1
Mar
3%
%
9%
1
15%
3%
%
Feb
Jan
July
Starrett (The) Corp v t c.
Feb
July
18%
Jan
7%
30
2%
Jan
Jan
Jan
27%
Jan
13
hi
•il
Jan
Jan
400
♦
For footnotes see page
July
Jan
Jan
1%
100
600
Jan
June
pref
2%
14%
20%
200
19%
Aug
Jan
6% preferred D
Apr
2
13
xl9
Apr
in
Feb
Radiator
July
1 %
he
trust ctfs
17%
17%
7»
Mfg Co
Feb
100
17%
Rice Btlx Dry Goods
12%
300
Jan
44
•
60c
1
Jan
200
600
...*
Republic Aviation
5%
%
Relter Foster OH Corp.50c
Reliance Elec A Engln'r'g 6
Reed Roller Bit Co
»i«
Mar
17%
2%
Feb
Red Bank Oil Co
16%
Jan
3%
332
»u
he
16%
Mar
%
800
17%
Raymond Concrete Pile—
'
July
200
13
5
1
9%
Railway A Util Invest A.i
July
July
6
Feb
Feb
2%
1%
Standard Steel Spring
Standard Tube clB
June
5
Jan
Feb
1
Standard Silver Lead
Railway A Light Sec—
10
1 %
8%
Standard
%
1,600
July
Apr
May
Jan
6%
%
6%
%
Jan
6%
•
warrants
Common
"306
Steel Co of Canada
159%
"~8%
Jan
5
Jan
Apr
Radio-Kelth-Orphuem—
New voting com..
2%
•
850
100
May
100
Common class B
725
Jan
July
Jan
25
8
in May
18%
6%
3
Feb
13
19%
100
54%
8%
July
Standard Pow A Lt
17%
'"'loo
Apr
2
53
112
Jan
Jan
Mar
6
6%
...
preferred..20
10
Standard OH (Ohio)—
conv
Btandard Oil (Ky)
107
Pyrene Manufacturing..10
luaker Oats common
preferred
16%
10
18%
108
165
*18
%
4%
107%
6
com
2%
*
53%
preferred
$6 preferred..
%
Standard Dredging Corp—
Common
%
July
4%
%
..."
Bpencer 8hoe Corp
Btahl-Meyer lnc
Preferred
Puget Bound Pulp A Tim ♦
100
6
6
Southland Royalty Co.-.6
Aug
>'ugel Bound P A L—
29%
Jan
20
26
5% preferred
preferred..'...
300
7
Southern Union Gas..,
$1.60
1st preferred ....100
31%
May
4%
6%
Standard Brewing Co
*i«
Bouthern Pipe Line
Spalding (A G) A Bros...1
Mining
May
149%
Soutnern Phosphate Co. 10
*2% "2%
Premier Gold
Aug
Aug
46
30%
South New Engl Tel...100
Jan
Apr
May
Corp. of Canada.
Jan
2%
43%
1%
Jan
12 %
»n
Mar
Feb
.
3%
F'eb
Apr
..100
7% preferred
%
1%
June
1
36%
%
10%
Aug
July
1st preferred..-.100
preferred..!.
25
preferred B
3%
2%
1%
Pratt A Lambert Co...
Roesla International
400
1,200
Southern Colo Pow cl A .26
Mai
6%
6
July
28%
Jan
16%
1,800
26c
common
Alexander...6
June
2%
23
70
Feb
Feb
%
Jan
1
Jan
Calif Edison—
Southern
45%
Mar
June
2%
4
Apr
'
Jan
68
1534
Apr
Feb
1%
200
Feb
63
67%
Pittsburgh Metallurgical 10
2%
900
1
Feb
Pittsburgh A Lake Erle_50
7%
2%
3%
1
Sonotone Corp
Feb
Pitts Bess ALE RR....60
Feb
%
Solar Aircraft Co
1%
Jan
104
6
(H) Paper Mills—.*
Southwest Pa Pipe Line. 10
*
June
102
Sioux City G A E 7% pf
600
47
46
1,500
50
136
135
...100
2%
1%
Singer Mfg Co Ltd—
July
200
534
1%
Pattern com..1
Solar Mfg Co
Meter
Quebec Power
pref
5
334
Pituey-Bowes Postage
Pyle-Natlonal Co
conv
30%
•
com
$3
113
3%
534
Jan
Simpson'B Ltd B stock.;_»
162
"166
20
20
46 34
conv
1,700
9%
Conv $3 pref series A. 10
$1.20
Aug
Aug
6%
Pioneer Gold Mines Ltd..l
Roeser A
10%
Hllex Co common
Pierce Governor common.*
Votlug
Aug
7% June
Sherwln-WlUlamB of Can
8%
Rio Grande
May
%
5%
Jan
1
Richmond
37%
Apr
Jan
*
Common.
Rheem
Jan
he June
2%
1,600
Selected Industries Ino—
Aug
Phoenix Securities-
conv
Jan
Mar
115
1
Phillips Packing Co
$3
Jan
Mar
1%
%
Aug
PhUa Elec Pow 8% pref_26
Option
14%
Apr
103
•
Phlla Eleo Co $5 pref
6%
Jan
Apr
%
500
PhUadelphla Co common.*
prior
Jan
115
10634
100
Pharls Tire A Rubber
$6
Feb
22
105
.60
Perfect Circle Co
$7 prior
Aug
Jan
*
Peppered Mfg Co
Public
Mar
17% May
1,800
5%
4%
5% cum pref ser AAA 100
Pennsylvania Sugar corn 20
Penn Water A Power Co.*
Pressed
Apr
36
Jan
%
Penn Bait Mfg Co
6%
Jau
Jan
24
»ib
Apr
<<,
July
»ie
13%
29%
115%
"400
Securities Corp general.
Seem an Bros Ino
2%
40
14%
Mar
9
$5.50 prior stock
25
Allotment certificates
32%
Jan
% May
70
20
""% """%
Convertible
Aug
Jan
% June
25% July
% July
*
p'.eferred
Power
70
Aug
Apr
common
A
70
10
20
Shattuck Denn Mining...5
*
Penn Pr A Lt $7 pref
Sugar
20
Mar
7%
Pennsylvania Gas A Elec—
Powdrell
•
common
%
Jan
33
"800
"27% "27%
Scranton Spring Brook
Water Service $6 pref—*
Scullln Steel Co com
64%
36%
3 %
.1
Pennsylvania Edison Co—
$6 series pref
*
Potero
27%
25
%
2 34
$6
Mfg
5%
Apr
Aug
3%
9
Segal Lock A Hardware. .1
June
31
60c
$2.80 series pref
|
Jan
2%
Mar
12
100
25
2%
Penn-Mex Fuel
com.
3 %
13
Mar
5%
Patchog ue-Ply mo uth M Ills
100
616
Aug
111
June
%
14%
616
July
Feb
%
14%
Selberllng Rubber com...*
Aug { Selby Shoe Co
4%
Jan
Apr
Mar
Feb
Apr
1%
1%
2% May
22
Warrants
Mar
4
Feb
2%
11
Paramount Motors Corp.l
Parker Pen Co
10
87%
70
Aug
2%
114
Conv preferred
Jan
110
85
1,200
Scranton Elec $6 pref..
34%
85
105 %
425
2%
5
6%
Jan
Feb
Mar
May
"l%"May
110%
2%
600
Schlff Co common.......»
Schulte (D A) com....
1
July
10534 106
634% 1st preferred.-.25
2%
109
Samson United Corp com. 3
Sanford Mills
»
Scran ton Lace
Pacific Lighting <5 pref..*
Pacific P & L 7% pref.. 100
2%
July
May
600
2%
109%
1
6
May
32 34
30%
3234
30%
5
..100
Salt Dome Oil Co
Jan
116%
30%
32 %
pref..50
preferred
Apr
107%
5%
1%
Pacific Q A E 6% 1st pf.25
Class A
conv
St Regis Paper com
112
18
Petrol
5
Apr
»u
1
Pennroad Corp com
Penn Cent Airlines
3
59% June
4% Aug
2% June
2%
Pacific Can Co oominon
$1.30
100
200
»
5
Securities new
4
4%
Ryerson A Haynes com..!
St Lawrence Corp Ltd...*
*
lnc
Overseas
19%
U3~~
Mar
4
4
Ryan Consol
6
19%
"113"
*
52
*
Jan
30
High
2%
Ryan Aeronautical Co...l
Jan
48
15
Oliver Utd Filters B.
Omar
_&
;
50
orlor oref
conv
_
80
Low
*
3%
107
25
109
109
Ollstocks Ltd common...6
Oklahoma Nat Qas
Russeks Fifth Ave
i
113%
100
100
1st preferred
.
Mar
Shares
May
18
100
9%
9%
Range Since Jan. 1, 1941
for
Week
of Prices
High
Low
Apr
2%
75
113% 113%
112
11234
t
Royalite OH Co Ltd..
Royal Typewriter...
Jan
119
Apr
Apr
7%
4% June
20
July
175
1834
108
108
108
34% pref. 100
Ohio P B 7% 1st pref
6%
17 34
18 %
Ohio Edison $6 pref
*
Ohio Oil 6% preferred-.100
Jan
110
110
.100
Price
Par
Jan
101% June
Week's Range
Sale
(Continued)
High
Low
Shares
pf.100
Northern Bta Pow cl A-.25
Last
STOCKS
Range Since Jan. 1, 1941
for
Week
of Prices
Price
1253
Sales
Friday
Sales
Friday
82
Jan
Jan
Jan
63
104% June
Last
Week's Range
of Prices
Low
High
Week
Par
Price
LOW
Toledo Edtoon 6% pref 10c
105%
7% preferred
100
Tonopah-BelmontDev.100
111
Apr
July
108%
Jan
114
Jan
ki'ian
•18
July
1
Jan
Mar
4%
Aug
%
X
4%
X
444
Trl-Contlnental warrants
Jan
400
500
X
2%
7n
200
%
7« fv.;
Trunz Inc
1
43 %
Tung-Sol Lamp Works.—1
400
2
"~3~% ~~3%
♦Maranhao 7s
1968
♦Medellin 7s stamped.
1961
2%
Jan
Jan
Jan
%
Jan
Jan
H
*
Series B pref
Union Gas of Canada
9
Jan
♦Parana (State) 7s
3X
Apr
United Corp
"i6k"
Apr
Aug
1144
6044
X June
%
■ii
7X
1
1st 17 pref. non-votlng.»
July
*11
2,10C
%
300
106 X
116
*
Option warrants
United Gas & Elec Co—
7% preferred
100
Common class B
*
7,520
X":hv;:c'u*t$
*
36 1st preferred
18
Mar
80
United Lt & Pow com A—*
23
H
22%
*18
19 %
2,20C
85
July
Apr
*18
700
X
2394
27
1344
*1944
1968
1044
1044
Govt 0448—1919
"is
X
1921
1949
%
%
Jan
Us
116
Feb
744
Aug
Mar
7
1494
9%
5,000
"*1*666
2244
Mar
27
Aug
Apr
25
July
944
3044
Feb
1344
25
1044
"is
%
Mar
16
OX
2,000
19
Mar
1044
Us May
Us June
34,000
Feb
Jan
♦644s
♦Santiago 7s
»ie
13
Last
Week's Range
for
Sale
Since
Price
of Prices
Low
High
Week
See A
BONDS
Friday
%
Jan. 1
Sales
Jan
Alabama
Power
Co—
Mar
1st 56
1940
x
bbb2
10744 10744
1,000
1st A ref 5s
1951
x
bbb2
104
2,000
33 partlc pref
•
United Molasses Co Ltd—
70
Apr
76
Aug
1st A ref 6a
1956
x
bbb2
1st A ref 5e
1968 y bb
2%
100
2%
2X
Aug
2%
Aug
United NJRR4 Canal 100
10% preferred
Preferred
4%
%
61
U S Radiator
7X
Feb
1344
1,100
4%
7%
May
644
June
8%
July
July
June
49
Feb
June
3
Jan
X
61X
644
Jan
Jan
Aug
100
5894
m
7,000
10394 10344
103 44 104
12,000
10194 102
27,000
104 44 104)4
10344
101%
13,000
3,000
10594 108
10344 10694
10294 10544
103
10594
10194 10344
58%
5%
%
200
58%
5%
4.0001
Mar
47
Aug
1950
1960
1970
x a
2
2
x
2
x
a
a
Am Pow A Lt deb 6s.
2016 y bb
3
Amer Writing Paper 6s
1961
104 44
106 44 106 94
107 44 10744
2
y
b
Appalachian Elec Pow 3)481970
Appalac Power Deb 6s
106 94
4,000
51,000
106 94 10794
81 44
8344
x
bbb2
Arkansaa Pr A Lt 5s
1956
x
bbb2
Associated Elec 4 44s
1953
y
b
I Associated Gas A El Co—
♦Conv deb 444s
...1948 z d
2
100% 10994
81%
7,000
12,000
10844 10894
*12994 131
10744 10744 10744 ~5~666
5094
4744 5044 128,000
10894
2024
10394 10044
10594 10844
10644 11044
109
128
131
106 X
43
10844
27%
27%
Aug
29 44
Jan
♦Conv deb 4 44b
1949
z
d
1694
16%
1644? 1644
Mar
Jan
♦Conv deb 5s
1950
z
d
1
17
16%
17
<
71,000
Feb
244
444
1294
1294
1294
2%
50
27%
1
1
I
Mar
—1968
z
d
1
1644
16%
1644
21,000
1294
z
d
1
U 8 Rubber Reclaiming..*
344
3%
200
U 8 Stores common....60c
*18
10 %
*18
200
%
Jan
*18
July
10%
20
3%
Feb
1144
Aug
*i8
July
*18
Jan
Atlanta Gas Lt 444s
1955
x
1
bbb2
Apr
IX
Jan
Atlantic City Eleo
1964
x
aa
Jan
1694
4,000
10 X
8344
106
1%
20
com
394s sf debs
Jan
"MOO
6
U 8 Plywood—
«U,50 conv pref
294s sf debs
344s sf debs
July
*ii
6%
5%
U S and Int'i Securities..*
.....*
Mar
61 %
43 %
1
36 1st pref with warr_„*
5%
Apr
1.000
"iok "ii"
1
U 8 Lines pref
Mar
May
61X
59%
26
U 8 Graphite com
2
444s..........1967,y bb
49 %
10
United Specialties corn
U 8 Foil Co class B
1st A ref
104
American Gas A Elec Co—
United Profit Sharing..25c
United Shoe Mach com.25
Range
Jan
Mar
_—
Aug
Bank
2944
_
13
Ellg. A
haling
25
dep rets ord reg.
Aug
"18 June
Jan
894
5,000
June
Am
Aug
June
Jan
Jan
*18
13
80,000
122
Milk
Aug
43 44 June
4344 June
Feb
Products.—*
United
Aug
Feb
Aug
2344
27
1344
*20
July
7%
X
50%
11G
544
13
Jan
Feb
**11
119
300
—*
5,000
2,000
18.000
944
Jan
Jan
June
X
warrants
United Elastle Corp
744
13
Jan
7n
United Gas Corp com
May
Jai
Aug
7% June
9
Apr
3,900
10c
Jan
16
27
27
♦Rio de Janeiro 044s. 1969
10 X
*
A part pref
cum
27
June
7
3244 June
July
944
United Chemicals com...*
Un Clgar-Whelan Sta—
June
|25
May
♦Russian
1044
8
8
With declaration
Apr
1
Jan
9
♦Issue of Oct 1927
June
Un Stk Yds of Omaha—100
Prod
Jan
27
744
13
♦Mtge Bk of Chile 6s. 1931
Mtge Bk of Denmark 6s '72
7%
•
744
"6 k
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
3
400
Union Investment com...*
United Aircraft
1958
♦644s stamped.
3
10
27
Aug
18
*844
*844
Aug
7X
4%
Jan
July
9
Lima (City) Peru—
Aug
Feb
7
11
18
♦Hanover (City) 7s—1939
♦Hanover (Prov) 644S.1949
8%
July
High
5
X8%
*844
10 %
2% June
Low
i
15
10
X2
1947
48 X
Jan
1%
200
♦Secured 6fl.
Jan
Jan
6%
2
80c conv preferred
Udyllte Corp—
—1
lUlen A Co ser A pref
♦
Unexcelled Mfg Co
1962
♦Ext 644s Btmp
Apr
5
32X
50
iW
Range Since Jan. 1, 1941
for
Week
Danzig Port A Waterways
May
8%
"400
Tubixe Chatillon Corp..
Jan
Range
of Prices
High
Low
Price
High
♦German Con Munle 7s '47
Fonopab Mining of Nev.l
Trans Lux Corp
1
Trans western Oil Co
10
Class A
Sale
(Continued)
Shares
Week's
Last
BONDS
Range Since Jan. 1.1941
for
Sale
Sales
Friday
Sales
Friday
STOCKS
(.Concluded)
S3
Aug. 30, 1941
New York Curb Exchange—continued—Page 5
1254
64,000
51
17
1744
1644
1694
5,000
1244
1794
1744
1794
68%
68%
6,000
63
69
107% 107%
2,000
100
Avery A Sons (B F)—
1st 37
pref
conv
*
United Stores common_60o
~~i~X "ill
United Wall Paper
2
Universal Cooler class A..*
Class
B
3~6go
1
"Ik "9%
6,820
5%
2%
Aug
%
Jan
Feb
„*
Universal Corp v t o
Universal Insurance
8
Universal Pictures
com
1
Universal Products Co
*
Utah-Idaho Sugar
6
1
0%
"24"
"2%
"ik "2%
"24 k
14%
Jan
13%
1%
July
1744
150
62%
July
83 X
Jan
Aug
144
44
Aug
"266
"
55%
55%
10c
34
conv
Venesuelan
H
1:
Petroleum
I
3%
7% pref—100
Vogt Manufacturing
•
Vultee Alrcrait Co
1
1,200
1,300
x
aa
x
a
2
Jan
Birmingham Elec 4448
Boston Edison 2948
1968 x bbb2
1970 xaaa 3
105
108
107% 108
3%
May
Cent States Eleo 5s
1948 y cc
1
17X
16
I
9944
99%
5%
944
July
J^Chlo Rys Ssctfs.—
1
July
1QK4
244
Jan
344
Aug
95% June
1,400
100
2%
Feb
3x May
3%
Jan
60
Western Maryland Ky—
7% 1st preferred
100
68 %
Western Tablet A Station'y
Common
♦
Feb
15
102
•5
June
Feb
July
644
Jan
644
July
85
Aug
31
93
37 X
49
8644
97
10094
97
99
99
2,000
9094 100
91
91
9144
5,000
83 44
93
Conv deb 5s...
1950 y b
88%
8844
89=4 143,000
89
80 94
80
9144
1958 y b
2
2
8944
Debenture 5s
Debenture 5s
1909 yb
2
8894
8844
8894
3,000
79
Cities Serv PAL544S—1952 y b
2
98-
9794
9844
74,COO
88
99 %
9794
9894
14,000
88 44
9994
103%
25,000
98 %
10394
110
11,000
Jan
Apr
97
12
30,000
43 44
2
Jan
Mar
10994
3044
1244
2
X
%
194
105
1960 y b
Cities Service 5a
IX
6,000
100
43
87
10544 107 X
1955 y bb
Cincinnati St Ry 5 44s A
6n series B
900
16
8294
69 44
3,000
11,000
1,000
1927
AUg
84
V
73 44
1744 195,000
1644 48,000
16%
CC
Cent States PAL 5448—1963 y bb
200
100
8594
10744
Jan
Aug
Aug
8544
10494
10244 106
1,000
3,000
Aug
6%
12
5,000
82 94
9
Feb
Aug
.
1
10544
82 94
bbb3
11
200
3%
10394 10444
105
3
3%
4%
wi%
103 X
x a
2%
6
10144 10394
18.000
1908
14%
6
14,000
107
103
156
102 44 103
107
2
10594 11144
106 44 11294
149
3,000
bbb2
July
10944 12744
152
bbb2
X
Jan
85 %
Feb
7% June
4%
Apr
3
Apr
7% Feb
100
4%
3%
20
15,000
151
x
2%
100
"
x
22
14%
100
152
1942
1964
50
x3
11144 112
2
1998
C—
Canadian Pao Ry 6a
93%
Western Grocer
644s
z
bb
—1952
y
bb
2
1949 yb
Community Pr A Lt 5s
ConnLtAPr7sA
2
1957 y bb 3
1951i* aaa3
8894
97^
103
34,000
9094
9044
12794 13144
*129
Consol Gas El Lt A Power—
(Bait) 34isaer N
1971'x aaa3
1st ref mtge 3s ser P
1st ref M 2948 ser Q
1969 x aaa3
110
10994
3,000
10844 10844
106
*105
1970,x aaa3
10794 11144
10544 HI
101
10544
Consolidated Gas (Bait City)—
1544 June
Westmoreland Inc......10
20
Jan
Gen mtge 4%a
13
20
Jan
21
1958 y bb
14%
July
Feb
July
Cont'l Gas A El 5s
Jan
Cuban Tobacco
1944 y ccc2
1144
1
:
Wichita River Oil Corp..lu
6
Jan
Feb
6X
4%
2%
2%
T
»
2%
100
"sk"
""200
7
644
1964 x aaa3
5a
Cudahy Paoking 394b
Jan
July
Eastern Gas A Fuel 4s
8
Jan
3
Mar
Elmlra Wat Lt A RR
1244
July
844
Jan
Empire Dist El 5s
1952
♦Eroole Marelll Eleo Mfg—
044s series A
.1953
Mar
1044
7
Feb
Mar
117
Jan
Elec Power A Light 6s
'2*566
l
Wool worth (F W) Ltd—
Amer dep rots
6»
Mar
Apr
544
644
Jan
444
444
5%
444
Jan
544
July
4
5%
Apr
554
Jan
Florida Power 4s
June
444
Jan
2030 y b
6a_.1956|x
Florida Power A Lt 5s
Jan
2%
3
"~~s66
244
x
3
a
a
1
ser
O
123
123
98
98
8994
9344
10594
12294 12844
133,000
97%
89 44
62
10344
22!666
92 44
9394
*12494 125
31,000
7894
95
11994 126
10544 10594
"4:660
104
101
86
70,000
44
*13
z
9894
5394
62 44
102 94 10344
90
8994
108 44 10844
10394
103
1961 y-fc.;:
1900 x bbb2
107 44
x
bbb2
10394
103
1944
y
bb
1969
1953
x
bbb2
y
b
1964
2,000
*6144
102 94
3
Erie Lighting 5s.
...1967 x a
Federal Wat Serv 5%s
1954 y b
Finland Residential Mtge
Banks 6s-6« stpd
Wright Hargreaves Ltd..*
3
1955 * bbb2
1956 x bbb3
Mar
1
114
Wisconsin P A L 7% pf 100
Wolverine Portl Cement. 10
Petroleum
1960
Bethlehem Steel 6s
4X
3%
34,000
Cent III El & Gas 3948
Cent 111 Pub Serv 3948
84
2%
10,000
110% 11194
Jan
10,800
Western Air Lines, Inc.. J
Woodley
6s series
11444 11544
11194
Jan
6
2
2
May
May
%
13 %
Wayne Knitting Mills
Wellington Oil Co
oom
aa
x
Apr
Wolverine Tube
2
x
1950
1964 y bb
Apr
Co
b
1967
1963
%
Wilson-Jones
z
lstfisserleeB
Convertible 6s
Broad River Pow 5s
50
10494
102
Bell Telephone of Canada—
Jan
49
100
100
*10144 106
*101 at 106
Canada Northern Pr 56
•ii
Williams (R C) A Co
*
Williams Oll-O-Mat Ht—•
Wilson Products Inc
1
2
Aug
1
Weyenberg Shoe Mfg
2
1947 yb
108 X
10744 10994
Baldwin Locomotive Works—
Aug
...»
Westmoreland Coal
1947 y b
2,000
«!•
Walker Mlniag Co
oom
5s with warrants
5s without warrants
109)4 109)4
IX
144
600
♦
1
Wentworth Mfg
1.26
West Texas Util 30 pref..*
West Va Coal & Coke
6
3
Jan
16
7% preferred
.100
Waltt A Bond class A
*
Class B
Jan
3)48
"oik
Feb
15%
8%
4%
Aug
July
3
1977
»u
15%
3%
4%
Aug
♦Conv deb 5 44s
AssocT AT deb 544e A... 1955 y b
1%
"7% "9" "i'ioo
Co.—.._.*
Wagner Baking ▼ t o
Apr
Mar
93%
15%
Va Pub Serv
Waco Aircraft
1:
13, 6
i
1
preferred.....6
Jan
44
7
Valspar Corp com
Jan
X
1
Utility A Ind Corp com__6
Conv preferred...
Aug
1%
"24"
1
Utility Equities com
36.60 priority stock
Jan
1
"SCO
23
Utah Pow A Lt 37 pref—1.*
Utah Radio Products
644
944
2944
2544
♦Debenture 6e
1,000
108
90
106
45
11044
15,000
10144 104
10744 107 44
15,000
103 94
39,000
4144
48
10444 10744
10244 10644
.10394
11
*27 *
40
Gary Electric A Gas—
5e
FOREIGN
GOVERNMENT
Week
For footnotes
Jan
2194
27
26
Jan
1744
Mar
9
644
Apr
2644
9
1953
see page
1255
T660
July
27
Feb
22
102 44
13,000
"3,666
y
b
3
"88"
2
"8844
1953
1965 y bb
8794
*994
8744
88
9,000
1794
8844
eso'ooo
Jan
97
July
May
73
May
Mar
29
June
Attention is directed to the
new
Jan
column in this tabulation pertaining to bank eligibility
*nd rating o
bonds.
101)4
8444
9844 102
9844 103
65
*63
Feb
62
25
10
65
75
Jan
22
10
*8
65
4i
100
1,000
944 June
68
t8
1952
102
6.000
41,000
Aug
22 44
30
2,000
8394
102
10194 101%
102 44
1948
bbb2
6s
82
102
Aug
28
..1955
With declaration
Ext 6a
1,000
8%
♦Prov Banks 6s B—1961
544s.
27
*844
1961
Bogota (see Mtge Bank of)
♦Cauca. Valley 7a
1948
Cent Bk of German State A
♦0 series A
27
+26
Jan 1947
•Baden 7s
Danish
..I960 y bbbl
x
Glen Alden Coal 4s
27
82 44
1
1943
♦Gesfruel
Agricultural Mtge Bk (Col)
♦20-year 7e
Apr 1940
100 44 10044
2
Georgia Pow A Lt 5s...... 1978
BONDS
♦20-year 7s
stamped
Gen Pub Utll 0 44s A
♦General Rayon 0s A
Gen Wat Wks A El 5s
for
AND MUNICIPALITIES-
ex-warr
Gatlneau Power 394s A
General Pub Serv 6e_.
Sales
65
9994 102 44
72
8894
1844
8044
8894
23
Volume
Friday
Last
Week's Range
for
Range
Sale
of Prices
Low
High
Week
Since
See
(Concluded)
Grand Trunk Weet 4a
2
86
x
aa
1
*109
x
bbb2
1950
Green Mount Pow 3%a—1963
a
1950
Gr Nor Pow 5b stpd
Price
i
x
y c
23
24
1
z
z
1966
x
z
14,000
27,000
A St Ry 5 Ha
Houston Lt A Pr 3 Ha
2
"78"
ccc2
77%
y
ccc2,
78
110
110
105
105%
38,000
104% 107
101% 102
22,000
98% 103
103"
103
3,000
105%
1st Aref. 5sser C
1956
y
bbb2
S f deb 514s
May
1967
y
bb
2
Indiana Hydro Eleo 5s
1958
y
bb
bb
bb
1
1
1
a
2
z
1957
z
(Aug 1941 coupon) 1957
z
dd
1
z
dd
1
dd
1
~d~d i
24,000
72%
79%
16,000
71%
8,000
75
x
105
109%
84
11
16
9%
15
2
1952
1963
z
37
y
1942
Jersey Cent Pow A Lt 3 %s_1965
78 H
2
z
10
14,000
15
10%
aa
"i5%
21
9%
13%
10
"looo
8
14
15
10%
1,000
1,000
5s stamped
x
a
3
Kansas Gas AEer 6s
2022
x
Kansas Pow A Lt
1969
xaa
3
108 H
78
78%
69,000
37
38%
107% 108
15%
15%
21,000
3
1966
♦I^eonard Tleta 7 Ha
1946
Long Island Ltg 8s
1946
x
Louisiana Pow A Lt 5s —.1967
x
111%
z
a
bbb2
a
3
"108 %
6,000
1,000
x
bbb2
Pub Serv of Indiana 4s
Minn PAL 4%8—
y
b
108% 108%
8,000
125% 126%
111% 111%
110
*107
40
*10
"47666
5,000
6,000
22,000
105% 109%
109%
123
128%
111% 112%
106% 109%
1st A ref 6s
2
*79
77
85
15,000
1,000
x
aa
108%
4,000
1946
1943
1967
1978
y
bb
101%
y
bb
101% 101%
55%
55%
3,000
14,000
*103% 104%
55%
x
a
x
bbb2
bbb2
bb
Miss Power A Lt 6s—
90
106% 106%
104% 104%
107
107%
105% 105%
2
5,000
10,000
5,000
2,000
101% 103%
95% 100%
105% 109%
107
110%
100
50%
104
59%
103% 107%
102% 105%
106
108%
103% 105%
102% 106%
1957
x
bbb2
104
1951
x
aaal
109
1960
y
bb
111% 111%
102% 103%
1.000
Missouri Pub Serv 6s
7,000
5S—1945
2030
x
bbb2
102% 102%
2,000
x
bbb2
96% 104
100% 102%
105% 109
{♦Nat Pub Serv 6s ctfa—.1978
1981
z
d
1
aa
2
110% 110%
a
2
119
Nebraska Power AHa
2022
x
3
19%
bbb2
Neisner Bros Realty 6s
1948
Nevada-Calif Else 6a
1956 y bb
2
New Amsterdam Gas 5b
1948
2
1947
x
y
aa
b
1948 y b
1950 y b
1961
x
aaa2
1948
y
bb
2
y
bb
104
106% 106%
19% 19%
11,000
9,000
2
18
26
1,000
1,000
107
112
119
95%
96%
112
12,000
1,000
109% 109%
52,000
97% 98%
5,000
117% 117%
59% 62% 140,000
59,000
59% 62%
59% 62% 113,000
109
4,000
109%
30,000
92% 93
2
2
2
—1954
Debenture 514 b
New
York
N Y A Westch'r Ltg 48
1949 y bb
3
195
x
a
51,000
x
a
3
X
aaa3
x
aa
1953
Nippon El Pow 614S
114% 124
106
109%
88%
99%
117% 121%
56%
66%
56% 66%
56
66%
106% 109%
87% 97%
91% 100
2,000
102
7.000
107% 111%
103
107%
105%
6148 series A
103%
*111% 114
| 106% 107%
3
*26
38
26%
115
45
1966
1947
y
bb
3
x
aa
2
2
102%
3,000
102% 102%
1*104% 105
53
53%
53%
~
102% 103%
104
105%
x
bbb2
109
109%
2
110
110
3
109
1st 3%s series A----—-1969
Ogden Gas 1st 6s.
1946 y bb
Ohio Power 1st mtge 3%8.1968 x aa
...
x aa
3
1962
x
a
2
Okla Nat Gas 3%a B
1955
x
bbb2
Okla Power A Water 6a
1948 y bb
1st mortgage
-.1971
3s
4a
153% 153%
102% 103%
102%
102% 103%
bb
2
102%
102% 102%
y
162
100
3,000
3
150
4,000
21,000
21,000
104
98% 105
98% 102%
82
90%
z
*9%
17%
28%
z
*8%
14
86%
x
aa
2
108
x
aa
2
*135
*9
cc
1
Wks 6s
1937
1961
z
x
133
137
aa
Southern Calif Gas
x aa
15
20
"43"
6,000
36%
43
82%
4,000
75%
89
90
"88%
88%
99%
88%
93
87%
93%
93%
99%
2
103
105%
17,000
84
4,000
2,000
85
99%
*103% 104
104%
3
104% 104%
108
75~666
59%
107% 108
1,000
2,000
59%
*107% 108%
102% 105%
6,000
108
102% 102%
aa
Soutnern Indiana Ry 48—1951 y bb
S'western Gas A El 3%s.._1970 x aa
102% 103%
50%
60
105% 108%
101
~
111
Ul
111
2T666
1989 yb
40
40
40
9,000
86
86
86 %
Southwestern Pow A Lt 68-2022 y bb
Spalding (A 05 5s
138%
81%
bbb2
x
x
16%
106% 109%
2,000
108%
42
2
1957
Southern Cal Edison 38...1965
3%s.__1970
10,000
82%
Ino 3s
Southern Counties Gas (Calif)—
1st mtge 3s...
1971
87
43
z
♦Schulte Real Est 6s
111
34%
46
22,000
69
Standard Gas A Electrio—
1948
y
b
Conv 68 (stamped)
1948
y
b
86
86
86%
10,000
69%
Debentures 6s
1961 yb
85%
86%
72,000
24,000
69%
92%
92%
92%
Deo 1 1966 y b
85%
86%
70
92%
86
86%
18,000
70
92%
85%
20%
86%
43,000
68%
21
4,000
20
92%
25%
24%
24%
1,000
24
32%
43
56%
(stamped)
1957 y b
86%
86
1957 y b
85%
♦Starrett
1960
z
1946
z
1946
z
6s gold debs
109
107% 107%
109% 109%
107% 108
Corp Ino 5s
Stlnnes (Hugo) Corp—
7-4s 2d
7-4s 3d stamped
Certificates of deposit
♦Terni
9*666
11,000
cccl
21
24%
*42
86%
50
z
Texas Eleo Service 5s
1953
1960
x
bbb2
*14%
18
106% 106%
Texas Power A Lt 5a
1956
x
bbb2
108
108%
118
118
Hydro El 6%s
6s series A
2022 y bb
2
1979 y bb
Tide Water Power 6s
3
99%
99%
13%
7,000
26%
106% 107%
,8,000
107
108%
4,000
118
121%
13,000
96
100%
Tlet* (L) see Leonard—
a
2
Rap Tr 5%s... 1962 .Vb
3
Toledo Edison 3 %s
Twin City
1968
x
108
108
4,000
106% 109%
62%
61%
62%
21,000
58%
10%
61%
10%
115%
12,000
7
11%
10,000
114
118%
25
30%
{♦Ulen A Co—
Conv 6s 4th stp
United Eleo N J 4s
1950
z
1949
x
♦United El Service 7s
1956
z
*14
18
15%
♦United Industrial 6%s—.1941
♦1st s f 6s
1945
z
*11
30
20
z
*13
20
115
aaa3
14
30
85
100
United Light A Pow Co-
Debenture 6s
-.1975
y
Debenture 6%s
1st lien A cons 5%s
—1974
1959
y
bb
bb
x
bbb2
Un Lt A Rys (Del) 6%s —1952 y bb
United Light A Rye (Me)-
I
1
1952
Deb 6s series A
x
bb
99%
35,000
99
99%
8,000
88
100%
103
100%
103%
4,000
103
108%
100% 101%
32,000
118% 118%
bbb2
y
98%
99%
2
—1973
6a series A
Utah Power A Light Co—
1st lien A gen 4 %s
1
6,000
99
98%
99
99
8,000
93% 101%
121
117
83% 100
98% 102
1944
x
bbb2
100%
100%
27,000
-.2022
y
bb
101% 102%
19,000
y
bb
2
2
101%
1946
Va Pub Service 6% A
102%
102% 102%
16,000
101% 102%
7,000
102% 103%
2,000
100% 102
bb
2
103
103
109
95
1950
Deb sf 6s
1946 y b
2
1954
S
c
1
1951
x
aa
3
Washington Water Pow 3 %s'64
Weet Penn Elec 5s.
2030
x
aa
2
109%
109% 109%
x
bbb2
106%
106% 106%
5,000
105% 110
105
108%
5s.—1960
x
a
2
115
4,000
114% 119
y
b
1
8,000
3,000
49%
104% 107%
♦5a
64%
Income
deb
Wash Ry A Elec 4s
West Penn Traction
109%
1,000
109% 113%
8,000
103%
101% 101%
4
f 4%
4%
5%
110
108
*109% 109%
116
4
9,000
"17666
Western Newspaper Union—
6s unstamped
—.1944
1966
Wise Pow A Light 4s
109
y
Waldorf-Astoria Hotel—
-
Northern Ind Public Service—
Ohio Public serv
103%
2
y
1st ref 5a serlea B
114
*115%
y
-1948 y b
Nor Cont'l Util 5%a
2
Corp 6%s
1953
Housing 6%s
1958
Safe Harbor Water 4%s.—1979
San Joaquin L A P 6s B—1952
101% 106%
*103
North American Lt A Power—
No Bost Ltg Prop 314s
108% 108%
26
105% 109%
105% 107
107% 109
2,000
1,000
2,000
bb
1950
Deb 6s series A
102% 102%
2
1964
2004
1964
Debenture 6s
C
5%8 aeries A
Penn A Ohio—
♦Ext AHa stamped
N Y State E A G 3 Ha
76%
9
♦Ruhr Gas
New Orleans Public Service—
♦Income 6s series A
69
Queens Boro Gas A Elec—
25
Miss River Pow lBt 58
3Ha
100
50
74
20
1952 y bb
ser
1st Aref 4%s ser D
102% 106%
107
109%
25
34
107% 107%
108% 108%
Conv deb 6s
108% 112%
95
Debenture 6s
103% 103%
108% 109
100% 100%
y
New Eng Power
106% 110%
1950 y bb
Puget Sound PAL 6%S—1949
6s
aa
New Eng Pow Assn 5s
93% 100%
86%
98%
8,000
98
153
1947 y b
106
111
a
5s
21,000
*97%
96%
108%
Sou Carolina Pow 6s
51
bb
N E Gas A El Assu 5s
96%
107% 107%
*109% 110
2
Sheridan Wyo Coal 6s
35%
y
1956
6s series A
29%
26%
y aa
6% perpetual certificates..
43
14
x
1955
Nat Pow & Lt 5s B
1969 xbbb2
24%
106% 108%
12% 26
42
x
Mississippi Power 5s
Nassau A Suffolk Ltg
12%
22%
108% 109
106% 106%
Standard Pow A Lt 6a
x
1st A rel 6s
2
15
14,000
1965
4s series G
Midland Valley RR 5s
Mtlw Gas Light 4%a
17
30
*72%
*8%
80%
15,000
1952
1947
1971
Middle States Pet 6Ha
1
102% 106
4,000
*88
J
10
51.
*12
1941
-1948
Deb 4 Ha
3
ccc2
66%
Memphis Comml Appeal—
Metropolitan Ed 4s E
a
z
a
Mln A Smelt—
Mengel Co conv 4%s
x
1947
1951 y ccc2
Shawlnlgan WAP 4%S—1967 x bbb3
1st 4%s series D
1970 x bbb3
MoCord Radiator A Mfg—
6s stamped
107%
1
x
Scullln Steel
21%
*105
bbb2
x
—
96%
3
Public Service Co of Colo—
1st mtge 3%s
1964
a f debs 4s
1949
♦Saxon Pub
50%
2
1966 x;a^:;2
♦7s mtgesf
1
a
z
24
20
b
Kansas Elec Pow 3 Ha
Mansfeld
bb
z
1954
25%
15%
Jacksonville Gas—
3 Ha—
bb
z
1961
Potrero «usr 7g stamped
92%
5,000
*12%
10%
1952 y ccc2
1958
Lake Sup Dlst Pow
z
1950
Power Corp (Can) 4% sB.—1959 y a
84%
81%
10%
1957 y b
3%s
1940
1956
6s stamped extended
,
90%
*12
1941 coupon) 1952
-
z
Jan.
Public Service of New Jersey—
108
78%
108% 109
10
1952
Debenture 6s._
p
*13%
*8%
z
Since
I
105% 105%
3
Range
for
Week
♦Ruhr
x
{International Power Sec—
♦6%s series C
1955
6%s (Dec 1 '41 coup)-1955
♦Isarco Hydro Elec 7s
♦Italian Superpower 6s
1,000
103
80%
"79 %
z
Iowa Pow A Lt 4%s
1,000
89
--I960 y
y
♦7s (July
♦6s stamped
Potomac Edison 5s E
100% 103
107 H
bbb2
1963
81
25,000
bbb2
♦Indianapolis Gas 5s A.—1952
Indianapolis Pow A T<t 3%sl970
70%
22,000
aa
y
y
1967
♦78 series E
29%
18
107% 107%
105% 106
105% 105%
2
z
1954
♦7s series F
♦Piedm't Hydro El 6%s._1960
♦Pomeranian Eleo 6a
1953
38%
15
70% 80%
107% 111
106% 108
-1953
Interstate Power 6s
3,000
78
1st A rel 5 Ha ser B
1st lien A rel 5s
1962 y bb
♦Prussian Electric 6s
y
Idaho Power 3%s
111 Pr A Lt 1st 6s ser A
Indiana Service 6s
17%
+3%
1949
6s series B
Phila Rapid Transit 6a
Range
of Prices
High
Low
Portland Gas A Coke Co—
64
14%
18%
109% 111
*110% 111%
1949
Hygrade Food 6s A
Price
Week's
Sale
See a
4%s series F.
aa
Last
Rating
(Concluded)
1
75%
107% 110
103% 106%
18
*14
♦Hungarian Ital Bk 7 %s,„ 1963
24
Jan.
Eltg. A
BONDS
58
Ul
1938
19,000
113
*105% 106%
*62
63
36% 38
Grocery Store Prod 6a.-—1945 y ccc2
Guantanamo A Weet 6s—1958 y ccc2
{♦Guardian Investors 5a—1948
♦Hamburg Elec 7s
i
1935
♦Hamburg El Underground
86%
I
Sales
Friday
Bank
Sales
Bank
Elig. A
Rating
BONDS1
♦7s
1255
New York Curb Exchange—Concluded—Page 6
153
{♦York Rys Co 5s stmp.—1937
♦Stamped 5s
1947
x
bbb2
z
bbbl
y
bb
68%
1
68%
68%
104% 104»u
*96%
98%
100
100
70
59
99%
98% 100%
96%
197600
106
1,000
109%
106% 107%
9,000
108% 111%
40.000
106% 109
3
*103% 104%
103
2
*101% 102
101% 104%
102% 106%
106%
Pacific Gas A Electric Co—
1941
x
Pacific Ltg A Pow 5s
1942
x
aaa3
Pacific Pow A Ltg 6s
1956
y
bbbl
Park Lexington 3s
1964
1977
y
cccl
x
a
1
-1979
x
a
1
1971
x
a
2
1962
x
a
2
1947
x
a
2
1954
x
a
2
1st 6s series B
Penn Cent LAP
414s
let 6a.—
Penn Electric 4« F
6s series H
—
Penn Pub Serv 6a C-;
6s series D
aa
Pennsyl Wat A Pow 3%8—1964
3H»
Phila Eleo Pow 5% a
103
103
100%
100% 101%
*32
35%
105% 106
3,000
21.000
34
2
38
"5*660
104% 106%
108% 108%
11,000
107% 110
110
106% 109%
113%
110%
2,000
110% 110%
aa
101%
104% 106%
105% 107%
*107% 108%
*107% 108%
110
x
95
I2T666
*106% 108%
106
106%
"166"
1970
1972
103
1,000
12,000
113% 113%
107% 109%
106% 110%
106% 110%
109 1
A
115
I
*
n
No par value.
a
Deferred delivery sale.
Under-the-rule sale,
r
*
d Ex-interest.
e
Odd-lot sale.
x Ex-dividend.
No sales being transacted during current
Cash sale,
* Friday's bid and asked price.
week.
Bonds being traded flat,
f Reported in receivership.
Abbreviations
Used
Above—"cod," certificates of deposit; "cons." consolidated;
convertible; "M," mortgage; "n-v," non-voting stock;
certificates; "w I," when Issued; "w w," with warrants; "x w,"
''cum," cumulative, "conv,"
"v t c," voting trust
without warrants.
A
Rating Column—x
bank Investment.
Bank Eligibility and
believe eligible for
Indicates those bonds wnlch we
Indicates those bonds we believe are not bank eligible due either
status or some provision In the bond tending to make lt speculative.
y
z
Indicates issues in default. In
bankruptcy, or in process of
to rating
reorganization.
column are based on the ratings assigned to each
agencies.
The letters indicate the quality and the numeral
the number of agencies so rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all three
agencies rate a bond differently, then the highest single rating Is shown.
The
rating symbols in this
bond by the three rating
immediately following shows
A great
majority of the issues bearing
or lower are in default
symbols ccc or lower are in default.
bearing ddd
Attention la directed to the new column In
this tabulation pertaining to bank eleglblllty
and rating of bonds.
See note a above
Issues
The Commercial & Financial Chronicle
1256
Other Stock
Aug. 30,
Exchanges
Kales
Friday
Baltimore Stock
Last
Par
Stocks—
Week's Range
for
Kale
of Prices
Low
High
Week
Price
Range Since Jan. 1,
1941
Stocks (Continued)
Par
Altorfer Bros conv pref...*
Amer Pub Serv pref.__100
Amer Rad A Stand San.
Low
Khares
,v.
High
;••••
Amer Tel A Tel Co
Week's Range
for
Kale
Kales
Friday
of Prices
Low
High
Shares
Price
Bait Transit Co com vtc*
"~0Oc
1st preferred v t C...100
3.75
4%% pref cl B
60c
242
50c
July
1,555
Jan
3.75
Aug
285
56
May
Jan
118%
12
114
May
7%
50
5%
Jan
129% 129%
33%
33%
10
113%
Apr
71%
118%
10%
131%
35%
117
di
7%
-
10
50
240
2
125
New Amsterdam Casuaity2
-
Penna Water & Pow corn.*
-
4,
L
~
48%
10
47
19%
595
70c
105
60c
35
49%
«.
51
25%
61
9%
24%
-
Seaboard. Comm'l com..10
2
80
9%
25%
July
16% May
48
Apr
9
1,956
July
21
May
May
4%
B 5s
44
$9,500
52%
50%
101% 101%
1975
Boston Stock
9,500
1,500
Mar
33%
40
Jan
100
July
Week's Range
for
of Prices
Low
High
153% 155%
2,946
100
91%
91%
92%
261
Boston Edison Co (new) .25
Boston Elevated
100
28%
27
28%
1,539
47%
47%
48
198
18%
19
80
Boston Herald Traveller..*
Boston
4
Jan
Aug
Jan
%
3%
1,050
%
Aug
3%
1,150
9
9
100
17
300
12
12%
300
4%
37%
4%
150
38%
510
400
Apr
Aug
Jan
June
Automatic
Washer
3
3
*3%
5
com
16%
Bastian-Blessing Co com.*
Belden Mfg Co com
10
Belmont Radio Corp.
Bendlx Aviation com
*
5
Prior preferred
11732
16%
Jan
5%
Apr
July
19%
Aug
10
Jan
4
Jan
10% May
July
12%
6
Apr
Aug
Jan
Apr
39%
Apr
32%
8%
Jan
July
Aug
Berghnff Brewing Corp.._l
■7%
7%
19%
Aug
Bethlehem Steel Corp com*
69%
C68H
7%
70%
122
67%
Aug
1.15
Jan
5%
5%
300
4%
Feb
75%
5%
July
19%
600
Apr
20%
July
1% June
Jan
2%
13%
Mar
Mar
15%
57
Mar
12
Jan
27% June
Binks Mfg Co cap
1
44
Aug
52%
Aug
102
Feb
6
Aug
Borg Warner Corp—
Common
.6
18%
Brown Fence A Wire com.l
com.....5
.
5%
10
cum conv pref
o
9
400
16
12%
13%
"~6%
22%
15
15%
550
6%
13
30
Butler Brothers
6%
229*
800
4%
Feb
225
19%
Jan
22
Castle & Co (A M)
10
Cent 111 Pub Ser $6 pref..*
Conv pref
Low
High
24,724
148% May
l*j« Aug
87%
26%
41%
Mar
May
19
10
10%
13
19
50
17%
84%
•
84
40
82
100
5%
250
1n
Jan
Aug
21
Feb
May
Aug
Jan
95%
Feb
50
6%
Jan
23
Jan
Common
.
*
1
'it
6%
%
50c
..
6%
Jan
*1«
*16
... .......
Prior lien pref....
Preferred.....
Chain Belt Co
168% May
i Ut Aug
97 H
Jan
30
30% June
47
50
16
May
21%
%
27%
51%
June
16%
'"%
Convertible preferred..*
%
16%
%
3,850
29
200
58%
58%
100
109
34 H
Jan
Feb
Chicago Yellow Cab cap. _*
Chrysler Corp common..6
"V
50%
20%
Apr
Cities Service Co
10
»
29
Chicago Flex Shaft com..5
Chicago Towel conv pref.*
com
Jan
May
20
41
*
l
%
112%
zllO
41
41
com
103
Jan
June
%
109
*
Jan
18
6% Aug
»» July
Central A 8 W—
Apr
Class A 1st pref
1%
8%
226
%
Feb
8%
142
6%
Mar
3%
3%
10
1%
1%
Jan
.
8%
100
100
100
3
-
3
Class D 1st pref std._ 100
3%
Bost Prsnl Prop Trust..*
12%
23%
Boston & Providence..100
Caiumet 4 Hecla
.6
Copper Range
■Jm
*
50
109
9
9
^
50
465
"Iva
66%
4%
58
6
Jan
Aug
2 5%
25%
25%
5,650
1%
5%
1%
6%
250
"q"
Consumers Co vtc pref.50
July
Com pt sh v t c cl A
50
13
Jan
1%
Consolidated Oil
Aug
Com ptsh vt c cl B
*
*
Common.
4%% prior pref
6% pref
40
11
85
12%
Feb
23%
Aug
750
107
Jan
1
73
Aug
July
Jan
112%
9%
Aug
8% May
Jan
Jan
31%
Feb
Jan
Jan
July
55
3%
72%
Jan
Feb
6%
July
320
6%
Aor
7%
July
Common......... ...20
6
357
4%
FeD
6%
July
82
1 %
May
3%
Jan
54%
1%
54%
37%
53
36%
30
June
235
47% June
58%
Jan
163
30%
41H
Jan
Apr
Eastern Mass St Ry—
Common..
100
1st pref
100
tm
m.
25%
General Capital.
.
*
Gillette Safety Razor Co.*
26%
.
.
3%
Hathaway Bakeries—
Preferred
30
3%
175
3%
Feb
12%
150
12 %
395
21
Jan
May
12%
25%
25%
26%
26%
6
24%
May
27
3%
155
70
6%
31
30
10c
210
11c
1%
21
..100
1%
465
2
126
6%
21
20%
Mergenthaler Linotype..*
N arragansettRacg Assnlnol
New England Tel 4 Tel 100
5%
N Y 4 N H 4 Hart RR 100
%
90
135
27c
27c
1
100
2
25
4%
JaD
110
May
123%
7
hi
85
8e
8c
ml*?*
18%
23%
23%
18%
23%
501
25
*
~
—
.
7%
;
7%
Sub Elec Sec Co 2nd pref.*
Torrlngton Co (The)
*
Union Twist Drill Co
*
1
Waldorf System
Warren Bros..
*
Warren <9D)
*
com
Apr
Eversharp i nc
Fairbanks Morse
12%
13
16%
19%
July
104
Feb
Apr
14%
16
13%
Aug
14%
Aug
Jan
100
Gardner Denver Co
81
250
700
4%
50
30%
Aug
July
88%
39%
484
39%
39%
822
33%
36%
Feb
Gen Motors Corp com..10
38%
38%
32%
2%
40%
May
48%
200
3%
10
Hall Printing Co com
15%
10
Harnischfeger Corp com. 10
"~8%
Hein Werner Motor Parts 3
Hlbb-Spencer-Bartlett.
25
•
_
8%
36%
12%
Houdallle-Hershey cl B
Hubbell Harvey Inc
Illinois Brick Co cap
Illinois Central RR
15%
5
2%
10
com
9%
15%
13%
8%
100
9%
9%
147
May
8
May
10%
Jan
14
June
17%
Mar
Apr
16%
Jan
Jan
8%
Aug
May
9%
8%
150
6%
8%
100
7
36%
20
35% June
40
12%
15%
10
10
Jan
13%
Jan
17%
2% June
10% Aug
Jan
29%
Jan
21%
100
100
2%
10
1,075
*
25
26*4
Aug
Indianapolis Pr A Lt com.*
18
18%
Julyl
Indiana Steel Prod com.-l
35c
35c
400
30o
July
520
Marl
8%
%
26%
9%
65
7%
Apr
9%
Apr
inland Steel Co cap
Interlake Iron
H
5
%
Feb
1% Junel
26%
10
11%
Apr
14%
July
2%
Feb
7% June
Jan
Jan
150
21%
350
18
May
Aug
3%
50
3
June
79%
80 %
173
69%
Apr
90%
Jan
c8H
8%
275
Aug
52%
53 H
1,191
9%
56%
Aug
international Par vest com*
8%
43%
Interstate Power S7 pref..*
Jarvls (W B) Co cap
1
10
Indep Pneu Tool vtc
new
3%
•
*
8Va
1%
60
1%
May
4
Apr
July
10 %
4%
_.l
124
1%
9%
4%
200
4
Jan
5%
July
7
May
July
9%
July
50%
Jan
Jan
5%
Aug
1
Jan
Aug
Apr
2%
14
Jan
Jan
Kellogg Switchboard—
*
8%
50
com
46 %
46%
A *
5%
5%
%
La Salle Exten Univ com.5
Leath
& Co pref
*
Common
Lincoln Printing
com?
9
100
40
46%
5%
300
1
44%
3
400
90
% June
"I'Va
27%
4%
100
3%
Jan
5
5%
5%
2,610
5
Feb
7%
Jan
27%
25
May
*
Liquid Carbonic
19
19
20
16
*
pref
rV
4%s
27%
*
UbbyMcNeillALlbby
Pmi H.Davis &@o
July
5
61%
SECURITIES
10
13%
73%
Lifted and Unlieted
Jan
July
650
Apr
Mar
4%
May
200
Feb
74
Jan
Aug
2%
9%
June
66% June
Jan
July
19%
59%
500
Jan
Aug
15%
33%
71%
3
11
3%
20%
49%
71%
Jan
1%
3%
June
Jan
31%
100
31
Jan
19
55%
450
com
Jan
s
432
699
July
:
Jan
Aug
100
651
26
Jan
IVa
9% May
Feb
6%
25%
10
37%
26%
Feb
Jan
45%
32%
61%
9%
3
May
1%
71%
m
2
46%
59%
«
28% Jjjne
100
3%
18%
Mar
Apr
120
3%
Jan
Aug
4%
33%
15%
*
Apr
28%
Feb
50%
10
Aug
July
26%
9%
34% May
5%
Feb
18% May
3% May
14%
Aug
25
Aug
Aug
031%
Jan
50
40
6%
25%
Feb
Jan
May
7
IVa
*
Jan
8%
Jan
225
Gillette Safety Razor com *
1% June
Apr
100
2 h
39
General Outdoor Adv
Mar
11
25
50
30%
Jan
19% Aug
25% June
40
300
70%
•
Mar
Jan
9%
1%
General Finance Corp coml
General Foods com
*
General Electric Co
Goodyear T A Rub com..*
5
3%
19%
26%
3%
50%
.*
com.
Gossard Co (H W) com..*
Great Lakes DAD com..*
595
50
4%
15%
General Am Transp com.5
General Candy cl A
5
Jan
% May
9%
Apr
5%
Apr
336
Apr
129
Feb
270
8%
Fox (Petei) Brewing com.5
Fuller Mfg Co com...
1
6%
Feb
25%
28%
Jan
Feb
11%
Apr
6%
45c June
22
Aug
1%
Four Wheel Drive Auto.10
26
25c
8%
50
July
25Va
19
May
1,250
1%
2%
38%
May
15
9%
25%
8%
1
com
100
17
37%
CHICAGO
15%
16%
95
400
13% May
9%
Apr
1%
Feb
17% June
27%
Aug
Aug
21
Jan
May
16%
Jan
13%
July
Lion Oil Ref Co cap
Bell System
Trading Dept. OGO. 406-406
La Salle St.,
12%
3%
21%
50
15%
21%
15%
50
9
Jan
McQuay-Norris Mfg
CHICAGO
12%
2%
5
McCord Rad 4 Mfg cl A..*
Teletype
Municipal Dept. OGO. 621
*
Lynch Corp com
Principal Exchanges
*
Loudon Packing com
*
30
34
July
•
16Va
34%
16%
34%
Marshall
Members
16%
850
13 %
Jan
1
2m
c27%
28%
295
27%
Aug
37%
16%
29%
23%
23%
50
20%
Apr
28%
Jan
3%
200
3%
Mar
100
4%
July
4%
5%
Apr
4%
3%
4%
4%
5%
AH
5H
3,250
4%
May
6%
Jan
300
3%
Feb
7
Apr
15 %
16
15%
450
3
15%
50
3
H
H
150
1
1
200
6%
6%
4%
350
Field
com...
Martin (Glenn L) Co
~3%
Masonite Corp
__*
Merchants 4 Mfrs Sec—
Class A com
Chicago Stock Exchange
Friday
Last
Sale
Price
com
Sales
Week's Range
of Prices
Low
High
Range Since Jan. 1,1941
for
Low
54%
54%
25
49%
49%
35
Aetna Ball Bearing com__l
11%
12%
11%
12%
150
11
200
28%
29%
405
10%
25%
Allied Laboratories com..*
"29%
1259.
189
Middle West Corp cap
Midland Utd
conv
pref
b
.
4%
*
100
v
3%
Aug
23
Jan
19
July
Jan
July
Aug
Feb
Midland Util—
Week
Shares
1
Mickelberry's Fd Pr com.l
Aug. 23 to Aug. 29, both inclusive, compiled from official sales lists
For footnotes see past
110
*
com
Common
AiUfl-Chttimens Mfg. Co_.»
Mar
15%
17%
15%
o28%
3%
30%
Elgin National Watch Col5
Jan
Aug
Ky Util jr cum pref
Abbott laboratories
1%
1%
Elec Household Utll Corp 5
Ken-RadTube&Lp
Par
2%
Feb
61
Boston & Maine 4s___1960
Stocks-
Jan
%
c9
1
Katz Drug Co com
10 S.
Jan
1%
17
*
Aug
•
Bonds—
4%
10
""71%
nnlted Shoe Maeb Corp.26
Utah Metal 4 Ton Co
20%
Deere 4 Co
Jan
'i«
340
47%
27%
47%
"27%
5
United Fruit Co
1%
10
•
90
10%
7%
1%
W
50
20
1
17%
10
20o July
8c May
16
Shawmut Ass'n T C
12c
18% May
100
Quincy Mining Co
6
2%
014%
15%
Diamond T Mtr Car com.2
Va
Apr y,s2:y: July
1% May yvy Apr
Jan
6 % July
21
12%
Feb
July
5c May
Jan
520
331
*
Feb
«% May
Jan
6%
1
.
com
Eastern Airlines Inc.
4
55
82
50
Jan
2%
July
Feb
6
25
com
Feb
38
Feb
25
123
m.
1%
6%
2%
Cudahy Packing —
Common... .•*..30
Cunningham Drg Strs. 100
Curtiss-Wright.
1
Aug
3%
Aug
5c
6%
25c
Pennsylvania RR...
May
23%
25c
Pacific Mills Co
Stone 4 Webster
1% June
6%
100
Old Colony RR
May
23%
2.50
North Butte
10
242
1%
M
74% June
330
6
;
100
AUg
87%
15%
3%
8%
Helvetia Oil Co t C......1
Cum pref
2
144
3%
m.
*
Mass Util Ass vtc
Jan
15%
6%
12%
24%
com....
Isle Royale Copper Co. .15
Lamson Corp of (Del) eorr>5
75c
313
83
13%
3%
Economy Grocery Stores.*
Em ploy era Group
2
1%
82
15%
Adjustment........ 100
Maine Central com
Crane Co
Decker & Cohn
Preferred clB..----100
30
24% May
425
Container Corp of America
7
1%
100
100
Corp...»
23%
6%
6%
6
—*
75
Capital.............26
Consolidated BLscuit com.l
Aug
13
22%
*
100
3%
Aug
Aug
1%
10%
3%
3%
3%
East Fuel 4 Gas As—
%
2%
9
Commonwealth Edison—
Class A 1st pref std__
Acme Steel Co com
3
3
2
48%
Maine-
Preferred stamped -.100
East'n 8 S
{Jan
Jan
3%
4
Common
Khares
1*H
Boston 4 Albany
1%
Jan
AUg
2%
35%
Range Since Jan. 1, 1941
1 »w
Rights
"
29%
Week
155%
5%
11%
.
Apr
Athey Truss Wheel cap
Chicago Corp common
100
May
Aug
Kales
Kale
Amer Tel 4 Tel
Apr
7
Aug
Exchange
Last
Price
4
100
200
Aug
Central 111 Sec—
Friday
Par
675
10%
1%
JaD
1i7m July
29
3%
%
Aug. 23 to Aug. 29, both inclusive, compiled from official sales lists
Stocks—
4%
10%
1%
Bunte Bros com_...____10
42
Aug
23
Bonds-
1
Aug
27 %
27%
Bruce Co (E Q)
Rait Trasit Co, 4s flatl975
A 5s flat
1975
17»
662
195
29%
Jan
15,400
100
July
25
Apr
70
70c
19%
North Amer Oil Co com.. 1
Aug
27%
48%
19%
National Marine Bank. .30 'Via
15
55
29
1"«
28%
1%
c28%
*
Aviation Corp (Del)
75
168%
3.50
Barlow&SeeligMfg A
29
May
23
Aug
22%
149%
28%
July
75
W
Aug
1,074
153% 156
June
23
9%
28%
7% pf25
Jan
7
28%
22%
255%
22
Mereh A Miners Transp. .*
94
Aug
Atch Top & 8 Fe Ry cornlOO
Jan
Aug
June
6 %
Associates Invest Co com.*
Aug
Feb
240
85
20
Aug
May
15%
50
6%
c6%
Mar
9
100
87%
87%
Aro Equipment Co com__l
Asbestos Mfg Co com
21
87 y2
Anaconda Copper Ming. 50
Armour A Co common...6
29
100
21%
240
Mt Ver-Woodb Mills prflOO
U S Fidelity 4 Guar
9%
21%
21%
1.65
153
9%
100
Monon W Penn PS
Aug
3.75
Finance Co of Arn A com .5
Mercantile Trust Co
27c May
17%
59%
35c
7%
20
Fidelity A Guar Fire
14% May
3.20
100
Eastern Sugars As com vtcl
Houston Oil pref
480
&58%
Consol Gas E L 4 Pow...*
Fidelity 4 Deposit
17%
16%
..*
Jan
18
cap.100
High
17
17%
.*
.
Low
200
17%
Rights (Wi)
Arundel Corp..
Range Since Jan. 1, 1941
Last
Exchange
Aug. 23 to Aug. 29, both Inclusive, compiled from official sales lists
1941
46
43%
.
Feb
Apr
May
Feb
May
High
57%
61%
12%
Aug
Jan
6% prior lien
100
7% prior lien....
100
7% pref cl A.
..100
Mlber 4 Hart—
V tc common stock
1
13
Jan
$1 prior pref.
.10
Minn Brewing Co com___l
Montgomery Wardoom _•
36%
Jan
Muskegon Mot Spec cl A
Jan
4%
100
■34%
34
34%
343
22%
22%
22%
10
Apr
17%
Jan
%
17
Apr
% May
5% June
4%
31%
22
Aug
Aug
H
Aug
1% June
6%
July
6%
39%
Jan
May
July
27%
Jan
Aug
Jan
Volume
& Financial Chronicle
The Commercial
153
tales
Friday
Range Since Jan. 1, 1941
Last
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Week
Low
Price
Par
Low
Shares
High
5
c4%
4%
Nat'l Bond A Invest com.*
10%
10%
4%
450
550
Nash-Kelvlnator Corp
Natl Cylinder Gas com
1
New York Central
12%
*
Nineteen Hundred cl B
.
.
.
Mar
Apr
11
Jan
10%
4%
350
3
Aug
250
24
May
12%
255
12%
Aug
8%
100
8%
Aug
8%
500
23%
Aug
32 %
Aug
8%
23%
25
5%
Northern 111 Finance com.*
13
28%
cl2%
1
Noblltt Sparks Ind cap..5
North American Car com20
.
5%
200
5%
8
8
100
8
4%
Jan
14
Aug
RUSSELLco.
GILL1S
Aug
Jan
Mar
8
May
10%
Feb
Mar
10%
10%
25
150
7% June
Apr
10%
11%
10
14
16
240
6
16
Uolin Cimmerci Bidding, Cleveland
Jan
14%
"ii'%
Members Cleveland Stock Exchange
Aug
32
iiH
Northwest Airlines com..*
Northwest Bancorp com. .*
8%
Ohio Listed and Unlisted Securities
Aug
Aug
10
600
5%
10%
4%
4%
28%
_
High
,
Aug
27
10%
Natl Pressure Cooper com 2
National Standard
10
—
1257
Aug
Telephone: OHerry 5050
AT&T
CLEV
665 & 566
North West Utll—
7% preferred
TOO
Nunn-Bush Shoe
_
com.. 2%
9%
5%
Cl4%
Omnibus Corp com...
6
Paramount Pictures Inc..J
Peabody Coal Co cl B
9%
_5
%
%
v: May
9%
10% June
July
60
5%
Aug
10
2,600
12%
Aug
15%
Aug
100
%
Jan
1%
June
Penn RR
%
50
23%
50
capital
Peoples G Lt&Coke cap 100
Potter Co (The) com
Pressed Steel Car com
.1
"
51
*
......
Rath Packing com
10
Sale
16
%
Feb
„
*
m
Feb
36 %
JaD
July
Dow Chemical-—.-
Aug
Eaton Mfg_____________*
June
Feb
Jan
c
General Elec
Aug
28%
Aug
c
Glidden Co
9%
Aug
10%
Aug
180
13
Jan
105
July
71
6% pref—
...5
Reliance Mfg Co com... 10
._*
Republic Steel Corp
12%
-----
Sears Roebuck A Co cap..*
4%
35
1
S Bend Lathe Wks cap...5
2
com
Standard Brands
cl9%
1
32
43%
Standard Oil of N J——25
Sterling Brewers Inc com.l
..6
—
«
*
-
+
~
«
v
—
-
Swift A Co
26
Texas Corp caoltal
Jan
'm
V
20
59%
10
24%
United Statee Steel com..*
57%
100
pref
cum
Utah Radio Prods com. —1
Utll A Ind Corp—
Common...
5
Convertible pref
Walgreen Co
7
w
4.
«
-
«
100
c
Industrial Rayon com._*
c
Interlake Iron
400
%
Jan
1%
July
50
9%
Apr
12%
Aug
650
19%
Aug
20%
Aug
3
500
2%
Aug
4%
Jan
Lamson & Sessions
Wisconsin
*
Bankshares
U'T
J,
_
*
"
Zenith Radio Corp com..*
11%
Apr
20%
July
al9% al9%
al9
a!9%
65
July
a29
a29
*
com
Kelly Island Lime & Tr___*
12
20%
16
May
20%
44
May
49
Aug
5
June
11%
255
2%
Feb
45
a29
42
Apr
15
4%
20%
May
Mar
29%
Jan
50
7
Apr
40
June
11%
43%
Jan
60
12%
520
11
May
12%
Mar
5%
1,087
8%
8%
Interlake Steamship ._._.*
Jan
20
49
4%
Feb
June
42
5
Jan
3%
5
Jan
Aug
18% June
22%
Jan
McKee (A
*
34%
34%
30
33
Mar
38
Jan
6% June
9%
Jan
Medusa Portland Cement *
22 %
22%
35
17
Feb
24
July
78%
Jan
17%
16%
al9% al9%
3%
3%
750
7
Jan
20
July
Apr
1,137
67%
Apr
4%
1,050
35%
5%
250
1%
29%
Mar
5%
2
71%
4%
34%
5%
73%
215
265
200
,
37
31%
c42%
%
6%
c5%
32
777
43%
1
1,173
National Refining (new).-*
Jan
Aug
Apr
2%
July
8% pref...
25%
Aug
44%
Aug
Otis Steel_.
July
1
Jan
%
185
6%
Apr
8%
Jan
5%
Aug
6%
Aug
29
Jan
36
Feb
33%
22%
466
24%
41%
24%
1,400
17%
19%
42%
369
34%
Feb
3%
9%
150
3%
Aug
6%
Jan
100
9
77%
79%
500
61%
Feb
11%
59%
31
9%
63%
May
May
ht
he
300
1%
19%
15%
20%
15%
550
17%
28%
170
92%
67
2%
100
100
Apr
15%
July
Jan
M
-
-
......
1%
15%
15
18
May
23%
Apr
0.7%
58
Feb
10%
June
12%
12%
200
a20%
12%
"33~"
a41%
1
_.
_
_
Warren Refining
Weinberger Drug Stores
.
_
Apr
13
16%
Feb
22%
Apr
35%
Jan
July
10
5%
50
2%
Apr
a41% a42%
a 57% a57%
5%
5%
305
34%
Feb
5%
48%
110
49%
Apr
Aug
Jan
70%
4% May
3% May
6%
100
*
8
8%
440
2
*
1
1
100
9
57%
West Res Inv Corp pref 100
%
1
Jan
%
25
9
9
Jan
Jan
July
May
Jan
10%
57%
Apr
8%
51% May
100
Aug
57%
Aug
1%
Aug
YVATLING, LERCHEN&CO.
Aug
U
24
14%
May
Member*
New
New York Curb Associate
York Stock Exchange
Chicago Stock Exchange
Exchange
Detroit Stock
Mar
Ford
July
29%
104%
3%
Mar
Mar
May
6%
79%
5%
15
315
Aug
15%
Aug
12%
300
14%
10%
May
15%
Apr
$8,000
110%
July
122%
Telephone: Randolph 5530
Aug
3%
DETROIT
Building
Jan
Jan
July
cl4%
12%
6%
.500
201
68
4%
4%
63
May
Jan
Jan
Detroit Stock
Aug. 23 to Aug. 29, both
Exchange
inclusive, compiled from official sales lists
Sales
Friday
Boads—
Amer Tel A Tel 3s... 1956
Jan
30
70
387
33
5
_.*
_____
32%
6%
Aug
Jan
250
6
67
3%
"14%
U S Steel com...
Van Dorn Iron Works
July
Fen
1
Jan
Apr
1%
Jan
1%
*
%
11%
Aug
June
19
85%
*
3% June
Mar
5
Jan
70%
Apr
27%
Jan
25
Mar
1%
_
U pson-W alton i
130
Feb
1%
_
Aug
75
a7%
.._*
_
c
69%
Mar
1,550
..
-
Aug
17
Apr
%
_
July
79%
June
100
_
Seiberllng Rubber—..—*
Standard Oil of Ohio
25
12
Aug
22%
49%
_
25
June
115%
.
*
— _
Republic Steel corn
July
23%
May
116
c
July
49%
100
---——*
Patterson-Sargent
Richman Bros
Jan
3%
Mar
1%
26
a 19%
*
-
23%
Mar
10
245
66c
66c
*
44%
Mar
700
i
15
215
49%
1%
1%
al2% al3
al8% al8%
100
N Y Central RR com...*
41%
120
49
6% .*
Ohio Brass cl B
386
650
-----1
-
Nestle LeMur cl A_
July
7
c22%
24%
58
56%
121% 121%
1%
1%
_
Natl Refining pr pref
34%
5%
150
I
_
Mar
100
58 %
*
National Acme
Aug
1%
Miller Wholesale Drug
Aug
6%
5%
Apr
4%
5%
G) cl B_
Aug
4%
Feb
112% 112%
6%
W
5
Yellow Truck & Coach B.l
172
%
17
50
91%
2%
20%
*
Wrlgley (Wm Jr) Co cap.*
Yates-Amer Mach cap
18%
*
*u
Westngb f El A Mfg com.50
Williams Oll-O-Matic
Mar
250
a*
Wayne Pump Co cap..—.1
Western Un Teleg com
Jm
......
*
com
35%
12%
45
Jan
8%
3%
United Air Lines Tr cap..6
7%
May
70
*
1%
9%
-
Trane Co (The) com
25
Union Carb A Carbon cap »
US Rubber Co
15%
28%
Apr
270
49
12%
20%
11
~z24%
2
com
a!9%
Jan
July
17%
Greif Bros Cooperage A__*
33%
26
Oypeum Co
100
Goodyear Tire & Rubber.*
57%
§22%
Swift International cap.. 16
Thompson (JR)
June
21%
2
2
26
Studebaker Corp (The)... 1
Sunstrand Macb T'l com.fi
29
a
18
May
c
Standard Oil of Tnd
245
May
13
116%
36%
18%
all
Aug
July
Jan
12%
21%
c 5%
*
Standard Dredging
U S
a32%
4%
4
110
J
8%
21%
Sangamo Electric Co
Schwitzer Cummins cap—1
Serrick Corp cl B com
1%
12%
2%
Rollins Hosiery Mills com *
8tewart Warner..
*
com-
com
Aug
Jan
10
1,632
<z32% a32%
al7% a!7%
a31% a32%
3%
1
10
May
May
17%
250
a32%
41 %
350
1941
High
Low
10
15%
10
115
501
3
Shares
115
15%
10
115
50
4%
47
2%
3
50c
15%
1
Goodrich (B F)
Preferred
Jan
%
Range Since Jan. 1.
for
Week
i
High
*
—
Faultless Rubber
%
9%
26%
220
9%
«_5
Colonial Finance
68
50
27
74
47
22
1,370
%
10%
c26%
c9%
Aug
of Price
Low
Jan
%
25%
51%
13% June
v.
Price
Par
Harbauer Co
Raytheon Mfg Co—
Common.
Spiegel Ine
1,786
c3%
4
*
—
51%
73
Quaker Oats Co common.*
Radio Corp of Amer__
49%
10
*
Pure OH Co (The) com
451
------
1
Pullman Inc
10U
%
23%
Week's Range
Last
Stocks (Concluded)
Cliffs Corp com
Penh Gas & Elec cl A com-*
Sales
Friday
Jan
5%
15%
%
15
15
Penn Elec Switch cl A...10
10
9%
Last
Par
Stocks—
Cincinnati Stock
Exchange
Atlas Drop
Week's Range
for
Sale
of Prices
Low
High
Price
7%
5
Forge com
Range Since Jan. 1, 1941
Week
8
High
Low
Shares
5%
200
Jan
8%
July
Sales
Friday
Range Since Jan. 1, 1941
Last
Par
Stocks—
Week's Range.
for
Sale
of Prices
Week
Price
Low
High
High
Low
Shares
Am Laundry Mach.___.20
21 %
22 %
256
16%
Feb
23
Aug
Champ Paper & Fiber
*
100
21 %
215*
25
21%
July
96%
63
Aug
107%
Feb
50
3%
3%
100
17%
94%
2%
Feb
95%
July
4
Jan
85%
31
79% June
99
Jan
Cin Gas & Elec pref.
_
Cincinnati Street.
85
Cincinnati Telephone50
7%
95
4%
Jan
6%
25
6%
Aug
Crosley Corp
*
Crystal Tissue__—-----*
Dow Drug
.-._-*
7%
6%
2 %
2%
40
.10
9%
9%
120
—
— —
Eagle Pleher.
_
_
_
—
———
Gibson Art
_
__.*
20
20 %
—*
Formica Insulation
24%
25
96
150
1% May
7%
Apr
'8%
5%
5%
400
5%
Apr
6%
Jan
4%
4%
100
4% June
4%
June
16%
1%
3%
16%
395
Apr
16%
Aug
1%
1,175
60c
Mar
3%
1,050
2%
May
1%
1%
357
76c
78c
1,442
—1
.5
Consolidated Paper com _ 10
Consumers Steel com
1
Continental Motors com.-l
Crowley Mllner com
*
Det & Clev Nav com
10
Detroit Edison com
100
Det-Michigan Stove com.l
Detroit Paper Prod com
1
_
July
7
Feb
3%
Aug
10%
Ex-Cell
1
Vacuum com..__.5
O Corp com —_3
23
Mar
Aug
29
Jan
Federal Motor Truck com
6%
13
Kroger
-
—
———-*
__._-_-.25
10
12
12
27 %
»
Kahn____
13
12
Participating pref —100
10
2714
6%
298
4%
11%
June
6%
July
Jan
16 %
Mar
12
June
13%
Feb
30
Jan
24% June
8%
13
13
2
10%
Feb
14
July
*
59
50%
May
60%
July
223
59 %
223
386
100
Nash
Procter A Gamble
2
222 %
June
229 3^
Jan
U 8 Playing Card..— —10
4%
4%
380
1%
Jan
6%
July
10
6%
6%
100
4%
Apr
6%
Aug
Western Bank
-
_
10
Timken Roller Bearing...*
45%
Columbia Gas.
2%
9,875
3%
3%
26%
3%
1%
3%
200
26%
3%
1%
400
4%
385
4%
Jan
94c
Mar
23
May
Apr
Jan
2%
10c May
45c
Jan
1
A pi
2%
Aug
3%
Aug
3%
220
24%
May
29
290
2%
May
1% May
4
Jan
2%
Jan
1 %
V
4%
3%
1%
1%
350
1%
39%
2%
39%
469
36%
2%
350
2%
87c
92c
1,450
Grand Valley Brew com
60c
60c
100
30c
Hudson Motor Car com
3%
3%
300
3
34C
34c
48c
48c
2
1%
General Finance com—
—
Goebel Brewing com...
Apr
Jan
Mar
48c
—
LaSalle Wines com—
Masco Screw
Prod com.
21c
McClanahan Oil com..
Products
-
187
11%
Feb
15%
July
16%
50
Apr
10%
Feb
2%
10
8%
2%
May
4%
Jan
39%
159
86% May
48%
Jan
Packard Motor Car com.
46%
130
41 %
51 %
Jan
Parke Davis
Murray Corp com
_
-
.
4% June
2%
Jan
48%
Jan
2%
Jan
60c June
1.00
Jan
Mar
60c
Aug
Apr
4%
Jan
400
30c June
45c
Jan
100
46c
Feb
60c
2
567
1%
1%
175
20c
21c
3,600
1.00
400
60c
290
7
May
Apr
1% May
16c
Jan
Jan
2
1%
6
_ —
1%
Michigan Die——
Jan
Jan
Mar
25c
Jan
1.25
Mar
11
V7S
com...
14%
•i
95c
34c
Hurd Lock & Mfg com.
Kinsel Drug com
Apr
July
May
Mar
1%
87c
Graham-Paige com....
Motor
14%
10%
2%
38%
25
City Ice
1%
Jan
Mar
20
100
~2%
Aug
1%
68c
3,600
20c
1%
4
91c June
1,905
2%
20c
*
Gar Wood Ind com
Michigan Sugar com..
Unlisted—
Am Rolling Mill
20%
2%
20
"2%
Frankenmuth Brew com—1
General Motors com
Hatfield prior pref—-.12
"77 c
.
Durham Mfg com—.
Eureka
1%
3%
15
Jan
May
18
24%
Baldwin Rubber com..
Chamh Mtl Weather com
Aug. 23 to Aug. 29, both inclusive, compiled from official sales list
VVH
6
6
361
5
Apr
8%
1%
1%
400
1%
Apr
2
Jan
Jan
June
—
Jan
3
3
331
2% May
3%
29
29
310
25
May
30%
Jan
*
7
7%
200
7
Aug
11
Jan
85c
87c
650
85c
July
1.25
Prudential Invest com—_1
May
com.--..—-*
Peninsular Mtl Prod com. 1
General Motors
1%
1%
600
1%
June
1%
Jan
5
Itickel (H W) com..—2
River Ralson Paper com _.*
Simplicity Pattern com.. .1
StdTubeclB com....... 1
Tivoli Brewing com ..... 1
Tom Moore Dist com.
1
1%
1%
900
75c
Apr
1%
July
2%
2%
750
2
Apr
2%
July
2
Parker-Wolverine com
Cleveland Stock
Exchange
Aug. 23 to Aug. 29, both inclusive, compiled from official sales lists
Sales
Friday
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1941
Shares
High
Low
—
Reo Motor com
Apex Elec Mfg
12
__100
*
*
Airway Elec pref
—
City Ice & Fuel
Clark Controller
7%
2%
*
CI Cliffs Iron pref.__
64
2%
112
27%
——100
For footnote* see page
200
16%
2%
79
78%
*
CI Elec III $5.50 pref.....*
Cleve Ry.—
8
70
16%
1
CI Builders Realty
15
al0% al0%
1259
112
27%
30
12
Aug
7% June
22 %
12%
Jan
350
1%
Apr
2%
July
2
2
400
2
Aug
2%
2%
710
1%
Jan
2%
2%
Aug
2%
1%
1%
1%
2,005
1%
May
1%
Jan
900
50c
Jan
74c
July
10 %
Feb
17
Jan
1
Universal Cooler cl B—-*
Walker A Co cl A
—-*
Warner Aircraft com
1
Jan
70c
Udylite
8%
Apr
15% June
1%
Apr
436
70
Apr
6
100
Feb
98
2%
2
25% May
2 %
79%
114
32%
70c
70c
3%
—
49
3%
Jan
Aug
Apr
Jan
Mar
U 8 Radiator com.
Wayne Screw Prod
100
3
Feb
4%
1%
1%
100
1%
Aug
2%
55c
......
55c
300
52c
Aug
1%
27
27
100
27
Aug
1
Feb
Jan
Jan
Apr
Jan
Jan
3%
4% May
5%
May
May
1%
1,700
com..4
3
3%
900
2
2
5
5
100
1%
29
Aug
1%
1%
Wolverine Tube com
Jan
The Commercial & Financial Chronicle
1258
Aug. 30, 1941
Sale*
Friday
Los
Last
Angeles Stock Exchange
Aug. 23 to Aug. 29, both inclusive, compiled from official sales lists
Sales
Friday
iMXt
Week's Range
Sale
of Prices
Hto
Par
Price
50c
Stocks—
2
2
3 Ye
10c
for
Week
Jan. 1, 1941
Range Sin
Par
3)4
Low
High
Bandini Petroleum Co—3
Barnhart-Morrow Com.A
10c
Blue Diamond
2)4
Jan
2)4
Jan
W
Jan
10c
10c
May
31)4
34 Ve
39 X
394
38 Ye
764
5)4
5)4
2,040
2X
5
5)4
5 Ye
97
IX
Jan
300
3Va
5)4
Lehigh Valley..-.50
Natl Power A Light. -——*
5
2)4
1)4
Aug
Jan
2)4
July
90c
80c
Pennroad Corp vtc
Aug
97 Xc
July
Broadway Dept Store Inc.*
Byron Jackson Co. -....-*
Calif Packing Corp com..*
Central Invest Corp.-.100
6X
9%
6
We
3)4
Apr
Pennsylvania RR
Penna Salt Mfg
8
Apr
a27H
19
9)4
10)4
a2754 a2754
19
1
11X
9)4
Chrysler Corp
6
58 X
Consolidated Oil Corp
•
We
5754
5)4
Consolidated Steel Corp. -*
SH
21X
Cessna
Aircraft
*
Preferred....
Douglas Aircraft Co
.*
electrical Products Corp.4
73
We
754
21)4
70)4
We
11)4
58)4
5)4
8X
2154
Jan
20
Aug
Phila Elec Pow pref
11)4 Aug
68)4 May
Apr
6)4
May
Feb
5)4
8)4
8)4
21)4
Aug
Feb
68 )4
Feb
73
Aug
8)4
»
May
Aug
9 X
Jan
Exeter Oil Co el A corn... 1
45c
30c
45c
10
39X
1914
3854
19)4
3954
37 X
Goodyear Tire & Rub Co.*
19)4
Hancock Oil Co cl A corn.*
30 X
3054
3054
17)4 May
29)4 June
10c
11c
10c
11c
9.500
6c
Jan
lie
Aug
Inc.—----
10c
10c
10c
400
8c
Apr
12c
Aug
1054
250
June
10)4
Aug
44c
3,862
Jan
46c
28)4
650
Apr
29)4
General Motors com
Intercoast Pet Corp.
Lac
Chemicals
_..
-—-1
Lane-Wells Co-
10
10
Lincoln Petroleum Co.. 10c
44c
Lockheed Aircraft Corp..l
28 X
41c
2754
15c June
8
45c
20c
20
Aug
47)4
20)4
May
July
Jan
Feb
33)4
Mar
Aug
7
7
7
412
5)4
Jan
8
1
4 5c
45c
45c
100
38c
Jan
27X May
3654 May
A
JH
154
154
237
1)4
May
2)4
Mt Diablo Oil Mng & Dev 1
55c
55c
55c
10
Mascot Oil Co
Menasoo Mtg Co
48 X
Jan
We
5X
July
Aug
Jan
5X
Aug
7X
Mar
2
July
3X
Aug
1,280
22
Feb
25 X
Apr
182
10
163
Apr
188 X
Feb
113)4 114
182
61
113
Aug
118
::
Jan
3
182
31
31 Ve
158
11X
25
11 %
60
3
Philco Corp
50
Reading RIt
2nd pref
Scott Paper
16 X
10)4
11
12)4
27
20
23 Ye
37 Ye
37 Ye
54
2354
38 Ye
5654
'2 Ws
..*
*
Sun Oil
May
Mar
854 June
2754
16)4
50
50
1st pref.
29 X
56)4
43
43)4
1ite
23 Ve
300
Feb
Feb
Feb
31)4 June
Jan
12)4
18X
Aug
27 Ye
Aug
24)4
July-
21X
33 X June
38 X
Apr
50)4
Apr
60X
July
27
4154
July
600
*i?8
Feb
204
„
1
Tacony-Palmyra Bridge—
43)4
Class A participating...*
*158
10c
1
Tonopah Belmont
46
Jan
Lt
Mar
X
Mar
H
X
Ji6
Jan
1.020
5ie
Apr
IX
23 X
277
19X
Apr
30 x
Jan
7 Ye
754
4.212
654
Jan
105 y9
106 X
100
117X
Jan
10
10)4
11)4
May
104 X May
1054 Aug
10X
*
Tonopah Mining
United Corp com
19
19 X.
X
*
X
*
23)4
United Gas Improve com .*
23
7)4
Preferred
Preferred
Westmoreland Inc..
100
86
50c June
Los Angeles Investment.
Jan
Aug
3,581
'We
23 Ve
Phila Elec of Pa $5 pref.. .*
17
73
Jan
1 Ye
28 Ye
34 Ve
Aug
Jan
Aug
July
"n June
25 X
5
24
5)4
50
11)4
27 Ye
3)4 May
55)4
6)4
■
3)4
23)4
1
-.50
Feb
17)4
9)4
19
July
71 Ye
Feb
34)4
39
10
Lehigh Coal & Navigation *
80c
Aug
27
High
May
25X
2
10c
55
155
X
80c
,
58 Ye
25)4
2
Corp..>..2
new
Low
Shares
-._..*
—
comSl ,00
Bol Chica Oil
Range Since Jan. 1, 1941
for
Week
High
56 X
Electric Storage Battery 100
1.20
Low
5
General Motors.
Aircraft Accessories
Price
e
of Prices
Curtis Pub Co com......*
Preferred
2
SVs
Stocks (Concluded)
Chrysler Corp.....
Low
Week's Rang
Sale
Westmoreland Coal.....20
163
13)4
Jan
Jan
19
Apr
21
Aug
Mar
55c
500
35c
Jan
Ncrdori Corp Ltd
1
3c
3c
3c
1,000
3c
July
7c
Apr
Pittsburgh Stock Exchange
Occidental Pet Corp
1
1
10c
10c
10c
1,250
10c
Aug
10c
Aug
Aug. 23 to Aug. 29, both inclusive, compiled from official sales lists
45c
45c
60c
1,300
30c
Jan
7oc
Aug
Pacific Clay Products
*
Pacific Finance Corp com 10
5)4
5 54
4)4
9)4
5h
9)4
475
9J4
203
9 Ye
Pacific Fine Crp pref cl
m
954
498
25
Oceanic Oil Co
C10
*
37 Ye
954
24 54
3654
Pacific Pub Herv 1st pref.*
16)4
16)4
Pacific Gas
FJee com..25
Pacific Lighting com
Republic Petroleum com.l
..50
5U% preferred
25
254
40
2)4
Apr
Aug
5)4
11X
1054
Mar
671
28)4
Jan
37 Ye
193
33)4 June
40
Jan
16)4
100
15
17)4
Jan
254
950
1
8
30
June
Apr ■V. 254
Aug
Jan
)4
40)4
July
J
28c
27c
28c
7,100
15c
Feb
28c
Aug
10)4
10)4
12)4
52,163
7)4
1214
Aug
1.00
1.05
4,282
47)4c
Feb
Feb
1.10
July
11
11
200
9)4
2)4
Jan
May
11
4)4
Aug
Aug
1.05
Richfield Oil warrants
Roberts Public Markets..2
Ryan Ae 'nautical Co—1
Safeway Stores Inc
...*
Secur Co Units of Ben Int..
Signal Oil A Gas class A..*
Solar Aircraft Co
.1
Sontag Chain Stores Co..*
Ho Calif Edison Co Ltd..25
11
454
454
4454
4)4
44)4
31X
31)4
30)4
30)4
31X
30)4
100
We
5)4
1,132
3)4
5)4
2214
3
5)4
30
*
14
14
Standard Oil Co of Calif-*
2354
2334
Sunray Oil Corp
1
Superior Oil Co (The).. .25
37
Southern Pacific Co
■*30:**?
2)4
454
Union Oil of Calif...—25
1554
10
Universal Consol Oil
Vega Airplane Co-—-IX
Vultee Aircraft Inc
1
2
7
7
9)4
m
We
7)4
2c
June
43)4
29
June
38
300
927
504
1454
2354
930
2)4
4)4
15)4
40
9
30
37
37
rransamerica Corp.—..2
Aug
50
22 H
25
6%prefB....
2,605
532
850
150
454
25)4
Jan
Feb
30)4
2)4 June ■T' 4
5
July
6)4
28
22)4 Aug
29
May
30)4
8)4
Jan
1454
18
Feb
24)4
Aug
Jan
Allegheny Lud Steel com.*
Arkansas Natl Gas pref .100
Columbia Gas & Elec Co.*
654
a42)4
15554
—100
Amer Tel A Tel Co.
Rites (W I). —
Anaconda Copper
Armour & Co
1)4
..
50
28
Aug
July
2)4
37)4
Aug
Feb
May
6)4
Jan
Jan
15)4
Jan
Aug
7h
9h
0)4
4)4
Apr
9
1,208
Apr
8h
900
4)4
Apr
9X
8)4
Aug
2c
400
3c
Apr
Sc
13
.
*
all J4
I
4
Continental Oil Co (Del) .5
25 X
Curtis-Wright Corp
1
Class A
i
......1
9)4
a2854
3254
General Electric Co
.*
General Foods Corp
*
a39
Goodrich (B F) Co
*
Kennecott Copper Corp..*
38)4
Montgomery Ward & Co.*
a34)4
New York Central RR—*
Pittsburgh Screw & Bolt..*
Renner Co
1
18)4
13
22)4
Feb
29)4
21 Ye
July
Apr
454
068)4 a68)4
0454
<*454
455
a4754 04754
a454
a454
aim 01254
130
954
25
35
91
4
4
24)4
24)4
9)4
9)4
a2854 02854
3254
3254
a39
39)4
18)4
18)4
38
3854
a34)4 a34)4
12)4
13
15
15
13
13)4
250
50
207
7)4
Feb
20
25)4
28)4
35)4
May
Mar
156
55
218
196
United Aircraft Corp..___5
a41 Ye
11 h riteel Corp
Warner Bros Pictures Inc 5
5754
554
Westinghouse E. & Mfg.50
Willys-Overland Motors
1
a2)4
.
_
9154
721
20
65c
600
IX
Jan
1)4
100
IX
Jan
IX
Jan
193
72 X
June
96 X
Jan
5X
50
4)4
Apr
40c
40c
800
40e May
7X
55c
Mar
IX
IX
300
1
IX
Mar
2c
2,000
Budd Wheel Co
11)4
33)4
For footnote* see page
654
1259
Jan
lc
Jan
20
15c
Aug
30c
Feb
299
15c
23
17X
Apr
24 X
July
3c
Feb
Building, ST. LOUIS
Apr
July
St* Louis Stock
Jan
4)4
Friday
Last
Sale
Jan
Jan
J4
4
Aug
28)4
954
Price
Par
28
June
American Invcom...
122
769
90
54
Brown Shoe com
Mar
Feb
19)4
Aug
Coca-Cola Bottling com._l
Mar
39 X
July
Columbia Brew
8)4
Apr
We May
Jan
Jan
34)4
30 X
9)4
3X
5
com
5
35 X
35 X
40
3X
3)4
20
------
10
10
------
22 X
22 X
112
------
iox
iox
11X
136
—
—
—-
11X
5
------
-
-----
22 X
Jan
Laclede Steel
72 X
Apr
10 x
July
Meyer Blanke com
Midwest Pipg & Sply
6X
Jan
*
com
5)4
Apr
8X
21)4
230
37
Jan
130
64)4
Feb
250
36 Ye
Feb
167
50)4
Apr
2,272
2)4
Feb
23
41X
78)4
Aug
Feb
July
July
3854 May
Jan
68 X
5)4 Aug
40
!
"""1)4 "May ~"m
National Candy com
1st preferred..
High
Shares
11)4
nx
153X 156
------
*
100
com.
170
9)4
642
148 X
; 8,430
1 *32
10)4
4)4
654
10 X
4X
6)4
300
27
Jan
Jan
12X
Jan
Feb
5X
July
8
560
8
Aug
200
15c
29
215
26
4X
6X
250
6
17X Aug
6X June
7X May
5c May
26
May
25
Jan
8
Aug
8X
Mar
5c
Feb
31X
5X
Jan
4X
Aug
5
Apr
7
Jan
20
Jan
Jan
17
17
10
14 X
May
12 X
12 X
20
Aug
14X May
15X
55
12 X
13 X
Feb
15X
7X
250
5X June
8X
Aug
110 X
May
7X
Aug
1st preferred
7)4
_
_
*
..100
------
------
------
St L Pub Serv cl A com... 1
Scullln Steel
2X
*
com
Stix Baer & Fuller
Wagner Electric
1
com
com
110
7
113
Aug
------
no
113
4
3
15
109X
4X
July
Mar
111
Jan
114
Apr
3
Aug
14
1
Apr
300
9
June
14 X
Jan
50c
55c
970
50c
Aug
1.55
Jan
6X
6X
50
5X
200
10
10
25X
10
..10
25X :>'•■;■
65
July
9
May
23 X May
8X
Jan
IOX June
28
Jan
■V- rvA
77
25-yr
conv
inc
1964
77
77
$100
68 X
Jan
80 X June
26
St L P S 1st mtge 5.s..1959
25X
26
11,400
11 X
Jan
26 X June
Francisco Stock
178 X
Jan
11»J2
6)4 May
10 H
100
254 May
5)4
Feb
Aug
July
July
Week's Range
for
Range Since Jan. 1,1941
Week
Aug
50
official^sales lists
Sales
Friday
Feb
May
Aug
Exchange
Aug. 23 to Aug. 29, both inclusive, compiled from
High
11X
6
75
7X
iox
2X
10X
"""50c
Warrants
Sterling Alum corn
San
11*32
AUg
June
o
Range Since Jan. 1,1941
Low
9
15
------
*
°
Rice-Stix D Goods
Sales
Low
8
22X
Jan
July
20
com
Aug
15X
75
6
Aug
3X
13 X
Apr
June
8
------
35 X
Aug
8
Laclede-Chr Clay Pr com.*
3
2X
15
Jan
Jan
Jan
May
July
29)4
>
11X
50
150
13)4
50
7X
4X
Aug
25
17X
28 X
10
5
7X
15c
com...
50
7)4
17X
4X
Key Co com
4)4 May
340
High
367
10
28 X
International Shoe
July
100
91 54
Range Since Jan. 1,1941
Shares
High
10
*
Aug
May
1014
4X
241
128
a2)4
Low
*
15
25
4254
7X
July
Week
!
35X
*
Century Electric Co....10
Chic & Sou Air L pref... 10
34
for
of Prices
10
*
Hydraulic Prsd Brk com 100
a72M 073)4
9H
954
a5)4
o5)4
a43)4 a43)4
754
754
5)4
5)4
a24)4 a24)4
a42J4 a43
a7754 a79)4
a4054 041)4
57)4
58)4
554
5)4
Sales
Week's Range
Jan
Jan
Stocks—
Huttig S & D com
525
Exchange
Aug. 23 to Aug. 29, both inclusive, compiled from official sales lists
43)4 June
Aug
3
A.T.T. Teletype STL 593
July
17X
1">J1
*
June
New York Curb Exchange Associate
Last
10
Budd (E G) Mfg Co——.*
July
Phone
July
for
Barber Asphalt Corp.
55c
CEntral 7600
Postal Long Distance
July
Week
156""
Jan
Jan
St. Louis Stock Exchange
------
of Prices
_.*
Jan
6
80 X
Chicago Stock Exch.
Chicago Board of Trade
Associate Member Chicago Mercantile Exchange
1
Week's Range
Rights cash
July
10X
New York Stock Exchange
Griesedteck-W Brew com.*
Sale
American Stores
Jan
Ye
Established 1922
Falstaff Brew com..
Last
American Tel & Tel—100
8X Aug
5)4 May
12
Member*
Hussmann-Ligonier com.. *
4
Friday
Price
Apr
IX
Boatmen** Bank
Jan
20 H
9 1 54
a2)4
954
40
83)4
Philadelphia Stock Exchange
Par
X
Jan
Feb
79 X
Bonds—
Stocks—
5
14
Apr
St. Louis Listed and Unlisted Securities
Jan
95
a79H
9
Jan
11X
2)4 May
12
1,067
We
2c
17)4
215
a43
8X
15c
17 X
230
Union Carbide & Carbon.*
854
554
22 X
12)4
Apr
12)4 June
6)4
Feb
2)4 May
10)4
Feb
22)4 Feb
8J4
Jan
3)4 June
17 )4 May
70)4 May
75
9 54
7%
5)4
a24)4
105
15c
185
15
*
1
Apr
—-
-
*
2354
1
Swlft&Co---..—...25
Texas Corp (The)
26
-
4
9 54
4
Studebaker Corp...:
-
Emerson Electric com
15
954
aWe
<z43X
Jan
94 X
------
Dr Pepper com
23)4
*
IX
109
Mar
Mar
5)4
Jan
15
.25
400
621
98
65c
...
Jan
2354
954
.
410
1)4
3
1)4
------
..
15
Pennsylvania
Socony-Vacuum Oil Co.. 16
10X
iox
5X
39
Paramount Pictures Inc—1
Standard Oil Co (N J).
Stone A Webster Inc
121
------
Aug
80
Standard Brands Inc
12X
96 X
July
3
a73)4
iox
98
11)4
3
Sears Roebuck A Co
2X
12X
------
35
64
3
20
-----
635
Packard Motor Car Co...*
•
*
------
22 X
—
.....
X May
2)4 May
17)4
Feb
114
Republic Steel Corp
Jan
70)4 Aug
3)4 Mar
40)4 May
"il~ " Jan
9
4
9Ye May
35
90
9
Radio Corp of America...»
Feb
27
9
50
2 Ye
14
160
15
...._.*
Aug
39
50
Jan
13)4
RR..
Jan
8
7X
1
Jan
1854
25
..*
Pure Oil Co.
25
iox
Westinghouse Air Brake ..*
Unlted States Glass...
July
25
North American Co
:'—*
*
1
Reymer & Bros com
San Toy Mining.
July
100
North American Avlation.l
Ohio Oil Co
I",,
354
15)4
9)4
54
_
5
High
Apr
7X
-
National Fireproof Corp..*
Jan
37)4
Commercial Solvents
Continental Motors Corp
Aug
May
July
9)4
Commonwealth & Sou...*
-
Mountain Fuel Supply.. 10
Apr
l«»i
We
Barnsdall Oil Co........5
—
168
2,531
30 H
22 Ye
15)4
«454
-
-
Jan
Jan
2154
354
a47X
a4?4
*
Lone Bear Gas Co com
1SH
6X
754
Edward D. Jones & Co.
1
7
Feb
354
.26
1
Low
100
24
10 X
-
—
100
40)4 June
4)4
15)4
..
.
18)4
Atlantic Refg Co (The) ..25
_.
843
6
Apr
39)4 May
149)4 May
20
Aviation Corp (The) (Del) 3
Baldwin Locomo Wks v t c_
_
110
315
111
a454
28)4
Canadian Pacific Ry
--
24
Jan
0454
28)4
2154
a4)4
Caterpillar Tractor Co.—*
Cities Service Co....... 10
24
Range Sinec Jan. 1, 1941
Shares
Aug
160
28)4
2154
Corp....*
Price
Jan
610
4)4
2854
-.5
Bethlehem 8tee
Week
Aug
IX
25
28
Bendlx Aviation Corp... -5
for
of Prices
Low
High
5
Duquesne Brew
Fort Pitt Brewing
Hoppers Co pref
Jan
1654
We
a4154 a42)4
15554 15554
1)4
1)4
Atchison Top & San Fe 100
(111)
10
Devonian Oil Co
Unlisted—
Amer Smelting & Refining.
*
Byers (A M) Co com
Pittsburgh Plate Gla.ss._25
1,484
1,242
2c
Ainer Rad & Ftd Pan!....*
Par
Stocks—
Pittsburgh Oil & Gas
Jan
Week's Range
Sale
c
Feb
Mining—•
Cardinal Gold Mining Co. 1
Last
Jan
Klchll'ld Oil Corp com...*
Rice R inch Oil Co
Sales
Friday
Aug
9)4 June
22)4 June
40
40
;
Aug
7)4
8
July
Sale
Stocks—
Pa
Aircraft Accessories
Anglo Calif Natl
r
1.95
50c
Bank__§0
Assoc Ins Fund Inc
10
Price
8)4
-
of Prices
High
Low
Shares
Low
2.00
8)4
8)4
482
7
4)4
4)4
450
4X
1,775
High
1.05 May
1.90
June
Mar
2.10
Jan
9)4
5)4
July
Jan
The Commercial & Financial Chronicle
Volume 153
Friday
Last
Sales
Par
Atlas Imp Diesel Engine..5
Bank of California N A..80
Bishop Oil Co
2
Calamba Sugar com
Calaveras Cement
for
of Prices
Week
Low
8
11
*
100
com.
11
2~95
1.15
214
1.70
3,702
8%
Mar
14
96G
7
May
14
Aug
21
326
17
Feb
22%
Aug
May
4.00
38%
Aug
2.95
300
38%
475
27
24
125
20%
May
26
14
1,745
11%
May
15%
Jan
88%
89
82%
Apr
92
Jan
17
2.50
Feb
8
100
3%
Jan
120
20
Aug
47
May
11
118
■■■
Food Machine Corp com 10
31V.
31%
305
Foster & Kleiser com.. .2 %
Gen Metals Corp cap..2%
1.05
1.05
100
6%
6%
75c
39%
1,770
1,306
6
96%
100
39 %
39
11
10%
11
16%
16%
16%
526
1.70
1.70
"1%
5%
IXL Mining Co
5%
900
8
8%
Feb
6
1.30
8
Aug
Jan
Jan
Jan
Jan
11%
July
13%
Jan
16%
Mar
48c
Feb
1.90
Aug
8%
300
1.90
Feb
5%
8%
2.25
400
2.25
2.85
July
272
14%
Jan
40
40
5%
33%
5%
28%
Aug
Mar
17
Jan
6
28%
Lockheed Aircraft Corp...l
Aug
32
Jan
33%
40
52
110%
48%
17
"III
Mar
May
37
2.25
LeTourneau (R G) Inc___l
27%
Apr
16%
-.2 pesos
Langdendorf Utd Bk cl A.*
Leslie Salt Co......-.-.10
Jan
8% June
24% June
1.05 May
640
Hutchinson Sugar Plant.15
Aug
2.25
131
52
10
Aug
18%
3.00
500
52
Hale Bros Stores Inc.....*
75c
Jan
l.oue
107% 108
*
Aug
75c
17%
2.75
21
10
Aug
Aug
295
36
June
43%
Jan
175
24%
Feb
May
34%
Aug
1,011
335
5
7
Jan
29%
Aug
1
1.00
1.00
230
80c
Jan
1.15
Mar
March Calcul Machine.. .5
17%
17%
475
15%
Feb
18%
Mar
13
13
158
12%
Apr
13%
July
1.75
300
1.50
May
2.35
Jan
10%
10%
775
9%
Apr
10%
8%
21%
8%
715
7%
Jan
115
21%
Apr
Jan
9%
21%
23%
Mar
Magnavox Co Ltd
Meier & Frank Co Inc
10
1.70
Menasco Mfg Co com._._l
Natomas Co
*
North American Oil ConslO
Oliver Utd Filters cl A
8%
*
.....
19%
4%
5
530
3%
6
Class B...
6
134
5
Apr
5%
Mar
Aug
July
'
Paauhau Sugar Plant... 15
6
Pac G A E Co com
6%
5
1.40
32%
25
Pacific Light Corp com...*
*
Pac Pub Ser com
.
_
_
_
.*
.
105%
_
4%
Feb
5%
Aug
1.30
Mar
1.65
Jan
_ .
22%
June
1.355
30%
545
28%
May
May
36%
295
33
June
105%
3%
3%
110
105
101%
178
3%
116% 117%
115%
May
126
77
148
Mar
163%
Aug
80
Jan
1.10
Aug
5
96
90c
"
Jan
5
Jan
14%
Feb
28
Aug
3
115
28
Warrants.
_
.
.....
"16%
*
Aug
12
Mar
14%
July
10%
12%
34,722
7%
Feb
12%
Aug
780
60c
Aug
1.00
July
925
2%
202
10%
May
Feb
4%
15%
July
15%
80c
4%
15
Soundview Pulp Co com. .5
100
32%
So Calif Gas pref ser A..25
Southern Pacific Co
2.55
200
_i._
Ryan Aeronautical Co...l
Preferred
965
13%
15%
2.55
-.1
_
2.55
11% May
1.25
Apr
18%
2.10
13%
1
Republic Petroleum com.l
Shell Union Oil com.
1.00
4%
4%
14%
14%
20
19%
100% 101
32%
32%
200
720
20
100
May
Apr
185
31
17%
34%
Jan
15%
Aug
9%
24%
Mar
18
Apr
Feb
May
15c
Mar
9%
Jan
May
11%
5%
15%
July
4%
13%
14%
Aug
8%
23%
8%
23%
461
8c
9c
750
10%
4%
15%
10%
221
4%
7,145
15%
1,195
13
13%
11%
700
8
210
9% May
2
4%
Union Oil Co of Calif
25
15%
Union Sugar com....
25
13%
13
United Air Lines Corp....5
Universal Consol Oil
-10
11%
11%
Victor Equip Co com
Wells Fargo Bk & Un TrlOO
290
preferred
5c
600
13%
8%
415
29C
2.25
9
9
25
10
290
2.25
17%
17%
Yellow Check Cab ser 1.50
33
33
1.85
June
3% June
Feb
280
Apr
1.60
Jan
1.85
5%
Aug
370
17%
Aug
10
Western Pipe & Steel Co 10
Yosemite Ptld Cem pref. 10
Jan
6%
148
10
Jan
6%
160
7%
"~~8%
Western Dept Sts com...*
7%
7%
13%
1
..1
Vultee Aircraft
7
7%
Jan
May
6
standard Oil Co of CaUf._*
Transamerlca Corp
21%
Jan
100
1.25 May
9
5
8%
300
2.25
9
22%
33
1.85
July
Jan
Aug
Jan
Jan
Jan
Aug
Jan
Aug
Aug
Jan
Aug
Aug
Stocks
(Concluded)
American Tel A Tel
a6%
06%
20
155%
*
Co. 100
155%
968
1««4
11,130
12164
Rights (w I).
Anaconda Copper Min._50
o27%
235
o27% a29
4
4
Feb
6
May
1J<6< July
149%
22
15
Feb
7%
168
Jan
Jan
l"e«
Aug
29%
6%
July
Aug
3%
Aug
01%
01%
40
1 %
Feb
1%
Feb
28%
28%
380
19%
Jan
31%
July
Anglo Nat'l Corp cl A com*
01%
Aik Nat Gas Corp cl A...*
A ^chisonTop&SantaFe. 100
for
of Prices
Low
High
Week
Price
Par
Moore Corp
*
Murphy
1
National Grocers
*
Range Since Jan. 1,1941
45
3
"~~3%
3%
3%
100
2%
Apr
Bendix Aviation Corp....5
38%
38%
38%
276
36%
Jan
38%
Aug
73c
75c
441
50c May
1.35
Jan
12
500
9%
May
12%
Jan
5
200
3% June
5%
3%c
6c
25%
50
35
38
280
Feb
2o
66,620
25%
5%c
High
41
146
46
Feb
3% May
30% Mar
47%
Jan
%c
Aug
V
5
Jan
__*
"38 "
Naybob
1
26c
25 %c
50c
27c
50,650
2lc
July
310
JaD
1
50c
1,300
50c
Aug
75c
May
Nlplssing
6
1.20
1.25
610
1.00
Feb
1.35
Aug
53%
54%
710
49%
Feb
60c
63c
2,264
3c
3c
50
Noranaa
Mines
•
54
695
67%
Jan
Mar
70c
Aug
3%
Jan
56c May
35c May
1.65
Aug
2,200
3,079
10c
*
5
1
"i*.53
1.36
1.53
19,970
OkaltaOils
*
54C
54c
59c
Omega
1
12c
12c
13c
Ont Loan
50
Pacalta Oils
*
Pamour
*
Partanen Malartic
106
1
Paymaster
5
106
3
26o
3
105
June
Mar
76c
May
3%
4,000
2%
Apr
4%
98c
3,725
98c June
2%c
6,000
19c
19 %c
Apr
113
2c
1
Jan
18o
97o
97c
Jan
June
Normetal
Northern Star pref
O'Brien
60c
38%
20c
5,100
May
1.65
jan
Aug
5c
Feb
15c June
28o
2c
Jan
Perron
1
1.40
1.35
1.45
4,500
1.27
May
1.69
Jan
Pickle-Crow
1
2.87
2.87
3.00
9,300
2 25
May
3.10
Aug
Powell-Rouyn
1
85c
SOc
90c
5,500
52 %c June
1.04
Jan
95c
Aug
Premier
87c
Aug
_.*
7%
7%
420
7%
Aug
9%
Jan
1
3.20
3.05
3.20
14,320
2.70
Feb
3.60
Aug
1
11c
11c
11c
1,000
10c June
13%c
Jan
87c
1
Pressed Metals
Preston
E Dome
Reno Gold
Riverside Silk
100
St Anthony...
60
22
148
Aug
166%
Jan
24%
39
18
May
24%
Aug
16
*
Russell Ind
17%
152%
16
175
14
Jan
17%
152
152%
100
Royallte
1,137
23%
*
Royal Bank
87c
8
7c
8c
16%
17
2.35
2.35
2.40
3c
3c
3,315
1,000
__1
39 %c
38c
41c
17,100
*
13%
13%
13%
100
1
3c
3c
500
80c
4,997
7.20
201
7c
1
St Lawrence Corp cl A..50
San Antonio
....
Sand River
1
8enator-Rouyn
Shawinigan
Shawkey
Sherritt-Gor don
7%c
19,000
17
15%
77c
77c
1
.
Sigma
7.20
7.20
1
97
Simpsons preferred -i..l00
96%
52c
Siscoe Gold
22c
14 %c
Jan
17
2 65
Jan
3c
Aug
7%c
Jan
35c June
59c
12
June
61c June
7.10 June
91
Apr
51c
Aug
Aug
Jan
17
Jan
3c
lc June
24,200
6%c
16% June
Feb
5,350
8,200
8c
20c
7c
May
2.03
63
53c
52c
22c
S lade n-M alar tic
97
July
20
13% June
200
3c
Mar
880
Jan
Aug
8.90
100
Jan
Mar
69c
17c June
43c
6%o May
Mar
19%0
Jan
1
Slave Lake
1
South End Pete..
1
....
1
Mar
4
""60c
60c
60c
100
SOc
*
4%
4%
4%
25
2%
Feb
3%
Preferred
3%
3%
435
2%
Steel of Canada
1.85
2%c
69%
66%
July
73%
Jan
81c
Mar
1.95
Aug
2c June
4%c
Mar
Sudbury Basin
Sudbury Contact
11,000
15c
3,000
1.72
4c
~TL4c
Sturgeon River.
2%c
14c
1.50
Straw Lake
4%c
1,075
7,000
1
64c
64c
66c
2.45
2.40
2.50
.._.*
com...
10%
10%
10%
2.85
755
1.00
100
Hughes
2.80
2.80
1
Texas-Canadian
1.00
1
103"
103
1.42
1.42
Toburn
Toronto Elevator pref
Toronto Mortgage..
_
....
Jan
10
Feb
11%
Jan
2.65
95c
100
July
Mar
May
1.40
Aug
3.75
Jan
1.25
Apr
107
Jan
1.80
Jan
6
44
Mar
49
Aug
70
20
63
July
80
Feb
72
Aug
72
10
72
14c
600
14c
139
139
139
10
40c
9c
39
36
Jan
50c
Jan
Apr
2.00
Feb
39c
1.00
39
$2,500
35
50
July
6c May
3,000
39
39
Uchi
18 %c
149
20c May
15
Uchi Gold
Mar
82
Apr
Aug
9%c
139
7,000
1.25
9c
.....
45c
1.25
Transcontinental Res...
United Fuel cl A pref.
2.90
48
1
1O0
Twin City
Aug
Apr
70
50
.
Tuckett Tobacco.
Jan
67c
2.40
310
1.48
5%c
48
48
50
Toronto Gen Trusts.. .100
Towagam ac......
5
103
Apr
Aug
July
50c May
85
Tip Top Tailors pref... 100
24c
1.72
2%c
1,550
Sylvanlte Gold
Jan
Apr
13c June
1.10
4,100
.1
Sullivan
Aug
55
71
1.75
1.79
*
Jan
Aug
3%
20,580
67%
71
25
90c
4
July
Mar
23
67
•
Preferred
Steep Rock Iron Mines
Feb
May
70
Standard Radio
Teck
Aug
*
Standard Paving
Tamblyn
1
2,500
95
Aug
Jan
Feb
84
30% June
Jan
38%
14%
Jan
720
10%
June
3%
11%
3%
11%
•
3%
325
2%
Mar
1
1.74
1.73
1.81
18,810
1.27
Feb
2.28
Jau
Ventures
4.90
4.50
4.90
4,194
2.95
Aug
4.75
4.65
4.75
2,884
May
3.10 June
4.80
Waite-Amulet
4.75
Aug
494
37
48
390
19% June
Union
11%
Ghb
United Steel
Upper Canada..
