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1940
SEP 4
5.
ADM.
3RARY
COPYRIGHTED IN 1940 BTWTLLIAM B. DANA
COMPANY, NEW YORK.
"SU8dWM°eyt,a0op¥-
VOL.151.
ENTERED AS SECOND-CLASS
UNDER THE ACT OF MARCH 3, 1878.
MATTER MINE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK,
NO. 3923.
NEW YORK, AUGUST 31, 1940
CHASE
THE
BROOKLYN TRUST
BANK
NATIONAL
COMPANY
YORK
OF THE CITY OF NEW
Chartered 1866
,
Maintaining effective cor-
George V. McLaughlin
President
•
BROOKLYN
NEW YORK
respondent bank .service
is
a
traditional
policy of
the Chase National Bank.
Member Federal Deposit Insurance
Corporation
Broaden your customer
Chase
service with
cor¬
respondent facilities.
Member Federal
Hallgarten & Co.
Canadian
Estab lith ed
Securities
YORK
NEW
Deposit Insurance
Corporation
London
Chicago
WIRE TO
DIRECT PRIVATE
City of
TORONTO
Philadelphia
Bonds
PUBLIC UTILITY
The
INDUSTRIAL
RAILROAD
FIRST BOSTON
CORPORATION
:
MUNICIPAL
NEWYORK
-
BOSTON
Moncure Biddle & Co.
CHICAGO
BONDS
AND OTHER
PHILADELPHIA
SAN FRANCISCO
PHILADELPHIA
PRINCIPAL CITIHS
A.C ALLYN-w COM rANY
INCORPORATED
\
,-x
"
CHICAGO
Boston
Philadelphia
Milwaukee
Omaha
New York
Detroit
PACIFIC NORTHWEST
The
SECURITIES
New York Trust
Company
Capital Funds
.
$37,500,000
(Drumhdlor, Ehrlidimau
Company
Exchange BIdg.
Seattle
'
OTIS & CO.
(Incorporated)
IOO
We Deal in
BROADWAY
Established 1899
Chicago
CLEVELAND
NewYork
City of Philadelphia
Penna.
Bonds
Turnpike 3%s, 1968
Reading Co. Jersey Central 4s,
MADISON AVENUE
R. H. Johnson
& Co.
AND 40TH
STREET
Penna. Gas & Electric
1951
5^8, 1955
Philadelphia Co. $5 Pref. Stock
4
..
'
.
.
•'
*
•*
.
Members
New York
Stock Exchange
New York
Curb Exchange
St.
64 Wall
Yvrnall & Co.
NewYork
PHILADELPHIA
BOSTON
Carl M. Loeb, Rhoades
61
ONE EAST
Philadelphia
DeHavert & Townsend
& Co.
Established
1874
BROADWAY
Member
NEW YORK
of the
federal Deposit
London
1528 Walnut Street,
57TH STREET
Paris
Amsterdam
Geneva
Insurance
Corporation
NEW
YORK
30 Broad
PHILADELPHIA
1513
Walnut St.
The Commercial & Financial Chronicle
II
Aug, 31, 1940
Dividends
Dividends
Dividends
L I. du Pont de Nemours
Dividend Notice
& Company
THE ATLANTIC REFINING CO.
PREFERRED
Wilmington, Delawake: August 19, 1940
NUMBER
DIVIDEND
declared this day a
dividend of $1.12a share on the outstanding
Preferred Stock, payable October 25, 1940, to
stockholders of record at the close of business on
October 10, 1940; also $1.75 a share, as the third
"interim" dividend for 1940, on the outstanding
Cbmmon Stock, payable September 14, 1940, to
stockholders of record at the close of business
on August 26, 1940.
W. F. RASKOB, Secretary
ib
The Board of Directors has
The Board
of
Directors
At
today
terly dividend of $1.37>£ per
on the 5)4% Cumulative
Preferred Stock of
this Corporation payable October
1, 1940 to stockholders of record
September 10,1940. Checks will
share
Convertible
Convertible 4% Series
Vice-Prea. and Treas.
August 27, 1940
August 26,1940
Y.
quarterly dividend -of THIRTY-SEVEN
and ONE-HALF CENTS a share has been de¬
clared on the capital stock of this Company,
payable October 1, 1940, to stockholders
of
record at the close of business on September 14,
1940.
The stock transfer books of the Company
will not be closed.
H. J. OSBORN, Secretary.
A, of the Com¬
payable November 1, 1940, to
stockholders of record at the close of
business October 4,1940. Checks will
be mailed.
W.M. O'CONNOR
S. W. DUHIG,
476 Fifth Avenue, New York, N.
meeting of the Board of Directors
pany,
be mailed.
INTERNATIONAL SALT COMPANY
a
held August 26, 1940, a dividend of
one dollar ($1) per share was declared
on
the Cumulative Preferred Stock,
declared the regular quar¬
Secretary
A
■
.
Allied Chemical &
61
SHELL
„
UNION
Dye Corporation
Broadway, New York
OIL
August 27, 1940
CORPOBATION
Allied Chemical & Dye Corporation
has declared quarterly dividend No. 78
of One Dollar and Fifty Cents ($1.50)
AMERICAN
per
CAN COMPANY
stockholders of record at the
close of business September 9,1940.
PREFERRED
share on the Common Stock of the
Company, payable September 20,1940,
to common
STOCK
the Preferred Stock of this
on
able
October
Company, pay¬
1940, to Stockholders
1st,
C0RP0RMI0N
will be mailed,
will remain open.
quarterly dividend of Sl.oovi
on
the Con¬
vertible Preference Stock, $4.25 Series of 1935,
INVESTMENT TRUST
CORPORATION has been declared payable
October 1,1940, to stockholders of record at the
close of business
transfer
PAULISTA
RAILWAY
for
Undersigned
the
have
A
16,
quarterly dividend of $1.00
per
payment of the interest to the holders of
the March 15, 1940 coupons, upon presen¬
and surrender of such coupons at
tation
quarterly dividend of $1.50 per
share on the First Preferred, Series "B," Stock of
the Kansas City Power & Light Company has
been declared payable October 1, 1940, to stock¬
holders^* record at the close of business September
All persons holding stock of the company are
requested to transfer on or before September 14,
1940, such stock to the persons who are entitled
to receive the dividend.
H.
share in cash
CORPORATION, payable October 1, 1940, to
1940
stockholders of record at the close of business
on
Undersigned will, on and »after
August 28,
1940, be prepared to make
office
Checks will be
been declared on the Common Stock of
COMMERCIAL
INVESTMENT
TRUST
funds
September 10,1940. The transfer books will not
The
the
close
has
received
payment of the March
the above Bonds.
interest
not
regular
Common Stock, Dividend
Refunding Mortgage
7% Sinking Fund Gold Bonds
The
will
September 10, 1940. The
mailed.
COMPANY
4Companhia Paulista de Estradas de Ferro)
First and
hooks
on
August 23, 1940.
The
of COMMERCIAL
Notices
Dividend No. 55.
Kansas City, Missouri.
$4.25 Series of 1935, Dividend
A
KING, Secretary
First Preferred, Series B,
Convertible Preference Stock,
r, a. burger, Secretary.
C.
KANSAS CITY POWER & LIGHT COMPANY
of
17th,
Checks
record at the close of business September
1940. Transfer Books
W.
^MEROALjsVESIMEOTpaiSr
On July 23rd, 1940 a quarterly dividend of
one and three-quarters per cent was declared
close. Checks will be mailed.
•
JOHN 1. SNYDER, Treasurer
THE
C.
DAVIS, Assistant Secretary.
CHESAPEAKE
AND
OHIO
RY.
CO.
A dividend for the third quarter of 1940 of one
dollar per share on Preference Stock, Series A,
and of seventy-five cents per share on $25 par
common
stock ($3.00 per snare on $100 par com¬
stock) will be paid October 1, 1940, to stock¬
holders of record at close of business September 6,
1940.
Transfer books will not close.
mon
H.
August 29, 1940
F.
LOHMEYER, Secretary.
of the Undersigned.
LADENBURG, THALMANN & CO.
Fiscal Agents,
25 Broad Street, New York
Directory of Stock
UNION
STAMP COLLECTION
Comprising about 1,000, all
different, all over 50 years old.
Some rare ones catalogued by
Scott up to $250.
Owner would sell entire collec¬
tion,
counts
As
selections, at big dis¬
off Scott prices.
or
part
entire
payment
would accept suitable small car,
or
AND
CARBIDE
and Bond Houses
CARBON
CORPORATION
"Security Dealers of
North America"
Published semi-annually
A
cash
dividend of
Sixty cents
(60c.) per share on the outstand¬
ing capital stock of this Corpora¬
tion has been declared, payable
October 1, 1940, to stockholders
of record at the close of business
A
September 6, 1940.
ROBERT W. WHITE, Treasurer
■txest
with
listings
full
arranged
States
and
details
as:
Address.
Offiosrs
Enquiries will receive prompt
Betts
c/o
Com¬
mercial & Financial Chronicle,
25 Spruce St., N. Y.
11,000
alphabetically by
Cities
Partners.
or
Department Meads.
attention.
The current quarterly dividend
Of $1.25 a share on $5 Dividend
Preferred Stock and a dividend of
25 cents a share on Common
Stock have been
declared, pay¬
able September 30, 1940, to re¬
spective holders of record August 30, 1940.
Branches
address
June 25, 1940
and
names
with
of
street
rssidsmt
of
business
and
class
of
seonrltlts handled.
Bxohange
memberships
htld.
Correspondents.
I. W. MORRIS, Treasurer
K. SHERIDAN HAYES
maintained
managers.
Character
■took
THE UNITED GAS IMPROVEMENT CO.
announces
1080 Page Book containing
over
Philadelphia, Pa.
Brlvats
Wire
Connections.
Xiooal and Kong Distance Telephone
removal of his
luntbsrs.
WASHINGTON OFFICE
to
Shoreham
The Board of Directws of Northern States Power
continue, to advise
in
the
Company (Wisconsin), at a meeting held on
August 20, 1940, declared a dividend of one
and ene-quarter per cent (1)4%) per share on
the Preferred Stock of the Company, payable by
check
ord
ADJUSTMENT OF TAXES
Illinois
Chicago
Building
WASHINGTON, D. C.
where he will
OFFICE OF NORTHERN STATES
POWER COMPANY (WISCONSIN)
as
September 3, 1940, to stockholders of rec¬
of the close of business August 20, 1940,
for the quarter
N.
'
/
'
'
ending August 31, 1940.
H.
BUCKSTAFF, Treasurer.
HERBERT B. SEIBERT & CO.
Incorporated
Publisher.
15 SPRUCE STREET
NEW YORK CITY
Telephone—BEekman 3-176?
financial
W
ontmerrtH
Editorials
The Financial
1178
Situation
1190
Opinion Determine
Let Public
Mr. Willkie
vs.
1191
The New Deal
Comment and Review
Week
and Economic Situation
Foreign Exchange Rates and Comment
Foreign Political
Course of the
1182
Stock Exchanges
the European
on
..1182
..1187 & 1225
1194
1195
1180
1224
Bond Market
Indications of Business
Activity,..
Week
on
on
Exchange
Exchange
the New York Stock
Week
the New York Curb
News
Current Events
General
1207
1224
1268
and Discussions.
Bank and Trust Company
Items...
Corporation and Investment News
1306
Dry Goods Trade
State and
1307
Municipal Department
Stocks and Bonds
1233 & 1235
1227
1227
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund Notices
Dividends Declared
1225
Auction Sales
Quotations
1236
♦New York Stock Exchange—Bond Quotations. 1236 & 1246
New York Curb Exchange—Stock Quotations
1252
*New York Curb Exchange—Bond Quotations
1256
Other Exchanges—Stock and Bond Quotations
1258
Canadian Markets—Stock and Bond Quotations
1261
Over-the-Counter Securities—Stock & Bond Quotations. 1264
New York
Stock Exchange—Stock
Reports
/
1186
Foreign Bank Statements
Course of Bank Clearings
—1225
Federal Reserve Bank Statements
....1207 & 1233
General Corporation and Investment News
1268
Commodities
The Commercial
Markets and the Crops..
Cotton
Breadstuffs
♦
on
the new column Incorporated In our
Exchange and New York Curb Exchange bond
Attention Is directed to
New York Stock
tions
pertaining to bank eligibility
1297
1300
1303
-
-
--o
tables
quota¬
and rating,
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 1940 by William B Dana Company Entered as second-class matter
23 1879 at the post office at New York. N. Y., under the Act of March 3. 1879.
Subscriptions in United States and Possessions, $18.00
$10 00 for 6 months; in Dominion of Canada, $19.50 per year. $10.75 for 6 months.
South and Central America. Spam. Mexico and
nrc**t -RHf-ain
P.ftnf.inpntnl F.nrnne torrent Snain). Asia. AllSt
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Cuba, $21.50 per
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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.
Published Every Saturday
Morning by the William B.
Chairman of the Board and Editor; William Dana Selbert,
offices' Chicago—In charge of Fred H. Gray. Western Representative,
Herbeit D. Seibert,
Other
June
dot year
mni
rr,
—_
year,
en
ts
ft
mnntha-
The Financial Situation
and equipment.
Europe.
would have
JUST a year ago the currentHewar broke $utbeen
on
the continent of
pronounced
a
the
which
events
nation,
had
in
been
have
that
to
come
have
since
of modern
the
elapsed.
which
equipment
in all history a more
A single
evidently
campaigns
successive
within
pass
The French
eventful
Poland, Norway, Den¬
over-run
Yet in retrospect
mark, Holland, Belgium, Luxemburg, and France,
Britain.
An
-
con¬
At the eleventh hour
A
year ago
the Mag-
inot Line,
so-called,
every one
except Germany
considered
be
to
by
was
impreg¬
nable; France, with what
aid
could
Britain
Great
afford,
secure
attack
by Germany; and
the
from direct
British
quite
navy
capable of complete
trol
the
of
effectively
shutting off
outside
materials.
ac¬
No
economic
for
Today
Hitler is for the
an
.
amendment
within
of
system
the
the
Herr
in
even
time
of
This
war.
ent
depression and
Signor, Mussolini,
raising the question
whether Great
self
Britain
for
had
been
lips
Germany
is
can
in
out
a
do
so
nated before the
law, but fully
form
prolonged
eco¬
nomic, rather than
strictly military,
Today
we
hold the
the
blockades
much
her
former
are
trying than
to
be
bay long
by
Britain
can
enough
for
decisively settled by
Meanwhile
blockade
is
ally in larger degree
along
with
apparently must
any
called
the
endangering
even
trained"
and
France
for
them
facing
be
than her
"not
to face
too
at
well
present.
winter
a
much
which the German people
upon
are
more
likely
A "poorly
equipped"
German
has proved itself to be the equal, if not the
superior, of any ever before seen both in training
army
be
course
the
hoped to
cope
fanati¬
a
cally active and productive
Germany bending all her
energies
only
toward
and
one
plainly
one
evident
goal—armament—now
elimi¬
under
Deal-ish
New
could have
almost
pears
in question becomes
Senate
ameli¬
and love of leisure,
ency
ap¬
incredible.
That self-confidence of this
New
misplaced variety contin¬
to
rule
countries
counter-blockades.
British
her
ued
at
did not eradi¬
merely
typically British complac¬
to
Deal influences must not be overlooked.
less
or
but
fol-de-rol, coupled with the
important, the significance
and several wholly innocent quondam neutral
countries
which
and
hordes
more
publicized
own
enemy,
be
of
form?
German
issue to
Deal, which
departure of M. Blum
with
a
asking whether Great
are
measure
as
inclusion
its
must
of
decade
orated, and Great Britain
without proper guarantees of
amendment
part
a
past. That France
from office
"conscription
of
a
for
successfully with
apparently must take the
of
the
freedom.
The
taking and
world
.
be conscripted,
undertaking
and
possessed
larger
with her New
of wealth" is a phrase
meaning.
In the event of emer¬
gency,
the industries and assets of this
country are at the disposal of the people.
Let us not create that emergency before it
actually exists by setting up a potential
dictatorship.—Wendell L. Willkie.
one's
every
hold
which
war
can
The
the
the
or more
over
are-
have
to
the
by the Gov¬
discretion, I cannot
we
the
to
opthalmia
seem
without
How long
was:
a
sole
were
inter¬
appears
tribute
a
much
For my part, I want to defend free
free land.
Neither I nor any one
our
planned
Twelve months ago
on
in
to
are
they
and
the general delusions which
conscripted.
If this state¬
literally, if our assets and
what
else
Germany.
question
its
at
defend.
way
be
further unemploy¬
to be taken
are
understand
men
up" in somewhat the
which
ernment
it¬
not be "bottled
may
taken
enterprises
to
as
be
must
is
ment
men
long be¬
plain for all
That
observed
cate,
It is said that if
aid of his
develop¬
sown
were
economic
ment.
wealth
ally,
cause
actually
preted accurately
amend¬
.
and
not
becomes law, will further impede
disorganize the defense program at the
very time when we must speed it up.
It
will
further
stop
normal industrial
expansion, increase the depths of the pres¬
moment
sequence
beginning of the
see.
to
in
the
broader
were
the*
war
ment, if it
Continent,
the
fore
United
the
period
place, but the seeds
the
to
Naturally
they
which
of
disagreement will lie
a
in
or
ments
and
legions of the air
with
are,
in
took
sweeping powers were ever here¬
granted to a President of the United
States
unquestioned
the
of
master
and his
course
foresee
the
of
detail
term
.
least the
at
thoughtful
every
could
one
events
such
tofore
of
sources
.
entirely with the President.
if not most
many
to
that the general
no
"facility" all
American
business, and perhaps American
agriculture, could conceivably be included.
Likewise, the discretion to determine when
of
Europe from
to
the
of
entire
and whether there is
Central
cess
the
States,
con¬
and
sea
.
But——
[to the Burke-Wadsworth bill] was introduced
by New Deal Senators Overton and Russell,
and passed by the Senate, which gives the
President, whenever the Secretary of War
or
the Secretary of the Navy is unable to
arrive at an agreement with
the owner of
any plant or facility which is deemed neces¬
sary for national defense, power to acquire
such plant or facility.
In addition, he may take immediate posses¬
sion of the plant or facility and may operate
it by Government personnel.
This amend¬
ment gives the President of the United States
absolute and arbitrary control of virtually
of the British Em¬
pire.
appear
been expected.
It Must Be Eliminated,
adding to the embarrass¬
ments
it must
remarkable
most
of events should not have
busily engaged
now
Retrospect
ally,
belatedly entering the
flict, is
in
observer
today battering at the island Kingdom of
Great
astonishing
or a more
twelve-month period is to be found.
In
is
It is to be doubted whether
.
carefully planned and most meticulously
prepared for, has
and
"the finest in
army,
Europe," has been quickly and utterly crushed by
reason
of unimaginative leadership and utter want
madman who at that time predicted
months
twelve
I
both
in
until
the
day
disaster, cruel and irrevocable, broke suddenly
that
upon
them
informed
United
shared
is
more
States,
these
for
views
incredible.
from
even
observers
without—here
example—could
is
adds to the fantastic
another
That
have
in
so
circumstance
well
the
fully
which
coloring of the picture.
Whether the British and French
people now that
their house of cards has tumbled so
unceremoniously
about their
ihe
ears
essential
have
nature
come
of
their
clear, due in part at least
leaves the
a
full realization of
errors
to the
is
not
wholly
censorship which
people outside of the countries, and prob¬
ably most of those inside
as
to
to what is
them
really taking place.
largely in the dark
In any event, how-
Volume
over,
The
151
Commercial & Financial Chronicle
What is much more
that is their own affair.
States
are concerned,
is the question as to whether we,
spared by Providence the fate of our friends in
Europe, have drawn the necessary conclusions from
their experience and are now ready to apply them
to ourselves.
The only reason that we have not
to the
point,
far
as
as
the people of the United
shared their fate is the circumstance
of miles of stormy ocean
that thousands
waters separate us
evidently still believes in
the nation which
is, whether we like it or not, fired
which
from
work and
with a burn-
additional outlets for its
energies and initiative. France learned New Deal
ideas from us.
Great Britain, traditionally conambition
ing
i
to
find
1179
President, the managing director of the New Deal,
who has said that he will have no time to go before
the people during the campaign, was unaware of
what Mr. Wallace, his own personal choice foisted
upon the Democratic party, was to say on that occasion, or that he, knowing what was to be said, did
not approve of it. "Roosevelt vs. Hitler" would have
been an appropriate title of the address actually
delivered. If the President and his advisers have
learned anything of vital consequence from the
catastrophic and astounding developments in Europe during the past year, evidence of it should most
assuredly be found in what Mr. Wallace had to say
upon such an occasion upon such a topic. Yet one
servative and practical, in part at least succumbed
looks in vain for anything except the usual political
to the pervasive influence of the professional rebalderdash and a vehement defense of the whole
formers and quack economists which have poved
course of the New Deal coupled with assurance that
such a curse on this side of the Atlantic.
the same old destructive tactics, so disastrous to
These foreign peoples, having taken a leaf from
France and so nearly so to Great Britain, will be
note books and having embodied them in active
continued indefinitely should Mr. Roosevelt be again
policies of statecraft, have paid or are paying the
returned to office.
penalty. They may or may not have come to their
It has been said that France was well prepared
senses.
But have we?
The answer to that questo re-fight the World war, but that Germany having
tion is far from clear at the present moment, and a
prepared herself to wage a war in 1940, found few
clear, definite and emphatic answer is most urgent,
obstacles in her path when hostilities on the ConTlie world is not likely to remain indefinitely peopled
tinent began in earnest. Mr. Wallace would prepare
half by thin-blooded, dreamy, impractical dilettantes
us for war, which he appears to believe threatening
seeking by magic to improve their lot without toil or
us and for whatever else may be in store for us, by
our
half
and
sweat,
peoples who
by
systematically,
persistently, and aggressively proceed to create or
to take what they want.
There is no thought in our
and hazards and
things of life.
stuff
reckless of time,
unmindful of the practical
Such stories seem to us to be of such
madman
ambitious
incredibly
space,
invasions by an indominated by a bloodthirsty and
putative attacks or
of
mind
toxicated Germany
dreams are made on.
as
Our real danger lies
different sphere.
be that Great Britain has learned her
time and having learned it, may, thanks
elsewhere, and in a wholly
It
may
lesson in
to her
geographical position, emerge the
winner of
present war, but if so she will have won it by
reason of her abandonment of her complacent ways
the
of
and
the
persistent
dislike
people for
her
of
hard and
will
It may be that Germany
work.
presently merge the victor over Great Britain as
she did in the case of France and the others.
In
either case we shall be
tion in which we
faced with a post-war situa-
alone among the great
worship at the shrine of
indolence—that
senses
is,
unless we,
too, come to our
It may be, of course, that
meanwhile.
of the present war
outcome
nations still
economic magic and plain
order, but whatever
the
will be of some other
its outcome there can be
little
question that a most trying situation will follow in
which the people of Europe will be crying out for
an
opportunity to earn a decent living and to redestroyed during the holocaust,
build what has been
then be a wholesome place
This world will not
any
people whose economic
for
loins are not girded for
effective action.
What
Have the
feetive
Have We
Learned?
plain lessons of the past year
lodgment
in
the
found ef-
minds of the American
Possibly, but certainly there is little to inthey have been taken to heart in Wash-
people?
dicate that
ington.
didate
On Thursday evening the Democratic canthe Vice-Presidency delivered his "ac-
for
ceptance
address.' It is scarcely likely
that the
continuation of economic policies which were
tried, discredited, and discarded long before Germany as a nation came into existence. What is
worse, he seemed to feel under the necessity of distracting the attention of the people from the real
issues of the day by attempting to frighten them out
of their senses, and by setting up the contention
that the people of the United States must return Mr.
Roosevelt to office for the simple reason, if for no
other, that Hitler wants him defeated!
"We must face the fact," runs this remarkable
utterance," that the dictators have definite designs
against this hemisphere. Their tactics here as in
Europe are to divide and conquer. . . . Out of the
confusion they have created they hope to build
political power and eventually military power. .. ,
If the Americas present to the Axis powers the same
divided front as the democracies of Europe presented
to them we shall assuredly walk the same path to
destruction and lost freedom. . . . The fact that our
Presidential campaign and election come now is
most welcome to the dictators. They hope to get
rid of the unyielding Roosevelt. . . . Most Republicans may not yet realize it, but their party is the
party of appeasement in the United States today,
It is the party that the totalitarian powers will back
in every way possible." And much more of the
same order.
v
It was a most unworthy effort, of course, and one
which, we should suppose, the voter must take as an
affront to his intelligence. The really important
point is, however, the total absence of the slightest
indication of having learned anything at all from
the eventful year just past. If this stream of ala
gibberish is to be taken as giving
Deal election campaign, then
the only hope of progress in preparing ourselves
for the really probable eventualities of the coming
years is, of course, to turn at once to other leaders;
and it must added that while the President himself
and some of his other spokesmen have not been
most unintelligible
the key to the New
The Commercial & Financial Chronicle
1180
quite
of the intelligence of the
contemptuous
so
of them have given
average man, none
whatsoever of
evidence
any
embodying the plain lessons of the
Aug,, 31,
The reserve ratio improved to 89.4% from
460,000.
by the 12
Discounts
89.3%.
down
were
to make such advances fell
of
been stout in their defense
past follies and heated in their assurance of
Industrial advances
$8,000 to $8,553,000, while commitments
past year in programs or proposals for the future,
the contrary
regional banks in¬
$790,000 to $3,848,000.
creased
but have
on
1940
$3,000 to $8,238,000.
a
The New York Stock Market
continuation of them in the future.
Fortunately, however, the fact that the New Deal
have been unable
managers
unwilling to learn is
or
conclusive evidence that the American
not
obstinately Bourbon. There is
are so
people
more encourag¬
ing evidence that light is beginning to dawn
the
upon
people, but the situation in this respect is not
yet fully clear and probably will not be until the
votes
counted this autumn.
are
DEALINGS on the New York stock market re¬
but fairly steady price advance
flected
this
of
our
to
monotonous climb of
monetary gold stocks and idle credit
ever
unprecedented levels.
more
varies little from week to
crease
resources
The
gold in¬
week, and for the
period ended Aug. 28 is reported at $71,000,000, rais¬
ing the monetary stocks
gether with
to $20,871,000,000.
considerable disbursement of funds
a
from
the
United
with
the
Federal Reserve
sharp
advance
States
Treasury general account
banks, this made for
of member bank
which
of
moved
provided
idle
credit
continued to
up
$30,000,000
a
balances
reserve
with the 12 regional institutions.
culation
To¬
Currency in cir¬
to
$8,006,000,000,
modest offset to the upward trend
a
totals.
Foreign bank deposits also
rise, indicating that only part of the
of the
over
shippers.
Excess
of member banks
reserves
legal requirements nevertheless increased $70,-
000,000
in
Unless the
either
the
week
statement
Treasury does
to
$6,400,000,000.
extensive borrowing,
some
directly of indirectly, it would
advance of
however,
excess
reserves
indication of
no
credit accommodation.
seem
that the
will continue.> There
is,
effective demand for
an
The condition statement of
weekly-reporting New York City member banks
flects
an
unchanged
$1,691,000,000.
and
dealers
000,000 to
total
of
Loans by the
on
security
$259,000,000.
business
same
re¬
loans,
at
banks to brokers
collateral
declined
$14,-
unsettled
quiet and stable during the statement
was
week, it appears that the regional institutions
sumed open
re¬
market operations during that period.
Holdings of Treasury obligations fell $4,274,000 to
$2,441,654,000, all of the drop taking place in notes,
which fell to
ury
bonds
motionless at
$1,319,196,000.
Gold
certificate holdings of the
regional banks increased
$75,000,000 to $18,561,978,000, but other cash dipped
slightly, and total reserves were up only $69,334,000
to
$18,922,194,000.
.circulation
Federal Reserve
advanced
notes in actual
$24,301,000 to $5,334,240,000.
Total
deposits with the 12 banks increased $33,323,000 to $15,826,840,000, with the account varia¬
tions
consisting of
serve
balances
an
increase of member bank
re¬
by $97,280,000 to $13,515,998,000;
a
decline of the
Treasury general account by $76,•180,000 to $813,094,000; an increase of foreign bank
deposits by $21,229,000 to $888,288,000, and
crease
of
other
deposits
by
$9,006,000
to
a
de¬
$609,-
proposal for
a
profits
excess
Although the House
now
on
has
profits taxation, the
excess
well change the provisions drastically
forthcoming debate on the measure.
a
Ordinary
reasonably
good level, and it is quite possible that enormous
orders from the United
armaments
will
ment
stimulate
months and years.
for
the
modest
matters
These
advances
during the week
in
in
doubtless the
are
stock
coming
reasons
prices recorded
The European
ending.
now
States Govern¬
sharply
war
reports afforded nothing of an optimistic nature,
while other aspects of foreign affairs were
depressing.
similarly
The political campaign within the
coun¬
try is proceeding rather quietly, and financial obseivers
paying only the required attention to
are
the debates.
Gains
the stock market
on
profit-taking setbacks
general trend plainly
it
is
was
were
spasmodic, and
not lacking.
were
But the
toward higher prices, and
especially significant that the upswing
most
was
pronounced during the most active trading of
the week.
Stock
Dealings last Monday
Exchange
the turnover
were
on
the New York
almost at record low levels,
amounting only
to 161,440 shares.
A
somewhat
larger volume developed thereafter, with
the 500,000-share level
topped yesterday, when "the
most
in
vigorous improvement of the week took place
This is not to say that a 500,000-share
prices.
day represents anything
active
an
community.
relative in
are
is
Hopeful aspects require
if they
even
be noted in
now
remotely resembling
even
market, but such things
days of continuing adversities for the financial
phasis,
are
a
little
of the minor sort.
passing that this dullest of all
reaching its end, with
It
em¬
can
summers
improvement in
an
financial business at least possible after the Labor
Day suspension.
$1,122,458,000, while holdings of Treas¬
were
on
of
question
orders.
business in the United States holds to
these
Although the market for United States Treasury
issues
ships, airplanes and other
being let, after weeks and months of
are
Senate may
in its
in the defense
progress
These encouraging indications overshadowed
still
acted
metal
flowing into the United States Treasury is
being utilized to defray armaments and other costs
actual
Some sizable contracts for
materials
armaments
another advance
little
a
that Washington talks about interminably.
program
delay.
OFFICIAL banking in the reveal, this week,
statistics
slow
week, which most observers related to the indi¬
cations
the
Federal Reserve Bank Statement
a
In
tone
no
of
the listed
bond market
a
generally favorable
prevailed during the week.
Underwriters had
difficulty in disposing of the few sizable issues
new
bonds and stocks which appeared on the mar¬
ket.
United
States
vanced, and
a
Treasury
securities
slowly
ad¬
good trend appeared also in best-grade
utility, railroad and industrial obligations previ¬
ously outstanding.
was
inclined
to
The speculative bond market
follow
the
of
lead
the
equities
division, with railroad issues slowly forging ahead
and most other
groups
bonds
kets
were
either
higher.
likewise firm.
quiet and irregular.
held
their
ground
or
Foreign dollar
Commodity
mar¬
moved modestly
Wheat and other agricultural staples
re-
Volume
fleeted
The Commercial
151
quiet demand in the pits.
Base metals were
and dried under the numberless
of
but at levels
touched
new
touched
new
Stock Exchange eight
Call loans
on
Exchange re¬
rubber, oil, paper and
Monday, 161,440
Wednesday,
Tuesday, 224,000 shares; on
264,760 shares, and on
Friday, 563,510 shares.
1
On the New York Curb Exchange the sales on
Saturday were 13,400 shares; on
Monday, 26,470
Wednesday,
Thursday, 47,205 shares, and on
shares; on Tuesday, 38,375 shares; on
58,540 shares; on
Friday, 77,645 shares.
A
repetition of previous dull sessions was the lot
Saturday last as the volume
of the stock market on
business
of
once
again shrank toward the lowest
levels since World War
most
fresh
days.
Price variations were
negligible, brokers preferring to be
commitments over the week-end.
trend
A mixed
notice¬
After
orbit most of the morning
regular leaders in early trades.
moving within a narrow
the market closed firm and mixed.
Monday offered
of price improvement or
little to brokers in the way
Motor stocks came in
broader volume of sales.
a
free from
accompanied a quiet opening, with a
able lack of
interest on the
strength of 1941 models
making their appearance.
Some impetus was also
further increase in steel
for
some
afforded steel shares by a
production.
Throughout the market's pattern per¬
and equities closed steady
Brokers on Tuesday again maintained
sisted without alteration
and mixed.
a
watchful waiting
attitude to see what the morrow
forth.
In the way of domestic news,
would bring
excess
profits tax legislation as proposed
House
Ways and Means
to
vital
matters
awaiting
its
usual
dull manner.
stocks eased fractionally,
a narrow
est
clarification, the market
initiative and just bided its time
could show little
in
their best level.
In the initial period
and from then on followed
Early afternoon witnessed a mod¬
groove.
firming of values.
off and leading
by the
Committee appeared des¬
Confronted with so many
become law.
tined
At closing time sales tapered
stocks correspondingly declined from
The favorable interpretation
placed
the excess-profits tax bill now
before Congress produced marked strength in indus¬
trial shares on Wednesday, and its good effects ex¬
tended through the whole market structure.
Ad¬
vances ranged from one to three points, thus break¬
by Wall Street on
former high resistance levels. Some
occurred which reduced the day's best
ing through to
reaction later
notwithstanding this, final prices ruled
one to two points better than their previous close
and at the best levels of the month.
The approach¬
ing Labor Day holiday, next Monday, and some dif ¬
ference of opinion in Congress as to what forms
the excess-profits tax and conscription bills should
assume left traders mostly indifferent on Thursday
gains, but
Fractional
declines
Stock Exchange the sales on
3S1,5S0 shares; on Thursday,
briskly to two points.
gains were also noted in other
groups
characterized steel, motor, copper,
electrical equipment groups.
accelerated pace,
weeks. Prices
were
mostly higher from the opening, best levels
being attained in the third hour. From then on a
lull set in, but equities held close to the day's best
values.
The scope of the advance embraced all
The market on
Saturday were 88,380 shares; on
stocks of the companies
tional
unchanged at 1%.
the New York
involved advanced
shares,
low levels.
the New York Stock
on
for
levels and 13
high levels for the year while 15 stocks
On the New York Curb Ex¬
new
sections
list, aviation shares, aided by defense orders
both branches of the United States service, at¬
of the
similar shares. Other
were mildly affected by the spurt in aircraft
but weakened as the day wore on.
Frac¬
low levels.
stocks touched
shares;
stocks
push values to
Despite,, dulness in most
high peaks.
new
tracted traders' interest and
change three stocks touched new high
On
straining influence in any effort to
heavy volume.
the New York
wholehearted market participation.
Sales
fell off and profit-taking had a re¬
any
transactions
corresponding to the official rates for
Gold continued to move toward
the United States in
mained
to
unit.
the British
On
quoted,
Free sterling still is
foreign countries.
1181
Financial Chronicle
exchange trading remained cut
official regulations
Foreign
steady.
&
Friday moved at an
and trading was
A comparison of closing
points.
terday with final quotations on
reveal
definitely higher trend.
a
General Electric
33%
closed yesterday at
33% against
Friday of last week ; Consolidated Edison
N. Y. at 28 against 27%; Columbia Gas &
on
of
Co.
fractions to above
prices for yes¬
Friday of last week
with gains running from
groups,
two
the broadest in many
Service of N. J.
International Harvester at
45 against 44%;
Sears, Roebuck & Co. at 80%
against 77%; Montgomery Ward & Co. at 41%
against 39%; Wool worth at 32% against 32%, and
Electric at 5%
at
against 5%; Public
34% against 34%;
American Tel. & Tel. at
Western
161% against 161.
Union closed yesterday at
18% against
Allied Chemical & Dye
Pont de Nemours at
167% against 164%; National Cash Register at 12
against 11%; National Dairy Products at 13%
against 13%; National Biscuit at 19 against 19;
Texas Gulf Sulphur at 31% against 31%; Loft, Inc.,
at 22 against 21; Continental Can at 40 against
37%; Eastman Kodak at 130 against 126; Standard
Brands at 6% against 6% ; Westinghouse Elec. &
Mfg. at 101 against 98%; Canada Dry at 14%
against 14%; Schenley Distillers at 9% against 9%,
and National Distillers at 20% against 20%.
In the rubber group, Goodyear Tire & Rubber
closed yesterday at 15% against 14% on Friday of
last week; B. F. Goodrich at 11% against 11%, and
United States Rubber at 19% against 18.
The railroad stocks extended their gains of the
17%
on
at 156
Friday of last week;
against 153%; E. I. du
previous week. Pennsylvania RR. closed yesterday
at 21 against 19% on Friday of last week; Atchison
Topeka & Santa Fe at 16% against
Central at 12% against 1.1%; Union
15; New York
Pacific at 85%
ex-div. against 85; Southern Pacific at 8% against
7%; Southern Railway at 11% against 11, and
Northern Pacific at
Steel stocks
of the steel
week.
7% against 6%.
reflected the increased
operating rate
gains the present
States Steel closed yesterday at 54%
industry with further
United
of last week; Crucible Steel
Bethlehem Steel at 79%
76, and Youngstown Sheet & Tube at 32%
against 51% on Friday
at
29%
against
against 27%;
against 30.
In the
motor group,
General Motors closed yester¬
against 46%s on Friday of last week ;
75% against 71%; Packard at 3%
against 3%; Studebaker at 7% against 7%, and
Hupp Motors at % against 9/16.
day at 48
Chrysler
at
1182
;
The Commercial & Financial Chronicle
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 31% against 31
Union
Shell
Oil
at
Friday of last week;
on
SVp against 8%, and Atlantic
Refining at 21% against 22.
Among the
copper
stocks, Anaconda Copper closed
Friday of
on
week; American Smelting & Refining at 39%-
against 36%, and Phelps Dodge at 29% against 28.
in the aviation group,
Curtiss-Wright closed
terday at 7% against 7%
South African gold stocks, but the demand
There
satisfied.
still
are
was soon
of dealings
no reports
on
the
Paris Bourse, which is assumed to be functioning behind the veil of silence imposed upon the occupied
yesterday at 21% ex-div. against 20%
last
Aug. 31, 1940
yes-
Friday of last week;
on
area
of France by the German military authorities,
In the Amsterdam market
series of sharp price
a
gains developed during the week.
20 points sometimes occurred in
ing to the suspicion that
a
flight from
be causing the movement.
Boeing Aircraft at 14% against 13%, and Douglas
extremely dull and
Aircraft at 73
Advance's of 10 to
single session, lead-
a
currency may
Trading at Berlin
was
seemed to be the rule.
against 68%.
Trade and industrial
little
change in the volume of business conducted
in the United States.
ending today
operations for the week
were
estimated by American Iron and
91.3% of capacity, which is the
rate
with
so
far
attained this year.
89.7% last week, 90.4%
the
on
Steel
Institute at
Steel
best
reports of the week indicated
eve
of the
month
a
It
ago,
compares
and 63.0%
declarations last year.
war
duction of electric power
Pro-
for the week ended Aug. 24
reported by Edison Electric Institute at 2,570,-
was
618,000 kwh.,
American Defense
F)APID legislative
Jf\
nable.
for the week to
Aug. 24
were
reported by the Asso
ciation of American Railroads at
ord
high for the
the
over
761,002
cars, a rec-
The figure represented
year.
previous week of 17,881 cars, and
similar week of last year
of 77,096
a
gain
over
the
cars.
measures
that
As
indicating the course of the commodity markets, the September option for wheat in Chicago
yesterday at 73c. against 69%c. the close
Friday of last week.
September
corn
closed
day at 61%c. against G0%c. the close
last week.
on
on
jester-
Friday of
September oats at Chicago closed yester-
day at 29c. against 27%c. the close
Friday of
on
The
spot price for cotton here iif New York closed
yesterday at 9.93c. against 9.86c. the close
of last week.
The
terday at 19.31c. against 19.57c. the close
of last week.
Domestic copper
11c., the close
the
on
Friday
In London
price of bar silver closed yesterday at 22% pence
per ounce
on
Friday
closed yesterday at
Friday of last week.
on
on
spot price for rubber closed yes-
against 23 5/16
pence per ounce
the close
Friday of last week, and spot silver in New York
closed
yesterday at 34%c., the close
on
Friday of
last week.
in
fers
on
shouid
be
circles
London
$4.02 the close
foreign exchanges, cable trans-
closed
on
jhe Senate
seen>
less than
more nor
^-jon ^0
finally voted
conscription
a
on
Wednesday
bill, which is neither
In addi-
measure.
^e ages
of 21 and 31, this unprecedented peacetime
]egislation also provides the Government with
be acted upon
by the House, thus gives the
Administration almost all the totalitarian
which it
authority
professes to find abhorrent in other countries.
In the House
tax bill
a
and this
measure
was
voted Thursday which
was
provides rates of 25 to 50%
on
corporate
on
call out the
these and other ways
surrendered
which has
Wednesday
a
bill empowering
National
Guard.
iines laid down
with
excessive
haste to
regime
a
affairs.
It
remains
evident,
foreign policy along the simple
a
by Washington, Jefferson and other
able leaders would make'absurb many of the
experiments
over,
In
the liberties of American citizens
foreign
that
meantime,
embark.
profits
President
displayed incredible capriciousness in the
of
conduct
excess
sent to the Senate.
Roosevelt signed
were
power
The bill, which is
upon
Some
which the country
able
that the vast
seems
costly
about to
military experts hold/
program
more-
desired by the Adminis-
sheerly nonsensical from
a
defensive stand-
point,
The program of the Administration with respect to
defense remains cloudy and
Continental
arkets
the
providing for conscription of males between
plainly is
tinged with politics.
European Stoc
practical
Whether
really designed for this important task remains
^e so-called selective service
yesterday at $4.03 against
Friday of last week.
to
as
adopted.
country will obtain defensive arrangements and equip-
tration is
the matter of
adequate
to be the utmost
seems
the President to
last week.
were
would be absolutely impreg-
Administration
in
develop from
may
of laws
^o draft private industrial plants.
^
closed
aggression that
mere passage
Unfortunately, there
confusion
^e
freight
any
^ country even now
ment
revenue
against
abroad, and if the
against^,606,122,000 kwh. the precedCar loadings of
made in Washing-
progress was
ton this week toward the defense of the United
states
ing week and 2,354,750,000 kwh. in the correspond-
ing week of .1939.
modest improvement of prices
a
The United States
headed
group
by the Mayor of New York City, F. H. LaGuardia,
STOCKweek,
markets in, European upswing at Amster- met at Ottawa last Monday with its Canadian counthis
for
sharp centers were quiet
terpart to study the problems of Canadian defense,
save
a
dam.
Perhaps the most remarkable thing about the
European markets is that they are operating at all,
after
a
full year of a
dictions that
and of individual
ness
in
levels
major
would
a war
that
have
on
shown
Stock
with
Exchange,
Defying
many pre-
started
the end of
capitalism
Since the facts of Canadian defense certainly must be
available to this joint commission without
inspection,
a
relatively
time is
were
little
variation
In the week
reported
brokers often
A
tour of inspection of the Canadian defenses,
it would appear that nothing
on
now
the London
were more
Gilt-edged and industrial issues
maintained.
a
quite simply, and at price
concerned
discussions of the nightly air raids than with
trading.
well
as
New York,
war.
throughout the last 12 months.
ending small dealings
promptly returned to
after the initial meeting, while the other members
mean
enterprise, the stock and bond busi-
Europe carried
Mr. LaGuardia
modest
flurry
alike
were
developed
in
implied by the tour.
revealed last
Saturday that
an
more
than
waste of
Bermuda authorities
airplane base
may
be
made available to the United States in those islands
of
high strategic importance, and this is
few signs
of real
progress
one
of the
toward American defense,
Oddly enough, Uruguay
was
to have been rebuffed
by the United States in
reported
on
the
same
day
an
The
151
Volume
provide naval and air bases for
offer to
The Uruguayan
defense.
all
available to
be
proposal
American
was
But the Uruguayan
conference.
the
to
United
that the bases
which as¬
recent Havana
idea did not
Government,
appeal
according to a
Norway and the Germans
tries
Nazi
explanation has
Under Secretary
of
changed
Thursday
"Times."
been vouchsafed by Washington.
State Sumner Welles was named
faith in the
fied
committee which might
the
In six weeks of intensi¬
Force was
Continental ally of Britain hors de
combat.
of Germany on
June 10, and the stage thus was set for the present
phase of the great conflict, which finds the British
Empire fighting the Rome-Berlin Axis on English
soil and in the Mediterranean.
Remaking of the
Italy entered the war on the side
map
policy among nations.
The occasion
12th anniversary of the signing of this treaty
the many
May 10, when German
Countries and started their
fighting the British Expeditionary
the great
Kellogg-Briand pact outlawing war as an
by the fewr nations which have
on
pushed out of Flanders and German forces occupied
all the Low Countries and much of France, rendering
instrument of
was
dramatically
Blitzkrieg against France.
the United States
as
any emergency
situation on the
forces invaded the Low
representative on
have to ad¬
minister the possessions of European countries in the
Western Hemisphere under the Act of Havana.
Fortunately, there is little reason at the moment to
believe that this Act ever will be implemented.
The strange melange known as American foreign
policy was climaxed fittingly Wednesday, wrhen
Secretary of State Cordell Hull voiced publicly his
on
The
Reich.
vassal States of the
Western Front
made complete
were
soon
promptly invaded both
These Scandinavian coun¬
Denmark and Norway.
dispatch to the New York
Montevideo
No
States
hemisphere
countries,
suredly accords with the spirit of the
1183
Commercial & Financial Chronicle
remained at peace and
which have resorted to war.
and
started, meanwrhile,
further startling turns
of the Balkans has been
prediction is idle as to the
that this strange war may
The sort of
yet take.
night aerial bombing
which now is be¬
been an expedient of the
British Air Force, but hitherto the targets have been
selected with the utmost care that the situation would
coming general long has
permit.
When the Germans began their aerial siege
Kingdom, they sent over tremendous
aircraft on daytime forays.
It would seem
of the United.
One Year of War
waves
of
the end of its that this proved a costly game for the Nazi attackers,
\ first year, all signs point to another extremely
wrhich fell in great numbers before the British Hurri¬
sad development in a conflict which has brought noth¬
cane and Spitfire defenders.
Weather conditions also
ing but discouragement to the democratic countries
became adverse and the Germans turned to night
and successes for the totalitarian States, wrhich easily
bombing by individual airplanes, in addition to occa¬
may turn out in the end to be Pyrrhic victories.
The sional large flights of daytime squadrons. No less
aerial bombing attacks launched by Britain and Ger¬
than 800 German, airplanes were said to have flown
many against each other tended ever more sharply
over England, Scotland and Wales last Saturday, and
in the direction of indiscriminate destruction of Lon¬
in the small hours of Sunday morning London was
don, Berlin and other cities, with civilians the vic¬
subjected to bombing.
The initial Nazi attack on
tims on an increasing scale.
The conflict turned,
the British capital was confined to the outskirts of
on the eve of the first anniversary, toward retaliation
the great city.
In the course of the current week the
on both sides, and in the course of this process the
night bombers of the Reich made their attacks ever
sense of military chivalry seemed to diminish pro¬
closer to the heart of London.
British bombers kept
gressively. Night bombing was the chief reliance of
pace with this tendency and sent their bombs hurtling
both air forces this week, notwithstanding the in¬
ever closer to the center of Berlin.
Huge fires were
accuracy that necessarily attends such flying.
De¬
reported in both capitals late this week, and each side
spite the use of flare lights, it would appear that the
cabled convincing photographs of apartment houses
incendiary and other bombs dropped by either side
destroyed.
The casualties admitted were said to be
found marks mainly in civilian areas, and each side
civilian casualties, and the losses invariably were said
seemed to regard the damage it suffered as an occa¬
to be "trifling" from the military viewpoint.
Apart
sion for inflicting still greater harm of a like sort on
from these raids, the principal development of the
the adversary.
This process, carried to its illogical
aerial war was a further series of daytime raids by
conclusion, may mean death and destruction on an
German craft against the British Midlands and other
almost unimaginable scale.
Indiscriminate bombing
highly industrialized areas.
Such daytime attacks,
often has been predicted as the inevitable outcome of
which afford at least a chance for accuracy, possibly
the Anglo-German war, and many have doubted
are
doing some real damage to British industry.
whether civilization could withstand such a frightful
Naval bases were bombed by the Germans day after
test.
Military objectives doubtless were harmed in
day, wrhile British aircraft bombed German military
both countries, as well as civilian abodes, but there is
objectives with some persistence.
no evidence of flagging efforts, which makes it fairly
Numerical superiority of the Germans in the air is
clear that claims on both sides are highly exaggerated.
obvious fact, and it is occasioning the main trend
AS THE great
European war drawls to
i
The
war
reaches the end of its
first wearying year
another tomorrow, for it wras on
1939 that German armies marched into
Two days thereafter the British and French
today and starts on
Sept.
1,
Poland.
governments declared war on
the Riech, and a long
period of stalemate then began on the Western Front.
The Russian Government attempted to take advan¬
tage of
the situation by
warring against Finland, and
of victory which stripped some
border territory and a naval base from Finland.
But the war only entered a decisive stage in April of
finally gained a sort
this year,
wThen Britain
mined the territorial waters of
an
It is rather doubtful,
the means to lay
Britain low.
The defensive capacity of England in¬
creases day by day and the determination in London
is to see the thing through to the point where an
offensive can be launched against the Reich, possibly
in 1941.
The Reich forces, on the other hand, are
believed by aerial experts to be only approaching a
of the current
however,
phase of the war.
that the Germans possess
preparation for the attack on Brit¬
indications from Berlin, at the
week, that the final stage of the German
stage
of complete
ain.
There
start of
the
were
1184
aerial
The Commercial & Financial Chronicle
Blitzkrieg
England
against
impends.
now
strictly internal problems continues
The impression fostered by the German
spokesman
was that the
preliminary destruction of British aerial
true that German
city in
moved
the
to
up
sometimes
forced
dropping bombs
supremacy over
cisive
but
proaching normal business.
attack
the
on
on
occasion
every
Germans
to
retreat
England thus remains
in
shipping in such ports
the
and
of
inde¬
incident
indicative
Free
of
was
the
no
aerial
conflict
bombing of
a
State, last Monday.
which
may
accounts
upon
be
the
w^as
justification of its
totalitarian
and
man
the other.
on
ceived last week
struggle between Britain and Italy produced
of importance, this week.
British
flew
attacks
against
On
the
to
Swiss
the
Canal
border of Italian
the
of conflict
British
continued, but it
Fleet
shelled
several occasions.
effect that great
an
was
Italian
not decisive.
in
port
battles
of
the
on
British
French
cause,
African
to have declared for support
and some Atlantic strips of
territory followed suit,
Thursday.
These developments are not
especially important,
although they doubtless provide some comfort for
Britain.
Saturday covering the sale of some
drinks, and another set of rules appeared
Tuesday for operation of the dairy industry. In
and other
ways the impression was fostered,
that France
methodically will be subjected to regi¬
mentation in almost
every
service of the French Government
drastic
a
by since
and
the
temporary arrangement of a
half-occupied country resulted. There
scattered
indications, however, of
invaders
half-free and
are
still
that vast
only
recon¬
struction
and
face.
semi-totalitarian regime of Marshal Henri
The
reconstitution
which
Petain continues to function
in
because the German Command
return
of
patches
the
French
indicate
a
of
must
Vichy, apparently
does
Government
"wall
France
not
to
silence"
desire
Paris.
a
Dis¬
between
the
occupied and unoccupied
areas, which the Germans
probably imposed in
military
evident
moves
that
casioning
order to facilitate their secret
for the attack
German
many
other
miliary
on
England.
pressure
inconveniences
It is
also
for
is
oc¬
France.
Resentment against
Britain, which rose to
pitch when the French fleet was shelled
a
at
likewise continues to
high
Oran,
play a part in defeated France,
according to the sharply censored
reports permitted
to go over the cables and
wireless.
Among the
more
diplomatic
subjected to
on Tuesday, when some 85
repre¬
foreign countries were placed on the
retired list.
Ths also is
an
indication of the current
French trend.
Balkan
to
The
was
shake-up
sentatives in
France in Defeat
MORE than two months the German
have gone
France capitulated
sphere, at least for the
duration of the present difficulties.
was
Wednesday
In the unoccupied
last
begin, but no real challenge was offered by the
Italians to the British hold
upon the Mediterranean.
The French equatorial African
reported
being carried out."
this
to
region of Chad
absolutely
The Germans hold
announced last
in progress or about
were
bound
are
and twist it whenever they consider the
rope
alcoholic
on
Rumors circulated at times to the
sea
We
of
The
Libya
republic
problem of food supplies in the coming winter is one
especial concern, he remarked. Regulations were
sort
a
a
region, however, French authority is not subject to
German
interference, Marshal Petain admitted. The
some
damage was
by the Italian air force.
Libya and Egypt
be
hesitate in
accord is not
Gibralter, and
Suez
continue to
constitution she might
adopt.
by the clauses of the-armistice.
territory, and the Swiss Government lodged a pro¬
test with
England. There were fresh Italian bomb
caused
new
this government is free.
Italy
over
by Marshal Petain, who declared
discipline also is necessary, and his regime will
providing it, he added. "I do not
pretend," the Marshal was quoted as saying, "that
not
bombers flew the long miles to Turin and
other
northern Italian industrial
towns, where automobile
and other plants were bombed
aircraft
whatever
hand, and French public
But
incidents
British
in terms both of
French
The American press was re¬
under
the
France, but
appears to be bent
measures
conquerors on the one
opinion
Kingdom.
that
reconstruction
greatly exaggerated.
the
firmly that France will
claimed
over
northern
republicans.
It
well be that this reflects the perplexities faced
by the French Marshal, as he contemplates the Ger¬
The Germans disclaimed
repeatedly.
on
suggest that the damage suffered in
accelerated this week, but do not
appear to be on
a
scale threatening the subsistence of the
United
The
be
may
responsibility, but Dublin demanded reparations from
Berlin.
Submarine sinkings of British
ships were
few
of
areas
Politically/the Petain regime
dairy in the Irish
a
devastated
the German invasion
position to attempt a
landing ofjlarge invading forces in the British Isles.
One
the
some
stage, and until that question is settled the
Germans obviously are in
seems to
afforded that the French
are
Government is much concerned
Aerial
an
Marseilles
as
re¬
the commercial
even
increase, chiefly in traffic with northern Africa.
Occasional indications
without
military objective.
any
Modest progress is
ported in all these spheres, and
over
city
fighter planes'
British
refugees to their homes, the supply of
and the resumption of
something ap¬
foodstuffs
airplanes soared this week
England,
be that of
to
the return of
facilities had been completed and that an
intensive
destruction of British industries would follow.
It is
after
Aug. 31, 1940
Disputes
RESORT tobut in thein the Balkans is far
violence present inflammable
unusual,
of
affairs
any tendency in this direction
examination, since it may readily
careful
outbursts of direct
great
between
war
Axis Powers.
Avould
look
Balkans
Italian
by the
The
with
which
upon
Britain
London
favor
would
the
and
deserves
presage
course
the
of the
Berlin-Rome
Government naturally
upon
any
conflict
interfere with
the
in
the
German-
of
sources
same
bearing
from
state
supply. But Rome and Berlin,
token, anxiously wish to avoid military
clashes, and in
a
highly important
the problem
sense
boils down to the relative
influence upon the Balkan
countries exerted
by the two warring sides.
remains
as
a
dubious
pointing to the aloofness
mands
for
Bukovina
been
satisfied
Bulgaria
return of the southern
There
of
of
that
country, since de¬
Bessarabia and portions of Rumanian
have
settlements.
Russia
factor, with the indications
in
already
recent
has
territorial
achieved
a
Dobrudja to its sovereignty.
remains, in these circumstances, the problem
Hungarian demands upon Rumanian authorities
Volume
& Financial Chronicle
1185
questioned at a press conference, Tuesday, regarding this matter, he permitted the impression
Conversations were proceeding last week on the
to prevail that a note had been dispatched to Tokio
Transylvania question, but difficulties suddenly apwhich warned of an eventual conflict if Japan perpeared.
The real nature of these disputes is obsists in her course. A stern insistence upon Amer-.
scured by reports of border forays, involving airican rights in China also is being conveyed to Japan
plane violations of sovereignty. According to the
through diplomatic conversations conducted by AmRumanians, a Hungarian airplane dropped a numbassador Joseph C. Grew with officials of the Tokio
ber of bombs upon Rumanian territory, but the HunForeign Office, it appeared. But the precise course
garians assert that one of their airplanes was shot
of these discussions has not been disclosed, and in
down in
border skirmish.
Far to the north Rusthe meantime the dispute continued as to the areas
sians and Rumanians were reported in conflict,
to be policed in Shanghai by the American and
These
symptoms which apparently alarmed the
Japanese forces.
German and Italian authorities, for a meeting was
In the wider Far Eastern sphere the developments
arranged for Thursday in Vienna, with Hungarian
of recent days and weeks are far from reassuring,
and Rumanian officials "invited" to talk the matter
The Japanese attacks against the Chungking regime
with Nazi Foreign Minister Joachim von Ribof the Nationalist Generalissimo, Chiang Kai-shek,
for all
part of Transylvania,
or
to Rumania
-
The Commercial
151
which wras added
was
by the World War settlements.
a
are
over
bentrop
and
Foreign
Italian
and
Minister Gaelazzo
Teleki
Stephen Csaky to Vienna,
Hungarians sent Premier Paul
The
Ciano.
Minister
represented by Foreign Minister
Foreign
while Rumania was
Mihail Manoilescu.
reported yesterday to
The Vienna conference was
reached
have
a
decision regarding the
Rumanian territorial dispute.
of
Hungarian-
Approximately half
Transylvania was turned over to Hungary
under
the pre-1914 border
between Austro-Hungary and Rumania.
The RomeBerlin Axis was said to regard this as the final step
this
award, which reestablished
In reand Italy a
borders, which German spokesmen
readjustment of Rumanian
in the
turn,
frontiers.
Rumania received from Germany
guarantee of her
was directed against no country
in parUnder the "arbitral" award handed down by the totalitarian masters of the Continent, Rumanian troops are to be
withdrawn from the ceded area within a fortnight,
Rumanian civilians in the area are to become Hun-
indicated
ticular and
against all in general.
garians, but may decide within six months to leave
and enter Old Rumania, and in that case they can
and liquidate
take their movables
their immovable
are
continuing with furious abandon.
Airplane
raids against Chungking are reported almost daily,
and it appears that this bombing is of the most
indiscriminate nature. Many thousands of Chinese
houses have been destroyed by Japanese incendiary
bombs in such attacks on the temporary Chinese
capital. But the outside world has become somewhat inured to such reports, which have been emanating from China for more than three years. That
the Chinese accounts are accurate is well attested,
but the bombing attacks apparently have failed to
dampen the ardor of the Chinese patriots and there
is no faintest indication of surrender by Chungking,
The Japanese, badly in need of an outstanding victory, were reported this week to be eyeing again
t]ie island possessions of The Netherlands. Trade
concessions were reported an immediate Japanese
objective in the Dutch East Indies, but it is always
possible that military moves will develop, notwithstanding warnings from Washington that the
United States could not view such endeavors with
indifference.
The United States embargo on
avia-
tion gasoline shipments to other than Americah
countries may have the unexpected result, it was
moment
indicated Thursday, of increasing the Japanese
pressure for commercial or military advantages in
the great Dutch islands. Defensive airplane patrols
0£ The Netherlands East Indies are being augmented
steadily, according to reports from Batavia.
The Japanese internal situation, after more than
DIPLOMATIC and military events large degree
being overshadowed to a in the Far
three years offresh efforts currentlys are reported to
fortable, and warfare in China, i far from corn-
but they nevertheless controuble for
the United States.
The virtual abdication by the
Britisb
Government of rights long possessed in
China now is occasioning a squabble between Tokio
and Washington, especially with respect to the
hostilities.
Dispatches from Bucharest indicated
Rumanian authorities would accept this de-
property.
that
cision, although it was
that the award was
not pretended for a
satisfactory.
Far Eastern
Dangers
East are
by the European war,
stitute one of the
primary sources of
International Settlement at Shanghai.
American interests in China are modest in
comparison
with those of Britain.
However
small they may be, relinquishment of our interests
is not in keeping with the American spirit.
There
is some danger, on the other hand, of a Washington
tendency toward undue intervention in Far Eastern
affairs, over and above the requirements that American interests might suggest.
The last contingents
of British troops left Shanghai last Sunday, and
policing of the
this move
coincided with reports of a vague warn-
ing to Japan,
teen
mer
said in Hongkong dispatches to
given orally by
Welles.
When
have
Under-Secretary of State SumSecretary of State Cordell Hull
appease Japanese popular views and prevent a further increase of discontent in the Island Empire,
This aspect of Far Eastern affairs is highly important, and it affords at least a measure of comfort
to those who fear an outbreak of Japanese-American
Notwithstanding the restrictions re-
cently announced in Washington on the exportation
of aviation gasoline and high-grade iron scrap,
Japan remains dependent upon the United States
for many essential materials in other categories,
The Japanese militarists, according to present indications, are not inclined to push matters to an open
break with Washington. The tendency is toward
adjustments of the Japanese viewpoint. The Japanese Premier, Prince Fumimaro Konoye, announced
on Wednesday some "basic principles" of the Japanese State. He made it clear that the aim of the
ruling group at Tokio is to achieve the strength of
totalitarian rule, without incurring the dangers of
an absolutism that rules out opposition parties.
The Commercial & Financial Chronicle
1186
Since
is
Japan is
absolute State, par excellence, it
an
quite possible that these comments were made by
the
Japanese Premier with a view to their effect
deposits fell off £5,717,000 and other deposits £1,593,744. The latter consists of bankers' accounts,
declined
which
which
Argentine Politics
occasioned, accordingly, when a land scandal
suddenly
popped
threatening
President Roberto M. Ortiz.
after
late last
surface
the
to
week,
overturn of the regime headed by
an
The
Argentina Senate,
protracted investigation of land purchases
a
for the army,
frauds.
issued
named
not
was
in
liabilities is
and
which
and securities,
discount
months had left the conduct of affairs to Vice-
President
The
resignation of the
tendered, in the circumstances, but
was
Congress rejected
Argentine
it
Saturday, by
a
emphatically,
vote of 170 to 1.
The sole
Sept. 1,
1939
Sept. 2,
1937
Aug. 31,
1938
Aug. 30,
1940
1936
610,042,000 529,498,805 480,432,947 490,309,532 445,783,915
14,111,338
18,053,141
8,828,000 31,067,576 27,758,141
170,458,764 129,119,667 131,119,652 140,703,732 139,829,278
Bankers' accounts. 118,655,912
90,143,424 94,743,569 104,172,489 101,067,322
Other accounts...
36,531,243 38,761,956
38,976.243 36,376,083
51,802,852
Govt, securities
147,972,838 113,126,164 102,061,164 109,274,772 85,708,337
Clrculation.
_
Public deposits.
Other deposits...
26,122,900 29,707,462
31,016,418 27,696,231
5,368,210
10,621,347
5,369,680
6,387,710
3,875,187
20,754,690 19,086,115
24,628,708 22,326,551
24,621,458
37,650,648 60,713,718
34,249,947 47,327,631
20,883,000
925,970 263,748,752 327,760,578 327,960,180 246,497,633
Other securities..
28,496,645
Securities
...
Reserve notes & coin
late last
Y-YY
Y
STATEMENT
ENGLAND'S COMPARATIVE
OF
BANK
The
Below
comparisons for
years:
Disct. & advances.
the
it
this
ailing Chief Executive of Argentina, who for
President Ramon S. Castillo.
with
items
various
the
show
previous
£2,195,520.
rose
remained unchanged at 2%.
rate
Au'j. 28,
some
ago
Government
dropped £3,840,000 and other
Other securities comprise
advances, which decreased £4,958,-
document, but it appears that the wording offended
the
week
a
21.3%.
£2,762,966.
discounts
we
11.6%;
ago
holdings
security
securities
486,
The proportion of re¬
now
year
a
other, accounts,
and
£4,715,716,
£3,121,972.
11.5%, and
report which suggested price
a
Ortiz
President
to
was
ONLY minor political difficulties have afflicted
Argentina in recent years, and some surprise
was
gained
serves
American sentiments.
upon
Aug. 31, 1940
Coin and bullion
Proportion of reserve
vote
by
against Senor Ortiz was said to have been cast
acknowledged fascist sympathizer.
an
occasioned
dent
The inci¬
Gold val. per fine oz.
29.7%
2%
158s.
168s.
84s.
6d.
38.4%
2%
24.3%
2%
11 Hd. 84s.
21.3%
4%
11.6%
2%
liabilities—....
to
Bank rate.
llHd.
11 Hd.
s.
reports from Buenos Aires to the
effect that
democracy had
is true the
victory assuredly
victory.
a
won
Bank of
If this
was an easy one
that
Germany Statement
ought to dispel some of the fears entertained in
THE quarterly statement dated Aug. 23 showed a
218,068,000
Washington of fascist influence in Latin American
marks/which reduced the total outstanding to 12,-
countries.
President Ortiz reconsidered his resigna-
tion in the
light of the staunch support of Congress,
and
early this week it was made known that a Cabi-
net
reorganization would follow, with Senbr Castillo
detailed to make the selections.
Discount Rates of
Foreign Central Banks
at
rates
the
leading
centers
are
shown in the table which follows:
Rate in
Country
vious
Effective
Rate in
Rale
a year
The Bank's gold and foreign exchange fell off
ago.
it
Aug 30
Mar.
1 1936
2
Jan.
5 1940
Bulgaria...
6
Aug. 15 1935
Canada
2H
Mar. 11
Chile
3
Dec.
16 1936
4
Japan
Colombia..
4
July
18 1933
5
Java
Lithuania..
3
Jan.
1 1936
3H
Morocco...
6H
2 1937
Holland
Pre¬
vious
Effective
13,991,000 marks and in other daily
maturing obligations of 19,096,000 marks.
now
97,005,000 marks in other assets raised the total
Aug. 29 1939
1,675,925,000 marks.
2
Hungary
4
Aug. 29 1935
4«
7
India
3
Nov. 28 1935
3H
1935
Italy
4H
3.29
May 18 1936
ent items with
7 1936
3
Jan.
14 1937
4
REICHSBANK'S
H
3M
6
Norway
4H
Sept. 22 1939
hM
Poland....
4H
Deo.
June 30 1932
3X
Portugal
4
Aug. 11 1937
3H
May
5 1938
4H
Gold and foreign exch.
3H
May 15 1933
4 H
Bills of exch. & checks.
Silver and other coin..
2
Oct.
26 1939
3
Rumania
4H
Oct.
1 1935
5
8outb Africa
4
._
17 1937
COMPARATIVE
for Week,
Aug. 23, 1940
Retchsmarks
Reichsmarks
4H
Assets—
Dec.
3 1934
4H
Mar. 29 1939
5
Jan.
4 1939
2 34
Sweden
May 17 1940
3
Apr.
6 1940
4
Switzerland
Nov. 26 1936
2
Investments
—13,991,000
6
Jan.
4 1937
7
Yugoslavla.
Feb.
6H
Other assets...
+ 97,005,000
5
1 1935
Advances
officially confirmed
Reichsmarks
Reichsmarks
—309,000
77,374,000
77,036,000
76,723,000'
—351,974,000 12,132,369,000 8,139,965,000 5,790,197,000
8356,231,000
168,205,000
207,115,000
3H
•4
Aug. 23, 1939 Aug. 23, 1938
6
2
Spain
STATEMENT
Changes
Jan.
England
years:
7
May 22 1940
Finland
show the differ¬
4
July 15 1939
May 28 1935
3
Estonia
we
6
3.65
Apr.
6
...
Below
comparisons for previous
4
Greece
An increase
a year ago.
of
4H
_.
pro¬
0.64%, compared with the record low,
Eire.
....
The
portion of gold and foreign exchange to note circula¬
Danzig....
Denmark..
Germany
a year
A loss also appeared
exchange and checks of 351,974,000 marks,
in investments of
Rate
3
...
2M
Czechoslo¬
•Not
total of 77,374,000 marks;
0.60%, June 29, and 0.88%
Date
Effect
3H
France
a
77,036,000 marks.
was
to
Country
Argentina..
Belgium...
vakia
record,
tion is
Pre¬
Date
Effect
Aug 30
of June
as
compared with 8,709,828,000 marks Aug. 23,
in bills of
any
Notes in circulation
on
ago
rates
Present
106,645,000 marks.
29—12,785,345,000 marks—were the highest
309,000 marks to
THEREdiscount noof
have been changes during the week in
the
of the foreign central
banks.
further decline in note circulation of
825,064,000
22,220,000
27,883,000
50,726.000
.......
982,622,000
847,548,000
1,675,925,000 1,380,462,000 1,140,389,000
Liabilities—
Notes In circulation...
-218,068,000 12,106,645,000 8,709,828,000 6,143,200,000
—19,096,000
1,642,187,000 1,195,424,000
977,317,000
8470,933,000
454,774,000
304,780,000
Oth.daily matur. oblig.
Foreign Money Rates
Other liabilities
Propor'n of gold & for'n
curr. to
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%,
rates 1 short
on
were
a
note circul'n
Figures
as of June
+ 0.01%
0.64%
0.88%
1.24%
29, 1940.
as
Friday of last week, and 1 1-32%@1 1-16% for
three-months' bills, as against 1 1-32%@1
1-16% on
Friday of last week.
Money on call at London on
on
Friday
was
1%.
Bank of
an
circulation, which raised the total outstanding
£610,042,000, compared with the record high,
year ago.
with
a
two
weeks
and
£529,498,805
a
The advance in note circulation, together
small decrease of
resulted in
ago
a
loss
of
Money Market
business
New York money
was
£237,000 in gold holdings,
£694,000 in reserves.
Public
computed
for
on
all
144%
the
The supply of bankers'
on
Monday,
a
The
further
$100,600,090 discount bills due in 91 days,
and awards
loans
on
were un¬
failed to expand.
Treasury in Washington sold
issue of
done this week
market, and rates
bills and commercial
paper
note
£613,907,000
H
ARDLY any
changed in all departments.
England Statement
THE statement of the Bank for the £457,000 in
week ended
Aug. 28 showed
/increase of
to
New York
were
on
an
at
an
average
discount of 0.028%,
annual bank discount basis.
the New York Stock
Call
Exchange held to 1%
transactions, while time loans again
were
maturities fo 90 days, and 1%% for four
to six month s' da
tings-.
Volume
The
151
New York
DEALINGExchange from day to day, 1% was the
in detail with call loan rates on the
Stock
ruling quotation all through the week for both new
loans and renewals.
The market for time money
has been
is still in
a
1%% b>r four to six
The market for prime
maturities.
little stronger
commercial paper
this week but the
of the supply.
excess
1%%
months'
Rates continued nominal at
quiet.
to 90 days and
up
demand
%@
Ruling rates are
1% for. all maturities.
been very
bills are scarce.
reported by the Federal Reserve
apparent on Friday but prime
rates
as
and including 90
Bank of New York for bills up to
days
are
for four
and six
although there is an
so-called free
or gold mark at 39.95 cents, against 40.10 a few weeks
ago.
At present registered marks are occasionally
quoted at 11.85, against 12.10 on Aug. 20.
In New
is also not
quoted in New York,
%% bid and 7-16% asked; for
bills running
%% asked; for five
months, %% bid and 9-16% asked.
The
months, 9-16% bid and
bill-buying rate of the New
York Reserve Bank is
days.
%% for bills running from 1 to 90
Discount Rates of
nominally quoted
i-Y:0
As already noted, the foreign exchange market is
extremely limited and the attention of bankers this
week has been concentrated on the rush of holders
commercial lire are
the Federal Reserve
Banks
deliver them
The
rush to dispose of Bank of England notes has no
bearing on either the free pound or the official rate
as virtually all commercial and business transactions
are
effected through the use of checks and cable
of Bank of
to United
England currency notes to
THERE have rates of the Federal Reserve banks;
rediscount been no changes this week in the
shown
in the footnote to the table.
The following is the
schedule of rates now in effect for the various classes
of paper
Government obligations are
at the different
DISCOUNT RATES OF
transfers.
In
.)■
holdings for shipment
full credit at the official rate.
estimated by some
shipped to
when
notes
Date
Previous
Aug. 30
Established
Rate
1, 1939
1937
IK
1
Sept.
1
Aug. 27.
Cleveland..
IK
4, 1937
May 11, 1935
2
Philadelphia
Sept.
IK
Aug. 27, 1937
market
2
Richmond
New York.
2
It is estimated that
£300,000 had been placed on the
Tuesday, including the period from
by
*1K
Aug. 21,
1937
n K
Aug. 21, 1937
2
Chicago
Minneapolis
Kansas City—
Sept. 2, 1937
Aug. 24. 1937
*1K
Sept.
*1K
3, 1937
1937
Sept. 3. 1937
2
Aug. 31,
2
Dallas
quotation when the
final
The
2
St. Louis
*1K
issued in London.
currency market
August 21, when the order was
2
Atlanta
England will be
United States
approximately
IK
IK
Boston
was
at the official rate to
registered accounts in London.
Rale in
It
dealers that the market on Tues¬
day absorbed more than £70,000.
credited there
FEDERAL RESERVE BANKS
Effect on
Federal Reserve Bank
ever
currency
probably the heaviest volume of
done in New York, as holders of
bills hastened to turn in their
to London for
'
market foreign exchange
Tuesday's
brokers transacted
These
Reserve banks:
possible haste.
States banks with all
such business
recent advances on
quotation for the
occasional nominal
at 5.05.
THE market for prime week. Some improvement
slow this bankers' acceptances has
Dealers'
official
selling.
Exchange on the following countries is no longer
quoted in London: Germany, Italy, Poland, Czecho¬
slovakia, Norway, ! Denmark, Holland, Belgium,
France and Rumania.
Exchange on these countries
4.02 buying and 4.04
are
York Italian
Bankers' Acceptances
was
commercial bank rates for
American
3.2442.