Walkers
—.
41%
44%
19%
19%
20
1
.
44%
—*
v.....
20c
20c
«.... ..
_
Wendigo
Preferred...
1.80
2.00
Western Canada Flour...*
24
24
100
23c
2.00
95
May
Aug
Jan
20%
Jan
Aug
9
July
1.80
25%
May
15
May
26c
June
75c
95
24
May
16c
2,100
4
12
Westoris
10
10%
174
Wood-Cadillac
6%c
6%c
4,000
5c
May
Jan
9c
Aug
Jan
4.00
4.05
3,660
3.65
July
7.00
Jan
5%C
5%C
2,000
4c
Mar
8c
Mar
101% 101%
98%
98%
Aug
101%
Mar
5,700
98%
July
99%
Mar
4.05
Wright Hargreaves
Ymlr-Yarikee
July
6
Low
Shares
Negus Mines
National Steel Car
Preferred
Undated—
Am Rad A St Sntry
Week's Range
Sale
Jan
Feb
8%
Texas Consolidated Oil...1
Tide Water Assd Oil com 10
Aug
2,549
20
*
23%
102
July
14%
14
100
Spring Valley Co Ltd
Jan
Jan
91
5
Richfield Oil Corp com
May
Jan
106
27
14
May
Jan
16%
5
Rheem Mfg Co
Jan
1,849
32%
29%
28
Rayonier Corp com
Feb
25
32%
*
com
Jan
May
31%
39%
107%
4%
18%
24%
Preferred..—......100
REAR Co Ltd
28%
34%
Jan
162% 163%
1.10
1.10
116%
100
Preferred
125
900
16%
*
Pacific Tel <fe Tel com.. 100
Pig' n Whistle pref _.
5%
3%
Pac Pub 8er 1st pref
Aug
1.45
36%
24%
25
$5 div
6
1.40
29%
25
1st preferred
%% 1st pref
Jan
5%
Pacific Clay Prods cap...*
Pacific Coast Aggregates.5
Last
Jan
13%
Sales
Friday
Jan
Mar
2.90
20
Firemen's Fund Ins Co..25
Exchange
Aug
13%
2.60
Fireman's Fund Indm Co 10
1261)
page
Toronto Stock
Aug
41
Ewa Plantation Co cap..20
Libby McNeill & Libby._7
May
Feb
8
10
1.70
33
*
Hunt Brothers coip
Preferred
14
Apr
1.10
10
75c
17"
100
(Continued from
Jan
Feb
88
..*
Golden State Co Ltd
1.75
Jan
41
Cypress Abbey Co.2
com.
Apr
24
"n%
•
General Motors
8%
112%
July
June
6%
104
38
5
El Dorado Oil Works
900
21
11"
Cons Aircraft Corp com._l
Consol Chem Ind cl A
*
Di Giorgio Fruit pref.
Doernbecher Mfg Co
30
11
1.25
Calif Packing Corp com..*
Central Eureka Mln com.l
Preferred
8
1.35
Canadian Markets
High
41
.
100
Crown Zellerbaoh com
100
108
1.30
.
Low
Shares
High
108
.
20
com
Preferred
Calif Cotton Mills
Price
Range Since Jan. 1, 1941
Week's Range
Sale
Stocks (Concluded)
1259
Aviation Corp of Del
Blair & Co Inc cap
1
Bunker Hill & Sullivan.2%
Cities
Service
......
11%
5
Co com..10
*
a38%
Aug
Jan
7%
Feb
27%
32%
32%
359
28%
May
May
o2%
70
a38% 038%
140
2%
31%
Feb
Feb
39
July
Last
Week's Range
for
100
24%
Mar
.28
Mar
Sale
Week
11c
3,500
6c
Jan
15c
July
of Prices
IjOw
High
282
32%
Apr
2% June
39%
3%
Jan
27
9c
Montgomery Ward A Co.*
200
2%
Aug. 23 to Aug. 29, both inclusive,
Jan
Jan
5
North American Aviation 1
~19%
5
5
100
4
June
15
5
15
220
14
May
5
17%
Aug
Jan
Par
Stocks—
Price
19%
Pacific Port Cement com 10
2.15
2.15
100
14%
1.15
Mar
2.15
Aug
02%
o2%
10
2%
May
Jan
Foothills
Pennsylvania RR Co
23%
23%
320
22%
Jan
3%
25%
Apr
a3%
o4%
7%
219
3%
Apr
4%
Jan
Montreal Power
*
1
a4
Radio Corp of America.. .*
Aug
Pend Oreille
Feb
20
Aug
5%
160
5
June
7
Jan
Supertest ord..._.....—*
Common...
*
22%
1,079
22%
1.50
5%
a5%
20
4%
May
May
May
28
5%
o40% a41%
85
35%
Apr
42%
1,050
1.00
Jan
1.35
July
195
49%
Apr
70%
Feb
700
1%
Jan
July
"22%
5%
22%
1
"o5%
5%
05%
United Aircraft Corp cap.5
041%
26
*
Studebaker Corp com
U 8 Petroleum Co
United States Steel com.
»
Utah-Idaho Sugar Co
5
Warner Bros Pictures
o57%
2%
Jan
7%
Feb
4,200
65c
No par value,
trading privileges.
a
Jan
8%
5%
Odd lot sales.
*
150
Mar
21% June
27
Mar
x
5%
228
3
Feb
1.20
450
70c
Feb
1.40
6 Ex-stock dividend,
<f Deferred delivery.
Ex-dividend,
v
Ex-rights,
40c June
1,350
70c
Jan
24
22%
24
10
15
Feb
25
Apr
21%
22%
65
20%
Apr
29%
Jan
1.62
1,962
_
....
1.60
1.60
1 20
Apif
2.10
Jan
....
19
19
33
19
Aug
26
Jan
19%
19
19%
44
19%
Aug
27
Feb
No par value.
Aug
CURRENT
—Lowry and Mills
»
e
Admitted to unlisted
—Seymour
Cash sale—not Included in range for
come
year,
The Wahi Co. to Everebarp, Inc.
Jan
July
are
NOTICES
moving uptown to larger quarters at 250 Park
Avenue, New York City.
*
30c
80
50
24
65c
July
Jan
4
20
95
23%
21c June
Aug
1.35
Jan
1.15
"
1.20
July
2%
Jan
6%
2%
5%
2%
Westates Petroleum pref.l
5%
_
057% o58
5
com
20
1.20
._1
1.00
1,376
July
Shasta Water Co com
So Calif Edison com
100
3%
6
Jan
1.20
20
Standard Brands Inc
1.20
95
..*
15
Jan
3%
.....*
30
7%
Riverside Cement Co cl A *
Santa Cruz Port com....50
*
655
Disher Steel............. *
Dominion Bridge
4%
24c 25 %c
Langley's pref........100
50
Jan
Mar
High
Low
100
1.20
3%
*
Dalhousie
20
Range Since Jan. 1,1941
Shares
6
6
-.5
Consolidated Paper...— *
Packard Motor Co com...*
19%
Sales
....*
Bruck Silk
35
Oahu Sugar Co Ltd cap. .20
compiled from official sales lists
Friday
Coast Copper
Nash Kelvlnator Corp
Exchange—Curb Section
Toronto Stock
Jan
85
159
1
Mountain City Copper..5c
101
May
34%
1,500
o9%
34%
08%
27
Matson Navigation Co...*
M JAM AM Cons
6%
9%
34%
98%
034% o34%
2%
2%
"32%
*
Kennecott Copper com
Feb
Bond*—
War Loan (1st).
War Loan (2d).
02%
...*
Intl Tel A Tel Co com
5%
Jan
34
«9%
Curt las Wright Corp____.J
General Electrio Co com..*
6
6
Consolidated Oil Corp. ._..*
Dominguez Oil Co
5
z
Listed,
fin default.
J Title changed from
Fabricant,
associated
with
.
formerly
Hirsch,
Exchange, as manager of their
of
Salomon
Bros.
& Hutzler, has be¬
Lilienthal & Co., members New York Stock
bond department.
The Commercial &
1260
Aug.
Financial Chronicle
1941
30,
Canadian Markets
AND
LISTED
UNLISTED
-a.
Industrial and Public
Montreal Stock Exchange
Utility Bonds
Sale
(American Dollar Prices)
Bid
Ask
Ask
Dominion Bridge
56
57
Gen Steel Wares
4%s_1952
72
74
Gt„Lakes Pap Co 1st 6a '66
1948
74%
British Col Pow 4 % s. 1960
71%
73
Dominion Coal pref
25
77
76
6fl—1953
1946
Algoma Steel 6e
Dominion Glass.....—100
Dominion Hteei A Coal B 26
64
74
72
74
Canadian Vickers Co 6s '47
51%
1955
76%
73
75
•
Aug
85
Apr
87
Feb
--.*
70
May
82
5%
6
990
2%
2%
660
75
'63
60
62
English Electric cl A
Foundation Co of Can
Famous Players 4 %s_
Can 4%s '69
72
74
6S..1957
70
72
72%
74
72
72
74
1962
Quebec Power 4s
Saguenay Power—
4%s series B__
.
5%% preferred...
Issues
65
4%S
Oct
1 1966
51%
53
Friday, Aug. 29
95
96%
91%
12 1949
Oct
1 1963
Ask
.—.June
6s
80
80
5s
Apr
16 1960
88
Apr
16 1961
84
96
94%
Intntnl Power pref
15 1965
*
96%
Feb
1 1958
92
94
MacKinnon Steel p
May
11961
92%
95
Massey-H arris
79
76
Montreal Loan A
73
70
65
ef.
6s
85%
86 %
fie
Dec
4%s
July
.
6a
104 J* 104%
I
Ask
91
1
83
84
80%
81
Bonds
July
1
1957
102 %
102 %
103
....July
6a.... ..—Oct
6S
.—.Feb
1
1969
104 %
1
1969
105
1
1970
Grand Trunk Pacific Ry—
105%
105 % 105%
4%s... ...Feb
4%s_..
6s
1956
Jan
1
1962
89
3s
Jan
1
1962
98
Montreal
10
68
Apr
80
55
13%
Mar
Feb
15%
2%
-.>£ 5
,
29% June
2%
Jan
36%
June
Jan
Jan
3%
425
9
May
10%
50
50
50
Jan
.6%
11
AUg
Jan
50
Juno
~22~~
June
155
2
4%
100
22
2,205
Jan
15
15
11
3%
5%
29
Jan
15
21%
May
3% June
20% June
June
15
June
Jan
Mar
Jan
26
26
25%
July
17
17
17
100
16
May
51
Breweries..... .*+•
25%
25%
320
19
May
27%
Jan
38%
Jan
38
Jan
Jan
Penmans
*
-
.
.
38%
.
Mar
31
Feb
15
92
15
Aug
54%
2,248
20%
20%
358
13%
13%
5%
20%
.*
*
35
705
54%
"54"
15
37%
15
"37%
38%
35
—2a
- -
5%
50
100
50
w—
Co
May
21%
10
13%
16
Feb
395
5%
Aug
Aug
19
Jan
Jan
50
Aug
25
49
127
3%
May
5%
1,650
8%
July
12%
Jan
70
70
70
15
May
67%
Apr
11
10%
11
440
9% June
14%
90%
9
110
9
V
63
3
June
9
Aug
90%
5
2%
2
2%
25
3%
3%
1,750
93% May
1.25 July
2,950
13
June
15
19
16%
102
516
12%
12%
97
"8%
10
170
8%
8%
66
66
30
143
143
1
*
143""
3%
3%
*
200
.
Apr
40%
17
Apr
12%
Jan
99
99
8% Juiie
Feb
2%
Jan
May
4
Aug
Feb
15
May
1.00
140
90C
50
5%
10
4%
IP08O
8%
5%
*12
Mar
10%
70
146
24
12
Jan
Mar
85
100
Aug
July
59%
143
90c
—
Jan
Jan
Aug
8%
90c
—.——'U.
Jan
Jan
22
100
Too
May
2%
17
15%
34
*
Wilsils Ltd
Aug
9
93%
July
11
125
Jan
Feb
5
Mar
31
13%
97
12%
100
38%
13%
13%
19%
38
pref 100
17
19%
17
50
...
Jan
4%
—
.
Jan
11%
15%
Wabasso Cotton
Jan
4%
*
*
Canada
18
10%
100
of
May
4%
*
Simpsons pref.
49%
25%
57%
11%
Power Corp of Canada...*
steel
50
2%
4%
2%
25
2%
50
75c
Apr
70c May
34%
Aug
Jan
18
1.15
1 e©
Jan
Jan
July
7
Jan
Jan
13
July
1941
152
152%
.100
152%
June
146
Jan
143
May
162
Jan
171
Mar
193
Jan
190
182
140
12
146%
182
.100
Royal...........
11
146
146%
.100
Commerce.
162
142% 143
.100
......
Montreal........
Range Since Jan. 1.
of Prices
Low
High
150
Feb
166
Jart
Week
Price
Par
1,240
13%
25%
Canadienne
official sales lists
Sales
Sale
Stocks—
13%
j an
Banks—
Exchange
for
June
May
9
40
Preferred
Weel's Range
13
7%
16%
Tramways..-lOOk
Zellers
Last
Jan
75
Class B
Friday
14
7
11%
10%
Winnipeg Electric A—.*
Montreal Stock
Feb
250
9
United Steel Corp
4s
Aug. 23 to Aug. 29, both inclusive, compiled from
720
7%
10
Southern Canada Power. _*
110 %
1946
Jan
12%
Jan
Class A pref
Ry—
1
Jan
10%
Aug
Tuckett Tobacco pref.. 100
105 %
1
102 %
Northern
Feb
9
17%
Shawlnigan Wat A Pow..*
6 Ha* ••••-July
1,071
Jan
30
8t Lawreuce Corp
Asl
102J4 102%
103J-6 104 %
9%
34%
St Lawrence Flour Mills..*
A st
Canadian
1961
June 16 1966
Aug
87%
Sherwin-Williams of Can.*
4*48...
29
9
St Lawrence Paper
4%s... ...Sept
May
Feb
6% pref
100
Quebec Power-—..——*
(American Dollar Prices)
Canadian National Ry—
22%
June
Price Bros A Co Ltd
93
Closing bid and asked quotations, Friday, Aug. 29
|
225
12
Mtge._25
Preferred
Bid
Jan
■'28%
82
Holland Paper
Government Guaranteed
100
30
Regent Knitting.
Dominion
May
355
Ogll vie Flour Mills
Bid
1 1946
11964
1 1960
97
17
_
Montreal Telegraph
—-
, Canadian Pacific
Ry—
Sept
40
14%
86
...—.
Ottawa Electric Rys—
Ottawa L H A Power.
4%s
Feb
2%
Montreal L H A P Cons..*
Friday, Aug. 29
64%
11
16%
Niagara Wire Weaving... *
Noranda Mines Ltd
*
64%
Jan
12
86
17
100
*
McColl-Frontenac Oil....*
(American Dollar Prices)
debentures.
Sept 16 1942
July
1 1944
Jan
45
925
3
Mar
4s perpetual
5
13
2% May
May
732
25
Legare pref
| Railway Bonds
Ask
Jan
Jan
440
*
National Steel Car Corp..*
|
6%
93%
98
Preferred...
Bid
Feb
13%
pref. 100
International Power.
National
Canadian Pacific Ry—
Aug
June
34
13%
34
100
Lake of the Woods
Closing bid and asked quotations,
Jan
15c
4%
87
75
96%
4%s
100
98
1.25
15
125
4%
9%
12%
7%
13%
12%
*
100%
.June 15 1943
Nov 15 1946
Oct
1 1951
Feb
14%
99%
99%
"9%
Imperial Oil Ltd——*
Imperial Tobacco of Can 6
Preferred—....
£1
International Bronze
*
99
6s...
6 %s
Feb
95
12%
12%
13%
28
95
104% 105%
2 1950
Jan
80%
15c
89
4
4%
T4%
99%
Inti Petroleum Co Ltd.—*
Jan
Jan
Aug
9%
5%
15c
5%
89
101%
Prov of Saskatchewan—
Province of Nova Scotia—
1 1960
Aug
——*
6
4fl
87
16 1962
-100
80
104
91
4%a
Mar
70
55
»
100
4%s
82
Sept
10
80
Laura Record
82
2 1959
5s
74
80
Int Paper A Power
4%s
Prov of New Brunswick—
4%s
74
.
4%s.
16 1964
Dec
15%
7%
10%
7%
Inti Nickel of Canada..
Province of Quebec—
Provlnoe of Manitoba—
6s
27
60
102 %
93%
July
Mar
1,615
7%
102
Oct
5e
Columbia—
4%s
24
15%
Hudson Bay Mining
Bid
63
6s
26
13%
1 1942
6s
-Sept 15 1943
5s
May
1 1959
40........JUDe
1 1962
1 1948
Prov of British
26
HowardSmithPaper preflOO
Province of Ontario—
Jan
Aug
15
Howard Smith Paper.—*
Ask
Bid
6s
2%
..*
100
Preferred
(American Dollar Prices)
Province of Alberta—
Mar
Feb
Aug
July
.
-
Hollinger Gold Mines
Closing bid and asked quotations,
Aug
2
26
Wares....
Hamilton Bridge
Provincial and Municipal
5%
77
75
.1966
Jaii
i,4Feb
*
5% pref
General Steel
3% June
1,150
*
Rights
70%
.1951
Federal Grain 6s..—.1949
Gatineau
58
66
-.1966
4%S
Jan
80
Gati neau.
Paper Co—
Donnacona
9%
175
75
Price Brothers 1st
JaD
Feb
119
May
72
73
Power Corp of
May
6%
724
7%
;• 5%
84
Dry den Paper _-.i ... *
Enamel A Heating Prods.*
78
1961
7%
108
5
110
110
Jan
Mar
27%
20%
Feb
17%
5
70
N Scotia Stl A Coal 3 %s
Dom Steel A Coal 6 % s
205
72
68
53
Dom Tar A Cbem 4%
1,118
18%
84
—
Massey-Harris 4 %s... 1954
McColl-Front Oil 4%s 1949
76
23%
18%
May
21% May
100
Preferred
Dominion Textile
4%s.l951
Canada 88 Lines 5s...1957
Canada Cement
23%
High
28
19
180
Dominion Tar A Chemical*
62
—1961
6%S
Low
Shares
23%
"m
Co
Lake St John Pr A Pap
*
23%
18%
76
Abltibi PAP ctfs
High
23
*
74
72
Alberta Pae Grain 6s..
Distillers Seagrams
Low
Bangs Since Jan. 1, 1941
for
VLrcoV
rr cc/C
riwzo
uj
Price
Par
Stocks (Concluded)
Bid
nates
Friday
Week's Range
Last
Friday, Aug* 29
Closing bid and asked quotations,
High
Low
Shares
Montreal Curb Market
s
f
Alberta Pac Gr pref.—
Amal Electric Corp
Corp....
.„*
Batnurst Pow A Paper A.*
100
Telephone
Braslllan Tr Lt A Power
*
9%
4
200
Mar
27
Jan
Feb
25
10
Jan
19
68
5% June
Jan
14%
7%
19
19%
July
16%
50
14%
Jan
17%
Aug
111
10
108%
Jan
13
1.395
10%
May
13
150
304
May
160
111
12%
150
7%
12%
149
7%
5%
40
7%
901
23%
210
137
5%
22%
2
185
1.50
Bruck Silk Mills.
6
6%
110
4%
Feb
Building Products cl A...*
5
Bulolo
14%
17%
14%
17%
14%
17%
350
13%
14%
Sale
Jan
Jan
6%
cum
Aug
7% cum pref
Aluminium Ltd
Aug
6%
Canada Cement pref
99
100
Canada Forgings cl A
*
Preferred
Jan
19
Canada Steamship (new).*
5%
15
1
50
6%
80
5
Apr
Brwrs A Distlrs of Vane..5
Brit Amer Oil Co Ltd
50
5%
Canadian Bronze
Conv preferred
9%
925
34
34
Preferred 7%
100
Canadian Foreign Inv
Cndn Ind Alcohol
6%
40
May
7%
Aug
9.
Aug
7%
23%
5
150
27
27
27
205
119
120
12%
34
100
120
*
3% June
Feb
17%
500
9
23
976
430
7%
9
m
72
20%
May
Apr
18%
May
8%
5%
Feb
„Jan
*
Preferred...
Cndn Dredge A Dock Co.*
Cndn General Invests
85c
55c
1,490
4
Feb
91
8
May
11
7%
Jan
Jan
Apr
165
98%
June
115
Jan
9%
126
6%
Mar
11
Aug
3%
May
5
Jan
4%
17
16%
16%
635
15
June
18%
Jan
12
10
10
Apr
12%
Jan
23
23%
380
4%
■
-
16%
23%
Aug
Cndn Power A Paper Inv *
Canadian VlckersLtd
Feb
7%
Aug
Catelli Food Products
9
Aug
cum
.100
pref
Feb
1.30
Jan
Aug
1.30
570
15
15%
7%
15%
100
7%
180
50c
50c
105
25c June
50c
Jan
3%
15%
50c
Commercial Alcohols Ltd.*
7%
70c
27
25%
3%
55
2
Feb
3%
Jan
170
10
May
9
Mar
1.20
*
35%
20% June
25
■
*
Aug
»
Feb
1,900
12
—
Canadian Breweries Ltd..*
Aug
Feb
5%
26%
23
July
50
July
7%
Cndn Car A Fdry pref-.25
Canadian Celaueee
18
Aug
6
26
*
Cndn Car A Foundry.—
May
72
High
85c
103
9%
Canada A Dom Sugar Co. *
6
,
Mar
Jan
875
26%
Canadian Canners Ltd—
6%
Low
6%
100
100
•
100
5%
34
preferred
Feb
94% June
25
17%
50
80
5%
4%
11
17%
..._100
165
99
50
Canada Iron Foundries. 100
Can North Power Corp.,*
5%
1941
Week
Shares
'10
...100
♦
80c
6%
10
Beauharnois Power Corp.*
15%
/T
85c
6%
100
pref
British Columbia Packers *
Canada Cement
Range Since Jan. 1,
for
Range
of Prices
High
Low
Price
Abltibi Pwr A Paper Co..*
6%
May
Week's
Last
Par
2
Feb
235
Friday
Stocks—
•
official sales lists
Sales
Jan
July
26%
Mar
23%
Aug
8%
May
2
*
Class B-.
111
Feb
*
Brit Col Power Corp cl A.*
«'
Aug. 23 to Aug. 29, both inclusive, compiled from
Mar
5%
...__100
Preferred
25
16%
19
*
Assoc Breweries
Bell
9%
*
—*
Algoma Steel
As bet-toe
25
.100
20%
>
20%
8
*
21
10
8
1.80
7%
7%
3%
3%
3%
Feb
14% June
7
June
125
1.80
7%
22
1.50
Feb
36
7%
2%
Aug
25
21%
6%
Jan
Mar
Jan
21
Aug
9
Mar
1.95
Jan
10%
Jan
27%
28%
Jan
Consol Div Sec pref..2.50
Aug
Consolidated Paper Corp.*
Jan
Cub Aircraft Corp Ltd...*
75c
80c
90
60c
Apr
1.06
Jan
July
David A Frere Lim cl A..*
9%
9%
100
9%
July
10%
Feb
1.00
Aug
124
40
110
May
12%
50
10
Jan
12%
2.065
2
Feb
;
4,372
May
8
4
Apr
Jan
3
3%
3%
Aug
1.00
100
1.00
Aug
1.00
3
2%
3
592
1.85
Apr
3
Aug
Donnacona Pap Co Ltd A *
5%
5
5%
1,430
2%
July
5%
Jan
2b
6%
6%
6%
5%
1,340
4%
Feb
7%
Aug
Donnacona Paper cl B
5
4%
5%
•785
2%
June
5%
Aug
5
4
May
Cousol Mining A Rmeltlneb
38%
38%
610
32
May
Class B
Canadian
•
—.*
Pacific
Ry
"~~3%
Cockshutt Plow...
5%
38
5%
40
Aug
July
Dominion Woollens
•
No par value,
*
r Canadian
market
Volume IS3
The Commercial & Financial Chronicle
1261
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Last
Sale
Stocks (Concluded)
Par
Fairchild Aircraft Ltd
5
Fanny Farmer
L
*,.
..
.._
Fleet Aircraft Ltd
Ford Motor of Can A
Fraser Cos Ltd
Low
2 %
22 %
16
Lake St JohnP& P______*
Stocks (Continued)
High
3.00
Jan
470
May
21% May
3% June
26%
5%
Mar
Jan
125
4%
1.50
12
%
.
9
Mar
'
*
53c
53c
55c
2,250
47c
Feb
58c
6%
6%
6%
1,669
4%
Feb
7%
Aug
Aug
15
Jan
16%
Aug
10
10
10
15
8
Feb
10
Aug
Feb
10
Aug
Canadian Wallcl B
Canadian Wirebound
*
6
*
21
21
21
25
18
Apr
21
11
Aug
936
7
July
11%
Aug
Cariboo-.
1
2.27
2.30
2,200
2.10 June
2.91
Jan
17
17
Aug
Central Patricia
l
1.86
1.95
1,100
1.65 May
1.95
-.1
13c
15o
10,400
9c
Feb
21c
Aug
May
14,097
1.10
May
50
16%
Aufe
100
15c
15c
Jan
25c
Jan
12
12%
1,290
11
Feb
15%
46%
200
27
Jan
45
89%
23
88
Aug
96%
Feb
1.25
1.25
39
Jan
2.00
Aug
5%
~i~25
10
5%
305
Apr
5%
Aug
209
7
Central Porcupine..
15
June
Aug
Chestervllle
l
1.33
1.52
1.74
Jan
Jan
12%
Chromium....
*
20c
20c
20c
500
12c
Feb
40c
May
Cochenour
l
64c
64c
65c
1,300
64c
July
1.04
Jan
*
5%
Aug
Coniaurum
*
1.26
1.22
Consolidated Bakeries
Cons Smelters
*
11%
11%
12
6
38%
37%
38%
Aug
1.25
5
U
10%
11
285
7%
Feb
11
46
*
46
25
41%
Feb
47%
Aug
3%
2%
425
3%
2%
Jan
Jan
2%
Cub Aircraft..
*
Provincial Transport Co
Quebec Tel & Power cl A.*
*
15c
82
60
82
Aug
98
Jan
Denlson
1
37
65
28
July
43
Jan
Distillers Seagram
*
5% June
7
Mar
Dome
*
6%
6%
4
4
50
"
4
Jan
4
Jan
Dominion Bank
22
98
Aug
104
Jan
50
98 A
98% 100
44
44
44
79
38%
Mar
47%
Jan
Dominion Foundry
Dominion Steel cl B
19%
20
150
19%
Feb
20%
Jan
Dominion Stores
"22%
*
1.55
June
31% May
22
23
125
21%
65
150
50
111
June
Jan
14
Jan
40%
July
145
Jan
Aug
25
Mar
Apr
105
Jan
16c
3,000
5c
7c
5,500
Feb
7c
Aug
23%
22%
320
18% May
28%
Jan
710
21%
May
24%
15c
22%
190
12c May
2 %0
17c
July
Jan
7%
*
Dominion Tar pref.....25
15c
15c
1,700
19c
July
6%c
3,000
6%c
Aug
lie
Jan
54c
54c
100
48c
Feb
57c
Apr
2c
2c
200
lc
Jan
2c
Aug
6%c
6%c
1,200
5c
Mar
7c
1.90
1.95
500
1.74
July
1.90
Aug
3.15
2.00
Feb
3.55
Aug
55c
Jan
19%
7%
643
17
Feb
23%
315
6%
May
9%
5%
150
4
June
5%
Aug
5
165
3% June
82% July
5%
Mar
18%
'
7%
84
25
1.00
1.00
65
50c
75
Mar
2%c
3%c
4,000
6%
l%c
Jan
88
May
7%
200
Jan
Jan
June
1.75
Feb
8
July
Jan
Central Patricia Gold
June
7%
Duquesne Mining
Central Cadillac Gold—.1
1.00
*
Dorval-Siscoe—
Cartier M alartic Gold.... 1
183
84
Dominion Woollens pref .20
Dominion Woollens
7
5
"19%
25
6%C
Cndn Malartic Gold....
9
12
188
Dominion Tar
Mines—
8c June
174
4%
SouCndnPwr6%cumpfl00
1
3% June
1.13 June
75
22%
100
Walker-Goodh & Wrts H_*
Walk-G & W $1 cum pref *
Aldermac Copper Corp..
Bobjo Mines
260
I,100
120
5c
37
37
5%
1.26
65
"23"
Cosmos-
5%
120
100
82
1st pref.....100
50
5%
Jan
Power Corp of Canada—
n c part 2d pref
1 49
Davies Petroleum
...
Noord uy n Aircraft
cum
Aug
110
88%
Mitchell Robert Co Ltd--*
6%
6%
High
6%
Cockshutt
_...
.....
Low
36
25
C P R
Consumers Gas
Moore Corp Ltd
7
6%
Range Since Jan. 1, 1941
Shares
355
14%
45%
—
Melchers Distilleries Ltd.*
_
7
High
10
McColl Frontenac Oil—
Preferred.....
Low
16
15c
15
—
*
Price
17
32c
46
cum pref 100
pref
Week
10
"ii"
Massey-H 5%
cum
Canadian Locomotive
Canadian Malartic
for
of Prices
10
MacLaren Power & Paper *
6%
Par
Week's Range
15 %
___*
Fraser Companies vot tr_. *
Halifax Fire Insur Co
10
International Utll "B"1.00
Low
455
23
AH
Sales
Last
Sale
Shares
2%
Exchange
Friday
Range Since Jan. 1, 1941
for
Week
High
2
—*
•
Range
of Prices
Price
Toronto Stock
Sales
lPeek's
1
Falconbrldge Nickel
*
3.15
*
40 %c
10
3.15
6o
5,200
14%
14%
370
4.75
._
Lake Shore Mines
40 %c 40%C
4.75
610
11%C 11%C
Francoeur Gold
1,000
._*
Laraaque
Lapa-Cadillac Gold
Malartic Goldfields
1.62
1.30
1.65
34
1.31
Mining Corp of Canada..
1.31
100
36c May
14%
Aug
8c
Mar
21
Jan
12 %c May
...1
Eastern Steel..
-
8%C June
16 %C
Jan
July
2.95
Jan
ll%c
2.20
2.27
10%
10%
5
10
Feb
13%
Jan
42c
-—_ _
43c
1,500
30
June
52c
Jan
26%
26%
26%
5%
55
23
July
5
Aug
5%
Mar
3.20
3.20
4.00
855
1.97
Feb
4.00
Aug
21%
..
Eng Elect cl A
Eq uitable Life
Falconbrldge..
1.65
Aug
Fanny Farmer
70c
1.31
Aug
*
—25
.......
Fernland——
14c 123,925
5
i
23%
23
6,065
42
23%
385
1%C
2c
II,500
'""4%
4%
4%
810
15%
15%
—.
—1
Fleet Aircraft
O'Brien Gold
Aug
13c
...*...
87c May
Apr
4 %C
2.25
East Malartic
Eldorado
July
1
1.31
1.50
1,775
60c
Apr
1.65
Apr
Ford
Pandora-Cadillac Gold.-.l
3c
3%c
1,000
3c
8%C
Jan
Francoeur
Pato Cons Gold Dredging 1
Perron Gold......... 1
2.30
2.30
725
2.30
July
Aug
2.70
Jan
Gatineau Power
7
7
1.40
1.45
300
1.28 May
1.65
Jan
Gatineau Power pref.-.100
74%
75
25
Pickle-Crow
3.00
3.00
100
2.29
May
3.00
2.50
500
2.07 May
2.50
Aug
Gillies Lake
5%c
6%c
3.10
3.10
3.40
July
29
May
1%C June
3% May
Jan
28
Jan
6%c
Jan
6
Jan
Jan
2.45
2.05
Gold
1
Pioneer Gold of B C.
.
.
.
.
Preston-East Dome
A
400
2.75
Feb
52c
52c
1,000
20c
Apr
33c
Feb
65%C
66c
4,000
50c May
67c
Aug
Teck Hughes Gold....... 1
2.75
2.90
300
2.71
June
3.45
Jan
Upper Canada Mines
1.75
1.75
100
1.73
Apr
6c
7c
3,000
5c
May
...
Wood-Cadillac Mines.... 1
Glenora
2.33
2.41
3,950
23%
-v..
7
.—1
21,050
2.00 June
9c
Aug
23%
75
1.58
May
18
Feb
Jan
2.55
24
July
Toronto Stock
Exchange
Sales
Friday
Week's
Range
of Prices
500
Price
Low
Abitibl pref 6%
Range Since Jan. 1,1941
for
Week
High
Shares
75c
25
6
6%
*
6%
2,260
6c
Low
1,000
6o
6c
Preferred......
l%c
500
350
2,900
12c
100
1
6c
6%c
10,500
1
5c
5%c
%c
54%
13,520
2c
Jan
3%
40
2
Feb
3%
Aug
814
12
June
Golden Gate
-
-
-
Gold Eagle
Goodflsh.
....
28
>
31
30
Aldermac...-..........*
15c
14c
16c
55c
High
Mar
Feb
4
4c
*
9%
9%
9%
15
.*
57c
57c
58c
1
9c
7%C
9%c
5%c
5%c
637
1.68
1.75
9c
9%C
5%c
25
3,320
Algoma Steel—
Anglo Canadian
Arntfield
Ashley.......... ...».—l
Aunor
Gold Mines
1
1.75
'54
3
3
*
Bankfield
5c
-.1
Bank of Nova Scotia. .190
Bank of Toronto
... ..
Base Metals....
.
274%
100
....*
"io%c
Bathurst Power class A...*
274% 278
246% 246%
11c
10%c
12%
Bear Exploration
9%c
1
Beattle Gold...
1
Beatty cl A
12%
12%
9%c ll%c
1.11
1.08
1.10
*
July
90c
19
6%
99
150
Bldgood Kirkland
Aug
5c
19
16
5,600
138
32
Aug
20c
9%
3,450
46c
Apr
81c
Jan
38,300
3%c
3%c
Apr
9%c
5%c
Aug
4,233
1.50
June
2.45
Jan
1,350
5%c June
4%c June
16%c
6%
99
Blue Ribbon pref.
B onetal.
_
50
.....
-
...
1
1
2,000
Jan
3%
3%
545
2% June
3%
4c
5%c
l%c
8,500
730
3%
5%c
*
l%c
3%
3.95
4%
3.95
35%
36
35%
1,000
150
50
1.00
1.00
181
74c
81c
7 ,'270
10%
12%
10%
12%
10%
12%
980
*
2.32
Co
.....—.*
......1
...
Feb
Aug
Hudson Bay
Aug
Hunts class A.
Aug
20% preferred
Imperial Bank.
Imperial Oil Co
Bonet al...
Jan
Inspiration
283
Feb
Intl Met class A—
Class A preferred
100
100
2,100
7c
Mar
245
10%
June
6c June
14,600
1,225
25
1.00 May
14c
Aug
15c
1.20
Intl Milling pref
International Nickel
Intl Petroleum
Jan
Mar
8
102%
160%
July
Feb
Jan
70 May
13%c
Jan
-
30
33
6%c
11%
6,000
July
11c
Jan
1,584
47c June
59c
July
7
7%
1,491
9%
Feb
11%
3%
3%
15
5
Mar
8%
528
15
June
July
Jan
75
23
Apr
104
30
Aug
6c
37%
16%
16
16%
23%
24
76c
72c
76c
47%
47%
663
1
4.15
4.25
2%c
Mar
13%
Aug
1.05 May
1.49
27,750
2%C
3c
1,235
1,500
14%
14%
195
1.37
1.32
1.38
2,940
5%
5%
5%
18
3c
Calgary & Edmonton
*
Canada Cement
*
Preferred..
C C M
.
—
100
99
99
5
..—100
105
105
20
35
35
100
.....
pref
Canada Malting
35
—
83
Can Permanent Mtge.. 100
*
Canada Steamships
Preferred
83
126
127
*
Canada Packers_...:
;—50
5
5
71c
47
Feb
June
26
26%
Preferred
—
—
Preferred
146%
7
7%
7%
410
9%
9%
855
7
550
146
Canadian Ind Al A
Jan
Aug
4%
Apr
_*
Feb
8
Mar
192
Feb
12%
7%
45
30e
2,575
9%
565
6%
Feb
10
93%
Apr
July
26c
9%
"98""
98
111
"34%
111
5
8%
11%
20c
110
34%
34%
1,501
13
13
*
98
130
13%
1,007
10c
300
10c
10c
May
Feb
Jan
29% June
13% Mar
57
Aug
9% May
Jan
205
10%
Jan
13%
Jan
33c
10%
100
Apr
Aug
June
115%
36%
Jan
Jan
15%
Jan
20c
July
1.05
Aug
1
Mountain....._50c
Island
1.02
1.02
200
85c
Mar
-——1
17 %c
18c
2,600
12c
May
27c
———1
l%c
l%c
2.000
%c July
35o June
2 %c
Jan
46c
Apr
2 %c
Jan
Jack Waite
jacola
52
8
7%
30c
25
.
.
-——-
-
-
1
Jason Mines
_
.
...
————-.
37c
36C
37c
5,119
1
2%c
2%c
2%c
1,000
Jan
Keivinator
9
_*
—
l%c
Aug
Aug
7%
Aug
2%
July
Feb
July
17-% May
18%
1.10
1
3
Jan
Lapa-Cadillac
Laura Secord (new)
6c
Apr
Leitch
Apr
Little Long Lac
2%
16
3%
„
4.90
Aug
1.05
39
87%
136
Jan
Mar
Aug
200
4.70
151
Jan
Man & East
Aug
9%C 12 %C
10%
Jan
10%
Jan
Malargo
Jan
Massey-Harrls
—
Aug
McColl-Frontenac
24
143
May
20
5
Feb
20%
Jan
Mclntyre
Aug
McKenzle
Aug
—
McWatters
Jan
235
100
Mar
June
6%c
9
Jan
5.15
53
Jan
Jan
Mar
13c
10%
May
46c
2,500
45c
Apr
Feb
60o
Jan
1.78
1.96
4,290
1.60
Apr
2.10
July
Aug
Jan
27
26%
27
105
24
Mar
27%
24
24%
175
22%
May
26
6.90
2,300
3.45
FeD
4.30
1.85
2.16
18.491
1.49
May
2.35
Jan
66c
63c
66c
9,018
50c
FeD
76C
July
1.59
1.28
1.64 172,468
87c
May
1.58
Aug
%
June
%c
—
10 %
Jan
Monarch Knitting
28
Aug
1
*
100
*
29
Aug
123
Jan
10
14
June
21%
Mar
1.715
2
Mar
3%
Aug
3
%c
Preferred
Moneta
*
3
6
"
w
^
4
6
3,000
4%
766
1% May
2%
Apr
l%c June
6%
553
4c
4c
4,325
2%
2%
140
2
May
355
-25
Jan
«
2%
46%
Jan
Jan
1
Jan
4%
6%
Aug
46
47
4%
4%
45
3% June
4C
3%
47
5%
Aug
Jan
Jan
Aug
Jari
100
90
89
90
85
June
98
—5
49
49
49%
1.12
450
46%
May
51%
1.06
3,150
1.01
Apr
1.32
Jan
13c
12c
13c
2,244
12c
Aug
24c
Mar
1.30
1.30
1.34
1,225
60c
Feb
1.43
Aug
—-1
1.06
*
Mining Corp
10
85,250
July
4.25
43
Jan
46C
1.88
Maple I*eaf Milling-..--.*
Preferred-—.
...—*
25%
7%
10
21
Jan
26%
163
75
90
43
Aug
24%
A
Malartic (G F)
Aug
61
14%
43
ll%c
B
Jan
5%
23
375
4*70
*
Jan
14%
14%
80
43
•
July
5.95
Mar
110% May
11
Feb
65%c
1
15%
59
22
25
May
3.05
8,210
14%
Landed Bank & Loan.. 100
Massey-Harrls pref
120
9
5,415
75c
-*
Lamaque Gold
Jan
Aug
120
5
4.55
71c
*
Lake Sulphite
Jan
26
1.30
135
16
9
4.45
"75c
1
Lake Shore
Apr
60c
195
6%
9
4.55
1
1
Kerr-Addison..
Klrkland Lake
—1
32
24
3%
30c
28%
Feb
3%
1,843
1
27
16
—
Aug
23% June
9%
12%
9%
Madsen Red Lake
26
—*
Canadian Dredge..
20 %C
8%
8%
196% 197
Mar
23
120
15
105%
24
Preferred...... ——100
260
2.05
26%
Canadian Celanese
7,000
--1
Jan
18%
8% May
4% May
20%
Apr
19% May
6%
21c
McL Cockshutt
17
50
*
17%
Mar
50
25%
—25
Jan
Mar
28%
Intl Utilities cl B—
Preferred
Canadian Car
Jan
14
100
10
25%
9%
Jan
Aug
13%
140
89% June
Jan
102%
826
*
Cndn Canners class B...
1.10
10%
Apr
July
16
3.85
26%
835
Canadian Canners cl A..20
8%
15
3.85
June
1.30
r-
67c May
12
July
July
1
June
1.05
7%
Aug
Aug
2c
Mines
76
5
Canadian Canners—
36
75
2.54
Macassa
120
55
Canadian Bank of Com. 100
Jan
Jan
Feb
Mar
11
*
Canadian Breweries
Jan
34 %
65
May
7
100
20%
55
5.40
1.59
Feb
4%
504
55
*
Class B.
3.40 June
5%
20%
Canada Wire cl A
Jan
Aug
3.75
Apr
1
23%
*
Jan
5%
Aug
11%
*
Products...
l%c
July
l%c
55%
.—_—.——1
Feb
Aug
May
4%
.
Jan
13
6%c
Buffalo-Canada—-....--*
B uildlng
9%
July
500
20c
*
Jan
8c
Loblaw
....
Aug
%c
3
15,100
28%
5
250
1
.....
B uf falo-Ankerite
4%
2.43
%c
9%
12%
*
July
J
—
Broulan-Porcuplne
Aug
1%C
55
-100
100
June
•
British American Oil
B C Power cl A
Jan
•
2.30
28%
.......
268
13,750
*
Brazil Trac
20
100
Huron & Erie
240
9c 10 %c
7%
Bralorne—.....
~15~"
*
*
2
99
'
135
9%
1%C
1
13
137
11%
Jan
Jan
25
30
80
Jan
"77c
Jellicoe
Bobjo
May
37c
5
Howey
67%
19%
11%
—
Homestead.
Feb
Jan
Aug
*
Home Oil
Jan
10c
23c June
355
Holliuger
Jan
13c
3,500
Hamilton Cotton pref—30
Jan
Mar
26c
10
1
—
...
*
8
Jan
5c
2%c May
%c July
9%
1
nor
11 %c
July
266
10%C
1
Jan
Aug
16 %c
25%C
Halllwell_-..--.i--——-1
—
Jan
7
148% 150%
Beatty 1st pref—....100
Bell Telephone Co
100
2c
41c
Mar
*
-
...
Imperial Tobacco ord
Bagamac............... 1
lc June
21c June
ll%c
1
Greening Wire
.
%C
54
*
,—..—*
Great Lakes vot pref
_
%e
1
—
Honey Dew
.100
Jan
July
8%c
12c
Hamilton Theatres preflOO
Hard Rock
1. ..u
1
Alberta Pacific Grain—
'
3c June
32o
Hall
75c
100
Acme Gas......
90
l%c
Hinde & Dauch
Par
...»
Jan
July
June
12c
II am i 1 ton B r 1 dge
Stocks-
Jan
9%
6%
70
33c
Halcro w-Sway
Aug. 23 to Aug. 29, both inclusive, compiled from official sales lists
Abitlbi-...
54c
l%c
Gypsum.....i.i...-.-.*
Sale
July
*
G unnar
Last
16%
14%
1
-v....——
Great Lakes vot trust
Royalite Oil Co Ltd.
Feb
34 %c June
Goldale _.U—-il
Goodyear
2.33
1,758
50c
44c
'
OilHome Oil Co Ltd
47 %c
——._*
God's Lake
Sullivan Cons Mines..... 1
Sladen-Malartic Mines..
16
•
*
100
150
150
150
..100
55
55
55
---1
36C
35c 36 %c
15
on
page
Jan
3
150
Aug
150
Aug
14
50
May
75
Jan
4,600
No par value
(Concluded
Jan
1259)
30c
July
54c
Jan
The Commercial & Financial Chronicle
1262
Quotations
Bid
Over-the-Counter Securities—Friday Aug. 29
on
New York
Chicago & San Francisco Banks
City Bonds
Bid
Atk
>
Atk
par
1909......
102 *4 108 J4
Jan
1977.
10434 10534
June
1980.
105 34
1
a4H" Mar
15
a2%n July
a3*« July
1976.
10834 10934
a336s May
1964.
112
a434e Feb
1964.
1964....
3a
a3s
;
10534
113
1974
1976....
a434s Nov
a434s Mar
114
May
1967.
Nov
1968.
May
1969.
11734 11834
11834 11934
11834 11934
aia
May
1977.
122
aifl
Oct
a4 34s
Sept
a434« Mar
1962.
a4s
1977
12734 12834
1978
a434e Nov
1957..:.
124
o4 34b Mar
1963....
1965
1967
a434s July
1960.
122
a4 34b Dec
16
a4 34s Dee
1
124
100
320
330
520
535
1971
259
1979
13434 13534
Par
Bank of
Manhattan Co.10
FRANCISCO—
SAN
9036
Bkof AmerNTAS A 1236
267
Bid
Bank of Yorktown__66 2-3
Bid
Ask
Ask
Par
^Ask
17?4
1614
85
13.55
National
Commercial National..100
—
32 J4
3014
177
104 36
Canal Imp 436s Jan 1964..
14936
Fifth Avenue
6* 1974
61.75
less 1
Can A High Imp 434s 1966
147
61.80
less 1
World War Bonus—
139
Is Mar 1961
142
14036
336s Mar 1970
142 <4
Improvement—
Sept 1958 to '67
'67
Highway
4s Mar A
Highway Imp 436s Sept '63
Canal Imp 4s JAJ *60 to
26 36
28
-.1236
12
15
-..-10
14
50
44
50
-1736
30
32
2634
2834
Penn Exchange
Barge CT 434s Jan 11945.
11136
Par
Bid
Atk
Bid
Atk
100
1968
334s August...
Bronx
105
10534
836 10936
Port of New York-
Ask
3s serial
3 34s 2nd ser May 1*76
3b
4th ser Deo 16 76
10334
3 348 5th
ser Aug
104 34
3b
series.__ 1975
104
100
Fulton
344
10
County
Brooklyn
5336
5536
Guaranty
15
18
Irving
6834
7334
Kings County
rev
20
Central Hanover
1980
334 s s f revenue
General A Refunding—
6th
Par
Ask
Bid
336
......
Lawyers
Trlborough Bridge—
16 77
Companies
35
100
Bankers
Pennsylvania Turnpike—
<*8an Franclsoo-Oakland—
1
150
Authority Bonds
Oallfornia Toll Bridge—
1976
Sterling Nat Bank A Tr 25
1490
130
...
Bank of New York
4e
17
690
660
New York Trust
14036
150
Public
50
-12 36
Safety
140
61.95
5s Jan A Mar 1964 to' 71
Ask
46
60.90
434s April 1941 to 1949.
anal A Highway—
100
100
Mercuauts
Bid
National
Peoples National
183
First National of N Y..100 1450
Is 1981
50
Bronx
National
Public National
104
3936
3736
National City
42
Bensonhurst National. ..60
Chase
2s July 1944
100
New York Bank Stocks
125
New York State Bonds
Bid
243
88
Tlrst National
12934 13134
130 34 13134
1980.
123
33 1-3
12834 12934
12334
12334 124 34
123
235
127 34 12834
a434s June
Harris Trust A Savings. 100
100
A Trust
12834 12934
12934 13034
12334 12434
1967
Ask
Northern Trust Co
American National Bank
Bank A Trust
1981
a4 34e May
a4a
aia
Bid
Continental Illinois Natl
128
1
a43is Jan
112% 11334
113
127
Par
Ask
Bid
125
15
1
11214 11334
1900.
15
124 34 12534
12534 12634
12634 12734
1972
16
1978.
a336a Nov
a336s Mar
a336s Jan
124
1966
1
a434» Apr
16
a4 34fl Apr
1
a434e June
a
;Aug. 30, 1941
1963-1975..
234s serial rev 194&-1952
10334 10434
62.65
61.60
101
98
210
100
10
100
290
25
31
....
Manufacturers.
......
1234
1600
..20
4034
2.60%
10136 10236
44 34
46 34
20
5334
Clinton
oq
60
34
38
New York
25
10136
Colonial
25
10
12
Title Guarantee A Tr
12
Chemical Bank A Trust.10
Preferred
436
14
Trade Bank A Trust
10
21
Corn Exch Bk A Tr
20
42
43
Underwriters
100
95
Empire
50
46
49
United States
100
1395
Continental Bank A Tr.10
10534
10136 102
1236
United States Insular Bonds
108
1969
434s July
1952
108
6a
Apr
1955
10036 102
6s
Feb
1952
110
Hawaii
127 36
121
110
109 36
Telephone and Telegraph Stocks
Ask
126
118
U S Panama 3s June 11961
Government—
434s Oot
Bid
Ask
Bid
Philippine
112
Par
4368 July 1952
July 1948 opt 1943.
6fl
U S conversion 3s 1946
—
Bid
106
Am Dlst Teleg (N J) com.*
5% preferred
361108
100
Pac
110
112
Preferred A
U0J4 11034
11134 11236
Emp A Bay State Tel.. 100
29
80
Bid
Bid
Atk
18
J AJ
3s 1956 opt 1946
8s 1956 opt 1946
JA)
10834 10834
109
10914
MAN
109,6ie
3348 1966 opt 1945—MAJV
18 1946 opt 1944
JA J
18 1964 opt 1944
Joint Stock Land
JA J
1091
110
113
25
17
Sou New Eng Telep... 100
110
Bid
Chain Store Stocks
Par
Ask
Bid
Bid
B/G FoodsInocommon..*
A llama
348. 134s
99
....
r
Chicago
.■
96
m'mm
Lincoln 536s
9934
136
Kress (S H) 6% pref
Bohack (H C) common...*
99
94
Lincoln 5s
r34
Denver 134s. 3s
134
2
234
...100
32
Carolina—
98
99
13
2134
2236
...
7% preferred
35
$5 preferred
*
834
734
88
New York 5s
134S. 2s.
1234
■
Flshman (M H) Co Inc..*
First
Ask
United Cigar-Whelan Stores
10
'
Lafayette 136 s, 2s
Lincoln 4 36s
11
14836 152
Atk
•
Burlington...
...
20
—
Bank Bonds
Atk
100
So A Atl Telegraph
84
11034
10934
3234
is
Par
Bid
$6 50 1st pref
...
Ask
108
34 34
Rochester Telephone—
Federal Land Bank Bonds
8s 1966 opt 1946
3236
3036
4936
100
New York Mutual Tel..25
Conversion 3s 1947
18
*
Peninsular Telep com
Int Ooean Telegraph... 100
115
Ask
Bid
25
10836
A
16
Atl Telegraph...25
104
Franklin Telegraph
112
Par
Ask
Govt of Puerto Rioo—
9936 100
North Carolina Hs. Is
Flr<t Montgomery—
334 s
100
r41
Oregon-Washington
—
SPECIALIZING
Firm New Orleans—
is. 134s.
First Texas
99
34s, 234s
Is. 1»4S
...
F.H.A. INSURED MORTGAGES
9934
First Trust Chicago—
Fletcher
9936
Pennsylvania 134s
r24
St. Louis
99
I'llnols Midwest 434s, 434s
Iowa 4 V4s. 4 4s
Southern Minnesota
82
Fremont 4348, 634s
San Antonio 34s,2s._
99
..
34s, 134s
Southwest (Ark) 6s
100
Union Detroit 236s
98
Virginian
26
9936
'1536
9336
Circular
on
request
...
100
STORMS AND CO.
...
99
Is
for Bank* and Insurance Co'*.
The beet "Hedge" security
17
...
Commonwealth Building
Phone
Joint Stock Land Bank Stocks
Par
Atlanta
Bid
Par
Bid
100
Atk
10
1170
Ask
FHA Insured Mortgages
14
100
107
115
...100
85
95
New York
100
2
5
100
Dallas
PITTSBURGH, PA.
Atlantic
90
98
North Carolina
100
140
150
Denver
Dee Moines
Lincoln
100
44
48
Pennsylvania
100
60
26
32
San Antonio
100
144
152
TOO
1
4
Bid
65
.100
Bid
Asked
Fremont
I Virginia
3 34
5
4
New Jersey 436s
Delaware 436s
District of Columbia 436s.
101 36
10236
N Y
103
104
101
10236
New
102 A
10336
North Carolina 436s
Alabama 436 a
Arkansas 436s
5s
Federal Intermediate Credit Bank
Dated
154%
134%
134%
34%
34%
12-2-40
154%
Bid
Ask
Dated
Debentures
Due
Bid
34%
134 %
-.
6-2-41
-.
6-2-41
9-2-41
:54%
-
3-1-41
12-1-41 0.30%
1-2-42 0.35%
-
7-1-41
10-1-41
..
10-1-40
10-1-41
1-2-41
10-1-41
-.
11-1-40
11-1-41
..
2-1-41
11-1-41
-
5-1-41
11-1-41 0.30%
Ask
12-1-41 0.25%
3-1-41
9-2-41 0.25%
9-2-41 0.30%
12-2-40
..
34%
34%
34 %
Due
0.30%
0.30%
0.25%
0.25%
0.25%
0.25%
-
134 %
4-1-41
134 %
2-1-41
134%
34 %'
134%
134%
..
1-2-42 0.35%
2-2-42 0.30%
6-2-41
7-1-41
5-1-41
-
8-1-41
Bid
Atk
Commodity Credit Corp—
1%
Nov 16 1941 100.22 100.24
34%
May
11943 100.22 100.24
U 36%--Feb 15 1945 wi 100.29 100.31
A
z
34s
2s
100.11
Apr 15 1942 100.8
...Apr 11943 102.16 102.19
Federal Natl Mtge Assn—
2s May 16 1943—
Call Nov 16 *41 at
10036 101.8
July
Oct
1136%—-July
lis
Apr
1
1941 100.22 100.24
16
1942 100.22 100.24
1
1942 100.27 100.29
15 1942 100.23 100.25
15 1943 101.2
101.11
15 1944 100.23 100.25
10336
102
Tennessee 4 36 s
102
103
103
Texas 436s
11 2
103
Insured Farm Mtges 4 36»
10136 10236
...
Virginia 436s
West Virginia 436s
value
o
02
102 36
103
Interchangeable.
n Nominal
on
102.8
—
103
103 36
10236 10336
36% to 34% must be deducted from Interest rate.
quotation,
wi When Issued
Now Hated
10236 10336
w-t
6 Basis price.
r In
recelvorship.
With stock,
x
4 Coupon,
e Ex Interest.
Quotation shown is for all
Ex-divldend.
New York Stock Exchanje.
y
Now selling on New York Curb Exchange.
*
Quotation not furnished by sponsor or Issuer.
t These bonds are subject to all Federal taxes.
5 Chase National Bank announced that
34% notes Nov 1 1941.. 100
136 7e notes Feb 1 1944..
101.16 101.19
102
Rhode Island 436s.
South Carolina 436s
104
101.4
U 8 Housing Authority—
134s Jan 3 1944—
Jan 3 1942 at 101
Jan
36%
Nov
par
I Flat prloe.
maturities,
Corp—
34%.
36%
J
104
102 36 103 36
102 36 10336
102
servicing fee from
♦No
Ask
Reconstruction Finance
1 fr
"federal Home Loan Banks
104
103
103
Minnesota 4>6a
Obligations of Governmental Agencies
Bid
106
10136 102 36
103
York"State 4*36s"~I"
Pennsylvania 436s
10136 10236
Michigan 436s
5-1-42 0.45%
(Metrop area) 434s..
4348
103
102
104
10136 102 36
4-1-42 0.40%
-
5s
New Mexico 436s
10136 10236
Massachusetts 436s
2-2-42 0.35%
3-2-42 0.40%
-
...
Georgia 4 36s
Illinois 4368
Indiana 436s
Louisiana 436s
Maryland 4 36s
Asked
103
104
10134 103
10136 103
102
10336
Florida 436s
First Carolines.
on
and after June 27 a distribution will
100.2
be paid at the rate of $40 on each $1,000 original
102.10
ments were $77.50 Dec. 31, 1940,
principal amount.
Previous
pay¬
5% July 7, 1939, and 536 % on Sept. 25, 1939.
Volume
The Commercial & Financial Chronicle
153
Quotations
1263
Over-the-Counter Securities—Friday Aug. 29—Continued
on
Railroad Reorganization Securities
Guaranteed Railroad Stocks
{When Issued)
3o$*pb Walkers Sons
Bear, Stearns & Co.
MtmkmI i\ru> Y»rlt Slfk Exrktagt
120
Members New York Stock
Dealer* ia
Broadway
Tel. REctor
New
GUASAKTEB>
NEW YORK
York
Exchange
Chicago
.
2-6600
STOCKS
Sine*1859.
Reorganization Rail Issues
^
(When,
aa,
and If Issued)
Guaranteed Railroad Stocks
(Guarantor In Parentheses)
Bid
■
100
Albany a Susquehanna (Delaware a Hudson)......100
Allegheny a Western (Buff Roob a Pitts)
100
74%
6.00
10.50
Akron Canton & Youngstown com (no par)
Asked
Bid
PaT In Dollars
tlabama a Vloksburg (Illinois Central)
96%
77%
101%
6.00
78
82
Beech Greek (New York Central)......
Boston a Albany (New York Central)
60
2.00
29%
31%
100
8.75
90
93
Boston a Providence (New Haven)
100
8.50
22
25
Canada Southern (New York Central)
100
Carolina Cllnchfleld a Ohio com (L a N-A C L)__.100
3.00
33%
37%
6.00
90%
93
77
85%
51
26
100
100
2.00
Laokawanna RR of N J (Del Lack a Western)
vflobigan Central (New York Central).....
M orris a Essex (Del Lack a Western)
Yew York Lackawanna a Western (D L a W)
Vorthern Central (Pennsylvania)
;
iewego a Syracuse (Del Lack a Western)
Pittsburgh Bessemer a Lake Erie (U 8 Steel)...
48
13%
14%
5% preferred (par $100)
Common (no par)
Chicago A North Western Ry—
5.50
61%
49%
65%
9.00
141%
11
4.00
44%
46%
100
50.00
47%
4%
Missouri Pacific RR common (no par)
29
57
100
5.00
60
4.00
96%
99
...50
60
4.50
41
44%
1.50
45
47
Preferred
3.00
7.00
174%
7 00
163
tunnel RR St Louis (Terminal
6%
7%
4%
5%
Norfolk A Southern RR—
Common (no par)
Ctfs of beneficial Interest in J L Roper Lumber Co.
Wabash Ry
40
50
18%
4%% pref ($100 par)
19%
Bonds—
.1988
65%
67%
First mortgage 4s...—
.1989
83%
85
General mortgage income A 4%s._
General mortgage Incone convertible B4%s
.2014
/41
/30%
42%
67%
.1999
66%
26%
.1969
84
87
.1990
65
100
100
6.64
6.00
140
100
3.00
68
54%
Income 4s series A..............
.2005
34
36
Income 4%s series B
.2015
24%
25%
.1998
72%
74
.2014
/24%
.2039
.1989
Des Plalnes Valley 4s
-
•
58%
144%
73
32%
Chicago A North Western Ry—
2%-4s
Second mortgage convertible Income 4%s.
179
-
4%s
First general mortgage
94
89
60
...
16%
Chicago Milwaukee St Paul A Pacific RR—
30%
60%
lttsburgh Fort Wayne a Chicago (Penna) pref
100
Pittsburgh Youngstown a Ashtabula pref (Penna).. 100
Second preferred..
5%
4%
3%
16
($100 par).....
Akron Canton A Youngstown
750
600
3.875
60
(tensselaer a Saratoga (Delaware a Hudson)
HI Louis Bridge 1st pref (Terminal RR)....
11%
-
147%
100
4%
3%
Second preferred (no par)..........
73%
82%
48%
Delaware (Pennsylvania)
Fort Wayne a Jackson pref (N Y Central)
Georgia RR a Banking (L a N-A C L)
26
45
Prior preferred
2.00
6.00
24
5% preferred (par $100)
Chicago Milwaukee St Paul A Pacific RR—
5% preferred (par $100)
Common (no par)
3.60
Cleve Cln Chicago a 8t Louis prel (N Y Central)..100
Cleveland a Pittsburgh (Pennsylvania)
60
Betterment stock
.60
Asked
Stocks—
Dividend
Missouri Pacific RR 1st 4s series B_
....
.....
Norfolk Southern Ry—
First mortgage 4%s series A
27%
66
100
6.00
140
144
(Jolted New Jersey RR a Canal (Pennsylvania).... 100
10 00
249%
254
6.00
57%
61%
Sioux City A Pacific 4s...
.1969
84
87
6.00
64
69
Wabash Ry 1st mortgage 4s........
.1971
69
69%
6.00
61%
65%
Income 4s ser A
.1981
35%
37
100
5.00
64%
68
Income 4%s ser B
.1991
28%
28%
....60
3.60
31%
50
3 00
29%
58%
(Jtlea
RR)
Chenango a Susquehanna (DL4 W)
...100
Valley (Delaware Lackawanna a Western)
...100
vieksburg Shreveport a Pacific (Illinois Central).. 100
Preferred
vVarren RR of N J (Del Lack a Western).
West Jersey a Seashore (Penn-Readlmr)
...
General mortgage
...
convertible Income 5s
—
—
25%
62
Industrial Stocks and Bonds
Railroad
Equipment Bonds
Bid
Par
Bid
Ask
61.70
2%sand2%s
1.40
Ask
Despatch—
61.75
2%s. 4%s & 5s...
1.30
Ohio Match Co
•
9%
19
Pan Amer Matoh Corp..2/
10%
.......1
6%
31%
17%
61.70
1.25
Permutlt Co
ser..10
11%
10
11%
10
11%
5%
55%
23%
18%
62,25
1 75
61.60
1.25
61,50
1.25
Boston a Maine 6s.
62.00
1.50
Canadian National 4 %B-6e
63.50
2.50
Canadian Paolflc 4%s__.
Central of Georgia 4s
63 50
2.50
N Y Chic A St Louis 4s...
62.25
63.75
3.25
N Y NH A Hartford 3s...
62.10
1.80
Amer Malse Products..-*
Chesapeake a Oblo 4 His..
Chic Burl a Qulncy 2His..
61.40
1.10
61.75
1.40
61.50
1.25
Northern Pacific 2%s-2%s
No W Refr Line 3%s-4s
63.50
2.50
American Mfg 6% pref 100
Arden Farms com v t c—1
Chic MUw a 8t Paul 6s...
62.10
1.15
61.85
1.50
61.90
1.60
61.90
1.50
0
Chic Milw St Paul & Pac—
Missouri Paclflo 4%s~5s—-
62.25
1.90
62.25
1.85
61.70
1.35
62.15
1.90
Amer Distilling Co 6% pflO
American Enka Corp
*
1.90
American Hardware
2s-2%s and 3%s
2%s and
2%s
2.00
Pennsylvania 4s series E_.
2%B series Q A H
Chic a Northwestern 4)ts.
61.60
1.25
Pere Marquette—
Cllnchfleld 2%s
62.10
1.85
62.40
2%s,3%sand3%s
-
6% oonv pref 1st
2d serlee
6
Nash Chat A 8t Louis 2%s
New York Central 4%s...
2%s-2%b and 4 %s
3d
series
25
$3 partlo preferred..... *
Arlington Mills
.100
Art Metal Construction. 10
Autocar Co com..
10
Reading Co 4%s
61.70
1.35
62.40
1.75
Botany Wonted Mills el AS
$1.26 preferred
...10
Denv A Rio Gr West 4His.
62.00
1.50
St Loills-San Fran 4s-4%s.
61.70
1.40
Erie 4Kb
61.70
1.40
St Louis S'western 4%s
61.50
1.20
Mfg...50
Buokeye Steel Castings..*
Chic Burl a Qulncy—100
Chilton Co common
10
Irand Trunk Western 6s..
63.50
2.50
ireat Northern Ry 2s....
Illinois Central 3s.
61.60
1.25
Kansas
Growers
•
61.75
1.40
Shippers Car Line 6e
Express—
4s. 4)48 and 4 %s
62.75
2.00
Southern Pacific 4%s
61.75
1.40
62.50
2.00
61.50
1.15
2%s
62.25
1.85
Southern Ry 4s and 4 %s..
Texas A Pacific 4b-4%s___
61.60
1.25
62.35
1.85
Union Pacific 2%s
61.70
1.40
i<ehl«h A New Engl 4%s
61.65
1.25
Western Maryland 2s
61.85
1.60
Long Island 4%s and 6s
61.80
1.35
Western Pacific 6e
62.00
1.50
Louisiana A Ark
61.90
1.50
West Fruit Exp4%s-4%s.
61.70
1.50
Wheellng A Lake Erie 2%s
61.65
1.40
6%
58
25
21
83%
2%
79%
1%
42%
44%
40
43
14%
16%
16%
17%
Brown a Sharpe
City a Suburban Homes 10
Coca Cola Bottling (NY)*
Columbia Baking com...*
$1 partlc preferred
*
Croweli-CoJller Pub
*
Cuban-Amer Manganese.2
1%
2%
3%
4%
168% 175%
21%
22%
43
City Southern 8s.
394a
Maine Centra) 6s
Petroleum
Conversion...!
2%
2
4%
2%
9%
5%
49%
51%
.
Ash
oom...10
Oblo Valley Water 58.1954
105
Ohio Water Service 4s. 1964
107
Atlantic County Water—
6s
1958
105
Oregon-wash Water Serv—
5s
...1967
101
Calif Water Service 4s 1961
108% 110
6%s series B
1946
85
6s series A
1946
88
Richmond
Water
1st 5s series A
Gulf Coast Water
1st
5s
Rochester A Lake
—
74 7
.✓..—.194*
78
Water 6s
46
4%
12%
?enneasee Products
hompson Auto Arms—1
*
6%
Time Ino
6%
7
60
13%
24%
17%
6%
04%
15
27%
19%
7%
?
•
6
*
Common.
Trioo Products Corp
Triumph Explosives.....?
United Artists Theat oom. *
3)48-..
196c
107
4%S
1958
1957
1st A ref 5s A
105
Kankakee Water 4)48.1959
Kokomo Water Works—
103
1st 6s series A
1st 6s series A
1958
1967
Sbenango Val 4s ser B. 1961
Warner a Swasey
Welch Grape Jules oom 2%
Farnsworth Telev a Rad.l
1%
11%
5s
.....1950
1966
6s
5s.
100
103
104
6)48...
I960
Muncle Water Works—
63.-4...
......1965
A
196€
5%s
106
West
1951
1961
103
5s series B
1951
6)4s series A..
1951
New
80
108%
York Water -ervlce—
5s
1951
103
99% 100%
108
6
60
9
43
l"
11
48
7% preferred....... 100
16
28%
29%
12%
13%
2%
8%
71%
40%
3%
Brown Co 5%s ser
Carrier Corp 4%s
A..1946
1948
/58%
94%
96%
9%
Deep Rock Oil deb 6s. 1952
86%
88%
1
*
100
Paper..25
39
75%
—1956
Minn a Ont Pap 5s...1960
Monon Coal 5s..——.1956
$ NY World's Fair 4s. 194)
14%
1%
41%
16%
1%
*
24%
7%
26%
8%
20%
16%
..*
24%
22%
18%
25%
95
98
13%
14%
55%
32%
preferred
..100
Mailory (P R) a Co...—•
Mariln Rockwell Corp...l
53%
..1
31%
$5
preferred...
100
118
10%
National Casket........*
103
13
*
Type eom...l
5% preferred ........50
National Radiator...... 10
Preferred
106% 108
104
1950
100
97
100
3%
24
102
1950
82%
Nat Paper a
102
1951
For footnotes see page
4%
59
1262.
7%
59%
McKesson A Robblns—
43
Harrisburg Steel Corp
6
Interstate Bakeries oom..*
preferred..
4
55%
Industrial Bonds—
Muskegon Piston Ring.2%
1950
deb 6s extended
I
20%
52%
6%
105
1st 5 %s series A
1st 5s series B.
conv 5s
22
15
Merck A Co com
1st
98% 101%
101
?-
20%
18%
50%
Extinguisher...*
Long Bell Lumber
75
Western N Y Water Co—
New Rochelle Water—
54
Oarlock Packings com...*
101% 103%
Va Water Service—
1st 4s
Steel. 10
%
51
Worcester Salt........100
York lee Machinery
*
Landers Frary a Clark..26
Lawrence Portl Cement 100
101%
Union Water Service—
102%
1(X
7% preferred
Wlckwire Spenoer
WUeox a Glbbs oom
King Seeley Corp com...l
105%
Springfield City Water—
4s
Monongahela Valley Water
1965
...*
6%
2
4%
Great Lakes SS Co oom..*
Spring Brook Wat Supply
Monmouth Consol Water—
•
1%
8%
3%
101%
South Bay Cons Water—
106
1%
%
73
$5
Water Service 5s. 1961
4%
1
5%
35%
2%
13%
Graton a Knight oom
Preferred
Scranton-Sprlng Brook
Jopiln Water Works—
34%
3%
•
Class B..
69
Great Northern
1st mtge
32%
United Piece Dye Works.*
Preferred........ ...100
34
106
Scranton Gas A Water Co
Indlanapo.ls Water—
17%
7%
Veeder-Root Ine oom
27
j.
15%
.*
28%
43%
*
116
United Drill a Tool-
26%
40%
30
54%
120
Tokhelm Oil Tank a Pump
50%
Good Humor Corp
Ontario
..1951
35%
Glddings a Lewis
Machine Tool—.....2
104
Works—
1957
6%
21%
33
Gen Machinery Corp oom •
103%
89
92
1951
6%
19%
Foundation Co Amer shs *
Pittsburgh Sub Water—
6s
Water Service
:
I
3%
20
Gen Fire
Community
46
U%
3%
52%
18
Preferred
109
1958
6s
8
42
•
common
47%
Dentists Supply
Federal Bake Shops
Ashtabula Water works—
7
39
44
1
I Steel
Dun a Bradstreet com—*
Bid
27%
28%
138 i
136
Tampax Ino com
Taylor Wharton Iron a
.*
Dixon (Jos) Crucible... 100
Draper Corp
•
Ask
8%
6
Class A
Dictaphone Corp..
Bid
25C
1%
Exploration
1
Pollak Manufacturing... •
Remington Arms oom.... 1
Safety Car Htg a Ltg_..5<
SoovUl Manufacturing. .26
Singer Manufacturing. 100
Skenandoa Rayon Corp..*
Standard Screw
.20
Stanley Works Ine..
.26
Stromberg-Carison ...... *
Sylvania Indus Corp
*
Pilgrim
Devoe a Reynolds B com *
Water Bonds
14c
Petroleum Heat a Power.*
5%
1.35
62.00
12%
12%
12%
10%
Talon Ine com
Del Lack A Western 4s
Fruit
Ask
47
34%
•
American Cyanamld—
2%s—
Bid
45
*
5%
Baltlmore A Oblo 4 %s
Bessemer a Lake Erie 2%s
Atlantic Coast une
Par
New Britain Machine
4%
American Arch
Merchants
Atch Top & Sante Fe—
Bid
Alabama Mills Int......*
Amer Bern berg A oom...*
Ask
12"
15%
86%
4
26%
8%
3%s
103% 103%
75%
/20
3
77%
22
3%
Old Ben Coal—
1948 (w-s)_.
Remington Rand 3%s 1956
Stand Oil (Calif (2%s.l966
Western Auto Supp 3% s '66
1st mtge 6s
79%
81 %
102% 103
103% 104%
99%
99%
61%
58%
64
25%
58%
50%
28
Railroad Bond»—
Akron
Canton
A
Youngs¬
town—
5%s ser B triple stamp.
Bait A Ohio 4% notes. 1944
Cuba RR 5s
;1960
Denv A Salt Lake 6s.-1960
NY4 Hob Ferry 5s..
1946
1946
Tenn Ala A Ga 4s
1957
Hoboken Ferry 5s
Vlcksburg Bridge 4-6S.1968
59%
61
51
40
t£%
84%
The Commercial c£ Financial Chronicle
1264
Quotations
Public Utility
Over-the-Counter Securities—Friday Aug. 29—Continued
on
'
V
Members Principal
'
1
,
'v
Assoc
14%
25.69
Series B-2
23.43
Series B-3
14.66
<
8.CO
5%
Series K-l
14.59
16.01
18.60
20.22
Series K-2
13.79
15.22
1
10.74
11.55
Series 8-2
11.93
13.12
Series 8-3
0.15
10.07
1
3
3%
Series 8-4
3.36
3.74
4
4%
5.88
6.48
5
Inc...
Boston Fund
10,
5
A
1
Broad St Invest Co Inc..5
4%
3.40
Knlckbocker
Fund
1
Manhattan Bond
14.74
13.71
.21
.11
Fund Inc com
7.22
10c
Mass Investors
Tftist
1
3.90
19.52
13.60
Mass Investors 2d Fund.l
8.50
2.65
3.30
Mutual Invest Fund Inc 10
8.74
Shares Trust...*
Chemical Fund
1
26.10
28.06
Bullock Fund Ltd
1
—
Century
Public
Utility Stocks
Commonwealth Invest...1
Consol Investment Trust.
Bid
IT
Alabama Power
17 pre!..
♦
106 %
7%
5
*
•
90
Bid
Ask
109
9%
Ask
National Gas 4 El Corp. 10
4
5
5%% pf.*
15
16
New Eng G 4 E
33%
35%
V 70%
08%
New Eng Pub Serv
Birmingham Elec
17 prel.
91 %
94%
$6 prior lien pref
Birmingham Oaa—
13.60 prior
preferred..! 0
Carolina Power A
51%
108% 111%
preferred
0
7% pf 1
Cent Indian Pow
7%
19
10%
*
21
112
preferred
0
preferred
99% 101%
0
]
preferred
109
111
101
103
preferred...100
112
114
cum
0
0
115% 117%
10%
9%
*
42%
43%
*
11
12%
*
105% 106%
N Y Water Serv
6% pf.100
36 %
34 preferred—
Northern States Power—
(Del)
7%
•
63%
71%
90%
92%
♦
66
68%
Okla G 4 E 7% pref—100
16 cum
10
30%
.100
41%
preferred
4.22
»
16.60 cum preferred—.
43%
1
16.40
45%
5
)
57%
113
108%
Pacific Pr 4 Lt 7% pf..l00
pref...*
62%
64%
22%
Peoples Lt 4 Pr 33 pref .26
26%
29
102% 104%
)
101% 102%
Kansas Power 4 Light—
preferred.
_.*
Pub Serv Co of Indiana—
35
cum
*
37 prior lien pref
68%
71
)
v
30%
3
...
34%
28%
18.81
11.29
No Amer Bond Trust ctfs
Eqult Inv Corp (Mass)..6
24.92
26.80
No Aracr Tr Shares 1953.*
Series 1955
partlc pref..£ )
Republic Natural Gas
Rochester Gas 4 Eleo—
2
.36
.41
1
12.31
13.17
series. 10c
3.03
3.40
Quarterly Inc Shares..lOr
4.25
5.15
Republic Invest Fund...l
3.32
3.71
Fixed Trust Shares A—10
8.63
3.35
15.89
17.41
4.27
5.07
-*
3.89
___.
6% preferred D
100
16
Sierra Paclflo Pow
com...*
26%
Scudder. Stevens and
•
27.03
29.16
4.39
4.73
83%
Group Securities—
Corp
79.30
80.90
Selected Amer Shares. .2%
8.19
8.93
Selected Income Shares..!
B
*81%
3.69
Clark Fund lno
Investors
1
5.71
Spencer Trask Fund
Sovereign
Standard
98
67
6%
7%
5.41
♦State St Invest Corp...*
Super Corp of Amer AA..1
2.14
17%
20
5%
6%
5,45
5.88
6.47
7.51
8.26
Food shares...
3.84
4.24
4.96
5.46
shares
shares
104
6% pf.100
20%
Trustee Stand Invest Shs—
21%
105
7% pf.100
110% 113
C
1
♦8erles
D
1
1.97
1
5.10
1
5.12
♦Series
A
♦Series
B
Mining shares
5.13
5.65
4.45
4.90
2.59
2.86
3.47
3.83
Trusteed Ind istrv flhs 25c
shares...;
4.66
5.13
Union Bond Fund B
Tobacco shares
4.22
4.65
.13
.22
shares
Railroad shares.
Pub
Utilities Corp
32.75 preferred
♦
33 preferred
*
Utah Pow 4 Lt 37 pref—*
•Huron
21%
23
23%
25
63%
66%
Holding Corp—1
Income Foundation
10c
Fund Inc com.
Investors..6
14.34
15.42
2.04
)
44%
Participating
14%
units
15%
55%
Insurance Group shares.
1.25
1.38
18.54
20.15
9.33
9.55
Investors Fund C.
1
Insurance
Utility Bonds
bid
A at
66%
1970
1955
Kentucky Utll 4s
Amer Utility Serv 6S..1904
64%
95%
Associated Electrlo 5s. 1961
i54%
56
Lehigh Valley Tran 5s 1960
/19%
/19%
/19%
/19%
/28
20
Lexington Water Power5a
1908
20%
Luzerne County G &
97%
Assoc Gas 4 Eleo Corp—
Income deb 3%s—1976
1978
Income deb 4a
1978
Inoome deb 4%s
1978
1973
1973
..1973
1973
20%
20%
32
/32
34
/33
/33
35
4%s
107 %
107%
94%
96%
E—
1966
3%s._
107
107%
10
1.50
Michigan Pub Serv 4s. 1965
Montana-Dakota Utll—
1901
3%
106% 107%
100% 107
70%
bid
14
Narragansett Elec 3%s 06
New Eng G 4 E Assn 6s '62
NY PA NJ Utilities 6s 1956
Sink fund lno 4%s__1983
11
N Y & Rich Gas 4%s.l966
100%
11
Old Dominion Pow
68.1951
1986
/9%
/9%
/9%
11
Sink fund lno 6-6S..1986
/9%
11
Parr Shoals Power
68.1952
101
103
1st Uen coll tr 5%s_. 1946
1st lien colli rust 6s. 1946
Cent Maine Power 3 %s '70
Central Pow 4 Lt 3%s 1969
98
99%
99% 101%
110% 111
107% 108%
Inoome 5%s with stk *52
Cities Service deb 6s.. 1963
n %
88%
2%
89%
Cons Cities Lt Pow 4 Trac
1902
94%
68%
69%
67%
68%
67
69%
Pub Utll Cons
1954
88%
90%
106% 106%
/19%
135
131
A...1958
Southern Nat Gas 3%a '56
Sou Cities Utll 5s
62%
Federated Utll 5%s__.1957
Houston Natural Gas4s.'55
Texas
92%
97%
105%
94%
99%
f
Iowa Southern Utll 4s. 1970
1950
100% 103%
106% L07%
103
see page
1262.
20
•
1
♦First Boston
20%
97%
74%'
63%
104% 105
78%
1
22
2
10
13%
14%
10c
.10
.30
Corp
♦Schoellkopf Hutton A
Pomeroy lno
corn
Companies
Bid
Par
Home
6
,
A sk
32
56
58
Home Fire Security
31
Homestead Fire
10
19%
80%
83
Ins Co of North Amer
10
80%
10
41%
10
24
25%
Jersey Insurance of N Y.20
6
21
22%
Knickerbocker
Amer Fidel 4 Cas Co com 6
12
Lincoln Fire
6
10
6
13%
7%
Maryland Casualty
1
2%
14
15%
Mass Bonding 4 Ins..
American Equitable
American Home
.....6
12%
Reserve
49%
Mercb Fire
15%
Merch 4 Mfrs Fire N Y..6
50%
38
40
7%
95%
99%
10
..10
American Surety
Baltimore American
Bankers 4 Shippers..—26
10(i
Boston
1%
9%
1
3%
63
52%
2%
Re-Insurance
American
47%
13%
26
10
American
8%
646
629
Assur
com.
..6
National Casualty
National Fire
10
10
National Liberty
National Union Fire
2
20
New Amsterdam Cas
2
57%
7%
30%
64%
7%
164
19%
66%
8%
168
20%
20%
22%
New Brunswick
10
35%
37%
lo
30%
Hampshire Fire
10
23%
New
York Fire
46%
16%
48%
10
32%
24%
New
City of New York
5%
6%
Camden Fire
6
City Title
b
9
8
80 %
6
Northeastern
6
Connecticut Gen Life
10
26%
28
Northern
Continental Casualty
6
32%
33%
North River.
2 50
Northwestern
%
2%
Eagle Fire
...6
Federal-
..10
Fidelity 4 Dep of Md...2b
41
8
51%
Fireman's Fd of San Fr
25
108
5
5
53%
12.60
17%
National .26
99% 103%
26
27%
131% 136
Pacific Fire
26
120% 124%
Pacific Indemnity Co
Phoenix
10
42
43%
li
92
96
15%
17%
10
37
39
Corp (N Y) .2
Republic (Texas)
10
Revere (Paul) Fire
10
Rhode Island
2%
7
Preferred Accident
6
Providence-Washington
78
76
Franklin Fire
9%
132
10
Firemen's of Newark
1%
44
128
Fire Aaan of Phlla
9%
111
11%
31
33
103% 104%
dobs 3%s
1960
107%
.
Reinsurance
29
25%
27%
3%
4%
103% 104%
104
106
1957
Texas UtU 3%s.l969
128
108%
109"
101
103
Western Publlo Servloe—
*%a
44%
St Paul Fire 4
28%
Seaboard Fire 4 Marine. 10
Gibraltar Fire 4 Marine. 10
25%
27%
Seaboard Surety
10
39%
41%
43%
45%
Security New Haven
10
39%
41%
...I960
3%s—1971
...10
6
106%
Republlo
Rutgers Fire...15
2d preferred
6
16
Great American...!
6
Great Amer Indemnity... 1
10
Halifax
Hanover....I........
Hartford
8team
10
Boiler..ju!
12
Springfield Fire 4 Mar..25
9
11
Standard
65
70
28%
30%
Stuyvesant
Sun Life Assuranoe
10
12
11%
29%
Globe 4
Globe 4
Utica Gas 4 Electric Co—
Wis Pow & Lt
42%
Corp 5
Marlm 02 %
8%
27%
26
Georgia Home
Hartford Fire
For footnotes
%
Corp cl A__*
♦Class B
29%
General Reinsurance
1970
,1960
United Pub UtU 0s A.
West
inland Gas Corp—
1
♦Central Nat
Glens Falls Fire
1st mtge 3%s
5s
1952
6s__1958
Public Serv 5s__1901
Tel Bond 4 Share
—
Banking
10
Excess
72%
"
15.32
Corporations
10
107% 107%
95%
■.
Carolina
105
Republlo Servloe—
1951
13.93
26
Employers Re-Insurance 10
s
Dallas Ry 4 Term 6s. 1951
Gen Mtge 4%s
64
99
Toledo Edison Co—
Cresoent Public Service—
6%s stamped
1871
6%s—1948
Pub Serv of Okla 3%s.
61
98
96%
1902
1962
6s series B
1950
Collateral 5s
Central Public Utility—
Coll lno 0s (w-s)
Philadelphia Co 4%a.l961
Portland Electric Power—
08
Central Gas 4 Eleo—
Investment
Ask
110% 110%
/12%
Cent Ark Pub Serv 5s. 1948
1
Agricultural
Automobile
/68%
Sink fund lno 5s....1983
Fund
Aetna Life
Aetna
American of Newark
Cons ref deb 4%s_..1958
8s without warrants 1940
13%
B
American Alliance
105% 106%
65%
63%
35
Assoc Gas 4 Eleo Co—
5.65
Ask
Aetna Can 4 Surety
Amer Gas 4 Pow 3-5S.1953
.99
Investm't Co of Amer.. 10
Par
Bid
15.52
24%
23%
24%
Public
14.16
99% 102%
West Penn Power com...*
56%
22
J
Narrag El 4% % pref..
.81
17.12
5.16
♦Blair A Co
.89
Aviation Group shares..
Bank Group shares
133
.50
.71
15.66
Series B
2.28
Institutional Securities Ltd
Incorporated
—
1.42
Independence Trust Shs.*
130
.45
25c
Class B
Wellington
1.30
-'W
Trusteed Amer Bank Shs—
U 8 El Lt A Pr Shares A..
United
14%
46%
J
2.08
♦Series
Trustee Stand Oil Shs—
RR Equipment shares.
106
29%
5s
64%
8.17
7.43
4.95
Chemical
12%
Consol E 4 G 6s A
.21
62%
4.06
28%
Sf lno4%a-5%s
.18
3.68
►
1
Conv deb 5%s
6.32
13.95
13.14
4.91
shares
Mountain States Power..*
Monongahela West Penn
Oonv deb 5s
*
lno. 60c
Utilities
Automobile
88%
95%
Missouri Kan Pipe Line.. i
Couv deb 4%s.
*
Agricultural shares.....
133% 134 %
27%
65
Conv deb 4s
/
3.85
Fundamental Invest Inc. 2
l(h
Steel
106
85%
Mississippi Power 16 pref.
*7 preferred
3%s
1.94
Putnam (Geo) Fund
Merchandise
15
Texas Pow 4 Lt
Inoome deb
—
2.37
1
Plymouth Fund lno
Petroleum
pref
—
2.18
Electrical Equipment...
S'western G 4 E
Pub Serv 7%
d.
2.41
1
Series 1958
*4
1.96
1
Series 1950
6.94
238%
1.93
General Capital
Lt Asso
,
oonv
6.36
6.30
Steel
series... 10(
stock
Building shares
100
preferred
105
preferred—
►
6%
3.62
5.77
Railroad equipment
17.70
Bank
8.31
3.27
1 0.63
19%
7.38
7.55
1
19
9.12
6.70
—.i.
Balanced Fun.d...___1
21%
32%
Luzerne County G & E—
5
8.75
...
Railroad
19%
Queens Borough G 4 E—
6%
Long Island Llghting7% preferred.
Mass Pow 4
7.95
Metals
Aviation shares........
5%
11.58
...
■
)
julsvJlle O & E
7.44
10.54
equipment..
Oils
105% 107%
Philadelphia Co—
6.76
1.19
General Investors Trust. 1
20%
)
Electrical
5.60
Fundament'l Tr Shares A 2
*
Penna Edison 35 pref
Penn Pow 4 Lt 37
Interstate Natural Oaa...
41%
5.60
supplies
8.29
1 .08
6.16
1
87%
8.78
5.08
4.95
17.14
39%
7.98
2.50
5.56
84%
Bank stock
Shares......25c
Fund
8.12
4.79
11 .49
Machinery
Foundation Trust Shs A.l
*
7.38
4.34
Insurance stock
15.93
58%
114
17.73
*
Pipe
Eastern
Line Co
7.37
11.98
10.45
3.25
D
5.55
6.65
11.11
.1
N Y Stocks lno—
1
C
Insurance stk
Panhandle
107
5.03
priced bond series..
Chemical
First Mutual Trust Fund.5
43%
Low
1.20
Building
32%
111%
♦Common B shares
Fiscal Fund lno—
116% 119
4.66
1.08
Agriculture
114
116%
5.47
4.20
Aviation
Cumulative Trust Shares. *
Fidelity Fund Inc
100
100
preferred
preferred
0%
7%
118
108% 110%
Ohio Public Service—
5.08
Preferred stock series...
Eaton 4 Howard—
69%
National Investors Corp.l
National Security Series—
New England Fund
29
28
3.29
Automobile
Equity Corp 13 conv pref 1
[)
preferred
....
Crura 4 Forster Insurance
Stock
10<>
pref
2.06
39%
61%
Northeastern El Wat 4 E)
Continental Oaa 4 Eleo—
7%
100
9.56
(Colo) ser B shares
•
(Md) voting shares..25c
Income series
2.45
Forster com.. 10
♦Crurn 4
Dividend
Connecticut Lt & Pow...
2.06
Diversified Trustee Shares
10 cum preferred......*
7%
28%
'•
2.45
Delaware Fund
New York Power 4 Light—
Central Maine Power—
16
New Orleans Pub Servloe.*
$7
126%
3.89
3.58
2.18
J
♦8% preferred
9
10 cum preferred
10.34
9.56
...1
♦7% preferred.
Light—
*
17
54
Accumulative series... 1
Series AA mod
9.14
Nation .Wide Securities—
'
71%
66%
6%pf 100
Co—
$7 prior Hen pref
•
New Eng Pr Assn
12.41
Z27%
.
Corporate Trust Shares.. 1
Series A A
1
Series ACC mod
92%
121%
•
7.95
3.00
18.15
Maryland Fund Inc.—10c
23.09
21.36
Canadian Inv Fund Ltd__l
Tel. BArclay
16.12
7.26
1
Basic Industry Shares..
"feletypeN. T. 1-1600
13%
Series B-4.
British Type Invest
7-1600
31.41
8.52
♦Common
New York City
Ask
28.66
Pai
Keystone Custodian Fundi-
3.02
♦6% preferred
115 Broadway
8.27
2.05
7.75
Axe-Houghton Fund Inc.
Bankers Nat Investing—
Stock and Commodity Exchanges
Bid
Series B-l
A Sk
7.61
2.42
2 75
Aviation Capital Inc
"
hid
Inv't InclOc
Stand OU Shares... 2
Amer Foreign
Curtis
ESTABLISHED 1S79
"
Par
Securities.. 1
AffUlated Fund Inc
1%
♦Amerex Holding Corp 10
Amer Business Shares... 1
Aeronautical
Quoted
Sold
Jackson &
.
Investing Companies
Preferred Stocks'
Bought
1941
30
Aug.
89
56%
10%
Accident
10
5
263
7%
273
9
130% 133%
52%
54%
4
5
100
200
240
100
418
428
12%
30%
U 8 Fidelity 4 Guar Co..2
25
92
U 8 Guarantee
58%
Westchester Fire
Travelers
U S Fire
4
26%
53
55
10
77%
80
2.50
37%
39%
<
Volume
The Commercial & Financial Chronicle
153
Quotations
Over-the-Counter Securities—Friday Aug. 29—Concluded
on
If You Don't Find the Securities Quoted
In
wbicb
our
have Interest,
you
you
quotations
stocks
and
The
of securities
classes
Banks and Trust Companies—
In this pubii
Alden Apt 1st mtge
covered
1st
30 X
29X
Bonds
21
Railroad
Railroad Stocks
Real Estate Bonds
1st 48 (w-s)
1948
Court A Remsen St Off Bid
Insurance Stocks
Real Estate Trust and Land
35
let 34*8
Mill Stocks
33
26
U. S. Territorial Bonds
The Bank and
---
19
16X
17X
13
nominal
; ■
Bid
1946
Anbalt 7s to
Atk
S8X
|
,v-'■
,'v
Bid
Housing A Real Imp 7s '46
1646
/50
Hupgarlan Cent Mut 7s '37
Hungarian Ttal Bk 714s '32
7%-1947
/25
1948
/25
Hungarian Discount A Ex¬
change Bank 7s
1936
AntloQUla 8s
Bank of Colombia
7s
1964
1945
Barranquilla ext 4s
Bavaria GXb to
/32
f8X
5s
18 X
19
1966
18
20
1939
26
/8
11
fS
11
Bolivia (Republic)
19"
0
8s. 1947
7s
"-5'oi-0Cc'oD! Kis ;*
1958
78
1969
OS....1940
Eleo 68.1953
Brazil funding 68..
1931-61
Brazil
funding scrip
Bremen (Germany) 7a. 1935
f8H
f45X
Land
6
5X
9%
f4
Warsaw 8s *41
Merldlonale Elec 78..1957
46 X
Montevideo
scrip.
1945
Munich 7s to
f8X
f8H
1962
Bk
Mannheim A Palat 78.1941
Munic Bk Hessen 7s to '45
Municipal Gas A Elec Corp
Recklinghausen 7s..1947
Hungarian Bank—
7Xb
M
Leipzig O'land Pr 044b *46
Leipzig Trade Fair 7s.1963
Luneberg Power Light A
Water 7s
1948
OX
/62
1940
6b
1943
Kobolyt 644s...
Bogota (Colombia) 0Hb '47
1945
8s
37
f9
1953
...
Caldas (Colombia) 7 bin '46
Call
Nassau
—
91
15 X
17 X
30
35
34 X
35^
f8H
(Colombia) 7s._.1947
(A A
fox
10X
/15H
17 X
(Peru) 7^8.-.1944
Cauca Valley 7Xb
1946
J4Vu
m
/35
fox
/2
1947
see
1952
Panama
86
/40
Costa Rloa funding 6a. '61
/12
13"
Costa Rica Pao Ry 744b '49
/14
/12
15 X
1949
5s
644b_.1969
f8X
Dortmund Mun UtU6tts'48
1956
89"" Poifto Alegre 7s......1968
1946
Cordoba 7s stamped..1937
Colombia 48
Westphalia 6s '33
6s 1936
13
Electrio Pr (Ger'y) 6 J4s '60
f8H
f8X
fW
10H
7s ctls of deposit..1967
4s scrip
J3
J..1948
8s
/3
8s ctfs of deposit. 1948
...
'63
1946
Frankfurt 7s to
f4X
f 8H
French Nat Mall 88 6s '52
1947
no
Santander (Colom) 78.1948
—
(Brazil) 6b. 1943
Saxon Pub Works 78..1945
Sao Paulo
35
German Atl Cable 7s..1945
1951
GHa
German
Building A
bank 6148
Saxon State Mtge 6s..1947
—
Slem A Halske deb 6s. 2930
Land.1948
f8H
State
...
5s
German Central Bank
German
Conversion
f9
1938
Agricultural 6s
1946
10
1954
1948
39
Hanover Hara
Water
f8
ux
mx
nox
f8H
f8H
Received
Dividends
$3,213,546 in
Savings and Loan
Associa¬
1941
dividends
System
Governor
the Federal Govern¬
the first half
for
earnings on
its
of 1041,
investments made
during
depression
the
System,
of the
years,
announced
on
James
Aug,
23.
repurchases of shares in these associations in
Mr. Twoliy also said that
and
United
the
States
amounted to
Treasury's
$374,008.
the
He indicated that
$9,257,749.
Treasury
in 1933 and 1934 the
United States Treasury and the Home
Owners' Loan Corpo¬
invested
more
tlian $271,000,000--IaTgely
during the
the shares of some 1,100 such institu¬
tions" to provide them
with funds to encourage wider home
ownership in their communities.
14 x
in New York State
f8
12
1956
f 10
15
J8X
1955
1947
/50
fl8X
:::
/40f8H
50
loaned and a 13% increase in
in the total amount of money
the number of loans made,
over
the month of July, 1940,
Woodard, Executive Vice-President
League of Savings and
noted
the
or
a
rise of
associations
during July, 1941, show a 40% increase
according to announcement made Aug. 21 by
J8H
S8H
i
40% in July Over Year Ago
Mortgage loans made by all savings and loan
f8H
100
1946
and Loan Mortgage Loans Rose
New York State Savings
nx
43"
47
S9
36 X
10
fiok
f8X
1953
Hamburg Electric 6S..1938
Haiti 6s
35
no
Tolima 78--
Wks
1957
6s
6X
Toho Electric 7s
/6
Guatemala 8a.
22
Westlnghouse Bldg—
1st mtge 4s
1948
Half of
First
1935-37 (period—in
18
n.
Graz (Austria) 8s
20
home-financing institutions of the Federal Home
$2,839,538,
ration
7H
Uruguay conversion scrip..
Unterelbe Electric 6s__1953
German scrip
.1951
"under authorization of the Congress
/6
IX
Stettin Pub Util 7a
fl7
30
M
Beaver St Corp—
1st 444a w-s
$32,528,132;
Mtge Bk Jugoslavia
1956
2d series 5s
—
Office
Funding 3a
27
Wall A
Santa Catbarlna (Brazil)
8%
Farmers Natl Mtge 7s_
59
Cumulatively, IIOLC has received dividends to date totaling
fOX
7s 1957
fl8
ri8
55 X
/s
S8H
Salvador
Rom Cath Church 044b '46
—
A In¬
1967
54
11
IIOLC's dividends for the first period of 1041
f8X
Saarbrueoken M Bk 6s.'47
714s income.___.1966
1967
28
51X
1st Income 3-5s x-s.1949
$11,000,000 for the same period.
J4
/9
fS
/8
f8H
7s Income
24
Walbrldge Bldg (Buffalo)—
3s
1950
—
which the Government had invested amounted to better than
1933
Eat>< Prussian Pow 6s. 1953
78
m
S8H
/56
R C Church Welfare 7s '46
Rio de Janeiro 6%
18H
S8H
f8X
1966
m,m
He said that
f8H
1946
1963
24X
'
f8H
1941
68
9 X
1945
Mortgage
vestment 714s
23 X
J8H
1946
many) 7b
Prov Bk
Dulsburg 7% to
6J48
m
38"
to $41,785,882
Bank
Loan
(Ger¬
Protestant Church
Duesseldorf 7s to
European
for
in member
33
6% scrip
Poland 3s
f4X
1953
Budapest 7s
87
1968
...
City Savings Bank
Cnndlnamaroa
1946
Panama City 644b
f8X
1934
Madgeburg 6s
1955
6s
1st
u.
Investments in
f4X
Oberpfals Elec 7s
Central German Power
*
2 Park Ave Bldg 1st 4-fts'4b
$3,213,54G in
bringing
f4X
-
21X
22
(Syracuse)
1st 3s
Savings and loan associations paid
f9
f63
/63
1948
Oldenburg-Free State—
7s to.. __■■.1945
f
1957
S8H
Twoliy,
German Central Bk
Syracuse Hotel
46
Government
Its
on
3X
Central Agrio Bank—
19X
1950
Trinity Bldgs Corp—
paid)...
tions
Hungary 7Ha
.1962
Hungarian A Ind
Mtge 7s
34
Ave—
with stock
38
544b w-s
Federal
f8H
f8X
National
5X
10 x
Ceara (Brazil) 8s
B)
six
S8H
ment
4s—1946-1947
(C A D) 4s... 1948-194.9
Nat Central Savings Bk of
25
Callao
Landbank 044s '38
»
Td" ?:
.
London Terrace Apts—
1st A gen 3-4s
1952
f8X
344 s with stock
36
lnc
14X
(Newark)—
1947
The Madison
'■
51
1951
($500
Place
Park
10X
nsx
Textile Bldg—
—
Lefcourt State Bldg—
1st lease 4-6 Us
1948
Lewis Morris Apt Bldg—
1956
61 Broadway Bldg—
33"
89
Bldg
61
Corp—
1st 3148
mmrn
31X
Lexington Hotel units
Nat Bank Panama—
f47
Burmelster A Wain 6s. 1940
Bldg debt 6s.__1944
due 1952
64X
59
9X
1st 5X e (w-s)
60
Fuller
Brown Coal Ind Corp—
6148..
Buenos Aires scrip
Sherneth
1st 244-48 (w-s)
1949
Graybar Bldg 1st lsbld 5s '46
Lincoln
62
..1956
with stock
3s
mm
•
37 X
1st 4s.
f8H
/3
S8H
1943
1957
Income
1st mtge 4s
Hotel St George 4s
1950
Lefcourt Manhattan Bldg
1st 4-5s
1948
f5
60
Savoy Plaza Corp—
1400 Broadway Bldg—
1st 48 stamped
1948
..
Jugoslavia 2d series 68.1956
37
Harriman Bldg 1st 68.1951
Hearst Brisbane Prop 6s' 42
f8H
/5
f5
1945
Cities 7s to
British
,
Atk
34"
Bavarian Palatinate Cons
Brandenburg
below are
58
1961
Roxy Theatre—
37
42 Bway 1st 6s
of the quotations shown
27
Prudence Secur Co—
8
fOX
35
lnc deb 5s ws
some
..
/24
Xb (w-b_'68
Realty Assoc Seo Corp—
Film Center Bldg lBt 4s *49
European situation
544
58
14
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
Foreign Unlisted Dollar Bonds
_
f4
5^8 stamped
1946
31
1960
to
Sec s f ctfs 4
40 Wall 8t Corp 6s...1958
Due to the
58 X
48
2d mtge 6s
1951
165 Broadway Building—
Broadway Building—
6!$8 (stamped 4s)__ 1949
Your subscription should bp sent to
Dept. B. Wm. B. Dana Co., 25 Spruce St., New York City.
57 X
1 Park Avenue—
••
600 Fifth Avenue—
Quotation Record Is published monthly and
sells for $12.50 per year.
•
2
1st Income 3s
31 X
sox
i
46
Ollcrom Corp v
mm'm
16X
5s 1952
Deb 5s 1962 legended
50
50
5X* series O
Eastern Ambassador
U. S. Government Securities
Mining Stocks
4X
48
N Y Towers 2-4s
1960
Eqult Off Bldg deb
155*
3X
544a series F-l
Dorset 1st A fixed 2s._1967
Stocks,
14 X
544s series C-2
23
21
Hotel units
ties
68
544a series BK
51
Cheseborough Bldg 1st 6s *48
Title Guarantee and Safe Deposit
Joint Stock Land Bank Securi¬
1
G5X
N Y Title A Mtge Co—
Colonade Construction—
Industrial Stocks
23
33H
1957
Industrial Bonds
Stocks
''
1945
4s with stock stm p. .1956
Foreign Government Bonds
Investing Company Securities
mmm
m m m
'
Y Athletic Club 2s.1955
N
Chanln Bldg 1st mtge 4s '46
j
84
N Y Majestic Corp—
62
1948
3fl
'
54
1951
8 f deb 5s
Brooklyn Fox Corp—
Public Utility Stocks
1947
5s: Bklyn)
1st 5s (LT *
Broadway Motors Bldg—
4-68
Ask
Baumann—
Metropol Playhouses inn-
1st leasehold 344-6b 1944
Public Utility Bonds
Federal Land Bank Bonds
20 X
B'way A 41st Street—
Domestic
Canadian
9X
21X
8X
B'way Barclay lnc 2S..1956
Canadian
Out-of-Town)
Bid
Ludwlg
36 X
38.1957
Certificates
Ask
Beacon Hotel lnc 4s..1958
are:
Municipal Bonds—
Domestic (New York and
Real Estate Bonds and Title Co. Mortgage
Bid
carried for all active over-the-counter
are
bonds.
Here
probably find them Id
will
monthly Bank and Quotation Record.
cation
1265
1034%
Zebulon V.
of the New York State
Loan Associations.
There is also
$803,457 in amount loaned over
or
previous month of June, 1941, and an increase of 20%,
June, 1941. The League's
414 in the number of loans over
announcement added*
Sugar Securities
Bid
Bonat
Antllla Sugar
Atk
195)
Par
Eastern Sugar
Estates—
6e
/24
26
71
73
The
Stoekt
Bid
Alt
July, 1941.
Assoc 00m. ]
7
8
1
25
27
Preferred
Baraqua Sugar Estates—
1947
6a
1954
/51
/29
31
Corp.*
10
2
UX
Savannah
Sugar
Refg._.)
29 X
31X
Sugar Co
448.
.....
1940-1942
m
...
Of these, 577 were for the
284,495, 437 were construction loans
refinanced,
totaling
$317,980 ,
West Indies Sugar Corn
Projecting
purchase of homes, totaling $2,-
for a total of $2,008,052, 107 were
were
for repairs and modernization,
loans totaled $222,620.
the'actual number of loans m^de to include all savings and
_.f
1
4
4X
5X
6
the State for July, 1941, there
amounting to $8,390,036,
385, in number of loans.
would be a total of 2,498
which represents the increase of 40%, or $2,-
389,398, in amount loaned over
For footnotes Bee page 1262
87
totaling $102,168, and 261 other
loan associations in
Vertientes-Camaguey
New Niquero Sugar—
reporting, with assets totaling $263,
of 1,469 loans made for $4,935,315 during
-1
54
..1989
6a
IX
*
Haytlan Corp com
Punta Alegre Sugar
Haytlan Corp 4b
112 members of the League
599,219, show a total number
July, 1940, and the increase of 13%, or
The Commercial & Financial Chronicle
1266
General
Aug.
30, 1941
Corporation and Investment News
RAILROAD—PUBUC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
OF
FILING
are
always
REGISTRATION STATEMENTS
SECURITIES
companies in exact alphabetical order.
alphabetical position as possible.
it is not always possible to arrange
However, they
as near
Alton RR.-
UNDER
1941
—V. 153, p.
Jewel Tea Co. (2-4817, Form A-2), Harrington, 111., has.filed a regis¬
tration statement covering 50,000 shares of cumul. pref. stock (par $100).
M. H. Karker is President.
Filed Aug. 21, 1941.
(Further details on
Inc.,
subsequent page.)
United Wholesale Druggists of,'Pittsburgh, Inc. (2-4618, Form A-l)
Pittsburgh, Pa., has filed a registration statement covering 4,000 shares of
stock (no par).
Shares will be sold exclusively to druggists at $50
per share.
Proceeds will be used for new equipment and working capital.
G. P. Sargent, President.
Filed Aug. 22, 1941.
Sears Roebuck & Co.
(2-4819, Form A-2), Chicago, 111.
The Savings
& Profit-Sharing Pension Fund of Sears, Roebuck & Co. Employees filed
with the Securities and Exchange Commission a registration statement
covering 17,500 memberships in the pension fund providing that that nurm
ber of employees as a maximum may pay for the memberships by contribut¬
ing each year 5% of salary or service allowance for such year.
The first
contribution is to be for a period of 12 months following the effective date
of the registration statement.
However, $250 is the maximum that any
one member may contribute for any year.
The aggregate contributions
for such period is estimated not to exceed $3,750,000.
A maximum of
160,000 outstanding shares of Sears, Roebuck's capital stock (no par) to
be purchased at not more than the market price by the fund for its members
during the 12-month period following the effective date of the registration
statement, also was covered by the statement.
Robert E. Wood is Chair¬
man, Filed Aug. 22,
1941.
Telephone Co. (2-4820, Form A-2) Madison, Wis.,
registration statement covering 16,071 shares of $5 cumulative
preferred stock ($100 par) and subscription receipts therefor to be issued
pending delivery of the stock.
Of the shares registered, 13,071 will be
offered initially to holders of the company's $6 preferred stock on the basis
of one share of new preferred for each share of $6 preferred held, pi us an
amount in cash per share equal to the excess of the redemption price per
share of the $6 stock over the initial public offering price per share of the
new stock.
Such of the 13,071 shares as are not issued under the ex¬
change offer, together with the remaining 3,000 shares registered, will be
offered publicly through underwriters at a price to be fixed later.
Net
proceeds will be used to provide for redemption on Oct. 21 of 13,071 shares
of outstanding $6 preferred stock at $10 per snare, or for tne purchase
prior to that date of the stock at not more than the redemption price.
The underwriters are to be Bonbright & Co., Inc., Paine Webber & Co.,
Mitchum Tully & Co., and the Wisconsin Co. J. F. O'Connell, is President,
Filed Aug. 25, 1941.
a
Gas
8,688,883
1,658,278
def203,189
Co.
(2-4821, Form A-2), Omaha, Neb. has
filed a registration statement covering 355,250 shares of outstanding
common stock ($20 par), to be offered at public sale for account of the
United Light & Railways Co.
Price at which stock is to be offered public
will be supplied by amendment to registration statement.
Blyth & Co.,
Inc.^, will be principal underwriter. B. R. Bag is President . FiledAug. 25,
Morgantown Furniture Co. (2-4822, Form A-2), Morgantown, N. C.
a registration statement covering 1,875 shares of 6% cumulative
preferred stock (par $100) and 25,000 shares of common stock (par $2.50).
The preferred and common stock are to be offered to the public for the
account of thi'ee selling stockholders who are to receive the proceeds from
sale thereof.
The preferred will be offered to the public at $102 per share;
and the common stock at $17.70 per share.
Underwriters are R. S. Dick
son
Co., Inc., Charlotte, N. C., 1,075 shares preferred, 15,000 shares
common; Stein Bros.
& Boyce, Baltimore, 550 preferred, 7,500 shares
common;
Interstate Securities Corp., Charlotte, 250 preferred, 2,500
has filed
H. L. Shney is President.
Filed Aug. 25, 1941. /
Diego Gas & Electric Co. (2-4823, Form A-2), San Diego, Calif,
has filed a registration covering 60,375 shares
($20 par) cumulative pre¬
ferred stock 5% series to be offered through Blyth & Co., Inc.
Proceeds
will be used to reimburse treasury in part for
capital expenditures hereto¬
common.
Net ry. oper.
1, 1940 have exceeded $2,000,000.
It is the
intention of the company to reduce the amount of its indebtedness to banks
which on July 31, 1941 amounted to $1,450,000 by an amount equivalent
to approximately the entire net proceeds of this
financing.
Hance H.
Cleland, President.
Filed Aug. 26, 1941.
The last previous list of registration statements was
in our issue of Aug. 23, page 1120.
given
9,163,936
1,599,767
def 181,382
9,043,490
1,931,977
93,900
1,018,891
income—
680.
Aluminum Co. of America-
477,002
189,653
■Stock
Offered—Blyth & Co.,
Aug. 26 offered a block of 3,750 shares of common
stock (no par) at $114 a share.—V. 153, p. 1121.
on
American Chain & Cable Co., Inc.
6 Mos. End. June 30—
Gross s<il6s
returns
1941
1940
loss discts.
->
& allowances.$22,823,464
(& Subs.)—Earns.
' 1939
1938
*■'
^.
$8,917,032
$12,3o5,502 $10,o05,808
Cost of sales (incl. ship¬
ping exp., freight and
cartage
15,704,480
8,775,366
7,858,980
6,782,895
432,260
21,133
outward).—
356,626
334,663
27,141
1,710,742
Deprec. of plants, ma¬
chinery & equipment.
2,374,778
21,493
1,873,032
349,922
25,100
1,741,002
$4,290,814
78,684
$1,338,985
181,397
$630,805
177,620
$62,191
137,926
$± ,369,498
$1,520,922
$808,425
$200,117
3,062
Amortization of patents.
Sell., admin. &
gen. exps.
Profit
.
Other income (net)
Total
.......
Interest expense (net)..
Provision for Federal &
2,500,000
351,810
143,151
41,862
$1,869,498
Earned surplus, Jan. l._
4,706,968
Refund...,
$1,169,112
3,957,955
$665,274
3,110,160
a8,384
$155,193
2,932,729
I, Total
5% cum.
$6,576,466
$5,127,068
$3,783,819
$3,087,922
140,061
791,602
141,414
791,599
143,170
296,221
143,134
394,959
$5,644,803
$4,194,055
$3,344,428
$2,549,830
foreign income tax...
—
------
—
....
—
—
preferred
eonv.
stock dividends..
Common stock dividendsiy:
Balance
earned
sur¬
plus June 30
a
Refund of prior
years' Federal excise taxes and interest thereon.—
V. 152, p.2539.
American
Cyanamid Corp.—Exchange Offer Approved—
Stockholders at
a
meeting
on
Aug. 25, approved the recommendation of
the board of directors for creating a new 5% cumul. preference stock, to
be offered in exchange, share for share, for the presently outstanding 5%
cumul. conv. pref. stock of all three series.
*
The directors at a meeting held Aug. 26, approved a form of offer of
exchange which will be mailed promptly to the holders of the cumul. conv.
pref. stock.
To make the exchange the cumul. conv. pref. stock must be
deposited with the Chase National Bank of New York, acting as exchange
agent, on or before the close of business Sept. 25.
All shares not delivered
for exchange by Sept. 25 will be redeemed on Nov. 1 at the redemption price
of $10.50 and dividends accrued from Oct. 1.
The convertible preferred stock will be retired and canceled, so
stock prior to the common stock of the company
ence
stock.—V.
American
153,
p.
the only
will be 5% cumul. prefer¬
978.
Export Lines,
Directors have declared
a
Inc.—50-Cent Dividend—
dividend of 50 cents per share on the common
stock, payable Sept. 15 to holders of record Sept. 2.
Previously regular
quarterly dividends of 25 cents per share were distrbited.—V. 153, p. 234.
San
fore made, which since Dec,
125,450
$1,512,783
437,836
157,444
391,448
From Jan. I—
Gross from railway..—
Net from railway..
Commonwealth
Natural
1938
$1,555,799
260,605
.
common
Northern
1939
$1,511,593
11,221,831
3,018,750
Net from railway...—
Net ry. oper. income—
following additional registration statements (Nos.
4817 to 4823, both inclusive) have been filed with the
Securities and Exchange Commission under the Securities
Yet
of
1933.
The
amount
involved is approximately
$19,505,100.
-
1940
$1,791,535
544,551
Gross from railway
The
has filed
-Earnings—
July—
ACT
American
&
Foreign
Power
Co.,
Inc.—To
Refinance
Bank Loans at Lower Interest Rate—
The Securities and Exchange Commission announced Aug. 22 that Elec¬
tric Bond & Share Co. and its subsidiary, American & Foreign Power Co.,
Inc., filed an application (File 70-389) under the Holding Company Act
regarding the proposed issuance by the subsidiary of $15,500,000 of 3%
notes in exchange for a like unpaid principal amount of its notes held by
banks and the parent company.
The notes presently outstanding
mature on Oct. 26, 1942, and bear
26, 1941, and at 4% thereafter until
follows:
Principal
interest at the rate of 3 % % to Oct.
maturity.
They are held
as
Holder—
Air Reduction
At
were
Co., Inc.—New Officers—
$186,000
1,984,000
744,000
—
a recent meeting of the board of directors the following new officers
elected: L. A. Hull, Vice-President; G. E. Hawkins, Vice-Prasident
in
charge of distribution, and J. E.
engineering.—V. 153, p. 540.
Fricker, Vice-President in charge of
Guaranty Trust Co. of New York
Akron Canton & Youngstown Ry.July—
railway
.-
1940
1939
1938
$274,159
$195,740
109,865
58.920
64,857
..
Net ry. oper. income.,
h From Jan. 1—
Gross from railway.
Net from railway....
Net ry. oper. income..
—V. 153, p. 680.
35,094
1,517,002
47,847
17,686
$133,483
30,662
8,242
1,763,319
744,551
434,422
...
Alabama Great Southern
July—
1941
Gross from railway
Net from railway
._
Net from railway
Net ry. oper. income..
p.
1,297,764
405,161
224,263
1,101,317
306,801
97,183
875,037
144,820
def38,425
1940
1939
.
.
.
$614,582
195,294
144,583
$576,605
160,613
140,506
5,888,159
2,110,767
1,243,597
4,454,243
1,332,392
824,609
4,225,005
1,257,168
3,585,424
649,901
574,552
680.
Alabama Power
Period End.
Co.—Earnings-—
July 31—
1941—Month—1940
1941—12 Mos.—1940
$2,068,849
$1,860,178 $24,351,447 $22,815,845
756,932
572,475
9,056,563
8,166,349
Taxes
362,438
322,779
4,153,881
3.513,388
Provision for deprecia'n.
238,265
238,365
2,859,300
2,757,005
Gross revenue...
Operating expenses.._i_
Gross income
Int. & other deductions.
$711,212
398,991
$726,558
399,931
$8,281,702
Net incomeDivs. on preferred stock.
$312,221
195.178
$326,626
195,178
$3,499,750
2,342,138
$3,528,734
$117,042
$131,448
$1,157,612
$1,186,596
4,781,952
American &
on
maturing in
p. 825.
one,
—V. 153. p.1120.
...
proposes to
pay
the accrued in¬
three, four and five years, respectively.—V. 153,
two,
$8,379,101
4,850,367
a
dividend of $1 per share on the common stock,
payable Sept. 30 to holders of record Sept. 15.
aid
Dividend of $1.50 was
June 30, last; 50 cents paid on March 31 last, and previously reguP
la
ar quarterly dividends of 25 cents per share were distributed.
In addition,
extra dividend of $1.75 was paid on Dec. 28 last, extra of 25 cents paid In
on
Sept. 30, 1940, and extra of 50 cents paid
p. 979.
American Home Products
on
June 29,
1940.—V. 153,
Corp.—Acquisition—
Corporation has offered to purchase the International Vitamin Corp.
through an exchange of stocks, it was announced on Aug. 26.
Acquisition would be arranged through the exchange of eight shares of
stock of the International company which has 204,000 shares outstanding,
for one share of American Home Products.
The deal will be subject to
approval by stockholders of the International company at a special meeting
on
Sept. 15.—V. 153,
American
p.
979.
power & Light Co.—Accumulated Dividends—
Directors have declared dividends of $1.12 K on $6 preferred stock and
93% cents on $5 preferred stock, both payable Oct. 1 to holders of record
Sept. 8. Like amounts paid on July 1, last. Dividends are in arrears.—V.
153, p. 825.
2,342,138
American
Balance
Foreign Power Co., Inc.,
the outstanding notes and then issue to each bank and to the parent
company a series of five 3% notes of equal principal amount (aggregating
the unpaid balance due on the old note for which they are exchanged) and
Directors have declared
193 3
$658,887
209,995
119,904
885,174
2,480,000
744,000
2,480,000
186,000
3,100,000
...
City Bank of New York.
The Union Trust Co. of Pittsburgh
Electric Bond & Share Co
terest
372,000
744,000
American-Hawaiian Steamship Co.—-SI Dividend—
RR.—Earnings—
$954,036
396,339
243,495
_.
Net ry. oper. income
From Jan. 1—
Gross from railway....
153,
The National
2,480,000
...
...
Irving Trust Co..
-Earnings^
1941
Gross from
Net from railway.
—V.
Amount
Bank of New York-..
Bankers Trust Co
Central Hanover Bank & Trust Co
The Chase National Bank of the City of New York
Chemical Bank & Trust Co
The First National Bank of Boston
Public Service
Directors have declared
cumulations
on
the
7%
a
Co.-—Accumulated Dividend-—
dividend of $1.75 per share on account of ac¬
cum.
pref. stock, par $100, payable Sept. 20 to
Volume
The Commercial & Financial Chronicle
153
holders of record Aug. 30. leaving arrears of $45.25 per
P. 3484.
share.—V. 152,
,,
American Smelting & Refining Co. (&
Subs.)—Earns.
Consolidated Income Account 6 Months Ended June 30
>
1941
Total net earnings.. ____$16,511,459
1938
1939
1940
American Window Glass Co.—To
sidiary, American Photo Glass & Export Co.
Of the three classes of stock represented, 80% voted in the affirmative,
4% dissented and the remainder were non-commital.—V. 152, p. 4115.
$12,692,620 $10,587,781 $10,191,875
1,040,165
.
Gross income
$17,551,624
Gen. & adnr. expenses..
1,010,587
Research &
exam.
Armstrong Cork Co.—Earnings—
274,811
$13,238,686 $10,840,932 $10,466,686
972,225
971,609
926,061
373,478
298,052
241,982
376,823
exps.
253,150
546,066
Corporate taxes(incl.est.
U. S. & for. inc. taxes.
7,038,739
2,356,657
2,858,726
2,628,338
1,474,772
2,666,825
1,275.237
2,910,735
$6,768,818
1,750,000
3.287.504
$6,405,920
1,750,000
3,287,504
$5,429,674
1,750,000
3,287.504
$5,112,668
1,750,000
3,835,421
$1,731,314"
$1,368,418
Deprec., obsolesc., &c__
Net income
1st pref. dividends
Common dividends.....
Bal.sur. for 6 months.
Shares
common
stock
outstanding (no par)
Earnings per share
2,191,669
2,191,669
$2.12
Consolidated Balance Sheet
■:
2,191,669
$1.68
2,191,669
$2.29
_
$932,170 def$472,753
$1.54
;•
June 30,
41 Dec. 31,
40
Recapitalize—
Stockholders at a special meeting approved the company's plan of re¬
capitalization. wherein the company will absorb its wholly-owned sub¬
Int.,
rents,
dividends,
commissions, &c
1267
[Including Domestic Subsidiaries]
Earnings for Six Months Ended June 30
r'.
21,247,541
7,233,687
15,044,093
14,180,542
7,240,256
12,138,099
Metals, at sales prices, sold under firm contracts
for future delivery.
15,518,535
18,705,907
__
....
Metal stocks at lower of cost
earned treatment
Ores
and
or
market
less
Costjof sales
25,986,857
19,403,055
-$11,494,734
4,950,844
$8,100,823
4,519,048
$6,543,890
136,765
$3,581,775
$6,680,655
$3,697,602
Provision for depreciation (incl. obsolescence)1,055,718
Provision for loss on sundry investments, &c_
4,874
Federal and Pennsylvania capitalstock taxes.---108,071
839.373
Gross profit from operations
Selling and administrative
expense..
---—
Net profit from operations.
__
Non-operating income
——_
Total income
-------
:—_
—
Provision for Pennsylvania income tax
concentrates
on ores,
on
hand at
Property
basis of present law
$3,358,397
Prov. for add'l Fed. taxes under proposed law
886,455
Adjustment of inventories to lower of cost or mar¬
ket basis
20,339
2,364,123
3,135,444
5,589,144
265,569
Note—The operating results of the foreign subsidiaries (1941, $155,896;
1,175,368
52,377,815
19,211,908
1940. $133,574) have been expressed in U. S. currency on the basis of aver¬
in
....
_______________
180,238,869 170,903,150
Liabilities—
Accounts and drafts payable:
Other
12,202,410
Trade.
Salaries and wages accrued
Due to subsidiaries not consolidated
....
Unclaimed..
Payable on preferred stock.
Payable on common stock
.....
I....
12,126,890
922,436
775,832
428,704
50,311
875,000
875,745
669,923
332,766
38,122
1,095,835
14,043,306
Treatment charges unearned
2,250,139
Miscellaneous liabilities
1,035,408
Reserves: Metal stock.1
16,807,962
Extraordinary obsolescence, contingencies, &c..
5,958,142
Employers' liability
626,378
Mine and new business investigations
406,344
Other
1,323,537
7% preferred stock
50,000,000
c Common stock.
43,620,430
Surplus
*27,816,694
Taxes accrued, not due
—
—
Net
a
Valued
as
...180,238,869
170,903,150
of Dec. 31, 1934, in accordance with authority and direction
domestic
operations—trans¬
$2,492,281
$2,114,655
exchange, rates prevailing during each period, except that depreciation
age
charges have been based on the U. S. dollar cost of their fixed assets (as
revalued Jan. 1, 1933), and that with respect to the French subsidiary in
1941 a rate of $.0223 has been used.
These earnings have not been re¬
mitted in U. S. dollars and are not included in the foregoing statement of
income but are reflected in earned surplus through the adjustment of the
company's investment in foreign subsidiaries to the basis of its equity in
underlying net assets as at June 30, 1941.
tbe
Consolidated Balance Sheet June 30
1941
Assets—
10,001,584
2,329,073
687,623
16,807,962
5,397,123
621,730
354,199
954,600
50.000,000
43,620,430
26,085,380
special meeting held on May 31, 1935, plus addi¬
and less depreciation, amortization, depletion, and retire¬
(or) sales since,Dec. 31, 1934.
b Investments include securities having a ledger value of $1,214,518
deposited as part of the security for an issue of 5% five-year guaranteed
sterling debentures of Mount Isa Mines, Ltd., due June 30, 1944, guar¬
anteed by the Queensland (Australia) Government.
n Represented
by 2,191,669 shares, no par.
*
Includes $1,940,181 carried in special reserve accounts on the books
of Mexican and South American subsidiaiies to comply with laws of the
respective countries.—V. 152, p. 3641.
at
from
...
of the stockholders at a
tions
income
ferred to earned surplus
1941
1940
Liabilities—
$
$
Cash...
6 389,267
8 901,100
3,754,633
6,703,662
-1 665,862
2,654.150
42,315
Inventories ......15 313,238
14,864,899
rec.
—
Due from for. subs.
Notes & accts.
Prepaid
172,557
expenses..
998,756
808,541
490,121
641,590
269,398
252,798
z3 ,526,710
939,660
Prov. for State in¬
cap.
come,
stk.
and other taxes.
for
Federal
income tax
438,763
3,814,625
572,431
Prop., pl't & eq.24 005,944 22,609,026
331,399
237,813
Paid-up licenses.
x
_
1
Goodwill, &c
1
cost,
Dividend payable.
705,432
Oper. & other res.
4 175,022
investments
1,804,759
157,879
Inv. in & advs. to
foreign subs.
3 ,003,538
Prov.
rec.—
non-current
$
accrued expenses
Due to for'n subs.
U. S. Govt. & other
securities
1940
$
Accts. payable and
35,542
—
Notes & accts.
Other
..................
...
84,133
-
.....^
Total.
Total.
$2,198,788
34,518,975
1,036,913
52,500,472
22,754,671
and
b Investments, at cost or less
Dividends:
16,017
455,000
2,662,150
3,078,753
6,803,253
mines
concentrates, &c
Materials and supplies
Due from subs, not consolidated
Miscellaneous assets
a
profits taxes
32,358,802
transit to smelters
Advances
excess
18,910
106,515
63,000
91,121
30,180
1,315,440
716,854
Provision for Federal normal income taxes
Provision for Federal
115,828
Net income after provision for Federal taxes on
un¬
charges.
.
-.$37,481,591 $27,503,878
Miscellaneous charges (incl. interest)
Cash and demand deposits...
United States Government securities
Accounts and notes receivable (net)
.
1940
1941
v
Net sales..
700,000
Res. for wage earn.
unempl. benefits
500,000
500,000
5,299,400
pf. stock 5 ,299,400
8,123,465
8 ,123,465
Paid-in surplus
26 ,383,324 26,383,324
Earned surplus... 13 432,837 12,268,207
4%
y
cum.
Common stock.
.
ments and
Total
—
.62,434,225 56,213,203
Total
62,434,225 56,213,203
—
After reserve for depreciation of $20,706,838 in 1941 and $19,800,234
1940, and less reserve for revaluations effected as of Jan. 1, 1933, of
$3,520,877 in 1941 and $3,754,349 in 1940.
y Represented by 1,410,866
no par shares,
z Includes provision for Federal excess profits taxes.—
V. 153, p. 1123.
x
in
Asbestos Corp.,
Ltd.—Extra Dividend—
an extra dividend of 15 cents per share in addition
quarterly dividend of 15 cents per share on the common
stock, both payable Sept. 30 to holders of record Sept. 15.
Similar pay¬
ments were made on June 30 and March 31 last: Dec. 31, Sept. 30. June 30
and March 31, 1940.
Extra of 35 cents was paid on Dec. 31, 1939, and an
extra of 15 cents was paid on Sept. 30,1939.—V. 152, p. 3335.
Directors have declared
American Water Works & Electric
Co., Inc.—Monthly
OutpUt
The power output of the electric subsidiaries of the American Water
& Electric Co. for the month of July totaled 282,974,478 kwh.,
compared with 230,289,974 kwh. for the corresponding month of 1940, an
Works
increase of
23%.
For the seven months ended July 31. 1941, power output totaled 1,847,822,457 kwh., as against 1,579,535,682 kwh. for the same period last year,
an
increase of
17%.
Weekly Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Aug. 23, 1941, totaled 66,230.000
kilowatt hours, an increase of 26.0% over the output of 52,558,000 kilowatt
hours for the corresponding week of 1940.
„
Comparative table of weekly output of electric energy for the last five
follows:
Week Ended—
1941
1940
1939
1938
1937
years
Aug.
2
--..67,262,000
Aug.
9
66,634,000
Aug. 16-.
66,619,000
Aug. 23-------.66,230,000
—V. 153, p. 1122.
53.390,000
54,457,000
54,092,000
52,558,000
46,210,000 41,210,000 50,291,000
45,413,000 41,250,000 50,767.000
46,143,000 41,555,000 50,626,000
45.764,000 41,344,000 50,740,000
Official—
Stanton has been elected 2d Vice-President of tne company.—-V.
153, p. 541.
Ann Arbor
RR.—Earnings—-
1941
railway—$437,949
from railway-.
147,663
ry. oper. income—
77,155
July—
Gross from
Net
Net
—.
1940
$349,855
71,984
30,881
1939
$342,790
87,478
54,515
1938
$280,851
41,852
8,099
2,335,504
394,100
140,067
2,155,262
319,360
76,321
1.915,994
From Jan. 1—
2,677,512
715,205
377,075
Gross from railway
Net from railway
Net ry. oper.
—V. 153, p.
income.,_
681.
Arkansas Power &
203,464
def.33,832
468.496
240,245
344.889
126,712
4,433,002
2,163,832
rendered.
"The present move means that as far as the companies in the Associated
Electric Co. group are concerned the activities of the service company will
be substantially confined to services on behalf of the operating companies
only, which we believe represents ultimately the appropriate function of
a company."
'
■
'
Other officers of Associated Electric elected Aug. 27 included W. G.
Christie, Controller; P. R. Lawson, Treasurer, and J. H. Mackenzie,
Secretary.—V. 153, p. 542.
,
such
Est.
approx.
-
1,282,000
$3,304,524
10,761
$3,206,877
11,855
Number
."$296,955
$296,162
147,023
18,862
146,364
$3,218,732
1,756,464
300,547
was
1 9,496
$3,315,285
1,762,370
234.385
287
194
10,882
3,491
$131,357
$130,496
pref. stocks for the period
—
$1,329,412
$1,165,212
Grossineome--
Int. on mtge. bonds..—
Other int. & deductions.
chgd. to construct'n
(Cr)
--—
Provision for Federal taxes..--
-
inventories.
transactions
Average gross sale
949,265
949,265*
ment
—Action
Gas
—
-
$380,147
$215,947
Notes—Provision for Federal income taxes, subsequent to April 1, 1941, is
being made at a rate which will result in the accumulation of such taxes at
the rate of 30% for the full year 1941.
Includes provision of $42,560 and $332,124 for Federal excess profits tax
in the month of July, 1941, and in the 12 months ended July 31, 1941, re¬
spectively.—V. 153, p. 681.
— —
$525,000
8,40o,000
*12,460,953
loss$45,000
& Electric
Co.—Settlement of Govern¬
Approved—Pre-Trial
Will Speed Up Reorganization—
Tax
Claims
The week of Aug.
Conferences
Held
25 marked two important developments in Associated
Gas & Electric System
Balance—
loss 15,000
45,000
loss$60,000
7,040,000
6,590,000
11,631,920
11,340.000
*$2.82
$2.64
$2.65
Exclusive of figures for Manhasset Branch of Lord & Taylor, which
not opened until late in the season.—V. 153, p. 981.
Estimated net profit-
*
25,000
70,000
900,000
375,000
— ___
Merchandise
Associated
Int.
1941
1940
1939
.*$29,683,987 $25,805,834 $25,291,659
operating profit before
Federal income taxes- _—
115,000
.
Goods Corp.-—
§ Months Ended Aug. 2—
Total net sales
$295,558
604
Net oper. revenues—
Other income (net):
income-1
are
116,000
Prop, retire, res. approp.
Net
handle
company
$296,364
.
591
>
—
Divs. applic. to
the establishment of a complete organization
the affairs of this company, which is an intermediate holding
in the Associated Gas & Electric System.
Heretofore, Associated
Electric had retained the Atlantic Utility Service Corp., service company
of the Associated System, in the administration of its affairs.
Emphasizing that these actions constitute a major move by the trustees
in the reorganization of Associated Gas & Electric Corp., the trustees said:
"Like all holding companies, the Associated Electric Co. is confronted
with substantial problems under the Holding Company Act and we feel
that these problems can best be handled by a self-contained organization
under the ultimate supervision of the trustees.
'This development represents a further change in the character of Atlantic
Utility Service Corp., the system's service company.
In an effort to meet
the requirements of Section 13 of the Holding Company Act, the service
company was set up on a request basis early in the year.
Under this plan
the various companies in the system request the service company to perform
specific services, and charges are made at cost for whatever services actually
The directors authorized
to
4,123,030
1,287,907
1,288,000
taxes
Directtaxes
&c.—
will continue as a director.
Associated Dry
Light Co.— Eirinings—
1941—Month—1940
1941—12 Mos.—1940
$1,121,105
$882,159 $11,183,358
$9,905,814
Period End. July 31—
Operating revenues
Oper. exps., excl. direct
Associated Electric Co.—New President,
Directors at a meeting held Aug. 27 in Wilmington, Del., elected A. F.
Tegen President.
He also was elected a director, along with Willard L.
Thorp, co-trustee of the Associated Gas & Electric Corp.
Denis J. Driscoll,
the other trustee, and formerly President of the Associated Electric Co.,
'
American Zinc, Lead & Smelting Co.—New
A. E.
the regular
to
reorganization and litigation.
On Aug. 25. Federal Judge Vincent L, Leibell signed an order ap¬
proving an agreement settling outstanding tax claims, which the Federal and
(1)
York, State authorities have pressed against the Associated System
Hopson. personally.
On Aug. 26 and 27, Hon. Frederick E. Crane, former Chief Judge of
Appellate Court, and appointed by Judge Leibell as Special Master in
Associated, held pre-trial conferences, and set Sept. 15 as the date on which
New
and
Howard C.
(2)
nhe
The Commercial & Financial Chronicle
1268
will open the litigation between
ciated Gas & Electric Corp.
Associated Gas & Electric Co. and Asso¬
which has been regarded as the pivot on which the entire reorganization
revolves, will get under way sooner than was expected, and that the work
of the Special Master may be completed, and report made to Judge Leibell,
perhaps by the middle of November.
The tax agreement is between A. G. E. Co. and A. G. E. Corp., the New
England Gas & Electric Association, and Howard C. Hopson, his three
sisters, and certain of the Hopson investment and service companies. Having
approval of this agreement, the trustees are now able to make offers of
settlement to the United States and New York State governments, which
offers, it is understood, are acceptable to the authorities concerned.
This
was
The
United
the tax situation:
States
claimed
$51,000,000 in taxes from the Associated
system for the years 1927-33, inclusive.
This claim was compromised at
$13,000,000, and in 1939, Mr. Hopson was permitted to settle for $8,700,000.
He paid $3,000,000 then, and $1,000,000 was due July 1, 1940.
The State of New York also had claims against Associated covering
about the same period.
The United States also had claims against Mr. Hopson personally for an
amount in excess of $7,000,000.
Within the past year, approximately $7,000,000 Hopson assets were
discovered by the United States tax authorities, and some $2,000,000
applied to satisfy the personal claims in part.
Under the agreement, the remaining amount (nearly
$5,000,000) is to be
apportioned roughly
as follows:
Treasury
England Gas & Electric Assn.
service overcharge by Hopson)
To the United States
To
$1,187,000
— —
—
New
(to satisfy claims for
— _
113,000
276,000
885.000
2,500,000
_
To State of New York
To Mr. Hopson and family
To trustees of A. G. E. Co. and A. G. E. Corp. (approx.).
~
._
Prior to July 1, 1940, when $1,000,000 was due to be paid the United
States by the system, the General protection Committee, representing the
fixed-interest obligation holders of A. G. E. Co., protested the settlement
and requested the trustees to investigate.
Pending decision the United
States Treasury officials waived payment of the $1,000,000 instalment on the
Associates Investment Co.
Operating expenses
Net income from operations.
on
___—
—
—
notes payable
Net income..
Cash dividends paid on
Cash dividends paid on
b Earnings per
and tax
liens.
These were the taxes which the Government asserted against
Hopson for the profits he had made in stealing from the security holders:
thus, before the security holders could get back their stolen property, the
Government asserted that that property was liable for taxes in an amount
greater than the remaining value of the property.
"Now, it may be perfectly true that legalistically and technically the
position of the taxing authorities is unassailable.
Under the terms of the
present
compromises
and
settlements,
at
least
the
trustees
saving
wreck, and one can never sneeze at such
amounts.
Furthermore, it is recognized that if the settlements be not
made, years of highly expensive litigation may follow, with a result that
cannot be deemed certain, because of the
many technical points operating
against the security holders.
The release of the assets previously pledged
some
to
four
secure
millions
the
out
balance
are
of the
of the
1939
settlement
should
greatly expedite a
reorganization, and make promptly available large savings through refunds
of the companies whose securities are involved.
"While we urged the trustees not to
pay the July, 1940 instalment of the
tax
settlement until all these matters had been
thoroughly investigated,
and extensive studies of applicable law had been
completed, and while we
did feel that greater
generosity might have been
displayed by the Treasury
under the authority of Section 199 of the Chandler
Act, we nevertheless
make no opposition to these proposed
compromises and settlements."
At the pre-trial conferences before Judge Crane,
Aug. 26 and 27. the
pleadings in the "Re-Cap" matter were reduced to four, as being vital,
namely, the petition by the trustee of A. G. E. Co. and the answer by
0
32
F. Corp., and the companion petitions (with answer thereto by
the General Protective Committee, and 50 individual
»
2,772,180
$2,316,742
1
1,333
_
$2,318,075
418,385
1940
492,233
a766,000
_
—.....
440,000
$1,158,843
preferred stock....
245.241
common stock..456.747
share.,------.
$1,459,691
200,000
437,797
$2.00
—— —
$2.76
Anticipated surtax of approximately $150,000 (no excess profits tax),
a
b On 456.747 shares of common stock.
Notes—The net income as shown above for 1941
period does not include
company's equity in the undistributed earned surplus for the
the parent
six months of non-consolidated companies, as follows:
Associates Building
Co., $6,870; Emmco Insurance Co., Inc. and its subsidiary (consolidated),
$191,329.
The company's method of computing unearned
income, which was
changed during the latter part of 1940 to a more conservative basis for
ascertaining the earned portion thereof, has resulted in a reduction of net
income for the six months ended June 30,
of $160,000
1941 in an approximate amount
when compared with the basis of computation applied in the
June 30, 1940.
-c
-.7.,;,
months ended
six
Consolidated Balance Sheet June 30
1940
1941
1941
Liabilities—
$
$
Cash..........
10,900,945
Notes receivable
106,028,374
11,939,457
80,671,232
A ssels—
Notes
Res.
for
from
insur.
Funds
co.
1,211,447
1,264.848
931,211
2,746.671
2,025,504
withheld
receiv. and
50,425
_
on
re¬
possessed auto¬
3,555
4,455
mobiles......
linear red income
in sub.
1,010,000
cormolld'd
1,000,000
Office furniture &
5.265,638
3,857,670
5-year 1 %% notes
payable
6.000,000
6,000,000
.....
(net).
83,119
75,117
Deferred charges
282,929
148,825
equfp't
1.647,736
taxes,
Res. for losses
not
able (sundry).
not
54,140,000
from dealers..
sub.
$
75,078,500
accts. pay.. Arc
148,876
123,761
mobiles
Rec.
1940
S
payable
Repossessed auto
Invests,
It was the same man who directed the
making of the tax compromise of
1939, when he hoped thereby to escape full personal liability, in allowing
to be levied at the expense of security holders, rather than himself.
Payment of such taxes by the security holders would have been bad enough
if they had been permitted to
recoup some of the losses thus sustained.
However, when they finally traced their stolen assets, or the proceeds
thereof, into the hands of the thief, they were met by another set of taxes
_____
and other obligations.:
Accounts receiv¬
taxes
$5,088,922
$2,417,077
_
Provision for Federal normal income tax.
Under the agreement, the United States receives $1,187.000 (plus $2,000,000 previously taken from Hopson assets), thus receiving satisfaction for the
Hopson.
The trustees wilJ pay the $5,700,000 balance due of
claims against the system. The United States consequently receives a total
of about $12,000,000 in full settlement for all tax claims against both the
system and Hopson.
At the hearing Aug. 25, Jack Lewis Kraus II, Counsel for the General
Protective Committee, made the following statement:
"The General Protective Committee, although unenthusiastic concern¬
ing these compromises and settlements, makes no objection to the same.
"Our reason for such lack of enthusiasm is predicated upon the cireum^
stance that equitably, as distinguished from legally and technically, we
feel that the security holders are, in substantial measure, being subjected
to double taxation.
First, because realistically speaking, the system lost
money and did not make money in the years 1927 to 1933, the tax years
involved.
We recognize, of course, that technically taxes may arise even
though money is lost, because of the improper manner in which accounts
are kept and subsidiary companies are consolidated.
Particularly would
this be true where, as here, those charged with
keeping the books were
anxious to make security holders believe conditions far better than they
really were, and were anxious to cover their own embezzlements.
Under
circumstances such as these, it is not Surprising that there was a failure of
the system to take advantage of offsets which might otherwise have been
available, and which consisted of the losses the System had suffered from
the peculations of the very man directing the preparation of the tax returns.
1941
$5,487,119
$2,282,583
134,494
_—
Gross income..
Interest
above
3,204,536
_
—
Other income credits.
claims
on
1941
(& Subs.)—Earnings—-
6 Months Ended June 30—
Gross income from operations. _
consolidated
due date.
30,
(kwh.).
This is an increase of 18,539,106 units, or 18.9%
production of 98,319,974 units a year ago.—V. 153, p. 1123.
The significance of the first lies largely in the lifting of Government liens
from some $25,000,000 Associated securities, principally of the NY PA NJ
Utilities Co., thus opening the way for the trustees of A. G. E. Co. and
A. G. E. Corp. to refinance on much more advantageous terms.
The significance of the second is that the attack on the "Re-Cap. Plan,"
Aug.
units
5% eumul. pref.
9,800,000
stock($100 par)
10.000,000
Com. cap. stk.
3,084,322
3,067,904
Earned surplus.
13,596,293
12,753,327
118.484,008
93,897,062
a
Total
93,987,062
.-118.484,008
by 456,747
Represented
a
no
par
Total
shares, including capital surplus.—
V. 153, p.1123.
Atchison Topeka
& Santa Fe Ry.—Earnings-
Period End. July 31—
1941—Month—1940
1941—7 Most.—1940
Railway oper. revenues.$24,4 02,338 $17,685,801S121,684,615 $92,869,386
Railway oper. expenses. 12,979,686
10,952.517
85,028,573
74,379,570
x
Railway tax accruals..
4,613,027
1.829,269
15,981,106
9,227,152
Other debits or credits.
Dr313,640
C'r55,39.3
Dr331,475
Cr.170,557
_
Net ry. oper. income.
x
tax
6,495,986
4,959,409
20,343.461
9,433,221
Includes Federal income tax at 30% rate and special 10% excess profits
under
pending Revenue Act of 1941.—V.
Atlanta Birmingham &
Net. from railway.
Net ry. oper. income.__
p.
1123.
Coast RR.- -Earnings-
1941
July—
Gross from railway..
153,
1940
$4.37,385
118,720
41,179
1939
'
1938
$299,136
$280,992
$300,650
41,080
34,115
def9,767
44,941
2,004
def7,837
From Jan. 1-—
Gross from
Net from
railway.....
railway......
Net ry. oper. income.
—V. 153, p. 681.
2,584,355
2.027,408
2,082.841
1,958,816
504,737
182,429
305.189
150.907
87,673
__
def!57,487
def44.473
defl95.448
Atlanta & West Point RR. —Earnings—
1941
July—
Gross from railway...._
Net from
railway.
oper. income...
Net ry.
From Jan.
1939
•
1938
$151,394
$146,960
20,351
20,165
22.817
18,373
def3,388
def2,368
def 1,594
$148,439
1—
Gross from railway
1,344.165
1.066,105
349,980
__
132,821
def33,071
Net from railway
Net ry. oper. income
—V.
1940
$207,744
55,933
96,880
995,844
117.118
def51,230
924,376
39,116
def126,223
153, p. 681.
Atlantic Coast Line RR.—Earnings—
Period End. July 31—
Operating revenues.
Operating expenses
1941—Month—1940
_
Net oper. revenues
Taxes..
$4,914,244
3,598,403
$1,315,841
Operating income....
Equip. & jt. facil. rents.
$126,625 $13,358,362
175,000
4,325,000
575,000
_______
$74 0,841
137,881
1 941—7 Mux.—1940
$3,140,984 $39,693,058 $29,417,316
3,014,359
26,334.696
23,683,690
$5,733,626
3,125,000
loss$48,375
138,814
$9,033,362
1,545,768
$2,608,626
1,652,764
$602,960 def$187,189
$7,487,594
$955,862
5?™' *PorP
*
A. G. E. Co. fixed-interest
counsel. •
In
these
obligation holders
as
submitted
by Mr. Kraus,
causes
sponsible for and should repay the $10,000,000, which the
"Re-Cap Plan"
cost the Estate; and toe
$36,000,000 which Hopson stole and wasted in
the years when that
"plan" was theoretically in operation.
Mn(?°lner cause alleges that Hopson and A. G. E. Corp. converted
$200,000,000 in A. G. & E. Co. assets to their
indebtedness of at least that amount.
Another
cause
own use,
\° an unsubordinated claim of
A. G.
new
lignt
over
thereby creating
alleges that A. G. & E. Co. and its creditors
& E. Corp.
The petitions shed
are
at least $73,055,120 against the
an
entitled
assets of
Hopson's capitalization of investor
"public utility" came to have a signifi¬
upon
credulity at a time when the words
cance of safety for
investments; how he "beat the deadline" of effective
the Securities and
Exchange and Public Utility Holding
Company Acts; and how he used the assertedly "insolvent" A. G, & E.
Co. and the
assertedly "invalid" A. G. & E. Corp. as his instruments to
operation of both
defraud investors.
Seeks SEC Approval of Claims—
An application
(File 70-385) has been filed with the Securities and Ex¬
change Commission under the Holding
Company Act regarding a proposed
agreement between the trustees of Associated Gas &
Electric
Co., Associated Gas & Electric
Corp., New England Gas & Electric Asso¬
ciation, and the so-called Hopson group.
*
settlement
According to
will
the^ application, the agreement provides that the trustees
the Hopson group in settlement of all claims
cash, se¬
(including securities of the company, the corporation and subsidiaries
affiliates of the corporation) and other assets
having an aggregate value
acquire from
curities
and.
?u ay -I?,500,000. The U. S. Government
will receive $6,887,898,
York, $276,190 in satisfaction of all tax claims against the
Hopson group up to Dec. 31, 1940; and New
England Gas & Electric Asso¬
ciation, $55,000 in cash and 4,147 shares of its $5.50
preferred stock in satis¬
the State of New
faction of all of its claims and those
of its subsidiaries.
Weekly Output—
The Atlantic
net electric
Utility Service Corp. reports that for the week ended Aug. 22
output of the Associated Gas & Electric group was
116,859,080
Net ry. oper. income,
—V. 153, P. 681.
two
petitions, the General Protective Committee sets forth
Particularly interesting are the claims and allegations that
the complying debenture holders under
the "Re-Cap Plan,"
who thereby
supported Hopson, not those who refused to go
along with him, are re¬
18
Atlas Powder
The
New
York
Co.—Listing—1
Stock
Exchange has authorized the listing of 1.425
stock (no par) upon official notice of issuance
thereof, making the total amount applied for 395,756 shares.
The issuance of a maximum of 1,425 shares common stock was authorized
by the directors Aug. 6.
The offer involves the exchange of Atlas common stock for 1,900 shares
of Darco $8 cum. pref. stock on the basis of three shares of Atlas common
for four shares of Darco pref. (or M shares Atlas common for one Darco
pref.), subject to the following limitations;
(1) That the holder of the Darco pref. will also transfer to Atlas, along
with his Darco pref. stock and without additional compensation, all shares
of Darco common stock held by him, and
(2) That this offer will terminate as soon as acceptance thereof with
respect to 1,900 shares of Darco pref. shall have been received by Atlas,
or at the close of business on Oct.
10, 1941, whichever shall first occur.
Darco Corp. pref. stockholders accepting this exchange offer will be
entitled to receive any dividends which may be payable on Atlas common
stock beginning Dec. 10, 1941.
Darco Corp., engaged in the manufacture and sale of activated carbons,
was incorp. in Delaware in 1922 and has authorized capital stock of 18,635
shares $8 cum. pref. stock (no par), all of which is issued and outstanding,
and 30,000 shares common stock (no par), of which 12.907 shares are
issued and outstanding.
Atlas Powder Co. owns 82.24% of the out¬
standing $8 cum. pref. stock (no par) of Darco and 67.86% of the out¬
standing common stock (no par).—V. 153, p. 981.
additional shares of
common
Autocar Co.-—Earnings—
Earnings for 7 Months Ended July 31, 1941
before exceed
Net profit after charges & normal income taxes but
profits taxes.
Earn, per sh. on 192,740 com. shs. after pref. divs
$984,379
$4.93
—V. 153, p. 1123.
Baldwin Locomotive
Works—Billings—
Charles E. Brinley, President of the company, announced today,?that
the dollar value of orders taken in July by the Baldwin Locomotive Works
and subsidiaries, including the Midvale Co.. was $16,212,868, as compared
with $5,787,127 for July, 1940.
The month's bookings brought the'total
Volume
The Commercial & Financial Chronicle
153
for the consolidated group for the seven months of 1941 to $117,937,752,
as compared with $28,951,735 in the same period of 1940.
Consolidated
shipments, including Midvale, in July aggregated $7,929,852, as compared
with $3,547,541 in July,
1940.
Consolidated shipments for the seven
months of 1941 were $43,659,365, as compared with $25,708,589 for the
same
period of 1940.
On July 31, 1941, consolidated unfilled orders,
including Midvale, amounted to $226,290,439. as compared with $151,336,668 on Jan. 1, 1941, and with $43,804,079 on July 31, 1940.—B. 153,
p. 828.
Rubber
Baldwin
Year End.
Period—
1940
y
After
Federal
depreciation,
interest,
p. 2694.
Baltimore & Ohio
$24,740
316,757
$0.07
&c.—Y. 152,
from. ry. op.
$3,629,137 $36',997,905 $23,806,195
951,607
7,464,131
6,669.883
301,886
1,347,606
1,570,949
166,512
1,097,821
980,069
$6,513,225
1,329,594
202,952
147,375
Baltimore Transit
1938
$855,257
324,555
251,908
11,192,976
5,813,070
4,603,186
8,776,624
4,081,263
3,206,189
5,649,552
1,607,612
1,269,585
3,440,238
258,140
defl8,798
Netry.
oper.
income—
Period End. July 31—
Operat ing revenues
Operating expenses, excl.
direct
1941—Month—1940
1941—12 Mos:—1940
$715,100
$624,984
$8,377,207
$7,831,069
454,527
423,181
81,378
50,000
5,303,316
1,145,963
600,000
5,072,779
989,807
600,000
taxes
Direct taxes..
Prop, retire,
_____
98,119
res. approp.
50,000
Amortization of limitedterm
investments—
309
3,707
3/714
$70,116
$1,324,221
516
$70,519
45,750
4,314
$1,329,884
549,000
55,409
$1,169,372
549,000
53,400
$62,504
on mortgage bondsOther int. & deductions.
5,663
4,407
Int.
403
$112,661
45,750
—
$1,164,769
4,603
$20,455
$725,475
429,174
$566,972
429,174
$296,301
Gross income-
Net
309
$112,145
—
Net oper. revenues—
Other income (net)
Co.—Earnings—
$137,798
income—
_
Balance
1941—7 Afos.—1940
$8,300,663
$7,264,966
6,600,967
6,092,451
Net oper. re venue
Taxes.
$238,321
$136,690
105,040
Notes-*-Provision for Federal income taxes, subsequent to April 1, 1941,
in the accumulation of such taxes
is being made at a rate which will result
at the rate of 30% for the full year 1941.
No provision has been made for Federal excess profits tax since present
are that no such tax will be payable.—V. 153, p. 543
indications
$1,172,515
$1,699,696
139,770
959,877
—
.
Dividends applicable to pref. stocks for period—
Period End. July 31—
1941—Month—1940
Operating revenues—__ $1,183,485
$993,977
Operating expenses...—
945,163
857,287
—
1940
From Jan.l—
Gross from railway
(Including Baltimore Coach Co.)
i
—
1939
$1,578,718
927,788
747,070
$2,209,132 $27,088,347 $14,585,294
Netry. oper.income.. $4,833,304
153, p. 682.
—
$2,100,632
1,351,491
1,053,819
Birmingham Electric Co.—Earnings-
RR.—Earnings—
—V.
;
1,511,501
1,163,093
1941
—V. 153, p. 683.
.
Railway tax accruals...
Equipment rents (net)._
Joint facility rents (net).
;
$2,342,759
taxes,
income
RR.—Earnings—
railway.____
Net from railway.
Net ry. oper. income—_
Net from railway—_—
1941—Month—1940
1941—7 Mos —1940
Railway oper. revenues_$19,905,481 $15,263,428$124,266,742 $98,423,257
Maint. of way & struc—
1.865.298
1,763,809
11,440,705
9,360,291
Maint. of equipment...
4,221,815
3,585,323
28,159,281
22,291,417
Traffic.
434,908
422,163
2,947,692
2,886,062
Transportation.
6,218.569
5,140,533
40,484.267
35,430,123
Miscell. operations..
180,081
141,739
1,013,185
886,702
General
472,056
583,935
3,227,325
3,768,365
Transp. for invest. (Cr.)_
471
3,211
3,618
5,898
rev.
Bessemer & Lake Erie
July—
~
,
Period End. July 31—
Net
York, and at Harris Trust & Savings Bank. Chicago, 111.—V. 152, p. 1905.
$305,890
316,757
$0.96
$402,167
316,754
$1.27
.
30
1938
End. June
1939
Months
—9
June 30,*41
Net Profit
$611,711
Shares capital stock.315,254
Earnings per share
$1.94
y
Bellows Falls Hydro-Electric Corp.—Bonds Called—
A total of $850,000 first mortgage 5% gold bonds due Oct. 1, 1958 has
been called for redemption on Oct. 1 at 102 and accrued interest. Payment
will be made at the Old Colony Trust Co., Boston, Mass.. the State Street
Trust Co., Boston, Mass., the Chase National Bank of the City of New
Gross from
Co.—Earnings—
1269
>
Blue Diamond
708,498
Corp.-—Earnings—
6 Months Ended June 30—
$98,552
2,452
$31,650
1,893
$739,819
16,236
$464,017
$101,004
$33,543
5,188
$756,055
* 38,792
$477,891
5.488
$95,516
$28,355
5% debens.
$717,263
588.043
$440,399
352,827
Operating income
Non-operating income.Gross income
Fixed
—.
charges
13,874
Net sales
—
__—
—
1941
—
—
—
—
153,
—
$87,572
$129,220
—
Income charges, esclusive
Bangor & Aroostook RR.—Bonds Authorized-—
The'
Commerce
Interstate
Commission
has
authorized
Net income.
the
company
(1) to issue not exceeding $773,000 consol. ref. mtge. 4% bonds, all or any
part thereof to be exchanged for a like principal amount of 5% bonds now in
the treasury; and (2)'to pledge and repledge from time to time to and includ¬
ing Dec. 31, 1942, as collateral security for any note or notes as may be
issued under the
Act all
all
or
or any
provisions of Section 20a (9) of the Interstate Commerce
oart of such consolidated refunding mortgage 4% bonds, and
bonds now in the treasury.—
part of the $836,000 of 5% and 4%
any
V. 153, p.
1123.
Bangor
Light
Gas
in Name—To Sell Bonds
The Securities and
Co.—Proposed Merger and
Privately—
Change
Exchange Commission Aug. 19 announced the filing
application (File 70-381) under the Holding Company Act regarding
proposed merger of Penobscot Valley Gas Co^p. into Bangor Gas
Light Co., which will change its name to Bangor Gas Co. Both companies
are subsidiaries of American Gas & Power Co.
of
an
the
According to the application. American Gas & Power Co. will donate
Bangor Gas Light Co. all the common stock of Penobscot Valley Gas
Corp. and will cancel all the demand note indebtedness of the subsidiaries
which at June 30. 1941, amounted to $222,000 plus $42,715 accrued interest.
to
Bangor Gas Co. proposes to sell $300,000 of 4% first mortgage sinking
fund bonds, due 1971, to Wilmington Savings Fund Society, at par.
The
bonds, due 1941, of Bangor Gas Light Co..—V. 153, p. 1123.
..
_
_
Works—Earnings—
—
-
Labor
—
.1
Overhead
—
—
Estimated profit on operatioms.
from income including
Deductions
—
—
...
__
_
adjjstments
closed out in prior years
(includes $14,921 for 1940)..
Provision for excess profits taxes.
—
$ 129,087
419,876
1941 (since Aug. 31,'35)
$548,963
—
Earned surplus, June 30,
—
—.
_
per
share on commonstock—
202,283
282,700
380,867
$424,027
$1.01
— _ —
Note—Before provision for Federal income and excess profit taxes the net
was $1,087,594 against $1,046,762 for the
income for the first half of 1941
first half of 1940.
Federal income and excess profit taxes
have been computed and charged
Beaumont Sour Lake & Western
July—
Gross from railway-.—
1941
$269,741
railway——
oper. income. —
116,303
64,040
Gross from railway.—
1,898,511
806,530
397,509
Net from
—
Net ry.
From Jan. l-r-'-
railway......
Net ry. oper. income.—
—V. 153, P. 683.
Ry .—Earnings—-
1940
$166,616
38,464
def5,597
1939
$178,663
53,039
5,701
1938
$165,623
44,141
971
1,669,595
718.561
335,917
1,670,408
702,038
314,598
1,732,556 '
746,056
376,134
Interstate
Commerce Commission on
Aug.
14 issued
a
certificate
permitting (a) abandonment by the company of its entire line of railroad,
abandonment of operation thereof by the Baltimore & Ohio RR.;
and (to) abandonment toy the Baltimore & Ohio RR. of operation, under
trackage rights, over tracks of the Western Maryland Ry., all in Barbour
County, W. Va.
and
Bell Aircraft
Corp.—Army Contract—
Department on* Aug. 25 announced award of a $75,218,384
and spare parts to this corporation.
The contract is for an undisclosed number of the company's "Airaco-
The
_
—
_
Ealance Sheet June 30,1941
$89,766
______
;
Borg Warner Corp. (& Subs.)—Earnings—
6 Mos. End. June 30—
a
Net income-...—...
Earnings per com. share.
a
After depreciation
V. 153, p.
1941
$4,007,544
$1.71
1939
1938
$2,416,050 def$633.604
$1.03
def$0.28
and provision for Federal taxes.—V. 152,
p.
38015
Net oper. revenue
RR.—Earnings—
1941—Month—1940
1 941—7 M'>s—1940
$5,321,500
3,394,635
$3,962,828 $33,172,029 $26,925,229
2,891,432 21,784,344
19,853,302
$1,926,865
$1,071,396 $11,387,685
324,192
3,457,548
219,438
1,888,202
596,616
Equipment rents (Dr)—
Joint facility rents (Dr) _
278,154
7,176
$1,044,919
Other
1940
$2,830,983
$1.21
388.
Boston & Maine
income.123,802
Total income
x
Total
x
deductions
9,949
29,967
$517,817
113,081
$6,011,968
742,656
$7,071,927
2,108,472
1,484,747
81,637
$3,397,071
695,042
income————
$1,168,721
390,772
$630,898
$777,949
$216,868
414,030
$6,754,624
*
2,751,525
$4,092,113
3,973,827
$4,003,099
$118,286
Rentals, interest, &c.—V. 153, p. 683.
Boston Metal Investors,
Inc.—Liquidation—
Liquidation of the company is revealed in an application filed with the
requirements of the Investment Company Act of 1940.
The corporation
was organized in Massachusetts in 1940 as an open-end management invest¬
ment company for the purpose of investing primarily in the securities of
gold mining companies.
Tt has outstanding 19,025 shares ($1 par) stock
owned by 134 shareholders of record.
By a majority of the stock it was
voted in June last to wind up the corporation.
All the marketable securities have been sold and as of July 16, 1941 the
corporation's assets consisted of approximately $191,500 in cash and the
South African gold mining companies.
An initial
of $9.75 per share, or an aggregate of $185,494, was paid
on July 25.
The shares of stock of the South African gold mining companies, which
will remain in the portfolio, are traded in only on the London Stock Ex¬
change.
Due to the war, the British Government has imposed exchange
restrictions which prevent the transfer into American funos of the proceeas
of sales of securities dealt in principally on the London Stock Exchange.
The company will therefore continue in existence for the limited purpose
of disposing of the shares of stock of the four South African gold mining
companies at prices considered fair by the directors.—V. 152, p. 2542.
shares of stock of four
distribution
Breeze
Belington & Northern RR.—Abandonment.—
The
_
_
Securities and Exchange Commission for exemption under the registration
against the above mentioned earnings at 1940 rates. No increase is deemed
necessary in the reserve of $500,000 established at Dec. 31, 1940 for the
estimated increase in 1941 tax rates applicable to the progress profits taken
into account on the percentage of completion basis at Dec. 31, 1940 and
June30, 1941.
At June 30, 1941, the company had contracts for total construction of
$185,574,901 of which $157,467,258 was uncompleted work.—V. 153,
P. 829.
Net from
_
$232,827; accounts & notes receivable (less reserves,
$117,074),
$716,788;
inventories,
$374,467; securities owned, $1,000;
cash surrender value of life insurance policy, $8,350; property, plant and
equipment (less depreciation), $1,540,732; goodwill, patents & trademarks,
$1; deferred charges, $24,916; total, $2,899,081.
Liabilities—Accounts payable, $304,452; equipment purchase obligation,
$2,149; accrued taxes (including Federal taxes on income, current year,
$111,489), $168,117; accrued insurance and payroll, $26,791; reserves,
$54,662; deferred credits. $12,691; capital stock (par value $2), $1,458,626;
capital surplus, $322,629; earned surplus (since Aug. 31, 1935), $548,963;
total, $2,899,081 —V. 153, p. 543.
Net
Net income for the period
Earnings
$100,869
11,103
7,329
111,489
_
________
of contracts
—— ,— ...
Provision for Federal income taxes
$1,289,878
;
Y,; 10,566
$247,905
—
$90,304
17,808
of Federal taxes on inc.
Net ry. oper. income-
9,779,654
3,624,527
1,257,529
_________
$230 097
_.
.
Taxes
performed during period:
______
1,866,512
163,751
Assets—Cash,
$15,951,588
Gross income on contracts
Material
1,980,144
169,221
1941 (since Aug. 31, 1935).
Period End. July 31—
Operating revenues
Operating expenses..—
Earnings for 6 Months Ended June 30, 1941
Cost of work
$2,120,566
(incl.
——
—
Earned surplus, Jan. 1,
proceeds will be used to redeem on Oct. 1, 1941, $300,000 5% first mortgage
Bath Iron
1940
$2,379,461
—
Provision for Federal taxes on income
542,
p.
_
—
Interest and other income credits..
Gross income—.-——
Remainder—...
—V.
—
37,492
Profit from operations.
Net income
Interest declared on series A 4% and
.
of products
sold & delivery expenses
provision for depletion & depreciation)
Selling and general expenses.
Cost
War
contract for planes
bra" planes.
It is the largest contract Bell has ever received.
The contract lifts Bell s backlog to $175 million.
In the near
future the
plans to start work on a broad expansion of its Niagara Falls
plant,—V. 153, P. 1123.
company
Receiver—
Corporations, Inc.—Court to Appoint Temporary
Y;YY:
Vice-Chancellor James F. Fielder at Newark. N. J., Aug. 27 declared that
Joseph J. Maseuch had robbed and exploited the company, and because he
had been convicted of perjury, was unfit to act as a director and President.
The Court, granting practically all demands made in a stockholders'
suit, ordered Mascuch and other present and former officers to return to
the company shares and cash amounting to more than $1,000,000.
The
company is not insolvent, though the business has been conducted in an
improper manner, Judge Fielder said.
: r
:
The Court said it would appoint a receiver to take control only until
stockholders elect new officers.
The suit was against Joseph J. Mascuch;
his brother, John Tf; A. Langstaff Johnston, Jr., Joseph F. Lucas, Emile
L. Beh and Melvillfe C. Healy, who made up the board of directors from
1926, when the company was organized..
Healy is no longer on the board;
More than 100 stockholders participated in the suit.
,
The Commercial & Financial Chronicle
1270
The company, which makes aviation and tank accessories, holds numerous
defense contracts.
After Joseph Mascueh
was
sentenced for perjury
Aug. 30, 1941
Canadian National
Ry.—Earnings—
Earnings for Week Ended Aug. 21
Nov. 29,
1939, he tried in vain to delay imprisonment on the grounds he
necessary to the rearmament program.
Last November he began a
two-year term at the Lewisburg, Pa., Federal penitentiary.
Judge Fielder said "Mascuch ran the corporation, the other defendants
1941
was
Gross revenues
—V. 153, p.
being his willing servants who acquiesced supinely, permitting him to use
the corporation for his private gain.
"They are unworthy to be continued in control and management, espe¬
cially Joseph Mascuch, who robbed the corporation, and because of nis
conviction of perjury and sentence to prison is unfitted to act as a director
and corporate President.
It is contrary to business morals and judicial
policy that the individual defendants should be permitted to control directly
or indirectly the management of the corporation."-—V. 152; p. 3015.
Brooklyn-Manhattan Transit Corp.- -Court Refuses to
Void Motion in Action Over Stock Deals— *
Canadian National Lines in New England-
Net ry. oper. income-.
From Jan. 1—
•
Bunker Hill & Sullivan Mining &
6 Months Ended. June 30—
Net profit after deprec. & depletion..
a
Concentrating Co.
1941
1940
.
a$954,465
1939
b$239,785
b$721,152
Also after $222,594 estimated provision for Federal normal income and
1939
1938
$127,184
2,901
def45,l75
$141,023
1,052,685
104,236
Net ry. oper. income—
—V. 153, p. 684.
970,385
def42,924
def437,800
Canadian Pacific
14,616
def21,890
767,535
747,363
def80,298
def367,564
def88,138
def398,909
Ry.—Earnings-
Earnings for Week Ended Aug. 21
1941
Gross revenues
1940
$4,742,000
$3,311,000
—V. 153, P. 1124.
Porter, William C. Langley, George V. McLaughlin, William 8. Menden
and Herbert Bayard Swope.
The complaint charged that they and other
plans.—V. 153, p. 389.
1940
$126,904
def42,614
def96,809
def335,014
Gross from railway
Net from railway.
Eany's securities in Justice J. Sidney Bernstein.
y Supreme Court the process of subway unification, was denied Aug. 26
defendants had conspired to use confidential information concerning nego¬
tiations for unification in the purchase and sale of securities at higher prices
than those received by holders who deposited their stock under unification
Earninqs—
1941
Net from railway
Gerhard M. Dahl, Chairman, and other directors
$4,737,566
■«.
$131,915
def22,918
def82,480
July
of the corporation, alleging conspiracy to make undue profits in the com-
The defendants include Arthur H. Bunker, Harvey D. Gibson, H. Hobart
:>
.
.
Gross from railway—
A motion of defendants to dsmiss a complaint by Jennie Sugarman and
other stockholders against
1940
$5,832,195
1124.
Canadian Pacific Lines in
Net ry. oper. income.
From Jan. 1—
__
Gross from railway
Net from railway
Net ry. oper. income—
—V. 153, p. 684.
1940
1939
1948
$152,045
13,096
def20,923
$123,906
defl4,663
def48,567
$106,760
def21,557
def44,137
2,424,968
860,226
567,189
Net from railway.
but before provision for Federal excess profits taxes, and is equal
after preferred dividend requirements, to 71 cents a share on 1,308,000
shares of common stock,
b Before Federal income taxes.—V. 1.52, p. 3644
Maine—Earnings—:
1941
$163,857
def8,508
def51,566
July—
Gross from railway
1.929,302
655,423
426,183
1,453,641
300,610
90,955
1,525,872
245,776
,11,059
surtax,
1941
$110,599
20,575
7,463
July—
Gross from railway
1940
1939
$153,854
50,822
.32,596
1938
$144,900
39,313
18,425
747,343
30,567
def71,183
835,816
83,933
def43,696
$87,849
defl6,705
def29,530
From Jan. 1—
Gross from railway
Net from railway..
—
704,465
74,610
def25,586
..
Net ry. oper. income—
701,132
6,993
defl04,704
Net from railway—...
Net ry. oper. income—
From Jan. 1—
of $2.02
dividend
a
on
account
of
accumulations
on the preferred stock, payable Sept. 30 to holders of record
Sept. 13.
This dividend represents the dividend ordinarily due Aug. 1,
1938, pius interest accrued.
See also V. 153, p. 543.
accumulations
on
the preferred stock, payable Sept. 15 to holders of record
Sept. 1._Like amount paid on June 20 last and dividend of $1 paid
l^last—V. 153, p. 237.
on
March
Callaway Mills—Id-Cent Dividend—
Directors have declared a di vidend of 16 cents per share on the common
stock, payable Aug. 20 to holders of record Aug. 10.
Dividends of 15K
cents were paid on June 20, March 20 and Jan. 20, last, and on Dec. 20 and
Nov. 20, 1940.
See also V. 153. p. 95.
T
Callite Tungsten
Corp.—Earnings—
Income Account for 6
1
Net sales
Cost of sales.
-
-
Months Ended June 30, 1941
-
—
-
-
——
-—
,
Selling, administrative and general expenses.
—
$1,475,882
1,0,39,837
183,200
Net profit on operations
Other income
—
Gross income
—
—...
Deductions from income.
_
—
$252,845
14,717
-
—
—
..■i.■.-«.__.... .V.
_
_...
.
l*rovision for depreciation——
Patent amortization charge.
—
-
Normal income tax
Excess
profits tax.
Net income-
.
—..._
—...
-
...
-
-
-
-
"
^
—^
-....
-
-
-
-
-
.
-
....... __... -
r
-
-
-
-
-
Balance Sheet as of June
$267,562
26,791
28,987
21,600
49,000
Cambria & Indiana RR.-
Net ry. oper.
$116,404
1,023,287
392,927
858,830
307,384
490,059
...
income...
From Jan. 1—
Gross from railway
542,859
Net from railway
Net ry. oper. income.
—V.
153, p.
1940
$159,932
67,680
75,934
29,862
63,545
a
724,211
279,203
495,848
1938
Canadian
627,331
144,526
397,832
Corp., Ltd.—15-Cent Com. Div.
dividend of 15 cents per share on the
a
dividend of $2.50 per share on account of
payable Oct. 1 to holders of record Sept. 15.
Directors also declared a dividend of 12H cents per share on the common
stock, payable Oct. 1 to holders of record Sept. 15.
Similar amounts were paid on July 2, April 1, Jan. 2 last and on Oct.
1,
1940.—V. 152, p. 3337.
cents
share
per
in
Co.—Earnings—-
565
$5,326,831
19,832
——
$381,867
Int. on mtge. bonds.•
Other int. & deductions.
143,750
1,748
$421,164
165,310
1,335
$5,346,663
1,725,000
22,319
$5.437,3.54
2,378,643
84,518
(Cr.)
chgd. to construct n
4,725
4,725
56,700
14,175
(Cr.)
2,741
Gross income
Amort, of prem. on
$5,416,017
21,337
v
debt
Int.
-
Netiricome-.
9,370
$243,835
—
$259,244
...
-
-
$3,665,414
1,255,237
$2,988,368
1,255,2.37
$2,410,177
Divs. applic. to pref. stocks for the period.
$1,733,131
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
is being made at a rate which will result in the accumulation of such taxes
at the rato of 30% for the full year 1941.
Includes provision of $100,OoO for Federal excess profits tax in the 12
months ended
July 31, 1941, but includes no provision for such tax appli¬
since no excess profits were indicated before that
cable prior to Jan. 1,1941,
date.—V. 153, p. 544.
Carpenter Steel Co.—To Pay 50-Cent Dividend—
The
directors
have
declared
a
dividend
of
50
cents
per
share
on
the
stock, par $5, payable Sept. 20 to holders of record Sept. 10.
Dividend of $1 was paid on June 20, last; 50 cents was paid in each of the
three preceding quarters; $1.25 paid on June 20, 1940; 50 cents on March 20,
1940; 60 cents on Dec. 20, 1939; 15 cents on Sept. 20, 1939; 40 cents on
common
20,193(9; 15 cents
Dec.
on March 20,1939, and dividends of 10 cents paid
20, Sept. 20, June 20 and on March 21, 1938.—V. 152, p. 3645.
Central Arizona
Period End. July 31—
Operating revenues
Oper. exps., excl. direct
taxes...
-
Direct taxes.-
.—
Amort,
of
Light & Power Co.—Earnings—
1941—Month—1940
1941—12 Mos.—1940
$399,465
$440,842
$4,757,677
$4,490,586
219,741
80,952
37,750
221,468
81,694
50,000
2,390,510
987,857
456,250
2,065,147
875,613
425,000
limited-term
investments
-------- -
Net oper. revenues
Other income (net)
2,909
2,913
34,931
34,960
$58,113
$84,767
$888,129
$1,089,866
Gross income
Int. chgd to constr.
Dr22b
15
17,697
19,001
$57,888
18,958
1,131
$84,782
18,958
1,079
$905,826
227,500
9,703
$1,108,867
227,500
$37,799
$64,745
$668,623
108,054
$873,145
108,054
Net income—
$560,569
$765,091
Divs. applicable to pref. stocks for the period
Balance
9,385
1,163
(Cr.)
a——
-
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full year 1941.
Includes provision of $5,000 and $87,369 for Federal excess profits tax
is
in the month of July, 1941, and in the 12 months ended July 31,
respectively.—V. 153, p. 544.
Central of Georgia Ryv
1941,
Earninqs—
Foundry Co., Ltd.—Accumulated Div.
Directors have declared
dividend of 44 cents per share on account of
cumulative preferred stock, par $25, payable
Dividend of like amounts was paid
on July 10 and April 10 last, and
April 11, 1939.
Current declaration is
subject to approval of the Foreign Exchange Control Board.—V. 152,
p. 3644.
a
7%
July—
1940
1939
1938
Gross from
Oct. 10 to holders of record Sept. 20.
of two
$420,599
Canadian Canners, Ltd.—Dividends—
the
dividend
512
—.—
Directors have declared a particpating dividend of five cents
per share in
addition to a regular quarterly dividend of 25 cents on the first
preferred
stock and a participating dividend of five cents in addition to a
regular
quarterly dividend of 15 cents per share on the second preferred stock, all
on
extra
$381,355
Net oper. revenues—
on mtge. bonds
Other interest
5% participating preferred stock, payable Oct.l to
holders of record Sept. 19. Dividend of ^2 was paid on June 1, last:
$1 was
paid on May 31, 1940, and initial dividend of $2 was paid on April 1, 1940.
—V. 152, p. 2696
accumulations
an
Other income (net)
Int.
ac¬
the
Canadian Car &
account
Quartz Mining Co., Ltd.—Extra Div.-—
declared
common
Bakeries, Ltd.—Accumulated Dividend—
Directors have declared
on
have
Carolina Power & Light
on
$83,961
22,088
57,598
stock, payable Oct. 25 to holders of record Sept. 30.
Dividend of 25 cents
was paid in each of the three
preceding quarters; 23 cents was paid on
Oct. 25, 1940 and previously regular quarterly dividends of 30 cents
per
share were distributed.—V. 153, p. 983.
cumulations
on
a
Prop, retire, res. approp.
Canada Northern Power
458,506
Period End. Jidy 31—
1941—Month—1940
1941—12 Mos.—1940
$1,175,680 $15,218,574 $13,459,834
Operating revenues..— $1,295,905
~
Oper. exps., excl. direct
taxes..-..552,646
520,055
6,240,256
5,115.584
Direct taxes
256,904
145,026
2,466,487
1,848,233
90,000
1,185,000
Prop, retire, res, approp.
105,000
1,080,000
June
1939
$118,398
54,078
93,082
684.
Directors have declared
def292,328
def475,072
quarterly dividend of four cents per share on the common
stock, both payable Oct. 1 to holders of record Sept. 3.
Like amounts
were paid on July 2, April 1, and Jan. 2, last; Oct. 1, July 2,
April 1, and
Jan. 2, 1940.
Extras of one cent were paid on Oct. 2, July 3, and April 1
1939.—V. 153, p. 238.
30, 1941
-Earnings-
1941
Directors
addition to
Balance
inventory, $751,132; fixed assets (less reserves for depreciation $268,019),
$738,700; patents (less amortization charges $521,580), .$117,064; deferred
charges, $5,022; total, $2,037,301.
Liabilities—Notes payable, to banks, $150,000; accounts payable—trade,
$112,914; deposits and prepayments, $1,538; expenses accrued, $28,996;
Federal capital stock, franchise, unemployment, social security and other
accrued taxes, $23,842; amortization due on mortgages payable to Dec. 31,
1941, $8,883; Federal income and profits taxes payable, year 1940, $39,555;
reserve for Federal income and profits taxes,
year 1941, $75,000; mortgages
payable, $103,026; capital stock (par $1), $400,000; capital surplus, $833,271; earned surplus, $260,247; total, $2,037,301.—V. 151, p. 3553.
July—
558,504
def176,826
def354,503
A partic. stock, no par value,
payable Oct. 1 to holders of record Sept. 15.
Dividend of 52
cents was
paid on July 2 last and dividends of 37% cents were paid on April 1 and in
each of the 14 preceding quarters.—V. 152, p. 3802.
26,000
$115,183
-
Assets—Cash on hand and in banks, $136,614: notes and accounts re¬
ceivable (less reserve for doubtful accounts .$18,147), $288,770; merchandise
Gross from railway
Net from railway
def60,402
703,783
def80,596
def276,892
$66,871
Canadian Wirebound Boxes, Ltd.—Accumulated Div.—
Cariboo Gold
dividend of 75 cents per share on account of
a
def31,323
801,380
Net from railway
def23,5l2
Net ry. oper. income..- def225,316
—V. 153, p. 684.
Calaveras Cement Co.—Accumulated Dividend—
Directors have declared
1938
def.33.979
of accumulations on the $1.50 cum. class
share
per
1939
$83,630
def20,677
def45,825
def647
The directors have declared a dividend of 50 cents per share
(A. M.) Byers Co.—Preferred Dividend—
have declared
1940
$105,167
Gross from railway.
—V. 153, p. 683.
Directors
-Earnings-
1941
$128,022
def6,095
def37,791
Gross from railway
Burlington-Rock Island RR,—Earnings—
Net from railway—
Net ry. oper. income
Canadian Pacific Lines in Vermont
July—
$1,375,655
177,089
29,793
$1,216,313
140,992
29,598
$1,173,939
120,500
9,319.906
1,044,327
25,675
8,887,611
1,052,427
8.483.820
152,536
def 161,7.54
1941
railway..$1,991,576
Net from railway.
635,505
Net ry. oper. income
424,031
From Jan.
def15,697
1—
railway—_
Net from railway
Gross
from
Net ry. oper. income—
—V. 153,P- 684.
12,255,343
3,275,058
2,187,463
810,219
Volume
The Commercial
153
Central RR. of New
from
railway
Net from railway
1940
$2,989,193
679,919
92,277
.
Net ry.
ojper. income..
From Jan. 1—
Gross from railway....
Net from railway
.
18,183,228
4.256,766
16,537,238
4,245,681
231.314
440,998
535,953
def5,984
payments against arrears of
$1.75 per share on the prior lien preferred stock, $7 dividend series, and
$1.50 per share on the prior lien preferred stock, $6 dividend series, to be
paid Sept. 20 to holders of record Aug. 30.
Similar amounts were paid in
preceding quarters.—V. 152, p. 3492.
directors
have declared dividends
as
road have been designated.
Vice-President of the Northwestern Mutual Life
the life insurance group committee; Henry
Bruere, the Mutual Savings Bank Group Committee, and Russell L.
Snodgrass, the collateral noteholders, principal of which is RFC.
Federick
W.
Insurance
Wahcer,
Co.
will
represent
Earnings for Month of July and Year to Date
1941
$10,386,355
3,495,907
July—
Gross from railway
Net from railway
Co.—Accumulated Divs.
Central & South West Utilities
The
The three reorganization managers for the
1938
$2,342,086
598,301
24.206,652
6,680,906
2,479,249
.
.
Net ry. oper. income..
—V. 153, p. 684.
1939
$2,598,694
658,453
69,813
20,277,362
4,705,388
$3,953,266
1,298,416
669,108
.
Reorganization Managers Named—
Jersey—Earnings—
1941
July—
Gross
1271
& Financial Chronicle
Net ry. oper. income
From Jan. 1—
Gross from railway——
2,424,728
59,932,311
.
Net from railway
Net ry. oper. income
16,342,420
9,717,282
1940
$8,313,981
1939
$7,706,908
2,055,064
1,253,487
1,305,245
530,965
1938
$7,080,358
1,078,917
231,106
43,441,607
46,042,668
49,529,408
2,613,694
4,526,697
7,890,927
2,145,510 def1,104,065 def3,232,574
—V. 153, p. 1125.
Chicago Rock Island & Pacific Ry.—Earnings—
Charleston & Western Carolina Ry. •—Earnings—
Gross from railway...
Net from railway
1940
1939
1938
$293,177
124,700
...
$218,282
74,751
52,440
$221,290
$178,632
47,024
31,468
1,551,291
1,427,486
448,673
254,349
474,966
289,823
Net ry. oper. income.
From Jan. 1—
79,688
Gross from railway...
1,966,503
842,108
551,522
Net from railway
Net ry. oper. income.
82,535
59,275
1,278,341
295,796
1940
1939
$8,250,260
$7,898,903
3,825,001
2,803,040
2,630,080
1,651,359
2,296,293
1,283,533
54,686,379
16,528,522
45,593,518
9,462,499
44,772,456
8,257,252
10,495,242
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway—
Certificates—
Aug. 19 authorized the com¬
obligation and liability in respect of not exceeding $4,300,000 (third equipment trust of 1941), \%% serial equipment-trust
certificates, to be issued by J. P. Morgan & Co., Inc., as trustee, and sold
at 100.333 and accrued dividends in connection with the procurement of
-—
—
Net from railway
Net ry. oper. income-..
_
137,605
—V. 153, p, 685.
Chesapeake & Ohio Ry.—Equipment Trust
1941
$9,900,352
3,196,476
2,146,387
July—
1941
July—
i;
Reorganization—
Federal Judge Igoe has set Sept. 30 as date by which objections to the
reorganization plan must be filed.
The judge also ordered briefs in support,
of such
objections filed by Oct.
18.—V. 153, p. 984.
The Interstate Commerce Commission on
to
pany
Chicago St. Paul Minneapolis & Omaha Ry.—Earnings
assume
certain equipment.
The report of the Commission states:
The applicant invited 104 firms to bid for
the purchase of the certificates,
in multiples of y of 1%, to be
In response thereto bids were received from five
the bidder to name the rate of dividends,
borne by the certificates.
bid, 100.333 and accrued dividends,
groups comprising 27l%%, was made
ased
rate of
firms. The best
a
Gross from
—-V.
of the
Dividend—
Directors have declared an extra dividend of 50 cents per
share in addition
dividend of $1 per share on the common stock,
holders of record Sept. 5.
Similar amounts were
paid in preceding quarters.—V. 152, p. 4118.
the regular quarterly
both payable Sept. 29 to
to
Chicago Burlington & Quincy RR.- —Earnings—
railway
Net from railway
Net ry. oper.
—V.
$8,709,588
2,525,175
1,429,856
$8,773,707
$9,512,828
2,437,112
1,373,806
3,606,227
63,368,484
18,903,689
9,963,778
from
income
52,613,262
11,093,269
3,632,742
51,773,604
11,191,400
3,677,388
49,741,330
11,375,701
3,709,370
2,547,105
153, p. 685.
1940
$1,262,288
239,240
25,732
10,514,260
2,836,583
income.J_
1,240,333
8,745,860
1,557,186
59,828
railway
railway
oper. income—
—
Net ry.
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper.
9,577,035
9,200,716
8,936,382
2,193,506
640,963
1,062,917
def505,559
627,325
def850,362
918,859
def547,274
685.
p.
(& Subs.)—Earnings-
1939
$1,111,032
228,236
8,449,933
1,548,171
36,725
1938
$7,256,180
9,845,295
8,426,955
4,424,229
6,820,408
$796,054
77,305
$442,993
45,817
$84,606
95,821
$435,772
89,274
$873,359
expenses.
Net profit
Other income..
Net income. i_ .;
Depreciation
—
—
.
-
_
$488,810
222,599
$180,427
251,856
139,315
13.866
36,231
$525,046
267,556
4,286
17,973
z33.239
248,504
—-
Local taxes for prior yrs.
Other deductions
40,132
Federal & State inc. taxes
140,180
Profit
y
685.
$201,992
17,081
8,270
13,422
2,388
15,006
4,956
6,599
11,780
60,774
gins
of aggregate net
loss of unconsol. con¬
'•
■'"
trolled companies
Special
profit
.-V
439
loss
and
credits (net)
46,341
7,912,627
1,321,187
defl06,758
$113,030 loss$107,660
$444,543
-----
Sh: of profits of jointly-
1938
$1,199,284
274,330
55,994
1939
$4,508,835
earnings-.$10,641,349
Cost of sales, operating
and admin,
Guymon Investment Co.]
1940
$8,869,948
1941
Sales and gin
Share
Earnings—
1941
$1,606,710
435,263
201,760
July—
Gross from
—V. 153, p.
153,
owned
Chicago & Eastern Illinois RR.
Net from
10,616,722
railway
1938
1939
4,505,635
2,628,496
Net ry. oper. income
From Jan. 1—
Gross
'
1940
1941
$11,589,076
July—
Net from railway
$1,399,165
135,141
def92,271
[Company and wholly-owned subsidiary,
Chesebrough Mfg. Co. Consolidated—Extra
Gross from railway
1938
$1,423,020
102,812
115,124
Consolidated Income Account Years Ended. June 30
"
830.'
1939
244,734
13,793
Chickasha Cotton Oil Co.
associates, and has been accepted.
p.
1940
$1,554,100
462,554
214,801
,
Net from railway
Net ry. oper. income
by Harris, Hall & Co., Inc., and
On this basis the average annual cost
proceeds to the applicant will be approximately 1.56%.—V. 153,
on
1941
$1,832,180
July—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
_
Net profit
Balance, surplus
$183,613
191,250
$100,159 loss$l 19,156
63,750
$383,330
191,250
Dividends paid
.
$36,409
$192,080
def$7,637
def$119,156
Earns, per sh. on 255,000
shs. cap.
Western
Chicago Great
Ry.—Earnings—
y
1941
Gross from railway,.—
1939
$1,492,158
$1,472,233
398,613
$1,410,754
368,749
82,033
11,865,167
3,898,489
1,536,649
10,002,707
2,273,646
340,179
128,144
327,896
61,736
.
.
9,965,395
2,376,935
452,299
9,292,824
1.474,313
def385,120
.
z
$0.72
Incl. $2,280 underprovision for prior years.
Nil
Consolidated Balance Sheet June 30
Assets—
Cash & cash
1941
1940
Capital stock (par
-.-.-.$2,550,000 $2,550,000
Accounts payable.
67,705
70,394
Taxes accrued
51,067
52,785
$10)
112,383
98,465
2,099,458
546,740
811,023
605,402
current..
Inventories
Advs. & investm'ts
1941
Liabilities—
1940
iteras.$2,355,683 $3,423,870
Accts. & notes rec.,
From Jan. 1—•
Gross from railway
Net from railway
Net ry. oper. income—
Credited to co-owners
1938
691,850
265,281
.
Net from railway
Net ry. oper. income—
1940
$1,862,548
July—
$0.39
$1.50
stk. (par $10)
Fed. & State taxes
Other assets..
182,357
208,210
Capital surplus
140,180
29,532
1,352,798
Deferred charges..
120,109
132,493
Earned surplus.
4,019,943
x
—V. 153, p. 685.
&C
Chicago & Illinois Midland Ry.—Earnings
July—
1941
1940
1939
Gross from railway
$508,971
$386,973
$306,882
Net from railway
251,422
125,062
88,668
Net ry. oper. income
101,243
94,638
66,210
From
1—
Jan.
,
Gross from railway
Net from railway
Net ry. oper. income—
—V.
$311,102
95.554
59,761
2,027,9o9
549,137
633,206
419,346
1,960,759
■Urged to Keep
special committee formed last Fall to report on the value to the road
proprietary interest in the Chicago Louisville & Indianapous RR.
terminals has informed the trustees of the road that these properties are
essential to its continued operation and that the leases should be retained.
Earnings for Month of July
— —
Net from railway——
Net ry. oper. income.:—
Gross from railway
.
Net from railway
5,947,587
1,904,577
5,376,432
1,554,449
971,297
600,491
Chicago Milwaukee St. Paul &
1938
1939
$743,031
115,040
defll,240
$667,897
102,403
16,976
5,038,985
612,987
def331,355
4,543,845
463,843
def472,592
Net from railway
Pacific RR.— -Earnings
1938
1940
1939
——$13,134,200
4,563,959
$9,454,961
1,626,085
3,283,239
482,791
$8,824,395
1,269,580
104,567
1941
July—
Gross from railwray_
Net ry. oper. ncome.—
From Jan. 1—
75,241,333
from railway—
22,200,478
ry. oper. income—
14,415,625
Gross from railway
— —
61,487,224
11,271,079
3,506,266
56,823,387
52,853,469
7,898,932
213,387
7,807,151
77,814
Ry.—Interest—
Exchange has received notice that payment of an
equivalent to the fixed and contingent interest earned during 1939,
and 1940, on the securities to be issued in exchange for company's 3 y%
general mortgage gold bonds of 1987, due 1987, if the plan of reorganiza¬
tion approved by the court has been in effect, ($27.40 per $1,000 bond)
will be made beginning Sept. 2, 1941, on presentation for stamping of the
coupon due Nov. 1, 1935, from the 3H% general mortgage gold bonds of
1987, due 1987.
Interest is payable at office of the company, New York.
Likewise the Exchange has received notice that payment of an amount
The New York StocK
amount
equivalent to the fixed and contingent interest earned during 1939, and 1940
will be paid on the first and refqnding mortgage gold bonds, series E, 5%
($18.10 per $1,000 bond) beginning Sept. 2, 1941, on presentation
for stamping of the coupon due Dec. 1, 1935, from the first and refunding
due 2037
bonds, series E, 5%, due
company, New York, N. Y.
mortgage gold
of the
2037.
—$8,215,632 $7,890,153
$3,718,423 in 1941 and $3,766,342 in 1940.
Interest is payable at office
Ry.—Earns.
1940
1939
1938
$1,504,492
$1,480,299
598,909
452,706
$1,323,007
12,734,579
5,428,558
10,490,923
3,936,730
3,625,584
2,798,730
10,122,125
3,806,481
2,769,400
8,441,796
2,542,588
1,957,888
576,966
369,171
481,740
401,186
1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 153, p. 685.
(& Subs.)—Earnings
1941—3 Mos.—1940
Period End. July 31—
a
profit
Fed]. normal
income
taxes (est.)
net
1941—6 Mos.—1940
— .
—
— —
$326,510
Proportion applicable to
minority interests.
$455,690
$115,451
$1,013,058
132,600
29,900
303,400
66.700
$323,090
Consol.
$85,551
$709,658
$259,810
funded debt, &c_
b Consol.
net
—-
50,716
6,569
138,004
40,282
$78,982
$571,653
$219,527
82,502
.
$272,374
94,810
168,482
179.658
$189,871
—
Net profit from opers.
Int. on parent company's
$8,383,403
1,458,713
264,276
—V. 153, p. 685.
Chicago & North-Western
26,852
1941
railway
Net from railway
Net ry, oper. income-
1—
Net ry. oper. income--.—V. 153, p. 685.
13,866
$2,046,505
916,549
597,335
July—
and Year to Date
1940
$748,103
208,397
75,376
1941
$917,197
329,978
200,790
Total
,
1,352,798
3,827,864
3339.
p.
From Jan.
A
July—
accrued
Cincinnati New Orleans & Texas Pacific
524,359
350,946
and of its
Net
152,
income (est.)
Insurance
-.$8,215,632 $7,890,1531
After depreciation reserve of
Gross from
Chicago Indianapolis & Louisville Ry.-
Net
x
on
2,798,9031 2,610,690
—
Total..
—V.
Terminals—
From Jan.
mills,
—
_
,
2,525,444
823,342
2,832,378
1,154,196
670,029
1938
153, p. 685.
Gross from railway.
R'l estate,
def$15,828
$403,171
$39,869
profit
s
a
on
tentatively provided
No provision has been made for Federal excess profits
The provision for Federal taxes on income has been
the basis of
taxes
as
30%.
is dependent upon the amount of
the amount of such tax, if any,
earnings for the full year,
b Does not include earnings of WFIL Broad¬
casting Co., a recently acquired subsidiary.—V. 152, p. 3646.
Cleveland Ry.—Moves
Offices—
Company announced removal of its general offices from 600 Midland
Building to Cleveland Railway Building, 1404 East Ninth Street, Cleve¬
land, Ohio on Aug. 23, 1941.—V. 153, p. 97.
Clinchfield
RR.-—-Earnings-
July—
Gross from railway——
Net from railway.----Net ry. oper. income--.
1941
$913,420
550,229
491,504
1940
$651,019
313,822
255,399
1939
$566,220
275,848
238,268
1938
$411,383
158,371
121,036
3,866,4181,872,827
1,623,334
3,195,607
From Jan. 1—
railway
Net from railway——
Gross from
Net ry. oper. income-.
—V. 153. p. 984.
6,274,885
3,721,233
3,238,216 *
5,074,567
2.732,476
2,222,535
l,26o,642
1,003,839
The Commercial & Financial Chronicle
1272
Cluett,
Held at
Peabody
&
Co., Inc.—Shirt Prices Are Being
Present Level—Policy Announced
for Remainder of Year
Prices and quality of the company's white and fancy shirts will remain
the same for the balance of 1941, C. It. Palmer, President of this
company,
manufacturers of Arrow shirts, announced Auk- 28.
"At present, increased sales and production are
offsetting increased
due to
costs
higher wages and material costs," said Mr. Palmer. "We can project
this increased production at least to the end of this
year, to offset higher
manufacturing and material costs.
"The pitfalls of a seller's market are
dangerous and every precaution must
Commonwealth & Southern
nationally known
While a few luxury types of shirts, requiring specialized work¬
being increased in price, our standard shirt lines will not be
advanced this year, at least."—V. 153, p. 68b.
1941
Corp. (& Subs.)—Earns.
Period End. July 3 1—
1941—Month—1940
1941—12 Mos.—1940
.....$13,599,320 $11,656,464 $163,263,169 $147,646,288
Operating expenses.....
5,495,347
4,604,521
64,156,955
59,010,040
Taxes2,723,384
1,850,587
29,901.812
21,179,508
Prov, for depreciation &
amortization..-.-..1,713,216
1,508,542
19,341,828
17,532,108
Gross revenue
Gross income-Int. and other deduct
be taken to maintain consumer goodwill through
periods of economic change.
This is peculiarly the responsibility of manufacturers of
products.
manship,
Aug. 30,
ns
$3,692,814 $49,862,575 $49,924,631
2,989,287
35,363,902
36,366,161
$884,237
749,823
$703^527
$14,498,673
pref. stock
749,812
8.997,823
$13,558,470
8,997,683
j —-:
$134,414
def$46,285
$5,500,850
$4,560,787
Net income._
Dividends
$3,667,372
2,783,135
on
are
The company
proposes to
make
consolidated
,
reduction
a
Balance
Note—The consolidated net income includes the entire net income of the
Colorado Central Power Co.—
in the interest rate
on
its
$704,000 first mortgage bonds, series A, due 1959, from 414% to ZH%.
All of the ponds are held by John Hancock Mutual Life
Insurance Co,
which, it is stated, has indicated that it will consent to the reduction.—V.
152, p. 1425.
"subsidiary companies applicable to the
companies owned by this corporation, all of which
common
was not
stock of such
distributed in
dividends.
Net income of the corporation alone for the 12 months ended
July 31, 1941, amounted to $7,919,615, or $5.28 per share on the outstand¬
ing $6 preferred stock.
Accumulated Dividend—
Colorado & Southern
July
Ry.—Earning s—
1941
Gross from railway.--.
Net from
Net from railway..--..
Net ry. oper.
1939
1938
$527,379
def21,696
$572,594
156,684
63,973
$534,700
119,683
38,461
3,492,882
712,558
79,567
3,408,703
505,443
$714,215
208,869
111,421
def 128,904
1,431,041
1,108,892
3,558,213
407,002
464,739
defl89,557
railway
Net ry. ©per. income..
From Jan. 1—
Gross from railway.. -__
1940
income..-
—V. 153, p. 686.
rv,
def 131,882
—
...
—V.
153,
_
„
686.
p.
$115,680
45,716
29,432
939,551
457,918
250,239
...
Net ry. oper. income.
From Jan. 1—
Gross from railway..
1940
$134,418
68,641
33,188
775,497
346,564
226,523
•
Columbia Gas & Electric
Corp .—Public Hearing Set
on
Simplification—Set- Up Faces SEC Study—
The Securities and
Exchange Commission ordered Aug. 26
a
public hear¬
ing for Sept. 16 at its Washington offices to determine whether the capital
set-ups of Columbia Gas & Electric Corp., Columbia Oil & Gasoline Corp.
and Panhandle Eastern Pipe Line Co. all affiliated, should not be
simplified
11(B)(2) of the Utility Act in order to "redistribute fairly
security holders of the three companies.
At the same time the Commission consolidated into one
hearing various
declarations and applications filed by the three companies under which are
jiroposed a number of financial transactions.
At this hearing the SEC will consider the application filed
by Columbia
Gas & Electric regarding its proposed surrender to Columbia Oil &
Gasoline
for cancellation and retirement of 400,000 shares of
non-cumulative pre¬
ferred of the latter.
In addition, Columbia Gas & Electric
proposed to
surrender to Columbia Oil & Gasoline $20,700,000
6% 20-year debentures
due Feb. 1, 1956.
'
:■
,
Section
under
Pipe Line Co., which
the consolidated hearing, include the
acquisition of
the stocks of Michigan Gas Transmission and Indiana Gas
Corp. from Col¬
umbia Gas & Electric; the acquisition from Columbia Oil & Gasoline
Corp.
for retirement and redemption of all of the
$10,600,000 aggregate par value
of its class A preferred stock at par and
unpaid dividends, and all of the
$1,000,000 par value of its class A preferred stock at a call
price of $1,250,000 and unpaid dividends.
will
be considered at
Panhandle also proposes to issue and sell new securities the
proceeds of
which will be applied to acquisition of the class A
preferred and for other
corporate purposes.
At the public hearing on Sept.
.
weekly kilowatt
&
188,835,513 as compared with 159,879,038 for the corresponding week
1910, an increase of $28,956,475 or 18.11%.
Monthly Output—
Gas output of The Commonwealth & Southern
Corp. system for the
month of July was 1,143,761,900 cubic feet as
compared with 953,307,900
cubic feet for July, 1940, an increase of 19.98%.
Forjhe seven months
ended July 31, 1941, the output was 11,985,424,200 *cubic feet as com¬
pared with 11,033,828,000 cubic feet for the corresponding period in 1940,
an increase of 8.62%.
Total output for the year ended July 31, 1941 was
19,415,902,400 cubic feet as compared with 17,733,669,400 cubic feet for
the year ended July 31, 1940, an increase of 9.49%.
Electric output of The Commonwealth & Southern Corp. system for the
month of July was 895,429,000 kilowatt hours as
compared with 718,517,227 kilowatt hours for July, 1940, an increase of 24.62%.
For the
seven months ended July
31, 1941, the output was 6,075,452,821 kilowatt
hours as compared with 4,943,093,974 kilowatt hours for the correspond¬
ing period in 1940; an increase of 22.91 %.
Total output for the year ended
July 31, 1941 was 10,026,364,766 kilowatt hours as compared with 8,-^
463,726,686 kilowatt hours for the year ended July 31, 1940, an increase
of 18.46%.—V. 153, P. 1127.
voting power" among the
Columbia Gas & Electric proposes to sell to Panhandle Eastern
Pipe
Line the stock and debt of Indiana Gas Distribution
Corp. and Michigan
Gas Transmission Corp.
In addition, Ohio Fuel Gas Co. proposes to sell
its pipe line in Indiana to Panhandle Eastern
Pipe Line.
The transactions proposed by Panhandle Eastern
.
.
hour output of electric energy of subsidiaries 2)f
Southern Corp. adjusted to show general business
conditions of territory served for the week ended Aug. 21, 1941, amounted
in
Colorado & Wyoming Ry.—Earni ngs—
July—
'
1941
Net from railway...
Net ry. oper. income....
Weekly Output—
The
The Commonwealth
to
V."
Gross from railway—_
Net from railway
The directors on Aug. 26 declared a dividend of 75 cents per share on the
preferred stock, $6 series, payable Oct. 1 to holders of record Sept. 12.
A payment of like amount (which is one-half of the regular
rate) was made
in each of the preceding 25 quarters.
Commonwealth
Telephone Co.
See list
given
on
first
of this department.-—V. 151, p. 3742.
page
Consolidated Aircraft Corp.—-To Increase Stock—Stockholders will hold a postponed special meeting on Sept. 15 to consider
eliminating all reference to the authorized preferred stock, and increasing
the authorized
common
stock from 1,200,000 shares to 2,400,000 shares.—■
V. 153, p. 239.
Consolidated
Edison Co.
of
New
York,
Inc.-— Weekly
Output—
Company announced production of the electric plants of its system for
Aug. 24, 1941, amounting to 140,500,000 kwh., compared
133.300,000 kwh. for the corresponding week of 1940, an increase of
5.4%.—V, 153, p. 1127.
the week ended
with
Consumers Power Co.Vcriod End. July 31-
Gross
-Earnings—
1941-
Month—1940
revenue
$3,958,697
Operating expenses
1,559,993
Taxes.-.
772,689
Prov. for depreciation..
550,000
1941—12 Mos —1940
$3,368,285 $48,510,147 $43,280,406
1,376,435
18,428,233
17,522,392
458,336
8,555,654
5,254,854
430,000
5,700,000
4,960,000
-------
16, the SEC seeks to determine the fol¬
lowing:
v\
;;
■
v-V/m
:
(1) Whether for the purpose of fairly and equitable distributing voting
power among the security holders of Columbia Oil & Gasoline
Corp. under
Section 11(B)(2) of the Act it is necessary to
require that Columbia Oil
& Gasoline Corp. revise and
simplify its capital structure and take other
steps to redistribute fairly voting power among its security holders.
(2) Whether for the purpose of fairly and equitable distributing voting
power among the security holders of Panhandle Eastern
Pipe Line it is
necessary or appropriate to require the company to revise and
simplify
its capital structure.
4
(3) Whether it is necessary or appropriate to require under Section 15(F)
(Wis.)—Ueaisters with
SEC—
.
Gross income-
Net
.
the standards of the Act.:
'-(v
.■•>. (4)
Whether it is necessary to protect the financial integrity of Panhandle
Eastern Pipe Line and to prevent the circumvention of the
provisions of
the Act or rules and regulations promulgated thereunder
to enter an order
pursuant to Section 12(C) and 12(F) of the Act to prohibit and restrict
the payment of dividends by Panhandle Eastern
Pipe Line to and the receipt
thereof by Columbia Oil & Gasoline on the class A and
class B preferred
stocks of Panhandle Eastern
Pipe Line.
(5) Whether the transactions embodied in the applications filed
by
Columbia Gas & Electric, Columbia Oil & Gasoline and
Panhandle Eastern
Pipe Line, the hearing upon which has been consolidated with the hearing
the
on
proceedings instituted by the Commission herein, meet the standards
promulgated thereunder applicable
and provisions of the sections and rules
thereto,.
'
•;
'
(4)
Generally, Whether such transactions and other matters set herein
detrimental to the public interest or the interest of investors
and con¬
or will tend to circumvent the
provisions of the Act or any rules,
regulations or orders of the Commission thereunder.
In addition to the corporate simplification
are
sumers
proceedings, Columbia Gas
& Electric Corp., Columbia Oil &
Gasoline, Panhandle Eastern Pipe Line,
Michigan Gas Transmission and Indiana Gas Distribution Corp. are made
subject
the
"death sentence" piovisions of the Public
Utility Act.
Columbia Gas & Electric controls Columbia Oil &
Gsaoline, which in turn
controls Panhandle Eastern Pipe Line.—V.
153, p. 1126.
to
Columbus & Greenville Ry.July—
1941
Gross from,
railway
Gross from
railway
— ..
_
Net ry. oper. income.-.
—V.
153,
1939
21,340
13,635
12,898
285.389
$722,325
285.389
65,278
65,278
$347,284
$371,658
week's
660,736
81,513
12,353
801,789
654,435
78,457
34,030
$93,139
Balance.
increase
Cooper-Bessemer
Corp.-
•Common
Dividend—Preferred
Directors have declared
a dividend of 50 cents per share on the common
stock, payable Nov. 1 to holders of record Oct. 15.
This will be the first
dividend paid on the common shares since Jan. 1, 1931 when 50 cents was
also distributed.
Accrued dividends of $30.75 on the old $3 series A cum. pref. stock of
no par vaiue were declared
payable Oct. 1, and the shares have been called
for redemption Oct. 1.
At the end of 1940 only 800 shares of the issue were
outstanding, and the privilege of exchanging share for share for the new $3
prior preference terminated Feb. 10, 1911.
New
Manager—-
Gordon Lafebvre of
Auburn, N. V.,
General Manager of this corporation.
elected directors of the company.—V.
6 Mos. End. June 30
Gross profit.
Aug. 25 elected Vice-President &
lie and Lawrence F. Williams were
was
153, p. 985.
Expenses i-
-
t
Other income
_
_
_
_
■Earning s-
1941
1940
1939
1938
$2,420,401
1,897,032
$1,987,257
$1,597,678
1.602,6*4
1.442,643
$1,593,526
1.437,035
$523,369
$384,573
23,195
$155,035
18,670
$542,039
—
_
_■
_
..
-
_.
Total income.;
_
_
_
_
_
$407,768
14,843
13,298
$175,387
10,537
20,352
a176,048
$156,491
35,278
$191,769
28,035
13,135
1,959
45.251
4.3
.
Net income
83.444
3
—■—IxilowatthourOutput—-—
%
1941
—
—
-
1127.
-v
1940
Increase
144,114,000
146,428,000
149,519,000
151,117,000
127,649,000
135,965,000
12.9
132,938.000
12.5
134,996,000
11.9
.7.7
$351,148
Shs. cap.stk.out.(no par)
Earnings per share_
a
Week Ended—
P.
Co.—Special Dividend—
electricity putput of the Commonwealth Edison
the
Aug. 23
Aug. 16
Aug. 9-.2
—V. 153,
$6,547,407
Stock Called—
Federal tax
with last year:
Aug.
Continental Baking
Depreciation
excluding
over
$7,041,342
Directors have declared a special dividend of $5 per share on the 8%
preferred stock, payable Oct. 1 to holders of record Sept. 20.
The special
dividend is in payment of the balance of the special dividend of $8.50 on the
preferred stock which was provided for in the agreement of merger, effective
March 8, 1939, between the company and Continental
Baking Corp., in
lieu of the arrearages of $8.50 a share then existing on the
preferred stock of
Continental Baking Corp.
Regular quarterly dividend of $2 was paid on
July 1 last.—V. 153, p. 985.
I nterest. &e
Co.—Weekly Output—
$11,249,498 $10,755,567
3,424,817
3,424,820
783,339
783,339
-V. 153, p. 833.
Operating profit
186,048
114,288
group of
sales to other electric utilities, showed a
12.9%
corresponding period of 1940.
Following are the kilowatthour output totals of the past four weeks and
percentage comparisons
companies,
on
7,388
686.
p.
$697,951
preferred stock.
Divs.
Coty, Inc. (& Domestic Subs.)
1938
$112,872
Commonwealth Edison
Last
1940
$81,647
7,037
3,079
739,861
152,211
77,263
Net ry. oper. income.-From Jan. 1—
Net from rail way-
—Earnings—
$112,849
27,208
12,896
Net from railway.
income
$1,103,514 $15,826,261 $15,543,160
381,189
4,576,762
4,787,593
Amort, of pref. stk. exp.
of the Act that Columbia Oil & Gasoline restate its
plant, investment, sur¬
plus, capital and other accounts so as to segregate, dispose of and eliminate
write-ups and intangibles and make other adjustments in compliance with
$1,076,015
378,064
Int. & other deductions.
Includes
excess
$311,026
$132,472
b$ 131,424
1,480.506
$0.24
1,437,435
1,537,435
$0.20
$0.08
1,537,435
$0.09
b Before surtax
profits taxes,
—V. 152, p. 3020.
Crane Co.—New
.;v
on
undistributed profit.
c
Official—
J. L. Holloway has been elected Vice-President in Charge of Finance.
W. H. Winslow Jr., formerly Assistant Secretary of the company
handling
legal and tax matters, has been appointed Secretary to succeed Mr. Holloway.—V. 153, p. 834.
Volume
The Commercial & Financial Chronicle
153
Crucible Steel Co. of America-—New President—
Abandonment—
Raoul E. Desvernine has resigned as President and director of this com¬
pany.
F. B. Hufnagel, Chairman of the Board, has been elected President
and will serve in that capacity as well as that of Chairman.—V. 152, p. 3340.
Dallas Ry. & Terminal Co.
Period End. July 31—
Direct taxes
Prop, retire,
2,307,531
$3,117,622
2,184,980
195.728
210,531
316,430
217,595
23,151
res. approp.
Net oper. revenues.
Rent for lease of plant
$3,333,415
17,991
2,207
203.138
15.383
$43,011
15,505
—
Operating income....
Other income
$42,410
15,505
$26,905
$327,663
708
■
_
Gross income
Int.
mortgage bonds.
Net
.1318,45?
13,167
2,667
.
282,180
24.786
24,721
$1,892
$23,364
$24,719
Dividends applicable to preferred stock for period.
103.901
103,901
income
.Balance..
_
_.
$1,628
>■:....
_.......
def$80.537
......
-
def$79,182
Note—No provision has been made for
Federal excess profits tax since
will be payable.—V. 153, p. 834.
present indications are that no such tax
Darco Corp.— Stick Ex
See Atlas Powder Co.—V.
1941
railway.$2,970,865
railway
1,113,485
oper. income
828,885
.....
...
Net ry. oper. income...
—V. 152, p.
1938
1939
$1,890,035
506,722
323,202
$1,567,408
271,034
125,826
15,167,263
4,263,037
2,993,580
18,274,787
5,954,668
4,374,907
4120; V. 153, p. 688.
Net from rail way
13,717,179
3,931,071
2,661,576
11,737,269
2,314,297
1,226,204
RR.—Earnings—'1938
July—
1941
1940
1939
Gross from
$5,360,938
1,743,510
1,011,812
$4,134,081
$3,711,549
$3,350,563
778,869
603,708
109,438
302,165
defl69,852
From Jan.
Gross from
—
Net ry. oper. income.
153,
29,886,500
6,579,930
3,168,386
34,181,793
Net from railway
—V.
312,145
1—
railway..
10.395.390
6,297,924
..
28,045,068
6,043,298
2,516,111
24,950,661
4,227,387
933,824
Net from railway
Ry.
—
Earnings—
1940
$93,686
def30,364
def3,510
1939
$104,487
def21,138
6,796
1938
$108,462
def2,980
16,270
1,121,194
134,589
301,480
1,122,932
189,613
349,137
1,046,636
61.220
970,946
122,023
245,029
...
Net ry. oper. income.__
From Jan. 1—
Gross from railway
Net from rail way
income...
688.
•
_
—V.
187,362
'
.
Examiner for the Interstate Commerce Commission.
for
recommendations
a
of the
revision
The report contains
modified plan of re¬
organization of the company, and the Denver & Salt Lake Western RR.,
approved by the Commission on April 2, 1940.
The evidential basis for
the report includes the record made in the court proceedings following the
certification of the modified plan to the court, and the further hearing held
by the Commission on May 20, 1941.
Under the recommended plan, effective date Jan. 1, 1942, the capitaliza¬
tion of the new company, on the basis of a consolidation of all the affiliated
companies, including the Denver & Salt Lake Ry., is summarized as follows:
$8,254,825
Equipment obligations, undisturbed
Chase National Bank note, extended
— —.
— —
......
bonds
......
no par
Total
_:—
—
on
this
—
stock, taken at $100 a share.
-.
—
Based
as
—..
.....
—
—
—
common
34,925,295
—1,500,000
9,734,000
—
Denver & Salt Lake income bonds, modified
Total debt
268,953
6,000,000
34,579,366
—
—
— —
Denver & Salt Lake first mortgage
New preferred stock..
2,068,458
—
Corp. note, extended
approximately.
Loan for new money,
New first mortgage bonds
New income bonds-
New
13.344,005
153,
p.
July—
Net ry. oper. income
From Jan. 1—
.j—
$97,330,897
29,013,585
42.840,570
1939
$70,889
13,046
5,389
15,487
7,606
439,185
71,356
16,406
424,755
59,469
14,963
RR.—Earnings—
1940
1941
1939
•
1938
247,422
$432,311
138,563
73,882
$462,203
182,146
118,921
$346,568
103,110
71,284
5,434.454
2,988,621
1,854,631
4,388,799
2,077,796
1,393,854
3,665,229
1,573,319
1,047,815
2,792,611
905,234
540,008
392.269"
-
Net ry. oper. income..
From Jan. 1—
Gross from rait way
Net from railway
Net ry. oper. income..
688.
Detroit & Toledo Shore Line RR.-
2,162,919
1,133,531
1,732,769
724,852
207,548
77,865
—
2,498,331
1,411,648
579,423
railway
Net from railway-.
Net ry. oper. income
1938
$197,593
80,748
16,916
218,841
Net ry. oper. income.
From Jan. 1—
1939"
$230,346
94,684
26,458
$371,125
-
-Earmngs-
1940
1941
Gross from railway
Net from railway-
Gross from
1938
$77,426
425,039
72,515
24,505
$736,831
.
...
499,810
$139,018
39,575
def 11,435
1,323,950
513,200
102,807
—V. 153, p. 688.
Divco-Twin Truck Co.—To
Pay 50-Cent Dividend—
19 to holders of record Aug. 30.
This compares with
25 cents paid on June 12 and on March 16, last; 50 cents paid on Sept. 26,
1940: 25 cents on June 15, 1940; 40 cents on Oct. 26, 1939, and 10 cents
paid on Jan. 4, 1938.—V. 152, p. 3340.
capital structure the annual charges would be substantially
Prior
Fixed
Equipment obligations.
Preferred
Contingent
Contingent
Dividends
$195,000
.
46,835
2,690
Chase Bank note
RR. Credit Corp. note..
$16,612
$16,150
Pepper Co.—New Official—
Dr.
At
a
meeting of the board of directors Don C. Bryan was
1.—V. 152,
recent special
elected Executive Vice-President of the company, effective Sept.
1280.
P.
-
s ■
Duluth Missabe & Iron Range
Co., Inc., as sinking fund agent, is notifying holders of
bonds, due Oct. 1, 1962, that $600,000 principal amount
lot for redemption on Oct. 1, 1941, at
105%, out of monevs in the sinking fund.
The dra wn coupon bonds and the principal amounts drawn for redemption
of registered bonds will be redeemed and paid on and after the redemption
date at the office of J. P. Morgan & Co., Inc., New York City.
Interest
on the drawn bonds will cease to accrue after Oct. 1, 1941.
On Aug. 26, 1941, $10,000 principal amount of bonds previously drawn
for redemption had not been presented for payment.
J. P. Morgan &
3j|%
1st mtge.
.
Earnings for Month of July and Year to Date
1941
1940
1939
1938
$5,204,128
3,991,396
3,271,547
$4,254,985
3,196,565
2,706,316
$2,713,598
1,924,816
1,655,275
$1,412,518
17,885,898
11,548,126
7,127,070
Gross from rail way —
Net from railway—
Net ry. oper. income..
From Jan.
1
12,066,790
6,894,841
4,462,325
7,637,279
3,019,792
1,727,359
Net from railway—
Net ry. oper. income..
July—
D. & S. L. income bonds
386,360
194,680
Net from
$1,974,226
$557,086
$1,587,788
$1,450,679
payment
S. fund, for 1st mtge. bds
,
,
3
S. fd. for inc. mtge. bds.
Under this plan the Denver & Salt
debtor only in the event the holders
750,000
extension of the maturity
date of the bonds to that of the first mortgage bonds issued by the new
and to a modification of interest on the Denver & Laxe Salt in¬
bonds to provide for 4% fixed interest and 2% contingent interest.
The holders of bonds of the classes shown below would receive for each
1938
$185,688
40,114
23,034
70,466
56,365
railway..
Net from railway..
Net ry. oper. income.
—V. 153, P- 689.
1,784,760
1,425,362
407,855
270,951
1,142,053
16,722
1,027,581
def4,511
274,448
152,033
defl 19,839
defl 29,017
.
—
.
& Pacific Ry.—Earnings—
Duluth Winnipeg
Lake income bonds voluntarily accept an
76,186
Net ry. oper. income.
From Jon. 1—
172,897
87,313
Lake would be consolidated with the
of at least 66 2-3% of the Denver &
$201,515
30,03 7
8,938
$294,296
93,406
Gross from
Totais
$324,729
railway
—Earnings—
19.39
1940
1941
"iross from railwray—
Capital fund, maximum
4,265,573
292,449
defl 13,363
153, p. 688.
345,794
$1,450,679
808,974
703,715
—
Gross from railway—.
—V.
1,571,638
,
Ry.—Bonds Called—
of these bonds have been drawn by
240,000
_
stock,
common
initial dividend of 10 cents per share on the
1 to holders of record Sept. 15.
Duluth South Shore & Atlantic Ry.-
_
the
and B shares, both payable Oct.
—V. 152, p. 3649.
1,037,381
60.000
New income bonds—...
on
Paper Co., Ltd.—Initial Dividend-
Donnacona
Directors, have declared an
class A
New 1st mtge. bonds—
D. & S. L. 1st mtge. bds.
Preferred stock
share
payable Aug. 30 to holders-of record Aug. 25.
Dividend of $1 was paid on
Nov. 1, 1940; last previous distribution was made on Dec. 10, 1938, and also
amounted to $1 per share.—V. 151, p. 2799.
Loan for new money, ap¬
proximately
Shepard Co.-—To Pay $1 Dividend—
Dolese &
Directors have declared a dividend of $1 per
Ju ly—*
—$ 169,185,052
-
-
.....
follows:
Salt
1940 ^
$87,679
34,759
25,133
427,240
64,931
14,140
Net ry. oper. income
—V. 153, p. 688.
p.
11,597,498
619,570
*•.'v.
Gross from railway
Net from railway
153,
1,241,032
def504,608def1,329,599
Ry.—Earnings-
1911
$82,025
22,208
13,044
.
Gross from railway
Net from railway.
—V.
12,550,658
1,780.803
def77,411
688.
Detroit & Mackinac
Denver & Rio Grande Western RR.—Reorganization—
A new plan of reorganization has been proposed by M. S. Jameson,
Railroad Credit
15,252,320
2,368,507
798,867
__
63,536
stock, payable Sept.
1941
$222,444
65,813
90,951
July—
Gross from railway..
Examiner's
def210,054
Directors have declared a dividend of 50 cents per share on the common
Denver & Salt Lake
Net ry. oper.
—V. 153, p.
.
Net from railway.....
Net ry. oper. income.
688.
P.
46,237
.
July—
Delaware Lackawanna & Western
railway.....
Net from railway.
Net ry. oper. income
1938
$1,770,727
225,230
def21,513
Detroit Toledo & Iron ton
$2,343,971
750,268
556,410
Net ry.
From Jan. 1—
1939
$1,938,570
340,348
July—
1940
July—
1940
$2,075,128
250,217
.
income
From Jan-. 1—
Gross from railway.
Gross from rail way.
Net from railway
-Earning s-
Net from
Gross from rail way
Net ry. oper.
'hnnge Offer—•
Gross from
1941
$2,497,463
485,592
Gross from railway
Net from railway..___
153, p. 986.
Delaware & Hudson RR.
July 24 affirmed its previous
Earnings for Month of July and Year to Date
July—
282.180
2,206
^
on
1941, permitting abandonment by the road of a line of
railroad known as the Santa Fe branch, or Chili line, extending southward
from Antonito, Colo., to Santa Fe, N. M., 125.31 miles, in Conejos County,
Colo., and Rio Arriba, Taos and Santa Fe Counties, N. M.
$331,620
23,515
2,363
$330,330
23,515
deductions....._
on
Other
186.063
$27,613
$27,506
__
$504,516
186,063
$513,726
$27,506
_
<
The Interstate Commerce Commission
ruling of Jan. 22,
1941—12 Mos —1940
$251,281
188,673
$284,683
.
.
.
-Eirnings-
1941—Month—1940
Operating revenues—.
Operating expenses—
1273
1939
1940
1941
July-
$144,555
38,608
16,879
Net from railway—_
Net ry. oper. income..
—
$110,446
12,352
def9,099
$106,176
17,840
642
954,102
222,580
.34,692
Gross from railway
824,713
154,406
defl8,419
720,833
1938
$88,721
def 13,642
def30,817
company,
come
$1,000 bond and all unpaid interest thereon, as of the effective date of the
plan, the following amounts of new securities:
Rio Grande Western Ry. first trust bonds, $728.77 of new first mortgage
bonds and $551.23 of new income bonds.
Rio Grande Western Ry. consol. mortgage bonds, $322.50 of new income
bonds and $967.50, par value, of new preferred stock.
Junction first mortgage bonds, $757.63 of new first mortgage bonds and
$571.54 of new, income bonds.
Denver & Rio Grande RR. consol. mtge. 4% bonds, $260 of new first
mortgage bonds, $260 of new
income bonds, $260, par value, of
&
Rio Grande RR. consol. mtge.
Net from railway—...
Net rv. oper. income...
—V.
D.
&
stock.
G. W. ref. & improv.
common
R.
6% bonds, $287 of new first mortgage
bonds, $287, par value, of new pref. stock, and
5.74 shares of new common stock.
%
D. & R. G. W. gen. mtge. bonds, 4.69 shares of new common stocx.
The Reconstruction Finance Corporation would be entitled to receive,
in full settlement of its notes, new first mortgage bonds equal to 57% of
the claim and new income
bonds equal to 43%.
Associates—Earnings—
1941
31—
.
—
1940
$13,180,421 $11,798,463
..... - - _
Federal income taxes, current year—
-1 —
644,273
def36,830
def190,074
,
12 Months Ended July
K<incG
70,213
def81,065
2,179,402
—
.»~»
.
903,322
$11,001,019 $10,895,141
4.354,132
4,329,974
new-
bonds, $267.50 of'new income bonds, $267.50, par value, of
preferred stock, and 5.35 shares of new common stock; D. & R. G. W.
ref. & improv. 5% bonds. $272.50 of new first mortgage bonds, $272.50 of
new income bonds, $272.50, par value, of new pref. stocK, and 5.45 shares
bonds. $287 of new income
.
Depreciation and depletion.
bonds, $267.50 of
mew
new
'
Total consolidated income......
$6,646,887
$6,565,167
2,644.368
602,372
2,783,604
dividend requirements- $3,400,147
$3,169,266
1,108,703
Balance.
first mortgage
of
153, P. 547.
Eastern Gas & Fuel
new pref.
stock,"and 5.2 shares of new common stock.
Denver
Gross from railway
.
I m erest.,..: >. -
- -
-
-
->
Debt discount and expense..
Net income available for
Di
v.
requirements on 4 % % prior
preference stock.
1,108,730
612,297
preferred stock before
dividends— —
$2,291,417
$2,060,563
$6.12
>.51
Balance available to 6%
State taxas on
Earned per share of 6%
—V. 153, p.
547.
preferred stock.
The Commercial & Financial Chronicle
1274
Eastern Massachusetts Street
Period End. July 31—
Ry.—Earnings—
1941—Month—1940
$674,037
$552,742
423,116
364,126
Kailway oper. revenues.
Hallway oper, expenses.
share
1941—7 Mo.?.—1940
$4,635,859
$4,218,676
2,840,167
2,697,824
$250,921
$188,616
$1,795,692
91,076
61,763
596,687
413,906
Net operating income.
Other income
$159,845
"" $126,853
$1,106,946
3,931
5,432
$1,199,005
26,447
Gross corporate inc.-
S163J76
""$132,285
$1,225,452
$1,142,022
41,881
266,648
302,827
$90,404
84,957
$958,804
605.343
$839,195
594,331
$5,447
$353,461
$244,864
Operating income
Taxes
—
-
,
$1,520,852
34,630
preferred dividends to 49 cents a common share.
This compares with
net earnings of 18 cents a common share for the year ended June 30,1940.
Increase in earnings in the second quarter of this year resulted from re¬
duced taxes, due to the sale of Commonwealth <fc Southern Corp. common
stock.
Had it not been for this, the per share earnings for the year ended
June 30 would have been 13 cents and in the quarter there would have been
a deficit of $171,662 on the common stock.—V. 153, p. 1128.
35,076
Electric Hose & Rubber Co.—$5 Dividend—
Interest on funded debt,
rents, &c
Directors have declared a dividend of $5 per share on the common stock,
payable Aug. 22 to holders of record Aug. 15.-—V. 151, p. 3558.
Electric Power &
Avail, for depr,, divs.,
&c
—
•'
$129,146
88,928
-
Depreciation......
before pro v.
Net inc.
^
-
Accumulated Dividend—-
Light Corp. (& Subs.)—Earnings—
1941—3 Mos.—1940
1941—12 Mos.—1940
$29,669,789 $27,658,837 $116,137,186 $113,063,393
Operating revenues
10,130,167
9,826,608
41,173,608
1,444,099
5,671,263
4,216,411 a20,742,229
41,069.065
5.862,689
16,5&3,252
4,546,970
4,356,906
18,107,999
17,739.587
8,082,025
175,774
7,814,813
40,477
30,442,087
400.219
31,808,800
328,529
1,436,093
Maintenance
a5,474,534
Taxes
Property retirement and
Directors have declared a dividend of $1,50 per share on account of
accumulations on the 1st pref. stock, series A, payable Sept. 15 to holders
of record
Sept. 2.
Similar payments were made in the 11 preceding
Arrearages after current payment amount to $46.50 per share.
quarters.
Period End. May 31—
Subsidiaries—
Operation
s
$40,218
for retirement losses
Aug. 30, 1941
stock, compared with net income of $2,172,365,,qual to
1 cent a share, in the corresponding quarter of last year.
For the 12 months ended June 30, net income was $10,983,060, equal after
on common
depletion
Net
res. approp.
operating
revs...
Other income (net).
—V. 153, P. 547.
Gross income..
Eastern Utilities Associates
Period End. July 31—
1941— Month—1940
$822,746
422,154
Operating revenues
Operation..
34,559
Maintenance
Taxes (incl. inc.
(& Subs.)—Earnings—
1 941—12 Mas.—1940
$9,875,035
$9,036,564
$711,292
376.564
35,760
1 04,891
•
Int.
4,783,383
411,256
1,847,703
4,375,979
419,056
taxes).
198,613
operating revsi.
Non-oper. income—net.
$167,419
9,450
$194,076
3,287.
$2,832,691
111,591
$2,903,594
$176,869
65,499
$190,789
06,489
$2,944,283
790,948
$2,927,689
782,588
$111,370
37,110
1,839
$124,299
36,918
1,692
$2,153,334
434,913
12,772
$2,145,100
$72,420
$85,688
1,705,649
77,652
24,353
1,696,270
77,652
24,297
$1,603,643
$1,594,320
1,603,643
309,824
1,594,320
309,824
Net
Balance
Retire,
~
reserve
accruals.
Gross income
Interest & amortization.
Miscell.
deductions
Balance
Preferred dividend deductions: B. V. G. & E. Co.
Applicable to minority interest...
1,337,933
24,094
436,544
12,285
$8,257,799
2,868,804
long-term debt..
(notes, loans,
on
526,097
&c.)
Other deductions
Crl5,751
Balance
$4,647,925
Preferred divs. to public
Balance.
Utilities Associates—
Earnings of subsidiary applicable to E. U. A
Non-subsidiary income
*
—
Total....
$1,913,467
161,678
$1,751,789
Expenses, taxes and interest....---......-
$1,904,144
145,422
$1,758,721
2,105,807
976,833
Cr41,645
510,563
305,603
Crl6,745
230,724
Int. charged to construe.
2,014.690
1,424,298
Cr30,487
$4,073,104 $16,128,395 $16,728,655
1,971,618
7,885,682
7,886,473
1,971,420
$2,676,505
$2,101,486
$8,242,713
$8,842,182
116,515
96,167
397,135
376,964
Net equity of Electric
Pow. & Light Corp. $2,559,990
Elec. Pow. A Light Corp.—
Portion
—
applic.
rnin.
to
interests
$2,005,319
$7,845,578
$8,465,218
$2,559,990
$2,005,319
$7,845,578
$8,465,218
275
2,655
907
3,271
$2,560,265
117,792
410,316
$2,007,974
68,299
411,955
$7,846,485
445,690
1 1,643,936
$8,468,489
271,751
1,652,638
$2,032,157
$1,527,720
$5,756,859
$6,544,100
Net equity as above
Other income
Total.
Expenses, incl. taxes.
Interest, &c., deductions
__
Applicable to E. IT. A
Eastern
$7,855,290 $30,842,306 $32,137,329
2,982,765
11,672,916
12,000,173
Other int.