Money Rates
sterling
continues
1187
Commercial & Financial Chronicle
IK
San Francisco
IK
—
2
2
Government obligations bear a rate ol 1%, effective Sept. 1, 1939
Chlcauo; Sept. 16, 1939, Atlanta, Kansas City and Dallas; Sept. 21. 1939, 3t. Louis.
*
Advances on
Course of Sterling
Exchange
THE marketweek, fluctuating within narrow limits,
steady all for free sterling has been exceptionally
generally above
for sterling.
The market has grown extremely thin and the volume
of business is now every small, but this is also true of
the volume of trading in official sterling.
Interest
is centered on the effects of the order issued in London
on Aug. 21 barring the import into the United King¬
dom of all monetary notes of the Bank of England.
The Federal Reserve Bank of New York then advised
holders of such notes that they had until Tuesday,
while the lower
quotations have been
the official Bank
of England buying rate
Aug. 27 to deliver
States.
This
move
them to a bank in the United
had no effect on the rate for free
virtually all commercial and busi¬
ness transactions are carried on through the use of
checks and cable transfers.
The range for free
sterling this week has been between $4.02 and $4.03%
for bankers' sight, compared with a range of between
$3.99% and $4.0334 last week.
The range for cable
transfers has been between $4.02% and $4.03%,
compared with a range of between $4.00 and $4.03%
pound sterling as
a
week ago.
Official rates
as
follows:
4.47; Australia,
England are
4.02%—4.03%; Canada, 4.43-
quoted by the Bank of
New York,
3.2150-3.2280; New Zealand, 3.2280-
about
closed
5
o'clock
on
Tuesday afternoon was
$3.57 bid and $3.60 asked.
This compares with a
the order was issued on
Aug. 21.
Prior to that date the notes had sold down
as low as $2.50.
7'%"'%..•
... i7;" %
A very substantial amount of British notes was
brought into this country in recent months by
refugees and others, but it is estimated that fully
75% of the notes offered in the past week came from
price of $3.15 at the time
The importation
hoarders of the British currency.
of Bank of
of
more
ban
was
England notes into the United Kingdom
than £10 is now
cation of the notice on
most
officially prohibited.
made effective immediately
The
after the publi¬
Aug. 21, as it applied then to
European nations as well as to
neutrals situated
close to Great Britain.
New York are
principal buyers of the
Agencies of the British banks in
understood to have been the
notes for
shipment abroad as these institutions were
considered in
a
more
favorable position to facilitate
these transactions than American
The
banks
understood,
buying the
banks and dealers.
for shipment, it is
notes
able to make a small profit at a
were
price of $3.60 a pound, the minimum on which any
could be realized.
The price for notes in
return
large quantities, above £100, was substantially
than the maximum quotation on Tuesday.
When the British order was
issued it was officially
stated in London that in view
siderable amounts
held
in
France
lower
of the fact that con¬
of Bank of England notes were
and
Germany and might
other territories occupied by
therefore fall into enemy hands,
The Commercial & Financial Chronicle
1188
the
prohibition on the importation of Bank of England
United Kingdom was to take effect
upward and reveals not only the world tendency
notes into the
toward
immediately.
financial
In
public statements issued in Berlin publicists
questioned that the motive cited for the British meas¬
ure was the
actual cause of its adoption.
These
German commentators
traded
suggested that the real motive
hoarded abroad and
prevent pound notes
to
was
on
far below the
bourses"
"black
London rates from
official
reaching England and discrediting
the British currency.
banking circles
that
was
large amounts of pound notes are held by the
no
German Government,
while owing to the strict Reich
spokesmen assert further that even
would be lost to holders since there is
no
way
to
the trade and financial position of all
on
major countries when the war is ended.
tion of this detrimental trend maybe
the volume of paper money in
world increased
In the first year
000.
amounted to
occupied countries, although it is
believed that the amount was
probably greater in
1913 the
year
circulation
The
amounted in
of gold to
ratio
66.3% in 1913.
was
17.6% and had fallen by the
at
The public debt of the nations
9.2%.
1913 to
$300,000,000,000. Before the
War the interest service of the
demanded
countries.
than $12,000,000,000 was required.
London the
bar
on
pears
only criticism of the Treasury's
the reimport of Bank of England notes ap¬
to be that the step should have been taken
public debt
At the end of 1920
$1,750,000,000.
1913 currency
ures
At the end
$43,000,000,000.
of 1920 it amounted to
World
paper
At the time of the
Denmark and Norway than in the other occupied
In
year
paper
At the end of 1920 it had risen
$82,000,000,000.
armistice it stood
to notes seized in
In the
$7,500,000,000.
end of 1920 to
respect
after the armistice the increase
in circulation throughout the world amounted
money
make themselves
No authentic information is obtainable with
circulation in the
$12,000,000,000 and in the second
$25,000,000,000.
to
in the
During the
annually at the rate of $9,000,000,-
register such notes and the holders would not dare
punishable for such illegal hoarding.
An indica¬
seen
effects of the World War of 1914-1918.
to
German bank
a small amount
the
The tendency
other major country.
any
bearing
of
The
respect, however,
toward mounting circulation will have an important
to
proportions.
the British
pressure on
In this
situation.
of
that
regulations of the last few years the volume of sterling
bank notes held by the German public is probably
insignificant
higher prices, but the
position of Great Britain is not much different from
war
The view held in German
Aug. 31, 1940
more
(For these fig¬
values have been employed.
The
emissions and financial transactions of Soviet
paper
Russia
are
not included.—Source:
"The
Americas,"
immediately after the German occupation of Den¬
quoted by S. Stern in his study "The Foreign Ex¬
mark and Norway or certainly
change Problem.")
immediately after the
fall of France.
It is
reason
of
not
doubted in London that the principal
for the Treasury's
Bank
It would be
;
of
ban
was
England notes
French nationals having
that large quantities
held in France,
were
hoarded British notes
cially when there appeared
a
espe¬
danger of devaluation
The actual financial effect of the
of the franc.
bargo is considered to be nil because the notes
em¬
are
not
impossible task to bring the fore¬
an
to date
up
believed that possibly the
of the British notes in certain
value
foreign markets
depreciate if the enemy attempts to sell
such
tion of the currency
circulation.
upward trend in
that
any
peace
is
sterling in the slightest degree.
the import of notes affects
is restored the
free flow
It is
greatly reduced supply of free sterling
because the British notes formed part of
the supply
currency
to reduce to
extent
some
England
bank's
the
commerce
a
can
doubtful if the
based
wages
and the increasing cost of consumption
Undoubtedly the hoard¬
ing of British notes by Continental nationals
was an
influence in the increased circulation since the
The
Bank
of
England statement for the week
can
ever
be restored.
cal
rise
or
fall.
New ratios, whether
London
open
market
earlier
demands have declined
Note circulation reached
000
on
a
record
Aug. 14 of the current
Aug.
26,
high of £613,907,-
year.
The note cir¬
culation of the Bank of England on Aug. 28
at
1936.
stood
£610,042,000.
to
week, there
can
be
no question that the trend is
1
rates
continue
un¬
1-32%;
three-months' bills, 1 1-16%; fourbills, 1 3-32%, and six-months' bills 134%.
Canadian
no
exchange
steady.
is
Though
tourist
sharply, there is practically
change in the Canadian free dollar rate and busi¬
ness
on
the whole is quiet.
during the week between
a
However the circulation may fluctuate from week
money
changed from the past several weeks. Call money
against bills is in supply at %%.
Two-months' bills
months'
on
complications not hitherto
encountered.
are
£443,409,298
commodities in
changes, foreign traders will have to take into
£4,322,000, leaving total circulation at £609,585,000
on that date,
compared with £508,063,708 a year
with
or
After these inevitable radi¬
consideration factors and
ended Aug. 21 showed a decrease in circulation of
and
the
gold, the dollar, or otherwise, must take
place of the former parities. This goes without
the
war
began.
resume
on
common use
products in Great Britain.
again
foreign exchange quotations
saying whether the prices of gold
high level of employment
radical alteration
customary before 1914.
other factors, such as the
high
con¬
and financial systems
undergo
excessively high circulation, unless fully offset by
at
reliable indica¬
prevalent before Great Britain's departure from gold
in 1931
sterling.
The return of the notes to the Bank of
cannot/ fail
no
We need only
required to realize that when
before international
of British
Statements of
circulation since 1920.
currency
Little reflection
may
the value of
the already
of
sider the monthly circulation statement of the United
of all the nations must
on
means
countries,
published during the past several
by various countries afford
years
no
many
Germany, France and Japan.
as
financial position
might have been seized, but that would not influence
Incidentally, the ban
there is
as
knowing the actual circulation in
States Treasury Department to estimate the sharp
used for trading purposes.
In London it is
going figures
discount of
The
follow
discount of 133^% and
12%.
amounts of
are
Montreal funds ranged
a
gold imports and exports which
taken from the
weekly statement of the
Volume
The
151
United States Department
the week ended
of Commerce and cover
technically becoming more normal again, for out
Aug. 21, 1940.
TO AUG. 21,
INCLUSIVE
Exports
Imports
*$2,666,069
102,874,349
Ore and base bullion...
Refined bullion and coin
.$105,540,418
Total
2,255,481
87,151,368
63,297
8,200
727,126
Mexico
_*
Venezuela
British India
Netherlands
Indies
,
141,003
351,856
New Zealand
♦Chiefly $122,890Canada,
Gold held under
during the week ended Aug. 21 by
Referring
exchange
day-to-day rates
to
last
transfers
cable
for free sterling
be said
day's market from another. On
nothing new of importance can
distinguishing one
Saturday
$463,693Chile, $131,171
British Oceania.
banks was incteased
$28,140,334 to $1,680,863,971.
$169,048Nicaragua,
bankers' sight was $4.02@$4.02%;
were $4.023^@$4.03.
On Monday
$4.02@$4.02% for bankers' sight and
S4.0234@S4.03 for cable transfers.
On Tuesday
bankers' sight was $4.023^@$4.03 and cable trans¬
fers were $4.02%@$4.0334.
On Wednesday the
the range was
range
$4.023^@$4.03 for bankers' sight and
was
On Thursday
S4.02J^@$4.03 and cable trans¬
S4.02%@S4.0334 for cable transfers.
bankers' sight was
fers
were
$4.02<bC@$4.03J4.
On Friday the range
and $4.0334®
Closing quotations on
Friday were $4.03 for demand and $4.03 for cable
transfers.
Commercial sight bills finished at $3.99;
was
$4.03@$4.03Yi for bankers' sight
$4.03^ for cable transfers.
60-day bills and 90-day
bills are no longer
Continental and Other Foreign
quoted.
Exchange
NOTHING of be said regarding the Continental
a strictly foreign exchange char¬
acter
can
Dispatches regarding the fi¬
countries are conflicting
accepted as guides either to current
European countries.
nances or
industries of these
and cannot be
affairs or to future
trends.
pared to receive applications from American banking
and commercial institutions for licenses to make de¬
liveries of guilders under contracts
other American institutions
"It is
entered into with
prior to May 10, 1940.
suggested that applicants whose applications
been withdrawn or have not as
for such licenses have
by the Treasury Department
cases of the type above
yet been acted upon
file
applications in
new
described."
Recent advices from
|
Stockholm state that Norway
will have to increase its
to meet
a
first instalment of a
to cover
remaining
An
the army of occupation.
and the Swedish krona, the two
currencies
free
for $86,000,000 as
total assessment of $150,000,000
the expenses of
The Swiss franc
been
income tax sharply in order
the demand of Germany
the continent, have
week.
agency dispatch stated
on
quoted steady throughout the
official German news
reichsmark would become legal
Luxemburg.
Parity has
been fixed by the German head of the civilian ad¬
ministration at 10 Luxemburg francs for one mark.
As noted above under sterling exchange, French
francs are no longer quoted in New York or in
London.
The German so-called free or gold marks
are occasionally quoted here nominally around 39.95,
that
on
Aug. 26 the
tender in
Duchy of
the
against 40.10 a few
around 11.85,
on
weeks ago, and registered marks
compared with a nominal quotation
Italian exchange is nominally
Exchange on Poland, Czechoslo¬
Norway, Denmark, Holland, Belgium and
Aug. 20 of 12.10.
communications between the occu¬
pied and unoccupied zones in France ordered by the
Germans on July 31 is more and more strictly en-
quoted at 5.05.
forced.
Transfers of securities and funds continue to
prohibited, at least from the occupied territory into
the free zone. As long as this state of affairs con¬
tinues financial activity cannot be resumed to any
inally quoted
be
exchange is
appreciable extent. Virtually all movements of goods
and capital between the free zones of France and the
0.68
Suspension of
♦
Bank of New York is pre¬
"The Federal Reserve
...
Philippine Islands, $370,326
earmark at the Federal Reserve
Saudi Arabia, $1,009,015
Foreign Exchange Committee,
change:
1,040,778
Hongkong
of the New
issued
following announcement regarding guilder ex¬
the
4,261,490
Australia
the Netherlands Bank under the
exchange decree, but the amount
Aug. 26, R. F. Loree, Chairman
On
York Bankers
17,641
!_!
Ceylon
British bank
already delivered
is unknown.
3,075,382
Kingdom
Canada
that all
state
held locally were
terms of the official
$3,780,727
Sweden
were
before Aug. 25 to
Coin Shipments—
Portugal.
advices
Amsterdam
...
notes that
United
of
Dutch securities are now
officially quoted and a further extension is also ex¬
pected in some United States securities.
2,800 listed issues about 400
GOLD EXPORTS AND IMPORTS AUG. 15
Detail of Refined Bullion and
1189
Commercial & Financial Chronicle
suspended. The blockade by Brit¬
ain has followed its sea trade and French holdings
have been frozen, not only in Britain and certain
neutral countries of Europe, but also in the United
vakia,
Rumania is not
22.79.
quoted.
Swedish exchange is nom¬
around 23.86, against 23.87. Swiss
nominally quoted around 22.79, against
Exchange on Finland closed at 2.05 (nominal)
Greek exchange closed at
(nominal). Spanish
nominally quoted at 9.35, against 9.25.
against 2.05
(nominal).
(nominal),
pesetas are
against 0.68
*—
outside world are
EXCHANGE dull and steady. American countries
on the Latin The cabinet crisis
continues
in
States.
Aug. 27 stated that
M. Robert Lacour-Gayet, French financial expert,
has been ordered by the Government to proceed to
New York on an "important economic and financial
mission." It seems needless to say that any such
talks conducted at this time by representatives of
the Vichy Government will receive nothing more than
polite attention from either New York bankers or
Washington Treasury officials.
In the Netherlands business is apparently more
active if only shares and bonds on the bourse are
considered. The Amsterdam Bourse is regarded as
A
dispatch from Vichy on
which occurred on Aug. 27 appears
affected the free peso exchange, while
Buenos Aires
not
to have
American
been
reflected in the official exchange rate quoted there.
Argentine unofficial or free market pesos closed at
22.70@22.75, against 22.75@22.80. Brazilian milreis
closed at 5.15, against 5.15.
Chilean exchange is
nominally quoted at 5.17, against 5.17.
Peru is
nominally quoted at 16.00, against 16.00. The Mexi¬
can peso is quoted at 20.25, against 20.30.
the official rate
countries.
is held firm as in all South
Political unrest in Chile has not
•—.
EXCHANGE on thedollarEastern countries is quiet.
Hongkong Far
and the Shanghai yuan
The
The Commercial & Financial Chronicle
1190
to have been
seems
or
ruling steadier in the past week
while the Indian
more,
rupee
close alliance with the British
pound.
The Japanese
is held steady in relation to the United States
yen
dollar
of
is firm owing to its
through the control exercised by the Bank
matters
of great moment
claimed
or
the bare
crises
Closing quotations for
23.45, against 23.45
checks yesterday
yen
Friday of last week.
on
were
Hong¬
at
is
30.31; and Calcutta at 30.31, against 30.31.
remains
it
of
un¬
the barest mention from the
even
fundamental
a
progress
likely of generations still
President, much less has there been
against 5y%; Manila at 49.80, against 49.80; Singapore
against
prosperity, and
peace,
very
born, has received
decision and
47against 47Bombay at 30.31,
Recently, however, not
Presidency.
decade,
that
pro¬
imperious in¬
an
right of informed determination in great
involving the
kong closed at 22.53 against 22.84; Shanghai at 5J^>
1940
has not been baldly
plainly asserted to be
of the
cident
even
the next
Japan.
Aug. 31,
public welfare.
open
admission
element
of
sound
On the^contrary, there
only too much foundation for the reiterated charge
brought by Mr. Willkie, that there is persistent and
studied
Gold Bullion in European Banks
refusal,
the part of the President and his
on
confidential advisers, not
all of them members of the
Cabinet and certainly not
including all officers of
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
Cabinet rank, to
British statutory rate,
fidence, to afford them opportunity to form fully
the
in
84s. ll^d.
principal European banks
fine ounce)
per
as
of respective
instructed
take the voters into the official
opinions
dates of
mo^t recent statements, reported to us by
special cable yesterday (Friday); comparisons are
shown for the
nation.
corresponding dates in the previous
were
1940
1939
1938
1937
*141,373,101
327,760,578
327,960,180
328,601,484
293,250,172
Netherlands
97,714,000
96,117,000
293,728,209
3,008,600
63,667,000
25.232,000
123,378,000
Nat.Belg'm
132,857,000
102,315,000
87,594,000
Switzerland
86,730,000
113,788,000
Sweden
6,539,000
7,442,000
Germany x.
Spain
3,851,800
63,667,000
17,440,000
Italy—
23,400,000
41,994,000
98,433,000
35,000,000
Denmark
6,505,000
6,500,000
Norway
6,667.000
6,666,000
Total week.
700,362,909
700,498,184
Prev. week.
29,292,000
246,497,633
436,088,819
2,244,800
88,092,000
42,575,000
55,246.000
77,912,000
2,464,000
87,323,000
25,232,000
105,490,000
102,544,000
83,250,000
25,937,000
0,549,000
49,900,000
24,081,000
6,533,000
6,602,000
6,604,000
905,924,385 1,081,429,387 1,066,631,352 1,035,794,252
904,141,964 1,080.746,386 1,066,988,042 1,064,863,896
Note—The war In Europe has made It Impossible
to obtain up-to-date reports
many of the countries shown In this tabulation.
Even before the present
war, regular reports were not obtainable from Spain and Italy, figures for which
from
are as of April 30, 1938, and Dec. 31, 1939. respectively.
The last report from
France was received June 7; Switzerland, June 14; Belgium, May 24; Nether¬
lands, May 17; Sweden, May 24; Denmark, March 29; Norway, March 1; Ger¬
many, Aug. 30.
»
Pursuant to the Currency and Bank Notes Act, 1939, the Bank of England
statements for March 1, 1939, and since have carried the gold holdings of the
Bank at the market value current as of the statement date. Instead of the statutory
price which was formerly the basis of value.
On the market price basis (168s.
fine ounce) the Bank reported holdings of £925,970, equivalent, however,
per
to
only about £468,263 at the statutory rate (84s. 11 Hd.
ing to our
calculations.
In
per
fine ounce), accord¬
order
to make the current figure comparable with
the figures for other countries In the tabulation,
we show English holdings In the above In statutory pounds.
x Gold holdings of the Bank of
Germany as reported In 1939 and 1940 Include
former
of the
course
so
history
problems of such vital importance
many
pressing for decisions which cannot long be postponed
*468,203
242,451,940
3,868,700
63,667,000
France y—
shaping the
V C
1936
£
England
highest
to accept their determinations
Never during the entire course of American
four years:
Banks of-
or
the ultimate resort in
as
questions of the
upon
general importance,
con¬
periods as well
and upon
the wisdom of which the welfare of the
present and all future generations so plainly depends.
These
are
problems
not being overlooked, but neither
are
they being opened to public discussion and the
raqge
of potential solutions expounded with clarity to
enable fi;ee determinations
On the contrary,
voice.
the facts upon
and the
favors, is
to
which the temporary
measures
leadership of the country momentarily
so
scantily supplied, and with such apparent
reluctance, that there
seems
to be much force in the
suggestion that prolonged tenure of the highest posi¬
tion becomes
often the parent
as with
fidence and
"deposits held abroad" and "reserves In foreign currencies."
y The Bank of France gold holdings have been revalued several times In recent
of
are
7, 1940, there are per British statutory pound about 349 francs;
prior to March 7, 1940, there were about 296 francs per pound, and as recently
as September, 1930, as few as 125 francs were equivalent to the
statutory pound.
no
such contempt for
as
superficially
popular judgment.
tuted March
of extreme self-con¬
corresponding suspicion of the soundness
years; on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc). Insti¬
For details of changes, see footnote to this table In Issue of July 20, 1940.
as
which sound judgment must be based,
policies and
and titular
by the enlightened public
the information, both
deceptive and it
Possibly, these
may
appearances
be that there is, in reality,
public opinion and its judgments
appears,
but if such is the
if the
case,
strong semblance of self-sufficiency is misleading and
Let Public
popular determination is not truly scorned, these
Opinion Determine
The "Chronicle" has in the past
commented
manifestations
upon
the amazing
degree of
ministration
policies and proposals notwithstanding
secrecy
which surrounds Ad¬
pearances
are
most unfortunate
and create ap¬
of the exclusion of the governed from the '
deliberations
of
their
government which would
seriously weakening should
perennial pretentions that the Government of the
stress
United States continues to be
a
period of
be
acute
more
of what is in process,
the
one
people, and for the people."
"of the
people, by
Certainly
no
one
develop.
Certainly it is unfortunate that hints
unmatched by any domestic
disclosures, should reach Americans from across the
high in official circles would choose to deny that this
Atlantic Ocean
country remains
Minister of Great Britain.
the
as
it
was
Revoluntary War, and
re-affirmed,
Delano
a
insistence upon
and
free
March
was
Franklin
Prime
however, has anything reached the public of this
strongly implemented and
were
especially devoted to
measures
enabling the
House of Commons
"These
comprehensive knowledge of the
discussion of the
principles
imply that,
4, 1933, information concerning public
first
importance has
two
sitting in Westminster;
organizations of English-speaking
democracies, the British Empire and the United States, will
have to be
affairs
and full
of the
of the
other quarter,
no
sentences from Mr. Churchill's latest statement to the
successor
It would be
exaggeration to
transactions
mouth
From
of Thomas
democracy.
of the voters to make their vital decisions in
involved.
from the
Jackson, under whose leader¬
methods and
the illumination of
and
country throwing such a flood of light upon negotia¬
tions now believed to be under
way as these following
whose continuous efforts
since
the Constitution of 1787
Roosevelt, is the official
ship that democracy
facts
as
representative
Jefferson and Andrew
masses
created during the stress of
can
for
stop it.
Let it roll.
great
somewhat
mutual
mixed up together in
and
general advantage.
some
.
.
of their
No
one
Like the Mississippi, it just keeps rolling along.
Let it roll
on
full
to broader fields and better
flood,
inexorable,
irresistible,
days."
It is scarcely thinkable that the
Prime Minister
been
spoke with greater clarity and precision to the House
generously vouchsafed, but until quite recently the
autocratic prerogative
of exclusive knowledge in
trary would be supposed, but the people of the United
ever
of Commons than to the President
.
Quite the
con¬
Volume
The
151
the White House
States have received no word from
intimating that in her hour of need
Great Britain is
proposing to Americans what amounts to a
alliance
of
a
or
obvious
any
of the
words
the
which
revolutionary.
phase of such discussion save as it may
ever
mature
the determinations of popular
be an¬
of conviction
has to be determined, the
previous and pre¬
concerning any element that
impaired by
commitment
might affect
such
or
any
control the final judgment.
under
commitments
moment?
And by
and rely
judgment ex¬
pressed through the popular choice of legislative
representatives and at the polls.
Unless this is not
true, and unless it is rejected as a principle of life and
Government by the American people, they have only
to comprehend the extent in which they are being
ignored and their United wisdom excluded from its
upon
ought to rest with the whole American
not be limited or
whom?
consideration
publican candidate for the
this
Is the American public
advised and has it been
themselves. "The
cautious and carefully edited
periodical and we quote from the
its issue, post-dated, of Aug. 30:
are
forcing
a
gradual
leading article in
merger
of British and
definite
form.
It is seen in the defense agreement to be concluded
with Canada.
It is involved in the coming lease by Britain
to the United States of Atlantic outposts.
It appears in the
proposed exchange of American destroyers to the British.
Other moves are pending.
There is a tacit understanding
about the use of the British base at Singapore.
.
.
.There
is a gradually shaping agreement about protection of Australia
and New Zealand in event of a crisis. There is study of the
future of the Dutch East Indies and the British Malay
That merger today is taking
American interests.
States—source
of American rubber
and tin."
Churchill is vastly
American supply of rubber and
Undoubtedly, Prime Minister
concerned
over
tin, but from
the
whom are these momentuous
problems
consideration? Not a solitary
item among them that can be determined more than
once, if the first determination is carried to execution.
The Senate of the United States shares with the
President in the functions of treaty-making.
The
Senate apparently has not been advised or consulted.
At most, it seems, it has heard of the progress of these
matters from the daily press or from oracular or jovial
receiving study and
in Hyde Park or in
Washington. The average citizen knows slightly less
of what is going on, if he reads the best-conducted
weeklies and the daily newspapers, than Senators and
expressions at press-conferences,
Representatives in Congress, and a good deal less than
the newspaper reporters who are accorded access to
Presidential conferences with the press and treated to
"off the record"
and "background" information
they are rigorously
The
which
prohibited from making public.
informed, much less is it being
public is not being
in any discussion, to prepare
actually to decide anything. All
invited to participate
itself to decide, or
plans and negotiations are
control of two or three men,
without, so far as the public knows, any communica¬
tion of any factor of decision or even any preliminary
element, to any other individual or authority.
The
authority previously quoted further says:
the
The Re¬
Presidency, and other
Republican candidates at the November election, can
perform no public service more exigent and important
than to see to it that these un-American proceedings
are fully understood by the voters when they go to
government swift and severe.
officers of
the
polls
Nov. 5, 1940.
on
Let the facts speak for
United States News'7 is a
"Events
of their temporary
demnation of the present course
accurately and adequately
consulted?
make their con¬
constitutional function in order to
Are any
at
from the American way
exempt the subject-matter
which, in Government, is to resort to
determination
people and be
preceded by the most thorough deliberation in which
no fact of relevant importance should be
concealed
from any fraction of the public.
In which, moreover,
the perfect freedom of ultimate determination must
that, if it
United States and
British Dominion, as necessarily
of life
no
ticipated by the most definite expression
between the
Great Britain, or any
to
esoteric
of proposal and acceptance, or
exchanges
any
counter-proposal,
such proposal has been posed for
this country and we shall not anticipate
Nevertheless,
discussion in
in
confronted, with
or
apprehend that there can be nothing so
We
phrased pronounce¬
far-reaching
less
is
in Ottawa."
Prime Minister King,
Prime Minister, or the
perplexities by which he is
conception of his carefully
ment
any
Yet, it is difficult to
community of interests.
reconcile
general
is conducting
diplomacy. He is dealing
directly with Prime Minister Churchill, in London, and
personally
Roosevelt
"President
negotiations in the higher realm of
practical acknowledgment
at the least a
1191
Commercial & Financial Chronicle
suggestions, proposals,
completely within the
Willkie
Mr.
The New Deal
Administration,
the
for the Presidency,
candidate
his
vs.
professing fundamental differences with
Mr. Willkie, the Republican
While
has in terms
approval of several of the key
at
and
Deal
New
for
address,
ance
"objectives" of the
times by implication
certain of its technique.
stated
at least
At one point in his accept¬
example, he said: "This Ad¬
principles exactly opposite
ministration stands for
"A few minutes later,
to mine.
the forces of free
"I believe that
however, he added:
enterprise must be
I am opposed to business monopolies.
in collective bargaining, by representatives
regulated.
I believe
interference
rights. I
believe in the maintenance of minimum standards
for wages and of maximum standards for hours.
I
believe that such standards should constantly im¬
free choice, without any
of labor's own
and
protection of those obvious
in full
state
utilities, of securities
in Federal
I believe
benefits, and in
"I
Federal Regulation of inter¬
markets, and of banking.
pensions, in adequate old-age
I believe in the
prove.
believe
unemployment allowance.
the Federal Government has a
that
responsibility to equalize the lot of the farmer, with
that of the manufacturer.
If this can not be done
prices, other means must be found—
possible regimentation of the farmer's
I believe in the encouragement of co¬
by parity of
with the least
affairs.
operative buying and
tension of rural
selling, and in the full ex¬
electrification."
of the contention that
the opposite
of his own, notwithstanding his endorsement of
many of its "objectives" at least, he adds:
"The purpose of all such measures is indeed to
obtain a better distribution of the wealth and earn¬
in substantiation
Then,
New Deal
principles are diametrically
this country, but I do not base my
faith in such re¬
forms. American liberalism does not consist merely
in reforming things.
It consists also in making
ing power of
claim to
things.
liberalism solely on my
...
The Commercial & Financial Chronicle
1192
"I say
that
must substitute for the philosophy
we
of distributed
scarcity the philosopy of unlimited
productivity.
would be required in order to erect the
programs
I stand for the restoration of full
new
structure.
The first and really fundamental question is this:
production and reemployment by private enterprise
Can
in America.
co-exist with
'
"And I say
questions
that
of every
regulate business
it
encouraged
created
industries to produce?
our
to open up a new
us
"A
a
that
reform
truly liberal
strengthen
our
toward
whether economic
I believe
as
equalize the lot of the farmer with that of the
or
not
is
not
tend
private industry cannot support," as the candidate
at another point specifically approves?
to
military It
.
broad
principles of the major "reform"
measures
sharp exception to the fundamentals
his
minds of
good
a
suspicion that
and in
many,
no
some
quarters to the
sharp distinction
very
drawn between the credos of the two
may
be
leading candi-
it
is
asserted,
in effect,
that in
ap-
opportunity to determine
imour
own
"
sidies
as
would
economy
If
emerge.
the other hand,
on
of
one
sort
or
another
by the difference in earnings between the farmer and
horse of
a
catch the
the New
of voters who
ear
are
re-
political palaver to
not in
sympathy with
have constantly, if at times slowly, changed through
the years as conditions actually arising seemed to
and approved.
to
betray the "liberals," and that his real
intentions
are
revealed
in
his
other
do not share such views
we
be admitted that
as
utterances,
these, it must
interpretations of the sort
are,
in
this
day and time, understandable. An unscruplous
politician could resort, and unscrupulous politicians
recent
years have resorted, to precisely such
quibbles and equivocatons in order to obtain the
preferment to which they aspired.
We think
candidate
whether
its
another,
or
for
terms
the
are
whether
purpose
of
determining
to
present
an
of government
paign
as a
of
course
of action worthy of support
a
over
continuation of which must
again.
own
can,
be supplied only by himself, and these he
promised to give during the
now
course
of the
about to get under full st£am.
structive, however, to
survey
cam-
It is in-
the foundations which
have
already been laid, and to inquire carefully as
precisely what kind of superstructure is logically
possible within the limitations thus imposed, and as
to
to
precisely what type of demolition
re-
conditions
as
demand. Nothing in all this, if sensibly conducted,
would in any way abridge the freedom of action or
dull the spirit of initiative which have been basic
our success
in the industrial field.
restriction
or
goes
beyond this simple and
strictly limited field that impediments
the
way
of full productivity.
unnatural
monopolies
to
It is when regula-
are
No
are
put in
that
one supposes
conducive to
full
pro-
agents of their own choosing, or even specific
statutory guarantee of that right, need not raise up
so
reasonably be construed
Mr. Willkie's
paign
modified
far
can
be expected should President Roosevelt be
course,
necessary
part of wage
terpretation of these earlier pronouncements
has
viewed, and where
are
chosen to succeed himself
of
it is well, too,
that these restrictions be constantly
inconsistencies
foundation for the construction of well-
against the New Deal,
As time passes,
ductivity.
intelligible and intelligent philosophy
capable of being used during the cam-
rounded program
this is to be expected
one
apparent
by the candidate
course,
as
Indeed it would be difficult to do
really in conflict with
apparent only, and whether the declarations
made
Such regulation
business without it.
of
tion
it
well, therefore, to inquire carefully
dispassionately into this credo of the Repub-
lican
sort of code of
These restrictions
Deal, while at others it is charged that his
suggest.
and
a
rules of the game, as it were.
support of New Deal reforms is but lip service in-
in
de-
one
another both by common law and by satutory
tended
While
gray
regulation of the "forces of free enter-
prise," they have always been regulated in
provisions designed to formulate
but
a
wholly different color,
his stand
are
paid the
the manufacturer, the proposition becomes
gree or
along side the President, and that the
be
must
farmer, and that these payments must be measured
proving New Deal reforms Mr. Willkie has taken
mainder of his avowals
as
to be the case, what is meant is that sub-
ap>pears
As to the
times
same
that provided the latter,
no
dates.
At
"lot"
pediment to full productivity at any point in
of
of the New
manu-
must be given the
past six or seven years and in the next to take
Deal, has given rise to considerable confusion in the
the
If "to
equalize the lot of the farmer with that of the
breath at least the
one
answer
upon
facturer" is taken to propose merely that the former
."
.
The
plainly depends largely
queiy
precise meaning assigned to many terms.
en-
headed,
ours.
this
to
And it will
we are now
alien to
manu-
facturer," and Government support of "those whom
general position thus taken, this tendency
throughout to support in
the
markets, and of banking," a program devised "to
tests
It does
...
form of government
a
The
Will it
system, but to weaken it. It exposes
inevitably,
us
these
meet
class distinctions and hatreds.
courages
lead
regulation of interstate utilities, of the securities
living? Will it encourage
cannot
and maximum hours fixed by law, "Federal
wages
Has it
youth?
our
government regulation of "the forces
gaining for labor, constantly improving minimum
to
and bigger world?
reform.
to aggressors,
us
law
every
effective "policy of unlimited productivity"
an
of free enterprise/' statutory right of collective bar-
We must ask: Has
industry.
standard of
our
of
and
reform,
or
opportunities for
new
increase
must henceforth ask certain
we
Aug. 31, 1940
of
existing
General recognition of
earners to
a
right
the
on
bargain collectively through
barriers to productivity, although conditions arising
out of the recognition of such a right may, and often
do give rise to evil's
fully as bad as those marked
for elimination by that recognition.
gaining
per se
perhaps tends to set
up
Collective bar-
certain rigidi-
ties in the economic system which are
very prone to
troublesome, but few would be strongly in¬
clined to the view that collective bargaining need
prove
prove a
serious handicap to American industry,
About the
same
observations
can
be
made
con-
cerning the other "reforms" which the candidate
presses
himself
as
favoring.
ex-
Minimum wages and
maximum hours of work, where really needed and
where limited to the
purpose of preventing unconscionable "sweat-shop" conditions and the like, and
where
administered
with
moderation
and
good
need
sense,
The
151
Volume
impose
no
particular burden upon
industry. Regulation of all
monopolies, including interstate utilities,
natural
legitimate
ago
has long
and
become generally recognized as essential,
same is true of banking, and in one degree
or
The extent to
which these activities should be undertaken by the
Federal Government, outside of banking at least,
raises a number of moot questions.
Many of us
doubt the wisdom of intervention by the Federal
the
another
securities markets.
of the
Government at all, or
1193
Commercial & Financial Chronicle
certainly upon any very
large
regulation of utilities and securities
markets. Yet it must be conceded that theoretically
at least such regulation could be undertaken in
Washington and carried through effectively without
undue burdensomeness.
Opionions differ as to the
wisdom of elaborate pension schemes, old-age bene-
scale, in the
and double dealing to one of straightforwardness
and friendliness. All this, however, as important as
it is, is not enough. There are many New Deal
statutes which must be overhauled, and thoroughly
rewritten to say the least before Mr. .Willkie can
hope to get the results he evidently and fortunately
desires in the form of full productivity from industry and trade. Specifications for these tasks he
will give, it is most ardently to be hoped, in the
course of the campaign. He can by so doing establish beyond question both the sincerity and the
soundness of the position he has taken in his acceptance address and elsewhere, a position which otherwise will remain open to question by many, not all
of whom are necessarily opposed to him in the
premises.
For one thing, he must, to
complete and imple-
ment his professed philosophy, face frankly the problems which have arisen to plague industry as a
result of the National Labor Relations Act. The
by the doubting Thomas that arrangements to
time for him to arrive at definite conclusions as to
accomplish the ends sought by elaborate schemes
the general nature of what must be done is before
in effect could be made without killing burdens
election day if he is to give the public a reasonably
upon industry and trade.
fully account of what should be expected of him
But with equal directness and with emi
; if elected. The trouble with this law is not that
unemployment insurance and the like. For our
part, we must again candidly express our own view
that they are unwise.
Yet it must be conceded
fits,
even
now
said that the programs
several purposes are
densome
to
of today devised
proving to be
industry.
for these
exceedingly burin this
Full productivity
overhauling of the system now in force. The plain inference
is, therefore, that Mr. Willkie, in order to prove
country must
obviously await a complete
and to give effect in good faith
"philosophy" must begin by renovating the New Deal from the bottom up. As to tfie agricultural program of the New Deal, the candidate
lias shown no purpose to alter it, save possibly as
concerns control of production.
Indeed, all in all,
he appears to have committed himself more or less
irrevocably for the present at least to a continuation
of a course not essentially different from that which
is now being pursued.
Should he be successful in
reviving industry and trade, that recovery would
without question in one degree or another be reflected on the farms of the nation, but otherwise
little that is constructive on the farm question has
as yet been suggested by him.
If he can do no better
than this, then of course he must make up his mind
that his program 0f productivity will be obliged to
carry American agriculture like the old man of "the
himself consistent
to his
sea
professed
about its neck.
Deal measures, Mr.
Willkie seems to have a much clearer field, at least
so far as
self-imposed and publicly made commitments are concerned.
There is no apparent reason
to doubt that he is without sympathy for the innumerable and often indirect measures of restricAs to most
of the other New
it grants wage earners
the right of collective bar-
gaining. It is rather in the fact that it and its administrators have undertaken in effect to conduct a
crusading campaign to persuade, not to say oblige,
labor, to exercise this right whether it is greatly
interested or not or has any particular cause for
being so interested, and in the circumstance that in
professed endeavor to protect this right all sorts of
satutory provisions and regulatory measures have
been brought into being which cause endless friction,
costly interruptions of work, and often an abridgment of long established rights of employers as
American citizens. Far from serving as an aid to
productivity, the law has proved a very serious
stumbling block to frictionless operations, and must
continue to do so until something drastic is done to
remedy the situation. The right of collective bargaining can be conceded and protected without onehundredth of all this, and it must be so arranged,
or else according to the standards Mr. Willkie now
sets for measuring reform projects the entire effort
must be discontinued as one which certainly has not
and cannot encourage our industries to produce,
So also with the- wages-hours law. Here is a
statute professedly
designed to prevent those gross
abuses in the employment field which have occurred
in the past, and which allegedly might recur at al¬
most any time, but, as a matter of fact, rarely
existed anywhere at the time the law was taken to
the statute book. As written and as administered
it has been employed to harry business men on all
sides concerning matters which had never been the
subject of serious complaint by employees or by any
of
one else whose opinion was worthy of respect. A
appears to be punitive publicity, sometimes by use
law avowedly enacted in the interest of the opof the position of the Government as enormous purpressed and directed at employer groups without
chaser of a wide variety of goods, and sometimes
conscience and without regard to the opinions of
by other means such as the informal influence of
mankind, it has placed heavy burdens upon emGovernment officials vested with powers which can
ployers who pay wages universally considered standbe used to reach busines men to their harm even
ard and not requiring hours of work exceeding
when they do not relate to matters in dispute. Much
reasonable limits by any reasonable standard. It
be done without question by merely changing
has involved many business men in pointless litigathe attitude of the Government from one of hostility
tion, harried them with uncertainly as to what was
and expense which the New Deal
imposing, sometimes by
taxation, sometimes by means of what
tion, annoyance
has
taken
means
such delight in
can
1194
The Commercial & Financial Chronicle
required of them, opened them to the risk of what
amounts
almost to
self-defense to add
blackmail, and obliged them
enormously to their burden
of
cumbersome, costly and so abused that it itself be¬
in
comes
serious burden.
a
results
rec¬
keeping and the like. Here clearly is a situation
can be
easily remedied, by turning these es¬
sentially local problems back to states and localities
systems which encourage the belief among the rank
which
other way,
no
before full
but
of
programs
interstate utilities and
favors
for
regulation
the
renovation.
form
some
of
the
bounds
essential
without
It
utility industry,
far
so
officials
cretionary
vested
the culmination of
a
a
the
widest
securities
movement
acts
of
In
of
new
a
Both interstate utilities
securi¬
far
so
government
as
without this incubus.
the
terest is full
The
with
and
productivity.
situation
old-age
the
any President whose first in¬
is
much
pensions,
like.
We,
readers
our
si
have
all
in
same
connection
unemployment
as
allowances
well
strong doubts
whether any system of this
general nature
was
or
situation governed
by our habits and traditions
a
in political life.
Yet it is possible to conceive of
system for these purposes which would
interfere with full
have
to
be
The
a
from
respects
cardinal
productivity.
system
that
requisite of
now
an
course, that it must in
ment waste and in
individuals
say
to
continue
no
a
no
not
a
seriously
It certainly would
different in many
wholly
which
purpose which would not be
of
to
as
likely
helpful in this country. Such
undertaking is fraught with too many
dangers
an
in
know,
obtains, however.
arrangement
burden to
for the
industry is,
way encourage govern¬
way reduce the
willingness of
provide for themselves—that is
production—wherever
and
to
whenever
Iopportunity presents itself
present itself.
care
of
ducing
or could be made to
Individuals too old or too ill to take
themselves,
what
otherwise prevented from
pro¬
need for
subsistence, or the
or
they
equivalent of it, have always been
provided for in
some
way or other.
They have always been in
reality a charge upon industry. If there is
reason to
assume
any good
formalize practices
by
this
function,
having
proceed
injury, always provided
providing, for such individuals
the very
can
without excessive
fact of thus
increase their number in such
the very
their
government
doubtless
we
production which
sustenance,
or
the
a
must in final
system
does not
way as to curtail
itself
analysis be
become
so
the country
serve
Mr.
immeasurably
Deal, but that the superstruc¬
be erected.
fully
We presume that Mr.
aAvare of the nature of the
°
„
6
The Course of the Bond Market
The bond market has been inactive this
week, with only
minor price changes.
issues
have
Trading
been
United States Government long-term
confined
volume
during the week.
were
off
loadings reached
a
earnings reports
were
and
a
narrow
railroad
range.
bonds
continued
High-grade rail issues have
Atchison
1905, at 105%
to
among
Topeka
%.
In
&
Santa
spite
of
Fe
most
1943,
were
%
up
that
favorable, medium grade
manner, and gains have been fractional.
4s,
1969, gained % to 39%.
to
49%;
a
very
Southern
dull
Pacific 4%s,
no
definite
trend.
many
issues.
rails
Delaware & Hud¬
Trading in utility bonds has been
extremely light
again, no transactions having taken place in
known
4s,
car
Defaulted rails have been
inactively
traded, and the price changes
displayed
the
dull
frac¬
general
the fact
speculative issues continued to behave in
son
been
19-10 high last week, and that
July
new
7
along entertained
to prove successful
which would
tionally lower.
the
of
inconsistent
President, consistently after his inauguration.
as
The attainment of this end
is
obviously the task of
inherently
him, and entertain a strong
hope that he will proceed constructively to them as
the campaign
progresses—and, should he be chosen
achieve them,
can
therefore,
terms
tasks that lie ahead of
functioning without which full pro¬
ductivity in industry can scarcely be expected.
Any
legitimate objective of regulation in these fields can
achieved,
sundry
another
ture remains to
smooth
be
not
are
Willkie himself is
security markets have been almost wholly robbed of
that flexibility and freedom of action
so
essential
to
pours
an under¬
these Ave,
as
these
better than the New
system
and
that
credo
one
gram
dis¬
complete and often quite arbitrary
dictatorship
by bureaucrats.
which
Treasury through
as
is
being alleged in some
quarters, and that it is quite possible to find in this
platform the foundations for a constructive pro¬
represent
practice they have evolved into
conclude
with
a
the
begun in the interest
of full disclosures at the time of
issue of
ties.
in
place
public scrutiny if
and
purposes,
funds into the
Willkie's
group of Federal Gov¬
with
The
powers.
enterprises
virtually
ordinary
From considerations such
it is interstate in char¬
as
acter, under the thumbs of
ernment
all
laws
if
is another
must
reasonbly be considered
putting
for
as
be wasted by Congress.
Here
problem awaiting any exponent of
the philosophy of full
productivity.
regulation of both,
is, however, certainly
possibility to effect such
Existing
being set aside for them
ground conduit to
then
Federal
of
are
savings bank, which imposed taxes
a
sort which could never stand
a
enormous
securities markets
cry
reasonable regulation as can
strait-jacket.
to
Apparently Mr. Willkie
which is at least debatable.
within
of
levied
applied
as
deposit in
on
productivity is to be expected.
Existing
equally
and file that funds
which must be remedied
one
No such
relatively benign
expected, i however, from the present
be
can
ord
if in
Aug. 31, 1940
once
well-
Best
grade bonds held well, however, and
speculative group reflected the
moderately rising trend
shown in the stock market.
Among holding company issues
Standard Gas & Electric
debentures displayed unusual ac¬
tivity and strength, due, of
course, to a plan for partial
retirement.
The
industrial bond market this week
terized
by further inactivity, with
cernible
in
exhibited
group
some
4%s, 1960,
as a
bond
no
movements,
has
been
charac¬
important trends dis¬
although
sugar
moderate strength,
especially Manati
result of the reduction in
issues
Sugar
sugar marketing
quotas for 1940 by the
Department of Agriculture.
Childs
Co. debenture
5s, 1943, declined to a new
low for
at
27,
as
contrasted with
of
a
the year
high of 59, largely in reflection
poor first-half results.
Atlantic Gulf & A\rest Indies
5s,
1959, exhibited further strength and sold
close to their 1940
high of 75% and well above tlie low of
62%.
Strength in
the medium grade
industrial bond market has been attested
to
by the public offering of
$25,000,000 of Celanese Corp. of
1955, at 98.
America debenture
3s,
Price
movements
There have beCn
in
some
foreign bonds have
been
sharp declines in Danish
irregular.
and
Nor¬
wegian issues,
contrasting with renewed firmness in Argen¬
tine bonds, which
gained as much as three points.
Canadian
bonds held up
well, while Commonwealth obligations turned
softer, except for the advance of four
points for the Queens¬
land 7s.
Japanese issues obtained better
prices, but changes
in Italian and German
bonds remained Avitliin narrow limits.
Moody's computed
given in the
are
bend
prices
following tables:
and
bond
yield
averages
Volume
MOODY'S BOND
PRICES
AU
U. S.
Govt.
(Based on Individual
Daily
Bonds
Corporate by Groups
by Ratings
P.
RR.
Baa
A
Aa
Aaa
1940
*
Closing Prices)
120 Domestic
Corporate
Corporate by Groups
by Ratings
n
IXC
uy
Corp.
Averages
Indus.
U.
120 Domestic
Domesfit
jL/ix
tic
Corp.*
Averages
120
All
120 Domestic
120 Domestic Corporate *
120
Domes¬
YIELD AVERAGES
MOODY'S BOND
t
(Based on Average Yields)
1940
1195
Commercial & Financial Chronicle
The
151
Baa
A
Aa
Aaa
RR.
P.
U.
Indus.
3.21
3.11
4.73
119.03
108.46
Aug. 30
3.54
123.33
115.14
3.03
108.46
95.13
2.84
115.70
117.29
Aug. 30
88.36
3.54
4.29
4.75
4.31
3.21
3.11
117.29
3.55
108.27
115.14
3.03
119.03
94.81
2.84
108.46
88.07
3.54
115.59
123.33
29
29
3.22
3.11
28
115.51
108.46
123.33
119.03
108.46
87.93
94.81
114.93
117.29
28..
4.31
115.56
108.27
123.33
118.81
108.27
87.93
94.65
114.93
117.29
27
27
87.93
94.81
114.93
117.29
26
117.29
24.
3.54
3.03
3.54
2.84
3.04
3.55
4.76
4.32
3.22
3.11
2.84
3.04
3.54
4.76
4.31
3.22
3.11
3.55
2.84
3.03
3.55
4.76
4.31
3.22
3.11
3.55
2.84
3.04
3.54
4.76
4.31
3.22
3.11
3.55
..
2.84
3.55
—
4.76
4.31
3.22
3.11
26
115.67
108.27
123.33
118.81
108.46
24
115.63
108.27
123.33
119.03
108.27
87.93
94.81
114.93
108.27
123.33
118.81
108.46
87.93
94.81
114.93
117.29
23
23.. 115.56
114.93
3.55
94.81
3.03
87.93
2.85
119.03
108.27
3.55
108.27
123.10
22..
22.. 115.57
117.29
4.76
4.31
3.12
21.. 115.47
108.27
123.10
119.03
108.27
117.07
4.77
114.72
3.55
94.81
3.03
87.78
3.55
2.85
3.23
21
3.13
122.86
118.81
94.65
3.04
108.08
87.64
2.86
20.. 115.27
108.08
3.56
3.23
20
4.32
116.86
4.78
114.72
3.56
4.79
3.14
19- 115.18
108.08
122.86
118.81
108.08
114.72
3.56
94.65
2.86
3.04
87.49
3.56
3.23
19..
4.32
116.64
3.14
17.. 115.13
108.08
122.86
118.81
108.08
3.56
3.23
17
4.33
116.64
4.79
114.72
3.56
94.49
3.04
87.49
2.86
3.14
118.81
114.72
116.64
3.56
122.86
94.65
3.04
108.08
87.49
2.86
115.14
108.08
3.56
4.32
3.23
16
4.79
4.32
3.23
3.14
35- 115.16
108.08
122.63
118.81
116.64
15—,
4.79
114.72
3.55
94.65
3.04
87.49
2.87
108.27
3.56
3.13
122.86
118.81
94.49
3.04
108.08
87.49
2.86
14— 115.14
108.08
3.56
3.23
14
4.33
116.86
4.79
114.72
3.56
4.32
3.23
3.13
116.86
4.79
114.72
3.56
94.65
3.03
87.49
2.86
122.86
108.08
3.56
108.08
119.03
13
13.. 115.24
3.11
119.25
108.27
88.07
3.55
3.23
12
4.29
117.29
4.75
114.72
3.02
3.55
95.13
2.86
10
3.02
3.11
114.93
3.54
95.29
2.85
3.22
3.54
4.28
117.29
4.74
2.86
3.02
3.54
4.75
4.28
3.22
3.12
3.54
4.74
4.28
3.22
3.12
16
12.. 115.33
108.27
122.86
10.. 115.36
108.46
123.10
119.25
108.46
88.22
108.46
122.86
108.46
88.07
95.29
114.93
117.07
9- 115.45
119.25
9
95.29
3.02
88.22
2.85
119.25
108.27
3.54
123.10
8
108.46
117.07
8- 115.55
114.93
3.55
4.75
3.12
7.. 115.64
108.46
123.10
119.25
108.27
114.72
3.55
95.29
2.85
3.02
88.07
3.54
3.23
7
4.28
117.07
3.12
108.27
88.22
114.72
3.54
2.85
3.23
6
4.74
4.27
117.07
3.55
95.46
3.01
3.01
3.13
2.85
4.75
116.86
3.55
114.72
3.54
3.23
5
4.27
2.85
3.02
3.55
4.76
4.28
3.23
3.13
3.55
4.76
4.28
3.23
3.13
4.75
4.27
3.23
3.14
3.24
3.15
6- 115.70
108.46
123.10
119.47
5.. 115.76
108.46
123.10
119.47
108.27
88.07
95.46
123.10
119.25
108.27
87.93
95.29
114.72
3
108.27
116.86
3.. 115.72
95.29
114.72
3.02
87.93
2.85
123.10
108.27
3.55
108.27
119.25
2
2- 115.68
116.86
3.55
3.02
3.55
1.. 115.67
108.27
108.27
116.64
2.87
119.25
3.55
122.63
1———-
95.46
88.07
114.72
Weekly—
Weekly—
July 26.. 115.56
116.43
26
4.78
114.51
3.57
87.64
95.13
3.01
122.63
107.88
2.87
108.08
119.47
3.56
4.29
3.23
3.15
3.55
4.29
19.. 115.63
116.43
4.76
114.72
3.57
107.88
95.13
3.01
119.47
87.93
2.87
122.63
19
108.27
3.15
107.88
122.40
119.47
107.69
94.65
114.93
3.01
12.. 115.66
87.49
2.88
3.22
3.57
4.32
12
4.79
116.43
3.68
4.86
4.38
3.23
3.15
114.72
116.43
3.58
93.69
3.02
107.69
86.50
2.87
119.25
3.58
107.69
122.63
5
5.. 115.58
3.18
92.75
114.09
3.04
85.52
2.89
3.26
3.62
4.44
June 28
4.93
115.78
3.63
3.06
3.65
3.19
115.57
21
5.02
113.48
2.89
3.29
3.66
4.50
3.10
3.70
5.14
4.59
3.34
3.23
2.93
4.66
3.39
3.30
July
June 28.. 115.21
106.92
122.17
118.81
106.73
21.. 115.37
106.17
122.17.
118.38
106.36
84.28
91.81
14.. 114.73
117.50
105.41
82.66
90.44
112.45
114.72
3.72
121.27
14
105.04
111.43
113.27
3.75
89.40
3.15
104.48
81.87
3.01
103.93
116.43
3.78
7.. 113.15
119.47
7
5.20
5.22
4.67
3.33
May 31.. 113.14
103.56
118.60
116.21
13.093
111.
3
112.66
May 31
3.78
89.25
3.16
81.61
3.05
3.41
3.80
3.36
112.25
3.04
3.41
3.80
4.64
24
5.20
111.03
3.77
89.69
3.19
3.09
3.23
3.68
4.47
17
4.97
114.72
3.68
112.66
2.97
3.33
2.84
3.02
3.57
4.73
4.30
3.23
4.28
3.19
3.04
v,
113.06
103.56
118.81
115.57
104.11
81.87
17- 113.73
105.79
120.37
117.72
105.79
84.96
92.28
108.46
107.88
88.36
94.97
114.72
117.72
10
10- 115.51
119.25
3.54
123.33
115.57
118.81
3.53
95.29
2.97
108.66
88.95
2.82
109.24
120.37
3.50
3„ 116.36
123.79
3
4.69
4.72
4.31
Apr. 26— 116.18
108.85
123.79
120.14
108.08
88.51
114.93
118.81
Apr. 26
3.56
94.81
2.98
*3.04
2.82
3.22
3.52
4.76
4.34
3.24
3.06
114.51
118.38
3.60
94.33
2.99
88.07
2.83
119.92
107.30
3.54
108.46
123.56
19
19.. 115.94
4.76
4.34
3.25
3.06
94.33
118.38
3.61
87.93
114.30
3.00
107.11
2.83
119.69
3.55
108.27
123.56
12
12— 116.38
3.04
119.92
107.30
88.51
114.51
2.80
3.24
3.53
4.31
5
4.72
118.81
3.60
94.81
2.99
3.08
118.38
3.62
113.89
3.02
93.85
2.83
3.27
3.57
4.37
Mar. 29
4.79
3.03
3.65
4.79
4.37
3.08
21
2.83
3.28
3.58
3.66
4.80
4.38
3.28
3.10
24..
3.09
5- 117.10
108.66
124.25
Mar.29— 116.87
107.88
123.56
119.25
106.92
87.49
107.69
123.56
119.03
106.36
87.49
93.85
113.68
117.94
21„ 116.36
87.35
93.69
2.84
118.81
107.17
3.59
123.33
15
107.49
117.50
15- 116.74
113.68
3.04
4.81
4.38
3.31
3.09
117.72
3.66
93.69
113.07
3.06
87.21
2.85
118.38
106.17
3.59
107.49
123.10
8
8- 116.03
3.32
3.12
118.38
105.79
93.53
3.61
4.39
1
4.82
117.07
3.68
112.86
3.06
87.07
2.87
3.05
3.12
117.07
3.68
112.66
2.85
3.33
3.60
4.37
Feb. 23
4.83
3.04
3.67
4.82
4.36
3.32
3.10
2.84
3.67
4.83
4.36
3.33
3.13
L.
1- 115.42
107.11
122.63
Feb. 23„ 115.32
107.30
123.10
118.60
105.79
86.92
93.85
18- 115.48
123.33
118.81
87.07
94.01
112.86
117.50
16
107.49
105.98
3.59
94.01
112.66
117.29
9
3.60
2.86
3.04
3.62
3.05
3.70
4.84
4.38
2
2.87
3.34
3.70
4.85
4.38
3.35
3.13
2.87
3.06
4.41
3.35
3.15
f
115.44
107.30
122.86
118.81
105.98
86.92
2- 115.43
106.92
122.63
118.60
105.41
86.78
93.69
112.45
116.86
105.41
86.64
93.69
112.25
116.86
9—
Jan.
27
3.62
3.11
Jan. 27- 115.54
106.92
122.63
118.38
116.43
3.70
93.21
112.25
3.08
117.94
86.21
2.88
106.54
105.41
3.64
116.66
122.40
20
4.88
4.86
4.39
3.35
3.14
116.64
3.69
93.53
112.25
3.07
105.60
86.50
2.88
118.16
3.63
106.73
122.40
13
13— 115.96
3.09
3.14
2.86
3.34
3 62
4.37
6
4.82
116.64
3.69
112.45
3.81
3.05
3.19
3.78
5.24
4.68
3.42
2.96
3.51
4.67
4.26
3.17
3.02
3.76
3.64
k
ha
20..
6- 116.03
106.92
122.86
117.72
105.60
87.07
93.85
Hlgh 1940 117.18
109.44
124.25
120.59
109.05
89.25
95.62
116.00
119.25
81.35
89.10
110.83
112.05
87.78
94.33
112.05
116.43
81.09
87.93
104.30
1940 113.02
103.38
118.60
115.57
High 1939 117.72
106.92
122.40
118.60
103.93
105.22
1939 108.77
100.00
112.45
108.27
98.28
Low
Low
120.14
104.67
115.57
*
115.57
98.28
3.49
2.80
High 1939
4.00
3.34
3.55
4.10
5.26
4.76
3.05
3.71
4.77
4.34
3.36
3.15
3.62
2.88
3.28
3.45
Low 1939
1
102.84
91.66
85.10
110.24
113.68
107.88
97.95
83.60
78.08
104.11
110.24
Year Ago—
Aug. 30. 1930—
2
2 Yrs.Ago
Aug.30'38 112.14
106.54
3.36
Low 1940
'
1 Yr. Ago
Aug.30'39 115.29
High 1940
3.74
2.98
3.84
Aug. 30. 1938—
4.10
3.19
3.57
4.96
4.51
4.12
3.19
Years Ago—
3.45
5.50
5.07
3.77
purport to show either the average
levels and the relative movement of
yields on the basis of one "typical" bond (4% coupon, maturing in 30 years), and do not
quotations. They merely serve to illustrate in a more comprehensive way the relative
being the truer picture of the bond market.
complete list of bonds used In computing these Indexes was published In the Issue of July 13, 1040, nave 100.
computed from average
movement of actual price
These prices are
level or the average
yield averages, the latter
+
The latest
THE
STATE
TRADE—COMMERCIAL EPITOME
OF
Friday Night. Aug.
is more tlian
Business activity
30, 1940.
sustaining its recent high
for the current week reaching a peak
is every indication business is feeling the
level, the index figure
for 1940.
There
strong stimulus
of Government
orders.
It is believed that
of industrial activity should be at
least maintained and possibly increased in the next few
months because of the volume of new orders received by
manufacturers in July.
Marked increases in activity in the
the
present high level
industries—building, electrical machinery and
England appears to be a little
more than holding her own in the Battle of Great Britain,
and should the German blitzkrieg fail to get beyond its
equipment
railroad—led the advance.
present stage, the psychological effect
und do much to bolster the morale and
lish.
Further,
markets of the
it would have a
Avill be far-reaching
prestige of the Eng¬
wholesome effect on the
world.
activity
showed a fractional rise during the week of Aug. 24 and
rose to
a new current high of 107.1.
Car loadings and
steel operations were at top levels, and bituminous coal pro¬
duction registered a small gain.
Electric output receded
somewhat from the peak reached the previous week, and
crude runs-to-stills and automotive activity also showed
According to the
"Journal of Commerce," business
slight contractions.
slight improve¬
booked a greater
tonnage in August than in July, the "Iron Age" says in its
current summary of the industry, issued yesterday.
This
situation, the magazine observes, is "undeniably bolstered
by strong resistance to invasion by England and is also sup¬
Incoming
steel
ment and some
business shows further
major producers will have
'peace-time' demand from makers of
farm implements and house¬
hold equipment."
The review notes the reaffirmation of
steel prices through the fourth quarter, and says that while
pig iron producers may not reaffirm quotations, they will
accept fourth-quarter business at current prices until fur¬
ther notice.
"Mills are operating at capacity on structural
shapes, and the tonnages involved in pending Government
projects, many of which are for defense, are extremely
large.
Fabricated structural steel awards for the first
eight months of 1940 are estimated at 1,070,380 tons, against
1,111,375 tons in the corresponding period of 1939.
Pur¬
chase of 80,000 tons of steel by Ford Motor Co. was expected
to be completed this week on a second period production
budget for 150,000 automobiles, bringing Ford's total steel
purchases for 1941 models to more than 210,000 tons. Mixed
ported by substantial
a
variety of products such as
trends in
market, despite
A 25c. increase in
at Philadelphia has lifted the
sentiment are noted in the scrap
heavy steel company
melting schedules.
heavy melting steel
composite to $19.08."
Production by the electric light and power
the United States for the week ended Aug. 24
No.
1
scrap
industry of
amounted to
2,570,618,000 kwh., an increase of 9.2% over the like 1939
period, according to figures released yesterday by the Edi¬
son Electric Institute.
Output for the latest reporting week
was
35,504,000 kwh. below the preceding week's total of
2,606,122,000 kwh., and 215,868,000 kwh., or 9.2% over the
total of 2,354,750,000 kwh. recorded for the week ended
Aug.
26, 1939.
Association of American
The
Railroads reported today
of revenue freight were loaded during the
week ending last Saturday.
This was an increase of 2.4%
compared with the preceding week, an increase of 11.3%
compared with a year ago, and an increase of 22.6% com¬
pared with 1938. Loadings last week were the highest since
761,002
cars
The Commercial & Financial Chronicle
1196
the
week
ended
Nov.
represented an increase of 1.6% over movements of July, 1939.
cars.
week
The volume of these commodities increased 5%
drop of 55% from the near-record volume of a
and 14% below the total for the corresponding
a
ago,
1989 week
reported by "Engineering News-Record."
as
7% compared with
vate construction is up
a
A little more than
Pri¬
week ago, but
increased 7% over June and
Revenue Freight
automotive
gradually
cars
said
reports
being
are
on new
Ward's
this week's
estimating
in
today
23,732 units last
year
an
&
cars
lines
week,
retailers
stepped up promotional
In reflection of the retail advance, wholesale mar¬
efforts.
kets
last
also
reported
more
Easter.
New England registered a gain of 5% to 8%; East,
10% to 17%; South, 8% to 15%; Middle West, 6% to 14%;
Southwest, 4% to 10%: Northwest, 5% to 9%; Pacific
Coast, 3% to 7%."
The weather during the past week presented no spectacu¬
features outside of extreme coolness in many Eastern
lar
and
areas
have
incessant
prevailed in
of time and
of
are
rains.
many
These
areas
unfavorable
over
cold
wet
record-breaking crowds leaving and entering the big city.
Today was rainy and temperatures moderate, ranging
from 65 degrees to 74 degrees.
Rain is looked for tonight
and
on
moderate and southeast to south.
Sunday in all proba¬
bility will be fair.
Overnight at Boston it was 61 to 69 degrees; Pittsburgh,
to 81; Portland, Me., 41 to
69; Chicago, 62 to 81; Cin¬
cinnati, 70 to 84; Cleveland, 68 to 84; Detroit, 69 to 81;
Milwaukee, 58 to 79; Charleston, 73 to 87; Savannah, 74
to
85; Kansas City, Mo., 60 to 83; Springfield, 111., 59 to 84;
City, 66 to 90; Salt Lake City, 51 to 87, and
Seattle, 57 to 80.
Oklahoma
♦
,
\-v'
...
above the preceding week and an
Moody's Daily Commodity Index continued to advance
this week, closing
Friday at 154.2, as compared with 150.7
a week
ago.
The principal individual changes were the rise
in wheat and hog x>rices.
The movement of the index
products loading for the week of Aug. 24 totaled 31,258
1,473
cars
above the preceding week and
23
24
26.
Live
stock
loading
amounted
to
13,511
was
as
increase
of 678 cars
the week of Aug. 24 totaled 9,973 cars, an increase of 513 cars above the
preceding week and
in
increase of 91
an
cars
above the corresponding week
1939.
Forest products loading totaled 38,038 cars, an increase of 1,683 cars above
the preceding week and an increase of 6,084 cars above the corresponding
week in 1939.
Ore loading amounted to 69,983 cars, an increase of 777 cars above the
in
increase of 20,240
an
above the corresponding week
cars
1939.
Coke loading amounted to 10.634 cars, an increase of 25 eras above the
preceding week and
in
increase of 3,666
an
above the corresponding week
cars
1939.
All
districts reported increases compared
in 1939 and
with the corresponding weeks
1938.
1940
1939
4 weeks of January
2,555,415
4 weeks of February
2,486,863
3,122,556
5 weeks of March-'
1938
2,256,717
2,288,730
2,282,866
2,155,536
2,976,655
2,225,188
2,746,428
2,126,471
2,185,822
718,430
2,363,099
3,127,262
2,532,236
656,553
Week of Aug. 10.
726,976
661,023
589,568
743,121
Week of Aug. 24
761,002
669,793
683,906
620,557
22,681,676
20,467,311
18,895,644
4 weeks of April
4 weeks of May
.—
5 weeks of June
4 weeks of
2,494,369
2,712,628
3,534,564
.
July
Week of Aug.
2,825,752
3
Total
;
2,759,658
2,272,941
584,062
597,884
The first 18 major
railroads to report for the week ended
Aug. 24, 1940 loaded a total of 342,901 cars of revenue freight
on their own lines, compared with 336,411
cars in the pre¬
ceding week and 319,009 cars in the seven days ended Aug.
26, 1939. A comparative table follows:
FREIGHT LOADED
AND
RECEIVED FROM
CONNECTIONS
(Number ol Cars)
.
;a;-.
Loaded
/
■
'
•
on
Own
Lines
Received from Connections
Weeks Ended—
Weeks Ended—
■
Aug. 24 Aug. 17 Aug. 26 Aug. 24 Aug. 17 Aug. 26
1940
1940
1940
1939
1940
1939
follows:
Two weeks ago,
149.3
Month ago, July 30
Year ago, Aug. 30
Atchison Topeka A Santa Fe Ry.
18.195
18,652
5,756
5,331
151.2-
5,108
Baltimore & Ohio RR
35,031
33,607
30,417
18,274
19,754
140.3
1939
Chesapeake <fc Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Mllw. St. Paul & Pac.Ry.
Chicago & North Western Ry
25,883
14,666
24,886
172.8
138.4
166.8
11,719
11,097
7,865
16,051
11,060
151.5
27_28
29
30
--..152.4
152.8
152.1
-154.2
Aug. 16
High—Sept. 22.
Low—Aug. 15.
1940 High—May 13
Low—Aug. 19-
149.3
Truck
Loadings
Recede Slightly
freight transported by motor truck
during July fell 1.8% below that of June, but represented
an
increase
of 17.7% over the
tonnage hauled in July,
1939, according to loading reports compiled and released on
Aug. 25 by the American Trucking Associations. The
report
18,176
21,300
25,787
14,286
21,134
15,652
2,997
1,685
3,811
12,991
41,528
5,681
20,664
20,111
5,264
Pennsylvania RR
70,479
69,582
58,965
44,477
4,632
43,521
Pere
5,784
7,508
30,995
5,329
5,430
4,930
5,239
5,184
7,164
31,010
5,044
7,981
30,216
8,420
8,214
5,207
5,009
8,426
8,143
21,546
16,547
revenue
Gulf Coast Lines
2,727
1,686
4,031
Comparable reports
were
received from 216 motor carriers in 38
States
The reporting carriers
and the District of Columbia.
transported
an
RR
Missouri Pacific RR
13,955
New York Central Lines
41,406
5,851
N. Y. Chicago A St. Louis Ry
Norfolk <fc Western Ry
Marquette Ry
Pittsburgh A Lake Erie RR
Southern Pacific Lines
Wabash
further disclosed:
Ry
Total
aggre¬
17,753
8.112
21,622
7,930
7,607
7,566
7,755
15,183
10,843
9,907
9,740
2,597
1,392
1,821
17,57
1,526
2,481
1,323
1,333
1,984
4,475
13,231
2,670
8,527
2,545
7,994
8,003
37,808
42,029
42,771
6,126
11,023
10,699
37,345
9,030
8,272
4,056
39,561
4,431
6,891
7,755
7,371
342,901 336,411 319,009 209,903 208,616 187,063
TOTAL LOADINGS AND RECEIPTS FROM
gate of 1,194,434 tons in July, as against 1,216,748 tons in
June, and 1,014,-
CONNECTIONS
(Number of Cars)
493 tons in July of last year.
T. A. index figure, computed on the basis of
the 1936 monthly
tonnage of the reporting carriers
In June, the index figure
as
Weeks Ended—
representing 100, stood at 133.75
137.79; in July, 1939, it was 113.56.
Approximately 73% of all the freight transported during the month was
reported
an
-.150.8
July
July.
cars,
In the Western districts alone loading of live stock for
--150.7
The volume of
for
increase of
above the preceding week and an increase of 450 cars above the correspond¬
ing week in 1939.
Missouri-Kansas-Texas
average
cars, an
increase of 654 cars above the
an
corresponding week in 1939.
International Great Northern RR
The A.
increase of 521 cars above the corre¬
In the Western districts alone grain and grain
sponding week in 1939.
REVENUE
Moody's Commodity Index Advances Further
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
)/•
below the
above the corresponding week
cars
Grain and grain products loading totaled 44,310 cars, an increase of 962
cars
65
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
1939.
Week of Aug. 17
Saturday.
No great change in temperature is pre¬
dicted, the lowest thermometer reading for this locality for
tonight being placed at about 65 degrees; prevailing winds
are
in
said to be highly detrimental to the growth
The New York City area has had its
weather, which has prevailed now for
the past week or 10 days with very little interruption.
Clearing weather over the Labor Day holiday is hoped for
as
the transportation lines are
making preparations for
of
below the corresponding week in 1939.
preceding week, and
period
late crops.
some
share
increase of 1,299 cars above the preceding week, but a decrease of 2,982
preceding week but an increase of 15,374
conditions
considerable
a
12,798
preceding week and an increase of 33,743 cars above the
Coal loading amounted to 134,931 cars, a decrease of 341 cars
active.
Industry, it was
noted, experienced a moderate upswing, though it was con¬
fined largely to the durable goods divisions.
Retail volume
for the whole country was estimated 7% to 13% above the
level* for 1939,
the largest increase recorded since last
were
reported:
Loading of merchandise less than carload lot freight totaled 151,190 cars,
Bradstreet, Inc., today.
fall
<
corresponding week in 1939.
probably will exceed that of this full week.
good retail business, said
"Buying was particularly
spirited in women's and children's apparel and in home
furnishing lines.
Trade benefited generally from the in¬
crease in store traffic.
Encouraged by the interest shown
in
above the
cars
Bad weather this week meant
Dun
Car Loadings in Week Ended Aug. 24
Miscellaneous freight loading totaled 298,405 cars, an increase of
said that although next week's work schedule will
reduced by Labor Day holiday, the week's production
survey
total
July, 1939.
The Association further
week.
The
ago.
Transportation of these commodities
over
Loading of revenue freight for the week ended Aug. 24
totaled 761,002 cars, the Association of American Railroads
announced on Aug. 29.
This was an increase of 77,096 cars
or
11.3% above the corresponding week in 1939 and an
increase of 140,445 cars or 22.6% above the same week in
1938.
Loading of revenue freight for the week of Aug. 24
was an increase of 17,881 cars or 2.4% above the preceding
overcome,
assemblies at 27,645 units, compared with
week and with 24,240 units this week a
57.9%
Totaled 761,002 Cars
awards.
motor
of the total tonnage reported was miscellaneous
5%
commodities, including tobacco, textile products, bottles, building materials,
coal, cement and household goods.
16% below the total for the 1939 week.
Public awards
are
66% and 13% lower, respectively, than last week and
last year.
The current week's volume brings 1940 construc¬
tion to $2,134,721,000, an increase of 4% over the $2,055,915,000 reported for the 35-week period last year.
Private
awards top a year ago by 16%.
Public construction is
0.7% under last year, in spite of a 153% increase in Federal
Preliminary difficulties of getting into production
June and 42% over
over
July of last year.
is
model
of the total reported tonnage.
Iron and steel products represented 3.9%
Engineering construction awards for the week total $57,-
444,000,
be
June, but
constituting 2.7% or the total reported, decreased 45.7% under
when they totaled 771,401
18, 1939,
Aug. 31, 1940
by carriers
of
was
"general merchandise."
The
volume
merchandise carried increased
1.1% over June, and 16.3%
Carriers in this
labor difficulties
group reported
that
their
over
of
general
July, 1939.
Total
Transporters of petroleum products, accounting for
slightly more than
14% of the total tonnage, reported a decrease of
5.9% under June, but an
increase of 12.4% over July of last
year.
Movement of new automobiles and trucks
St. Louis-San Francisco Ry
for
declined
1941
seasonally, due to
models.
This
tonnage,
Aug. 17, 1940
25,100
31,253
12,622
23,164
11,871
11,290
68,975
Chicago Rock Island A Paeiflo Ry_
Illinois Central System
tonnage had been affected by
during the month.
factory shut-downs during preparation
Aug. 24, 1940
64,555
63,658
29,520
Aug
26. 1939
22,980
29,388
In the following we undertake to show also the
loadings
for separate roads and
systems for the week ended Aug. 17,
1940.