Balance
a
Includes provision by subsidiaries for Federal excess profits tax,
$87,16®
in 3 months and $352,482 in 12 months of 1941.
Note—All intercompany transactions have been eliminated from the
above statement.
Interest and preferred dividend deductions of sub¬
sidiaries
Balance.
Amount not available for dividends and surplus..
Balance available for dividends and
surplus
403
$1,751,789
Period End. May 31—
Gross inc.: From subs..
Ebasco Services, Inc.—Weekly Output—
For the week ended Aug. 21, 1941, the system inputs of client operating
companies of Ebasco Services Inc., which are subsidiaries of American
Power & Light Co., Electric Power & Light Corp., and National Power &
Light Co., as compared with the corresponding week during 1940 were as
follows (in thousands
—
Op era liny Subsidiaries of—
1940
1941
National Power & Light Co.......108,517
87,940
The above figures do not include
XjXCTC(lSC~
Amount
15,207
12,769
20,577
130,383
71,002
"
the system inputs of any companies
appearing in both periods..—V. 153,
p.
1128.
Electric Bond & Share Co.—Takes
Steps to Comply with
.
Steps taken by the system in compliance with the Public Utility Holding
Company Act are described in detail by C. E. Groesbeck, Chairman, and
S. W. Murphy, President, in a report issued Aug. 28 to the stockholders
of the company.
Among the steps taken by the system and now under
consideration by the Securities and Exchange Commission are:
has filed
$926,374
117,792
$986,659
$3,266,486
68,299
445,690
271.751
debentures..
$808,582
387,500
$918,360
387,500
coll. trust bonds.
13,065
14,617
$2,820,796
1,550,000
53,959
$2,879,.546
1,550,000
60,263
9,744
9,744
38,974
38,974
7
94
1,003
1,133
$398,266
$506,405
$1,176,860
$1,226,908
-
a
Interest
on
Amortiz.
of
& expense
_
plan for the
use
of $53,365,000
be received from the financing of United Gas Corp.—together with an
sum of $6,635,000, or a total of $60,000,000—in the reduction
additional
of Electric Bond & Share Co.
___
Other int. deductions
Prem. & expense on coll.
trust bonds retired
Net income..
Preferred Dividends—
Directors have declared
a dividend of 30 cents per share on the $6 cumu¬
preferred stock, and a dividend of 35 cents per share on the $7 cumu¬
preferred stock, both payable Oct. 1 to holders of record Sept. 6.
Like amounts were paid on July 1 and April 1, last, and Dec. 31. 1940,
these latter being the first payments made since January, 1933.—V. 153,
p. 987.
lative
lative
Elgin Joliet & Eastern Ry.—Earnings—
July—
1941
$2,523,221
1,164,051
income681,524
Gross from railway...-.
Net from railway.
Co.
Net ry. oper.
Pending final determination of the issues involved, the company is seek¬
ing authority to use $5,000,000 of its treasury cash toward the purchase of
its preferred stock.
From Jan. 1—
Gross from railway
&
Light Corp.'s subsidiary, United Gas Corp., has filed
a
plan for the sale of $75,000,000 of 3 V\% bonds, part of the proceeds of which
would be used for the repayment of $53,365,000 to Electric Bond & Share Co.
r-
2,268
_
preferred stock.
One of the questions raised
by the SEC in its notice of hearing is whether United Gas Corp. should oe
permitted to repay all or part of these obligations to Electric Bond & Share
Electric Power
National Power & Liahl Co. has filed
a plan for the distribution of the com¬
Lighting & Power Co. (one of its subsidiaries) to
preferred stockholders.
The National-Houston exchange
would pave the way for submission to the stockholders of National of a
plan for the ultimate liquidation of the company.
If this is done, the
mon
stock of Houston
National
the
which Electric Bond & Share Co. would receive in such liquida¬
can be distributed to its stockholders.
securities
tion,
or
the proceeds thereof,
American Power & Light Co. has filed a plan suggesting that its preferred
common stocK be restated into a one-class common stock; that
some of its assets be either sold or distributed to
provide for its debts: and
stock and
that the remainder
be distributed to the extent necessary to conform to
provisions of Section 11 of the Act.
Thus, if the plan is approved by
the SEC and the stockholders of American, the assets which Electric Bond
& Share Co. would receive for its holdings can be distributed to or sold for
the
the benefit of its stockholders.
When these steps have been accomplished, the officials said, and "when
the situation becomes clearer so that
appropriate plans can oe developed,"
recommendations wiil be made concerning Electric Bond & Share Co. itself;
Ebasco Services Inc., a wholly-owned service subsidiary, and American &
'Foreign Power Co., another subsidiary, the investments of which are mainly
in Latin America.
While
these
corporate steps are being taken in the Electric Bond &
Share System, the system companies are not
only producing the greatest
electric output in their history, but are
increasing production, and many
employees and executives are assisting governmental bodies in defense
work, the report said.
"New construction, representing a 50% increase in the
system construc¬
program this year, has been undertaken to serve additional loads
definitely in sight, and to anticipate as far as practicable new loads that
seem likely to develop as the national defense
program is further expanded,"
the report said.
tion
"New power plant construction which will add
more
than 710.000 kw.
of power station capacity has been begun.
Construction of new highvoltage transmission lines, now under way, will further integrate existing
systems, make available additional defense power from the companies in
this system, make possible the interchange of more
power with numerous
other systems, and permit the more effective use of
government-owned
plants and facilities.
In addition, many collateral facilities, including sub¬
station capacity and distribution
to
lines,
help in meeting the national crisis."
are
being expanded where needed
Earnings for Quarter Ended June 30—
Net income
was
of Electric Bond & Share for the
quarter ended June 30
$2,702,150, equal, after preferred dividends of $2,108,483, to 11 cents a
$3,151,297
disc.
debt
of debs.
__
Utility Holding Company Act—
Electric Bond and Share Co.
2,655
Total-.
on
1941—12 Mos.—1940
$3,265,579
$3,148,026
907
3,271
275
Expenses, incl. taxes..-'
Int.
%
11.7
18.0
23.4
(Company Only)
1941—3 Mos.—1940
$926,099
$984,004
Other
Net income
of kilowatthours):
American Power & Light Co.-....145.590
Electric Power & Light Corp...... 83,771
to
Statement of Income
$1,758,318
—V. 153, P. 688.
not
represent full requirements for the respective periods (whether
paid or not paid) on securities held by the public and give no effect to
preferred stock dividend arrearages for prior periods.
_
Net from railway.
Net ry. oper. income...
—V. 153, p.
Erie
16,491,637
7,242,493
4,030,732
'
1939
$1,155,056
181,556
48.445
1938
$832,045
125.539
19,480
11.470,616
3,770,991
2,224,621
9,027.923
2,145.769
1,007,158
def94,883
1940
$7,199,692
1,977,935
1,070,502
1939
$6,278,700
1,411,997
568,700
$5,685,065
1,015,698
209,245
47,013,333
12,247,513
6,208,612
43,385,104
10,410,550
4,768.392
37,600.475
5,624,376
def69,960
1910
$1,867,954
725,102
424,019
5,943,481
605,902
548.
RR.—Earnings—
'
July—
1941
Gross from railway
$9,541,122
Net from railway.3,547,800
Net ry. oper. income...
2,137,266
From Jan. 1 —
Gross from railway.-...
Net from railway..
Net ry. oper. income—
— --
—V. 153, p. 1129.
59,123,544
20,408,221
12,303,657
1938
■
Ewa Plantation Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Sept. 15 to holders of record Sept. 5.
Dividend of 20 cents
was paid on June
14, and Feb. 15, last; 60 cents was paid on Nov. 15,
1940, and regular quarterly dividend of 20 cents was paid on Aug. 15,
last.—V. 152, p. 984.
Exchange Buffet Corp.—Earnings—
Quar. End. July 31—
Depreciation
Net
loss
1941
$17,609
22,940
1940
$12,394
26,39.3
1939
$19,352
30.086
$40,549
Loss before depreciation
$38,787
$49,439
1938
$1,013
29,069
$30,082
—V. 153, P. 1129.
(The) Fashion Co., Columbus, Ohio—Earnings—
„
Earnings for Six Months Ended June 30, 1941
Net profit before Federal income tax
$25,24
Condensed Balance Sheet July 31, 1941
Assets—Cash
hand and on
deposit, $95,747 account receivable (net),
$223,835; notes receivable, $6,984; merchandise inventories, $158,142;
merchandise on transit, $23,678; securities owned, $100; cash surrender
value life insurance, $37,976; Ohio sales tax stamps on hand, &c., $5,798;
leaseholds at cost (less reserve for depreciation, $50,849), $332,227; improve"
ments to leaseholds (less reserve for depreciation, $43,156); $55,447; furni¬
ture and fixtures (less reserve for depreciation, $101,571), $55,558: good¬
will, $1; unexpired insurance premiums, &c., $8,980; total, $994,470.
Liabilities—Accounts payable for merchandise purchases, expenses. &c.,
$112,186; due leased departments, $806; accrued taxes, &c.f $23,668:
reserve for loss in inventory, $1,000; preferred stock ($100 par), $93,000:
common stock (34,015 shares, no par), $398,150; surplus, $365,659: total,
$994,470.—V. 151, p. 1142.
on
Volume
The Commercial & Financial Chronicle
153
Florida East Coast
July—
...
Net ry. oper. income.
From Jan. 1—
Gross from railway
1940
$512,384
defl25,938
$573,876
1938
1939
$378,511
$322,678
123.882
defl53,006
def227,884
202,419
6,177,767
1,860,668
885,585
6,652,174
2,327,603
1,268.008
7,426,278
2,262,912
7,259,270
—V. 153, p. 836.
Fohs Oil
Co., Houston, Texas—Earnings—
6 Months Ended—
Gross operating income.
Operating charges
6 Mos. End. June 30—
def251,825
6,930,188
1,873,133
914,518
def22,329
defll2,969
Net from railway.
Net ry. oper. income.__
Garlock Packing Co. (&
Ry.—Earnings—
1941
Gross from
railway__r._
Net from railway
June 30, '41
Dec. 31, '40
$671,232
545,354
$661,755
445,585
$125,878
17,256
$216,170
15,141
$143,134
430,374
287,239
$231,310
270,792
39,482
$287,239
2,280,402
$40,030
2,320,433
-
Profit from operations
Other income
1275
.....
Net profit from
Subs.)—Earnings—
1941
1940
1939
1938
$1,353,522
21,253
x$684,377
16,116
y$477,787
9,596
$333,743
8,388
Gross income
$1,374,774
Income charges
15,306
Interest
3,750
Amort, of dt. disc. & exp
Prov. for Fed. inc. taxes
z709,796
$700,493
13,343
$487,383
19,927
27,425
$342,131
18,490
422
689
956
139,715
75,208
46,649
Net income
Dividends paid......
$645,922
313,875
$528,523
261,563
$364,133
209,250
Surplus.........
Shs.com.stk.out. (no par)
$332,047
209,250
$266,960
209,250
$154,883
209,250
$3.08
$2.52
$1.74
oper
Other income credits
Earnings
x
per share
52,810
31,167
•
$210,549
104,625
$105,924
209,250
$1.00
After deducting
Canadian exchange adjustment, $21,607.
After deducting cash discounts on sales which, in prior semi-annual
annual reports prior to 1938 were included in income
charges.
Includes provision for United States and Canadian excess
profits taxes
amounting to $431,390.
y
Total income
Income deductions.
Loss for the period....
.....
....
Provision for State income taxes
Balance surplus at beginning of period
...
Balance at end of period
$2,280,402
$1,993,163
'
Comparative Balance Sheet
June 30 '41
Cash in banks....
Dec. 31 '40
$444,217
Working funds
Notes payable
$270,000
1,864
2,304
69,570
Accrued liabilities.
286,308
Inventories.
Dec. 31 '40
§500,000
79,852
Prcv. for State in¬
Total investm'te..
719,404
Fixed assets....
1,857,259
0:her assets......
103,522
Accts.
155,261
727,715
1,894,622
114,635
a
June 30 '41
205,677
Accts. rec., current
90,311
94,776
curr't
pay.,
Consolidated Balance Sheet June 30
Assess—
1941
Cash
1940
$926,670
874,320
Inventories
2,059,775
Cash value of ins20,883
574,173
Receivables
1,614,324
19,217
x
241,166
768,607
768,607
2,280,402
after
Total...
.§3,618,254 $3,714,108
Land, buildings,
equipment, &c_ 2,776,899
2,148,621
5-year
1
_
Net ry.
1940
Net from railway
Net ry. oper. income.
1938
1939
$684,756
3,576,014
From Jan. 1—
Gross from railway
have
3,447,102
$700,258
357,687
276,926
$744,267
358,664
266,803
3,448,382
902,024
375,729
3,919,074
11164,467
569,023
344.530
270,458
1,026,948
946.338
513,336
455,361
dividend
of
$1.75 per
share on account of
accumulations on the 7% cumulative preferred stock, payable Oct. 1 to
holders of record Sept. 15.
Like amount paid on July 1, last; dividend of
$8.75 was paid on April 1, last and last previous distribution was the regular
quarterly dividend of $1.75 paid on Jan. 2,1933.—V. 152, p. 3808.
Franklin
a
County Distilling Co., Inc.—Transfer Agent—
Effective at the close of business
54,517
bank
Aug. 31, 1941, City National Bank
& Trust Co., Chicago, will be discontinued as transfer
agent for company
Farmers Bank & Capital Trust Co., Frankfort, Ky., has been appointed
as transfer agent for the
corporation effective that date.—V. 137, p. 3154.
1
y,Common stock.
on
Net sales....
1941
on
...
........
.
...
instalment notes..
9,442,159
....
...........
Insurance production income
$4,100,437
320,690
64,586
Total profit
Selling, administrative & genera] expenses
Provision for doubtful notes & accounts (less recoveries).
Operating profit......
Other deductions (net)
Normal income taxes
1940
_
$2,159,383
30,007
469,800
521,600
..........
.......
Excess profits taxes
.....
Estimated
a
on
$1,137,976
......
basis of Second Revenue Act of 1940.
Consolidated Balance Sheet
JuneS 0
),'41
Dec. 31,'40
1,364 ,757
899,663
Assets—•.
...
Trade
and
notes
accts. rec.
Inventories
(net).12,379,995 10,444,988
6,283,986
4,158,652
subs,
not
within
316,952
ad vs.
Miscell. accts.
plant
Prop.,
44,015
year.
43,196
2,010
«.
-J **
«
-»
164,747
367,564
305,095
3,628,500
3,805,000
Com. stk. (par $1)
395,505
Capital surplus... 1,586,175
b Earned surplus. 4,953,037
4,185,859
cum.conv. pfd.
stock
85,325
323,932
520,543
...
rev..
(par $100)
398,214
1,631,332
125,661
51,030
54,704
29,490
2,862,343
772,583
673,659
2,217,122
2,053,753
1,927,260
221,669
190,955
377,164
317,966"
9,965
8,885
16,124
Operating
........
expenses-....
3,189,571
2,799,104
1
Deferred charges
.
Total
.
Taxes..
Prov. for depreciation._
335,000
290,000
$769,586
Gross income
$845,621
Int. & other deductions.
320,395
Net income
Divs. on pref. stock....
$449,190'
—
-
Balance
-
Wi-i
$226,185'
-
109,683
.23,745,517 18,919,880
Total.....
23,745,517 18,919,880
a After reserve for depreciation of $24,081 at June
30, 1941, and $849,779 at Dec. 31, 1940. b Of which $2,931,745 at June 30, 1941, is not avail¬
able for dividends on or purchase of, common stock as long as preferred
stock is
outstanding.—V. 153, p. 837.
(George A.) Fuller Co .—To Substitute New Stock—
of
The company has been granted permission to substitute 249,652 shares
common stock
($1 par) for 62,413 shares of common stock ($1 par)
previously authorized for listing on the New York Curb Exchange.
Of
these, 100,468 shares are to be substituted on a 4-for-l basis for the 25,117
outstanding shares, and the balance are to be added to the list on notice of
issuance in conversion of the outstanding 4% cumulative convertible pre¬
ferred stock and $3 convertible stock.
This change in
at
a
meeting
on
capitalization is subject to approval by the stockholders
Sept. 4.—V. 153, p. 395.
Gamewell Co.—New Director—
At
was
the
recent
elected
a
annual
meeting of stockholders Charles J. McCullough
director, succeeding R. S. Oliver.—V. 153, p. 549.
Gatineau Power Co.—lb-Cent Common Dividend—
dividend of 15 cents per share on the common
stock, payable Sept. 30 to holders of record Sept. 2.
Previously quarterly
dividends of 20 cents per share were distributed.—V. 152, p. 120.
Directors have declared
a
3,795,000
$301.816
245,862
$55,954
3,380,000
$11,043,262 $10,893,810
543,804
223,005
,5,838,421
$5,204,840*
_JL63_9J12
$4,254,698
2,790,349
2,950.350
$2,414,491
$1,304,348
—V. 153, p. 838.
■Earnings—
1941
$288,725
85,139
income.48,498
$200,377
34,656
6,491
$159,921
5,345
def 18,060
def 15,372
2,221,144
748,816
378,704
1.480,876
269,536
78,605
1,374,659
250,036
51,995
def52,973
Gross from railway..
Net from railway
__
Net ry. oper.
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income.
1940
.
__
1939
1938
$142,689
2,254
1,164,476
88,904
—V. 153, p. 692.
Giant Portland Ceme nt Co .—New Director—
S.
N.
Kiikland has been elected
a
director of this company.—V.
152,
3024.
Glen Alden Coal Co.—To
Directors have declared
a
Pay 40-Cent Dividend—
dividend of 40 cents per share on the common
value, payable Sept. 20 to holders of record Aug. 28.
Divi¬
dend on 25 cents paid on June 20 and March 20, last; 50 cents was paid on
Dec. 20, 1940; 37H cents on Oct. 21, 1940; 25 cents on July 20, 1940;
12}^ cents on April 20, 1940, and one of 25 cents was paid on Dec. 28, 1939,
this latter being the first dividend paid since Oct. 20, 1938, when a regular
quarterly dividend of 12H cents per share was distributed.—V. 152, p. 3654.
stock,
no
par
Grand Trunk Western
RR.—Earnings—
1941
1940
1939
1938
$2,629,834
836,093
585,696
$1,722,070
215,570
12,610
$1,585,245
161,670
def32,981
$1,416,669
146,348
def37,200
17,898,648
5,879,269
4,082,091
14,085,964
3,251,701
1,807,501
11,981,979
9,642,121
1,817,307
132,762
450,477 def1207,122
July—
Gross from railway
Net from railway
Net ry. oper. income.
From Jan. 1—
Gross from railway
..
Net from railway....
Net ry. oper. income.
—V. 153, P.1130.
Great Lakes
Paper Co., Ltd.—Accumulated Dividends—
Directors have declared a dividend of 25 cents per share on the $3 cumula¬
tive participating preferred stock, class A and class B, both payable Oct. 1
to holders of record Sept. 22.
Dividends on both issues are in arrears
$8.75 per share.—V. 152, p. 3968.
Ry.—Earnings—
1941
$13,853,494
7,034,725
Net ry. oper. income-4,842,638
From Jan. 1-—
Gross from railway
64,021,721
Net from railway
22,896,507
Net ry. oper. income— 14,795,630
—V. 153, p. 692.
Gross from railway
Net from railway
1
97,290
304,933
1941—Month—1940
1941—12 Mos.—1940
$2,873,679
$2,596,141 $36,073,385 $32,739,451
1,295,119
1,118,277
15,938,454
14,467,295
473.972
342,242
5,296,668
3,998,345
July—
<fc
equipment.....
Patents
324,653
33,965
Georgia Power Co.—Earnings—
Great Northern
17,004
rec.
& investments..
a
889,567
244,470
5%
and
accts., officers &
employees
1,456,263
on
504,794
Def. finance
and Assocs. of
Mich., Inc.__
Dep. with ins. co..
one
Reserves..
316,315
John Z. Fletcher
Travel
inc.,
Long-term debt...
Can.
Ltd-
on
paym'ts
long-term dt.due
Fruehaut Trailer
of
1,973,509
estimated......
consolidated:
Co.
4,800,000
payable— 2,516,638
1938
$308,944
56,326
$268,122
57,971
$
8,050,000
Fed. taxes
Prin.
Dec.31,'40
$
Notes pay. to bks.
Accts.
Invests, in & ad vs.
to
June 30,'41
Liabilities—r
§
Cash
1939
$323,841
—V. 153, p. 691.
$4,485,713
2,287,339
38,990
.
_
_...
Net profit
Dr4,715
140,286
Net from railway
Net ry. oper. income.l.
P-
a
4,648,081
$458,154
From Jan. 1—
Gross from railway
July—
$13,542,596
Gross profit...
Interest
213,965
_
390,000
213,965
4,132,126
Dr4,715
Earnings—
Net from railway
Net ry. oper. income.__
(& Subs.)—Earnings—
Earnings for the 6 Months Ended June 30, 1941
Cost of products sold
350,000
Treasury stock..
Georgia Southern & Florida Ryv
Fruehauf Trailer Co.
loan
due May 31 '45.
.
Georgia RR.
Gross revenue.
Corp.—-Preferred Dividend—
declared
100,000
Total
Period End. July 31—
Directors
240,182
....$6,942,192 $5,489,8911
Total...
$6,942,192 §5,489,891
x Less reserve for
depreciation of $2,565,426 in 1940 and $2,737,098 in
1941.
y Represented by 213,965 no par shares,
z Represented by 4,715
no par shares.—V.
152, p. 1914.
—V. 153, p. 689.
Foster Wheeler
1,040
925,690
Surplus
Gross from railway
City Ry.—Earnings—
$697,244
308,115
223,329
--
notes called
400,031
1,993,163
232,810
notes
z
one year..
$131,006
390,315
Tax reserve
206,883
2,049
1,366
1940
$417,816
_
10-yr. 4Yi% conv.
July—
railway
oper. income.
......
3.681
Trademarks, &c_
come taxes
1941
Gross from railway
•_
Exp. advances
Deferred charges..
Notes payable due
Total.........$3,618,254 $3,714,108
Net from
Conv.
.
1st mtge. 4 lis
a After
deducting depreciation, depletion and amortization: 1941, $765.627; 1940, $708,898.—V. 152, p. 128.
Fort Worth & Denver
1941
Accounts payable.
Accruals
8,919
83,198
Cap. stk. ($1 par).
Earned surplus
July—
Liabilities—
§956,549
Dom. of Can. bds.
Liabilities—
$750,000
z
549
.....
Total loss.
Assets—
reports in
Green Bay
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
—V.
153, P.
1939
1938
$8,031,744
2,642,187
1,565,578
$6,701,700
1,964,197
1,069,519
50,965,819
15,634,573
8,993,946
45,001,100
11,370,642
5,301,063
36,648,789
7,197,677
1,378,451
& Western RR.- -Earnings-
July—
Gross from railway
Net from railway.
Net ry. oper.
1940
$9,570,347
3,587,089
2,344,237
income...
692.
1941
$174,343
57,103
26,868
1,141,919
366,049
181,351
1940
$143,272
43,383
21,113
962,951
251,648
118,750
1939
1938
$132,624
29,451
6,795
$132,192
36,659
15,285
949,168
272,113
119,092
840,139
199,434
72,562
Griesedieck Western Brewery Co .-—Common Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Sept. 6 to holders of record Aug. 22.
Dividend of $1 was
paid on Dec. 17, 1940 and on July 1. 1939; $1.50 paid on Dec. 17, 1938, and
$1 paid on Dec. 3 and on Sept. 30, 1938.—V. 151, p. 3561.
Grocery Store Products Co. (& SubsJ—Earnings—
6 Months Ended June 30—
1941
Net sales.$1,153,030
Net loss after all charges..
a
But
before income and excess profits taxes—V.
a27,256
1940
$965,211
38,171
152, p. 3561.
The Commercial & Financial Chronicle
1276
Group
\
Company, a mutual fund with 20 separate classes of shares representing
18 industries, reports aggregate net assets of $6,405,831 as of June 30, 1941,
against $5,605,048 as of June 30, 1940. The number of shares outstanding
was
1,451,779—a new high record—against 1,196,993 outstanding as of
June 30, 1940.
The report was mailed to 6,303 shareholders in 45 States,
the District of Columbia, three U. S. Territories and five foreign countries.
The largest separate classes of shares included within Group Securities,
Inc. are steel shares, with market assets as of June <50, 194] of $1,579,266;
aviation shares, with market assets of $961,100; chemical shares, with
market assets of $740,081, and railroad shares, with assets at market of
$544,650.
Balance Sheet June 30,,1941
Assets—
'
"*
Investments in securities; Cost—
$7,434,511
—
depreciation (net) of securities owned at
30,1941, based on market quotations, per contra (sched¬
Deduct—Unrealized
June
ule
I).>i
,*
1,109,884
-
-
-
$6,324,627
Cash in bank
124,220
18,006
1
.
Accounts receivable: For securities sold
—;
_
_ -
Group, inc. (due
For capital stock sold through Distributors
after June 30, 1941)---- —
22,005
Dividends and accrued interest recei vable. -----Deferred
charges:
37,253
-------
—
—
9,817
—
-
-
--
-
-
_
-
Assets—
Bonds
—
_
*
-
_
_
_
Capital stock (par lc. per share)-.-—
surpl us
Paid-in
— —
.
——
-
-
$111,796
18,301
18,778
7,843,958
— _
——
——
_.
-
-
- - -
-
-
-
------ — -------
—
Undistributed income
8,702
—
def.355,723
owned at June 30,
contra —
Drl ,109,884
Undistributed net profit.------.---Unrealized depreciation (net) of securities
1941, based on market quotations, per
Total
—V.
p.
$6,535,928
—
------
152,
3499.
_._.__._.
0 :'
Report—
Earnings During Fiscal Year Ended May 31, 1941
comprising portfolio.
Income earned—Divs. & int. on securities
Dividends on shares of affiliated trusts.—
Other income
—
......
Total income.-.-.
Total
administrative
/
$65,592
-_—.887
902
$67,381
•——
expenses.
17,275
— ..-.---
Net income (excl. of net gain of $1,061.84
of securities comprising the portfolio)
ended May 31, 1941
$50,106
1,156,130
-
— -
$1,206,237
Total surplus
Reduction of reserves heretofore provided for shrinkage in mar¬
ket value of securities owned—amount not now required.
—
-
Fire Insurance Co. stock
Fulton
for
—
Total
-
-
....
.
.
3,677
1,062
$1,223,821
-
Balance, May 31, 1941
Balance Sheet May
Agency balances not over 90 days due.
:
Bills receivable, accrued interest and other assets——
Total....
.$16,810,241
Liabilities—
$6,245,516
1,125,206
Reserve for unearned premiums
Losses in process of adjustment
799,479
Reserve for all other liabilities
Capital
Net surplus
4,000,000
4,640,040
— —
Total-
.$16,810,241
Note—Bonds
On
and
stocks
valued
of June
basis
the
New
on
York
Insurance
Department
1941, market quotations for all bonds
and stocks owned, this company's total admitted asset, would be increased
to $16,987,536 and policy holders' surplus to $8,817,335.
Securities carried at $429,096 in the above statement are deposited for
30,
required by law.—V. 151, p. 1573.
R.
N.
Co., Inc.—New Secretary—
Assistant Secretary and Assistant Treasurer of this
elected Secretary, it was announced on Aug. 27 by Charles
A. Biggins. President, following a meeting of the board of directors.
Mr.
McAdams fills the vacancy created by the death of H. F. Smith.
William R. Stevens, Credit Manager, was elected Assistant Treasurer.
George B. Baylis, who has been connected with the Treasurer s office, was
elected Assistant Secretary.
John 13. Lodge, Assistant Credit Manager,
was appointed Credit Manager.—V. 153, p. 550.
McAdams,
company,
was
Hinde & Bauch Paper
a
Co.—Larger Dividend—
dividend of 50 cents per share on the common
stock, payable Oct. 1 to holders of record Sept. 6.
Previously quarterly
dividends of 25 cents per share were distributed.—V. 152, p. 3344.
Houston
Lighting & Power Co.—Earnings—
Period End. July
Operating
Operating
1940
1941—Month—1940
1941—12 Mos.
$1,296,480
$1,158,911 $13,634,874 $12,574,996
5,497,122
5,653,951
515,163
465,7.30
2,763,222
1,691,585
273,915
178,467
1,239,695
1,191,434
145,213
178,043
31—
revenues
expenses
Direct taxes
res. approp
$336,671
3,529
$4,183,096
15,791
.:$3,989,765
$4,198,887
;$4,014,550
13,945
$340,200
80,208
13,590
962,500
167,749
962,500
172,305
$268,055
$246,402
$3,068,638
Divs. applicable to preferred stocks for the period
315,078
$2,879,745
315,078
$2,753,560
$2,564,667
Net oper. revenues.-.
Other income
$362,189
19
$362,208
Gross income
80,208
Int. on mtge. bonds—
Other int. & deductions-
Net
income——-:—
Balance
-
-
j
-
24,785
(2) Includes provision of $31,701 and $407,910 for Federal excess profits
tax in the month of July, 1941, and in the 12 months ended July 31, 1941,
respectively.—V. 153, p. 693.
31, 1941
Assets—Cash, 83,532; revenue stamps, $50; securities comprising the
$1,059,627; investments in affiliated trusts, $34,705; accrued
$4,386; due from affiliated trusts, $902;
total, $1,103,202.
Liabilities—Accrued Federal and State taxes, $1,585; accrued salary,
$166; Federal taxes withheld
dividends paid, $7; provision for redemption
on
common scrip outstanding, issue of Aug.
1, 1929, $649; capital stock
(represented by 39,727 shares no par preferred stock and 270,472 no par
common shares), $1,100,793; total, $1,103,202—V. 152, p. 1918.
Hudson & Manhattan
Period End. July 31—
Oper.
expenses
RR.—Earnings—
1941—Mon th—1940
$605,511
$585,944
458,014
437,893
Gross oper. revenue
& taxes..
of
Gulf Mobile & Ohio
Aug. 14 issued an order and
certificate (1) permitting abandonment of a line of railroad by the company
and abandonment of operation, under trackage rights, over said line by the
Yazoo & Mississippi Valley RR.: (2) authorizing operation, under trackage
rights, by Gulf Mobile & Ohio RR. and the Yazoo & Mississippi Valley RR.
over certain lines of railroad in lieu of the abandoned line; and (3) requiring
construction by. the Gulf Mobile & Ohio RR. of a connecting track, all in
the city of Meridian, Lauderdale County, Miss.
Inc.
excl.
chgs.,
on
1941—7 Mos—1940
$4,433,764
$4,362,253
3,181,804
3,073,882
$148,051
9,955
$1,251,959
9.964
76,406
$1,288,370
72,204
$157,461
$158,007
$1,328,366
$1,360,574
148,391
154,304
1,054.491
1,081,924
$9,070
$3,706
$273,875
$278,650
$147,497
Operating income
Non-operating income—
Gross income..-
RR.—Operation, &c.—
Commission
Commerce
Acouisition of
1,106,229
319,047
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is neing made at a rate which will result in the accumulation of such
taxes at the rate of 30% for the full year 1941.
portfolio.
of int.
adj. income bonds.
Net inc. avail, for int.
adj. inc. bonds._
adjustm't income
outstdg. in the
hands of the public—
at 5%---on
Int.
on
bonds
118,554
120,650
829,879
844,550
$109,484
$116,944
$556,004
$565,900
Transport Companies—
Aug. 7 authorized the acquisition by Gulf Mobile & Ohio
RR. of control of Gulf Transport Co., Mobile & Ohio Transportation Co.,
The ICC
——
—
45,653
77,375
interest and dividends receivable,
Interstate
_
$1,100,793
shares..--..
Preferred beneficial ownership shares purchased^and retired (cost)
Dividends paid on preferred beneficial ownership
The
—
(wholly owned)
Real estate and mortgages
_
—...
—
...
—
12,844
shrinkage heretofore provided against securities
sold during the fiscal year
Actual gains on sales of securities during the fiscal year.
„ .
Reserve
—
Railroads..
Industrials
Prop, retire't
resulting from sales
for the fiscal year
Balance May 31, 1940...
_
—
Public utilities
Directors have declared
Guardian Investment Trust -—Annual
—$1,987,720
:
5,614,313
—1,294,413
1,450,525
55,616
405,076
3,128,840
1,400,120
48,342
—
-
Guaranteed and preferred stocks..—
Common stocks—Banks._.-—
Hercules Powder
Liabilities—
Accounts payable
Accrued taxes and expenses
York—Balance
$6.535,928
—- - ------- -
— -
—
New
Cash in banks and in office...
purposes
Total
of
Co.
Insurance
1941
Sheet June 30, 1941—
basis.
$40.011
Fire
Hanover
High in Shares
Inc.—Reports New
Securities,
Outstanding— CC ■ >
Aug. 30,
on
Mobile & Ohio Transportation Co. of Illinois, through o wnership of
capital stock and purchase of motor-carrier operating rights and property
Deficit—
—
—
-
-V. 153,p. 551.
and
of Mobile &
Power
Idaho
Co.—Earnings—
Ohio RR.
Earnings for Month of July and Year to Date
July—
1941
$2,010,938
679,085
339,648
13.094,176
4,290,694
Gross from
railway...
Net from railway.
^
Net railway operating income.
_
_
_
_
_
_
_
_
_
_;
— _
•.
..
-
-
_
.
.
—
1940
$1,394,714
101,454
def 131,808
10,425,840
2,098,939
506,475
From Jan. 1—
Gross from railway
Net from railway
Net
..1
—
...
railway operating income...
2,075,174
...
—V. 153, p. 692, 242.
Ship Island RR. -—Earnings-—
1941
$144,553
4,195
1939
$83,555
def8,028
def35,046
$91,230
def.3,699
def28,589
680,360
25,926
defl47,731
684,364
36,795
defl39,783
737,136
38,288
defl51,204
33,060
Net ry. oper. income-From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income..-
1938
692.
Gulf States Steel Corp .—Bonds
Hamilton Cotton
Directors have declared
Called—
Co., Ltd.—Accumulated Dividend—
dividend of 75 cents per share on account
of
accumulations on the $2 cum. sinking pref. stock, par $30, payable Oct. 1
to holders of record Sept. 15.
Like amount was paid on July 2 and April 1,
last; dividend of $1.75 was paid on Jan. 2, last; 75 cents paid on Oct. 1,
July 2 and April 1, 1940, and dividends of 50 cents were paid in preceding
quarters.
Accumulations after the current dividend will amount to $3
pershare.—V. 152, p. 3810.
Period End. June 30—
Net profit.
Shs. com. stk. outstand'g
Earnings
per
After
share
a
$2,271,772
4,398
$216,740
$2,256,278
56,250
8,701
—
Gross income
9,524
675,000
108,158
$2,276,170
675,000
107,644
_
(Cr.).
1,578,043
256
1,158
7,023
2,525
$123,736
$152,124
$1,480,143
414,342
$1,496,051
$1,065,801
$1.081.709
_
Net income
Dividends applic. to pref.
Balance....
—
—
stocks for the period.
—
.
—
.
------
—
414,342
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
30% for the full year 1911.
(2) No provision has been made for Federal excess profits tax since
present indications are that no such tax will be payable.— V. 153, p. 839.
1941—3 Mos.—1910
$278,067
311,100
$0.89
$31,122
311,100
$0.10
Illinois Central System— •Earning s1941
July—
Gross from
railway
Net from railway—
Net ry. oper. income
„
_
j
.
_
_
_
$8,559,701
76,944,384
22,303,644
15,127,625
63,336,095
13,283,643
6,433,915
$506,503
311,100
$1.63
$218,875
311,100
$0.70
1,416,550
523,706
1939
$8,404,832
1,892,023
1938
$8,375,919
2,240,888
1,012,802
1,343,805
60,498,342
13,543,858
57,973,205
13,893.224
6,945,726
From Jan. 1—
Gross from railway..
Net from railway._
Net ry. oper.
income
1941
July1941—6 Mos.—1940
1940
$12,059,706
3,573,902
2,004,340
Earnings of
Corp.—Earnings-
depreciation, development expense and Federal income taxes,
including in 1941 reserve for increased income and excess profits taxes.
—V. 152, p. 3344.
x
$2,250,981
5,297
1,920,162
taxes at the rate of
See Republic Steel Corp. below.—V. 144, p. 2482.
x
514,600
$217,932
Drl,192
56.250
Net operating.revs
Other income (net)
$6,284,577
Int. charged to construe.
1940
$69,897
def21,039
def45,825
974,920
233,273
31,170
July—
Hercules Motors
568,700
Int. on mortgage bonds.
Other int & deductions
Gross from railway...-Net from railway
—V. 153, p.
43,800
•_
.
Gulf &
$6,664,907
2.046,943
1,798,283
$188,431
Prop, retire, reserve
appropriations
166,845
141.000
$186,592
1,839
_—
$569,577
50,000
*
$580,103
178,311
165,200
Operat ing revenues..
Operating expenses.—
Direct taxes
1911—12 Mos.—1940
1941—Month—1940
Period End. July 31—
Gross from railway..... $10,486,267
3.017,322
Net from railway.
1
_
—
.
Net ry. oper. income^—
From Jan. 1—
Gross from railway
Net from
railway
Net ry. oper. income.
/
...
6,841,673
Company Only
1940
1939
$7,574,187
$7,367,130
1,321,299
1,663,657
1938
$7,248,958
1,874,747
1,684,296
628,278
990,684
1,175,023
67,105,529
19,165,647
13,303,181
55,063,284
11,172.069
5,755,227
52,839.287
11,600,014
6,258,465
50,218,039
11,654,683
6,140.404
Volume
The Commercial &
153
Buys Tax Notes—
International
i
,
The company has purchased S3,000,000 of United States Treasury tax
notes, series B, which return a yield of 0.48% if used in payment of taxas.
The investment in tne tax notes reflects the road's better financial position
grown out of
improved earnings this year.—V, 153, p. 1131.
Illinois-Iowa
July—
Gross from railway
Net from railway
Net ry. oper. income.
From Jan. 1—
Gross from rail way.
Net from railway.
__
Net ry. oper. income—
2.951,513
788,856
358,882
(other than inc.
& excess profs, taxes).
Gross profit
Int.
dividend of 75 cents per share on
the common
payable Oct. 1 to holders of record Sept. 20.
Dividend of $1 50
paid on June 25, last; 75 cents on Oct. 1. 1940; $1.50 on June 24, 1940;
12, 1940.—V. 153,
an
152, p. 1435.
and Manhattan Ry. Ended—Corporate Entities Cease—
(&
on
for
hand and demand
June 30 '41 Dec. 31 '40
$1,025,707
$1,291 210
deposits
242,031
163, 80.5
Accounts receiva ble
hand
on
basis of the lower of cost
and
in
transit
the
on
78,721
56,353
122,550
market.
or
Material and supplies at cost less reserve
a
Fixed assets
63,867
2,914,017
1
Patents, trade names, &c
2,954,918
1
389
389
10,644
54,108
Divs.
1 001,983
1,608 ,113
1 ,616,722
6,562,356
a6 588,678
&
1,443 ,775
975,134
5,187,116
3,069,211
361 ,000
541,800
1,171,376
894.137
2,084,590
8,113,928
8.408,407
&
_
excess
_
_
_. _
_
on
stocks of subs
$29,505
$33,308
50,323
182,848
17,572
5,503
2,980,020
1,003,312
Advances, claims and deposits
Prepaid and deferred charges
on
pref. and class
_
403 612
72,153
882,134
219,214
261 138
287,975
1,187,652
1,332,141
32 152
16,105
32,180
Cr 15,030
def$189,585
.
$175,035
$8,467
$641,129
_!__.■!
Min. int. in net earnings
of subs..
Other chgs. agst. income
of subsidiaries..
a Additional provision for depreciation was charged directly to surplus by
subsidiary in the amount of $468,725 for the year ended June 30, 1940.
Notes—Undeclared cumulative dividends on system shares held outside
1941, (1) preferred stock July 25, 1934 to June 30,
1941, $3,477,156; (2) class A stock April 15. 1932 to June 30, 1941 $15,777.Class A stock also has certain participating rights and, subject to
rights of pref«ftj*:d stock, liquidation value of $60 a share plus accrued divs.
Provisions for income taxes have been estimated by the companies in
Canada on the basis of laws already in effect and by the companies in the
United States on the basis of the legislation now under consideration by
the company at June 30,
Congress.
No provision has been made in the six months ended June 30,
1941 for possible liability for U. S. excess profits tax.
The amount of such
be determined until the end of the calendar year.
liability, if
any. cannot
—V. 153, p. 840.
Utilities
International
Restrained from
Corp .—Group
Meeting—
Judge Edwin T. Dickerson of the Baltimore Supreme
a final injunction restraining a group of stockholders
from convening in an extraordinary session.
Court has signed
of the corporation
The group, headed by Paul C. Richardson, New York, a director, had
sought to call the meeting for Aug. 19 "to effect a change in the management
of the corporation."
A petition to block the session resulted in a temporary
injunction, followed by Judge Dickerson's ruling that the call for the meet¬
ing was improper.—V. 153, p. 1132.
;
$4,419,604
_
_____
excess
being
currently
pref. & class A
paid
3,928
57,556
$4,620,591
Securities owned
1,102,217
1,854,219
inc.
Canad.inc.
Subs.)—Bal. Sheet—
Comparative Consolidated Balance Sheet
Assets—r
Shrub and rubber
1. 594,080
200,739
890.
entities of the Interborough
Rapid Transit Oo, and the Manhattan Railway Co., and ending the re¬
ceiverships of the two transit companies, was entered in Federal Court
Aug. 26 by Judge Murray Hulbert. In doing this the Court relieved Thomas
E. Murray as receiver of the two organizations on the ninth anniversary
of Mr, Murray's appointment.
The subway and elevated lines formerly
operated by the two private concerns were tied in with the city's publicly
owned and operated subway system last year.—V. 152, p. 3748.
Cash
10 334,839
1,594,080
profits taxes;
United States, normal"
a
Interborough Rapid Transit Co.—Receivership for Com¬
Co.
10,149,241
398,520
Prov. for deprec. charged
interim dividend of 10 cents, on the ordinary
Rubber
2 ,555,310
398 ,520
195 ,324
Net profit
A formal order terminating the corporate
Intercontinental
8,450,489
2,541 ,481
1
expense
397.
p.
shares payable Sept. 30 to holders of record Sept, 5.—V.
pany
8,609,594
$8 ,924,082 $35,990,746 $34 068,789
debs, of I. H.-E.
on
System.:
Amort, of debt disc't &
Imperial Tobacco Co. of Canada, Ltd.—Dividend—
Directors have declared
23,965,338
3,687,907
funded, &c., debt
on
A stocks of subs
Imperial Paper & Color Corp.—-75-Cent Dividend—
stock,
and 75 cents paid on March
24,951,686
3,891,106
2,089,045
2,218,758
$8,909 ,749
_
of subs.
Int.
paid
a
,
929,764
5,424.686
Divs. not being currently
552.
Directors have declared
3, 009,633
2,709.557"
Taxes
82,368
3.152,793
936,679
521,284
3,450,119
1,131.087
633,850
.3,870,993
1,478.151
882,482
_
v
$17,367,577 $73,443,132 $70,172,522
6,574,742
1,001,369
-
profits taxes
.___.
—V. 153, p.
143,129
83,029
Subs.)
■'
1941—12 Afos.- -1940
-1940
purchased
incl.
power
$458,250
142,344
$455,995
$519,985
175.955
98,352
-
"y''
.''if
\
956,633
851 ,699
Maintenance
Prov.
1938
1939
1940
1941
$649,531
287,994
180,576
___
1941--3 Mos
(&
System
'
__.$17,852 ,919 $16 ,410,943 $70,733,575 $67 162,889
revenue._
against operations.
Earnings-
6v,.'■■■'
Total revenue.$18,704,617
Oper.,
Exchange Commission on Aug. 23 issued an order
instituting proceedings under the Holding Company Act against the com¬
pany to see if its corporate structure meets the act's requirements
The
company is a part of the North American System.
The Illinois-Iowa
Power Co.
order raises the question
whether the
financial framework of the company is unduly and unnecessarily complicated
and whether there is an unfair and inequitable distribution of voting power
among its security holders.
The order is broad enough to touch upon the
relatioaship of the company with Des Moines Electric Light Co. and Iowa
Power & Light Co., both subsidiaries of Illinois-Iowa Power.
A hearing has been set for Oct. 10 at the SEC's Washington office.—
V. 153, p. 693.
was
Period End. June 30—
Operating
Securities and
Illinois Terminal RR.-
■■
Other income—net
fication—
The
Hydro-Electric
Earnings—
Simpli¬
Co.—SEC Sets Hearing on
Power
1277
Financial Chronicle
International Vitamin Corp.—To Change Control—
Products Corp. above.—V. 152, p. 4127.
See American Home
Total.
Interstate Department
Id abilities—
Drafts payable
Accounts payable including accruals
Reserve for United States and foreign taxes
69,593
221,415
15,039
5,080
2,980,020
1,003,312
297,485
860
Sundry reserves!
Minority interest in subsidiary company
b Capital stockCapital surplus
Earned surplus since Jan. 1, 193.5
___
Treasury stock (172 shares at stated value)
Total
__________
_
$4,620,591
_
147,577
$4,419,604
After
International Cigar Machinery
93,952
,152,731
rec.,
209,125
283,177
467,960
80,741
38,443
10,192,550
118,468
541,098
345,983
25,463
33,354
64,347
64,347
1 ,812,231
1,997,269
80,855
43,687
Accts.
pay.
Deferred charges._
(affil.
company)
Reserve for special
contingencies
Earned
Patents, licenses,
Ac__
44,750
352,678
Inventories
160,279
Land
a
After
surplus
reserve
Total..
______
.12,464,562 12,559,420
for amortization of $4,159,140 in 1941 and $4,033,389 in
b Represented by 600,000
Earnings for the six months
1940.
no par
ended
shares.
June 30,
1941
appeared in
the
"Chronicle" of Aug. 16, page 990.—V. 153, 1132.
1941
Gross from railway
Net from railway..-.
Net ry. oper. income.
From Jan. 1—
Gross from railway.
Net from railway...Net ry. oper.
153,
p.
$1,165,682
252,549
121,281
7,702.912
1,560,075
606,340
income.:
694.
-Earnings-
a
64,809
$911,813
117,666
def48,145
5,432
def34,157
6,440,735
605,433
def284,826
6.493,961
710,257
def282,200
6,935,467
726,487
def379,442
1939
$857,819
Ry.,
Buffalo—Mitten Group Sued
Trustees—Company Seeks to Oust Management Officers—
Transit
was
by
by trustees of the
Mitten Management,
started Aug. 26 in Federal Court, Buffalo,
Investment
Corp.,
Philadelphia,
against
which controls the International Ry.
Seeking to rid International Ry. of Mitten Management by ousting three
voting trustees, the plaintiff concern, which owns International Ry. stock,
asks the court to;
Perpetually enjoin and restrain the three voting trustees from further
acting
as
14,556
payment..
■___—.
10,497
-S3,097,237 $1,854,034
income
300.000
1.267,076
70,769
1
$3,097,237 $1,854,034
Total
depreciation,
b On dies in process.
the year ended June 30, 1941, was given in
After reserve for
The
147,809
434,200
1
expenses.
Total
account for
V. 153, p.1132.
6 Mos. End. June 30—
1941
profit from oper__ $2,800,033
655,8.66
Shipping & selling exp...
Gross
1940
1939
1938
$2,491,389
567,521.
550,405
253,011
$2,099,947
$1,120,451
$946,567
19,507
^
$2,423,501
Admin. & gen. expense_.
477,992
308,828
619,866
462,099
285,186
Operating profit _____
$1,357,348
$1,056,350
Advertising.
488,315
426,924
trustees.
Restrain them from paying
further funds to Mitten Management.
'-'....1
Terminate the Mitten agreement.
Require the individual defendants to account for and pay over to the
plaintiffs all damages sustained by the plaintiffs as may be determined by
this court.
Transit Investment is a Mitten company owning stocks in various enter¬
prises under Mitten control.
The New York Public Service Commission
has ordered International Ry. to sever its connections with Mitten Manage¬
ment.
A. Queeney and Joseph Mcllhenney,
Emil Riehter of New Aork.-—V. 153, p. 991.
Defendants in the action are Joseph
both of Philadelphia, and
238,140
24,045
—
deductions.._____
19,358
18,956
$381,393
$1,139,407
25,070
$966,074
98,234
$1,075,708
21,643
a438,662
48,195
195,254
161,531
8.675
180,954
14,508
19,590
$844,496
39,500
495,000
$816,240
495,000
$904,576
59,500
495,000
$762,193
59,500
495,000
$289,996
Other income.
$261,740
$350,076
$207,693
Prov. for U. S. and Can¬
adian income taxes.__
Loss
of unconsolidated
subsidiary, &c__
Special charges_ —
Net
1938
$980,744
97,991
1940
International
Action
487,709
_____
Prepaid
50,124
70,769
-
b Adv.
equipment
$89,02.5
$199,047
llabils
34,505 Reserve for Federal
income taxes—
798,171
123,072
300,000
332,632 Cap. stk. (par SI)
1,709.839
11,300 Earned surplus-
Bldgs., mach'y &
Patents
Accounts payable-
22,760
_
International Great Northern RR.
July—
—V.
18,800
______
1940
1941
Liabilities—
1940
of
life insurance-__
Accts. receivable._
Other
a
val.
-Balance Sheet June 30—$907,825
Accrued
Total income..
12,464,562 12,559,420'
Total
1941
$2,018,463
10,366,151
81,138
_
Inventory.
a
10,000,000
21,424
43,957
_
_
,000,000
494,910
deferred-__
_
Cash surr.
Previously quarterly
(Mead) Johnson & Co. (& Subs.)— Earnings—
$•
payable.
b Capital stock.__ 10
Accounts
(W. B.) Jarvis Co.
Assets—
Cash
of 25 cents per share on the common
of record Sept. 25.
distributed.—-V. 153, p. 840.
1940
$
Taxes pay., accr__
121,509
Accounts and notes
Notes receivable
Sheet June 30
1941
1,273,095
______
Cash.
Accts. receivable
,
Liabilities—
$
Fixed assets
Co.—Bal
1940
1941
Assets—f
stock, payable Oct. 15 to holders
dividends of 15 cents were
860
deducting reserves for depreciation and amortization, 1941,
$2,098,559; 1940, $2,047,738.
b Authorized, 104,000 shares:
issued to
June 30, 1941, 595,700 shares; remaining to be issued to complete exchanges
under 1926 reorganization plan, 304 shares; total, 596,004 shares stated
at $5 per share.
Note—At June 30, 1941, there are included in the foregoing balance sheet
amounts for assets located in Mexico and Sumatra aggregating $2,089,635
after reserves, of which $87,145 represents cash.—V. 153, p. 1132.
a
Stores, Inc.-—25-Cent Div.—
Directors have declared a dividend
profit.
Preferred
-
dividends.....
Common dividends.
_
_.
Surplus
Earns.persh.
-
on 165,000
shs. com. stk. (no par)
59,500
__
...
$4.59
$5.12
$4.26
a
Federal and State income taxes, $285,798; Federal excess profits tax
and surtax, $134,600; Dominion and Provincial tax, $18,264.
'
jVofe—Provision for depreciation of property, plant and equipment
included in the above statement for 1941 amounted to $116,126 (1940
$94,562; 1939 $97,860; 1938 $90,429).
$4.75
Consolidated Balance Sheet June
30,1941
Assets—Demand and time deposits and office funds, $1,565,020; market¬
*397,394; accounts receivable (net), $507,985; inventories,
$3 281,756; investments and other assets, $390,822; property, plants and
able securities,
equipment (net), $3,812,477; goodwill, $1; trade
mulae, $ 19,724; deferred charges, $209,466; total,
marks patents and for¬
$ 10,184,645.
payable, $615,851; accrued liabilities, $144,492;
Federal, State and Dominion Government taxes on income, $599,523;
reserve for contingencies, $213,000; 7% preferred stock (par $10) , $1,700,00ff; common stock (165,000 shs., no par), $550,000; earned surplus,
$6,361,779; total, $10,184,645.—V. 152, p. 3971.
Liabilities—Accounts
Jewel Tea Co.,
Inc.—Preferred Stock Registered—
company on Aug.
21 filed a registration statement (No. 2-4817,
A-2) under the Securities Act of 1933, covering 30,000 shares of cumulative preferred stock ($100 par),
The dividend rate is to be furnished by
The
Form
am\ccf)rding
of the stock
to the registration statement,
will be used in connection with
urnrfhnnsfi
the net proceeds from the sale
the financing of additional pro-
facilities and sales outlets at an
estimated ccst of
The Commercial & Financial Chronicle
1278
approximately $2,750,000.
The balance of the proceeds will be added to
the company s working capital.
The company states that if the issue is to be underwritten, the names of
the underwriters will be furnished by amendment.
In this connection, the
prospectus states that to facilitate the offering it is intended to stabilize
the price of the preferred stock on the over-the-counter market or other¬
wise.
This is not an assurance, it states, that the price of the stock will be
stabilized, or that the stabilizing, if commenced, may not be discontinued
atanytime.
v', .b;:
;;y,/
The price at which the stock is to be offered and the redemption provi¬
sions will be furnished by amendment.
,
Sales—
i
Company reports that its sales for the four weeks ended
$3,060,509
were
as
Aug. 9, 1941,
compared with $2,204,339 for parallel weeks in 1940, an
[
increase of 38.84%.
weeks of 1941 were $22,701,641 as compared with
like period in 1940, an increase of 33.59%.—V. 153, p.
Sales for the first 32
$16,993,851 for
a
1133.
Laughlin Steel Corp.—Show Cause Order
Jones &
on
Dividend Payments—
poration to show cause
on
its new common and preferred stock.
of Bertha H. Hubbard and Norman
The order was made on a petition
Johnson, both of New York, who began action July 14 to enjoin the com¬
from affecting a plan of recapitalization and merger with Vesta Coal
Co. and Shannopin Coal Co.
The stockholders of the company approved the company's plan of re¬
pany
organization July 22, whereby new common stock would be exchanged for
the old on a share-for-share basis and holders of 7% cumulative preferred
stock would exchange each share for one-half share of 5% preferred series A,
one-half share of 5% preferred series B, and 1% shares of new common
stock3 /"''■*
..:v"
■'
crf,a V'
-t'
<■.'>
*•
V-
••
according to the petition, has declared a dividend of 60
payable Oct. 6, and a dividend of
share on its new preferred stock, payable Oct. 1.
The plaintiffs' petition, based on an affidavit of their attorney, Seymour
Heilbron, declared that "no dividend could be paid upon the defendant's
common stock without first paying the accumulated dividend" of $45.75 a
share on the old preferred stock.
The plan of recapitalization and merger is invalid, the plaintiffs charge,
because it was designed "primarily to wipe out and deprive the preferred
stockholders of their claim to unpaid dividends."
The company,
cents a share on its new common stock,
$1.25
a
Insurance
The application of the Atlas Corp., the American Co., the Radio-KeithOrpheum Corp., the Keith-Albee-Orpheum Corp., and Michael J. Meehan
approval of a plan of reorganization of Keith-Albee-Orpheum was
granted Aug. 26 by the Securities and Exchange Commission. The Com¬
mission exempted from the provisions of Section 17 (a) of the Investment
Company Act the transactions necessary to effect the reorganization. These
transactions are:
(1) The sale by Keith-Albee-Orpheum Corp. to B. F. Keith Corp. of
certain securities and other property of Keith-Albee-Orpheum Corp. and
,
for
.
the purchase of such securities and other property by B. F. Keith Corp. at a
purchase price of approximately $1,462,000:
(2) The purchase by Keith-Albee-Orpheum Corp. from Radio-KeithOrpheum Corp. and the sale by Radio-Keith-Orpheum Corp. to KeithAlbee-Orpheum Corp. of 48,586 shares of the preferred stock of KeithAlbee-Orpheum Corp., at a purchase price of $3,090,019;
(3) The entry into and the exercise of an option agreement between
Atlas Corp. and American Co. and Michael J. Meehan for the purchase by
Atlas Corp. and American Co. on behalf of and for the account of RadioKeith-Orpheum Corp. and the sale by Michael J. Meehan to Atlas Corp.
and American Co. on behalf of and for the account of Radio-Keith-Orpheum
Corp. of 21,800 shares of the preferred stock of Keith-Albee-Orpheum Corp.
purchase price of $2,490,650 plus reasonable expenses, if any;
(4) The entry into and the exercise of an option agreement between
Radio-Keith-Orpheum Corp. and Atlas Corp. and American Co. for the
at a
25, ordered the cor¬
why it should not be restrained from paying divi¬
Federal Judge It. M. Gibson at Pittsburgh, Aug.
dends
purchase by Radio-Keith-Orpheum Corp. from Atlas Corp. and American
Co. and the sale by Atlas Corp. and American Co. to Radio-Keith-Orpheum
Corp. of all or any part of the outstanding voting trust certificates for
6,000 shares of the preferred stock of Keith-Albee-Orpheum Corp. at a
purchase price of $600,000 plus accrued dividends and reasonable expenses
thereon, if any,—V. 153, p. 992.
Kennecott
Operating Income--..$43,626,547 $.35,831,474 $15,569,492 $12,195,644
616,234
684,050
591,669
496,166
Other income
accrued dividends.
Gross sales
allowances,
$12,403,446
'|P'72;.301
Cost of sales—
581,258
367,406
412,312
376.316
316.718
252,767
$1,353,453
135,988
$608,622
4,847,912
_L> *.„
-
_
—
Prov. for emplyees' profit sharing and
bonuses..-.
Provision for Federal income taxes
—
Min. int. in profits of sub. companies.
Consolidated net profit
Earnings per share
$563,501
66,636
$1,489,441
$684,548
$630,137
6,566
190
5,997
18,642
172,949
590,359
115,681
110.103
101,889
109,320
48,867
$593,376
$3.66
-
75,927
9,696
...
*
Interest paid.
Miscellaneous deductions.
$6,040,496
7,385
Net profit from operations.
_
169,930
$7,755,279
6,417,628
Administrative and general expense.
_
$6,210,426
$12,130,788
9,828,671
Warehouse and selling expense
_
$£*927,581
272.65
•---
—.—
_
1Q8Q
and
discount
freight "out"
1940
1941
—
Net profit.
2,488,282
2,322,566
235,248
2,000,000
350,000
39,298
5SL524
2,926,000
1,835,487
profit.$23,785,672 $24,787,364 $10412,169
10,821,652
10,821,652
10,821,652
$2.20
$2.29
$0.93
$8,238,985
10,821,652
$0.76
Res. for contingencies..
304 457
Sundry charges.
245,412
364,510
Federal income & excess
15,800,000
Net
x
6,298,293
Shs. cap. stk. (no par)..
Earnings per share._r__
Before depletion,
y
After inventory adjustments.—V. 153, p. 398.
Keystone Steel & Wire Co.-—25-Cent Di vidend—
stock, no par value, payable Sept. 15 to holders of record Aug. 30.
Like
amount paid on June 16 and March 15, last; 30 cents paid on Dec. 16,
1940; 20 cents on Sept. 16,1940; 25 cents paid on June 15 and on March 15,
1940.—V. 153, p. 694.
Keystone Telephone Co., Philadelphia—Accum. Die.
Joslyn Mfg. & Supply Co. (& Subs.)—Earnings
6 Months Ended June 30—
;..•
$12,691,810
2,827,249
238,108
3,641,199
247,113
_
Gen. admin. & corp. exp.
Directors have declared a dividend of 25 cents per share on the common
Companies joining in the action are the Home Insurance, Home Indem¬
nity, Baltimore American Insurance of New York, National Liberty
Insurance, Paul Revere, Homestead Fire, Carolina Insurance and Franklin
Fire Insurance Co. of Philadelphia.
Bella Broido, owner of 50 shares,
filed a similar petition.—V. 153. p. 992.
Other income
$44,242,781 $36,515,524 $16,161,161
Total income..
Deprec. & retirements.
x
owning 11,700 shares of the 7% stock, con¬
$47.50 in unpaid
tended they were entitled to receive $120 a share plus
Net sales—
1941
1940
1939
1938
$111,623,021 $84,920,498 $51,391,411 $41,000,078
67,996,474
49,089,024 35,821,919 y28,804,434
Operating revenue
Operating costs.
Eight insurance companies and an individual who dissented from the plan
and merger, petitioned the Allegheny (Pa.) Common
Pleas Court Aug. 27 to name appraisers to determine the value of 7% pre¬
ferred stock which they declined to exchange for new preferred and common
The insurance companies,
Copper Corp. (& Subs.)-—Earnings—
6 Mos. End. June 30—
profits taxes
Companies Ask Stock Appraisal—-
of recapitalization
Returns,
Aug. 30, 1941
$356,481
$2.08
$376,853
,$2.21
81,341
98.436
of
Directors have declared a dividend of 50 cents per share on account
$4 cum. pref. stock and a dividend of 37H cents
share on account of accumulations on the $3 cum. pref. stock, both
payable Sept. 15 to holders of record Sept . 5. Like amounts paid on June 16
and March 12, last, these latter being the first dividends paid on the pre¬
ferred shares since the latter part of 1932.—V. 152, p. 3659.
accumulations on the
per
La France Industries— Transfer
La Luz Mines
Agent—
Bank of the City of New York has been appointed
The Chase National
transfer agent for the stock
of this company.—V. 152, p. 3813.
Ltd.—Earnings—
production (gross)---__
Marketing charges.
...
-4
49,155
96,229
$654,975
——
Metal
Net—..
1940
1941
Quarter Ended June 30—
Tons ore milled
6,838
f79,499
12.0.56
$372,661
122,307
$64 2,919
.
278,464
92,893
Operating and administrative costs
Reserve for depreciation and deferred development
...
24,496
$225,858
$271,563
Net profit for the period
-V. 152, p. 3813.
Consolidated Balance Sheet June 30,1941
Assets-—Cash, $647,084; accounts and notes receivable (less reserve)*
&e.<
$2,948,782; inventories, $3,639,212; investments and advances,
$970,734; prepaid insurance, taxes, rent, &c., $122,977; plant and equip"
ment
(less reserve for/ depreciation of $1,610,905), $2,842,051; total,
$11,170,842.
Liabilities—Notes
payable, $500,000; accounts payable, $1,097,851;
accrued expenses, $1,177,364; mortgage note payable of subsidiary company,
$10,000; long-term debt (bank loans due in 1943), $600,000; minority
interest in subsidiary companies, $1,065,095; cumulative preferred stock,
$1,500,000; common stock (shares of $5 par value each), $750,000; paid-in
surplus, $1,164,495; earned surplus, $3,306,036; total, $11,170,842.—
V. 152, p. 3347.
Kansas Gas & Electric
Period End. July 31
Operating revenues
Oper. exps., excl. direct
1941—12 MoSr—1940
$6,716,348
$6,448,756
223,782
Prop, retire,
216,352
98,065
61,511
60,000
55,000
2,540,203
917,179
695,000
2,610,534
....
of
157
391
3,158
4,886
_.
795,485
660,000
limited-term
investments--.-
Net oper. revenues.
•
$194,133
112
$198,538
$2,560,808
8,477
$2,377,851
4,999
$198,867
45,000
15,000
$2,569,285
180,000
$2,382,850
733,500
180,000
19,596
230,118
152,901
363
632
329
Int.
on
mortgage bonds
Int.
on
debenture bonds
.
Other int. & deductions.
45,000
15,000
18,474
540,000
Int. charged to construc¬
tion
{fir.)
Plate
Purchases
,
The bonds
so
purchased by Smith, Barney & Co. has been extended for
10 years to July 1, 1951 and have been sold to the Nickel Plate.
This
gives the latter collateral which could be used in obtaining any needed
loan.
Of this total amount of bonds outstanding, holders of $59,000 did not
tender them to
Smith,
However, the latter will purchase
Barney & Co.
those bonds when tendered.—V. 153, p. 398,
& Ishpeming RR.-—Earnings—
July—
Gross from railway
Netry. oper. income---
1938
$128,236
49,114
1939
1940
$591,065
457,298
341,436
$293,396
191,150
141,078
34,896
1,692,440
991,224
995,530
420,899
156,426
470,143
defll4,539
def274,234
1941
$437,095
305,123
215,748
FramJan. 1—
*
Gross from railway*.
_
Net ry. oper. income
1,989,450
1,229,063
815,445
640,229
153, p. 694.
Lake of the Woods Mlling,
Directors have declared
Gross income
,
Smith, Barney & Co. has purchased $3,566,000 second mortgage 5%
Net from railway
$194,245
_.
RR.—Nickel
Western
bonds, due July 1, 1941,
The Lake Erie & Western is a wholly owned
subsidiary of the New York Chicago & St. Louis (Nickel Plate) RR.
—Y.
Other income (net)
&
Net from railway
res. approp.
taxes.
Direct taxes—
Amort,
$531,792
Erie
Lake Superior
Co.—Earnings
1941 —Month—194 0
$576,137
Lake
Extend Bonds—-
a
final
Ltd.—Final Dividend—■
dividend
of 20 cents per share on
the
stock, payable Oct. 1 to holders of record Sept. 15.
Dividends
of 50 cents were paid on June2, last, and on Dec, 2,1940.—V. 150, p. 2429.
common
Lamson
&
Sessions
Co.—Arranges $800,000
Loan
to
Ref und Debt—
5-year 3% serial loan of $800,000 has been arranged by the company,
proceeds of which will be sufficient to refund long-term debt and to take
up substantially all of bank borrowings, according to George
S. Case,
chairman.
The company about seven years ago borrowed $750,000 from the Recon¬
struction Finance Corporation at 4% interest rate and on Jan. 1, last,
$259,500 of this was unpaid.
As of Jan. 1, last, there was also outstanding $336,000 in 5% bonds and $400,000 in bank notes payable.—V. 152, p. 1922.
A
Net
income-.
$115,771
$119,271
Balance
$1,619,530
520,784
$1,317,081
520,784
$1,098,746
Divs. applic. to pref. stocks for the period——-.-
$796,297
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
is being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full year 1941.
No provision has been made for Federal excess profits tax since present
are that no such tax will be payable.—V. 153, p. 840.
indications
Kansas Oklahoma & Gulf Rv.—Earnings—
July—
1941
"1940
*1939
Gross from railway
Net from railway......
Net ry. oper. income-—
From Jan. 1—
Gross from railway.
Net from railway
Net ry. oper. income—-
$214,614
110,676
69,429
$169,092
81,109
35,647
$240,067
135,251
86,011
1,414,639
1,283,396
1,574,386
788,939
691,283
820,056
501,544
434,517
535,844
1938
$190,678
99,343
60,267
1,301,731
617,412
378,767
—V. 153, p. 694.
Keith-Albee-Orpheum Corp.—SEC Approves Plea for
Changes—Deals
Necessary to Effect the Reorganization
Exempted—
Le Roi Co .—Earnings—
$38,723
$0.32
$173,872
Earnings per share on 120,000 shares—
—V. 152, p. 1922.
1940
1941
6 Months Ended June 3(1—
Net income after all charges
— —
—
$1.45
b
Lehigh & Hudson River Ry*—Earnings—
July—
Gross from railway
Net from railway—
Net ry. oper. income
From Jan. 1—
'
Gross from railway
Net from railway
Net ry. oper. income—
—V. 153, P. 695.
1938
1941
$188,411
1940
$134,026
1939
$129,506
82,534
18,882
46,492
21,488
39,135
12,967
1,215,971
482,783
201,411
928,646
306,475
123.935
895,202
282,655
800,411
100,376
39,206
Y
$113,449
30,615
6,491
217.976
Volume
The Commercial & Financial Chronicle
153
Maine Central
Lehigh & New England RR.—Earnings—
1Q41
July—
1938
$401,055
$337,410
170,151
119,556
119,386
92,049
$254,328
62,948
48,182
2,892,686
1,216,132
865,673
2,510,121
2,352,474
823,330
653,201
1,959,887
462,608
369,357
-
Net ry. oper. income-.
From Jan. 1—
Gross from railway
$4,965,496
$3,200,962
$3,196,645
1,118,558
584.408
823,582
604,611
154,737
738,912
276,705
31,576,342
10,622,324
6.238,134
..
$3,870,467
1,606,655
railway
26,964,885
7,364,716
3,617,636
25,203,954
6,455,818
railway
Gross from railway
Net from railway._
Net ry. oper. income.
..
3,248,542
23,194,527
4,984,161
1,616,913
—V. 153, p. 695.
1941
1940
1939
1938
$22,624,020 $20,043,484 $19,191,258 $18,167,010
815,378
529,474
579.459
487,292
Net profit.
y
Earnings per share—_
—
$1.86
$1.27
$1.04
y On 400,000 shares
$1.14
After providing for Federal taxes and depreciation.
outstanding.—V. 153,
840.
p.
Joint facility rents—Dr.
$216,579
42,897
$147,980
62,150
$1,693,086
253,739
$1,208,692
274,190
$259,476
$210,130
$1,946,825
$1,482,882
164.711
164,485
1,148,849
1,156,072
$94,765
$45,645
$797,976
$326,810
Julyrailway
Net from railway
Net ry. oper. income—_
1941
$2,626,661
977,234
268,749
1940
$2,457,564
15.230,107
4,228,535
726,018
14,055,958
3,134,538
79,014
853,424
187,792
1938
1939
$2,639,531
1,024,598
333,210
$2,339,517
907,515
299,112
14,589.395
3,368,169
13,181,704
3,010,015
29.022
29,603
From Jan. 1—
railway-..--
Net from railway
—
Net ry. oper. income.
_
_
Study Operations—
The company has announced it has retained the J. G. White Engineering
Corp. to make a complete study of all phases of the railroad's operations
and services.—V. 153, p. 695.
Los Angeles Railway
Corp.-—Earnings—-
Period Ended July 31—
1941— Month—1940
Operating revenue.
$1,107,939
$1,036,82,3
Operating expenses
873,795
791,737
Depreciation—.—
120,250
121,570
_
$113,894
_
$123,516
86.542
Net oper. revenue.
79,849
-—
Gross income.
—
&c.)
Net
income
—V. 153, p. 695.
»Mangel Stores Corp.—Accumulated Dividend—
have declared a dividend of $1.25 per share on account of
on the $5 cum. pref. stock, payable Sept.
15 to holders of
Sept. 3.
Like amount paid on June 15 last.
Dividend of $1.50
was paid on
Dec. 15, 1940, and last previous payment was the regular
quarterly dividend of $1.25 per share distributed on March 15, 1938.—
V. 152, p.3660.
Manhattan Ry.—Receivership Ended—
See Inter borough
Bapid Transit Co.—V. 153, p. 993.
be acquired
(d)
by it; and
Alter the voting rights of its $5 preferred stock by increasing the
from one to 10 votes per share.
The proposal of Utility Service Co. to:
1941—7 Mos.—1940
$7,502,159
$7,290,521
5,688,402
5,647,499
841,875
824,124
(a)
Acquire the aforesaid 330,000 shares of new common stock of the
Gross income
on
funded debt.
Int.
on
152
699
$256,701
1,363
$27,424
65,344
Int.
$379,294
71
$43,819
363
_
$43,667
$379,993
460,701
1,272
$258,064
466,525
2,709
$24,120
$81,981
67,576
unfunded debt—
—
.
Net def. to prof. & loss
$37,920
Louisiana & Arkansas Ryv
July—
the presently outstanding common
Surrender for retirement and cancellation the aforesaid 33,000 shares
of the common stock of the Marion-Reserve Power Co.—V. 153, p. 993.
(b)
Mariin-Rockwell Corp. (&
railway
railway,
_
.
,_
.
Gross from
railway
railway
Net ry. oper. income
—V. 153, p. 695.
$639,306
200,439
$584,974
197,620
99,484
117,835
4,618,510
1,563,653
863,203
4,027,170
1,263,334
694,892
Louisiana Power & Light Co.
_.
_
4,063,368
1,200,900
628,251
1941—12 Mos.—1940
$8,928,555
4,662,282
1,418,811
$8,154,855
4,316,124
1,000,625
70,181
67,272
826,342
806,666
$155,848
1,897
$140,946
$2,021,120
12,479
$2,031,440
12,352
$157,745
72,919
_„
$611,722
321,755
81,749
$576,514
$1,236,072
$1,296,249
Earns, per sh. on 339,245
common shares
$1.31
$1.70
$3.64
$3.82
Net oper. revenues.__
Other income (net)
Gross income——
Int.
on mortgage bonds.
Other int. & deductions.
$142,785
72,928
6,367
J ,033,599
875,114
81,141
1,346
$2,043,792
875,328
92,264
4,197
$63,490
.,078,690
356,532
$1,080,397
356,532
1,839
6.395
CV203
charged to const
Net income-
$78,634
Divs. applicable to preferred stock for the period
the
t
—
———
—
—
$722,158
$723,865
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
a rate which will result in the accumulation of such
taxes at the rate of 30% for the full year 1941.
(2) Includes provision of $15,165 and $107,207 for Federal excess profits
tax in the month of July, 1941, and in the 12 months ended July 31, 1941,
respectively.—V. 153, p. 695.
1941, is being made at
Louisville & Nashville RR.—Ear
.$10,294,697
railway
Net from railway..
3,777,855
Net ry. oper. income..
2,232,902
.
nings-
1940
1941
July—
Gross from
—
.
.
$8,141,094
1939
2,124,199
1,378,576
$7,065,357
1,933,769
1,346.470
55,683,727
13,880,551
9,156,257
47,449,970
11,251,073
7,116,301
1938
$6,256,74S
1,428,689
971,279
From Jan. 1—
Gross from
railway
Net from railway
Net ry. oper. income..
-
.
.
65,380,402
22,011,298
13,723,939
43,074,501
8,254,416
4,203,474
—V. 153, p. 695.
on
McKesson & Robbing, Inc.—Initial
Preferred Dividend—
on Aug. 27 authorized a dividend of $1.09375 a share on the
5H % cumulative preferred stock for the odd period from July 1, when
the company emerged from reorganization, to Sept. 15, when the dividend
is payable to stockholders of record of Sept. 5.
This is the first payment by the company since Sept. 15, 1938.
It will
amount to $61,250 on the 56.000 shares of new preferred stock authorized
under the reorganization plan and sold through an underwriting syndicate.
W. J. Murray Jr., President, announced that no dividend action was
taken on the common stock.
He said the only earnings available for divi¬
dends on this stock were those earned since.the company returned to private
management on July 1.
The directors therefore deemed it advisable to
await earnings figures for the third quarter and the final passage of the in¬
come and excess profits tax law before taking action on the common stock.
—V. 153, p. 841.
Directors
Petroleum
Directors have declared
a
Corp.—Dividend—
dividend of 30 cents per share on the common
record Sept. 5.
Dividend of 25 cents
Dec. 23, 1940. and previously regular quarterly dividends of
share were distributed.
In addition, extra dividend of 10
paid on Oct. 10, 1940.—Y. 152, p. 3349.
stock, payable Sept. 17 to holders of
was
15
paid
cents
cents was
bill
now
before Congress.
of 1941.—V. 152, p. 4128.
Company announced on Aug. 19 that $7,454,625 of debentures tendered
the call for tenders which closed on Aug. 15 had been accepted for pur¬
chases by the 14 debentures corporations issuing the call.
The aggregate
purchase price of these debentures plus commissions was $4,163,123, all of
which will be paid by the debentures corporations from their own assets.
Maryland Casualty guaranteed interest, but not
on
per
Corp. and the Franklin Debenture
Vice-President of tnis company was on Aug. 20 elected
by the Board of directors to the additional office of Secretary.
This office
had been made vacant recently by the resignation of Ralph I. Straus to
accept official duties in Washington.—V. 153, p. 841.
Corp.—V. 149, p. 2088.
(Glenn L.) Martin Co.—Listing—
The New York Stock
Exchange has authorized the listing of
4,500 ad¬
of common stock (par $1) on official notice of issuance
of the company's employees, including certain officers, making
the total number of shares applied for 1,101,823.
Directors on Feb. 21, 1941, authorized the President to enter into agree¬
ments, with such employees as the President should select, including any
officers other than the President, for the issuance and delivery to such
shares
to certain
employees of fully paid and non-assessable shares of common stock, in
consideration of services rendered the company by each such employee, in
addition to those services compensated for by cash, salary or wages; pro¬
vided that the aggregate of shares to be issued pursuant to such agreements
and pursuant to stock option agreements should not exceed 19,985.
As of Aug. 15, 1941, 143 employees, including four employees
who are
signed agreements providing for the issuance, of
4,020 shares of common stock.
Inasmuch as additional
agreements may be executed whereby additional shares would be allocated
to employees, it is deemed advisable to list a total amount of 4,500 shares
directors and officers had
aggregate of
of common stock.
Backlog—Unfinished business at the end of the first six months of 1941
chiefly of domestic orderr
The following figures reflect the
business during the first; jr months of 1941:
Unfinished business at Jan 1,1941
—
- '320,567,701
New business booked during the first six months of 1941
359,120,901
consisted
company s
.
Total
$679,688,601
—
Work executed and billed during
The foregoing figure as to
the following
Domestic
30,1941
27,383,291
- - ~~- - -
unfilled orders:
-
—
—S593.471.183
-
-----
Foreign
the first six months of 1941—-
-$652,305,310
unfinished business at June 30, 1941 included
Unfinished business at June
-
58,834,127
—
—$652,305,310
National Defense Program and Priorities—Approximately 11% of the
company's 1940 sales were to the U. S. Government and directly Connected
with the national defense program.
Approximately 89% of the cbmpany s
1940 sales were to foreign countries, chiefly England, hence were indirectly
in the interest of national defense.
At June 30, 1941 approximately 91%
of the company's backlog of orders consisted of contracts with the U. S.
Government, and relate to the present national defense program.
Of the
remainder, approximately 8% represents sales to England and the balance
to invaded countries or neutrals.
Substantially all of the company s orders
are covered by priority ratings of A-l-a, A-l-b, A-l-c, A-l-d and A-l-e,
assigned by the Office of Production Management.
Company has ex¬
-
--------
-
... — -
perienced many difficulties in securing prompt deliveries of certain raw,
semi-finished and fabricated articles necessary to maintain production
schedules, but these difficulties are tending to become less important
general industry adjusts itself to the necessities of a war-time economy.
Company is not able to predict the extent to which its business may
affected by further developments in the national defense program and
as
be
by
governmental
regulations related thereto, including establishment of
priorities in materials and products, but the company believes that it will
continue to occupy an important position in the national defense program.
Loan Agreement—-Company has entered into a loan agreement, dated
April 30, 1941, with Guaranty Trust Co. of New York providing for a
$26,000,000, or the amount of the final cost certificate
under the terms of its Plant Facilities Contract,
shall be lesser. The loan is to consist of advances to be
made from time to time but, in any event, no advances shall be required
after Oct
1, 1942. The notes bear interest at the rate of 1U% per annum
and the agreement provides that the notes shall mature on Oct. 1, 1942, bu
maximum loan of
(R. H.) Macv & Co., Inc.—New Secretary—
Delos Walker,
principal, of these de~
By this arrangement, the aggregate amount of debentures of these
corporations will be reduced from $19,612,365 to $12,157,740, with $1,552,880 of the latter amount held by Maryland Casualty itself.
It is stated
that with this retirement, the corporations whose assets have been ex¬
hausted are the American Debenture Corp., the Continental Debenture
Total
new
MacMillan
new tax
to first quarter
an
Balance
profits taxes for the June,
This reserve is based on rates in
Of this amount $175,000 is applicable
Note—Provision for Federal income and excess
1941, quarter amounted to $1,317,481.
ditional
_
Int.
$597,484
204,121
121,945
$789,404
429,430
133,945
Property retirement re¬
serve appropriations-
1941—6 Mos.—1940
$445,736
Maryland Casualty Co. of Baltimore-—Tenders Accepted
1938
Earnings—
1941—Month—1940
Period Ended July 31—
Operating revenues
Operating expenses
Direct taxes.—_
1939
1940
5,676,557
2,267,318
1,217,422
.
Net ry. oper. income-From Jan. 1—
Net from
$211,170
Subs.)—Earnings-—
1941—3 Mos.—1940
Net profit after deprec.,
Federal taxes, &c_--_
-Earnings—
1941
$823,228
292,504
152,449
Gross from
Net from
4
1134.
of
stock of that company now held by it; and
Marion-Reserve Power Co. in exchange for the aforesaid 33,000 shares
$818,898
562,197
$971,882
592,588
$27,352
Operating income
Non-operating income..
Capital—
The Securities and Exchange Commission on Aug. 19 issued an order
permitting to become effective a joint declaration and application of the
company and its parent, Utility Service Co., pursuant to the Public Utility
Holding Company Act of 1935 with regard to:
The proposal of the Marion-Reserve Power Co. to:
(a) Issue to Utility Service Co. 330,000 shares of its common stock
(par $5) or an aggregate par value of $1,650,000 in exchange for all, namely
33,000 shares, of its now outstanding common stock (par $20) or an aggre¬
gate par of $660,000;
(b) Transfer to capital (1) the sum of $910,100 from its capital surplus
account, and (2) the sum of $79,900 from its earned surplus account;
(c) Retire and cancel the aforesaid 33,000 shares of common stock so to
Period End. June 30—
—V. 153, p.
19,022
Deductions (rentals, int.,
same
Taxes.__
CV913
Marion-Reserve Power Co.—To Change
Long Island RR.—Earnings—
To
125.136
record
6 Mos. End. July 31—
x
Gross from
$2,053,929
594,217
Dr93,618
157,402
125,720
Dr4,828
22,094
accumulations
Corp. (& Subs.)—Earnings—
Sales
Gross from
$2,905,593
856,591
Drl9.3,486
162,430
$291,225
$369,221
;
Equipment rents
Directors
Lerner Stores
now
Taxes
$7,228,000
5,174,071
1938
1939
1940
1941
Net ry. oper. income. **'.
From Jan. 1—
x
$8,564,078
5.658,485
Net ry. oper. income.
Other income
894,111
670.386
Lehigh Valley RR.—Earnings—
Gross from
1941—7 Mos.—1940
1941—Month—1940
$988,025
696,800
> _ —
.
July—
Net from
RR.—Earnings—
Period End. July 31—
Operating revenues.
$1,237,016
Operating expenses.---.
867,795
Net oper. revenues.-.
.
Net from railway
L
Net ry. oper. income-.
—V. 153, p. 695
lQ^Q
1Q40
$526,098
264,468
175,492
Gross from railway
Net from railway
1279
to be
filed by the company
whichever amount
The Commercial & Financial Chronicle
1280
if the final cost certificate is filed by the company on or
before that date,
be consolidated into a single note which shall
60 equal monthly instalments, beginning on the first day of the
calendar month following the completion of the acquisition, con¬
the outstanding notes shall
mature in
first
facilities covered thereby.
of the company under the agreement and under the notes
an assignment by the company to the bank, of all
claims for moneys due or hereafter to become due from time to time, by the
Government tq the company arising out of or under the Plant Facilities
struction, and installation of the emergency plant
The obligations
are
secured ratably by
Contract.
Ended June 30, 1941
Consolidated Income Account for 6 Months
Sales of airplanes, parts, frc.
—
__
goods sold find, selling, adm. & general expenses;
Depreciation of plant and equipment
...
Cost of
Profit from operations.
„
_
j
.
.
$27,383,291
20,029,063
327,195
$7,027,033
253,807
.
..
Income credits—net.....
$7,280,840
109,363
Net income (before income taxes)
Provision for State income taxes..
Provision for normal Federal income taxes (present rates)
1,723,555
—
447,726
Provision for excess profits taxes (present rates) — .......
Provision for estimated additional taxes and contingencies.....
2,049,557c*.
Earnings
$2,950,640
—
—
share on 1,097,323 common shares.
per
$2.69
......
Assets—
•'
$
10.900.706
i
Cash
2,031,531
Accts. receivable..
Inventories.
.
.
.
.46,282,372
.
1941
1940
terms of coritr'ts48 ,193,730
Advs.receiv. under
227,630
991,930
Notes
7,294,246
lies,
.
'
.
Deferred charges.^
.
.
Underwriter s—The names of the
shares of cumulative
Wells-Dickey Co., 1.500 shares; The Milwaukee
conting.
Liabilities—
A
5 ,159,069
Capital
-
381,088
.
778,622
Provision for income taxes...
Divs.on
12J.230
292,629
pref. & com. stocks.
50,000
Reserve for self-insurance,
deposits with mutual
insurance companies..
Prem.
Plant & eqpt. (less deprec,)..
Intangible assets....... —.
1,841,900
5% preferred stock
168,967
217,974
Investments, advances,
a
919,385
Common stock.
4,048,776
Earned surplus
3,365,770
221,624
$8,746,065
a
Total.
...........
$8,746,065
Represented by 539,210 shares (no par),
1.094.532
1 ,097,323
Capital surplus
11 .427,835 11.542.567
Earned surplus.-- 9 ,854.530
9.610.588
Plant
Power
$800,000
New
12,170
($1
stock
Accrued liabilities.
1,930,967
1,419,737
2.468,985
par)
1,987,411
5,957,965
Inventories..
$433,665
Accounts payable
SI,293,795
Receivables (net)
2 ,019,556
Miscell. reserves..
18,288
Co., 1.000 shares.
Opportunity to Be Afforded Holders of Series A Slock■—Company made
arrangements with the under writers for affording holders of the outstanding
5% cumulative preferred stock, (series A, convertible until Sept. 1, 1911)
of the company (all of which is proposed to be called on or about Aug. 29,
1941, for redemption on or about Oct. 13, 1941) a prior opportunity up to
3 o'clock p. in., (CDST), on Aug. 27, 1941, to purchase an equal number of
shares of the cumulative preferred stock, 414% series of the company at the
public offering price.
Balance Sheet May 10, 1941
Prior
Total........... -.......
for est. add* 1
of
principal under writers and the numbers
preferred stock, 4 Yi % series, severally to be purchased
by each, are as follows: Blyth & Co., Inc., 13.000 shares: Merrill Lynch.
Pierce, Fenner & Beane, 6,500 shares; The Wisconsin Co.. 5,500 shares:
Dean Witter & Co., 5,000 shares; Central Republic Co. (Inc.), 2,500 shares:
7 000,000
payable,,..
taxes &
44,499
..
.
payable.
Accrued liabilities.
.
....
16.869 309
35,395
15.732,875
and equipment.
Other assets
906,946
Accounts
plant
Property,
a
.....
S
2 ,514,590
16,400.4 52
9.333,148
Emer. plant facll'sl2,545,149
Pat'ts, trademarks
and copyrights
18,134
Investments
S
Liabilities—
?
1940
This die
the airplane industry.
Approximately three-fourths of the gross sales revenues of the com¬
pany during the fiscal year ended Aug. 31, 1940. were derived from the sale
of hardboard, and approximately one-fourth of such revenues from the
sale of structural insulation board, Cellufoam and certain other miscellane¬
ous building materials.
Advances on wood purchases.
Comparative Balance Sheet June 30
1941
1941
30,
and magnesium alloys,
ning of sheet metal, especially aluminum
stock is now being extensively used in
Cash in banks & on hand
Net income
Aug.
1
TV A Area—
;
Shortage
Power
Relieves
.
in
.
the company has begun
Officials of the corporation have announced that
operation of its new $800,000 gas fired steam turbine electric power
Laurel, Miss.
The new power plant
is complete and modern in every detail and capable of generating 14,000 kw.
The completion on schedule of this modern power unit materially aids
electric power requirements for defense needs in the Southeastern area.
The new station not only provides sufficient power to take care of the
Masonite plant's requirements but it will also release 3,500 additional
kilowatts in surplus power.
Actually, the new Masonite power plant
alleviates the present emergency in the Southeast to a much greater extent.
Some 10,000 kw. of Mississippi Power Co. electricity formerly consumed
the
station at the huge Masonite plant in
87,290,634 4 2,505,097
Total
a
After
87.296.634 42,505.097
Total....
for depreciation,—V.
reserve
153,
555,
I>.
Inc.—Six-Cent Dividend—-
Maryland Fund,
Directors have declared
a
dividend of six cents per share on the common
stock, payable Sept. 15 to holders of record Aug. 30.
Dividend of seven
cents was paid on June 16, last, and previously regular quarterly dividends
of 10 cents per share were distributed.—V, 152, p. 3029.
Stock Offered—All under¬
writing group headed by Blyth & Co., Inc., made public
offering Aug. 20 of 35,000 shares (par $100) of cum. pref.
stock,
series.
The shares were priced at $102 and
accrued dividends.
Other members of the underwriting
group are:
Merrill, Lynch, Pierce, Fenner & Beane; The
Wisconsin Co.; Dean Witter & Co.; Central Republic Co.
(Inc.); Wells-Dickey Co., and The Milwaukee Co.
Masonite
Corp .—-Preferred
Purpose—The net proceeds will amount to $3,430,000.
Out of such net
proceeds, the sum of $1,897,157 will be applied to the redemption of 18,419
of 5% cumulative preferred stock riow outstanding.
(Dividends
accrued to redemption date on shares to be redeemed will be paid out of
treasury funds of company.)
The balance of such net proceeds will be
used for, or will be used to reimburse the company for expenditures made in
connection with, the construction or acquisition of additional equipment
and plant facilities, or will be added to working capital and used for general
corporate purposes, Including the carrying of inventories and accounts
receivable.
It is contemplated that approximately
$750,000 of these
moneys will be applied to the construction of a power plant, and approxi¬
mately $650,000 of these moneys will be applied to the extension and im¬
provement of the company s manufacturing plant, at Laurel, Mississippi
shares
—Years
Cost of sales.
..
Expenses
..
Net profit from opers.
Other income
Ended Aug.
«
1939
$7,233,389
2,163,984
1940
$9,057,648
4,591,212
2,372,617
$1,564,889
124,929
$2,093,819
135,213
$1,470,343
May 10, '41
$7,794,682
Sales, net.—
4,065.809
projects planned bv Masonite executives more than a year ago.
At that
foreseeing the present emergency, they inaugurated an extensive
program of plant expansion.
The completion of the power plant in record
time marks an important step toward the fulfillment of the expansion
time,
program.
Preferred Stock Called—
All
of the outstanding 5%
cum.
pref. stock (series A, convertible until
called for redemption on Oct. 13 at $103 and accrued
will be made at the Harris Trust & Savings Bank.
Chicago, III.
Payment prior to redemption date may be had at holder's
option.—V. 153, p. 1134.
Sept. 1, 1941) has been
Payment
interest.
Massachusetts Investors Second Fund, IncDividend
declared a quarterly distribution at the rate of 11 cents a
This payment, which represents income from dividends and interest
on securities,
will be made Sept. 20 to stockholders of record Aug. 29.
Dividend of 10 cents was paid on June 20 last and one of 12 cents paid
March 20 last.
In 1940 dividends of 10 cents each were paid in first three
quarters and 14 cents in final quarter for a total of 44 cents a share.-—
Directors have
share.
V.
152, p. 4129.
Co.—Earnings—
Maud Muller Candy
1941
3,436,619
2,326,427
110,186
31
313,177
1938
$6,028,609
2,742,972
1,917,703
$1,367,934
101,176
—
Other income
Total
Other deductions.
$26,311
2,226
$39,041
Operating profit
....
$310,203
283,893
$35,830
3,211
Gross profits.....
Expenses,
1940
$349,007
12 Months Ended June 30—
Summary of Earnings for Stated Periods
36 Wks. End.
by Masonite Corp., will now be made available for other defense purposes,
in addition to the surplus which Masonite will provide.
The erection of the new Masonite power unit was one of the principal
$28,537
252
1.227
—
10,002
Federal income and excess profits tax
Total income.
-.
Other deductions
Prov. for Fed.
sissippi
taxes.
_._
113,539
116,247
$1,469,110
47,487
;
_
annual
x
_:
554,345
456,145
$1,659,348
$1,040,160
preferred
dividend
301,232
$1,163,050
for the 35,000 shares of
outstanding upon the com¬
pletion of this financing, will be $157,500.
as
of May 10,
1941
Amount
Title of Issue—
To Be
Authorized
Outstanding
a50,000 shs.
35,000 shs.
b700,000 shs. 539,210 shs.
Cumulative pref. stock, 4H % series
Common stock, no par value
a Preferred stock is issuable in series.
Prior to or concurrently with the
issue and delivery of the shares of cumulative preferred stock, 4 Y> % series
now offered,
the presently outstanding shares of preferred stock will be
called for redemption and retired, the issue of the shares now offered will
be authorized by the board of directors, and a certificate providing for the
issue of the shares offered will be filed with the Secretary of State of
Delaware.
b 27,628Vi shares are reserved for conversion of the 5% cumulative
preferred stock (series A, convertible until Sept. 1, 1941), the entire issue
of which is to be retired prior to or concurrently with the issuance and sale
of the 4)4% series.
Such conversion rights will continue until
Septal, 1941.
History and Business—Company
under the
name
of Mason Fibre Co.
was
In
incorp. in Delaware, Sept. 1, 1925,
March, 1928, its name was changed
Masonite Corp.
Company is principally engaged in the manufacture and sale of hardboard, which was first produced commercially in 1926.
This product and
the processes for its manufacture were invented by the late
William H.
to
Mason,
vice-president of the company from its organization until his
death in August, 1940.
Hardboard is a homogenous, hard; dense and
grainless fiber board product, varying in thickness from y» to 5-16 of an
inch, with a high tensile and breaking strength and with a high resistance
to
a
moisture
penetration or moisture absorption.
hardbjoard by the
In the manufacture of
company, wood chips are exploded by steaih, resulting
The fiber is refined, felted, placed in hydraulic
and there subjected to heat and pressure.
The density and hard¬
of the product depend largely upon the amount of pressure applied
during the process of manufacture.
Certain of the hardboard products so
ness
manufactured are also subjected to a tempering process, which increases
rigidity and resistance to moisture penetration of the pro¬
duct, or to other finishing processes.
While no figures on the production of hardboard by others are available
to the company, it estimates that it is now producing in excess of
90% of
all hardboard sold in the United States.
Hardboard is used in the building industry as wallboard, for decorative
the toughness,
panelling, for exterior covering, as interior tile for waterproof panelling in
kitchens and bathrooms, for flooring and sub-flooring, for ceilings, and for
forms into which concrete is poured.
In addition, hardboard has a wide
variety of uses in other industries, such as for the interiors of automobile
bodies, street cars, railroad cars and steamships and for use in the manu¬
facture of furniture, toys, advertising displays, cabinets and counters and
motion picture sets.
A hardboard die stock has been a recent development
for industrial use in the manufacture of dies for shearing, forming and
spin-
192
x$24,739
x$27,310
1940
$34,387
133
566
2
Accts. rec.-^—other.
•-
Bonus payable
-
2,178
1.695
10,002
3,870
1,108
Accrued rent-....
37,601
Com. stock (32,000
13,542
12,241
$134,401
$113,459
.....
Fixed assets.
.
shares
no
—V. 151, p.
1,079
^
86,591
74,062
$134,401
$113,459
....
Total
;
32,000
32,000
par)._
Surplus
.
340
payable
Inc. taxes payable
Social sec.
27,640
1,023
48,555
...
Deferred charges.
1940
$1,493
375
Accrd.county taxes
45,800
Inventories
Total
1941
$2,177
Liabilities—
1941
......
Accts. rec.~*~trade.
'
1284.
Middle West Corp.
(& Subs.)-—Earnings—
(Exclusive of Central Illinois Public Service Co.)
Period End. Jwe 30—
1941—3 Mos.—1940
1941—6 Mos.
-1940
Operating revenues...-.$17,30o,271 $15,919,712 $34,924,978 $32 ,254,616
12.467,013
Operation
6,077,567
5,615,362
10 Aan
11 ,483,713
,728,441
1,779,387
Maintenance
935,206
884,619
,297,638
4,596,776
Depreciation.
2,309,505
2,161,527
__
Taxes, other than income
and excess profits..
-Income taxes.._
1,793,471
957,519
38,540
1,658,708
193,791
50,224
__
—
Exc. profits tax.
490,716
10,850
3,595,253
1,711,105
,314,849
980.536
74,224
16,166
396,888
522.002
819,294
13,865
Charges in lieu of—Income taxes.
Excess
_
._
Gross income--
-—
58,461
$4,687,173 $10,092,363
214,144
$9,555,514
238,164
$5,067,904
_
—
86.853
$4,950,444
117,459
profits tax_.
Net oper. income
Other income (net)
$4,790,913 $10,306,507
$9,793,678
103,740
Int., divs. on pref. stocks
subs,
of
in the formation of fiber.
presses
$24,931
Comparative Balance Sheet June 30
Cash..
Other assets.
(Giving Effect to Present Financing)
$22,677
2,253
.
$28,787
_ -
$25,259
Assets—
$1,144,274
_. — .
247,474
Federal taxes.
Before
277.349
requirement
cumulative preferred stock, 4Yi% series, to be
Capitalization
Net profit for year.
income
Net income
The
$1,580,529
and Mis¬
State
—
..
$2,229,032
$1,689,818
95,313
1939
$270,151
and
other
'
'
deductions:
Int.
on
Amort,
of
debt
1,904,322
1,956,929
3,834,030
3,975,809
320,850
long-term debt
337,157
654,059
660,035
91,751
35,581
26,503
1.340,685
213,147
29,020
46,187
120,551
41.652
24.413
54.331
89,570
55,360
1,332,974
2,729.198
427,617
2,724,423
457,300
disc't
and expense
Amort.
of pref. stock
refinancing expense
General interest (net).
Other inc. deductions.
a
a
Dividends declared
.
Divs. not declared--
Min,
inc.
interest
of sub.
in
238.036
net
149,909
Net income
81,347
308.311
186,340
$985,152
cos
$744,850
$2,104,769
$1,603,185
a Dividend
requirements for period on
companies held by the public.
Note—Provisions
73,637
for
income
and
excess
preferred stocks of subsidiary
profits taxes
have been com¬
puted in accordance with the requirements of tax laws currently in effect.
Volume
The Commercial & Financial Chronicle
153
The 1940 period earnings have been adjusted for comparative purposes to
give effect to the retroactive provisions of tax laws enacted subsequent to
the release of those earnings in 1940. with the result that net income for
the three months ended June 30, 1940, $822,120, previously published,
has
been
reduced herein
by $77,270, and net income for the six months
ended June 30, 1940, $1,796,058, previously published, has been reduced
nerein by $192,872.
Under the provisions of the Revenue Act of 1941 accruals made by the
companies in the current periods for Federal income and excess profits
taxes, and charges in lieu thereof, may have to be substantially increased.
It is tentatively estimated that these additional
accruals,
which
are
applicable almost entirely to operating companies, will have the effect of
decreasing consolidated net income shown above by approximately $300,000
and $600,000 in the current three and six months' periods, respectively.
Statement of Income {Corporation Only)
Period End. June 30—
Income—Subsid.
;
60
Divs.
61
166
162
....
'
$736,721
70,995
$388,307
84,051
$1,089,646
119,870
$806,528
113,366
6,513
23,860
8,859
6,392
13,207
35,176
—
$289,004
$921,391
$659,577
Notes—(1) Federal income taxes have been computed in current periods
at rates provided in the Second Revenue Act of 1940.
It appears that the
proposed Revenue Act of 1941, as passed by the House of Representatives
on Aug.
4, 1941, may increase the company's Federal income taxes ap¬
proximately $3,000 and $6,000 for the current three and six months periods
respectively.
(2) No provision has been made for excess profits tax.—V. 152, p. 3816.
a
dividend of 75 cents per share on the common
Dividends of 50 cents
Dealers, Inc.,
District No.
$674,167
after
66,197
depreciation,
but
&c.,
loss50,597
before
taxes
151, p. 2505; V. 152, p. 3351.
Midland Valley
railway.
791,667
$99,869
$84,410
347
$1,255,268
1,826
$1,395,012
73
$99,942
$84,757
$1,257,094
$1,400,100
66,667
66,667
800,000
11,952
11,380
117,733
807,375
126,115
Net income.
$21,323
$6,710
Dividends applicable to preferred stock for period
$339,361
403.608
$466,610
403,608
Net oper. revenues...
1940
$118,017
58,191
39,330
54,169
31,602
1939
$117,204
55,826
38,468
1938
$124,149
60,254
42,484
746,848
308,420
177,749
748,700
304,764
166,277
743,206
327,586
200,404
714,913
270,947
150,271
Gross income
Interest on mtge. bonds.
Other int. & deductions.
....
Balance
1941
$3,713,162
1,308,736
898,272
railway
Net from railway.
Net ry. oper. income
Net
income
ry. oper.
1940
$2,714,598
736,429
439,047
1939
$2,360,182
494,540
174,936
1938
$2,088,761
316,949
def7,637
19,158,243
4,869,944
2,552,089
16,177,588
3,180,308
1,288,139
14,127,050
12,864,224
1,672,845
937,155
def244,927def1,162,324
[Excluding Wisconsin Central Ry.]'
Period Ended July 31—
Total revenues........
respectively.—V. 153,
structures
expense
1941—7 Mos.—1940
$9,915,388
$8,539,654
1941—Month—1940
$2,195,442
$1,310,567
Transportation
expenses
General expenses
Net railway revenues.
Taxes
j..—
279,267
216,562
36,160
546,908
58,068
411,808
274,072
36,318
667,058
68,080
v'./'y-
Ryv -Earninqs$84,182
12,245
775,267
154,626
47,783
railway
1938
1939
1940
1941
$107,803
11,793
def3,734
July—
Gross from
Net from railway
Net ry. oper. income...
34
$79,954
5,502
def 5,475
$76,448
13,273
1,160
653,539
126,844
37,587
591,826
99,615
20,403
def35,727
From J an. 1—
Gross from railway
Net from railway......
Net ry. oper. income..-
Ry.—Earnings1938
1939
1940
1941
$267,625
July—
$203,076
104,440
52,424
$82,966
14,132
82,661
$206,759
103,886
56,899
1,476,228
711,335
378,276
1,215,986
524,194
307,085
1,208,452
o48,510
305,126
582,209
98,148
def4,961
Gross from
railway
railway.
oper. income.__
Net from
536,865
44,737
-v.
Missouri Illinois
142,919
.....
railway.
Net from railway
...
Net ry. oper. income...
—V. 153, p. 696.
938
Missouri-Kansas -Texas RR.—Earnings—
$3,512,003
2,218,240
Operating revenues
Operating expenses
Fixed charges.
_
.
820,880
370,380
450,499
— —
Inc. after fixed charges.
—V. 153, p.
696.
RR.—Earnings—
Missouri Pacific
railway
from railway
ry. oper. income
Net
From Jan. 1—
1,931,459
1,700,601
242,805
3,938,734
391\233
$1,710,557
3,620,564
359,032
$1,067,259
18,458,087
mortgage income
770,792
681,001
$386,258
111,864
88,984
to 21
$185,409
stock,
$27,148
9,701
$775,356
64,635
72,276
Inc. avail, for fixed chgs.
a Fixed charges
$591,340
4,440
$36,849
2,112
$839,991
32,396
8,127,260
1,986,115
payable
on
Oct. 1, 1941 on the first
equivalent to:
series A bonds; 3% of the principal of the
B bonds.
On Oct. 1, 1941, after interest payments
series
$257,686
20,768
indicated above, the accumu¬
these series A and series B income bonds
respectively.—V. 153, p. 843.
lated unpaid interest on
13,727
44,970,712
bonds, series A and B due Oct. 1, 1956
3^j% of the principal of the
$939,765
71,545
92,964
$579,561
11,780
9,815,285
4,009,928
12,010,732
Mobile Gas Service Corp .—Interest Declared—
a meeting held on Aug. 11, 1941, the board of directors declared the
110,153
rents—Dr.
48,113,812
At
Net after taxes..$598,582
Hire of equipment—Dr.
5,295
Net ry. oper. income.
Other income (net)
45,581,850
8,794,564
2,676,852
1,313,869
$7,893,462
2,317,608
1,397,683
.
following amounts of interest to be
$173,602
$63,449
21,486
14,815
$7,456,263
1,930,455
1,004,566
2,189,082
60,527,497
railway
Net from railway..
Net ry. oper. income
—V. 153, p. 696.
1,618,277
1,627,442
2*7,079
1938
1939
1940
$8,070,842
1941
$10,756,417
3,911,979
2,825,257
July—
Gross from
Net
1941—7 Mos.—1940
$2,724,762 $18,816,482 $15,760,919
1,837,972
13,912,109
12,370,628
478.449
2,393,014
1,038,231
370,723
2,567,993
2,562,122
107,726
def174,979 defl ,523,891
1941—Month—1940
Period End. July 31—•
$738,106
139,524
Joint facility
$63,002
of such taxes
696.
p.
Gross from
Maintenance of way and
Maintenance of equip—
Traffic expenses
5,088
Includes provision of $1,959 and $43,139 for Federal excess profits tax
the month of July, 1941, and in the 12 months ended July 31, 1941,
in
From Jan. 1—
Gross from rail way
Net from rail way......
919,396
771,667
def $64,247
_j
Inc. avail, for fixed chgs.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
Gross from
....
From Jan. 1—
—V. 153, p. 696.
July—
4,533,743
4,861,562
1,134,034
65,000
377,365
77,285
66,667
From Jan. 1—
Net from railway
Net ry. oper. income...
1941—12 Mos.—1940
$8,042,531
$7,619,818
345,732
res. approp
Prop, retire't
Gross from
1941
$125,887
railway
Net from railway......
Net ry. oper. income...
Gross from
444,539
56,279
direct taxes.
Direct taxes
Net ry.
RR.—Earnings-
July—
Gross from
64,462
def2,392
1941—Month—1940
$621,186
$551,421
Operating revenues
Operating expenses, excl.
1940
$180,710
1941
Sales.
income
459,448
25,342
def43,198
Mississippi Power & Light Co.—Earnings-
—V. 153, P. 696.
Michigan Bumper Corp.—Earnings—
6 Months Ended June 30—
profit
9,979
def54,304
Missouri & Arkansas
13, announces that it is in¬
1952 have in the past been
quoted "with stock."
It is further informed that the Common stock has
a substantial independent market.
Accordingly, the debentures and the
common stock should each be quoted separately and contracts should be
made on that basis, the committee states.—V, 153, p. 555.
Federal
439.529
209,633
115,070
22,043
Period End. July S\—
The Uniform Practice Committee of the National Association of Securi¬
Net
$66,225
18,879
10,387
Notes—Provision for Federal income taxes, subsequent to April 1, 1941'
formed tnat Miami Bridge Co. debentures 6s,
—V.
1938
1939
$66,067
4,941
def4,934
693,968
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway.
Net ry. oper. income...
Bridge Co.—Ruling—
ties of Securities
1940
$58,639
def11,543
def21,43 2
is being made at a rate which will result in the acucmulation
at the rate of 30% for the full year 1941.
Mesta Machine Co.—75-Cent Dividend—
Directors have declared
stock, payable Oct. 1 to holders of record Sept. 16.
were paid in preceding quarters.—V. 152, p. 1596.
Miami
1941.
1941
$105,763
33,566
Other income
profits
taxes
Net income
year
Mississippi Central RR.— -Earnings—
July—
Gross from railway
Net from railway
14,375
19,208
$635,352
Total
Gen. & admin, expenses.
Taxes, other than income
excess
161,883
11,218
$504,337
143,338
21,189
25,611
105,871
6.016
...
Interest
and
$256,633
39,801
9,695
17,861
61,666
2,589
$488,172
411,775
16,430
90,203
5,500
Bond interest..
Income
30% for the full
Includes in the 12 months ended July 31, 1941, provision of $50,000 for
excess profits tax applicable prior to Jan. 1, 1941, but includes no
subsequent provision for such tax since no excess profits are indicated.—
V. 153, p. 555.
Federal
,
$233,884
398,088
8,984
Com. stocks dividends
Miscellaneous
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
being made at a rate which will result in the accumulation of such taxes
at the rate of
—V. 153, p. 696.
panics consolidated:
Preferred dividends..
Note interest
Other companies:
1941—6 Mos —1940
1941—3 Mos.—1940
v
com-
,
is
1281
H% and 16Yi%,
Mock, Judson, Voehringer Co.,
will amount
Inc.—Common Dividend
dividend of 12 H cents per share on the common
payable Sept. 10 to holders of record Aug. 30.
Dividends of 25
were paid in preceding quarters.—V. 152, p. 3030.
Directors have declared a
...
Net after fixed chges..
a
$586,901
Does not include interest
,
$34,737
<
$807,594
being accrued and not paid,
as
$236,918
reflected
cents
Mohawk Carpet
James W.
p.
Mills, Inc.—New Chairman—
Ferguson has been elected Chairman
Earnings
Monongahela Ry.
on
corporate books.—V. 153, p. 842.
Minneapolis & St. Louis RR,—Earnings—
Net ry. oper. income...
From Jan. 1—
Gross from railway
1941
$1,012,484
275,505
166,667
1940
$757,369
1939
$710,603
151,426
95,970
77,567
24,348
1938
$762,190
131,463
24,099
5,864,876
July—
4,998,597
862,016
296,286
4,788,392
772,055
201,119
4,764,059
713,361
131,320
Net from railway......
1,252,405
Net ry. oper. income.633,142
railway
Net from railway
Net ry. oper. income—
From Jan. 1—:
Gross from railway
Net from railway
Net ry. oper. income—
—V. 153, P. 696.
Minnesota Power &
Period End. July 31—
Operating revenues
Oper. exps., excl. direct
taxes.
Direct taxes.
Prop, retire, res. approp.
Amort,
of
Light Co.—Earnings—
1941—Month—1940
$745,955
$630,579
242,273
151,220
68,452
1941—12 Mos.—1940
$7,968,278
$7,186,549
182,082
115,799
2,434,428
1,644,883
57,143
693,452
2,168,639
1,233,729
672,619
574
6,893
571
.
Net oper. revenues—
$283,439
$274,981
$3,188,622
$3,104,684
243
Other income
taxes
Direct taxes.-
Property retirement and
depletion res. approp.
$542,427
337,819
198,485
$432,324
3,067,409
2,983,046
8
2,123
972
Gross income
on mortgage bonds.
Other int. & deductions.
Int. charged to construc¬
tion (Cr)
Net
$283,682
133,054
5,797
$274,989
133,850
5,710
$3,190,745
1,602,726
74,692
$3,105,656
1,612,111
72,059
199
588
5,642
2,446
$145,030
income
$136,017
$1,518,969
990,825
„
$433,107
1,758,600
1,022,449
365,276
Co.—Earnings—
1941—12 Mos.—1940
1941—Month—1940
$1,494,372 $1,400,783 $18,601,870 $16,512,196
493,249
255,389
493,433
359,202
5,515,111
4,554,783
5,114,051
2,905,109
1,858,785
1,713,760
$6,673,191
$6,779,276
1,987
Dr6,358
2,064
$480,196
156,501
44,125
38,622
$507,956
157,366
44,125
40,279
$6,666,833
1,882,357
529,495
484,894
$6,781,340
1,186
267
17,303
3,555
$242,134
$266,453
Dividends applic. to pref. stock for the period..
$3,787,390
957,534
$3,894,987
957,531
$2,829,856
$2,937,456
1941,
Other income (net)
Gross income
Int.
on
mtge. bonds
Interest on debentures.
-
and deductions
Int. charged to construc¬
tion (Cr.)-Net
990,825
$528,144
1,956,529
1,096,282
439,524
146,176
income
Balance.
is
Balance
1.796,975
898,562
1938
$247,267
148,485
57,044
$505,969
$1,423,932
Divs. applic. to pref. stocks for the period.
1,881,173
1,002,098
1939
$351,110
213,670
103,613
162,593
Net oper. revenues-..
Other int.
Int.
„
271,357
142,481
$479,144
1,052
6,878
limited-term
investments
Montana Power
Period End. July 31—
Operating revenues.- — Oper. exps., excl. direct
—V. 153. p. 696.
1940
1941
July—
Gross from
Gross from railway
Net from rail way......
of the Board.—V. 153,
1135.
-
1,896,150
529,495
464,263
Notes—Provision for Federal income taxes, subsequent to April 1,
being made at a rate which will result in the accumulation of such
at the
rate of 30% for
the full year 1941.
taxes
The Commercial & Financial Chronicle
1282
in the month
of
1941
respectively.—V. 153, p. 556.
1941
%
See list given on first page of this department.
911,446
Spec, cash depos
U.
Inc.—Three-Cent Dividend—t
1,238
c
Cap. stock (no
par
6%
value)—125,839,095 125,839,095
gold
debs.,
series A■
Govern't
S.
$
Liabilities—
130,151,982
3 ,643,762
3,513,507
Cash..........
1940
%
1940
$
A 8 sets—
Investments ...129 .959,389
Morgantown (N. C.) Furniture Co.—Registers with SEC
Mutual Systems,
Aug. 30, 1941
Balance Sheet June 30 (Company Only)
Federal excess profits tax
July, 1941, and in the 12 months ended July 31, 1941,
Includes provision of $54,355 and $855,219 for
1,999,571
Treas. bills...
5%
gold
8,775,000
debs.,
Accts. receivable
1,555
28
Assoc. co. bds.
370,500
8,959,000
370,500
quarterxy dividends of five cents per share were distributed.—V.
Accrued int. rec.
14,441
13,476
Divs. declared..
419,574
419,574
3096..
Divs. receiv'le..
279,406
284,580
17,364
1,546
Accts. payable..
Accrued accts..
16,204
1,500
248,217
462,043
d
325,981
324,779
Directors have declared
dividend of three cents per share on the common
a
stock, payable Oct. 15 to holders of record Sept. 30.
Previously regular
151, p.
:
Other
Unamortized dt.
(F. E.) Myers & Bro. Co.—Earnings—
End. 3 Mos. End. 9 Mos. End.
Iff 31
AprilJuly 31 '41 July 31 '41
x Gross profit
$743,087
$1,963,119
$1,220,032
725.097
222,719
Selling, administrative and gen, exps.
502,379
Prov. for deprec. of plant and equip.,
22,889
68,019
45,131
6 Mos.
.
,
r
558,243
13,496
74,417
dLsc. & exp...
1
,
curr .assets
Prepayments.
Liquid, acct..
1,696,960
14,246
Profit before Fed. taxes on income.
Federal taxes on income-estaimated:
Normal income tax
Excess profits tax
$497,479
8,277
$505,756
75,417
61,000
306,000
100,000
$456,519
3,177,673
$318,756
3,334,193
$775,275
3,177,673
$3,634,192
300,000
$3,652,948
150,000
$3,952,948
450,000
$3,502,948 $ 3,502,948
$675,519
137,459,228 151,999,391
Total
$1,181,275
126,000
$672,522
2,997
Liquid'n acct.
f Mat
long-term
910,306
debt & int...
b Other reserve.