During this period 96 roads showed increases when
compared with the
same
week last year:
Volume
REVENUE FREIGHT LOADED AND
Total Loads
1939
1940
Eastern
Ann
612
578
601
1,158
1,017
796
867
590
252
208
7,024
1,414
7,142
6,621
1,798
1,653
9,673
2,130
8,628
1,918
Bangor A Aroostook
Boston
Maine
A
Chicago Indianapolis A Louis v.
13
10
21
51
1,161
5,209
1,233
3,178
8,561
7,174
2,069
7,584
6,950
1,802
6,686
5,636
409
383
439
131
134
1,721
Central Vermont
Delaware A Hudson
Delaware Lackawanna A West.
1,448
1,649
Detroit A Mackinac..^
273
203
130
1,193
2,635
13,252
12,289
10,509
12,464
3,309
2,644
7,056
1,877
1,465
7,361
1,830
1,166
2,122
10,825
5,587
1,768
1,243
6,097
1,678
231
214
34
47
42,207
35,651
10,283
1,638
8,897
Detroit Toledo A Ironton
Detroit A Toledo Shore Line...
Erie
3,798
Grand Trunk Western
36
186
1,578
7,913
2,412
4,233
2,199
36,186
9,506
1,044
5,614
1,097
6,491
2,496
2,742
1,576
30,882
8,390
1,271
4,885
153
Lehigh A Hudson River
Lehigh A New England...
Lehigh Valley
1,969
8,471
Maine Central
2,656
Monongahela.
5,264
2,268
42,092
9,555
Montour
New York Central Lines..
N. Y. N. H. A Hartford
1.241
5,681
New York Ontario A Western..
N. Y. Chicago & St. Louis
375
336
Pittsburgh A Lake Erie
7,203
Pere Marquette
5,430
5,135
4,711
11,658
1,920
10,699
1,290
8,233
5,184
N. Y. Susquehanna
A Western.
4". 348
4,006
1,212
5,910
4,223
34
59
837
346
174
380
409
280
260
197
1,110
970
696
1,658
638
623
539
Wabash
5,207
4,894
4,849
Wheeling A Lake Erie
4,712
4,346
3,702
2,175
1,062
8,143
3,342
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
Rutland
135,449
150,048
Total..
162,376
115,052
789
7,036
2,772
378
t
Elgin Joliet A Eastern
,
Central RR. of New Jersey
6,454
Minn. St. Paul A S. S. M
Northern
139
23,113
18,709
3,116
2,872
605
593
579
2,699
2,188
7,425
10,554
717
84
106
1,576
2,396
1,508
254
318
323
402
2,039
1,564
1,392
116,503
94,286
44,348
41,057
18,19^
18,262
2,788
18,401
5,331
2,089
5,038
3,024
443
387
69
45
14,286
2,020
11,477
2,360
13,952
1,697
11,435
14,603
7,865
7,178
1,699
11,695
835
609
8,109
2,369
2,351
715
702
817
2,617
1,261
3,966
2,834
3,781
3,051
7,459
2,300
1,167
2,592
801
607
418
27
969
899
1,066
772
809
1,832
Bingham A Garfield
Chtcago A Eastern Illinois
Colorado A Southern
38
Denver A Rio Grande Western.
54
Denver A Salt Lake
79
71
42
34
585
2,489
1,552
43,521
40,050
Nevada
North Western Pacific
129,186
1,249
52,667
2,098
1,669
5,099
16,727
6,149
'2,581
7,100
15,381
4,473
5,368
107,014
112,024
98,653
10,347
Fort Worth A Denver City
1,689
285
453
298
139
101
872
538
700
13
15
24
0
0
25,727
25,108
24,162
4,983
279
290
297
15.258
14,432
14,276
1,101
8,774
4,432
1,138
7,907
Peoria A Pekin Union
(Pacific)
Union Pacific System..
442
167
217
8
2,027
2,096
1,881
2,435
2,735
107,650
Utah...
25,787
20,664
4,393
.
Virginian..*
Total.
24,629
19,640
3,865
50,844
Norfolk & Western
48,134
103,618
102,514
52,146
48,355
i
4,128
11,097
4,632
1,279
10,055
4,109
43,986
17,008
15,108
20,427
19,431
Total.
944
District—
Southwestern
165
Gulf Coast Lines.
219
229
154
188
Atl. & W. P.—W. RR. of Ala.
694
665
623
1,374
1,092
836
623
719
648
585
8,346
3,755
8,497
8,292
3,503
3,550
4,756
2,752
363
404
483
734
1,160
1,235
1,291
1,418
3,942
2,080
1,005
1,625
151
360
226
274
343
Missouri-Kansas Texas Lines.
Central of Georgia....
Charleston & Western Carolina.
Clinchfield.
Columbus & Greenville
Kansas City
329
480
Missouri Pacific
725
590
26
122
80
1,554
1,327
Quanah Acme A Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas A New Orleans...
Texas A Pacific
Wichita Falls A Southern
946
788
494
543
323
476
1,429
19,802
Louisville & Nashville...
23,340
19,010
20,603
18,556
1,073
10,368
5,194
1,184
Illinois Central System..
1,403
18.658
116
109
117
470
113
110
280
230
960
823
559
625
254
160
154
336
234
3,811
13,010
4,084
3,922
2,401
12,632
12,476
2,545
7,994
281
Georgia & Florida
Gulf Mobile & Northern..
Savannah
Macon Dublin &
Mississippi Central
* Previous figures.
year's figures revised
Note—Previous
Gained
of
0.5
Point
in
Commodity Prices
Week Ended Aug. 24
upward
responsible
for a one-half point gain in the "Annalist" index of whole¬
sale commodity prices to 79.7 in the week ended Aug. 24,
The "Annalist"
trend in farm and
from 79.2 in the
ment
announced
on
Aug. 26 that the
food commodities was again
The "Annalist" announce¬
previous week.
continued:
99
102
92
81
6,390
3,248
6,276
2,143
6,183
3,582
6,462
3,918
4,129
1,999
2,610
3,204
3,835
1,909
2,879
3,162
134
176
200
43
43
12
26
20
14
23
45,743
44,747
45,274
31,386
30,153
grains turned up
and flour sold at
higher prices.
Cotton yarn was
Lead
was
down a bit.
higher and copper
lower, however.
Some firm spots were noted in the metals.
advanced one-eighth of a cent. Tin was
Rubber also declined slightly.
"ANNALIST" WEEKLY
Weatherford M.W.AN, W..
Total.
which at the present
INDEX
OF WHOLESALE
COMMODITY PRICES
(1926—100)
1940 Aug. 17,
1940 Aug. 26,
73.7
Fuels
Metals...
.
82.9
95.7
71.6
71.6
70.9
86.7
85.1
77.2
77.0
69.1
79.7
—....
_
63.4
96.6
86.7
Building materials
Chemicals
66.1
85.6
96.8
Textile products
65.3
1939
69.6
69.1
85.6
—
Food products
73.0
70.1
65.2
Farm products—.
Miscellaneous
24,
79.2
76.1
^
All commodities.
the Presidential
points out, is the implication
of the "Annalist" Index of Business
remained unchanged in July at 105.1 from
level, but which was 12.8% above the July, 1939,
given by the course
Activity which
the June
figure of 93.2.
The war peak, it will be remembered, oc¬
curred in December, 1939, when the index registered 110.1.
Mr. Miller's review of July business activity continues:
.
industries, as represented
silk
Zinc production
month.
joined at
of cotton and
the index last
by iron and steel, were
of the consumers' goods industries, in the form
consumption and footwear production, in maintaining
last by some
also contributed.
and
More important declines
were
plants. The general ir¬
regularity in the various component industrial groups served to balance out
—expanded activities balanced by reduced outputs—so that the general
The offsets
took the shape of not too
serious recessions in lumber
production and in freight car loadings.
in evidence in rayon mills and automobile
power
picture became one of stability.
The iron and steel industry is
beginning to feel the effects of
the rearma¬
Increased orders for naval vessels, aircraft, tanks and
units, increased activity at government arsenals,
increased construction of plants to be engaged in defense work have begun
to make their presence felt.
But the expansion of steel output from an
ment
Aug.
'2,227
time overshadow even
That at least, he
campaign.
The heavy
last week.
Rye was the only exception. Live¬
stock quotations also worked higher, and raw wool was in active demandCotton and hides fell further.
Among the foods, the meats, eggs, lard j
The
7,557
76
Discontinued Jan. 24, 1939.
Wholesale
of
Index
"Annalist"
*
9,499
4,693
279
6,666
2,114
6,728
...
357
132
298
Missouri A Arkansas
377
615
806
1,841
1,203
164
147
1,434
812
1,915
1,135
649
429
903
Georgia
176
1,948
1,805
Midland Valley
165
27
515
1,717
1,622
Litchfield A Madison
387
...
219
1,721
Louisiana A Arkansas..
133
21
Galnsville Midland..
1,897
202
1,339
1,536
2,015
Southern
425
Durham A Southern.......
Florida East Coast.
1,685
.
International-Great Northern.
Kansas Oklahoma A Gulf
248
Atlantic Coast Line
2",997
264
1,323
1,757
165
2,297
2,035
126
Fort Smith A Western.*..—
Southern District—
145
2",633
Burlington-Rock Island
Alabama Tennessee & Northern
Atlanta Birmingham A Coast..
1,275
1,517
1,893
1,044
Northern
Western Pacific..
Chesapeake & Ohio
1,858
905
M lssourl-Ullnols
Southern Pacific
28
1,289
1,009
1,815
Terminal
Illinois
2,259
1,555
Toledo Peoria A Western
Pocahontas District—
3,929
2,149
3,927
505
9,914
591
2,047
5,908
9,988
521
1,624
....
51
14,311
19,240
3,570
Total
146
2,953
Central Western District—
41
69,582
Co.
5,919
452
132,692
Total
11,428
1,415
57,498
11,410
11,630
3,068
Maryland
4,693
478
210
2,016
610
158,874
Western
437
6,600
4,191
Spokane Portland A Seattle
209
795
Union (Pittsburgh)
487
241
354
190
1,535
Pennsylvania System
Reading
...
Pacific
560
Valley
Penn-Readlng 8eashore Lines.
561
Spokane International
96
Tsland
Long
902
7,891
11,411
676
Cumberland & Pennsylvania..
9,277
2,421
7,437
4,068
Minneapolis A St. Louis
285
Cornwall
9,907
2,476
7,607
2,998
Lake Superior A Ishpemlng
Chicago Rock Island A Pacific.
5
15,931
2,437
19,335
3,584
6,974
Green Bay A Western
4,592
26
19,409
2,745
20,599
4,177
13,131
Ft. Dodge Des Moines A South.
Great Northern
6,318
0
61,383
2,918
2,249
.
Duluth South Shore A Atlantic.
137,198
16
89,758
509
Duluth Mlssabe A Iron Range
Chicago Burlington A Qulncy..
Chicago A Illinois Midland
•
92,156
26,358
Chicago St. P. Minn. A Omaha.
16,564
2,151
0
981
57,592
514
Chicago Mllw. St. P. A Pacific.
19,754
2,258
1,053
4,870
751
2,-250
19,769
2,458
20,587
3,963
21,311
1,101
9,283
24,577
2,629
272
568
179
1,026
District—
Northwestern
Chicago A North Western
Chicago Great Western
30,569
1,381
5,507
639
159
2,511
97,270
Total..
33,607
286
4,041
14,202
490
150
828
1,583
7,759
18,973
352
Southbound...
896
Cambria A Indiana
8,011
19,221
1,096
1,105
2,710
3,878
13,199
Tennessee Central
449
Buffalo Creek A Gauley
2,668
446
Southern System
424
Bessemer & Lake Erie
274
7,822
20,544
Seaboard Air Line
536
Akron Canton A Youngstown.
391
317
Richmond Fred. A Potomac-
Alton
Baltimore A Ohio
400
863
947
390
Atch. Top. A Santa Fe System.
Allegheny District—
Llgonler
870
938
Northern
Winston-Salem
1,978
2,121
2,555
1,459
2,668
1,424
Nashville Chattanooga A St. L.
Norfolk Southern
122
1.240
5,609
8,645
Central Indiana
1,805
2.772
Mobile & Ohio
Piedmont
1939
1940
1938
1939
1940
Southern District—(Concl.)
District—
Arbor
from Connections
Freight Loaded
RaUroads
1939
1940
1938
Total Loads Received
Total Revenue
Received
Connections
from
Freight Loaded
RaUroads
ENDED AUG 17
CONNECTIONS (NUMBER OF CARS)—WEEK
RECEIVED FROM
Total Revenue
1197
Financial Chronicle
The Commercial &
151
program.
mechanized
transport
operating rate of 60%
90% in August
while ago as April to over
without the benefit of the armament
of capacity in so short a
has largely taken place
program.
steel exports which have risen to as
month to Britain alone. Other factors in the ex¬
pansion of production were the appearance of considerable railroad buying
and orders from other industrial consumers of steel in anticipation of the
eventual institution of a system of priority deliveries by the War and Navy
There has been a
steady increment in
high as 500,000 tons a
Departments.
"Annalist" Index of Business
No Change
Activity in July Showed
from June Level
Thus there
delivery
swings into
Business activity was
S.
L. Miller in the
tensibly,
business
marking time during July, explains
Os¬
awaiting European developments
Aug. 22 issue of the "Annalist".
was
has been some further
stocking of steel, which may ease
situation in the Fall or Spring
A further
action.
is expected to come from the auto¬
entering market for 1941 model re¬
stimulation of steel output
mobile industry
quirements.
the
when the defense program really
which is now in the
1198
The Commercial & Financial Chronicle
♦■ANNALIST'
INDEX
OF
BUSINESS
ACTIVITY
AND
COMPONENT
Aug. 31, 1940
IMPORTANT PERCENTAGE CHANGES IN SUBGROUP
INDEXES FROM
AUG. 17 TO AUG. 24, 1940
GROUPS
Increases
July, 1940
Freight
car
June, 1940
loadings
88.7
87.5
0.8
Cotton
81.3
0.7
Fertilizer
82.7
85.1
Electric power production
*99.9
*105.1
Manufacturing
xl05.6
104.2
*118.6
xl 17.0
X105.5
100.0
Steel Ingot production
132.6
Pig Iron production
129.9
130.2
*117.6
x112.0
124.5
130.7
94.3
97.1
-
Silk consumption
Rayon consumption
Footwear production
-
114.4
X126.8
X126.8
xl 14.8
79.8
Automobile
production
production
Cement production
Lumber
^
Zinc production
Lead production
Index
93.5
105.1
*105.1
THE
X99.7
Fertilizer
COMBINED INDEX SINCE
Aug. 24
1939
1938
1937
1936
1935
79.5
104.3
92.3
February
87.2
98.9
89.4
79.6
78.5
M arch
105.7
89.0
96.5
86.7
90.1
83.2
77.5
106.9
89.5
84.4
87.0
84.6
74.3
107.1
94.1
82.8
85.9
April
95.2
May
99.7
This
index
in
the
week
ended
was
date of Aug. 26, added:
Rising
prices
for the upturn
trial
74.1
109.0
95.9
81.8
92.2
86.4
74.6
107.8
97.f5
82.0
83.8
since
93.2
79.6
108.9
102.4
82.7
78.0
farm
for
products
and
foodstuffs
in the all-commodity index,
commodities
86.8
105.1
June.-
the
last
as
have been responsible
the general average for indus¬
at any
August._.
95.1
111.2
84.7.
106.5
102.9
86.1
107.1
October
-
98.5
103.3
89.1
108.1
74.6
94.5
87.8
107.1
92.0
76.0
94.4
81.3
110.5
96.7
82 4
-
November
'
-
—
m
m
December
Subject to revision,
x
102.5
84.9
three weeks
has
been at the lowest level reached
early last September.
The farm product average is now higher than
time since last May, with the recent rise due to advancing quotations
for
livestock and poultry.
Higher prices for meats have been largely
responsible for the upturn in the index of food prices.
The only other
group indexes to register increases last week were those
representing the
prices of metals and building materials.
Declines in the fuel and textile
71.4
87.8
110.1
■«
84.1
100.7
-
September
*
1934
*105.1
*
July
Association.
74.9 compared with 74.7 in the preceding
week,
74.2 a month ago, and 71.1 a year
ago, based on the 1926-28
average
as
100.
The Association's announcement, under
1934
91.8
.
0.1
Association
xl940
.
0.1
...
The third consecutive advance took
place last week in the
wholesale commodity price index compiled
by the National
105.0
January
0.2
...
...
X87.5
92.5
Revised.
x
Hosiery and underwear
Paint and paint materials
Other miscellaneous
Commodity Price Average Again Higher During Week
Ended Aug. 24, According to National
Fertilizer
66.7
X89.8
97.5
Subject to revision,
0.3
0.7
X89.5
m
—
*
1.1
78.8
66.8
90.7
„
Mining
Combined
0.4
...
...
0.8
114.5
76.0
_
*106.5
*92.3
0.4
...
-
X13Q.7
xlll.l
—
Fruits and vegetables
0.7
X130.7
114.4
*112.6
Petroleum products
Cattle feed
1.5
X117.0
132.0
consumption
materials..
1.7
106.7
Cotton consumption
0.2
...
goods
Decreases
3.3
100.9
140.1
Wool
Bituminous coal
90.0
100.7
Textiles
Other foods
1.0
Miscellaneous
Other
2.0
May, 1940
75.1
Revised.
indexes
took
them
(he
to
lowest
roints
reached
this
A
year.
low
new
for the year was also reached
by the index of miscellaneous commodities.
Twenty-four price series included in the index advanced during the week
and
Wholesale
Commodity Prices During Week Ended
Aug. 24 Unchanged from Previous
Week, According
to
23
declined;
declines;
Bureau of Labor Statistics Index
of
commodity prices fluctuated within narrow
during the week ended Aug. 24, Commissioner Lubin
the
Bureau
of
Labor
Statistics
is
average,
The
farm
a year
ago."
index
rose
housefurnishing goods,
0-5%
and
building
and
cocoa
beans,
coal,
of
Foods
23.0
70.2
were
10.8
declines occurred in
prices for cattle feed,
boxboard, crude rubber, and co¬
Higher prices were reported for
broadcloth, duck, coal, scrap
steel, lumber, tung
oil, turpentine, sulfur oil, and cottonseed
meal.
operage.
The following tables
show (1) index numbers
for the main
groups of com¬
modities for the past 3
weeks, for July 27, 1940 and
Aug. 26, 1939 and the
percentage changes from a week
ago, a month ago, and a
year ago;
(2)
important percentage
changes in subgroup indexes from
Aug. 17 to Aug.
24, 1940.
Aua. 24,
All commodities..
Aug: July
10,
27,
Aug.
26,
1940
1939
1940
77.2
76.9
77.3
66.0
61.1
July
Aug.
17,
1940
27,
1940
57.8
57.5
58.5
52.9
63.8
60.3
60.3
81.3
82.1
77.6
-
Miscellaneous commodities
84.9
87.8
77.7
68.9
69.2
69.7
62.9
Metals
91.6
91.3
91.3
6.1
88.8
Building materials
85.3
84.9
1.3
Chemicals and drugs
97.8
97.8
97.9
91.9
Fertilizer materials
70.1
70.1
69.7
68.7
Fertilizers
78.6
78.6
77.3
0.3
77.7
Farm machinery
100.0
-0.1
+ 0.5
+ 3.2
—0.6
+ 7.4
70.1
69.3
69.6
66.7
—0.1
97.7
97.9
99.0
92.6
—0.7
71.7
—2.0
71.8
+ 4.8
71.8
67.4
0
71.7
71.7
—0.1
71.6
+ 6.4
71.8
73.2
0
—0.1
—2.0
93.8
an
95.0
71.1
order companies
increase in sales of 6.44%.
24 other chains
Month of
Month of
%
Seven Mos.
Seven Mos.
July, 1940
%
July, 1939
Inc.
1940
1939
Inc.
Chains—
4
Grocery
2 Drug
2 Shoe
1 Auto
$
%
65,715,264
11 5 & 10-cent.__
4 Apparel..
supply..
24 chains
2 Mail order cos.
68,557,002
26,939,459
8,014,966
2,650,176
4,732,000
$
61,536,625 6.79
2.61
66,814,526
25,235,553 6.75
7.28
7,471,012
7.65
2,461,846
4,051,000 16.8
%
511,594,084
469,737,424
189,085,829
55,345,625
22,252,127
27,433,000
475,094,546 7.68
4.46
449,682,292
7.10
176,554,147
52,602,070 5.22
21,295,721
4.49
23,067,000 18.9
176,608,867 167,570,562
5.39 1,275,448,089 1,198,295,776
6.44
88,564,616 77,392,647 14.44
637,951,431
571,857,335 11.56
8.25 1,913,399,520 1,770,153,111
July Chain Store
Sales in New York Reserve
Were 6% Above Year Ago
+ 0.6
+ 4.9
Federal Reserve
8.09
94.9
94.9
94.9
93.5
92.8
92.7
89.7
76.7
76.8
90.0
90.0
90.0
90.0
87.0
0
76.4
0
76.4
76.7
+ 3.4
77.7
73.1
0
—1.7
increase in sales than
69.4
69.4
+ 4.5
70.0
66.2
+ 0.3
—0.6
+ 5.1
registered
showed
0
+ 0.3
+ 0.8
—0.1
—0.5
+ 1.5
+ 4.1
*
District
Bank of New York announced
on
Aug. 28 that in July total sales of the reporting chain store
systems in the Second (New York) District were
6% above
July, 1939, a somewhat smaller year-to-year advance than
in June.
Grocery chain stores, however, reported an in¬
crease
in sales ol about
141/2% over last year, a larger
advance than in either
May or June.
The Bank added:
76.5
69.6
93.9
74.2
Excluding the two mail
reported
93.1
materials
93.8
74.7
order companies 24 other chain store
companies reported an
increase in sales of 5.39%.
Sales for the 26
companies showed an increase of 8.09%
for the seven months of 1940 over the seven
months of 1939.
76.4
Raw
83.0
July Chain Store Sales Up 8.25%
According to a compilation made by Merrill Lynch, E. A.
Pierce & Cassatt, 26 chain store
companies, including two
mail order companies,
reported an increase in sales of 8.25%
for July, 1940 over
July, 1939.
Excluding the two mail
93.4
0
84.5
74.9
All groups combined
94.9
Miscellaneous commodities
85.1
0.3
26,
70.0
*
49.3
64.8
Chemicals and allied products
goods
58.1
56.5
80.9
Metals and metal
products
Building materials
Housefurnishing
60.6
54.7
Textiles
1939
71.7
materials...!
54.0
62.1
1940, from
Aug.
74.8
65.2
44.7
56.3
to
97.0
„
Hides and leather
products
Textile products
Fuel and lighting
77.2
65.3
67.3
46.7
8.2
The
65.6
Farm products
Foods
67.9
42.6
51.1
62.6
26 companies..
265,173,483 244,963,209
Percentage Changes
1940
69.6
53.2
7.1
print cloth, osnaburg,
cordage, and burlap.
oil declined
sharply.
Moderate
Aug.
17.
1939
53.7
Livestock
Kerosene, benzine, linseed oil, and
soybean
1940
Ago
1940
Fuels
17.3
and
higher for corn meal, dried
apricots,
pork, lard, and edible tallow.
hides, skins, and leather brought leather
prod¬
group to the lowest point since
last September.
Quotations were
Aug.
24,
1940
Year
27, Aug. 26,
43.6
Farm products
in prices for
Commodity Croups
(1926=100)
Ago
Cottonseed oil
higher
and
as
Month
Week
Fats and oils
commodities
result
poultry, eggs, apples, and oranges.
Quotations were lower for
barley, corn, wheat, steers, lambs,
cotton, lemons,
hay, hops, fresh milk
(Chicago), seeds, beans, onions, and potatoes.
Average
wholesale prices of foods
dropped slightly, principally because of
lower
prices for dairy
products, flour, lamb, coffee,
oleomargarine, raw sugar,
a
33
0.3
a
In the farm
products group an advance of
2% in prices of livestock and
more than offset a decline
of 1,7% for grains
and caused the
group
index to rise
0.5% to the highest level reached in
August .Marked price ad¬
vances were
reported for calves, cows,
as
36
and
Aug. 24, Aug. 17, July
Grains
polutry
ucts
and
(1926-28=100)
1940
ad¬
The Bureau's
announcement further said:
lower also for textiles
such
advances
advances
Precedfg
Cotton
scrap steel.
The index for
semimanufactured commodities, on the other
hand, dropped
to the lowest point reached
this year.
Weakening prices for raw
sugar, vegetable oils,
leather, print cloth, and quicksilver were
mainly
responsible for the decline.
A fractional decline of
0.1% was recorded in
the index for manufactured
commodities.
Sharp declines
36
22
were
were
Week
Group
25.3
0-3%
most vegetable oils.
Prices
fresh beef,
veal, fresh and cured
there
there
COMMODITY PRICE INDEX
Total Index
now
materials
miscellaneous
remained unchanged from the
preceding week.
The raw materials
group index rose 0.3% largely as
prices for agricultural
commodities,
week
week
Each Group
during the week.
products,
WHOLESALE
Pears to the
Hides and leather products
declined 0.7%
and foods and chemicals
and allied products each fell
by 0.1%.
Other
major groups—textile
products, fuel and lighting
materials, metals and
metal
preceding
preceding
Latest
The Commissioner added:
products group
the
Percent
reported on Aug. 29.
commodity group indexes as well as the allcommodity index remained unchanged from the level of the
preceding week," Mr. Lubin said.
"The
all-commodity
index, which stands at 77.2% of the 1926
vanced 0.3%
in
second
Compiled by the National Fertilizer Association.
"Five of the 10
3% above
the
WEEKLY
Wholesale
limits
in
declines.
Ten-cent and variety chains reported
a
somewhat smaller year-to-year
shown
in the two preceding months, shoe
chains
decline following an increase in June, and
candy chains also
decrease in sales.
was
Semi-manufactured articles
76.5
Manufactured commodities
76.7
77.2
77.5
74.4
81.2
—0.3
—1.3
81.3
80.8
+ 2.8
81.0
79.3
—0.1
+ 0.2
+ 2.4
79.7
79.8
79.5
79.8
77.8
—0.1
+ 2.4
mately 4H% between July, 1939 and July, 1940,
owing to sizable decreases
82.1
82.1
82.2
82.4
80.4
—0.4
+ 2.1
in the number of
grocery
all chains combined in
All commodities other
than farm
products
All commodities other
than farm
products and foods
.
*
No comparable data.
—0.1
a
a
The total number of chain stores in
operation was reduced by approxi¬
and candy stores operated.
July averaged about
compared with the increase of 6%
11%
in total sales.
Sales per store of
higher than last year,
Number of
1939,
The
increase over June was 10%, and over July a year ago 37.5%.
This rise
in July imports over those in the corresponding month of 1939 reflects the
expanded requirements for foreign crude materials growing out of the
significantly higher current level of domestic industrial production and
Sales
Store
31.3
+
+ 14.6
—12.7
Grocery
which
Sales per
Total
Stores
.
Ten-cent and variety
+ 0.6
+ 4.4
+ 3.7
+ 0.8
—8.0
—8.7
Shoe
—9.7
—16.4
—7.4
Candy
All types
Above
Year Ago
production of electricity by the electric
light and power industry of the United States for the week
ended Aug. 24, 1940, was 2,570,618,000 kwh.
The current
week's output is 9.2% above the output of the correspond¬
ing week of 1939, when the production totaled 2,354,750,000
kwh.
The output for the week ended Aug. 17, 1940, was
estimated to be 2,606,122,000 kwh., an increase of 10.1%
port, estimated that
the like week
over
a year ago.
PREVIOUS YEAR
PERCENTAGE INCREASE FROM
Week Ended
Major Geographic
Regions
Aug. 24, 1940
1940
Aug. 3, 1940
3.4
3.7
3.1
5.4
New England
10,
17. 1940 Aug.
Aug.
Week Ended
Week Ended
Week Ended
imports,
3.3
5.6
6.4
16.4
15.9
8.5
11.1
14.9
West Central
11.2
6.3
8.1
11.2
15.0
15.0
18.2
19.4
21.5
3.4
5.0
5.3
9.2
11.0
month since the
any
This unusually heavy excess
1939.
of exports was a major
extraordinary movement of gold to the
factor in the
United States during 1940.
Exports of War Commodities
Decline from June Levels
merchandise in July
attributable almost entirely
falling off in shipments of a number of manufactured products, some
of which had bulked large in the trade with France.
Among the manu¬
factured commodities exported to substantially lower values than in June
were
firearms and ammunition; non-ferrous metals; aircraft, including
parts;
metal-working machinery; automobiles, parts, and accessories;
gasoline and other motor fuel; explosives; and lubricating oil.
The decrease
in shipments of these items, many of which have figured importantly in
the maintenance of the generally high export trade during recent months,
accounted for approximately $30,000,000 out of the decline in total exports
of $32,000,000.
Exports of firearms and ammunition alone showed a
drop in July of nearly $6,000,000 from the unusually large total of $19,000,000 shipped abroad in June, and exports of aircraft were reduced by
as
trade in United States
level of export
lower
The
compared with the preceding month was
to a
$28,000,000 in June.
3.7
10.1
for
nearly $5,000,000 from
8.0
15.5
17.5
Central Industrial
July from June,
brought the excess of exports
margin
weekly re¬
Institute, in its current
Edison Electric
The
a
of stocks.
coupled with the simultaneous
down to $85,000,000, the
beginning of the year.
The
cumulative export balance for the first seven months of 1940 reached
$859,000,000, a figure equal to the export surplus for the entire year of
in
smallest
9.2%
Ended Aug. 24, 1940,
Output for Week
Electric
extent also the building up
The decline in exports in
+ 10 8
+ 6.0
in June of this year and in July,
$211,000,000 and $169,000,000, respectively.
valued at
were
to some
rise
—4.3
valued at $232,-
States during July,
imports into the United
General
000,000, rose above the receipts both
July, 1940
Compared with July, 1939
Percentage Change
Type of Chain
1199
Commercial & Financial Chronicle
The
151
Volume
12.0
Middle Atlantic
.
-
Southern States
Rocky Mountain
Pacific Coast
Total United States.
DATA
FOR
WEEKS
RECENT
-
Increases-were
products, including corn,
OF
As in previous
KILOWATT-HOURS)
1940
1939
1929
from
1.939
%
May
May
2,514,461
11.
2,264,953
«.
-
May 18
May 25
1
June
June
8
June
«.
-
15
—
-
June 22
June 29.
6
July
-
-
July
13
July
-
«.
20----.27
July
3
Aug. 10
Aug.
-
Aug. 17
-
Aug. 24
Aug. 31
Sept.
+ 10.1
2,176,363
2,194,620
2,198,646
2,206,718
2,131,092
2,214,166
2,213,783
2,238,332
2,238,268
2,096,266
2,298,005
2,258,776
2,256,335
2,261,725
2,300.547
2,304,032
+ 9.2
2,294,713
+ 10.3
2,163,538
2,170,750
2,170,496
2,204,858
2,113,887
2,256,823
2,264,719
2,285,083
2,300,268
2,077,956
2,483,342
2,524.084
2,324,181
2,294,588
2,341,822
2,325,085
2,386,210
4
2,387,566
2,422,212
2,448,865
2,332,216
2,452,995
2,516,208
2,508,825
2,600,723
2,604,727
2,589.318
2,606,122
2,570,618
_
7
+ 10.0
+ 11.6
+ 11.1
+ 10.3
+ 8.7
+ 11.1
+ 9.8
+ 9.3
+ 9.0
+ 6.8
+ 10.0
+ 11.1
+ 12.0
2,333,403
2,367,646
2,354,750
2,357,203
2,289,960
of 1939.
the same month
$30,000,000 to $32,000,000, while shipments
$20,000,000.
The major items of increase in exports in July from July last year em¬
braced iron and steel manufacturers, aircraft, firearms and ammunition,
steel-mill products, metal-working machinery, and explosives, all of which
constitute war or war-related materials.
Shipments of cotton, coal, and
corn and of wood pulp and paper and manufactures also advanced.
Exports
of automobiles and of motor fuels and lubricating oil declined from a
moderately, from
practically unchanged at
of foodstuffs were
1932
1937
+ 11.0
2,320,982
2,154,276
1,429,032
1,436,928
1,435,731
1,688,434
1,598,492
1,425,151
1,705,460
1,615,085
1,689,925
1,699,227
1,702,501
1,723,428
1,592,075
1,711,625
1,727.225
1,723,031
1,381,452
1,435,471
1,441,532
1,440,541
1,456,961
1,341,730
1,415,704
1,433,993
1,440,386
1,426,986
1,415,122
1,431,910
1,436,440
1,464,700
1,423,977
1,704,426
1,724,728
July, 1939
the July exports of manufactured
nearly equal to the gain in total exports over
Shipments of crude materials also increased,
months, the increase in
goods over a year ago was
although
Change
1940
Manufactured Products Increase Over
Exports of
(THOUSANDS
of wood
number of agricultural
of refined copper and
well as in exports of a
lard, and dairy products.
pulp over those in June, as
Percent
Week Ended
reported in July shipments
year ago.
Increase in
Imports of Crude
Materials Continues
during July as compared with
largely concentrated in the category of
crude materials, notably in crude rubber, raw silk, and uncut diamonds.
As compared with the preceding month, imports of crude materials in July
The increase in imports
1939,
was
$15,000,000 to $85,000,000; and imports of finished manu¬
running at a relatively low level, rose $5,000,000
nearly
rose
July,
with
and
June
for consumption
1,729,667
factures, which had been
1,733,110
to
1,750,056
1,761,594
foreign
1,674,588
$40,000,000,
the
largest
aggregate since
semi-manufactures for further
Purchases of
November.
higher;
processing were only slightly
$7,000,000 to
$47,000,000, primarily because of smaller whisky imports following heavy
withdrawals from warehouse in June in advance of the effective date of
excise taxes.
In comparison with a year ago, imports of crude ma¬
terials and semi-manufactures in July, 1940, were up $44,000,000 from
July, 1939, and imports of manufactures were up $6,000,000, while receipts
of foodstuffs were down $2,000,000.
A drop in sugar imports from unusually
heavy shipments in July last year, together with smaller imports of cattle,
of
receipts
whereas
foodstuffs
and
beverages decreased
new
Week EndedfAug.[21, 1940,
Bank Debits for
a
1.6% Above
Year Ago
interbank accounts), as
leading cities for the week ended
Aug. 21, aggregated $7,134,000,000.
Total debits during
the 13 weeks ended Aug. 21 amounted to $103,692,000,000,
or 1 % above the total reported for the corresponding period
deposit accounts (except
Debits to
reported by banks in
a
year ago.
These figures are
reported
as
on
Aug. 26, 1940, by the
foodstuffs.
in general imports during July from
June than in imports for consumption indicated substantial net additions
to the value of goods held in customs warehouses.
Reexports of foreign
merchandise were somewhat lower in July than in June.
accounted largely for
The
Exports,
SUMMARY BY FEDERAL RESERVE
(In Millions of Dollars)
Comparative Summary,
DISTRICTS
District
Aug. 21,
Aug. 23,
Aug. 21,
1940
1939
1940
New York
344
$5,520
44,526
5,675
160
146
271
251
3,410
6,402
3,657
2,913
14,656
3,133
1,984
3,421
209
196
2,542
2,449
677
626
8,547
7,972
460
7,332
267
•
247
210
1,067
1,086
4,004
3,135
15,242
234
208
3,257
300
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
—
-
Dallas
Francisco
reporting centers
City*
140 Other leading centers*
New York
133 Other centers..
•
42,801
5,614
562
Cleveland
Richmond
Total, 274
$5,759
389
Philadelphia
San
$371
2,855
Centers for
$7,134
2,342
4,108
$7,022
684
588
which bank debit figures are
2,622
3,812
2,049
$103,692
38,748
55,978
8,965
$102,308
40,845
53,220
8,243
available back to 1919.
-
Merchandise export
July—Imports and
The Bureau of
at
Washington
Statistics of the Department of Commerce
Aug. 23 issued its statement on the
on
foreign trade of the United States for July and the seven
months ended with July, with comparisons by months back
to
1935.
The report follows:
dropped in July to $317,000,000.
or only 9% below the relatively high total of $350,000,000 in June, despite
the virtual closing of France and other important European markets for
American goods.
The practical elimination of exports to France, which
amounted to $47,000,000 in June, was partly compensated in July by
increased shipments to the United Kingdom.
Exports rose above the aggregate of $230,000,000 for July, 1939, by
38%, or by somewhat less than the ratio of increase of 46% for the first
half of 1940 in comparison with the same period of 1939.
Total exports from
the United States
1940
1939
1,000
1,000
1,000
1,000
bal.
Dollars
Dollars
Dollars
Dollars
229,631
317,015
2,384,589
1,526,019
+ 738,947
232,258
1,645,642
1,263,368
84,757
382,274
858,570
60,72,1
MERCHANDISE TRADE BY
Month or Period
Exports Including
Re-exports—
MONTHS AND BY
1935
July
August
September
December
7 mos.
12 mos.
1,000
Dollars
Dollars
105,459
178,975
220,539
296,579
204,949
332,710
314,697
323,403
180,390
220,304
229,800
289,071
261,935
275,308
274,472
257,270
232,726
227,535
230,790
246,335
277,668
252,381
268,943
212,911
218,716
207,781
230,974
249,466
230,164
229,631
369,679
340.972
351,268
323,978
325,435
350,242
317,015
250,102
288,956
331,978
292,453
308,046
2,384,589
1,804,747 1,818,323 1,645,642
ended July. 1,197,340 1,335,351
3,349,167 3,094,440 3,177,176
ended'Dec. 2,282,874 2,455,978
General Imports—
100,832
February
152,491
March
177,350
187,482
192,774
198,701
170,500
202,779
170,533
150J64
170,031
109,030
101,047
189,357
109,385
180,908
191,097
191,077
April.
May..
June
July.
August
September—
October.....
November.
December.
7 mos.
Dollars
1,000
222,605
233,125
250,566
268,945
289,922
265,341
268,184
277,031
198,504
182,024
195,113
192,795
200,772
185,093
January
12 mos.
1940
1,000
Dollars
170,244
173,230
172,120
198,803
221,290
209,838
223,409
June
1939
1,000
185,020
104,151
—
1938
Dollars
103,007
May
CUMULATIVE PERIODS
1,000
February
April
1937
Dollars
170,223
March
1930
+ 262,651
1,000
January
November
Exports
(+)
168,910
-
Imports
October..
Country's Foreign Trade in
Increase
1940
Dollars
1939
Exports
$401
2,617
Boston
1939
Aug. 23,
Ended July
Dear ease (—)
1,000
13 Weeks Ended
Week Ended
Federal Reserve
July, 1939-1940
7 Months
July
Exports and Imports
of Merchandise
and General Imports
Including Re-Exports,
the Federal Reserve System.
Board of Governors of
the decline in
considerably larger increase
—
.....
...... —
195,050
193,073
215,701
212,092
190,400
245,101
240,444
277,709
307,474
280,837
284,735
280,224
205,214
245,668
233,142
224,299
223,090
208,833
170,089
102,951
173,372
159,827
148,248
145,809
140,809
105,510
178,240
158,072
190,481
186,300
202,493
241,992
199,925
178,866
211,390
108,910
232,258
107,592
178,024
170,187
171,347
181,536
215,289
216,755
212,352
211,348
175,023
235,458
246,807
1,526,019
1,948,636 1,101,764 1,263,368
ended July. 1,171,098 1,359,565
3,083,668 1,960,428 2.318,081
ended Dec. 2,047,485 2,422,592
The Commercial & Financial Chronicle
1200
Exports of United
States
Merchandise and
Imports
for Consumption
Aug. 31,
1940
DOMESTIC EXPORTS FROM AND IMPORTS INTO THE UNITED STATES
1940
OF JULY AND SEVEN MONTHS ENDED JULY,
MONTH
FOR THE
Comparative Summary, June, 1939-1940
1939
AND
Analysis by Economic Groups
7 Months Ended
July
(Value In 1,000 Dollars)
Increase (+)
July
Exports and Imports
1939
1940
1939
7 Months Ended July
Month of July
Decrease(—)
1940
t
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Exports (U. S. mdse.)..
226,740
1,624,394
1,242,103
+ 709,372
170,430
312,337
217,828
2,333,766
Imports for consumption
1,461,266
1939
1940
1940
1,000
Dollars
1939
lass
+ 219,163
Per
Value
Per
Per
Cent
Cent
Value
Value
Per
Cent
Value
Cent
Domestic Exports-
1935
Month or Period
1936
1937
1938
1939
1940
Crude
29,667
11,531
31,987
12,103
10.2
223,868
13.8
336,959
5.1
3.9
225,705
9.7
19,884
6.4
126,458
97,410
7.8
8.0
6.0
111,254
4.8
4,687
2.1
7,706
2.5
4.4
48,541
2.1
4,594
materials
13.1
18,136
MERCHANDISE TRADE BY MONTHS AND BY CUMULATIVE PERIODS
Crude foodstuffs
2.0
7,688
4.4
48,180
15,041
6.6
12,701
4.1
103,898
6.4
111,407
4.8
14,379
6.3
10,055
3.2
96,260
5.9
99,774
4.3
Agricultural...
Exports—U. 8.
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
January
February
173,560
160,312
March
181,667
April
December
August
September
October
285,772
179,381
192,405
189,574
229,671
259,160
252,443
264,627
270,429
197,020
285,081
181,386
256,481
264,613
273,561
293,374
329,373
253,713
229,554
262,173
274,059
223,920
220,931
July
219,063
311,212
249,844
226,666
November.
195,689
160,511
159,791
167,278
167,865
169,683
196,040
218,184
267,258
May
June
93
Non-agricultural..
1,000
Dollars
Merchandise—
319,431
266,358
177,006
175,825
217,925
210,260
216,191
271,508
224,866
228,312
243,595
Agricultural.
360,181
7
ended July.
mos.
2.1
361
—
0.3
2,646
0.8
7,638
0.5
11,632
0.5
20.3
75,545
24.2
299,842
18.5
513,921
22.0
168
0.1
329
0.1
1,420
0.1
2,677
316,490
0.1
45,823
20.2
75,216
24.1
298,422
18.4
511,244
21.9
57.9 184,398
59.0
925,273
57.0 1,322,939
56.7
Agricultural
318,143
Non-agrlcuitural
131,353
344,227
555
Agricultural.
312,337
0.2
1,366
0.4
4,522
0.3
7,835
0.3
57.7 183,032
130,798
247,412
58.6
920,751
56.7
1,315,104
56.4
284,392
323, '>77
286,761
357,307
226,740 100.0 312,337 100.0 1,624,394 100.0 2,333,766 100.0
13.8
io.i
18.4
31,228
16.5
31,541
299,407
384,172
merchandise
Agricultural...
1,170,985 1,312,460 1,771,979 1,795,001 1,624,394 2,333,766
2,243,081 2,418,969 3,298,929 3,057,169 3,123,343
86.2 280,796
89.9 1,324,987
81.6 1,949,594
83.5
383,537
275,016
30.9
548,846
37.6
22.1
401,676
27.5
108,521
172,141
164,737
8.7
147,170
10.1
13.9
173,984
11.9
13.3
166,541
11.4
Imports for
Consumption-
50,023
29.4
85,231
39.1
Agricultural...
35,280
20.7
57,731
26.5
Non-agricultural
14,743
8.7
27,500
12.6
21,759
12.8
24,924
11.4
20,564
12.1
10.9
0.5
7,404
0.6
7,443
0.5
10.4
168,160
13.5
174,829
12.0
8.7
10.9
139,235
9.5
2.7
21.2
35,594
319,621
37,967
21.9
2.0
Crude materials.
Imports for
Consumption—
January
168,482
152,246
175,485
February
186,377
April
166,070
May
166,756
228,680
260,047
295,705
189,590
194,296
199,776
189,008
March
June
155,313
173,096
August
180,381
168,683
189,806
162,828
179,760
218,425
213,419
200,304
240,230
...
November
December
169,353
234.621
152,577
189,933
173,196
155,118
278,300
262,919
248,730
233,959
226,470
191,269
185,916
147,123
147,779
147,767
171,023
172,909
178,447
280,899
197,458
200,783
September
163,312
155,923
278,118
194,311
July
October
766
«*'
662
343,555
Non-agricultural... 195,512
12 mos. ended Dec.
2.5
19
45,991
338,833
263,995
227,624
246,119
233,465
226,740
71,512
70,747
14.4
194,185
178,373
170,430
206,698
203,713
16.3
14.0
18,911
1,196
Non-agricultural...
Mfd. foodstuffs & bev
''
0.7
3,985
2.3
3,657
1.7
21.7
45,414
20.8
Agricultural
36,919
3,729
135,174
32,986
263,321
2.2
7,560
3.5
25,140
Non-agricultural...
33,190
19.5
37,854
17.4
238,181
19.2
281,654
19.3
Finished manufactures
33,929
19.9
39,691
18.2
254,943
20.5
243,985
16.7
3,381
251,562
0.3
4,212
0.3
20.3
239,773
16.4
Agricultural.
205,396
Non-agricultural...
217,828
Semi-manufactures.
207,131
214,502
165,359
27,799
....
23,754
1,170
22,567
23,814
Agricultural
203,077
180,225
199,404
171,668
212,382
203,644
Crude foodstuffs
232.736
..
400
0.2
419
0.2
33,529
19.7
39,273
18.0
Agricultural.
Non-agricultural...
7
mos.
mos.
ended Dec. 2,038,905 2,423,977 3,009,852 1,949,624 2,276,099
2.6
ended July. 1,157,447 1,350,817 1,884,668 1,090,218 1,242,103 1,461,266
12
2.4
Total imports for con¬
sumption
Agricultural
Exports and Imports of Gold and Silver
7 Months Ended
July
Non-agricultural...
Increase
July
Exports and Imports
1940
1,000
Gold—
1939
1,000
1,000
1,000
Dollars
Dollars
8
444
278,645
519,983
278,636
Import balance..*....
519,974
■
:
4,947
+4,503
2,299,722
3,270,520
+ 970,798
2,299,278
3,265,573
Supplementing other data on the Nation's foreign trade
July, given in today's issue, we present here an arrange¬
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
in
Silver—
ment
Exports
640
15
Imports
5,531
5,378
9,254
61,057
4,891
5,363
51,803
Import balance
GOLD
and Steel Manufactures, Aircraft, Firearms and
Ammunition, Steel-Mill Products, Metal-Working
Machinery, and Explosives Chief Export Items in
July—Crude Rubber, Raw Silk, and Uncut Dia¬
monds Lead in Imports
1,000
Dollars
Dollars
9
.......
Iron
1940
Dollars
Exports
Imports
(+)
Decrease(—)
1939
AND
SILVER TRADE BY MONTHS AND
3,078
—6,177
35,404
—25,654
32,326
BY
groups:
CUMULATIVE
DOMESTIC EXPORTS FROM AND IMPORTS INTO THE UNITED STATES
FOR THE MONTH OF JULY AND SEVEN MONTHS ENDED JULY,
PERIODS
1940 AND
1939
Analysis
Gold
Month
170,430 100.0 217,828 100.0 1,242,103 100.0 1,461,266 100.0
49.2 108,374
49.8
48.6
51.3
83,787
603,448
749,631
50.2
51.4
86,643 50.8 109,453
638,654
711,635 48.7
by
Leading Commodities In Each Economic Group
(Value in 1,000 Dollars)
Silver
Month of July
or
1937
Period
1938
1939
1940
1937
1938
1939
1940
1939
1940
7 Months Ended July
1939
1940
1,000
Exports—
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
355
1,671
2,054
452
Cotton, unmanufactured--
7,861
74,434
298
191
Tobacco, unmanufactured
3,901
1,923
3,690
43,556
657
Coal
250
6,264
10,319
2,054
594
25,824
49,702
Crude petroleum
9,393
7,517
54,590
42,655
8,957
2,924
January
11
81
22
174
15
53
""39
20
53
18
13
145
231
33
May
4
212
36
3,563
June
81
131
19
1,249
5,067
February...
March.....
April
July
206
65
9
August
169
17
13
1,841
1,144
214
233
611
177
303
884
November..
December..
Soy beans
193
640
278
401
15
285
16
15
380
1,463
1,259
30,084
16,052
1,292
1,773
14
10
527
823
487
16
11
236
1,344
15
937
11
887
354
5,815
444
4,947
Dec
10,336
9,254
January
121,336
February...
120,326
March
154,371
215,825
May...
155,366
June
262,103
175,624
105,013
August
September
.
145,623
October
90,709
November..
52,194
December..
7
mos.
12
mos.
33,033
1204,951
5,889
508
12,042
7,082
7,155
8,211
52,947
71,236
62,987
55,438
63,880
165,990
14,630
520,907
562,382
177,782
240,542
156,427
223,296
236,413
201,475'
2,846
14,080
28,708
15,488
365,436
459,845
5,589
14,440
606,027
249,885
2,821
3,165
15,757
17,952
6,025
4,476
4,964
8,427
19,186
18,326
4,985
24,098
5,701
25,072
7,268
10,633
23,151
24,987
21.533
4,183
259,934
326,089
10,328
5,799
9,927
4,070
12,422
18,884
1,125
28,842
8,340
4,301
10,626
827
5,949
17,796
8,642
132
86
7,536
1,220
561
Other fresh fruit
193
8,466
4,805
1,298
859
5,244
311,854 2299,722 3270.520
groups,
1940
manner:
16,516
Lard, Including neutral lard
Dairy products, except fresh milk
Fish, canned, prepared, Ac
1,657
1,766
12,075
534
2,041
3,687
6,353
461
2,503
6,067
10,184
2,490
12,517
4,368
Wheat flour
1,469
14,156
647
22
Vegetables, canned and prepared
526
357
5,113
3,392
4,673
Dried and evaporated fruits
1,293
297
5,531
5,378
Canned fruits
1,103
83
9,317
10,327
8,552
102
534
1,038
4,500
5,449
13,803
13,281
4.365
Vegetable oils, and fats, edible
Sugar and related products
Leather
899
85,307
35,404
Sawed timber
852
6,160
4,887
15,664
689
This
months of
389
3,640
3,267
2,956
19,573
15,534
570
4,336
2,316
4,215
2,921
32,180
16,370
23,110
554
Tlnplate and taggers' tin
Ferro-alloys
.
4,313
833
12,615
32,501
5,080
...
391
730
Crude sulphur
Iron and steel semi-manufactures
Iron and steel scrap.b
5,459
5,095
81,962
31,444
2,317
3,402
1,531
1,200
12,799
5,840
Aluminum semi-manufactures
2,123
762
6,461
Copper (ingots, plates, rods)....
Brass and bronze semi-manufactures
6,628
8,103
41,204
172
257
Coal-tar products
Industrial chemicals
30,588
34,348
10,933
14,212
60,163
8,291
17,574
31,517
663
semi-manufactures..!
Finished Manufactures—
Leather manufactures..
1,317
7,675
7,099
191,516
2,588
6,981
2,236
5,067
1,307
15,289
7,297
9,564
6,094
9,315
46,327
69,608
Pigments
All other
7,796
8,385
11,307
3,338
Wood pulp
Gas and fuel oil
Paraffin wax..
.
I!!
735
457
5,744
4,956
2,259
3,408
17,721
20,363
873
...
Rubber manufactures
seven
853
6,547
7,340
978
Boards, planks, Ac
shown separately.
583
1,277
...
Naval stores, gums and resins.a
Cotton semi-manufactures
61.057
528
1,822
4,960
Semi-Manufactures—
ranging from crude materials
are
882
1,885
All other manufactured foodstuffs
3,795
39,001 129.858
in the first
9,625
Oilcake and oilcake meal
16.5% of domestic exports and 51.3% of imports for
consumption were agricultural products, we present below
in the usual
19,474
5,170
manufactures, in each, of which the agricul¬
tural and non-agricultural totals
tabulation, which reveals that
4,849
1,279
5,724
Department of Commerce's report of the character
foreign trade reduced the export and import
the finished
315
3,461
4,589
91,877 230.531
1631,523 1979,458 3574,659
figures into five separate
552
3,605
4,133
-
7,207
7,143
of the country's
to
1,344
2,229
6,152
14,770
Analysis of Imports and Exports of the United States
in July and Seven Months Ended
July
The
3,664
Manufactured Foodstuffs—
4,639
69,740
167,991
451,183
429,440 438,695
240,450 1164,224
278,645 519,983
end.
Dec
313
509
All other crude foodstuffs
end.
July
7,681
1,697
Meat products
46,020
July
1
279
....
58
747
1,356
Corn
Vegetables, fresh and dried
Apples, fresh
3,078
30,974
2,151
Oranges
1,793
181,519
694
Phosphate rock.
Crude Foodstuffs—
Wheat
Imports—
April...
547
....
All other crude materials
end.
mos.
July.....
12 mos. end.
5,970
Undressed furs
254
129
.
October
Crude Materials—
317
232
September
7
8
2,112
1,811
1,546
1,668
Domestic Exports
1,731
7,881
Automobile casings
Tobacco manufactures
1,419
963
8,758
8,238
Cotton manufactures
4,384
4,625
30,279
2,767
2,827
19.402
36,153
23,170
Cotton cloth, duck and tire fabric
Rayon manufactures
Paper and manufactures
9,014
1,010
!
895
8,406
9,753
2,203
7,490
15,423
38,836
Volume
1201
Commercial & Financial Chronicle
The
151
with 117 for June and 110 for May.
index since October, 1939 and, ex¬
seasonally adjusted), as compared
7 Months
Month of July
1939
1940
Lubricating oil.,
7,551
7,873
—--
3,766
6,497
53,817
44,271
and December, 1936, it is the
decline from the Septem¬
ber, 1939 high of 164 to the low point of 93 for last March has been recovered.
Marked increases in activity in the equipment industries—building, elec¬
trical, machinery and railroad—led the advance.
Orders for nondurable
goods, as represented by the textile,' paper and shoe industries, declined
38,183
66.978
7,634
5,030
4,569
31.671
72,178
Iron and steel advanced manufactures
3,834
5,016
25,749
Electrical machinery and apparatus
8,989
8,891
58,260
941
584
6,150
35,322
66,972
5,171
1,687
1,498
11,479
Steel-mill
manufactures....
——
Household refrigerators
Radio apparatus
....
—
Industrial machinery
31,094
Metal-working machinery..
9,699
--
Office appliances
2,331
—
12,552
239,424
165,826
2,807
15,488
1,422
24,559
3,161
.....—
Well and refinery machinery
More than 50% of the steep
highest since 1929.
1,184
11,208
721
Glass and glass products
highest level reached by the
This is the
cepting that month, September of last year
1940
1939
Finished Manufactures—Concluded—
Gasoline and other motor luel
Ended July
24,024
65,384
16,027
124,612
17,396
13,541
3,344
,
from June to
July.
Manufacturers' Shipments Rise
27%
July, and showed a gain of
Improvement was widespread and the
The recovery in
has been much less pronounced than in new orders.
109 for June to 116 for
the level of July, 1939.
over
index stands at
level since last February.
the highest
shipments, however,
Printing and bookbinding machinery.....
783
322
Agricultural machinery and Implements—
6,993
6,563
Automobiles, incl. parts and accessories...
Motor trucks and buses (new)
.—..
18,520
6,329
13,964
4,788
9,039
1,439
2,247
22,814
5,984
41,909
162,777
46,053
59,973
58,043
2,205
11,248
161,201
16,931
707
582
238
4,629
4,971
2,101
5,018
13,939
5,256
11,211
5,264
9,371
in
level, the December-April business
—
Passengers cars (new)
Aircraft, including parts, &c—
Medicinal and pharmaceutical
Paints and varnishes
preparations
......
Explosives, fuses, &c..j..
—..... ...
Soap and toilet preparations
Photographic and projection goods
Scientific and professional Instruments....
Firearms and ammunition
4,522
49,944
149,097
623
1,198
1,178
7,000
9,364
370
13,748
3,443
38,979
17,687
h29 656
122,979
h201,956
226,740
312,337
1,624,394
2,333,766
All other finished manufactures
Total domestic exports.
secutive
and is
month,
index is 134
the year's low point and 110 for August, 1939.
renewed accumulation has been small as compared with the rise
132 for June, 130 for April,
While the
orders and production,
new
3,274
3,097
13,136
2,401
1,337
3,049
Crude rubber
The Conference Board's
corresponding month of 1939, together
preceding month and for the
30,013
26,656
38,751
with percentage changes.
91,736
163,836
24,032
11,240
21,138
seasonal variation.
3,284
21,619
13,383
21,032
1,094
4,531
6,901
July,
136
...
.
Tobacco, unmanufactured
Cotton, unmanufactured
63
2,768
5,055
1940
(Revised)
1939
887
......
Jute and Jute butts
Flax and hemp, unmanufactured..
the 1936 monthly
These indexes, all based on
100, are adjusted for
average as
indexes of the value
July, 1940,
orders, and shipments for
inventories, new
for the
26,967
railroad equipment indus¬
machinery, paper and
752
Oilseeds
Flaxseed.
3,987
4,969
27,420
2,237
comparatively high
recession having resulted in no liquida¬
significant advances occurred in the
tries.
The following table gives
Undressed furs
it has taken place from a
In July, the most
tion of inventories.
of manufacturers'
Hides and skins
January, 1938. The
(1936=100) as compared with
the highest level since
at
Board's seasonally adjusted
chemical, iron and steel,
Imports for Consumption
Crude Materials—
moderately in July for the third con¬
The value of inventories advanced
37,863
723
—
—
Inventories Higher
52,255
1,412
1,005
manufacturers' shipments (1936=100)
The Board's index of the valjie of
also increased, from
from
Percentage Change
'';.7
:j
June,
July,
1940'
June, 1940, to July, 1939, to
July, 1940
July, 1940
207
30
1,717
1,763
2,703
25,249
5,698
4,156
10,170
48,030
60,297
Inventories
134
132
111
+2
1,857
13,066
New orders
131
90
+ 12
+ 21
+ 46
1,328
117
Other textile fibers.c....
Shipments
+6
537
5,593
279
693
4,021
13,222
3,784
6,433
91
+ 27
2,189
2,967
109
Pulpwood
1,429
2,150
116
1,469
2,354
12,168
70,069
2,339
933
14,027
588
420
3,598
Wool, unmanufactured
Silk,
...
raw.
...
.....
...
Crude petroleum
Diamonds, rough, uncut..........
Diamonds for*industrial use
ferro-alloy-
Manganese, chrome, and other
ing ores
......
All other crude materials
8,378
.....
Wheat for milling and export
101
........
17?193
576
4,308
—
......
...
....
2,877
500
Bananas....
117
2,828
Vegetables, fresh and dried...
'
9,124
4,209
19,141
81,306
3#77
9,787
3,627
4,965
17,432
3,743
1,387
4,426
16,917
17,684
10,784
81,644
80,856
1,466
2,492
1,694
3,097
11,986
18,991
13,587
22,303
2,726
Coffee
1,421
17,888
11,826
5,677
10,261
All other crude foodstuffs
Manufactured Foodstuffs—
Meat products
658
Cheese
371
6,186
1,183
859
10,195
....
Fish and shellfish (canned,
prepared, Ac.)
911
Fodders and feeds, except hay.
Cane sugar—From
31,198
2,782
22,394
4,173
5,308
3,597
27,248
27,190
439
6,603
675
35,776
591
4,081
3,557
682
81
4,760
2,385
and tops
boards, sidings and lumber (except
Rayon filaments, short
8,927
10,962
38,020
38,679
901
1,856
4,730
1,851
6,757
15,554
1,704
922
14,546
15,560
1,328
railroad ties)...
5,699
Woodpulp
oll.g
Diamonds, cut but not set
—
321
1,985
1,133
3,676
22,836
3,174
17,969
6,525
9,480
11,687
36,195
.........—.....
blocks, pigs);
Coal-tar products .d
Industrial chemicals.d
Tin (bars,
2,240
1,598
1,033
2,234
5,952
7,010
1,191
1,068
Fertllizer.d
All other semi-manufactures
Finished Manufactures—
61,579
11,933
6,233
10,968
7,520
21,307
20,428
40,239
43,894
505
6,245
1,458
1,678
16,973
3,903
28,461
12,148
10,965
10,915
320
10,123
4,197
702
589
4,720
4,226
8,828
11,953
61,575
70,413
815
.....
Shingles
Newsprint
747
3,345
565
640
771
—
Machinery
284
7,725
5,169
3,788
2,413
1,101
manufactures
Pottery
4,894
552
Steel-mill manufactures
327
1,279
hemp and ramie
Wool manufactures...,
Bilk manufactures......—
17,652
1,870
Burlaps
2,390
21,499
554
...
Cotton cloth
3,858
1,620
2,630
Cotton manufactures.
217
3,014
Leather manufactures
Manufactures of flax,
806
8,860
5,915
6,580
3,660
895
11,526
9,000
6,245
3,832
63,854
17,645
53,500
2,961
manufactures...
Non-commercial imports f
3,057
7,441
Works of art
1217,828
1,242,103
1,461,266
which Is not a
c Includes sisal, manila,
Includes a small item
15,833
—
'170,430
semi-manufacture,
b Includes tlnplate
kapok, New Zealand fiber, crln vegetal,
e Chiefly unrefined copper
returned, g Partly oil used for
Includes merchant vessels valued
fat $5,622,000 in July and $30,555,000 In seven months ended July,
i Less than $500
scrap
and waste,
Ac.
d Includes a few
items not
semi-manufactures,
and export,
f Chiefly merchandise
refueling vessles and for refining and export,
h
for
refining
lanufacturers
Report Sharp
Rise in New Orders Dur¬
According to Conference Board—Inven¬
tories Highest Since January, 1938
The value of new orders received by manufacturers in
July showed the sharpest monthly rise since that which im¬
mediately followed the outbreak of war last September, ac¬
cording to the preliminary index for July compiled by the
Division of Industrial Economics of the Conference Board.
The notable increase in July orders, the Board said, indi¬
ing July,
high level of industrial activity should
maintained, and possibly increased, in the next
few months.
Under date of Aug. 29 the Board further said;
The Conference Board's index, which is based on direct'reports from
large and small manufacturing concerns, stood at 131 for July (1936=100;
cates
OF UNITED STATES FOREIGN TRADE
DIVISIONS AND LEADING COUNTRIES BY
VALUE
that the present
be at least
WITH GEOGRAPHIC
ECONOMIC CLASSES,
1940
ENDED JUNE,
SIX MONTHS
(Corrected to July 31, 1940)
Exports of United States
Merchandise
Dollars—000 Omitted)
(Value in Thousands of
Manuf'd
Geographic Division
Crude
and
Total
Food¬
Exports
als
stuffs
884,262
303,806
Europe
162,484
237,182
311,852
49,306
72,520
2,021,411
Brazil....... ......
63,687
40,665
24,439
60,557
British India
31,468
Asia
Manu-
erages
Manu¬
factures
Bev¬
factures
20,957
15,276
2,631
49,193
207,493
447,442
8,820
19,614
49,169
27,954
163,231
429
159,177
67,310
3,933
8,158
60,790
3,950
1,652
Amer.
Southern North Amer.
South America
Northern North
&
Finished
Semi-
Foodstuffs
Crude
Materi¬
7,783
10,221
53,883
79,383
7,592
12,801
1,354
1,301
1,805
304,972
40,835
98,738
2,778
3,015
5,274
2,693
4,461
40
191
16
911
1,797
1,146
20,354
5,923
4,294
63
619
14,445
14
310
7,625
7,007
2,869
14
36
390
2,482
2
3
25
394
299,358
67,044
15,091
7,721
48,825
70
21,807
47,080
.....
Africa.-—
117
915
Oceania
1,259
17,475
70
108,351
166,928
160,104
36,393
56,145
438,275 1,138,593
34,746
1,399
—
52
3,316
semi-manufactures
Copper.e
Nickel and alloys.
Tney are
presented in the tabulation below:
3,646
3,162
5,979
23,101
Trade Statistics of the
Commerce.
25,143
505
Merchandise
Aug. 10 by the Division of Foreign
Bureau of Foreign and Domestic
49,354
——
.....
Wool semi-manufactures
All other finished
Classes of
Country
Expressed oils, lnedible.d..—
Other paper and
7,442
United States for Six Months
1940—Geographical Distribution of
Figures of the foreign trade of the United States for the
six months ended June, 1940, divided into several economic
classes and according to source and destination, were issued
5,979
840
foodstuffs
Semi-Manufactures—
Iron and steel
June,
Ended
26,897
3,375
Wines
Gas oil and fuel
Imports and Exports of
7,194
7,012
36,213
385
Whisky and other spirits..
Leather..
5,653
692
3,828
2,762
Philippine Islands....
From foreign countries.....
All other manufactured
1,070
703
6,207
8,889
Vegetable oils, edible
a
16,455
10,058
Cocoa or cacao beans
Sawed
6,786
5,729
.
Various
Crude Foodstuffs—
Cattle, except for breeding
Nuts.
48,824
8,123
Total
Argentina
Australia
Belgium
British Maiaya
Burma.
.........
Canada
Ceylon
Chile
40,323
30,800
11,927
42,748
19,059
4,085
2,445
160,676
22
271
552
78
5
6,645
12,047
13,821
16,148
21,158
24,285
1,557
2,356
385
1,026
27,375
905
70
43,101
5,964
1,958
1,131
782
Cuba
1,740
10,261
3,502
Colombia..—.—-
1,985
211
1,080
3.209
104
28
342
3,784
14
3
448
421
2,899
10,896
351
88
287
2,642
447
509
1.043,
7,528
11,278
37,481
613
1,497
2,646
33,931:
170,992
China—
Denmark
Republic
Dominican
Ecuador
.
.—.—
Egypt
Finland
--—...
France
—
1,406
Gold Coast
Greece
Ireland
Italy
-
Jamaica
Japan..
Kwantung..
Mexico..
Netherlands Indies...
Netherlands W. Indies
Netherlands..
Newfoundland and
Labrador
—
137
727
2,103
1,604
2,470
180
11
366
10
60
281
795
1,545
2,187
114
732
2,053
5,348
26
2
1
4
424
1,909
326
1,412
284
407
21,278
111
428
21,838
210
42
165
415
34,580
1
92
38,717
981
"506
"i",320
9,647
20
489
5,086
23,493
514
12,370
33,867
32
255
943
2,335
1.252
6,262
1,431
32,444
2,982
31,028
17,383
8,805
6,566
3,165
4,826
7,977
11,332
4,399
266
183
1,087
344
1,611
4,090
2,519
5.253
6,249
930
479
8.210
Spain.......
Sweden
—
Renubllcs
United Kingdom
Uruguay
Venezuela
128
860
897
7,996
75
564
2,531
3,227
12,319
52
10
339
2,346
9,356
547
724
5,755
6,241
40,596
1,846
38
37
6,507
12
15
3,029
963
1,867
573
1,664
1,565
3,092
5,199
8,379
9,618
7,580
15,927
4,944
6.075
236
299
838
41,319
103
609
6,802
39,327
355,143
2,354
6,089
15,957
21,007
70,125
30,465
84,337
164,127
5,531
109
7
55
35,972
93
220
3,990
2,609
2,621
2,750
29,049
.....
South Africa
Union of Soviet Social¬
Union of
23
—
Switzerland—
Turkey—.
9,904
18,715
12,104
29,962
18,567
Philippine Islands
Portugal
364
1,843
19,313
Peru
47
1,141
9,364
Republic of.
Canal Zone.
935
1,218
53,863
Norway
ist
167
14,541
Zealand
Panama
748
278
748
2,339
3,682
49,907
2,263
105,834
4,391
43,482
(Persia)...
Panama,
14
"""165
"""236
8,996
Hong Kong...
New
7,092
2,127
379
3,334
..........
Haiti
Honduras
Iran
14,774
245,663
151
Germany a
5,816
9
4,352
4,695
33,804
1202
The Commercial dr Financial Chronicle
Imports of Mfrchandise
for
Consumption
(Corrected to July 31, 1940)
in June to
(Value In Thousands of Dollars—000 Omitted)
of
Crude
Crude
and
Total
Materi¬
Food¬
Country
Imports
als
stuffs
Semt-
Foodstuffs
&
2,038,000 in July.
The total
These totals
230.423
185,189
138,507
183,125
442,928
12,638
52,569
Bev¬
Finished
Manu-
Manu¬
factures
erages
South
shown below for the months of
are
March, 1933, and for the
Oceania,
Africa
43,785
21,533
22,410
81,561
58,573
7,704
252,433
16,954
10,188
31,708
155
38,548
1,491
10,040
597
9,485
738
463,617
149,060
152,261
274,207
included in the estimates
are
year
May, June and July of 1940; July, 1939;
1929.
36,073
549
4,209
2,537
297
6,973
2,461
18
601
417
128
12,955
7,439
28,962
4,547
1,657
1,750
293
465
3,647
23,324
35
107
44,670
47
5
238
2
10,876
EMPLOYMENT
294
112
AND
204,294
43,666
8,304
23,095
47,907
55,653
123,434
America
Asia
1940
1,943,000
factures
1,243,440
Southern North Amer.
95,000 from
unemployment.
UNEMPLOYMENT
Europe
Northern North Amer.
rose
Unemployment totals and the distribution of employment by industries
Manuf'd
Geographic Division
Aug. 31,
ing for four consecutive months.
3,355
42,791
11,526
18,373
41,612
65,797
61,439
18,074
33,463
85,490
459
49,604
72,319
4,867
1,825
49,504
346
74,695
(In Thousands)
(
1929
Mar.,
July,
May,
*June,
*July,
Average
1933
1939
1940
1940
1940
Unemployment total....
Belgium....
Brazil..............
British
India
British Malaya
Burma
Canada
78.576
747
.......
...
15,245
23,670
502
•
*-■'
181,234
14,168
21,211
18,185
61,340
4,430
5
183
4,478
411
369
20,413
1,436
19,713
6,400
24,474
92
222
3,203
47,529
359
1,225
44
208
146
78
35,884
45,038
46,179
46,878
46,882
10,539
9,961
11,232
11,567
11,801
11,536
267
136
212
216
217
216
19,097
10.966
15,614
15,989
16,289
16,558
Forestry and fishing.
Total Industry
Extraction of minerals...
1,067
645
707
745
741
747
11,059
6,966
10,461
10,425
941
9,836
2,225
10,418
3,340
1,969
2,173
2,405
Transportation
2,465
1,549
1,897
1,914
1,966
2,020
Public utilities
1,167
865
948
943
949
961
Trade, distribution and finance..
Service Industries..
8,007
6,407
7,291
7,436
7,470
7,388
9,003
7,711
9,773
10,033
10.1.50
10.227
MlscelI. industries and services..
1,012
703
916
937
9.50
957
Manufacturing.
Construction
241
1,002
8,235
47,925
97
.....
.....
-
.
63
1,081
8,181
119
25.734
8,822
69,622
9,530
Chile
9,384
Agriculture.......
Argentina—.
Australia
14,762
Employment total........
Total
429
..........
Ceylon
China..............
41,880
Colombia
25,799
Cuba
60,211
13,250
1,011
7,895
830
191
Denmark
Dominican
Republic.
.
.
2,9.56
2,040
3,987
3,831
2,963
69
3,222
Germany b
28,572
4,896
1,220
6
Gold Coast
6,957
1,644
5,303
Greece
8,708
5,123
308
1,477
4,743
380
1,012
2'
4,578
1
3
143
204
884
41
363
m
278
Ecuador............
Egypt
...
Finland
France
...
Haiti
Honduras
Hong
Kong
(Persia)
Iran
71
263
1,498
3,657
1,708
1,411
13
11
49
20
2,066
6,737
1,905
12,175
1,675
1
8
2,100
964
214
23
13
49
"859
8<i
844
514
21,437
Ireland,......,
Italy.
...
1,971-
.
4,958
Jamaica
90
:
•
;
106
^
^
:
^
246
138
184
1,274
"
m m
^
^
^
393
6,153
593
143
132
225
13
81
44,887
1 ;214
11
4,914
3,459
11,875
6
178
355
32,482
63,916
11,521
12,301
11,363
489
6,521
1,808
50,015
4,590
2,453
77
15
1
7,779
Mexico
Netherlands Indies,..
Netherlands W. Indies
1,851
345
758
5,783
10,941
2,511
2,315
130
93
2,696
1
Netherlands
1,074
488
Newfoundland and
Labrador
3,757
3,737
Norway
.....
Panama, Republic of.
533
1,930
.
2,737
6,650
New Zealand
Panama Canal Zone..
187
650
38
890
34
37
I
1,174
4,491
during the week ended Aug. 17, 1940
2% less than in the previous week; shipments were 5%
greater; new business 7% greater, according to reports to the
National
1,858
1
4
pro¬
duction;
orders, 20% above production.
Compared
with the corresponding week of 1939, production was
8%
greater, shipments 6% greater, and new business 15%
greater. The industry stood at 75% of the seasonal weekly
average of 1929 production and 79% of average 1929 ship¬
10
131
2,686
23
'"■494
~4~, 551
46,224
8,949
109
27,051
5,196
4,918
942
1,456
Year-ta-Dale
279
corresponding weeks of 1939; shipments
1,189
117
rev
6,303
666
745
3,894
666
332
1,264
1
of 1940 to date, new business was
136
11,132
3,099
1,335
1,794
9,465
365
1,083
3,290
36
■
Switzerland
12,719
125
9,469
7,819
165'
20,345
16,618
280
29
11,418
67,288
8,334
17,446
9,760
73
220
7,220
287
16,901
Turkey
Union of South Africa
Republics
United Kingdom
Uruguay
Venezuela
Exports Negligible,
"
7,547
703
10,831
2,715
28,926
66
3.478
6% above the orders of the 1939 period.
a year ago.
421
year ago; gross
stocks
were
July Index of Far Western Business Below June Level,
Reports Bank of America (California)
Western business activity as reflected by Bank of America's
over
July from the June level, but maintained
a
seven
The
year ago,
index
it
of
was
Western
business
for
the
first
months of this year
like 1939
has averaged about 5% above
period and 10% above 1938.
a
Unemployment Advanced Slightly in July, According
Conference Board
to
Total
for
four
unemployment in the United States, after declining
consecutive
months,
rose
54,000,
or
a
little less
than 1 % from June to July, according to the
regular monthly
estimate prepared by the Division of Industrial Economics
of the Conference Board.