10,000
18,900
281,378
Earned surplus.
$1,170,001
11,273
$3,334,193
Operating profit—
a
Reserve.......
e
-
Interest earned and other inc. (net)..
4,459,000
series B
16,246.409
Temp, cash inv.
4,576,974
281,378
6,531,758
137,457,228
151,999,391
Total
Lancaster County Ry. & Light Co. 5% coll. trust mtge. gold bonds*
b Reserve for retiring minority interest in subsidiary liquidated,
c Rep"
a
resented by 279,716 shares $b pref. stock (value in liquidation $100 a share)
5,456,117 shares of common stock,
d Tennessee Public Service Co.
Memphis Power & Light Co.
f Cash in special deposits.
and
180,000
39,000
L
"
e
Bonds Called—
Net profit..
Balance at beginning of period
.
—..
Total surplus..............——
Dividends paid
v.
Company is notifying holders of its 5% gold debentures, series B, due
May 1, 2030 that the company has drawn by lot for redemption on Sept. 23
1941 at 106% and accrued interest a
principal amount of these
bonds
sufficient to exhaust the sum of $2,459,000.
The bonds will be redeemed
at the full
redemption price on or after Aug. 25, 1941 at the principal office
New York City.—V.
of Central Hanover Bank & Trust Co., 70 Broadway,
Balance at end of period.
Earns,
per share on 200,000
capital stock (no par)
153, p. 697.
\
shares
$1.59
$2.29
$3.88
National Battery Co.
After
deducting cost of goods sold, Including materials, labor and
manufacturing expenses, but before deducting provision for depreciation.
x
Balance Sheet July
Assets—Cash, $1,731,243; notes and accounts receivable (less reserves of
$1,349,339; merchandise inventories, $1,305,703; miscellaneous
sundry assets, $19,491; land, $111,604: buildings,
machinery and equipment (less reserves for depreciation of $1,148,823).
$717,732; deferred charges, $55,723; total, $5,290,837.
Liabilities—Accounts payable-trade, payrolls, &c., $265,429; accrued
taxes—Federal capital stock, State and county, $41,605; Federal taxes on
income, including $406,000 for estimated taxes for period of nine months
ended July 31, 1941, $463,703; reserve for contingencies, $17,151; capital
stock and surplus—Capital stock
(200,000 no par share), $1,000,000;
earned surplus, $3,502,948; total, $5,290,837.—V. 152, p. 3352.
$31,586),
Nashville Chattanooga & St. Louis
1941
Gross from
1939
$1,149,694
224,492
174,125
143,467
10,970,318
3,229,986
1,903,466
8,645,336
1,687,050
935,781
8,470,079
1,765,347
1,030,082
a
(& Subs.) —Earnings—
6 Months Ended June 30—
National Power &
Period End. June 30—
1941
1
455,549
$1.37
477,872
$1.44
National Gas & Electric Corp.
1941—3 Mos.—1940
Period End. July 31—
Operating revenuesOperation.
Maintenance.
1941—12 Mos.—1940
Fed. & State income tax.
General taxes-.-
res. approp.
815
1
a
476,209
1,648,177
1,655,364
6,941,689
6,348,772
a
5,388
Interest
$6,464,248 $25,272,305 $26,910,151
$5,679,845
2,677,385
Cr5,794
9.670,058
Cr97,385
income
res.
accruals
on
—
bonds
Net
a
10,861,764
Cr 16,372
income
—
Before retirement
6,035
12,140
$2,333,047
1,314,866
92,.358
108,092
141,134
$2,068,636
1,150,160
95,823
53,802
149,385
$66,631
4,357
$48,169
7,876
$676,595
23,583
$619,465
23,366
$70,988
28,659
$56,045
19,489
$700,179
$642,832
271,920
232,243
$42,329
10,401
0-2,133
$36,556
10,67,3
929
475
$428,258
126,570
1,777
8,176
$410,588
128,093
4,266
5,604
$33,132
$25,052
$291,735
$0.65
$272,625
$0.61
$214,552
120,476
6,513
10,102
10,830
$170,372
97.054
6,973
355
reserve
accruals.- -V. 153, p. 995.
National Rubber Machinery
Balance.
Preferred dividends
$3,323,136
.
1,405,802
Balance
$1,917,334
Portion applicable to mi¬
_
_
1.
nority interests
a
a
Net equity..
Nat. Power <$ Lt. Co.—
Net equity.^:ii-ito.-ta $l;9l7,315
Other income.
31,154
Total
Expenses
....
Prov..for Fed. inc. tax—
Other taxes
Balance
Balance carried to
solidated earned
Net
94
Selling
Development and experimental
sur.
$2,037,725
$8,618,423
_
$0.29
$1.27
Net profit from operations
$1.35
Assets—Cash, $432,349; trade accounts and notes receivable (less re¬
for doubtful accounts of $22,981), $275,213; inventories, $507,079;
investments, $115,398; investment in and advances to subsidiaries, $8,265;
other assets, $425; plant and equipment (less reserves for depreciation of
$630,687), $874,528; patents, trade marks and goodwill, $1; deferred
charges, $10,099; total, $2,223,357.
Liabilities—Accounts payable, $112,308; customers
cash deposits Ex¬
plicable to unfilled orders, $155,613; accrued liabilities, wages, taxes and
royalties, $74,029; group insurance dividend, applicable to future coverage,
$655; unclaimed dividends payable, $50; provision for Federal income, de¬
fense and excess profits taxes, $85,000; reserve for possible losses on guar¬
anteed discounts for National Equipment Co.,
$12,000; capital stock
(154,000 shares, no par value), $1,337,032; capital surplus arising from
reduction of capital and
plant revaluation, $206,782; earned surplus,
$239,886; total, $2,223,357.—V. 153, p. 697.
'
Period End. Jujie 30—•
1941—3 Mos.—1940
Inc. from subs, consol
$1,635,011
$1,630,605
Other
31,154
1941—12 Mos.—1940
31,236
$1,666,165
104,866
a27,000
11,805
r
Net oper. income
$1,522,494
Int. & other deductions
from income
185,034
Net income..
Earns, per com. share..
.
a
Since Jan.
at the rate of
$6,733,352
120,247
$6,462,670
75,939
$1,661,841
73,925
38,550
13,133
$6,853,599
380,262
al97,800
48,250
$6,538,609
$1,536,233
$6,227,287
$6,117,374
254,736
951,844
1,020,993
$1,337,460
$1,281,497
$5,275,443
$0.16
$0.15
$0.65
221,609
134,150
65,476
Nevada Northern
has been made for Federal
profits are indicated.
excess
railway
Net from railway
Net railway operating income
From Jan. 1—
$5,096,381
$0.62
profits tax since
Ry.—Earnings—
July—
Gross from
1, 1941, provision for Federal income taxes has been made
30% of taxable income.
Note—No provision
no excess
$158,849
serve
b Provisions for
Other taxes:
$243,849
85,000
Balance Sheet June 30, 1941
Federal income taxes,
subsequent to April 1, 1941, are
being made at a rate which will result in the accumulation of such taxes at
30% for the full year 1941.
Total income
155
Net income after Federal taxes
the rate of
Prov. for Fed. inc. taxes
$243,694
—
Net income before Federal taxes on income
Provision for Federal income, defense and excess profits taxes.-
Of National Power & Light Co. in income of
subsidiaries.
Expenses
$255,376
11,682
Non-operating income
$9,075,040
$0.21
$238,675
16.701
Total income
$9,570,267 $10,096,033
951,844
1,020,993
$1,619,764
expense
Deductions from income.
$2,418,069 $10,196,579 $10,517,268
73,925
380,262
221,609
38,550
197,800
134,150
13,133
48,250
65,476
$2,292,461
2.54,736
$1,377,078
1,021,298
51,309
58,215
7,580
——
Net profit on sales—.
Other income
$10,076,332 $10,441,329
s: 120,247
75,939
185,034
-
-
expense
General and administrative expenses
224
$2,386,833 $10,076,332 $10,441,329
$2,386,833
31,236
sales
Cost of sales
$2,386,856 $10,076,426 $10,441,553
23
Co.—Earnings—
Earnings for Six Months Ended June 30, 1941
con¬
Earns, per com. share.
a
$1,948,469
104,866
27,000
11,805
$1,804,798
Int. & other deductions.
r
19
$1,917,315
..
$3,792,657 $15,699,632 $16,064,759
1,405,801
5,623,206
5,623,206
Earnings—
1941—12 Mos.—1940
Earnings per share
to
2,392,073
Cr35,364
income
Amort, of dt. disc. & exp.
Other income charges—
$6,428,739 $25,200,385 $26,798,717
35,509
71,920
111,434
public & other
deductions...
Int. chgd. to construct'n
oper.
Gross income
7,137
Gross income
Gross
Retirement
$6,427,229 $25,194,997 $26,791,580
1,510
Utility
Other income (net)
5,989,981
6,056,722
Operating income
$5,658,134
income (net).-...
21,711
Other
.
(& Subs.)
1941—Month—1940
excess
135,103
1,820,850
1,352,572
.
regular dividend on Oct. 1 to holders of record Sept. 21.
Light Co. (&. Subs.)—Earnings—-
Net oper. revenues... $5,657,319
Rent from lease of plants
Int.
72,502
Folding Box Co.—Extra Dividend—
—
profits taxes
Other taxes
(net)
loss$14,429
71,956
tion to the regular quarterly dividend of 50 cents per share on the common
stock, the extra being payable Sept. 2 to holders of record Aug. 26, and the
$20,308,680 $19,077,530 $81,480,404 $76,131,339
expenses—... 10,035,798
9,108,167
38,920,698
36,693,515
Prov. for Fed. inc. taxes bl ,307,038
238,593
b3,598,039
599,541
Prop, retire,
$429,648
68,696
186,292
Directors have declared an extra dividend of 25 cents per share in addi¬
$710,527
revenues
Prov. for Federal
$634,882
17,708
292,751
Includes $193 estimated provision for surtax on undistributed profits.
National
1940
$792,899
Subsidiaries—
Operating
Operating
$748,082
191,630
Assets—Cash, $485,529; notes, contracts and accounts receivable (less
of $65,147),
$710,159; inventories, $2,111,392; other assets,
$106,740; property, plant and equipment (less reserves for depreciation),
$1,346,487; deferred charges, $64jJi28; total, $4,824,935.
Liabilities—Accounts payable, $1,022,641; dividends payable ($74,542.95
on May 1, 1941, and $2,928.20 on July 1, 1941), $77,471; accrued expenses,
$27,642; provision for Federal and State taxes on income (est.), $447,000;
reserves, $146,165; $2.20 cum. pref. stock (5,354 no par shares), $117,175;
common stock (114,583 no par shares), $1,078,191; capital surplus, $98,437;
earned surplus, $1,810,213; total, $4,824,935.—V. 153, p. 556.m
—V. 153, p. 696.
Earnings per share on common stock
—V. 152, p. 3352.
al0,385
dividends
Common dividends
7,687,850
1,449,169
746,486
Net profit before taxes
Net profit after all charges, including Federal in¬
come and excess profits taxes
182,280
114,372
6,500
profit carried to
surplus account
$1,066,582
220,800
140,962
National Container Corp.
212,858
165,866
Consolidated Balance Sheet April 30, 1941
280,894
"
228,285
441,329
reserves
$1,294,223
From Jan. 1—
Gross from railway.
Net from railway..
Net ry. oper. income.-
$212,419
18.333
Net
Preferred
1938
$1,716,633
563,159
341,875
railway..
Net from railway...
Net ry. oper. income.-
$731,575
5,275
loss
ment
Provision for deprecia'n.
Prov. for Fed. inc. tax—
Ry.—Earnings
1940
1938
1939
1940
$1,004,879
Cr8,728
chgs., &c. $1,434,925
Miscell. charges, net
17,229
Provision
for
commit¬
prec., spec.
31, 1941
receivables and other
July
(& Subs.)- -Earnings-
1941
Years End. Apr. 30—
Net profit before int., de¬
Gross from
I
'
railway
Net from railway
Net railway operating income
—V. 153, p. 697.
1941
$57,237
25,521
11,790
1940
$58,660
32,347
22,599
$47,398
21,654
11,455
402,557
184,796
106,868
414,183
229,795
155,185
370,126
177,586
116,332
1939
Volume
The Commercial
153
Nebraska Power
taxes
Direct
1941—12 Mos.—1940
1941—Month—1940
$763,341
$722,909
$8,889,542
$8,462,135
335,922
142,647
324,934
120,922
3,826,161
1,604.344
3,790,030
1,325,468
52,500
659,200
630,000
-
taxes
Property retire,
reserve
56,700
appropriations
Amort,
New York Chicago & St. Louis RR.- -Earnings1939
July—
1941
1940
Co.—Earnings—
Period End. July 31—
Operating revenues
Oper. exps., excl. direct
■
limited-term
of
800
800
9,600
19,325
Net oper. revenues—
Other income-
$227,272
$223,753
$2,790,237
63
101
3,388
1,563
Gross income
Int. on mtge. bonds—
$227,335
61,875
17,500
8,644 "
From Jan. 1—
Gross from railway
—
Int.
on debenture bonds
Other int. and deduct'ns
Int. charged to construc¬
tion (Cr.)
45
Net from railway
Net ry. oper. income...
$1,633,815
499,100
499,100
—~ $1,233,465
$1,134,715
April 1, 1941,
is being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full year 1941.
No provision has been made for Federal excess profits tax since present
indications are that no such tax will be payable.—V. 153, p. 843.
Neisner Bros., Inc.—Balance
1941
Cash
1940
1941
$
Liabilities—
,992,446
equipment. 6,155,099
1,341,509
I
S
$
1,101,778
321,532
Notes payable
Funded debt—
2,200,000
1,000,000
1,986,000
expenses-
23,854
1,994,000
23,889
Deferred income-
,249,587
_
8,437
10,559
Accrued
Advs. to landlords
<fc agts. collected
Pro v. for Fed. and
by deduct's from
628,913
Life 1ns. cash value
Other assets......
41,151
129,353
78,408
41,519
138,247
133,131
pref. stock
(5100 par).
2,305,600
Reserve.
108,646
2,309,500
State inc.tax
497,819
79,293
87,051
rent
1,213,128
Inventory.
4,914,186
Prepaid rents, Ins.
and other items.
Serial
—
108,646
204,891
———
204,891
Common stock—
c
cost
161,841
151,063
of
property
100,000
100,000
5,220,814
Surplus.;.
5,157,954
Total—.—13,398,267 11,364,100
Total-..-....13,398,267 11,364,1001
b After depreciation and amortization.
of $1 par value.
c
Represented by 204,891 shares
June 30,
Note—Comparative income statement for six months ended
1941, was published in "Chronicle" of Aug. 23 on page 1136.
Gas
England
&
Electric
Association—System
Output—
For the week ended Aug. 22, New England
Gas & Electric Association
reports electric output of 11,780,247 kwh. This is an increase of 2,602,533
kwh, or 28.36% above production of 9,177,714 kwh. for the corresponding
week
a year
ago.
Gas output is reported at
88,227,000
cu.
ft., an increase of 8,459,000
the correspond¬
ft., or 10.60% above production of 79,768,000 cu. ft. in
ing week a year ago.—V. 153, p. 1136.
cu.
New Method Laundry
Co., Ltd.—Accumulated Dividend
a dividend of S1.62H per share on account of
6M% cumulative preferred stock, payable Sept. 15
to holders of record Aug. 30.
Like amount paid on June 1 last.—V. 152,
p. 3192.
Directors have declared
accumulations
on
the
.
New
Haven
Water
Co.-
■To
Refund
Bonds
at
Lower
Interest Rate—
refunding mortgage.
The purpose is to take advantage of tne present low interest rates.
bonds
interest
have
rate.
interest
a
The exchange will
The
the new bonds will have a 3K%
take place, according to the plan, on
rate;
Sept. 2, 1941.—V. 151, p. 3896.
New Orleans & Northeastern RR.
1941
$510,517
289,446
149,059
July—
Gross from railway
Net from railway
;
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income.
—V. 153, p. 697.
__
2,926,022
1,453,326
754,250
-Earnings$259,206
109,579
56,870
$256,205
98,844
41,823
1,719,703
540,730
159,228
1,690,351
585,673
203,417
1,777,459
601,655
224,699
.
2,437
$5,149,795
2,076
$375,743
170,874
22,749
$314,536
183,950
20,220
$4,978,663
2,114,611
290,153
$5,151,871
2,225,590
254,027
$182,120
$110,366
$2,573,899
$2,672,254
$375,542
$314,529
Gross income
mortgage bonds.
Other int. & deductions.
income
$4,976,226
7
201
Other income (net)
Net
at
p.
company's offices, Room
3120.
544,586
544,586
$2,029,313
$2,127,668
Dividends applic. to pref. stock for the period
Balance—
—
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
is being made at a rate which will result in the accumulation
at the rate of 30% for the full year 1941.
No provision has been made for Federal excess profits tax
indications are, that no such tax will be payable.—V. 153, p.
New York Central
of such taxes
since present
697.
a
RR.—Earnings—
Equip. &jt. facil. rents.
Net ry. oper. income.
Other income-
Total income..
Misc. deducts, from inc.
Total fixed charges..—
1,335,341
$7,758,175 $70;291,505 $47,988,984
3,173,564
1,162,256
27,788,322
8,655,884
20,654,469
8,287,227
l,515,ol3
$3,422,355 $33,847,294 $19,047,288
1,282,110
10,649,349
9,784,376
$7,456,879
115,040
3,996,721
$4,704,465 $44,496,643 $28,831,664
135,905
940,007
1,030,648
*,085,026
28,352,512
27,893,618
$5,941,366
Fed. inc. &
profits taxes.
—V. 153, p. 995.
a
Incl.
$483,534 $15,203,624
def$92,602
6,232,957
536,981
ex¬
cess
1,595,221
77,504
RR.—Earnings—
a
The leases of the following companies were rejected on dates stated
below, but net railway operating income includes the results of operation,
of these properties: Old Colony RR. Co., June 2, 1936; Hartford & Con¬
necticut Western RR. Co., July 31, 1936; Providence Warren & Bristol
RR. Co., Feb. 11, 1937; Boston & Providence RR. Corp., July 19, 1938.—
V. 153, p. 697.
-Earnings-
New York Ontario & Western Ry.July—
1941
$613,600
112,221
27,620
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
3,494,682
340,055
def209,979
Net ry. oper. income...
—V. 153, p. 697.
New
York
Richmond
&
1938
1939
'1940
$573,813
$504,381
$597,146
111,542
22,654
39,094
def60,688
93,969
3,138,154
74,149
def478,558
3,840,164
3,694,742
451,933
def197,315
211,514
def378,550
Co.—Bonds
Offered—
Gas
156
Halsey, Stuart & Co., Inc., on Aug. 28 offered $2,125,000
1st mtge. bonds, 4^% series due 1966, at 10634 and accrued
interest from Aug. 1, 1941.
Dated Aug. 1, 1941; Due Aug. 1, 1966.
Coupon bonds in denom. of
$1,000, registerable as to principal.
Int. (F-A) payable at principal office
of trustee in New York.
Bonds red. at option of company, as a whole or
in part, at any time after July 31, 1944 upon not
Bonds will also be redeemable at any time upon
lass than 30 days' notice.
like notice for operation
sinking and improvement fund or by application of certain other
monies as provided in the mortgage,
Penna. personal property tax up to
5 mills per annum, Mass. income tax not exceeding 6%
per annum and
Maryland, income tax not exceeding 6% per annum, refundable as pro¬
of the
vided in the mortgage.
Issuance of these bonds has been authorized
of New York.
by the P. S. Commission
'
Purpose—Company will apply the net proceeds together with treasury
funds of the company, to the redemption at 105%, on Nov. 1, 1941, of a
like principal amount of series A first refunding mortgage gold bonds 6 %
1, 1951.
Capitalization as of June 30, 1941 {Giving Effect to
This Financing)
Authorized
\M% series, due 1966
prior pref. stock (par $10)-pref. stock (par $100)
1st mtge. bonds,
6%
6%
cum.
cum.
—
Common stocK (no par)
— —
outstanding
See x
30,000 shs.
15,000 shs,
$2,125,000
13,921 shs.
yl,079 shs.
1.5,000 shs.
15,000 shs.
principal amount except for limitations and
restrictions contained in the mortgage,
y Since June 30, 1941, 10 shares
of 6% cumulative preferred stock have been converted into a like number
of shares of 6% cumulative prior preferred stock.
x
Unlimited
as
to authorized
Earnings Summary for Stated Periods
Years Ended Dec. 31-
Year Ended
1940
1939
1938
$1,242,893
575,740
$1,242,584
570,550
$1,206,110
$1,186,216
560,100
94,738
82,727
91,889
65.880
563,716
87,833
69,095
176,125
37,601
174,890
30,469
177,209
15,647
191,873
9,848
$275,959
1,334
$308,902
1,491
$292,608
$304,916
514
1,029
June 30
Operating revenues
Operation
Maintenance
...
Provision for deprecia'n.
Taxes other than Federal
Net oper. income
'
Income deduc'ns (net)..
avail,
Bal.
for
'41
89,041
30,436
int.,
$292,093
$303,886
company's expenditures for gross
exceeded its provisions for
depreciation or retirements by approximately $228,000, or an average of
approximately $76,000 per year.
Because of the necessity of financing such
gross additions out of current earnings, the cash available for interest and
dividends during this period was reduced accordingly.
The annual interest requirement on the bonds to be outstanding upon
the completion of this financing will amount to $90,313.
Business—^Company was organized in New York by the consolidation
on July 13, 1901 of Richmond County Gas Light Co. and New York and
Richmond Gas Co.
Company is engaged in the production, distribution
and sale of manufactured gas to consumers in the First, Second, Third
and Fourth Wards of the Borough of Richmond, City of New York.
As
a means of developing its gas
business, the company also sells gas-con¬
suming appliances.
The territory served by the company comprises
generally all but the southerly end of Staten Island and has a population
estimated by company, on the basis of 1940 census figures, to be approxi¬
mately 154,000, out of a total of approximately 174,000 for the whole of
Staten Island.
The territory served is largely residential in character and
over 80% of the revenues are derived from gas sold for residential purposes.
$274,624
charges
$307,410
During the three years ended 1940, the
additions or betterments to its property have
Liabilities—
A sscts~~~~
equipment..$5,400,632 6% cumul. prior pref. stock...$1,392,100
107,900
Other physical property ....—
130,756 6% cumul. pref.stock........
Cash.....
154,231 Common stock (15,000 shs.
no par)
850,000
Special deposits
—
21,882
Property, plant &
—
..
Accounts
receivable...
Inventories
— ...
———....
Deferred charges
Capital stock expenses
Total
—V.
Net inc. after fixed chg $3,345,118
City.—V. 149,
Balance Sheet June 30, 1941
1941—Month—1940
1941—7 Mos.—1940
revenues-$39,529,239 $30,386,378$248,187,688$205,753,810
expenses. 27,541,848
22,628,203 177,896,188 157,764,826
Net rev. froinry. oper.$11,987,391
Railway tax accruals..
4,710,684
,
1941—Month—1940
1941—7 Mos—1940
$9,462,050
$6,993,645 $59,433,975 $47,030,611
Net ry. oper. income... al,432,358
a401,655
a9,041,712 a2,986,492
Inc. avail, for fixed chgs.
1,637,557
548,791
10.434,336
4,101,060
Net after charges
532,094
def568,073
2,675,701 def3,730,527
[Including All Leased Lines]
Period End. July 31—
Railway oper.
Railway oper.
,
1073, 50 Church St., N. Y.
New York New Haven & Hartford
Fed.inc. & cap. stk. taxes
Earnings-
Month— 1940
1941—12 Mos.—1940
1941
Period End. July 31—
$1,536,633 $20,932,751 $20,212,198
Operating revenues—*?_
$1,713,588
Operating expenses, excl.
9,007,819
9,253,265
726,070
direct taxes
791,012
4,323.319
3,586,174
299,541
Direct taxes—
347,259
2,468,410
2,379,941
196,493
Prop, retire, res. approp.
199,775
on
.
inc. & cap. stk. taxes.
Net oper. revenues
Coal & RR. Co.-~-
All of the outstanding first mortgage bonds, series A, maturing May 1.
1942, have been called for redemption on Nov. 1.
Payment will be mdde
1938
1939
1940
$243,733
74,020
17,801
New Orleans Public Service Inc.
Int.
1,355,348
929,621
447,889
999,645
729,120
New York Lake Erie & jWestern
due May
The Connecticut P. U. Commission has given its approval to a plan
whereby the company will call its series C bonds, in the amount of $550,000,
which are secured by a first and refunding mortgage, and will issue a new
series of the same amount, to be secured by the company s general and
old
1,473,366
104,349
1,415,851
986,098
728,504
Bonds Called—
Gross from railway
Net from railway......
Llabil. for purchase
at Flint
New
$261,216
185,192
85,589
Total oper. revenue..—
Accounts payable.
Acc'ts receivable..
$180,300
108,361
75,643
$191,318
139,503
Period End. July 31—
Sheet June 30—
1940
$
b Property, plant,
and
2,657,756
1,996,410
1,888,249
1938
1939
1940
310,930
290,038
—V. 153, p. 697.
_
.
19,661,702
4,701,344
1,587,661
1941
4,324
Notes—Provision for Federal income taxes, subsequent to
Assets—
22,758,059
6,682,298
3,305,907
$425,268
$1,732,565
Net income....
$139,820
$136,017
Dividends applic. to pref. stocks for the period-Balance..
$2,970,829
831,532
411,612
New York Connecting RR.- —Earnings—
July—
Net ry. oper. income...
From Jan. 1—
Gross from railway
<
972,681
472,050
13,693,943
8,092,983
Gross from railway
Net from railway..
210,000
112,605
742,500
210,000
112,884
303
504
$2,698,875
742,500
$2,793,625
$223,854
61,875
17,500
8,765
$3,288,569
32,685,956
Net from railway
Net ry. oper. income—
—V. 153, p. 558.
1938
$3,681,207
1,116,420
583,810
25,488,553
7,471,146
3,727,131
Gross from railway
$5,095,082
Net from railway
2,203,811
Net ry. oper. income-1,166,742
$2,697,312
investments
1283
& Financial Chronicle
.-
-
3,000
-.$6,040,837
2,125,000
435,750
621,864
Deferred credit.—
6,837
Contrlbs. in aid of construction
338,091
Earnedsurplus——
169,296
1st ref. 6s, 1951
Current liabilities...
—
i.....
-
Reserve for depreciation......
...
Total.
-
$6,046,837
153, p. 1136.
New York State
An
_
171,676
140,987
23,672
Electric & Gas Corp.—Acquisition, (See.
Securities and
regarding the
application (File 70-383) has been filed with the
Commission under the Holding Company Act
Exchange
The Commercial & Financial
1284
proposed sale by Tracy Development Co. of all of its property to New
York State Electric & Gas Corp., an associate company. Both companies
are subsidiaries of NY PA NJ Utilities Co.
_
.
New York State Electric & Gas Corp. will acquire the property for SI
and the assumption of the 6% first mortgage gold bonds, due 1944, of
Tracy Development Co. which, as of July 31, 1941,
principal amount of $114,000.—V. 153, p. 996.
outstanding in the
July—
Earnings—
$295,199
116,495
54,937
income,
Gross from railway._,—
Net from rail way
__
Net ry. oper. income—
$276,189
IQH,372
47,970
41.656
defl7,394
2,150,127
906,149
434,254
Gross from railway
Net from railway._____
1,851,663
693,903
295,083
1.773,462
620,191
136,649
1938
$215,834
54,017
defl4,668
1,764,285
563,490
.54.912
From Jan.
1940
$387,584
76,280
$367,488
67,607
26.486
20,343
$348,011
53,950
11,589
3,073,365
774,613
402,174
2,562,119
393,496
2,642,301
2,625,631
506.591
159,726
524,052
179,692
1—
Net ry. oper, income—
—V.
1938
124,193
Gross from railway
Net from railway.
34,982
Norfolk & Western Ry.—Earnings1941—7 Mas.—1940
1941—Month—1940
Ry. oper. revenues .._._$10,804,547
$9,145,349 $66,082,975 $59,465,794
a
faint, of way & struc..
951,732
933,016
6,594,642
6,047,389
Maint. of equipment--.
1,858,838
1,658,169
13,536,6/9 11,835,709
Traffic
160,139
146,611
1,047,110
1,021,099
Transportation rail line.
2,060,209
1*811,513
13,543,506 12,653,090
Period End. July 31—
22,619
18,^34
136,683
127,023
160,947
185,630
1,341,278
1,310,291
10,750
General
10,475
54,212
110,153
Transp'n for invest.—Cr
'
$5,600,812
Railway tax accruals..,
2,717,392
$4,401,952 $29,937,288 $26,581,345
1,812,358 13,706,744
9,338,082
Ry. oper. income
Equipment rents (net)._
Joint facility rents (net).
$2,883,421
491,674
15,657
$2,589,594 $16,230,544 $17,243,263
325.804
2,188,543
2,113.753
25,978
120,694
101,946
Net ry. oper. income.
$3,359,437
14,898
$2,889,419 $18,298,394 $19,255,069
6,707
123,265
153,538
$3,374,336
176,544
$2,896,126 $18,421,659 $19,408,607
177,581
1,238,298
1,243,346
$3,197,791
$2,718,545 $17,183,360 $18,165,261-
Net ry. oper. revs.___
Other income items (bal.)
,
prospectus states that
be discontinued at any
Ry.—Earnings1940
,
funded debt
on
1938
$5,323,766
$4,795,513
869,585
482,720
478,464
36,285,348
7,187,719
5,146,504
33,313,564
4,336,191
2,176,131
29,040,588
2,009,642
def46,603
43,288,041
Net from railway.
11,882,409
Net ry. oper. income--9,646,421
153,
—V.
698.
p.
(Del.) (& Subs.)—Earnings
v.--
Maintenance
_
_
Depreciation
.
.
- -
$40,822,764
14,302,899
1,578,506
_ .—
4,160,549
_ —
taxes)5,108,194
Federal and State income taxes
3,314,232
Taxes (other than income
Net operating income-Other income
—
-
income.
.___
80,300
expense657,923
64,692
Amortization of sundry fixed assets.
41,843
Amortiz. of exps. on sales of capital stock of sub. co
30,000
Interest charged to construction.
...
Cr83,142
Miscellaneous income deductions109,433
130,050
693,943
41,731
41,843
12,500
Cr45,852
127,527
$8,086,332
$7,492,216
1,375,000
1,375,000
27,135
29,070
27,135
29,070
$6,655,127
$6,061,010
Interest on bank loans
Amortization of debt discount and
Other interest
,
...
Divs. on capital
---
-
stock of subs, held by public:
Cumul. pref. stock, $5 series, of Northern States
(Minnesota)
—
pref. stock, 5%, of Northern States
(Wisconsin).
Com. stk. of Chippewa & Flambeau Improv. Co.
Cumul.
Power Co.
North American Co .—Stock Dividend—
on Aug. 26 declared a dividend on the common stock payable
1 in the form of snares of capital stock of the Detroit Edison Co., at
Directors
Oct.
(See V. 152, p. 3510.)
The payment of this dividend is subject to the approval of the Securities
and Exchange Commission, and, if so approved, it will be payable to com¬
mon stockholders of record Sept.
10 at the rate of one share of Detroit
Edison stock for each 50 shares of North American common stock held.
No certificates will be issued for fractions of shares of Detroit Edison stock,
but in lieu thereof cash will be paid at the rate of 40 cents for each l-50th
of a share of Detroit Edison stock, based on the current market price of
$20 per share.
In a letter to stockholders announcing the present action, the company
said: "Cash earnings retained through the payment of this dividend in
Detroit Edison stock will be applied to the purchase of common stock of
Union Electric Co. of Missouri, a North American subsidiary.
As stated
in our July quarterly letter to you, we agreed to purchase $10,000,000 of
Union Co. common stock as a part of that company's financing program,
and to assist it in providing additional facilities necessary to meet the needs
of national defense.
Half of this amount has already been purchased and
we have undertaken to purchase the remaining $5,000,000 of this stock
during the last quarter of this year.
North American's holdings of Detroit Edison stock now amount to
1,072,835 shares, or 16.86% of the total 6,361,300 shares issued and out¬
standing.
After payment of the Oct. 1 dividend, it is estimated that
North American's holdings in the
Detroit company will be reduced to
approximately 918,000 or 14%.
The letter explains that the dividend in the form of Detroit Edison stock
"
is not a distribution out of North American's capital or capital surplus and
is not a partial liquidating dividend.
The dividend is charged on the books
of the company to its earned surplus.—V. 153, p. 844.
tne same rate as the dividend
paid July 1.
North European Oil
Corp.—Delisting—
The Securities and
Exchange Commission on Aug. 20 withdraw the list¬
ing from the Curb Exchange of the company's common stock ($1 par).
The company with 1,692,291 shares of common stock listed on the curb
and a bank balance of $2.43 acts as a holding company for a German
subsidiary.
Company has not filed an annual report for 1939 and 1940.
The Securi¬
ties Exchange Act of 1934 provides for the suspension or withdrawal from
listing of the security of any company which fails to file annual reports.
The Secretary-Treasurer testified the company has been unable to get
any information from Germany as to the condition of its subsidiary, be¬
cause of the war and censorship.—V. 152, p. 3976.
Northern Indiana Public Service
Co.—Hearing Sept. 17
A hearing will be held Sept. 17 before the Securities and Exchange
on the declaration or application concerning the following:
Com¬
mission
(1)
Northern Indiana Public Service Co. proposes to purchase from Gary
Electric & Gas Co. all the common (voting) stock of Gary Heat, Light &
Water Co. for a consideration of $10,066,000 payable not less than $7,042,000 in cash and the balance by the issuance and delivery by Northern
Indiana to Gary Electric of 370,700 shares (no par) common stock of
Northern Indiana:
provided that Gary Electric shall be given the option
of
requiring
case
of such
an
additional cash payment not in
additional cash
Indiana common stock to
payment the
be delivered to
excess of $7,56,000 and in
number of shares of Northern
Gary Electric will be decreased
IP, ^'S-nurTi^er determined by dividing the additional cash payment by
$8.1575 and by taking as the quotient the next whole numper.
(2) Concurrently with the payment by Northern Indiana to Gary
Electric, Gary Electric will deposit with the trustees under the indenture
securing its first lien collateral 5% bonds, series A, due July 1, 1944 a sum
sufficient to redeem and pay all of said bonds, aggregating $7,042,000
principal amount.
(3) Gary Electric proposes to:
(a) Reduce its capital from $5,000,000
to $2,000,000; (b) offer to purchase at $6.30 per share, with any additional
cash payment it receives by exercising the above mentioned option and
other cash in its treasury, the 120,000 shares of its no par common capital
voting stock owned by the public; and (c) liquidate and dissolve.
(4) Northern Indiana proposes to issue and sell not exceeding $5,000,000
payable
semi-annually.
The serial notes will be due semi-annually or at such dates
over a period not exceeding 15 years from the dates of the notes, and for
such several amounts, as its officers may determine.
The proceeds of the
notes will be used, together with cash in Northern Indiana's treasury, to
pay the above mentioned cash consideration for the purchase of the Gary
of its serial notes bearing interest not exceeding 3H% per annum,
Heat stock.
(5) A plan will be adopted:
(a) for the liquidation and dissolution of
Gary Heat whereby all the assets of Gary Heat will be transferred to
Northern Indiana as a liquidating dividend either subject to the liabilities
14,111,894
1,662,309
3,769,367
4,861,241
2,409,972
$12,474,831 $11,981,407
3,487,450
3,487,450
Gross income
Interest on funded debt
$38,689,133
$12,358,382 $11,874,349
116,449
107,058
Power Co.
Net
-V. 153, p. 558.
1?40
1941
Years Ended May 31—
Operating revenues
Operation
Provision for
108,230
7
.
Gross from railway_____
Balance----—
Gross income.____'
Int.
1939
$5,661,398
1,088,034
744,462
1941
$8,060,383
Net from railway._____
2,964,661
Net ry. oper. income—
2,519,396
1—•
.
intended to
states, that
stabilizing, if commenced, may not
time.—V. 153, p. 249.
Northern Pacific
From Jan.
.
.
to facilitate the offering it is
is not an assurance, it
stabilize the price of the stock.
This
the price will be stabilized or that the
Northern States Power Co.
153. p. 1137.
Miscellaneous operations
sale of the stock.
Blyth & Co., Inc., New York City, will be the principal underwriter.
The price at which the stock is to be offered to the public and the names
of other underwriters will be furnished by amendment to the registration
Gross from railway
1939
Stock Registered—
with the registration or
July—
Earnings—
1941
$527,926
178,260
July—
Gross from railway
Net from railway._____
Net ry. oper. income,..
Northern Natural Gas Co.—Common
Company on Aug. 25 filed with the Securities and Exchange Commission
registration statement (No. 2H1821, Form A-2) under the Securities Act
of 1933, covering 355,250 shares of common stock ($20 par).
The stock is
outstanding and presently held by the United Light & Railways Co.,
which will receive all of the proceeds and pay the expenses in connection
a
The
Commission on Aug. 9 authorized Knox B.
Phagan, Paul C. Andersen, and Robert E. Treman to serve as a protective
committee for holders of second mortgage 4lA% bonds of the company,
and to solicit authorizations to represent the holders of these bonds, with¬
out the deposit thereof.—V. 153, p. 1136.
Interstate Commerce
Norfolk Southern RR.-
Northern Indiana; and
Northern Indiana will reduce the capital represented by the no par
capital voting stock of Northern Indiana in such amount as may
be necessary to absorb any property acquisition adjustment account that
may finally result from the acquisition of the properties of the Gary Heat
by Northern Indiana and transfer the amount of such reduction in capital
to capital surplus.—V. 153, p. 1137.
(b)
common
statement.
Proiective Committee—
The
Heat or upon the assumption thereof by
of Gary
1941
Aug. 30,
(
Susquehanna & Western RR.1941
1940
1939
New York
Net ry. oper.
were
Chronicle
Net income
for the above periods was
during such periods.
No provision for excess profits tax under the Second Revenue Act of
1940 has been made as it is estimated no such tax will be due under such act.
Notes—Provision
for Federal income taxes
made in accordance with the Revenue Acts in effect
Weekly Output—
Electric output of the
• \
L
'
Northern States Power Co. system for the week
,
totaled 34,056,852 kilowatt hours, as compared with
28,562,904 kilowatt hours for the corresponding week last year, an increase
of 19.2%.—V. 153, p. 1137.
'
•
ended Aug. 23, 1941,
Northwestern Bell Telephone
Period End. July 31—
Operating revenues
Uncollectible oper. rev._
Operating revenues
Operating expenses
_.
Net oper. revenues
Operating taxes
Net oper. income
Net
income
Co.—Earnings—
1941—Month—1940
1941—7 Mas.—1940
$3,298,965
$3,068,912 $22,134,041 $20,776,527
8,693
8,568
59,342
54,274
1,290,272
5,202,217
$3,060,344 $22,074,699 $20,722,253
2,064,501
14,794,110
14,082,570
$995^843 "$7,280,589
423,004
"$642,817
585,499
3,083,658
$6,639,683
2,949,924
$572,839
510,527
$1,088,055
445,238
$4,196,931
3,806,781
$3,689,759
3,342,778
—V. 153, p. 698.
Northwestern Pacific RR.
—Earnings-—
1940
1941
July—
1—
Gross from railway
>
1938
1939
$311,891
31,787
def3,045
$320,767
40,608
10,272
9,860
def31,954
1.757,608
defl33,471
def352,801
1,810,129
def83,901
def273,661
1,581,184
def544,635
def760,883
$306,652
$315,629
Net from railway.
43,239
Net ry. oper. income.6,942
Gross from railway
From Jan.
Net from railway
Net ry. oper. income
1,835,498
51,478
defl97,918
—V. 153, p. 1137.
-
Norwich Pharmacal Co.—Stock
Offered—Merrill Lynch,
Pierce, Fenner & Beane offered after the close of the market
on Aug. 28 a block of 10,500 shares of common stock (par
$2.50) at a fixed price of $11 net per share until 10 a. m.
Aug. 29, and thereafter, if available, at fixed price of $11
plus an amount equivalent to New York Stock Exchange
Commission.
Dealers discount is 15 cents.—V. 153, p. 996.
Ohio Associated Telephone
Co.—Earnings—-
$74,078
180
$67,418
159
1941—7 Mos—1940
$512,659
$474,568
1,230
1,107
Operating revenues
Operating expenses
$73,898
$67,259
$511,429
48,803
48,098
323,615
$473,461
314,629
Net oper. revenues
$25,095
11,865
$19,161
8,136
$187,814
74,65,3
$158,832
56,572
$13,230
$11,025
$113,161
$102,260
Period End. July 31—
Operating re venues
Uncollectible oper. rev..
Operating taxes
Net oper. income
—V.
1941—Month—1940
153, p. 699.
Ohio Edison Co. —Earnings—
1941—Month—1940
1941—12 Mos.—1940
$1,997,619
$1,600,893 $22,639,451 $19,811,407
705,154
550,852
7,445,479
6,466,697
Taxes
501,298
278,352
4,440,990 i 3,125,888
Prov. for depreciation-_
250,000
225,000
2,975,000
2,675,000
Period End. July 31—
Gross
revenue
Operating expenses
Gross income
Int. & other deductions.
Net
Divs.
income
on
preferred stock.
Balance...
-V. 153, p. 996.
$7,543,821
3,381,027
$541,167
$.546,689
$7,777,981
304,390
285,906
3,449,243
$236,777
155,577
$260,782
155,577
$4,328,738
1,866,923
$4,162,794
$81,200
$105,205
$2,461,815
$2,295,871
1,866,923
Volume
The Commercial & Financial Chronicle
153
Oklahoma
1,204
1938
$37,447
11,493
1,920
166,285
34,115
defll,122
221,841
72,335
27,679
250,741
76,042
14,884
earnings
Penn Valley Crude Oil Corp. (&
Subs.)—Earnings—
Years Ended June 30—
1941
Oil sales
699.
p.
1285
which accrued to the Pathe Film Corp.'s 35% common
stock interest amounted to $287,986 in first half of 1941,
$318,223 in first
half of 1940, and $289,244 in first half of 1939.
Of these earnings $217,986
were undistributed in 1941, $248,223 in 1940 and $219,244 in
1939, which
undistributed amounts are not reflected in the profit of the Pathe company.
—V. 153, p. 560.
1—
Net from railway...-.Net ry. oper. income.._
153,
1939
$28,354
4,907
def2,131
1941
$23,577
8,054
Gross from railway-.-.
—V.
1940
$25,242
7,752
1,115
161,033
50,660
8,394
July—
Gross from railway
Net from railway
Net ry. oper. income-,.
From Jan.
these
City-Ada-Atoka Ry.—Earnings—
Oklahoma Natural Gas
Co.—Earnings—
12 Months Ended Jijy 31—
$9,435,579
3,340,107
286,049
Federal and State income taxes—-i_.-_.-_560,191
Other taxes
779,845
255,470
313,161
764,352
Operating revenues.
Operation
Maintenance.
,
a
—
....
.
a
Gross income—
Retirement
Gross
reserve
accruals
income
...
.v.
50,138
47,178
...
Interest
on
bonds
Interest
on
bank loans
-
-—
—
Amort, of dt. disc. & exp., less debt
Other income charges
premium
Net income
$3,533,496
744,79.3
155,591
$26,376
157,809
$2,565,880
Preferred stock dividend requirements:
Convertible 6% prior preference
$5.50 convertible prior preferred
319,000
263,165
$1,898,008
$2,008,336
Balance for
a
common
stock and surplus
—
Before retirement reserve accruals.
153,
1137.
p.
'
Otter Tail Power
Co.—Merger with Union Public Service
—To Sell $5,400,000 Bonds Privately—
1941—12 Mos."—1940
1941—Month—1940
$3,094,054 $42,417,846 $40,015,833
$3,499,457
1,661,022
20,721,281
19,779,461
1,856,463
Direct taxes
436,892
250,362
4,863,712
1,975,427
237,500
2,850,000
2,808,333
Prop, retire't res. approp
237,500
Amort. of ltd.-term inv.
1,290
1,188
15,042
13,884
$5,400,000 30-
bonds, carrying interest at the rate of 3%, for refunding
in connection with the proposed consolidation.
The new Otter
Tail Power Co. bonds are to be sold privately for cash at 100 and interest
to several insurance companies.
The new Otter Tail Power Co. will use the proceeds to redeem at 104
Union Public Service Co. s outstanding bonds in the aggregate principal
Pacific
Pacific Public Service Co.
Gross revenue
Interest
.
income...
Other int. & deductions_
on
funded debt.
Irov,
Fed,
for
$376,395
$444,607
$2.51
$2.96
$2.32
(& Subs.)—Earnings—
1941—6 Mos.—1940
$3,175,864
1,386,493
96,117
355,222
$2,880,729
1,322,082
90,259
339,986
214,568
208,046
$1,123,462
16,971
$920,354
15,320
$563,191
58,095
$430,228
60,050
$1,140,434
117,438
$935,675
121,350
2,669
2,669
5,338
5,338
164
1,116
395
2,178
income
92,000
325,500
181,400
$344,262
$274,392
$691,762
on
$474,309
$8,268,756
3,846,532
$9,570,506
3,846,532
$4,422,224
$5,723,974
53,296
88,920
106,593
pref. stock of
Pennsylvania RR. Regional System—Earnings—
(Excluding Long Island RR. and Baltimore & Eastern RR.)
Period End. July 31—
1941—Month—1940
1941—7 Mos.—1940
Railway oper. revenues.$55,418,321 $41,069,025 $334126,913 $262290,053
Railway, oper. expenses 39,177,637
29,054,646 241,267,484 188,460,527
Net
rev.
from
Railway taxes
ry.oper.$l6,240,684 $12,014,379 $92,859,429 $73,838,526
$4,601,300
$3,323,000 $28,348,300 $20,468,300
Unemployment ins. taxes
Railroad retirement taxes
Equip, rents—Dr. bal..
facil.
Joint
rents,
$221,096
$602,842
$518,816
$0.47
$1.29
$0.09
$0.40
$1.11
$0.29
Park Utah Consolidated Mines Co •-—Earnings-—
$560,487
2,747
8,547
1940
$542,518
3,310
8,687
1939
$37,721
5,851
11,518
1938
$141,102
18,657
18,982
$571,781
399,690
$554,515
347,250
$55,089
100,173
$178,742
235,975
P6 Mos. End. June 30—
ore
sales...
Other income
Profit
on
investments..
Total income
—
Mine oper. & gen. exp..
Charges
1941
to reserve (in¬
stock transfer
17,206
15,231
8,922
16,668
$154,884
$192,034
y$54,006
y$73,901
Depreciation (estimated)
20,000
15,000
15,000
30,000
Federal income tax
20,233
—...—
Net profit..
y
-
$177,034
$114,652
y$69,006
y$103,901
based on percentage depletion.
1941.
Federal income
No excess profits anticipated.
Dec. 31, '40.June 30, '41
$369,739
$327,524
80,793
53,003
315,734
315,734
346,250
346,250
15,000
11,000
Current Assets—
Cash
-
-
Notes and accounts receivable
Government
Net ry. oper.
income...
.
notes and bonds
HOLC and Fed. L. B. bonds
bonds
$1,127,518
$1,053,511
116,763
n
94,594
$1,010,755
$958,916
2,463
Current liabilities
Net worKing capital
in inventory
—
-
Decrease
$956,453
54,302
Balance
Decrease in working capital
152,
p.
(%-■
_
:;-..
.
Corp.—Earnings—
6 Mos. End. June 30—
xNet
—
3355.
Pathe Film
profit.
1941
1940
1939
1938
$50,166
$53,722
$35,310
$51,679
interest, taxes, &c.
Note—The du Pont Film Manufacturing Corp. (the common stock of
which Pathe Film Corp. owns 35%) had a net profit after all charges, of
x
1938
$40,968,804 $34,375,980 $29,458,498
12,009,590
9,788,040
9,223,167
6,571,361
5,517,041
5,026,413
GroKTrom^railway
-333,437,741 261,740,768 223,999,384 196,983,150
Net from railway
92,911,524
73,936,711
58,548,413
51,049,238
Net ry. oper. income-. 52,203,990
40,520,737 32,328,042 24,705,257
—V. 153 p. 700.
Pennsylvania-Reading Seashore Lines—Earnings
railway.
Net ry. oper. income—
From Jan. 1—
$737,260
194,213
def73,541
3,024,158
2,884,374
3,245,516
3,977,330
defl48,274
def264,995
def287,367
330,227
def985,414 defl302,078 def!343,308 defl399,997
Gross from railway
TV:
153, P. 700.
—V.
1938
$732,276
181,471
def76,996
$769,981
207,618
def51,318
$976,748
373,469
79,232
_—
Net from railway
1939
1940
1941
JulyGross from
Peoples Gas Light & Coke Co.—$1 Dividend—
of $1 per share on the common stock,
Directors have declared a di vidend
payable Oct. 15 to holders of record Sept 22.
Dividend of 75 cents were
paid on July 15 and April 15, last; a special dividend of $2 was paid on
Feb. 15 last, and regular quarterly dividend of 50 cents was paid on Jan. 15,
Pere Marquette
Total oper. revenues
After amortization,
$822,818 for the first half of 1941 as compared with $909,210 in first half
f 1940 and $826,413 in corresponding period of 1939.
The portion of
Ry.—Earnings—
1941—7 Mos.—1940
1941—Month—1940
$3,432,947 $2,439,594 $22,535,259 $18,373,799
2,357,058
2,013,495
15,792,010
14,416,061
$1,075,889
407,901
$426,099
196,266
$6,743,248
2,178,046
$3,957,738
1,294,263
Operating income
Equipment rents (net)..
Joint facility rents (net).
$667,988
$229,833
85,885
54,674
$4,565,202
$2,663,476
60,167
449,2.31
310,167
588,656
275,608
income.
$563,791
41,325
$89,274
39,796
$3,805,804
315,015
$1,799,211
$605,117
9,433
$129,069
$4,120,819
46,310
$2,147,774
42,999
5,366
269,779
5,366
.39,870
1,883,346
39,722
1,868,691
$2,151,293
$196,362
625
575
$2,150,668
$195,787
Operating expenses...
Net oper. revenue
Railway tax
accruals —
Net ry. oper.
Other income
Total income-
—V.
1939
1940
1941
16,226,952
9,732,112
.
Period End. July 31—
Comparative Statement of Net Working Capital
Municipal
1,309,953
last.—V. 153, p. 846.
Indicates loss.
Dividend No. 29 of $209,186 was paid April 24,
taxes
1,148,739
Earnings of Company Only
Net ry. oper. income...
Profit before deprec..
and taxes).
3,474,182
3,474,224
4,768,895
$6,559,798 $52,066,906 $40,342,972
Gross from rail way ..... .$55,300,126
Net from railway
surance
4,293,040
4,293,231
2,709,213
233,994
122,535
$9,728,534
Net ry. oper. income.
Net from rail way......
Net profit to surplus.
$299,802
Earnings per share of 1st
preferred stock
$0.64
Common stock$0.20
—V. 153, p. 1138.
528,514
528,514
840,559
694,778
694,782
398,755
Dr.
balance
July—
^.subsidiary
Income from
-
-
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
taxes at the rate of 30% for the full year 1941.
(2) No provision has been made for Federal excess profits tax, since
present indications are that no such tax will be payable.—V. 153, p. 997.
$625,409
44,460
income.
Divs.
Dr7,967
$482,376
income
Balance
-
158,000
*Net
■
Divs. applicable to pref. stocks for the period._
$348,130
$421,118
9,110
^tax (est.)
$952,510 $14,018,187 $15,535,271
277,083
3,325,000
3,489,306
106,875
1,282,500
1,263,542
96,253
1,222,710
1,229,314
2,010
80,779
17,397
106,875
95,109
chgd. to constr—Cr
Net
$554,876
8,315
and expense-.-.....Other interest.
debentures
1939
of debt discount
Amort,
intge. bonds
on
Int.
revenues
Other income
on
Int.
1940
1941
1941—3 Mos.—1940
$1,601,856
$1,403,608
713,386
661,205
Maintenance & repairs.
50,024
46,510
Deprec. and amortizat'n
177,849
169,864
Taxes (other than Fed.
income)..
105,719
104,909
^Total
Int.
$943,982 $13,967,811 $15,438,728
50,376
96,543
8,528
$969,410
277,083
Gross income
$1,200,000
Indemnity Co.—Earnings—
Period End. June 30—
Operating
Operation
37,312
2,098
Net oper. revenues—
Other income (net)
$1,277,000; to redeem at 102K $3,000,000 Otter Tail 4% first
6]Months Ended June 30—
Net earnings after all charges, includ¬
ing taxes, &c-_._
Earnings per share on 150,000 shs. of
capital stock
—V. 152, p. 1444.
$35,901
-Earnings—
Pennsylvania Power & Light Co.
year first mortgage
mortgage bonds, series of 1961, maturing July 1, 1961; to redeem
Otter Tail 3H% bonds, series of 1969.—V. 153, p. 699.
]
$184,185
Period End. July 31—
Operating revenues
Operating expenses
purposes
amount of
~~
....
Assets—Cash in bank, $3,493; accounts receivable (of which $2,163 is
pledged to bank to apply on indebtedness), $10,491; crude oil inventory,
$3,873; drilling in progress, $2,475; sinking fund for retirement of class A
stock, $13; investment in common stock, $50; land, $3,290; buildings,
machinery and equipment, &c. (less reserve for depreciation of $196,061);
$402,040; oil reserves (less reserve for depletion of $386,035), $578,469;
prepaid expenses and deferred charges, $4,635; total, $1,008,830.
Liabilities—Notes payable, $99,545; accounts payable and accrued lia¬
bilities, $20,486; provision for income taxes, prior year, $1,393; preferred
income, $3,873; long-term debt, $65,000; class A (stock par value $6 per
share), $747,078; class B stock (par value lc. per share), $2,735; capital
surplus, $229,959; deficit, $161,239; total, $1,008,830.—V. 152, p. 2714.
The Federal Power Commission has authorized the merger of Otter Tail
Power Co., Fergus Falls, Minn., and Union Public Service Co., St. Paul,
Minn.
The surviving company, Otter Tail Power Co. will issue
$31,896
4,004
Consolidated Balance Sheet June 30, 1941
273,159
—V.
revenue
Net loss....
22,940
261,445
Preferred
'
Net loss before other charges
Other profit and loss charges
7,150
60,082
$34,487
2,590
19,933
expense.
Net loss from oil operations
Other
33
...
General, administrative and office
Amortization.
Depletion
Depreciation
$4,766,595
1,233,099
$3,315,225
630,625
159,897
Cr9,526
44,056
....
$289,428
77,000
10,716
28,347
95,313
73,322
39,216
$28,962
2,586
revenue
Taxes
$4,766,671
Or77
$2,490,173
...
...
$4,469,387
8,771
$4,478,158
1,162,933
Utility operating income—
Other income (net)
Gross
Direct operating expenses
$289,395
$222,728
134,441
Drilling and cleaning...
1940
$9,363,717
3,264,062
1941
1940
$214,185
1,462
7,081
Gas sales
inc.
for leased roads &
equipment
Interest on debt
Misc. deducts, from
44,030
5,51ST
348,563
Rent
Net income
Inc.
---
applied to sink, and
funds..
other reserve
Inc.
to
bal. transferable
profit and loss—
—V. 153, p. 561.
265,758
$.320,539 loss$147,568
'
—
'
$320,539 def$147,568
The Commercial & Financial Chronicle
1286
Pet Milk Co.
Aug. 30,
1941
$167,821
287,027
Rayonier, Inc. (& Subs.)—Earnings-
(& Suhs.)—Earnings—
1940
1939
1938
13,604,624
200,848
$8,829,568
7,926,290
195,022
$7,214,968
6,481,449
183,940
$7,002,653
6,334,002
175,330
$1,256,006
1,674
$708,257
1,169
$549,579
$493,321
1,663
$1,257,680
Costs and expenses.....
Depreciation...
Profit
...
...
Other income
.....
Total income
$709,426
9,314
$550,437
1939
$643,659
287,717
$2,083,942
$2,154,434
$355,942 loss$l 19,206
Int. & other exps., net of
other
$834,983
*145,211
5,113
102,010
""748
""612
$554,153
110,339
$442,702
110,338
$415,057
110,338
$443/814
$332,364
$304,719
oper. expenses.....
Net rev. from ry. oper..
$1.37
stk. (no par)
$1.25
$1.00
$0.94
Railway tax accruals—
64,058
Net profit..—
$217,516 loss$l83,264
-V. 153, P. 1140.
Earns, per sh. on 441,354
com.
$1,085,552
95,367
43,059
609
$496,079
Surplus
851,364
139,342
484,322
445,218
39,622
357,973
General income tax.....
Excess profits tax
$494,984
11,890
67,428
1938
,
income
$606,417
110,338
interest
Net profit...*.i.„...<
x
1940
$2,533,071
378,637
400,000
927
Common dividends,
shs.
390,529
3 Mos. End. July 31—
1941
Profit from operations.. $2,474,471
6,131
244,205
Interest
Fed'l income tax, &c
Pixcess profit and surtax.
Minority
858
Prov.for deprec. & deple.
Profit from operations
3 Mos. End. June 30—
1941
Net sales...
$15,001,478
.
Federal taxes provided for on basis of tax laws then in effect.—V. 152.
P. 3356.
Philadelphia WarwicV Co.—Earnings—
9 Months Ended June 30—
Net earnings before debenture interest..
1941
1940
$63,740
$57,704
Reading Co.—EarningsPeriod End. July 31—
Ry.
Ry.
oper. revenues
— —
1941—7 Mos.—1940
194I—Month—1 940
$5,278,984 $43,895,349 $35,180,461
$6,661,899
3,604,899
29,191,194
24,698,952
4,562,104
2,099,795
952,902
1,674,085
525,165
14,704,155
5,050,598
10,481,509
Railway oper. income- $1,146,893
Equipment rents (net). .
Dr26,858
Joint facility rents (net) _
CY574
$1,148,920
Drl2,161
Cr5,543
$9,653,557
Dr567,618
Cr5,065
$7,398,283
Dr398,853
Cr25,994
$1,120,609
$1,142,302
152. p. 4136, 3512.
$9,091,004
$7,025,424
Net ry. oper. income.
-V. 153. p. 702, 404: V.
3,083,226
—V. 145, p. 2239.
Remington Rand Inc.—Listing of Debentures—-
Pittsburgh & Lake Erie RR.—Earnings-—
Period End. July 31—
Railway oper.
Railway oper.
Net
revenues.
expenses.
1941—Month—1940
1941—7 Mos.—1940
$2,828,327
$2,229,935 $16,376,232 $12,792,797
1,863,546
1,517,877
11,813,404
10,272,696
fromry. oper.
rev.
Railway tax accruals—
Eqpt. & joint facil. rents
Netry.
oper.
$964,781
739,830
CY401.518
$712,058
$4,562,828
$2,520,101
318,486
2,819,063
1,511,233
Cr245,104 Cr2.392,105 Crl.653,958
Total income—
Misc. deducts, from inc.
Total fixed charges
$626,469
15,108
$639,676
22,648
$4,13.5,870
138,728
$2,662,826
140,014
$641,577
168,886
3,414
income..
Qther income. ... - ...
$662,324
98,118
3,525
$4,274,598
891,261
60,328
$2,802,840
461,554
23,873
$4o9,277
$560,680
$3,323,009
$2,317,413
Net income after fixed
charges.—
The New York Stock Exchange has authorized the listing of $15,000,000
15-year 3H% sinking fund debentures, due July 1,1956.—V. 153, p. 848.
Republic Steel Corp.—Bonds Called—
City Bank Farmers Trust Co., as trustee, in notifying holders of Gulf
States Steel Co. (Republic Steel Corp., successor corporation) first (closed)
mortgage sinking fund 4J^% bonds, due Oct. 15.1961 that $79,000 principal
amount of the bonds have been drawn by lot for redemption on Sept. 22,
1941, through operation of the sinking fund.
The sinking fund redemp¬
price is equivalent to 102% of the principal amount, together with
From and after the redemption
date, interest on the drawn bonds will cease to accrue.
The bonds called for redemption, together with all unmatured coupons,
should be presented at the principal office of City Bank Farmers Trust
Co., trustee, 22 William St., N. Y. City.—V. 153, p. 1140.
tion
accrued interest to the redemption date.
Reynolds Spring Co.—Earnings—
—V. 153, p. 998.
Earnings for 9 Months Ended June 30, 1941
Net sales..$7,217,354
Cost of saie8.._i.^..-_»-._-..-^-—5,570,568
Pittsburgh & Shawmut RREarnings—
July—
30,447
railway
Net ry. oper. income...
From Jan. 1—
Gross from railway.....
Net from railway
Net ry. oper. income.-.
—V.
1940
$134,277
61,984
1939
$36,148
def7,076
20,885
48,561
deft,581
1941
$96,575
Gross from railway
Net from
564,095
162,873
102,857
728,679
264,337
179,456
291,171
defl2,770
def29,746
1938
$29,556
def7,455
def7,044
272,146
def45,147
def48,094
153, p. 700.
Selling, general and administrative expenses
Total income.
306,694
——......
Operating income.
Other income (net) less idle plant expense (incl.
mortgage/ but before depreciation and taxes)
$1,340,092
...
interest
on
8*347
—...
$1,348,439
Depreciation...
63,686
Real and personal prop., social security, franch. & cap. stk. taxes
136,041
Interest charges (other than on idle plant)
4,083
Rrovision for Federal normal income taxes——............
323,709
...——_
......
—...
....
Pittsburgh Shawmut & Northern RR.—Earnings—
July—
1941
railway
$147,901
railway
48,319
Net ry. oper. income.26,037
From Jan. 1—
1940
$89,385
19,052
7,584
Gross from rail way
692,373
Gross from
Net from
Net from railway
Net ry. oper. income—.
—V. 153
p.
842,573
293,938
178,405
1939
1938
$65,971
8,2o0
def3,830
499,005
106,239
21,277
264,220
106,013
$55,503
3,013
def7,438
477,194
69,989
defl9,827
Pittsburgh & West Virginia Ry.—Earnings—
$455,522
150,948
119,828
1940
$327,688
62,108
38,045
$308,934
108,899
89,917
1938
$268,092
61,375
55,680
2,943,674
1,051,762
863,665
2 373,562
623,009
493,013
1,735,578
454,255
331,998
1,594,013
305,772
285,781
1941
railway
Net from railway
Net ry. oper. income—.
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
1939
—V. 153, p. 700.
y
Plough, Inc. (& Subs.^—Earnings—
6 Mos. End. June 30—
x
Net income
Shs. cap. stk. outst'g...
Earnings per share
1941
1940
$126,399
300,000
$0.42
$122,234
300,000
$0.40
1939
$150,025
$108,088
300,000
300,000
$0.50
$0.36
1938
x After
expenses, depreciation, Federal taxes and other charges.
Note—Provision for Federal income taxes for first half of 1941 amounted
to $61,663 (33%), against $27,431 (18%) in like 1940 period.
No excess
profits taxes accrued in the six months ended June 30 last.
Current assets as of June 30, 1941, amounted to $2,707,349 and current
liabilities were $304,911, comparing with $2,568,732 and $292,711, re¬
spectively, on June 30, 1940.—V. 151, p. 3573.
Public Service Co. of
Indiana, Inc.—Ruling—
"The plan of consolidation of Public,Service Co. of
Indiana, Terre Haute
Electric Co., Inc., and Central Indiana Power Co. into Public Service Co.
Indiana, Inc., provides that in the event that the certificate of consolida¬
of
tion and incorporation to the new corporation be issued
by the Secretary
of State for Indiana after June 1, 1941, then the holders of old
securities of
the constituent corporations entitled to receive
preferred stock of the new
owned
by
(except record holders of such securities
any
of the constituent corporations
or
are beneficially
estate of Midland
as
by the
United Co.) shall, upon surrender by them of their
respective old certifi¬
cates in exchange for certificates of stock of the new
corporation, be paid in
cash
by the new corporation for each share of such stock, a sum equal to
$5 multiplied by a fraction, the numerator of which is the number of
days
that have elapsed subsequent to
May 31, 1941, and prior to the date of the
issuance of said certificate of consolidation and
incorporation, and the de¬
nominator of which is 365.
"Accordingly, buyers of Public Service Co. of Indiana, Inc., 5% cumula¬
tive preferred stock, series A, on a 'when, as and if issued' basis are not en¬
titled to receive
any additional cash disbursed in accordance with the pro¬
visions summarized above.
"In the event that any contracts have been made 'and accrued
dividend,'
such dividend shall begin from the date of the issuance of the certificate of
consolidation and incorporation to the new corporation."—V.
153,
p.
998.
Pullman, Inc.—Capital Reduced—
Stockholders at
recent special meeting approved the retirement of
571,669 shares of capital stock, thereby decreasing the capital represented
by the shares of stock to $132,115,880 from $154,892,640.
Of this total retired, 517,298 shares were purchased under the call for
tenders dated May 22 and 54,371 were
previously acquired.
The retire¬
ment will result in a $5,690,278 increase in the
corporation's surplus, repre¬
senting the difference between the purchase price of the stock and the value
at which it had been carried on the books.—V.
153, p. 1139.
_
a
(Daniel) Reeves, Inc.—Suspended from Dealings—
The
stock
(no par) has been suspended from dealings on the
Exchange.
The merger of Daniel Reeves, Inc., into
Safeway Stores, Inc., has become effective and the transfer books for the
common stock of Daniel Reeves, Inc., have been
permanently closed.
In accordance with the terms of the merger agreement, each share of
common stock of Daniel Reeves, Inc., has been converted into 7-50ths of a
share of common stock of Safeway Stores, Inc.—V. 153,
p. 1140.
New
common
York
Curb
excess
profits taxes.—$820,918
$2.83 per share for the nine months' period Oct. 1, 1940, through June 30,
1941, compare with earnings of $872,905 after provision for Federal normal
$3.01 per share for the same period last year.
Balance Sheet June
30,1941'
Assets—Cash, $348,347: accounts receivable (less reserve of $14,480),
$880,671: advances to salesmen, branch plant managers,
&c.,
$1,009:
inventories (book figures), $554,575; cash surrender value of life insurance.
$17,150; other assets, $27,937; land and improvements, buildings, maehinery
and equipment (less reserve for depreciation of $1,068,768), $1,506,868;
idle plant (less reserve for depreciation, buildings, of $870), $99,129;
patents, trademarks and goodwill, at nominal value, $1; deferred charges,
$31,274; total, $3,466,959.
Liabilities—Accounts payable, trade and sundry,
$184,075; accrued
&c., $189,866; accrued mold charges, $1,959; social
security taxes, $56,952; property taxes payable, $1,486; unclaimed divi¬
dends, $647; Federal normal income and excess profits taxes for fiscal
period ended Sept. 30, 1940, $95,279; Federal normal income taxes for
year ending Sept. 30, 1941, estimated, $323,709; reserves, $81,148: capital
stock, common (par value $1), $290,000; capital surplus (subject to re¬
striction of $7,132 in respect of treasury stocs:), $965,939; earned surplus,
$1,275,898; total, $3,466,959.
wages, taxes, interest,
Note—Owing to the complexities of the excess profits tax
as set
forth in
Title II of the Second Revenue Act of 1940, no provision for this tax for
the nine months ended June 30, 1941, has
been made in the financial state¬
ments.
However, provision has been made therein for Federal normal
income taxes.—V. 153, p. 1140.
*
Rhineland Paper Co.—20-Cent Dividend—
Directors have declared
a
dividend of 20 cents per share on the common
stock, payable Oct.! to holders of record Sept. 23.
The Uniform Practice Committee of the National Association of Securi¬
ties Dealers, Inc., District No. 13, has made the following announcement:
corporation
Federal
income taxes but before provision for Federal excess profits taxes, equaling
700.
July—
Gross from
Profit before provision for
Note—The earnings of $820,918 after provision for Federal normal in¬
taxes but before provision for Federal excess profits taxes, equaling
come
This
compares
with
30 cents paid on July 1, last: 20 cents paid on April 1, last; 40 cents paid on
Dec. 23, 1940; 20 cents paid in the three preceding quarters; 40 cents paid
1^^20^1939, and 20 cents paid on Oct. 2,1939.—V. 152, p. 4137.
Rice-Stix Dry Goods
Co.—-50-Cent Common Dividend—•
Directors have declared a dividend of 50 cents per share on the common
stock, payable Oct. 1 to holders of record Sept. 15. Like amount was paid
on Jan. 22, last, this latter being the first dividend paid since July 15, 1937
when 25 cents per share was distributed.—V. 152, p. 437.
Richfield Oil
Corp.—Earnings—
6 Mos. End. June 30—
1941
1940
1939
1938
Sales, excl. State & Fed'l
gasoline and oil taxes.122,962,950 $20,916,077 $20,619,071 $20,566,489
Other operating revenue
491,630
1,241,985
434,390
882,657
Total oper. income.._$23,454,581
Cost of sales & services..
Sell., gen. & admin, exps.
Deprec., deple. & amort.
Dry hole
losses
and
abandonments
Net non-oper. income
Int.
on
debentures-
Amort, of deb. discount.
Est.
prov.
income
for
12,087,744
4,876,138
3,236,172
$22,158,062 $21,053,460 $21,449,146
11,684,001
11,538,770
12,920,766
4,828,591
4,672,664
4,491,925
2,854,539
2,813,239
2,425.561
416,703
33,907
180,179
40,414
496,243
CY9.109
188,528
31,997
590,203
Cr370,7l6
186,422
47,543
349,140
Dr22,792
169,155
29,425
Federal
800,000
225,000
125,000
35,000
Net profit-.-.$1,821,138
Earns, per sh. on 4,010,-
$2,112,479
$1,196,128
$1,005,383
$0.52
$0.30
$0.25
000
—V.
taxes
sns. common
153, p.
.
stock
$0.46
999.
Richmond Fredericksburg
July—
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income.-.
—V> 153, p. 702.
1941
& Potomac RR.—Earnings
1939
1940
i-
1938l
-
$667,424
$651,503
$558,269
279,444
135,105
41,450
159,265
78,082
116,067
46,386
8,012,457
3,197,114
1,630,757
5,692,257
1,463,952
517,555
5,223,223
1,377,540
544,525
4,724,361
945,961
256,231
$1,209,614
530,612
.
Volume
The Commercial & Financial Chronicle
153
Rochester Telephone
Period End. July 31—
1941—Month—1940
$494,703
$464,271
839
1,025
oper. rev..
Operating revenues
Operating expenses
335,995
Net oper. income
—V.
income
153, p.
$3,392,284*
2,238,802
$3,227,618
2,186,949
$151,885
64,305
$1,153,482
497,008
$1,010,669
438,891
$86,307
58,390
Net oper. revenues
$463,246
311,361
$157,8o9
71,562
.
Operating taxes..
Net
1941—7 Mos.—1940
$3,399,371
$2,234,788
7,087
7,170
$493,864
Operating revenues
Uncollectible
San Carlos
Corp.—Earnings—
$87,580
60,636
$656,474
469,354
$601,778
413,404
999.
Rockwood & Co.—Preferred Dividend—
Directors have declared
accumulations
record
on
Aug. 19.
a dividend of $1.25 per share on account of
the 5% preferred stock, payable Sept. 2 to holders of
Like amount paid on June 2 and March 3, last.—V. 152,
P. 3358.
Rutland RR.-
Earnings—
July—
1941
Gross from
railway
Net ry. oper. income
•V.; 153,
P. 251,
$264,894
29,575
6,581
$235,673
defl2,170
def40,551
2,014,453
101,858
def65,959
1,896,149
56,409
def95,224
July—
1941
oper.
-Earnings—
1939
1940
1938
$466,455
81,458
53,781
income—.
$415,083
49,640
26,374
$386,234
49,651
24,598
$376,210
38,748
6,530
4,588,229
1,699,139
1,197,830
From Jan. 1—
Gross from railway
Net from railway......
4,392,001
1,492.160
1,018,480
4,694,796
1,895.486
1,353,618
4,558,056
1,685,160
1,125,385
—V. 153, p. 702.
St. Louis-San Francisco Ry.
Period End. July 31—
Operating revenues
Operating expenses..
Earnings of System—
1941—Month—1940
1941—7 Mos —1940
$5,420,878
$4,145,141 $33,988,976 $26,620,184
3,791,188
3,198,856
25,052,838
22,761,318
...
Net ry. oper. income
1,208,913
53,836
Total income
620,285
16,303
6,317.337
168,570
$6,485,908
72,536
$6,413,371
$1,485,927
Deductions from income
33,140
Bal. avail, for int.,&c.
$1,229,609
$630,304
Earnings of Company Only
July—
1941
Gross from railway..
Net from railway
Net ry. oper. income
1939
1940
1938
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
$5,142,627
1,501,262
1,118,879
$3,958,590
890,026
598,571
$3,912,869
679,569
363,190
$3,771,566
508,621
151,367
32,611,827
...
25,532,127
3,713,985
1,534,099
25,144,453
24,034,473
3,118,196
1.902,366
def609,848
8,563,691
6,217,105
813,040
—V. 153, p. 848.
July—
1941
Gross from railway...
...
...
Net ry. oper. income.
From Jan. 1—
Gross from railway.
Net from railway
..
Net income to surplus
Dividends paid during year
oper. revenues.....
oper. expenses.....
1939
from ry. oper.
$205,580
94,731
60,470
$193,529
73,904
35,039
1,038,471
289,706
43,420
799,792
99,180
defl32,074
980,481
230,896
def!6,336
991,451
217,130
def58,386
San Diego Gas &
1941—Month—1940
$2,278,263
1,429.157
1941—7 Mos.—1940
Co., as Vice-President and member of the board of directors of this corpo¬
ration was announced by Lewis S. Rosenstiel, Chairman, following a meeting
of the board on Aug. 26.
Mr. Bunim will continue to be the executive head of the Gibson business
and to handle bulk sales of
p.
income....
$603,803
27,648
$276,959
23,858
$4,560,624
Other ry. oper. income..
$2,396,223
158,311
Railway tax accruals...
Total ry. oper. income>•
163,106
Seaboard Air Line Ry.-
$631,451
$300,818
$4,723,730
$2,554,534
203,286
operating income
Net ry. oper. income.
Non-oper. income
...
Gross income..
Deduc's fr. gross inc
income.........
186,462
1,263,284
1,144,631
$428,165
9,811
$114,356
9,039
$3,460,446
$1,409,902
49,196
$437,975
253,737
54 552
$123,395
253,744
$3,514,999
;
$184,239 def$130,348
1,765,113
$1,459,098
1,854,365
1940
1939
1938
$3,285,957
222,943
defl5,934
$3,035,981
208,549
def 9,098
$2,619,943
21,049
def 185,161
36,536,486
9,500,018
6,036,665
Net from
railway
oper. income
Net ry.
From Jan. 1—
Gross from railway
28.149,028
5,157,075
2,162,699
25,869,981
4,610,232
1.663,530
Net from railway.
Net ry. oper. income
23,711,824
3,727,537
870,589
—V. 153, p. 1141.
Sears, Roebuck & Co.—Registers Employees Pension Fund
See list
given
on
first page of this department.—V. 153, p. 849.
Shepard-Niles Crane & Hoist Co.—$2 Dividend—
The directors have declared a dividend of $2 per share on the common
stock, payable Sept. 2 to holders of record Ahg. 21.
This compares with
$1 paid on June 2 and March 3, last; $1.50 paid on Dec. 2 and Sept. 3,
1940; 50 cents paid on June 1 and March 1, 1940; $1.50 paid on Dec. 1,
1939; 25 cents paid in each of the five preceding quarters, 50 cents paid on
June 1 and on March 1, 1938, and a dividend of $1.50 paid on Dec. 1,1937.
—V. 153, p.
110.
Sioux City
Service Co,—Bonds Called—
A total of $6,200 first mortgage gold bonds, 6% series due 1951, has been
called for redemption on Oct. 1 at 101 and accrued interest.
Payment will
be made at the Continental Illinois National Bank & Trust Co. of Chicago.
Corp. (Mayfair House)—Int. Payments
The Uniform Practice Committee of the National Association of Security
Dealers, Inc., District No. 13, announces that it has been advised by the
Manufacturers Trust Co. that payment has been made of all interest due
on the 3-5s
1950 reorganization bonds of the 60 East 65th Street Corp.
Accordingly, this issue should be traded "and interest"
at the fixed rate of 3
%, according to the committee.-—V. 138, p. 4312.
Soss Mfg. Co.—
after
profit
Earnings—
1941
depreciation
of New Common in Reorganization—No Equity at Present—
The company petitioned the Interstate Commerce Commission Aug. 28
for modification of the Commission's reorganization plan in order to give
$111,141
$73,131
$0.30
$0.57
$0.37
stk.
153, P. 253.
South American Gold & Platinum Co,—10-Cent Div.—
the common
Sept. 10. Similar payments were
7, last, Nov. 20,1940, and on May 16,1940.—V.153.P. 1141.
stock, payable Sept. 22 to holders of record
made on May
South Penn Oil
Co.—Earnings—
1941
1940
1939
1938
.......$11,957,976 $16,522,296 $12,660,550 $14,100,259
Costs, expenses, deprec.,
depletion, Federal in¬
13,456,778
12,021,683
14,817,178
10,726,892
come taxes, &c
6 Mos. End. June 30—
—
stockholders
approximately $20,000,000 in new common stock.
recently-issued reorganization plan the ICC denied present stock¬
holders any interest in the reorganized company.
The plan, the road contends, provides "an inadequate capitalization"
and gives "unjust and unreasonable treatment" to
present stockholders.
The petition asks that present holders of preferred stock be given twofifths of a share of new common stock for each share of present preferred,
and that holders of common stock be given one-fifth of a share of new com¬
stock for each share of present common.
$1,705,118
$638,867
203,911
279,836
261,336
214,590
$1,434,995
231,798
Fed. & State inc. taxes-
$1,984,954
161,642
$900,203
10,011
$858,071
10,411
$1,203,197
$1,823,312
750,000
$890,192
750,000
$847,660
1,000,000
$1,073,312
1,000,000
1,000,000
$1.82
$0.89
—
Other income (less other
expenses)
Dividends
.
750,000
r....
Shs. cap. stk. outstand'g
Earnings per share.. ....
$453,197
1,000,000
$1.20
revenue."
1941
*
$
Liabilities—
claims
Gross from railway
Net from railwayNet ry. oper. income...
—V. 153, p.
775,821
47,904
defl73,687
646,305
143,270
196,672
3.113.076
Due
Cash...
3,794,449
5,158.599
Deposits & accrued
Special deposits
2,667,938
521,078
2.637.077
757,480
Due from affil. cos.
Other
221,130
currently
to
1939
$99,219
$93,961
596
def 1,168
def28,954
def28,956
705,491
9,694
def206,397
808,162
73,079
defl46,560
...
1941
$68,648
$0.73
$33,959
$0.30
34,344
55,160
47,084
1,001,698
1,172,118
128,538
137,229
6,280
comp.
claims pay. after
Dec. 31_.......
Due
deed
on
for
contr.aft.Dec.31
Reserves.
Surplus.
Total
46,695,159 47,649,577
.
Total
.
.
20,939
300,743
308,549
18,286,567 19,347,406
16,062
.....46,695,159 47,649,577
for depreciation and depletion of $92,622,292 in 1940;
$94,158,148 in 1941—V. 152, p. 3986.
x
After reserve
Southern Natural Gas Co .—Bonds
1940
7,267
2,331
35,639
interest
Other accr'd accts.
Dec. 31
$83,738
def21,826
def53,761
Corp.—Earnings—-
Quarter Ended July 31—
Net profit after all charges and taxes
Earnings per share on 66,000 common shares.....
—V. 153, p. 252.
7,606
2,474
for
deed to Dec. 31.
Annuities pay. aft.
1938
679,242
'def86,630
def310,954
._
contr.
Misc. curr. liabils.
■Earnings—
1940
703.
Schumacher Wall Board
$
payable
126,834
receivables.
222,673
Misc. stks. owned 3,113,076
Accts. receivable..
Workmen's
Sail Antonio Uvalde & Gulf RR.-
Net ry. oper. income...
From Jan. 1—
$
1940
$
Assets—
1940
Props. & equip.
Beginning with January, 1936, and continuing through June 30, 1941,
the petition said, the road has produced on the average annual income
available for fixed charges of $2,790,000.—V. 153, p. 703.
$119,723
5,097
def26,458
$6.85
1941
.25,000,000 25,000,000
.21,878,612 22,309,922 Capital stock
957,419
Stocks in other cos. 6,482,352
6,448,453 Accounts payable- 1,136,752
546,032
652,111
Market, securs.__ 1,565,208
1,491,493 Tax liability-....
Annuities
payable
Material, mdse. &
64,000
70,385
currently
5,248,479
stock oil
5,509,398
35,102 Workmen's comp.
Notes receivable..
56,059
x
►
Gross from railway
Net from railway
1,000,000
Consolidated Balance Sheet June 30
Deferred charges..
1941
$140,192 def$152,340
—
A capitalization of $94,033,862 for the reorganized company is proposed
by the road, instead of $75,300,375 provided by the Commission.
This
would be brought about by increasing the amount of common stock from
$18,750,339 to $38,336,626.
The Cotton Belt contends that the Commission's plan "disregards the
substantial recovery in the earning power of the debtor which began in
1936 and has steadily increased, with such setbacks as are normal in carrier
Juiy—
$643,481
$1,231,084
Profit
In its
r
1939
$57,828
Earns, per sh. on 195,000 shs. cap.
—V.
1940
and
$1,749,885 def$395,267
Change^ in ICC Plan—Would Give Stockholders $20,000,000
mon
Earnings—
1941
$5,064,953
1,375,344
1,016,451
July—
Gross from railway.
Net sales
Deductions from railway
present
Schenley products, Mr. Rosenstiel said.—V. 153
109.
Directors have declared a dividend of 10 cents per share on
$3,173,434
777,211
Net
153, p. 1000.
Schenley Distillers Coro.—New Vice-President—
$1,483,338 $15,006,665 $11,424,852
1,096,810
9,262,569
8,251,418
$5,744,096
1,183,471
^
Electric Co .—Registers with SEC—
See list given on first page of this department.—V.
Federal income taxes
Ry.—Earnings—
$386,528
109,568
oper.
Deei^l, 1940
Assets—Cash, $299,744; accounts and''notes receivable. $160,341; in¬
ventories, $492,562; deferred charges, $15,795; fixed assets, $812,865;
total, $1,781,307.
'■
■
Liabilities—Accounts payable, $47,349; accrued taxes, $31,447; reserve
for self-insurance, workmen's compensation, $16,841; capital stock
(200,000
shares at $8), $1,600,000; capital surplus, $50,000; earned surplus, $35,671;
total, $1,781,307.—V. 151, p. 2955.
60 East 65th St.
1938
$143,319
46.185
13,691
$849,105
245,302
Ry.
$294,244
280,000
Balance Sheet
6 Months Ended June 30—
Period End. July 31—
rev.
904
760
32,753
Philippine income and United States capital stock taxes
Ry.—Earnings—
1940
$211,063
95,539
61,079
St. Louis Southwestern
Net
expenses
Interest paid
Losses on assets discarded
Net
_
$740,746
336,984
75,100
....
("Mayfair House").
...
Net ry. oper. income.
—V. 153. p. 702.
Ry.
Ry.
$736,305
lossl9,293
23,734
—V. 152, p. 3359.
St. Louis San Francisco & Texas
Net from rail way.
Gross income..
Operating and administration
Depreciation
$1,536,016
50,089
$636,587
6,283
.
(at market
Other income
1,433,389
102,627
$1,262,749
Other income--.-2#..
Year Ended Dec. 31, 1940
compensation for milling services
value on dates of receipt)
Revenues from sugar and molasses sales (net).
as
Election of David Bunim, President of the subsidiary Gibson Distilling
702","999.
Gross from railway.
Net from rail way.. ....
Net ry. oper. income...
Milling Co., Ltd.—Annual Report—
Earnings for the
Sugar received
1,635,171
def203,254
def411,724
St. Louis Brownsville & Mexico Ry.-
Net ry
1938
$341,141
69,766
41,419.
2,136,482
230,169
108,570
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from
1939
1940
$343,366
63,373
49,877
railway
Net from railway
1287
Called—
adjustment mortgage bonds due Jan. 1, 1960,
have been called for redemption on Oct. 1 at par and accrued^ interest.
Payment will be made at the Chase National Bank of the City of N. Y —
V. 153, p.1141.
All of the outstanding
The Commercial & Financial Chronicle
1288
(& Subs.)—Earnings1941—12 Wo*.—1940
Southeastern Greyhound Lines
1941—3 Mos.—mO
$1,578,216
$1,031,516
17,293
14,729
15,446
12,478
$4,153,794
57,665
49,538
$1,058,722
$5,449,010
$4,260,997
836,972
106,098
197,405
43,184
642,979
89,510
149,717
19,581
2,974,448
2,509,119
399,617
722,894
124.527
355,152
600.929
92,885
$427,297
Other revenue
$5,33.>,231
61,861
51,918
$1,610,957
Period End. June 30—
$156,934
$1,227,623
$702,911
3
99
<
Passenger revenue
Express revenue--
Total oper. revenue-.
expense-
ance
Depreciation expense—
Oper. taxes & licenses..
Operating rents (net)
—
Net oper. revenue
Other income
9
-
$156,937
4,727
$427,307
5,896
Gross income
Income deductions
$1,227,937
22,036
522
•
$703,433
23,443
Federal and State income)
135,318
329,464
35,735
108,851
taxes—1940 Act
31,,884
20,393
reserve
for
in¬
creased taxes based on
1941
Revenue
Bill
passed by House
Aug. 4, 1941
as
on
82,571
52,051
$544,673
$761,667
$116,476
$240,116
Net income------
Note—The companies
properties and lines southeast of Chattanooga,
Tennessee, together with those of Union Bus Co. (a non-affiliated company)
managed by Southeastern Management Co. (50% owned).
The above in¬
accounts include the following revenues and expenses, representing
the allocation to Southeastern Greyhound Lines of their portion (50%) of
the revenues and expenses applicable to such joint operations accumulated
on the books of Southeastern Management Co.
come
$204,851
132,585
153,
$158,858
120,895
$775,848
524,777
$647,492
458,467
$72,265
Operating revenues
Expenses-
-V.
production, shipments
and earnings of the company reached new highs in the first half of 1941,
Thomas A. Morgan, President, discloses that the management has taken
two-fold action to cushion the effects of any slump or drastic readjustment
which might accompany a post-emergency period.
One step taken is to set up substantial reserves
Southern Bell
Under this plan, ail facilities acquired since Jan. 1,
by Federal tax law.
1940, would be written off in three years beginning Jan. 1, 1941, or from
date of acquisition if subsequently acquired.
Mr. Morgan further reported that all arrangements
$37,962
$251,071
$189,024
073
the first-half of 1940.
over
Consolidated Income Account 6 Months Ended Jujie 30
618,633
228,267
$4,945,101
182,904
$4,408,459
170,560
1,433,892
1,156,363
1,015,422
1,109,364
942,565
540,541
354,923
254,529
$13,239,212
$5,763,074
$3,391,852
$2,874,006
Gross inc. from opers-$16,234,302
Depreciation
Selling &
26,500
1941—7 Mas.—1940
$6,169,209 $50,070,633 $43,727,959
29,630
186,628
169,902
Operating revenues.
Operating expenses—
$7,241,224
4,984,401
<6,130,579 $49,884,005 $43,558,057
4,111,796
32,431,356
28,158,329
Net oper. revenues.
Operating taxes
$2,256,823
1,011,209
$2,018,783 $17,452,649 $15,399,728
864,734
7,^84,674
6,484,522
Net oper. income
Net income-..
$1,245,614
986,525
$1,154,049
945,839
1941—Month—1940
$7,267,724
Uncollectible oper. rev._
gen. expenses._
$7,688,246
Research & development
Operating income
138,972
68,916
49,775
52,101
$13,378,183
55,239
9,238,038
$5,831,990
$2,926,107
37,193
1,441,627
23,690
1,766,503
948,361
783,926
$3,477,434
607,473
$4,028,295
Other income
Gross income
Miscell,
-
_
expenses.-.
Provision for taxes
Netincome.
z
Extraordinary charges
x
153,
p.
$8,915,206
7,512,614
849.
Southern
1940
1939
$8,362,668
2,385,631
1,437,399
$7,924,753
2,339,907
1,461,055
1941
.$12,119,359
4,704,623
2,880,389
railway
Net from railway
Net railway operating income
.
.
From Jan. 1—
Gross from railway
76,183,909
28,039,930
17,697,667
Net from railway
Net railway operating income
-Third
1941
Gross earnings (est.)-—
—v. 153, P. 1142.
Federal
surtax
undistributed
on
58,150,634
16,528,480
9,916,902
y
■ -
revenues
subject to such further changes as may be
finally enacted (since it is impracticable to estimate net
one-half of the excess profits credits was used in
computing the provision for excess profits taxes.)
(B) The net income of the wholly-owned nonconsolidated subsidiary in
England for the period from Jan. 1 to March 20,1941, amounted to $32,621.
Congress and
therefore,
are,
made in the tax law
Co.—Earnings-
4,000
33,000
2,000
16,500
$1,730,280 $13,013,370 $11,617,315
1,191,397
8.517,100
8,011,150
Operating revenues.
Operating expenses
$1,970,246
1,327,627
Net oper. revenues.
Operating taxes
$642,619
198,430
$538,883
175,637
$4,496,270
1,424,134
$3,606,145
1,096.456
Net oper. income..
Net income
$444,189
364,090
$363,246
$3,072,136
2,538,035
Assets—
—
288,884
Contracts
in
&
—
sales
tracts..
123,794,948
41,235,702
26,287,402
Net from railway
Net ry. oper. income
94,783,524
23,019,289
9,163,917
90,235,056
22,742,704
9,405,825
82,480,833
14,119,120
809,441
1142.
.
.
Southern Pacific SS.
Lines—Earnings
j■
1939
1938
1941
$48,275
def260,619
def268,601
27,091
711
$602,842
105,781
91,337
4,469,994
413,645
242,480
Net ry. oper. income
From Jan. 1—
1940
$798,283
5,330,808
405,431
227,818
4,152,266
295,166
181,442
3,793,081
9,587
def99,456
$557,852
16,563
54,956
.
Gross from railway
Net from railway
Net ry. oper. income...
—V. 153, p. 703.
Southern Sierras Power of
Mexico, S. A.—Exempt—
Securities and Exchange Commission, issued
Holding
Company
Act
Aug. 23,
because it is
a
wholly-owned
property operating outside the United States. It is a subsidiary of California
Electric Power Co. (formerly Nevada-California Electric Co.)
The same
order held that
Hydro-Electric Securities Co. had failed to establish that it
does not receive part of its income in the United States and therefore was not
exempt.
However, the SEC said that since Hydro-Electric previously had
been exempted, the denial of the application does not deprive California
Electric of its present exemption as a holding company under the Act.—V.
144,
p.
466.
Southland Royalty Co.—To Pay
Directors have declared
10-Cent Dividend—
dividend of 10 cents per share on the common
stock, payable Sept. 13 to holders of record Aug. 30.
Previously quarterly
dividends of five cents per share were distributed.—V. 153, p. 254.
a
Southwestern Associated Telephone
Period End. July SI—
Operating
1941—Month-—1940
Operating revenues
Operating expenses
Net oper. revenues
Operating taxes
.
c
products
guar¬
1,799,585
843,834
readjustments..
433,316
Capital stock
2,015,565
2,015,565
4,334,246
4,334,246
surplus..cl4,708,831 11,436,645
Capital surplus
2,300,020
Earned
422,735
445,361
914,584
914,584
b Plant & equip't-
9,493,460
4,770,729
1,062,772
155,496
43,811
143,811
in
...
in
sub.
Notes receivable;
non-current
Patents....
...
Total
After
30,000
....
...60,583,554 28,125,1051
b After
60,583,554 28,125,105
Total
Par value $1.
d Includes
$113,684 in 1941 and $36,047 in 1940 due to nonconsolidated subsidiary,
a Includes $531,063 undistributed earned
surplus of subsidiary in England
to Dec. 31, 1939.
f Acquired under defense program billed or expected to
be billed to U. S. Govt, in 1941. g After deducting $12,604,597 applied as a
reduction of estimated accumulated costs in inventories (per contra).—V.
153, p. 564.
reserves,
depreciation,
c
Co.—Earnings—
1941—7 Mos. —1940
Spokane International Ry.- -Earnings—
,
July—
Net ry. oper. income...
From Jan. 1—
Gross from railway
538,253
166,371
101,279
Net from railway
Net ry. oper. income
1940
$74,590
27,604
18,071
445,234
97,044
36,652
1938
1939
$71,309
18,461
9,434
$69,229
15,498
7,359
434,384
76,312
31,444
def7,410
404,310
44,930
—V. 153, p. 849.
Spokane Portland & Seattle Ry.July—
1941
$1,207,787
519,696
income.._
289,837
Gross from railway
Net from railway
Net ry. oper.
From Jan. 1—
Gross from railway
Net from railway
6,891,899
2,474,360
1,368,530
Net ry. oper.
—V. 153, p.
income...
704.
Standard Gas & Electric
1940
$827,202
155,636
17,514
5,051,726
1,148,332
274,643
Earnings—
1938
1939
$729,311
209,541
$701,464
215,315
114,900
90,423
4,753,650
1,095,187
278,147
4,285,228
929,401
135,238
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
& Electric Co. system for the week ended Aug. 23, 1941, totaled
Gas
155,248,276 kwh.,
sponding week last
$126,247
600
300
$1,013,055
2,900
$812,351
2,100
$147,828
87,665
$125,947
80.412
$1,010,155
597,947
$810,251
Thomas
S.
493.382
Aug. 21 in
p. 1002.
an
$60,163
$45,535
15,167
$412,208
144,506
$316,869
21,019
$39,144
$30,368
$267,702
$234,905
81,964
1941
$101,259
44,780
33,984
Gross from railway
Net from railway
as
compared with 130,720,540 kwh. for the
increase of 18.8%.—V. 153, p. 1142.
corre¬
year, an
Standard Oil Co. of New
Cooke, 54,
a
Jersey—Obituary—
Vice-President of the company
was
killed
on
automobile accident, the Associated Press reported.—V. 153,
Standard Stoker Co.—Initial Dividend—
Directors have declared
Net oper. income
-V. 153, p. 703.
&
Res've for post-war
...Cr12,604,597
$148,428
revenues
Uncollectible oper. rev..
for inst'lm't
t>
declares that Southern Sierras Power of Mexico, S. A., is exempt as a sub¬
the
Federal
anteed
64,475
449,784
...
England
a
Gross from railway
Net from railway
Prov.
con¬
Deferred charges..
From Jan. 1—
Gross from railway
2,642,469
for
&c., taxes
service
for mach. &
Invest,
1939
1938
1941
1940
Gross from railway
$21,442,885 $14,895,591 $14,610,926 $13,103,958
Net from railway
8,038,245
4,058,863
4,358,836
3,287,794
Net ry. oper. income...
5,521,647
2,253,480
1,915,905
1,351,400
July—
under
1,341,728
Portion of deposits
Investments
Co.—Earnings-
1,641,727
3,292,915
Prov.
10,572,485
2,916,838
equipment.....
Southern Pacific
2,520,385
14,067,386
ries & wages
<■
I
in-
Contracts in prog¬
rec. on
$
Accrued exps. sala¬
Dept. on purchased
contract-.
1940
payable. 5,605,098 d 1,917,702
Depos. on contr'tsgl5099,143
work
progress,
Accounts
4,126,381
10,388,282
ventories, &c_. .25,440,266
Exp.
—V. 153, p. 1141.
sidiary
per
$
Liabilities—•
5,560,055
.19,755,601
Accts. rec., &c_.
a
$2,509,709
1,992,283
An order of the
$4,025
exchange rates
1941
1940
$
Cash
ress
PP—*| H|
i.",'
income for the year 1941,
Translation into dollars has been made at the official rate of
1941—Month—1940
1941—7 Mos.—1940
$1,974,246
$1,732,280 $13,046,370 $11,633,815
Uncollectible oper. rev..
July—
-
■
Consolidated Balance Sheet June 30
Period End. July 31—
153, p.
■
pound sterling except that depreciation has been translated at
prevailing at time of acquisition of related fixed assets.
1940
Postwar
for:
Notes—(A) The provisions for Federal income and excess profits taxes for
the six months ended June 30, 1941 have been estimated on the basis of the
increased rates in the Revenue Act of 1941 (H. R. 5417) now pending in
1941
—V.
Provision
1941
$2,640,111 $111721,705 $85,368,106
Southern New England Telephone
Operating
in 1941; $143,964 in
No provision made for
z
income,
net
Jank 1 to Aug. 23
Week of August
1940
$3,530,269
54,261,487
15,417,456
9,137,472
$2,469,576 y$2,107,780
readjustments, $433,316; additional amortization for the purpose of writing
off emergency facilities acquired since Jan. 1, 1940 over a three-year period
beginning Jan. 1, 1941 or at date of acquisition, if subsequently acquired,
$ 174,157.
Ry.—Earnings-
July—
Gross from
34,401
Includes income from patent royalties: $76,983
1940; $230,628 in 1939, and $111,748 in 1938.
$9,967,975
8,334,549
1938
1939
1940
1941
x
Telephone & Telegraph Co .—Earnings
Period End. July SI—
—V.
have now been made
Reconstruction Finance Corporation for the financing, building
equipping of a plant in Nassau County, Long Island, New York, at a
cost or about $20,000,000, to be completed in June, 1942.
The plant, which
would be operated by Sperry Gyroscope Co. on defense contracts, will have a
total area of 1,350,000 square feet and will more than double the productive
area now available to the Sperry Gyroscope Co.
Net income of the corporation and wholy-owned domestic subsidiaries
for the six months ended June 30, 1941, was $4,084,907, equal to $2.03 a
share on capital stock, after providing for Federal income and excess profits
taxes under the proposed Revenue Act of 1941 now before Congress, but
before reserves of $607,473 for post-war readjustments and additional
amortization.
For the six months ended June 30, 1940, net income after
charges, Federal income and excess profits taxes under the Second Revenue
Act of 1940, was $3,068,282 or $1.52 a share.
Provision under pending legislation for income, excess profits, franchise
and capital stock taxes this year required $9,238,038, an increase of $6,404,with the
expenses..
Operating revenues:
earmarked for post-war
including readjustment of facilities.
In this respect, $433,316 was
appropriated from first half earnings. This sum, Mr. Morgan said, will be
"increased in the future until a sufficient reserve has been accumulated."
The second step is the adoption of a policy of amortizing defense pro¬
duction facilities over three years instead of the five-year period permitted
use,
1141.
p.
Readjustments—
In advising stockholders of the corporation that
and
Excess profits tax—1940
Act
Deduct
Up Reserve for
Sperry Corp.-—Semi-Annual Report—Sets
Post War
„
Operation and mainten¬
Aug. 30, 1941
new
common
Aug. 25.
stock,
now
an initial dividend of 50 cents per share on the
outstanding payable Sept. 2 to holders of record
Volume
The Commercial & Financial Chronicle
153
Standard Oil Co. of Pa.—New President—
*
R.N. Keppel, Vice-President of this company has been elected President
t
announced
was
Aug. 7.
G. E. Bubar, in charge of the company's bulk plant operations, and
H. W. Chapin, leases and appropriations assistant, have been elected
directors, it was also announced.—V. 135, p. 1673.
'
on
1940
55,917,571
a3,001,373
685,029
177,382
$3,654,612
b2,003,805
641,206
52,448
$2,053,785
3,706
2,733
$957,152
8,358
2,006
$2,060,225
..
—
.
$967,517
58,039
Selling and general expenses
Additional compensation to employees
Operating profit—
Income from securities
Other income
Total income
101,329
—510,200s
400,700
200,000
__
Reserve
for
.
__
contingencies
Net income.....^
168,500
--- —
.
84,370
Total
$740,978
35,403
Net increase in operating surplus.
year
year
Because of the greatly increased
$776,381
$772,834
310,052
$774,543
3,546
311,761
number of machine hours
over
the
preceding
year the provision for depreciation of machinery, power equip¬
and tools, jigs and fixtures has been increased.
Company has also
elected to amortize over a period of five years the cost of additions to plant
ment
since June 10, 1940, considered to be in the category of emergency facilities.
There has been included in cost of sales for the year ending June 30, 1941,
an amount of $123,228,
representing the provision for depreciation and
amortization, which amount is approximately $61,000 greater than would
have been included had the method of computing depreciation used in the
preceding year been followed,
b Cost of sales for the year ending June 30,
940, includes depreciation in the amount of $58,142.
Comparative Condensed, Balance Sheet June 30
Assets
1941
Cash, demand deposits and currency
Accounts receivable, customers
Marketable securities
504,792
1,591,287
al94,155
16,910
13,109
47,750
81,333
354,561
1,035,169
13,501
95,002
Deposit in Canadian bank, at U. S. equivalent
Misc. notes and accts. receivable, less reserve
Land, cost
Buildings, cost—less
$733,218
s
...
reserves
for deprec. & amort.
Mach. & equip., cost (lessres. for deprec. & amort.)
Deferred charges
Total.
12,621
5,192
' 40,450
82,733
431,385
1,183,823
21,554
$5,937,068
$4,585,790
$278,484
1,095,954
200,000
1,466,990
1,964,433
$95,017
284,805
Earnings—
1941
$255,300
66,566
$207,097
46,356
31,996
1,685,037
487,351
255,763
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
__
Net ry. oper. income
—V. 153, p. 704.
1940
1939
1938
$158,885
20,389
$187,286
45,132
18,333
1,511,797
363,924
166,380
1,310,237
268,855
72,610
1,187,708
Terre Haute Malleable & Mfg.
30,525
6,169
225,699
37,912
Corp.—Earnings—
Earnings for 7 Months Ended July 31, 1941
Gross profit from sales
Selling, general and administrative expense
$127,544
35,914
—
Profit from
operations
Other income.
$91,631
11,855
.
Total profit.
—
Provision for depreciation——— —
Provision for Federal income taxes
Net profit
Earnings per share
— .
—
—— —
——■s"
.
.
73,584 shares
on
common
(par $5)-__
$103,485
19,600
24,000
$59,885
$0.81
Balance Sheet at July 31, 1941
Assets—Cash in
banks and on hand, $81,101; accounts receivable, less
bad debts, $121,830; inventory of castings, finished and
in
$108,356; inventories of raw materials and supplies, $115,574;
miscellaneous accounts receivable, $533; corporate stocks, at
cost, $4,105;
fixed assets (less reserve for depreciation of $555,488),
$315,258; deferred
charges, $10,567; total, $757,324.
••
Liabilities—Accounts payable, $53,923; accruals, $87,858; reserve for
contingencies, $14,250; common stock (par $5), $367,920; capital surplus.
$88,467; earned surplus, $144,906; total, $757,324.—V. 152, p. 133.
reserve
for
process,
■>
.
Texas Electric Service
Period End.
Direct taxes
1941—12 Mos.—1940
$845,659
$758,952
$9,262,915
$8,785,233
332,141
168,716
285,868
116,171
3,554,811
1,806,926
3,328,246
1,198,557
——"
Property retire,
Co.—Earnings-
1941—Month- -1940
July 31—
Operating revenues.
Oper. exps., excl. direct
taxes..
1940
$1,304,647
607,647
2,152,010'
Inventories
Miscellaneous securities
Taylor craft Board.
Richard II. Depew Jr., was made Executive Vice-President in addition
to remaining as General Manager and Treasurer.
Howard S. Hoit was
added to the Board.—V. 152, p. 2085.
$462,782
$931,205
Net increase in operating surplus
Dividends declared...
$932,367
115,559
$156,662
774,543
...
Operating surplus, at end of
'
$816,807
660,145
Operating surplus charges
a
— -—
$847,996
Operating surplus credits
Operating surplus, at beginning of
member of the
July—
1941
*
Other charges
Reserve for U. S. income taxes.—
Reserve for U. S. excess profits tax
Ogsbury remains
a
Tennessee Central Ry.
(L. S.) Starrett Co.—Earnings—
Year Ended June 30—
Sales
Cost of sales
1289
C. G. Taylor was elected to fill the post of Chairman,
resigning as Presi¬
dent of the company, leaving the presidency vacant. Mr.
reserve
83,333
83,333
1,000,000
1,000,000
$261,469
appropriations
$273,580
$3,258,430
12,428
_
Net oper. revenue
Other income (net)
858
Dm
$2,901,178
20,264
$262,327
$273,541
140,542
2,734
$2,921,442
1,686,500
33,838
$3,270,858
1,686,500
$118,963
$130,265
Dividends applic. to pref. stocks for the period
$1,201,104
375,678
$1,552,074
375,678
$825,426
$1,176,396
Gross income
Int. on mtge. bonds.—
Other interest
140,542
2,822
Net income
32,284
Liabilities—
Accounts payable and accrued expenses
Accrued Federal, State and town taxes
Reserve for contingencies
b Common stock (146,699 shares no par)
—
Capital surplus
Operating surplus..
1,466,994
1,964.433
774,544
931,205
Balance
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
is being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full year 1941.
Includes provision of $16,667 and $321,667 for Federal
Total
a
$5,937,068
Includes cost of
common
$4,585,790
stocks owned June 30,
1940, in amount of
$81,066.
b Common stock authorized, 200,000 shares; issued 150,000
shares (aggregate stated value $1,500,000); in treasury, 3,301 shares.—
V. 152, p. 3828.
'
Staten Island
July—
1941
$149,432
19,541
defl3,189
1940
$139,043
17,350
defl2,579
$141,041
19,508
defl3,210
1,019,652
130,488
defl08,117
923,905
59,277
defl60,548
941,205
60,931
defl81,909
Gross from railway.....
railway..
oper. income
Net ry.
From Jan. 1—
GroSs from railway
Net from railway
Net ry. oper. income...
—V. 153, p. 704.
1939
1938
$145,916
21,302
defll,406
899,310
„
38,439
defl99,330
Texas Mexican
Gross from railway
per
Sunshine Mining Co.—25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Sept. 30 to holders of record Aug. 30.
Previously regular
quarterly dividends of 40 cents per share were distributed.—-V. 153, p. 564.
Operating revenues
Oper. exps., excl. direct
1941—Month—1940
$90,732
$86,102
1941—12 Mos.—1940
$1,099,622
56,391
17,403
taxes....
Direct taxes..
Property retirement re¬
serve appropriations.
_
Net oper. re venues.....
Other income
55,722
13,083
705,966
174,917
688,371
161,380
3,622
4,000
44,921
48,000
$13,316
$13,297
$191,414
$201,871
18
22
—
Gross income—$13,316
Int.
on
Int.
charged to construe.
mtge. bonds..—
Other int. & deductions.
454
7,049
$13,297
454
7,089
—
..—
$191,432
5,450
84,260
Cr 114
?
$201,893
5,450
83,886
G'r85
488,656
69,728
6,252
570,204
128,160
59,322
621,882
96,167
38,416
RR.—--Earnings—
Gross from
1940
1939
railway.—
—
$3,225,639
596,746
99,673
$3,341,298
646,540
180,657
31,951,726
25,270,963
5,677,832
1,757,382
24,057,767
5,521,244
1,862,190
23,669,660
4,481,556
939,951
10,474,504
Net from railway
Net ry. oper. income
6,377,508
153, p. 704.
Third Avenue Ry.
System—Earning s-
Month of July—
Operating revenues
Operating expenses
1941
1939
$11,207,419
$1,204,155
910,994
912,495
$278,529
154,258
$296,425
149,691
$291,660
156,326
$124,270
18.331
$146,734
17.996
$135,334
24,615
$142,602
$164,730
217,099
$159,949
221,669
$71,391
Net operating revenue
1940
$1,217,895
939,367
$52,369
$61,720
..
Taxes.....
Operating income.......
Non-operating income. —
——
—
Gross income
Deductions
Net loss
V.
153,
704.
p.
Thompson Automatic Arms Corp.—Stock Qualified for
■'v'
sale—
The common stock (par
with
the
of
Division
Utilities.—V.
153,
p.
$1) has been qualified for sale in Massachusetts
Investigation of Securities, Department of Public
408.
Transwestern Oil
Co.—Earnings—
6 Months Ended June 30—
Net income.....
$5,813
$5,754
Divs. applicable to preferred stocks for the period
$J01,836
35,000
$112,642
$66,836
1941
1940
$77,642
35,000
Oil income—barrels
—
Oil income.
—
—
;
—
—
—
—
—
Gas income
Balance.
1938
$3,399,412
544,305
33,262
.
$1,117,218
def9,460
1938
$67,010
$4,941,685
1,661,507
1,055,993
railway
.
Superior Water, Light & Power Co.—Earnings—Period Ended July 31—
def652
def6,277
1941
July—
Gross from
—V.
dividend of $1
share on account of accu¬
mulations on the 7% cum. pref. stock, payable Oct. 1 to holders of record
Sept. 15.
Dividends of like amount were paid on July 1, March 26 and
Jan. 30, last; Dec. 30,1940, and in preceding quarters.—V. 152, p. 3514.
a
3,356
1939
$62,248
704.
Texas & New Orleans
Strawbridge & Clothier, Inc.—Accumulated Dividend—-
1940
$59,645
def4,386
defl2,311
754,757
257,052
170,701
Net from railway
Net ry. oper. income—
—V. 153, p.
"
1941
$118,419
44,105
33,695
July—
Gross from railway
Net from railway.
Net ry. oper. income
From Jan. 1—
dividend of 20 cents per share on the common
a
stock, payable Sept. 30 to holders of record Sept. 15.
Previously quar¬
terly dividends of 12)^ cents per share were distributed.—V. 151, p. 3902.
Directors have declared
.
Ry.—Earnings—
Net from railway
Stecher-Traung Lithograph Co.—20-Cent Dividend—
Directors have declared
153,
Net ry. oper. income—
From Jan. 1—
Rapid Transit Ry.—Earnings■—
Net from
excess profits tax
1941, and in the 12 months ended July 31, 1941,
p. 704.
in the month of July,
respectively.—V.
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
is being made at a rate which will result in the accumulation of such taxes
30% for the full year 1941.
Includes provision of $5,500 for Federal excess profits tax for the 12
months ended July 31, 1941, but includes no provision for such tax appli¬
cable prior to Jan. 1, 1941, since no excess profits were indicated before
that date.—V. 153, p. 564.
at the rate of
Tacony Palmyra Bridge Co .—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in addi¬
tion to the regular quarterly dividend of 50 cents per share on the common
and class A stocks, all payable Sept. 30 to holders of record Sept. 15. Similar
distributions were made in nine preceding quarters.—V. 153, p. 408.
'
Taylorcraft Aviation Corp.—New Chairman—
Total
—
——————
Lease operating expense.....
Production and other taxes....
—
Provision for depletion, depreciation
.
—
....
—
for depreciation on miscell. field equip..
Other expenses
and charges....
Operating profit——
Interest charges
_—
Profit—
—
capital assets.
&c— ...
Profit from sale of
Interest income,
i—
— — —
.... —
Material adjustments, net—
— ...
887,830
$924,702
65.971
,266,067
214,217
47,584
$990,673
224,429
41,825
649,941
8,754
312,994
830,413
15,267
379,059
$41,578
12,262
Cr3,383
x$500,320
21,302
3,701
$32,698
1,075
2,246
x$525,323
6,183
5,986
$36,019
x$513.154
and amorti¬
zation on producing properties
Pro/ision
,1,089,947
$1,199,782
66,285
Directors at their recent regular
nation
as
quarterly meeting accepted the resig¬
Chairman of the Board of James S. Ogsbury because of pressing
duties.
Profit
xLoss.—V. 153, P. 112.
The Commercial & Financial Chronicle
1290
Thompson Products, Inc.—To Pay 75-Cent
Directors have declared
Dividend—
record Sept. 11.
terly dividends of 50 cents per share were
Thomson Electric Welding
Previously quar¬
distributed.—V. 153, p. 1004.
Co.—To Pay $1.50 Dividend
the common
stock payable Sept. 2 to holders of record Aug. 19.
Dividend of $1 was
paid on June 2 and March 1, last; $2 paid on Dec. 26, 1940; $1 paid on
Dec. 2, 1940; $1.50 on Sept. 3, 1940; $1 on June 1, 1940 and 50 cents on
March 1, 1940, and on Dec. 1, 1939.—V. 152, p. 1452.
Directors have declared
1941
dividend of 75 cents per share on the common
a
stock, payable Sept. 15 to holders of
a
dividend Of $1,50 per share on
Aug. 30,
Inventories—---
$
Liabilities—
991,170
2,184,817
1 ,286,041
Other assets A inv. 2 002,546
Trademarks,
x
1941
$248,407
97,489
38,296
Net ry. oper.
...
income
1940
$205,966
56,340
25,633
Acer, tax,
•V'
tracts, Ac--——
taxes]
229,620
206,934
.
1
1,336,337
413,225
172,884
1,196,295
353.145
147,124
V
payable
Deferred credit—
20,992
v-'—
From Jan. 1—
railway
Net from railway
Net ry. oper. income
—V. 153, p. 795.
17,199,030 15,901,191
1941— Month—1940
Period End. July 31—
Operating revenues
Uncollectible oper. rev..
$597,618
1,460
Operating revenues.-Operating expenses
11,349
$558,995
399,600
$4,021,120
2,945,545
$3,812,232
2,709,809
$159,395
45,578
$1,075,575
356,973
$1,103,423
334,759
$105,777
$113,817
$718,602
$768,663
37,523
income
12,575
$161,431
55,654
Net oper. revenues
43,825
241,725
United Gas Corp.
x$170,599
x$110,415
1938
1939
x$163.412
$0.26
Nil
Nil
Nil
x Loss,
y After depreciation, depletion, interest, taxes, &c.
This is the first time in the company's history that first quarter opera¬
tions have resulted in a profit, according to A. H. Truax, President.
These
months normally mark the seasonal low point in coal demand, he said.
The company produced 957,840 tons of coal in the three-months period
compared with 767,623 tons produced in the same months of the preceding
year, a gain of 24.7%.
Dividend—
of 37 % cents per share on the common
stock, payable Oct. 25 to holders of record Oct. 16. This compares with 25
cents paid on April 25, last, and on May 2, 1940, this latter being the first
dividend paid since Jan. 31, 1938, when 20 cents per share was distributed.
—V. 152, p. 3829.
Ulen &
exps.,
excl. taxes:
3,670,369
Exchange desires to
that proof of claim and ballot are now
being filed by the holders of the 6% debentures due 1950 with Victor M.
Tyler, trustee, 120 Broadway, N. Y. City, in connection with the reorganiza¬
tion of the company.