The increase in the number of
jobless to 8,235,000 from 8,181,000 in June is not regarded
as significant, since it is
entirely accounted for by the normal
increase
in
58,000
month.
a
the
Unfilled orders
were
Aug. 17, 1940,
on
15% greater than
a
Softwood and Hardwoods
During the week ended Aug. 17,1940, 498 mills produced 266,390,000 feet
and hardwoods combined;
shipped 265,963,000 feet; booked
512;
production,
labor
force, which is estimated at about
Under date of Aug. 30, the Board further
Revised figures
271,547,000
feet;
for the preceding week were
shipments,
254,332,000
feet;
orders, 297,608,000 feet.
Lumber orders reported for the week ended
Aug. 17, 1940, by 416 soft¬
wood mills totaled 307,051,000 feet; or
19% above the production of the
same mills.
Shipments as reported for the same week were
255,625,000 feet,
1% below production.
or
95 hardwood
reported in the bank's
"Business Review" of Aug. 20.
The preliminary July index
stood at 72.6, as compared with 76.1 in the previous month
and 70.6 in July, 1939.
Two of the three index factors,
electric power production and car loadings, failed to
equal
their June level after seasonal adjustments, while bank
debits, the thiid factor of the index, showed a small gain.
Carloadings and electric power production data for July are
estimated.
were
2% less.
orders of 319,401,000 feet.
increase
For the 33 weeks
of softwoods
mills,
an
above
6% above production, and shipments
The ratio of unfilled orders to gross stocks was
25%
compared with 21%
b Statistics Include trade with the German-occupied areas
in Czechoslovakia and Poland.
index declined in
8%
was
6% above the shipments and
17
■
2
were
Supply and Demand Comparisons
129
232
1,132
13,954
were
3% above production.
Union of Soviet Social¬
a
orders
15
....
Sweden
Comparisons
Reported production for the 33 weeks of 1940 to date
16,631
Spain
ist
The Association further stated;
ments.
82
3,710
new
53
420
Portugal
Lumber Manufacturers Association from regional
associations covering the operations of representative hard¬
wood and softwood mills. Shipments were
0.2% below
451
13
■
7,836
Peru
Philippine Islands
Lumber production
was
52
"2~143
7,789
66,347
...
Kwantung
Report of Lumber Movement Week Ended Aug. 17, 1940
"
551
Japan
Preliminary.
813
5,579
*
-,
77
15
.
production.
mills
give
Shipments
Production was 258,791,000 feet.
new
as
as
reported for the
36% above production.
or
business
Production
12,350,000 feet,
same
was
week
were
Reports from
or
63%
above
10,338,000 feet,
7,599,000 feet.
Identical Mill Comparisons
Production during week ended Aug.
mills
256,037,000 feet, and
was
17, 1940, of 395 identical softwood
ago it was 236,151,000 feet; ship¬
respectively 252,290,000 feet, and 236,846,000 feet; and orders
ments were,
a
year
received 304,010,000 feet, and 265,947/ 00 feet.
In the
case
of hardwoods,
74 identical mills reported production this year and
a year ago 5,614,000
6,835,000 feet; shipments 7,641,000 feet, and 8,280,000 feet, and
orders 9,910,000 feet and 6,396,000 feet.
feet and
Weekly Statistics of Paperboard Industry
We give herewith latest figures received
by us from the
National Paperboard Association,
Chicago, III., in relation
to activity in the paperboard
industry.
The
total
members
of
this
industry, and its
Association represent 93%
program
includes
a
of the
statement each
week from each member of the orders and
production, and
figure which indicates the activity of the mill based
operated. These figures are advanced to equal
100%, so that they represent the total industry.
also
on
a
the time
STATISTICAL
REPORTS—ORDERS,
PRODUCTION,
MILL
ACTIVITY
said:
*
The total number of employed persons was
46,882,000 in July the highest
since October, 1937, when 47,516,000
Unfilled
level
persons* were employed.
In
1939, the best month of last year, the total stood at
46,626,000.
The July total was, however, only
slightly higher than that in June.
A customary mid-season decrease of
265,000 workers in agricultural
employment was offset by the absorption of 269,000 persons into the
Orders
Period
total industry group.
struction,
The largest increase in this group occurred in
where 232,000
more
persons
The rise in construction employment
increase
found
was
jobs in July than in June.
greater than the usual seasonal
.
Trade, distribution and finance suffered
persons,
but this decrease
was
Tons
528,155
579,739
453,518
167.240
420,639
137,631
70
429,334
449,221
129,466
69
520,907
456,942
193,411
70
682.490
January
March.
.
.
April.....
May
Current
....
624,184
247,644
76
508.005
509,781
236.693
79
544,221
587,339
196,037
72
employment loss of 82.000
slightly less than the
usual seasonal
drop.
Corps increased in July after declin.
—
-
'
—
'
Week Ended—
Aug.
3
113,834
122.037
196,037
74
Aug.
10
106,901
123.429
179,044
74
Aug.
17
117,268
120,260
173,438
73
73
112,970
121,226
169,142
74
73
Aug. 24.
an
Cumulative
72
July
t
The emergency labor force, represented by the Works
Project Adminis¬
Tons
of A ctivity
Remaining
June
at this time of the year.
Increases of 54,000 and 77,000 workers were
recorded in transportation
and the service industries.
Although employment in war materials in¬
dustries showed some gains, the total number of workers
in manufacturing
declined somewhat.
tration and the Civilian Conservation
Percent
Production
Month of—
February
con¬
Orders
Received
Tons
October,
73
73
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 make necessary adjust¬
ments of unfilled orders.
Volume
The Commercial
151
Automobile
No announcement had been made at week-end
in July
Output
1203
& Financial Chronicle
concerning
the Oklahoma allowable for
•Factory sales of automobiles manufactured in tlie United
States
(including foreign assemblies from parts made in tlie
United
for
States
were
passenger
trucks,
in
and
reported
complete
as
units or
vehicles)
July, 1JH0, consisted of 231,703 vehicles, of which ICS,769
and
cars
road tractors,
or
62,934
were
commercial
cars,
compared with 344,636 vehicles
as
Sept., but a strong movement
to hold it 5% under the Bureau of Mines' suggested figure
for the month was deemed likely of success.
Illinois, which
up until the time that the sustained decline in production
set in some weeks back had proved a threat to the main¬
tenance of the mid-continent crude oil price structure, has
no
State conservation law.
However, the continued de¬
1939, and 141,443
vehicles in July, 1938.
These statistics, comprising data for
1he entire industry,
were
released Aug. 28 by Director
William L. Austin, Bureau of the Census, Department of
June,
1940, 209,359 vehicles
in
July,
Commerce.
Statistics
the
United
for
trucks,
cars,
1940
States,
road
or
based
are
data
on
making
22
cars
of
22
(11
tractors
received
passenger
the
72 manufacturers in
from
making commercial
passenger car manufacturers
and
61
also
making commercial cars, trucks, or road tractors). It should be noted
that those making both passenger cars and commercial cars, trucks, or road
tractors have been included in the number shown as making passenger
and
cars
in
the number
shown
as
making commercial cars, trucks, or road
figures for passenger cars include those for
taxicabs.
The figures for commercial cars, trucks,
and road tractors in¬
clude those for ambulances, funeral cars, fire apparatus, street sweepers,
tractors,
respectively.
The
and buses, but the number of such special purpose
station
wagons,
is
small and hence a negligible factor in any analysis
very
figures
may
Dominion
be
used.
vehicles
for which the
figures are supplied by the
production
Canadian
Bureau of Statistics.
Figures for previous month appeared in the
issue of the "Chronicle," page 616.
NUMBER OF VEHICLES
Aug. 3, 1940,
(INCLUDING CHASSIS)
cline in
price increase of 10 cents
Month
Pas¬
(All
Passenger
senger
Cars
&c.
Total
Cars <fc
Cars
Trucks,
Vehicles)
Comm'l
Trucks
1940—
June
344,636
286,040
58,596
17,930
8,739
9,191
July
231,703
168,769
62,934
14,468
3,397
11,071
2,660,231
2,196,199
464,032
125,380
75,683
49,697
309,738
246,704
63,034
14,515
3,930
4,129
Total 7 mos. end. July
1939—
209,359
150,738
58,621
9,241
10,585
5,112
2,171,348
1,732,889
438,459
103,000
75,080
27,920
June
174,670
136,531
38,139
14,732
11,014
3,718
July
141,443
106,841
34,602
9,007
5,273
3,734
111,165
81,375
29,790
June
July...
Total 7 mos. end. July
Total 7 mos. end. July
1,344,786
Petroleum and Its
tinues
ground
Prices
1,043,358
301,428
Products—Illinois Production Con¬
Decline—California Allowable Cut—Under¬
Storage
Suggested—Pennsylvania Crude
Cut—Oil Values' Decision Soon by Mexican
Court—Standard of Jersey Protests Mexican Action
—1940 Well Drillings
High
Further decline in daily average
in Illinois to below the
of the
400,000-barrel mark
was
the highlight
which'disclosed that daily
average
production of
crude oil for the nation was off 10,750 barrels during the
Aug. 24 week to 3,508,000
barrels.
The week's total was
August allowable of 3,657,700 barrels
recommended by the United States Bureau of Mines.
sharply
below the
drop of 9,700 barrels in daily pioduction in Illinois
barrels, in striking contrast
to the record high of better than 550,000 barrels reached only
a few short weeks back.
Oklahoma clinched its hold on its
A
carried the figure off to 381,650
place as third largest producing oil State in the nation, last
temporarily to Illinois, with a gaiu in the daily average output
of 9,100 barrels, which lifted the figure to 401,750 barrels.
Only other major State to show a gain was Texas where
output was up 7,900
barrels to a daily average of 1,200,350
barrels.
Sharpest decline in daily average
production
was
shown in
dipped 18,600 barrels to 614,000
barrels.
A loss of 5,200 barrels for Kansas pared the daily
average total for the Sunflower State to 181,800 barrels.
Daily average production in Louisiana was off 4,600 barrels
to a total of 273,800 barrels.
Imports of oil daily were off
63,714 barrels to 221,000 while daily receipts of California
oil were off 3,000 barrels to 18,286 barrels.
California where the total
Anticipating lower domestic demand for crude oil during
the Conservation Committee of the California Oil
Producers group slashed the Sept. allowable to 571,000
barrels, off 16,000 barrels from the quota for August.
The
Louisiana Conservation Commission ordered an increase
of 234 barrels in the daily allowable for Sept., which was set
at 274,854 barrels.
The Sept. allowable for Arkansas held
unchanged at 72,995 barrels daily.
The Texas Railroad Commission on Aug. 29 issued the
the fall,
proration orders governiug production for September through
November, which provided for nine shutdown days per
month from the basic allowable of 1,647,725 barrels daily
for the period.
Allowing for the shutdowns, the daily average
quota was set at 1,298,528 barrels, which automatically
increases as new wells are completed.
The September figure
is 48,600 barrels above actual production currently, but is
21,828 barrels under the September market demand for
Texas set by the Bureau of Mines.
all
air attack.
measure suggested by Mr. Wilson which would
the Nation's petroleum industry for any untoward
developments was the laying of new pipelines along the
Atlantic Seaboard to eliminate the necessity of using oil
tankers for transportation of crude from the producing areas
to refineries.
Pointing out that there were no bottlenecks
in the oil industry itself, Mr. Wilson suggested that the
industry could prevent them developing in other industries
by producing synthetic rubber and toulene for T.N.T. from
petroleum.
Another
prepare
% in the number of oil burners in domestic
17 % in domestic demand
An increase of 13
and increase of from 12 % to
use
for gas oil and distillate, used mainly for heating oils, were
forecast before the Commission by Fred Van Covern, director
of
the
Petroleum
American
institute's
Department
of
Offsetting the gain in domestic demand for gas
oil and distillate fuel, however, he indicated, would be the
Statistics.
sharp slump in export demand which probably would pare
the net gain for gas oil and distillate fuel to from 6% to 9%.
W. R. Boyd Jr., executive Vice-President of the Institute,
told the assembled oil men of the full preparedness of the
American
petroleum industry to serve the United States if
come again, and its ability to meet both military
should
and civilian needs.
that current prices of Pennsylvania grade
in their relation to refined products,
the Valvoline Pipe Line Co. on Aug. 28 posted a reduction of
15 cents a barrel.
Bradford crude in Elk and McKean
counties was set at $1.85; Pennsylvania grade in Warren,
Contending
crude oil were out of line
Forest, Venango,
Clarion and Butler counties, $1.78;
Penn¬
sylvania grade in Allegheny, Beaver, Washington and Greene
counties,
$1.50; West Virginia, $1.44, and southeastern
Ohio $1.40.
At week-end, South Penn Oil and other com¬
panies had not met the
production of crude oil
weekly statistical report of the American Petroleum
Institute
to
troleum
war
1938—
barrel during the past week or so.
the warring nations," Robert E. Wilson, pe¬
technologist of the National Defense Advisory
Commission, told the Interstate Oil Compact Commission
at the meeting at Oklahoma City last week-end.
However,
Mr. Wilson suggested that vital oil supplies be stored in
underground tanks to forestall their possible destruction by
trast
Year and
Total
per
The Nation's petroleum resources are adequate to meet the
demands of modern mechanized warfare "in striking con¬
Canada (Production)
United States (Factory Sales)
production there has stopped the flow of cut-price
as a matter of fact brought about a
oil from the State and
American and other
Valvoline cut.
foreign oil companies involved
in the
expropriation of some $500,000,000 of oil properties in
Mexico by the Cardenas Administration were notified on
Aug. 28 by Judge Ponciano Hernandez of the First District
Court in Mexico City to prepare for his final decision on the
indemnity to be paid by the Government. Judge Hernandez
acted after Ricardo Jordan, who was called in to evaluate
the seized properties after two evaluators named by the
Court—one for the Government and the other one for the
1938
companies—were unable to agree, filed an evaluation on the
"non-taxable" properties which reportedly was between
$35,875,000 and $36,900,000 in American money.
The Standard Oil
statement as follows,
"The Mexican
Co. of New Jersey on Aug. 23
in part:
Government has just published a
issued a
statement
representative of the oil companies has
valued at $36,258,000 the foreign-owned oil properties in
Mexico, seized in 1938 by the Mexican Government.
This
so-called representative of the companies was not nominated
by them, does not represent their interests, and is in no way
authorized to speak for them.
He was chosen by the
Mexican Government and speaks for that Government.
"In 1928, the Mexican Department of Industry placed a
value on Mexico's foreign-owned oil industry of 1,038,943,000
to the
effect that
a
at the then rate of exchange).
the properties by the Cardenas
Government, $36,000,000, represents such a small fraction of
the above referred to estimate made by Mexican Government
officials that it prompts inquiry into what the basis for such a
pesos (about $499,492,000
The value now place upon
maybe.
be found in the fact that when President
seized the oil properties on March 18, 1938, he made
drastic discrepancy
,
"An answer may
Cardenas
plain that Mexico would pay nothing for the great bulk of
properties, namely, the right of the companies exclusively
produce the subsoil petroleum.
When the oil companies
acquired their lands in Mexico and went to the expense of
it
the
to
oil install¬
market¬
of obtaining
of
dollars, they were but means to develop the oil that lay
beneath the ground.
The oil in the subsoil constitutes the
major portion of the value of any oil-bearing properties.
It
geologizing, buying or leasing acreage, drilling, for
ing machinery, pipe lines and refineries, and creating
ing facilities, they did so for the express purpose
the oil.
While these investments run into many millions
is obvious that
sezied the properties
in
oil.
the reason that Mexico
question was to possess itself of this
The Commercial & Financial Chronicle
1204
"It follows,
determination
therefore, that the Mexican Government's
deny that the oil in the seized property
value, together with the denial that the right to ex¬
ploit and develop this oil is the exclusive property of the
companies, in themselves constitute confiscation.
The
companies' exclusive right to exploit and develop oil in their
properties has been repeatedly re-affirmed in Mexican
legislation, Supreme Court decisions and diplomatic inter¬
changes.
It is the companies' position that the Cardenas
Government's confiscation of this right is illegal, uncontitutional and in violation of the accepted practice of inter¬
national law and of specific pledges made by the Mexican
calculated by the
be
to
ended
1.02
Illinois
1.05
Western Kentucky
Mld-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above
1.03
1.25
Bmackover. Ark., 24 and over.....
.73
.90
States
daily
a
the
ended
bonded
Aug.
GASOLINE
STOCKS
'
CITY
NEW
OF
gasoline
the
that
RETAIL
areas
on
New
York,
York
CUTS
MARKET
of
as
a
gallon in the
of
New
and
from depressed
Co. of
the
Socony-Vacuum
Oil
pre¬
unexpected since the New York
during the past several weeks.
Basic
a
direct result of the sustained over-+lemand
refinery
Despite the fact that demand is running far
operations.
of
last year, stocks are still more than 12,000,000
barrels above a year ago.
Another factor has been the drop
in tanker rates from the Gulf Coast ports.
ahead
Cut-price tactics
widespread in New York and through¬
out the New York and New England markets in general and
Standard's price cut was the direct result.
The softness of
the New York City market also is blamed in part for the
invalidation on Aug. 10 of the local Price Posting Bill which
provided that the price must be posted on the units dis¬
pensing the gasoline.
It also provided for the regulation of
the size of the price sign.
The city has 30 days to appeal
are
the decision.
Stocks
finished
of
and
unfinished
fuel
motor
off
were
671,000 barrels during the Aug.
24 period, according to
the American Petroleum Institute which placed the total
at 85,770,000 barrels.
The decline was affected adversely
by the gain of 356,000 in gasoline production during the
week, which rose to 11,680,000 barrels.
Holdings of fin¬
ished gasoline were off 674,000 barrels, while unfinished
motor fuel stocks
rose
a
Week
Change
Weeks
State
Ended
from
Ended
Ended
Allow¬
Previous
ables
Aug. 24,
1940
Aug. 24,
1940
Aug. 26,e
1939
402,600
with the exception of areas already
166,800
170,607
$.17
$.166
67,750
93,500
+ 1,950
+ 1,300
90,100
14,200
West Central Texas.
28,600
+ 600
195,350
71,400
374,850
181,300
187,600
+ 1,100
28,250
191,150
6,600
24,600
4,450
East Central Texas.
East Texas
.....
Southwest Texas
Coastal Texas......
Coastal
160,300
28,300
+ 950
—5,550
64,350
214,050
44,100
274,620
273,800
—4,600
278,400
72,400
......
65,200
73.000
73,900
+ 300
29,800
...
440,600
b20,300
381,650
—9,700
73,250
15,000
393,700
10,000
Arkansas..
bl6,850
+ 2,700
15,150
10,300
Mississippi
Hllnpls......^
Indiana
+4,600
310,056
Eastern (not Including
96,000
92,900
89,750
—550
90,300
Michigan
57,100
53,750
—500
54,200
65,300
Wyoming
81,300
78,350
+ 2,850
74,100
65,900
Montana
20,600
17,500
17,850
15,950
Colorado
4,200
3,400
"—100
3,500
3,950
102,000
100,650
+ 650
101,850
4,200
d587,000
2,894,000
614,000
+ 7,850 2,878,900 1,078,400
620,000
—18,600
612,400
3,508,000
—10,750 3,498,900 1,690,800
Illinois <fc Indiana)
_
New Mexico
105,200
Total east of Calif. 3,059,300
California
598,400
3,657,700
a
These
are
.
Bureau of Mines' calculations of the
oil based upon certain premises outlined In its
August.
requirements of domestic crude
detailed forecast for the month of
As requirements may be supplied either from 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
to be produced.
b
7
a.
c
Oklahoma, Kansas, Nebraska, Mississippi, Indiana figures
m.
are
for week ended
Aug. 21.
This is the net basic 31-day allowable as of Aug.
that it will
made.
It
increase
Includes
as
a
new
net
wells
are
1.
Past experience indicates
completed and If
any
upward revisions are
figure of approximately 371,363 barrels for East Texas
All fields in the State were ordered shut down for
after deduction for shutdowns.
nine days, namely
Aug. 1, 4, 8, 11, 15, 18, 22, 25, and 30.
d Recommendation of Central Committee of California Oil Producers,
Production partially shut down as a result of State order.
Note—The figures Indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE
RUNS
TO
STILLS
AND
PRODUCTION
WEEK ENDED
AUG.
24,
OF
GASOLINE,
WEEK
1940
Daily Refining
Gasoline
Crude Runs
Capacity
to Stills
Production
at
Refineries
Daily
Percent
Inc. Natural
Average
Operated
Blended
Percent
Reporting
Chicago
New
Orleans.
Shell East'n
.07 M-.08
Gulf
125
88.0
441
90.2
601
89.7
2,446
420
76.9
264
81.7
z997
East Coast
643
ports
.06H--07
100.0
1,606
280
59.6
105
62.9
442
1,071
85.3
724
79.2
2,250
164
97.6
100
62.5
279
Inland Texas
$M7A-.05*A
.08}*-.08^
91.9
91.0
743
Oklahoma, Kansas, Missouri
Other Cities—
$.07 H-.08
591
156
Indiana, Illinois, Kentucky-
.17
Texas Gulf
Louisiana Gulf
.0i7A-.0H5
122
North Texas
$.06
Los Angeles
$.041 New
03M-.05' Tulsa
101
51.5
44
84.6
Rocky Mountain
121
56.0
52
76.5
219
California
.05 M
Tulsa
836
87.3
509
69.7
1,476
85.3
3,115
80.5
10,278
North Louisiana <fc Arkansas
Reported
Orleans.$.05M-.05H
.04
-.04}*
*
California 24 plus D
$1.50
Phila., Bunker C
$1.00
Aug.
4,535
3,485
4,535
3,510
11,324
x3,472
yll,661
*U. S.B. of M.Aug. 24, 1939
or
Terminal
| Chicago—
$.041
28.30 D
I Tulsa.
$.053
I
11,680
1940
17. 1940
1.50
2.10-2.20
Gas Oil, F.O.B. Refinery
1,402
Estimated total U. S.:
Aug. 24,
New Orleans C
$1.00-1.25
370
Estimated unreported.,
Fuel Oil, F.O.B. Refinery or Terminal
7 plus
+ 7,900 1,184,700
$.17
Kerosene, 44-43 Water White, Tank Car, F.O.B. Refinery
N. Y. (Bayonne)
3,500
31,400
57,350
276,100
Total Louisiana
Rate
Gulf
New York—
Diesel
176,400
187,000
+ 1,450
208,700
Louisiana
18,200
71,200
374,900
—50
65,100
Potential
Chicago
RichOil(Cal) .08 X-.08 %
Warner-Qu. .07 Mr.08
N. Y. (Harbor)—
Bunker C
—550
District
Buffalo
.185
New York—
(Bayonne)
65,700
+ 2,100
1,326,400 cl 194 943 1,200,350
North Louisiana
l-10th
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B.
Refinery
Texas
89,600
150
Appalachian
Boston
Std.Oll N.J.$.06H-.07
Socony-Vac. MH-.07
T. Wat. Oil..0814-.08K
165,000
180,300
•
2% city sales tax.
New York—
396,450
North Texas
Panhandle Texas
England markets,
suffering from depressed prices.
Newark..
.17
Not including
+ 9,500
—5,200
b200
Gasoline, Service Station, Tax Included
z
Week
(Figures Are In Thousands of Barrels of 42 Gallons Each)
to 3-10ths cents a gallon throughout the New York-New
Brooklyn
Week
b401,750
bl81,800
390,000
Kansas
Nebraska..
Representative price changes follow:
New'York—
States
Four
M.
Oklahoma.
3,000 barrels.
Aug. 28— Socony-Vacuum Oil cut bulk prices of gasoline from
z
United
ments
decline of 25,000 barrels.
z
the
Require¬
e
Refinery operations were curtailed somewhat during the '
week, dropping 0.6 points to 80.5% of capacity.
Daily
average runs of crude oil to stills of 3,485,000 barrels repre¬
sented
of
Actual Production
a
of
cause
price softness is the heavy over-supply of gasoline, in
turn
week
to stills, on a Bureau of Mines
ran
West Texas
England markets have witnessed progressive price
weakness
capacity
refining
whole
a
as
Calcu¬
Total Texas...
and New
the
(Figures In Barrels)
WEAK-
gallon, against 7.2 cents posted
not
was
during
ports
DAILY AVERAGE CRUDE OIL PRODUCTION
,
viously.
The reduction
Coast
Atlantic
The total amount of gasoline produced by all com¬
gasoline.
GAS
price schedule, gasoline at New
new
a
at
in storage at refineries,
had
OPERATIONS
York
New
already suffering
marketing subsidiary
to 7 cents
was
the
panies is estimated to have been 11,680,000 barrels during the week.
.75
Aug. 28 by the Standard Oil
Under the
Co., inc.
imported,
make
{Aug.)
throughout
England, except in
posted
to
barrels of crude oil daily during the week, and that all
bulk terminals, in transit and in
the end of the week, 85,770,000 barrels of finished and
3,485,000
lines
industry
'
prices,
were
oil
potential
daily
estimated
indicate
.76-1.03
DECLINE—REFINERY
■
markets
oil
Reports received from refining companies owing 85.3% of the 4,535,000fcarrel
unfinished
YORK
Reductions of from l-10th to 3-10ths cents
bulk
all
impossible
lated
YORK
OFF
include
is
it
24
Sunburst, Mont...
.90
Huntington, Calif., 30 and over... 1.15
Kettleman Hills. 39 and over
1.38
PRODUCTS—STANDARD
PRICES—NEW
figures
but
use,
amounted to 128,000 barrels, a daily average of 18,286
barrels, all of which was gasoline received at the Port of Philadelphia.
Aug.
B. of
REFINED
compared with a daily average of
17 and 215,714 barrels daily for
These
24.
domestic
lor
or
California
of
Receipts
ended
$1.0S
1.10
....
Institute, follow:
ended Aug. 24 totaled 1,547,000 barrels,
barrels,
221,000
of
weeks
four
whether
shown)
Michigan crude......
ports for the week
average
companies
Darst Creek
various
separation in weekly statistics.
pipe
.....
the
average
284,714 barrels for the week ended Aug.
basis,
.....
Daily
Imports of petroleum for domestic use and receipts in bond at principal
Prices of Typical Crude per Barrel at Wells
are not
26,
Aug.
details, as reported by the
barrel in Penn¬
Eldorado. Ark., 40
Rusk, Texas, 40 and over
imposed by
The daily average output for the week
1939, totaled 1,090,800 barrels.
Further
3,498,900 barrels.
This
sylvania grade crude oil.
$1.85
the
produc¬
tion for the four weeks ended Aug. 24, 1940, is estimated at
Despite the fact that the first half of 1940 saw production
sharply above market demand, the industry is
running drilling operations for the year to date at a rate 20%
above the figure for the comparable 1939 period, the "Oil
and Gas Journal" reports.
Wells drilled as of mid-August
totaled 19,435, against 16,395 wells for the corresponding
period a year ago.
Completions totaled 27,717 wells in
1939, against the record of 33,075 drilled in 1937.
Price changes follow:
(All gravities where A. P. I, degrees
restrictions
oil-producing States during August.
of crude oil
Bradford, Pa
Corning, Pa
that
United States Department of the Interior
total of the
the
United
a
estimates
10,750 barrels from the output of the previous week, and
figures were below the 3,657,700 barrels
stallations."
of 15 cents
Institute
the current week's
irrespective of any arbitrary valuation which the Mexican
Government may put upon the surface properties and in¬
a cut
Petroleum
American
The
daily average gross crude production for the week ended
Aug. 24, 1940, was 3,508,000 barrels.
This was a decline of
is
Aug. 28—Valvoline Pipe Line posted
1940
Daily Average Crude Oil Production for Week Ended
Aug. 24, 1940, Off 10,750 Barrels
/
to
has any
Government to the Government of the United States.
Aug. 31,
♦
—$.02}*-.03
Is
a
Estimated Bureau
week's
average,
z
of
Mines'
production based
on
basis,
the U.
x
August,
1939,
dally average,
S. Bureau of Mines August,
12% reporting capacity did not report gasoline production.
y
This
1939, daily
Volume
STOCKS
OF
The Commercial
151
AND
FINISHED
FUEL
ESTIMATED WEEKLY
GAS AND
AND
GASOLINE
UNFINISHED
OIL, WEEK ENDED AUG. 24,
1205
& Financial Chronicle
PRODUCTION OF COAL, BY STATES
Tons)
(In Thousands of Net
1940
based on railroad carloadings and river
(The current weekly estimates are
(Figures Are in Thousands of Barrels of 42 Gallons Each)
Stocks of
Stocks of
Finished <k
Unfinished Gasoline
Stocks of Residual
Fuel Oil
Gas Oil
and Distillates
Week Ended
District
Total
Aug.
At Terms,
At Terms,
Total
Finished
At
in Transit
At
in Transit
Finished
and
Refineries
and in
Refineries
and in
Unfin'd
Aug. 10
1940
7,884
5,966
332
125
511
13,927
14,547
3,520
1,805
6,514
1,434
3,091
2,144
Okla., Kan., Mo
6,140
Inland Texas...
1,383
1,629
11,518
*
5,891
2,165
2,554
1,068
22
423
446
277
13
3
297
225
183
51
47
61
43
77
Colorado
93
73
77
67
117
866
964
124
15,835
8,196
No. La. & Arkansas
Rocky Mountain
1,036
*
*
*
1
397
354
81
173
f
f
Illinois
282
543
111
821
648
638
914
1,363
Indiana
302
265
229
235
296
440
Iowa
44
44
37
41
64
Kansas and Missouri
"252
491
Louisiana Gulf
e
f
f
3
290
Alabama
Georgia and North Carolina
7,194
1,332
14,200
Texas Gulf
"305
1,497
380
10,023
87
3
Arkansas and Oklahoma
8,083
3,385
•
1923
1929
1938
1939
2
Alaska
5,624
21,373
2,809
Ind., 111., Ky
Avge.
Aug. 12 Aug. 13 Aug. 10
Aug. 3
1940
State
Pipe Lines
Pipe Lines
20,305
East Coast
Appalachian
ship¬
from dis¬
subject to revision on receipt of monthly tonnage reports
trict and State sources or of final annual returns from the operators.)
ments and are
92
95
85
98
97
145
807
799
777
642
873
765
217
Kentucky—Eastern
100
1~989
21,622
54,997
144
123
114
111
209
Maryland
California
25
24
26
24
48
4
9
5
17
21
Western
44
72,241
78,765
29,305
12,961
77,766
28,085
Michigan
6,895
7,005
970
695
2,000
170
Montana
42
42
45
43
57
50
New Mexico
Reported
10
17
16
21
25
37
49
Est. unreported
•Est
total. U
Aug. 17, 1940...
28,255
79,258
13,336
29,533
86,441
79,810
79,766
13,656
30,275
85,770
79,136
28,677
19
414
374
331
445
871
2,265
2,156
1,829
1,323
2,764
3,734
114
90
106
88
102
118
15
15
16
19
22
62
54
44
36
63
83
297
282
281
255
227
248
Ohio
Pennsylvania bituminous
Tennessee
U.
S.
B.
of
Texas
Mines
•
•Aug. 24,
1939..
87,229
10,115
26,994
73,579
67,662
28,368
Utah
Virginia
•Estimated Bureau of Mines' basis.
26
26
27
30
36
47
1,941
1,851
1,366
2,127
1,515
620
595
525
410
676
875
86
106
154
Northern. b__
First
Six Months
Domestic customers served by
8,590
Total bituminous coal
manufactured and natural
utilties totaled 16,576,900 on June 30, an increase of
417,900 over the number reported on the same date a year
ago, it was announced on Aug. 28 by Paul Ryan, Chief
Statistician of the American Gas Association.
Revenues of manufactured and natural gas utilities aggre¬
gas
gated $476,234,300 for the first six months of 1940.
This
was an increase of 7.8% from the corresponding period of
7,529
8,335
f5
f4
9,745
6,120
11,538
811
765
833
425
1,063
1,926
9,401
9,100
8,362
6,545
10,808
13,464
Pennsylvania anthracite.d
Total, all coal
Includes operations on the N. <fe
a
*
*
♦
1
Other Western States.c
93
90
90
Wyoming
Utility Revenues Show Marked Increase in
24
1,927
Washington
West Virginia—Southern.a
Gas
f20
f 12
18
21
21
460
North and South Dakota
S.:
Aug. 24, 1940...
W.; C. & O.; Virginian; K. & M.*, B. C. & G.;
and Clay counties, b Rest of State, includ¬
and on the B. & O. in Kanawha, Mason,
and Tucker counties,
ing the Panhandle District and Grant, Mineral,
Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania
Includes
anthracite
c
records of the Bureau of Mines, e Average weekly rate for entire
month, f Alaska, Georgia, North Carolina and South Dakota Included with "other
western States."
* Less than 1,000 tons.
from published
1939.
Revenues from industrial
and commercial
users
8.8% while revenues from domestic customers
increased
gained 7.4%.
industry revenues totaled $198,991,400
for the first six months, an increase of 4.9 % from a year ago.
Revenues from industrial users of manufactured gas increased
Manufactured
10.7%, while commercial revenues gained 4.5%. Revenues
cooking, water heating, refrigera¬
from domestic uses, such as
tion, &c., were 1.2% more than for the
corresponding period
of 1939.
Revenues of the natural gas
industry for the first six months
amounted to $277,242,900, a gain of 10.1% from a year ago.
Revenues from
World Tin Production in July
—Seven
gas
uses increased 8.7%, while revenues
increased 10.3%.
industrial
from domestic uses
Month's
Estimated at 18,800 Tons
Same Period
Output Far Above
in 1939
According to the August issue of the "Statistical Bulletin"
published by the International Tin Research and Develop¬
ment Council, world production of tin in July, 1940, is esti¬
mated at 18,800 tons, compared with the revised figure of
20,100 tons in the previous month.
This brings the total
production in the first seven months of the current year to
124,400 tons, compared with 77,600 tons in the corresponding
period of 1939. The Council's announcement added:
The exports from the
ment, and the over-
countries signatory to the
International Tin Agree¬
July are given below in
and under-exports at the end of
long tons of tin;
Weekly Coal Production Statistics
The current weekly coal report
May
of the Bituminous Coal
Interior, reported that
Division, U. S. Department of the
production of soft coal in the week ended Aug. 17
is estimated at 8,945,000 net tons, an increase of 355,000
tons, or 4.1%, over the preceding week.
Production in the
week of 1939 corresponding with Aug. 17 amounted to
the total
7,520,000 tons.
Cumulative production of soft coal in 1940 to Aug. 17 is
30.4% above that in 1939; cumulative production of an¬
thracite in approximately the same period is 2.8% below
that in 1939.
The U. S. Bureau of Mines
in the preceding week.
Compared with the week of Aug. 19, 1939, there was an
14%) when compared with tonnage
increase of 18%.
ESTIMATED
,
STATES PRODUCTION OF SOFT COAL.
UNITED
COMPARABLE
WITH
July
3,098
Bolivia
3,261
3,068
*
*
*
6,809
2,721
7,928
3,162
6,126
947
861
1,322
1,786
2,068
1,118
French Indo-China
Malaya
...
Nether land East Indies.
Nigeria
-
Thailand
•
*
—11,919
*
—2,545
♦
+ 2,363
—1,767
1
Not yet available.
months of
deliveries of 35,275 tons
totaled 57,934 tons in the first seven
United States deliveries
of 64% as compared with
months of 1939.
1940 showing an increase
in the first seven
End July
*
*
ended July 31, 1940, the quantity
United States was more than
44,000 tons as against 29,910 in the preceding 12 months.
World stocks of tin, including smelters' stocks and carry-over increased
It is estimated
that in the 12 months
tin-plate manufacture in the
of tin used in
reported that anthracite pro¬
duction in Pennsylvania for the week ended Aug. 17, 1940 is
estimated at 925,000 tons, an increase of 114,000 tons (about
June
Belgian Congo
July, 1940, ta 48,830 tons at the end of the month.
1939, amounted to 39,497 tons.
The average cash price for standard tin in London was £265.8 in July,
1940, as against £273 6 in the previous month and £229.9 in July, 1939.
The average price for Straits tin in New York was 51.59 cents per lb. in
by 7,619 tons during
Stocks at the end of July,
July as against 54.54
in June and 48.52 a year ago.
PRODUCTION OF CRUDE PETROLEUM
DATA ON
(In Thousands of Net Tons)
Cal.
Week Ended
Aug. 17 Aug. 10 Aug. 19
1940 c
1939
1940
1940d
Year to Date
1939
e
1929
Bituminous Coal a—
8,945
fuel
Daily average
b—
equivalent of weekly output.
8,590
1,491
Total, including mine
1,432
7,520 277,623 212,864 324,607
1,661
1,093
1,427
1,253
5.636
5,567
3,973 196,546 180,561 143,752
Crude Petroleum
Coal
a
Includes for purposes of
historical comparison and statistical convenience the
production of lignite, b Total barrels produced during the week converted to equival¬
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, 1938, page 702). c Revised, d Subject to current
ient coal
adjustment, e Sum of 33 full
of 1939 and 1929.
ESTIMATED
weeks ended Aug. 17, 1940 and corresponding
PRODUCTION
OF PENNSYLVANIA
BEEHIVE
Commodity Exchange Trading in Straits Tin
to be Continued After Dec. 31
Commodity Exchange, Inc.,
to the By-Laws of the
Exchange was adopted, providing for the deletion of the
provision terminating trading in Straits Tin futures after
Dec. 31, 1940.
This deletion will permit the resumption of
trading in Straits Tin futures in the current month and
the 11 succeeding calendar months, on and after Aug. 29,
1940, making it possible to enter into contracts calling for
By a vote of members of the
New York, on Aug. 28 an amendment
delivery after Dec. 31,
ANTHRACITE AND
COKE
Non-Ferrous
Metals—Copper Holds at 11c., Valley, on
Steady Buying—Fair
"Metal
Calendar Year to Date c
Aug. 17 Aug. 10 Aug. 19
1939
1940
1940
1940.
33 weeks
(In Net Tons)
Week Ended
1940
1939
Futures
1929
Trade in Lead and Zinc
its issue of Aug. 29,
and Mineral Markets" in
reported that stimulated by armament activity, consump¬
tion of major non-ferrous metals has been increasing. From
present indications
the combined deliveries of copper,
lead
domestic consumers will establish a new monthly
high in August for the year to date.
There were no im¬
and zinc to
Penn.
Anthracite—
783,000 31,404,000 32,134,000 43,179,000
fuel a 925,000 811,000
744,000 29,836,000 30,527,000 40,070,000
Commercial produc'n.b. 879,000 770,000
Total, incl. colliery
shipped by truck from authorized
portant price changes during the last week, with the under¬
tone steady to firm on most items.
The steel rate increased
to 91.3% of capacity, pointing to heavy consumption of
metallurgical grades of manganese and chrome ores.
The
full weeks ended Aug. 17, 1940 and
publication further
Beehive Coke—•
United States
total
Daily average
58,300
9,717
60,800
10,133
9,500
1,583
and dredge coal, and coal
operations, b Excludes colliery fuel, c Sum of 33
corresponding 33 weeks of 1939 and 1929.
a
Includes wasbery
1,266,700
387,300
6,430
1,966
4,363,100
22,148
reported:
r
The Commercial &
1206
Financial Chronicle
good volume, with all sellers at lie., Valley.
is nearing
convinced
is
trade
Sales for the week amounted
of
consumption
that
in
copper
this
in the United States this week advanced
week's rate and a
new high mark for 1940.
Gains of 3 points to 87 % at Pitts¬
burgh, % point to 98%% at Chicago, 3 points to 89% at
Cleveland, 4% points at Detroit, and 3 points at St. Louis
plant operations
probably exceeded that figure.
Export demand for foreign copper was on the light side during the last
United States ports.
week, but quotations held at close to 9.90c., f.a.s.
Estimated
foundries,
normal return of processing scrap,
for
allowing
March...........
68,000
68,000
April
53,000
68,500
71,000
a74,000
78,000
June.....
54,000
55,000
July....
54,000
May
„
_
1940
1939
74.000
65,000
February........
August.
__
strip and standard rails
To—-
Italy
Russia
July
67
3,955
3.513
1,899
finished and finished products,
926
Japan.
Other countries
112
f
j
...
June
China and Honkong...
21*117
15,886
Great Britain...
2.514
present prices
Totals
25,474
Pig iron producers may not reaffirm
prices for fourth quarter delivery but will accept
"*952
29,022
fourth quarter business at
until further notice.
business shows further slight
steel
Incoming
major producers will have
Lead
list
new
hot rolled alloy semi¬
and some adjustments may be made in the
card.
rolled carbon plate extra
hot
A complete
in the national defense program.
expected to be issued covering alloy plates, some changes are
of extras is
likely to be made in regular alloy extras covering
To—
July
June
3,555
France
rolled alloy plates a base price
f.o.b. Pittsburgh and Chicago was set up for this product,
which is important
Exports
against 25,474 tons in June,
29,022 tons,
by countries during June and July follow:
and on all hot rolled aUoy steel items except alloy
Because of increased demand for hot
plates
material, bars, structural
hot and cold rolled sheets, hot rolled
plates, sheet steel piling,
shapes,
.......759,000
major steel products for delivery up to and
on
hot rolled carbon steel semi-finished
prices on
of 3.25c. a lb.
totaled
The
Carnegie-Illinois Steel Corp. reaffirmed present base
including Dec. 31.
November...82,000
December
71,000
Total..
of base prices
firmation
73,000
October.84,000
Exports of refined copper—copper refined in bond and domesti: metal—
during July
the national average.
production came the expected reaf¬
the gain in ingot
Accompanying
63,000
September
Revised.
a
upturn in
the
for
accounted
publication further reported:
1040
IQ-JQ
58,5(H)
53,500
January
ex
according to
Statistics:
Bureau of Metal
the American
mills of all kinds and
of shipments ex
content
copper
91%% of capacity, a point above last
to
country
Shipments to fabricators during August
80,000 tons a month.
Age" in its issue of Aug. 29 reported that steel
The "Iron
19,332 tons, bringing the total for the month so far to 55,530 tons.
The
Reach New Peak for 1940 at 91%%
Steel Mill Operations
Copper
Buying of copper in the domestic market during the last week was in
to
Aug. 31, 1940
improvement and some
booked a greater tonnage in August than in
in¬
July, a situation which undeniably is bolstered by strong resistance to
A
business
fair week's
done in lead,
was
involving 6,313 tons, against
9,314 tons in the previous week and 8,997 two weeks ago.
Demand
vasion of
was
principally from makers of cable, storage batteries, sheet lead and pipe,
oxides.
and
Many
calls
for
prompt
delivery
reported.
were
A
household
tight
month
that
curtailed
temporarily
refinery
Producers
output.
basis
of the
tons.
American
Smelting
&
Refining
Co.,
and
automobiles, bringing Ford's total steel purchases for 1941 models to more
than 210,000 tons.
this
summer
Sales by
is
against 7,314 tons in the preceding week.
common
structural steel awards for the first eight months of 1940 are
the
Shipments of the
Undelivered
of which 4,494 tons
were
totaled
6He., St. Louis.
shipped from Canada and
Age"
at
1,070,380 tons compared with
21,600 tons
Fabricated
2,660 tons for
10,081
estimated by
1,111,375 tons in the
Structural steel awards for the past week
(compared with 22,000 tons in the preceding week)
Co.'s Lackawanna plant with
and included 5,000 tons for Bethlehem Steel
Imports of zinc concentrate during July totaled 14,575 tons (zinc con¬
tent),
"Iron
corresponding period of 1939.
con¬
zinc now total 61,569 tons.
The quotation for Prime Western continued at
Mills (are
in structural shape production.
be found
may
feature of the current
mid-October
observers are already predicting that by
projects, many of which are for defense, are extremely large.
has resulted chiefly from export orders.
of
bottle-neck
some
operating at capacity and the tonnages involved in impending Government
the Prime Western division for the week ended Aug. 24 amounted
the books of producers
on
a
The bulge in consumption of zinc
anything but clear.
grades for the same period totaled 5,393 tons.
common
steel market and
but producers, in most in¬
discouraging consumers from overbuying because the long-
are
to 5,530 tons,
tracts
Improvement in buying of structural shapes is a
nearby position in zinc remains firm,
outlook
term
,
8p,000 tons of steel by Ford Motor Co. was expected to be
completed this week on a second period production budget for 150,000
Zinc
stances,
.v'
Purchase of
4.75c., St. Louis.
The
by the Wabash and 20,000 tons for the Central do Brazil, totaled 54,600
tons
Quotations remained steady at 4.90c., New York, which was also the
settling
the 26,400-ton
by Illinois Central being the largest order for rails
Rail buying for the last two weeks, including 5.00C
placed since mid-June.
believe
Shipments for August, according to trade
estimates, will reach 50,000 tons.
contract
of products such as farm implements and
Railroad buying is more active,
equipment.
rail purchase this week
position exists in one brand of a producer, due to the extreme heat of this
consumption is holding up well.
England but which is being supported by substantial "peacetime"*
demand from makers of a variety
New structural steel
the Cherokee Dam, Tenn.
a trestle at
projects of 21,850 tons compared with 23,700 tons last week and
tons
8,000 tons for
from Mexico.
Included
Tin
in
include
Douglas Aircraft Co. plant at Long Beach, Calif.
a
reinforcing steel
for
awards of 13,965 tons are 5,000 tons
Naval aviation facilities and defense construction on islands in the Pacific,
and 2,300 tons for the Kingsboro housing
Very little business was done in the tin market during the last week, with
prices
Straits
for
remaining at
50.625c.
for the seven-day period.
liveries of good tonnages of tin are being made from the East,
Mixed trends in sentiment
De¬
all of the
^
metal moving into strong hands, principally consumers.
The rate of tin-
plate operations declined during the week to around 55% of capacity.
Quotations for
Straits in London declined during the week.
discussions in Washington
respecting the construction of
a
World
production of tin during July
estimate by the International
an
This
the first
the
with
compares
seven
18,800 long tons, according to
(revised)
tons
in
June.
Production
Sept.
Oct.
Nov.
24...50.500 50.350 50.200 50.150
Chinese
tin,
99%
85% of the United States output.
2.236c.
Low
High
Apr. 16
spot,
Aug. 27-..50.625 50.250 50.200 50.15o
Aug. 28—.50.625 50.250 50.200 50 150
nominally
was
as
follows:
Aug. 22,
49,875c.',
Aug. 23, 49.875c.; Aug. 24, 49.875c.; Aug. 26, 49.875c.; Aug. 27, 49.8753.;
2.261c.
Jan.
2
2.211c.
2.286c.
Jan.
3
2.236c.
2.512c.
May 17
2.211c.
Oct.
1937
Aug.
Sept.
Oct.
Nov.
Aug. 26._-50.625 50.350 50.250 50.20o
1940
1938
year.
Aug. 22...50.500 50.350 50.200 50.150
Aug. 23..-50.500 50.350 50.200 50.150
Aug.
One year ago
1939
Straits tin for future arrival was quoted as follows:
Aug.
Based on steel bars, beams, tank plates,
Aug. 27, 1940, 2.261c. a Lb.
2.261c.
wire, rails, black pipe, sheets, and hot
rolled strips.
These products represent
2.261c.
One week ago
One month ago
during
months of 1940 totaled 124,400 tons, against 77,660 tons in
period last
same
20,100
was
Finished Steel
tin smelter here
Tin Research and Development Council.
$19.08.
COMPOSITE PRICES
THE "IRON AGE"
Further
believed near at hand.
are
A 25c. increase in No. 1 heavy melting
Philadelphia has lifted the "Iron Age" scrap composite to
at
heavy
noted in the scrap market despite
are
steel company melting schedules.
'steel
project in Brooklyn.
2.512c.
Mar.
9
2.249c.
Jan.
Dec. 28
2.016c.
Mar. 10
1936
..2.249c.
May 16
18
4
Pig Iron
Based on average for basic Iron at
Aug. 27, 1940, $22.61 a Gross Ton
One week ago
One month ago
furnace
$22.61
and foundry
Southern Iron at Cincinnati.
Aug. 28, 50.000c.
Low
High
1940
Straits
Electrolytic Copper
Dom.,Refy. Exp., Refy.
Tin
Zinc
Lead
New York
New York
St. Louis
2
20.61
June 21
19.61
23.25
Mar.
19.73
Nov. 24
2
Sept. 12
$22.61
Sept. 19
23.25
1936
("E. & M. J." QUOTATIONS)
22.61
1937
OF METALS
1939..
1938
DAILY PRICES
and
Valley,
Philadelphia,
20.61
One year ago
Valley
iron at Chicago,
Buffalo,
22.61
$22.61
Jan.
9
Jan.
20.25
.
18.73
July
6
Feb. 16
Aug. 11
Steel Scrap
St. Louis
Based on
No.
1
heavy melting stee
Aug. 27, 1940, $19.08 a Gross Ton
$19.00
quotations at Pittsburgh, Philadelphia,
Aug. 22
10.775
9.875
50.625
4.90
4.75
6.50
One week ago
Aug. 23
10.775
9.850
50.625
4.90
4.75
6.50
Aug. 24
10.775
9.850
50.625
4.90
4.75
6.50
One month ago
One year ago
Aug. 26
10.775
9.850
50.625
4.90
4.75
6.50
v.
and Chicago.
18.17
15.62
10.775
9.850
50.625
4.90
4.75
6.50
1940
$19.92
10.775
9.850
50.625
4.90
4.75
6.50
1939
1938
22.50
Oct.
Average
Average
refinery;
.
-
10.775
prices lor
10.754c.;
9.854
calendar
export
50.625
week
copper
ended
f.o.b.
New York lead, 4.850c.; St. Louis lead,
4.90
Aug. 24
refinery,
are:
6.50
4.75
Straits
tin,
4.700c.; St. Louis zinc, 6.500c.
50.646c.
and silver
The above quotations are "M. & M..M.'8" appraisal of the major United State®
markets, based
on
sales
reported
by producers
and
agencies.
They are reduced
to the basis of cash. New York or St. Louis, as noted. All prices are In cents per pound
American
•
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that
Is, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Delivered
prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantlo sea¬
board.
On foreign business, owing to the European
war, most sellers are restricting
offerings to f.a.s. transactions, dollar basis. Quotations, for the present, reflect this
change in method of doing business.
A total of 0.05 Is deducted from f.a.s. basis
(lighterage, &c.) to arrive at the f.o.b. refinery quotation.
European
the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: Aug. 22, spot, £260;
three months, £260%; Aug. 23, spot,
£260%; three months,
£261; Aug. 26, spot, £260, three months, £260%; Aug. 27,
spot, £258%, three months, £258%, and Aug. 28, spot,
£257%, three months, £258.
war
Nov. 22
11.00
May 12
June
6
Mar. 30
12.92
Nov. 16
Dec. 21
12.67
June
Steel Institute
on
Apr.
Aug. 26
1
an¬
telegraphic reports which it had received indi¬
operating rate of steel compares having 97%
of the steel capacity of the industry will be 91.3% of capacity
for the week beginning Aug. 26, compared with 89.7% one
week ago, 90.4% one month ago, and 63% one year ago.
This represents an increase of 1.6 points or 1.8%, from the
estimate for the week ended Aug. 19, 1940.
Weekly indi¬
nounced that
cated
that
cated rates of steel operations
Aug.
7
60.1%
Nov. 20
Aug.
14
62.1%
Nov. 27
Aug. 21
62.2%
Dec.
Aug. 28
63.0%
4
58.6%
Sept. 11.....70.2%
Sept. 18
79.3%
Sept. 25
83.8%
Oct.
2
87.5%
Dec.
Oct.
16
Oct.
23
Oct.
30
Nov.
6
Nov. 13
93.9% Feb. 26
94.4% Mar.
4
92.8% Mar. 11
11
91.2% Mar. 18
Dec.
18
Dec.
25
90.0% Mar. 25
1
73.7% Apr.
Jan.
15
Apr.
8
85.7% Apr. 15
86.1% Apr. 22
84.8% Apr. 29
90.3%
Jan.
22
82.2% May
90.2%
91.0%
92.5%
Jan.
29
j
Feb
~ •
Feb.
12
77.3% May 13
71.7% May 20
68.8% May 27
93.5%!
Feb.
19
67.1%
1940—
Jan.
1
Jan.
9.....88.6%
Oct.
4
since Aug. 7, 1939, follow:
8
5
1940—
1940—
1939—
1939—
Sept.
Due to the
Iron and
14.08
17.75
-
$16.04
3
21.92
1936
The
34.750c.
2
June 18
15.00
1937
Domestic copper f.o.b.
9.858c.;
Low
High
Aug. 27
Aug. 28
June
6
3
65.9%
64.6%
64.7%
10
84.6%
June 17
87.7%
86,5%
June
June 24
62.4%
60.7%
July
61.7%
61.3%
60.9%
60.0%
July
61.8%
65.8%
70.0%
73.0%
76.9%
80.3%
July
July
July
Aug.
Aug.
Aug.
Aug.
74.2%
86.4%
86.8%
22
88.2%
29
90.4%
5
90.5%
12
89.5%
19
89.7%
26-----91.3%
1
8
15
Volume
The Commercial & Financial Chronicle
151
"Steel" of Cleveland, in its summary of the iron
markets,
on
8,840.
and steel
consumers, mindful of expected increase in demand as defense needs
reach
shipments in general
made
in
fall.
care
to put
Tin plate
feeling is that
show
the
are not
Iron
possible.
as
in
prices for fourth quarter the general
An¬
seeking protection on future deliveries,
quiet situation, in which buying is largely for specific
needs instead of inventory.
way to accumulate
However,
some
effort is being made in a small
moderate stocks against possible delay in deliveries
ore
in
influence raised the
same
production last week dropping to 62% from
Export demand is fair but does
buying.
consumption continues to increase, furnaces using 5,493,961 tons
and
1929
this
the best
a
This
gain.
the highest
was
Seven months'
year.
total was
32,826,627 tons, 63% more than for the like period last year.
total
75% above the
was
bulk carriers
month.
;
,
July, the third successive month showing
July rate since
Con¬
period may be made within a short time.
and
no concern
factor in
one
as to
important change will be made on steel products.
no
nouncement for the final
sumers
much of the load
carry as
inkling has been given
no
The
$37.74.
drags somewhat under burden of considerable stocks in hands
not make up for lack of domestic
made
While steelmaking
changed last week a stiffening in the East caused the
the level of 70% maintained for some time.
for part of imminent increased buying in early
equipment in condition to
While
little
were
of producers and consumers,
I
The margin of possible increase is small but every effort is being
However, supplies are increas¬
the price advances, which will moderate the rise.
iron and steel compsite one cent to
Current
close to rate of bookings and little progress is being
are
reducing backlogs.
end, which will
an
as
composite to advance four cents to $18.87.
products continue to
on some
steel requiring special treatment.
on
Somewhat larger production is expected when vacation interruptions are
at
expected when melters enter the market.
ing
grades
further, especially
buying is light much strength is apparent and higher prices
are
contract stage.
Despite the high rate of output, deliveries
In the comparable week last year production was 18,365 cars.
While scrap
With production close to the practical
ceiling, some plants above theo¬
retical capacity, the steel industry continues its effort to fill requirements of
extend
This movement is contra-seasonal, attributed to early sales of 1941
models.
Aug. 26 stated:
1207
Ore
compared
The July
All but two Great Lakes
month in 1939.
same
carrying
were
Aug. 15, a gain of one from the preceding
ore
hand at docks and furnaces Aug. 1 totaled 28,128,054 tons,
on
with
23,515,802
July
tons
A
1.
ago
year
stocks
were
28,-
507,243 tons.
the next few months.
Some apprehension is
iron.
other
two
developing
An important steelmaker
interests.
While
over
possible shortage of coke and pig
recently bartered scrap for pig iron with
shortage has developed yet it is possible
no
enlarged steelmaking and foundry operations, coupled with large domestic
coke demand in the fall,
Production last week
week.
Youngstown,
causing
a
may
rose
cause
difficulties.
H-point, to 90.5%, the rate of the preceding
Ohio, producers took off
loss of 3 points to 83 %.
plant idle for vacation resumed work.
a
Detroit gained 3 points to 92%
New England 5 points to 85, Buffalo 2 points to 90
98 and Cleveland
99%;
Eastern
H, Chicago j^-point to
78;
Cincinnati,
89;
Birmingham,
Louis, 77.5.
steel
Steel
estimated
is
at
are
credited
with
89%,
compared
The following table gives a
comparison of the percentage of production
with the nearest corresponding
week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
u. s
Industry
1940
90 H
Frequently tonnage speci¬
1939
63
quantities asked and this is expected to be the case
1938
44
93
y
+
.
57
Independents
Steel
89
y
—
+3
84
+3
84
+
+ 1
72 y
1935......
45
—5VJ
69 H
37
Railroad buying is irregular, last week bringing no large inquiries or
1934
19
—1
19
Chesapeake & Ohio is asking bids on 10 heavy locomotives, the
1933
42
—7
Sept. 25, will be over 10,000 tons, mainly plates.
United States army 160 to 660 tank cars and the Virginian 10,000 tons
rails and
Rail requirements
accessories.
roads and buying may
are
3,257
over
being figured by numerous
be earlier than usual this fall.
Automobile output continues to gain, last
units,
of
the preceding period,
31
1930
57K
—
87 y
—i y
increase of
previous
a
1927
67 y2
-v
^
—7
—1
42 y
—6
—8 y
—
y
13 y
—
34
y
29
65
—i
—i
—
y
—i
51
93
H
y
50
83
—2
+ iy
77 y
1928
H
—
—
19 K
12
—1
1929
week's production being 23,732
following
13
1931
+1
—
75
H
—4
41
1932
+3
49 y
37 y
1936
Requirements for 10 seaplane tenders, which will be bid
+iy
69 y
~iy
+2
84
purchases.
with
87H % in the week before and 88^ % two weeks ago.
1937.
in this instance.
gp
in the two preceding
93%, against 93M%
independents
Leading
The navy will open bids
buying continues heavy.
well ahead of
runs
St.
than 116,000 tons for various navy yards, to cover expected
on more
requirements for six months ended March 31.
fied
S.
..
Government
Sept. 6
88;
U.
weeks.
,
Rates were unchanged at Wheeling,
J^-point to 86^.
Pennsylvania,
for repairs,
hearths
open
Pittsburgh regained 3 points to 83 % as
Steel ingot production for the week ended Aug. 26, is
placed at 903^% of capacity, according to the "Wall Street
Journal" of Aug. 29.
This compares with 90% in the
previous week and 9034% two weeks ago.
The "Journal"
further reported:
77
77 y
+2
^
69
65
—1
—
Current Events and Discussions
The
Week
with
the
Federal
Reserve
New York City
Banks
Aug. 28 Aug. 21
During the week ended Aug. 28 member bank reserve
Additions to member bank
reserves arose from increases of $71,000,000 in gold
stock
and $4,000,000 in Treasury currency, and a decrease of
$76,000,000 in Treasury deposits with Federal Reserve banks,
offset in part by a decrease of $12,000,000 in Reserve
Bank credit, and increases of $30,000,000 in money in
circulation and $12,000,000 in non-member deposits and
balances increased $97,000,000.
Excess
other Federal Reserve accounts.
banks
reserves
of member
estimated to be approximately $6,490,000,000, an increase of $70,000,000 for the week.
^Holdings of United States Treasury notes decreased
$4,000,000 for the week.
The statement in full for the week ended Aug. 28 will be
found on pages 1234 and 1235.
Changes in member bank reserve balances and related
items during the week and year ended Aug. 28, 1940, follow:
Aug. 28
on
were
Increase
(+) or Decrease
(—)
Aug. 28, 1940
...
i
•
;
••
.,
: -
Aug. 21, 1940
g
g
.
4,000,000
Bills discounted
Aug. 30, 1939
+1,000,000
—2,000,000
—1,000,000
advances
—4,000,000
2,442,000,000
and guaranteed
Industrial
(not
Loans to brokers and dealers..
+23,000,000
+ 32,000,000
+ 4,233,000,000
+129,000,000
+ 2,565,000,000
+30,000,000
+ 865,000,000
—36,000,000
—76,000,000
+104,000,000
—9,000,000
—12,000,000
+ 71,000,000
+ 4,000,000
+ 97,000,000
26,000,000
2,480,000,000
20,871,000,000
Treasury currency
3,034,000,000
Member bank reserve balances
13,516,000,000
Money In circulation
8,006,000,000
Treasury cash
2,291,000,000
Treasury deposits with F.R. banks._
813,000,000
Nonmember deposits and other Fed¬
eral Reserve accounts
1,759,000,000
Gold stock
.
+12,000,000
+ 896,000,000
Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the Board of
Governors of the
the New York City member
banks and also for the Chicago member banks for the cur¬
rent wreek, issued in advance of full statements of the mem¬
ber banks which will not be available until the coming
Reserve System for
WEEKLY REPORTING MEMBER BANKS
CENTRAL RESERVE CITIES
New York
166
183
60
124
31
124
29
118
18
18
388
324
1,062
385
343
1,062
384
825
160
2,644
2,643
2,136
729
1,372
1,429
1,147
143
144
154
6,470
85
78
319
1,373
1,428
6,422
80
80
322
9,727
714
35
3,640
626
Other loans................
Treasury bills
Treasury notes
........—....
United States bonds........__
guaranteed
Obligations
Aug. 21
1940
1940
Aug. 30
by
Other securities.
Reserve with Fed. Res.
banks..
Cash in vault..
39
194
-
_
-
14
km
50
55
56
310
:
241
159
245
731
306
656
the
United States Government
—
Balances with domestic banks..
Other assets—net
1,221
359
359
326
5,499
1,200
1,177
927
71
43
42
39
72
258
255
213
378
45
43
49
8,195
1,970
1,942
1,729
647
507
507
496
48
94
94
63
3,629
617
3,112
1,003
1,004
808
613
7
7
13
286
"303
""15
""is
~13
Liabilities—
Demand
deposits—adjusted
Time deposits...
9,732
710
35
Inter-bank deposits:
...—.
Foreign banks
Borrowings.^
....
283
1,495
1,495
Capital accounts
Complete
1939
9,568
9,600
S.379
Returns
Reserve
As
of Member
Banks of
the Federal
System for the Preceding Week
explained above, the statements 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 System for that week ended with the close
of business Aug. 21.
The condition statement
of weekly reporting member banks in 101 lead¬
the following principal changes for the week ended Aug. 21:
of $68,000,000 in holdings of "Other securities," $94,000,000 in
ing cities shows
balances with Federal Reserve banks, and
$167,000,000 in demand
deposits-adjusted.
1940
1940
Aug. 30
1939
2,305
2,307
2,161
York City
United
bills increased $14,000,000 in New
and $2,000,000 at all reporting member banks.
States
Government bonds decreased $20,000,000 at
member banks.
New York City
in
all reporting member banks.
Holdings of United States Treasury
Chicago
Aug. 28 Aug. 21
$$$$$$
Investments—total..
68
162
60
____
New York City and $6,000,000 at
City
Aug. 28
Assets—
35
Commercial, industrial and agricultural loans decreased $12,000,000
(In Millions of Dollars)
Loans and
19
22'
........
carrying securities
Loans to banks..
reserve
IN
21
23
273
Other loans for purchasing or
Real estate loans
Increases
Monday.
ASSETS AND LIABILITIES OF
21
259
'
+
Other reserve bank credit
Federal
353
120
467
1,545
—3,000,000
9,000,000
Total Reserve bank credit
of
539
428
2,856
1,691
83
including
$8,000,000 commitments—Aug. 21
Returns
+16,000,000
604
430
2,751
and
Other liabilities
Government securities, direct
608
2,737
1,691
82
...
Commercial,
industrial
agricultural loans...
Open market paper
Domestic banks...
g
Bills bought
U. S.
•
-Chicago
Aug. 30 Aug. 28 Aug. 21 Aug. 30
1939
lu40
1940
1939
$$$$$$
Assets—
Loans—total
United States Govt, deposits
Since
1940
1940
Holdings of
all reporting
Holdings of "Other securities" increased $66,000,000 in
and $68,000,000 at all reporting member banks.
The Commercial & Financial Chronicle
1208
Demand
deposits-adjusted increased $112,000,000 in
New
York
16
City,
$21,000,000 in the Chicago district, $13,000,000 in the Cleveland district,
$10,000,000
the
in
banks.
member
Boston
district,
and
Time deposits increased
$167,000,000
all
at
belligerents.
$10,000,000.
Time Expires
district, $6,000,000 in New York City, and $28,000,000 at all reporting
member
banks.
The time
Deposits credited to foreign banks decreased $12,000,000
A summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Aug. 21, 1940, follows:
Increase
Aug. 21, 1940
Assets—
(+)
or
Decrease
Since
Aug. 14, 1940
(—)
Aug. 23, 1939
$
24,180,000,000
8,509,000,000
+ 1,840,000,000
+3.000,000
+331,000,000
—6,000,000
+ 1,000,000
+ 517,000,000
295,000,000
377,000,000
+ 1,000,000
—262,000,000
473,000,000
............
+ 59,000,000
4,455,000,000
Loans—total
+4,000,000
Commercial, Industrial, and agri¬
cultural loans
Open market paper
Loans
loans
for
purchasing
—17,000,000
carrying securities..........
1,215,000,000
Loans to banks.....
Other loans...
39,000,000
1,655,000,000
—.
..............
735,000,000
Treasury notes................. 2,116,000,000
United States bonds
6,560,000,000
Obligations guaranteed by United
States Government
2,583,000,000
Treasury bills.....
....
.
.
+4,000,000
+ 68,000,000
+ 94,000,000
—15,000,000
+ 5,000,000
+ 167,000,000
+ 3,121,000,000
+ 10,000,000
+ 96,000,000
—11.000,000
8,369,000,000
672,000,000
—28,000,000
—13,000,000
+ 1,000,000
—5,000,000
3,677,000,000
Reserve with Fed. Res, banks—..11,348,000,000
Cash in vault
490,000,000
3,173,000,000
Balances with domestic banks
IAaMlUles—
®>
Demand deposits—adjusted
20,956,000,000
5,346,000.000
Time deposits
United States Government deposits
528,000,000
Inter-bank deposits:
Domestic banks
Foreign banks.....
....
Borrowings....................
United
On
Aug 30, the Securities and Exchange Commission
public a summary for the week ended Aug. 24 of com¬
plete figures showing the volume of stock transactions for
the
German
waters.
the
The vessel had been led from Petsamo by two Finnish
patrol ships through
the North Cape, and then
up to
British warships through mines
studding the
and the Hebrides before the trans-Atlantic
was
the
same
were
day.
Passengers and correspondents
until the vessel
regular
news
was
the
as
two
the ship
their life preservers most of the time.
were not allowed to send wireless
messages
escort today, but
and brought crowds daily to the bulletin
board.
The American
Legion left Petsamo, in northern Finland,
On Aug.
19 she began the most dangerous part of the
trip,
which Germany refused to take any
responsibility.
During
through the
passage
of lookouts
when
was
sleeping
doubled.
or
adrift, made this
eating.
area
Every
Heavy
seas,
16.
except
which must have set many mines
The ship slowed down and
boats and planes escorted the vessel
patrol
Aug.
north of the British Isles, the number
particularly dangerous.
picked its way cautiously.
British
on
that part for
one was ordered to wear lifebelts
area
through the
area.
Most of the passengers remained
calm, although two slept on deck in their
life preservers.
Lifeboats
were
unlashed and hung on their
davits, ready to be lowered
instantly.
Princess Martha is
staying in the United States as a guest
of President Roosevelt for the duration of the
war.
She and
her three children arrived at the Roosevelt
home
in
Park, N. Y.,
on
Aug. 29.
Hyde
Later that day the President and
Mrs. Roosevelt escorted the
Dutchess County Fair at
a
Total
for WecJt
Odd-lot sales by dealers (customers* purchases):
Number of orders
8,812
Number of shares.
220,877
Dollar value
-
-
Royal Norwegian party
Rhinebeck, N. Y.
Customers' short sales
379
Customers' other sales,
a
9,940
Customers' total sales..
10,319
Number of shares:
Customers' short sales
9,610
235,833
Customers' other sales.a.
Customers' total sales.
245,443
Dollar value
;
7,755,083
Round-lot sales by dealers:
Number of shares:
Short sales
110
Other sales, b
57,760
Total sales.
57,870
Round-lot purchases by dealersNumber of shares
47,400
Sales marked "short exempt" are
reported with "other sales."
b Sales to offset customers* odd-lot
orders, and sales to liquidate a long position
which Is less than a round lot are
reported with "other sales."
a
to the
Trading
Curb
on
Exchanges
Securities
New York Stock and
New
Permitting American Ships to Bring Child Refugees
from European War Zones
Signed by President
Roosevelt
Legislation amending the Neutrality Act to
permit
American ships to enter the
European combat zones and
evacuate refugee children has been
signed by President
Roosevelt, it was announced by the White House on
Aug. 28.
The bill had passed the House on
Aug. 7 and was adopted
by the Senate on Aug. 19 in slightly different form.
The
House accepted the minor amendments on
Aug. 21 thus
completing congressional action; this was reported in our
issue of Aug. 24, page 1072. Under this bill
American vessels
are permitted to
transport from war zones children under
York
During Week Ended Aug. 10
and
Exchange Commission made public
figures showing the volume of total
round-lot stock sales on the New York Stock
Exchange and
the New York Curb
Exchange for the account of all members
of these exchanges in the week ended
Aug. 10, continuing
a series
of current figures
being published weekly by the
Commission.
Short sales are shown
separately from other
sales in these figures.
Trading on the Stock Exchange for the account of mem¬
bers during the week ended
Aug. 10 (in round-lot trans¬
actions) totaled 249,320 shares, which amount was 17.62%
of total transactions on the
Exchange of 1,584,480 shares.
This compares with member
trading during the previous
week ended Aug. 3 of
473,340 shares, or 21.13% of total
trading of 2,357,480 shares.
On the New York Curb Ex¬
change member trading during the week ended Aug. 10
yesterday (Aug. 30)
amounted to 60,430 shares, or
16.24% of the total volume on
that Exchange of 322,490
shares; during the preceding
week trading for the account of Curb
members of 87,150
shares was 20.94% of total
trading of 400,275 shares.
Commission made available the
following data for
the week ended Aug. 10:
The
The data published are based
upon weekly reports filed with the New
York Stock
Exchange and the New York Curb
members.
These reports
Exchange by their respective
are
classified
as
foUows:
New York,
Bill
7,891,117
-
Odd-lot purchases by dealers (customers* sales):
Number of orders:
American
safely in the hands of her American
reached
specialists
Exchange,
Week Ended Aug. 24, 1940
The
wore
and
Commission.
Member
journey home.
held constantly aboard ship, sometimes several
drills
Passengers
dealers
escorted by
destroyers steamed into sight.
Lifeboat drills
odd-lot
the New York Stock
coasts of the Shetland Islands
Hundreds of persons lined the rails and cheered
on
all
on
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
could not be responsible for the
heavy Russian mine fields
odd lots
STOCK
officials
had warned that they
ship's safety if it traveled
through British waters, but passengers on landing reported
that there were no alarms, although the
transport encoun¬
tered bad storms.
Diplomatic exchanges regarding the
journey were mentioned in the "Chronicle" of Aug. 24,
page 1068.
Among those on the American Legion were Crown Princess
Martha of Norway and her three children, as well as Mrs. J.
Borden Harriman, American Minister to
Norway. A convoy
of two United States destroyers met the
ship 500 miles from
New York and escorted it to port.
United Press advices of
Aug. 27 from the American Legion said in part:
of
account
series of current figures being published by
Figures for the previous week ended
Aug. 17 were reported in our issue of Aug. 24, page 1069.
The figures are based upon reports filed with the Commission
by the odd-lot dealers and specialists.
continuing
The United States Army transport American
Legion,
carrying 897 American war refugees from Europe, arrived
safely in New York Aug. 28, after a 12-day journey from
Petsamo, Finland, which led the vessel through mine-
infested
odd-lot
who handled
States
Transport American Legion, with 897
War Refugees, Arrives Safely in New York After
Perilous Voyage from Finland—Norwegian Crown
Princess Among Passengers
During
made
+1,190,000,000
+3,000,000
1,000,000
Other securities
Notes
+
—45,(
—45,000,000
+2,000,000 *"""^-+42,(
J,000,000
,000,000
-+14,(
+ 1,000,000
+ 110,000,000
+2,000,000
+ 241,000,000
+ 2,000,000
—22,000,000
—20,000,000
+ 659,000,000
+309,000,000
+322,000,000
+2,232,000,000
+47,000,000
+335,000,000
...
England
Odd-Lot Trading on New York Stock Exchange
Week Ended Aug. 24
or
Real estate loans
Bank of
depositing
to brokers and dealers In
securities..
Other
for Turning in
for
Bank of England notes with
registered banks in the United States expired at midnight,
Aug. 27. Under the rules issued last week (noted in these
columns of Aug. 24, page 1068) holders were advised that in
order to obtain value for sterling notes the latter were re¬
quired to be forwarded by the banks not later than Aug. 27.
These bank notes cannot now be imported into the United
Kingdom.
It was estimated by foreign currency dealers
that about £70,000 were absorbed by the market on the
closing day, with the total since the order was issued on
Aug. 21, approximating £300,000. The final quotation price
was S3.57 bid, $3.60 offered.
City.
Loans and investments—total
all
■
reporting
Deposits credited to domestic banks decreased $8,000,000 in the Cleveland
in New York
1940
31,
provided safe conduct is assured from
old
years
Aug.
New York
Stock
Total number of reports received
1. Reports showing transactions
2.
Curb
Exchange
Exchange
1,065
as
on
829
185
specialists
Reports showing other transactions initiated
floor
105
154
24
159
52
the
3. Reports showing other transactions initiated off
the
floor
4.
Reports showing no transactions
660
655
Note—On the New York Curb
Exchange, odd-lot transactions are handled solely
by specialists in the stocks In which they are registered and the round-lot trans¬
actions
of
specialists resulting from such odd-lot transactions are not
segregated
the specialists' other round-lot trades.
On the New York Stock Exchange,
the other hand, all but a fraction of the odd-lot transactions
are effected by
dealers engaged solely in the odd-lot
business.
As a result, the round-lot
from
on
actions of specialists in stocks in which
they are registered are not
on the two exchanges.
parable
The number
trans¬
directly
com¬
of reports in the various classifications
may total more
than the number of
reports received because a single report may carry
entries in more than one classification.
Volume
TOTAL
STOCK
ROUND-LOT
ON
SALES
THE
fessional
STOCK EX¬
NEW YORK
CHANGE AND ROUND-LOT STOCK TRANSACTIONS
OF MEMBERS ♦
FOR ACCOUNT
Week
Other sales.b
The
the odd-lot accounts of odd-lot dealers and specialists:
Transactions of specialists In stocks In which they are
150,790
registered—Total purchases
21,960
111,400
Short sales
Other sales.b
4.37
51,660
Total sales
309,060
4. Total—Total purchases
33,970
215,350
—
-
Other sales.b
17.62
249,320
Total sales
f- *4
.(
'
<
|
■
'
YORK CURB EX¬
STOCK TRANSACTIONS FOR ACCOUNT OF MEM¬
AND
SALES
STOCK
ROUND-LOT
CHANGE
4.28
5,110
46,550
Other sales.b
ON
THE
(SHARES)
One of the important
Per
Week
,
Cent a
Total round-lot sales:
Other sales.b
York
1
—
■"
-
have
I
Total sales
...
nation-wide cross
The New York Curb Exchange, for example, is actually a
City.
of ownership of industry, as represented
bought and sold.
Yet in the past,
educational effort, too many people outside of New York
gained an entirely different impression.
experience of our groups in these important
financial centers and their intimate knowledge of
27,595
42,665
conditions in their own
helpful in our efforts to create a broader public
understanding of the functions and policies of this Exchange.
regions will prove extremely
1,650
41,015
Other sales.b
a
We feel confident that the
B. Round-lot transactions for
Short sales
represent
such, are important to people living outside New
by their securities, may be conveniently
322,490
the account of members:
1. Transactions of specialists In stocks In which they are
registered—Total purchases
...
general public throughout the country
exchanges
the
that
section of industry and, as
because of poor
Total sales
fact
of the
meeting place where the evidences
3,990
318,500
;
tasks confronting the New York security exchanges
in the future is that of making the
conscious
Total for
Short sales
with the New York Curb Exchange's policy of
broadening the scope of activity of its Committee on Public
Relations, George P. Rea, President, announced on Aug.
23 the appointment of regional public relations groups in
Boston, Chicago and San Francisco.
The purpose, accord¬
ing to Mr. Rea, is to make the functions and policies of the
organization better known to tne public through Curb
Exchange members in individual communities.
These
groups will also act in an advisory capacity, offering sug¬
gestions from time to time as to how the Exchange can
improve its services and reflecting to the operating officials
in New York the reactions of members and the public in
their localities.
Mr. Rea stated:
NEW
Week Ended Aug. 10, 1940
A.
Regional Public
Chicago and San
Boston,
in
Francisco
86,870
Short sales
Exchange Appoints
Groups
In line
64,300
-
Curb
York
Relations
6,900
57,400
-
3. Other transactions Initiated off the floor—Total purchases
BERS •
New
71,400
Short sales
TOTAL
8.97
133,360
Total sales..
2. Other transactions Initiated on the floor—Tota 1 purchases
Total sales.
nationwide
nounced by the New
Round-lot transactions for account of members, except for
Other sales.b
its petition,
of the Asso¬
public relations program recently an¬
York Stock Exchange, was endorsed
by the Committee and steps taken to cooperate.
It is
planned to link the Association's educational program for
customers' brokers with tbe Exchange's approach to the
public,
1,584,480
Total sales
outside
clients.
abreast of corporate reports and inter¬
It was pointed out that the Committee, in
undertook to speak primarily for the members
ciation.
51,160
1,533,320
„
Short sales
in this business devote considerable time
national and domestic developments affecting our economy.
Per
Cent a
■
A-lTotal round-lot tales:
1.
men
analyzing securities and requirements of individual
Constant study is necessary to keep
Total for
B.
Many
men.
of market hours
(SHARES)
Week Ended Aug. 10, 1940
Short sales
1209
The Commercial & Financial Chronicle
151
These groups
H.
Boston—E.
10.89
of representatives are made up as follows:
Kittredge
(Hornblower & Weeks); Forrester A. Clark,
(Estabrook & Co.).
Reuben Thorson,
(Jackson & Curtis); Byron C. Webster, (Fuller, Rodney & Co.).
(H. C. Wainwright & Co.); Stanley E. Clark,
4,950
Initiated on the floor—Total purchases
2. Other transactions
Chicago—Joshua J.
900
Short sales
San
7,250
Other sales.b
D.
Francisco—William
W.
8,150
Total sales
the floor—Total purchases
Total sales...
9,615
*
3.32
44,370
3,790
56,640
Short sales
Other sales.b
60,430
Total sales—
C. Odd-lot transactions for the
Customers' short sales
of the Exchange to
a
stated:
They are:
&
16,909
"members"
Includes all Exchange members, their firms and their
afShares In members* transactions as per cent of twice total round-lot volume.
In calculating these percentages, the total of members' transactions Is compared
with twice the total round-lot volume on the Exchange for the reason that the total
nf members' transactions includes both purchases and sales, while the Exchange
volume Includes only sales.
which are exempted from restriction by the Commission
Included with "other sales."
b Round-lot short sales
rules are
c
Co., Fuller,
Irving E. Meyerhoff,
Smart & Co.,
members were appointed co-specialists and odd-lot
Hachtmann,
R. W. Phillips,
A. E. Turner and E. T. Wood.
Charles C. Renshaw, Chairman
no
Customers' Brokers Asks Exemption for
Members from Fair Labor Standards
Act
By way of emphasizing their belief in the professional
of the work of customers' brokers, the executive
committee of the Association of Customers' Brokers has
nature
directed
Whereas the "Fair Labor
Standards Act of 1938" has a section reading as
follows:
"Sec. 13
books so that the system can continue to
He said the appointments provide new
past.
improve Chicago
The
market services.
issue of July 13, page
(a) The provisions of sections
trator )";and
Whereas
Brokers
Fewer Adverse
ness
Effects of War Than Expected on Busi¬
Conditions in United States Seen by Guaranty
Trust
Co.
of New York—Sees Far-Reaching
Effect of National Defense Program on
the
of the Association of Customers'
of counseling and servicing customers'
Executive Committee
performed by its members, are of a professional nature.
Now, therefore,
be it
Resolved that this
Committee respectfully urges that the Administrator
of 1938" issue a ruling that the designated
Labor Standards Act
provisions of this Act
shall not apply to customers* brokers.
on this request, Allyn C.
Donaldson,
Association of Customers' Brokers' Legal
Committee, stated:
In
commenting
Chairman of the
Our work can
not be
certain hours any more
restricted in well-defined channels nor limited to
than the work of the doctor, lawyer or other pro¬
Indi¬
Busi¬
ness
At the close of its first year
to have
the
war
in Europe appears
had fewer adverse effects on current
business con¬
have been expected,
states the Guaranty Trust Co. of New York in the issue of
"The Guaranty Survey," its monthly review of business and
financial conditions in the United States and abroad, pub¬
lished on Aug. 26.
According to the "Survey" the war's
ditions
believes that the duties
of the "Fair
reported in
177.
(1) any employee
accounts as
function as in the
factors which will tend to
New York Stock Exchange ruling was
rect
6 and 7 shall not apply with respect
employed in a bona fide executive, administrative,
professional, or local retailing capacity, or in the capacity of outside salesman
(as such terms are defined and delimited by regulations of the Adminis¬
to
take over the
our
members in a letter that there would
odd-lot system. Mr. Renshaw
gratified with the eager willingness of local firms
petition to the Administrator of the Fair Labor
a
Standards Act of 1939 urging exemption from certain pro¬
visions of that Act.
The petition follows:
•
of the Floor Procedure Committee which
interruption in service in the optional
said the Committee was
Association of
F. Schenck Jr.,
Wm. B. Renshaw, Erank E. Rogers, Robert
John C. Stewart,
be
Paul M. Becker, Walter J. Buhler,
Chancellor Dougall, Walter Glass, Joseph Griffin, Geo. E.
Francis O. McDermott, Wm. H. Morse, Harry M. Payne,
Doty,
Arch
Frank E. McDonald & Co., E. P. Molloy, R. H.
Weinress & Co.
Smith Bros. & Co., Webster, Marsh & Co. and
They are: Joseph G. Blesch,
agents.
Norman Freehling
Cruttenden & Co., Kissilove & Feinberg, Langill & Co.,
recommended the appointments, told
exempt" are Included with "other sales."
Sales marked "short
members were appointed specialists and odd-lot dealers.
Morton D. Cahn, Fred W. Fairman & Co.,
Eighteen individual
special partners.
partners, including
The new
appointments will become effective at the close of business,
Aug. 28.
The announcement of the Chicago Exchange
Thirteen clearing
term
replace firms who resigned in accordance
ruling of the New York Stock Exchange.
28,778
Total sales
and
The Chicago Stock Exchange announced on Aug. 22 the
appointment by the Executive Committee of new specialists
and odd-lot dealers for issues in the optional odd-lot system
0
28,778
Total purchases
The
Pierce &
(Strassburger & Co.).
with
16.24
account of specialists:
Customers' other sales.c
♦
A.
Chicago Stock Exchange Appoints New Specialists
Odd-Lot Dealers for Optional Odd-Lot System
1,240
8,375
—
4. Total—Total purchases
E.
Lynch,
(Wm. Cavalier & Co.); Harry W. Sack.
11,825
Short sales
Other sales.b
2.03
& Beane);
(Merrill
Woods,
Cassatt); Harold P. Schlemmer,
3. Other transactions Initiated off
(Fenner
Derry,
in
this
country
than
might
been highly irregular and, in some direc¬
distinctly unfavorable.
On the whole, however, its
influence has probably been stimulating rather than other¬
wise."
In part, the "Survey" continues:
Unfortunatetly, these partly favorable effects are of minor significance
in comparison with the sweeping and permanent readjustments that the
war is likely to entail.
Both the nature and the extent of these prospective
"consequences have
tions,
The Commercial & Financial Chronicle
1210
changes will depend
It
largely on the duration and outcome of the conflict.
inevitable, however, that the war must eventually bring American
to face with some of the most difficult problems with which
seems
business
has
it
had
ever
the
of
preparation
United
insecurity.
States
for
The
tender for
No
will
be
those
defense,
related
induced
expenditure
of
by
the
to
an
huge
business
on
the
newly-adopted
awakened sense of
$1,000,
of
$10,000,
$100,000,
$500,000,
1940
amounts
and
or
$1,000,000
(maturity value).
deal.
to
Possibly the most far-reaehing of the war's indirect effects
in
will be issued in bearer form only, and in
They (the bills)
denominations
face
Aug. 31,
amount less
an
than
tender must be in multiples of $1,000.
$1,000 will
be considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e.g., 99.125.
program
on
national
Fractions must not
be used.
already appropriated, in
addition to the usual outlay for defense purposes, and of other billions to
follow is expected to provide a
major stimulation of general business for
and trust
companies and from responsible and recognized dealers in in-
vestment
securities.
On the other hand, the program involves a prospect of greatly
increased taxation and a mounting load of debt.
Other future effects of the war on economic conditions in this
country
tenders
some
will
the
years.
be governed chiefly
further
nature
as
of
the
that
will
Such
follow.
the
United
States
however,
visions
for
the
in
neither
the
attention
is
ently given
trade and
to
way
to
development.
Agreements reached in the recent interAmerican conference at Havana are generally gratifying,
although they
provide no definite indication of the steps to be taken in meeting post-war
problems.
indicating
These
general
a
preliminary
recognition
attempts
of
chiefly
readjustments
drastic
the
significant
that'
are
as
are
expected to become necessary as a result of the war.
sudden
of
rise
commodity prices.
Markets here evidently re¬
flected anticipation of the belligerents' need for indefinitely large quanti¬
ties of materials directly or indirectly required in the business of making
war, interruption or curtailment of ordinary production incident to military
was
a
mobilization
by the warring nations,
fhe trade of neutral
countries
American
economic
less reservation
A
factors
than
possible repetition
development
first
the
of
the
remain
well restrained
is
felt
available funds
international
increased
the
and
gain in imports.
expansion
substantially.
of
account
drawing
is
in
complete
no
perhaps
more
taxation,
In
the
only
further
foreign
many
disturbance
grave
has exceeded the comparable totals
has
exports
the
of
one
been
than
greater
months
war
has
the
hundred million dollars.
a
trade balance
currently increased
foreign
An
outstanding
States
is
The
unusual
bank
warfare;
it
Its
nature
had
been
is
of
balances
in
here
have
excess
been
made
by
war
financial
on
has
that
conditions
did
not
originate
way
for
some
resulted
recently
period
before
time
the
clearly revealed by trade and
in
.
Imports of gold have risen
almost twice the maximum
enormously;
amount
heavy inflow has continued, and
$20,689,000,000, approximately
of
the
which
huge
The
war.
in
have
reached
reserves
or
net receipts
reported for
$4,000,000,000
of
unprecedented
of each
war
any
during June
were
previous month.
The
gold
levels
is
in
on
Aug.
14
was
than at the beginning
reflected in bank deposits,
more
recent
months,
and
in
the
its equivalent.
of
A total of $235,835,000
was tendered to the offering last
$100,000,000 or thereabouts of 91-day Treasury
bills dated Aug. 28 and maturing Nov. 27, 1940,
Secretary
Morgenthau announced Aug. 26.
Of this amount $100,026,000 was accepted at an average rate of 0.028%.
The tenders to the offering were received at the Federal
of
Reserve banks and the branches thereof up to 2
p. m. (EST)
Reference to the offering appeared in our issue of
1071.
The following regarded the accepted
the offering is from the Secretary's announcement;
Aug. 26.
Aug. 24,
bids to
page
Total applied for
$235,835,000.
Total accepted $100,026,000.
Range of accepted bids:
High,
Average price,
In
and inheritance
No loss from the sale
as
a
the
shall be
acceptance
other
or
or
immediately
(Attention
taxes.
invited
to
from
exempt
other disposition of the Treasury
or
deduction,
is
not
are
or otherwise
recognized, for the
hereafter imposed by the United States
now or
Department Circular No.
the
pur¬
or any
of the
terms
418,
of
Treasury
amended, and this notice
as
bills and
the
govern
conditions
of
the
Young Democrats of Pennsylvania,
on
to
message
be
Aug. 25 warned that the Democratic
has succeeded
democratic
diverge
and
from
this
message is from a
the
New
"In
York
sending
Young Democrats of Penn¬
Democratic Course
to
it
whenever
had
failed
has
when
had
its
the
courage
to
sought
to
leaders
The
following concerning his
Wilkes-Barre, Pa., dispatch of Aug. 24 to
course.
''Times":
hearty greetings to the fourth biennial convention of
Young Democratic Clubs of Pennsylvania," the message said:
desire to emphasize a hard and
unchanging truth, which is that the
Democratic
party has succeeded whenever it had the courage to be
my
the
democratic.
"So my message to you is simply that
party
was
and
your country,
democracy."
liberal
The
the
Young
watchword of
"Politics,
can
Democrats
no
more
and
written
must
were
told
youth must
which
in
the
be conducted
could be expected
you
ever
correct
if
that
to
"the
the
your
true
world
best for
your
principles
cannot
stand
of
a
still;
be progress."
is
sense
the lines of
on
will do
you
adhere
a
another
half
name
century
for
ago
government,
than business
to function along with
messages
quill pens instead of typewriters,
instead of telephones," the President stated.
Net
Capital Inflow Into United States in May Amounted
to
$27,107,000—British Liquidation of U. S. Se¬
curities
Drops to Low Level
British
liquidation of American securities continued to
lag in May for the second consecutive month, the August
Treasury "Bulletin" disclosed on Aug. 29, 1940.
The Bulletin indicated that British
liquidation, which had
monthly rate of $20,000,European war, virtually was
suspended during the week ended May 22 but was resumed
on a
slightly larger scale the following week.
Decline in
British activity in the American stock markets
corresponded
to the period in which stock
prices sagged.
Net sales of the
United Kingdom in the 28 days ended
May 29, 1940 totaled
$4,755,000 compared with net sales of $5,104,000 in the
preceding four weeks.
progressed regularly at the
000 since
average
the outbreak of the
Statistics in the
Treasury Bulletin covering the 28 days
May 29 revealed that liquidation of foreign-owned
American securities in that period
aggregated $15,489,000.
Of this amount net sales of
$7,848,000 were recorded for
Asiatic countries and $3,959,000 for Canada.
Smaller net
sales were recorded for
France, Netherlands and Latin
America.
Switzerland showed net purchases of $5,908,000.
ended
The
Treasury's
Net
sales
of
announcement went
foreign-owned
American
to say:
on
securities
through May 29, 1940 totaled $84,137,000.
from
Aug.
30,
1939
Net sales of $152,118,000 by
the United
Kingdom in that period and $25,482,000 by Canada
partially
offset by net purchases of France and Switzerland.
Gross
purchases of American securities by foreigners in the four week
period ended May 29 totaled $58,893,000; gross sales were
$74,382,000.
99.990: equivalent rate approximately 0.040%.
99.993: equivalent rate approximately 0.028%.
(93% of the amount bid for at the low price
a
party
were
100.000.
Low,
of
Reserve banks in cash
sylvania to Adhere
began.
Received to Offering of $100.91-Day
Treasury
Bills—$i00,026,000
Accepted at Average Rate of 0.028%
week
any such respect
advised
their issue.
actual
Tenders of $235,835,000
000,000
be
the
reserves
of tenders, and to allot less
or parts
will
expressly
other disposition thereof will also be exempt, from all
estate
of any tax
prescribe
so
of
financial statistics,
the monetary gold stock
mounting stock
Treasury
the
funds to this
the
in
.
currently reported.
as
gift tax.)
Treasury
this
reported transfer of foreign
capital
under
not
the
of
the
in
concentration
a
exact
influence
evident
movement
the
of
on the
its possessions.
Payments
.
country.
except
or
bills shall be allowed
the
country, use of
the proceeds of sales here of foreign-owned American securities, and by
shipments of gold.
Receipts of the metal from abroad during1 the war
period, in fact, have greatly exceeded the merchandise trade balance.
United
Aug. 30,
on
branches thereof
"I
prices.
of
dropped below
accumulnteld
on
of
Treasury Decision 4550, ruling that Treasury hills
the
concern
The merchandise export balance of the United States has
of exports over imports
on
such
some
commodity markets will
period, despite the
war
whole,
a
or
announcement
Sept. 4, 1940.
on
President Roosevelt
the opposite direction—the
depression of
as
there
for American merchandise in
trade in the
commerce
earlier,
year
demand
consequent
American foreign
a
While
duration of the war,
the
a
in¬
The Treasury bills will be exempt, as to principal and interest, and
any
influences
quarters, and visions of
conflict.
regarding potentialities in
and
markets
war's
prices that accompanied
inflation of
some
current
for
curtailment of effective
cf
in
the
to
commodity values.
that inflationary influences in American
assurance
now
of
indicated by the 6udden wave of speculative buying
were
weeks
feared
attributed
course
of the great
the World War has been
tenders
President Roosevelt Warns
be
can
the
can
by
an
Payment at the price offered for Treasury bills allotted
gain from the sale
Although not all important price movements during the last 12 months
be properly regarded as effects of the war, few significant changes
with
Secretary
be made at the Federal
must
by
possible thereafter, probably
as soon as
applied for, and his action in
submitting
rejection thereof.
may
in
accompanied
and disruption and readjustment of
well.
as
Those
poses
Among the earliest reactions in the United States to the outbreak of the
The
be opened and public
reject any or all tenders
than the amount
for financing Latin American
modest program
more
a
industrial
directed
being
morning.
the right to
that
problems of Western Hemi¬
sphere defense and economic cooperation.
The plan for a huge inter¬
national cartel to deal in the surplus products of the Americas has appar¬
war
following
final.
Immediate
trade
acceptable prices will follow
As
outlined.
be
must
guaranty of payment
trust company.
the closing hour wil
to
up
political realignments nor the pro¬
may accompany them are clearly
impending
reorientation
economic
international trade.
others
express
1940, all tenders received at the Federal Reserve banks
economic
pattern of
post-war
or
by an
Immediately after the closing hour for receipt of tenders
the fighting, the duration of
settlements
accompanied
are
corporated bank
by factors that remain essentially unpredictable-—
the conflict, and the
of
progress
from
Tenders
deposit of 10% of the face amount of Treasury bills applied for, unless the
readjustments
likely to be undertaken abroad could largely determine the position
are
of
yet,
Tenders will be accepted without cash deposit from incorporated banks
sums
Net capital inflow into the United States from
May 1 to May 29 amounted
accepted.)
to
$27,107,000.
The inflow partly
was
traced to
a
decrease of $40,617,000
in
New
Issue
Tenders
of
$100,000,000
of
91-Day Treasury
Sold—Bills Dated Sept. 4, 1940
to
Treasury bills
a
new
offering of
$100,00U,UUU
of
Bills
91-dav
received at the Federal Reserve banks
and the branches thereof up to 2 p. m.
(EST) yesterday
(Aug. 30).
The bills, which were sold on a discount basis
to the
were
highest bidders,
Dec.
4,
1940.
The
are
dated Sept. 4 and will
mature
Treasury Department invited the
tenders on Wednesday (Aug. 28) instead of the usual
Friday
offering because of the Labor Day holiday on Mondav
(Sept. 2).
In announcing the offering the
Treasury had the following
on
to say:
American-short-term funds abroad, an increase here of $6,775,000 in
brokerage balances and the repatriation of $4,407,000 in foreign securities
held in this country.
Foreign short-term balances in the United States reached
$3,126,539,000
on
a record high of
May 22 but dropped to $3,066,410,000 the following week
and for the four week period declined $9,203,000.
Featuring the
$33,982,000
of
movement
its
funds.
of short-term balances,
The
mostly of refugee funds which
it seemed Switzerland
British
were
might become involved in the European
rose
made
up
war.
balances
increased
$17,917,000 to $354,507,000.
$32,393,000 to $319,133,000 mainly through gold sales.
Belgium funds, which
were
declined
in
term
Switzerland withdrew
apparently
transferred to domestic accounts when
short-term
French funds
these
withdrawals
were
$11,706,000
withdrawals
were
"frozen" here
the
28
days
to
made before the
balances of the Netherlands
on
May 10, by Executive Order,
$171,969,000.
order
declined
became
Nearly 60%
effective.
of
Short-
$14,787,000 to $198,299,000.
Volume
total reduction of United
Of the
totaled
$10,353,000;
United
foreigners,
claims on
States
Withdrawals of American funds
Japan decreased $12,360,000.
Kingdom,
Belgium,
$6,658,000;
$3,010,000;
with $1,257,000 and the United
increased
America
its
industries in this region.
securities held in the
the repatriation of its
Latin America
United States, buying back a total of $2,302,000.
Latin
war
*
led during May in
followed
brokerage balances here
MOVEMENT
FOREIGN
UNITED STATES
1935, TO MAY 29. 1940
THE
BETWEEN
COUNTRIES,
JAN. 2,
+ Indicates Inflow.
—
May 2 to
Mag 29, 1940
All
+ 32,891,000
+ 1,852,523,000
—8,998.000
+ 3,481;000
—30,535,000
+ 3,124,255,000
+ 31,414,000
+ 17,555,000
Germany
+ 34,575,000
+ 205,384,000
Canada
—793,000
+ 713,000
+ 164,130,000
_
other
Total
Kingdom.
France..
+ 18,352.000
...
—47,000
All
—21,000
+ 48,938,000
other
+ 95,110,000
Germany
All other
+ 765,588.000
—6,391,000
+ 1.081,527,000
—15,489,000
.
Canada
for
Movement in Transactions in Foreign
United
Kingdom
...
-s
+ 36,165.000
All
—34,000
+ 551,505,000
+ 1,632,000
+ 775,554,000
+ 4,407,000
+ 975,709,000
+ 29,466,000
+ 494,789,000
+ 33,272,000
+ 215,859,000
other
.
Total
Net Caoital
United
+ 171,535,000
Total
+ 27,107,000
Marketing of Power at
Taken
Interest of National Defense, Industrial Develop¬
President Roosevelt Coordinates
Bonneville and Grand Coulee Dams—Action
in
ment
and Domestic Consumption
President Roosevelt on Aug. 26
signed
an
Executive Order
coordinating the marketing of power at the Bonneville and
Grand Coulee dams on the Columbia River, in Washington
and
The
Oregon, under the Bonneville Power Administration.
Bonneville administration was originally set up as a
temporary agency for the marketing of
but Mr. Roosevelt had announced on
present emergency required that power
handled under a single agency.
Bonneville power,
Aug. 24 that the
from both dams be
signing the Executive Order, the President expressed
that neither Washington nor Oregon would enact
any State laws that would prevent municipalities
or co¬
operatives from taking advantage of power created at the
two dams.
In Washington advices, Aug. 28, to the New
York "Journal of Commerce, it was stated:
In
hope
the order, the Bonneville Administrator is
Under the terms of
to construct,
operate and maintain
Additional generators are
Coulee project.
the
authorized
the transmission lines and other facilities
delivered from the Grand
to be installed at this dam with
for marketing the power and energy
necessary
approval of the Secretary of Interior.
Grand Coulee,
largest hydro-electric
1
development in the world, is stil
time in
October.
Bonneville has been in operation for some months and is now
supplying power to a number of municipalities, utility districts and defense
under construction,
industries.
In his
but is expected to begin producing power some
...
Executive Order, the President
directed that the Bureau of Re¬
of Secretary Ickes shall provide the Bonneville
basic schedule of the power and energy to be available
clamation with the approval
Administrator with a
from
the Grand
Coulee Dam
rates
Coulee Dam project.
Power delivered from the Grand
by the Secretary. These
allocations of cost made pursuant to existing law.
project is to be marketed at rates fixed
will be based on
The
following is the White House announcement
Aug. 24 in connection
made
with the coordination of power re¬
sources:
The
President announced at
taking steps to
his Cabinet meeting yesterday that he is
coordinate the great power resources
of the Columbia River
of national defense, industrial development
and domestic consumption. By combining the marketing of power produced
at the Bonneville and Grand Coylee Dams under one marketing agency,
the transmission net work now under construction by the Bonneville Power
Administration will carry the low-cost power from both developments
available for the requirements
throughout the Pacific
To
Northwest.
bring this vitally important
step into effect the President
and the
Order combining the
and Bonneville dams under the
Bonneville Administration which was originally set up as a temporary
agency for the marketing of Bonneville power. The present
emergency
makes even more pressing the need for coordinating the power facilities of
the two projects and for providing a single agency for marketing the power
Secretary of the
Interior are preparing an Executive
marketing of power
in the
from Grand Coulee
region.
the 20-day waiting period
just signed the Investment
of
Act
1940;
Company Act of 1940
legislation which both
and the Invest¬
Houses of Congress
These Acts give the Securities and Exchange Com¬
investment trusts and investment counselors.
to regulate
power
milestone in this Administration's vigorous program—
begun in 1933 and supplemented in 1934, 1935, 1938 and again in 1939—to
protect the investor.
As the pressure of international affairs increases,
we are ready for the emergency because of our vigorous fight to put our
domestic affairs on a true democratic basis. We are cleaning house, putting
our financial machinery in good order.
This program is essential, not only
because it results in necessary reforms, but for the much more important
reason that it will enable us to absorb the shock of any crisis.
There is no necessity of reviewing in detail the many unhealthy practices
which this legislation is designed to eliminate.
It is enough to point out
that the investment trusts have themselves actively urged that an agency of
the Federal Government assume immediate supervision of their activities.
This attitude on the part of the investment trust industry and investment
advisers is most commendable.
It is a source of satisfaction that business men have at last come to
They mark another
—28,322,000
+ 5,076,446,000
..
other
the investment
the
to
Advisers
mission
—10,751,000
+ 3,442,000
+ 3,218,554,000
Germany
provide a
business enterprises which
to follow with respect to
passed unanimously.
Canada..
All
I have
ment
Movement—
Kingdom..
France
new
appearing in this issue under a separate head.
The text of President Roosevelt's statement follows:
+ 2,302,000
Germany
and
have signed today will enable the
vehicle to diversify
valuable source of equity capital
fullfill its basic purpose as a
registration of new securities under the
Securities Act of 1933.
The Commission's statement is
+ 68,000
+ 12,610,000
...
below.
have been unable to finance.
incident
+ 439,000
+ 132,433,000
..
+ 42,841,000
Canada
week ago,
On the day of the issuance of the President's statement
(Aug. 23) the SEC made known the general policy which it
—3,959,000
+16,000
SecuriliesL
France
small
deserving
banke
proposes
Total
making room for further
the small investors' risk and to
—4,755,000
—400,000
France
are
hopes that the act which I
I have great
Movement in Transactions in Domestic Securities—
Kingdom
we
investment trust industry to
+ 6,775,000
-t-281,344,000
+ 75,755,000
—12,447,000
—28,713,000
Total
United
a
completion of Congressional action on this measure,
which also contains a provision amending the Securities
Act of 1933 by permitting the'SEC to shorten the 20-day
waiting period for the offering of new securities, was noted
in our issue of Aug. 17, page 925.
In his statement of Aug. 23, President Roosevelt said:
+ 6,972,000
Germany
of
The
—96,000
+ 10,312.000
Canada.
Ad¬
At the same time we
1072.
This statement
Movement to Brokerage Balance—
United
23, of the
of 1940 and the Investment
noted that the President
had announced his approval of the bill in a statement stress¬
ing the Administration's program of protecting the investor.
page
$
$
Period
mission power to
counselors. It was indicated in these columns
Of Which from
+ 357,841,000
.
Bill
Com¬
regulate investment trusts and investment
+ 544,377,000
Kingdom
France
of
the Securities and Exchange
visers Act of 1940 giving
May 29, 1940
United
Signing
signing by President Roosevelt on Aug.
Investment Company Act
AND
to
Movement in Short-Term Banking Funds—
on
Respecting 20-Day Waiting
1933
The
Indicates Outflow.
Jan. 2, 1935,
Statement
Regulating Investment Companies and Investment
Advisers—Measure Also Amends Securities Act of
$6,620,000, Asia,
The following tabulation has been prepared from figures
appearing in the August issue of the Treasury "Bulletin":
CAPITAL
Roosevelt's
President
Kingdom with $439,000.
$2,800,000 and France, $713,000.
NEW
the
found in the Pacific Northwest
are a matter of national interest.
An abundance of low-cost electric power
available in the Columbia River region will accelerate the supply of neces¬
sary minerals for national defense because electricity is an important factor
in the processing of many of these minerals.
It will also provide power for
strategic and critical mineral reserves
many
Switzerland, $1,423,000
Argentina, $4,024,000; Brazil, $2:337,000; and Cuba, $1,441,000.
Ameri¬
can short-term
balances in the Philippines increased $2,037,000 and in
China $598,000.
makes evident the fact that
The present national defense emergency
claims on
in Canada
Germany, $2,028,000; the Netherlands, $4,778,000;
Canada
1211
Commercial & Financial Chronicle
The
151
the honest business
particular corner of
the business community.
In the case of this legislation, it deserves notice
that the investment trust industry insisted that the Congress grant to the
Securities and Exchange Commission broader discretionary powers than
those contemplated in the original regulatory proposals.
Not only is this a
tribute to the personnel of the SEC, and an endorsement of its wisdom and
essential fairness in handling financial problems, but it serves well to indicate
that many business men now realize that efficient regulation in technical
fields such as this requires an administering agency which has been given
recognize that it is
man
this Administration's purpose to aid
bringing higher standards to his
and to assist him in
flexible powers to meet
whatever problems may arise.
long way since
crash swept away the veil which
up to then had hidden the "behind-the-scenes" activity of our high financiers
and showed all too clearly the sham and deceit which characterized so many
This in itself is
the bleak days
enough to demonstrate that we have come a
of 1929, when the market
of their actions.
Looking back at
placed under the jurisdiction
Administration's program is
1933 the Securities Act was passed, preventing misrep¬
fraud and requiring full disclosure by those who wished to
established to protect the investor.
The SEC has been
the various acts
of
that
which have been passed and
In
apparent.
resentation and
sell securities.
breadth
the
Commission,
of this
In 1934 the Securities
Exchange Act was passed,
regulating
and placing curbs on
Holding Company Act
was passed.
In 1938 the Bankruptcy Act was amended to enable the SEC
to participate in corporate reorganizations in order to act as technical
adviser to the Court and advocate for the best interests of the small and
stock exchanges,
preventing market manipulations,
excessive speculation.
inarticulate security
was
In 1935 the Public Utility
holders.
Finally, only last year,
passed requiring corporate trustees
additional legislation
under indentures to assume true
fiduciary obligations.
of this program can be found
utility holding companies. During
the 1920's these corporate monstrosities had been permitted to pyramid
stockholdings on top of stock holdings until a few men at the top, with only a
miscroscopic investment of their own, could control the smallest action of
those who ran the far flung operating companies at the base of the pyramid.
No
better
than in the
Watered
example of the true meaning
legislation regulating public
stock and
management.
high
rates to
consumers
signified holding company
Those at the top juggled corporations
to the American way of life
This situation was contrary
for selfish purposes.
and, had the holding
checked, they would have threatened the very existence
of our democratic processes.
The Public Utility Holding Company Act of
1935 is designed to break down these top-heavy structures to the end that
local operating managements will come back into their own and be given an
opportunity to serve the immediate community without being subjected
to the direction of an absentee and dictatorial holding company manage¬
companies not been
ment.
In every
and successful effort has been
banker, the broker and the dealer, the
direction a conscientious
require the investment
great financial institutions
recognize the high responsibilities they owe to the public.
salesman,
the issuer, and the
made to
security
themselves to
The Commercial & Financial Chronicle
1212
We will continue to push our program for the protection of
the investor
on all fronts because we are convinced of its essential
soundness.
I have
great hopes that the Act which I have signed today will enable the invest¬
ment trust
industry to fulfill its basic purpose
deserving small and
new business
Meanwhile, the National Defense Advisory Commission
Aug. 26 asked Congress to authorize an expenditure of
$150,000,000 to provide housing for persons engaged in
on
vehicle to diversify the
as a
small investors' risk and to provide a valuable source of
Aug. 31, 1940
r
national defense activities.
equity capital for
Speaker Bankhead in
enterprises which the investment bankers
have been unable to finance.
tor of Defense
The request was transmitted to
letter from C. F. Palmer, Coordina¬
a
Housing.
took further action on Aug. 28, to
housing shortages threatening to obstruct the
national defense program when he approved loans and al¬
locations of $9,232,000 of United States Housing Authority
funds to build 2,324 homes for families of defense
workers,
President Roosevelt
President
Roosevelt
relieve serious
Says
Any Delay in Armament
Program Is Due to Congressional Inactivity—Re¬
ports Airplane Production Now at 10,000 Yearly
Rate
inlfive vital defense centers. This brings the total amount
setjaside for defense housing to $28,675,000, which will
provide new dwellings for 7,475 families. Previous reference
to these loans was made in our issue of Aug. 17, page 930.
President Roosevelt said at his press conference
on Aug.
responsible for any delay in the national
defense program by failing to pass the selective
military
service bill, the $5,000,000,000
supplemental defense ap¬
propriation bill and the excess profits tax bill.
The Presi¬
dent, in reply to criticism of the progress being made in
airplane production, stated that military planes are now being
produced at the rate of 10,000 a year.
He added that this
rate would be increased to 13,000 or
14,000 by Jan. 1, to
24,000 before the end of 1941 and to 36,000 airplanes in 1942.
Regarding his remarks a Washington dispatch Aug. 27 to
27 that
Congress
was
Senate Passes
Roosevelt
rejected suggestions that
be set up as a separate defense
department,
Navy
Departments,
planes.
tion
Mr.
important
went so far as to say
professing
than
nation's
poses
After
force
over
military
the
question
of operating
the
on
This action
with
the
The bill,
Mr. Roosevelt admitted there
of
progress
were
some
men
serious
delays in the construction of airplanes and tanks and in the expansion of
the Army and the Navy, due to the
necessity of building and equipping
new
plants, settling tax questions and enrolling the augmented personnel.
Responsibility for these delays
flatly denied by Mr.
was
National Guard for Year's Service
President Roosevelt signed on Aug. 27 the measure
giving
him power to order the National Guard and
Army reservists
into active military service for a
period of one
year.
Con¬
the legislation was completed last week,
as was
reported in our issue of Aug. 24, page 1072.
Wash¬
ington United Press advices Aug. 28 had the following to
gressional action
say
on
President's
use of
the
guard
bill
extends
to
June
30,
ment
Army plans
made
public
recently
by
Brig.
Gen.
William
E.
service.
within
20
or
days.
reserves
That,
Army
officials
estimate,
will
own
eliminate
request
at
least
United
such action is deemed
In
action on other amendments
Washington advices said:
Press
on
Aug.
28,
rapid order, the chamber also:
Rejected, 43
to
41,
an
amendment
by
Senator
Carl
Hayden
(Dem.,
Ariz.) to defer operation of the draft for sixty days after the bill is enacted.
Then the draft would be
Rejected, 55 to 27,
to
a
applied only to enough
men to
fill Army quotas.
proposal by Senator Alexander Wiley (Rep., Wis.)
delay the draft until Congress declares
state of emergency to exist.
a
Defeated, 58 to 26, another restrictive amendment by Senator Matthew
M.
Neely (Dem., W. Va.) that would have postponed the draft if, within
thirty days of enactment of the law, volunteer enlistments total 75,000
persons;
22,000 of the available 238,000 guardsmen.
permitting the Government
16.
The
below the rank of Captain who have
children to resign or be
discharged at their
measure
industrial plants when
national defense. This provision, sponsored by
Senator Russel of Georgia, was passed by a vote of 69 to
United States, including the
Philip¬
Shedd, Assistant Chief of Staff, the Government plans to
begin ordering
the guardsmen Sept. 15 when four divisions are scheduled to be
mobilized.
Not all of the 408,000 subject to call will be mustered
into
bill permits guardsmen and
inserted in the
over
necessary to
up
dependent wives
was
take
to
pine Islands.
Under
now goes
postponed a draft of men until next year, providing the
present voluntary enlistment system had failed to show a
great increase. Earlier in the debate on Aug. 28, an amend¬
the troops to the Western
Hemisphere
and territories and possessions of the
an
between the ages
Regarding
authority under
1942, and he is limited in the
which
Aug. 26, 27 and 28 in
Just before the final vote on the bill, the Senate on Aug.
28, defeated, by a 50 to 35 vote, an amendment sponsored
by Senator Maloney of Connecticut, which would have
concerning the bill:
The
after administration leaders had forced
be available for service.
Roosevelt, who
President Roosevelt Signs Bill
Empowering Him to Call
Aug. 28
to the House, provides that all
of 21 and 31, estimated at 12,000,000,
must register for a year of military training.
It is estimated
that after all exemptions are made, due to dependents,
physical disabilities, and other reasons, about 4,500,000 will
the
passed it right back to Congress.
came
the Senate into night sessions on
effort to expedite final passage.
efficiency—and
efficiency.
whole
on
the Burke-Wadsworth selective compulsory mili¬
tary training bill by a vote of 58 to 31.
Navy
organiza¬
already the equal of
was
Measure
nearly three weeks' debate, the Senate
adopted
should
and
that the form of departmental
the point of operating
on
satisfaction
enormous arms program,
air
independent of the War and
control
that the American air force
the German air force
While
have
now
Roosevelt averred
less
was
which
the
Compulsory Military Training Bill—Pro¬
Conscription of Industrial Plants—All
Attempts to Defer Call Defeated—House Group
Widens Age Draft to 21-45—Minority Report
Op¬
the New York "Herald Tribune" said:
Mr.
for
vides
115,000
within the next thirty days,
and 210,000 within
a
third
thirty-day period.
Adopted,
Senate
Passes
$5,000,000,000
Bill—Provides
Funds
for
Supplemental
Two-Ocean
Mechanized Army
The
Senate without
Defense
Navy
a
$5,008,162,277 but the Senate in adopting the measure this
week, made additions to several items.
Included
among
were:
$100,000,000 fund enabling the President to
defense housing shortage and $10,000,000 in cash
a
and contract authorization to build a
graving
New York harbor,
capable of servicing the
drydock in
proposed
new
45,000-ton battleships.
The bill* which was
passed by the House on July 31, is
now before a
joint conference committee where differences
between
the
Senate and House measures
before it is sent to the President for his
will
be
adjusted
signature. As passed
by the House, the bill totaled
approximately $4,960,000,000;
this action was noted in our issue
of Aug. 3, page 632.
Previously \July 11) passed a bill voting
$7,000,000 for a New York drydock, but it is claimed this
measure
is
pending in the House Naval Committee. Refer¬
legislation was contained in these columns of
July 13, page 184.
ence
to
this
♦
Senate
Gives
President
Roosevelt $100,000,000 to Meet
Housing Shortage in Defense Areas—Defense Com¬
mission
Asks
Congress
Purpose
Following
a
for
$150,000,000 for Same
conference with
President Roosevelt on
Aug
27, Senator Wagner of New York announced that he would
an amendment to the
$5,000,000,000 defense bill
earmarking $100,000,000 for emergency defense
housing.
This proposal was approved when the
Senate passed the
bill on Aug. 29, this action is
reported in another item in
today's issue. This amendment gives the President
introduce
to decide which of the several
governmental
do
the
building.
vote,
an
amendment
Rejected, by voice vote,
an
on
by
Senator
Alva
B.
Adams
Army ordinance contracts to 8%.
amendment
by
Senator Ernest W. Gibson
(Rep., Vt.), which would ban Army officers from holding administrative
record vote on Aug. 29
approved
supplemental national defense bill appropriating $5,000,000,000 to start construction of a two-ocean
navy and for
organization of a completely mechanized army. As
reported
to the Senate last week
by its Appropriations Committee
(noted in our issue of Aug. 24,
page .1072) the bill totaled
these
voice
(Dem., Colo.) to limit net profits
and
positions in the Government.
On Aug. 26 the chamber voted
a
meet any
by
authority
agencies would
number of
being trained at
to limit to 900,000 the
time while the nation
and also voted to restrict the service of those
drafted to the Western Hemisphere and territories and pos¬
sessions of the United States, including the Philippines.
The first test votes on the training bill took place at the
Aug. 27 night seesion when attempts to strike out the
essential provisions of the measure were defeated. Following
this action an agreement was made limiting debate on the
bill.
The initial test on the legislation came in a proposal
of Senator Walsh of Massachusetts making selective service
operative only after Congress declares war or declares that
is
men
one
at peace
the United States is threatened with invasion.
ment
a
This amend¬
defeated by a vote of 54 to 29. Later that
substitute amendment offered by Senator Taft of
was
night
Ohio
to limit the
force to
55
to
standing army to 500,000 men and the reserve
1,500,000 voluntary enlistments was rejected by a
22 vote.
Senate debate
on
columns, Aug. 24,
the bill last week
page
was
discussed in these
1072.
Meanwhile the House version of the bill was reported out
by its Military Affairs Committee on Aug. 29, calling for
the drafting of men between the age of 21 and 45.
The
House group approved this wider age range by a 20 to 4
vote.
It also voted on Aug. 27 to limit to 1,000,000 the
number of draftees for the Army and Navy in any one year.
It is expected that House debate on the bill will start on
Tuesday (Sept. 3) and final action will be taken by next
Friday (Sept. 6).
A minority report of the House Committee signed by eight
of the members of the Committee, was issued yesterday
(Aug. 30), declaring that the conscription bill is not only
unnecessary to adequate national defense but that it is
"a distinct and dangerous departure which will lead ulti¬
mately to the destruction of the American form of govern¬
ment in a totalitarian, military economy."
The following
regarding the minority report is from
Washington, Aug. 30, United Press advices:
The
151
Volume
"«inscription of manpower," the minority
said, "is urged as necessary
imminent peril to this country.
to defense against
"The imminence of these perils is pure
assumption, but even
if we were
danger from without, the
course we propose to follow may lead to even more serious internal hazards.
'Conscription of manpower will be merely a first step.
Proposals for
total conscription of wealth and productive facilities will follow inevitably.
In fact, the groundwork for a totalitarian military economy has already
been very largely completed.
The Senate has already voted to conscript
that America is in real and immediate
to grant
Only one change was made by the
this was to broaden the list of
exempt corporations to include corporations organized in the United States
but which do not do any business in this country or receive any income
mality of reporting it to the House.
Committee before voting
.
.
.
During the hearings before the Rules
Committee Chairman Jere Cooper
(Dem., Tex.) of the tax^sub-committee
impressed upon members urgency
be acted upon promptly and
the floor so that it could
of speeding the bill to
approval.
sent to the Senate for concurrent
of the term 'total
'Total defense' can have
only one logical final meaning.
It means the use of our entire economy,
under an arbitrary centralized control, for the primary if not the sole
purpose of establishing a military machine."
We have become accustomed to the growing usage
without realizing its full
its approval and
United States.
from within the
industry in time of peace.
defense'
1213
Commercial & Financial Chronicle
implications.
Mr.
unanimous in the view that
parts, one dealing with excess
allowances and suspension
profits and the other relating to
of the
Vinson-Trammell Act.
amortization
.
.
.
framed as to exempt 400,000 out
He also said that the bill has been so
payment of an excess profits
exemption of $5,000 granted each
corporations in the country from
of the 478,000
possible by a flat
This is made
tax.
...
the Ways and Means Committee was
the measure should not be separated into two
Cooper also declared that
industry from the excess profits tax.
Excess
Bill
Tax
Profits
Finance Committee to
Amortization Provisions
Sept. 3—Plant
to
Passed by House—Senate
Begin Hearings on Measure
Expected
clusion of defense contracts.
Speed Defense Contracts
disposed of the Administration's excess profits
tax bill on Aug. 29, when it passed the measure without a
record vote.
The bill now awaits the action of the Senate,
Associated Press advices from Washington yesterday (Aug.
The House
30) stated that opposition to the bill was reported in the
Finance Committee, where Senator La Follette, Progressive,
of Wisconsin, already was talking of even stiffer taxes than
the excess profit levies of from 20 to 50% provided for by
the House.
we
indicate further below the House
the imposition of a
Besides
20 to 50%
excess
profits tax, the House-
approved bill would:
amortize defense plant
expansions
taxable income.
warship and aircraft contracts.
3. Yield an estimated $300,000,000 revenue in 1940 and $900,000,000
annually thereafter.
'
Senator La Follette, who may seek to boost the rates, was the author of
a more drastic excess profits tax formula, passed by the Senate earlier this
session, but thrown out of the $1,000,000,000 general defense tax measure
by deducting the cost of new facilities from
Suspend the present profit limitation on
2.
in
Senate-House compromise.
a
According to advices Aug. 29 to the New York "Journal
of Commerce" from its Washington bureau, two last minute
amendments, sponsored by the Ways
and Means Committee,
incorporated in the bill just before final
taken.
The advices likewise said:
were
include
mail
contractors
from the Act
business, and air
corporations doing only a foreign
domestic
action was
broadening the scope of exemptions
These had the effect of
to
following Associated Press
Aug. 26:
the
Washington dispatch of
proposals of its tax
Generally speak¬
stiffer on corporations
with high earnings and lower on concerns earning small profits.
It was estimated unofficially that the changes would increase the pros¬
pective revenue from the measure this year from $190,000,000 to more
committee made a
The
number of changes in the
Cooper (D., Tenn.).
subcommittee, headed by Rep. Jere
ing, these changes were
designed to make the tax
Thus the changes were
under certain conditions.
designed to meet complaints by both Republican
members that the tax, as originally proposed,
and Democratic committee
would fall hardest on those least
revenue.
This
Tuesday
[Aug.
controversy
had
able to pay and also
the bill
kept
last
suspending the Vinson-Trammell
profits from warships and military aircraft.
includes a provision for
The measure
and 7% on
suspension would be applicable to
The
would raise little
in committee since
20].
Act's limitations of 8
Permit Government contractors to
1.
outlined
and Means Committee was
Action of the Ways
in
than $300,000,000.
debate on the bill
(consisting of over 100 pages) was limited to 2 hours. As to
the essential features of the bill as it emerged from the House
the Associated Press (Aug. 30) said:
As
On Aug. 26 the House Ways and Means Committee ap¬
proved a tax of 20 to 50% on corporation "excess profits," as
well as a plant amortization plan designed to speed up con¬
all years during which
the excess
profits tax is in force.
Government contractors and sub¬
contractors to deduct from their taxable income the entire cost of any
new facilities completed after July 10,
1940, in connection with defense.
These deductions would be at the rate of 20%
a year for five years.
The
Defense Commission and the Secretary of Navy or War would be required
to certify that the plants were needed for defense.
This provision had been urged by the White House, the Defense Com¬
The amortization
plan would permit
mission and the War Department as necessary
Contractors, officials
to a speedy
defense program.
for new plants
said, did not wish to lay out money
concession.
unless assured of this tax
One
of the
Committee's changes
provided a higher rate
schedule for
"average earnings"
method of computing their tax.
Under this method a corporation's
profits are considered "excess" and therefore taxable under the bill if they
exceed the average of its earnings for the four years 1936 to 1939, inclusive
Concerns using an "invested capital" method would be accorded a lower
concerns
earning large profits
and electing to use an
rate.
Exemption Is Provided
This latter method
excluding the sub¬
by the Government, such contractors have
adjusted excess profits net income they are to be exempt from the excess
profits tax for that year.
If they do, however, have an excess profits net
income, excluding the subsidy, they are subject to the excess profits tax
on their excess profits net
income, including in the gross income for this
provides that if, for any year,
sidy paid to airmail contractors
no
schedules of rates on excess
profits, one ranging from 25 to 50% when the tax is computed on the basis
of average earnings over the period 1936 through 1939, and the other
ranging from 20 to 45% when the tax Is computed on the basis of average
by the House the bill imposes two
As passed
invested capital over the
In
addition
the
bill
base period.
provides
Vinson-Trammell Act and permits
suspension of profit
acquired for production of defense
free of taxation.
plants and equipment
period of five years
limitations of the
corporations to amortize the cost of new
proposal.
1, 1936, would use as
organized since Jan.
Concerns
base period year when
The rates:
materials over a
profits tax bill, intended to expedite defense
production by eliminating uncertainty over future taxes and
also to prevent the creation of "war millionaires," was form¬
ally reported to the House on Aug. 28 by the House Ways and
Means Committee, and at the same time the House Rules
Committee acted to hasten action on the bill by adopting a
"gag" rule, prohibiting submission of amendments except
by the Ways and Means Committee, waiving all points of
order and limiting general debate to two hours.
From its
Washington bureau on Aug. 28 the New York "Journal of
Commerce" reported:
of the most drastic submitted
to the House in recent years to insure against delay of major legislation.
Except on behalf of the Ways and Means Committee itself, no member will
be allowed to offer any amendment to the bill from the floor.
Rate
hours and
in the measure. The
rule was agreed to unanimously by the Committee, with Republicans
joining with the Democrats in an effort to speed the legislation to the Senate.
Plans of the leadership call for consideration of the rule and the tax bill
on the House tomorrow [Aug. 29] and in view of the two-hour limitation of
debate, its passage then is virtually assured.
In anticipation of House passage of the bill, Chairman Pat Harrison of
the Senate Finance Committee announced today that three days of public
hearings would be held by his Committee on the measure beginning Tuesday.
rule also limits
all points
waives
[Sept. 3].
of order against any provision
of the Senate Committee which felt
hearings before the House Ways and Means
further hearings would be unnecessary.
But due to rather
This is a change
that by
drastic changes
for
in original plans
"sitting in" during the
Committee
form in
general debate to a maximum of two
made by the House
which it was
Committee in the legislation from the
yielded to demands
originally proposed, Mr. Harrison
hearings.
The
Rules Committee for "gag rule" to speed the
only a few hours after the Ways and Means
had completed its action on the bill by going through the for¬
appeal to the House
bill through the
Committee
House was made
Method)
25%
Next $260,000
earnings method,
From
35%
40%
45%
60%
All over S500.000..
In addition to
30%
45%
Next 8150,000...
25%
40%
$30,000
$60,000
20%
35%
Next
the present
of Tax
{Invested Capital
Method)
30%
820,000...
Next
Rate
of Tax
(Average Earnings
Excess Profits
First
the higher tax rates on concerns
which elect the average
would be increased from
their normal income tax rate
20 9 to 25%.
a
27 to the New
take the following:
Washington account Aug.
"Journal of Commerce" we
granted by the Committee is one
Amendment Barred
The
their "earnings"
they were not in operation an amount equal
to 10% of the first $500,000 of their invested capital and 8% of the remain¬
ing invested capital.
Corporations organized since Jan. 1, 1940 would be allowed a credit of
10% on the first $500,000 of invested capital and 8% on the remaining.
for any
excess
The rule
1936-39 base period years,
capital.
earnings during the base period would be allowed
credit equal to the average.
A concern would be allowed a minimum
credit, however, of 7% on the first $500,000 of invested capital and 5% on
all remaining capital.
These minima were 6 and 4% in the original sub¬
Amount o
The
corporation averaged earnings
Corporations with lower
committee
the amount of the subsidy.
purpose
provides that where a
its invested capital during the
would be 10% of its invested
of 10% or more on
its untaxed credit
The latter amendment
Terms
Result of two
Are
Summarized
days of executive committee
President had to intervene to break a
weeks of hearings and ten
during which the
consideration,
York
the measure carries out original recommendations
of the Cooper subcommittee of allowing corporations the right to elect
the method of computing their tax, either upon the basis of average earnings
deadlock over
or
terms,
invested capital.
of the sub¬
upon ship¬
Vinson-Trammell Act, and allows
corporations a five-year period within which to amortize the cost of new
plants and equipment purchased under the defense program.
It differs sharply, however, with recommendations of the Cooper sub¬
committee in the matter of rates to be imposed upon "excess" profits.
Whereas it was originally proposed that the same set of rates would apply
whether corporations computed their tax on the basis of average earnings or
invested capital, the bill sets up a dual set of rates ranging from 20 to 50%.
It also differs in the manner in which the tax is to be applied.
The
Cooper subcommittee proposed that the rates apply against the excess
profits of a corporation which exceed a certain percentage of the excess
profits credit.
The new rates are applicable to specified amounts which
It also
builders and
are
in excess
In
ings
with the recommendations
of the profit limitations imposed
provides, in accordance
committee, for suspension
aircraft contracts of the
of the credit.
addition, those
corporations which choose to
formula for computing
their tax are to be
elect the average earn¬
penalized by an additional
The Commercial & Financial Chronicle
1214,
of 4-1%
tax
their normal income, which
on
tax rate up to
the normal corporation
percentage-of-credit-tax to
a
plus the boost in the normal rate, is
a
specified
blow to large cor¬
a severe
porations, it is generally believed, for it means that any corporation which
has
an excess
profit of
from it by the
more
than $500,000 will have 50% of the
Government.
The reasoning
Speaking at
that
a
finished
that
hardship
from
It
the
was
loss
in
move
was
not clear to observers.
In
"Furthermore," he said, "the language employed throughout the meeting
some
be taxed at
also thought that
revenue
that
a
plain English.
the committee wanted to make
would
result from
relief
granted for
big corporations.
It is expected
Committee
on
the grounds
A reference
page
will
that the rates
to
be protested to the
bill
down
In
this:
to
problem,
common
a
the
face
of
objective.
a common
existing
world
are to
for
or
offensive
operations
Asked when
by
potential
a
be used
are to
as outposts
enemy
our
"The Board realizes, of course,"
Aug. 24 issue,
Our work will not be
sence.
to Canada
L.
C.
L.
Freight for South
Interstate
Approved
by
ICC
to
into effect
The American
rail rates
merchandise traffic conform to modern trends
on
of transportation.
The reductions will be
on
on
by lowering classifications
approximately 3,500 articles.
Reductions will be made
as light,
bulky, hazardous, fragile
articles not classified
perishable.
opposing
or
While
the railroads'
reduction
proposals,
the
trucking industry put itself in a position to meet the reduc¬
tions by filing tariffs to maintain the
present parity of rates
between
The
the
railroads and
our
bases
these
same
hemisphere."
LaGuardia replied:
he continued,
"When the
"that time is of the
prolonged activity, I
a
trucks.
industry estimated that the changes would
result in a reduction of about 10% in the totalless-thancarload revenue on traffic now
moving by rail and truck.
The railroads insisted, however, that
they would attain a
substantial increase in revenue by
modernizing and reform¬
ing their merchandise rate structure.
es¬
you."
munitioas and supplies
part of the joint defense arrangement, he said:
a
potential
"is
extension
an
of the Monroe
Doctrine," he replied:
"This is the Monroe Doctrine translated into action."
asked if the American^Canadian understanding
was
is to be regarded as a part of a big Pan-American defense scheme and he
replied:
"You must
use
judgment
your own
that point, but I think it is self-
on
evidenf."
He said it would be
imprudent to
go
into matters of detail at the present
stage of the conversations when asked if there had been any discussion of
the plan to
M.
O.
be taken regarding coastal patrol.
Biggar,
Chairman
of the
Canadian
section,
said
that
today's
meeting of four hours had developed most useful and satisfying discussions.
Technical experts of the services attended the session.
The board addressed until tomorrow morning.
meetings will be held until Wednesday night,
The expectation is that
when
adjournment will
an
be taken to draft specified recommendations for continental defense
meas¬
the governments of the two countries.
Plans of the
Board were noted in our issue of Aug. 24,
1067.
After mentioning the intention to concentrate
on
problems connected with Canadian coast defenses, a
United Press Ottawa dispatch, Aug. 27, said:
page
The
tion
Canadian-American
to
more
this
than
effect
eight
Joint
Board
on
Defense gave definite
intima¬
tonight when, at the close of two sittings that lasted
hours,
New York and Col.
truck
assure
detail, disclosure of which might give comfort to
Mayor LaGuardia
ures to
made
a
Asked if this
tariffs
on Sept. 1.
Trucking Association, Inc., and affiliated
organizations, which led the opposition to the reductions,
described them as a thinly disguised attempt to
destroy the
motor carrier industry.
The railroads replied that it was an
attempt to make
go
whether
not
or
as
enemy."
Commerce
a
railroad
as
"That is
Commission, on Aug. 29,
plea by the trucking industry for suspension of
reducing thousands of rates on less-thancarload shipments within the South, between the North and
the South, and from the Midwest to the South.
While refusing to suspend the tariffs the ICC ordered an
investigation into their lawfulness.
The reduced rates are
denied
whether
be taken
for the defense of
the Board would adjourn,
Asked whether the United States would furnish
The
The problem boils
conditions,
job is finished."
appeared in
1073.
Lower
of the cumbersome
any
strategic points in the North American continent
Finance
of unfair treatment.
the
"We have
strategic points
Senate
We agreed at the outset to avoid
obscure language of diplomacy or legalism and to talk in plain terms.
or
higher rate than smaller
would be offset by increased amounts that would be taken
cases
down to business today "in just about six
got
after all preliminaries and exchanges of courtesies
.
'
behind this
big corporations had to
competitors.
interview in the American Legion, the Mayor said
members
half minutes,"
and
taken
was
sure
follows in United Press advices of Aug. 26
as
a press
board
the
were
excess
quarters opinion was expressed that the Committee felt that for political
purposes
reported
was
1940
from Ottawa:
The effect of this switchover from
amount tax,
runs
25%.
Aug. 31,
the
O. M.
Co^hairmen,
Mayor
F.
H.
LaGuardia
Biggar, of Canada, announced
a
recess
further sessions until the service members of the board have had
tunity to complete
of existing defenses
tour
a
an
the Canadian
along
of
from
oppor¬
and
Newfoundland Atlantic coast.
The service members of the
air
force
of each
Board—representing the Navy, Army and
country—are
to
leave
Ottawa
and
tomorrow
will
visit
the entire Atlantic coast area, traveling for the greater part
by plane.
The board will resume its business in Washington Sept. 9.
On the basis of data that will have been gathered by the service members
Railroads to
Continue
Low "Grand
Fares for
Another Year
The railroads will continue for another
year—until Oct 31,
low "grand circle" railroad fares
by which an
individual can travel by rail from his home to both
Atlantic
and Pacific coasts thence to the
original starting point at a
substantial reduction from standard
rates, J. J. Pelley,
President of the Association of American Railroads an¬
on
Aug. 26.
number, 25,000 purchased grand circle tour first-class tickets,
that is traveled bv Pullman, and
7,500 traveled by coach.
Under the plan, an individual can
purchase a "grand circle"
first-class ticket for $135
plus the
charges for sleeping or parlor car space occupied. The Pull¬
man Co.
will continue also special reduced rates
of $45 for
one or two
persons in a lower berth, or $34.50 for an
upper
berth, for the entire "grand circle." These greatly reduced
fares apply from all cities and towns in
the United States.
or
a
The
plan makes it possible for an indi\idual to travel
by
a "grand circle" fare from
6,300 to 8,000 miles de¬
pending on the starting point and the route selected.
The "grand circle" fare
plan was inaugurated by the
railroads on April 28, 1939, for the
purpose of stimulating
rail
on
travel to the New York and San Francisco
World Fairs and
to
points of scenic interest throughout the country. It
permits
travelers
to
privileges at
of the Board,
were
program
forecasting tonight that the first report
embodying the Eastern-^coast
would be in the hands
program,
of the Administrations at Ottawa and
Washington not later than Sept. 15,
less
meeting
than
a
month
after
the historic
Ogdensburg
at
on
Aug.
17
between President
Roosevelt and Prime Minister W. L. Mackenzie-King.
Tonight members of the Canadian naval, military and air services were
busy working out the itinerary of the service members.
was
The intimation
that it would not be made public, and that newspaper men and other
outside observers would be excluded from the tour.
Continuation of-this plan was decided
upon by ttie rail¬
roads because of the success attained
by it in the first year of
operation when it was used by 32,500 persons.
Of that
coach ticket for $90
drafting
for the East coast of the continent to be submitted to the two governments.
Circles close to the Board
1941—the
nounced
their tour, it is expected that no time will be lost in
on
Circle"
choose many attractive
routes
with
stop-over
points desired in either direction. Children
between 5 and 12 years of
age, who are accompanied by
parents or guardians, are allowed half fare rates.
The list of members of the Board,
representing
both the
United States and Canada, was given in our issue of a week
ago, page 1067.
The American
members
of
Board received
the
structions from President Roosevelt in
at which
Washington
time Mayor LaGuardia was chosen
Reporting this Washington advices
Aug.24
Chairman.
as
date
that
on
final in¬
on
to
the
New York "Times" said in part:
At the Board meeting with the President today, which was held in the
Executive
then
offices
at
the
they conferred for
White
more
House, Mr.
than
an
hour
the utilization of naval and air bases
vide for the cooperation
Canada.
Roosevelt spoke briefly and
the program which envisages
on
and other
of the United States
measures
designed to pro¬
in repelling
Afterward the members met in another
room
any
attack on
and effected their
organization.
Upon leaving the White House Mr. LaGuardia made this
statement:
"The members of the Permanent Joint Board of Defense met with the
President,
who outlined his views of the situation.
The
members then
met and discussed procedure and arranged to leave here tomorrow afternoon
for the first meeting in Ottawa with our Canadian colleagues on Monday
and, of course, until we
statement will be made."
any
Secretaries
Stimson
confer
with
Knox
and
our
also
were
Canadian
present
colleagues no other
when the Board met
with the President.
Board
members
present,
in
addition to
Mr.
LaGuardia,
were
Lieut-
Gen.
Stanley D. Embick, Commander of the Fourth Corps Area; Captain
Harry W. Hill of the Navy War Plans Division; Commander Forrest Pe
Canadian-United
States
Joint
Defense
Board
Holds
Meetings in Ottawa—Defenses Along Seacoast of
Eastern
Canada
and
Newfoundland
are
Initial
Problem
The
Canadian-United
whose members
were
States
appointed
on
Joint
Board
Aug. 22 after
of
a
Defense,
Sherman,
United States Navy;
Lieut.-Col.
Joseph T. McNarney of th.
Army Air Corps, and John D. Hickerson, Assistant Chief of the Divisioy
of
European Affairs in the State Department.
of the American section of the
Mr. Hickerson is Secretarn
Defense Board.
Mayor LaGuardia returned from Canada
on
Aug. 28.
conference
at
Ogdensburg, N. Y. between President Roosevelt and Prime
Minister Mackenzie King, held its first
meetings this week
in Ottawa.
It was reported that initial
plans of the defense
experts included the strengthening of the continent's defenses
along the seacoast of eastern Canada and Newfoundland.
The Board recessed on
Aug. 27 and will resume its sessions
Sept. 9.
Mayor LaGuardia of New York, who is Chairman
of the American section of the
Board, on
Aug. 26 described
the work of the body as "the Monroe Doctrine
translated
The Mayor spoke at a
into action.
press
interview, which
Secretary of State
for
Hull
Self-Defense
as
Urges
Only
Adequate Preparation
Hope of Remaining at
Peace—Issues Statement on 12th Anniversary of
Signing of Kellogg-Briand Pact Outlawing War
Secretary of State Cordell Hull on Aug. 28, the 12th
Anniversary of the signing of the Kellogg-Briand pact
outlawing war, declared ir a formal statement that no country
can hope to remain at
peace except by "vigorous and ade¬
quate preparation for self-defense."
Volume
The
151
Stating that the pact was signed "to spare the human race
and indescribable tragedy we are witness¬
ing today", Mr. Hull said its underlying principles has in
no
way been impaired by what has taken place since its
adoption.
He expressed confidence that these "same bases
of civilized existence"—renouncing war as an instrument of
its study.
the untold suffering
but
a
of international relations."
Twelve
today there was signed a solemn treaty
ago
years
to which this country
nounced
war
as
treaty the
their relations with one
parties agreed that "the settle¬
disputes or conflicts, of whatever nature or
ment or solution of all
origin they
be, which may arise among them,
may
outlawing
unqualified
high contracting parties re¬
instrument of national policy in
an
In Article II the high contracting
another.
ever
and 60 other countries gave their
of that
I
Article
In
"legitimate reason" for postponement,
SEC
of what¬
shall never be sought
and accompanying the ratification of
exchanges of views preceding
that the
sovereignty and remains with each and
accepted as a part of the general understanding
that treaty, it was
right of self-defense is implicit in
and adhering States.
all of the signatory
the renunciation made in
In recent years
Pact has been disregarded by some
Article I of the Kellogg-Briand
Several
nations have sent their armed forces into and against other countries.
In consequence, destruction of life and of property, of material values
and of spirtual values—destruction on a vast scale—not alone in the countries
invaded but also in the countries whose armies are the invaders, is going
in various parts
on
violated by those signatories.
of the world.
have been destroyed, some are fighting
invaded nations
of the
Some
Policy
of
Statement
Incident
on
Waiting
New Security
20-Day
Registration of
of
1933
Commission announced on
Aug. 23 the general policv which it proposes to follow under
the discretionary authority given it by the amended Section 8
(a) of the Securities Act of 1933, which became effective with
the signing of the "Investment Company Act of 1940."
The signing of this bill was reported in our issue of Aug. 24,
page 1072 and his statement with respect thereto is given
Offerings Under Securities Act of
other country, perceiving the manner
spread and become enlarged as operations of
today.
elsewhere in these columns
Heretofore, the Securities Act
had provided, in
effect,
registration statement, except for certain foreign
governmental issues, could become effective until 20 days
after its filing. In indicating this the Commission on Aug. 23
that
no
said.
of the signatories; and the pledge given
in Article 2 of that treaty has been
Issues
Period
except by pacific means."
In
extensions of time necessary "to
The Securities and Exchange
The text of Mr. Hull's statement follows:
war,
the effective date of the ruling,
the Committee on Member
of granting to any member firm having
The Exchange did not postpone
Aug. 28 advised the Commission that
prevent undue hardship."
will become
adherence.
on
Firms would continue the policy
policy and settling disputes by pacific means—
firmly established as an "unshakeable foundation
national
1215
Commercial & Financial Chronicle
The amended section now provides
tration statement
earlier date
to
as
that the effective date
shall be the 20th day after
the Commission may
give due regard to the
of the regis¬
the filing thereof or such
Commission
concerning the issuer
determine, but requires the
adequacy of information
the general public, the ease
with which the nature of the securities to be registered, their relationship
to the capital structure of the issuer and the rights of the holders thereof
can be understood, and to the public interest and the protection of in¬
previously been made available to
which has
desperately in self-defense, and every
vestors.
in which activities of conquest
Commission's statement of policy follows:
of the Securities Act of 1933
to confer upon the Commission discretion to accelerate the effective date of
registration statements filed under the Securities Act of 1933, the Com¬
mission declares that, pursuant to such discretionary authority, it will be
the general policy of the Commission to accelerate the effective date of
registration statements filed under the Securities Act of 1933 in accordance
itself forced to arm as speedily as possible and to
capacity in preparation for self-defense—toward preservi ng
conquest proceed, finds
the utmost of its
its
own
from reaching and crossing its boundaries.
individual is secure gainst the destructive effects
No human being anywhere can be sure
allowed for long to live in peace. Only by vigorous
security by preventing war
Today no country and no
of the
existing armed conflicts.
that he
she will be
or
preparation for self-defense can any country,
and adequate
own,
including our
to
was
Sooner
spare
later they must
or
prevail as an unshakeable foundation of in¬
ternational relations unless war
with its horrors and ravages is to become
world and mankind is to relapse into the chaos of
the normal state of the
And I am certain that
barbarism.
there are in the human race resources
spirit sufficient to insure
of mind and of
existence will become firmly
determining the date on
In
the human race the untold suffering
that these sane bases of civilized
established.
effective, the Commission
interest and the
Too
adequate preparations for hemispheric defense
completed too soon, Secretary of State Hull
declared on Aug. 24 upon his return to Washington following
a three weeks vacation at White Sulphur Springs,
W. Va.
Mr. Hull issued his statement, it is understood, incident to
the Joint Canadian-United States Defense Pact concluded
last week; this was reported in our issue of Aug. 24, page 1067.
Full and
cannot
be
His statement follows:
I
feel
expressed upon my return
conference, that the possibilities of danger to the American
from the Havana
republics are real; that a
a
threat to each
threat to any important part of the Americas means
and all of the American Nations.
)ll The conclusion is therefore inescapable that full and adequate preparations
for hemispheric defense cannot be completed too soon.
I desire again to
appeal for the fullest possible measure of unity on the part of our people in
support of such program of defense and of related foreign policies.
Mr.
Hull's
page
statement
conference
Havana
was
issued upon his return from the
given in our issue of Aug. 10,
788.
Exchanges Outside New York City for
of New York Stock Exchange
Multiple Trading
SEC Asks Stock
Views
on
Ruling
The
made
on
Effects
Securities
public
a
and Exchange
Commission
letter addressed to the
on
Aug. 29
Presidents of all Stock
Exchanges outside New York City, inviting their views on the
effects of the ruling of the Committee on Member Firms of
the New York
Stock Exchange, dated July 12, 1940, relat¬
multiple trading. Many of these Exchanges according
protested to the Commission against this
ruling, which is scheduled to become effective Sept. 1, 1940.
The ruling says the Commission would prevent any mem¬
ber of the New York Stock Exchange from acting as an oddlot dealer or specialist or otherwise publicly dealing, either
alone or through a joint account, on any regional exchange
in any security which is also traded on the New York Stock
Exchange.
This ruling was given in our issue of July 13,
page 177.
The SEC announcement further said:
ing to
to
the SEC have
Exchange repre¬
business of the principal regional exchanges.
Representatives of some of these exchanges have advised the Commission
that the ruling may severely impair the ability of the regional exchanges
to handle trading in these securities.
The claim has also been made that
indirectly the ruling may adversely affect the ability of the regional ex¬
changes to afford a market for local securities.
The Commission is now engaged in a study of the problems involved in
the relationship between competitive markets.
In this connection, the
Commission is particularly interested in the ruling regarding multiple trad¬
ing and commenced an informal inquiry into its possible effects.
Trading in securities
sents a
dealt in on the New York Stock
substantial part of the
On Aug.
22, the Commission
postpone the
requested the New York Stock Exchange t;o
effective date of the ruling
for 60 days pending completion of
protection of investors.
(a) The adequacy of the
and rules
disclosure and compliance with the requirements
compliance with the applicable form and instruction book
pertaining thereto at the time the registration statement is initially
filed;
amend¬
The advisability of permitting the acceleration of material
filed after the initial filing date; and
The character and date of information previously or
filed under any Act administered by the SEC or by any other Federal
or which is generally available to the public.
(b)
ments
concurrently
(c)
agency
_
by the Commission of registration state¬
ments and amendments (if any) which have been prepared with due regard to
the matters set forth in (a) above, will ordinarily be completed within a
few days after the filing date, so that as soon as an appropriate amendment
correcting the deficiencies, if any, and an amendment setting forth the
price, if the price and terms of offering were not set forth in the statement
as initially filed, (or matters relating to price such as redemption or sinking
fund, call prices, conversion prices or such other matters relative to price or
terms of offering as the Commission may by rules and regulations determine)
are filed, the Commission will, subject to the above statement of policy and
the requirements of the Act, consent to the filing of the amendments and
expected that examination
declare the statement
effective as soon as practicable.
Trust Indenture Act of 1939
requirements of the
The
increased the
constrained to reemphasize the view
shall become
regard to the public
which a registration statement
will consider, having due
of the Act, and
It is
Hemispheric Defense Plans Cannot Be Completed
Soon, Says Secretary Hull
having amended Section 8 (a)
with the following procedure:
hope to remain at peace.
and indescribable
tragedy of the kind we are witnessing today that the Kellogg-Briand pact
was signed.
The soundness of its underlying principles has in no way been
impaired by what has taken place since then.
It
The text of the
The Congress
examination work of the
have materially
Com¬
Registration Division of the
registration statements of securities to be issued
under indentures which must be qualified under that Act.
It will further
the effectuation of the above policy if drafts of such indentures are submitted
in reasonably final form for consideration and discussion with the staff as
mission
with respect to
actual filing of the registration statement.