Holders of these debentures may file proof of claim
and ballot by executing and filing with the trustee a form for this purpose
by Sept. 15, 1941, without surrendering or depositing the debenture.
Counsel for the trustee has advised the Exchange that "one who purchases
a Ulen & Co. debenture prior to Sept. 15, 1941, is not bound by a proof of
claim and ballot which may have been filed by the seller.
The purchaser
may file a proof of claim and ballot on his own behalf or or prior to Sept. 15,
or he may file an objection to the proof of claim and ballot filed by the seller,
which objection may be made at any time prior to the confirmation of the
plan.
Unless the purchaser does one or the other, however, the proof of
claim and ballot filed on behalf of the seller will continue in full force and
Listing of the New York Curb
effect."—V. 153, p. 255.
10,382,716
9,904,927
316,901
al,743,395
Prop, retire. & depletion
reserve appropriations
2,544,631
2,506,879
Net oper. revenues...
Other income (net)
$2,686,039
177,553
$2,503,723
33,958
$8,738,014 $10,220,094
407,790
304,941
$2,863,592
$2,537,681
74,970
48,750
405,062
$9,145,804 $10,525,035
102,760
302,580
195,000
195,000
1,540,065
1,620,250
----------—-
Gross income
Int.
on
Int.
on
Int.
on
mtge.
—
—
bonds
— —
48,750
375,000
coil, trust bonds.
debentures
Other int.
(notes,
Int.
472,219
1,371,227
loans,
Cr6<*7
489,582
7,633
Crl6,006
2,100,154
126,145
C/T4,167
1,940,502
56,783
Cr21,387
$5,u95,847
$6,431,307
523,394
&c.)___
11,405
chgd. to construct'n
$1,905,690
$1,527,690
subsidiary
14
212
56
847
$1,905,676
$1,527,478
$5,095,791
$6,430,460
Balance
Pref.
divs.
Portion
public—
to
'
applic. to min.
Union Public Service Co., St. Paul,
Power Co.—V. 151. p. 2515.
.
a
-
by
prov.
for Fed.
36,111
151,968
170,924
$1,491,367
$4,943,823
$6,259,536
■v,
Balance
Incl.
47,120
$1,858,556
interests.
excess
tax
sub.
profits
a
•
3,711
-
intercompany transactions have been eliminated from the
Preferred dividends of a subsidiary and interest deduc¬
tions of both the company and subsidiaries represent full requirements for
the respective periods (whether paid or not paid) on securities held by the
public, and give no effect to preferred stock dividend arrearages for prior
periods.
^v
Statement of Income (Company Only)
Period End. May 31—
1941—3 Mos.—1940
Oper. revs.—natural gas $2,767,076
$2,562,019
Oper. rev. deductions—
Operating expenses—.
l,64o,219
244,650
168,200
6,877,112
1 ,lo0,661
167,700
656,000
6,932,097
795,376
653,500
$524,935
1,552,444
$502,950
1,385,870
$847,244
6,823,797
$1,569,454
6,649.374
$2,077,379
501,525
1,764,374
310,067
Taxes
Prop, retire,
1941
$4,932,165
1,965,709
1940
$4,234,450
1,838,458
1939
$3,956,832
1,702,288
970,184
169,333
933,174
153,414
904,040
131,179
$1,826,939
27,105
$1,309,405
77,942
$1,219,325
47,111
Total income
$1,854,044
Provision for Federal income & excess
$1,387,347
312,380
290,000
res. approp.
$1,266,436
469,803
1941—12 Mos.—1940
$9,481,017
$9,950,427
Natural gas:
Minn.—Merger—
(& Subs.)—Earnings—
35,169
—...
Note—All
above statement.
See Otter Tail
Union Tank Car Co.
a6,323,190
14,910,124
2,048,906
595,993
2,073,024
4,650,126
15,107,579
1,861,515
503,130
111,988
468,004
1,295,681
call members' attention to the fact
1
3,533,988
438.536
116,252
Natural gas.
Crude oil
Balance..
Co.—Filing of Claims, &c.—
The Committee on
$10,923,393 $44,256,460 $44,403,194
Total oper. revenues--$ll,516,123
Oper.
Other deductions
Directors have declared a dividend
Earnings—
(& Subs.)
1941—12 Mos.—1940
1941—3 Mos.—1940
Oper. revs.: Natural gas $9,043,976
$8,206,961 $34,152,749 $32,843,222
Crude oil
6,455,810
6,701,308
1,542,837
1,742,899
Gasoline
1,013,627
1,348,850
286,194
216,325
2,634,274
3,509,814
Surplus
643,116
757,208
Surphur...
31
Earns, per sh. on com_-
37 Yx-Cent
dividend of 25 cents per share on the common
a
Period End. May 31—
T axes
Earnings fir Quarter Ended July
1941
1940
$124,385
Total.... .....35,026,328 32,969,635
stock, payable Sept. 24 to holders of record Sept. 4. Dividends of 20 cents
was paid on June 24, last and regular quarterly dividend of 15 cents was
paid on March 24, 1940.—V. 153, p. 113.
Gasoline
Net profit
176,548
United Elastic Co.—2o-Cent Dividend—
Directors have declared
288,237
Truax-Traer Coal Co.—
y
..—35,026,328 32,969,635
267,000
3,403,661
Represented by 397,885 no par shares.—V. 152, p. 3202.
x
—V. lo3, p. 70.5.
'
528,000
10,343
3,525,639
-
^
$596,158
434,727
Operating taxes
Net oper.
Net income
1,216,083
337,735
143,097
1,165
.
for taxes and
::
& Telegraph Co.—Earnings—
1941—7 Mos.—1940
$560,160 $4,033,695 $3,824,581
Tri-State Telephone
278,264
Res. for deprec. A
Minority interest..
Total
33,800
445,745
A) contingencies .
Surplus.--.---.—
'
Gross from
298,414
298,414
Dlvs.
expenses.
1938
$189,442
§9,500
31,368
658,221
roy.,Ac[ 1,045,627
Fed. income
Res.
1939
$178,265
^0,288
28,276
1,563,072
618,291
239,141
July—
11,952,538
payable—)
Acc'ts
depletion
Gross from railway
Net from railway
$
%
Common stock-.11,952,538
Res. for pos. losses
con¬
Deferred charges.
1940
1941
1940
$
Assets—
Land, pipe lines,
buildings, Ac—-28 ,834,780 26,240,369
Cash.—'—v——J-1 ,476,392
1,901,074
Notes & accts. rec. 1, 219,633
1,422,585
RR.—Earnings—
Toledo Peoria & Eastern
1941
Consolidated Balance Sheet June 30
6 Months Ended June
30—
Gross income from operations.-.----
and general exp.
Maintenance, repairs
Depreciation
Ordinary taxes.-..-
— — -
— —
Net
oper. revenues—
Natural gas
Other income (net)
Other income
-
Int.
on
—
—
debentures-
on notes
_
$1,888,820
$7,671,041
$8,218,828
428,183
a40,844
1,482
501,525
443,517
11,618
2,094
2,006,100
1,734,271
2,006,100
1,764,425
al42,603
7,478
37,759
7,352
$1,105,345
Gross income
Interest
Net income from operations.-
-
$930,066
$3,780,589
$4,403,192
and loans-.
Other interest
Other deductions
profits taxes
— _—
Net income.
Shares common stock
-
(no par)
$1,384,241
1,103,598
1,103,598
$1,074,968
986,987
1,114,200
$976,436
704,988
1,172,581
$1.25
Net income..-.-------
Dividends
$0.96
$0.83
Earnings per share
"For six months ended June 30, 1941, provision for
24% rate now in effect; for the six months
ended June 30, 1940, provision was based on 20 9% rate then in effect.
Federal income and excess profits taxes at the increased rates proposed for
1941 by the House Ways and Means Committee cannot be determined
accurately until operating figures for the whole year are available and, if
The report states
three-month period and $106,786 in the 12additional Federal income tax
assessment applicable to United Gas Public Service Co. for prior years, for
which the corporation, as transferee, was liable.
Adequate provision was
made by United Gas Public Service Co. for the amount of the tax by accruals
from income prior to the merger of that company with the corporation in
1937.—V. 153, P. 1005.
Includes $30,917 in the
a
month period of non-recurring interest on
Federal income tax is based on
enacted into law, will
materially increase the figure set forth, resulting in
reduction of above earnings available for
dividends."—V. 152,
p.
3040.
United Gas Pipe Line
Co.—To Extend Pipe Lines—
The company, according to Shreveport,
La.,
press
dispatches has started
construction of a 200-mile natural gas pipe-line to serve cities in Louisiana
and along the Gulf coast of Mississippi and Alabama to Pensacola, Fla.
The new line, it is said, will run from the gas fields of southern Louisiana
across
Lake Pontchartrain to Mandeville eastward to
Gulfport, Miss., and
thence to Mobile, Ala.
United Aircraft Products, Inc.—Extra Dividend—
United Public Service
Directors have declared an extra dividend of 25 cents per share in addi¬
tion to the
regular quarterly dividend of like amount on the common stock,
18 to holders of record Sept. 8.—V. 153, p. 705.
United Gas Improvement
just
closed and the figures for the same week last year are as follows:
Week
ended Aug. 23, 1941, 101,682,645 kwh.; same week last year, 88,119,182
kwh., an increase of 13,56o,463 kwh., or 15.4%.—V. 153, p. 1144.
The electric output for the U. G. I. system companies for the week
United Carbon Co. (&
Period End. June 30—
Operating
Operation
Co.—Weekly Output—
Subs.)—Earnings—
Depreciation
1939
Cr9,724
C/23,850
$1,356,164
671,041
Crl27,926
$957,801
3,184,136
$902,371
3,157,456
$840,861
3,048,574
$813,049
2,917,572
$4,141,937
Common dividends——
596,827
Adj. reserve for deprec'n
19,471
Sundry adjust, (net)—
$4,059,827
596,828
59,339
$3,889,435
596,828
77,180
$3,730.6; 2
696,299
34,803
4,278
profit
Income taxes
Total
-
Net operating income .
$3,525,639
com.
stock
a
After
$3,215,428
397,885
$2.12
397.885
$2.04
deducting
$2.41
manufacturing,
selling,
Federal and State income taxes and reserve
include Federal surtax on undistributed profits.
administrative
for expenses, but does
general
and
220,246
15,442
50,723
797
796
29,747
6,315
28,410
14,409
$26,155
$30,837
$52,781
$73,608
•
V
29
$26,155
16,199
$30,867
16,754
$52,781
$7.3,638
32,398
33,612
1,946
2,150
3,892
4,172
384
1,190
817
1,602
2,689
Gross income
long-term debt..
2,689
5,379
5,379
•
30
Amort, of debt discount
and expense
General interest
Amort, of flood rehabili¬
tation cost
159
114
344
253
$4,776
$7,969
$9,950
$28,620
Other income deductions
$2,995,242
397,885
$2.27
out¬
expenses,
not
$3,403,661
397,885
Balance-.--
standing (no par)
Earnings per share
$403,634
398
■
Net income
Shares
$420,911
254,188
25,100
51,982
14,182
7,755
Other income
on
101,856
7,767
25,362
399
Taxes, other than income
and excess profits
Int.
Net
Balance Jan. 1
$188,157
14,658
3,129
Amort, of franchises
1938
$1,495,908
678,897
1941
1941—6 Mos —1940
1941—3 Mos.—1940
$198,816
115,722
12,762
25,991
revenues
Maintenance
a
1940
$1,608,769
716,123
6 Mos. End. June 30—
Operating profits
$2,320,065
Deprec. and depletion—
839,913'
Minority interests
C/T6.350
Est. Federal taxes
506,000
a
Corp.—Earnings—
[Including Kentucky Power & Light Co.]
both payabie Sept.
a
Provisions for Federal income taxes have
been computed in accordance
with requirements of the Second Revenue Act of 1940.
It is tentatively
estimated that accruals for these taxes in the current periods will not have
to
be
Note—No provision
3516.
the provisions of the Revenue Act of
Representatives on Aug. 4,1941.
materially increased under
1941, as passed by the House of
has been made for excess profits tax.—V. 152.
p
The Commercial & Financial Chronicle
Volume 153
United States Leather Co.—S3.75
Preferred Dividend—
Directors have declared a dividend of $3.75 a share on the prior preference
stock, to apply on account of dividend in arrears, payable Oct. 1, to stock¬
holders of record Sept. 10.
Dividend of S3 was paid on July 1, last; $2 on
May 29, last; $1.50 on Feb. 25, last, and one of $1.75 paid on Jan. 3,1938.
—V.
152,
p.
3666.
United States Steel
General admin, and selling expenses, pensions, taxes (other
than Federal income taxes) and idle plant expensas
76,424,894
9,000,000
-
...
-..v
$197,873,040
5,053,764
Minority proportion of profits of companies not wholly owned
(net).
I
Total
income...
Dr41,272
$202,885,532
Interest charges on bonds and mortgages
(including premium
and balance of unamortized discount on securities retired)
11,570,971
_
Income before provisions for Fed. income & excess prof, tax
Prov. for Federal income and excess profits taxes (those for
$191,314,561
six months ended June
of
Earnings for July and Year to Date
1941
1C/M
1940
1939
1938
$5,283,876
1,929,737
999,246
$3,806,936
862,457
255,965
$3,711,953
879,597
294,985
$3,648,436
889,284
347,436
32,476,824
10,151,676
5,336,433
::
25,683,458
5,282,812
1,274,511
24,400,058
4,861,847
803,475
22,318,383
3,669,360
def240,279
July—
Gross from railway. ^
Net from railway
Net ry. oper. income...
.
irMn
From Jan. 1—
148,250,950
1,961,120
Patent settlement expenses in excess of reserves
provided
Depreciation, depletion and obsolescence
Provision for contingencies.
Net operating income
Other income (net)...
Reorganization Managers—
The Interstate Commerce Commission on
Aug. 14 authorized four
reorganization managers to carry ou; details of the reorganization.
Reorganization managers are;
D wight S. Beebe, Vice-President and
Financial Manager of Mutual Life Insurance Co. of New
York; James L.
Homire, New York, Assistant Solicitor of Prudential Life Insurance Co.;
Russell L. Snodgrass, Washington, of the legal staff of the Reconstruction
Finance Corporation and Tom K. Smith, St. Louis banker.
Corp.—Earnings—
Consolidated Statement of Earnings (Incl. Subs.) 12 Mos. End. June 30, '41
Gross sales, revenues of transportation common carriers and
miscell. operations, lass discounts, returns and allowances$l,445,337,152
Cost of goods sold and operating expenses of
transportation
common carriers and miscellaneous
operations
1,011,827,148
-
1291
30, 1941, being estimated on basis
pending tax legislation—H. R. 5417 Revenue Bill)-..--
63,625.000
Gross from railway
Net from railway
Net ry. oper. income.-.
—V. 153, p. 853.
Wagner Baking Corp.—Listing—Voting Trust Extended—
The voting trust certificates
representing common stock (no par), stamped
extension of voting trust agreement dated Sept. 10, 1931, to
Sept. 10, 1951, have been admitted to unlisted trading privileges on the
to indicate
New York Curb Exchange.—Y. 153* p, 114.
Waldorf
System, Inc.—25-Cent Common Dividend—
Directors have declared a dividend of 25 cents
per share on the common
stock, payable Oct. 1 to holders of record Sept. 20.
Like amount was
paid on July 1, last, and compares with 20 cents paid on April 1, last, and
on Dec. 20,
1940, and previously regular quarterly dividends of 15 cents
per share
Net income—-
Earnings
per
share
on
703,252 shares
$127,689,561
$11.77
common stock
the basis of current costs of inventories, instead of the average cost
method used prior to Jan. 1, 1941.
As the fiscal year of the corporation is the same as the calendar year, the
on
12 months period covered by this statement does not correspond with the
Accordingly, the statement reflects the financial results of the
corporation and its subsidiary companies for the last six months of the fiscal
year 1940 and the first six months of the fiscal year 1941, as shown by the
books of these companies, without certification by independent auditors.
The statement reflects 1940 year end adjustments made with respect to
1940 earnings, but necessarily does not reflect any adjustments which may
subsequently be made in 1941 applicable to the results for the first six months
of 1941.—V. 153, p. 1006.
fiscal year.
United Steel & Wire Co.—Extra Dividend—
an
extra dividend of five cents per
share in addi¬
tion to the regular quarterly dividend
of 10 cents per share on the common
stock, both payable Sept. 15 to holders of record Sept. 6.
United
Wholesale
Druggists
Registers with SEC—
See list given on
on
were distributed.
In addition, extra dividend of 20 cents
Dec. 20, 1940.—V. 153, p. 708.
Warren Brothers
George W. Rooney, Comptroller states;
In determining the profits for the first six months of 1941, the "lastin, first-out" inventory method, adopted as of Jan. 1, 1941, was in effect
with respect to inventories of certain materials, work in process and finished
goods of certain subsidiaries.
This means that costs of sales are calculated
Directors have declared
paid
of
Inc.—
Pittsburgh,
»
first page of this department.
tentatively set
Sept. 16 for
hearing.
a
The plan of reorganization is dated as of
Aug. 1, 1941.
It deals with
principal and interest totaling $6,296,305, other claims
aggregating $39,332, and with the following classes of stock: 16,420 shares
$1 cumulative (no par) first preferred, 4,692 shares $1.16 2-3 cumulative
(no par) second preferred, 40,907 shares $3 cumulative convertible preferred
and 472,923 shares (no
par) common.
There is outstanding at present $1,487,500
10-year 5A% sinking fund
gold notes which, with the addition of accrued unpaid interest, makes total
principal and interest claim of $2,043,643.
These notes will receive for
each $1,000 principal amount
together with accrued interest through
July 31,1941, and all other rights, $680 in principal amount of new collateral
trust 4H% bonds, series A, of the new
company (Warren Brothers Corp.)
due Feb. I, 1956; $680 of collateral trust
5% cumulative income bonds,
series B, due Aug. 1, 1977, and $13.88 in cash.
There is outstanding at present $4,457,000 of convertible
6% sinking
fund debentures, which with the addition of accrued
unpaid interest, makes
total principal and interest claim of $6,296,304.
These debentures will
receive for each $1,000 in principal amount
together with accrued interest
through July 31, 1941, and all other rights, $700 of new series A 4.A%
bonds, $700 of new series B 5% bonds and $12.67 in cash.
Holders of the first preferred and second preferred stocks will receive
for each share, together with unpaid dividends and all other
rights, one share
note and debenture
Earnings for 6 Months Ended June 30, 1941
income
after charges and
taxes.!
—
$3,135,853
150,571
$0.78
Earnings per share on 65,000 common shares
—V. 148. p.
new
company.
Holders of convertible preferred stock will receive for each share, to¬
gether with unpaid dividends and all other rights, one share of class B
stock of the new company and 2.9 shares of class C stock.
Inc.—Earnings—
Net sales
Net
Co.^—Reorganization Plan—
The company on Aug. 27 filed in the U. S. District Court at Boston a
proposed plan of reorganization.
The company has been operating under
Section 77B of the Bankruptcy Act since Feb.
1, 1937.
Federal Judge
Elisha H. Brewster took the
plan under advisement and
of class A stock of the
Utica & Mohawk Cotton Mills,
Holders of
stock will receive for each share one-fourth of a share
The
new
749.
common
of class C stock.
authorized capitalization of the new company and the amount of
securities contemplated to be outstanding on consummation of the plan
are as
follows:
To Be Authorized
Utah Ry.—Earninas—
1941
$59,167
2,161
1,973
railway
Net from railway
Net ry. oper. income
1940
$51,036
626
def271
423,340
54,957
19,269
July—
Gross from
421,144
52,505
17,809
1939
1938
$30,794
$28,091
def7,090
def.5,254
def9,707
def6,755
From Jan. 1—
Gross from railway
Net from railway—
Net ry. oper. income—
—V.
300,276
367,829
31,387
def2,106
defl.3,059
def70,768
153, P. 114, 707.
Vanadium
Corp. of America (& Subs.)—Earnings—
1941
1940
$6,948,640
5,133,244
$5,109,884
3,501,636
316,508
6 Mos. End. June 30—
Net sales
Cost and expenses
1939
$3,280,944
2,405,218
1938
$1,383,150
1,072,404
315,940
248,999
26,197
$1,291,740
18,545
$559,786
28,541
$61,747
24,387
$ 1,461,43 2
380,161
Depreciation & depletion
$1,435,235
Operating profit—
Other income
$ 1,310,285
$588,327
$86,134
82,670
108,595
375,000
285,000
80,232
128,000
86,928
Federal income taxes
Excess
300,000
$703,762
$916,690
$380,095
loss$5,794
share on
stock...$1.73
$2.43
$1.01
Total income
Interest, &c
Net
—
...
;
profits taxes.___
profit
Earnings
common
5,000
per
—V. 153, P.
was
Nil
and Outstanding
Collateral trust 4 A% bonds, series A, due Feb. 1,1956
Collateral trust ,5% cumulative income bonds, series B,
due
Aug. 1, 1977
Class B stock
...
Class C stock
$4,150,300
$4,150,300
21,112 shares
40,907 shares
Class A stock
...
236,862 share
...
The series A and series B bonds
to have as collateral security $4,150,Republic of Cuba bonds of 1955, $4,150,300 Republic of Cuba
4 XA% bonds of 1977, and certain shares of stock of wholly-owned domestic
subsidiaries and shares of stock of other companies in which, although not
wholly-owned, Warren Brothers Co. has an interest.
Series A bonds will be exchangeable for an equal principal amount of the
pledged Cuban bonds of 1955 and the series B bonds will be exchangeable
for an equal principal amount of the pledged Cuban bonds of 1977.
Interest on the series A bonds begins at the rate of 4lA% per annum on
Aug. 1, 1941, and the series B bonds shall bear interest from Aug. 1, 1941,
at the rate of 5% per annum, payable
semi-annually to the extent earned
and subject to the provisions of the collateral trust indenture, on Feb. 1
and Aug. 1 each year commencing with Feb. 1, 1942, until the principal
amount has been paid in full.
The class A stock will be entitled to cumulative preferential cash dividends
at the rate of $1.35 per share per annum and to $27 per share plus unpaid
dividends in the event of dissolution or liquidation.
The class B will be entitled, subject to the prior rights of class A stock,
to cumulative preferential cash dividends of $2.50 per share and to $50 a
share plus unpaid dividends in the event of dissolution or liquidation.—
V.152, p.3o32.
are
300 4A%
1144.
Washington Ry. & Electric Co.—Bonds Called—
Victor Equipment
Co.—Accumulated Dividend—
A total of $185,000 consolidated mortgage 4% 50-year gold bonds, due
1, 1951 has been called for redemption on Dec. 1 at 105 and accrued
interest.
Payment will be made at the Chemical Bank & Trust Co., N. Y.
Dec.
share on account of
accumulations on the $1 cum. pref. stock, payable Sept. 15 to holders of
record Sept. 5.
Like amount paid on June 16 and March 15, last and on
Dec. 16,1940 and dividend of 25 cents was paid on Sept. 14, 1940.—V. 153,
p. 566.
Directors have declared a dividend of 50 cents per
City.—V. 153, p. 114.
Wentworth
Mfg. Co.—15-Cent Dividend—
Directors have declared
Virginian Ry.-—Earninqs—
1941
July—
Gross from railway...
..
Net from railway.
Net ry. oper. income—
From Jan. 1—*
Gross from railway.....
Net from railway
Net ry. oper. income..—V. 153, p. 708.
1940
1939
1938
^>2,488,254
1,454,023
706,305
$2,102,590
1,202,107
872,464
$1,789,585
946,108
759,636
$1,520,237
15,286,898
14,489,717
11,113,911
8,289,483
4,531,173
8,074,139
6,176,563
5,549,684
10,445,060
4,874,286
3,969,336
Wabash Ry.—Control
4,18^,990
a dividend of 15 cents per share on the common
stock, payable Sept. 13 to holders of *ecord Aug. 30.
Dividends of 10 cents
were paid on June 10 and on March 20, last, Oct. 28, and Sept. 30, 1940,
Aug. 28, 1939, and March 15,
1939, and
on Oct. 28 and Sept. 10, 1938,
these shares since Sept. 1, 1937,
734,443
this last being the first dividend paid on
616,793
when 10 cents was also distributed.—V. 152, p.
Western Maryland
3991.
Ry.—Earnings-
Period Ended July 31—
1940
1941- Month—1940
1941—7 Mos
Operating revenues
$1,920, 610
$1,522,847 $12,447,706 $10 ,606,332
,319,606
251, 821
1,445,084
215,181
398, 330
334,687
,281,183
2.651.557
Traffic expenses.
275,315
40, 758
288,662
37,946
Transportation expenses
466, 195
377,959
3.093.558
,777,802
Miscell. operations
41,751
9, 954
7,068
51,195
General expenses
52, 481
45,966
339,040
327,460
Transp. for invest.—Cr_
5, 126
3,499
7,994
22,941
Maint. of way & structs.
Maintenance of equip
by Pennsylvania Approved—
A reorganization plan for the company which would enable the Penn¬
sylvania RR. to acquire stock control was approved Aug. 25 by Federal
Judge Charles B. Davis at St. Louis.
He requested the receivers to place
the plan in operation.
The Interstate Commerce Commission approved the plan on Aug. 6 and
authorized the Pennsylvania to acquire control, saying it was "desirable
from the standpoint of an amalgamation of weak and strong roads."
Under the plan the line will be known as the Wabash RR. and will have
a
total capitalization of $192,647,795, reduced from $330,759,265.
Its
annual fixed interest payments will be reduced to $2,558,418 from $7,~
391.362.
reorganization plan has been approved by creditors and is to be
as of Jan. 1, 1941.
The road has been in receivership since 1931.
Commenting on the control by the Pennsylvania as provided in the new
Net oper. revenue
$706,197
240,000
$507,539
115,000
$4,586,604
1,340,000
$3 ,606,156
780,000
Operating income
Equipment rents
(net).
$466,197
$392,539
16,296
12,828
$3,246,604
49,480
12,362
$2,826,156
111,089
85,672
Net ry. oper. income.
$503,315
11,273
$396,007
8,957
$3,342,797
57,977
$2,851,573
80,197
$514,588
282,510
$404,964
277,867
$3,400,774
1,961,195
$2,931,770
1,952,915
Net income—.—$232;078
$127,097
$1,439,579
$978,855
Taxes
Joint facility rents
186,472
90,279
The
effective
plan the ICC said that termination of the receivership "under which those
properties are operated and placing them in control of a company with a
reasonable capital structure and with a definite prospect of earning its
fixed charges are matters of substantial public interst.
Judge Davis commented that participation of the Pennsylvania was an
ntegral part of the plan of reorganization.
Other income
Gross income
Fixed
charges-
—V. 153, p. 709.
— .
1292
The Commercial & Financial Chronicle
;
Western Pacific
RR—Earnings-
1941
$1,975,727
556,815
income.298,267
July—
Gross from railway
Net from railway
Net ry. oper.
From Jan. 1—
1939
$1,353,459
223,567
39,952
8,351,864
j7,Hl ,761
938,501
def990,225
2,817,047
Net ry. oper.
1,416,493
income...
1145,
Western Ry.
defl08,870 df2,027,672
employment office alone.
Period End. June 30—
Orders booked—
Net
1941
$203,334
52,957
1940
$145,776
32,551
1939
$136,672
16,510
1938
$129,458
13,686
28,670
24,903
6,393
2,710
1,291,912
283,212
130,136
1,009,241
139,317
68,412
960,052
121,205
38,309
def9,649
income
GrossTro&nrailway
Net from railway.
income...
900,816
66.056
/
Westvaco Chlorine Products Corp.—New Official—
Vice-President in Charge of Sales, has announced that
W. N. Williams has been named Assistant to the President and that J.
Itiver Adams has been appointed manager of Sales.—V. 152, p. 3834.
Louis Neuberg,
West Virginia Pulp & Paper
Co. (& Subs.)—Earnings—
$7,692,915
Dr 113,758
194(1
$5,269,077
213,951
~$7,579,157
$5,483,028
2,702,298
199,735
2,321,302
271,213
1,118,000
176,500
393,050
9 Months Ended July 31—
-
Profits from operations
Other income, net
;■»
...
Total income
Provision for depreciation & depletion._______ — .
Interest and amortization of debt expense
....
Provision for: Federal income taxes
•„
Federal excess profits tax
—.
^
Net profit
153,
-
$3,382,624
$2,497,463
Westinghouse Electric & Mfg. Co.—To Seek $00,000,000
Defense Expansion—Stockholders Notified of
Offer Common Stock and Debentures—Defense Ex¬
Funds for
New
Plans
to
pansion Totals $75,000,000 in Addition to Government Plants—
29, by A. W. Robertson, Chairman, and
unprecedented expansion in the company's
business during the last two years, due principally to its part in the national
defense program, has created a need for new capital.
"With the company facing the prospect of still further expansion," Mr.
Stockholders were told Aug.
G.
before
566,047,983 245 .256,874
341,265,794 86 ,386,749
299,499,664 202 ,843,336
pro-
Excess profits tax
,
12,779,122
48,840,667
2,942,110 al3,730,785
None
al4,393,065
a9,239,528
Net Income after above
tax
9,837,012
11,568,401
20,716,817
17,352,590
pending in Congress*
1940
1939
1938
$1,617,474
SI ,230,441
$996,004
596,228
476,517
414,564
333,312
348.013
256,777
9,510-,040
3,321,919
2,612,256
1941
$1,932,843
;
755.993
356,628
railway
Net from railway
Net ry. oper. income
,041.878
4 ,689,288
None
Earnings
Wheeling & Lake Erie Ry.
July—
22
'
provision
Federal taxes are based upon tax legislation now
-V. 153. p. 1145.
a
Gross from
Mos.—1940
g
,226,944
,012,066
,588,565
5.522,154
1,227.248
814,015
From Jan. 1—
Gross from
railway
Net from railway
Net ry. oper. income
-V. 153. p. 789.
__
11,723,954
4,281,294
2,357,435
Wheeling Steel Corp.—To Pay Common Dividend—
Directors have declared
the common
Dividend of 25 cents
dividend of 50 cents per share on
a
stock, payable Get. 15 to holders of record Sept. 25.
3991.
p.
income
vision for following Fed¬
eral taxes
29,203,193
Normal tax
a8,395,264
Aug. 15, last; this latter being the first common distribution
made since Dec. 1, 1930 when a dividend of 50 cents per share was paid.
—V. 153, p. 854.
was
—V.
;.i; > vv.
-12
1941
1941—6 Mos.—1940
g
g
.301,126,952 135.556,693
-.341,265,794
86,386,749
175,557,093 115,488,876
Sales billed
of Alabama—Earnings—
July—
Net ry, oper.
—V. 153, p. 709
$1,203,516
135,lo4
def23.638
Unfilled orders
Gross from railway
Net frotn railway
Net ry. pper.
.
Comparative Income Statement
11,551,584
Grogs from railway
Net from railway......
—V.I53, p.
1938
1940
$1,486,997
331,882
137,412
9,234,626
1,617,133
443,399
;
1941
Aug. 30,
recalled and those being trained*
Westinghouse has selected thousands of others from the more than 6UU
persons who apply at its employment offices every day.
As many^as
500 persons apply on a single Monday morning at the East Pittsburgn
In addition to the experienced workmen
paid
on
White
Rock
Mineral
Springs
Co.—SEC Investigates
Trading—
An investigation into trading in the common stock of the company on
the New York Stock Exchange has been begun by the Securities and Ex¬
The SEC has asked brokers for details of transactions
27.—V. 153, p. 114.
change Commission.
in the stock between June 9 and July
H. Bucher, President, that
Robertson and Mr. Bucher stated, "it is the judgment of the management
should be provided to
its existing bank loans, to provide for further
that additional capital of approximately $60,000,000
enable the company to repay
plant construction and to supply its enlarged working capital requirements."
A special meeting of stockholders has been called for Oct. 29, at East
Pittsburgh, Pa., to consider authorizing an increase in the indebtedness of
the company, a necessary step in the financing program.
A letter accompanying the special meeting notice explained that part of
will be provided through the issue of additional
common stock, which will be offered to stockholders for subscription.
The
balance will be obtained through an issue of medium term unsecured
debentures.
A proxy and proxy statement will be sent to the stockholders
when the financing program has been formulated.
More than 50% of the orders now on Westinghouse books are for equip¬
ment required in the national defense program.
These orders totaled about
$250,000,000 on July 31.
Principal items include turbines and other
the required new capital
Willys-Overland Motors, Inc.—RFC Loan—
The Reconstruction Finance Corporation, it is announced, has loaned
$13,000,000 to the company for production of army reconnaissance cars.
—V. 153, p. 1007.
Wisconsin Central Ry.—Earnings—
Period Ended July 31—
Total
revenues-
1941—-Month—1940
$1,404,031
$1,517,719
—
H
895,354
1,164,959
203,475
3,005,143
157,159
157,152
29,789
451,253
45,850
1,243,098
199,719
3,215,839
292,331
$570,629
99,590
92,806
$562,827
$3,159,387
85", 449
616,075
539", 728
$378,233
27,209
32,312
$477,377
34,611
30,867
$2,246,261
244,803
224,725
$1,573,321
251,671
218,921
$318,711
Dr 555
$411,898
8,091
$1,776,733
Dr5,136
$1,102,729
21,827
Maint, of equipment
Traffic expenses.
Transportation expenses
General expenses
Federal income taxes-_
_
Other taxes
Hire of equipment (Dr.)
generators and special instruments for aircraft; Ignitrons for
production, plastic parts for aircraft, and lamps, lighting,
switchgear and generating equipment for defense plants.
The Westinghouse expansion program, which has now been under way
for two years, involves the investment of $75,000,000 in buildings and
manufacturing equipment, in addition to $52,000,000 worth of plants
being constructed for and at the expense of the Federal Government.
The company's last important issue of stock was in 1929, to the amount
of 296,252 shares.
It now has outstanding 2,592,155 shares of common
stock and 79,974 shares of preferred stock.
There are no bonds.
$7,637,934
Joint
facility rents (Dr.)
1,132,479
187,842
200,776
29,918
492,190
36,363
expense...
Net after taxes
meters,
1941—7 Mos.—1940
9,242,854
Maint. of way & structs.
_
_
255,954
$2,113,049
297,051
aluminum
In their letter
stockholders, Mr. Robertson and Mr.
to
last
due principally to its part in the national defense program, has
Not only has additional working capital
been required to carry the greatly increased volume of work in process but
it has been necessary for the company to make substantial expenditures for
the construction of plant additions and the purchase of additional equip¬
ment.
These expenditures have been for plant facilities in addition to
those provided and owned by agencies of the Federal Government and to
be operated by the company, and have been met out of the company's
working funds and the proceeds of short-term bank loans, aggregating at
the present time $21,000,000.
With the company facing the prospect of still further expansion, it is
the judgment of the management that additional capital of approximately
$60,000,000 should be provided to enable the company to repay its existing
bank loans, to provide for further plant construction and to supply its
enlarged working capital requirements.
It is contemplated that the part
The unprecedented expansion in the company's business during the
two years,
a
need for new capital.
of such new
capital which the company expects permanently to retain in
will
business
its
will
be provided through the issue of common stock, which
subscription, and that the balance
capital will be obtained through an issue of medium term
be offered to the stockholders for
of such
new
unsecured debentures.
To
accomplish the latter part of tne financing program, it is necessary
company under Pennsylvania law to increase the amount of its
the
for
authorized indebtedness, i.e., indebtedness other than that contracted in
the usual course of corporate business.
Such increase involves stockholders'
action at
a
meeting
to
be held after 60
days' notice.
Although no
com-
Eletecalled of financing hasthe stockholders to approve an increase in the
plan
meeting of yet been determined upon, the board of directors
a
as
Inc.
avail,
company's authorized indebtedness to $50,000,000, at any one time out¬
standing, an amount considered ample to cover that part of the new capital
to be raised at this time by borrowing and to provide a margin for furure
requirements.
y:"
•-
fixed
for
$318,157
$419,990
$1,771,596
$1,124,557
equipment
Int. being accrued & paid
6,658
8,451
6,538
9,632
47,794
63,234
46,942
70,805
Net after fixed chargesi
$303,047
$403,820
$1,660,567
$1,006,810
charges
_
-
-
-
-
-
_
— -
-
Rent for leased roads &
—V. 153, p.
Bucher said:
created
Net ry. oper. incomeOther income (net)
709.
Wisconsin Electric Power
Directors have declared
a
Co.—17}4-Cent Dividend—
dividend of 15 cents per share on the common
stock, payable Sept. 2 to holders of record Aug. 20 and a dividend of two
share payable Sept. 2 to holders of record Aug. 21.
Dividend
was paid on June 1, last, one of 10 cents paid on March 1, last,
30 cents per share were distributed during 1940.—
V. 153, p.1145.
cents per
of 17cents
and dividends totaling
Wisconsin Power & Light Co.—Bonds Offered—Public
offering of $30,000,000 first mortgage series A 3}4% bonds
was made Aug.
27 by an underwriting group headed by
Glore, Forgan & Co. and Halsey, Stuart & Co., Inc.
The
bonds were offered at 106% and accrued interest.
Other
members of the underwriting group are: A. G. Becker &
Co., Inc.; Harris, Hall & Co. (Inc.); Harriman Ripley &
Co., Inc.; Bonbright & Co., Inc.; W. C. Langley & Co.;
Lee Higginson Corp.; E. H. Rollins & Sons, Inc.; The Wis¬
consin Co.; A. C. Allyn & Co., Inc.; Hornblower & Weeks;
Stern, Wampler & Co., Inc.; Whiting, Weeks & Stubbs,
Inc.; Arthur Perry & Co., Inc.; The Milwaukee Co.; Blair,
Bonner & Co.; Bacon, Whipple & Co.; and The Illinois Co.
of Chicago.
sale on a bid of 105.5897.
Three
The group headed by The First Boston
The issue was awarded in competitive
other syndicates submitted
bids.
Corp. was second highest bidder with a tender of 105.439.
The Lehman
Corp. group bid 105.0697 and Salomon Brothers & Hutzler 104.809035.
Payroll Pleaches New Record High—
Employment in the plants of the company has reached an all-time record
high of 71,000, the company's stockholders were informed Aug. 29 in a
quarterly report.
Of this number, 20,000—^or one employee in every four
—is a new employee, the report disclosed.
It continued:
"In the heavy production departments, emphasis has been placed on the
training of men, but women also are doing many important tasks at West¬
inghouse created by the defense emergency.
Approximately 3,000 of the
new employees are womea, bringing the total number of women employees
to around 12,500.
Nearly 9,000 of them are production workers."
Explaining how Wastinghouse has recruited and trained its vast industrial
the report stated that the company first began to feel the eeed for
additional skilled workers as early as the fall of 1939.
Westinghouse re¬
army,
called
former employees and rapidly increased enrollment in apprentice¬
ship and other training courses.
By midc-1940, when all-out national defense production began, enroll¬
ment in the three and four-year apprentice courses at Westinghouse wras
more than doubled so that expert
machinists, pattern-makers, tool-makers
and die-markers would become available in increasing numbers.
At the
East Pittsburgh Works, enrollment of high school graduates in two-year
training
students
tion.
courses
were
was
trebled, and at the South
an intensive 10-month
enrolled in
This number will
soon
Philadelphia Works 600
course
in machine opera¬
be increased to 1,000.
One of the most serious shortages the company faced was in the drafting
rooms.
A number of Westinghouse plants have met this problem in part
be selecting outstanding students from high school mechanical drawing
classes and
training them
as
junior draftsmen.
Sells
Notes
Privately—Company also completed negotia¬
tions for the sale to the Northwestern Mutual Life Insurance
Co. of Milwaukee of $2,500,000
3% serial notes due 1949 to
1951, and for the sale to the Continental Illinois National
Bank & Trust Co. of
Chicago of $500,000 234% and 2%%
Feb. 1,1942, to Aug. 1,1948.
serial notes maturing from
dated Aug. 1,1941 and mature Aug. 1,1971.
First Wisconsin
Interest payable Feb. 1 and
Both principal and interest payable in lawful money of the United
States at the office or agency of the company.
Coupon bonds in denom.
of $1,000 each, registerable as to principal only.
Red., all or part, at any
time and from time to time, at option of company and upon not less than
30 days' notice, at principal amount of the bonds to be redeemed and ac¬
crued int. thereon to date of redemption, and, if redeemed on or before
July 31, 1970, a premium equal to a percentage of the principal amount
thereof determined as follows: A premium of 9% reduced successively by
M of 1% effective on Aug. 1 in each of the years 1942, 1943, 1944, 1945,
1946, 1947 and 1948, and by
of 1% effective on Aug. 1 in each of the
years 1949 to and incl. the year 1970; and if redeemed on or after Aug. 1,
1970, without premium.
Bonds
are
Trust Co. and George B. Luhman, trustees.
Aug. 1.
Debt
Retirement—Indenture
will
contain
a
debt retirement
provision
whereby the company will agree that, subject to the terms thereof, and so
long as any bonds of series A shall be
outstanding, it will (a) retire (through
Volume
purchase, payment or redemption) during the calendar year 1954, and dur¬
ing each calendar year thereafter, not less than 1 )4 % of the greatest prin¬
cipal amount of the bonds of series A outstanding under the indenture at
any time between the end of such calendar year and July 31,1941, or (b) pay
to the trustee, on or before April 1 following the close of such calendar year,
a sum in cash sufficient to redeem, at the redemption price then prevailing,
the principal amount of bonds of series A required by clause (a) above to
be retired which the company shall have failed to retire during such calen¬
dar year.
Excess retirements of bonds of series A made in any prior cal¬
endar year may be used to comply with the requirements of the debt retire¬
ment provision in any subsequent calendar year or years.
At the option
of the company, cash so paid to the trustee may be applied by the trustee
to the purchase or redemption of bonds of series A or be withdrawn by the
company to reimburse it to the extent of the principal amount, accrued
interest and the premium, if any, paid by the company for bonds of series A
onds certified
gurchased by it and delivered comply trustee. No retirement of the debt
applied to to the with the requirements of series A
or
retirement provision or made out of moneys deposited with the trustee
under such provision or used for the withdrawal of any such moneys may
be certified to comply with the maintenance and renewal fund provision,
or
used
under,
as a
or to
1293
The Commercial & Financial Chronicle
153
basis for the authentication of bonds or the
withdrawal of cash
comply with, any provision of the indenture.
of
$1,250,000
on
of the bonds of series A
by the company ($31,676,910), together with (1) $500,000
by the company from the issue and saie to Continental Illinois
National Bank & Trust Co. of Chicago of $500,000 2\i% and 2%% un¬
secured notes due serially Feb. 1, 1942-Aug. 1, 1948, (2) $2,500,000 to be
received by the company from the issue and sale to The Northwestern
Mutual Life Insurance Co. of $2,500,000 of 3% unsecured notes, due
serially Feb. 1, 1949-Aug. 1, 1951, and (3) such amount, if any, from the
general funds of the company as may be required, are to be applied to the
redemption, at 104, on or about 30 days after delivery of the bonds of series
A, of $33,000,000 first mortgage bonds, series A, 4%, of the company, due
June 1, 1966, the redemption of which bonds will require, exclusive of inter¬
est, $34,320,000.
The accrued interest on the bonds to be redeemed will
be paid by the company out of its general funds.
to be received
$2,850,000 were issued under
a
National Bank & Trust Co.
of Chicago, dated May 10, 1940; $500,000 of the additional $3,000,000
to be presently outstanding will be issued under loan agreement dated
May 10, 1940, and under a supplemental loan agreement with said bank
dated July 26, 1941.
The remaining $2,500,000 of the additional $3,000,000 will be issued under a loan agreement with the Northwestern Mutual
Life Insurance Co.
dated July 26,
Underwriters—The
names
amounts of bonds of series
are as
1941.
Business and History—Company (a Wisconsin public utility) is engaged
principally in generating, distributing and selling electric energy in southern
and central Wisconsin for light, power and other purposes.
Company is
also engaged in producing, distributing and selling manufactured gas and
to a minor extent in distributing and selling water, in furnishing urban and
interurban passenger service by motor bus, in supplying central heating
service and in selling gas and electric appliances and equipment.
For the
12 months ended May 31, 1941, the company derived 85.99% of its oper¬
ating revenues of $10,800,278 from the sale of electricity, 8.03% from the
sale of gas, 1.67% from the sale of water, 3.96% from motor bus service
and 0.35% from central heating service.
At May 31, 1941, the company supplied electric energy at retail to 121,330
customers in 298 communities and adjacent rural areas in 31 counties.
Company also sells electric energy at wholesale to 24 electric utilities owned
by municipalities and to three rural cooperatives and seven public utilities
serving at retail small communities and rural areas in the company's terri¬
tory.
At the same date the company supplied manufactured gas at retail
to 24,442 customers and also at May 31, 1941, supplied water service to
8,060 customers and central heating service to 168 customers.
Company
furnishes motor bus service in Sheboygan, Fond du Lac, North Fond du
Lac, Beloit and Janesviile and interurban motor bus service between She¬
boygan and Fond du Lac, Madison and Green Bay and Madison and
Dubuque, Iowa.
The territory served by the company with electricity has a population
of 350,000 as estimated by the company.
South Beloit Water, Gas & Electric Co., a wholly-owned subsidiary,
utility in Winnebago County, 111., where at
May 31,
1941, it supplied electric service to 1,569 customers, gas service to 564 cus¬
tomers and water service to 386 customers in the City of South Beloit,
the Village of Rockton and adjacent rural territory.
Beloit Water Power Co., in which the company owns 519.6 shares out of
800 shares of stock outstanding, owns a dam and water power rights on the
Rock River at Beloit, Wis., and controls the water used to operate a small
hydro-electric plant of the company at
revenues from this subsidiary.
Earnings
Beloit.
Company recieves no
Summary for Stated Periods
-Years Ended Dec. 31
1940
v
1939
1938
12 Mos. End.
May 31, '41
Operating revenues
$10,800,278
Oper. exps. and taxes7,423,056
$10,652,115
7,379,685
$9,990,761
6,720,976
$9,535,418
6,460,852
income. $3,377,221
$3,272,430
39,924
$3,269,785
40,882
$3,074,566
29,312
$3,406,534
$3,312,354
$3,310,667
$3,128,438
debt-.
1,380,273
1,405,943
1,429,350
1,441,900
Amort, of dt. disc. & exp.
274,643
Crl0,803
31,510
276,233
2,043
19,844
274,963
6,376
7,098
311,877
5,748
31,965
$1,730,910
$1,608,289
$1,592,879
$1,336,947
Net operating
Other income—net„—
Gross income
Int. on long-term
General interest (net)
Misc. inc. deductions..Net
income.
—-----
The aggregate
on
53,872
interest charges on the $30,000,000 of bonds of series A and
of 2K%, 2%% and 3% unsecured notes to be outstand¬
the $5,850,000
ing upon completion of this financing, will for the first year that
of series A are outstanding amount to approximately $1,126,462.
Funded Debt and
Capital Stock (Giving Effect to Present
Authorized
First mortgage bonds
Series A, .3K %, due
Unlimited
$40,000,000
5,850,000
the bonds
1
Financing)
Outstanding
A agreed to be purchased by them,
follows:
1,000,000
$3,000,000 A. C. Allyn & Co., Inc
700,000
3,000,000 Hornblower & Weeks...
700.000
3,000,000 Stern, WamplerA Co., Inc...
700,000
Harris, Hall & Co. (Inc.)
3,000,000 Whiting, Weeks & Stubbs, Inc.
500,000
Harriman Ripley & Co., Inc.. 3,000,000 Arthur Perry & Co., Inc
500,000
Bonbrlght & Co., Inc.
3,000,000 The Milwaukee Co
300,000
W. C. Langley & Co
1,750,000 Blair. Bonner & Co
Lee Higginson Corp
300,000
1,750,000 Bacon, Whipple & Co...
300,000
E. H. Rollins & Sons, Inc.
1,750,000 The Illinois Co. of Chicago
Glore, Forgan & Co
Halsey, Stuart & Co., Inc
A. G. Becker & Co., Inc
—-
The Wisconsin Co
1,750,000
direct subsidiary of North West Utilities Co.,
which in turn is a subsidiary of The Middle West Corp.
The Middle West
Corp. owns 85.488% of the outstanding voting shares of all classes of North
West Utilities Co. and also owns 1,815 shares of common stock of the com¬
pany and 1,681 shares of preferred stock of the company, together consti¬
tuting 1.112% of the outstanding voting shares of all classes of the com¬
pany.
North West Utilities Co. owns 141,970 shares of the common stock
of the company (97.117% of the shares of common stock outstanding).
The preferred stock of the company has voting rights by reason of default
in the payment of dividends thereon.
North Wast Utilities Co. owns
45.159% of the outstanding voting shares of all classes of the company.
Control—Company is
a
Comparative Balance Sheet
May 31 '41 Dec. 31 '40
Liabilities—
S
S
S
7,309,250
7,309,250
63,203,127 62,488,348 Common stock
Investments
1,260,521
1,260,712 7% cum. pref. stk.10,656,800 10.656,800
Cash
6,162,500
2,622,784
1,469,964 6% cum. pref. stk. 6,162,500
Special deposits...
727,503
93,277 Long-term debt...35,850,000 34,850,000
Accounts payable.
172,886
225,415
Customers' service
102,864
120,002
accounts
532,443
615,202 Accrued payroll..
9,558
; 8,628
Merchandise accts.
273,971
257,882 Duetosub. co___Pref. dlvs. decl'd.
464,885
Other accounts &
149,080
141,521
CV54.674 Customers depos..
notes (net)
CY67.221
1,337,925
862,311
19,719 Accrued taxes
Due from sub. cos.
15,877
689,508
168,621
553,204 Accrued interest..
Mat'ls & supplies.
732,561
48,726
21,400
76.849 Other curr. llabs..
35,947
Prepayments-..-.
35,540
36,062
2,635,627 Def'd liabilities...
Def'd charges
2,514,425
May 31 *41 Dec. 31 '40
A ssets
Utility
$
■
plant
b2K%, 2^% and3% unsecured notes
—
7% cumulative
6% cumulative.
Common stock (par $50)
$30,000,000
5,850,000
200,000 shs.
Preferred stock (par $100)
—-
106,568 shs.
61,625 shs.
253,815 shs.
146,185 shs.
a
Additional first mortgage bonds may be issued under the indenture,
subject to the restrictions therein, from time to time in any number of
different series, as the board of directors may determine.
The aggregate
principal amount of bonds of all series which may at any one time be out¬
standing under the indenture is not limited.
The aggregate principal
amount of bonds of series A which may at any one time be outstanding
under the indenture is limited to $40,000,000.
*
b $2,850,000 of unsecured notes outstanding May 31, 1941, mature
serially in 14 semi-annual instalments of $185,000 each, Dec. 1, 1941June 1, 1948, and in one instalment of $260,000 on Dec. 1, 1948.
Of the
additional $3,000,000 of unsecured notes to be presently outstanding,
(a) $500,000 will mature in 12 semi-annual instalments of $37,500 each'
5,804,135
5,644,491
257,095
surplus... 2,801,186
255,071
2,954,039
Reserves.--.—.-.
in
Contrib.
aid of
construction
Earned
Total
71,851,941 69,416,114
Total
71,851,941 69,416,114
—
Bonds Called—
All of the outstanding first mortgage bonds, series A 4%, due June 1,
1966 have been called for redemption on Sept. 27 at 104 and accrued interest.
Payment will be made at the First National Bank of Chicago.
Holders
have the option of surrendering bonds any time after Aug. 29 and receive
full redemption price.
,
,
Preferred Dividends—
Directors have declared a dividend of
$2.50 per share on the 6% cum.
pref. stock (par $100) and a dividend bf $2.91 2-3 per share on the 7%
cum. pref. stock (par $100), both payable on account of accumulations on
Sept. 15 to holders of record Aug. 30.
Like amounts were paid on June 16,
and March 15, last, and on Dec. 16 and Sept. 15, 1940.—V. 153, p. 1146.
(Alan) Wood Steel Co .—Accumulated
Dividend—
a dividend of $2.25 per share on account of
7% cum. pref. stock, par $100, payable Sept. 19 to
holders of record Sept. 9.
Like amount paid June 20 and March 10, last,
and compares with $3 paid on Dec. 13, 1940; $2.50paid on Sept. 20, 1940;
$1.12)4 on June 15, 1940; 87)4 cents on March 25, 1940; $1.75 on Dec. 21,
1939; $1 on Nov. 17, 1939; 75 cents on June 15, 1939, and 50 cents paid on
Dec. 28, 1938.—V. 152, p. 3666.
Directors
have
declared
accumulations on the
Worthington
Pump
&
Machinery
Corp,—Listing—
Exchange Offer—
The New York Stock
listing of:
Exchange has authorized the
7,137 additional shares (par $100) cum. prior
convertible series, making the total number of shares
(a)
shares.
,
8
pref. stock, 4)4%
applied for 72,529
^
.
prior pref. stock, 4)4%
for 72,529 shares; and.
(c) 49,217 additional shares (no par) common stock, making the total
number of shares applied for 398,443 plus such number of additional
shares, not immediately determinable, as will result from a slight adjust¬
ment in the conversion rate with respect to, and will be required to be
reserved for issue upon conversion of, the cum. prior pref. stock, 4lA%
(b) 7,137 additional shares (par $100) cum.
series, making the total number of snares applied
convertible series.
The above shares are proposed to be issued pursuant to a plan of re¬
capitalization to be dated Aug. 20, 1941, in exchange for the outstanding
shares of the class A pref. stock and the class B pref. stock of the corporation.
Purpose of Issue—There has been formulated a plan of recapitalization
be dated Aug. 20, 1941.
The plan was submitted to the directors
1941, for approval.
Corporation now has outstanding, among
other shares, 5,652 shares (par $100) class A 7% cum. pref. stock and
to
Aug. 20,
8,622.1 shares (par $100) class B 6% cum. pref. stock.
Accumulated
unpaid dividends on June 30, 1941, amounted to $66.50 per share on the
class A pref. stock and to $57 per share on the class B pref. stock.
Pursuant
to the plan:
Holders of each share of class A 7% pref. stock will be offered in exchange
therefor:
y share of 4)4% conv. series cum. prior pref. stock ($100 par);
y2 share of 4 )4 % series cum. prior pref. stock ($100 par), and three shares
of common stock (no par value).
Holders of each share of class B 6% pref. stock will be offered in exchange
therefor:
)4 share of 4)4 % conv. series cum. prior pref. stock ($100 par);
y share of 4)4% series cum. prior pref. stock ($100 par), and 2)4 shares
common stock (no par).
The plan provides that present accumulations on both series of cum.
prior pref. stock will be discharged by the payment of $7.87)4 per share
on Sept. 15, 1941.
The current quarterly dividend then due on such stock
on that date will also be payable Sept. 15, 1941.
The shares of cum. prior
,
pref. stock of both
series to be issued under the plan bear
dividends from
quarterly dividend date next preceding the date of issue of such shares.
result stockholders making the exchange under the plan prior to Sept. 15
1941, will be entitled to the regular quarterly dividend accruing from
June 15, 1941, but not to the accumulations accruing prior to that date.
It is provided that the plan and the offers contained therein may be
terminated at any time by action of the board of directors of the corporation.
the
a
Aug. 1, 1971
principal
respectively,
of the several underwriters and the
to be received
operates as a public
1951, and one instalment
Aug. 1, 1951.
Of these notes outstanding May 31, 1941,
loan agreement with Continental Illinois
——-
the indenture company will agree
(the 17 months Aug. 1, 1941-Dec. 31, 1942,
being deemed a calendar year), so long as any bonds issued under the inden¬
ture shall be outstanding, it will expend and certify to the trustee amounts
aggregating not less than 15% of the gross operating revenues derived dur¬
ing such calendar year from the operation of the physical properties upon
which the indenture is then a lien (after deducting from such revenues an
amount equal to the cost of electricity, gas and water purchased for ex¬
change or resale), (a) for maintenance and repairs, and (or) (b) for the con¬
struction or acquisition of "bondable property" upon which the indenture
is a first lien (subject only to "permitted encumbrances and liens" and
"prepaid liens," as defined in the indenture), and (or) (c) for the purchase,
payment or redemption of any bonds issued under the indenture; and that
the company will deposit annually, with the trustee, cash to the extent
that such amount is not so expended and certified, less any credits for excess
expenditures in prior years.
In case the expenditures made by the company
for such bondable property shall in any year exceed the amount required
to be expended and certified to comply with the requirements of the main¬
tenance and renewal fund provision for such year, any cash so deposited
with the trustee and not withdrawn or applied under the provisions of the
indenture may be withdrawn by the company to the extent of 100% of
any such excess gross expenditures for bondable property certified to the
trustee for such purpose.
Any such cash not so withdrawn may be with¬
drawn by the company or applied by the trustee in accordance with the
provisions of the indenture.
The above mentioned percentage of gross
operating revenues of the company will be subject, at the option of the
company, to periodical redetermination by an independent'1 engineer, but
not prior to Jan. 1, 1945, at intervals of not less than three)years from the
effective date of the last previous determination.
Maintenance and Renewal Fund—In
that during each calendar year
Purpose of Issue—The proceeds from the sale
1, 1942-Aug. 1, 1947, and two instalments of $25,000 each, Feb. 1
Aug. 1, 1948, and (b) $2,500,000 will mature in five semi-annual in¬
Feb.
and
stalments of $250,000 each, Feb. 1, 1949-Feb. 1,
As
a
Preferred Arrearages Cleared Up—
Directors on
Aug. 20 voted to clear up arrears on
both series of com¬
pany's cumulative preferred stocks, with a declaration of $7.87 )4 per share
on the 4)4% prior preferred and convertible prior preferred stocks, both
payable Sept. 15 to holders of record Aug. 27.
Regular quarterly dividends
of $1.12)4 per share was also declared on these issues, these latter dividends
being payable Sept. 15 to holders of record Sept. 8.
Transfer Agent—
Guaranty Trust
suant to the
Co. of New York has been
appointed Agent to accept
B preferred stocks for exchange for new securities, pur¬
plan of recapitalization of Aug. 20, 1941.—Y. 153, p. 568.
class A and class
1294
COMMERCIAL EPITOME
Friday Night, Aug. 29, 1941.
Coffee- On
the 25th inst. futures closed
unchanged to
points net lower with sales totaling 170 lots.
Nearly
half the day's business was in switching from Sept. into
Mar.
The easier tone in the market reflected the lack of
demand for actuals and the log jam resulting in the failure
of the Inter-American Coffee Board to reach a settlement
12
with respect to the size of the quota for
Oct. 1.
The quota is tentatively fixed
the
year
beginning
at better than 19,-
000,000 bags but the coffee countries want it reduced.
In
Brazil prices were firm with soft 4s 300 reis higher and hard
4s 500 reis higher at 42.600 and 41.000 milreis, respectively.
It is stated that freight rates from Brazil to United States
Local closing: Sept., 7.54; Dec., 7.66; Mar., 7.77; May,
7.85; July, 7.93. On the 27th inst. futures closed unchanged
to 1 point up, with sales totaling 253 lots.
Cocoa was steady.
The market registered net gains temporarily, but stood un¬
changed to 1 point net lower.
During early afternoon.
Sales to that time totaled 205 lots.
Open interest is diminish¬
ing rapidly. It stood at 6,372 lots this morning—a decrease
of 220 yesterday.
The Sept. interest decreased by 436 lots
yesterday, standing at 806 today. It is evident that about
half of the Sept. sellers yesterday switched to forward months
while the others liquidated outright.
Warehouse stocks
decreased 4,100 bags.
They total 1,480,780 bags compared
with 1,185,893 bags a year ago.
Local closing: Sept., 7.54;
Dec., 7.67; Mar., 7.77; May, 7.85.
On the 28th inst. futures closed 3 points to 1 point net
lower, with sales totaling 190 lots.
Cocoa was reported
as having a steady undertone as liquidation was absorbed
by trade interests.
Twenty-five Sept. notices were issued
but they were stopped without unsettling the market.
The total to date is 239 notices.
The open interest in
Sept. was reduced by 23 lots yesterday, standing at 783
this morning.
On the other hand the total open interest
increased 78 lots, standing today at 6,450.
Warehouse
stocks decreased 2,100 bags.
They total 1,478,640 bags
against 1,185,681 bags a year ago.
Local closing: Sept.,
7.52; Dec., 7.64; Mar., 7.76; May, 7.84; July, 7.92.
Today
futures closed 5 to 7 points net lower, with sales totaling
198 lots.
Further liquidation of Sept. contracts unsettled
the cocoa market.
Prices dropped 9 to 10 points with Sept.
selling at 7.42c. this afternoon.
Turnover of 150 lots was
reported to that time.
Fifty-eight notices were issued and
eventually all were stopped by manufacturers.
So far Sept.
notices have totaled 738 lots.
The Sept. interest^ was
reduced by 45 lots yesterday but still stands at 738, which is
considered large for the spot month.
Total open interest
decreased 7 lots, now totaling 6,443 lots.
Warehouse stocks
decreased 2,600 bags.
They total 1,476,099 bags compared
with 1,185,681 lots a year ago.
Local closing: Sept., 7.45;
Dec., 7.59; Mar., 7.69; May, 7.77.
,
remain unchanged at SI. 10 for
Sept.
On the 26th inst. futures closed unchanged to 8
points higher for the Santos contract, with sales totaling 55
lots.
There were four contracts traded in Rio futures, which
Atlantic and Gulf ports will
closed 7 to 8 points
off.
Santos coffee was irregular in slow
5 points lower at 11.85c., while other
were as much as 9 points higher, Mar. selling at
12.24c., up 9 points.
This reversed the trend of yesterday
when the spot month was the stronger.
Tomorrow will be
first notice day for Sept.
In Brazil the Santos soft spot
price was 100 reis higher while the hard 4s price was 200 reis
lower.
On the 27th inst. futures closed 8 to 2 points off for
the Santos contract, with sales totaling 249 lots.
The Rio
contract closed 18 to 8 points net lower, with sales totaling
55 lots.
Santos coffee trading was dominated by operations
in Sept. as 65 transferable notices were issued and circulated.
In the early afternoon the market was 6 to 11 points lower
with Sept. selling at 11.79c.-—off 11 points.
The "A" con¬
tract, reflecting 8 notices covering Bahia coffee, was 15
to 22 points net lower during early afternoon.
It was an¬
trading.
positions
Sept.
was
nounced that the Inter-American Coffee Board had issued
no
statement
regarding yesterday's meeting.
Mild coffees
in the shipment market,
said to be slightly easier in tone
with Colombians off Y% to %c.
were
On the 28th inst. futures closed 10 to 14
for the Santos contracts,
coffee
points net higher
with sales totaling 60 lots. Santos
trade
Six transferable notices were issued
against Sept. contracts compared with 65 issued yesterday.
was
strong today on what appeared to be mostly
and Brazilian buying.
In Brazil the spot price on soft Santos 4s was 100 reis lower.
Today prices closed 2 points up to 1 point off for Santos con¬
tracts, with sales totaling 45 lots.
No further notices were
issued against Sept. contracts.
In Brazil the spot price on
soft Santos 4s was up 100 reis, canceling yesterday's decline.
The actual market was quiet.
The New York Coffee &
Sugar Exchange statistics on stocks of coffee include not
only warehouse stocks but also an estimated amount on
docks and unloading.
Over the last two days an actual
count has been made of this latter total and figures will be
published shortly. Preliminary data reveals that little coffee
is on docks, many piers being entirely bare of supplies.
This
is contrary to what has been held to be true by some in the
trade.
Rio coffee prices
September
closed
March, 1942.
_________
Santos coffee prices
September
ollows:
as
.__8.29
7.64 May
__7.89 July
_8.09
_
December^.
closed
as
____11.95
December
12.17
March. 1942
follows:
12.43
May__.
July,
12.33 trad
Cocoa—On
12.54
inst. futures closed 13 points net
first notice day for Sept. cocoa futures
a heavy wave
of commission house Sept. liquidation and
switching drove the market 13 points lower today.
Sales
totaled 429 lots, including 286 lots of switching operations.
Most of the switching was out of the Sept. contract into the
March delivery at a discount of 24 points.
The spot month
lower.
was
the
25th
With today the
switched into
the
Dee.
contract
at
a
discount
of
13
points and into the May at a discount of 32 points.
The
Sept. open interest on Friday stood at 1,462 contracts, a
reduction of 151 lots from the preceding trading session and
383 lower than Friday, Aug. 15.
Trade interests were active
buyers on the scale down. Offers from the primary markets
continue to be slightly above the New York parity, dealers
further disclose.
Local closing: Sept., 7.31; Dec., 7.43;
Jan., 7.47; Mar., 7.55; May, 7.63; July, 7.71.
On the 26th
inst. futures closed 23 to 22 points net higher, with sales
totaling 570 lots. Cocoa prices rallied strongly when it was
found that big manufacturers were promptly stopping Sept.
notices, of which 214 were issued today, first notice day for
that month.
During early afternoon the market was 24
to 25 points net higher.
Turnover to that time totaled 250
lots.
Census figures on cocoa stocks proved somewhat lower
than anticipated.
Warehouse stocks continue to decrease.
The overnight decline was 3,100 bags, reducing the total to
1,484,846 bags compared with 1,185,959 bags a year ago.
Sugar—On the 25th inst. futures closed 2 points lower to
unchanged for the domestic contract, with Sept. at 2.68c.,
or with
duty included 3.58c., 8 points above the Govern¬
ment's ceiling price.
Trading in the domestic sugar con¬
tract, which was suspended on Aug. 15 at the "request"
of the Office of Price Administration and Civilian Supply
following announcement of a ceiling price of 3.50c. for raw
sugar, was resumed today as ordered by the board of mana¬
gers, and business was effected above the ceiling price.
On
the opening call today there were no sales, but immediately
following, one lot of Mar. sold at 2.70c., ex-duty, or 3.60c.
duty paid, which was 10 points over the ceiling price an¬
nounced by
OP ACS.
Following the initial transaction
activity broadened and a total of 152 lots for the day was
effected, all in excess of the ceiling price.
All or practically
all of the
business was
reported to be liquidation of
old commitments and was orderly.
The world sugar con¬
tract closed 3 to 4 points net lower, with sales totaling 260
lots.
On the 26th inst. futures closed 4 points off to 3
points up for the world sugar contract, with sales totaling
212 lots.
The domestic contract closed }A to 13^ points
net lower, with sales totaling 209 lots.
There was con¬
siderable selling in the world contract, believed to be in¬
fluenced by recent reports that the Philippines would have
more ships
available for sugar, and the lack of news of
further
British
interest in
Cuban raws.
Buyers were
attracted by the price level and by the fact that Cuba is
geographically best situated to supply this country and
Britain with sugar needs.
Domestic sugar was 3 points
lower during mid-afternoon.
Only 550 tons, or 11 lots,
had been traded outright up to 1 o'clock, all believed to be
liquidation of old, existing contracts.
However, 10 lots of
Sept. and May were switched and 60 lots of Sept.-Mar.
at 6 points premium on the Mar. position.
The raw market
is still without reported sales.
On the 27th inst. futures
closed 2 to 4 points net higher for the domestic contract, with
sales totaling 20 lots.
The world sugar contract closed
5 to 6 points net higher, with sales totaling 304 lots.
There
was nothing new in the raw or refined market, where no
new business has been
reported since the price ceiling was
announced two weeks ago.
All eyes are turned toward
Washington, where refiners meet with OPACS tomorrow
to discuss problems arising under the maximum price order.
World sugar futures were 5Y points higher, on active buying,
mostly from trade sources.
Although reports continue to
circulate that Cuba has sold further sugars at above 1.75c.
(sellers are reported asking 1.90 to 2.00c. per pound f.o.b.,)
no check has
yet been made as to volume.
On the 28th inst. futures closed 4 to 1 point net lower for
the domestic contract, with sales totaling 81 lots.
The
world sugar contract closed 1to 2lA points net higher,
Volume
The Commercial & Financial
153
with sales totaling 200 lots.
Nothing was done in the raw
Today's meeting in Washington between refiners
and OPACS held the attention of the trade.
At one time
market.
were 2% to ZlA points higher, with December
1.96XA cents, up 3^ points.
The news was meager.
Spain was reported interested in Cuban raws but it w;as
said that such a sale was held up by questions of financial
and shipping. Parcels of Cubas were said to have been sold
world futures
at
Decatur, old crop—.0924 to 10; November-December—.0934
to .0924, nominal; New York, l.c.l., clarified—12.7 bid.
Edible: Coconut: 76 degrees—13% bid.
Lard: Ex. winter
prime—1234 offer; strained—1234 offer. Turpentine: 7034
to 7234Rosins: $3.10 to $4.56.
Cottonseed
exchange "spot" price of 1.90c. and
Today prices closed 2
points net higher for the domestic contract, with sales
totaling 29 lots. The world sugar contract closed 5 to 63^
points net lower, with sales totaling 423 lots.
Domestic
sugar trading was almost at a standstill.
Only two lots were
done up to early afternoon, except for a further ten lots in
the form of switches. Following yesterday's meeting between
refiners and OPACS, at which the latter was warned that
refineries might have to close by the middle of October if
some way was not found to break the sellers' strike.
The
sugar section of the AAA today announced that the stock
situation in the northeast was being studied and if necessary,
quotas would be again raised to meet needs.
It was also
said that it could not be understood why Cuba was not
selling at 2.60c.
World sugar futures were 5 to 7 points
lower during early afternoon, due to Cuban hedge selling
and scattered long liquidation.
low in the face of
an
to 5
Prices closed
«p
follows:
as
September
2.64 March..
2.75
November
2.66
2.78
January, 1942
2.75
May.
July.
2.80
Lard—On $he 25th inst. futures closed 2 to 5 points net
lower.
The market ruled steady during most of the session,
but
sagged towards the close. Relatively light hog receipts
reported at the leading packing centers in the West
today. The top price of the day was $12, which equalled
the season's high, and during the session sales were reported
at prices ranging from $10.85 to $12.
Western hog receipts
totaled 65,300 head, against 59,900 head a year ago.
On the
26th inst. futures closed 7 to 10 points net higher.
Reflecting
the strength in cotton oil and other commodities, lard futures
at Chicago advanced moderately under new buying for
speculative and trade account. The bullish trend of outside
commodity markets did much to discourage selling in the
lard market, and practically all of the gains were held until
the final bell.
Chicago hog prices declined 10c. owing to the
moderate increase in hog marketings there.
Sales of hogs
ranged from $10.85 to $11.85.
Western receipts totaled
61,700 head againdt 60,000 head for the same day last year.
On the 27th inst. futures closed 5 to 15 points net higher.
Continued strength in cotton oil and hogs influenced new
lard buying, which lifted Chicago lard prices up moderately
again today.
Peak levels values were up 17 to 22 points,
but fairly heavy realizing wiped out about half of the gains.
Hog quotations at Chicago ruled very firm, with closing
values mostly 10c. to 20c. net higher.
The top price of $12
equaled the season's high. Hog sales ranged from $11 to $12.
Western hog marketings were lighter than expected and
totaled 52,500 head against 58,900 head for the same day
were
last year.
On the 28th inst. futures closed 2
points net higher.
In¬
fluenced by the strength in hogs, grains and other markets,
prices on lard at Chicago firmed up again under fairly active
speculative and trade support. Futures advanced 10 to 12
points before realizing erased most of the advances. Western
hog receipts as reported today were much smaller compared
to the same day last year and totaled 52,400 pounds against
67,200 head last year.
Receipts at Chicago only totaled
13,000 head, and sales were reported there at prices ranging
from $11.15 to $12.15.
Today trading was suspended in the
lard market following an .order of the price administrator
forbidding purely speculative dealings in fats and oils. There
was no indication when trading in lard and cotton-seed oil
would be resumed, but exchange officials were scheduled to
go to Washington to confer with Government authorities.
DAILY CLOSING
PRICES
OF LARD
FUTURES IN CHICAGO
Wed.
Thurs.
September
10.15
10.10
10.17
10.25
10.35
10.37
10.67
10.47
10.80
10.50
..10.60
10.30
10.57
10.82
10.72
10.70
10.77
10.92
Fri.
10.27
October
10-95
Sal.
December,
January, 1942
March..
,
Mon.
....
Tues.
11.82
Pork—(Export), mess, $30,373^ (8-10 pieces to barrel);
family (50-60 pieces to barrel); $22.75 (200-pound barrel).
Beef: (export) steady.
Family (export), $22.25 per barrel
(200-pound barrel). Cut meats: firm. Pickled hams: picnic,
loose, c. a. f.—4 to 6 lbs., 1934c.; 6 to 8 lbs., 19Me.', 8 to
10 lbs., 1934c.
Skinned, loose, c. a. f.—14 to 16 lbs., 27c.;
18 to 20 lbs., 2434c.
Bellies: Clear, f. o. b. New York: 6 to
8 lbs., 2034c.; 8 to 10 lbs., 20c.; 12 to 14 lbs., 18c.
Bellies:
clear, dry salted, boxed, N. Y.—46 to 18 lbs., not quoted;
18 to 20 lbs., 1324c.; 20 to 25 lbs., 1324; 25 to 30 lbs., 1334Butter: firsts to higher than extra and premium marks: 34
to 3634Cheese: State, held '40, 2524 to 2734Eggs:
Mixed colors: checks to special packs: 2734 to 3434Oils—Linseed oil market is reported firm, with tank cars
quoted 10.2 to 10.4. Quotations: Chinawood: Tanks, spot
—not
quoted; Drums—not quoted.
Coconut:
Tanks,
nearby—.0734 offer, nominal; September—.0734 bid* nomi¬
nal; Bulk, subject to freight,—.06 to .0634Corn: Crude:
West, tanks, nearby—1134 bid, nominal. Soybean: Tanks,
Oil
sales
yesterday, including switches Nil
Crude, S. E., 1134 bid.
No prices available.
Trading suspended for the day.
contracts.
earlier this week at 1.79c. to 1.82c. but these prices appear
reports that sellers are asking 1.95c.
1295
Chronicle
-
Rubber—On the 25th inst.
side of
we
have the following: Out¬
Rubber Reserve Co. buying,
little or no activity
reported in the actual rubber market today.
Some
interest was displayed for the available free supplies but the
price was too low, dealers state. Late this week a conference
will be held in Washington to further discuss the dealer and
importer minimum service charges to factories.
Until this
is known and the date when the Government will begin to
some
was
sell rubber
market.
to consumers,
little activity is expected in the
we have the following on rubber:
On the 26th inst.
Smaller factories
were reported buying spot rubber.
Dealers
importers stated that full prices were paid. Dealers are
also in the market seeking not only nearby rubber but also
delivery as far as Mar., 1942.
The dealers' bids, it was
learned, were low in comparison with the sellers' ideas. The
and
Co. again purchased rubber on aif f.o.b.
Singapore basis. Consumers are on the sidelines waiting for
further developments from Washington.
With the con¬
servation program in effect, many factories find that their
rubber supplies will be sufficient for a much greater period
than had been previously estimated.
On the 27th inst. we
have the following: Effective immediately all
Canadian
purchases of rubber in the Far East will not exceed the
United States price limits, it was learned here today.
Pre¬
viously Canada had been buying rubber in the Far East at
higher prices. Dealers in the actual market continued bidding
for nearby rubber.
Offerings of the nearby deliveries were
generally too high, it was further learned.
Prices for Para
rubber rule firm.
Some business was reported at 31c. to
Rubber Reserve
pound. Supplies from South America are still light.
Reflecting the influence of the rubber conservation program,
which started in July, production of pneumatic casings for
that month showed a drop of 11.9% to 5,603,664 units,
according to statistics released by the Rubber Manufacturers
Association today.
On the 28th inst. we have the following report on rubber:
With several more definite steps necessary to be taken before
the entire rubber picture is cleared up as far as both con¬
sumers and dealers are concerned, little activity has been
32c. per
reported in the actual rubber markets. The Rubber Reserve
Co. continues to buy rubber on an f. o. b. Singapore basis
every day.
Dealers and importers are in the market bidding
for nearby rubber, but the supplies are limited and offers
are light and generally too high.
.
Hides—On the 25th inst.
futures closed 5 points lower
points higher.
Sales totaled 53 lots, including 18 lots
of switching operations.
With the first notice day nearing,
more
switching and commission house liquidation is ex¬
pected to appear, traders state.
On Aug. 22 the Sept.
open interest position totaled 266 lots, a reduction of 26 lots
from the previous trading day.
Total open interest on
Friday amounted to 684 lots, a decrease of 34 lots.
Last
week there were 64,500 hides sold in the Chicago packer
market at the ceiling price of 15c. per pound, with the
exception of 900 native bulls at 13c.
Local closing: Sept.,
14.45; Dec., 14.62; Mar., 14.65; June, 14.72.
On the
26th inst. futures closed 12 to 5 points net lower.
The
first notice day for Sept. contracts brought out 56 trans¬
ferable notices.
While the bulk of the notices were stopped
in the morning, several circulated most of the trading
session.
Commission house liquidation was largely re¬
to 2
sponsible for the market's decline.
Sales continued com¬
paratively heavy, amounting to 76 lots. Switching opera¬
tions accounted for 22 lots.
The Sept. was switched into
the Dec. delivery at a discount of 17 points and into the Mar.
contract at 23 and then 25 points.
Demand for the lighter
types of resale foreign hides has slackened slightly as dealers
are beginning to seek better prices.
Local closing: Sept.,
14.35; Dec., 14.50; Mar., 14.60; June, 14.67.
On the 27th
inst. futures closed 5 points net higher, with sales totaling
60 lots.
Commission house liquidation of hide contracts
continued with trade interests the buyers.
Sales to early
afternoon totaled 47 lots.
Thirty-five notices of deliverv
on
Sept. were issued.
Prices were 2 to 11 points higher,
with Sept. at 14.37, Dec. at 14.61, and Mar. at 14.70c.,
respectively.
So far 91 Sept. notices have been issued.
Open inteiest this morning was down to 573 lots, a decrease
of 95, indicating rapid progress in closing out the open
position.
Sales of spot hides were rumored but no par¬
ticulars were available.
Local closing: Sept., 14.40; Dec.,
14.55; Mar., 14.65; June, 14.72.
On the 28th inst. futures closed 8 points up to 5 points off.
vSales totaled 20 lots. Only one position had been traded in
hides up to mid-afternoon. September sold at 14.35c., off 5
points net, after touching 14.42c. early. Fifteen lots were
traded.
Twelve transferable notices were issued, making
103 for the month so far.
It was reported that spot hide
sales were taking place in Chicago at ceiling prices.
Sales
were estimated
today at 15,000 pieces.
Open interest in
hides is down to 504 lots. Local closing: Sept. 14.48; Dec.
The Commercial & Financial Chronicle
1296
14.58; Mar. 14.60; June 14.70.
Today futures closed 8 to
13 points net lower, with sales totaling 43 lots.
Trading in
hides was fairly active in liquidation of old contracts. Sales
to mid-afternoon totaled 33 lots.
Prices
were
8 to 13 points
lower except for June which was unchanged.
Three trans¬
ferable notices were issued.
The open interest has been
reduced to 486 lots.
It is said that in spot
hides packers have
ceiling prices, even disposing of
many bull hides.
Local closing: Sept. 14.40; Dec. 14.45;
Mar. 14.50; June 14.57.
sold
a
week's
full
kill
at
Aug. 30,
1941
the
and
mid-day bid price was quoted as unchanged to 1
point higher.
During the first two hours of the session
150,000 pounds were traded.
Grease wool experienced a
dull morning with the price range 4 points down to 5 points
up.
There were no trades at the opening and trading was
light throughout the early hours, with only 30,000 pounds
being exchanged before noon.
Local closing: Wool Tops:
Oct., 127.0; Dec., 124.5; Mar., 122.5; May, 121.3.
Grease
Wool: Oct., 95.0; Dec., 93.4; Mar., 92.0.
Ocean
Freights—Tonnage demands continue active in
owing to the scarcity
offerings in nearby positions, trading operations continue
rather light.
Charters included:Net Form: Atlantic range to
Vladivostok, Aug .-Sept., SI. 50 per cubic foot.
Cotton: Rio
de Janeiro to Shanghai, end Aug .-early Sept., reported at a
lump sum of $750,000. Sugar: Two steamers, Cuba to New
Orleans, Sept., 33c. per 100 lbs.
Coal: Hampton Roads to
St. Thomas, prompt, $3.75 per ton.
Two vessels reported
allocated, Hampton Roads to East Coast South America,
Friday Night, Aug. 29, 1941.
The Movement of the Crop, as indicates by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 71,270
bales, against 67,184 bales last week and 67,673 bales the pre¬
vious week, making the total receipts since Aug. 1, 1941,
280,266 bales, against 351,079 bales for the same period
of 1940, showing a decrease since Aug. 1, 1941, of 70,813
at schedule rates.
bales.
COTTON
all branches of the charter market, but
of
Coal—With the demand for anthracite coal
continuing
active the Pennsylvania Anthracite Emergency Committee
again fixed production for the week ending Aug. 30th at
1,200,000 net tons. This is equal to five days working time,
making the eleventh consecutive week of five days operations.
Householders are actively taking nut and stove sizes.
As a
result, operators are about three weeks behind on deliveries
of stove sizes and approximately 10 days on nut.
Most of
the dealers are trying to stock up as much as possible but the
heavy demand is making this a bit difficult.
Wool—On the 25th inst. futures closed unchanged to 6
points higher for wool tops, with sales estimated at 80
contracts or 400,000 poundt of tops.
The market was firm
all day.
The grease wool market was quiet, with 15 con¬
tracts, representing 90,000 pounds of wool, traded.
Closing
prices were 1 to 2 points net higher.
There was good general
buying' in tops, jiartieularly from commission houses,
centered largely in the Dec. and May.
Spot houses and
trade interests were sellers, offering most prominently in
the Dec.
Commission houses and spot interests were on both
sides of the grease market.
Certificated stocks of wool
tops on Aug. 22 amounted to 295,000 pounds, compared
with 240,000 a week earlier.
Grease wool certificated stocks
were 462,000 against 480,000.
The Buenos Aires scoured
wool futures market was quiet and steady.
Prices un¬
changed, with Aug. quoted at 44 pesos.
Local closing:
Wool Tops: Oct., 126.8; Dec., 123.5; Mar., 121.3; May,
120.6.
Grease Wool: Oct., 94.7; Dec., 93.5; Mar., 92.1.
On the 26th inst. futures closed 4 to 7 points net higher
for wool tops in one of the most active trading sessions in
months.
recent
representing
market
was
Sales
475,000
also
more
estimated
at
95 contracts,
tops.
The grease wool
active than usual, with transactions
were
pounds
of
amounting to 23 contracts, or 138,000 pounds, and closing
prices were unchanged to 1 point up.
Trading in tops was
featured by an active commission house demand which
centered mainly in the Oct.
Spot firms were on the selling
side of most months.
Spot houses both bought and sold
in all months in grease wool.
Boston reported that there
was very little business transacted.
Some wool is available,
it was said, but inquiries are light.
Trade sources here said
that the labor difficulties being experienced by some pro¬
cessors have retarded dealings.
Local Closing: Wool Tops:
Oct., 127.3; Dec., 124.2; Mar., 121.8; May, 121.0.
Grease
Wool: Oct., 94.8; Dec., 93.5; Mar., 92.2.
On the 27th inst.
futures closed 2 points off to 2 points up for grease top
contracts.
The Wool Top market closed 3 points off to 3
points up.
About 60 tops contracts, representing 300,000
pounds, and 38 grease contracts, or 228,100 pounds of wool,
changed hands.
Buying and selling of a general nature was
present in tops, and there was little pressure on prices in
either direction.
Spot house buying in Oct. grease featured
the dealings in that market.
Spot firms and commission
houses generally were sellers in all months.
The Buenos
Aires scoured wool futures market was quiet and steady.
Prices were unchanged, with the Sept. quoted at 44 pesos.
Local closing: Wool Tops: Oct., 127.0; Dec., 124.5; Mar.,
122.0; May, 121.2.
Grease: Wool: Oct., 95.0; Dec., 93.5;
Mar., 92.0.
'
On the 28th inst. futures closed
unchanged to 3 points up
for grease wool, while wool tops were off 5 points to 2 points
up.
Twenty-five grease wool contracts, representing 150,000
pounds, and 6,000 pounds of spot wool at 93.5c., were traded.
Sixty wool top contracts, or 300,000 pounds, changed hands,
while
sales
in
the
150,000 pounds.
on
grease wool market totaled 25 lots, or
Spot firms and commission houses were
both sides of the market.
were
firm,
but little business
troubles in Lawrence
were
still
Boston reported that prices
transacted.
The labor
Aires
scoured
wool
Brownsville
Houston.
Mon.
789
•
Tues.
3,519
Wed.
Thitrs.
453
1,692
holding
futures
up
market
Fri.
Total
1,152
2,372
9,977
1,046
1,144
3,217
1.729
3,623
'
w
-
-
-
_
Mobile
—
—
_
—
'
-
6,657
5.055
1,621
4.704
75
3,133
221
991
491
185
Savannah
—
2.089
2,987
190
1,587
3,832
Corpus Christ!
New Orleans....
~
1,067
1,596
2,954
__
15
674
404
11,517
9,517
26,858
4,795
2,094
11,961
11,431
9,516
12,634
71,270
957
510
2.027
Charleston
6.512
Norfolk
Totals this week.
The
9,857
15,871
6,512
following table shows the week's total receipts, the
Aug. 1, 1941, and the stocks tonight, compared
total since
with last year:
.1941
Receipts to
Aug. 29
This
Week
Galveston
Brownsville
Houston
1940
Sin'ce Aug
1, 1941
9,977
Since Aug
Week
36,706
1U317
9,517
Stock
This
1, 1940
60,578
16,500
6,766
5,612
57,259
16,803
26,858
126",691
20",910
4,795
14,636
2,544
73,829
2,683
36
37
541
....
Corpus Christ!.
Beaumont
New Orleans—
Mobile.
1941
44,399
12,930
145,873
67,683
760
896,671
60,632
90,486
391,157
67,794
40,276
445
...
Pensacola, Sec..
Jacksonville—
529,584
61,765
52,971
1,360
114,088
21,658
3,155
6,663
31,873
1,000
678
18",289
2.094
"460
154
Savannah
Charleston
Lake Charles.
1940
678,026
3,636
664,145
75,935
97,217
903,631
""24
"l",129
153,476
27,446
18,815
9,300
24,388
9,309
2,319
45
....
_
Wilmington
24
164
Norfolk
6,512
"
"817
6,512
"l",498
New York
Boston
959
Baltimore
Totals-
71,270
280,266 111,232
351,079 2,697,138 2,344,035
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1941
Receipts at—
1940
1939
1938
6,766
57,259
20,910
2,544
47.538
79,492
4,795
2,094
Galveston
460
1,582
28,324
46,386
17,908
3,249
2,061
9,977
Houston
New Orleans.
Mobile—
__
11,517
26,858
Savannah
346
Charleston.
Wilmington
Norfolk...
All others
257
471
1936
78,347
88,128
29,110
6,531
40,596
28,449
48,481
9,112
17,115
11,050
14,327
12,107
279
1,508
951
"~6~, 512
"""817
251
875
213
9,517
22,476
43,288
44,088
69,885
46,344
__
...
.
23,119
1937
.
691
4
Total this wk.
71,270
111,232
196,344
144,055
300,222
201,842
Since Aug. 1__
280,266
351,079
546,654
374,623
806,824
506.612
The exports of cotton for the week ended
Aug. 29
total of 50 bales, against 9,275 bales in the
reach a
corresponding
week last year and 110,626 bales in the
For the season
18,386 bales, against
the previous season,
date two years ago.
same
week two years
to date aggregate exports have
ago.
been
47,861 bales in the same period of
and 285,554 bales for the season to
Due to restrictions placed on infor¬
mation
regarding exports, we are obliged to omit our usual
detailed tables of cotton exports.
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
Aug. 29 at—
Leaving
Great
Britain
Ger¬
France
Other
Coast¬
many
Foreign
wise
Galveston.
Houston
100
Stock
Total
100
903,531
896,671
l",200
389,957
6,000
147,476
27,446
-----
New
Orleans..
Savannah
Charleston.
Mobile
r,2o6
6,000
—-
...
67,794
Norfolk
Other
24.388
ports
232,575
was
processing.
The
was
quiet and
steady.
Final prices were unchanged, with Sept. quoted
at 44 pesos.
Local closing: Wool Tops: Oct., 126.5; Dec.,
124.2; Mar., 122.0.
Grease Wool: Oct., 95.0; Nov., 94.0;
Dec., 93.8; Mar., 92.0.
Today futures closed 5 points to 1
point net higher for wool tops and grease wool futures ended
unchanged to 4 points lower.
Wool top futures were active
at the opening, showing overnight gains of 6 to 7 points.
The morning range of prices was 1 down to 7 points up,
Buenos
Sat.
Receipts at—
Galveston
Total 1941_.
Total
1940--
Total 1939-.
7,200
6,422
14.682
100
2,379
3" 134
3",912
9,538
14,388
1,503
7,300 2,689,838
18,339 2,325,696
39.619 1,949,133
Speculation
active
in cotton for future delivery was
unusually
during the past week, with prices fluctuating over a
The market showed substantial gains, brought
wide range.
about largely by reports of
heavy boll weevil damage to the
However, sentiment continues mixed.
Locals are
against the market, pointing out that the Crop Reporting
Board already discounted the heavy weevil
damage now
croip.
Volume
The Commercial & Financial Chronicle
153
being reported, and
claim the next crop estimate will
show little change.
On the other hand, the trade reports
continue unfavorable in
respect to the spread of the weevil
in all parts of the belt.
some
On the 23d inst.
prices closed 2 to 9 points net lower.
increased Southern selling and week-end liquida¬
Moderately
tion
depressed
cotton futures values for
a
time
today, but
partial recoveries developed toward the close of the market
on trade
support. Final quotations were steady at net losses
of 2 to 9 points after the market at one
time had registered
declines of 10 to 16 points.
Opening quotations ranged from
I
point higher to 3 points lower, but the market soon
sagged under offerings from local and New Orleans sources.
Although the volume of Southern selling was not large,
spot interests with Southeastern connections were cred¬
ited
with
hedging
some
Pessimism
sition.
over
influenced ( sentiment
ington
5,000 bales in the December
the
to
developments in
war
extent
some
as
also
did
po¬
Russia
Wash¬
reports
indicating that chances for a Presi¬
dential veto of the cotton
"freezing" bill had gained as
a
result of a request for such a move
by the President
of
the
press
American
Farm
Bureau
Federation.
On
the
of
a
to
decreases
1297
speculative character.
setback
of
the
caused
a
Price
Markets have grown sensitive
Administration.
decline
of
from
10
Selling
25
to
in
points,
the
with
October trading at 16.64c.,
compared with an early high
price of 16.89c.
The break was precipitated
by widespread
liquidation by commission houses and
selling by New
Orleans.
'
--V(
'.i--.'"'"v"
''
;
The official quotation for
middling upland cotton in the'
New York market each day for the last week
has been:
Aug. 23 to Aug. 29—
Sat.
Mon.
Tues.
Wed.
THurs.
16.94
Middling upland 15-16 (nom'l).16.94
17.30
17.44
17.38
Fri.
15.42
Premiums and Discounts for Grade and
Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16
inch,
established for deliveries on contract on
Sept. 4.
Premiums
and discounts for
grades and staples are the average quota¬
tions of 10
markets, designated
by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch
staple and 75% of the
premiums
average
15-16 inch cotton at the 10 markets
over
Aug. 28.
on
,•
25th
inst.
prices closed unchanged to 3 points lower.
Lack of
any important hedge selling and continued trade
demand,
fully offset the effects of the President's veto of the cotton
freezing bill. Prices started 2 to 4 points lower, recovered
and made gains of several
points.
When the President
Middling Fair
.33
on
.43
on
Strict Good Middling
Good Middling
.27
on
.37
on
.49
on
.56 on
.64
.21
on
.31
vetoed the cotton
on
.43
on
Strict Middling
.50
on
.58
on
.09
on
.19
on
.30
on
Middling
.37
on
.46
on
.21 off
.06
on
.14
on
freezing bill the market broke to losses of
II to 14 points, but
apparently buyers had been waiting for
the reaction, and contracts were
readily absorbed.
New
Orleans turned a buyer.
Spot houses reported that cotton
mills have contracted for several months'
requirements, some
as far ahead
as
next May.
Farmers apparently are not
selling all early receipts, and in some instances are holding
back 50% of ginnings
despite the fact that the market is 2c. a
pound above the loan level. Sales in leading Southern spot
markets
5,495 bales, compared with 10,320 last year.
The average price at the 10
designated markets was 16.07c.
were
and at the 8
delivery points 16.20c. On the 26th inst. prices
closed 39 to 34 points net
higher. Heavy speculative buying
based on reports of severe insect
damage to the crop, caused
cotton prices to shoot
skyward in active trading. The market
stood 30 to 35 points net higher
during mid-afternoon. The
market opened 4 to 9 points net
higher and quickly developed
a strong
upward trend under active buying credited to New
Orleans operators and to local professionals.
The ease with
which prices rose immediately after the President had vetoed
the
bill
freeze
to
cotton
surprise, particularly
as
stocks, came as somewhat of a
information from Washington in¬
-
\
'•
%
15-16
31-32
1 Inch
Inch
■
Inch
Inch
Inch
and Up
White—
Strict Low Middling
Low
Middling
.55
.11 off
.62
on
Basis
.70 on
on
on
.70 off
.61 off
.51 off
.45 off
.36 oft
1.43 off
...
1.37 off
1.32 off
1.30 off
1.26 off
Extra White—
Good Middling
.21
on
.31
on
Strict Middling.i
.09
on
.19
on
Middling
.21 off
.11 off
Even
Strict Low Middling
Low Middling
.70 off
.61 off
.51 off
.43
on
.30
on
.50
on
.58
on
.37
on
.46
on
.06
on
.14
on
.45 off
.36 off
1.43 off
1.37 off
1.32 off
1.30 off
1.26 off
Good Middling
Strict Middling
.34 off
.23 off
.11 off
.05 off
.46 c?f
.36 off
.23 off
.18 off
a
.11 off
.93 off
.84 off
.72 off
.65 off
.59 off
Spotted-
Middling
.03
on
Middling spotted shall be tenderable only when and If the
Secretary of Agri¬
a
culture establishes
a
type for such a grade.
New York
Quotations for 32 Years
The quotations for middling upland
York on Aug. 29 for each of the
Vs (nominal) at New
years have been as
past 32
follows:
1941
,15.42c.
1933
9.65c.
1925
,22.60c.
1917
9.69c.
1932
1931
9.20c.
1924
,27.15c.
1916
7.25c.
1923
,25,65c.
1915
1940
....
.
1939
—.
.
1938
1937
1936
1935
1934
dicates that the bill is dead.
Apparently there is no thought
passing it over the veto, at least in the House where the
original vote for the bill carried by a narrow margin. Today's
rush to buy cotton was attended
by a crop damage propa¬
ganda which had its origin in Atlanta.
Reports from the
source dwelt on the extent of weevil
damage.
It was esti¬
mated that infestation by that insect
ranged from 40 to 100 %.
Arkansas and Louisiana reported that weevil infestation was
the heaviest in 15 years.
On the 27th inst. prices closed 14
to 19 points net
higher. Speculators bid cotton prices up to
new high levels for the movement on a
crop scare which
originated in the South and took effect here. Crop damage
A.'
'.
,:-.v
29-32
*
....
....
....
....
....
8.91c.
23.40c.
15.60c.
9.85c.
8.30c.
9.70c.
1930
11.40c.
19.05c.
1922
1921
-21,70c.
-16.05c.
1914
1929
1913
,11.70c.
12.50c.
1928
19.15c.
1920
,10.80c.
,13.40c.
1927
23.25c.
1919
.34.25c.
.32.05c.
1912
1911
1926
18.90c.
1918
-37.10c.
1910
11.25c.
19.75c.
19.75c.
.
.
.
1941 quotation is for 15-16ths.
of
reports
the
dominating influence when the market
opened at prices 9 to 16 points net higher than last night's
were
Market and Sales
The total sales of cotton
days:
Spot Market
Saturday— Nominal
Nominal
Monday
Total
of the continued rise in
On
raw
cotton.
the 28th inst.
prices closed 5 to 12 points net lower.
Speculative demand for cotton, based on unfavorable crop
reports, added another .$1 a bale to cotton values on the
New
York
Cotton
Exchange
before profit-taking caused
sell-off.
Still under the spell of a crop
scare,
the market opened 1 to 2 points
higher, and in the course
of the forenoon extended those gains until
prices were as
much as 17 points net higher on active months.
The same
apparent again
this
was
morning.
noticeable
Accordingly
yesterday was
the strong de¬
mand from Wall Street, New Orleans and trade
interests
caused prices to rise easily.
During the second hour prices
eased a few points from the
top under profit-taking and
cessation of demand.
However, the
only
temporary.
To add
the
to
crop
proved
scare,
reports
to
be
from
various centers told of
a holding movement
among farmers.
Today prices closed 3 to 5 points net higher.
Liquida¬
tion influenced by the OPACS
ruling against cottonseed oil
and
Late
The
lard
caused
this
tone
being 5 to
the cotton
afternoon, prices
of
cotton
was
market
4
were
firm
on
10 points net higher
to
to
lose
an
early
gain.
10 points net lower.
the
on
opening, first prices
trade, Wall Street and
local
buying, attended by further reports of crop deteriora¬
tion.
However, the market suffered a reverse soon after
opening when traders learned that the New York Produce
Exchange had suspended dealings in cottonseed oil follow¬
ing promulgation of
an
order by OPACS
I
1
Conlr'ct
t
1
1
til
I
1
1
1
1
lit
I
I
I
I
1
t
t
1
1
Total
1
I
1
1
I
I
1
1
t
I
t
1
1
1
I
I!
1
t1il IIt1 t1«1 II
1
I
1
1
]
1II
1
1
1
week
—
Since Aug.
-
1
Futures—The highest, lowest and
closing prices at New
York for the past week have been as follows:
Saturday
Monday
Tuesday
Wednesday
Thursday
Aug, 23
Friday
Aug. 25
Aug. 26
Aug. 27
Aug. 28
Aug. 29
Sept.t 1941)
Range.. 16.29-16.29 16.21-16.21 16.55-16.55
16.21ft
Closing. 16.25W
16.58ft
16.73ft
16.68ft
Oct.—
Range.. 16.29-16.43 16.25-16.42 16.40-16.72 16.78-16.95 16.76-17.05
Closing
.
16.36
16.36
16.72
16.86
16.80ft
16.44ft
—
Range..
Closing. 16.45ft
16.80re
16.95ft
16.89ft
16.72ft
64-16.89
84
forbidding trading
93ft
Dec.—
Range.. 16.47-16.63 16.42-16.61
Closing. 16.55
Jan.
—
16.58 16.88 16.95-17.15 16.95-17.24
16.52-16.53 16.88
17.04 —- 16.99
(1942)
*
Range-. 16.55-16.55
let-up
Spot
I*
Nov.—
a
moderate
scarcity of contracts which
Closed
Steady
Steady
Very steady—
Steady—
Barely steady..
Steady
Tuesday.... Nominal
selling at 17.04c.,
SALES
Market
Closed
close and continued to advance after the
opening with Dec.
16 points at that time.
It was soon
apparent that the supply of contracts was inadequate to
meet the demand which came from New
Orleans, from trade
shorts and from Wall St. speculators.
Hedge selling was
rather light.
Before the end of the first hour all active
positions except Oct. were selling above 17c.
Washington
reported growing opposition to Leon Henderson's policy of
fixing price ceiling on manufactured cotton goods in view
New York
Futures
Wednesday- Nominal
Thursday--. Nominal
Nominal
Friday
up
at
the spot each day
during the
week at New York are indicated in the
following statement.
For the convenience of the reader we also show how
the
market for spot and futures closed on the same
on
Closing
.
16.55
03 17.04
'
16.52ft
16.77-16.86 17.01-17.11 17.02-17.18
16.88ft
17.06
17.02-17.03
16.60ft
—
79-17.09
16.97ft
89-17.12
05ft
Feb.—
Range..
Closing. 16.63n
17.14ft
17.08ft
17.11ft
March—
Range.. 16.64-16.75
16.1)7-16.77
Closing. 16.72
16.69
16.75-17.07 17.14-17.33 17.12-17.43
17.05-17.07 17.21-17.23 17.13-17.15
16.70ft
17.09ft
—
97-17.23
18
April—•
Range..
Closing
.
16.73ft
17.24ft
17.18ft
17.21ft
May—
Range._ 16.66-16.78 16.60 16.79 16.79-17.12 17.19-17.38 17.20-17.50
16.72
17.11
Closing. 16.74 —
17.27-17.28 17.22
05-17.31
25
June—
Range..
Closing. 16.69ft
,
16.68ra
17.09ft
17.25ft
17.19ft
17.22ft
July—
Range.. 16.60-16.69 16.64-16.64 16.71-17.08 17.21-17.35 17.15-17.44
Closing. 16.65
—
16.65ft
17.07-17.08 17.23
17.16ft
.00-17.22
20
Aug.—
Range..
Closing.
ft
Nominal.
Range for future prices at New York for the week ended
Aug. 22, and since trading began on each option:
Chronicle
The Commercial & Financial
1298
Aug.
receipts at all the towns have been 108,997
Range Since Beginning
Range for Week
Option for—
of Option
the
1941—
September
16.55 Aug. 26 1941
Aug. 25 16.55 Aug. 26 16.00 Aug. 15 1941
8.70 Oct. 18 1940 17.46 July 28 1941
16.21
.
16.25 Aug. 25 17.05 Aug. 28
October
Dec.
19 1940 17.62 July
28 1941
9.49 Feb.
17 1941 17.63 July
28 1941
16.57 Aug. 25 17.43 Aug. 28 10.43 Mar. 17 1941 17.78 July
16.42 Aug. 25 17.24 Aug. 28
16.65 Aug. 25 17.18 Aug. 28
March
April
28 13.16 May 19 1941 17.77 July
16.60 Aug. 25 17.50 Aug.
Aug. 23
16.60
July
Overland Movement for the Week and
17.44" Aug". 28 15.92"
July
28 1941
18 1941 17.75 July
28 1941
Delivery—^The Commodity
Volume of Sales for Future
the United States Department
Exchange Administration of
Agriculture makes public each day the volume of sales
(oar 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
of
figures are given in bales of 500
follows:
1940-
1941
Aug. 29—
Shipped—
Via Mounds, &c._
Via Rock Island...
Via Louisville
Via Virginia points
...—
Week
.
11,464
12,000
15,466
25,353
64,800
426
365
„
91
3,000
3,019
12,404
2,000
10,089
3,000
7,921
150,533
15,839
—
Via other routes, &c
Total gross overland....64,755
Deduct Shipments—
Overland to N. Y., Boston. Sec—
2,285
<
355
49,794
953
119,507
203
864
12,352
47,230
.50,149
120,460
12,555
50,379
14,606
30,073
3,284
14,421
Canada,
a
Between interior towns
Inland, &c.,from South.
....
Leaving total net overland *
Contracts
Aug. 28
*
Aug. 1
1,918
a3,000
95,606
29,050
45,828
—12,675
94
1,158
Via St. Louis
Since
Since
Aug. I
Week
.
,
Total to be deducted
Aug. 22 Aug. 23 Aug. 25 Aug. 26 Aug. 27 Aug. 28
New York
The results for the week and since
night.
reports Friday
lb. gross weight.
Open
Since Aug. 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
Aug. 1 in the last two years are as
.....
May..
bales more than
year.
28 1941
9.28
December..
January
1942—
week last
same
1941
30,
Including movement by rail to
Estimated.
foregoing shows the week's net overland movement
has been 14,608 bales, against 3,284 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 15,652 bales.
.
*
>
The
1941—
*700
100
100
200
100
9,700
39,300
3,400
23,000
6,900
16,600
13,600
13", 100
176,900
48,600
51,500
76,400
51,000
557,400
1,200
100
1,000
2,000
800
March
22,100
8.800
3l"900
47,700
21,700
485,300
21,400
7,900
25,100
59,900
53,200
67,400
May
50,700
24,900
287,700
July.............
5,100
1,700
1,500
5,300
8,100
5,300
55,200
Total all futures
98,900
September (inactive)
- -
October
December
1942—
January
45,000 114,200 187,600 218,200 142,800 1,584,900
this
year
Week
Week
Aug. 1
Aug. 1
Receipts at ports to Aug. 29
71,270
29.
14,606
South'n consumption to Aug. 29.-235,000
280,266
30,073
920,000
111,232
3,284
110,000
351.079
14,421
474,000
320,876
*29,541
1,230,339
*163,399
224.516
*6,591
839,500
*71,806
-..
Contracts
Aug. 20 Aug. 21 Aug. 22 Aug. 23 Aug, 25 Aug. 26
New Orleans
Aug. 26
■■
/.'o: :
Since
Since
Sight and Spinners
Takings
Net overland to Aug.
Open
1940-
1941
In
;
Total marketedInterior stocks in excess
1941—
2,000
250
1,750
13,350
2,700
1,800
16,550
24,800
63,950
89,350
100
13,650
8,150
4,450
2,300
17,300
13,300
1,350
1,100
38,050
6,050
165,450
10,450
23,300
142,450
39,800
15,550
700
8,300
600
1,300
23,850
19,650
-
19,850
35,750
December
3,850
22,150
October
21,700
53,500
217,925
Came into sight during week—291,335
767,694
1,066,940
Total in sight Aug. 29
1942—
January
.............
March
-
May
July
.............
1,150
64,600
1,750
480,100
:
wnlcb notices have been issued, leaving net open
500 bales against
Includes
contracts of 200 bales.
Supply of Cotton-—Due
The Visible
to war
conditions,
permitted to be sent from abroad,
obliged to omit our usual table of the
visible supply of cotton and can give only the spot prices
at Liverpool:
cotton statistics are not
We
are
therefore
1939
1940
1941
Aug. 29—
Middling upland, Liverpool
ig
Egypt, good Giza
Peruvian Tanguis, g d fair, L pool
Broach, fine, Liverpool
G. P. Oomra, No. 1 staple, Buperfine, Liverpool
192,000
151,000
226,000
15.30d.
8.23d.
15.07d.
5.71d.
5.50d.
4.85d.
8.93d.
4.66d.
1938—Sept.
1937—Sept.
4
3
-
years:
Since
Bales
334,711
-280,971
466,767
1939—Aug. 30
"
Aug. 1—
Bales
1,134,986
892,603
1,514,912
1939
1938
1937-.
—
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
Closing Quotations for Middling Cotton on—
Monday
Saturday
Week Ended
Wednesday
Tuesday
Friday
Thursday
Aug. 29
Vt
4.80(1.
6.47d.
sight in previous
Week—
3.98d.
8.34d.
•
1938
Closed.
8.34d.
10.40d.
174,217
55,451
343,545
12,850
90,800
♦Decrease.
Movement into
Total all futures
*
200
80,950
North.spinn's* takings to Aug.29. 98,890
3.95(1,
15-16
%
15-16
Vt
15-16
%
15-16
%
,15-16
%
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
New Orleans. 15.86 16.06 15.84 16.04
In. <
16.37
,1315
15.69 15.89 15.69 15.89
Galveston
,15-16
16.46
32,16.
16.29
05 16
Mobile
the
At
Interior
Towns,
that is,
the movement,
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
15.61 15.81 15.61 15.81
Savannah
16.21 16.36 16.21 16.36
79 16
16.84
Norfolk
16.15 16.35 16.10 16.30
75!16
16.80
5016 35116.55
Montgomery. 15.85 16.05 15.85 16.05
90 16 .69 16.94
16.21 16.46 16.21 16.46
Memphis
15.70 15.95 15.70 15.95
45,16
40,16 .2016.45
Houston
15.68 15.88 15.68 15.88(16
3816
31 16 .15 16.35
Little Rock.. 15.60 15.85 15.60 15.85 15
detail below:
Augusta
.10 16 3516
Movement to Aug. 29,
3016 .10 16.35
Movement to Aug. 30, 1940
1941
New Orleans Contract Market—The
Ship¬
Week
Aug.
Week
29
Week
Season
Ship¬
Aug.
30
Week
Season
51
43,672
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
for
13,285
2,395
10,393
Eufaula
2,037
6,490
781
12,696
400
552
187
6,501
Montgom'y
2,491
9,488
1,713
92,276
1,997
6,544
676
463
807
777
1941—
2,793
4,083
2,427
38,969
67,973
79,396
47,382
318
2,667
92,122
October...
16.41
16.89
16.86-16.87 16.81
129
398
1,364
17,295
36
24,543
December.
16.60-16.61 16.58 16.59 16.90-16.91 17.05
17.00-17.02 17.01
231
449
1,121
17,424
274
792
30,793
50
537
771
22,2u8
4
50
29,018
Ala., Blrm'am
42
Selma_..._
Ark.,Blythev.
Forest
City
Helena
3,566
Stocks
ments
Receipts
Stocks
ments
Receipts
Towns
.06 16 31 16 0016.25 16 .04 16.29
15.56ll5.81 15.57 15.82'15
Dallas
Hope
229
Saturday
Monday
Aug. 25
Aug. 26
16.38-16.39 16.706
January
.
16.646
.
15
889
1,796
20,015
"~8
15
41
22,578
256
4,997
3,134
980
134
115,491
73
282
87,901
17,874
117
21
12
26
20,155
July...... 16.716-.73a 16.696-.71a
Bluff.
1,082
March
3,874
2,427
38,750
"~14
89
71
Walnut Rge
7
98
688
24,693
17
70
59,204
28,633
2,349
886
872
99
10,384
Futures...
4,136
8,342
574
12,114
37.548
"204
Spot
1,003
12
400
92
Pine
955
Athens
Atlanta
4,893
2,333
28,215
1,319
6,542
1,679
28,356
91,857
111,649
6,460
18,220
4,416
8,500
2,912
300
2,000
400
178,092
29,150
3,722
Columbus..
500
1,800
300
30,400
Macon....
3,649
6,392
421
41,101
653
2,613
14
28,221
75
75
400
29,621
250
34,976
Augusta
Rome
La., Shrevep't
Miss., Clarksd
200
823
500
855
1,933
596
"741
48,391
34.549
147
439
1,102
54,310
29,056
Columbus..
299
762
497
22,624
3
57
505
22,073
Greenwood.
1,429
2,208
2,910
38,752
96
864
456
Jackson....
698
1,072
569
6,942
34
396
156
44,503
11,431
2
513
6,661
8
137
Natchez
Vlcksburg..
"~15
16
84
6,505
200
116
Yazoo City.
291
303
249
14,252
23
455
Mo., St. Louis
45,799
95,391
45,828
N.C., Gr'boro
100
813
11,798
11,684
1,895
1,895
11,293
1,918
26,647
4,432
3,383
17
306
136
639
Oklahoma—
16 towns ♦
467
1,490
5,139
3,994
109,354
17
S. C.. Gr'vllle
1,167
10,226
2,786
16,754
88,137
20,567
958
544
9,508
5
6
1
12
3
644
285
379
152
-—
170461706a
17.056
17.20
17.27
17.28-17.29 17.29-17.31
17.12
17.236-.25a 172261724a 172061722a
Tone—
Steady
Ask
a
Steady
Steady
st'dy
Steady
Steady
ft
Very
Cotton Ginned from Crop
The
Steady.
Steady.
Barely stdy
Steady
Steady
Steady.
Bid
of 1941 Prior to Aug. 16—
23, compiled from the
ginners, shows 74,101 running
(counting round as half bales and excluding
linters) ginned from the crop of 1941 prior to Aug. 16, com¬
pared with 169,465 bales from the crop of 1940 and 357,197
bales from the crop of 1939.
Below is the report in full:
report issued on Aug.
census
individual
returns
of
the
bales of cotton
REPORT
ON
COTTON GINNING
of bales of cotton ginned from the growth of 1941 prior to
1941, and comparative statistics to the corresponding date in
Number
Aug.
16,
1940 and
1,302
1939.
8,816
5
Aug. 29
17.17
16.78
458,373
85
Friday
Aug. 28
71,886
81,427
84,924
704,164
2,649
61,053
3,461
183,726
2,030
Tenn., Mem's
Texas, Abilene
Thursday
17.11-17.13 17.23-17.27 17.22
16.78-16.79 16.75
May..... 16.80
Ga., Albany..
17.086
16.626-.63a 16.966
Rock
Little
Aug. 27
1942—
Newport...
Jonesboro..
Wednesday
Tuesday
Aug. 23
Austin
2,101
146,229
22
125
22
218
655
739
415
3,168
1,872
25,897
130
903
434
26,917
8
145
709
17,003
4
19
1941
1,342
378
Brenham.
Dallas
Running Bales
(Counting Round as Half Bales and Excl. Linters)
State
16,640
1940
1939
*357,197
1,171
"288
144
284
"69
1,416
313
614
Marcos
861
1,415
299
Texarkana.
980
1,702
1,027
3,200
292
532
26
Robs town..
San
Waco....
273
177
Total,66towns 143,553
*
461
927
151
12,919
387,513 173,094 2010,651
1.637
460
34,556
521|
152,615'
1,315
1,863
19,086
11,417
41.147 1886,703
Includes the combined totals of 15 towns in Oklahoma.
The
above
totals
decreased
show
that
the
interior
*169,465
15,590
1,481
2,099
837
163
599
330
35,031
Texas
19,079
1,445
166,262
821
75
United States
Alabama
Arizona.
stocks
have
_
_
_
_
Florida
-
All other States
*
during the week 29,541 bales and are tonight
113,948 bales more than at the same period last year. The
*74,101
Georgia
Paris
__
247
125
23,697
324,550
8,332
1941 ginned prior to Aug. 1 which
was counted in the supply for the season of 1940-41, compared with 32,187
and 137,254 bales of the crops of 1940 and 1939.
The statistics in this report include None round bales for 1941; 1 for 1940
and 2,505 for 1939.
Includes 1,969 bales of the crop of
Volume
153
The Commercial & Financial
Chronicle
The statistics for 1941 in this
report are subject to revision when checked
against the individual returns of the
ginners being transmitted by mail.
<
■
Consumption, Stocks, Imports, and Exports—United States
Cotton consumed during the month of
July, 1941, amounted to 928,943
bales.
Cotton on hand in
consuming establishments on July 31, was 1,874,187 bales, and in public storages and at
compresses 9,704,095 bales.
The number of active
consuming cotton spindles for the month was 23,027,818.
The total imports for the month of
July, 1941, were 17,243 bales
and the exports of domestic
cotton, excluding linters, were 32,718 bales.
1
Low
98
64
93
71
70
3
2.40
93
,3
0.89
0.32
99
67
96
1
l
,
,
94
2
4
83
72
92
66
84
79
97
69
83
99
72
74
Tampa
2
0.61
95
5
l
4
3.64
0.30
0.82
0.53
2.16
0.79
Macon..