Commission has, in the past, made its
of securities and their counsel and
accountants in order to give them advice with respect to questions which
might arise in connection with the preparation of registration statements.
The Commission will continue this service insofar as possible and will en¬
deavor to assist proposed registrants, in advance of filing, in the solution of
specific technical questions which may arise.
It will be the Commission's policy to cooperate with registrants in order
that the effectiveness of registration statements filed under the Securities
Act may be expedited as much as possible consistent with the public interest
possible in advance of the
far as
The
Registration Division of the
available to proposed issuers
services
and the
For
protection of investors.
additional guidance,
,he time of
consultation with the Commission at or before
Commission, whenever possible, to indicate
filing may enable the
*he approximate
t
date on which
registration may become
effective,
+
Amendment to
Securities Act Not
Regarded by I. B. A.
Period Problem
Complete Solution of Waiting
—Will Seek Further Changes
as
Eramett F.
Association
letter
Connely, President of the
of
bearing
Investment Bankers
America, sent to members, on Aug. 23, a
on
the passage by Congress and the ap¬
proval by President Roosevelt (on Aug.
ment to the Securities Act of 1933, which
23) of the amend¬
Mr. Connely points
out
gives to the Securities
and Exchange Commission
"authority to accelerate the effective date of registration
statements of issuers concerning whose affairs adequate
information has already been made available to the public."
the course pursued by the
endeavoring to bring about improvements
Securities Acts, and refers to its cooperation in con¬
In his letter
Mr. Connely reviews
Association
in
in the
gressional moves toward that end.
With respect to the
provision in the bill just signed by the President giving
discretionary authority to shorten the 20-day wait¬
ing period between the registration of securities and their
offering to the public, Mr. Connely states that the amend¬
ment, "although helpful, is not a complete solution of the
the SEC
problem of the
waiting period." He adds that the Associa¬
"complete freedom of action to propose
tion hence reserves
1216
The Commercial & Financial Chronicle
to
Congress in January that further changes be
liis letter Mr.
Connely says, in part:
We
have
nearly two
in
the
had
business
committee
a
It
years.
has
made.
In
in
evident
was
congressional
that
this
question
questions of
that
circles.
interest
no
from
this
Association
entirely
was
in
interest
The
-
member
in
introduced
the
Association
Senate
the
matter,
Banking
and
containing
in
was
after
number
a
accord.
action
has
been
taken
on
of
in the
bill
This
conferences
Act,
To the
with
with
referred
was
best of
our
and
Mr.
This
Lea
is
committee
of
one
proposed legislation is
Lea
bill.
other
Mr.
Securities
arranged
Prior
to
the
over
the
few
next
Investment
associations, with
the
influential
for hearings
organizations
Acts.
of
one
most
to
the
most
powerful
members
and
of
us
January
to
on
continue
time
to
the
of
of
the
on
the
asked
the
press
this
House.
industry
.
subject
between
of
together
with
interested
publicly
as
well
Congress
to
privately, and at the
as
would
be
entirely free
to agree or disagree with its conclusions of the conference
and, in case of
disagreement, to present our own views to Congress.
We believe this is a
practical and sensible way of approaching the whole subject, and these
conferences have already started.
As
result
a
we
of the
early discussions, the 20-day waiting period came up
a?
a
pressing problem.
We, therefore, agreed on presenting to Congress
the amendment which has
just become law.
We
believe
that
complete solution
fore,
reserved
the
of
present
the
amendment,
although
of
action
to
propose
January that further changes be made in this section
sections
It is
in
1934
That
of
as
is
not
We have
SEC
well
as
in
other
willing
to
recommend
the
enactment
of
an
im¬
for
change in the Act and that Congress has passed it and that they
to consider further amendments, seems to us a large step
1.
The announced policy of the SEC on the
waiting period,
known this week, and President Roosevelt's
state¬
ment with the signing of the
bill, which is also
designed
to
regulate the
investment
trust
industry,
noted
are
else¬
where in these columns today.
eliminate
Member
Dr.
W.
L.
Criticizes
Board's
Leiserson Says It Is
Lawyers—Declares
Purpose of Law
Board
Administration—
Overweightedfwith
Members
The National Labor Relations Board
Misconceive
letter to Professor John R. Commons of
the
The letter is reported to have
Wisconsin.
Universityrof
appeared in the
record of the House Committee
investigatinglthe Board, and
Aug. 21, it is learned from the New York
According to that paper Dr. Leiserson said that
made public
was
"Times."
the Board and its
legal staff cannot "grasp the idea" that
Congress created the NLRB merely as an
investigatory and
fact-finding
agency, but that they believe the Board has
proscecuting and judicial powers.
A Washington dispatch
of Aug. 21 to the "Times"
quoted from the letter as follows:
Dr.
Leiserson, who told Professor Commons, his old
teacher, that there
wrong with the act itself, also predicted
that the strictly
legal
approach to the Board's functions
envisaged a problem more far reaching
than the NLRB
itself, and in fact that it threatened "the
was
nothing
scientific investigation and administrative
control
whole idea of
as
worked out in Wisconsin
years ago.
\ Fears
it
was
thought out and
Leiserson maintained
that before long there would be
an association of
practitioners before the
NLRB, "to whose members both
employers and unions will be forced to
go to get the benefits of the act
because no layman could understand
the legal practices and
procedures."
"This is the trend here now at
Washington, and it threatens, I think, to
develop a new body of technical law just as
ill-adapted to dealing with
modern problems as the common law
and the
equity law now are," the letter
continued.
The Walter-Logan
bill, which has passed one House of
the
Congress, is really a step in this direction."
After pointing out that the NLRB
has 900 employees scattered
over the
country, Dr. Leiserson related that the
management of such an
organization
"a job all by
itself, requiring technical
was
There is
or
no one
here in
knowledge,
a
organization to manage our staff at all.
efficient system of
directing or
tered staff.
management
really have
no
There is lacking
anything like an
supervising the work of our large and scat¬
Out of the total of 900
employees just about
but the total includes
we
knowledge of
responsible position who has
any such technical
"The result is that
we
he said.
38%
are
lawyers,
a large clerical
staff, messengers, janitors
&c.
If
leave these out
something like 60 or 70% of the professional
staff is made
up of
lawyers.
We handle about 10.000 cases
problem.
a year and this is
really a mass production
The lawyers who control the
administrative work of the Board,
a
statement
deliberate
profits
excess
of
in
more
a
the
taxation
and
amortization
Pointing out that,
pro¬
with
even
profits tax is likely to pro¬
hardships, the committee asks
excess
and
period
The
be
to
proposed
abnormalities
be
used
which
in
determining
1936-39,
three-year
will
exist
if
base
the
period
three of
any
would
the
of
average
earnings
average
inclusive, to
tend
four
to
years
used.
Permit
corporations
file
to
is
returns
Eliminate
capital.
consolidated
permitted
Unless
returns.
substantial
inequities
of true income and true invested capital.
stock
dividends
in
the
computation of
Stock dividends paid
the
of
amount
by
corporation
a
that
money
the
do
not
shareholders
the
equity
add
have
filing
will
to
result
invested
or
invested
detract
in
the
business.
The increase in the capital stock account is offset
by a like
decrease in the surplus account, resulting in no
change in invested capital.
4.
In
connection with the
the
permit
taxpayer
taxable year.
borrowed
total
to
determination of
use
This
capital at
by
This
could
the
end
be
each
the
of
average
of
"borrowed
invested
capital,"
borrowed during
accomplished by totaling the amount of
an
month
of
capital
the
year
and dividing the
12.
is
suggested because of the established practice of many firms of
reducing their borrowed capital at the end of the calendar year.
If the
amount of borrowed capital should be
computed as of that time, substantial
inequity might result which would be eliminated by striking an average
the
5.
year.
Make
amount of
the
profits tax applicable to 1941 instead of 1940.
excess
The
profits whose recapture is sought in the proposed legisla¬
likely to be small compared to the advantage
excess
tion during the current 7/ear is
of
permitting corporations to adjust themselves to the
ing its date of application to next year.
6.
The
the
at
committee
exemptions
does
relief provision
from
lax
not
oppose
tax
new
by extend¬
the alternative methods
of
arriving
the excess profits tax which are proposed in the
but does suggest the consideration of some effective
from
subcommittee report,
in the legislation which would prevent the operation of the
working
any
hardships against
unnecessary
large
company,
any
small.
or
It
is
cases
specifically suggested
where
capital,
income,
a
because of
or
because
the
that
other
worked
income
on
of
such
same
of representative corporations
to
With
their
the
net
law
abnormal
profits tax which bears the
bears
the
the
taxpayer
earnings
affecting
a
result
be subject
to its net income
engaged in
a
like
or
as
that,
in
invested
or
and
capital
the
to
excess
an
of
excess
the average tax
similar trade
or
business
income.
addition
earnings, and
as
taxpayer should
ratio
provision
a
average
conditions
of
this
Telief
provision the law would contain
bases to be employed in arriving at the tax:
age
contain
present deficiencies in
of
hardship is
profits tax,
(3)
the special
(1) invested capital,
three
(2)
aver¬
relief provision.
Because of the limited time available to
study the reportsince only five days were available between the
publication
of the House subcommittee
report and the conclusion of the
mittee
In conslusion Dr.
training
Men
excess
Taxation
on
hearings before the joint congressional committee—the
"New Technical Law"
organization and administration."
of
bill.
present
years.
consolidaied
is
overweighted with
lawyers and has shown a record of "poor administration,"
Dr. W. L. Leiserson, NLRB
member, indicated as saying in
a
problem
difficulties
in the reflection
for
NLRB
of Credit
present proposal of the years
four
from
proposed
following specific changes:
the
2.
the
by the Committee
consideration
Change the base
from
the
made
the
many
the
those
willing
are
forward.
the
of
a
in
to
points suggested, the
duce
to reduce possible compli¬
from
Aug. 23 which also advocates
on
visions
the
arising
presented
were
separate
3.
been
hardships
National Association
approach
there¬
Congress
in Pending Excess Profits Tax Recom¬
by Tax Group of National Association of
favors
Act.
has
the
of
to
important to note that this is the first time since the amendments
that any important
change has been made in the Securities Act.
the
portant
the
of
released
must
helpful,
problem of the waiting period.
freedom
complete
profits tax
Commision
other
and
the
study be
a
the
Changes
cations
hearing, however, arrangements
conference
Association,
report
bargaining with
Credit Men
.
these Acts
following the old practices, with power to order cessation of
Six recommendations designed
and
a
discuss
was
mended
This
Association
general
Six
the Brown-
as
the
Commission's
the
free organizations of employees.
Congress,
view to making a comprehensive report to Congress
entire subject.
We agreed to this procedure with the reservation that we would be free
in
commerce
those practices and to pursue the new practice of collective
the
knowledge
in
Exchange Commission that
in
months
Bankers
and
testify
date
or
labor policy for industry
which changed the policy of the last
century, Dr.
a
it.
frequently referred to in the
made with the Securities
were
made
and
Lea
interested
the
now
is
merely adopted
Leiserson asserted that Congress knew it could not make the old
policy a
crime, but that instead it sought to have the Board ascertain whether
A few weeks later Representative Clarence F. Lea
(Democrat) of Cali¬
fornia, Chairman of the House Committee on Interstate and Foreign Com¬
merce, introduced a similar bill in the House, which was referred to hia
committee.
finding similar to the Interstate Commerce Co nmission
Industrial Commission.
After saying that Congress had
which
to
writer
The Board, he added, was really a branch of the Congress for
investiga¬
Wisconsin
in interstate
1933
"the
separate
proposal made plain the basic misconception regarding the Board's
as a matter of fact, we have neither prosecuting nor judicial
tion and fact
of Michigan, an
Committee, became
Currency
changes
many
entire
and
Banking and Currency Committee.
further
no
the
bill
a
of
to
powers."
be given by Congress solely on this basis.
During the spring Senator Prentiss Brown (Democrat)
interested
Misconception"
work "for,
partisan standpoint, and that consideration
a
to individuals and
cases
socalled prosecution from the judicial functions of the
Board," the
said this
should
influential
Their method is to assign
Cites "Basic
was steadily
growing
always taken the position
that it involved practical
nonpartisan,
conception of how to handle the
Referring to the Smith committee's recommendations
subject
has
no
to his own devices."
one
interested
in this subject.
It has been working actively
bring about improvements in these Acts.
During the early part of the present session of Congress the subject was
discussed at various times and at considerable length with
many members
of Congress in both houses and in both
parties, and as the session pro¬
to
gressed it
Aug. 31, 1940
department have
mass-production job.
leave each
working1 on Securities Acts changes tor
representative of all the various elements
been
well as the legal
as
states
that
is forced
it
to
restrict
its
com¬
comments
to
certain suggestions which
appear
to be necessary to prevent
the proposed tax from operating in a manner detrimental
to
sound credit conditions.
The committee
points out that
there may be other aspects of the tax which
may adversely
affect credit conditions.
It intends, therefore, to observe
carefully the actual operation of the tax in that regard and
be prepared later to submit to the
Congress further informalion derived from such observations.
In its special state¬
ment the Credit Association's
group observes, in
regard to
the need
of the proposed
That "the animal
profits
which
tax
is
greater
is
revenue
likely
generally
revenue
to
which will be derived from the
proposed excess
be
supposed
could
legislation:
much
to
be
less
the
obviously be raised
than
the
expected
estimated
annual
$300,000,000
revenue.
Much
easily through other means
of taxation which would be less
productive of the difficulties and inequi¬
ties which will
probably result from the proposed excess profits tax.
The
revenue-producing aspect of the tax appears, therefore, to be rela¬
tively unimportant and the legislation must be regarded from the stand¬
point of its primary purpose—to recapture undue profits which
companies
may earn as a result of
participation in the defense program.
The proposed legislation
may accomplish that obviously desirable pur¬
pose
to
some
extent,
but
it
may
more
fairly be asked
whether,
in
doing
so.
■Volume
it
will
are
not
operate to the
related
not
The
detriment of
in any way
many
that
a
selective
more
system
taxation
of
form
so
companies producing
materials for the defense program would more effectively attain the desir¬
able objectives of the proposed legislation and would, at the same time,
not cause difficulties
and probably hardships for other companies.
The committee believes, after a review of conditions that existed under
former excess profits tax laws, that it is virtually impossible to have an
equitable excess profits tax, and feels that this form of tax legislation
should not be enacted.
The inherent complications and inelasticity of an
excess profits
tax, and the high rates of such a tax, inevitably result in
inequities and frequently cause serious injury to many types of business
designed
to
as
recapture
realized by
profits
excess
its
Association's
the
conclusion
Committee
Taxation
"clearly recognizes the necessity of preventing
profiteering in connection with the operation of the Govern¬
states that it
It is forced to the conclusion, how¬
ment's defense program.
to be secondary
may prove
follow the operation
may
necessitate
would
difficulties
to
direction
to the unfortunate results which
of the tax.
Avoidance of those
that the effect of the proposed tax in that
ever,
a
more
problem of taxing excess profits."
The
Committee on Taxation are:
the
approach
deliberate
members of
John
mond
Redmond
L.
Co.,
Crompton-Rich¬
Credit
President National Association of
and
York,
Vice-President
ex-officio),
(member
New
Inc.,
Angeles.
a
E.
The
view
on
Inc.—Views
reference
Brief
Pending
on
Tax
Profits
our
issue of
and
made in
and
amortization—should be
take from two to three months to draft an excess
be generally approved as
the recovery
a
respects from that of excess profits taxation.
the
excess
a
and fair
that
That the right to file
law for
week
tax law.
as
now,
excess
profits tax bill which
jam in the
It was through that
and ask for a
...
as
and non-uniform cases.
being allowed for the drafting of a proper
would remove inequities of administration. The
provisions would clear the immediate log
National Defense Program and allow necessary
Those who
sary
the way of compensation
a
deterrent
is the minimum of return which will
full
to
business
recovery.
the enterprise system."
though it acts
however, is
This acceptance,
provisions. A
and with it the effi¬
ciency of the enterprise system.
normal profits
directed
is
satisfactory from the standpoint of both Government and industry.
One of the subjects that received a great deal of attention throughout the
day was the necessity of consolidated returns. The necessity of consolidated
returns had been recognized by the administrators of the Revenue Act of
1917, even though no such provision had been contained in the law.
The
current proposal is defective in that no mention is made of the necessity of
consolidated returns.
Unless consolidated returns are required or are
discussion of appropriate yardsticks for determining
In the
and administrative
problems of an excess profits tax, attention was
towards those aspects
which determine whether the operation of an act
permissible, there will be duplications of invested
time to study
capital, taxation of net
profits at a rate of 100% or more may be possible in some cases,
end result may be a reorganization of corporate structures.
the earnings of predecessor companies.
and the
One is the
of the current proposal were examined.
.
.
accentuated
by the difficulties attending the administration of the Act. In the considera¬
tion of the administrative difficulties of an excess profits tax, emphasis was
placed on two important elements.
They are the effect of any high-rate
The difficulties in
drafting an excess profits law are further
and the need for special relief
tax law
The impossiblity
~
malities
makes
payers.
provisions.
.
.
of drafting an ideal law to cover all cases
imperative that sufficient discretionary
it
vested in the administrators to
and all abnorauthority be
with tax¬
dispose of cases by negotiation
...
is a prerequisite to the
Public hearings and more adequate
general, it was felt that careful deliberation
enactment
of an excess-profits tax.
The
inclusion of
adequate provision for special relief were considered essential parts of an
equitable tax law. Regardless of the legislation that is adopted, the prime
consideration should be the attainment of the national defense objectives.
Success depends upon the maintenance of the profit incentive as the motivat¬
ing force.
If the amortization question, the problems that are inherent in
an excess profits tax, and other problems
oan be solved in a cooperative
spirit by business and Government, and the green light is given to industry,
time are
needed in order to eliminate the inequities
the success of
of administration.
file consolidated returns and the
the defense program is
insured.
vitally neces¬
to make their views known to their members of
wished these points to be included in the pending legislation.
for businessmen
subjects discussed at the conference
The
profiteer at the
"All that business
In the words of one speaker:
bill.
attended arrived at the conclusion that it was
Congress if they
profits taxation, it was emphasized that business¬
in the World War period, have no desire to
of the Nation.
restoration of the right to
consolidated returns should be restored.
question and prepare an adequate
the
that
offsets what¬
follow immediate enactment of
hastily drafted law may destroy the profit incentive
ago
provision should be made in the administration of the
separation of the amortization
should be decided
question
Industry accepts the necessity of an excess profits tax, even
Plant
provisions should be separated from the
special relief in exceptional
amortization
produce the maximum effective functioning of
speeches and which required a
Means Committee.
5. That insufficient time was
the
would
It was felt to be both
profits tax be highly equitable, however, more than
With reference to excess
repeal of the Vinson-Trammell Act.
That adequate
The excess profits tax measure, however,
apparent advantages might seem to
ever
exces8
and that these two items should be embodied in separate
3.
expand their facilities in
complete defense contracts, and perhaps also to some sub-contractors
suppliers of materials.
In
4.
The amortization provisions
would apply only to those companies which will
session, it developed that it was the sense
should write the Senate Finance Committee
bills, with correlative
in order that the conditions governing
immediately in order to expedite the defense program. The requirement
hearing.
profits provisions
profits tax bill that would
predicated upon a careful and deliberate drafting of the tax
discussion which followed the
That the amortization
hear¬
would
of costs of new plants might be definitely established in advance.
lack of provision for
2.
inadequate,
emphasized that the amortization problem differs in important
was
practicable
of the
meeting that certain special points should represent the views of the tax¬
payers and industry in connection with the board problem.
There were:
1. That adequate public hearings before the Senate Finance Committee
were necessary since few people were familiar with the bill.
This is especi¬
ally important since the text of the bill was not available when hearings
businessmen
The view was
The amortization provisions, on the
equitable.
other hand, should be settled now,
Other difficulties
held before the Ways and
almost complete
in separate bills.
It was believed by some of the experts in attendance that it
ings.
Mr. Brown also says:
were
up
particularly if the Senate Finance Committee does not hold separate
conference on industry and National
Aug. 15 under the auspices
of the Tax Foundation, Inc.
At the conference more than
200 businessmen from all parts of the country heard econo¬
mists, tax and fiscal experts and industrial leaders clarify
industry's position in regard to the pending excess profits
and plant amortization legislation.
Advices to this effect
received from Lewis H. Brown, chairman of the Foundation,
and President of the Johns-Manville Corp. also indicate that
the morning session of the conference was devoted primarily
to tax problems, while the principal subject considered at
the afternoon session was the recovery of costs.
large part of the afternoon
taken
bill and that the time made available for public hearings was
defense held in New York City on
In the open
profits tax and amortization measures that
excess
expressed that inadequate time was being given to the drafting of the tax
1076) to the
(page
excellent performance.
be introduced in the Congress brought out an
soon
unanimity of opinion to the effect that the two items—excess profits taxes
Legislation
was
an
The discussion of the
will
opportunity should be availed of to
With the cooperation of Government, industry may be
expected to turn in
Industry and National Defense Held in
Under Auspices of Tax Foundation,
Amortization
In the face of the trend towards totalitarianism now in
evidence throughout the world, this
the fullest degree.
seeks in
York
national
approached in
step in the attainment of the
expressed that the national defense program affords an
was
enterprise system.
expense
New
defense bill
opportunity for industry to demonstrate the national worth of the private
men
Conference
a necessary
Both financing and production must be
affect all business irrespective of defense contracts.
Co.,
The Teachout
Kay,
industry. must
analysis,
last
cooperative spirit.
and
Cleveland.
H. J. Miller, San Juan Fishing & Packing Co., Seattle.
S. Graham Nelson, Wolf & Co., Chicago.
Thomas W.
Peck, Kalamazoo Vegetable Co., Kalamazoo.
Paul A. Pflueger, Max I. Koshland & Co., San Francisco.
Andrew B. Trudgian, S. D. Liedesdorf & Co., New York.
F. S. Walden, Strevell-Paterson Hardware Co., Salt Lake City.
H.
the
The co-ordination and integration of all fiscal programs—
defense objectives.
order to
Bryant Essick, Essick Machinery Co., Los
motivating'factor for the enterprise
In
destroyed.
Federal, State and local—is
It
Hen.
be
not
must be paid.
Association's
the
should
provide the expanding national income out of which the huge
I
organizations.
In
The profit incentive which serves as a
companies whose actvities
to the defense program.
believes
committee
1217
Commercial <& Financial Chronicle
The
151
and the speakers
Smith
Amendments to National Labor
Relations Act
Opposed by Economists and Political Scientists —
Viewed as Dangerous in Time of National Defense
were:
1. Clarifying
the National Defense Problem
(Lewis H. Brown).
4.
Developments (Ellsworth C. Alvord).
Emergency Taxation and the National Economy (Alfred G. Buehler).
Appropriate Yardsticks for Determining Normal Profits (F. P.
5.
Administrative Problems of an Excess Profits
6.
Industry's Responsibility
2.
3.
Review of Washington
Byerly).
Tax (Robert N. Miller).
and the National Defense Program (Philip
D. Reed).
7.
Recovery of Costs—
(L. C. Weiss).
a.
Principles and Methods
b.
Administrative Problems Under Prior Laws
and New Proposals
(JL. H. Parker).
8.
Discussion
The
discussion
leaders
were
Henry
Fernald,
George
W. Haberman, and E. V. O'Daniel.
the summary of the proceedings we quote in part:
Houston, P.
From
speakers and discussion leaders stressed
national defense program. It is highly
desirable that the requirements of the Government should be fulfilled within
the framework of the enterprise system.
Unless the issues that develop
and that must be solved by business and Government acting jointly are
faced squarely, there will be danger of substitution of governmental fiat for
the forces of private industry.
It was stressed by one speaker that the
objective should be to have our industrial machine in as good a shape at
the end of the emergency as at the beginning.
At both
the
sessions of the conference
challenge presented by the
Amendments to the National
particularly dangerous in a time of
national defense, and holding that the bill now pending before
the Senate is intended to emasculate the Act, 709 economists
and political scientists on Aug. 29 released a letter addressed
to Senator Elbert D. Thomas, Chairman of the Committee
on Education and
Labor.
"In the form in which the Smith amendments passed the
House," the economists hold, "the subtle phrasings of cor¬
poration lawyers have been substituted for more forthright
attempts to void the main provisions of the Act.
The ad¬
ministration of the Act is to be divided.
The Board is to
exercise limited judicial functions, and a new Administrator,
to be appointed by the President to serve without term of
office, is to be created to act as sole complainant and prose¬
cutor.
If this Administrator, yielding to existing pressures,
feels indisposed to enforce the law, recalcitrant employers
will need to worry little concerning prosecution for unfair
labor practices."
In voicing their objections the economists
Contending that the Smith
Labor Relations Act are
further stated:
Another
provision rendering
Board to take a
before
the Act ineffective is that
compelling the
each "craft" (whatever that may be),
bargaining unit. If through this method
separate ballot of
designating an appropriate
The Commercial & Financial Chronicle
1218
the growth
of industrial
unions
be checked
can
and election machinery
snarled, collective bargaining may easily be rendered ineffective in basic
industry.
The Smith Amendments,
common
would fasten upon the Act the old
moreover,
law, jury-trial rules of evidence,
further to review the Board's findings of fact
and would
cases
even
would
would have
provide court review of elections held by the Board.
be
a
would empower Circuit Courts
regarding unfair labor practices,
interminably.
dragged out
the same time,
At
worker*
plaints, and would have awards for back pay limited to a maximum of one
of the Spicer Mfg. Corp., Toledo'
the delegates on Aug. 28, that our present national
defense is a defense of our traditional homeland, and that
we will achieve adequate national defense only to the degree
told
that
appropriations are converted into materials.
Carpenter said:
Mr.
P* We must face the fact that we are calling on industry for a stupendous
It is for Congress to define the area which the United States must
national interests.
It is for the military
task.
protect in order to defend its
authorities to determine the strategies, the man power, the land, sea
year.
divided responsibility, the added court interferences
Added together, the
and delays
and the other obstacles to effective operation, serve not as im¬
provements to the present
In
Vice-president,
Executive
Thus
time-limit of six months set against them for filing com¬
new
Aug. 31, 1940
Act, but
as a
method of rendering it unworkable.
criticizing these amendments, we do
in every detail or that the Board and its subordinate
is perfect
statute
infallibly
been
always
have
agencies
not contend that the present
We do contend that the Board has
circumspect
an
in
its administration.
admirable record, as shown by the
excellent standing of its eases before the Supreme
Court, that the positive
accomplishments of the law are very great, and that the proposed amend¬
If adopted, we believe that they would serve to dis¬
ments are destructive.
rupt sound industrial relations for years to come.
,
those signing the letter addressed to Senator
Thomas are professors in various American universities and
colleges, including Columbia, Dartmouth, Hunter, Swarthmore,
New York University, Amherst, Wells, Cornell,
Vassar, etc.
air bases, the
Mr.
and
equipment desired."
Carpenter then pointed out that
American manu¬
production for
peace, they also can surpass the world in its use for defense.
He asserted that there has been an undermining of our
system of individual business enterprise and initiative by the
introduction of new economic philosophies and experiments
—the substitution of the doctrine of tax and spend for that of
encouragement of investment in, and expansion of, jobgiving enterprise.
He commented:
have
facturers
Among
excelled
the
world
in
as
mass
The 40-hour law, contrary to the intentions of its sponsors, means now in
effect
five-day week, and limits
a
It was originally
capacity to work.
our
intended to proportionately decrease unemployment where constant pro¬
duction
required
in
crease
corresponding working
employment.
hours and
Nevertheless, the
total
so
an
number
automatic in¬
of unemployed
and partially employed do not make up the needed labor reserve, nor are
they readily employable in these
National Security Trades Association
Concludes ThreeDay Convention in
Detroit—Organization Pre¬
pared to Serve Government in Emergency, Says
Jones—Comments
President
Municipal
of
Investments—Other
J.
Kress
W.
Addresses—-T.
on
A.
Akin Elected New President
opportunities for the 2,200 members of the
National Security Traders Association to gear their efforts
in with the national defense program and changing economic
trends, held the forefront of the Aug. 27 Annual Convention
at
the Hotel Statler in Detroit.
With
President Edward D. Jones of St. Louis in the chair, recent
Federal legislation was discussed from the viewpoint of the
security trader, with particular reference to the part the
over-the-counter securities market can play in the national
rearmanent program.
Active in the discussion was Frank
P. Meyer, Vice-President of the First of Michigan Corp.,
Willis M. Summers of Hoit, Rose & Troster, New York,
Chester E. DeWillers, Charles King & Co., New York.
Action to liberalize trading in high class bank, insurance
and similar stocks was urged by Willis M. Summers, Chair¬
man
of the Association's
Legislative Committee at the
National Committeeman's session on Aug. 27.
Pointing
out how present Federal legislation prohibits the extension
of credit, or margin sales, in transactions involving stocks
of banks and insurance companies with long records of satis¬
factory earnings and management, Mr. Summers recom¬
mended that the Association go on record and ask national
legislators to so amend the Securities Act of 1934. as to extend
to high class stocks of strong companies, under adequate
regulations, the same privileges in over-the-counter trading
as now are enjoyed by those stocks listed on accredited ex¬
changes, namely the privilege of purchase on credit, or
margin.
Mr. Summers added:
It appears inequitable that credit can be extended by brokers and dealers
on a
security due to the fact that it is listed
securities of banks,
on a
registered exchange whereas
insurance companies and industrial companies with long
dividend records and good marketability do not enjoy this privilege.
Citing his
institution's favorable experience througli
municipal bonds, John W. Kress, Assistant
own
investment in
Vice President of Lhe Howard
jobs,
new
we
as was
first thought.
continue to enjoy the highest
to
are
people under any form of government,
sacrifices.
make
Defense
must all of us be prepared to
we
appropriations
will
They will demand the utmost thirft
money.
cost
on
staggering
Savings Institution, Newark,
N. J., on Aug. 26 told the 400 delegates to the Convention
that the determined efforts put forward to put the finances
of New Jersey municipal bodies in order had
penditures for
other
purposes
than
sums
of
the part of individuals,
and necessitate strict economy on the part of the government
Discussion of
of the Association
face the fact that if
We must
standard of living and the greatest individual freedom ever enjoyed by any
national defense.
in the
We must
ex¬
rearm
ourselves, spirtually and mentally.
Also
a
feature of the closing session on Aug. 28 the three-
day convention
was an
address by Henry T. Bodman, Jr.,
Assistant Vice-President of
the National
Bank of
Detroit.
Mr. Bodman
speaking on the subject, "Why the Increasing
Popularity of Common Stock Investments for Trust Funds,"
cited certain studies that have been made of the investments
of
universities,
foundation
and
charitable
the increasing investment of
stocks.
show
At the final morning session on
institutions
such funds in
to
common
Aug. 28, Thomas A. Akin,
of Akin-Lambert & Co., Los Angeles was elected President
of the Association for the coming year, succeeding, Mr.
Other officers elected were: First Vice-President,
Edward, E. Parsons, Jr., of William J. Mericka & Co., Inc.,
Cleveland; Second Vice-President, Chester E. DeWillers,
Jones.
of Charles
King & Co., New York; Secretary Edward H.
Welch, of McGuire, Welch & Co., Chicago; and Treasurer
R. Jeremy Glas, of Hyams, Glas & Carothers, New Orleans.
The National Committee of the National
Association
Aug. 28 adopted
on
a
Security Traders
resolution favoring ex¬
tension of collateral privileges to securities traded over-thecounter
as being in the public interest.
A committee is to
appointed to endeavor to bring about such amendments
to the securities Act of 1933 and the Securities and Exchange
Act of 1934 as are necessary to effect such liberalization of
collateral privileges.
The committee will, it is believed,
endeavor to eDlist the support and assistance of the Invest¬
be
Bankers Association and the National Association of
ment
Security Dealers to urge upon Congress the advisability of
according to high grade over-the-counter securities the same
collateral privileges as are accorded to securities listed on
registered stock exchanges.
New Orleans today was selected as the Convention city
for the 1941 Convention of the National Security Traders
Association, at the closing session of the Detroit meeting.
brought rich
rewards, which without doubt have been duplicated in other
States.
public opinion
proper management
money
E.
Mr. Kress continued:
An aroused
can
can
make for
by public officials.
be used wisely so
as
to
Properly administered taxpayers'
render
the
best
service
to
the
com¬
munity.
If the taxes
are
officials have the
constitute
a
long
on
to increase tax,
cost and those additional taxes
the taxpayers property.
securities
they represent
resources,
so
power
first lien
If government
because
insufficient to carry the cost of
government, these public
an
considered
the safest type of investment,
obligation of all the people and the nation's
are
is there any reason why the
as proper
same cannot be said for
municipals
judgment is used at the time of their purchase, and proper
attention given afterwards.
Emphasizing the part that the National Securitv Traders
Association plays in the municipal field, Edward D.
Jones,
of St. Louis, President of the Association told the
delegates
at the morning session on Aug. 26 that, "the
financing of
municipalities, governments, corporations, public utilities
and railroads will have to be accomplished in the old fashioned
way, and there are but two avenues of approach to this
problem.
The first is taxation.
The second is that of selling
securities."
Mr. Jones pointed out that the Association is an
organization of 2,500 members that covers practically every
security market in the United States.
Continuing he said
"we stand ready and are prepared to offer our services to
the Government in
an
emergency.
Our members and our
financial program with
22 affiliates are ready to carry out a
speed and dispatch."
Emphasizing that American National defense
in
the
hearts
of
the
American
people,
R.
E.
A.
Pierce
Addresses
"American
efficiency in government and
Rotary Club of Chicago on
People's Stake in Securities Market"
E. A. Pierce, partner of Merrill Lynch, E. A. Pierce &
Cassatt, largest investment and brokerage organization of
its kind, in addressing members of the Rotary Club of
Chicago on Aug. 27 on "The American People's Stake in the
Securities Market," declared that those in the securities field
"have
genuine responsibility to the third of our people
getting the hardest knocks." "We should,"
he said, "be honest enough to admit that whatever we can
do to improve the status of this segment of our population
will be frankly good business."
Mr. Pierce went on to say that "it is this third of our
people who constitute the greatest potential market for the
nation's mass consumption goods.
Whatever improves their
ability to consume, and thus their standard of living, also
improves the market for the goods that business produces and
distributes and thereby the value of the securities invested
in such enterprise."
Discussing the New York Stock Exchange, Mr. Pierce
a
who have been
continued:
It is
most
in
a
deplorable but undeniable fact that it is the least understood and
ill-judged institution
this'countryTit"is
a
among the
organizations of national importance
pitifully"ironical
fact that
fundamentally"the
feature
for which it generally is blamed doesn't exist, and that the feature for which
it should be criticized does exist.
that the
Exchange, in
a
sense,
Members have not generally recognized
was
public utility which, in the long
run,
could prosper only as it stood responsive to the public's needs and reactions.
must
begin
Carpenter,
Only recently, in fact, has the Exchange demonstrated any recognition of
the need of
selling itself to the public.
Volume
declared
He
in recent years,
that
however, a
profound
change has come over the Exchange officials and members.
Speaking along the times of a recent address in Detroit
Mr. Pierce enumerated three things that have contributed
a
of business
their differences on the basis Of
growing realization, he said, on the part
and Government that they must compose
less
mutual
and
distrust
team-work in the
more
are"coming
business
to see that it is
of the economic machine.
of what is going on but an
take the public more into our
men to
direction of recovery.
We haven't
increasing number
in the enlightened self-interest of every one of us
"We've got to get the knocks out
yet fully grasped the import
confidence."
been the "exposure of the
Second contributing factor has
imported poli¬
foundations, and the realiza¬
being 'used' ".
tical termites that were gnawing away at our
tion that some of our
people are
_
■kThe third factor is one that has always been present,
he said, but has
long time forgotten.
It is the fact that at least two-thirds of our
people have continued to enjoy, even during the depression, the highest
standard of living the world has ever known.
Added to this, Mr. Pierce
been
In
reporting the strike, the New
stated:
a
said, is the fact that "at least two out of every three
direct
or
with the Merchant Truckmen's
primarily in New York City, will confer
with the Highway Transport Association.
Members of the latter
operate over-the-road trucks on long hauls between cities.
third have a chance to get
direct stake in the securi¬
indirect, in our system and the other
Between 6 and 10 million
Discussing national securities legislation, Mr.
Pierce said that "the pro-
Commission have definitely contributed to the protection of the customer's interest.
Pool operations have been outlawed.
Professional and manipulative prac¬
tises employed to induce the public to buy at artificially high prices by
making stocks active have been eliminated."
visions of the Act and
regulations of the Securities and Exchange
The earlier address of Mr.
group
The unions are demand¬
weekly wage scale coupled with a reduction
in working hours from 44 to 40, which in effect raises the hourly scale.
The
employers are demanding the right to work men any eight consecutive hours
without paying overtime rates.
At present a man must be paid for a full
day's work at 5 p. m. and overtime must start at that time even though
he began work only two hours earlier.
Thomas Hickey, Secretary-Treasurer of Local 807, declared yesterday
that the union would be forced to strike if the employers continued in their
There
are
principal issues in the controversy.
two
ing continuation of its present
Pierce was referred to in our
Aug. 10 issue, page 784.
vailing
Wages"
William
Demands "Pre¬
Defense Projects—Convention
on
Third
Endorses
Labor
Federation of
State
Term
for
President
Roosevelt—
CIO
Offers to Discuss Peace with
Green
The New York State Federation of Labor, at
its annual
convention in Niagara Falls on Aug. 22, followed a unani¬
mous indorsement of the candidacy of President Roosevelt
for
third term by adoption of a resolution urging the pay¬
of "prevailing wages" in national defense projects.
a
ment
directed the Executive Committee to)
The resolution
press
of a Federal law requiring all contracts of ap¬
propriations to contain clauses stipulating that prevailing
wages and hours be maintained.
Many of the delegates
who expressed opposition to the other resolution, endorsing
President Roosevelt's candidacy, remained silent when the
voice vote was conducted.
Proceedings at the final session
for passage
on Aug. 22 were described in part as follows
advices of that date from Niagara Falls:
adopted resolutions
also
convention
The
in United Press
carefully planned
York
New
extension of the
of wages in cash
seeking increases in benefits to widows and de¬
pendents under the workmen's compensation law. '
A resolution calling for
revision of the State Unemployment Insurance
plan to increase benefits and shorten
Executive Committee.
also approved the stand of its parent body, the
State Federation
The
the waiting period was referred to the
...
American Federation of Labor, against the Burke-Wadsworth Compulsory
Military Training bill. "William Green,
listments a longer
President told the convention the
amendment giving the principle of voluntary en¬
of L. favored an
A. F.
chance.
.
.
.
William Green, President of the American
Federation of
Labor, addressing the convention on Aug. 20, said that the
Federation is ready "to meet any time and any place" a
committee for the Congress
Falls
quoted Mr. Green as follows:
"Not only do ve
Mr.
of Industrial Organizations will
Press advices of Aug. 20 from Niagara
Associated
meet.
Green
*
of
9
"but in addition, we have pleaded for a conference
with the other group.
"We have
says
speakers
Thomas J.
Gov.
appointed our committee, but the leader of the other group
These are the incontrovertible facts."
'no.'
Other
Lyons,
included
Mayor
LaGuardia,
Charles Poletti; Assembly Speaker, Oswald D.
Henry
New York;
Heck, Schenectady;
M. Ives, Norwich, and Solicitor General
Epstein.
the
Brotherhood
situation Mr . Green was greeted by
a storm
he declared:
favor officially all support and help we can give England short of war."
applause
when
Pointing out that the Federation refuses to support the Burke-Wadsworth
Compulsory Training bill, the A. F. of L. national President declared that
all working men and women
used in a foreign
should be assured that the Army would not be
war.
There should be an
absolute guarantee, he added, that any United States
used for home defense.
warned American labor that the Nation's
national defense peril by moving for greater
pointing out "we can't become prepared overnight."
Mayor LaGuardia
.
.
.
working men must face the
of District Council
Decorators and
Painters,
of
demands for wage increases in a new contract.
The union's
demands were for an increase in pay from SI.50 to SI.75
hour,
reduction in the work week from 35 to 30 hours,
a
hiring.
which painting work was
stopped was Parkchester, the Metropolitan Life Insurance
Co. housing project in The Bronx, and on all public schools.
Work on the Vladeck Houses on the lower East Side was
Among the major projects on
stopped for one day in a token strike, but was resumed on
Aug. 28, because it has an agreement with the Federal
Government that the provisions of the contract reached with
private builders shall be followed.
Despite the efforts of Mayor F. H. La Guardia to prevent
a tieup of painting work on the schools on the grounds that
they were municipal projects, the union men stopped,
since the painting is carried on through private contractors.
Merchants
York
New
New York
Assn.
Urges Mayor LaGuardia
Threatened
Avert
Help
to
Trucking
Strike
in
City
29 to Mayor LaGuardia, The
urged the Mayor to use his influence
to avert the threatened trucking strike and to settle the con¬
troversy between the operators and thejr employees on a
basis which will preserve New York's position in competition
with rival cities.
In the letter The Association stated that
the cost of trucking is an important item in almost all mer¬
chandise transactions in the City and that it had been reliably
informed that trucking costs here are already so much higher
than in other competing cities that they impose a considerable
handicap upon New York business.
The'Association further
stated that, while serious interruption to the movement of
goods resulting from the threatened strike would practically
strangle business activity, in the long run the increase in the
cost of doing business, which would occur if any substantial
In
letter sent on Aug.
a
demands of the union were granted, would be no
of the community.
signed by Jeremiah D. Maguire,
Vice-President, in the absence of John Lowry, President
part of the
less deadly to the business
The letter which was
Association, read as follows:
of The
Association of New York is deeply
The Merchants'
threatened truckmen's
concerned over the
strike.
dependent upon impartial and un¬
interrupted transportation service, all classes of people and merchandise
should be served by transportation and trucking facilities without inter¬
ruption to su?h service through industrial warfare except as a last resort
when all efforts of adjustment have failed and there is no impartial tribunal
available to the parties presenting a grievance.
Such is not the case at
The welfare
of the community being
repeatedly expressed your desire to encourage
You have
ment
of the
fluence to
industry in this City as
City Department of Commerce.
keeping down the costs
as
of transportation through the Port of New York.
almost all merchahdise trans¬
trucking is an important item in
The cost of
We are reliably informed that trucking costs
City.
in this
much higher than in other competing cities than they
impose a considerable handicap upon New York business.
While the serious interruption to the movement of goods which would re¬
City are already so
sult from the
the duration
threatened strike would practically strangle
of the strike, in the long run
business activity for
the increase in the cost of doing
substantial part of the de¬
less deadly to the business of this
would result from granting any
mands made by the
City Truck Drivers Strike Threatened
Peace Negotiations were Deadlocked
York
the development
evidence recently by your establish¬
We believe that your in¬
attain this objective can be exerted in no better way than in
of business and
business which
New
Dispute,
Paperhangers, tied up all union painting jobs in Manhattan,
The Bronx and Richmond on Aug. 26.
The strike was called
because of the inability of the union and the Association
of Master Painters and Decorators to agree on the union's
actions in this
armed forces would be
armaments,
Wage
the moment.
Turning to the international
"I
H.
New York, President of the State Federation; Lieut.
Assembly Majority Leader Irving
of
Fiorello
in
Boroughs
thousand painters, members
Twelve
No.
its
stand at the front door with an open hand waiting,"
asserted,
Strike
Union
Painters
Halting Work in Three
Merchants' Association
advocating
five-day 30-hour week in industry, demanding payment
rather than by check and
determined to extend
will not be intimidated by any
publicity campaign of the employing truckers," he said.
much as possible, and they
as
and 50% control over
York
of New York City are
"The union truck drivers
employment
an
New
position."
"arbitrary and uncompromising
Americans own bonds and between
11 million own stocks.
9 and
representatives, having met
The union
Bureau, whose members operate
have an actual stake,
Half of this two-thirds, he added, have a
one."
ties markets.
York "Herald-Tribune"
of Aug. 29,
today
to it.
First, there has been
1219
Financial Chronicle
The Commercial &
151
union would be no
community.
In
international and national situation huge ex¬
unquestionably necessary for national defense. These ex¬
be met by heavy additions to the already crush¬
burden.
To meet these burdens will necessitate important sacrifices
view
of the existing
penditures are
Negotiations to avert a strike of 15,000 unionized truck
drivers in New York City ended in a deadlock on Aug. 29,
and both sides continued preparations for a strike.
Techni¬
penditures must eventually
cally the strike is scheduled to start on Sunday, Sept. 1,
but, because of the Labor Day holiday, its effects will not
be felt until Tuesday, Sept. 3.
Preparing for any contin¬
truckmen's union are in the present
gency,
for
of operations at Police Headquarters
the bureau
announced that it
was
drawing
up
"comprehensive plans"
policing districts^that might be effected by a trucking
tie-up.
ing tax
on
the part of
interest
all.
It seems to us indisputable
and influence of every
that the demands of the
situation quite contrary to the
public
opposed by the full power
clear-thinking, patriotic business man and our public
and that they,
therefore, should be
officials.
the Chief Executive of the City to use your
the threatened strike, and second, to settle the
We, therefore, urge you as
good offices, first, to avert
controversy on a
basis which will preserve New
competition with rival cities.
York's relative position in
1220
The Commercial & Financial Chronicle
President Roosevelt Refuses to State Position on Plant
Seizure Amendment in Conscription Bill—Wendell
L.
Willkie had Asked
for
Views
After
Criticizing
Proposal
At
his
conference at Hyde Park (N.
press
Y.),
the President declined to state his
had been requested
position on the amendment
by Wendell L. Willkie, Republican
Presidential candidate, on Aug. 29. Mr. Willkie
again yes¬
terday called on Mr. Roosevelt to give his stand on the
as
Mr.
matter.
Willkie
called
the
measure
revolutionary
a
threat to the American economic
system.
Concerning his views
"The 'conscription of wealth' is
"In
the
of
event
an
phrase without meaning," Mr. Willkie
a
the industries and
emergency
country are at the disposal of the people.
before it actuaUy exists
Let
farmers, workers and business
of this
assets
by setting up a potential dictatorship."
virtually
entire
the
system"
economc
of
the
country.
Willkie
said
the amendment,
passing
the
Burke-Wadsworth
adopted
by
the
Senate
military' conscription
yesterday
bill,
would
"stop normal industrial expansion, increase the depths of the present de¬
further unemployment."
cause
what
matter
no
might
be
Roosevelt
and
Views—Set
to a sick world
they fought him at home
Some of the bitter attacks
in
L.
A.
Willkie
F.
of
Disclose
L.
Monthly
inspired
by
Republican presidential nominee, on labor
the
September issue of the "American
Willkie,
set forth in
are
A.
of
F.
letter
a
merely
signed
from
Mr.
article.
The following concerning the
subject is
Washington dispatch of Aug. 24 to the New York
a
"Herald Tribune":
President
the
says
to
Roosevelt
future
stoutly
defends
the
record
of
be
the
to
New
"hold
Deal
advance gained and not permit present safeguards to be whittled
yielding to the specious arguments of those whose lip service
loud and eloquent before
election, but whose ears are deaf to
all appeals to justice the rest of the time."
every
by
away
labor
to
is
In his statement, President Roosevelt declares
that examination of the
safeguards established by law since 1933 to protect the rights of American
wage
in
"will
earners
its
efforts
foster,
to
improve
working
employment.
"This
reveal
that
promote
conditions
Administration
this
is
Administration
and
and
develop
advance
to
lias
the
been
interests
opportunities
willing to he judged—as
unremitting
of labor, to
for
profitable
past performance,"
he continues.
The achievements
since
witness
policy—by
good faith in the future."
1933
shall
be
to
its
of
the
Administration
Act,
Every
person
a
owes
debt
He says that more
organized labor, Mr. Willkie says.
He
declares that organized labor has been a
principal factor in bringing about
improved working conditions, higher wages and shorter hours for all.
Mr.
Willkie
adds
that
he
advocates
Indorsing collective bargaining,
with
the
the criticism advanced
National
"continued
rise
in
Labor
Mr.
Willkie
continues:
by the American Federation
Relations
Board
and
with
the
"I
American
of
"To achieve the
but
sary,
I
Washington.
matter
of
If
time
Labor
that
the
the
New
before
the
is
against
emphasis
.
.
changes in the Wagner Act are neces¬
important need is a new attitude in
some
more
Deal
.
continued,
American
I
believe it will be
only
a
labor
movement becomes
completely
by government, and that in place of the old, discredited com¬
dominated
union
pany
desired end
believe
sympathize
Federation's
the necessity for better administration of the Labor Act.
upon
my
a
levels."
wage
we
shall
have
government
unions
as
in
Nazi
Germany.
part I pledge myself to help the principle of free unions."
Adolf Hitler wants to
"Implacable
Peace
of all Democracy" and
Roosevelt's Efforts Toward
and
Preparedness—Terms
Party of Appeasement
Republicans
as
Speaking in his home city, Des Moines, Iowa, on
Aug. 29,
Henry A. Wallace accepted the Democratic Vice-Presidential
nomination in
address under the title of "The
New Fight
for Freedom." In the
beginning of his remarks he contrasted
the beliefs of President Roosevelt and
Adolf Hitler, as to
an
which, among other things he said: "Adolf Hitler believed in
dominating both individuals and nations by force. President
Roosevelt believed in the good
neighbor policy, among in¬
among nations."
Mr. Wallace also said in
dividuals and
part:
Now
have launched
we
on a
Adolf
Hitler
world.
.
.
was
its
was
the
eager
implacable
servant
enemy
and
of
faithful
all
democracy.
velt this effort
Franklin
defender before the whole
.
was
sition
of Adolf
Hitler
was
abroad.
rendered
But
his
stumbling block No. 1.
difficult enough by the oppo¬
handicaps
continuous and bitter partisan opposition at
home.
The dominant leadership of this
were
multiplied by
Republican opposition has
stood,
and
has
never
a
under¬
apparently been unwilling to find
out, what the rise of
Under the leadership of President Roose¬
begun several
was
We have
under construction.
splendid start, but it is only
than doubled
more
a start.
our
Army.
This is
a
It will be pushed until America is
fully prepared to defend herself against any emergency.
Like the
with
measures
of economic
shortsighted
adjustments,
obstructionist
tactics.
defense preparation
Why
build
so
requires thousands of officers and
skilled in the mechanics of the gas engine, the
airplane and the tank.
must not
only construct
We must
Doctrine
war
giant air force but know how
a
protect the
with
now, we
In part
Panama
increased
an
cooperation with Canada and the
pletely
Canal.
Navy, with
rest of the
On the
air
bases
Americas.
air¬
have stored in
we
supplies, while at the
reserve
have protected farm prices
city
products...'We
and
every
have
and
are
through
com¬
say:
all fronts.
the ever normal
granary
time by commodity loans
and the purchasing power of farmers for
increased
township there
same
We
enforce the
war.
Mr. Wallace also had the following to
on
men
operate and
By preparing
shall have the best chance of keeping uot of
agricultural front
tremendous
to
We must
Here in this country we are developing preparedness
we
also
many
...
soil
our
farmer
fertility.
committees
defense need involving agriculture.
In
which
.
.
every
county
preapred to
are
.
Human Values Are Stressed
On the social security preparedness
front, the Administration has started
the job of taking care of our aged and
unemployed.
put human values first.
should
by
be
means
We
believe that
no
one
Continually
who
we
have
is willing to work
allowed to starve.
We have improved the health of millions
of food stamp and school lunch programs.
We have stood at all times for national
unity.
To aid in
defense we have called in the best men
regardless of party.
our
national
In terms of
action, the National Defense Commission represents
splendid cooperation
between agriculture, labor,
industry, and government.
We
are
obtaining national unity
on
the fifth column front by enlisting
a common-sense
way the cooperation of local and State authorities.
We
determined to break up the gigantic international
conspiracy through
which the Nazis are trying to
subjugate our country.
$
Between now and Nov. I propose to do
everything I can toWouse the
American people to the need for peace
through preparedness, to the im¬
portance of the solidarity of the Americas, and to the
duty of business
are
.
men,
to
cooperate together
for full employment and for
the national defense.
For
I
sincerely
believe
Roosevelt will best give
that
us
the Democratic Party under President
higher standard of living, unity within our
a
country, safety from external aggression and freedom
for ourselves and our children.
on
this
hemisphere
The nomination of Mr. Wallace as
Vice-President to serve
on
the Democratic ticket with President
Roosevelt was
noted in our July
20.issue, page 337.
President Roosevelt's
speech of acceptance was given on page 336 of that issue.
Mr. Wallace was
formally notified of his nomination this
week at Des Moines
by Representative Marvin Jones,
Chairman of the House
Agriculture Committee.
L.
McNary Accepting
Vice-Presidential
New Deal's
Capacity
Treaties—Favors
to Govern
Federal
Re¬
Nomination—Opposes
as
Well
as
its Trade
Hydro-Electric
Projects
speech at Salem, Ore. on Aug. 27, Senator Charles L.
McNary of Oregon, formally accepting the Republican
In
a
nomination for Vice-President said that "in this
campaign
I shall not seek to indict the New Deal
motives.
I shall,
with all the force at
my command, attack the New Deal's
capacity to
govern
and the political and economic heresies
which have deflected
tions anent the New
from
us
our
course."
In his declara¬
Deal, the Senator stated in part:
We
may forgive the New Deal's incompetence in
dealing with economic
farces: its inability—or unwillingness—to further the
employment of idle
capital and idle hands.
We might overlook the confusion in
theory and
practice that have curbed initiative, stalled the
engines of production and
multiplied debt.
We are still a rich
country.
"What
we
cannot
finished, that
been
forgive is that the New Deal, finding itself unable to
vitality, fashioned its plan
our
extinguished
government for
Roosevelt has striven with
greater vigor than any other Pres¬
ident to build international goodwill,
international trade and a higher stand¬
ard of living.
In these efforts Adolf Hitler
Roosevelt's task
pa¬
that
years ago.
We now have nearly twice as
airplanes as in 1933 and, double the tonnage of fighting ships afloat
many
President
President
man
great national effort to build up our defenses
against the threat from abroad.
restore national
Roosevelt
the
on
defeated.
see
Speech of Senator Charles
Enemy
President
to
by the most
Adolf Hitler to rejoice.
cause
For
Henry A. Wallace Accepting Democratic
Vice-Presidential Nomination—Declares Adolf
Hit¬
Refers
found, would
were
Speaking with reference to the Administration's defense
program, Mr. Wallace said in part:
of
ler
even
I do not believe the American people will turn their backs
publican
Address
or con¬
if it
workers, and farmers
to
...
willfully
are
.
Mr. Willkie, on the other
hand, declares that a new attitude in Wash¬
ington toward labor is necessary, urges "some changes" in the Wagner
and pledges his aid to "the
principle of free unions."
jobs "must" be made.
rejoicing in Berlin.
But I do want to emphasize
in
future
to
for
reason
replacement of President Roosevelt,
and
steadfastly
same—
that
meet any
policy of the Administration will
the
was
sciously giving aid and comfort to Adolf Hitler.
Federationist,"
Mr. Roosevelt outlined has labor policies
Green, while Mr. Willkie submitted a
L.,
to
Adolf Hitler fought him abroad.
as
I do not wish to imply that the Republican leaders
monthly official organ of the American Federation of Labor.
In response to* a request of William
Green, President of
the
When
on
But, whatever the motive, the effect
tha United States has been
Monroe
The views of President Roosevelt and Wendell L.
America.
President Roosevelt's program were
directlyagents of Adolf Hitler in this country.
Others were
blindly partisan.
service it.
Magazine
Latin
these attacks on President Roosevelt and his program played into the hands
of Adolf Hitler. Every evidence of opposition to President Rooosevelt
within
met
Wendell
Forth
relationship with
our
The total defense of modern
in
United
President Roosevelt tried to adjust the internal affairs of the United States
planes?
Labor
the
This blind leadership believed that the United States could be
prosperous,
no matter what happened to Europe, no matter what
happened to
or
Mr.
before
President
in
men
States.
that emergency
us not create
The amendment, he charged, would
give President Roosevelt "absolute
and arbitrary control of
pression and
Aug. 31, 1940
triotic leadership that could be
Rushville, Ind., Aug. 29 dispatch
a
of the United Press said:
said.
to
Asia,
President Roosevelt declared yesterday (Aug.
30) that an
attempt was being made to involve him iu a political discus¬
sion over the provision in the
conscription bill permitting
the Government to take over certain
plants needed for
defense.
Adolf Hitler meant
economy is
and
upon
the thesis that America is
inevitably contracting: that opportunity has
that, hereafter,
look increasingly to the
jobs, for security and for the oversight of our private lives.
Approximately
15,000
we
must
heard Senator McNary
pledge his loyalty to
Willkie, the Presidential candidate, and voice
opposition to the Administration's reciprocal trade
treaty
program.
The Senator urged the establishment of a twoprice system for farm products "enabling us to export with¬
out injuring the domestic
price level," and he said that the
indorse
the
Wendell L.
Republican
persons
platform,
that foreign crops
New Deal had lowered tariff barriers "so
continued
Federal development of hydroelectric projects.
As to the
Republican farm program and trade treaties, we quote the
undersell
in
our own
our
He endorsed
markets."
Yet, much
point
too
parity.
advocates—and this
It
farmers
is
willing to experiment with
stand pledged to
It endorses the
continue soil-conservation payments,
commodity
-
surplus
and for research aimed
at developing industrial uses for products of the soil.
We favor continuing
the food-stamp program, which serves the double purpose of assisting the
needy and helping the farmer by reducing surplus crops.
The platform offers no magic formula.
The problem is far too complex
for any all-embracing cure.
It does constitute a promise that the Re¬
loans; to encourage acquisition of farms by tenants
publican party genuinely seeks solutions.
A substantial solution
resolved into a question
American market to the
of the farm problem may be
is
The farmer is, at least, entitled to
Beside being far and away the
the only one we may
hope to control.
that and no Treasury
greatest market, it
benefits can compensate him for its
loss.
out a longagricultural empire, piles confusion upon
confusion by following two contradictory policies at once.
With one hand,
the New Deal pays farmers not to sow and reap; with the other, it lowers
tariff barriers so that foreign crops undersell our own in our market.
Yet the New Deal, which,
range
in seven years, has failed to map
Secretary of Agri¬
Any Secretary of
trade system, which, in the
has admitted competitive farm products to the value of
year.
That sum, it is interesting to note, approximates
be blamed for this second policy.
not
may
last two
years,
$537,000,000 a
Experts
production.
government
correspond closely to the acreage displaced by
reduce acreage and
estimate th^t the 35 million acres withdrawn through
what the
competitive imports.
formulated by the
Senate
I charged that the treaties had failed to "dissipate, alleviate or liquidate
the uneconomic conditions" affecting agriculture.
I hold to that opinion
still.
Moreover, as the war spreads the areas of closed trade I gravely fear
I have always
opposed reciprocal trade treaties, as
When I spoke against their renewal last Spring in the
New Deal.
agriculture may grow worse and we have no assurance
that the effects on
that peace
will restore foreign markets for our surpluses.
we need a realistic reappraisal of the
After seven years
whole problem
the responsibility next January, we should
demand and have the formulation of a long-range policy looking to the
restoration of our agriculture empire.
The farmers do not wish to rely
perpetually on subsidies which stop short of economic justice.
They wish
to re-enter the economy as independent producers.
They are entitled to
and, whichever party assumes
of that wish.
the fulfillment
For years
I have advocated a two-price system; a
system enabling us to
injuring the domestic price level. The McNary-Haugen
Act, which looked to that end, was twice vetoed by a President.
Although
conditions have altered radically since the bill was last rejected, I maintain
with undiminished faith that some such formula must still be sought.
export without
Declaring that "power is the prime
industrial existence," Senator McNary
requisite of modern
said in part:
*
magnitude may be found in the fact
in the world is developed within our
borders.
Steam power made England the industrial colossus of the nine¬
teenth century; steam plus electrical power has made the United States the
industrial giant of the twentieth.
of America's industrial
A measure
one-half the installed horsepower
Yet
America's water power resources are
the mountainous
still largely undeveloped. In
where strong rivers run un¬
parts of the Pacific West,
impeded to the sea, a
major portion of the country's
potential hydroelectric
still waits to be harnessed.
Fortunately the principle on which
power may be made available has long been recognized.
The Federal
power
this
the obligation to control floods and assure navigation.
by-product of power.
Unfalteringly, the Congress has granted to the public preferential rights
Government accepts
services flows the
Out of these
generated from navigable streams.
Such power should be a
The government, having made this power available,
indisputable right to control its utilization and distribution.
Maximum benefits for domestic consumers, farmers and small users of
to
speech of notification of Mr. McNary's nomination as
was
made by Gov. Harold E. Stassen of
Minnesota, the latter having been introduced to the gather¬
ing at Salem on Aug. 27 by Representative Joseph W.
Martin Jr., Chairman of the Republican National Com¬
The
mittee.
McNary's nomination as Vice-President and that
as
President was reported in our issue of
Senator
Willkie
4061; Mr. Willkie's acceptance
issue of Aug. 24, page 1077.
June 29, page
given in
our
In
by which we measure
Federal development.
should be the yardstick
connection with foreign policy,
tion to Be
Held at
tion, Various Divisions
Conferences a Feature
*
meetings of. the principal Divisions and
vide
The resources we
have been considering
said:
bear pertinently on a subject
minds as we look across the Atlantic.
I refer to predefense. The last war disclosed deficits in power and farm
and forest products. A shortage of power in certain Eastern industrial
districts deprived domestic consumers of service.
Food deficiencies caused
meatless, wheatless days and the plowing up of the short grass prairies in
what is now the Dust Bowl.
In common with what I believe to be the overwhelming majority of my
countrymen jI oppose involvement in foreign military adventures.
America
as always, prefers peace.
But America does not prefer the peace of ap¬
peasement, not the surrender of our national dignity, our independence of
action, our political freedom or the civilized values that we cherish.
The'existence of aggressive despots in Europe is not new to our experience.
We administered a lesson to George III.
Napoleon inconvenienced our
commerce. Monroe and John Quincy Adams effectually warned the Holy
uppermost in our
pardness for
Alliance to
keep its arbitrary
hands off this hemisphere.
We helped bring
imperial adventure in Mexico to an inglorious end.
Nor have we failed to exercise our guardianship over countries within
the scope of the Monroe Doctrine.
Unless I mistake our temper, we are
no less firm and positive today.
We are not a docile people and we propose
to work out our destiny on our terms.
In the present world situation, we
Maximilian's
still have a
enemies at
aggression.
the
We shall be strong, in which case we shall deter our
home and abroad; or we may remain weak and thus invite their
For my part, I prefer the part of strength.
That has been
choice.
American choice.
substantial portion of our forest lands are being managed and
utilized in ways that best safeguard social values, provide maximum em¬
ployment, guarantee future supplies, stabilize streams and soils and con¬
serve our rich endowments of natural beauty and wild life.
Happily a
Sections of the
held
during
the
Sept. 22-26, will pro¬
amount of consideration and discussion of
maximum
a
problems as well as of the
banking
current
be
to
convention at Atlantic City
B. A.
A.
Association,
Bankers
American
Association's
announced by Robert M. Hanes,
A. B. A. President.
Mr. Hanes is President of the Wachovia
Bank & Trust Co., Winston-Salem, N. C.
The programs
for the various meetings include addresses by outstanding
authorities on banking and economics, and they also pro¬
vide ample opportunity for "round table" discussion of cur¬
rent banking subjects.
The sessions of the general conven¬
tion will occupy two days—Sept. 25 and 26.
The meetings
of the various Division, viz., National Bank, State Bank,
Savings Division, and Trust Division, will be held on Mon¬
day, Sept. 23, as will also that of the State Secretaries
Section,, while the Round Table Conferences are scheduled
for Sept. 24, 25 and 26.
Senator Carter Glass of Virginia
is to be honored during the proceedings of the general con¬
vention on Sept. 26 for his services to American .banking.
The speakers at the general convention will be President
Hanes, Governor Hoey of North Carolina, and Elbert S.
Woosley of the Louisville (Ky.) Trust Co.
Addresses will
be delivered before the National Bank Division by W. Ran¬
dolph Burgess and Dr. Marcus Nadler; the speakers before
the State Bank Division will be William A. McDonnell of
the Commercial National Bank of Little Rock, Ark., and
Dr. William A. Irwin; Paul F. Cadman will address the
Savings Division.
A symposium on "The Job Ahead for
Trust Service" will be conducted before the Trust Division
by former Presidents of that Division.
At the meeting of
the State Secretaries Section there will be discussions on
topics of interest to Secretaries of State Bankers Associa¬
tions.
The programs for the general business sessions, the
division meetings, and the round table conferences follow:
it
business,
regular
is
General
Session, Sept.
First
order, President
Convention
25, 1940—9;45 a. m., music;
10:00 a. m., call to
Robert M. Hanes.
Invocation.
Report—Official acts and proceedings of
President
of
Address
Mr. McNary expressed
National forestry program the Senator
sessions and the annual
Programs for the general business
Executive Council.
Hanes.
Appointment of Resolutions Committee.
Fortieth anniversary of the American Institute
his
In indorsing a
Meeting of General Conven¬
and Sections—Round Table
—Arrangements for
the usefulness and
opposition to involvement in "foreignmilitary adventure,"
but addred that he was also opposed to "a peace of appease¬
ment."
Discussing foreign affairs, he said in part:
of
Bankers Associa¬
Atlantic City, N. J., Sept. 22-26
Annual Convention of American
heritage.
serviceability of every
speech was
Program
of
Details
Announces
Hanes
President
should have an
power
the forest service
Vice-President
power
common
ownership
should be ex¬
should be acquired for public
exploration and research arms of
government has paid farmers to
payments from production
and
panded.
Wallace, a highminded and sympathetic
Secretary
Agriculture would be hampered by the reciprocal
that
Unproductive areas increasingly
and the
plan for reconstituting the
culture,
uneconomic exploitation
immediate burden, to compel
an
of Mr.
Any rational plan must assign the
of markets.
American farmer.
heavy
forced liquidation.
recommends
principle of
a departure—incentive payments to
tillage of crops we now import.
We
affirmative farm program.
and
hopeful
the desirable
Credit facilities are
Forest taxation too often tends, by laying
from fire, insects and disease to
become insurable risks.
forests might
where
could assume
The government equitably
be done.
rudimentary and inadequate.
let me say that the Republican platform
For the moment,
more can
half the cost of abating loss
following from Mr. McNary's address:
a
1221
Commercial & Financial Chronicle
The
151
Volume
of Banking Section.
Presidents American Institute of Banking
tion—Harry R. Smith, Assistant Vice-President Bank of America N.
Introduction
S.
former
of
San Francisco, Calif.
of National
A.,
Presentation
Educational
Sec¬
T. &
Institute of
Florida National Bank, Jack¬
Director American
Banking
Section—J. L. Dart, Vice-President
sonville,
Fla.
Commission of plaque to Georgia
Association.
North
♦
(topic to be announced
Address
of
B. A. Agricultural
A.
Awarding by
Bankers
later)—Clyde R. Hoey, Governor, State
Carolina, Raleigh, N. C.
Communications.
Announcements.
Session—Sept. 26, 1940.
Second
9:45
a.
10:00
a.
m.—Music.
m.—Call to Order,
President Robert M. Hanes.
Invocation.
Address,
ville
Your Bank"—Elbert
"Know
Trust
The
Co.,
Honorable
S. Woosley, Vice-President
Louis¬
Louisville, Ky.
Carter
Glass—President Robert M. Hanes.
Unfinished Business.
Communications.
New
Business.
Report of Resolutions
Announcements.
Report of
Committee.
Nominating Committee
Installation
of
National
23, 1940—2:00 p. m.,
Address of the President.
Sept.
and Election of Officers.
Officers.
Bank
Division
Call to Order, President
Appointment of Committees.
Address, "Financing the Defense Program"—W.
Chairman of the Board, The National City Bank,
Melvin Rouff.
Randolph Burgess, ViceNew York, N. Y.
The Commercial & Financial Chronicle
1222
Address—Dr.
New York,
N.
Unfinished
New
Marcus Nadler, Professor of Finance, New York
Y.
Aug. 31, 1940
Discussion, "Greater Efficiency and Increased Earnings Through Simpli¬
fication
of
Bank
Operating Forms"—Louis W. Bishop, Cashier State-
University,
Business.
Trust
Bank &
Planters
Business.
Co., Richmond, Va.
Table
Round
Conference—Consumer
Reports of Committees.
A.
B.
Sept. 23, 1940, 2:00
of
the
Trust
m.—Call to Order, Presdent William 8. Elliott.
p.
Address, "Our Part in
New World"—William A.
a
Commercial
National
Bank,
Little
Address, "The System of Free Enterprise"
Dr.
of
William
A.
Forum
Cravens,
panel
Vice-President
"Consumer
on
Cleveland
Credit,"
con¬
by Walter B. French along the line of "Information Please," with
following panel members: Kenton R. Cravens; John H. Lucas, VicePresident Peoples-Pittsburgh Trust Co., Pittsburgh, Pa.; George A. Mac-
McDonnell, Executive
Rock,
(an
Ark.
answer
its
to
Vice-President National Bank of La Crosse, La Crosse, Wis.
Lachlan,
critics)—
Irwin, National Educational Director, American
Inaugural Ceremony
Institute
Sept.
Discussion.
Unfinished
R.
answer
the
Banking Section.
New
and
question
ducted
Appointment of Committees.
Vice-President,
Department.
Financing"—Kenton
Cleveland, Ohio.
Co.,
Discussion—A
President.
Credit
Consumer
A.
"Automobile
State Bank Division
Address
Credit
Sept. 26, 2:00 p. m.—Call to Order, Walter B. French, Deputy Manager
Election and Installation of Officers.
1940—University of Pennsylvania Glee Club.
26,
Inauguration of New Officers.
Business.
Presentation
/
Business.
to
Retiring
Charles
Recital—John
President.
Thomas.
Reports of Committees.
Election
and
Installation
of
Sept. 23, 1940, 2 :00
Motion
New
Installation
1940,
Address
"The
of
Job
2:00
Ahead
Division
Trust
E.
p.
for
Trust
Presidents
of
Callaway,
Service,"
Clark.
Trust
Y.; Robertson Griswold, Vice-President Maryland Trust Co., Baltimore,
Md.; Leon M. Little, Vice President New England Trust Co., Boston,
Mass.;
Gilbert
School
of
Trust
Stephenson,
Banking;
Officer
The
Unfinished
New
T.
Samuel
First
C.
Trust
Waugh,
Co.,
Trust
Research,
Executive
Lincoln,
The
Graduate
Vice-President
and
Neb.
Officers.
1940,
and
General
Meeting.
Chairman; State Legislation, Eugene P. Gum, Chairman.
Business.
Business.
Election
and
Installation
Adjournment until
Round
table
Secretaries
of
of
Officers.
discussion
and
question
period
topics
on
of
interest
Manager New York
Sept. 24,
American
1940,
Influence
and
State
System-—Sigourney
Retirement System, New
Bankers
C.
Clark,
President
Bank
Staff Contacts—William
Powers, Director
Relations, American Bankers Association.
Discussion, "How to Survey Your Trade Area"—O. W. Bailey, President
First National Bank,
Clarksville, Tenn.
Discussion, "Liquidity of Loans Made to Farmers"—C. C. Neumann,
President Nebraska Bankers
Association, Farmers & Merchants National
Bank, Oakland, Neb.
Discussion—Panel
Manager
Messrs.
in
A.
B.
discussion
Country
A.,
in
"Research
on
Banks,"
charge
of
as
Basis
a
course
for
New
J.
Kinnamon,
J.,
as
Cashier
members
24,
Real
of
Bankers
with
effective
the
Loans
p.
in
the
in
Investment
Mortgage
and
Joseph M.
Portfolio—Dr.
Real
Estate
Dodge,
President
the
Dr.
and
panel
answer
Ernest
M.
Fisher,
discussion
on
"Real
along the line of
following panel members:
Frederick
M.
Fisher,
American
Loans,"
"Information
con¬
Please,"
M.
B.
Schwulst, First Vice-President The Bowery
Savings Bank, New York,
N. Y.; William W. Slocuin, President The
United States Savings Bank of
Detroit, Detroit, Mich.
Sept.
Florida
of
25,
1940,
National
2 "00
Bank,
Problems
p. m.—Call to Order, J. L. Dart, Vice-President
Jacksonville, Fla., President of American Institute"
Banking Section.
Productive
Work
Planning—Ernest S. Woolley, Bank Consultant and
Analyst, New York, N. Y.
Discussion, "Research, Analysis and
Budgetary Control as an Aid to
Bank Management"—Maurice L.
Breidenthal, President Security National
Bank, Kansas City, Kan.
Roosevelt Offers
Jones, Loan Administrator
a
later date.
The
White House
time that this position
announced
at
had been offered to Jesse
Jones,
Under-Secretary of Commerce, which
Federal Loan Administrator, and that the post
left
was
vacant
(noted in these col¬
of Aug. 17, page 933), has been offered to Louis John¬
former Assistant Secretary of War.
Mr. Hopkins indi¬
cated that he resigns because of ill health.
In accepting
the resignation the President said that it
only breaks the
"official ties that exist between us—not the ties of friend¬
ship that have endured
so happily through the
years."
Secretary Hopkins's letter of resignation follows:
My dear Mr. President:
The
It
tenth
of
seemed
British
May,
to
before
1940,
then
me
the
was
that
outbreak
important and fateful
an
situation
our
of
In
war.
Englishmen believed the conflict
many
Others
thought
there
preparation
was
was
the
could
be
immediate
no
could he delayed with
date.
similar
months
threat
safety.
that
to
of
by concession.
from
Germany;
that
Still others maintained
who wished to strengthen the defenses of Great Britain
anyone
the
preceding that event
avoided
was
a
"war mongerer."
The
experience of
security
Great
are at
pessimistic assumptions.
invite attack when
to
and
because
of
We
must
This
objectives
of
your
fense.
stake,
own
marshal
means
we
That
you
are
the
wanted
country
that
where
now
defense
to
our
aggressor,
are
with
effort.
to
We
face conflict half prepared.
regard to the character,
must
build
complete economic strength
push
pace
and
armaments,
forward
vigorously
with
a
the
of
Nation
peace
in
its
task of
for the
de¬
social and economic
to abolish
security.
program
To do less would be to undermine
leading
resign
in¬
foresight and determination this is being done.
surest guarantee
needed
the national
justified in making only the most
have resolved these fundamental questions in
you
itself—is
are
shown
that instead of retreating from our
should
we
has
do otherwise is to be too late at every stage,
To
it suits the
our
poverty from the land.