15—
South
-
2
Carolina—Charleston...
Carolina—Asheville..
North
2
l
2
Tennessee—Chattanooga
1
Nashville.
8
a.
m.
5
of the dates
Unfixed call purchases increased 3,500 bales to
52,600 bales on Aug. 15,
Of this number 16,900 bales were based
on
October, 18,000
on
December,
100 on January, 11.100 on March,
5,800 on May and 700 on July.
This statement includes only call sales and
purchases based on New York
cotton futures, as reported to the CEA
by merchants with futures contracts
of 5,000 bales or more in a
single future.
The
do
not
all
cover
Report
figures released, therefore,
such
transactions.
1940-41
on
and
"
.
1938-39
Cotton
Loans—The
Department of Agriculture announced
on
Aug. 21 that on
1941, loans outstanding on 1940-41 crop cotton
held by Commodity Credit
Corporation and lending agencies
totaled $1,612,494 on 33,544 bales.
Repayments of $3,554,359 on 71,894 bales have been made but not
yet allocated by
Aug.
16,
1
.
New
plained.
for unallocated collections follow:
;
81
72
60
93
65
96
59
92
64
83
76
79
78
78
94
65
70
81 ,'v
0.36
,
$
123,380
71,092
Arizona
Arkansas
—
Week
1940
California-....
6.089,185
19,241,337
7,320
8,833,436
386,172
151
Georgia
184,731
——
Louisiana
71,092
128,002
3,324,899
6,063,006
386,172
19,241,337
110
5,237
41
2,082
171.468
8,216,786
616,650
141,873
11,248
6,952,290
3,450,389
525,317
13,263
13,874
4,716
43.821
155,747
Mississippi
7,599,896
3,546,302
591,757
251,826
2,821,375
77,199
Missouri
12,738
New
Mexico..
5,473
Carolina
59,465
North
Oklahoma
South
210,723
122,853
15,373
_■
Carolina
Tennessee
Texas
Virginia
6,205,967
745,882
'«•
„
22.
2,118,548
115,777
34,278
15,644
702,827
29.
'
15,373
75,583,584
'
913
7,076
456,131
49,215
2,425,252
43,203
3,180,191 153,139,807 3,074,753 147,972,954
105,438
5,166,853
3,554,359
71,894
3,554,359
3,180.191 153,139,807 3,146,647 151,527.313
33,544
1.612,494
Repayments
received
Net
*
71,894
_
total-
—
But not allocated to States.
The
Agriculture Department also announced on Aug. 21
that on Aug. 16, 1941, loans
outstanding on 1938-39 crop
cotton held by the CCC and
lending agencies totaled 185,247 bales. Repayments on 93,039 bales have been made but
not yet allocated by States in the
Corporation's reports,
officials of the CCC explained.
Loans and repayments by
States and adjustments for unallocated collections follow:
53,576
27,653
21,723
63,822
74,139
64,962 73,404
60,375 72,192
78,606 101.982
67,184 91,740 140,844
71,270 111,232 196,344
67,673
Through \
Aug. 16, 1941
In Loan
Arizona
317,598
—
Arizona
.
—'
-
-——-
-
-
--
-
Louisiana
...
—
-
-
-
Oklahoma-.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-——-
: -
_
_
-
-
-
-
13,002
291,970
-
-
-
-
-
-
■
—
Z— -> -——. 'i
-
-
.—;——-
-
30.658
693.829
68,488
110,793
25,154
23,734
184,566
.
i
22,920
176,871
4,883
14",034
814
52,083
320,957
286,489
34,468
-—-——-
-
1,228,696
1,184,531
Virginia.——
-
150
———-—
-
4,481,926
—
139
4,203,640
44,165
11
d.
93,039
4,481,926
93,039
185,247
Returns
by Telegraph—Telegraphic advices to us this
evening denote that in Texas progress of cotton has been fair
generally but the
is late and weevil are active, except
picking is general northward to the
south-central portion of the State.
crop
in the southwest, where
Rain
Days
Rainfall
Inches
-Thermometer——
High
Low
s.
d.
s.
Middl'g
Upl'ds
16.19
13
1
d.
2462,476
2444,446
22.696
Nil
5.562
22,358
Nil
40,045
2434,289
36,995
Nil
63,370
4,043
18,902
38,821
80,721
24,074
31.849
64,657
24,615
63,675
85.433
26,449
74.36Q 132,295
41.729 111,232 836,739
1940
8
M Lbs. .Shirt¬
ings, Common
32s Cop
Twist
to
:
•'
s.
Cotton
Middl'g
Finest
d.
Upl'ds
d.
s.
>£@12
d.
1>£
Closed
Closed
-v
613—
16.19
13
3
@13
6
Closed
14.04
16.19
13
3
@13
6
Closed
20..
14.04
16.19
13
3
@13
11 10>£@12
11 10 >£@12
6
1 >£
1 >£
Closed
14.22
27-
12
16.19
13
3
6
7>£
7.82
@13
Closed
14.06
12
9
7.60
3
@13
4>£@13
4>£@13
4>£@13
6
July
3..
16.19
13
11—
16.19
13
18-
16.19
13
25-
16.19
13
Closed
14.13
4>£@12
6
@12
12
6
@12
Closed
14.25
12
6
@12
9
7.98
7>£
Closed
14.19
12
6
@12
9
7.83
7>£
Closed
14.05
12
4>£@12
9
7.95
7M
7h
7>£
Closed
14.00
12
4>£@12
7>£
7.82
Closed
14.04
14.26
12
7>£
7.84
from
New
Aug.
1
—
16.19
13
4>£@13
8-
16.19
13
4>£@13
15—
16.19
13
4>£@13
22..
16.19
13
6
@13
9
Closed
14.37
13
29-.
16.19
13
6
@13
4>£@12
6
@12
6
@12
9
Closed
14.51
12
6
Cotton
York
Closed
Freights—Current
are no
7.25
7>£
longer quoted,
as
rates
12
for
@12
cotton
all quotations
are open
9
7.82
9
8.19
9
8.18
9
8.23
rates.
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:
World's Supply and
Takings of Cotton.
India Cotton Movement from All Ports.
in
Alexandria Receipts and
Shipments.
Liverpool Imports, Stocks, &c.
,
Mean
58
73
87
1.22
93
67
80
0.01
95
76
74
73
86
85
85
ket
85
85
uncovered
despite the firmness
83
modities.
At
86
84
tional
changes,
0.06
96
0.30
99
4
1.09
97
3
2.47
96
73
73
72
72
Nayasota—
dry
I ■"
.
'
0.22
97
94
1
0.01
98
14
1
0.40
96
71
2
Nil
11 10
77
1
....
13 700
d.
1
San Antonio-
Nil
2490.599
14.04
93
94
100
3
Waco
8.083
d.
0.03
dry
1
Nil
Nil
Closed
0.56
_
Palestine
3,658
Nil
4>£
1
Corpus Christi
19,766
@13
2
Austin.
Nil
Nil
-Y':'
1
Amarillo.
Nil
Nil
34,047
32,014
Cotton
June
278,286
4,296,679
.—
Net totals.
'
8H Lbs. Shirt¬
ings, Common
to Finest
May
Repayments received but not allocated to
States.
25,232
35,193
2220.186 2600,639
2190.925 2570,117
2152.669 2541.961
2100,527 2512,919
2181,050 1954,131 2441,606
2130,985 1925.605 2434,071
2180,937 1910,674 2417,522
2040,192 1893,294 2408,973
2010,651 1886,703
300,222
1941
982
-
-
1939
Manchester Market—Our
report by cable tonight from
Manchester states that the market in
both yarns and cloths
is steady.
Demand for foreign markets is good.
We give
prices today below and leave those for
previous weeks of
this and last year for
compar son
7,695
53,065
-——-
_—.———- -
Total
-
173,070
261,312
110,793
—
-
—
South Carolina
Texas
182,142
39,188
-
—
North Carolina
Tennessee..
5,456
35,572
177.953
—- ■
Mississippi
New Mexico
18,058
74,538
660,229
762,317
——————————
Missouri...
299,540
695,801
-.
California-..
Georgia
(Bales)
1940
That although the receipts at the
outports the past
were 71,270
bales, the actual movement from planta¬
tions was 41,729
bales, the stock at interior towns
having
decreased 29,541 bales
during the week.
Balance
Outstanding
79,994
---
1941
(2)
Twist
195,144
_———
Arkansas—„-"iV-v
Receipts from Plantations
1939
week
29..
(Bales)
1940
The above statement shows:
(1) That the total receipts
from the plantations since
Aug. 1, 1941, are 116,858 bales;
in 1940 were 285,864
bales, and in 1939 were 543,741 bales.
Repayments
Bales
Slates
1941
26,363 2383.187 2061,441
33,685 2326.471 2034,995
58,075 2279.147 2013,138
73,527 2225.970 1980,272
19,555
19,881
32s Cop
Total
Stocks at Interior Towns
-
745,882
78,008,837 1,576,462
43,203
1.
757
•
26,190
Aug.
8.
-
32,919
90,172
647,605
i.
table
overland
40,690
69,682
15.
»
include
17,870 2611,700 2256.647 2635.929
79.412
95.913
U
5.8
the planta¬
not
16,177 2553,544
23,331 2499,999
36,239 2455,619
26,909 2423,063
18.
66,440
*
6.7
30,472
25.
w
1,547
»
—2.2
27,624
11
26,179
1,490
9,926,980
5.749,835
of gauge.
1939
July
217,547
210.723
913
Total
*
9,926,980
1,625,677
.
75,652
•
zero
65092
3.
502
7.0
1.2
May
64,570
93,491
9 6
6.0
Receipts at Ports
1941
27.
2,029
10.1
zero
of gauge.
of gauge.
End.
S
5,808,107
zero
receipts nor
they are simply a statement of the
weekly movement from the plantations of that
part of the
crop which finally reaches the market
through the outports:
Bales
$
2.1
Above
Above
93,349
73,311
78,427
3,324,899
128.504
Florida
Bales
jFdlCtt
2 9
of gauge.
zero of gauge.
zero
The figures do
Southern consumption;
13.
121,351
Aug. 30, 1940
Above
Above
tions.
Loans Outstanding
5,901,599
80
JP@(st
Orleans
20.
Bales
Alabama
92
been received by tele¬
at the points named at
Receipts from the Plantations—The
following
indicates the actual movement each
week from
29.
Repayments
85
given:
Vicksburg..—......Above
6.
Total Loans
83
93
.
June
States
80
67
Aug. 29, 1941
'
Memphis
Nashville
Shreveport-.
States in the
Corporation's reports, officials of the CCC ex¬
Loans and repayments by States and adjustments
'
64
68
on
''
95
91
following statement has also
graph, showing the heights of rivers
the
97
98
'
85
95
The
the October future and 176,700 on the December
future of the current year, while
2,500 bales were based on
86
84
75
73
1.64
3
Raleigh
Wilmington..
83
0.01
1.85
0.89
3
Charlotte
on
January future of next year, 147,100 on March, 93,500
May, 58,800 on July, 7,800 on October, and 100 on
December.
The Department further
reported*
94
Atlanta
by the Commodity Ex¬
change Administration increased 23,800 bales during the
week ended Aug. 15 to
548,000 bales, according to the
Aug. 23 weekly statement from the United States Govern¬
ment of Agriculture.
Of this amount, 61,500 bales were
based
2.60
0.03
Augusta
Unfixed Call Sales of Cotton Week Ended
Aug.
Unfixed call sales of cotton reported
1
Georgia—Savannah.
85
86
69
Miami
-
82
95
dry
Florida—Jacksonville
81
82
•;
0.61
0.14
0.29
0.36
2
Birmingham.
Montgomery
Mean
75
73
99
1
Mississippi—Meridian
Vicksburg
Alabama—Mobile
production of commercial cotton, exclusive of
linters, grown
in 1939 as compiled from various
sources was 27,875,000
bales, counting
American in running bales and
foreign in bales of 478 pounds lint, while
the consumption of cotton
(exclusive of linters in the United States) for
the year ended July 31, 1939, was
27,748,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about
145,000,000.
High
3
Little Rock.
s
Th crmometer
-
1.16
0.34
Smith
Louisiana—New Orleans
Shreveport
i
Rainfall
Inches
Days
Oklahoma—Oklahoma City
Arkansas—Fort
World Statistics
The world
1299
Rain
85
BREADSTUFFS
76
86
Friday Night, Aug. 29, 1941.
Flour—Cautious buying has featured
so
far this
net
week, and
the
end
and
no
the local flour
mar¬
marked expansion in sales
wheat
in
grains and
futures
therefore the
showed
was
other
com¬
small
frac¬
leading mills made
The Commercial &
1300
the
from
of these shipments is for
the bulk
and
heavy,
European
relief.
inst. prices closed ^ to 7/8e. net
declined about a cent a bushel today to
levels only fractionally higher than a week ago as the market
continued to drift pending disclosure of the President's
attitude regarding legislation to prevent sale of more than
170,000,000 bushels of Government owned grain.
Profittaking and hedging sales caused prices to tumble at the
opening, and the market spent the remainder of the short
session trying to rally.
Some buying that steadied prices
and contributed to frequent small rallies was associated
with short covering and milling or flour trade activity,
Wheat—On the 23d
What prices
week ago.
bill which would "freeze" wheat
and cotton stocks for duration of the war, is expected next
week.
Many traders were attracted by farm bureau oppo¬
sition to the measure.
On the 25th inst. prices closed un¬
which
a
on
was
reduced scale compared with a
Presidential action on the
changed to %o. net higher.
Presidential veto of legislation
which would have frozen Government wheat stocks totaling
life into the wheat
fluctuating widely and rapidly,
170,000,000 bushels, put new
than
but after
today,
market
prices wound up only slightly higher than Saturday.
ers had waited several days for announcement of the
Trad¬
Presi¬
dent's decision,
realizing its importance because about
13% of the Nation's total supply was involved.
When the
veto was announced, prices weakened momentarily, hitting
extreme losses of about a cent.
However, when selling
failed to expand, dealers who had sold short began covering
positions and the market rallied quickly.
Net gains of as
much as ljHic. were chalked up at one time; but after shorts
had covered, profit-taking and hedging sales eliminated the
advance.
On the 26th inst. prices closed y8 to
net
higher.
Grains futures closed strong today after fluctuating
the session as
most of
traders awaited further developments
Wheat opened firm with cotton,
extended the advance to around a cent a
in Washington.
times
and at
bushel.
demand dried up and some hedge sell¬
market backed down, but a rally at the
close lifted prices to almost the best levels of the day.
Some
traders said that many wheat producers appeared reluctant
to sell while the new crop loan rates were above current spot
market prices.
In a review of American markets, however,
Broomhall, British trade authority, termed them "depressed
by the veto."
It continued "some 173,000,000 bushels
of defaulted wheat will now become a menace to the markets
as this can be disposed of by the Commodity Credit Corpora¬
tion in any way it sees fit.
On the 27th inst. prices closed
13^c. net higher.
Led by a spectacular advance in soy
bean prices, which rose more than 4c. a bushel to new highs
since 1937, wheat and other grains moved upward today as
general commercial and professional buying expanded.
Later, when Eastern
ing appeared, the
Wheat
at times,
advanced almost 2c.
deferred deliveries
the past four years, with May,
1942, contract over $1.21.
Although spot wheat has been
firmer, due to light offerings, shipping demand was slow,
because of the fact that Eastern mills could obtain supplies
reaching new highs, for
cheaper in the Ohio area.
the 28th
On
Wheat
the
was
inst.
up
prices closed
unchanged to %c. lower.
almost lc., but later fell
fractionally below
when hedging sales and profit-taking
Although there were reports of improved flour
close,
previous
increased.
later
business,
advices
said
sales
not
were
important.
shipped
Minneapolis reports said spring wheat was being
from that area into Illinois in competition with
winter
Spot grain prices here and at some points in
Southwest were nearing Government loan rates, but
grain.
at
were
Wheat
tracts
a
substantial
price gains
ui>
discount in
the spring wheat
the
still
belt.
May con¬
reduced later, due to profitbuying as prices neared the Gov¬
of about %c., which carried
to near .$1,22, were
taking and more cautious
ernment loan rate.
Today prices closed ^4 to
%c. net lower.
Wheat prices
peak levels today, with losses that
much as l%c. at one time, but later re¬
slid down from four-year
amounted
covered
of
CLOSING
DAILY
PRICES
Thurs. Fri.
Wed.
125% 127
126% 126%
OF WI^EAT FUTURES IN CHICAGO
125
125
No. 2 red
Tues.
Man.
Sat.
Wed. Thurs. Fri.
Tues.
Mon.
111% 112
112% 113% 113% 113%
December..
...115% 115% 116% 117% 117% 117%
May.....
118% 118% 119% 120% 120% 120%
Season's High and When Made
I
Season's Low and When Made
September
114%
Aug. 28, 1941 [September— 73%
Feb. 17,1941
December ...118%
Aug. 28, 1941 [December
96% May 31,1941
May
121% Aug. 28. 19411May
109
July 24, 1941
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
September
lower.
more
Sat.
'
30, 1941
NEW YORK
PRICES OF WHEAT IN
DAILY CLOSING
flour price schedule. Clearances of flour
Port of New York continue to run moderately
changes in the
no
Aug.
Financial Chronicle
to
as
part of the decline.
Other grains followed.
of wheat was associated with the fact
heaviness
Part
that
spot prices here and at other principal winter wheat termi¬
nals are at or near Government loan rates.
However, there
was
still
no
evidence that producers were
expanding sales,
Sat.
October
December
v.
.
;7'-\
<'•'
....
Vv;f/"■' V"-'
79
....
'-.'vi*
72%
74%
73%
74%
79%
V
74%
....
....
net lower.
prices closed l/8 to
represented hedging against 160,000
bushels purchased to arrive.
Shippers sold only 14,000
bushels of corn and 6,000 bushels of oats.
On the 25th inst.
prices closed M to %g. net lower.
Corn closed at the day's
lows.
Dec. contracts, representing the new crop, leading
the decline.
Crop experts said recent rains generally speak¬
ing, had not only checked deterioration, which has done
irreparable damage to some corn, but in some areas had
improved soil moisture conditions enough to carry the crop
to maturity.
On the 26th inst. prices closed ^c. off to l/8a.
up
Corn futures started fractionally lower than the
previous close on reports of further good rains over night, but
soon after rallied in sympathy with wheat and prices ad¬
vanced about Mc.
On the 27th inst. prices closed Mc. net
prices
higher.
The corn market was moderately active, with
showing a steady to firm undertone.
Improved weather
tended to restrict buying of corn.
An Iowa report estimated
that at least 95% of the corn acreage in that State was
planted with high yielding
prices closed % to
On the 28th inst.
despite
hybrid seed, and that
Aug. the third largest
deterioration "during early
record is in prospect.
yield on
Corn
%c. net higher.
hedging
fact that
prices were steady, with advances restricted by
against producers' sales in the country and the
September corn was priced at 77c., equal to the Govern¬
ment selling rate on grain for consumption.
Today prices
Government prices on corn were
Washington reports yesterday that an¬
other advance might be put into effect, in order to bring
the offering basis more in line with anticipated higher loan
rates on the new crop.
However, September corn held frac¬
tionally above 77c., which is the Government price for No. 2
yellow at Chicago.
A crop report issued by Mrs. E. H.
Miller estimated production of corn at 2,509,000,000 bushels,
compared with 2,449,000,000 harvested last year.
This
represented a reduction of 131,000,000 bushels from her
Aug. 1 forecast, with heaviest losses in Indiana, Iowa and
closed %c.
off to %c. up.
unchanged despite
tonight totaled 26,473,000
Open interest in corn
Nebraska.
bushels.
OF CORN IN
DAILY CLOSING PRICES
Sal.
Mon.
NEW YORK
Tues.
Wed. Thurs. Fri.
90% 90% 91% 92
91%
OF CORN FUTURES IN CHICAGO
91
No.2 yellow...
DAILY CLOSING
PRICES
Sat.
September
Mon.
77
,.
80%
80%
December
May
84%
_
Season's High and
September
79%
December....
82%
May
86%
When Made
June 23. 1941
Aug.
7, 1941
Aug. 9, 1941
Tues.
Wed. Thurs. Fri.
76%
.....
85
Season's Low and
September
...
77%
81%
80%
57%
77%
81%
85%
When Made
Feb. 17. 1941
December
73%
May 23, 1941
May
79%
July
30. 1941
closed % to 3^e. net lower.
attributed to hedging and some
Oats—On the 23d inst. prices
Weakness
of
oats
was
On the 25th inst. prices closed fs to %c. net
little to this market, the undertone being
heavy and fluctuations narrow.
On the 26th inst. prices
closed Y% to
net higher.
Trading was light, with the
undertone steady.
On the 27th inst. prices closed 7/8 to
l^c. net higher.
The oats market reached new high levels
today, being the best prices in four years.
Traders said
heavy feeding demand for grains in connection with in¬
creased livestock production under the lease-lend program
was the principal bullish factor in today's sharp rise.
On the 28th inst. prices closed 1 to l%c. net higher.
The
strength of oats, which advanced to around 50c. for May
deliveries, was associated with Canadian restrictions on ex¬
ports of feed grains and reports that foreign interests were
after substantial quantities of United States oats.
Today
prices closed % to lc. net lower.
With all the other grain
markets showing heaviness and nothing in the news to fur¬
ther stimulate the market, for oats, considerable long liqui¬
dation took place in the latter.
At today's early levels
prices showed substantial profits, which many traders felt
profit-taking.
lower.
There
was
should be garnered.
DAILY CLOSING PRICES
OF OATS FUTURES
Sat.
Mon.
Tues.
IN CHICAGO
Wed. Thurs. Fri.
46
September
September (new)
46%
December (new)
47%
47%
48%
May (new)
Season's High
September
Sept. (new)
the spring
also that
spring wheat is being shipped from the Northwest into
the Chicago area because of the higher prices prevailing
here at Chicago.
Open interest in wheat tonight totaled
51,136,000 bushels.
May
....
...!
selling of corn
Some
__
(new)...
May (new)...
and
46
47%
49
50%
When Made
1
OF OATS FUTURES
Sat.
October
45%
46%
48%
49%
Season's Low and When Made
30
Aug. 27, 1941 September
Aug. 28, 1941 Sept. (new) ..33%
Dec. (new)
36%
Aug. 28, 1941
Aug. 28, 1941 May (new)... 41%
DAILY CLOSING PRICES
some
,
-y.;,'.. '.<p
<(;
Corn—On the 23d inst.
Dec.
although the peak of the harvesting movement in
wheat zone is at hapd.
There were reports
-
Wed. Thurs. Fri.
Tues.
73%
75%
May
'"v
Mon.
-
Mon.
Tues.
42
42%
July
30, 1941
IN WINNIPEG
Wed. Thurs. Fri.
46%
45%
44%
December
Feb. 17, 1941
May 3, 1941
May 26, 1941
....
_
.
I
Volume
The Commercial & Financial Chronicle
153
The
Rye—On the 23d inst. prices closed % to %o. net lower.
The heaviness of rye values was due in no
visible
1301
supply of
comprising
grain,
the
in
stocks
principal points of accumulation at lake and sea¬
board ports, Saturday, Aug. 23, was as follows:
small measure to
hedge selling.
On the 25th inst. prices closed unchanged to
Y&. higher.
Trading very light in rye futures, with the
undertone barely steady.
On the 26th inst. prices closed
lie. net higher.
This market was relatively quiet, with
price changes narrow.
The undertone, however, was firm
in sympathy with the other grains.
On the 27th inst. prices
closed % to iyc. net higher.
The strength of wheat and
oats had its influence on rye, and prices responded in a
granary at
vigorous
Hutchinson
On
way.
28th
the
Vs to %c. net higher.
Trading was light in this grain. The undertone was steady
despite the heaviness displayed by the wheat market.
To¬
day prices closed % to %c. net lower.
This market ruled
heavy as a result of scattered selling. \
DAILY
inst.
CLOSING
closed
prices
PRICES
OP
Sat.
Sept-ember
Mon.
Thurs.
Wed.
Tues.
76
New York..
Fri.
Baltimore
-
New Orleans.
__
DAILY
...
Galveston
RYE
OF
Sat.
"ca-a-.:
FUTURES
72%
Fort Worth
59
57%
May..
DAILY CLOSING PRICES
BARLEY FUTURES IN
OF
Mon.
October
Tues.
50%
U-_.
....
....
Thurs. Fri.
51%
....
50%
50%
December
May
...
58%
WINNIPEG
Wed.
50%
49%
Sat.
51%
52%
were as
68,000
98,000
47,000
2,000
15,000
155,000
2,000
132"666
5,000
322,000
2,000
3,000
19,000
206~666
"7",000
16",000
232,000
454",000
8,361,000
11,128,000
St. Joseph
Kansas City
6,721,000
Omaha.
883,000
40,837,000
14,972,000
_
1,470,000
129,000
279,000
144,000
6,787,000
289,000
162,000
135,000
1,105,000
255,000
Sioux City
St. Louis
48,000
50,000
8,087,000
1,036,000
368,000
11,000
25,000
Indianapolis
3,071,000
1,285,000
704,000
170,000
1,380,000
Peoria
1,460,000
15,450,000
Chicago
"
184,000
8,734,000
193,000
afloat
On Lakes
:
...
77,000
3,686,000
4,744,000
382,000
410,000
2,960,000
214,000
3,029,000
1,423,000
3i5~666
58~3"666
35,834,000
1,766,000
4,135,000
Duluth
25,989,000
180,000
9,687,000
3,808,000
1.168,000
2,000
196,000
1,339,000
6,000
7,035,000
70,000
1,119,000
2,000
2,535,000
246,000
203,000
97,000
400,000
359,000
161,000
Total Aug. 23, 1941.-217,648,000
Total Aug. 16, 1941.-215,539,000
37,232,000
51%
51%
51%
"
afloat
On Canal ..J
Total Aug. 24,
follows:
1-
'—
'
..
10,487,000 13,465,000
341,000
210,000
5,485,000
37,931,000
9,736,000
12,396,000
5,436,000
1940..161,130,000 25,229.000
5,725,000
8,812,000
8,013,000
Note—Bonded grain not included above: Oats—Buffalo, 88,000 bushels; Buffalo
afloat, 376,000; total, 384,000 bushels, against 385,000 bushels in 1940.
Barley—
Duluth, 97,000 bushels; total, 97,000 bushels, against 1,208,000 bushels In 1940.
Wheat—New York, 3,084,000 bushels, New York afloat, 885,000; Boston, 2,319,000;
Philadelphia, 472,000; Baltimore, 965,000; Portland, 1,306,000; Buffalo, 5,261,000;
Buffalo afloat, 132,000; Duluth, 8,135,000; Erie, 2,233,000; Albany, 2,826,000; on
Canal, 377,000; in transit—rail (U. S.), 1,840,000; total, 29,835,000 bushels, against
31,278,000 bushels in 1940.
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Wheat
Canadian—
Closing quotations
256,000
401,000
12,560,000
__
Wichita
Detroit-
Thurs. Fri.
Wed.
Barley
Bushels
44,000
Minneapolis
IN WINNIPEG
Tues.
54 %
55%
Mon.
October
December.............
Rye
Bushels
12,000
5,359,000
Milwaukee.....
-
Season's Low and When Made
When Made
44
Feb. 21, 1941
Aug. 25, 1941 September
May 31, 1941
Aug. 4, 1941 Sept. (new) ..54%
56%
May 23, 1941
Aug. 4, 1941 Dec. (new)
65%
July 25, 1941
Aug. 4, 1941 May (new)
CLOSING PRICES
Oats
Bushels
133,000
8,519,000
2,084,000
Buffalo
Season's High and
September
67%
Sept. (new)
71%
Dec. (new).,, 73%
Mtty (new)... 79%
STOCKS
Corn
Bushels
553,000
1,987,000
...
Philadelphia
CHICAGO
IN
'•h.;i''
67%
69
71
71%
72%
72%
76%
77%
77%
;
September (new)
December (new),
May (new)..
FUTURES
RYE
GRAIN
Wheat
Bushels
United States—
Bushels
Lake, bay, river & seab'd 65,016,000
Ft. William & Pt. Arthur 88,317,000
1,019,000
461,000
1,697,000
Other Can. & other elev.275,541,000
FLOUR
232,000
1,593,000
1,021,000
3,172,000
2,844,000
2,986,000
1,609,000
1,403,000
4,396,000
4,692,000
1,599,000
4,106,000
217,648,000 37,232,000 10,487,000 13,465,000
428,874,000
2,844,000
1,609,000
5,485,000
5,395,000
127,000
526,000
Standard Mill Quotations
6.60@6.85
6.70@6.90
6.85@7.10ISoft winter straights
6.60@6.85|Hard winter straights
Spring patents
First spring clears
GRAIN
IOats, New York—
No. 2 white
88% I Rye, United States, c.i.f
Wheat, New York—
No. 2 red, c.i.f., domestic
Manitoba No. l.f.o.b. N. Y.
126%)
I Barley, New York—
All the statements below regarding the movement
.....
Total Aug. 24, 1940..268,042,000
5,395,000
Summary—
56%
89%
69
60-71
40 lbs. feeding
Chicago, cash
Total Aug. 23, 1941.-428,874,000
Total Aug. 16, 1941.-428,187,000
of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended Saturday, Aug. 23, and since Aug. 1 for
American
Canadian
Total Aug. 23, 1941..646.522,000
37,232,000 13,331,000 15,074,000 10,880,000
12,722,000 13,799,000
9,832,000
10,417.000 10,411,000 12,119,000
Total Aug. 16, 1941.-643,726,000 37,931,000
Total Aug. 24, 1940.-419,172,000 25,229,000
%
The world's shipment
of wheat and
corn, as
furnished by
the week
1940, are
Broomhall to the New York Produce Exchange for
ended Aug. 22 and since July 1, 1941, and July 1,
shown in the
following:
each of the last three years.
Corn
Wheat
Wheal
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Since
Week
Since
Since
July 1,
July 1,
Aug. 22,
July 1,
July 1,
1941
44,000
1941
194C
1941
1941
1940
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
744,000
2,185,000
6,525,000
347", 000
859~66o
9,698",000
1,091,000
3,044,000
17,989,000
300,000
1.790,000
2,236,000
49,000
1,135,000
64.000
356,000
71,000
No. Amer.
31,000
133,000
61,000
213,000
644,000
Black Sea.
244,000
581,000
13,000
53,000
440,000
301,000
1,000
208,000
43,000
436,000
96,000
10,000
131,000
378,000
80,000
6,000
13*1666
32,000
23,000
139,000
55,000
14,000
Toledo
Buffalo
Indianapolis
96,000
Louis..
Since
Exports
1,957,000
75,000
6,153,000
Duluth
Milwaukee.
St.
Barley
bush 56 lbs bush 48 lbs
540,000
1,617,000
287,000
168,000
Chlcago
Minneapolis
Rue
Week
Aug. 22,
Flour
Receipts at-
47,000
1,334,000
559,000
130,000
559,000
191,000
184,000
35,000
74,000
Wichita
308,000
~59~, 000
19,000
25,545,000
15,62~1~666
23,787,000
560,000
Other
1,766.000
2,464,000
countries
160,000
St. .Joseph.
171,666
40,764,000
1,263"666
Total...
6,029,000
56,385,000
52,356,000
76,000
Omaha
4,766,000
Argentina.
37,000
Peoria
Kansas
16,000
City
...
3,000
159,000
132.660
331,000
12,018,000
4,203,000
3,817,000
2,015,000
Same wk *40
411,000
14,900,000
5,854,000
4,017,000
441,000
15,424,000
3,085,000
4,134,000
6,657,000
589,000
Same wk '39
1,043,000
4,333,000
9,928,000
Sioux Clty.
Total wk ,41
3,086,000
Since Aug. 1
1941
1,533,000
57,550,000
18,977,000
15,925,000
7.027,000
1940
1,644,000
1,690,000
55,076,000
17,826,000
13,810,000
48,747,000
11,230,000
19,558.000
1,951,000 13,338,000
3,415.000 17.762.000
1939
bbls 196 lbs
.
.
bush 32 lbs
Rye
No. Loans
Barley
bush 56 lbs bush 48 lbs
148,000
29,000
66,000
~8"666
Baltimore..
20,000
62,000
117,000
26,000
17,000
ii"666
72~666
22"66O
"i~666
"4^606
24,000
Houston
18*666
tic ports
148,000
12,000
4,000
8,142,000 137,890,000
1941
10,315,000
2,169,000
741,000
1,766,000
236,000
2,397,000
834,000
55,000
8,000
2,000
8,077,000
85,187,000
23,047,000
2,852,000
1,710,000
1,167,000
Since Jan. 1
1940
*
on
Receipts do not include grain
passing through New Orleans for foreign ports
through bills of lading.
the annexed statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports j'rom-
Bushels
Barrels
Bushels
Bushels
Bushels
96,000
214,000
2,771,000
18.000
400,000
30,000
Can. Atl. ports--
Total week 1941.
2,785,000
24,700,000
418,000
a30,000
214,000
96,000
2,825,000
230,430
401,000
1,229,000
1,874,000
17,020,000
853,000
48,855
1,000
6.537,000
362,955
10,000
14,000
New York
Since July
1, 1941
Total week 1940.
Since July 1, 1940
a
Export data not available from
102,695,381
9
....
s._
.....
..
10,462
3,442
15,476
98
—
.......
5,552
Wisconsin
Total
Weather
461
Canadian ports.
155.000
55.000
No. Loans
5,078
Bushels
5,563,404
422
351,410
6,567
6,025,475
77
51,794
53,525
19
2
856
400
320,613
989
749,545
494
452,786
38
53,666
159
82,362
61
54,290
10
4,583
14,316
13,764,310
Report for the Week Ended Aug.
27—The
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
general
summary
weather for the week ended
from the several seaboard ports for the week
Saturday, Aug. 23, and since July 1, are shown in
The exports
ended
_
South Dakota
468,000
Since Jan. 1
Week 1940.
38
109,175
.
M lssouri
Ohio
3,007.000
206,000
Total wk'41
M innesota..
24
—
Nebraska.
2,535,000
.
.....
—
North Dakota
Can. Atlan¬
13,511,141
904,821
59,056,855
627,298
66,890
5,649
8,005,077
2,941,084
13,145,959
113,942
261,670
4,036,067
18,928
59,085
881
Iowa
Kentucky..
Michigan
2,000
Philadelphia
New Orl'ns*
Indiana
Bushels
12,603
1,044
Illinois
Kansas
81,000
271,000
172,000
22,000
.
Oats
bush 56 lbs
117,000
York.
Boston.
Corn
bush 60 lbs
State
Aug. 23, 1941, follow:
Wheat
Flour
Receipts at—
Repayments
Total Loans Made
receipts of flour and grain at the seaboard ports for
Total
the week ended Saturday,
New
Report on 1940 Corn
Loans—The Department of
Agriculture announced on Aug. 25 that 1,531 loans made
on the 1940 corn crop were repaid during the week ended
Aug. 16, 1941.
This brought total loans repayments to
that date to 14,316, representing 13,764,310 bushels valued
at $8,381,185.
There were outstanding on the same date
94,859 loans on 88,931,070 bushels valued at $54,194,048.
Loans by States follow*
Aug. 27, follows:
week was characterized by moderate temperatures for the season,
widespread showers brought substantial amounts of moisture to
large areas, especially the more eastern States and southern Great Plains.
Maximum
temperatures
as
high as 100 degrees were confined to the
interior of the west Gulf area during the first part of the week, although
readings of 100 degrees, or slightly higher, were reported from parts of
the Pacific Northwest on the 20th.
While showers were extensive there
were very
few individual heavy rainfalls, although several stations in the
East, including Ilatteras, N. G.; Spartanburg, S. O., and Philadelphia, Pa.,
had 24-hour amounts in excess of two inches.
In the Atlantic area two
rain periods occurred, one soon after the beginning of the week and the
other just before its close, both having general showers ranging up to an
inch or more in many localities from North Carolina northward to New
York and southern New England.
The weekly mean temperatures were near normal in most sections of the
country
although they were mostly from two degrees to four degrees
above normal in the South and a limited Far Northwestern area, while
The
while
The Commercial & Financial Chronicle
1302
Mountain sections.
In other
In the interior of the North¬
region maximum temperatures did not reach 80
but they were in the middle and high 90's from Kansas and
southward.
The highest reported was 107 degrees at Phoenix,
minus departures occurred in Rocky
substantially normal warmth prevailed.
similar
areas
and
east
Lake
upper
degrees,
Missouri
Arizona.
Moderate
substantial
to
eastward,
Mountains
Appalachian
occurred
rains
in
a
in
the
limited
■ -..."Vv
Lake region,
from
centarl-northern
the
area,
generally in the southern Plains; some stations .in eastern
had
weekly totals ranging up to nearly six inches.
In the
valleys the falls were more of a local nature, with uneven dis¬
tribution.
A number of interior localities have had decidedly deficient
ana
more
Kansas
central
precipitation in August up to the 25th.
Preliminary reports show eastern
Nebraska, with only about one-third of normal, as the relatively driest area.
Northern Missouri had a little more than half the normal, while Illinois,
Iowa and
the western portions of Kansas and Nebraska had two-thirds
to
about
three-fourths of normal.
Northern Minnesota, North Dakota,
eastern Kansas and eastern Oklahoma had more than the normal amounts.
While considerable areas in the interior valleys remain much too dry,
seasonable temperatures, attended by showers, in the Eastern States, the
Lake region, and southwestern sections made a good growing week, and
reports are rather extensive of an improved agricultural outlook.
The
rains were timely in the Middle Atlantic area, New England, the lower
Missouri Valley
and considerable sections of the Southwest.
There was heavy local bail damage in Wyoming and New Mexico, and
it was too cold and cloudy for good growth in considerable sections of tlie
Rocky Mountain States, but rainfall at the close of the week was helptul
in the northwestern Great Plains.
On the other hand, many central localities, especially in Illinois, Iowa,
and South Dakota
continue too dry.
Farm work made generally good
progress, except
there was some
the
and threshing are well along in most of
although there was considerable interrup¬
GRAINS—Harvesting
districts,
In North Dakota threshing returns
spring wheat generally.
In the
plowing in preparation for fall seeding was accom¬
plished, but more rain is needed to condition the soil for this work.
In the lower Great Plains, especially Kansas, the soil is rather generally
in good shape, and preparation
for fall seeding progressed well; some
seeding for
pasturage is being accomplished.
Rice is well along in
Arkansas, while conditions were favorable for threshing the early crop in
Louisiana and Texas; late rice in Texas is making rapid progress.
CORN—In the more eastern States rains of the week were helpful for
late corn, and general progress from the central Ohio Valley eastward was
satisfactory.
In Illinois showers were spotted, but corn is showing im¬
provement in some localities.
Its condition ranges from fair to good,
locally excellent, in the north down to some poor areas in the southern
part of the State; there is considerable small to mediuih-.sized, one-ear-toValleys
the-stalk
some
in
corn
central
and
southern
sections.
While good rains occurred at the close of the week in much of
continued to deteriorate up to that time, with some beyond
corn
Missouri,
help and
In the lower Great Plains early
corn
has matured and the Tat' .crop is filling well
while in Nebraska
many areas show some imoro.imcnt, with general condition ranging from
poor in
the east to good or very good in central and western counties.
Showers were helpful in the Lake region and central northern districts,
but in Iowa the extent of damage from the previous heat and dryness is
becoming more apparent, with some cutting for feed where no further
development is possible.
general
condition
of
the
variable.
crop
..
the cotton belt the weekly mean temperatures ranged from
three degrees and four degrees above normal; rainfall was
heavy in the east and in northern Texas, but elsewhere
showers were mostly light to moderate.
On the whole, conditions were
rather favorable for the cotton crop.
COTTON—In
about normal
substantial
to
to
Texas
In
was
progress
fair generally, but the crop is late and weevil are
active, except in the southeast; picking is general northward to the southcentral
portion
of the State.
In
Oklahoma
development was mostly
good, with bolls beginning to open, but considerable boll and leaf-worm
damage is reported, especially in southeast and south-central portions.
In the central States of the belt there was very little rainfall, except in
some northern districts, and cotton made mostly fair to very good progress:
showers and cooler
weather checked the previously reported
premature
opening in Arkansas.
While there was considerable rain in the eastern
Stab's, progress of cotton was mostly fair, with bolls opening to eastern
Carolina.
North
'/
" 'r\y->■ y
t
furnished the following resume of
Bureau
The Weather
conditions in different States:
Carolina—Raleigh: Temperatures mostly moderate.
Generally
rains, but more needed for late corn and truck.
Progress and
of
cotton
mostly fair, except good in portions of northwest
coastal plain;
bolls opening on coastal piain.
Progress of tobacco har¬
vesting good
in
Piedmont.
Late corn, truck,
pastures, and gardens
benefited by rains, but still mostly poor, except southeastern counties good.
North
adequate
condition
South
Carolina—Columbia:
Favorable temperatures; adequate rains in
Condition of cotton poor to fair; progress fair; setting
good in northwest; opening in Piedmont, slowly in central
and
rather
rapidly in south; picking fairly active in south.
Eastern
tobacco practically gathered; marketing active.
Pastures, truck, gardens,
late crops good progress.
most
sections.
bolls
fairly
Georgia—Atlanta: Very warm days in east and south.
Mostly adequate
in east and south;
none
elsewhere.
Soil drying rapidly in most
for rain becoming more definite.
Cotton fair to good in
south and central, but poor in north; picking good advance in south and
central
and
beginning in north; weather favorable for weevil activity.
Corn fair to good; maturing in south and some harvesting.
Sweet potatoes
fair to good.
Some fall planting of vegetables.
rains
regions and need
Florida—Jacksonville: Very warm
moisture
pared
ample.
Corn
active.
for
Progress
harvest
fall
days; adequate to too much rain; soil
condition of cotton fair; picking fairly
north.
Land and seed beds being pre¬
mostly good.
and
continues
truck.
Citrus
in
Alabama—Montgomery: No
rain,
except
too much
in south.
Soil
moisture ample.
Progress of cotton good, except poor in south : condition
mostly fair, but locally good in north, and locally poor in south ; picking
under way.
Hay crops fair to good and favorable for cutting.
Peanuts
and corn fair to good.
Gardens and sweet potatoes mostly fair.
Mississippi—Vicksburg: Nights somewhat too cool first half; occasional
showers, mostly light to moderate.
Cotton picking becoming general in
south and on uplands in north ; progress mostly slow as opening slowly
and fruiting poorly.
Progress of late corn generally fair.
Considerable
forage damaged.
Progress of gardens, pastures and truck fair to good.
Louisiana—New
Orleans: Favorable temperatures ; no rain.
Progress of
fairly good; picking begun in most sections; about normal shed¬
ding; "weather favorable for checking weevil.
Some corn being gathered ;
condition poor to good and locally excellent.
Good progress in cutting
and threshing early rice.
Sweet potatoes making good growth.
Planting
fall gardens.
Pastures and meadows beginning to need rain.
cotton
Texas—Houston:
throughout
but
Temperatures
north and northwest
southeast.
Fair
in
none
favorable.
and
Adequate to too much Tain
generally adequate in extreme west,
of corn
assured by rain
in upper
matured and some being harvested.
in northwest;
Some early-sown
rice threshed and marketed.
Progress of cotton fair generally, although
crop
late; weather favorable for weevil activity, except in southeast;
picking general in south-central and peak passed in lower valley.
Truck
and gardens fair progress; preparation of fields for late truck continues.
Ranges and livestock generally excellent.
Panhandle;
Harvest
of
elsewhere corn
early sorghums
Oklahoma—Oklahoma
crop
mostly
under
way
City: Favorable temperatures.
Adequate rains in
of southeast, but more needed elsewhere.
Much plowing
Early corn being harvested; late mostly good progress,
except some bud-worm damage; condition good to fairly good.
Progress
of cotton mostly good and bolls beginning to open ; boll and leaf-worm
damage in most counties.
Feed crops satisfactory advance and condition.
Third and fourth cutting of alfalfa continuing.
Livestock good to excellent.
west
and
Rain
south.
Apple and grape harvest under way.
Tennessee—Nashville: Progress of cotton very good; condition good to
picking reported in a few places; army worms doing slight
damage.
Progress of corn good to excellent; condition very good; matur¬
ing
favorably.
Tobacco cutting continues;
fields vary from fair to
excellent.
Swec-t potatoes generally good.
Pastures and ranges improved.
Plowing and seeding under way.
Truck and fruit very good.
excellent;
New Mexico—Albuquerque: Temperatures normal to slightly above.
Pre¬
cipitation heavy in northeast and locally in southwest and light to
moderate showers elsewhere, but much rainless in northeast and central.
Damaging hail, resulting in 70% crop loss locally.
Cotton fair to good;
beginning to bloom in El Paso area.
Grain harvest practically completed.
Corn nearing roasting-ear stage.
Grain sorghums and beans good to verygood.
Range and livestock excellent; best in many years.
California—San Francisco: Temperatures slightly above normal on im¬
coast; somewhat below in interior.
No precipitation of conse¬
in agricultural regions.
Relatively cool weather in interior valleys
retarded maturing and ripening of fruit and field crops, but not otherwise
unfavorable.
Warmer weather needed for ripening of grapes and growth
mediate
quence
of
rice
mento
and
Harvest of sugar beets begins in portions of Sacra¬
week.
Harvests of peaches, pears, plums, prunes,
progressed.
Pastures and ranges dry, but condition
cotton.
Valley
tomatoes
and
next
truck
generally satisfactory.
;
-
THE DRY GOODS TRADE
New. York, Friday Night, Aug. 29, 1941.
the primary markets
dry goods during the past week. Offerings of gray goods
v
tion by showers during this past week.
continue to show very good yields of
Central
favorable temperatures.
cofder, stoppng premature opening of cotton; picking fairly active
Progress of late corn good; maturing rapidly.
Early rice well
headed.
Pastures and meadows improved; haying interrupted by rains.
in
it is still too dry for plowing in much of the interior, and
interruption by showers to late harvesting and haying in
northwestern
later
1941
and
Northwest.
SMALL
the
Aug. 30,
Arkansas—Little Rock: Adequate rains and
most
accomplished.
Continued
for
were
were
limited
quietness characterized
the result that buyers
than minor percentages of their
scattered lots with
to
still unable to get more
requirements.
Buyers in other divisions of the market
experienced similar conditions.
The matter of production
cost against price control came if for much discussion during
the week. With prices for raw cotton scoring sharp advances
under developments of a new crop scare and reaching new
high levels for the movement, and with mills confronted with
the possibility of higher labor costs within the near future,
cloth merchants pointed out that it was only a question of
time when the Office of Price Administration and Civilian
Supply might find it necessary to raise the ceilings.
On
Friday, Aug. 22, ceilings were extended by the O. P. A. C. S.
to cover combed lawns,
additional broadcloths, dimities
and slack twist voiles, and it was expected that further extentions would
of both
soon
be announced to embrace those types
and fine
goods which so far have not been
regulated.
Thus, more or less complexity prevailed in the
markets, and it was expected in many quarters that the slow
down in activity would likely continue until the atmosphere
coarse
cleared.
Wholesale
markets
Scattered transactions
remained
were
quiet
during
the
week.
recorded in print cloths including
lots for September
and October delivery, but offerings
light.
There was considerable demand for
sheetings with sales confined to very small lots as mills were
not offering.
Business in fine goods and numerous other
items was also held in check by the absence of offerings.
The
only relieving development in the markets was the oversub¬
scription of the Government's 35,000,000-yard Army twill
order.
Fifteen bidders participated and were said to have
offered a total of 50,000,000 yards of such goods.
Rayons
ruled quiet with mills not offering.
Weavers were said to
be busy digesting the ceilings announced by the Office of
Price Administration and Civilian Supply on Saturday,
Aug. 23. The ceilings announced consisted of a 10% reduc¬
tion in the price of major types of greige goods and became
effective on Monday, Aug. 25.
It was believed in many
quarters that the ceilings would have a tendency to limit
dealings as weavers would not likely have any more to offer
under the lower prices than they had recently.
some
as
a
rule
were
Woolen Goods—An active demand
was reported in the
goods markets during the week for both men's and
women's wear fabrics with prices firm.
In the men's wear
division, offerings of goods were said to be less free than in
recent weeks with mills well sold up on Spring lines.
Demand
for tropical worsteds and gabardines continued active with
such goods difficult to buy.
Mills in general, owing to wage
increases and delivery problems were not as willing to book
forward business as they heretofore had been.
According
to reports, leading chain distributors of men's wear garments,
who sell at a single price, were about to announce a 10%
increase or thereabouts in price.
In women's wear, there
was a notable increase in the demand for Spring goods, while
there were also purchases of women's wear piece goods for
the fall season.
Cloths for medium to better types of dress
garments appeared to be of chief interest to buyers.
In
the garment field, the women's wear business was said to be
exceptionally heavy with the production and distribution of
garments of record breaking proportion.
Knowledge that
mills must hold down production of women's wear goods,
together with intimations that prices might have to be
advanced to offset rising labor costs were among the factors
which stimulated demand.
There was little change noted
in the wool hosiery or underwear divisions with mills con¬
tinuing to be well booked with business.
wool
continued active for
the orders owing to a
Prices were decidedly
firm.
Burlaps were inactive as offerings of spot and afloat
goods were virtually nil. Sharp advances in Calcutta which
put replacement costs above the O. P. A. C. S. ceiling were
Foreign
Dry
Goods—Demand
linens with producers unable to fill
famine in yarns pending the new crop.
responsible fof the stagnation.
Volume
The Commercial & Financial Chronicle
153
1303
Bond Proposals and Negotiations
Specialists in
Illinois & Missouri Bonds
Alabama
Municipals
Steiner, Rouse
Stifel. Nicola us & Coptic.
&
BIRMINGHAM, ALA.
105 W.Adams St.
DIRECT
CHICAGO
WIRE
Go.
Member* New York Stock Exchange
Founded 1890
NEW YORK
Direct Wire
314 N. Broadway
ST. LOUIS
ALABAMA
8i.
News Items
Maryland—Six-Year
Capital Improvement Program Pre¬
pared—A capital improvement
and
land
State
Planning
Works Association
The program
ings is to
on
the
Public
American
Aug. 28.
six
SHEFFIELD,
Ala.—BOND
SALE
NOT
CONTEMPLATED—In
connection with the $975,000 4% semi-ann. secured
refunding bonds that
were scheduled for sale on Jan.
16, the offering of which was indefinitely
postponed,
it is now stated by Hoyt Greer, President of the Board of
Commissioners, that a misunderstanding occurred relative to the bond
no further action has been taken toward the sale of the
bonds.
ordinance and
but it will be subject to biennial
years,
or&jr to meet
any
changes the future
endTPimch two-year period
At the
adopted by the Mary¬
for expanding the State's facilities and build¬
cover,
revision in
Commission,
reported
which "should live
program
with the times" has been
move
offering of $81,000 2% Board of Education capital outlay and refunding
warrants.
Dated Aug
1, 1941.
Denom. $1,000.
Due Feb. 1, 1954.
Principal and interest (F-A) payable at the First National Bank of Brimingham.
Legality approved by Storey, Thorndlke, Palmer & Dodge of Boston.
plan will be projected,
that the
so
an
may
ARIZONA
bring.
additional two-year
program
BONDS
Markets in all Municipal Issues
actually becomes
perpetual.
Adoption of the
program was
preceded by a joint study by the Planning
REFSNES, ELY, BECK &, CO.
Commission and the State Department of Budget and Procurement, with
technical assistance of the National Resources Planning Board.
PHOENIX, ARIZONA
In the study, individual project forms were distributed to each subdivision
of the 23 departments and institutions of the State.
Persons in the various
divisions of the departments listed and described on the project forms every
capital outlay project desired or required within the next six years.
Pull
engineering data and information on priorities of the projects also appeared
on the forms, indicating such facts as whether land had been acquired for
buildings and whether existing utilities would be sufficient.
When completed/these individual forms were submitted to the depart¬
ment
heads, who reviewed them, made revisions they considered
necessary,
and then compiled them into a comprehensive department program, which
was
finally judged by the planning and budget agencies.
Maryland
was
the first State to embark upon
long-term development
a
for major State improvements, according to the Association.
The Maryland State Planning Act, passed in 1933, directed such a capital
program
improvement planning program, and in 1939 another Act was passed which
established the Department of Budget and Procurement, whose duty it is
continuously to study and analyze the needs of all agencies receiving State
ARIZONA
ARIZONA
(State of)—
BONDS
A
—According to report
Hunt, State Treasurer, has been authorized to issue, immediately,
$1,250,000 tax anticipation bonds to finance general operations.
Joe
COCONINO COUNTY
TION
(P. O. Flagstaff), Ariz.—NO BOND ELEC¬
PLANNED—George A. Fleming, County Clerk, states that the
1020—concerning an election to submit to the voters
report in—V. 153, p.
injssue of $350,000 road improvement bonds,
was erroneous.
"CRANE SCHOOL DISTRICT (P. O. Yuma), Ariz.—MATURITY—
The Superintendent of Schools states that the $15,000 2%% semi-annual
construction bonds sold to Refsnes, Ely, Beck & Co. of Phoenix at 100.10,
as
noted here
on
July 26, are due $1,000
basis of about 2.74%.
a
on
June 1 in 1942 to 1956, giving
:
funds.
ARKANSAS
The six-year program will not necessarily stimulate construction,
Mary¬
planning officials pointed out, since in many cases "it may well act as a
on too hasty undertakings with their accompanying annual burden
of operating expense."
In some instances, for example, the improvements
planned may be delayed until the post-defense period, in line with recom¬
mendations of public works, finance and planning authorities throughout
the country that a "reservoir" be built up for employment-creating pur¬
poses.
■
;V:'.
'J•'
•.
land
brake
Maryland—Flaw in County Tax Sales Found—Because vital
procedure in property sales for unpaid taxes in Garrett
county was customarily omitted by County Treasurers, the
legality of similar transactions over a period of 50 years
appears to be affected, according to an Associated Press
dispatch from Oakland, Md. of Aug. 24.
Title
ARKANSAS
CITY,
Kan.—BOND SALE—The $90,000 1V8% joint
Aug. 25—V. 153, p. 1159—were awarded to
airport general bonds offered
Stern Bros. & Co. of Kansas
to
100.265,
a
City, at
basis of about 1.08%.
plus a premium of $238.50, equal
Dated Sept. 1, 1941 and due $4,000
Second high bid of
par
March 1 and $5,000 Sept. 1 from 1942 to 1951 incl.
100.02 was made by Brooks-Milburn, Inc. of Wichita.
PULASKI COUNTY
(P. O. Little Rock), Ark .—SPECIAL ELECTION
—The County Court at a special election Sept. 20 will submit a proposal
for a maximum one-half mill levy for retirement of a proposed county hos¬
pital bond issue, according to a report at Little Rock, Ark.
The Quorum
Court has endorsed the proposal as an alternative to taking funds from
general revenue to meet bond principal and interest.
WALDRON, Ark.—BONDS SOLD—Cherry, Villareal & Co. of Little
are said to have purchased $40,000 water system improvement bonds.
Rock
CALIFORNIA
given to Charles W. Ream and Ernest Ashby by County Com¬
1936, covering purchase of a 97-aere tract of county
missioners in January,
by Chief Judge D,
jCALIFONRIA, State oi—REPORT ON FINANCES—A bulletin issued
Lindley Sloan.
Litigation to recover the property was introduced in court by William
Teter, who bought the tract in February, 1932, and paid taxes on it until
Garrett County's local code
by Kaiser & Co. of San Francisco, on Aug. 23. had the following to report:
The budget for the biennium ended June 30. 1943, was passed by the
Legislature substantially as submitted by the Governor, except that the
appropriation for unemployment relief was eliminated.
The economy bloc
in the Legislature sponsored a bill providing for the return of relief to the
counties, accompanied by a State subvention calculated to offset the
additional cost.
Unable to obtain a two-thirds majority to override the
Governor's veto of the bill, the economy group refused to vote any funds
for the State Relief Administration.
As a result, the SRA ceased to func¬
tion.
It is indicated that only a fraction of the SRA load found its way to
the county indigent rolls, and the result has not been to burden local
government finances unduly.
Present prospects point to a general fund surplus in excess of $50,000,000
on June 30, 1943.
A speical session of the Legislature may be called next
year to consider tax reduction.
governing tax sales.
It was brought out in the hearing that the "missing link" method of sales
to County Commissioners had been followed by County Treasurers for about
reports that an issue of $2,691,424.80 general fund registered warrants
was offered for sale on Aug. 25 and was awarded to the Merchants National
property was declared void in a decision handed down
1940.
Lee, Garrett County Treasurer, sold the land the
The ldte Albert L.
Commissioners for unpaid 1929 and 1930
following July to the County
Judg^ Sloan
declared three omissions of proper procedure in transfer of
the larni from the County Treasurer to the Commissioners—publication of
an order nisi, ratification of the sale, and transfer of the deed by the Treas¬
urer toithe Commissioners—constituted a "missing link" in the chain of
title in the land records of .Garrett County.
The
same tract was
sold in
„
,
private sale November, 1935, by the Com¬
Ernest Ashby for the sum of $48.30.
a
missioners to Charles W. Ream and
This
a
followed
sale
procedure specified in
half century.
Bank of Sacramento at 0.50% plus a premium of $1,452.
of Large Surplus Sought—A"
marked increase in sales tax collections has led Ohio Demo¬
Ohio—Wider
Distribution
special session of the General Assembly to
vote a greater distribution of the anticipated surplus to the
political subdivisions, according to the "Wall Street Journal"
of Aug. 23.
i
crats to ask for a
Cleveland delegation contends that, based on the present rate of
tax collections, there will be a surplus of about $17,000,000 in the State
The
treasury at the close of the year.
However, spokesmen for Gov.
Bricker have expressed serious doubt whether a special session
c&ilod
John W.
would be
•
During
Republican majorities in both houses de¬
raise the State's distribution of
by several million dollars over the $12,000,000 authorized by
the regular session the
feated numerous efforts of Democrats to
such taxes
Knepper Act.
Only other basis for a
the
greater
,
_
t
,.
.
.
,.
.
,
special session would hinge upon the need for
appropriations for the administration of poor relief as well as old-age
PeAccording
CALIFORNIA, State of —WARRANTS SOLD—The State Controller
Director Charles L. Sherwood, however, the July
will reach only $1,164,000, or a drop of approximately
$700 000 from June expenditures.
Moreover, departmental records show
that 'expenditures for the first seven months of the current year will be
about $10,896,792, or a drop of approximately $4,230,000 from the expendi¬
tures of $15,127,143 for the same period last year.
This cushion of savings is expected to more than offset the increased
posts of caring for relief clients as the result of the increased cost of food
arTd the boost in rentals of relief clienus.
to Welfare
relief expenditures
1941.
Due
on or
Dated Aug. 28,
about Feb. 25,1942.
COLORADO
DEL NORTE,
Colo.—BONDS SOLD—An $11,000 issue of 3#% water
refunding bonds is said to have been purchased recently by O. F. Benwell
& Co., and Peters, Writer & Christensen, Inc., both of Denver, jointly.
JEFFERSON COUNTY SCHOOL DISTRICT NO. 8 (P. O. Wheat
Ridge), Colo.—BONDS SOLD—Donald F. Brown & Co. of Denver pur¬
an issue of $35,000 funding bonds, as
1Hb, at 100.173.
Due
serially from 1942 to 1951 Incl.
Issue was authorized at an election on
July 15.
chased
OLATHE, Colo.—BONDS SOLD—The Town Clerk informs us that
$49,000 water refunding bonds have been purchased by the First National
Bank of Olathe.
PAGOSA
SPRINGS, Colo.—BONDS SOLD—A $7,500 issue of water
been purchased by Coughlin & Co. of
refunding bonds is said to have
Denver.
RIFLE, Colo .—BONDS SOLD—A $15,000 issue of 2$% city hall bonds
purchased by Bosworth, Chanute, Loughridge & Co.
Dated Aug. 1. 1941. Due $1,000 in 1942 to 1956 incl.
is said to have been
of Denver.
DELAWARE
COUNTY, RICHARDSON PARK SCHOOL DIS¬
TRICT NO. 20 (P. O. Wilmington),'Del.—BONDS VOTED—We under¬
stand that at an election on Aug. 23, an issue of $46,000 construction bonds
NEW CASTLE
was
approved.
The Commercial & Financial Chronicle
1304
ditioned.
of
long experience In handling Florida Issue* gives us a compre¬
background of familiarity with these municipal bonds.
We
them at
no
Enclose
a
certified check
DECATUR
SCHOOL
DISTRICT
(P. O.
Decatur), III.—BOND
ELECTION—An election has been called for Sept. 16, to submit to the
hensive
will be glad to answer any inquiry regarding
Chicago, will be furnished to the purchaser.
payable to the district.
for $10,000,
FLORIDA MUNICIPAL BONDS
Our
Aug. 30, 1941
The printed bonds and approving opinion of Chapman & Cutler,
voters an issue of
$180,000 construction bonds.
obligation.
DUPO, III.—BONDS AUTHORIZED—We understand that
has been passed
FREEBURG, III.—CALLS CERTIFICATES—The village has called for
redemption on Oct.
1, 1941, $21,000 electric light plant and system
FLORIDA
H1ALEAH, Fla.—
PURCHASE
BOND
It is stated by
P. E. Ilackney, City Treasurer, that in connection with the call for tenders
Aug. 25 of refunding bonds, one offering of $5,000 bonds at 89.50 plus
interest was received, and will be decided on at a meeting of the City Coun¬
cil at 10 a. m. on Sept. 1.
on
O.
Tampa),
Fla.—BONDS
AP¬
Aug. 20, approved the
County Commission plan to issue $2,500,000 paving certificate claim bonds.
The Court ruled that the county had a right to issue these bonds without
a referendum.
The proceedings of the Circuit Court are to be taken to
the State Supreme Court for final ruling.
on
JACKSONVILLE, Fla.—BONDS VALIDATED—We understand that
$3,388,000 refunding bonds.
Maturing in 1942 to 1945.
the Circuit Court of the Fourth Judicial Circuit recently validated
PINELLAS PARK, Fla .—PROPOSED BOND REFUNDING—A refund¬
be filed in Federal Court under the provisions of the
Bankruptcy Act is said to have been passed recently by the
ing resolution
Municipal
to
Town Commissioners.
The plan as approved by the Commission calls
$131,500 in new bonds bearing ZH% interest to refund
outstanding obligations on which 6% interest has been delinquent since
1931.
The new bonds would mature over a period of 25 years.
Frank McDevitt, attorney, is said to have reported that town officials
have obtained the consist of 66 2-3% of the bondholders.
Included in the
refunding program are about $15,000 worth of sidewalk certificates guar¬
anteed by the city.
These certificates are also delinquent. \:%yNy--;y
CLOUD,
Fla.—BOND VALIDATION SOUGHT— It is reported
that the City Attorney recently filed a petition in Circuit Court to validate
$15,000 4% improvement bonds.
ST. PETERSBURG, Fla.—BOND CALL—It is stated by G. V. Leland,
City Manager, that all outstanding series A and B certificate refunding
bonds dated Nov. 1,1934, maturing Oct. 1, 1960. are called for payment on
Oct. 1 at 100% of the principal amount thereof, plus accrued interest on
such principal amount to Oct. 1, 1941.
Payable at the office of the Union
Trust Co. of St. Petersburg.
Said bonds must be presented for payment
with all coupons maturing subsequent to Oct. 1,1941, attached.
Interest
ceases on Oct. 1,1941.
SOUTH
FLORIDA
CONSERVANCY
DISTRICT, Fla.—PROPOSED
PLAN—A petition is said to have been filed
recently in the Federal Court looking toward the composition of the abovenamed district's debts of $969,521.03, under which creditors would receive
DEBT
COMPOSITION
51.939 cents on the dollar.
The petition stated the Reconstruction Finance
Corporation had authorized a loan of $622,506 to effect the composition.
In return the RFC would get refunding bonds paying 4%.
Judge John W.
Holland approved the petition and set a hearing for Nov. 7.
The district
includes areas in Palm Beach and Hendry counties.
;
bear 4% interest,
are
dated
amount, together with interest accruing to Oct. 1, 1941, will be made upon
presentation of certificates to the First National Bank, Freeburg. Certifi¬
cates must be presented in negotiable form and should have attached the
Oct. 1, 1941 and subsequent interest coupons.
SALLE, III.—,BOND ELECTION—We understand that an election
Sept. 30, to submit to the voters an issue of $190,000
plant bonds.
has been called for
sewage
NILWOOD TOWNSHIP
is reported that at a recent
(P. O. Nil wood), III.—BONDS VOTED— It
election $12,000 road bonds were approved.
SOMONAUK
an
SCHOOL DISTRICT, 111.—BONDS DEFEATED—At
election held recently the voters rejected a proposed issue of $45,000
construction bonds.
WAPELLA, 111.—BOND ELECTION—We understand that
an
election
has been called for Sept. 23, to submit to the voters an aggregate of $25,000
bonds, consisting of $5,000jgeneral obligation and $20,000
revenue.
INDIANA
for the issuance of
ST.
25~They
Oct. 1, 1937, in $1,000 denoms. and mature Oct. 1 as follows: $1,000 from
1942 to 1950 incl. and $2,000 from 1951 to 1956 incl. Payment of principal
LA
(P.
to
cer¬
■
_
The certificates called are'Nos^S
COUNTY
bonds.
plating the issuance of $275,000 county judgment bonds.
tificates of indebtedness.
HILLSBOROUGH
ordinance
FRANKLIN COUNTY (P. O. Benton), III.—BOND ISSUANCE CON¬
above-named county is contem¬
CHICAGO. ILLINOIS
PROVED—It is reported that the Circuit Court
an
revenue
TEMPLATED—It is reported that the
RE. Crummer k Company
1ST. NAT. BANK BLDC
authorizing the issuance of $18,000 water
BOSWELL,
Ind .—BOND
OFFERING— John
Yuill,
Town
Clerk-
Treasurer, will receive sealed bids until 2 p. m. (CDST) on Sept. 15 for
the purchase of $4,000 4% coupon municipal water works bonds.
Dated
Due $250
Sept. 15, 1941.
Denom. $250.
1949, incl.
Interest J-J.
to
on
Jan. 1 and July 1 from 1942
<
.
MUNCIE, Ind.—WARRANT SALE—The $79,225 general fund and
sinking fund warrants offered Aug. 25—V. 153, p. 1021—were awarded to
the Merchants National Bank of Muncie at 0.75% interest.
Due Dec. 31,
1941;
Stranahan, Harris & Co. of Toledo, second high bidder, named an
interest rate of 1% and d premium of $18.
UNION COUNTY (P. O. Liberty), Ind.—BOND OFFERING—Charles
W. Masters, County Auditor, will receive sealed bids until 1p.m. (CST) on
Sept. 15 for the purchase of $25,000 not to exceed 6% interest bridge and
dry ford construction bonds.
Dated Aug. 1, 1941.
Denom. $500.
Prin¬
cipal and interest (J-J) payable at the County Treasurer's office.
A certi¬
fied check for 5% must accompany the bid.
WARREN SCHOOL TOWNSHIP (P. O. Beech
ISSUANCE REQUESTED—We understand that
a
requesting the School Township Advisory Board
exceeding 4H% construction bonds.
WAYNE
TOWNSHIP
SCHOOL
TOWNSHIP
Grove), Ind.—BOND
petition has been filed
to issue $100,000 not
(P.
O.
Clermont),
Ind.—BOND ISSUANCE APPROVED—We understand that the Advisory
Board of the school township met on Aug. 13, and decided to issue $92,000,
not
exceeding 4construction bonds.
IOWA
GEORGIA
GREENSBORO, Ga.—BONDS APPROVED—We understand that the
City Council recently approved an issue of $15,000 city hall and fire equip¬
CHARLES CITY INDEPENDENT SCHOOL DISTRICT (P.
O.
Charles City), Iowa—BOND ELECTION—It is stated by the Secretary,
Board of Directors that an election has been called for Sept. 9 to submit to
ment bonds.
the voters an issue of $80,000 construction bonds.
CLARINDA
IDAHO
CANYON COUNTY
INDEPENDENT SCHOOL DISTRICT NO. 34
(P. O. Wilder), Idaho—BOND ELECTION—We understand that an
for Sept. 2, to submit to the voters an issue of
$8,000 not exceeding 6% construction bonds. Due in 20 years.
election has been called
LEWISTON,
Idaho—BOND
ISSUANCE
CONTEMPLATED—We
understand that the city is planning to issue $600,000 airport
connection with the national defense program.
bonds, in
DISTRICT
(P.
O.
Clarinda),
Iowa—BONDS
Due $1,000 in 1942 to 1953, incl.
RHODES SCHOOL
DISTRICT
(P. O.
Rhodes), Iowa—BONDS
VOTED—According to report, an election held on Aug. 18, resulted in
favor of issuing $12,000 auditorium and gymnasium bonds.
ROLAND
CONSOLIDATED
SCHOOL
DISTRICT,
Iowa—BOND
SALE—The Polk-Peterson Corp.
TETONIA, Idaho—BOND ELECTION—It is stated by W. O. Hastings,
Village Clerk, that at the election on Sept. 27 an issue of $4,500 not exceed¬
ing 6% water system and land purchase bonds is to be submitted to the
voters.
PARK
SOLD—The City Clerk states that $12,000 2K % semi-ann. refunding bonds
have been purchased oy Shaw, McDermott & Sparks of Des Moines.
of Des Moines purchased on June 9 an
building bonds as l%s, at par plus a premium of $316,
equal to 101.858, a basis of about 1.52%.
Dated June 16, 1941 and due
Dec. 1 as follows: $1,000 in 1947 and $4,000 from 1948 to 1951 incl.
In¬
issue of $17,000
terest J-D.
■
I
ILLINOIS
BELVIDERE, III.—BOND ELECTION—We understand that
an
election
has been called for Oct. 7, to submit to the voters the street paving bonds
our issue of Aug. 9—V. 153, p. 868.
SOMERS CONSOLIDATED SCHOOL DISTRICT (P. O. Somers),
Iowa —BOND OFFERING—Sealed bids will be received by F. A. Whitney,
Secretary of the Board of Directors, until 8 p. m. on Sept. 2 for the purchase
of $16,500 building bonds.
mentioned in
CAIRO BRIDGE COMMISSION
Chairman
Cairo
Bridge
Commission
Ray
Williams
announces
that,
in
dated March 1, 1941, maturing April 1, 1956, callable on any interest pay¬
ment date prior to maturity, that bonds of this issue for constructing the
Cairo, Ill.-Wickliffe, Ky., bridge, aggregating $25,000, are called for pay¬
1.
Payment of the principal amount of said bonds so called
redemption, together with a premium of 3% of said principal amount,
ment on Oct.
for
will be made on date called on surrender of said bonds in negotiable
form,
accompanied by April 1, 1942, and subsequent coupons at the Chemical
Bank & Trust Co., New York.
Coupons maturing Oct. 1, 1941, and prior
will be paid on presentation of such coupons.
CARTHAGE, 111.—BONDS SOLD—Francoeur, Moran &Co. of Chicago
have purchased an issue of $58,000 3% water revenue refunding bonds at a
price of 100.217.
Due serially from 1942 to 1956, inclusive.
CHICAGO
SANITARY
DISTRICT, 111.—BOND OFFERING—James
J. Sullivan, District Secretary, will receive sealed bids until 11a.m.
(DST)
Sept. 4 for the purchase of $1,000,000 not to exceed 3H% interest
series 3 sewage treatment construction bonds. Dated
Sept. 1,1941. Denom.
on
$1,000.
Due July 1, 1961.
Optional Jan. 1 as follows:
$50,000 in
$55,000, 1944; $50,000, 1945; $55,000, 1946; $50,000, 1947; $55,000,
$50,000, 1949; $55,000, 1950; $50,000, 1951; $55,000, 1952; $50,000,
$55,000, 1954; $50,000, 1955; $55,000, 1956; $50,000, 1957; $55,000,
$50,000 in 1959 and $55,000 in 1960 and 1961.
Bidder to name a
1943;
1948;
1953;
1958;
single
Principal and interest
rate of
interest, expressed in a multiple of M of 1%.
(J-J) payable at the District Treasurer's office.
The bonds may be registered as to principal.
No bid will be considered
that does not offer to purchase the entire issue of
$1,000,000 at not less than
par and at one rate of interest and otherwise conform to the
in the notice of sale.
The bonds will be awarded to the
specifications
acceptable Didder
offering the lowest rate of interest. The best bid shall be the acceptable bid
specifying the lowest rate of interest and if two or more bids are submitted
specifying the same lowest rate of interest, the bid naming such lowest rate
of interest and offering the largest amount of
premium shall be accepted.
These bonds are to be issued to pay the costs of the construction of
sewage
treatment projects made necessary by the decree of the
Supreme Court of
the United States, and are payable from ad valorem taxes to be
lievied upon
all the taxable property within the boundaries of the district without limita¬
tion as to rate or amount. The purchaser must
give to the Retirement Board
of the District Employees Annuity and Benefit Fund an
option to be
exercised by Sept. 9, to buy $60,000 of said bonds
consisting of 20 bonds
optional Jan. 1, 1943; 20 bonds optional Jan. 1, 1949; 10 bonds optional
Jan. 1, 1951; and 10 bonds optional Jan. 1, 1954, at the same
average price
as paid by the successful bidder for said bonds.
The bonds will be delivered
at the city as soon after Sept. 4, as is practicable and the
purchaser must be
prepared to pay for the bonds in Federal Reserve funds payable in Chicago
on the date of delivery of the bonds and each
proposal must be so con¬
KANSAS
(P. O. Cairo), 111.—BOND CALL—
accordance with the provisions of Article II of the trust indenture securing
the outstanding 2% % Cairo Bridge Commission, 111., bridge revenue bonds
/
TOPEKA
SCHOOL
DISTRICT
(P. O. Topeka),
Kan
by E. E. Sallee, Clerk of the
Aug. 3(3 for the purchase of $197,000
1% semi-ann. building bonds.
Denom. $1,000.
Dated Sept. 1, 1941.
Due Sept. 1, as follows:
$19,000 in 1942, $20,000 in 1943 to 1949, and
$19,000 in 1950 and 1951.
The bonds are being offered subject to purchase
by the State School Fund Commission, will be sold upon the basis of delivery
in Topeka and subject to approval of bond transcript prepared by Wheeler,
Brewster, Hunt & Goodell of Topeka, or by bidders' own attorney at
bidders' expense.
The bonds will be printed and ready for delivery at
any bank in the city when notice of action of the State School Fund Com¬
mission is received.
Shipping and handling charges by any bank will
be at the expense of the purchaser.
Enclose a certified check for 2%.
OFFERING—Sealed bids will
be received
Board of Education, until 1 p. m. on
KENTUCKY
BLOOMFIELD, Ky.—BONDS OFFERED TO PUBLIC—A $50,000 issue
of SH
% coupon semi-annual school building revenue bonds is being offered
by Stein Bros. & Boyce of Louisville for general subscription at prices to
yield from 1.00% to 3.10%, according to maturity.
Denom. $1,000 and
$500.
Dated June 1, 1941.
Due June 1 as follows: $1,500 in 1942 and
1943, $2,000 in 1944 to 1946, $2,500 in 1947 and 1948, $3,000 in 1949,
$2,500 in 1950. $3,000 in 1951 to 1955, $3,500 in 1956 to 1959 and $1,500
in 1960, callable on 30 days' published notice in inverse numerical order at
103 and accrued interest on or before June 1,1946; 102 and accrued interest
on
or before June
1, 1951, and at 101 and accrued interest thereafter.
Prin. and int. payable at the City Treasurer's office.
Legality approved
by Selligman, Everhart & Greenbaum of Louisville.
HENDERSON
SCHOOL
DISTRICT
(P.
O.
Henderson), Ky.—
ISSUANCE CONTEMPLATED—It is reported that an issue of
$350,000 3% construction bonds is contemplated in connection with a
Works Projects Administration grant.
BOND
,
LOUISIANA
ACADIA
PARISH, SIXTH WARD AND CROWLEY DRAINAGE
DISTRICT (P. O. Crowley), La.—BOND OFFERING—Sealed bids will be
received until 2 p. m. on Sept. 23 by L. A. Williams, Secretary of the
Board of Commissioners, for the purchase of a $240,000 issue of improve^
ment bonds.
Interest rate is not to exceed 5%, payable F-A.
Dated Feb. 1,
1941. Denom. $1,000.
Due serially on an amortized basis on Feb. 1, 1942
to 1961.
Bidders are requested to name the lowest rate or rates at which
they will purchase the bonds at not less than par and accrued interest. Not
more than two rates should be specified.
The bonds will be payable, at a
bank to be selected by the purchaser, from ad valorem taxes to be levied
without limitation as to rate or amount on all property in the district.
The
Volume
The Commercial & Financial Chronicle
153
district will furnish the approving opinion of
Chapman & Cutler, of Chicago,
ana all bids must be so conditioned.
Enclose a certified check for 2% of
the amount of the bid.
(This offering
was
originally scheduled
for Sept.
16—V.
153, p.
1159.)
CALCASIEU PARISH WARD 4 (P. O. Lake Charles), La.—BONDS
understand that at a recent election $200,000 road and
bridge bonds were voted.
VOTED-—We
DONALDSONVILLE, La.—BOND
^Eftection has been called for Sept. 23,
ELECTION—We
understand that
to submit to the voters an issue of
$20,000 not exceeding 6% public improvement bonds.
FRANKLINTON, La.—CERTIFICATE ISSUE DETAILS—'The$7,384
4% paving certificates purchased by the Washington Bank & Trust Co. of
Franklinton, at a price of 101.354—V. 153, p. 1022, mature $738.40 annu¬
ally on May 1 from 1942 to 1951 incl.
HOUMA, La.—BOND ELECTION
election
an
is
to be called
PROPOSED—We
understand
that
in the near future to submit to the voters the
following bonds aggregating $1,030,000; divided $930,000, road, $100,000
municipal bonds.
IBERIA PARISH (P. O.
that at the election held
airport bonds
were
Iberia), La .—BONDS VOTED—It is reported
Aug. 19,
on
an issue of $300,000 not
exceeding 4%
LAFAYETTE, La.—BOND
ELECTION PERMISSION REQUESTED—
We
to submit to the voters an issue of
$370,000 not exceeding 4% sewage plant
Due in 30 years.
LAFAYETTE PARISH (P. O.
Lafayette), La.—BOND ELECTION
PERMISSION SOUGHT—According to report, an application has been
made to the State Bond and Tax Board for
permission to call an election to
.the voters bonds aggregating $500,000, divided as follows;
$150,000 airport bonds, and $350,000 drainage improvement bonds.
LA PLACE-WOODLAND GRAVITY DISTRICT (P. O. La Place),
*
La .—BOND OFFERING CONTEMPLATED—We understand the
Drainage
Board may place on the market in the near future an issue of
$24,000 drain¬
age
bonds.
NEW
ORLEANS, La.—BOND CALD— It is stated by J. S. Cave,
Commissioner of Finance, that he is calling for payment at the redemption
of 105% of the principal amount thereof, together with accrued
price
interest
issued
thereon,
on
Oct.
1,
Railroad Bridge revenue bonds
1, 1932, as amended by supplemental
Public Belt
under indenture dated
Oct.
"^^tur^s dated June 1, 1933 and Oct.
1, 1935 respectively, aggregating
$74,000. bearing the following numbers,
following the prefix "M:"
5191
5199' 5201 5202' 5231, 5239,
5260, 5258, 5269, 5282, 5296, 5298, 5299, 5305,
5319, 5334, 5335. 5339, 5348, 5360, 5375, 5383, 5389, 5400,
5413, 5417, 5419, 5424, 5427, 5430, 5431, 5437, 5438, 5439,
•
•
iifl' §tfS' H55> 5464' 547°- 5477 5483
5509,
,
,
5240,
5306,
5408,
5440,
5252,
5313,
5410,
5446,
5489 , 5494 , 5498 , 5499 , 5502,
5510, 5511, 5512, 5515, 5532, 5533, 5539, 5547, 5549, 5555, 5559,
vO
i
1
f
OOoo
•
Said bonds
Bank
are
payable at the principal office'of the'Hibernia National
New Orleans, trustee, or, at the option of the
respective bearers,
at the Chemical Bank & Trust Co., fiscal
agent, New York, or at the prin¬
cipal office of Manufacturers Trust Co.,
in
paying*agent, New York,
upon
presentation and surrender of said bonds" and of the
coupons "maturing on
and after such
redemption date."
QIL
CITY, La.—BOND ISSUANCE PERMISSION GRANTED—We
understand that the city has been
granted permission by the State Bond and
Tax Board to issue $50,000 utilities revenue bonds.
r-STirlkWSSY, PARISH, BELLEVUE
£££KiTL£$AINAGE DISTRICT NO.
PURCHASERS—The
Secretary-Treasurer
AND COULEE CROUCHE
20 (P. O. Opelousas), La.—
reports that the $10,000
coupon acreage tax bonds sold on Aug. 19 as 3 Ms at 101.00, a basis of
about 3.30%—V. 153, p. 1159—were
purchased jointly by Dr. Chas. F.
Burleigh, both of Opelousas.
Due $1,000 on Aug. 1
In 1942 to 1951, inclusive.
No Other bid was received.
TERREBONE
1305
DELTON RURAL AGRICULTURAL SCHOOL DISTRICT (P. o.
Delton), Mich.—BOND OFFERING—R.
G.
Henton,
PARISH
now
Dated Aug. 1, 1941.
Denom. $1,000. Due $3,000 annually on July 1 from
Rate or rates of interest to be expressed in multiples of
M of 1%. Principal and interest (J-J) payable at the Delton State Bank,
Delton. A certified check for 2% of the bonds bid for, payable to order of
the District Treasurer, is required.
Bids shall be conditioned upon the
unqualified opinion of the purchaser's attorney approving legality of the
bonds. Cost of opinion and printing of bonds to be paid for by the successful
bidder. The school district is authorized and required by law to levy upon
all the taxable
property therein such ad valorem taxes as may be necessary
to pay the bonds and interest thereon within the limitation
prescribed by
Section 21 of Article X of the Michigan Constitution and the Michigan
"Property Tax Limitation Act." The school district authorized an increase
in tax limitation to
2.05% of the assessed valuation for the years 1941 to
1945, both inclusive. "
>
1942 to 1946 incl.
DETROIT,
Mich.—BONDS
PURCHASED—Charles
G.
Oakman,
Secretary of Board of Trustees of Policemen's and Firemen's Retirement
System, advises that the board purchased through tenders on Aug. 25 an
aggregate of $100,000 non-callable bonds at an average^yield of 2.516%.
(
DOWAGIAC, Mich.—BOND ISSUE APPROVED—It is reported that
the., State Public Debt Commission has approved a certificate covering an
$12,271.38 special assessment paving bonds.
Due in 1942 to 1951.
issue of
ERIN AND LAKE TOWNSHIPS FRACTIONAL SCHOOL DIS¬
NO. 3 (P. O. St. Clair Shores) Mich.—BOND SALE—Miller,
Kenower & Co. of Detroit were awarded on Aug. 25 an issue of $75,000
TRICT
refunding bonds at
par, as follows:
$12,000 3s, due $2,000 annually on
March 15 from 1942 to 1947, incl., $63,000 4s, due March 15 as follows:
$2,000 in 1948; $3,000 from 1949 to 1959, incl. and $4,000 from 1960 to
1966, incl. All of the bonds will be dated Sept. 1, 1941.
Denom. $1,000.
The last maturing 12 bonds will be subject to redemption prior to maturity
in inverse numerical order at par and accrued interest, upon 30 days
published notice, on any one or more interest payment dates on and after
the following dates:
Bonds Nos. 72 to 75, on and after March 15, 1942,
68 to 71. on and after March 15, 1943, and 64 to 67 on and after March 15,
1944.
Principal and interest (M-S) payable at the Detroit Trust Co.,
Detroit.
Legality approved by Berry & Stevens, of Detroit.
1089
FERNDALE SCHOOL DISTRICT (P. O. Ferndale), Mich.—BOND
SALE—The $400,000 coupon refunding bonds offered Aug. 25—V. 153, p.
1160—were awarded to a syndicate composed of the First of Michigan
Corp., Detroit; Braun, Bosworth & Co. and Stranahan, Harris & Co., Inc.,
both of Toledo; Crouse & Co. of Detroit, and McDonald-Coolidge & Co. of
Cleveland, at par plus a premium of $252.77, equal to 100.063, a net interest
cost
O.
Houma), La .—BOND ELECTION—
Sept. 23, to submit to
aggregating $1,030,000; $100,000 airport
maintenance, $930,000 road and bridge construction bonds.
Interest rate
is not to exceed
4%.
Due in 25 years.
of about
2.3815%,
as
follows:
$125,000 3s, due $25,000 yearly on
Oct. 1 from 1944 to 1948 incl.; $150,000 2s, due $25,000 from 1949 to 1954
incl. and $125,000 2 Ms, due $25,000 from 1955 to 1959 incl.
Other bids
were as follows:
H. V. Sattley & Co., Detroit, 100\002 for $50,000 3s,
$125,000 2Ms and $225,000 2Ms, a net cost of 2.3858%; Blyth & Co.,
Ryan, Sutherland & Co., Ballman & Main, and Miller, Kenower & Co.,
100.002 for $100,000 3s, $150,000 2Mb and $150,000 2Ms, a cost of 2.639%:
Harriman Ripley & Co., Inc. and John Nuveen & Co., 100.059 for $350,000
2Ms and $50,000 2 Ms, a basis of about 2.692%.
m
BOND
OALL—Elizabeth"BeasleyTSecretary
announces
of the Board of Education,
B and C,
that various numbered refunding bonds of series A,
dated j®ct. 1, 1935, maturing Oct. 1, 1962, are called for payment on Oct. 1,
1941, at par and accrued interest. The bonds are callable on any interest
payment date.
They will be redeemed at the Detroit Trust Co.,
Theodora E.
Henschen, Secretary of the Board of Education, will receive
sealed bids until 8 p. m.
(EST) on Sept. 4 for the purchase of $57,000 re¬
funding bonds of 1941.
Dated Aug. 1, 1941.
Coupon bonds in $1,000
denoms. Due Nov. 1 as follows: $2,000 from 1942 to 1944 incl. and $3,000
from 1945 to 1961
incl.
Bonds to bear interest at a rate or rates, expressed
in multiples of M of 1 %, not exceeding 3% per annum to Nov. 1,1946 incl.,
and 3M% thereafter.
Payable May 1, 1942, and semi-annually thereafter
Nov. 1 and May 1.
numerical
order,
at
Bonds Nos. 52 to 57 incl. will be callable in inverse
and accrued interest, upon 30 days' published
par
notice, on any one or more interest payment dates on or after Nov. 1,1943.
The bonds will be a general obligation of the school district, which is
authorized and required by law to levy upon all the taxable property therein
such ad valorem taxes as may be necessary to pay the bonds and interest
thereon, without limitation as to rate or amount.
be conditioned upon
COUNTY
(P. O. Taunton), Mass.—BOND SALE—The
agricultural school bonds offered Aug. 26—V. 153, p. 1159
Tyler & Co. of Boston, as 0.50s, at a price of 100.138,
a basis of about
0.45%.
Dated Sept. 1, 1941, and due $7,000 on Sept. 1
from 1942 to 1946, incl.
Other bids;
coupon
awarded to
r -
Bidder—
Jackson & Curtis
Lee Higginson Corp
Int. Rate
Rate Bid
0.50%
0.50%
0.50%
0.50%
0.75%
0.75%
100.077
_
Newton, Abbe & Co
National Shawmut Bank of Boston__________
Chace, Whiteside & Symonds
R. L. Day & Co
____
100.027
100.007
Par
100.34
100.079
LEXINGTON, Mass.—NOTE SALE—The $75,000 revenue anticipation
notes offered Aug. 25—V. 153, p. 1160—were awarded to
Tyler & Co. of
Boston, at 0.11% discount, plus a premium of $1.
Dated Aug. 26, 1941,
and due Aug. 21, 1942.
Other bids;
Bidder—
Discount
Second National Bank of Boston
R. L. Day & Co_______
0.157%
0.16%
0.17%
Lexington Trust Co
NORFOLK COUNTY (P. O.
Dedham), Mass.—NOTE OFFERING—
Ralph
D. Pettingell, County Treasurer, will receive sealed bids until
11a.m. (SDT) on Sept. 9, for the purchase of $200,000 Brookline Municipal
Courthouse notes.
Dated Sept. 9, 1941 and due June 3, 1942.
Bidders are
to name the rate of interest which the notes are to bear.
No offer to dis¬
count the loan will be accepted.
Notes will be payable at the First National
Bank of Boston, and
delivery will be made at that institution on or about
Sept. 10, against payment in Boston funds.
Notes will be authenticated
to genuineness and validity by the aforementioned bank, and the approv¬
ing legal opinion of Ropes, Gray, Best, Collidge & Rugg of Boston will be
as
furnished the successful bidder.
SOMERVILLE,
offered
Mass.—BOND SALE— The $180,000 funding bonds
Aug. 25—V. 153, p. 1160—were awarded to the Second National
Bank of Boston, as 0.75s, at a price of 100.102, a basis of about 0.73%.
Dated July 1, 1941 and due $36,000 annually on July 1 from 1942 to 1946
inclusive.
Other bids:
int. Rate
0.75%
Bidder—
Halsey, Stuart & Co., Inc
Harris Trust & Savings Bank
Bond, Judge & Co. and Chace, Whiteside & Symonds.
Tyler & Co.
_
Robert Hawkins & Co
Whiting, Weeks & Stubbs and
WINTHROP,
Boston
was
discount.
Estabrook & Co
Mass.—NOTE
SALE—The
Second
A certified check for 2%
payable to order of the district, is required. Bids shall
the unqualified opinion of Miller, Canfield, Paddock &
Stone of Detroit, approving the legality of the bonds.
Cost of opinion and
of printing the bonds to be paid for by the school district.
of the bonds bid for,
MASSACHUSETTS
$35,000
Detroit.
HARRISON AND CLINTON TOWNSHIPS FRACTIONAL SCHOOL
DISTRICT NO. 3, Macomb County, Mich.—BOND OFFERING—Mrs.
on
(P.
We understand that an election has been called for
voters the following bonds,
the
—were
Secretary of the
Board of Education, will receive sealed bids until 9p.m. (EST) on Sept. 2
for the purchase of $15,000 not to exceed 4% interest coupon school bonds.
approved.
understand that a resolution was passed on Aug. 22 by the City Trustees
requesting the State Tax and Bond Board for permission to call an election
bonds.
^
1%
1 %
1%
1%
1%
National
Rate Bid
100.048
100.519
100.456
100.399
100.329
100.27
Bank
of
awarded on Aug. 25 an issue of $75,000 revenue notes at 0.148%
Due April 30, 1942.
Other bids: Merchants National Bank of
Boston, 0.16%; First National Bank of Boston, 0.19%.
KALAMAZOO
AND
COMSTOCK
TOWNSHIP FRACTIONAL
SCHOOL DISTRICT
NO. 1 (P. O. Kalamazoo), Mich.—BONDS
VOTED—It is reported that an election on Aug. 13, resulted in favor of
issuing $111,000 construction
in the near future.
bonds.
They are to be placed on the market
COUNTY (P. O. Mount Clemens), Mich.—TENDERS
WANTED—The Board of County Road Commissioners will receive sealed
tenders until 2 p. m. on Sept. 8 for sale to the proper redemption funds of
the following highway refunding bonds:
Amount
Portion
Date of Issue
District No.—
Combined
$3,000
May 1, 1934
MACOMB
May 1, 1934
May 1, 1934
May 1, 1934
Ill
114
District
Township
District
1,000
2,000
3,000
"Enveloped*containing tenders must state the number of the road assess¬
ment district
and class of bonds offered.
MICHIGAN (State of)—NO ASSESSMENT DISTRICT REFUNDING
CONTEMPLATED—D. F. Buse, Director of Finance, State Highway
Department, reports that no further refunding of highway
district bonds is contemplated at this time.
improvement
road assessment
TOWNSHIPS FRACTIONAL SCHOOL
DISTRICT NO. 2 (P. O. 27520 Highland Road, Inkster), Mich.—
BONDS NOT SOLD—No bids were received for the $37,500 refunding bonds
ck 1941 offered for sale on Aug. 25. Dated Aug. 1, 1941. Denom. $500.
Due Aug. 1 as follows:
$l,5o0 in 1942; $1,000 from 1943 to 1952 incl.,
$2,000 from 1953 to 1962 incl. and $3,000 in 1963 and 1964.
Bonds Nos.
29 to 38 incl. will be subject to redemption in inverse numerical order, at
par and accrued interest, upon 30 days'published notice, on any interest
payment date on or after Aug. 1, 1942. Bonds are payable from unlimited
ad valorem taxes on all of the district's taxable property. They are to bear
interest at a rate or rates, expressed in multiples of M of 1 %, not exceeding
3% per annum to Aug. 1, 1947, and not exceeding 4% thereafter. Principal
and interest (F-A) payable at the Detroit Trust Co., Detroit, or at such
other paying agent as shall be mutually agreed upon by the purchaser and
the school district.
Bids were, to be conditioned upon the unqualified
opinion of the purchaser's attorney approving legality of the bonds. Success¬
ful bidder to pay cost of legal opinion and of printing the bonds.
NANKIN AND DEARBORN
OAKLAND COUNTY (P. O. Pontiac),
Mich.—TENDERS WANTED
~4The Board of Commissioners will receive sealed tenders until 10 a. m.
on
Sept. 8 of highway improvement (covert) refunding bonds.
Dated
Nov. 1, 1935 and due Nov. 1, 1958.
NO. 4 (P. O. Vandalia),
understand that the State
granted permission to the district to issue
PENN TOWNSHIP SCHOOL DISTRICT
Mich.—BOND ISSUANCE APPROVED—We
Public
Debt Commission has
$4,000 construction bonds.
RICHLAND TOWNSHIP
MICHIGAN
ALBION, Mich.—BOND ELECTION—We understand that an election
has been called for Sept. 9, to submit to the voters an issue of $100,000
gas and light plant general credit bonds.
AVON TOWNSHIP SCHOOL DISTRICT NO. 3
(P. O. Route No. 1,
Rochester), Mich.—BOND SALE—The $54,000 coupon refunding bonds
offered Aug. 22—V. 153, p. 1023—were awarded to H. V. Sattley & Co.
of Detroit, at par plus a premium of $29.16, equal to 100.054, for $36,000
3 Ms, due $3,000 annually on March 1 from
1943 to 1954, incl., and $18,000
1958, incl.
Net interest
3s, due $3,000 in 1955 and $5,000 from 1956 to
cost of
3.114%.
SCHOOL DISTRICT!1 NO. 4 (P. O. Hem.
lock), Mich.—BOND SALE—The $10,500*couponfgeneral obligation bonds
offered Aug. 25—V. 153, P. 1160—were awarded to the.First of Michigan
Corp., Detroit, as 1 Ms, at par plus a premium|of $16.57, equal to 100.149,
basis of about 1.19%.
Dated July 1, 1941 and due.April 1 as follows:
a
and $2,500 in 1946.
TOWNSHIP SCHOOL DISTRICT NO. 7 (P. O.
Mich.—CERTIFICATE TENDERS INVITED—Edward
Parkin, Secretary Board of Education, states that he will receive sealed
tenders of 1937 certificates of indebtedness, dated Sept. 1, 1937, until
Sept. 8, at 8 p. m. (EST).
The amount on hand in the sinking fund for
the retirement of certificates of indebtedness in approximately $4,000.
$2,000 from 1942 to 1945, incl.
ROYAL
Royal
OAK
Oak),
The Commercial & Financial Chronicle
1306
Offerings should state certificate numbers, their par value, and the amount
for which they will be sold to the district.
The Board of Education re¬
serves the right to reject any or all tenders; to waive any irregularities in
said tenders; accept the tender or tenders which, in the opinion of the
board, are most favorable to the district and to purchase additional cer¬
tificates sufficient to exhaust the amount of money available for this
purpose
on Sept. 8.
Offerings should be firm for two days.
ST.
CLAIR
SHORES,
Mich .—TENDERS
WANTED—Walter
pledged for the payment of the bonds and the interest thereon, and
such bonds will be general obligations of the town and payable out of taxes.
The bonds will be awarded to the bidder who will pay their face amount,
with accrued interest from Sept. 10, and who offers the town the lowest
rate of interest.
Enclose a certified check for $1,000, payable to the town
Treasurer.
.'V:1'
an
Pratt, Village Clerk, will receive sealed tenders until 8 p. m. (EST) on
Sept. 2 of interest refunding certificates, dated Oct. 1, 1937.
Amount
$4,236.88.
Offerings should be
CONCORD, Minn.—BOND ELECTION—We understand that
election has been called for Sept. 2, to submit to the voters an issue of
$8,300 3% funding bonds.
MISSISSIPPI
HATTIESBURG, Mis*.—BOND SALE DETAILS—In connection with
SOUTHFIELD TOWNSHIP SCHOOL DISTRICT NO. 11, Oakland
County, Mich.—BOND OFFERING—Mrs. Jewel Wixson, Director, will
the sale of the $185,000 semi-annual school bonds to the First National
Bank of Memphis—V. 153, p. 1023—it is now stated by the Commissioners'
Clerk that White, Dunbar & Co. and Scharff & Jones, both of New Orleans,
receive sealed bids until 8
p. m. (EST) on Sept. 2 for the purchase of $126,to exceed 3% interest coupon refunding bonds.
Dated Aug. 1,
Denom, $1,000.
Due July 1 as follows: $3,000 from 1942 to 1947
incl.; $4,000, 1948 to 1952 incl.; $5,000, 1953 to 1957 incl.; $6,000, 1958 to
1964 incl.; and $7,000 from 1965 to 1967 incl. Rate or rates of interest to be
expressed in multiples of
of 1%. Bonds Nos. 106 to 126 both inclusive
will be subject to redemption prior to maturity in inverse numerical
order,
at par and accrued interest, upon 30 days' published notice, on any one or
more interest payment dates on and after the following dates, to wit; Bonds
120 to 126, both inclusive, on and after July 1,1943; Bonds 113 to 119, both
inclusive, on and after July 1,1944; Bonds 106 to 112, both inclusive, on and
after July 1, 1945.
Principal and interest (J-J) payable at the Detroit Trust Co.,
Detroit.
A certified check for 2% of the bonds, payable to order of the
district, is
required. Bids shall be conditioned upon the unqualified opinion of Miller,
Canfield, Paddock & Stone, of Detroit, approving the legality of the bonds.
Cost of opinion and of printing the bonds to be paid for by the school district.
The bonds will be the general obligation of said school
district, which is
authorized and required by law to levy upon all the taxable property therein
such ad valorem taxes as may be necessary to pay the bonds and interest
thereon, without limitation as to rate or amount.
000 not
were
1941.
of 2.35%, as follows:
15, $4,000 in 1942 to 1946 and $8,000 in 1947,
2%s\ $123,000 maturing Aug. 15, $8,000 in 1948 to 1957, $9,000 in
1958, $8,000 in 1959, $9,000 in 1960, $8,000 in 1961, $9,000 in 1962, as
2y2s, and $34,000 maturing Aug. 15, $8,000 in 1963, $9,000 in 1964, $8,000
in 1965 and $9,000 in 1966, as 2s.
Dated Aug. 15,1941.
Denom. $1,000.
The bonds are callable in whole or in part in inverse order of maturity on
any interest date after Aug. 15, 1946, at 100 and int.
Prin. and int. pay¬
able at the First National Bank, Memphis.
The bonds will be validated
by decree of the Chancery Court of the county, and were approved as to
legality by Charles & Trauernicht of St. Louis.
$28,000 maturing Aug.
as
HAZELHURST
SUMNER SEPARATE SCHOOL DISTRICT (P.
by Leftwich & Ross, of Memphis, as reported in —V. 153, p. 1161—are
in $1,000 denoms. and mature $2,000 annually on Aug. 1 from 1945 to
1959 incl.
Prin. and int. (F-A) payable at the Bank of Sumner.
MISSOURI
BIRCH'TREE, Mo.—BOND SALE—We understand that an issue o
$23,200 4% semi-ann. water works bonds was purchased by the Municipa
Bond Corp., of Chicago.
Legality approved by Charles & Trauernicht, of
St. Louis.
SCHOOL DISTRICT
(P. O. Clayton), Mo.—BONDS
Superintendent of Schools states that $50,000 school bonds
purchased recently by the Boatmen's National Bank of St. Louis,
as 0.50s, for a premium of $35.00, equal to 100.07.
Dated May 1, 1941.
Due in 1942 to 1944.
Legality approved by Charles & Trauernicht of
CLAYTON
SOLD-—The
were
St. Louis.
KENNETH
to
1
1946 incl.
as
ST.
assessment,
year
follows:
$14,000 in
annually from 1946 to 1959 incl.
Issue
SALINE COUNTY CONSOLIDATED SCHOOL DISTRICT No. 3
(P. O. Marshall), Mo.—BOND SALE— Soden & Co. of Kansas City have
was
VALLEY PARK, Mo.—BONDS
certificates of indebtedness offered Aug. 25—V.
Im¬
153,
MONTANA
p-
$3,000,
election has been called for Sept. 26, to submit to the voters
FOREST
BELGRADE, Mont.—MATURITY—The Town Clerk now reports that
the $18,000 water system refunding bonds sold to the State Board of Land
Commissioners, as 23^8, at 100.081, as noted here on July 19, are due $900
on July 15, 1942, and on Jan. and July 15, 1943 to Jan. 15, 1952; callable
on any interest payment date before maturity, giving a basis of about 2.11%.
1948,
Minn .—BOND ELECTION—We understand that
bonds.
an
CHOUTEAU
issue of
p.
LAKE, Minn.—BONDS SOLD—Park-Shaughnessy & Co. of
sewerage
system
HOUSTON COUNTY SCHOOL DISTRICT NO.
42 (P. O. Caledonia)
$115,000 issue of semi-ann. building bonds
Aug. 26—V. 153, p. 1160—was awarded to a syndicate
composed of the Wells-Dickey Co. of Minneapolis, Kalman & Co., and
Harold E. Wood & Co., both of St. Paul, as lMs,
paying a premium of
$1,151, equalto 101.00, a basis of about 1.67%. Dated Sept. 1, 1941. Due
_
Minn.—BOND
on
OFFERING—C.
and
at an
$2,000 in
election
MOUNT,
system
p.
on
1950 and
1951.
Interest
J-J.
1946; giving
was
Minn .—CERTIFICATES
extension
certificates
muR9£EBUD
as
of
AWARDED—The
indebtedness
offered
Aug.
_
MUSSELSHELL
153,
Musselshell),
°* Fo88ton» Route 3, Box 8), Minn.—BOND SALE—
own expense as soon as
are
opinion
as to the
to
legality
furnish
practicable after the award.
The
.
'.
be put in
or
.
purchased the $5,500 funding
and pay for their own legal, approving
of the bonds. The full faith and credit of the town
single bond
Interest payable April and July 1 in each year.
If serial bonds are issued and sold the same shall be in the amount of
$2,500 each, except bond No. 1, which shall be in the amount of $3,608.14;
the sum of $3,608.14 of said serial bonds will become due on Oct. 1, 1942,
and the sum of $2,500 of said serial bonds will become due and payable on
the same day each year thereafter until all such bonds are paid.
The bonds, whether amortization or serial bonds, will be redeemable in
full five years from the date of issue, and any interest due date thereafter.
Issued for the purpose of paying, redeeming and retiring bonds issued
by the district under dates of Jan. 1, 1919 and April and July 1,1920. The
bonds will be sold for not less than par and accrued interest to date of
STORDEN, Minn .—BOND OFFERING—Paul
bidders
NO. 9 (P. O.
Carstens, District
DISTRICT
.
SPOONER CONSOLIDATED SCHOOL
DISTRICT, Minn.—BONDS
and executed at its
SCHOOL
OFFERING—Martin
divided into several bonds, as the Board of Trustees may
determine at the time of sale, both principal and interest to be payable in
semi-annual instalments during a period of 10 years from the date of issue.
one
L5?,UI,S pARK, Minn.—CERTIFICATE OFFERING-Joseph Justad,
Village Clerk, will receive sealed bids until 8 p.m. on Sept. 2 for the pur¬
of $4,800 water main certificates of indebtedness.
Dated Sept. 1,
1941.
Denom. $800.
Due $800 on Sept. 1 from 1943 to 1948 incl.
Bids
on interest rate
and premium are invited.
Certificates will be general
obligations of the village.
H. Senst, Chairman of
Town Board, will receive sealed bids until
1:30 p. m. on Sept. 5 for the
purchase of $10,000 funding, road and bridge bonds. Dated Sept. 10,1941.
Denom. $1,000.
Due $1,000 on July 1 from 1942 to 1951 incl.
Interest
payable annually on July 1. Principal and interest payable at a place to be
designated by the successful bidder. The town will have the bonds printed
COUNTY
Mont.—BOND
choice of the School Board.
If amortization bonds are sold and issued the entire issue may
chase
successful
.
_
Clerk, will receive sealed bids until 7 p. m. on Sept. 15 for the purchase of
$26,108.14 not to exceed 6% interest refunding bonds. Dated Oct. 1, 1941.
Amortization bonds will be the first choice and serial bonds the second
The $6,000 semi-annual road
improvement bonds offered for sale on Aug.
23—V. 153, p. 870—were awarded to the Farmers State Bank of
Fosston,
according to the Town Clerk.
Dated Aug. 1,1941.
Due $500 from Aug. 1,
1942 to 1953, inclusive.
State Board of Investments
bonds authorized at a recent election.
_
water
21—V.
4s, at par to the State, the only bidder.
SOLD—The
State
_
authorized
$3,000
interest cost of about 1.88%.
of— BOND SALE— The $500,000 issue of coupon
offered for sale on Aug. 26—V. 153,
p. 1023—was awarded to the First Boston Corp. of New York, as 0.70s,
paying a price of 100.104, a basis of about 0.66%. Dated Sept. 15, 1941.
Due $125,000 on Sept. 15 in 1942 to 1945.
Stern Bros. & Co. of Kansas City, submitted the second best bid, offering
100.04 for 1.70s, while Halsey, Stuart & Co., Inc. of Chicago, proffered
100.092 for 0.75% bonds.
-4
Aug. 5.
1161—were awarded
a net
semi-ann. State Insane Hospital bonds
E.
Issue
Clerk states that the
$47,259.17 refunding bonds sold to the Union Bank & Trust Co. of Helena,
2s, at 100.42, as noted here on June 21, are due on July 1 as follows:
$6,700 in 1942 to 1947, and $7,059.17 in 1948; callable on and after July 1,
Seymour,
Village
Recorder, will receive sealed bids until 8 p.m. on Sept. 2 for the purchase
of $10,000 not to exceed 2% interest land
purchase and hospital equipment
bonds.
Denom. $500.
Due July 1 as follows: $1,000 from 1944 to 1949
incl.
DISTRICT NO. 28 (P. O. High-
as
W MONTANA,
Minn.—BOND
SCHOOL
m. on
EAST HELENA, Mont.—MATURITY—1The City
SALE—The
on
Dec. 1 in 1943 to 1966.
MADELIA,
COUNTY
Mont.—BOND OFFERING—Sealed bids will be received until 8
Sept. 15, by Ben J. Gossack, District Clerk, for the purchase of
$4,488.16 refunding bonds.
Interest rate is not to exceed 5%, payable
semi-annually.
Dated Dec. 1, 1941. Amortization bonds will be the first
choice and serial bonds tbe second choice of the School Board.
A certified
check for l$250 must accompany the bid.
wood)
,
St. Paul, recently purchased $20,000 2%% semi-annual
bonds, according to report.
offered for sale
SOLD—The Municipal Bond Corp. of
Chicago has purchased an issue of $45,000 sewer system bonds which was
election on Feb. 25.
authorized
authorized by the voters at an
$4,000, 1944; $2,000, 1945; $3,000. 1946; $2,000, 1947;
$2,000, 1949; $3,000, 1950, and $2,000 in 1951 and 1952.
$16,000 airport
$68,564,000, compared with $72,252,000 at end of
purchased an issue of $5,000 2% refunding bonds at par plus a premium
of $76.30, equal to 101.526, a basis of about 1.73%.
Dated Feb. 1, 1941
and due on Feb. 1, 1947.
Interest F-A.
Legality approved by Charles
& Trauernicht, of St. Louis.
17.
EDINA, Minn .—CERTIFICATE SALE— The $24,000 Water Main
an
when a deficit of $1,682,729 was reported.
as of April 7, 1941, was equivalent to $81.94 per
capita compared with $86.09 in previous year.
1023—were awarded to the Wells-Dickey Co. of Minneapolis, and associa"
tes, as 1 Hs, at par plus a premium of $116, equal to 100.48, a basis of about
1.42%.
Dated Aug. 1, 1941 and due Aug. 1 as follows: $2,000 in 1943
FALLS,
fo£
Bonded indebtedness
Clerk, reports that the State purchased an issue of $14,000 3% building
FERGUS
Mo.—BOND
preceding year.
MINNESOTA
1
Kenneth),
St. Louis—V. 152, p. 3058—
follows: $1,000 from 1942 to
LOUIS, Mo.—DEFICIT CUT—The City Comptroller's report
of the fiscal year was
1942 and
CARLTON COUNTY INDEPENDENT SCHOOL DISTRICT NO. 3
(P. O. Moose Lake), Minn.—BONDS SOLD—John O. Johanson, District
provement No.
O.
Bonds aggregating $8,671,000 were purchased and cancelled during the
fiscal year while $4,980,000 bonds were issued, resulting in a net decrease
in outstanding debt of $3,691,000.
The total outstanding debt at the close
All of the bonds will be dated Sept. 1, 1941.
Second high bid of 100.067
for 0.75s was made by Halsey, Stuart & Co., Inc., Chicago.
Due $1,000
(P.
construction bonds sold earlier in
April 7, 1941, shows a deficit in municipal revenue of
$1,362,247, a reduction of $320,482 from the debit balance of the previous
Due Sept. 1 as follows: $14,000 in 1942; $13,000 in
1943. and $12,000 from 1944 to 1946 incl.
bonds.
2H%
1 946 incl. and $2,000 from 1947 to 1956 incl.
16,
$63,000 paving bonds.
at an election on Feb.
DISTRICT
SCHOOL
SALE DETAILS—The $25,000
the year to the Mississippi Valley Trust Co. of
are in $1,000 denoms. and mature Mar. 1 as
the fiscal year ended
pWYANDOTTE, Mich.—BOND SALE— The $129,000special
Due Sept.
O. Sumner), Mi**.
—BOND SALE DETAILS—The $30,000 3M% refunding bonds purchased
general obligation bonds offered Aug. 26—V. 153, p. 1160—were awarded
to the Micrigan Alkali Co. of Detroit, as 0.75s, at a
price of 100.11, a
basis of about 0.71%.
Sale consisted of:
$13,000 from 1943
DISTRICT,
MORGAN CITY CONSOLIDATED SCHOOL DISTRICT (P. O.
Greenwood), Mi**.-—BONDS SOLD—The Bank of Greenwood purchased
issue of $5,000 3% school bonds.
Dated July 1, 1941.
Legality ap¬
proved by Charles & Trauernicht of St. Louis.
SCHOOL DISTRICT NO. 7, Mich.—
CALL—Philip P. Beaham, Secretary of the Board of Education,
$66,000 sidewalk bonds.
SCHOOL
an
calls for payment on Sept. 16, 1941, at par plus accrued interest, all out¬
March
SEPARATE
2%s, at par plus a premium of $15,
equal to 100.21, a basis of about 2.67%.
Dated July 1, 1941.
Denom.
$500. Due July 1 as follows: $1,500 from 1942 to 1945 incl. and $1,000 in
1946. Issue was approved at an election on May 15.
LAKE TOWNSHIP
maturing
MUNICIPAL
Mis*.—BONDS SOLD—The Max T. Allen Co. of Hazelhurst purchased an
issue of $7,000 construction bonds as
TAYLOR TOWNSHIP SCHOOL DISTRICT NO. 4 (P. O. Route
No.
1,
Dearborn), Mich.—BOND OFFERING—Edward E. Revolt,
Director, will receive sealed bids until 8 p. m. (EST) on Sept. 2 for the
purchase of $10,000 not to exceed 4 % interest coupon school building bonds.
Dated Sept. 1, 1941.
Denom. $1,000.
Due $2,000 on June 1 from 1942
to 1946, Incl.
Rate or rates of interest to be expressed in multiples of
M of 1%.
Principal and interest (J-D) payable at the Detroit Trust Co.,
Detroit.
A certified check for 2% of the bonds bid for, payable to order
of the District Treasurer, is required.
Bids shall be conditioned upon the
unqualified opinion of tne purchaser's attorney approving the legality of
the ponds.
Cost of opinion and of printing the bonds to be paid for
by
the successful bidder.
The school district is authorized and required by
law to levy upon all the taxable property therein such ad valorem taxes
as may
be necessary to pay the bonds and interest thereon, within the
limitation prescribed by Section 21, Article X, of the Michigan Constitu¬
tion and tne Michigan "Property Tax Limitation Act."
The school dis¬
trict authorized an increase in tax limitation to 2.2% of the assessed valua¬
tion for the years 1941 to 1945, both inclusive.
standing refunding bonds
dated ISarch 16, 1936,
1966.
Payable at the Detroit Trust Co., Detroit.
associated with the above named bank in the purchase, paying a pre
mium of $12.50, equal to 100.006, a net interest cost
SOUTH HAVEN, Mich.—BOND OFFERING—It is stated
by Carroll
Ross, City Clerk, that he will receive bids until 4 p.m. on Sept. 15, for the
purchase of $53,000 2Y%% semi-ann. water revenue coupon bonds. Denom.
$1,000.
Dated Sept. 1, 1941. Due Sept. 1, as follows: $10,000 in 1943 to
1946 and $13,000 in 1947, optional on any interest paying date after two
years.
Principal and interest payable at the City Treasurer's office. Pur¬
chaser to pay for legal opinion.
Enclose a certified check for $1,000.
BOND
•
,
WEST
F.
available for retirement of certificates is
firm for two days.
WHITE
Aug. 30, 1941
is
o
delivery, and all bidders must state the lowest rate at which they will
purchase the bonds at par. Enclose a certified check for $300, payable to
the District Clerk.
:
(P. O. Plentywood), Mont.—BOND SALE
DETAILS- Seorge N. Lund, of Reserve, and R
O. Nelson of Plentywood, purchased on May 26 an issue of $155,000 refunding bonds, not
SHERIDAN
COUNTY
Volume
The Commercial & Financial Chronicle
153
$168,000 as previously reported.—V. 152, p. 3532.