I
Britain
only questions at this time
magnitude
that
Conference—Operating
Secretary of Commerce
as
II.
The
Estate
Babcock, Assistant Ad¬
ministrator, Federal Housing Administration,
Washington, D. C.; William
A. Marcus, Vice-President American Trust
Co., San Francisco, Calif.; Earl
Round Table
Resigns
III Health—President
of
terest and
Ernest
Finance,
Association.
by
Hopkins
at
same
that
Conference—Real Estate
m.—Call to Order,
Detroit, Mich.
Research
question
ducted
2 :00
Bank,
Estate
Director
A
.1940,
in insurance and
President Roosevelt accepted the resignation of
Harry L.
as Secretary of Commerce on Aug. 24, to become
defense
Detroit
courses
Hopkins
of the
panel.
Sept.
four
are
corporation finance.
Post to Jesse H.
Business
by A. G. Brown, Deputy
Agricultural Credit Department, with
Bailey, Neumann, and William
Hunterdon County National
Bank, Flemington, N.
The
on
Because of
conducted
Poweps,
Round Table
accounting, salesmanship, and marketing
son,
of Customer
Development
University
umns
a.
m.—Call to Order, Dunlap
Bank, Kalamazoo, Mich.
of
in
courses
by the resignation of Edward J. Noble
Business Development
9:30
Value
These ends
by the enforcement of certain definite standards
been introduced into
Harry L.
Table Conference—New
National
competent
to
of
Round
and
by Professor James C. Egbert, Director.
A course on stock
and commodity brokers' accounts will be
given for the first
time this year in Extension, as well as new courses on book¬
selling and problems dealt with by textile merchants and
executives in charge of cotton, silk or
rayon mills.
Also
a
Savings—Paul W. Albright, General Secretary, Savings
the State of New
York, New York, N. Y.
Public Relations—Claude L. Stout, Executive
Vice-President and Cashier,
Poudre Valley National Bank, Fort
Collins, Colo.
Explanation of New York State Bankers Retirement
B. Romaine,
York, N. Y.
honest
promote
the business curriculum of the
Extension Division of Columbia
University for the 1940-41
academic year, which begins on Sept. 26, it is announced
on
Association
to
incidentally by the delegation to the SEC of limited administrative
m.—Call to Order, President C. C. Wattam.
p.
State Bankers Associations.
Interest Rates
seeks
doing and practices contrary to the best interests of investors.
Operating Problems of State Associations—J. Carlisle Rogers, Secretary
and Treasurer, Florida Bankers
Association, First National Bank, Leesburg, Fla.
Banks
Investors Second
it is stated:
summary
Exchange Commission and the leaders of the
industry,
included in the curriculum
evening session.
Sept. 23, 1940, 8:00
Securities and
company
it undertakes to achieve
New
of
Unfinished
preface to the
management and to prevent the recurrence of isolated instances of wrong¬
have
Standing Committees—Banking Education and Public Rela¬
tions, James 0. Scarboro, Chairman; Insurance, Armitt H. Coate, Chair¬
man ;
Standard Forms, Lauder Hodges, Chairman ; State Bankers Associa¬
tion
Management and Regional Clearing Houses, George M.
Starring,
New
a
Business Curriculum Expanded in Columbia
Extension Division
Secretaries Section
Annual Report of the President.
Appointment of Committees.
Reports
Trust and Massachusetts
In
* *
*
10:00 a. m.—Board of Control
Order—President C. C. Wattam.
to
by
authority, without interfering with the exercise of business judgment by
those who are charged with the duties and responsibilities of
management.
State
Sept. 23,
of the
investment
and
Officers.
of
our
The Investment Company Act of 1940, which is the result of the collabora¬
tion
Business.
of
Installation
Call
Director of
Business.
Election
Fund, Inc.
a
Devision
N.
•
23
Investors
setts
symposium conducted by former
during the past decade, viz., Merrell P.
Guaranty Trust Co. of New York, New York,
Vice-President
the
Officers.
of
m.—Call to Order, President Roland
President.
the
in
of the Investment Company Act of 1940
President Roosevelt, the Massachusetts
Investors Trust has issued a 27-page summary of the Act
"as
it
affects
open-end investment companies."
The
summary was prepared by Warren Motley of Gaston, Snow,
Hunt, Rice & Boyd, of Boston, counsel for the Massachu¬
Aug.
on
.
.
:
23,
appeared
With the signing
Business.
Sept.
convention
Investors Trust
setts
Cadman, Economist, American Bankers Association.
Business.
and
the
+
Reports of Committees.
Election
to
Summary of Investment Company Act as Affecting
Open-End Companies Distributed by Massachu¬
Nation."
a
President.
Address—Dr. Paul F.
Unfinished
Make
Men
references
issues of July 0, page 46, and Aug. 3, page 642.
Division
m.—Call to Order, President A. George Oilman.
p.
Picture—"Free
Address—The
Previous
Officers.
Savings
gigantic
our
your own
effort
to
mind;
defend
for America,
last May because it seemed to me that you and the
of Cabinet officers whose strength permitted
the services
vigorous and continuous assumption of the duties required of them.
You indicated then that
I should remain throughout the summer
in
hope that I would completely recover my strength.
This recovery I have
not fully accomplished; therefore I feel that I must resign as Secretary
of Commerce,
An
the resignation to become effective in the immediate future.
expression
of
goodwill
and
appreciation
from
me
to
you
at
this
Volume
time
is
My abiding devotion and affection for you
in any exchange of letters.
unnecessary.
Roosevelt
cannot
and Mrs.
Faithfully yours,
HARRY
HOPKINS.
L.
reply, dated Aug. 24, is as follows:
letter of Aug. 22 and I fully
have your
much
and
In
that
giving
break
that
the
be
determined
in
its
In
official
that
Dr.
resignation, therefore, to take effect
and, I repeat, that this resignation is
your
later
at a date to
accepted only
office—only the office—and
nothing
will and must go on as always.
Our friendship
Affectionately,
FRANKLIN D.
1939;
ROOSEVELT.
tliis
reported
was
in
our
of
Nomination
C.
E. Wickard as
Approves P. H.
Agriculture—Also
Appleby as Under-Secretary
The SeDate on Aug. 23 confirmed the nominations of
Claude R. Wickard to be Secretary of Agriculture and of
Paul H. Appleby to be Under-Secretary of Agriculture.
President Roosevelt made these appointments last week as
was reported in these columns of Aug. 24, page 1081.
Mr.
Wickard was named to succeed Henry A. Wallace, whose
resignation becomes effective Sept. 5, when he will begin
active campaigning as the Democratic Vice-Presidential
candidate, and Mr. Appleby takes Mr. Wickard's former
of
post.
♦
Representative George N. Seger
Jersey—Served in Congress Since 1923
of
Representative
George
Jersey, died on Aug. 26
of
New
N. Seger, Republican of New
in Naval Hospital, Washington.
old. Mr. Seger, dean of the New Jersey
delegation in the House, having served since 1923, had
planned to retire at the end of the present session of Congress.
The House adjourned on Aug. 26 after a short session out
of respect to Mr. Seger.
A committee consisting of Senator
Barbour, Republican, Representatives Eaton, Wolverton
and Hartley, and Representative Mary Norton, Democrat,
all of New Jersey, attended the funeral services in Passaic,
N. J., on Aug. 29.
Regarding the life of Representative Seger, the New York
"Times" of Aug. 27 said:
Representative Seger had been a member of the House Merchant Marine
and Fisheries, and Rivers and Harbors Committees.
He had made several
He
was
74 years
official trips to Alaska
and Honolulu.
of tariff protection and
He had been an advocate
and
an
opponent of
Mr. Seger was
and government
/
born in New York City,
Passaic, N. J., and was a
1906 to 1911.
anti-lynching legislation,
President Roosevelt's Supreme Court
reorganization bills.
in
had been in the building business
member of the Passaic School
He served for three terms as a
Board from
member of the city's Board
Passaic from 1911 to 1919.
He was a delegate to the Republican National Convention in 1916, and
was elected to the Sixty-eighth Congress from the Seventh New Jersey Dis¬
trict in November, 1922,
He served successively thereafter, later repre¬
of Commissioners,
senting the Eighth
N.
of
are
investment in limited dividend
the present time. Mutual savings
of mortgage financing and
of extreme importance at
funds of some 6,000,000 depositors, hold mortgage
of approximately 473^% of their total assets, or in excess
$3,000,000,000, and despite new mortgage
As¬
the New York
Merchants' As¬
sociation of New York was elected President of the Inter¬
national Association of Convention Bureaus at its annual
convention on Aug. 24 in Washington.
Sam Fowlkes,
Secretary of the Convention and Visitors Bureau of the New
Orleans Association of Commerce, is the retiring President.
Henry T. Davis, Secretary Manager of the Indianapolis
Convention and Publicity Bureau, was elected First ViceNichols, Executive Director of
and Visitors Bureau of the
President.
The Merchants' Association states:
International Association
of Convention Bureaus'
membership is
cities in the United States and
Canada.
The cities in which these bureaus are located annually entertain
95% of the conventions in the United States.
At the meeting in Washing¬
ton the convention business was estimated to be a $500,000,000 industry.
New York's share of the convention dollar annually amounts to $25,000,000
as the result of the 250,000 convention delegates who come to New York
and spend on an average of $100 each.
made up of 50 of
the leading convention
New York State
Bankers Association to Hold
Regional
Conferences in Upstate New York
on
Sept. 16, 17 and 18
The Committee on Agriculture of the New Yor^c State
Bankers Association, in cooperation with the New York
State College of Agriculture at Ithaca, is planning a series
of three Regional Agricultural Conferences to be held in
upstate New York on Sept. 16, 17 and 18.
The first of
these meetings, on Sept. 16, will be at Mount Morris, N. Y.;
the second will be held at Syracuse, N. Y., on Sept. 17,
and the third and final conference will be held in Albany,
N. Y., on Sept. 18.
The Association states that primarily
designed to give the bankers of New York State an oppor¬
tunity to view the new developments in agriculture and also
permit them to study the various phases of agriculture in
which they are already cooperating and may further cooper¬
Agricultural
loans of $92,000,000 made
of this year, have available
during the first six months
for further invest¬
$250,000,000. Further, it is hoped
that at the next session of the State Legislature savings banks will receive
some consideration in their efforts to taper off the mortgage moratorium,
as an essential to improvement of the mortgage market.
Since the enactment of the Desmond-Moffat Act last winter, a special
committee of the Association has made considerable progress in developing
a practical formula for savings bank investment in limited dividend housing
corporations.
Considerable attention will be focused at the convention
on such a formula and upon specific housing
projects. A session of the
convention will be given over to these related subjects at which the principal
speaker will be Dr. Fisher, formerly of the Federal Housing Administration,
a member of the faculty of the Graduate School of Banking.
Mr. Axford
as editor of the "American Banker" will deliver "A Challenge to Savings
Banking," analyzing those activities and services which savings banks might
well seriously consider as meeting public needs in their respective com¬
munities.
Other speakers
previously announced include William R.
White, Superintendent of Banks in New York State, and Dr. W. Randolph
Burgess, Vice-Chairman of the National City Bank and President of the
New York State Bankers Association.
Earlier reference to the convention
of security another
in this type
ment
appeared in our issue of Aug.
Metal
at
An
10, page 789.
Mining Convention
Colorado Springs,
estimated ball
a
and Exposition to be
Held
Colo., Week of Sept. 16
million dollars worth of
the newest
equipment will be exhibited at the Broadmoor
Hotel at Colorado Springs during the week of Sept. 16.
The exhibits will be assembled from all parts of the country
in metal mine
inspection of some 2,000 mine operators who are expected
at the seventh annual Metal Mining Con¬
vention and Exposition of the American Mining Congress.
A total of over 75 exhibitors are planning displays of ma¬
chinery and supplies designed to reduce costs and increase
safety in metal mine and mill operations.
Manufacturers
for
be present
to
in mine locomotive,
crushers, scrapers, electrical equipment,
safety devices, and a host of others.
Representatives of the
manufacturers will be in attendance at each booth to consult
with operators over their equipment problems.
will
the
exhibit
latest developments
blasting equipment,
+
Annual Convention of A. B. A. in Atlantic
City
Sept.
22-26 Plan 7-Day Post-Convention
Cruise to Nassau,
Bahamas—To Sail from New
York Sept. 27 and Return Oct. 4
Delegates to
District.
Convention
The
Finance of the American
and was Mayor of
Nichols Elected President of International
sociation
of Convention Bureaus
N.
C.
Estate
The questions
housing
♦———
C.
Director of Research in Mortgage
Bankers, Asso¬
Editor of the "American
Banker," will address the savings bankers of New York
State at their annual convention at Lake Placid, N. Y.,
Oct. 2 to 4.
Regarding the convention the Association
Real
and
investments
Secretary
Death
N.
banks, as trustees of the
Confirms
Senate
Placid,
states:
Commerce in January,
issue of Jan. 28, 1939,
514.
page
Lake
C.
Savings
Dr. Ernest M. Fisher,
Hopkins became Secretary of
Mr.
State
ciation, and Clinton B. Axford,
sense.
words, you may lesign the
other
York
B. Axford to Address New
Bankers at Convention in
Y., Oct. 2-4
and
Fisher
M.
E.
of resignation it is possible only for you to
exist between us—not the ties of friendship
happily through the years.
so
accepting
am
else.
ties
endured
have
I
letter
this
of
agricultural problems.
understand all that you say
have left unsaid.
you
me
official
meetings are expected to be one
outstanding features of the Association program during
1940-41.
Through these three agricultural conferences,
the Committee on Agriculture has planned that each banker
attending should have an opportunity of gaining a more
intimate contact with
Dear Harry:
I
in the future, these
ate
the
be authenticated
Mr. Roosevelt's
1223
Commercial & Financial Chronicle
The
151
number of delegates who will attend the Convention
Bankers' Association which is to be held in
Atlantic City from Sept. 22-26 are planning to sail on a 7-day,
A large
of the American
Bahamas on Friday, Sept.
Eastern Steamship Lines. The
will leave Pier 18, North River,
at 9.30 p. m., E. D. S. T., it has been announced by R. U.
Parker, Passenger Traffic Manager of Eastern Steamship
Lines.
This sailing time was decided upon so that delegates
might be enabled to attend the final dinner of the convention
which will take place at the New York World's Fair.
According to present plans, the delegates will leave
Atlantic City, on Friday morning, arriving in New York
City at noon. They will proceed direct to the World's Fair
where they will spend the afternoon, prior to the convention
dinner, by taking in some of the Fair's many sights.
At the conclusion of the dinner, delegates making the
cruise to Nassau, Bahamas, will leave the World's Fair
grounds direct for Pier 18, North River, at the foot of
Murray Street, from where the Acadia will sail.
The postconvention cruise party will be under the direction and
guidance of Mr. and Mrs. Vernon Henkle of Indianapolis.
post-convention cruise to Nassau,
27, aboard the SS. Acadia of
American cruise liner Acadia
Mr. Parker states:
On this
days and
the
cruise, we have allowed for 2 full daylight
Nasaau. This will permit the delegates double
on regular cruises have been allowed in which
sights and enjoy the various activities in the gay
special post-convention
2 full nights in
time that passengers
to take
in the numerous
island-resort.
,
7 days of the cruise, the Acadia
will be used by the delegates as their hotel.
Not only will there be gala entertainment during the 2 days in Nassau,
but a special program of entertainment has been arranged aboard the
While at Nassau
Acadia during
of
a
the other 5 days
continuous
of the cruise, so that
delegates are assured
round of good times.
is scheduled to arrive back
Oct. 4. The round trip cruise
stated.
The Acadia
at 8 a. m.
it was
and during the entire
in New York City
rate begins at $75.
The Commercial & Financial Chronicle
1224
ITEMS
ABOUT
BANKS,
TRUST
COMPANIES,I&c.
Guaranty Trust Company of New York announces the
appointment of J. Brougham Wallace, Jr., as an Assistant
Treasurer.
He was formerly an Assistant Trust Officer.
$150,000
to $250,000 and on Aug. 19 further
stock
$300,000,
New
York
Stock
Exchange
membership
$35,000,
at
un¬
disease
who
changed from the previous transaction on Aug. 21.
A.
Metcalfe, Chairman of the Board of the
Bank, Des Moines, Iowa, died of heart
Aug. 26 at his home in Des Moines, Mr. Metcalfe,
Savings
Valley
a
increased its
bulletin
it is learned from the Aug. 26
by the Comptroller of the Currency.
Herbert
Aug. 28 for the transfer of
made
were
to
issued
•
Arrangements
Aug. 31, 1940
on
57
was
old,
years
had
retired
active
from
business
three years ago.
♦
Announcement is made by the National
of The National
City Foundation
City Bank of New York, of the award of
a
second
scholarship to a South American student for a col¬
lege course in an American university.
The selection was
made
by a Board of well known figures in South American
finance, education and diplomacy, in cooperation with
ficers of the National
of
Sao
of¬
City Bank, and Trajano Pupo Netto,
Paulo, Brazil, received the award.
The
announce¬
ment/from the bank states:
The
with
scholarship is the second
its
effort
between
the
Latin
United
Aires,
further
to
America,
States.
the
the
first
cultural
National
of study at the Harvard Graduate
with
such
that
the
National
Paulo.
is
Both
pleting the
-■
students
will
return
of
and
Buenos
his
first
Administration
on
a
/
Barneby
Canal
its
Bank
branch
of
at
On
native
New
countries
York
Balboa,
Chase
after
com¬
announces
and
Pearson
in
the
and
Panama
C. Z., and at Panama
had
Morse Earle, a regular member of the New
Exchange since Feb. 24, 1915, died on Aug. 27
in
West
Hempstead, Long Island.
>.
.
#
The Harlem Savings Bank. New York City, opened a new
branch office on Aug. 26 at 207th Street and Broadway.
"This
office,
new
Section
ol
Beardsley,
opening
the
first
Manhattan,
of
president
ceremonies,
savings
has
bank
been
Harlem
the
in
the
Inwood
established,"
Glover
Bank, stated at the
"in the furtherance of the Harlem
of extending savings bank services
Savings Bank's policy
to
the
fast
growing
residential
population
of
the
upper
West Side."
Liquidation of the affairs and business of the Bank of
Hempstead, Port Washington, N. Y., has been com¬
pleted by the Superintendent of Banks, the corporation dis¬
North
solved and the corporate existence
terminated, it is learned
from the "Weekly Bulletin" of the New York
State Bank¬
ing Department, issued Aug. 23.
Charles I.
Farrell, President of the National Newark &
Banking Co., Newark, N. J., died on Aug. 25 in
Presbyterian Hospital, Newark.
He was 65 years old.
A
Essex
native
of Bristol, Ind., Mr. Farrell
attended Transylvania
University in Kentucky, and began his
banking career in
1894 at the
State Bank of Indiana in
Indianapolis.
Later
became Assistant Cashier of the
Capitol National Bank
he
of Indianapolis,
leaving in 1903 to become Vice-President
of the Fort Dearborn National
Bank in Chicago.
He came
to New York in 1906 to
become Vice-President of the
Irving
National Bank.
In 1909 Mr. Farrell was
chosen
of
President
the Essex
1918
was
County National
merged
with
Banking Co. and he
the
Bank
in
National
Newark, which in
Newark
and
Essex
was
designated President of the new
company.
Mr. Farrell was former President of
the Newark
Clearing House Association and a Director of the
American
Insurance Co., the Howard
Savings Institution and the
Mutual Benefit Life Insurance
Co., all of Newark. He was
a former member of
the Executive Council
of the American
Bankers Association.
Vice-President
of
the
Merchants National
Bank,
First
and
Richmond, Va., died on Aug. 27
Richmond hospital.
He was 57 yars old.
The followmg concerning Mr. Cullen's career
is taken
at
a
mond
from the Rich¬
"Dispatch" of Aug. 28:
Oh!n T?n-Ily manfh??d' h®. entered the
employment of the
Chesapeake and
national
Ton?
capital and was transferred to Richmond in
1905, risina t
to the position of
traveling passenger agent.
In 1918 Air. Cullen left the
C. & 0. to
accept a connection with the
®u°ra"'j TrL'Bt Company in New York,
later
to the president
years
as
assistant
ta
ree™.
recent years
which
he
l522>
but returned
ot
the
in
in
1928.
Pirst
to Richmond three
National
He
National Bank in
bank's securities
department,
p
'
The American National Bank
of
Kalamazoo,
on Aug. n increased its
common
Mich.,
Bank.
^ the «"»•«»*»
,?"*? With '5? ^ and
connection with the
had been
organized
banking
and
he
had
career
phvsician
entered
Avery,
retired
a
Secretary
of
In
ft
had the following
that
has
1910
active
from
as
the
With that election, he
lasted
emerged
year
physician from Niles, Mich.,
organized savings bank
newly
a
as
half
a
of
...
the
embarked
former
The
institution
he
Cashier, and in the management of which
beginning.
Alergers
a
with
the
Union
and
substantial volume of saving
found it located in
1915
century.
President
Savings banks had given the bank
depositis, and the
and
in
20 years earlier
been
Columbia
paper
new
quarters at
Seventh
Spring Streets.
1921
during
a
Bank
Savings
he has been
a
period
of
.Southland
bank
Dr.
Avery
rapidly expanding Security Trust
(later the Security-First National).
Of this organization
a
many
mergers,
consolidation with the
part ever since.
THE
The market
on
Monday
was
but
CURB
M^RKT
dull and price movements were irregular
prices gradually strengthened and the
trend turned upward.
Public utility preferred stocks at¬
tracted considerable speculative attention at times and some
modest gains were registered in this group.
Oil shares have
been active
Alexander
home
a
practicing
not
his
Cashier
the
City and Colon in the Republic of Panama.
at
Dr.
1890,
21,
opening for business in S. Main Street.
Canal
branches
located at Cristobal,
are
York Curb
Aug.
elected
uas
The
part regarding of his career:
led bis bank into
Balboa Road
of
Other
Streets.
area
to say m
♦
.
National
intersection
the
banking field
Angeles "Times" of that date.
second
Zone, from
temporary quarters on Ancorn Boulevard to its new build¬
ing at
the
;
.
Chase
of
branches,
'
their
to
courses.
removal
relations
graduate of Faculade de Dereito da Universidade de Sao
a
f
The
41
Dominguez,
of Business
School
./
Netto
has
M.
City Foundation decided
award.
Air.
commercial
has just completed
recipient
year
success
City
Loreto
to
went
1939, and the
and
of Los Angeles, Calif., celebrated his 50th year in
on Aug. 21, it is learned from the Los
Bank,
upon
given out by the Foundation in line
one
cement
wheTe
The
Argentina, in
M. N. Avery, Vice-President of the Security-First National
Kalamazoo,
capital stock from
throughout the week, and while the gains have
particularly noteworthy, they have been fairly
Aircraft issues have been irregular, paper and card¬
been
steady.
board
stocks held firm with only fractional changes and
shipbuilding shares moved within a narrow range.
Narrow price changes and dull trading were the chief
characteristics of the curb market dealings during the twohour session on Saturday.
There were no special features
and the volume of trading tumbled downward to approxi¬
mately 13,000 shares against 22,000 during the preceding
short day.
There were a few isolated advances and declines
point, but most of the changes in the geneeral
list were in minor fractions.
Public utility stocks were the
most active but the changes, as a rule, were toward lower
levels.
Industrial specialties were off and the aircraft issues
were down with the
exception of Fairchild Engine & Airplane
which was unchanged.
There was no trading in the ship¬
building or paper and cardboard stocks.
Curb issues turned upward under the leadership of the
public utilities on Monday, and while there were a few of the
market favorites that failed to appear on the tape, there was
a goodly number of
gains ranging up to a point or more.
The transfers were down to 26,000 shares as compared with
44,000 on Friday the last full session.
Aluminum issues were
absent from the tape and there were no changes in the ship¬
building stocks.
Paper and cardboard shares were generally
irregular and the industrial issues registered modest gains.
Among the advances were Bell Telephone of Canada, 1 34
points to 104Draper Corp., 134 points to 6034; Jersey
Central Power & Light 6 pref., 134 points to 101; NevadaCalif. Electric Corp. pref., 624 points to 25; Pepperell Mfg.
Co., 134 points to 7034; Pittsburgh Plate Glass, 2 points to
86^4, and Utah Power & Light pref., 1 point to 6834Trading on the curb market showed moderate improvement
on
Tuesday, and while the advances and losses were on about
the same level, there was a small gain in the volume of
transfers which climbed up to 38,825 shares.
Oil issues were
irregular, Creole advancing J4 to 1234» while Standard Oil
of Ohio pref. dipped a point to 105.
Paper and cardboard
stocks were inactive and shipbuilding shares were unchanged.
In the public utility group most of the changes were toward
lower levels but there were a few modest
gains in the industrial
specialties including among others, Chicago Flexible Shaft,
134 points to 6634) and Pepperell Mfg. Co., 1 point to 7134•
Aircraft stocks moved within a narrow
range, Beech ad¬
vancing fractionally, while Vultee and Republic were un¬
changed.
Aluminum issues were quiet.
Stocks moved briskly upward on
Wednesday and a fairly
large list of issues registered substantial gains.
Public
utility preferred shares were particularly active, Utah Power
& Light pref. ($7) moving close to a new top with a
gain of
2% points to 7134) while United Light & Power pref. ad¬
vanced 134 points to 2834Industrial stocks were repre¬
sented on the upside by Diamond Shoe, 334 points to
2634;
Mead Johnson, 5 points to 139, and Niles-Bement-Pond, 1
point to 6234Oil shares were fractionally higher and
aluminum issues were down, except Aluminium,
Ltd., which
advanced 3 points to 80.
In the aircraft group prices were
fractionally higher for Vultee, Beech, Bellanea and Brewster,
but Fairchild Engine & Airplane turned downward.
Ship¬
building and paper and cardboard stocks were irregular.
Higher prices prevailed during a goodly part of the session
of around
on
a
Thursday, but utilities
market leaders
as
were
the session
superseded by industrials
progressed.
The gains
as
were
Volume
AT
THE NEW
daily to the Secretary of the
give below
FOREIGN
a
record for the week just passed:
RATES
EXCHANGE
CERTIFIED
BANK TO TREASURY UNDER
AUG. 24, 1940, TO
BY
FEDERAL RESERVE
TARIFF ACT OF 1930
AUG. 30. 1940, INCLUSIVE
New York
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
VniX
Aug. 26
$
Aug. 27
Aug. 28
$
Aug. 30
Aug. 29
$
Aug. 24
$
$
I
)
Europe—
S
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
Belgium, belga
Bulgaria, lev
Czechoslov'ia, koruna
Denmark, krone
Engl'd, pound sterl'g
Official
4,035000
4.035000
4.350000
4.035000
4.035000
Free
4.023750
4.023437
4.023437
4.026875
4.026562
.020000
.019666
.019666
.019666
.019666
Finland, markka
a
France, franc
a
a
a
a
a
4.035000
4.025937
.019666
.399340*
.006600*
Germany, relchsmark
.399340*
.399283*
.399340*
.399240*
.399300*
Greece, drachma—.
.006625*
.006600*
.006600*
.006600*
.006600*
.193700*
.193700*
.193700*
.193700*
.193700*
.193700*
.050300*
.050300*
.050300*
.050300*
.050300*
.050300*
Hungary,
pengo
Italy, llra.>»,
Norway,
a
a
Poland, zloty
a
a
a
a
a
a
a
a
krone
a
a
Netherlands, guilder.
a
a
a
a
a
.038500
.038225
.038350
.038300
.038350
Portugal, escudo
b
Rumania, leu
.038375
b
b
b
b
b
'
a
Spain, peseta
Sweden, krona
.091300*
.091300*
.091300*
.091300*
.091300*
.091300*
.238400
.238183
.238200
.238175
.238008
.238083
Switzerland*, franc
.227735
.227530
.227583
.227625
.227642
.227585
Yugoslavia, dinar...
.022440*
.022450*
.022433*
.022433*
.022433*
.022450*
Atla—
China—
dol'r
a
a
a
a
a
a
a
.054781*
Shanghai (yuan) dol
.053312*
a
a
.053062*
a
a
a
Hankow (yuan) dol
Chefoo (yuan)
YORK CURB EXCHANGE
a
a
.053312*
.052625*
.052625*
a
a
a
a
■
Government
Domestic
.224750
.224437
.224687
.224687
.224281
.301250
.301250
.301250
.301416
.301250
.301250
.234410
.471156
.234410
.234310
.234310
.234310
.471156
.471156
.471156
.471156
.234310
.471156
3.228000
3.228000
3.228000
3.228000
3.228000
3.328000
3.204583
Free
New Zealand, pound. 3.216250
3.205625
3.206666
3.207083
3,207916
3.208333
3.217812
3.219166
3.219166
3.221250
3.321250
3.980000
3.980000
3.980000
3.980000
3.980000
Hongkong,
Foreign
Foreign
of
.226156
Japan, yen
Value)
dollar.
India (British) rupee.
Bonds (.Par
Stocks
Shares)
We
countries of the world.
cable transfers in the different
(Number
Week Ended
certifying
Treasury the buying rate for
1930, the Federal Reserve Bank is now
Act of
Tientsin (yuan) dol.
Aug. 30. 1940
Tariff
of Section 522 of the
Pursuant to the requirements
quiet and the aluminum stocks were irregular. In the public
utility section the advances were largely among the pre¬
ferred stocks and in the oil group the shares moved within a
narrow range.
Among the gains in the specialties section
were American Mfg. Co., 2 points to 18%; Borne Scrymser,
2 points to 31; Heyden Chemical, 3% points to 75; Mead
Johnson, 3 points to 139; Patchogue Plymouth Mills, 3
points to 27; Sherwin-Williams, 2% points to 77%, and
Standard Steel Spring, 2% points to 26%.
As compared
with Friday of last week prices were higher, American Gas
& Electric closing last night at 33 against 32% on Friday a
week ago; Babcock & Wilcox at 26% against 25%; Bell
Aircraft at 16% against 15; Cities Service at 6% against 5%;
Gulf Oil Corp. at 29% against 27%; International Petroleum
at 10% against 10% and United Shoe Machinery at 60%
against 59%.
TRANSACTIONS
EXCHANGE RATES
FOREIGN
generally small but there was a selected list of trading favor¬
registered net changes of a poiDt or more. Aircraft
stocks continued unsettled, Bell, Fairchild and Beech show¬
ing fractional advances, while Bellanca and Vultee were
unchanged. Paper and cardboard shares were quiet and the
shipbuilding issues were fractionally higher.
The gains in
the
industrial group included among others Patchogue
Plymouth Mills, 4 points to 24; Pepperell Mfg. Co., 1 %
points to 73; Niles-Bement-Pond, 1% points to 64, and
Monarch Machine Tool, 1% points to 41.
Advancing prices along a broad front were apparent during
most of the dealings on Friday.
Industrial specialties led
the advance and gains ranging from 1 to 3 or more points
were registered in this section as the market closed.
Aircraft
stocks joined the upward swing and practically all of the
active shares were on the upside.
Shipbuilding issues were
ites that
DAILY
1225
Commercial & Financial Chronicle
The
151
Total
Corporate
Straits Settlem'te, dol
Australasia—
$171,000
393,000
Saturday
13,490
$171,000
Monday
26,470
371,000
$1,000
$21,000
11,000
33,000
14,000
704,000
6,000
532,000
4,000
4,000
765,000
$17,000
$78,000
$3,289,000
Tuesday
38.375
660,000
Wednesday
58,540
710,000
Thursday-
47,205
525,000
Friday
77,645
1,000
757,000
Australia, pound—
Official
724,000
Africa—
South Africa, pound. 3.980000
North America—
261,725
Total
$3,194,000
Canada, dollar—
Official
Week Ended Aug.
Sales at
New York Curb
596,120
29,873,567
25,317,341
.909090
.909090
.909090
.869062
.870156
.876640
.875390
.199562*
.199275*
.199775*
.199775*
.199775*
.198525*
.909090
.909090
.909090
.909090
.909090
.909090
.867187
.865468
.866250
.867812
.873906
.873281
$3,194,000
$6,428,000
$206,353,000
Foreign government
17,000
35,000
Foreign corporate
78,000
126,000
1,538,000
4,617,000
$306,189,000
3,079,000
3,924,000
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Official
.060575*
.060575*
.060575*
.060576*
.060575*
.060575*
Free
.050140*
.050200*
.050200*
.050200*
.050200*
$3,289,000
$6,589,000
$212,508,000
$313,192,000
.050180*
.051680*
.051680*
.051680*
South America—
Bonds
Domestic
.909090
.867890
Free
261,725
Stocks—No. of shares-
.909090
.869218
Mexico, peso
Newfoundl'd, dollar-
1939
1940
1939
1940
Exchange
30
.909090
Free
Official
Jan. 1 to Aug.
30
Argentina, peso
Brazil, mllrels—
Chile, peso—
Official
.051680*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.569800*
.569850*
.569850*
.569850*
.569850
.569850*
Uruguay, pesoControlled
.658300*
.658300*
,658300*
.658300*
.658300*
.658300*
Non-controlled
Total
.051680*
.349675*
.349833*
.350320*
.350360*
.350360*
350360*
.051680*
Export
Colombia,
NATIONAL BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
The
Department:
peso
*Nomlnalrate.
CHARTER ISSUED
$50,000
L. A.
Amt.
mazoo,
Aug.
Mich.
Bank,
of Increase
American National Bank of Kalamazoo, Kala¬
From $150,000 to $250,000
American National Bank of Kalamazoo, Kala¬
mazoo. Mich.
From $250,000 to $300,000
Aug. 19—The First National Bank of Morgantown, Morgantown, W. Va.
From $200,000 to $250,000
Aug. 17—The
$100,000
19—The
50,000
50,000
VOLUNTARY LIQUIDATION
Amount
National Bank, Mt. Healthy, Ohio., $50,000
$35,000
—
15,000
Liquidating agent, Albert E. Huber, care of
Absorbed by The Second National Bank of Cin¬
Aug. 19—The Mt. Healthy
Common stock
Preferred stock (RFC)
Effective Aug. 1, 1940.
bank.
cinnati, Ohio, Charter No. 32.
the liquidating
No rates available,
Clearings—Returns by Telegraph
Week Ending Aug. 31
Boston
bank notes
afloat (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
years 1940 and 1939.
The following
shows the amount of National
Notes—All Legal Tender Notes—
1940
Amount afloat July 1
$167,190,377
Net decrease during July
.
651,675
National Bank
Amount of bank notes
*
afloat Aug. 1
Includes proceeds for
1939
$189,291,607
3,330,015
$166,538,702 *$185,916,592
Treas¬
St. Louis
San Francisco-
Detroit
Note—$2,203,796.50 Federal
1940, secured by lawful money,
Reserve bank notes outstanding Aug.
against $2,218,619.50 on Aug. 1, 1939.
1.
AUCTION SALES
securities were sold at auction on Wednesday
week:
The following
of the current
By R. L. Day &
Co., Boston:
Stocks
Bank A Trust Co., Cambridge, par $10
2 Amoskeag Co. preferred
90 Community Hardware Stores, Inc
3 Fair haven Mills Real Estate Corp. trust certificates
J ver Share
Shares
2 County
-
Bonds—
Apartments Corp. 3Hs
April 20, 1945, registered w. w
21
65M
$2,000 lot
$1 lot
Percent
51 & lnt
—10.0
88,432,644
74,803,869
71,643,925
47,889,249
+ 13.4
+21.3
+ 13.3
—26.4
740,766.245
$4,178,138,752
709,626,835
$3,814,029,029
762,805,806
$4,887,765,587
278,218.461
—22.0
+ 174.2
$4,576,834,835
$5,165,984,048
—11.4
52,830,434
Baltimore
days
Other cities, five days
Total all cities, five days.
All cities, one day—
Total all cities for
246,243,167
284,000,000
156,266,478
69,333,171
62,700,000
118,248,000
100,309,801
90,749,282
81.147,891
Pittsburgh
Eleven cities, five
$2,958,578,249
68,000,000
135,245,000
called bonds redeemed by Secretary of the
ury.
$100 City
City
1939
221,714,540
279,000,000
151,377,730
80,014,417
Philadelphia
Kansas
Per
Cent
1940
$1,812,873,689
New York
BANK NOTES
CLEARINGS
week show a decrease compared {with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Aug. 31)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 11.4% below those
for the corresponding week last year.
Our preliminary
total stands at $4,576,834,835, against $5,165,984,048 for
the same week in 1939.
At this center there is a loss for
the week ended Friday of 38.7%.
Our comparative sum¬
mary for the week follows:
Bank clearings this
Chicago
CHANGES IN NATIONAL
b Temporarily omitted.
COURSE OF BANK
Amount
Aug. 20—First National Bank of Nokomis, Nokomis, 111
h Capital stock consists of $50,000, all common stock.
President,
Schreiber; Cashier, Wm. A. Schneeberg.
To succeed Ohlman State
Ohlman, 111.
COMMON CAPITAL STOCK INCREASED
a
week
$3,073,262,784
Complete and exact details for th8 week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
—38.7
—1.8
—3.1
+ 15.4
+ 8.5
+ 14.4
+ 10.3
+ 4.4
by the
cannot
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 cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended Aug. 24.
For that week there was a decrease of 6.3%, the aggregate
•of clearings for the whole country having amounted to
$4,661,509,651, against $4,972,569,899 in the same week in
1226
The Commercial & Financial Chronicle
Aug. 31, 1940
1939.
Outside of this city there was an increase of
9.6%,
the bank clearings at this center
having recorded a loss of
19.0%.
We
group the cities according to the Federal Re¬
districts in which they are located, and from this it
serve
that in the New York Reserve District
(including
this city) the totals record a decrease of
18.1% and in the
Week Ended Aug.
24
Clearings at—
Inc.or
1940
1939
Dec.
1938
1937
appears
Boston Reserve District of
0.3%, but in the Philadelphia
Reserve District the totals register an increase of
8.1%.
In
the Cleveland Reserve District the totals show an
expansion
of 24.2%, in the Richmond Reserve District of
11.6% and
in the Atlanta Reserve District of
19.2%.
In the Chicago
Reserve District the totals are larger
by 3.5%, in the St.
Louis Reserve District by 10.6% and in the
Minneapolis
Reserve District by 9.3%.
The Kansas City Reserve Dis¬
trict enjoys a gain of 5.8%, the Dallas Reserve
District of
8.1% and the San Francisco Reserve District of 12.1%.
In the
following
furnish
%
Seventh Feder al Reserve D istrict
Mich .-Ann Arbor
Rapids.
Lansing
Ind.—Ft.
Wayne
Indianapolis
South Bend
Terre Haute
297,228
+25.0
393,760
351,631
80,677,076
+33.4
2,543,677
+ 28.9
1,172,052
+ 15.4
72,134,076
2,568,646
1,052,448
106,176,523
2,916,991
1,268,053
1,023,603
15,097,000
1,353,129
1,830,070
16,616,000
1,556,832
districts.
1,217,813
687,112
14,623,000
961,589
+ 27.8
1,391,934
Rapids
Des Moines—
Sioux City
111,—Bloomington
Chicago
Decatur..
Peoria
4,241,353
+4.5
19,147,965
1,016,226
16,460,887
909,863
+ 16.3
+ 11.7
899,121
8,903,725
3,390,089
329,991
282,341,325
7,750,344
2,764,298
+ 14.9
+22.6
6,853,688
3,009,676
287,694
+ 14.7
354,345
302,584,306
—6.7
235,030,900
811,097
3,214,844
+7.0
765,547
+6 1
2,955,617
1,003,117
1,226,506
+ 18.0
842,139
—0 3
1,001,150
301,228,538
793,978
3,301,870
1,334,141
1.181,865
443,206,924
+3.5
363,583,596
468,194,928
867,645
Springfield....
by Federal Reserve
a summary
797,769 + 129.4
+ 9.0
15,247,000
4,431,043
Wis.—M ilwaukee
la.—Ced.
371,636
3,279,305
3,412,311
1,183,851
1,222,576
Total (18 cities)
we
Chi cago
107,663,288
Detroit
Grand
—
458,917,007
Rockford
3,768,935
15,681,847
SUMMARY OF BANK CLEARINGS
3,969,022
17,734,404
1,103,815
6,235,858
2,758,516
327,186
Inc.or
Week End. Aug. 24, 1940
Federal Reserve
1940
Dists.
1939
t
Dec.
S
1938
%
Boston
208,248,265
208,935,427
—0-3
New York..13
"
2,325,902,391
2,841.421,247
3d
PhlladelphlalO
"
368,817,324
341,128,227
Cleveland..
4th
Eighth Federa 1 Reserve Dls trict—St. Lo uis—
S
1st
2d
12 cities
1937
S
Mo.—St. Louis..
—18.1
2,607,616,507
3,008,317,801
4-8.1
311,363,089
Ky.—Louisville.
Tenn.—Memphis
334,744,735
+ 11 5
67,500,000
29,857,904
+ 5.3
14,943,820
+ 15.7
25,377,284
11,920,506
82,800,000
28,236,701
14,314,096
384,000
+31.8
475,000
577,000
131,441,366
214,437,106
82,200,000
31,445,253
17,290,113
506,000
191.969,107
118,885,724
+ 10.6
105,272,790
125,927,797
73,700,000
111.—Jacksonville
_
7
"
306,533,489
246,892,973
+24.2
220,238,011
6th
311,388,100
Richmond..
0
"
135,385,442
121,300,963
+11.6
107,563,195
0th
Atlanta
10
165,650,764
139,020,535
+192
124,385,518
135,704,458
x
120,337,263
M
7th
Chicago
18
"
458,917,007
443,206,924
+3.5
363,583,596
8th
St. Louis... 4
"
118,885,724
+10.6
105,272,790
Minneapolis
7
"
"
"
69,991,404
"
253,589,859
4,661,509,651
"•"6.3
(4cities).
113,209,928
12th San Fran... 10
+9.3
122,060,379
+5.8
64,733,666
+ 8.1
226,182,759 + 12.1
99,523,498
10th Kansas City 10
11th Dallas
6
Total
125,927,797
107.876,447
x
468,194,928
131,441,366
9th
Qulncy.......
Total
129,155,893
113 cities
Outside N. Y. City
Canada...
We
98,801,075
107,397,921
139,025,753
48,749,642
64,486,263
207,091,522
247,999,312
4,972,569,899
4,494,754*396
5,283,773,444
2,217,943,885
+9.6
1,960,478,584
2,375,086,639
306,291,789
295,515,647
+3.6
261,102,820
295,151,764
now
Ended Aug.
Inc.
1940
1939
$
First Federal
S
Reserve Dlst rict
Me.—Bangor
Dec.
Boston
+22.8
—110
179,684,217
542,940
+ 11.7
Lowell
Worcester
+18.4
+ 13.1
1,482,447
164,500,048
517,806
247,324
501,897
—0.4
2,188,824
1,515,437
+ 11.6
+ 8.9
661,011
8,190,729
8,633,671
—5.1
New Haven...
3,653,757
3,308,811
8,856,900
355,552
+ 10.4
8,632,900
Total (12 cities)
Second
208,248,265
208,935,427
Feder al Reserve D istrlct—New
N. Y.—Albany..
Bingham ton
+33.4
+26.8
672,161
+4.1
—19.0
5,998,257
3,132,870
3,081,353
3,727,808
263,668
13,220.822
16,641,972
2,841,421,247
J.—Montclair
Newark
Northern N.J.
Third Federal
Pa.—Altoona
Chester
276,036
351,994
260,093
388,379
Lancaster
Philadelphia...
Reading
Scranton..
Wilkes-Barre..
8,058,400
559,860
214,437,106
+ 9.8
+ 9.7
+8.6
+ 26.7
+28 2
+ 19.4
+ 34.5
4,708, ,994
5,760,419
843,917
32,900,000
1,085,839
358,000,000
1,247,479
1,931,552
1,097,375
1,979,017
728.839
772,696
+24.9
696,937
+ 18.9
654,800
685,273
694,820
2,649,467
+ 21.8
2,210,301
2,428,655
107.876,447
98,801,075
+ 9.3
99,523,498
113,209,928
Reserve Dis trict
—
Kans
425,029
0.2
73,080
—31 1
103,834
1,777,545
24,612,729
1,844,560
2,121,447
Mo.—Kan. City.
St. Joseph....
2,634,861
87,684,815
3,302,261
Colo.—Col.Spgs.
514,880
619,670
129,155,893
2,615,730
29,679,103
Omaha
_
1,923,417
1,045,836
331,000,000
1,151,415
1,848,754
Total (10 cities)
Eleventh Fede ra! Reserve
Texas—Austin...
Dallas
Fort Worth...
2,292,185
3,777,324
211,745
16,246,019
25,914,541
+30.7
318,219
476,787
451,948
424,267
242,752
982,233
+ 8.2
302,000,000
976,132
1,725,933
1,296,157
324,000,000
1,343,918
1,862,326
+4.5
+ 14.9
1,145,272
1,748,500
+ 22.5
2,906,500
Total (10 cities)
368,817,324
341,128,227
+8 1
311,363,089
334,744,735
503,917
2,797,658
573,443
525,460
122,060,379
+ 5.8
107,397,921
139,025,753
1,265,010
50,617,506
District—Da lias—
1,291,468
+ 92.8
899,235
52,124,334
5,884,787
+ 7.4
+ 6.9
36,729,561
6,050,948
1,571,600
—5.4
1,569,000
—12.0
634,826
1,845,000
828,077
—0.1
2,866,072
3,283,201
+ 8.1
48,749.642
64,486,263
64,733,666
_
Twelfth Feder al Reserve D istrlct—San
Yakima
Calif.—L'g Beach
614,100
699,094
Feder al Reserve D istrlct—Clev
eland
Mansfield
*
Youngstown..
.
Pa.—Pittsburgh.
Total (7
cities)
_
Fifth Federal
W.Va.—Hunfton
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore.
D.C.—Washing'n
Total (6
cities).
Sixth Federal
Tenn.—Knoxvllle
Nashville
127,092,607
306,533,489
506,922
2,203,000
41,897,333
975,530
67,761,683
22,040,974
135,385,442
3,921,398
19,961,325
64,100,000
1,075,810
794,928
18,376,000
20,664,705
1,706,215
Fla.—J acks'nville
Mobile
Miss.—Jackson..
2,228,178
100,757,937
246,892,973
San
Francisco
San Jose
.
Santa Barbara-
Stockton
total
+ 15.3
810,259
964,384
30,395,001
+26.4
26,581,448
29,827,484
12,957,921
3,840,338
+22.1
11,392,147
15,112.535
—4.4
x
1,650,746
+ 15.7
42,966,733
2,431,399
60,429,884
+ 27.6
72,908,727
99,177,950
+ 11.1
8,092,300
9,879,000
+ 46.7
1,294,623
1,463,142
91,863,740
1,670,178
2,380,894
135,418,789
+ 25.5
+ 26.1
+ 24.2
311,388,100
361,548
+40.2
1,885,000
43,337,403
+ 16.9
1,926,000
2,232,000
—3.3
37,922,940
874,938
57,057,581
17,784,493
38,839,006
+ 11.5
876,915
1,114,135
+ 18.8
50,253,655
16,276,594
59,654,421
18,144,795
121,300,963
3,728,259
15,283,581
50,500,000
+23.9
+ 11.6
307,091
352,906
107,563,195
120,337,263
3,040,903
3,364,452
+ 30.6
15,403,971
+ 26.9
46,400,000
1,040,326
+3.4
669,945
+ 18.7
741,738
632,312
15,491,000
+ 18.6
13,305,000
16,819,812
47,100,000
1,255,024
17,836,909
+ 15.9
1,499,379
+ 13.8
x
x
15,832,568
1,279,465
x
.
804,327
14,094,000
17,755,911
1,635,499
x
Vlcksburg
La.—NewOrleans
106,459
88,355
+ 20.5
34,943,924
91,059
32,882,781
+ 6.3
27,658,502
32,760,631
Total (10 cities)
165,650,704
139,020,535
+ 19.2
124,385,518
3,013,623
—16.0
+ 7.9
3,6.50,532
3,008,814
122,918,000
+ 2.8
2,740,967
1,102,453
+ 16.2
1,079,573
2,193,701
+ 8.0
1 817,797
4,002,899
3,082,403
147,186,000
3,328,142
1,330,150
2,285,118
253,589,859
226,182,759
+ 12.1
207,091,522
247,999,312
4,661,509,6511 4,972,569,899
Outside New York 2,431,166,623
2,217,943,885
—6.3 4,494,754,396 5,283,773,444
+9 6
1,960,478,584 2,375,086,639
Week Ended Aug.
Clearings at—
Inc.
1939
$
Canada—
S
22
or
Dec.
1938
S
%
+ 21.0
106,540,460
88,068,313
84,246,932
85,829,415
48,174,130
—40.2
19,445,935
84,392,803
1937
•S
Quebec.
Halifax..
Hamilton
....
Calgary
...
St. John
15,586,375
+ 70.9
14,504,460
4,501,713
+ 14.9
3,966,759
2,655,866
Ottawa
12,955,525
5,171,032
Vancouver...
—11.7
22,142,882
Montreal.......
Winnipeg....
2,165,767
4,957,673
+22 6
+ 29 6
4,383,384
96,632,807
94,835,833
30,773,401
15,431,045
13, .863,177
4,445,032
2,380,247
6,403,510
4,441,316
1,790,327
+21.7
4,213,914
4,549,921
+4.0
1,559,284
1,549,077
2,058,302
+ 16 7
1,530,759
2,101,230
3,535,768
3,347,641
317,574
28,805,675
17,177,309
6,426,098
5,406,682
Victoria.
1,862,353
1,807,255
2,231,892
...
Edmonton
4,281,624
3,424,199
310,453
Reglna
Brandon
Lethbrldge
Saskatoon.......
Moose Jaw
Brantford
Fort William
New Westminster
400,481
1,360,513
592,570
811,201
873,131
631,257
—1.8
81,563,657
25,783,010
2,195,912
—15.4
421,946
1,895,250
1,556,549
2,357,173
3,474,234
3,190,336
306,617
463,795
1,077,482
528,427
+26.3
1,199,8 9
1,099,296
557,858
726,825
+ 11.6
788,472
+ 10.7
841,021
+2.1
639,991
339,058
785,106
720,670
717,088
3,702,163
3,026,047
294,735
473,182
617,978
+ 8.4
+ 15.7
+ 13.2
+ 5.3
+ 12.1
.
777,593
207,602
229,921
—9.7
Peterborough
614,987
Sherbrooke
730,471
Kitchener.
1,118,769
2,790,301
358,272
526,586
723,235
972,782
+ 16.8
+ 1.0
+ 15.0
2,345,070
+ 19.0
292,813
+22.4
Moncton
891,678
757,316
+ 17.7
Kingston
269,048
811,551
542,674
605,357
—10.4
501,139
497,889
+ 14.2
386,956
Windsor
Prince Albert
Chatham
154,988
196,096
556,788
565,862
723,507
899,220
625,521
926,768
1,975,770
2,957,257
307,199
839,199
525,113
Sarnla
503,697
436,103
453,149
+ 11.2
Sudbury..
478,668
444,639
875,584
1,000,511
—12.5
994,855
1,005,520
306,291,789
295,515,647
+3.6
261,102,820
295,151,764
135,704,458
114,802
40,880,197
132,6.54,000
3,367,849
Medicine Hat
a—f
+ 5.2
33,091,985
143,074,000
3,462,915
1,281,208
2,368,849
London.
220,238,011
+ 17.3
(113
cities)....
Toronto
-
+ 24.0
-Richm ond—
Reserve Dlst rict—Atlant
Augusta
Ala.—Birm'ham.
48,570,231
83,672,184
8,379,400
1,514,831
Reserve Dlst rict
Ga.—Atlanta
Macon
1,770,212
Franci SCO
2,532.403
Pasadena
Grand
3,669,555
6,647,469
35,584,422
1,073,451
1940
9,305,800
2,221,712
2,795,311
+2.7
651,373
2,630,600
Columbus.,
+ 19.1
+ 7.6
69,991,404
Total (6 cities)
263,086
+3.8
—35.2
Cleveland
+ 15 7
98,188
575,950
3,021,465
Total (10 cities)
1,692,835
903,864
2,195,425
56,177,441
106,745,193
+ 11 6
69,623
2,182,187
28,840,699
2,188,404
3,146,547
98,603,-544
73,281,480
2,427,956
836,436
3,025,041
15,826,042
2,597,400
Fourth
+ 19.5
+4 2
Wichita Falls..
Utah—8. L. City
1,038,464
Cincinnati
—
+ 21.2
6,290,912
1,487,000
736,320
Ore.—Portland..
+37.8
+ 8.3
2,489,707
55,966,000
6,809,224
3,725,673
—18.1 2,607,616,507 3,008,317,801
+49.3
Pueblo
41,727,847
1,238,222
38,408,818
3,182,600
Ohio—Canton
City
72,766
Wash.—Seattle..
N. J.—Trenton..
York
as
72,622
724,920
,908,686,805
Reserve Dlst rict—Phllad
elphia
360,676
484,960
Bethlehem
8,858,639
3,628,208
377, ,477
259, ,711
,534,275 ,812
5,158, ,189
2,816, 655
2,330 ,880
3,036, 919
197, ,168
12,099, 357
17,835, 373
Total (13 cities) 2,325,902,391
Conn.—Stamford
589,601
23,800 ,000
3,437,152
3,347,355
4,724,246
338,144
15,786,675
22,376,793
Westchester Co
328,423
719 ,972
+ 12.2
2,230,343,028 2,754,626,014
Syracuse......
1,892,900
910,569
La.—Shreveport.
—56.5
6,587,581
+ 14.3
157,527
2,188,092
20,583,627
1,661,961
2,211,712
85,389,899
2,724,744
494,101
510,029
York-
10,049,007
878,540
Jamestown
Rochester..
185,426,289
191,969,107
28,800,000
328,775
416,778
699,484
New York....
N.
—0.3
4,373,149
1,172,006
Elmira
78,526,312
24,713,958
1,995,767
108,534
Galveston
32,300,000
Buffalo
68,005,872
22,803,990
1,704,332
—2.5
1,657,282
9,057,159
3,199,373
7,543,000
R.I.—Providence
387,147
4,181,893
+ 17.6
2,483,897
—0.4
Conn.—Hartford
N.H.—Manches'r
480,865
1,808.563
266,318
2,308,481
1,691,503
3,258,698
+ 6.3
21,917,791
.
Wichita
563,513
2,318,523
315,289
637,056
New Bedford..
Total (7 cities).
Kan.—Topeka.
412,936
1,781,377
180,339,915
600,733
Springfield
1937
S
_%
452,470
Fall River
Helena
Lincoln
1938
1,584,879
Mass.—Boston..
—7,9
25,759,295
2,280,203
Hastings
555,574
Portland
N. D.—Fargo...
S. D.—Aberdeen.
Neb.—Fremont.
or
polls-
3,083,468
67.653,047
3,226,154
Paul
Tenth Federal
24
Clearings at—
a
2,839,826
71,941,673
Mont.—Billings
add our detailed statement
showing last week's
figures for each city separately for the four years:
Week
Reserve Dis trict—Minne
918,727
_
Minneapolis...
St.
2,431,166,623
32 cities
Ninth Federal
Minn.—Dulut'n.
Total (32
cities)
♦Estimated.
xNo figures available.
468,007
Volume
The
151
REDEMPTION
CALLS
AND
SINKING
FUND
Holders
NOTICES
Below will be found
stocks
Name
last date for making tenders, and
location in which the details
were
the
page
Power
Co., 5s 1956
Alabama Power Co.
1st mtge. 5s
Alabama Water Service Co. 1st
Allen town-Bethlehem Gas Co.
1946
mtge. 5s
1st mtge. bonds
♦Alexander Young Building Co. 1st mtge
5s
♦Houston Gulf Gas Co.
% debentures
6M% gold debs
6% gold bonds
stock
Indianapolis Power & Light Co. 1st mtge. 3 Ms
Indianapolis Power & Light Co., 1st mtge. 3M»
♦Inland Telephone Co. 1st lien 6s_-_:
♦Iowa Electric Light & Power Co. 1st mtge. 7s
First mortgage 4Mb
First mortgage 4s
Iowa Power & Light Co. 1st mtge. bonds
Iowa Southern Utilities Co. 5M % bonds, series 1925
5M% bonds, series 1935
Lebanon Valley Gas Co. 1st mtge. 5s
Lincoln Water Co. 1st mtge. 5 Ms
Westchester Service Corp. 1st mtge.
Wilson & Co., Inc.,
Ltd. 1st mtge. 6s
5s
♦
Announcements
Preferred (quar.)
1148
1148
705
558
249
420
1285
1285
251
854
709
1287
709
855
1287
998
710
857
1287
1288
1288
1288
1004
1156
113
1007
1158
1007<
1160
1010
1297
265
1297
announced this week are:
Oct.
Holders
Dye Corp
Amalgamated Sugar Co
American Can Co. preferred (quar.)
American Cities Power & Light, class A (quar.)American Electric Securities Corp. partic, pref_
American Export Lines
American Felt Co. preferred (quar.)
American & Foreign Power Co., Inc., $6 pref —
$7 preferred
American Fork & Hoe
Allied Chemical &
Preferred (quar.)
When
Share
Payable
SIM
Sept. 20 Sept.
9
Oct.
1 Sept. 16
1 X%
Oct.
68
Oct.
1 Sept. 17*
1 Sept. 11
V4&
25c
SIM
t30c
t35c
2.5c
Sept. 3 Aug. 26*
Sept. 17 Sept. 4
Oct.
25c
50c
SIM
20c
1M%
1
Sept. 16
Sept.16 Sept.
Sept.16 Sept.
Sept.14 Sept.
Oct.
25c
-
Record
10c
25c
American General Insurance Co. (quar.)
American Hawaiian Steamship (quar.)
oj
15 Oct.
Sept. 30
Sept. 30
Sept. 30
Sept.10
6
6
5
5
Sept. 20
Sept. 16
Sept. 16
Aug. 28
Oct. 15 Sept.16
Sept. 30 Sept. 10
Oct.
1 Sept. 10
Sept.14
Sept. 14
Sept. 14
Sept. 30 Sept. 16
Sept. 30 Sept. 16
Sept. 30 Sept. 16
Oct.
Sept. 13
Oct.
Oct.
15c
Sept.13
Sept. 14
Sept.16
Aug. 12
Sept
Sept. 201 Sept. 10
Aug. 27
Sept.
Aug. 20
Sept.
15c
—
class A—
Dec.
Oct.
Oct.
Oct.
38c
_
50c
10c
$1.20
$1.20
14c
n*i
Preferred
—
Sept.
Sept. 30
Sept. 16
Sept.24
Sept.30
Oct.
1
Oct.
1
1
Oct.
Sept.
Aug. 24
Oct.
Aug. 31
Oct.
Oct.
Sept.14
Sept. 14
40c
(quar.)__
—
-
$1 X
25c
$1
SIX
35c
87Mc
$2M
Sept.
Sept. 16
Aug. 27
Sept.
Aug. 31 Aug. 16
Oct.
1 Aug. 21
Sept. 10 Aug. 31
Oct.
3 Sept. 13
Oct.
Sept.30
Sept.30
Sept.30
Sept. 28
15c
6Mc
25c
—
---
37 Mc
Oct.
t25c
$2
SIM
17Me
37Mc
25c
25c
25c
15c
SIM
SIM
SIM
30c
62 Mc
25c
5c
—
75c
35c
Oct.
-
------
(qu.) _ _
1 Sept. 10
Oct.
1 Sept. 20
4
1 Sept. 14
Sept. 14 Sept. 6
Sept.28 Sept. 7
Sept.28 Sept. 7
Oct.
Sept. 24
Sept.14 Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
SIM
Oct.
25c
Oct.
15c
— ~
SIM
SIM
W.) Co
— --
60c
Hercules Powder Co
Hickok Oil Corp. (quar.)
25c
10c
—
SIM
31Mc
—
Oct.
Sept.16
Oct.
Oct.
1
1
Sept. 25
Sept. 14
Sept. 14
Oct.
Oct.
50c
-----
Sept.20
Sept. 20
Sept. 7
Sept.15
Sept. 30
Aug. 29
Aug. 21
Sept.14
Sept. 5
Sept. 14
Aug. 29
Sept. 5
Sept. 5
Aug. 30
Sept. 6
Oct.
SIM
tl5c
-
Co.. Ltd. (quar.)
Greenwich Water System, Inc., 6% pref.
1
Sept. 14
Sept.30
Sept. 3
Sept.16
Sept.16
Sept.16
Sept. 16
50c
Preferred (quar.)
1
18
Aug. 29
Sept. 2
25c
Greening (B.) Wire
Sept. 16
Oct.
25c
5c
(quar.)
Extra
—
1 Sept.10
Oct.
25c
Gorton-Pew Fisheries (quar.)
Grant (W. T.) Co. (quar.)_
Preferred (quar.)
Gulf Oil Corp...
Hecla Mining.
Sept. 20
Oct.
65c
- - -
(Canada)-Fulton Bag & Cotton Mills
----- - ——
Fulton Market Cold Storage Co. 8% pref. (qu.) _
Gannett Co., Inc., $6 pref. (quar )_
Garfinckel (Julius) & Co. (quar.)__
Preferred (quar.)
Garner Royalties, Ltd., class A
•
General Acceptance Corp. (quar.)-Class A (quar.)
%
General Fire Extinguisher-----------General Gas & Electric Corp. (Del.) pref. (qu.)..
General Mills, Inc., 5% pref. (quar.)
—
General Public Utilities, Inc., $5 pref. (qu.)
General Telephone Corp. (quar.)__-
Hygrade Sylvania Cprp
Preferred (quar.)
15
$1 X
(quar.)
7% preferred (quar.)
5% preferred (quar.)
Holland Furnace
Oct.
75c
—
--
class A & B
5 M % preferred (quar.)_____-_
Ford Motor of Canada class A & B (quar.)___
Foster & Kleiser pref. A (quar.) —
-
Oct.
Oct.
Sept.16
Sept.16
Sept.16
12Mc
—
Ex-Cell-O Corp
Federal Bake Shops (interim)
Finance Co. of America common
Extra-
Nov.
Oct.
75c
(quar.)
Preferred (quar.)-
Oct.
Sept.14
Sept.10
Sept. 11
Sept.11
Oct.
Sept. 25
25c
pref: (quar.)
Electric Vacuum Cleaner Co., Inc — ——,
El Paso Natural Gas Co. 7% pref. (quar.) _
Emporium Capwell Co. (quar.)
Erie & Pittsburgh RR. (quar.)-J —-----European & Northern American Ry. (s.-a.)
Helme (Geo.
Sept.13
Oct.
Sept.13
Sept.13
Aug.
2
Sept.10
Aug. 31
Sept.14
Sept. 16
Sept. 16
Sept.16
Sept. 20
Sept. 14
Aug. 31
Aug. 31
Aug. 31
SIX
Sugar —
Oct.
25c
—
Eastern Steel Products
Great Western
1
15 Oct.
Sept. 25 Sept.14
Sept. 30 Sept. 10
Sept.30 Sept. 10
Oct.
Sept. 10
Oct.
Sept. 10
50c
Chemical—
Goebel Brewing Co.
Oct.
25c
(quar.)
7% preferred
Oct.
87Mc
$1
$1M
(quar.)
Draper Corp. (quar.)
Duke Power Co. (quar.)_
Preferred (quar .5
Dunean Mills
Oct.
35c
— —
Class B
Dixie IceCream Co.
Sept. 28
Sept. 28
Sept. 14
Oct.
50c
preferred (quar.)_ — _
Crowell-Collier Publishing Co. (quar.)
David & Frere, Ltd., class A (quar.) —
Dayton & Michigan RR. (s.-a.)
8% preferred (quar.)
Credit Acceptance
De Long Hook & Eye
Nov. 20
Aug. 20
Sept.
Aug. 20
Sept.
Sept. 28 Sept. 14
Sept. 28 Sept. 14
Aug. 27
Sept.
Oct.
Sept. 11
87Mc
7% preferred (quar.)
20c
Clearing Machine Corp. (quar.)
six
Clinton Water Works Co. 7% pref. (quar.)
75c
Clorox Chemical Co. (quar.)
75c
Commercial Credit (quar.)
$1.06 X
4M% preferred (quar.) — - —_
Commercial Investment Trust Corp. (quar.)_—
$1.06M
$4 M series of 1935 conv. preference (quar.) —
75c
Commonwealth & Southern, pref
— Commonwealth Telephone Co. (Madison, Wis.)
$1M
6% preferred (quar.)SIM
Commonwealth Water Co. 5M % pref. (quar.) —
Commonwealth Water & Light Co. $7 pref. (qu.)
$6 preferred (quar.)
Consolidated Laundries, pref. (quar.)
$1M
Consumers Power Co. $5 pref. (quar.)
$4M preferred (quar?)—
4.8c
Courtauld's, Ltd., Am. dep. rec. for ord. reg_ _
12Mc
Creameries of America, Inc. (quar.) —
$2 M preferred (quar.)
Girdler Corp. (quar.)_
Per
Sept. 14
'
Dewey & Almy
862
Sept. 14
Oct.
125c
Detroit Steel Corp
declared.
in the week when
Piano class A & B (resumed)
Rolling Mill Co., pref. (quar.)
Safety Razor (quar.)
Tobacco Co., Inc., pref. (quar.)
Extra
113
1005
714
Oct.
Chicago Dock & Canal Co. (quar.)
Citizens Water Co. (Wash., Pa.) 7% pref.(qu.)_
Citizens Wholesale Supply pref. (quar.)
114
429
Oct.
Sept.30
30
Sept.14
Sept. 16
150c
t$lM
1$1
1S1M
t$2
137 Mc
Capital Wire Cloth Mfg. Co. conv. pref. (quar.)
Carpenter Steel Co. (interim)
Centlivre Brewing Corp
Central Paper (initial quar.)
Quarterly
-3%-6% cum. conv. preferred
3 %-6 % cum. non-conv. pref
Central Patricia Gold Mines, Ltd. (quar.) —
555
15 Sept.
15c
1281
555
107
25
t75c
tl2Mc
J25c
15c
115c
(quar.)
Canadian Wirebound Boxes, Ltd.
1282
1282
1282
1282
107
Oct.
Oct.
Canadian General Electric
417
554
554
Aug. 30 Aug. 27
Oct.
2 Sept.15
Oct.
Foundation Co.
Name oj Company
American
American
American
American
__
1144
been paid.
Further details and record of past
dividend payments in jnany cases are given under the com¬
"General Corporation and Investment
pany name in our
Extra
A
Partic. preferred (quar.)
Canadian Cottons, Ltd. (quar.)
have not yet
The dividends
'
Extra
1281
1 Aug. 27
Sept. 30 Aug. 31
Sept.
JlOc
$1
t37Mc
t23c
Canadian Celanese
.Dividends are grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
show the dividends previously announced, but which
Department"
^4$2
__
(quar.)
1st preferred (participating div.)
Conv,preferred (quar.)__
Con v. preferred (participating div.)
DIVIDENDS
News
13C
ctfs. (quar.)
pref. (quar.)
1144
987
702
1
Oct.
Tube Co. 4% debentures
this week,
x V. 150.
♦Youngstown Sheet &
50c
1st preferred
1009
1160
1160
Woodward Iron Co. 2nd mtge.
cum.
1277
1278
Sept. 1
Oct.
1
Sept. 16
Sept. 15
Sept. 30
Sept. 1
bonds
50c
20c
Canadian Breweries preferred
Canadian Canners, Ltd. (quar.)
Sept. 10
_
25c
Canada Permanent Mtge. (quar.)
x3376
1009
1st mtge. 4s.
♦Wood Alexander & James
7%
Sept.14
Sept. 30 Sept.16
Sept. 30 Sept. 13
Oct.
1 Sept. 16
Oct.
1 Sept. 16
Sept. 30 Sept.14
Sept. 10 Sept. 3
Sept. 10 Sept. 3
Oct.
_
Canada Northern Power Corp., Ltd.
694
1140
984
1276
1276
Sept. 15
Virginian Corp. serial notes
Co. Ltd.. 7% bonds
Washburn Water Co. 1st mtge. 5s.
pref. (quar.)
Canada Foundries & Forgings class
Sept. 1
--Sept. 16
Wailen Milling
25c
Calhoun Mills
840
983
Liquid Carbonic Corp. 10-year debentures..
Oct. 10
Luzerne County Gas & Electric Corp. 1st mtge. bonds—Sept.
1
Mengel Co. 1st mtge. 4Ms
Sept. 1
Morris town & Erie RR. 1st mtge. 6s
Sept. 3
Mortbon Corp. of New York 5% bonds
Sept. 1
♦NationaltPole & Treating Co. 5-year 6% notes
Sept. 13
♦New Mexico Gas Co. 1st mtge. 5s
Sept. 15
N. Y. Lake Erie& West. Docks & Impt. Co. 1st mtge 5s_-8ept. 9
North American Light & Power Co. 5M% gold debs
Oct.
2
Northern Illinois Coal Corp. 1st mtge. 5s
Sept. 1
♦Northwestern Public Service Co. 1st mtge. 5s
Jan.
1
Ohio Connecting Ry. Co. 1st mtge. 4s
Aug. 31
Oklahoma Natural Gas Co. 1st mtge. bonds
Oct.
1
♦Parr Shoals Power Co. 1st mtge. 5s_
Oct.
1
Pennsylvania-Dixie Cement Corp. 6% bonds
Sept. 15
Pennsylvania Glass Sand Corp. 1st mtge. bonds
Aug. 31
Peoples Light & Power Co. series A bonds
Sept. 19
♦Pinellas Water Co. 1st mtge. 5Ms
-Oct. 16
♦Plattsmouth Bridge Co. 6% bonds
Sept. 1
♦Provincial Light Heat & Power Co., Ltd. 1st mtge. 5s__8ept.
1
♦Quincy Mkt. Cold Storage & Whse. Co. 20-yr. 5M % bds.Nov. 1
Richfield Oil Corp. 4% debentures
Sept. 15
Richmond Terminal Ry. 1st mtge. 5s
Jan.
1
ldordon Pulp & Paper Co., Ltd. 6% debs
Dec. 31
Rochester Gas & Electric Corp. 4% bonds
Sept. 1
St. Paul Union Stockyards Co. 1st mtge. 5s
Oct.
1
Scovill Mfg. Co. 5M% debentures
Sept. 16
Southern Natural Gas Co. 1st mtge. 4Ms
---—Oct
1
Southwestern Associated Telephone Co 1st mtge. 5s A—Aug 31
Strawbridge & Clothier Co. 5% bonds
-Sept. 1
Third Avenue RR. Co. 5% bonds
Sept. 1
Tide Water Associated Oil Co. 3 M % debentures —
Oct. 21
Uiigawa Electric Power Co., Ltd., 1st mtge. 7s__
Union Pacific RR. Co. 1st mtge. bonds
United Telephone Co. of Pa. 6% preferred stock
25c
Calgary & Edmonton Corp., Ltd
122
Sept. 17 Sept. 3
Sept. 20 Sept.10
Sept. 20 Sept.10
25c
Extra
Budd Realty Corp. common trust
982
Oct.
Walter E. Heller Co. 7% pref.
$1
SIX
-
Extra
982
982
982
Sept. 30
1
Oct.
1
Sept. 16
Sept. 16
Sept. 16
Oct.
1
Sept. 1
Oct. 28
Dec. 1
Sept. 1
Jan. 1 '41
Nov. 2^
— Sept.
1
Oct.
1
Horden Colleries Ltd. 5M
$1M
(quar.)
Bridgeport Brass Co
Bridgeport Gas Light (quar.)
Brillo Mfg. Co. (quar.)
Class A (quar.)
,1
Broulan Porcupine Mines, Ltd. (initial)
Brown & SharpeMfg. (quar.)
1273
691
982
1274
1274
15 Sept. 30
Sept. 14 Aug. 31
Sept. 16 Sept. 2
Sept. 14 Aug. 31
Oct.
1 Sept. 14
Oct.
1 Sept. 14
Oct. 15 Sept. 20
Oct. 15 Sept. 23
Oct.
$1M
12 Mc
Brazilian Traction Light & Power,
1272
Nov.
—
Belding-Corticelli, Ltd. (quar.)
Preferred (quar.)
Bell Telephone Co. (Pa.) (quar.)
Bell Telephone of Canada (quar.)
Bellows & Co., Inc., class A (quar.)
Black & Decker Mfg. (quar.)
1269
980
1271
1272
Oct. 15
Sept. 15
♦California Co-operative Creamery Co. 1st mtge. 6s
Oct.
1
6M% debentures..
..Oct.
1
♦Cedar-William Street Corp. 1st mtge. 6s
Oct.
1
Central Foundry Co. 1st mtge. 6s
Sept. 1
Central Kansas Power Co. 1st mtge. 6s
Sept. 1
♦Central Ohio Steel Products 1st mtge 6s
Sept. 1
♦Central West Utility Co. of Kansas 6% bonds
Sept. 15
Champion Paper & Fiber Co. 4M% debentures
Sept. 1
Charleston Transit Co. 1st mtge. 5s
Sept. 1
General mortgage bonds
*
Sept. 1
Collateral trust notes
Sept. 1
Chicago Union Station 3M% bonds
Sept. 1
City of New Castle Water Co. 1st mtge. 5s, 1942
Sept. 18
Cleveland Ry. Co. 1st mtge. 5s
Sept. 1
Connecticut Light & Power Co. 3M% debentures
Sept. 1
Consolidated Title Corp. coll. trust bonds
Sept. 1
Consumers Co. of Illinois 1st mtge. 5s
Aug. 31
♦Convent of the Good Shepherd, St.Louis, Mo. 1st M.4Ms Sept.
1
♦Crown Cork & Seal Co., Inc. 4M% debs
Oct.
1
♦Delaware Electric Power Co. 5M% gold debs
Oct.