The issue was sold as
3s, at a price of 100.014, and matures July 1 as follows: $15,000 from 1942
to 1950, incl. and $20,000 in 1951.
YELLOWSTONE
COUNTY
SCHOOL
DISTRICT
NO.
7
(P.
O-
Laurel), Mont.—MATURITY— The District Clenc states that the
$20,000 building bonds sold to the Yellowstone Bank of Laurel, as 2Ms,
at a price of 101.00, as noted here on June 21, mature $1,000 from June
1, 1942 to 1961; callable on June 1, 1951, or on any interest payment date
thereafter, giving a basis of about 2.11%.
NEBRASKA
BIG
1307
mission, at a meeting held on Aug: 18, gave its assent to a resolution adopted
by the Borough Council under da$e of June 19, 1941, which resolution
authorized the payment on account of interest on the obligations of the
borough of 214% on the principal, thereof.
Similar action was taken with
respect to a payment of 2 M % on abcount of interest by the Board of Educa¬
tion of Union Beach.
UNION
the
\
„
CITY, N. 3.—BONDS
AUTHORIZED—We
understand that
City Commission passed on final reading the ordinance calling for the
issuance of $799,000 refunding bonds.
VINELAND, N. 3.—BOND OFFERING—It is stated by Robert E.
Bleakley, Borough Clerk, that he will receive sealed bids until 3 p.m. (DST)
Sept. 23, for the purchase of $100,000 not exceeding 6%, semi-annual
electrio light plant coupon bonds.
Dated Oct. 1, 1941.
Denom. $1,000.
Due Oct. 1 as follows: $6,000 from 1942 to 1946 incl. and $7,000 from 1947
to 1956 incl.
Bidder to name a single rate of interest expressed in a multiple
of ]4 of 1 %.
Principal and interest (A-O) payable at the Vineland National
Bank & Trust Co., Vineland, or at the Guaranty Trust Co., New York
City.
Bids are desired on forms which will be furnished by the borough.
The bonds will be delivered on Oct. 1, 1941, or as soon thereafter as they
may be prepared.
A certified check or 2% of the bonds offered, payable
to order of the Borough Treasurer, is required.
Legal opinion of Caldwell
& Raymond, of New York City, will be furnished the successful bidder.
In the event that prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law hereafter enacted,
the purchaser may, at his election, be relieved of his obligations under the
on
SPRING, Neb.—BONDS EXCHANGED—'The City Clerk states
have been exchanged for old bonds.
that $20,000 314% refunding bonds
Denom. $1,000.
Dated Feb. 1,1941.
Due in 1945 to 1955.
(F-A) payable at tho County Treasurer's office.
Prin. and int.
k
4
CRETE SCHOOL DISTRICT (P. O. Crete)
Neb.—BOND SALE
DETAILS—The Superintendent of Schools states that the $50,000 1%%
semi-ann. building bonds sold to Green way & Co. of Omaha—V. 153, p.
1161—were purchased at a price of 100.152, and mature $5,000 on Jan. 1
in 1944 to 1953, giving a basis of about 1.73 %.
-4
*
t -»
CUSTER COUNTY SCHOOL DISTRICT NO. 180
(P. O. Calloway),
Neb.—BONDS AUTHORIZED—We understand that a resolution has
been approved by the Board of Education calling for an issue of $25,000 not
exceeding 3% refunding bonds.
contract to purchase
FREMONT, Neb.—BONDS VOTED—According to report the election
on Aug. 22, resulted in favor of issuing $29,000 swimming pool bonds
the bonds and in such
case
the deposit accompanying
his bid will be returned.
held
^
HILDRETH, Neb.—BONDS AUTHORIZED—We understand that an
ordinance has been passed calling for an issue of $16,000 refunding bonds.
KEARNEY,
EXCHANGE
CONTRACT—Harriet
J.
City Clerk, reports that the Wachob-Bender Corp. of Omaha
Nelson,
has
Neb.—BOND
contracted
NEBRASKA
an
exchange
to
bonds authorized
with
original
by the CLy Council
CITY,
on
nolders the $43,000 refunding
June 16.
Neb.—BOND ELECTION—We understand
that
election has been called for Sept. 9, to submit to the voters an issue of
$300,000 water and
NORTH
gas system revenue
bonds.
PLATTE, Neb.—BONDS VOTED—It is reported that
Aug. 19, an issue of $25,000 airport bonds were voted.
the election
at
on
PLYMOUTH, Neb.—BOND SALE DETAILS—The $7,500 auditorium
bonds awarded last May to the Farmers State Bank of Plymouth, as 3s—
V. 152. p. 3379—are dated July 1. 1941, in $500 denom. and mature
annually
July 1 from 1942 to 1956, incl.
on
$500
Price paid was par.
the
bonds and interest
order of the town,
NEW HAMPSHIRE
(State of)—BOND SALE—A syndicate composed
White, Weld & Co., New York; Harris Trust & Savings Bank, Chicago,
& Co., New York, purchased privately on Aug. 25 a total of
$1,866,000 %% hospital, relief and various other purpose bonds and made
public reoffering at prices to yield from 0.25% to 0.90%, according to ma¬
turity.
Bonds will be dated Aug. 1, 1941 and mature Aug. 1 as follows:
$100,000 in 1943 and 1944; $366,000, 1945; $.300,000, 1946; $400,000 in
1947 and $300,000 in 1948 and 1949.
Legality approved by Storey,
Thorndike, Palmer & Dodge of Boston.'
of
and Blyth
NEW JERSEY
thereon.
is required.
A certified check for $750, payable to
Legal opinion of Dillon, Vandewater &
Moore of New York City will be furnished the successful bidder.
HIGHLAND,
V
HAMPSHIRE
NEW
YORK
NEW
COCHECTON, N. Y.—BOND OFFERING—Philip Neff, Town Super¬
a. m. (DST) on Sept. 4 for the pur¬
chase of $35,000 not to exceed 6% interest coupon or registered Lake
Huntington Sewer District sewer system and sewage disposal plant con¬
struction bonds.
Dated Sept. 1, 1941.
Denom. $500.
Due Sept. 1 as
follows: $1,000 from 1942 to 1946, incl., and $1,500 from 1947 to 1966,
incl.
Bidder to name a single rate of interest, expressed in a multiple of
*4 or 1-10th of 1%.
Principal and interest (M-S) payable at the First
National Bank, Jeffersonville, with New York exchange.
The bonds are
general obligations of the town, payable primarily from a levy upon real
property in the sewer district, but if not paid therefrom, all the taxable
property in the town will be subject to the levy of unlimited taxes to pay
visor, will receive sealed bids until 11
TRAL
LUMBERLAND,
SCHOOL
DISTRICT
TUSTEN AND DEERPARK CEN¬
1
(P. O. Eldred), N. Y.—BOND
NO.
OFFERING—Thornton F. Jackson, District Clerk, will receive sealed bids
until 3 p. m. (DST) on Sept. 4 for the purchase of $241,825 not to exceed
6% interest coupon or registered building and equipment bonds.
Dated
Sept. 1, 1941.
One bond for $825, others $1,000 each.
Due March 1 as
follows: $6,825 in 1943; $7,000, 1944 to 1949, incl.; $10,000, 1950 to 1968,
incl., and $3,000 in 1969.
Bidder to name a single rate of interest, ex¬
pressed in a multiple of U or 1-10th of 1%.
Principal and interest (M-S)
payable at the National Union Bank, Monticello, with New York exchange.
The bonds are unlimited tax obligations of the district and the approving
legal opinion of Dillon, Vandewater & Moore of New York City will be
furnished the successful bidder.
A certified check for $5,000, payable to
order of Walter B. Styles, District Treasurer, is required.
r
LOON LAKE PARK DISTRICT (P. O.
Glens Falls), N. Y.—BOND
SALE—The Manufacturers & Traders Trust Co. of Buffalo purchased an
BELLEVILLE, N. J .—TO INVEST $50,000 IN DEFENSE BONDS—
Mayor William H. Williams has been authorized by the Town Commission
to invest
issue of $15,500
of about
improvement bonds as 1.80s, at a price of 100.159, a basis
1.78%. Dated Sept. 1, 1941 and due Sept. 1 as follows: $1,000
$50,000 of town money in United States Defense Bonds.
Mayor
Williams said that $49,950, $50 less than the legal maximum for the calendar
from 1942 to 1956 incl. and $500 in
will be invested in a series F bonds which will bring $67,500 after
years:
Mayor Williams said that Belleville is the first municipality
in New Jersey to invest surplus money in defense bonds and that he would
propose an additional investment in January.
SINKING FUNDS—Comptroller Joseph D. McGoldrick reported Aug. 28
to the Board of Estimate that the City's sinking funds are on the "soundest
basis which prudent fiscal planning can provide" and actually ended last
NEW
year
12
BELLEVILLE SCHOOL DISTRICT (P. O. Belleville), N. J .—BOND
VOIDED—We understand that the election on March 28,
1939, at which an issue of $89,000 auditorium bonds was approved, has
been nullified by the Board of Education on account of the fact that WPA
ELECTION
funds
not
were
W CLIFFSIDE
that
an
for p,n
available.
PARK,
N.
J .—BONDS AUTHORIZED—It is reported
issue of $18,000 municipal equipment bonds.
N.
EXTENSION APPROVED—The
State Funding Commission has approved the resolution of the city Council
adopted Aug. 5 requesting consent to an extension of the completion of
the city's refunding program.
MHl
REPORTS
ON STATUS
OF
with
a
$4,045,680 surplus.
June 30 the sinking funds, he said, had assets on
than 26% of all the outstanding corporate stock
of the
more
economical character of the former."
The text of Mr. McGoldrick's report follows:
"I am submitting at this time to the members
a
3—REFUNDING
1957.
Y.—COMPTROLLER
N.
When the 1940-41 fiscal year ended on
hand equivalent to more
debt.
The Comptroller
also referred to a $26,055,076 reduction in this outstanding debt, which
"reflects our policy of financing capital improvements more and more
through the issuance of serial bonds rather than by corporate stock, because
year
ordinance was passed on Aug. 11, by the Mayor and Council calling
CLIFTON,
YORK,
statement
of the
operation and condition
of the Board of Estimate
of the city's sinking funds
during the 1940-41 fiscal year, as required by Section 278 of the Charter.
The statements and schedules contained in the pamphlet show the reserves
the assets of the funds, the obligations redeemable and
maturity dates.
"There are certain outstanding figures in this material to which
required,
their
IZED—We understand that an ordinance has been passed on final reading
your
should be directed.
For example, while the city was legally
required to have on hand in cash or securities $539,364,826, it actually
had $543,410,506.
This represented a surplus of $4,045,680.
It indicates
further that on June 30 we had on hand the equivalent of somewhat more
than 26% of the total outstanding corporate stock debt, which then
amounted to $2,047,535,408, including past due bonds.
"The consolidated balance sheet of the four sinking funds (city sinking
fund, water sinking fund, rapid transit sinking fund, transit unification
sinking fund) shows that on June 30 the bonds held as investments totaled
$502,635,144.
As you know, we have limited ourselves to investing only
in New York City securities.
Although the free cash on hand amounted
to $32,015,372 on June 30, during July and August this amount was sub¬
stantially reduced by purchases of new investments.
"A comparison of the total amount of corporate stock outstanding and
payable from the sinking funds shows that at the end of the 1939-40 fiscal
year there was a total of $2,073,590,484, whereas at the close of the 1940-41
fiscal year the outstanding corporate stock had been reduced by $26,055,076
to $2,047,535,408 including past due bonds.
This reduction reflects our
by the Township Committee calling for an issue of fire station bonds to
the amount of $40,000.
policy of financing capital improvements more and more through the
issuance of serial bonds rather than
by corporate stock, because of the
FAIR LAWN, N. 3.—BOND OFFERING—Ronald S. Spittel, Borough
Clerk, will receive sealed bids until 8:30 p. m. (DST) on Sept. 9 for the
purchase of $24,500 not to exceed 6% interest coupon or registered bonds,
divided
as
follows:
$14,500 water bonds of 1940.
Dated Oct. I, 1940.
10,000 improvement bonds.
Due April 1, 1941.
'
Due Oct. 1 as follows: $1,500
1941; $2,000 from 1942 to 1950, incl. and $1,000 from 1951 to 1955, incl.
Bidder to name a single rate of interest for all of the bonds, expressed in a
multiple of *4 or 1-10th of 1%.
Principal and interest (A-O) payable at
the Fair Lawn-Radburn Trust Co., Fair Lawn, or at the Chemical Bank
& Trust Co., New York City.
Amount bid for the bonds shall be not less
than $24,500 nor more than $25,000.
The bonds are unlimited tax obliga¬
tions of the borough and the approving legal opinion of Hawkins, Delafield
& Longfellow of New York City will be furnished the successful bidder.
A certified check for $490, payable to order of the borough, is required.:
One bond for $500, others $1,000 each.
in
HILLSIDE TOWNSHIP
(P. O. Hillside), N. 3.—BONDS AUTHOR¬
CITY,
N. 3.—PROPOSED REFUNDING PROGRAM—
Following is taken from the minutes of the Aug. 18 meeting of the State
Funding Commission.
"The borough of Neptune City submitted a plan
for refunding its indebtedness involving the issuance of $340,000 refunding
bonds to take up $312,000 bonds now outstanding.
The financial position
of the borough is not good, and this refunding plan was determined as being
necessary at the time of the adoption of the 1941 budget.
The plan con¬
templates an exchange of bonds with the State of New Jersey and provides
for the taking up of old bonds carrying a 4*4% to 5% coupon, which
bonds will be exchanged for new bonds bearing a coupon rate of 3*4%.
The plan provides for a discount of $25,000 and issuing expenses of not to
exceed $3,000.
Mr. Gary has completed his examination and recommends
approval, with the condition that an all inclusive tax sale be held before
the close of 1941, and complete and all inclusive tax sales be held annually
thereafter."
'vy-,y:v-
June 3-
$85,000 4% Deptford Township general refunding bonds at par.
18,000 5% series A Neptune Township refunding bonds on a 4.10% basis.
100,000 4)4% Raritan Township refunding bonds at par.
Due $50,000 on
June 1 in 1958 and 1959.
ROSELLE, N. 3.—BONDS AUTHORIZED—We understand that the
Borough Council recently passed an ordinance calling for an issue of $20,000 fire equipment bonds.
N. J.—REFUNDING APPROVED—The State Fund¬
economical character of the former.
makes no reference to our serial bond debt, as
is
serviced
by
SALT AIRE, N. Y —BOND SALE—The $7,500 coupon or registered
judgment bonds offered Aug. 2&—V. 153, p. 1162—were awarded to the
South Shore Trust Co. of Rockviile Centre, the only bidder, as 4s at par.
Dated July 1, 1941 and due $1,500 on July 1 from 1942 to 1946, incl.
SUFFERN, N. Y.—BOND SALE—The Suffern National Bank & Trust
of $4,934.40 3% street improve¬
Due" Aug. 1, 1942.
Callable at any time.
Co. of Suffern recently purchased an issue
ment bonds.
■.
NEW
JERSEY (State of)—LOCAL ISSUES SOLD BY SINKING
FUND—Christopher H. Ellin, Secretary of the State Sinking Fund Com¬
mission, reports that the following registered local municipal issues, aggre¬
gating $232,000, have been sold. These bonds were unsuccessfully offered
TUCKERTON,
I might add that this report
that, uniike the term debt,
annual expense budget appropriations from which both
principal and interest are paid as they come due.
"In conclusion, let me point out that the financial trend indicated by
this report clearly proves that the city's sinking funds are on the soundest
basis which prudent fiscal planning can provide."
more
NEPTUNE
on
attention
TRENTON
water
(P.
O.
Barneveld),
N.
Y.—OTHER BIDS—'The $4,800
bonds awarded Aug, 21 to the Manufacturers & Traders Trust Co. of
of about 2.07%, as reported
Buffalo, as 2.10s, at a price of 100.13, a basis
in
V.
153, p. 1162, were also bid for as follows:
Bidder—
Sherwood & Co
Roosevelt & Weigold, Inc
Tilney & Co—__
— _ — -
Premium
$9.01
Int. Rate
2.20%
3%
3%
UTICA, N. Y.—BOND OFFERING—It is stated by Thomas
8.00
7.63
J. Nelson,
City Comptroller, that he will receive sealed bids until noon (DST), on
Sept. 11. for the purchase of $745,987.27 city bonds.
An issue of $175,000
school bonds will mature serially in 20 years, and all of the remaining bonds
will mature in from 1 to 10 years.
WARREN COUNTY (P. O. Glens
ing Commission has approved the borough's proposal to refund $93,000 of
Romney
outstanding bonds through exchange of the new securities with the present
Falls), N. Y.—BOND OFFERING—
10 a. m. (EST) on Sept. 3
interest coupon or regtered
holders.
Fund Commission is the holder'
and the other $6,000 are held by the First National
The New Jersey State Sinking
of $87,000 of the bonds
Bank of Barnegat.
C.
Patterson, County Treasurer, will receive sealed bids until
for the purchase of $74,000 not to exceed 5%
bonds, divided as follows:
$49,000 bridge bonds.
Due March 1 as follows: $3,000 from 1942
incl.; $4,000 from 1945 to 1954, incl.
25 000 highway bonds.
Due March 1 as follows: $2,000_from
1953, incl., and $1,000 in 1954.
_
UNION
BEACH,
N.
3.—INTEREST PAYMENT AUTHORIZED—
The Local Government Board, constituting the
Municipal Finance Com¬
to 1944,
<
1942 to
The Commercial & Financial Chronicle
1308
county, such cost to be determined by deducting the total
premium bid from the aggregate amount of interest upon all
maturities.
No bid of less than par and
accrued interest will be entertained.
Bids must be accompanied by a certified check upon an incorporated
est cost to the
1941.
Denom $1,000.
Bidder
single rate of interest, expressed in a mule of M or l~f0th of
Principal and interest (M-S) payable at the First National Bank,
Glens Falls, with New York exchange.
The bonds are general obligations
of the county, payable from unlimited taxes.
A certified check for il ,480,
payable to order of the county, is required.
Legal opinion of Dillon,
Vandewater & Moore of New York City will be furnished the successful
bidder.
In the event that prior to the delivery of the bonds, the income
received by private holders from bonds of the same type and character
shall be taxable by the terms of any Federal income tax law the successful
bidder may, at his election, be relieved of his obligations under the contract
to purchase the bonds and in such case the deposit accompanying his bid
All of the bonds will be dated Sept. 1,
amount of the
to name a
of the bonds until their respective
1%.
will be
returned.;,- ,:V-Vx-'
bank
trust company,
payable unconditionally to the order of the State
,
ALBEMARLE,
COLQUHOUN SCHOOL DISTRICT NO. 2 (P.O. Sherwood), N.Dak.
M. White, District
Clerk, that $6,000 not to exceed 7% certificates of indebtedness were offered
for sale on Aug. 25.
Two bids were received and were tabled for con¬
—CERTIFICATES OFFERED—It is reported by F.
N. C.—BONDS AUTHORIZED—We understand that
approved the issuance of $20,000
the Local Government Commission has
sideration.
public improvement bonds.
$410,000,
indebtedness.
C.—CORRECTION—"The City Clerk states that the
election on Aug. 12, was $405,000 and
we reported—V. 153, P. 1162.
N.
as
N.
DISTRICT
C.—BONDS APPROVED—We understand that an
by the Local Govern¬
;
ling, Secretary of the Local Government Commission, at his office in
Raleigh, for the purchase of the following bonds aggregating $101,000:
ADDYSTON
Ohio—NOTES
:
VILLAGE
SOLD—The
SCHOOL DISTRICT (P. O. Addyston),
District Clerk states that the $2,519.89 re¬
AKRON, Ohio—COMMITTEE TO STUDY FINANCIAL PROBLEMS
—Methods of solving the city's financial problems are being sought by a
new citizens' finance advisory committee, which is faced by the task of
finding ways for reducing operating costs or raising new revenues.
The
committee is composed of business, industrial and labor leaders in the city
and was created at the request of the taxation committee of the Akron
Chamber of Commerce "to study and recommend reasonable budget-bal¬
ancing procedure to City Council."
"New revenues must be found or there must be a drastic curtailment of
,
issue (not less than par and accrued interest)
is required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples or M of 1 %; each bid may flame one rate for part
of the bonds of any issue (having the earliest maturities) and another rate
for the balance but no bid may name more than two rates for any issue,
and each bidder must specify in his bid the amount of the bonds of each
rate.
The bonds will be awarded to the bidder offering to purchase the
bonds at the lowest interest cost to the county, such cost to be determined
by deducting the total amount of the premium bid from the aggregate
amount of interest upon all of the bonds until their respective maturities.
Bids must be on a form to be furnished with additional information,
and must be accompanied by a certified check upon an incorporated bank or
trust company, payable unconditionally to the order of the State Treasurer
for $2,020. The approving opinion of Masslich & Mitchell, New York City,
will be furnished the purchaser.
In the event that prior to the delivery of the bonds the income received
by private holders from bonds of the same type and character shall be tax¬
able by the terms of any Federal income tax law, the successful bidder may,
at his election, be relieved of his obligations under the contract to purchase
the bonds and in such case the deposit accompanying his bid will be returned.
A separate bid for each
.
city services," it was stated by
Councilman Frank Waite, Chairman of the
Council's finance committee, who added: "The public doesn't want services
taxes."
It appeared, he said, that some¬
thing "acceptable, if not agreeable," would have to be worked out.
Mayor Lee D. Schroy explained that the city's sewage disposal plant was
"virtually obsolete," and that a new jail and at least three new fire stations
were needed.
"We are faced with either providing more adequate fire
protection or paying higher fire insurance rates," he declared.
The police
station, he further noted, had been condemned by the Ohio fire mars hall. jg(
cut and it won't stand for any new
ALLEN
TOWNSHIP
RURAL
DISTRICT
(P.
O.
Curtice), Ohio—
BOND ELECTION—We understand that at the November election $150,000
construction bonds that failed to carry at the election on Aug. 12, are to be
resubmitted to the voters.
«
ANDOVER VILLAGE SCHOOL DISTRICT
—NOTE
COUNTY
(P. O. Gautonia), N. C.—BOND SALE—The
$100,000 issue of coupon semi-annual county building bonds offered for
sale on Aug. 26—V. 153, p. 1162—was awarded jointly to Campbell,
Phelps & Co., Inc. of New York, and the First Securities Corp. of Durham,
as 1 Ms, paying a price of 100.227, a basis of about 1.72%.
Dated Sept. 1,
SALE—The
District
(P. O. Andover), Ohio
Clerk states that the $3,258.49 refunding
second series notes, offered on Aug. 12, were purchased
Bank of Columbus, as 2s, at par.
by the Ohio National
ASHTABULA TOWNSHIP SCHOOL DISTRICT (P. O. Ashtabula).
Ohio—NOTES SOLD—It is reported that the $3,641.25 refunding second
series notes, offered for sale on July 21, were purchased
March 1 in 1944 to 1956, incl.
BALTIC
SCHOOL DISTRICT (P. O. Baltic), Ohio—
Clerk states that the $2,728.17 refunding
VILLAGE
SALE—The
NOTE
port bonds.
by the Commercial
Due in 2 years.
Bank, of Ashtabula, as 1Mb, at par.
LUMBERTON, N. C.—BONDS APPROVED—We understand that the
Local Government Commission recently approved an issue of $12,000 air¬
MECKLENBURG
yy>;'
j'v"; V/:';';
funding second series notes, offered for sale on Aug. 7, were purchased by
the Cleves National Bank of Cleves, as 1 Ms, at par.
Due in 2 years.
Dated Sept. 1, 1941.
in legal tender; general
obligations; unlimited tax; coupon bonds registerabie as to principal alone;
delivery on or about Sept. 19, at place of purchaser's choice. There will be
No option of prior payment.
Denom. $1,000.
Prin. and int. (M-S) payable in New York City
on
Dak .—BOND
OHIO
$61,000 school building bonds. Due on March 1, $3,000 in 1944 to 1952,
$6,000 in 1953, and $7,000 in 1954 to 1957.
40,000 county building bonds. Due on March 1, $2,000 in 1944 to 1951,
$4,000 in 1952, and $5,000 in 1953 to 1956.
Due
N.
Sharon),
WILLIAMS COUNTY (P. O. Williston), N. Dak.—BONDS SOLD—
The State Board of University and School Lands is said to have purchased
$300,000 refunding bonds as 2Mb.
COUNTY (P. O. Durham) N. C.—BOND OFFERING—
Sealed bids will be received until 11 a. m. (EST), on Sept. 2, by W. E. EasterDURHAM
GASTON
O.
TOWNER, N. Dak.—BONDS NOT SOLD—The City Auditor state®
that the $3,000 not to exceed 5% semi-annual street improvement bond1*
scheduled for sale on Aug. 23—V. 153, p. 1025—were not awarded as the
entire project was dropped,
issue of $5,000 street paving bonds has been approved
ment Commission.
auction.
(P.
ELECTION—We understand that an election has been called for Sept. 2
to submit to the voters an issue of $21,000 3 % bonds to care for outstanding
amount of bonds authorized at the
DAVIDSON,
SCHOOL
SHARON
COUNTY (P. O. Washington), N. C.—BONDS AP¬
PROVED—It is reported that the Local Government Commission recently
approved an issue of $20,000 school construction bonds.
BEAUFORT
CONCORD,
DAKOTA
NORTH
hospital bonds, provided the voters
approved the issuance of $200,000
approved them at an election.
SOLD—An issue
K.S.
of $50,000 bond anticipation notes is said to have been purchased by
Dickson & Co., of Charlotte, as 0.75s, plus a premium of $51.50. ■
O. Graham), N. C.—BONDS AUTH¬
the Local Government Commission has
(P.
that
.
WILSON, N. C.—BONDS APPROVED—We understand that an issue
$50,000 sanitary sewer bonds has been approved.
of
CAROLINA
NORTH
COUNTY
understand
.
,
WILSON COUNTY (P. O. Wilson), N. C.—NOTES
ALAMANCE
1941.
....
,
be returned.
bonds.
no
.
.
Y.—BONDS APPROVED
We understand that on Aug. 12, the County Board of Supervisors ap¬
proved the issuance of the fallowing bonds, aggregating $77,000; $49,000
bridge construction, $25,000 rights-of-way, and $3,000 county welfare
not
or
Treasurer, for $920.
The right to reject all bids is reserved.
The approv¬
ing opinion of Reed, Hoyt, Washburn & Clay, N. Y. City, will be furnished
the purchaser.
In the event that, prior to the delivery of the bonds, the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax law, the successful bidder
may, at his election, be relieved of his obligations under the contract to
purchase the bonds, and in such case the deposit accompanying his bid will
WARREN COUNTY (P. O. Lake George), N.
ORIZED—We
1941
Aug. 30,
District
second series notes, offered for sale on Aug. 7, were purchased by the First
National Bank of BarnesvilJe, as 1.05s, at par.
COUNTY
(P. O. Charlotte), N. C.—BONDS
APPROVED—According.to report, the Local Government Commission has
approved an issue of $44,000 school building bonds.
BEACH CITY-WILMOT SCHOOL DISTRICT
Ohio—NOTES SOLD—The
MOORE COUNTY (P. O. Carthage), N. C.—BONDS APPROVED—
We understand that the Local Government Commission recently approve
an increase of $33,000 school improvement bonds.
,
District
(P. O. Beach City),
Clerk states that
the
$3,725.72
re¬
funding second series notes, offered for sale on Aug. 27, were purchased by
the Beach City Banking Co., of Beach City, as 3s, at par.
Dated Aug. 7,
1941.1 Due Aug. 7, 1943.
»
MOUNT AIRY,
N. C.—BOND SALE—The $25,000 bonds offered
Aug. 26—V. 153, p. 1162—were aw.arded to McAlister, Smith & Pate, of
Greenville, at par plus a premium of $109.60, equal to 100.438, a net interest
cost of about 2.102%, as follows:
BEAVER
NOTE
RURAL
SALE—The
SCHOOL
District
DISTRICT
Clerk
states
(P.
that
O.
the
Beaver),
$4,886.94
Ohio—
refunding
First-
second series notes, offered for sale on Aug. 4, were purchased by the
Central Trust Co., of Akron, as 1.40s, at par.
Due in two years.
$6,000 streetMmprovement bonds sold as 1 Ms.
Due Aug. 1 as follows:
$1,000 from 1943 to 1946, incl. and $2,000 in 1947.
4,000 street equipment bonds sold as lMs.
Due $1,000 annually on
Aug. 1 from 1944 to 1947, inclusive.
15,000 refunding street improvement bonds sold as 2Ms.
Due $5,000
annually on Aug. 1 from 1952 to 1954, inclusive.
"
BELLAl RE, Ohio—BO!NUS'SOLD^-TheFkst National Bank of Bellaire
has purchased an issue of $4,734.66 2% series C delinquent tax poor relief
bonds at par. Dated March 1, 1941.
One bond for $734.66, others $1,000
each.
Due Sept. 1 as follows: $734.66 in 1942 and $1,000 from 1943 to
1946 incl.
Principal and interest (M-S) payable at the City Treasurer's
office.
All of the bonds will be dated Aug. 1, 1941.
or
Second high bid of 100.038
$10,000 lMs and $15,000 2Mb was made by Kirchofer & Arnold, of
BELLVILLE VILLAGE SCHOOL DISTRICT (P. O. Bellville Village)
Ohio—NOTE SALE—The District Clerk states that the $5,308.75 refunding
Raleigh.
NEW
HANOVER
COUNTY
(P.
O.
Wilmington),
N.
second series notes, offered for sale on Aug. 22, were purchased by the Ohio
Bank & Savings Co., of Findlay, as 1.20s, at par.
Due in 1943.
Optional
C.—BOND
SALE—The $500,000 coupon semi-annual school building bonds offered
for sale on Aug. 26—V. 153, p. 1025—were awarded to John Nuveen & Co.
of Chicago, and the Wachovia Bank & Trust Co. of
Winston-Salem, paying
price of 100.05, a net interest cost of about 1.87%, on the bonds divided
follows: $340,000 as 2s, due on July 1, $10,000 in 1944 and 1945, and
$20,000 in 1946 to 1961; the remaining $160,000 as'lMs, due on July 1,
$20,000 in 1962 to 1964, and $25,000 in 1965 to 1968.
after Nov.
a
as
The following bids
Bidder—
were also received:
R. S. Dickson & Co., Paine, Webber & Co., First of Michigan
Corp. and Vance, Young & Hardin, Inc.—First $260,000
2M%, balance 2%-$500,026.50
Blyth & Co., B. J. Van Ingen & Co., Peoples Savings Bank &
Trust Co. and Kirchofer & Arnold, Inc.—First $450,000
2%,
balance 1 M %
500,671.50
Phelps, Fenn & Co., Courts & Co. and Interstate Securities
Corp.—First $425,000 2%, balance 1M%
500,350.00
Halsey, Stuart & Co. and Hamilton & Co.—First $80,000 2 M%.
balance 2%-500,100.00
Lewis & Hall, Inc., Northern Trust Co. and The Milwaukee
Co.—First $180,000 1M%, balance 2%
500,017.00
-
-
-
-
-
-
—
_
—
ROWAN
COUNTY (P. O. Salisbury), N. C.—BOND OFFERING—
Sept. 2 by W. E. East¬
Secretary of the Local Government Commission, at his office in
Raleigh, for the purchase of $46,000 school bonds.
Dated Aug. 1, 1941.
Due on Aug. 1 as follows: $2,000 in 1944 to 1951, $5,000 in
1952, $2,000 in
1953, $3,000 in 1954 and $5,000 in 1955 to 1958, incl., without option of
prior payment.
There will be no auction.
Denom. $1,000; prin. and int.
(F-A) payable in lawful money in N. Y. City; coupon bonds not registerable; general obligations; unlimited tax; delivery at place of purchaser's
Sealed bids will be received until 11a.m. (EST) on
er ling,
choice.
Bidders are requested to name the interest rate or rates, not
exceeding
6% per annum, in multiples of M of 1%.
Each bid may name one rate
for part of the bonds (having the earliest maturities) and another rate for
the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest inter¬
1941.
*
/
to 1957.
BETHEL RURAL SCHOOL DISTRICT (P. O. R. D. 1, New
Carlisle),
Ohio—NOTE SALE—The District Clerk states that the $4,931.58 refund¬
Brice
-
30,
BEREA, Ohio—BONDS AUTHORIZED—We understand that the Oity
Council on Aug. 18, passed an ordinance calling for an issue of $150,000
light plant mortgage bonds.
Denom. $1,000. Due $10,000 Oct. 1, 1943
ing second series notes, offered on July 23, were purchased by the Lagonda
National Bank of Springfield, as 2s, at par.
BLOOMFIELD
RURAL
SCHOOL
DISTRICT
(P.
O.
Warren),
Ohio—NOTES SOLD—The District Clerk states that the $2,555.02 re¬
funding second series notes, offered for sale on Aug. 1, were purchased by
the Quaker City National Bank of Quaker City, as 1.39s, at par.
Due in
2 years.
BLUE
ASH RURAL SCHOOL DISTRICT, Ohio—BOND SALE—
$16,000 Blue Ash Grade School addition bonds offered Aug. 16—
153, P. 724—were awarded to if. A. White & Co. of Cincinnati as 2s
at par plus a premium of $258, equal to 101.61, a basis of about 1.82%.
Dated Aug. 1, 1941, and due $1,000 annually on Dec. 1 from 1943 to
1958, inclusive.
The $27,000 Sycamore Township Union High School bonds offered
the same day were sold to Pohl & Co. of Cincinnati as 2s at par plus a
premium of $208.80, equal to 100.77, a basis of about 1.92%.
Dated
Aug. 1, 1941, and due Dec. 1 as follows:
$1,000 from 1943 to 1945, incl.,
and $1,500 from 1946 to 1961, incl.
,
The
V.
Other bids for the issues
were as
follows:
'
$27,000
Bidder—
Int. Rate
Einhorn & Co-.-_
2%
2%
Weil, Roth & Irving Co
Pohl & Co.-
—
State Teachers "Retirement System__
BancOhio Securities Co
Field, Richards & Co
$190.00
179.00
—
J. A. White & Co
2%
2M%
2M%
2M%
.
—$16,000
Prem.
158.00
405.00
300.00
78.30
Int. Rate
2%
2%
2%
2M%
2M%
2M%
Prem.
$133.00
106.00
83.80
275.00
248.00
92.80
&
Volume
notes, offered on Aug. 11, were purchased by the
of Findlay as 0.99s, at par.
BRADFORD VILLAGE SCHOOL DISTRICT
(P. O. Bradford),
Ohio—NOTES SOLD—The District Clerk states that the $4,998.82 re¬
funding second series notes, offered for sale on Aug. 11, were purchased by
the First National Bank & Trust Co., of Springfield, as 1.20s, at par.
Due
in 2 years.
>V\.
NOTE
V''
District
SALE—The
Clerk
".'.'v''
■'
states
that
the
$7,366.20 refunding
second
series notes, offered for sale on Aug. 11, were
First-Central Trust Co., of Akron, as 1.23s, at par.
FRANKFORT EXEMPTED VILLAGE
sale on Aug. 12, were purchased
Co., of Cleveland, as 1.70s, at par.
Due in 1943.
by Gillis,
in two years.
Optional
FREMONT
CADIZ EXEMPTED SCHOOL DISTRICT (P. O. Cadiz), Ohio—
NOTES SOLD—-It is reported that the $7,947.88 refunding second series
were purchased by the First
Due in 2 years.
CAMBRIDGE CITY SCHOOL DISTRICT (P. O.
1.15s, at
Cambridge), Ohio
CENTERBURG VILLAGE SCHOOL
GRAFTON VILLAGE SCHOOL
second series
1.60s, at
by the First National Bank of Delaware,
as
of the Board of Education,
$1,975.65 refunding, second series notes.
payable annually. Due in 1943. Subject to
by the Board of Education.
Springs),
Centerville),
SCHOOL
$2,115.85 re¬
DISTRICT
(P.
O.
Chardon), Ohio—NOTE SALE—The District Clerk states that $5,541.39
refunding second series notes, offered for sale on July 23, were purchased by
Gillis, Russell & Co., of Cleveland, as 1.40s at par. Due in two years.
CHATHAM RURAL SCHOOL (P. O. Lodi),
Ohio—NOTE SALE—
The District Clerk states that the $2,860.04 refunding second
Columbus,
^
as
the Weil, Roth
Ohio—OTHER J3IDS—The $542,000 refunding bonds
awarded to the Union Securities Corp., New York, and Hawley, Shepard
« Co.,
Cleveland, jointly, as lMs, at a price of 100.14, a basis of about
1.23%, as reported in V. 153, p. 1163, were also bid for as follows:
Bidder—
Int. Rate
Rate Bid
Halsey, Stuart & Co., Inc., Blair & Co., Inc., and
E. H. Rollins & Sons, Inc-_\M%
100.045
First Boston Corp
\y>%
101.43
Field, Richards & Co., First Cleveland Corp. and
McDonald-Coolidge & Co___
1M%
101.41
Harris Trust & Savings Bank and First of Michigan
& Co.
First National Bank of Chicago..
Hill & Co
101.06
election.
1M%
100.66
1 y2%
100.29
\H%
100.27
CUYAHOGA COUNTY (P. O. Cleveland), Ohio—BOND OFFERING
—George H. Stabler, Clerk of the Board of County Commissioners, will
sealed bids until 11 a. m. (EST) on Sept. 12 for the purchase of
$1,230,000 334% coupon refunding bonds.
Dated Oct. 1, 1941.
Denom.
$1,000, or in different units if requested'by the purchaser.
Due as follows:
$65,000 April 1 and Oct. 1 from 1944 to 1946. incl., and $60,000 April 1
and Oct. 1 from 1947 to 1953, incl.
Bidder may name a different rate of
interest provided that fractional rates are expressed in multiples of % of
1%.
Prin. and int. (A-O) payable at the County Treasurer's office.
Issued for the purpose of providing funds for refunding certain refunding
special assessment roads, sewerage and water supply bonds, and also original
sewer and water supply improvemcet bonds, originally issued within a thenexisting 15-mill limitation, but issued prior to Jan. 1, 1931, or the indebted¬
ness represented by said bonds was incurred by sale of notes to the public
prior to Jan. 1, 1931.
Coupon bonds will be furnished with the privilege of
registration by the owner as to principal only, or convertible into fully
registered bonds.
Bids must be made on a blank form furnished on appli¬
cation to the above Clerk.
The proceedings incident to the proper author¬
ization of these bonds have been taken under the direction of Squire,
Sanders & Dempsey, of Cleveland, whose approving opinion will be fur¬
nished.
The purchaser must be prepared to accept delivery of the bonds
at Cleveland before 10 a. m. Oct. 1.
Enclose a certified check for 1% of
the amount of bonds bid for, payable to the County Treasurer.
(Preliminary report of the above offering appeared in V. 153, p. 1163.)
DISTRICT,
Ohio—BOND
SALE—The $100,000 third series building bonds offered
Aug. 22—V. 153,
724—were awarded to Ryan, Sutherland & Co. of Toledo as 2s at par
plus a premium of $583, equal to 100.583, a basis of about 1.92%.
Dated
Aug. 1, 1941 and due $5,000 annually on Nov. 1 from 1942 to 1961, incl.
Subject to call in whole or in part on Nov. 1, 1951, or on any subsequent
interest payment date.
Second high bid of 101.305 for 2 Ms was made by
P.
BancOhio Securities Co. of Columbus.
DOVER TOWNSHIP RURAL SCHOOL DISTRICT (P.
O. Box 184,
Dover), Ohio—NOTE SALE—The District Clerk states that the $2,232.75
refunding second series notes, offered for sale on Aug. 2, were purchased
by the Citizens National Bank of Fanesville,
as
1.55s, at par.
ELIZABETH RURAL SCHOOL DISTRICT (P. O. Troy), Ohio—
NOTE SALE—The District Clerk states that the $3,586.75 refunding
second
series
offered for sale on Aug. 23, were purchased by the
First-Central Trust Co., of Akron, as lMs, at par.
Dated Aug. 8, 1941.
Due Aug. 8, 1943.
notes,
„
Ohio—BOND SALE—The $466,500 special assessment re¬
funding bonds offered Aug. 23—V. 153, p. 1026—were awarded to a group
composed of Otis & Co., Cleveland; Pohl & Co., and Seasongood & Mayer,
both of Cincinnati, and M. A. Cayne & Co. of Cleveland, as 2Ms, at par
plus a premium of $5,458.05, equal to 101.17, a basis of about 2.30%.
Dated Sept. 1, 1941.
Denom. $1,000 and $500.
Due Oct. 1 as follows;
$48,000 in 1943 and $46,500 from 1944 to 1952 incl.
Interest A-O.
These
bonds are payable from unlimited taxes.
Legality approved by Squire,
EUCLID,
Sanders &
Dempsey of Cleveland.
FINDLAY
offered for sale on Aug. 6, were purchased by the
Central Trust Co., of Akron, as 1.23s, at par.
Due in two years.
HAMILTON COUNTY (P. O.
receive
SCHOOL
CITY
SCHOOL
Dreihs, Clerk County
(P. O. Findlay), Ohio—
$23,939.49 refunding second series
Cincinnati), Ohio—BOND ELECTION
states that bonds
$1,000,000 court house
Board of Commissioners
aggregating $5,550,000, and divided as follows:
additions, $650,000 airport, $3,500,000 county
detention court bonds, are to be placed on tne
home $400,000 juvenile
bailot at the November
SCHOOL DISTRICT (P. O. Gallipolis), Ohio—
that the $2,247.22 refunding second series
sale on Aug. 11, were purchased by the First National
Bank, of Gallipolis, as 4s, at par.
Due in 2 years.
HARRISON RURAL
NOTES SOLD—It is reported
notes, offered for
HINCKLEY RURAL SCHOOL DISTRICT (P. O. Hinckley), Ohio—
SOLD—The District Clerk states that the $2,410.92 refunding
offered for sale on Aug. 1, were purchased by the Piffm
National Bank of Tiffin, as 1.55s, at par.
Due in 2 years.
NOTES
second series notes,
SOLD—An issue
HOCKING COUNTY (P. O.
of
Logan), Ohio—BONDS
$15,000 poor relief bonds was
purchased by the Board of Sinking Fund
Trustees.
HOWLAND RURAL^SCHOOL DISTRICT (P. O. Warren), Ohio—
District Clerk states that the $5,808.11 refunding
offered for sale on Aug. 5, were purchased by the FirstCentral Trust Co, of Akron, as 1.20s, at par.
Due in 1943. Optional
after Nov. 34,1941.
NOTE SALE—The
second series notes,
KENT CITY
—The
SCHOOL DISTRICT (P. O. Kent), Ohio—NOTE
that the $10,558.01 refunding second
District Clerk states
SALE
series
purchased by the Ohio National
Aug. 14, 1941. Due Aug. 14,
notes, offered for sale on Aug. 25, were
Bank of Columbus, as 1.15s, at par.
Dated
1943.
KIRTLAND RURAL SCHOOL
DISTRICT (P. O. Painesville), Ohio
—NOTE OFFERING— Sealed oids will be received by Robert
Clerk of the Board of Education, until noon on Sept. 15, for the
C. Markell,
purchase of
Dated
$2,136.50 not exceeding 4% annual refunding, second series notes.
Oct. 2, 1941. Due Oct. 2, 1943. Subject to call after Nov. 30, in any
by the Board of Education.
„
4
year
RURAL SCHOOL"DISTRICT (P.**0.
Magnetic Springs), Ohio—NOTE SALE—The District Clerk states that
the $2,872.88 refunding second series notes
offered for sale on_Aug. 25,
were purchased by the First National Bank of Marysville, as 1.55s, at par.
Dated Aug. 8,1941. Due Aug. 8,1943,
LEESBURG-MAGNETIC
LOSTCREEK RURAL
SALE—The
Ohio—NOTE
SCHOOL DISTRICT (P. O. Casstown),
District Clerk states that the $2,513.93 re¬
on Aug. 11 were purchased by
at par.
funding second series notes offered for sale
Gillis, Russell & Co. of Cleveland as 1.70s
SCHOOL DISTRICT (P. O. Marietta), Ohio
understand that the $3,509.07 refunding second series
21, were purchased by Van Lahr, Doll &
Ishpording of Cincinnati as 1.65s, at par.
Due in two years.
• Y^.
LUDLOW
RURAL
—NOTE SALE—We
notes
offered for sale on July
LYNCHBURG RURAL
Ohio.—NOTE SALE—We
second series notes were
Cincinnati
as
1 Ms at par.
SCHOOL
DISTRICT P. O. Lynchburg),
understand that the
purchased by Van Lahr,
Due in 1943.
$5,108.69 refunding;
Doll & Ishpording of
McDONALD VILLAGE SCHOOL DISTRICT (P. O. McDonald),
Ohio—NOTES SOLD—The District Clerk states that $4,264.35 refunding
second series notes were
Quaker City, as
purchased by the Quaker
1.19s, at par.
City National Bank of
Due in 1943.
DISTRICT (P. O. Mayfield
District Clerk states that the
offered for sale on Aug. 8 were
Columbus as 1.20s at par.
MIDDLEPORT EXEMPTED VILLAGE SCHOOL DISTRICT (P. O.
Middleport), Ohio—NOTE SALE—The District Clerk states that the
$7,222.15 refunding second series notes, offered for sale on Aug. 5, were
purchased by the First-Central Trust Co. of Akron as 1.21s at par.
Due
MAYFIELD VILLAGE
SCHOOL
Heights,)
Ohio—NOTE SALE—The
$5 555-04 refunding second series notes
purchased by the Ohio National Bank of
in two years.
MILLERSBURG-HARDY SCHOOL DISTRICT (P. O. Millersburg),
District Clerk states that the $5,407.35 refunding
offered for sale on Aug. 11, were purchased by the
Quaker City National Bank of Quaker City as 1.19s at par.
Due in
Ohio—NOTE SALE—The
second series notes,
DISTRICT
NOTE SALE—According to report the
Farmdale), Ohio
refunding
First-
GUSTAVUS RURAL SCHOOL DISTRICT (P. O.
SALE—The District Clerk states that the $4,245.38
second series notes,
—E. J.
.
CITY
100.715
100.704
101.79
—NOTE
101.148
101.145
101.129
COVENTRY RURAL SCHOOL DISTRICT (P. O. R. D. No. 5,
Akron), Ohio—NOTES SOLD— It is reported that the $9,332.42 refund¬
ing second series notes, offered for sale on Aug. 6, were purchased by the
Quaker City National Bank, of Quaker City, as 1.15s, at par.
Due in 2
years.
1
FALLS
4
RURAL SCHOOL DISTRICT (P., O. Cheviot)*
Ohio—NOTE SALE—The District Clerk states that the $1,028.79 refund
ing second series notes, offered for sale on Aug. 25, were purchased by Poh
& Co. of Cincinnati.
Due in 1943.
Optional after Nov. 30, 1941.
101.28
COSHOCTON, Ohio—BONDS APPROVED—We understand that on
July 28 the City Council approved an issue of $25,729.40 paving and street
improvement bonds.
CUYAHOGA
101.203
100.802
GREEN TOWNSHIP
1M%
1M%
1M%
Phelps, Fenn & Co., Inc., Hemphill, Noyes & Co. and
Braun, Bosworth & Co., Provident Savings Bank &
Trust Co. and Ryan, Sutherland & Co
BancOhio Securities Co., Van Lahr, Doll & Isphording
and Weil, Both & Irving.
Paine, Webber & Co.. C. F. Cbilds & Co., Pobl & Co.,
Fullerton & Co. and Seasongood & Mayer
2%>
2%
-
Bosworth & Co
Field, Richards & Co
1
-
101.32
Reusch
Stranahan, Harris & Co., Inc
BancOhio Securities Co
m%
—
Blyth & Co., Lowry Sweney, Inc.. Hayden, Miller &
Co., Merrill, Turben & Co. and Fahey, Clark & Co..
Stranahan, Harris & Co., Inc., and Otis & Co.
2%
—
E. Kline, Inc. and Fox,
Elinhorn & Co. and Braun,
_
■
& Irving Co
&
Doll
J. A. White & Co., P.
*
Rate Bid
Int. Rate
Isphording, Provident Savings
Co., W. H. Zieverink & Co, and
VanLahr,
COLUMBIANA EXEMPTED VILLAGE SCHOOL DISTRICT (P. O.
COLUMBUS,
SALE—The
Bank & Trust
of
Columbiana), Ohio—NOTE SALE—The District Clerk states that the
$3,402.90 refunding second series notes, offered for sale Aug. 12, were
purchased by the Citizens Savings Bank of Columbiana, as 1.20s, at par.
VILLAGE SCHOOL
Bidder—
series notes,
Aug. 8, were purchased by the Ohio National Bank,
1.55s, at par.
Due in 1943.
Optional after Nov. 30,1941.
on
SPRINGS
Ohio—NOTE
$3,680.82 refunding second series notes, offered
purchased by the First-Central Trust Co., of
funding second series notes, offered for sale on Aug. 1, were purchased by
Gillis, Russell & Co., of Cleveland, as 1.85s, at par.
COMMUNITY VILLAGE
Int. rate not exceeding 4%,
call in any year after Nov. 30,
DISTRICT (P. O. Green
District Clerk states that the
for sale on Aug. 6, were
Akron, as 1.24s, at par.
Due in two years.
,vv..
GREEN TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Cincinnati, R. 7), Ohio—BOND SALE—The $112,800 coupon building,
equipment and improvement bonds offered Aug. 25—V. 153, p. 872—were
awarded to Pohl & Co. of Cincinnati, as 2s, at par plus a premium of $2,031.42, equal to 101.80, a basis of about 1.84%.
Dated Dec. 16, 1940 and
due $4,700 annually on Oct. 1 from 1942 to 1965, incl.
Other bids:
GREEN
1.15s. at par.
RURAL SCHOOL DISTRICT (P. O,
SALE—The District Clerk states that the
CENTERVILLE
DISTRICT (P. O. Grafton), Ohio—
will be received by F. L. Schworer, Clerk
until 7 p. m. on Sept. 11, for the purchase of
NOTE OFFERING—Sealed bids
(P. O. Center-
DISTRICT
Int. rate not
Subject to call
refunding, second series notes.
exceeding 4%. Dated Sept. 9, 1941. Due Sept. 9, 1943.
after Nov. 30, in any year by the Board of Education .H
kurg), Ohio—NOTE SALE—The District Clerk states that the $4,341.96
refunding second series notes, offered for sale on Aug. 20, were purchased
offered for sale
VILLAGE SCHOOL DISTRICT (P. O.
Ohio—NOTE OFFERING— Sealed bids will be received by
Board of Education, until noon on Sept. 9,
M. S. Leckrone, Clerk of the
for the purchase of $3,792.02
CARDINGTON VILLAGE SCHOOL DISTRICT (P. O. Cardington),
Ohio—NOTE SALE—It is reported that $5,043.46 refunding
CHARDON
V-1^
GLENFORD-HOPEWELL
Glenford),
notes, were purchased by Gillis, Russell & Co., of Cleveland, as
par.
Due in two years.
-
Ohio—NOTE
<'•
VILLAGE SCHOOL DISTRICT (P. O.
Gibsonburg), Ohio—NOTE SALE—The District Clerk states that the
$5,953.84 refunding second series notes, offered for sale on Aug. 5 were
purchased by the First-Central Trust Co. of Akron as 1.20s at par.
CANTON TOWNSHIP RURAL. SCHOOL DISTRICT (P. O. R. D.
5, Canton), Ohio—NOTE SALE—The District Clerk states that the
$8,779.47 refunding second series notes, offered for sale on Aug. 8, were
purchased by the Ohio National Bank of Columbus, as 1.20s, at par. ,
,
1.05s at par.
as
GIBSONBURG EXEMPTED
Due in 1943.
par.
CITY
Bank of Columbus
National
—NOTE SALE—It is reported that an issue of $23,046.99 refunding second
series notes, were purchased by Van Lahr, Doll & Isphording, of Cincinnati,
as
VS;;
j'.'S.'
SCHOOL DISTRICT (P. O. Fremont), Ohio—
NOTE SALE—The District Clerk states that the $20,944.04 refunding
second series notes offered on Aug. 8 were purchased by the Ohio National
after Nov. 30, 1941.
notes, offered for sale on July 18,
Bank, of Jewett, as 1 Ms, at par.
SCHOOL DISTRICT (P. O.
Frankfort), Ohio—NOTE SALE—The District Clerk states that the
$7,230.91 refunding second series notes, offered for sale on Aug. 5, were
purchased by the First-Central Trust Co., of Akron, as 1.20s, at par.
Due
BUCYRUS RURAL SCHOOL DISTRICT (P. O. Bucyrus), Ohio—
NOTE SALE—The District Clerk states that the,,$2,389.98 refunding
Russell &
VILLAGE
LORAMIE
in two years, p
purchased by the
second series notes, offered for
Ohio Bank & Savings Co,
SCHOOL DISTRICT (P. O. Fort
Loramie), Ohio—NOTE SALE—The District Clerk states that the $3,894.80 refunding second series notes, offered for sale on Aug. 6, were pur¬
chased by the Loramie Banking Co., of Fort Loramie, as 4s, at par.
Due
FORT
BREMEN VILLAGE SCHOOL DISTRICT (P. O. Bremen), Ohio—
,
1309
The Commercial & Financial Chronicle
153
two years.
The Commercial & Financial Chronicle
1310
MINGO JUNCTION CITY SCHOOL DISTRICT (P. O. Mingo),
Ohio—•NOTE SALE—It is reported that $8,308.34 refunding second series
notes, offered for sale on Aug. 2, were purchased by the Mingo National
Bank of Mingo, as 3Ms. at par.
Due in two years.
SOUTH
Aug. 30, 1941
PATTERSON
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Osgood), Ohio—BONDS VOTED—We understand that
Aug. 14,
an
issue of $15,000 construction bonds
SPRINGFIELD
CITY
SCHOOL
at the election on
approved.
was
DISTRICT
(P.
Springfield),
O.
MORRAL SCHOOL DISTRICT (P. O. Morral), Ohio—NOTE SALE
District Clerk states that the $1,789.46 refunding second series
notes offered on Aug. 20 were purchased by the Marion Couny Bank of
Marion as 3s at par.
Due Aug. 15, 1943.
Dated Aug. 15, 1941.
Ohio—NOTE SALE—The
District
Clerk states
that
the
$70,960.35
refunding second series notes, offered for sale on Aug. 25, were purchased
by the Ohio Bank & Savings Co., of Findlay, as 0.95s, at par.
Due in
1943.
Optional after Nov. 30, 1941.
NEW BAZETTA RURAL SCHOOL DISTRICT (P. O. Warren), Ohio
—NOTES SOLD—The District Clerk states that the $2,674.39 refunding
second series notes, offered for sale on Aug. 6, were purchased by the Ohio
STEUBENVILLE, Ohio—BIDS UNOPENED ON NOTE ISSUE—J. A.
Cartledge, City Auditor, states that on the advice of Squire, Sanders &
Dempsey, of Cleveland, all bids received for the $70,000 not to exceed 6%
interest two-year street repair notes offered Aug. 18 were returned unopened
due to an error in the ordinance authorizing the issue.
The notes will be
reoffered after an amending ordinance has been adopted.
—The
National Bank of Columbus
as
1,40s at par.
Due in two years.
NEW LYME RURAL SCHOOL DISTRICT (P. O. New Lyme), Ohio
District Clerk states that the $3,058.58 refunding
second series notes offered for sale on Aug. 11 were purchased by the
Ohio National Bank of Columbus as 1.20s at par.
—NOTE SALE—The
NEWTONSVILLE
VILLAGE
SCHOOL
DISTRICT
(P.
O.
New-
tonsville), Ohio—NOTE SALE—The District Clerk states that the
$1,893.43 refunding second series notes offered for sale on Aug. 7 were
purchased by the First National Bank of Washington as 1.60s at par.
NORTH COLLEGE HILL SCHOOL DISTRICT (P. O. North College Hill), Ohio—NOTE SALE—The District Clerk states that the
$5,202.87 refunding second series notes, offered for sale on Aug. 5, were
purchased by the Ohio National Bank of Columbus, as 1.30s, at par.
NORTHAMPTON RURAL SCHOOL DISTRICT (P. O. R. D. No. 2
Cuyahoga Falls), Ohio.—NOTE SALE—The District Clerk states that
the
$2,064.15 refunding second series notes, offered for sale on Aug. 7
purchased by the Quaker City National Bank of Quaker City at
were
1.34s at par.
Columbus,
OTTAWA COUNTY (P. O. Port
-We
understand
that
at
the
aggregating $160,000
PEPPER
Clinton), Ohio—BOND ELECTION
November
be placed on
are to
and courthouse and $10,000
election
the
following bonds
the ballot: $150,000 county jail
equipment.
PIKE, Ohio—BOND TENDERS INVITED—Sealed
tenders
will be received by Ruth B. Faragher, Village Clerk, until noon on
Sept. 2,
for the purchase of refunding bonds, dated Jan. 1, 1941.
The village has
available more than $5,000 and will purchase such bonds as funds are
available, at the lowest offering price, not more than par, and the pur¬
chase of such bonds is made in accordance with the plan of
composition
set
forth
in
Ordinance No.
1939-33 and confrmed
tender shall state the number of bonds tendered
and whether said price includes accrued interest.
May 7,
1940.
or any part of any bonds tendered according to its avail¬
In case more bonds are offered at the same
price than can
be purchased with funds available, the bonds to be purchased will be deter¬
able funds.
PETTISVILLE
SCHOOL DISTRICT
SALE—The District Clerk states
(P.
O.
Mogadore),
(P.
O.
Akron),
Ohio—BOND
OFFERING—
not to exceed
6% interest refunding bonds.
Dated Oct. 1, 1941.
Denom.
the County Auditor may specify.
Due $44,000 semi-annually on
May 1 and Nov. 1 from 1943 to 1947, incl.
Rate of interest to be expressed
in a multiple of M of 1 %.
Principal and interest (M-N) payable at the
County Treasurer s office.
Final approving opinion will be furnished at
the expense of the county.
Each bid must be on the basis of Akron delivery.
A certified check for 2% of the bonds bid for, payable to order of the
Board of County Commissioners, is required.
SWANTON VILLAGE SCHOOL DISTRICT (P. O. Swanton), Ohio
SALE—The District Clerk states that the $6,769.91 refunding
—NOTE
series notes, offered for sale on Aug.
Quaker City National Bank, of Quaker City,
second
PARK VILLAGE SCHOOL
7,
as
were purchased
1.34s, at par.
DISTRICT
(P. O. Terrace
THURSTON SCHOOL DISTRICT
SALE—The
District
series notes, offered
Clerk
states
July 28,
were
(P. O. Thurston), Ohio—NOTE
that the $2,054.84 refunding second
purchased by the First National Bank
of Baltimore, as 3s.
,
TIFFIN, Ohio—BOND SALE—The $20,000 semi-ann. fire department
equipment bonds offered for sale on Aug. 15—V. 153, p. 724—were awarded
to Ryan, Sutherland & Co. of Toledo, as 1 Ms, paying a premium of $100,
equal to 10u.5o, a Dasisof about 1.15%.
Dated Dec. 15,1940.
Due $1,000
on June 15 and Dec. 15, from 1942 to 1951 incl.
Stranahan, Harris & Co., Inc. of Toledo, was second, offering $34 pre¬
mium on 1Mb.
TOLEDO, Ohio—BOND SALE—The $37,000
coupon
city bonds offered
Aug. 26—V. 153, P. 1027—were awarded to the BancOhio Securities Co.
of Columbus, as lMs, at par plus a premium of $411, equal to 101.11, a
basis of about 1.12%.
Dated Sept. 1, 1941 and due Sept. 1 as follows:
$13,000 in 1943 and $12,000 in 1944 and 1945.
Othe
Bidder—
bids:
Int. Rate
O.
that
Pettiaville),
Ohio—
refunding
the
$3,993.73
second series notes, offered Aug. 20, were purchased
by the First-Central
Trust Co., of Akron, as 1 Ms, at par.
PLEASANT RURAL SCHOOL DISTRICT (P. O.
Catawba), Ohio
—NOTE SALE—The District Clerk states that the
$3,065.91 refunding
second
series notes, offered for sale on Aug.
11, were purchased by the
First National Bank & Trust Co. of Springfield as 1.40s at
par.
Due in
two years.
.
CLINTON, Ohio—BONDS AUTHORIZED—It
the
is reported that
City Council on July 22 passed an ordinance calling for an issue of
$22,500 street improvement bonds.
PORT
CLINTON
EXEMPTED
SCHOOL
DISTRICT
TOLEDO CITY SCHOOL DISTRICT (P. O.
Toledo), Ohio—NOTE
SALE—The District Clerk states that the $256,606.69 refunding second
100.009, a basis of .995%.
Dated Sept. 2, 1941 and due Sept. 2, 1943.
Optional after Nov. 30, 1941.
O.
Port
PORTAGE TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Fort
Clinton), Ohio—NOTE OFFERING—Sealed bids will be received by D.
L. Mackey, Clerk of the Board of Education, until 7:30
p. m. on Aug. 29,
for the purchase of
$1,606.93, not exceeding 4%, annual refunding second
Dated Sept.
notes.
utter Nov. 30, in any year
PORTSMOUTH
1, 1941.
Due Sept. 1. 1943.^Subject to call
by the Board cf Education.
CITY
SCHOOL
City), Ohio—NOTE SALE—An
offered for sale
notes
on
Ishpording of Cincinnati,
PULTNEY
as
(P..
O.
Portsmouth
issue of $55,800.06 refunding, second series
July 21,
TOWNSHIP
DISTRICT
purchased by Van Lahr, Doll &
Due in 1943.
were
Is at par.
SCHOOL
DISTRICT
O.
Bellaire),
Ohio—NOTES SOLD—The District Clerk states that the $5,986.42 re¬
funding second series notes, offered for sale on Aug. 4, were purchased by
the Barnesville National Bank of Barnesville as 0.98s at
par.
Due in
Trust Co. of Akron, as 1.23s, at par.
of Akron
1%
1%
_p
Spitzer-Rorick Trust & Savings Bank, Toledo
Commerce Guardian Bank, Toledo
6, were purchased by the First-Central
Due in 1943.
Optional after Nov. 30,
r
RIVER,
Ohio—BOND
OFFERING—Frank
Mitchell,
City
Auditor, will receive sealed bids until noon on Sept. 9 for the purchase
of $44,000 4% improvement bonds.
Dated Oct. 1, 19'i.
Due $4,400
on Jan. 1 from 1944 to 1953, incl.
Bidder may name a different
rate of interest, expressed in a
multiple of M of 1%.
Interest J-J.
In
the event that the amount of bonds
required to be issued shall be reduced
by the cash payment by the property owners in accordance with the option
annually
included in the assessing ordinance, such reduction shall be
accomplished
by reducing all of the serial bonds hereinabove provided for, so as to retain
substantially equal annual maturities.
to order of the
A certified check for $440, payable
city, is required.
ROSEV1LLE SCHOOL DISTRICT (P. O.
Roseville), Ohio—NOTE
■SALE—It is reported that the $6,749.78 refunding second series
notes,
offered for sale on Aug. 7, were
purchased by the First-Central Trust Co.,
of Akron, as 1.21s, at par.
Due in 2 years.
ROSSFORD VILLAGE SCHOOL
DISTRICT
(P. O. Rossford),
Ohio—NOTE SALE—It is reported that $5,872.33
refunding second series
notes, offered for sale on Aug. 11 were purchased
by the Ohio Bank &
Savings Co., of Findlay, as 1.10s, at par.
Due in two years.
SALEM-OAK HARBOR SCHOOL DISTRICT
(P. O. Oak Harbor),
Ohio—NOTE SALE—The District Clerk states that the
$7,093.72 refund¬
ing second series notes, offered Aug. 4, were purchased by the First-Central
Trust Co., of Akron, as 1.23s.
*t£££1N^Y,ILLE SCHOOL DISTRICT (P.
SEBRING
EXEMPTED
offered
on
Aug. 2, were purchased by the First National Bank & Trust Co.,
1.10s.
TOWNSHIP
RURAL SCHOOL DISTRICT
(P. O. Mt.
Cory), Ohio—NOTE SALE—The District Clerk states that the $2,504.68
unding second series notes offered for sale on Aug. 20 were purchased by
UNION
re
the Ohio Bank &
1941.
Due Aug.
Savings Co. of Findlay
8, 1943.
as
1.30s, at par.
SANDUSKY, Ohio—BONDS SOLD—The $10,000
apparatus purchase bonds offered last Jan. ,30—V.
152, p.
SEVEN MILE VILLAGE SCHOOL
SCHOOL
about 2.97%.
Dated Feb. 1, 1941 and due as follows: $500 Aug. 1, 1942;
$500 Fcd. 1 and Aug. 1 from 1943 to 1951, incl., and $500 Feb. 1, 1952.
RURAL
VANLUE
SCHOOL
DISTRICT
(P.
O.
Vanlue),
Ohio—
NOTE SALE—The District Clerk states that the $3,619.62 refunding second
series notes offered on Aug. 6 were purchased by the Ohio Bank & Savings
Co. of Findlay as 1 Ms at par.
VINTON
NOTE
RURAL SCHOOL
DISTRICT
SALE—It is reported that
(P. O. McArthur), Ohio—
the $4,185.09 refunding second series
First-Central
offered for sale on July 26, were purchased by the
Trust Co., of Akron, as 1.49s, at par.
Due in two years.
notes,
SCHOOL
CITY
DISTRICT
(P. O. Wapakoneta),
Ohio—BOND ELECTION—We understand that at the November election
an
issue of $80,000 construction bonds is to be placed on
WARREN
the ballot.
RURAL SCHOOL DISTRICT, Ohio—NOTE SALE—The
First-Central Trust Co. of Akron purchased
on
Aug. 6 an issue of $8,398.97
Optional after Nov. 30.
WARRENSBURG SCHOOL DISTRICT (P. O. Delaware), Ohio—
NOTE OFFERING— Sealed bids will be received by Robert M. Decker,
Clerk of the Board of Education, until 8:30 p. m. on Sept. 2, for the pur¬
chase of $1,238.19, not exceeding 4%, annual refunding second series notes.
Dated Sept. 2, 1941.
Due Sept. 2, 1943.
Subject to call after Nov. 30,
in any year by the Board of Education.
WASHINGTON
RURAL
SCHOOL
DISTRICT
(P.
O.
Wellston),
Ohio—NOTE SALE— The District Clerk states that the $3,190.11 refund¬
ing second series notes offered for sale on Aug. 20 were purchased by the
First-Central Trust Co. of Akron at par.
Dated Aug. 4, 1941.
Due
Aug. 4,1943.
WASHINGTON TOWNSHIP SCHOOL DISTRICT (P. O. Dublin),
Ohio—NOTE SALE—It is reported that the $2,757.81 refunding second
series notes offered for sale
on
Savings Bank of Columbus,
as
Aug. 11 were purchased by the Fifth Avenue
1,20s, at par.
Due in two years.
WATERLOO RURAL SCHOOL DISTRICT (P. O. Athens), Ohio—
NOTE SALE—It is reported that the $5,886.45 refunding second series
notes offered for sale on
Co. of Akron
as
Aug. 7 were purchased by the First-Central Trust
Due in two years.
1 Ms at par.
WAYNESFIELD, Ohio—BONDS SOLD—Fullerton & Co. of Columbus
purchased an issue of $50,000 4% first mortgage revenue bonds at a price
of 92.
DISTRICT
WESTLAKE VILLAGE SCHOOL DISTRICT (P. O. Lakewood),
Ohio—NOTE OFFERING—Sealed bids will be received by Charles W.
Weston, Clerk, Board of Education, until 8 p.m. on Sept. 8, for $3,425.14,
not exceeding 4%. annual, refunding second series notes.
Dated Oct. 9,
1941.
Due Oct. 9, 1943.
Subject to call after Nov. 30, in any year by
(P.
O.
DISTRICT, Ohio—NOTE SALE
refunding second series notes
by the First-Central Trust Co.
fir®
714—were
WEST CARROLLTON EXEMPTED VILLAGE SCHOOL DISTRICT
Due in 1943.
VILLAGE
—The District Clerk states that the $2,977.97
offered or sale on Aug. 20 were purchased
1M« at par.
coupon
awarded to Bliss Bowman & Co. of Toledo at a price of 100.171, a basis of
(P. O. West Carrollton), Ohio—NOTE SALE— An issue of $4,581.30
refunding, second series notes offered for saie on Aug. 11, was purchased
by the First National Bank of Barnesville, as 1.15s, at par.
Due in 1943.
is reported that the $8,448.04 refund¬
ing second series notes offered for sale on Aug. 15 were purchased
by the
First National Bank, of Barnesville, as
1.05s, at par.
Due in two years.
as
Dated Aug. 8,
UPPER
Ohio—
Salineville),
Sebring), Ohio—NOTE SALE—It
of Akron
Ohio—NOTE SALE
refunding, second
by the Ohio National
O.
NOTE SALE—-The District Clerk states that the
$5,085
series notes offered for sale on
July 21, were purchased
Bank of Coiumbus, as 1 Ms, at par.
2%
TROY CITY SCHOOL DISTRICT (P. O. Troy),
two-year second series refunding notes as 1.23s.
ROCKY
1M%-2%
—The District Clerk states that $11,325.54 refunding, second series notes
WAPAKONETA
RAWSON RURAL SCHOOL DISTRICT
(P. O. Rawson), Ohio—
NOTE SALE—The District Clerk states that the
$3,147.74 refunding second
series notes, offered for sale on Aug.
•
First Central Trust Co.
(P.
two years.
lim
Int. Rate
State Treasurer of Ohio
of Springfield, as
(P.
Clinton), Ohio—NOTE SALE—The District Clerk states that the $7,076.81 refunding, second series notes, offered for sale on
Aug. 4, were pur¬
chased by the First-Central Trust
Co.,'of Akron, as 1.22s, at par.
Due
in 1943.
series
100.502
100.343
series notes, offered for sale on Aug. 25, were purchased by the Ohio Na¬
tional Bank of Columbus, as Is at par, paying a pemium of $25, equal to
Bidder—
PLEASANTV1LLE VILLAGE SCHOOL DISTRICT (P. O. Pleasantville), Ohio—BOND SALE—The District Clerk states that the $3,998.07
refunding second series notes, offered for sale on Aug. 11, were purchased
by the Hocking Valley National Bank, of Lancaster, as 1.20s, at par.
PORT
Rale Bid
Seasongood & Maye
1M %
St anahan, Ha
is & Co., Inc., B aun, Boswo th & Co.,
and Ryan, Suthe land & Co_
1M%
—
(P.
by the
Park), Ohio—NOTE SALE—The District Clerk states that the $4,358.76
refunding second series notes offered for sale on Aug. 11 were purchased by
the Ohio National Bank of Columbus as 1.35s, at par.
by lot under the supervision of the Village Clerk.
NOTE
DISTRICT
as
Each
and the price per bond
The village reserves the
right to accept all
mined
COUNTY
SUMMIT
TERRACE
OBERLIN VILLAGE SCHOOL DISTRICT (P. O. Oberlin
Village),
Ohio—NOTE SALE—-It is reported that the $10,446.14 refunding second
series notes, offered for sale on Aug. 1, were
purchased by the Ohio National
Bank of Columbus, as 1.15s, at par.
Due in 1943.
SCHOOL
James A. Evans, Clerk of the Board of County Commissioners, will receive
bids until noon (EST) on Sept. 15 for the purchase of $440,000
Is, at par.
as
TOWNSHIP
sealed
Due in two years.
NORWOOD CITY SCHOOL DISTRICT (P. O. Norwood), Ohio—
NOTE SALE—The District Clerk states that the $24,159.48 reunding
second series notes, offered on Aug. 6, were purchased by the Ohio National
Bank of
SUFFIELD
Ohio—NOTE SALE—The District Clerk states that the $4,341.45 refund¬
ing second series notes, offered Aug. 1, were purchased by the Fir6t-Central
Trust Co., of Akron, as 1.28s.
:
•
the Board of Education.
WILMINGTON CITY SCHOOL DISTRICT (P. O. Wilmington),
Ohio—NOTE SALE— The District Clerk states that the $8,750.67 refund-
Volume
*ng
The Commercial & Financial Chronicle
153
second series notes offered for sale
First-Central Trust Co. of Akron
on
Aug. 5
1.18s, at
as
were
purchased by the
par.
WINCHESTER VILLAGE SCHOOL DISTRICT (P. O. Winchester)»
Ohio—NOTE SALE—It is reported that $4,130.68 refunding second series
notes, were purchased by Van Lahr, Doll, & Isphording of Cincinnati, as
1.908, at par.
Due in 1943.
L. Buckio, Village Clerk,,
bonds have been purchased by Browning
& Co., of Cincinnati, at a net interest cost of
3.42%.
WOODSFIELD
1966, incl.
an
revenue
EXEMPTED
VILLAGE
Interest F-A.
LANSDALE
SCHOOL
SCHOOL
DISTRICT
(P. O. Woodsfield), Ohio—NOTE SALE—The District Clerk
states that
the $5,886.45 refunding second series notes offered for sale on Aug. 7 were
purchased by the First-Central Trust Co. of Akron as 1 Ms at par.
Due in
two years.
WORTHINGTON, Ohio—BOND OFFERING—H. B. Taylor, Village
Clerk, will receive sealed bids until noon on Sept. 19 for the purchase of
$26,300 3% coupon special assessment street improvement bonds.
Dated
Aug. 1, 1941.
Denoms. $1,000. $400 and $300.
Due as follows: $1,400
Feb. 1 and Aug. 1, 1942; $1,400 Feo. 1 and $1,300 Aug. 1, 1943, and $1,300
Feb. 1 and Aug. 1 from 1944 to 1951, incl.
Bidder may name a different
rate of interest provided that fractional rates* are expressed in a multiple of
M of 1%.
Issued for the purpose of raising money in anticipation of col¬
lection of special assessments for street improvements.
A certified check
for $500, payable to order of the village, is required.
WREN VILLAGE SCHOOL DISTRICT (P. O. Wren), Ohio—NOTES
SOLD—The District Clerk states that the $2,299.17 refunding second
series notes, offered for sale Aug. 27, were purchased by the Van Wert
National Vankof Van Wert, as Is at 100.10, a basis of 0.95.
Dated Aug.4,
1941.
Due Aug. 4, 1943.
SALE—The District Clerk states that the $2,228.33 refunding second series
on Aug. 7 were purchased by the Ohio National Bank, of
Columbus, as 1.60s, at par.
notes, offered
YORK TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Athens),
Ohio—NOTE SALE—The District Clerk states that the $6,935.40refunding
second series notes, offered July 25, were purchased by the Quaker City
National Bank of Quaker City- as 1.39s.
YOUNGSTOWN,
Ohio—BOND
OFFERING—-Walter W.
Mitchell,
Secretary of the Sinking Fund Trustees, will receive sealed bids until noon
on Sept. 11 for the
purchase of $36,000 4% bonds, divided as follows:
Due $5,000 annually on Oct. 1 from 1942
to 1917, inclusive.
6,000 street improvement bonds.
Due,$1,000 annually on Oct. 1 from
1942 to 1947, inclusive.
*
All of the bonds will be dated March 15, 1939.
Denom. $1,000.
Prin.
and int. (A-O) payable at the office of the Sinking Fund Trustees.
The
bonds have been approved as to legality by Squire, Sanders & Dempsey
of Cleveland, and are valid and binding obligations of the
city, payable from
levies within the 10-mill limitation.
Resolution authorizing the sale of the
bonds was adopted by Board of Sinking Fund Trustees at a meeting on
Aug. 6, 1941.
A certified check for $720, payable to order of Sinking Fund
Trustees, is required.
YOUNGSTOWN, Ohio—BOAT) CALU-Walter W. Mitchell, Secre¬
tary of the Sinking Fund Trustees, states that 3 M % indebtedness liquidat¬
ing bonds Nos. 41831 to 42068, $238,000, are called for payment on Oct. 1.
Dated May 1, 1936.
Due Oct. 1, 1945.
Part of an issue of $1,193,000.
Bonds must have unmatured coupons attached and will be paid at the office
of the Sinking Fund Trustees.
OKLAHOMA
CHANDLER
SCHOOL
DISTRICT
(P.
O.
Chandler),
Okla.—
BONDS SOLD—The District Clerk states that $8,000 building, repair and
equipment bonds were offered for sale on Aug. 26 and were awarded to
Edgar Honnold of Oklahoma City, at
a net
interest cost of 2.225%.
OKFUSKEE COUNTY UNION GRADED SCHOOL DISTRICT NO.
29 (P. O. Okemaha, R. F. D. No. 2), Okla.—BOND OFFERING— Sealed
bids will be received by Heber Strain, District Clerk, until 2 p. m. on Aug. 30
for the purchase of
$5,000 school bonds.
The bonds will be sold to the
bidder offering the lowest rate of interest and agreeing to pay par.
Enclose
a certified check for 2% of bid.
PAWNEE
SCHOOL
DISTRICT
(P.
O.
Pawnee),
Okle.^-BONDS
VOTED—It is reported that at a recent election $32,000 building bonds were
approved.
'
land,
as
Aug. 25,
were
purchased by Fordyce & Co. of Port¬
3s at 100.02.
p. 873—were awarded to Charles N. Tripp Co. of Portland as 2Mb at a
priceof 100.87,abasisofabout2.07%.
Dated Aug. 1,1941 and due Sept. 1
as follows: $1,000 from 1943 to 1948, incl., and $1,500 in 1949.
SALEM, Ore.—BONDS VOTED—According to report, the election held
on Aug. 20 resulted in favor of issuing $75,000 airport bonds.
THE DALLES, Ore.—BOND OFFERING—J. H. Steers. City Recorder,
will receive sealed bids until 5 p. m. on Sept. 3 for the purchase of $49,000
general obligation bonds, as follows:
•
>
PHILADELPHIA, Pa.—BOND CALL—William W. Felton, Clerk of
announces that $8,804,000 bonds issued on Oct. 26,1921, due
Oct. 26, 1971, and redeemable at par and accrued interest after 20 years
from date of issue, have been called for payment on Oct. 27, 1941.
Bonds
with all unmatured coupons attached must be presented for redemption
and payment to the Philadelphia National Bank, fiscal
agent of the city,
at 421 Chestnut St., Philadelphia.
Bonds registered as to principal alone
or as to both principal and interest must be
accompanied
struments of assignment, executed in blank.
TO SELL REFUNDING BONDS—To take
issue will carry a much lower interest rate and refunding of the 5 Ms at this
time will result in considerable interest savings to the city.
This issue was
not included in the Drexel &
which
holders
of
■
election
on
Co-Lehman Brothers refunding plan, under
of the city's obligations are voluntarily
$131,064,000
exchanging their securities for
new
issues.
RHODE
ISLAND
CRANSTON, R. I.—NOTE OFFERING—William A. Brown, Deputy
City Treasurer, will receive sealed bids until noon (DST) on Sept. 3, for
the purchase at discount of $1,000,000 notes, dated
Sept. 5, 1941 and pay¬
able Sept. 4, 1942.
Notes will be authenticated as to genuineness and
validity by the First National Bank of Boston, under advice of Ropes,
Gray, Best, Coolidge & Rugg of Boston.
Notes will be delivered on or
about Sept. 5 at the aforementioned
bank for Boston funds, and will be
payable at said bank, or at holder's option, at the Rhode Island Hospital
Trust Co., Providence.
SOUTH
CAROLINA
CHARLESTON, S. C.—BOND ISSUE RECOMMENDED—It Is
Ore.—BONDS
VOTED—We understand that at
Aug. 18,.the $31,500 fire equipment bonds were voted.
re¬
ported that Henry W. Lock wood, Mayor, recently recommended an issue
of $445,000 2M% refunding bonds.
CHARLESTON COUNTY (P.
O. Charleston), S. C.—BONDS AND
NOTES AUTHORIZED—We understand that the County Board of Com¬
missioners on Aug. 19 authorized the County Treasurer to issue $75,000 in
tax anticipation notes for operating expenses for the period required until
tax returns start coming in, and authorized the necessary procedure for the
county to issue $200,000 in bonds as provided for under Act of the
General Assembly, the proceeds to be used for general purposes.
1941
WINTHROP COLLEGE (The South Carolina College for Women),
S. C.—BOND OFFERING—It is stated by Shelton Phelps, President and
Treasurer, that he will receive seaied bids at his office in Rock Hill, until
(DST), on Sept. 12, for the purchase of $300,000 not exceeding 4%
dormitory building revenue bonds.
Denom. $1,000.
Dated
Aug. 1, 1941.
Due Aug. 1, as fohows: $11,000 in 1943 to 1945, $12,000 in
1946 and 1947, $14,000 in 1948 to 1951, $15,000 in 1952 to 1955, $17,000
in 1956 and 1957, $18,000 in 1958 and 1959, and $19,000 in 1960 to 1962.
Prin. and int. payable at the office of the President and Treasurer of the
Trustees of the College at Rock Hill, or at the Chemical Bank & Trust
Co., New York.
Payable solely from the net revenue derived from the
operation of the dormitories after deducting reasonable expenses of opera¬
tion and maintenance.
The bonds shall provide that the fuli faith and
credit of the State shall not be pledged nor shall the bonds in any way be a
debt of the State.
Issued pursuant to Act No. 352 of the General Assembly
of the State of 1941.
The proceeds of the sale are to be used solely for the
purpose of erecting a dormitory on the real estate of the College, at Rock
Hill, and furnishing the same.
Proposal with respect to the bonds shall
not be less than par and accrued interest from Aug. 1.
The bonds will
be sold to the best bid offered as determined by the President and Treasurer.
The successful bidder will be required to pay the fee for any legal opinion
desired approving the issue other than Reed, Hoyt, Washburn & Clay
of New York, whose opinion will be furnished to the purchaser without
charge.
Enclose a certified check for $6,000, payable to the College.
noon
semi-ann.
EDGEMONT
INDEPENDENT
DAKOTA
SCHOOL
DISTRICT
(P.
O.
Edge-
mont), S. Dak.—BONDS SOLD—The Clerk of the Board of Education
that the $25,000 3% semi-annual refunding bonds offered for sale
without success on June 2—V. 152, p. 3687—have since been purchased at
par by Kalman & Co. of St. Paul.
Dated Sept. 1, 1941. Due on Sept. 1
on Sept. 1 in 1944 to 1961; optional on and after Sept. 1, 1944.
states
EDMUNDS COUNTY (P.
O. Ipswich), S. Dak.—BONDS AUTHOR-
IZED—County Commissioners recently passed an ordinance calling for an
$140,000 2% semi-annual funding bonds.
Aug. 1, 1941.
Due $7,000 in 1942 to 1961.
issue of
Dated
Denom. $1,000.
APPROVED—It is reported that the
RAPID CITY, S. Dak.—BCNDS
City Council on Aug. 18 approved an issue of $25,000 judgment
bonds.
(P. O. Clinton), Tenn.—BONDS SOLD—An
semi-ann. school improvement bonds is said to have
purchased by Jack M. Bass & Co., of Nashville.
ANDERSON COUNTY
issue of $30,000 2M%
oeen
MEDINA, Tenn.—BOND SALE— It is reported that an issue of $22,500
4% semi-annual water works direct obligations and revenue bonds were
purchased by C. H. Little & Co. of Jackson.
Dated May 1, 1941.
Due on May 1 as follows:
$500 in 1942 to 1951.
$1,000 in 1952 to 1961, and $1,500 in 1962 to 1966; callable in inverse order
on any interest date after five years, on 30 days' notice.
Prin. and int.
(M-N) payable at the Union Planters National Bank & Trust Co., Memphis.
These bonds, in the opinion of counsel, constitute valid and legally binding
obligations of the town, payable from unlimited taxes, and are additionally
secured by the water works system revenues.
Legality approved by Charles
& Trauernicht of St. Louis.
„
804.
$1,000 or $500, to suit purchaser.
Prin. and semi-ann. int.
payable at the City Treasurer's office.
All of the bonds maturing after
1943 will be redeemable on any annual interest date on 30 days' advance
notice prior to date of redemption.
A certified check for 5% of the bid
must accompany each proposal.
(Preliminary notice of the above offering appeared in V. 153, p. 1165.)
LINN,
care
TENNESSEE
Denoms.
WEST
by appropriate in¬
of the redemption the
city is expected shortly to advertise for bids on a new issue of serial bonds,
which will be sold before the redemption date of the 5MsThe new bond
«
$39,000 2% airport bonds.
Dated Aug. 15. 1941.
Due Aug. 15 as fol¬
lows: $5,000 from 1943 to 1949, incl., and $4,000 in 1950.
In¬
terest F-A.
Issued pursuant to Chapter 38, Amendment to City
Charter, and to Special Ordinance No. 809.
10,000 not to exceed 6% interest industrial bonds.
Dated July 15, 1941.
Due $2,000 on July 15 from 1943 to 1947, incl.
Interest J-J.
Issued pursuant to provisions of City Charter and Special Ordi¬
No.
Pa .—BOND
City Council,
SOUTH
MALHEUR COUNTY SCHOOL DISTRICT NO. 23 (P. O. Malheur),
Ore.—BOND SALE—The $7,500 school bonds offered Aug. 12—V. 153,
nance
Lansdale),
municipal building bonds.
OREGON
HARNEY COUNTY SCHOOL DISTRICT NO. 13 (P. O. Drewsey),
Ore.— WARRANT SALE—It is reported
that
$1,500 interest bearing
warrants, offered on
O.
NEWPORT, Pa.—BOND ELECTION—We understand that an elec¬
tion has been called for Sept. 9 to submit to the voters an issue of
$35,000
$30,000 fire apparatus bonds.
C.
(P.
at the election scheduled for Sept. 9,
issue of $125,000 construction bonds is to be placed on the ballot.
YORK RURAL SCHOOL DISTRICT (P. O. York), Ohio—NOTE
„
DISTRICT
ELECTION—We understand that
WOODSFIELD, Ohio—BOND SALE—Frank
states that $55,000 water
1311
HARBORCREEK TOWNSHIP SCHOOL DISTRICT (P. O. Harborcreek), Pa.—BOND SALE—Phillips, Schmertz & Co. of Pittsburgh have
purchased an issue of $25,000 2M % construction bonds at a price of 102.319,
a basis of about
2.05%.
Due $1,000 annually on Aug. 15 from 1942 to
^
A
_
the
(A like amount of bonds was offered
WARREN COUNTY (P.
A
PENNSYLVANIA
syndicate
...
for sale without success on Jan. 21)
O. McMinnville), Tenn—BONDS SOLD—
composed of the Nashville Securities Co., Union Planters
& Gibson, of Nash¬
National Bank & Trust Co., of Memphis, and Webster
ALLENTOWN SCHOOL DISTRICT (P. O. Allentown), Pa .—BOND
SALE—The $338,000 coupon refunding bonds offered Aug. 25—V. 153, p.
ville, is said to have purchased $125,000 1 % % semi-annual school improve¬
ment bonds, paying a premium of $327.50, equal to 100.62.
These bonds
carried at the election held on May 15.
.
1165—were awarded to Singer,
par
Deane & Scribner of Pittsburgh, as Is, at
plus a premium of $1,721, equal to 100.509, a basis of about 0.90%.
TEXAS
Dated Oct. 1, 1941 and due Oct. 1 as follows: $35,000 from 1942 to 1945
incl. and $33,000 from 1946 to 1951 incl. Other bids:
Bidder—
Int. Rate
First Boston Corp
*
Stroud & Co.; E. Lowber Stokes & Co. and Charles
Clark & Co
*
Rate Bid
1%
100.508
1%
100.549
Drexel & Co
Bid conditioned
,
100.378
The State Board of Education has
bonds at par.
Texas—BONDS SOLD
purchased an issue of $2,500 4% school
Due in 10 years.
j_—
1%
100.177
1%
100.138
20years.
1)1%
101.135
100.899
100.89
1 M%
Greenwood & Co—
Halsey, Stuart & Co., Inc
*
1%
1M%
114%
—
Harriman Ripley &
&Co._
in 1947 to 1954.
ALTO INDEPENDENT SCHOOL DISTRICT,
Schmidt. Poole
& Co.; Dolphin & Co.; George E.
Snyder & Co. and Iiambo, Keen, Close & Kerner
Graham, Parsons & Co.; Hemphill, Noyes & Co., and
C. C. Codings & Co
A. Webster Dougherty & Co. and Harris Trust &
Savings Bank*
Blair & Co., Inc.; Butcher & Sherrerd, and H. T.
ABILENE, Texas—PRE-ELECTION CONTRACT—An issue of $125,000
3 % and 3 lA% school construction bonds is said to have been contracted for,
subject to the outcome of an election to be held in the near future.
Due
100.847
Dated June 1, 1941.
April 1 from 1942 to 1951; optional on April 1, 1944.
Co., Inc. and Kidder, Peabody
on no
change in Federal tax-exempt status of issue.
ANDERSON COUNTY COMMON SCHOOL DISTRICT NO. 33
(P. O. Palestine), Texas—BONDS SOLD—An issue of $3,200 3X% con¬
Board of Education at par.
Due in
struction bonds was sold to the State
ASPERMONT
SCHOOL
DISTRICT
(P.
O. Aspermont), Texas—
bonds
Stone¬
Due $300 on
BOND SALE—The $3,000 3% coupon semi-annual construction
offered for sale on July 28—V. 153, p. 431—were purchased by the
wall
County Sinking
Fund, at par.
The Commercial & Financial Chronicle
1312
Aug. 30, 1941
(P. O. Seymour), Texae—
ELECTION—
We understand that an election was held on Aug. 30. to submit to the
voters an issue of $75,000 not exceeding 3Yi% county airport bonds.
SOLD—The State Board of Educa¬
tion has purchased an issue of $10,000 3lA% city hall and fire station
bonds.
Due in 10 years.
Issue was authorized at an election on Aug. 2.
BEXAR COUNTY (P. O. San Antonio), Texas -BOND ELECTION
POSTPONED—We understand that the Commissioners' Court on Aug. 21
postponed indefinitely the election that had been tentatively fixed for
Sept. 20, to submit to the voters the $600,000 road improvement bonds.
ROGERS, Texas—BONDS SOLD—Rauscher, Pierce & Co. of Dallas
recently purchased an issue of $30,740 3A% water refunding bonds.
Dated Jan. 1, 1941.
Due March 1 as follows: $740 in 1943; $1,000, 1944
to 1940, incl.; $1,500, 1947 to 1958, incl.; $2.vKa, from 1959 to 1961, incl.
and $3,000 in 1962.
Interest M-8.
BROWNSVILLE, Texas—BONDS PUBLICLY OFFERED—'The DunneIsrael Investment Co. of Wichita recently made public offering of $211,000
3% refunding bonds.
Dated Jan. 1,1941.
Denom. $1,000.
Due serially
on April 1 from 1951 to 1974, incl.
Callable on any interest date.
Prin¬
cipal and interest CA-O) payable at the State Treasurer's office.
purchased $9,000 4% semi-annual school bonds at par.
BAYLOR COUNTY
CARSON COUNTY
(P. O. Panhandle), Texas—BOND SALE NOT
CONSUMMATED—'The
sale
July
on
14
of the $75,000 road bonds of
Co., both of
Precinct No. 4 to W. N. Edwards & Co.^nd R. K. Dunbar &
Fort Worth, jointly, as not consummated, as the bonds were
the voters at a recent election, according to report.
defeated by
are
They
$135,000 junior high school, $65,000 airport bonds.
follows:
as
BONDS DEFEATED—$50,000
park and swimming pool-bonds failed
to carry at the same election, according to report.
EL
EL
PASO
DISTRICT
WATER
COUNTY
NO.
1
(P. O. EI
CONTROL
AND
Paso), Texan—BOND
TEMPLATED—We understand that
an
election may
IMPROVEMENT
ELECTION CON¬
be called to submit
to the voters an issue of
in connection with
FREESTONE
a
$1,000,000 sewer and water system revenue bonds
Works Project Administration grant.
CONSOLIDATED SCHOOL
DISTRICT
NO. 17 (P. O. Fairfield), Texas—BONDS SOLD—'The State Board of
Education recently purchased an issue of $5,000 3school bonds at
COUNTY
Due in 10 years.
GIRARD
COUNTY-LINE
INDEPENDENT
SCHOOL
DISTRICT,
Texas—BONDS SOLD—The State Board of Education has purcnased
$13,000 3 lA % construction bonds.
Due in 14 years.
an
issue of
INDEPENDENT SCHOOL DISTRICT, Tekatr-BONDS
SOLD—The State Board of Education has purchased an issue of $50,000
2H%, 3% and 3H% gymnasium bonds.
Due in 30 years.
Issue was
authorized at an election on June lo.
STAMFORD, Texas—BONDS EXCHANGED—R. K. Dunbar & Co. of
$16,500 4% series
Dated March 1, 1941.
Due serially from 1942
M-S.
Legality approved by W. P. Dumas of
Austin have exchanged witn original holders an issue of
of 1941 refunding bonds.
1952,
incl.
Interest
(P. O. Plainview), Texas—BOND SALE DETAILS
—The County Treasurer states that the $35,000 road bonds sold jointly
Ito A. W. Snyder & Co., and Paul H. Aves & Co., both of Houston, as
2%s—V. 152, p. 4163—were purchased at par and mature $7,000 on May 1
inJ943 to 1947.
'
;
HOUSTON, Texas—PROPOSED BOND ELECTION—The City Council
is said to have voted to call a special election for the submission of municipal
improvement bonds totaling $8,270,000.
Date of the election was not set,
but it probably will be held in about four weeks.
Bond proposals are: Sanitary sewers, $2,500,000; storm sewers, $1,400,000; airport improvements, $800,000; bituminous topping of streets,
$300,000; flood control, $800,000; land and right of way purchases, $700,000;
tuberculosis hospital, $650,000; and fire alarm extension system, $320,000.
JACKSON
COUNTY
(P.
O.
Edna), Texas—BOND SALE—The
$21,000 issue of County Road District No. 16 coupon semi-annual bonds
offered for sale on Aug. 25—V. 153, p. 1160—was purchased by R. K.
Dunbar & Co. of Austin, paying a premium of $31, equal to 100.147, a net
interest cost of about 2.68%, on the bonds divided as follows:
$9,000 as
2Hs, due $1,000 on Aug. 15 in 1943 to 1951; the remaining $12,000 as
2Mb. due on Aug. 15, $1,000 in 1952 to 1959, and $2,000 in I960 and 1961.
JASPER COUNTY ROAD DISTRICT NO. 6 (P. O. Jasper), Texas—
VOTED—We understand that at the election held on Aug. 16,
$90,000 road construction bonds were voted.
BOND
KING HIGH COMMON SCHOOL DISTRICT NO. 16 (P. O. Quanah),
Texas—BONDS SOLD—The State Board of Education purchased as 4s,
at par, the $6,000 construction bonds authorized at an election on June 21.
Due in 24 years.
LEXINGTON
INDEPENDENT
SOLD—The
State
Board
SCHOOL
of
an
election
on
DISTRICT,
Education
construction bonds at par.
authorized at
purchased
Due in 20 years.
Texas—
an
issue
of
The bonds
July 2.
MABANK INDEPENDENT SCHOOL DISTRICT
(P. O. Mabank),
Texas—BOND SALE—It is reported that an issue of $25,000 4% semi¬
annual construction bonds have been sold at par.
Dated May 1, 1941.
Due May 1,1942 to 1965.
Legality approved by W. P. Dumas of Dallas.
McCAMEY, Texas—BONDS SOLD TO RFC—It is reported that the RFC
purchased $250,000 4% semi-annual water and sewer revenue bonds.
Due
Oct.
1 in
1942 to 1971.
McLENNAN
COUNTY
(P.
O.
Waco)
Texas—BOND OFFERING—
Sealed bids will be received until 2 p. m. on Aug. 30, by the Commissioners
Court, for the purchase of $150,000 airport bonds.
Interest rate is not to
exceed
3%, payable M-S.
Denom. $1,000.
Dated Sept. 20, 1941.
Due
Sept. 20 as follows: $13,000 in 1942 and 1943, $14,000 in 1944 and 1945,
$15,000, 1946 and 1947, $16,000, 1948 and 1949, and $17,000 in 1950 and
1951; optional after five years from date of issue.
These bonds are being
offered subject to the outcome of an election to be held on Sept. 2. A cer¬
tified check for 5% must accompany the bid.
on
MONTALBA
SCHOOL
DISTRICT
NO.
94
TOM
GREEN
COUNTY (P.
PROVED—We .understand .that
O.
the
San Angelo), Texas—BONDS AP¬
Commissioners Court on Aug. 12,
approved an issue of $67,000 not exceeding 3H% refunding
bonds.
TRAVIS COUNTY COMMON SCHOOL DISTRICT NO. 36 (P. O.
Colorado), Texas—BONDS SOLD—The State Board of Education is said
to have purchased $10,000 3% semi-annual construction bonds at par.
Due in 20 years.
TURKEY INDEPENDENT SCHOOL DISTRICT (P. O. Turkey),
Texas—BONDS SOLD—An issue of $130,500 3% semi-annual refunding
bonds is to have been purchased by R. A. Underwood & Co., of Dallas.
Due on July 1, 1966.
ZANDT COUNTY JUSTICE PRECINCT NO. 8 (P. O. Can¬
Texas—BONDS SOLD—An issue of $100,000 3 and 3M% semi¬
have been purchased by Garrett & Co., of
Dallas.
Dated June 1, 1941.
Due June 1, 1942 to 1966.
Legality ap¬
proved by W. P. Dumas of Dallas.
VAN
annual road bonds is said to
WILLBARGER COUNTY
(P. O. Vernon), Texas—PRE-ELECTION
Judge, reports that an issue of $25,000
of election on Aug. 28.
airport bonds was sold subject to outcome
YOUNG
BONDS
PRECINCT
COUNTY
3 (P. O. Graham), Texas—
16, re¬
and bridge construction bonds.
NO.
VOTED—We understand that the election held on Aug.
.
$15,781,430 during the past 10 years, representing a reduction of 45.45%.
The report shows that on Jan; 1, 1931, the county's total debt require¬
ments stood at $34,720,288, whereas on July 1, 1941, these
requirements
had been reduced to $18,938,566. including more than $3,000,000 that has
been taken over by the State under the road bond assumption bill.
The
Court's report explained that these figures include the interest that would
accrue over the life of the bonds as well as the principal
outstanding.
In
the event the bond assumption bill is repassed, the county's present bond
requirements would be listed at $11,937,117.20.
BONDS
COMMON
COUNTY
sulted in favor of issuing $50,000 road
HIDALGO COUNTY (P. O. Edinburg) Texas—DEBT
REDUCED
SHARPLY IN DECADE—The County Commissioners Court has issued a
statement outlining the sweeping reductions that have been made in the
county's bonded debt duribg the past 10 years.
The report points out that the county's bonded debt has been reduced by
$8,000 3%%
TARRANT
(P. O. Fort Worth), Texas—BONDS SOLD—The State Board of Educa¬
$2,400 4% semi-annual building bonds at
par.
Due in 30 years.
tion is said to have purchased
BOND SALE—John Myers, County
HALE COUNTY
on
Due in 19 years.
ton),
GREGORY
were
(P. O.
Texas.
Aug. 1 from 1942 to 1946, incl., and $4,000 in 1947; the 3s are due $4,000
annually on Aug. 1 from 1948 to 1951, incl.
Warrants are dated Aug. 1,
1941.
Prin. and int. (F-A) payable at the State Bank of El Paso.
_
SPRING HILL RURAL HIGH SCHOOL DISTRICT NO. 52
PASO, Texas— WARRANTS SOLD—G. R. Daniels, City Auditor,
on
_
Due in 30 years.
Longview), Texas—BONDS SOLD—The State Board of Education is said
have purchased $9,500 3lA% semi-annual construction bonds at par.
to
reports that the contractor has purchased $35,000 airport warrants at par,
as follows: $19,000 2%s and $10,000 3s.
The 2Ms mature $3,000 annually
par.
INDEPENDENT SCHOOL DISTRICT (P. O. Sandia),
SOLD—The State Board of Education is said to have
SHEPHERD INDEPENDENT SCHOOL DISTRICT (P. O. Shep¬
herd;, Texas—BONDS SOLD—An issue of $58,000 4 % semi-annual re¬
funding bonds is said to have been purchased by Dewar, Robertson & Pancoast, of San Antonio.
Due on July 1 in 1942 to 1969.
Aug. 19 bonds amounting to $200,000 were approved.
on
divided
SANDIA
Texas—BONDS
to
DENTON, Texas—BONDS VOTED—We understand that at the elec¬
tion held
ROCK SPRINGS, Texas—BONDS
INDEPENDENT
SCHOOL
DISTRICT,
UTAH
Utah—BONDS AUTHORIZED—An .ordinance is
said to have been passed authorizing Ethel MacDonald, City Recorder, to
proceed to sell $400,000 tax anticipation bonds, to provide for the city's
SALT LAKE CITY,
1941 expenses,
VIRGINIA
VIRGINIA, State of—COUNTIES GET $1,926,802 OF A B C FUNDS
—Virginia counties will receive $1,926,802.24 as their share of the State
Alcoholic Beverage Control Board's profits for 1940-41, figures released by
the State comptroller's office showed yesterday.
The distribution is on a per capita basis at the rate of $1.15559 for each
of the counties' 1,667,370 people.
Towns, with a population of 235,286,
will receive $271,895.01.
.■
The comptroller previously had announced the 24 independent cities
would receive $895,720.31 of the total of $3,094,417.56 to be distributed to
the localities from the board's total profits amounting to $6,316,626.
The
State gets the remainder.
WASHINGTON
KALAMA PORT DISTRICT (P. O. Kalama),
Wash.—BOND ELEC¬
to the
TION— It is reported that an election has been called to submit
of $80,000 bonds to retire warrants and interest.
voters an issue
TACOMA, Wash.—BOND SALE— The $4,000,000 issue of coupon or
registered semi-ann. light and power bonds, series A, 1941/offered for sale
on Aug. 25—V. 153, p. 726—was awarded to a syndicate headed by John
Nuveen & Co. of Chicago, paying a premium of $101, equal to 100.0025,
giving a net interest cost of about 1.7488%, on the bonds divided as follows:
$1,425,000 as 3s, due as follows: $50,000 July 1, 1942, $50,000 Jan. and
July 1, 1943 to 1945, $150,000 Jan. and July 1, 1946, $100,000 Jan. and
July 1, 1947 to 1949, $100,000 Jan. and $75,000 July 1, 1950, as 3s, and
$3,575,000 maturing $25,000 July 1,1950, $100,000 Jan. and July 1,1951 to
1955, $125,000 Jan. and July 1,1956 to 1960, and $150,000 Jan. and July 1,
19Theacit1ym'ay,
at its option, call all or any of the outstanding bonds for
redemption on Jan. 1, 1952, or any interest paying date thereafter, upon
60 days' advance notice.
Associated with the above-named firm in the purchase were: F. S. Moseley
& Co., of Chicago; Dominick & Dominick, E. W. Clark & Co., both of New
York; Illinois Co., of Chicago; Bosworth, Chanute, Loughridge & Co., of
Denver; Stern, Wampler & Co., of Chicago; First Cleveland Corp.; Blair,
Bonner & Co., of Chicago; Ryan, Sutherland & Co., of Toledo; Hartley
Rogers & Co., of Seattle; Wachob-Bender Corp., of Omaha; RobinsonHumphrey Co., of Atlanta; Martin, Burns & Corbett, of Chicago; Harold H.
Huston & Co., Grande & Co., both of Seattle; D. T. Richardson & Co.,
Channer Securities Co., both of Chicago; F. Brittain Kennedy & Co., of
Boston; Allison-Williams Co., of Minneapolis; Hemphill, Fenton & Camp¬
bell, of Portland; Boettcher & Co., of Denver; Braun, Bosworth & Co., of
Toledo; Baum, Bernheimer Co., of Kansas City, and Brown, Schlessmanv
Owen & Co., of Denver.
The other bidding accounts and the interest cost basis of their bids were
as follows:
Union Securities Corp., 1.76; The First Boston Corp., 1.7634;
Blyth & Co., Inc., 1.79; Halsey, Stuart & Co., Inc., 1.855; Shields & Co.,
1.93; Blair & Co., Inc., 1.97; Salomon Bros. & Hutzler, 1.99.
Texas—
BONDS
OFFERED
FOR
INVESTMENT—'The successful bidders republic subscription at prices to yield from
BONDS SOLD—The State Board of Education has purchased an issue of
offered
$3,000 3Y% construction bonds at
to 1951, incl.
and $200 from 1952
0.30% to 1.85%, according to maturity.
an
election
Due as follows: $100 from 1942
to 1961, incl.
Issue was approved at
par.
March 29.
on
CALL—It is stated by M. M. Cudd,
1935, refunding bonds, Nos. 10 to 305,
to the amount $296,000, are called for payment on Oct. 1, 1941, at par
value with accrued interest, at the Guaranty Trust Co., of New York City,
or
at
the American National
Bank, Austin.
Denom.
$1,000.
Date
Oct. 1, 1935.
Due Oct. 1, 1941 to 1971.
Interest ceases on Oct. 1, 1941.
RANGER,
series
Texas—ADDITIONAL
INFORMATION— In
connection
with the $648,040 refunding, series of 1940 bonds, exchanged with the
original holders through Crummer & Co. of Dallas, as noted here on Jan. 18,
it is now stated by E. T. Eubank, City Secretary, that the bonds mature
on March 1, 1970, and bear 1A% interest froimMarch 1, 1940 to March 1,
1945, 2% to March 1,1955,3% to March 1,1968, and 4% to March 1,1970.
RICHLAND
INDEPENDENT
SCHOOL
land), Texas—BONDS VOTED—We
on
above
VANCOUVER,
PERRYTON, Texas—BOND
City Secretary, that 5%
the
DISTRICT
(P.
O.
Rich¬
understand that at the election held
C. A. McDonah,
bonds for
Wash.—BONDS NOT APPROVED—It is stated b
Aug. 16—V.
City Clerk, that the report in our issue of
153, p. 1028—to the effect that the City Council had recently approved an
issue of $600,000 water system improvement bonds, was incorrect.
WASHINGTON,
State
of— TACOMA NARROWS BRIDGE CLAIM
Washington Toll Bridge Authority of
SETTLED—The acceptance by the
companies to settle the Tacoma Narrows Bridge
claim for $4,000,000 plus salvage is a constructive piece of news, according
to a bulletin on Pacific Coast B/idge Revenue bonds, issued on Aug. 23 by
Kaiser & Co. of San Francisco.
Use and occupancy insurance in the amount
the offer of the insurance
$240,000 was paid last April.
It is believed that the Authority will
apply these funds first to the redemption of the $3,750,000 of outstanding
revenue bonds.
The manner in which this situation was handled, and the
relative expedition with which this complicated claim was settled, reflect
credit upon those concerned, as well as constituting a milestone in the
favorable record of bridge revenue bonds.
of
Aug. 15, $10,000 construction and equipment bonds were approved.
ROCKPORT, Texas—BONDS SOLD—C. W. Austin of Houston pur¬
$25,000 4A% sewer system revenue bonds authorized on May
Due on May 15 from 1943 to 1961, incl.
In¬
chased the
10, paying a price of par.
terest M-N.
WISCONSIN
DURAND, Wis.—BONDS APPROVED—It is reported that an issue of
$50,000 municipal building bonds has been approved.
Volume
The Commercial & Financial Chronicle
153
Subscription Price $12.00
per
NEW
Year
State and
EDITION
JUST
OUT
Single Copies $7.00 each
Municipal Compendium
Shows at a glance the financial status of over
20,000 municipalities and taxing districts, listing
outstanding bonds issues and maturities; gross debt and sinking funds; assessed valuations,
tax rate,
population, where interest is payable, &c.
For each State gives details of State debt and
digest of laws and constitutional provisions
affecting the issuance of securities, and types of investments legal for trust funds and savings
banks.
Includes the history and present status of the debt of the Federal Government and the laws
authorizing the same. Also gives a complete analysis of the municipal bond sales for the
preceding year.
Carefully compiled from official
sources
and revised to date of issue.
Connecticut
New
Alabama
Island Possessions
New Mexico
Texas
Delaware
Arizona
Kansas
North Carolina
United States
Dist. of Col.
New Jersey
New York
Arkansas
Kentucky
North Dakota
Illinois
Ohio
California
Louisiana
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Utah
Colorado
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Philippine Islands
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Maine
Rhode Island
Maryland
Massachusetts
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United States-
Debt, &c.
Vermont
Published by William B. Dana Company
I
25
*
Debt, &e.
Spruce Street, New York
The Commercial &
VI
Aug. 30, 1941
Financial Chronicle
Foreign
H. PRINCE & CO.
F
BANKERS
THE CANADIAN BANK
-
PROVIDENCE, RHODE ISLAND
,
York, Chicago & Boston
York
Stock
New
York
Curb
Exchange
Cotton
Exchange
Stock Exchanges
business.
FINCH, WILSON & CO.
SWITZERLAND
Trinidad.
NEW YORK
120 BROADWAY,
i
PITTSBURGH
GENEVA.
Jamaica; Bridgetown,
and
Port of Spain,
Kingston,
Barbados,
'.-v..
DETROIT
CHICAGO
BOSTON
London, England; Havana;
geles;
Individuals
I
YORK
NEW
important
every
Exchange Bldg.
N. Y. Cotton
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San Francisco; Seattle;
Los An¬
,>
CommiwionOrden Carefully Executed
for Institutions and
And other Exchanges
„
in
Branches
Stock Exchange
'
Exchange
New Orleans Cotton
with
the commercial and financial life
of Canada and is well equipped to
serve
corporations, firms and in¬
dividuals interested in Canadian
,i'V
of Trade
Board
Chicago
Inc.
Exchange,
Commodity
20,000,000
This Bank is in close touch
Members New York
York
New
$30,000,000
Reserve,
Members
Exchange
New
1867
Established
INVESTMENTS
Members
TORONTO
OFFICE:
Paid-Up Capital
New
H. Hentz & Co.
| £ OF COMMERCE
/
HEAD
HIGH-GRADE
1856
Established
YORK AGENCY
NEW
St.
Exchange PI, & Hanover
Over-the-Counter
Leading Out-of-Town
Investment Bankers & Brokers
ST.
Australia and New Zealand
LOUIS
BANK OF
NEW SOUTH WALES
(ESTABLISHED 1817)
Co.
St!*
INCORPORATED
Members N. Y. Security
6,180,000
8,780,000
Liability of Proprietors
Reserve
Kobbe, Gearhart & Company
£8,780,000
Paid-Up Capital
Reserve Fund
45 Nassau Street
New York
1-576
Teletype N. Y
Tel. Rector 2-3600
SAINT LOUIS
Dealers Ass'n
"
£23,710,000
-a-
509 OLIVE ST.
1940.£143,903,000
Aggregate Assets SOth Sept.,
ALFRED DAVIDSON,
SIR
Members St. Louis Stock Exchange
K.B.E.,
General Manager
Office: George Street,
Head
SYDNEY
Foreign
South Wales is the oldest and
Australasia. With over 870
branches
in
all
States of Australia, In New
Zealand,
Fiji, Papua and New Guinea, and
London, it offers the most complete and efficient
banking service to investors, traders and travellers
The Bank of New
largest
BIRMINGHAM
•»;if,X: £ i"
•
•
I• 5:^
MARX & CO.
bank
in
interested In these countries.
LONDON
BIRMINGHAM. ALABAMA
29
l8l7
Established
Threadneedle Street, E. C.
47 Berkeley
Square, W. 1
Arrangements with Banks
Agency
BANK OF MONTREAL
OFFICES:
throughout
the U. S. A.
Head
MUNICIPALS and
SOUTHERN
Montreal
Office
CORPORATION BONDS
Foreign
Capital
..
H
'
-
Rest
.
-
-
-
•
$36,000,000
$39,000,000
-
$1,050,000,000
•
of
Total Assets in Excess
Foreign
-
•
-
President
Huntly R. Drummond
Royal Bank of Scotland
NATIONAL BANK
1727
Incorporated by Royal Charter
of EGYPT
\V.
C.M.G.
A. Bog
General Managers
Over
_
200 Years of
Vice-Presidents
Maj.-Gen. The Hon. S. C. Mewburn,
/.
Jackson Dodds, O.B.E.
Commercial Banking
—
G. W. Spinney
Head Office Cairo
Commercial Register No. 1 Cairo
FULLY PAID CAPITAL
RESERVE FUND
.
....
HEAD
Branches and
OFFICE—Edinburgh
In
General Manager
£3,000,000
Canada
WUllam Whyte
£3,000,000
In London:
Tota Inumber of offices, 258
CHIEF FOREIGN
LONDON AGENCY
6 and 7
3
King William Street, E. C.
j
Branches in all the
principal Towns in ix Xxx.
In the United
E.C. 2;
Waterloo Place, S.W.
1.
£
States—New York, 64 Wall St.;
Chicago: 27 South La Salle St.;
Bisbopsgate, London, England
Capital (fully paid)...£3,780,192
Reserve fund
£4,125,966
Ix,
47 Threadneedle St.,
9
DEPARTMENT
Agencies iXX
Newfoundland—
More than 500 Branches.
and
San Francisco:
(San
X?Street.
Bank of Montreal
Francisco),
*0
333
California
.-r.'.
£69,921,933
Deposits
EGYPT and the SUDAN
•
YXy^xxX
Associated Bank,
Williams Deacon's Bank,
Ltd.
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in Kenya
and
NATIONAL BANK OF NEW ZEALAND, Ltd.
EuaUUhei 1872
Colony
DETROIT
P. R. M.
Head Office: 26, Bishopggate, London, E.
C.
India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
,
Subscribed Capital
°aid-Up Capital
-
...£2,200,000
LISTED
AND
Paid up
•'
>
and
Executorships
undertaken
Fund....
—...
Currency Reserve.........
-
The Bank conducts every
-
description of banking
and exchange business
Trusteeships
London, E. C. 2. Eng.
Capital
Reserve
.
The Bank conducts every
General Manager
Subscribed Capital
UNLISTED
SECURITIES
-..£4,000,000
£2,000,000
Reserve Fund
Hanna,
Head Office: 8 Moorgate.
Branches in
^
Zealand: Wellington
Chief Office In New
Uganda
Charles A. Parcells & Co.
Members of Detroit Stock Exchange
also
PENOBSCOT BUILDING, DETROIT, MICH.
business
£6,600,000
£2.000,000
£1,000,000
£500,000
description of banking
connected with New Zealand.
Correspondents throughout the
Secretary &
■
World
London Manager; J. H.
Lawrle
,
@FedFRASER