1
♦Duluth Missabe & Iron Range Ry. 1st mtge. 3Ms
Oct.
1
George Washington Hotel Corp. 1st mtge. 5s
Sept. 1
Globe-News Publishing Co. 6% bonds
Sept. 1
Green Bay & Mississippi Canal Co. 1st mtge. 4Ms
Sept. 1
Sept. 27 Sept.11
4
1 Oct.
12Mc
$1
Preferred A (quar.)
Basic Dolomite, Inc
Baldwin Co., 6% pref. A
686
Arden Farms Co. 6 M % debentures
♦Autocar Co. 1st mtge. bonds.
Bank
held.
Atlantic Refining Co., pref. (quar.)
Baldwin Co. 6 % pref. (quar.)
Page
686
834
235
*2406
402
Date
Sept. 1
Sept. 1
Nov. 1
Sept. 1
Sept. 16
Sept. 1
Oct.
1
:
class A
Arnold Constable
"Chronicle":
Company and Issue—
Alabama Gas Co. 1st mtge. bonds
Alabama Power Co. 1st mtge. 5s
cum.
Stock div. of 1 sh. of Anglo-Calif. Nat.
com. stk. for each $2 cum. class A sh.
number gives the
given in the
of Record
of Company
Anglo-National Corp. $2
redemption, together with
The date indicates the redemption or
sinking fund notices.
Alabama
preferred"
list of bonds, notes and
a
of corporation called for
1227
Commercial & Financial Chronicle
Oct.
62Mc
SIM
Oct.
Oct.
Sept.13
Sept.13
Sept.14
Sept.14
Sept. 16
Sept. 11
Sept. 13
Aug. 16
Sept.10
Sept. 10
Sept.13
Sept. 6
Sept. 6
Sept. 20
Sept. 20
Sept. 13
Sept.10
Sept.10
The Commercial & Financial Chronicle
1228
Per
Name of Company
Share
Illinois Bell Telephone
—
Illinois Commercial Telephone $6 pref.
(quar.).
_
Imperial Paper & Color
Imperial Tobacco of Canada (interim)
Preferred (semi-annual)
Indiana Hydro-Electric Power Co. 7% pref
Indianapolis Power & Light 6 X % pref, (quar.)...
,
$2
Inter-Ocean Securities Corp. class A & B
Oct.
10c
3%
mx
iff
$2
(a.-a.)-
Irving Trust Co. (quar.)
6% preferred (quar.)
;
Katz Drug Co. (quar.)
Preferred (quar.)
—
Kaynee Co. 7 % pref. (quar.)
Kennedy's, Inc
Kerlyn Oil Co. class A (quar.)
Lackawanna RR. Co. (N. J.) (quar.)
Leonard Refining, Inc
Lexington Telephone (quar.)
Preferred (quar.)
Lindsay Light & Chemical Co. pref. (quar.)
Lone Star Cement Corp
Lord & Taylor, 1st pref. (quar.)
Macassa Mines, Ltd. (quar.)
Magor Car Corp. (quar.)
Extra
—
$1
SI
15c
SIX
15c
SIX
SIX
SIX
12Xc
SIX
SIX
20c
3%c
U
00c
SIX
1 H%
75c
SIX
8c
25c
„
-
7% preferred (quar.)
25c
SI H
Mahon (R. C.) Co
-
—
Marion Water Co. 7% pref. (quar.)_,.
Mathieson Alkali Works (quar.)
15c
SIX
37 He
SIX
12Xc
deferred (quar.)
Merrimac Hat Corp
Preferred (quar.)
Oct.
Oct.
1
14
1
Sept,
Sept.
Sept.
Sept.
9 Aug.
9 Aug.
Oct.
1
Oct.
Oct.
1
1
16
27
27
Sept. 10
Sept. 14
Sept. 3
Sept.14
Sept.14
Oct.
1
Sept.14
Sept. 30
Sept. 16
Sept. 15 Sept. 10
Oct.
1 Sept. 14
Oct.
1 Sept. 23
Sept. 20 Sept. 10
1 Sept. 10
Oct.
Oct.
1 Sept. 6
Sept. 16 Sept. 5
Sept. 14 Aug. 31
Oct. 15 Sept. 30
Sept.
Sept.
Sept.
Sept.
Sept,
Sept.
Sept.
Sept.
16 Sept.7
SIX
1 Sept. 15
1 Sept. 20
50c
Oct.
8% preferred (quar.)
Mid-West Refineries. Inc. (quar.)
$2
10c
10c
3 Aug. 20
Oct.
Milnor, Inc
Extra.
(quar.)
^ioc
50c
25c
...
Monongahela Valley Water Co. 7% pref. (qu.).
_
Montgomery Ward & Co
Class A (quar.)
Morrison Cafeterias Consol., Inc., pref. (quar.)
Montana-Dakota Utilities Co
6% preferred (quar.)__
5% preferred (quar.)
Mutual Systems, Inc
8% preferred (quar.)
Myers (F. E.)& Bro
National Breweries, Ltd. (quar.)
Preferred (quar.)
National Casualty Co. (Detroit) (quar.)
National Department Stores 6% pref. (s.-a.)
National Grocers Co., Ltd., prer. (quar.)
National Oil Products (interim).
National Steel Car Corp. (quar.)
Naval Stores Investment Co. (quar.)
New Jersey Water Co. 7
% pref." (quar.)
New York Lackawanna & Western
Ry. (quar.)_
NY PA NJ Utilities pref. (quar.)
Niles-Bement-Pond
_
_
_
......
_
_
North American Co. (quar.)_
Oct.
Oct.
SIX
SIX
Oct.
6c
Oct.
Oct.
1 Sept.24
1 Sept. 16
SIX
SIX
5c
Oct.
1 Sept. 16
1 Sept.16
Oct.
50c
75c
50c
44c
Sept.
Oct.
Oct.
37 He
35c
50c
25c
SIX
SIX
75c
75c
75c
71 %c
Oct.
_
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
_
Park, Davis & Co
Patterson-Sargent Co
;
Pennsylvania Edison, $5 pref. (quar.).
$2.80 preferred (quar.)
Pennsylvania Glass Sand Corp.—
$7 cum. conv. preferred (quar.)
Pennsylvania Telephone Corp. $2X pref. (qu.)__
Pennsylvania Water & Power Co. (quar.)
$5 preferred (quar.)
_
Peoria Water Works 7% pref. (quar.)
Peter Paul, Inc
Oct.
Potash Co. of America
United Carbon Co
2 Aug. 26
6
l'Aug. 20
30 Sept. 14
20 Sept. 10
30 Sept. 14
3 Aug. 30
7% prior lien (quar.).
United States Truck Lines, Inc. (Del.) (quar.)_.
50c
SIX
Westmoreland Water Co. $6 pref
West Indies Sugar Corp. preferred
75c
20c
tlx
—
Wheeling Steel 6% pref. (quar.)
six
SIX
—
$5 prior pref. (quar.).
Wichita Water Co. 7% pref. (quar.)
Wieboldt Stores, prior pref. (quar.)
fix
Oct.
tlOc
SIX
six
Sept 30 Sept.16
Oct.
1 Sept.10
-
7% preferred (quar.)
6H% preferred (quar.)
6% preferred (quar.)
Wood (Alan) Steel 7% pref
Wool worth (F. W.) & Co., Ltd.—
Amer. depository rets. ord. reg
-
Below
we
Per
Name of Company
Share
Abbotts Dairies, Inc. (quar.)
1 Sept. 21
1 Sept. 20
8 Sept.10
1 Sept. 14
37 He
25c
95c
...
Preferred (quar.)
Southern Advance Bag & Paper 7 % pref.
(qu.).
$1$1
37Hc
SIX
SIX
_
2%
SIX
SIX
50c
15c
3 Aug. 26
3 Aug. 26
30 Sept.16
Extra
Preferred
(quar.)
Oct.
Oct.
Oct.
Aug. 21 July
12
Aero Supoly Mfg.. class A
Aetna Ball Bearing Mfg
When
Holders
Payable of Record
Oct.
Acme Steel Co. (quar.)
1
Bonus
—
$5 preferred (quar.)_
Alabama A Visksburg RR. (semi-annual)Alabama Water Service Co., $6 pref. (quar.)
Alberta Wood Preserving Co., 7% pref. (quar.)_
Allegheny Ludlum Steel pref. (quar.)
20
Nov.
Agnew-Surpass Shoe Stores (s.-a.)
Preference (quar.)
Alabama Power Co.. $7 pref. (quar.)
$6 preferred (quar.)
15 Oct.
Sept. 12 Aug.
Oct.
1 8ept.
Sept. 14 Sept.
Sept. 2 Aug.
Sept. 2 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
(quar.)
18
1
Oct.
13
3
15
15
16
13
13
Oct.
1 Sept.
9
1 Aug. 20
1 Sept.25
Sept. 3 Aug. 15
Oct.
1 Sept. 16
Oct.
1 Sept.
9
Oct.
1 Sept. 9
Oct.
1 Sept. 17
Sept.25 Sept. 2
Sept. 10 Aug. 28
Sept.
Oct.
Allied Laboratories, Inc. (quar.)
Allied Products (quar.)
Class A (quar.)
Allied Stores Corp. 5% pref. (quar.)
Aluminum Co. of America
Preferred
(quar.)
Aluminum Industries. Inc
-
Aluminum
Mfg.. Inc. (quar.)
Quarterly
7% preferred (quar.).
7% preferred (quar
■.).
Dec.
Dec.
American Arch Co
American Automobile Insurance (St. L.) (qu.)
American Bank Note preferred (quar.)
Preferred
(quar.)
-
Preferred (quar.)
American Chicle Co. (quar.)
American Cigarette & Cigar, pref. (quar.)
American Envelope Co.. 7% pref. A (quar.)
16 Aug. 31
American General Corp. $3 conv. pref. (quar.)__
1
1
28
28
20
Aug. 26
Aug. 17
Aug. 20
Aug. 29
Sept.10
Sept. 5
Aug. 31
Sept. 14
Sept. 14
Sept. 9
Sept. 9
20
14 Aug. 31
27 Sept.12
American Gas & Electric Co. (quar.)
4X%
S2X
cum.
Oct.
preferred (quar.)
preferred (quar.)_
$2 conv, preferred (quar.)
American Hide & Leather, 6% pref. (quar.)
American Home Products (monthly)
_
American Home Products Corp
American Indemnity Co
15
15
1 Sept.
Oct.
6
15
15
15
20
14*
16*
American Insurance Co. (Newark) s-a.)
Extra.
Oct.
1 Aug. 26
1 Sept.
3
Oct.
1 Sept.
American Investment Co. (Hi.) (initial, quar.)
American Laundry Machinery Co. (quar.)
Sept. 2
Sept. 1
Sept.
1
Sept. 3
Sept. 3
Sept. 14
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept. i4 Sept.
Extra
American Metal Co
Preferred
(quar.)
15 Oct.
1
American Meter Co., Inc
1
American News Co. (bi-monthly)
American Oak & Leather Co.—
Aug. 22
Sept. 10
Sept. 10
Sept.10
Aug. 22
Aug. 22
Aug. 22
Sept.16
31 Dec.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 30 Sept.
Sept. 3 Aug.
Oct.
1 Sept.
conv.
15 Oct.
Sept. 1
Sept. 26
Sept. 26
Sept.26
Aug. 31
Aug. 31
Aug. 31
Sept. 30
31 Dec.
Sept. 1 Aug. 19
Sept. 15 Aug. 31
Oct.
1 Sept.11
Oct.
1 Sept. 17
Sept. 1 Aug. 19
Aug. 31 Aug. 15
Sept. 1 Aug. 15
Sept. 15 Sept. 4
Sept. 15 Sept. 4
Sept. 16 Sept. 3
Sept. 30 Sept. 16
Sept. 1 Aug. 25
Sept. 10 Aug. 31
Sept. 3 Aug. 24
Sept. 16 Aug. 20
American Factors Ltd. (mo.)
American Forging & Socket
1
19
3
5
Sept.14
Sept. 30 Sept. 15
30 Sept.16
3 Aug. 26
1 Sept. 11
1 Sept. 10
Sept. 16
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1
Sept.17
Sept.17
Aug. 31
Aug. 31
Aug. 31
Aug. 31
Aug. 31
Aug. 31
Aug. 31
Aug. 31
Aug. 31
Sept. 9
Sept.
1 Aug. 15
Sept. 30 Sept.12
Sept. 30 Sept.12
Abbott Laboratories (quar.)
American Capital Corp. prior preferred (quar.)..
American Chain & Cable
_
South Porto Rico Sugar Co
1
1
give the dividends announced in previous weeks
list does not include dividends an¬
being given in the preceding table.
1
15c
15 Oct.
and not yet paid.
The
nounced this week, these
1
|20c
Oct.
Oct.
lOHc
1 Oct.
SIX
SI X
2 Aug. 20
1 Sept.11
Sept. 30 Sept. 16
Oct.
1 Sept.13
Oct.
1 Sept.13
$U!
Wisconsin Public Service
1 Oct.
Oct.
Sept.
Oct.
SIX
Sept. 15
SIX
Sept. 15
.t $1,16 2- 3Sept.l5
Sept. 15
Sept. 15
10c
Sept. 10
SIX
Sept. 20
six
Sept. 20
Sept. 20
SIX
S2X
Sept. 20
7% preferred
6% preferred
6% preferred
Oct.
25c
2 Nov. 25
Wisconsin Michigan Power Co. 4H% pref. (qu.)
Wisonsin Power & Light, 7% pref
Oct.
37Hc
12Hc
Dec.
Sept. 20 Sept. 10*
Oct.
1 Sept. 20
Oct.
1 Sept.20
Sept. 14 Aug. 31
Oct. 15 Sept.27
Sept. 23 Sept.18
Oct.
American Box Board, preferred (quar.)
American Business Shares
60c
10c
Sept. 16 Sept.
Sept. 14 Sept.
Sept. 3 Aug. 26
75c
Oct.
25c
15 Oct.
1-15-41 Jan.
SIX
Preferred (quar.)-
Sept 27 Sept. 17
Sept 16 Sept. 5
1 Sept. 20
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct,
Sept.
Sept.
Aug.
Sept.
Sept.
Oct.
4-15-41 Apr.
7-15-41 July
1
SI J*
Oct.
Sept. 6
Sept. 16 Sept. 3
Oct.
1 Sept. 14
Sept. 16 Sept. 3
1 Sept.14*
Oct.
25c
„
25c
1
9
1
Sept. 5 Aug. 20
Sept. 1 Aug. 15
Sept. 14 Aug. 31
Sept. 30 Sept. 15
1 Sept. 16
(quar.)_
(monthly).;
SIX
15 Oct.
Oct.
1 Sept. 16
1 Sept. 11
37Hc
Selby Shoe Co
Shell Union Oil, pref. (quar.)
I
Shuron Optical Co., Inc
Silverwood Dairies, Ltd., pref. (s.-a.)
-.11
Simon (H.) & Sons, Ltd. (interim)
7% cum. pref. (quar.)
Sloss-Sneffipld 8teel & Iron__
Preferred (quar.)
:
Southern Colorado Power, 7% pref
South Penn Oil Co. (quar.)
South Pittsburgh Water Co. 7 %
pref. (quar,)
6 % preferred (quar.)
South Shore Utilities Assoc. pref. (quar.)
Oct.
Oct.
Oct.
50c
Russell Mfg. (initial)
St. Helens Pulp & Paper Co.
San Gabriel River Improvement
San Jose Water Works (quar.)
Sept.16 Sept.
Aluminium, Ltd
Oct.
50c
Reliance Steel Corp. conv. pref. (quar.)
Oct.
10c
Wacker Wells Building
5
5
Sept.
Aug. 28
Sept. 6
Sept. 3
Aug. 31
Sept. 2
Sept. 12
Sept. 16
10c
62 He
15c
Warren Railroad Co. (s.-a.)
1 Sept.
Sept.14
Sept. 3
Sept. 10
Sept. 16
Sept. 14
Sept. 14
Sept. 14
Sept. 30
60c
10c
Warren (S. D.) Co. (quar.) —
West Canada Hydro-Electric Co., Ltd.—
80c. cum. part, preferred (quar.)
Oct.
25c
SIX
S1H
(quar.)
Sept.16 Sept. 5
5
Sept. 16 June
1 Sept.16
Oct.
1 Sept. 20
Oct.
1 Sept.20
Sept. 30 Sept. 23
Sept. 15 Sept. 5
Oct.
Aluminum Goods Mfg. Co., cap. stk
SI
SIX
10c
Richmond Water Works Corp. 6% pref.
Roeser & Pendleton, Inc, (quar.)
25c
SIX
SIX
37 He
Preferred (quar.)
10c
.
____
$in
six
Sept. 16
Sept. 16
1 Sept. 13
1 Sept. 15
Oct.
six
SIX
Ray-O-Vac (quar.)
8 % preferred (quar.)
25c
Holders
Alpha Portland Cement
62Hc
SIX
6% prior lien (quar
25c
68 He
SIX
SIX
SIX
six
50c
re¬
15c
75c
75c
When
Payable of Record
1 Sept. 10
1 Sept. 10
Oct.
SIX
.
12c
75c
75c
(quar.)
Preferred (quar.)
Preferred (quar.)
Preferred
$1
$2
sin
20c
United States Graphite Co
United States Sugar Corp., pref.
Preferred (quar.)
40c
Original pref. (quar.)
public Service Co. of Oklahoma
6% preferred (quar.)
$2 conv. preferred (quar.)
Southern Phosphate Corp
3|Aug. 20
14 Sept.
56c
Publication Corp. vot. & non-vot. (quar.)
7% 1st pref. (quar.)
Extra
25 Sept. 30
25 Sept.30
SIX
Oct.
Philadelphia Dairy Products, 1st pref. (quar,)„_
Pickle Crow Gold Mines (quar.)
Pittsburgh Fort Wayne & Chicago Ry
Preferred (quar.)
.1
Oct.
_
6 Aug. 20
1 Sept. 20
1 Sept. 14
Sept. 26 Sept. 16
Oct. 15 Sept. 30
Sept. 3 Aug. 27
Oct.
1 Sept.11
1 Sept.
Oct.
5
Oct.
1 Aug. 30
Sept. 14 Sept. 6
1 Sept.10
Oct.
Oct.
1 Sept. 10
Oct.
1 Sept.10
Oct.
Oahu Sugar Co. (monthly)
Ohio Associated Teleohone Co.
6% pref. (quar.)_
Ohio Water Service class A_
Onomea Sugar Co. (monthly)
15 Sept. 30
Oct. 15 Sept. 30
Sept. 25 Sept. 14
1 Sept.16
Oct.
Oct,
1 Sept.16
30c
6% preferred (quar.)
_
Oct.
25c
Northern States Power Co. (Wis.),
pref. (quar.)_
Northwestern Utilities pref. (quar.)
_
15 Oct.
1
15 Sept. 13
1 Sept. 13
Northern Ontario Power Co
Rainier Brewing
ClassB
Sept. 20 Sept. 10
Sept. 20 Sept. 10
50c
30c
6% preferred (quar.)
5X% preferred (quar.)
See "General Corp. & Investment News"
Section for special com. div. declaration.
1 Sept. 13
1 Sept. 13
1 Sept. 13
Sept. 25 Sept. 10
Sept. 3
Aug. 20
1 Sept. 16
Oct.
Sept. 23 Sept. 16
SIX
_
—
Upson-Walton Co
Utica Knitting Co. 5% prior pref. (quar.)
Waldorf System, Inc. (quar.)
Oct.
Oct.
„
30 Sept, 17
30 Sept. 17
2 Aug. 26
2 Aug. 26
Oct.
—
United Steel & Wire Co., Inc. (quar.)
Sept.
Sept.
Sept.
00c
Southwestern Portland Cement (quar.)
Preferred (quar.)
Sparks-Withington, 6% pref. (quar.)__
Spencer Trask Fund, Inc
Standard Steel Construction pref. A (quar.)
StedmanBros.,Ltd. (quar.)
Conv. preferred (quar.)
Sterchi Bros. Stores, 1st pref. (quar.).
Strouss-Herschberg (quar.)
Sunray Oil Corp., pref. (quar.)
Tappan Stove Co
Thomson Electric Welding
Time, Inc. (interim)
Todd Shipyards Corp
Tokheim Oil Tank & Pump Co. (quar.) „•«,
Truax-Traer Coal6% pref. (quar.)....
5H % preferred (quar.)
Twentieth Century-Fox Film Corp. pref. (qu.)
Udylite Corp
Union Bag & Paper Corp. (increased)
Union Carbide & Carbon Corp
United Artists Theatre Circuit, Inc., pref. (qu.)_
United Wall Paper Factories pref. (quar.)
30 Sept. 17
15 Sept.
5
1 Sept. 11
Sept. 30 Sept. 9
Sept. 30 Sept. 9
50c
Share
3 Aug. 27
16 Aug. 31
Oct.
Midland Steel Products
$2 dividend shares
Mitchell (J. S.) & Co., pref.
Modern Die & Tool (initial)
Modine Mfg. Co. (quar.)__
Per
Name of Company
30 Sept. 11
SIX
SI
-
Meyer (H. W.) Packing 6H % pref. (quar.)
Michigan Assoc. Telep. Co. 6% pref. (quar.)
Mickelberry's Food Products Co. $2.40 pf. (qu.)
Sept. 30 Sept. 19
1 Sept. 14
1 Sept. 20
Sept. 30 Sept. 6
Sept. 30 Sept. 6
Sept. 16 Aug. 31
Oct.
1 Sept. 10
Oct.
1 Sept.10
Sept. 3 Aug. 26
Oct.
75c
37Xe
Jamaica Water Supply Co. $5 pref. A (quar.)
Jamleson (C. K.) & Co
Kansas City Power & Light, pref. B (quar.)~,.
Kansas Electric Power 7% pref. (quar.)
Holders
Payable of Record
SIX
6% preferred (quar.)
International Safety Razor, class A (quar.)
International Salt Co. (quar.).
International Silver Co., pref
Inter-Ocean Reinsurance Co. (s.-a.)
When
Aug. 31, 1940
5% cumulative preferred (quar.)
5% cumulative preferred (quar.).
5% cumulative preferred (quar
\).
Paper Goods Co. 7% pref. (quar.)—
7% preferred (quar.)
American Power & Light, $6 preferred
$5 preferred
American
SIX
SIX
SIX.
SIX
Sept. 16 Sept.
SIX
Dec.
SIX
93 Xc
Oct.
Oct.
3
15
20
20
22
22
29
4
1
Dec. 31
4-1-41
Oct.
16 Dec.
1 Sept.
1 Sept.
5
5
3
3
Volume
The
151
1229
Commercial & Financial Chronicle
American Steel Foundries
5
2 Sept.
Sept. 16 Sept. 2
15 Sept.16
Sept. 3 Aug. 10
Sept. 23 Sept. 3
Anaconda Copper
Sept. 3 Aug. 15
Sept. 12 Aug. 26
Sept. 16 Aug. 31
(quar.) —
Anheuser-Busch
Applied Arts
Apponaug Co. preferred (quar.)
Archer-Daniel-Midland Co
Armour & Co. of Delaware, 7% pref.
Oct.
Sept.
(quar.) —
(quar.)
Art Metal Works (quar.)
Artloom Corp., 7% preferred (quar.)
Asbestos Corp., Ltd. (quar.)
3 Aug.
i
Associated Breweries of Canada (quar.)
2d
1st pref. (quar.)
preferred
Baltimore Radio Show, Inc.
(quar.)
6% preferred (quar.)
Bangor & Aroostook Railroad, pref. (quar.)
Bangor Hydro-Electric 7 % preferred (quar.)
6% preferred (quar.)
Bankers National Investing A & BPreferred (quar.)
Barber (W. EL.) Co. (quar.)
Barlow & Seelig Mfg. class A (quar.)
Oct.
Oct.
1
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Barnsdall Oil Co
Bayuk Cigars, Inc. (quar.)
First
Oct.
preferred (quar.)
Sept.
Sept
Sept.
Sept.
Beattie Gold Mines (interim)
Beau Brummell Ties, Inc
Beaunit Mills,
$1H preferred
(quar.)
$1 H preferred
Oct.
(quar.).
Beech-Nut Packing Co. (quar.)
eech
Beech Creek Railroad
Oct.
Oct.
Extra
(quar.)
Belmont Radio Corp.
;
Bendix Aviation Corp
Berghoff Brewing Corp. (quar.)
Berkshire Fine Spinning Associates—
Sept.
Sept.
Aug. 26
Aug. 26
Aug.
9
Sept. 6
$1 X
SIX
tlX
$7 preferred
15 preferred
Bethlehem Steel Corp
7% preferred
Oct.
Bigelow-Sanford Carpet
Preferred (quar.)
Bird & Son, Inc.,
5% preferred (quar.)
Birmingham Gas Co. $3H prior
Birmingham Water Works, 6%
Blaw-Knox Co. (interim)
Bliss
(E. W.) Co., 6%
5% preferred
pref. (quar.) —
pref. (quar.)__
preferred
.-
-
pref. (quar.)
Blue Ridge Corp., $3 preferred (quar.)___
Opt. div. l-32nd sh. of com. or cash
Bloch Bros. Tobacco Co. 6%
Bohn Aluminum & Brass
(quar.)
(interim)
Albany RR. Co
Boston Woven Hose & Rubber Co., common
Bower Roller Bearing Co
Bonomo Publishers
Borden Co.
Boston &
Boyertown Burial Casket Co. (quar.)
Brewer (C.) & Co. (monthly)
__
Brewing Corp. of America (quar.) —
Bridgeport Gas Light Co. (quar.)
Briggs & Stratton (quar.)
Bright (T. G.) & Co. (quar.)
6% preferred (quar.)
Bristol-Myers Co. (quar.)
British-American Tobacco Co., Ltd.
Brooklyn Edison Co. (quar.)
Brooklyn Telegraph & Messenger
Brooklyn Union Gas
Brown Shoe Co. (quar.)
Brunswick-Balke Collender Co
Bullard Co
------—._—--
*—,—.*
(quar.)
Canada Vinegars, Ltd. (quar.)
Canada Wire & Cable, class A (quar.)
Bearer
(quar.)
Ltd. A & B (quar.)
Canadian Malartic Gold Mines
Canadian Oil Cos., 8% pref. (quar.)
preferred (interim)
75c
25c
lOd.
15
15
20
20
3
10
26
Aug. 26
Sept.
Sept. 30 Sept.25
3 [Aug. 14
Oct.
1 Sept.13
1 June 25
Oct.
Sept. 3 Aug. 15
Sept. 30 Aug. 31
Nov. 25 Nov. 15
Sept. 20 Sept. 6
Sept. 31 Aug. 22
Sept. 25 Sept. 20
Sept. 15 Sept.
1
Sept. 30 Sept. 13
Sept. 16 Sept. 4
Sept. 14,Aug. 31
Sept. 14 Aug. 31
Sept. 3 Aug. 16
Sept. 30 Sept. 2
9
Aug. 31 Aug.
Sept. 3 Aug. 21
1
Sept. 3 Aug.
50c
Sept. 3 Aug. 20
$1
Sept.16 Sept. 5
Oct.
1 Sept. 20
Sept. 14 Aug. 23
Sept. 30 Sept.16
SIX
25c
Sept.30 Sept. 16
50c
Sept. 30 Sept. 13
50c
Aug. 31 Aug. 12
25c
Sept. 1 Aug. 15
Sept. 30 Aug. 22
Oct.
5 Aug. 22
10c
Sept. 5 July 27
7
37 He
Sept. 1 Aug.
SI %
Sept.16 Sept. 3
Oct.
1 Sept, 14
40c
10c
Sept. 30 Aug. 31
t25c
Sept. 1 Aug. 16
62 He
Sept. 20 Sept. 10
50c
Sept. 15 Aug. 31
Oct.
1 Sept.14
SI
ttlX Sept. 20 Aug. 3)
Sept.14 Aug. 31
toOc
Sept. 14
J 50c
10c
Sept. 2 Aug. 20
$1
Sept. 15 Aug. 31
Dec. 15 Nov. 30
SI
Oct. 31 Sept. 30
tSl X
Oct. 15 Sept. 30
ttlX
2c
Sept. 26 Sept. 5
1 Sept. 20
tS2 Oct.
Oct.
1 Sept. 2
Sept. 16 Sept. 9
$2
tlX
25c
7% pref
Ht. & Pow.—
'ffs
(quar.)
Canfield Oil
6% preferred (quar.)
Carman & Co., Inc.,class A (quar.)
Carolina Telep. & Teleg Co. (quar.)
Carter (Wm.) Co., preferred (quar.)
Case (J. I.) Co., preferred (quar.)
Caterpillar Tractor (quar.)
_
Central Arkansas Public Service Corp.—
7% preferred (quar.)
Central Cold Storage Co. (quar.)
Central Hlinois Public Service $6 pref
6% preferred
Sept.
[Aug.,
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Sept. 16 Sept.
Aug. 31 Aug.
Aug.
Sept.
"it
Mining & Concentrating
Burma Corp. (final 3H annas)
Amer. dep. rec. (final 3H annas)
Burroughs Adding Machine Co
Butler Bros., preferred (quar.)
Butler Water
7% preferred (quar.)
Calamba Sugar Estates (quar.)
Calgary Edmonton Corp
California Art Tile Corp., $1 H conv. pref
California Ink Co. (quar.)
_
California-Western States Life Insurance (s.-a.)
Cambria Iron, semi-annual
Canada Cement 6 H % preferred
Canada Ma«ting Co. Ltd., reg. (quar.)
6% preferred
sm
if
60c
(interim)__
Aug. 31
Aug. 10
Sept. 6
Sept.
50c
75c
Co. (quar.)
Canadian Tube & Steel Products,
Canadian West. Natural Gas, Lt.,
SIX
tlX
six
50c
Bunker Hill & Suiliyan
Canadian Pacific RR.,
tlx
12Hc
7Hc
tlX
Bullock's, Inc
Canadian Industries,
Preferred (quar.)
tix
six
87 He
50c
15c
Preferred (quar.)
Buckeye Pipe Line Co
Budd Wheel Co., 7% part. pref. (quar.)
7% part, preferred (partic. dividend)
Class A
Sept.
(quar.)
$1H
50c
$2
tlx
tlx
50c
SI X
12Hc
tlX
tlX
*
3 Aug. 15
Sept.16 Sept. 6
Sept.
Sept.16 jAug. 20
Sept. 16 Aug. 20
A
50c
75c
o r\
Sept. 16 Aug. 29
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Aug. 20
Sept.
Aug. 10
Sept.
Aug. 10
Sept.
tlX
%2 5c
-
ttl5Nc
Preferred (quar.)
Cleary Hill Mining Co. (quar.)
Cleveland & Pittsburgh RR. gtd. (qu.)
Special guaranteed (quar.)
7% gtd. (quar.)
4% guaranteed (quar.)--Cluett, Pea body & Co., Inc. (Interim)
(quar.)
87Hc
50c
Elec., 6% 1st pref.
50c
Sept. 25 Sept. 13
Sept. 20
Oct.
50c
SIX
Sept.16 Aug. 16
Oct.
1 Sept. 12
Oct.
1 Sept. 12
Sept. 30 Sept. 10
Sept. 3 Aug. 20
Sept. 3 Aug. 20
Sept. 3 Aug, 19
Sept.30 Sept. 12
Aug. 15
Sept.
Sept. 6 Aug. 23
Sept.10 Aug. 23
Oct.' 15'Sept. 3
Oct.
1 Sept. 14
(quar.)
Coca-Cola Co
Coca-Cola International
Col gate-Pal mollve-Peet,
pref. (quar.)
$,
Collins & Aikman Corp
(quar.)
Colonial Finance, preferred (quar.)
Colt's Patent Fire Arms Mfg. (quar.)
Columbia Brewing Co. (quar.)
Columbia Broadcasting A & B
Columbian Carbon Co. (quar.)
Commercial Alcohols, pref. (quar.)
Commonwealth Utils. Corp. 6% pref. B (quar.)6H% Preferred O (quar.)
6H% preferred C (quar.)
Community Power & Light
—
CompanU Swift Intemacional (quar.)
—
Compo Shoe Machinery (quar.)
Preferred (quar.)
Congoleum-Nairn (quar.)
—
Conlaurum Mines
Connecticut Light & Power (quar.)
Preferred (quar.)
Connecticut Power Co. (auar.)
Connecticut River Power Co. 7% pref. (quar.)_Consolldated Cigar Corp. 7% preferred (quar.)_
Consolidated Edison (N. Y.) (quar.)
Consolidated Film Industries, preferred-Consol. Gas, Electric Light & Power Co. (Bait.)
4 H % preferred series B (quar.)
4% preferred series O (quar.)
Consolidated Investment Trust (quar.)
Preferred
2 Aug. 15
Dec.
2 Nov. 15
Sept. 1 Aug. 15
Sept. 16 Sept. 5
5
Sept. 16 Sept.
Sept. 16 Aug. 30
Sept. 251 Sept. 14
Oct.
Sept. 14
Aug. 15
Sept.
Aug. 15
8ept.
Aug. 15
Sept.
Aug. 15
Sept.
9
Sept.16 Aug.
Oct.
1 Sept. 13
Oct.
1 Sept. 14
Oct.
1 Sept. 14
Oct.
1 Sept. 14
Sept. 16 Sept. 3
Sept. 16 Sept. 3
Sept. 1 Aug. 21
Oct.
1 Sept. 14
Consolidated Papef Co
Consolidated Retail Stores 8% pref. (quar.) —
Continental Can Co., pref. (quar.)
Continental Casualty (Chicago), (quar.)--—.-Continental Oil
—
Continental Steel Corp
:
Oct.
Oct.
Oct.
Sept.
k Varnish Co. (quar.)
5% cum. conv. preferred (quar.)_
Courtaulds Ltd. Am. dep. rec. (interim)
Crane Co., preferred, (quar.)
Creameries of America, Inc., $3 H conv. pf.
Crown Cork & Seal Co., Inc.—
1 Aug. 19
1
Sept.10 Sept.
1
Sept.10 Sept.
2
Sept. 4 Aug.
Sept.14 Aug. 31
Aug. 31 Aug. 10
(qu.)
56 He
preferred (quar.)
25c
Crown
SIX
$2
—
& B
Inc
Dayton Power & Light, 4H%
Debenture & Securities Corp.
preferred (quar.)_
(Canada)
Aug. 13
Sept.
Sept. 30 Sept. 19
Aug. 31 Aug. 16
Aug. 31 Aug. 16
SIX Sept. 16 Aug. 31
75c (Oct.
1 Aug. 30
50c Sept. 30 Sept.14
Sept. 3 Aug. 16
SIX
3
50c
Sept. 14 Sept,
tlX Sept. 2 Aug. 20
35c
15c
Fund, Inc
Dentist's 8upply Co. (N. Y.) (quar.)-,
Quarterly
Denver Union Stockyards 5H% pref. (quar.)-.
Detroit Gasket & Mfg., preferred (quar.)
Detroit-Hillsdale & Southwestern (s.-a.)
Devonian Oil Co
—
Delaware
75c
75c
SIX
30c
$2
25c
1-2-41 Dec.
Sept. 3 Aug.
Sept. 14 Aug.
Aug.
Sept.
23
15
31
20
Nov. 26
Dec.
Aug. 20
Sept.
Aug. 15
Sept.
Jan. 1'41 Dec. 20
Sept.14 Aug. 31
Aug. 10
Aug. 12
50c
(quar.)
Quarterly
(semi-ann.)
(semi-aim.)
Aug. 16
Aug. 16
$2
;
—
A (quar.)
(quar.)
Dixie-Vortex Co. class
Ltd
._- —
Dominguez Oil Fields (monthly)
Dominion & Anglo Investment Corp., Ltd.—
5% preferred (quar.)
Dominion Foundry & Steel (quar.)
Dominion-Scottish Investment, 5% pref
Dominion Tar & Chemical Co., 5H % pref. (qu.)
Dominion Textile Co. (quar.)
Preferred (quar.)
—
Dome Mines.
Rockaway RR. Co.
Driver-Harris Co
(auar.)
Aug. 12
2-10-41
Sept.
Sept.
50c
Disney (Walt) Productions, Inc.,
6% cum. conv. preferred (quar.)
Distillers Corp. Seagrams (quar.)
Dover &
Nov. 12
Sept.
3-1-41
20c
75c
Dictaphone Corp.
Preferred (quar.)
Pepper Co.
Quarterly
Dec.
75c
Diamond Match Co.
Sept.
Sept.
25c
Dexter Co
Preferred
Sept. 13
Oct.
30c
$2H
Preferred (semi-annual)
Deere & Co., preferred (quar.)
Preferred
Preferred
Sept. 16 Aug. 30*
tlX
(quar.)
Cuneo Press, Inc., preferred (quar.) —
Curtis Publishing Co., $7 preferred
Curtlss-Wright Corp., class A
Cushman's Sons. Inc. 7% preferred
Preferred
Cutler-Hammer.
1 Sept. 13
1 Sept. 13
1 Aug. 19
Sept.
(quar.)
Copperweld Steel Co
Zellerbach Corp
$5 pref. (quar.)
Crum & Forster pref. (quar.)
Crura & Forster Insurance Share A
1 Sept. 10
Sept. 3 Aug. 15
Sept. 30 Sept. 3
Preferred (quar.)
S2X cumulative
Nov. 15
Dec.
Sept.
SnAPfj)!
Cook Paint
Preferred
Aug. 10
Aug. 10
Sept.
Sept.
87 He
,
Coast Counties Gas &
Doctor
Sept. 3 Aug. 15
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Aug. 31 Aug. 15
Oct.
1 Sept. 24
Sept.16 Sept. 10
Oct.
1 Sept. 12
Aug. 31 Aug. 15
'
tlx
tlx
---
Preferred (quar.)
Class B (interim)
Preferred
Sept. 18
Sept. 30 Sept. 14
Sept. 2 Aug. 24
Sept. 3 Aug. 12
6
Sept. 12 Sept.
Sept. 16 Aug. 29
Oct.
30c
6% pref. (qu.)_-
Aug. 15
Sept.
SIX
six
---
(quar.)_.
Clark Equipment Co
Aug. 17
.
Pacific,
Terminal. 5% pref.
Clark Controller
Sept.
Sept. 16
3
Sept
Sept .16
Belden Mfg. Co
1
k Fuel Co
Preferred (quar.)
City of New Castle Water Co.,
Sept.10
Aug.
9
Aug.
9
Aug. 31
Aug. 16
Aug. lo
Aug. 31
Sept. 30
Sept. 9
Aug. 14
Aug. 15
Aug. 15
Sept.16
Sept.10
Sept. 10
Oct.
25c
25c
$33 X
$1X
tlX
City Ice
Sept.14
21
20
30
31
1 Aug. 20
3 Aug. 17
3 Aug. 15
3 Aug. 15
Sept. 4
Sept.10
Sept.
Sept.
Sept.
Sept.
25c
Preferred (auar.)
Sept. 16 Aug.
Aug. 31 Aug.
Sept. 10 Aug.
Sept. 16 Aug.
Automobile Finance Co., 7% preferred
Automotive Gear Works cum. con v. pref
Baldwin Locomotive Works pref. (s.-a.)
75c
t50c
SIX
Cincinnati New Orleans & Texas
Cincinnati Union
1 Sept. 6
1 Sept.
6
Sept.23 Aug. 30
Sept. 23 Aug. 30
Sept.14 Aug. 20
Sept.
1 Aug. 15
Sept. 30 Sept. 20
Sept. 30 Sept. 20
Sept.14 Aug. 21
Sept. 3 Aug. 23
Sept. 16 (Aug. 26
Oct.
1 Sept. 20
Sept.12 Aug. 12
Oct.
50c
--
Preferred (quar.)
Chrysler Corp
1
Oct.
preferred (quar.)
Atlantic Refining Co. (quar.)
pref. (quar.)—.
"Atlas Corp., 6%
Atlas Powder Co
(quar.)
Extra
Sept.14
Aug. 31
Aug. 311
Aug. 20
Aug. 31
1 .Sept. 14
1
3 Aug.
Oct.
$1
(quar.)
Chicago Rivet & Machine
Chicago Yellow Cab
Christiana Securities
9
Sept. 3 Aug.
9
Sept. 3 Aug.
Sept. 30 Sept.14
Sept. 30 Sept.14
Associates Investment (quar.)
Preferred (quar.)
Atlanta Gas Light Co.,
1
Oct.
Sept.
.11
--
Chicago Corp. $3 Preferred
Chicago Flexible Shaft (quar.)
Sept. 30 Sept.16
Sept. 14 Sept.13
Sept. 30 Sept.14
Oct.
(quar.)
Extra
Chestnut Hill Railroad Co.
Sept. 3 Aug. 15
Sept. 30 Sept. 14
Sept. 30 Sept. 14
Ashland Oil & Refining (quar.)
Preferred (quar.)
Preferred (quar.)
Associated Dry Goods
5
25c
Railway
(quar.)
Chesebrough Mfg. Co. Consol.
20
10
10
10
17
Sept.20
Sept. 20
Sept. 2
Sept.16
tlX
Preferred
Sept. 16 Sept. 3
Sept. 28 Sept.18
Preferred
(quar.)
Fibre
Chesapeake & Ohio
Oct.
tlX
tlX
tlx
- —
Chartered Investors $5 preferred
3 Aug. 21
1 Sept.10
Sept.
Armstrong Cork Co. (interim)
Extra
Champion Paper &
Preferred (quar.)
Sept. '3 Aug. 15
-—
(quar.)
(quar.)
$7 prior lien preferred
$6 prior lien preferred
Century Ribbon Mills. 7% pref.
Oct.
25c
1$
preferred
Oct.
Sept.
Sept. 3 Aug. 15
1.16 2-3 Sept. 16 Sept. 3
t$l Sept. 16 Sept. 3
pref. (quar.)
Central & South West Utilities Co.—
Oct.
(quar.)_-
Mining Co__Anglo-Canadian Telephone Co. class A
Central Power & Light, 7%
6 preferred
Oct.
American Sugar Refining preferred (quar$
American Sumatra Tobacco (quar.)
American Telep. & Teleg, Co. (quar.)
American Tobacco Co. com. & com. B
6% preferred (quar.)__
$6 preferred (quar.)
Central Ohio Light & Power $6
Central Ohio Steel Products
2
Aug. 31 Aug.
Sept. 30 Sept.14
Sept.
Sept.
Sept.
Sept.
1 Aug.
1
1
1
1
Oct.
tlX
SIX
S1H
S1H
$1H
Central Illinois Light Co., 4H% pref. (quar.)-Central Maine Power 7% preferred (quar.)
Sept. 30 Aug. 31
Sept. 30 Sept. 6
Sept. 1 Aug. 27
1 Nov. 25
Dec.
7% pref. (quar.) —
American Radiator & Standard Sanitary Corp—
Preferred (quar.)
Preferred (quar.)
American Smelting & Refining
American Public Service Co.,
Payable of Record
Share
Company
Holders
When
Per
Name Of
Payable of Record
Share
Company
Holders
When
Per
Name of
(s.-a.)
30c
Sept. 16
Sept.16 Sept. 3
Sept. 10
Aug. 17
Sept,
30c
Dec.
J50c
Oct.
37 He
155 He
62 He
25c
ttlX
25c
Oct.
Oct.
Nov. 16
21
Sept. 30
Aug. 31 Aug. 16
Sept.
Oct.
tt50c
Sept.
SIX
SIX
Nov.
Aug. 15
Sept. 20
Aug. 20
Oct.
14
60c
SIX
Sept.14
Oct.
XI
Oct.
15 Sept.30
Sept. 30
Sept. 25 Sept. 18
ll Sept. 20
Oct.
Oct
The Commercial & Financial Chronicle
1230
Per
Share
Name of Company
Dun & Bradstreet, Inc.
50c
(quar.)
SIX
$1X
SIX
S6 preferred (quar.)
du Font (E. I.) de
Nemours (interim)
Preferred (quar.)
*
_
50c
Durez Plastics & Chemicals
6% preferred (quar.)
7% preferred (quar.)
Duquesne Light, 5% preferred (quar.)
Duval Texas Sulphur Co
Eagle Pichor Lead
-Preferred (quar.)
East St. Louis & Interburban Water Co.—
7% preferred (quar.).
*.).
6% preferred (quar,,
East Shore Public Service Co. S6 pref. (quar.)..
S6X preferred (quar.)..
Eastern Gas & Fuel Assoc., 4 X. % prior
pref
Eastern Massachusetts St. Ity., 1st pref
Eastman Kodak Co. (quar.)
Preferred (quar.)
Eddy Paper Corp..
Edison Bros. Stores, Inc. (quar.)...
5% cumulative preferred (quar.)
Electric Controller & Mfg
Electrographic Corp. (quar.)
Preferred (quar.)
Elgin National Watch
Elizabeth & Trenton RR. (s.-a.)
Preferred (semi-annual)
El Paso Electric, preferred A (quar A
Preferred B (quar.)
$0 preferred (quar.)
Ely & Walker Dry Goods
Empire & Bay State Telegraph guar. (quar.)..
Empire Capital Corp. A (quar.)
Empire Power Corp., $6 cum. pref. (quar.)
Participating stock
Emporium Capwell 7% pref. (s.-a.)
4 H % preferred (quar.} .
4X% preferred (quar.)
Engineers Public Service $6 pref. (quar.)
$5X preferred (quar.)
-—
...
...
37Mc
SIX
SIX
Faber, Coe & Gregg (quar.)
Fairbanks, Morse & Co. (quar.).
Fajardo Sugar of Porto Rico
Falstaff Brewing Co, (quar.)
Preferred (semi-annual)
Famous Players Canadian (quar.)
Fansteel Metallurgical Corp., preferred (quar.).
Preferred (quar.)
Farallone Packing Co. (quar.)
—__
-
Quarterly
Quarterly
Oct.
SI M
SIX
Sept
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
I'ZK
Oct.
Sept. 16
SIX
SIX
SIX
Oct.
SIX
SIM
25c
25c
62 Ac
75c
25c
SIX
25c
25c
SI
10c
50c
%3X
56 Mc
56 He
lXc
50c
25c
50c
15c
3c
t25c
SIX
SIX
5c
50c
SIX
15c
i__
Fox (Peter) Brewing (quar.).
25c
15c
17i1:
SIX
87 He
%2X
25c
Preferred (quar.)
15c
Frankenmuth Brewing (quar.)
Plxtra
2 He
7 He
Freeport Sulphur (quar.)
25c
Extra
Fruehauf Trailer Co
50c
35c
5% preferred (quar.)
SIX
Fuller Brush Co., 7% preferred (quar.)
Gamewell Co
SIX
50c
(quar.)
SI H
20c
...
...
5XA% preferred (quar.)
Gaylord Container Corp
Preferred (quar.)
SIX
$1.37
25c
68 He
75c
General American Corp. (quar.)
General Cigar Co
25c
7% pref. (quar.)
General Instrument Corp. (quar.)
Hi
Quarterly
15c
General Motors Corp...
Preferred (quar.)
General Outdoor Advertising class A
(quar.)
Preferred (quar.)
$1
15
Oct.
15
Oct.
15
Sept. 3
Sept. 3
Aug. 31
Sept.15
Sept.10
Sept.21
Oct.
1
1- 2-41 Dec.
20
30
30
30
23
21
15
31
Dec.
25c
SIX
pref. (quar.)
Hanna (M. A.) Co. $5cum.
Banners Oil Co., common
2c
2c
25c
pref. (quar.)
Co., preferred (quar.)
Hart-Carter Co. $2 conv. pref. (quar.)—
Hawaiian Agricultural (monthly)
Harris &
50c
»_
75c
Hazeltine Corp. (quar.)
Hecla Mining Co
—
75c
30c
E.) Co
Home Fire & Marine Insurance (quar.)
Hooker Electrochemical
—
(s.-a.)
18 Dec.
14
Oct.
Sept. 10
Jan.
Dec.
11
Oct.
Sept. 12
Aug. 21
Sept.
Aug. 19*
Sept.
Sept. 20 Sept. 3
Sept. 16 Sept. 5
Sept. 25 Sept. 10
Sept. 26 Sept. 13
Sept. 16 Sept. 5
Sept.
1 Aug. 15
Aug. 31 Aug. 15
Aug. 22
Sept.
Aug. 20
Sept.
Sept.
Aug. 20
Sept.
Aug. 15
Sept.
Aug. 15
Aug. 20
Sept.
Oct.
Sept.14
Oct.
Sept.14
Sept. 16 Sept. 5
Sept. 16 Sept. 5
Sept. 3 Aug. 16
Sept. 3 Aug. 16
Aug. 31 Aug. 20
Aug. 3l Aug. 20
Oct.
1 Sept. 20
Sept. 16 Sept.^K
Sept. 16 Sept. pi
Sept. 30 Aug. 31
Oct.
1 Aug. 31
Oct.
1 Aug. 31
Sept.16 Aug. 30
Sept. 16 Aug. 30
Sept. 3 Aug. 15
Sept.15 Aug. 22
Sept. 1 Aug. 16
Oct.
1 Sept. 15
1 Dec.
15
Sept. 12 Aug. 15
5c
25c
$1.05
10c
;__
7
$2
25c
Horn (A. C.
)7% preferred (quar.)
preferred (quar.)
5t*c
45c
Huntington Water Co., 7% preferred (quar.)
6% preferred (quar.)
Hydraulic Press Mfg., preferred (quar.)
Idaho Maryland Mines (monthly)
;____
—
Inland Steel Co
Extra
Gilbert (A. G.) Co. preferred (quar.)..!.!.!""
Gillette Safety Razor, pref.
(quar.)
Glens Falls Insurance (N. Y.) (quar.)
.!!
....
1 Sept. 12
1 Sept. 12
S1H
SIX
Oct.
25c
87 He
Oct.
1 Sept. 14
1 Sept. 14
3 Aug. 15
3 Aug. 15
1 Sept.21
1 Oct.
__.!._
Globe-Democrat Publishing Co. 7% pref. (qur.)
Gold & Stock Telegraph Co. (quar.)
Golden Cycle
Goodrich (B. F.) Co.. pref. (quar.)__.__
!_"
»
Nov.
Oct.
Oct.
Sept.12
56 He
Oct.
SIX
SIX
Sept
Sept. 12
Aug. 20
Sept. 39
Aug. 31
Sept. 18
Aug. 15
Aug. 15
Sept. 3
Aug. 15
Aug. 28
Aug. 16
SIX
50c
Sept. 14
Oct.
SIX
Sept.10
Sept. 30
Sept. 16
Sept. 16
50c
Goodyear Tire & Rubber.
Preferred (quar.)
Gorham Mfg. Co
Sept.16
25c
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
SIX
25c
""
!!_!!■!!!!!!!
!!_.!!!!!
Granby Consol Mining, Smelting & Power "Co!!
Grand Union, arrears certificates
_
Great Atlantic & Pacific Tea Co..
Preferred (quar.)
Great Lakes Power, preferred A
!__
!..!!!!!!
"_"!!!!
_
1
40c
30c
....
...
Oct.
_
Griggs. Cooper & Co., 7% pref. (quar.)
Group No. 1 Oil Corp
Gulf State Utilities $6 preferred
(quar!)"."."!!"""
S5X preferred (quar.)
Hackensack Water pref. A (quar.)
Hale Bros. Stores. Inc. (quar.)
"
S3
15c
SI
SIX
SIX
t25c
50c
75c
t$lH
SIX
$50
43 He
25c
3
1
3
7
1 Aug. 16
1 Aug. 16
Oct.
1 Sept.10
Sept. 3 Aug. 20
Sept. 16 Sept. 6
Sept. 3 Aug. 24
Oct.
1 Oct.
Sept. 30
Sept. 16
Sept. 16
Sept.30
Sept. 3
1
Sept. 10
Aug. 30
Aug. 30
Sept. 16
Aug. 15
Dec.
15
Oct.
19 Oct.
Oct.
15 Sept. 30
1 Oct. 25
Nov.
Sept.
1 Aug. 15
Sept. 20 Sept.10
1 Sept. 13*
Sept. 16 Sept. 3
Sept. 15 Aug. 15
(quar.)
Oct.
50c
Payable in U. S. funds.
International Ocean Teleg. Co. (quar.)
Interstate Hosiery Mills
1 Sept.
6
5
20
30
20
15
17
15
26
15
15
14
5
18
15
Sept. 3 Aug.
Sept. 16 Sept.
Aug. 31 July
Aug. 31 Aug.
Nov.
1 Oct. 19
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Aug.
Sept.
Sept.
Oct.
Sept.
Sept.
Oct.
10c
International Mining Corp
International Nickel Co. (Can.)
Sept.
Oct.
Oct.
SIX
5
Oct.
40c
Sept.
Sept.
Sept.
3 Aug. 19
3 Aug. 19
3 Aug. 14
1 Aug. 31
3 Aug. 12
3 Aug. 12
31 Aug. 20
21 Sept. 10
7 Aug.
2
1 Sept.12
3 Aug.
5
3 Aug. 16
10 Sept. 23
15 Sept. 20
3 Aug
5
20 Aug. 31
30 Aug. 31
Investment
75c
Iron
v. t. c. (quar.)
Common v. t. c. (quar.)
Irving Air Chute (quar.)
Jaeger Machine Co
Jantzen Knitting Mills, pref. (quar.)
Jewel Tea Co., Inc. (quar.)
Johns-Manville Corp
7 % preferred (quar.)
Joslyn Mfg. & Supply
Preferred (quar.)
Joy Mfg. (quar.)
Kaufmann Dept. Stores. 5% pref. (quar.)
Keith-Albee-Orpheum 7% preferred
Kelvinator Corp. (Canada) (interim)
Kemper-Thomas 7% special pref. (quar.)
Special preferred (quar.)
30c
1 Sept. 30
Sept. 16 Aug. 30
Sept. 14 Aug. 31
Sept. 2 Aug. 10
30c
Dec.
25c
1 Sept. 20
Sept. 10 Aug. 31
Sept. 3 Aug. 25
Sept. 20 Sept. 6
Sept. 24 Sept. 10
Oct.
1 Sept.16
Sept. 14 Aug. 31
Sept. 14 Aug. 31
Sept. 14 Aug. 311
Sept. 14 Aug. 31
1 Sept. 16
Oct.
Sept. 20 Sept. 5
Sept. 3 Aug. 20
SIX
25c
Corp. (Phila.)
Fireman Mfg. common
25c
SIX
60c
-
Steel
&
25c
SIX
tSlH
50c
participating pref A (quar.).
cumu.
Kennecott Copper Corp
Special
Kern County Land Co. (quar.)
Kerr Lakes Mines Ltd
Keystone
75c
SIX
....
—
Kendall Co.
75c
SIX
t
50c
20c
5c
Wire Co__
__
Preferred
(quar.)
__
Dec.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
2 Nov. 20
1 Aug.
4
3 Aug.
1
Oct.
1
Oct.
1
Oct.
1
1
Nov.
lc
Klein (D. Emil)
25c
Kobacker Stores, preferred (quar.)
1
Oct.
Sept.
;_
SIM
30c
Kresge (S. S.) Co
Kroger Grocery & Baking (quar.)
6% preferred (quar.)
7% preferred (quar.).
50c
Aug. 20
16 Aug. 31
1
SIX
10
30 Aug. 31
30 Sept.
5
Oct.
SIM
SIX
—
9
30 Aug. 31
Oct.
_
6% preferred C (quar.)
5% preferred B (quar.)
Kingston Products Corp. 7% pref. (quar.)
Kirkland Lake Gold Mining (s.-a.)
Special
1
Nov.
1
Oct.
1
Sept. 9
Sept. 13
Sept. 3
15
Sept.12
Sept. 12
Sept.12
Sept.16
Sept. 16
Sept. 16
Aug. 19
Sept. 30
Sept. 30
Sept. 20
Aug. 15
Sept. 3
Aug.
9
Sept. 20
SI
7% pref. (quar.)
6% preferred (quar.)
Oct.
1
SI
7% preferred (quar.)_
Lake Superior District Power,
2 Nov.
Oct.
25c
Kings County Lighting, 7% pref. B (quar.)
Lake of the Woods Mill.
Lake Shore Mines, Ltd
Oct.
25c
;
-
20c
mx
Key West Electric Co. 7 % preferred A
Kimberly-Clark (quar.)
Extra
SIX
SIX
six
25c
-
Nov.
1 Oct.
SI X
7
Sept. 3 Aug.
Sept. 14 Aug. 31
Sept. 3 Aug. 15
Sept. 3 Aug. 15
J 50c
SIM
SIX
Preferred (quar.)
Lane-Wells Co. (quar.)
3
Sept. 15
Aug. 31 Aug. 15
six
International Business Machines (quar.)
International Harvester Co. (quar.)
6
Oct.
Sept.
Sept.
SIX
62 Xc
SIX
six
37 Xc
50c
—
Landis Machine preferred (quar.)
1 Sept. 10
Sept. 27 Sept.
Oct.
50c
SIX
preferred (quar.)
6
1 Aug. 19
50c
15c
37Xc
SIX
$2
SI
Sept.16 Aug. 31
16 Nov. 30
Mar. 15 Feb. 28
Sept. 10 Sept. 3
Sept. 20 ccept. 5
Sept. 4 Aug. 15
Oct.
1 Sept.14
Sept. 30 Aug. 31
Sept. 16 Aug. 30
Sept. 3^ Aug. 16
Sept. 1 Aug. 16
Sept. 1 Aug. 16
Sept.
1 Aug. 15
Sept. 16 Sept.
1 Sept.
Sept. 14 Aug.
Sept. 3 Aug.
Sept.
3 Aug.
Sept. 27 Sept.
Sept.
1 Aug.
Sept. 9 Aug.
Sept. 3 Aug.
25c
Hlbbard, Spencer, Bartlett & Co. (monthly)
Hobart Mfg. Co. class A (quar.)
Hollinger Consol. Gold Mines (monthly)
Holophane Co
Preferred (s.-a.)
Holt (Henry) & Co., class A
Preferred
Holders
Payable of Record
Sent. 16
SIX
Hey den Chemical Corp
6%
When
1940
25c
___
Hewitt Rubber Corp
Hooven& Allison 5%
15c
31,
15c
Hein-Werner Motor Parts Corp. (quar.)
Heileman (G.) Brewing (quar.)
Henkel Clauss, pref. (quar.)
Hires (Chas.
10c
SIX
Hazel-Atlas Glass Co
7X%
Dec.
Jan.
1X%
SIX
SIX
Preferred (quar.)
Harris burg Gas Co. 7%
Indianapolis Water Co., 5% cum. pref. A (quar.)
Ingersoll Rand Co
Aug 31 Aug. 15
Sept. 3 Aug. 15
Sept. 3 Aug. 10
Sept. 3 Aug. 15
Aug. 31 Aug. 17
Oct.
1 Sept.16
Sept.27 Sept. 17
Sept. 30 Sept. 10
Dec.
Harbison-Walker Refractories Co
Imperial Tobacco Co., Ltd. (G. B.) (Interim)..
75c
Great Northern Paper Co
50c
Class A and B (extra)
15
25c
Greene Cananea Copper Co
Green Mountain Power, $6 preferred
SIX
(quar.)
Hancock Oil of Calif., A and B (quar.)
3-15-41
1-2-41
4-1-41
Sept.
SIX
(quar.)...!!.I
Gossard (H. W.) Co
Preferred
25c
Horn & Hardart (N.Y.)—Humble Oil & Refining
com.
$5 preferred (quar.)
Grace National Bank (s.-a.)
t$l X
Co
iig
25c
10c
Extra
Lanston Monotype Machine (quar.)
sh. of
General Water Gas & Electric Co
$3 preferred (quar.)...__
& Marine Insurance
Watch
21
Sept.10 Aug. 31
Oct.
1 Sept. 15
Oct.
25c
pref. (opt. stk. div. series)
one
Hamilton
25c
25c
-
Hamilton United Theatres, 7% preferred
Horder's, Inc. (quar.)
1 Sept. 13
SIX
....
.___
15c
31
7
21
1 8ept. 13
1 Sept. 13
SI H
SI
General Railway Signal, pref. (quar.)
General Refractories Co
General Shareholdings Corp.—
Oct.
Nov.
1 Oct.
Nov. 15 Nov.
Nov. 15 Nov.
SIX
.....
Glidden Co. (interim)
Preferred (quar.)
20
22
22
i 7
Oct.
Oct.
50c
partlc. preferred A & B (quar.)
Florida Power Corp. pref. A (quar.)
7% preferred (quar.)
Fort Wayne & Jackson RR., 5X% pref. (s.-a.)__
Georgia Power Co., $6 preferred
31
31
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept
Sept.
50c
cum.
Gibraltar Fire
16
Oct.
SIX
_
44-1.000ths of
5
5
*IH
SIX
SIX
SIX
25c
or
3
Sept. 20
Ferro Enamel Corp
Fifth Avenue Coach (quar.)
4_.
Fireman's Fund Indemnity (quai*.).
Firestone Tire & Rubber, preferred (quar.)
ferred
Fishman (M. H.) Co. (quar.)
cum. conv.
10
Oct.
25c
Opt. cash
Sept.16 Sept.
1 Sept.
Oct.
1 Sept.
Sept.30 Sept.
Sept. 14 Aug.
Sept. 14 Aug.
Oct.
Sept.
Aug. 31 Aug.
Aug. 31 Aug.
Sept. 21 Sept.
12
12
10
SI
50c
Fitz Simons & Connell Dredge & Dock
Fitzsimmons Stores 7% preferred (quar.)
(W. F.) Printing (quar.)
Hall
Common
Federal-Mogul Corp
$6
15 Sept. 14
SI X
25c
Federal Light & Traction Co., pref. (quar.)
Federal Mining & Smelting Co
Preferred
Oct.
10
Aug. 20
Aug. 20
Aug. 20
1 Sept. 15
1 Sept. 15
$2X
S2X
Faultless Rubber Co. (quar.)
Federal Compress & Warehouse
Gatineau Power (quar.)
5% preferred (quar.)
Haloid Co
25 Oct.
Sept.
Sept.
Sept.
Oct.
5c
(quar.)
Quarterly
5%
Oct.
5 Aug. 23
5c
Farmers & Traders Life Insurance
20c
Hall (C. M.) Lamp Co
Hallnor Mines
Sept.
25c
Extension Oil Ltd
Share
Name of Company
Sept.10 Aug. 20
Sept. 20
Sept. 14 Aug. 26
Oct.
25c
10c
80c
25c
25c
Eversharp, Inc., new 5% pref. (quar.)
New 6% preferred (quar.).
New 6% preferred (quar
Per
Holders
Payable of Record
Oct.
$5 preferred (quar.)
Erie & Pittsburgh RR. (quar.)
.
When
Aug.
50c
Leath & Co., preferred
(quar.)
Lehigh Portland Cement Co., 4% pref. (quar.).
Lehn & Fink Products Corp
Le Tourneau (R. G.), Inc. (quar.)
Leslie Salt Co. (quar.)
Lexington Water Co., 7% preferred (quar.)
Llbbey-0wens-Ford Glass
Life Savers Corp. (quar.)
Special
Liggett & Myers Tobacco com. & com. B (qu.)
Liggett & Myers Tobacco, pref. (quar.)
Lily-Tulip Cup (quar.)
Lincom National Life Insurance Co. (quar.)
Lincoln Service Corp. (quar.)
6% cum. partic. preferred (quar.)
7% cum. prior preferred (quar.)
Lincoln Stores, Inc. (quar.)
Preferred (quar.)
Link-Belt Co. (quar.)
Preferred (quar.)
Lionel Corp. (quar.)
Liquid Carbonic Corp. (quar.)Lit Bros., preferred
Little Miami RR. Co., original capital (quar.)—
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Loblaw Groceterias A and B (quar.)
Lock-Joint Pipe Co. (monthly)
Monthly
Preferred (quar.)
Loose-Wiles Biscuit Co., preferred (quar.)
Lorillard (P.) Co
Preferred (quar.)
Louisville Gas & Electric, class A (quar.)
Class B (quar.)
__
-
62Mc
SI
25c
25c
65c
SIM
50c
40c
40c
SI
SIM
18
Sept. 16
Dec.
16
Sept. 15 Aug. 30
Sept. 15 Aug. 30
Aug. 31 Aug. 21
1 Sept. 14
Oct.
1 Sept. 14
Oct.
Sept. 14 Aug. 31
1 Aug. 15
Sept.
Sept. 15 Aug. 24
Sept. 3 Aug. 12
Sept. 16 Aug. 30
1
Sept. 3 Aug.
1
Sept. 3 Aug.
Sept. 2 Aug. 16
-1 Sept. 10
Oct.
30c
30c
Sept. 16 Sept.
25c
Sept. 12 Aug. 31
Sept. 12 Aug. 31
Sept. 12 Aug. 31
Sept. 3 Aug. 23
Sept. 3 Aug. 23
Sept. 3 Aug.
9
1 Sept. 14
Oct.
1X%
1M%
25c
SIM
25c
SIX
12 Xc
25c
t$2
SI.10
SI.10
Nov.
1 Oct.
Aug. 31 Aug.
Sept. 26 Sept.
1 Sept.
Oct.
Sept. 10 Aug.
Dec.
3
26
10
11
21
24
10 Nov. 25
50c
Sept. 10 Aug. 24
50c
Dec.
25c
Sept. 3 Aug. 10
Aug. 31 Aug. 21
Sept. 30 Sept. 20
Oct.
1 Sept. 21
1 Sept. 18
Oct.
1 Sept. 16
Oct.
Oct.
1 Sept. 16
Sept. 25 Aug. 31
Sept. 25 Aug. 31
SI
SI
$2
SIX
30c
SIM
37 Mc
25c
10 Nov. 25
Volume
The
151
Lunkenbeimer Co. 6M % pref.
'
-
«
50c
$1)4
$1)4
preferred (quar.)
6% 2d preferred (quar J
40c
Marsh & Son
10c
Maryland Fund, Inc
Massachusetts Investment 2nd Fund
10c
Master Electric Co
60c
10c
Mastic Asphalt Corp.
(quar.)
May Department Stores (quar.)
May Hosiery Mills $4 pref. (quar.)
McCrory Stores Corp
McGraw-Hill Publishing
Mc In tyre Porcupine Mines (ouar.)
McKenzie Red Lake Gold Mines (quar.)__
Mead Corp., $6 pref. A (quar.)
$5Vx preferred B (quar.)
:
Memphis Natural Gas
Mercantile Acceptance Corp.—
5% preferred (quar.)
5% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
75c
$1
15c
Sept.
5 Sept.
1
25c
Dec.
Sept.
5 Dec.
5 Sept.
1
30c
1
Dec.
6 Dec.
1
Oshkosh B'Gosh, Inc.
40c
Oct.
Oct.
Sept. 20
Sept. 20
1 Sept. 16
3 Aug. 20
Oct.
50c
III
5c
75c
Mid-West Rubber Reclaiming Co., $4
M
pref. (qu.)
Minneapolis Gas Light, 6% pref. (quar.)>
534 % preferred (quar.)
$5.10 preferred (quar.)
5% preferred (quar.)
Minneapolis-Honeywell Regulator (quar.)
l\%
iliJU
50c
25c
«,
$1
15c
(guar.)
Mission Dry Corp. (quar.)
$1*4
Mississippi River Power 6% pref. (quar.)_
Mississippi Valley Public Service Co.—
7% preferred A (quar.).
6% preferred B (quar..
Missouri Utilities 7% pref. (quar.).
Modern Containers, Ltd. (quar.)_.
Sept.
Aug.
Oct.
Ottawa Electric Ry.
5)4% cumulative preferred
5)4% cumulative preferred (quar
Mohawk Carpet Mills
Monarch Life Insurance Co. (s.-a.)
Monarch Machine Tool
Monsanto Chemical Co., pref. A & B (semi-ann )
Monsanto Chemical Co. (quar.)
Montreal Cottons, Ltd. (quar.)
Preferred (quar.)
Montreal Loan & Mortgage Co. (quar.)
Moore (Win. R.) Dry Goods Co. (quar.)
Quarterly
Moran Towing Co., 7% preferred (quar.)
Morris &. Co. pref. (quar.)
Morris Plan Insurance Society (quar.)
Jan.
Dec.
Dec.
:$154
Jan.
(quar.^.
$1
$2*4
50c
$1
$154
31*4c
$1*4
$1*4
Dec,
Quarterly
Oct.
(quar.)
Motor Wheel Corp
:
Mount Diablo Mining (quar.)
Muncie Water Works Co., 8% preferred
-
(quar )
Sept. 28 Sept. 14
Oct.
1 Sept. 16
40c
$2
$1
Sept. 10 Aug. 16
Aug. 15
Sept.
Sept. 16 Sept. 3
Aug. 22
Sept.
Sept.
_
75c
55c
Oct.
40c
Oct.
15c
25c
Aug. 31 Aug. 16
Sept. 21 Sept.10
Sept. 21 Sept. 10
Sept. 16 Aug. 31
Sept.14
Oct.
7 5c
Nov.
$154
National Casualty Co. (Detroit)
National City Lines
25c
$1*4
25c
(quar.)
$3 preferred (quar.)
Class A (quar.)
50c
25c
National Container Corp
National Dairy Products (quar.)
Preferred A and B (quar.)
National Gypsum Co., preferred
National Lead
Preferred A (quar.)
20c
Preferred B (quar.)
National Life & Accident Insurance
National Linen Service $7 pref.
$154
$1*4
12*4c
$154
$1*4
(quar.)
(semi-ann.)
National Malleable & Steel Castings
National Oats Co. (quar.)
National Power & Light Co
National Radiator Co
Nebraska Power, 7% pref. (quar.)
Co
6% preferred (quar.)
Neisner Bros., Inc. (quar.)
New Amsterdam Casualty Co. (s.-a.)
New Bedford Cordage Co_
Class B
7% preferred (quar.)
Newberry (J. J.) Co. (quar.)
Preferred (quar.)
New England Public Service, $6 pref
$7 preferred
New England Telep. & Teleg
New England Water & Electric, $4 pref.
New Jersey Zinc Co
Mining Corp
(quar.)
>
Extra
Newport Electric
New York City Omnibus (quar.)
New York & Queens Electric Ligh
Preferred (quar.)
Niagara Alkali, pref. (quar.)
Niagara Share Corp. (Md.) pref.
1900 Corp. class A (quar.)
Noranda Mines, Ltd (Interim)
Norfolk & Western Ry. (quar.)
_
15
Oct.
15
Sept. 14 Aug. 20
1 Sept. 4
Oct.
1 Sept. 4
Sept. 3 Aug. 16
Sept. 30 Sept. 13
Oct.
Sept.14 Aug. 30
1 Oct. 18
Aug. 20
Sept.
Aug. 22
Sept.
Aug. 22
Sept.
Aug. 16*
25c
Sept.
Aug. 21
25c
Sept.
July 29
15c
Sept.
20c
Sept. 20 Aug. 30
$154
Sept. 3 Aug. 15
$1*4
Sept. 3 Aug. 15
25c
Sept. 16 Aug. 31
Oct.
40c
Aug. 26
Aug. 17
25c
Sept.
Aug. 17
25c
Sept.
Aug. 17
Sept.
$154
Sept. 16
60c
Oct,
Aug. 16
$1*4
Sept.
75c
Sept. 16 Aug. 31
87*4c
Sept. 16 Aug. 31
Sept. 28 Sept. 10
Sept.
1 Aug. 10
50c
Sept. 10 Aug. 20
37 *4c
Sept. 16 Aug. 31
Sept. 16 Aug. 31
12*4c
50c
Sept. 3 Aug. 15
75c
Sept. 26 Sept.13
$2
t& Power
$1*4
$154
$1*4
(quar.)
Nov.
Sept. 14 Aug. 23
9
Sept. 3 Aug.
Oct.
1 Sept.16
Sept. 18 Sept. 6
50c
—
Nov. 15 Nov.
1
$1
Sept. 16 Aug.
Sept. 19 Aug.
Sept. 10 Aug.
Sept. 10 Aug.
Sept. 3 Aug.
17
31
22
23
15
$2*4
25c
(quar.)
Light & Power, 6% pref.
Nov.
Oct.
27*4c
$3*4
$2*4
(quar.)
(s.-a.)
25c
(quar.)__
Aug. 12*
Aug. 15
Sept. 30 Sept. 20
Aug. 31 Aug. 20
9
Aug. 31 !Aug.
Sept.
Sept.
$1*4
Portland &
Potomac
5*4%
Prentice-Hall, Inc. (quar.)__
—
$3 preferred (quar.)
Pressed Metals of America
Procter & Gamble Co., 5% preferred
Progress
^
(quar.)_
^
—
m —■
Public Finance Service. Inc.. $6 pref (quar.) —
Public National Bank & Trust Co. (quar.)
Co. of Colorado, 7% pref. (mo.).
6% preferred (monthly)
5% preferred (monthly)
Public Service Elec. & Gas, $5 pref. (quar.)
preferred (quar.)
Public Service of N. J. 8% pref. (quar.)
7% preferred (quar.)
6% preferred (monthly)
$5 Dreferred (quar.)
Public Service of N. J
7%
preferred (monthly)
Puget Sound Pulp & Timber (special)
Preferred (quar.)
6%
Pullman, Tnc._
Co
Co., preferred (quar.)
Quaker Oats Co. (quar.)
Preferred (quar.)
Quaker State Oil Refining
Radio Corp. of America—
$3*4 cum. conv.
B
1st pf (qu.) —
preferred (quar.)
(Pittsburgh) (quar.)
8% cumulative preferred (quar.)
Raybestos-Manhattan
Rand's
Sept.
$1*4
$154
$154
Oct.
Sept. 15 Sept. 15
15 Dec.
Sept. 1 Aug.
Aug. 31 .Aug.
Sept. 3 jAug.
Sept. 3 Aug.
Sept. 3 Aug.
Sept.
15
8ept.
37*4c
39c
$1*4
25c
10c
Dec.
15
30
3 Aug.
3 Aug.
Sept. 14 Aug.
Sept. 3 Aug.
Sept. 3 Aug.
15
15
19
19
15
23
20
20
5
$1*4
$1*4
$1*4
Oct,
15 Oct.
Sept.
Sept.
37 *4c
Oct.
3 Aug. 20
Aug. 31
Sept. 20
Aug. 20
Aug. 20
Aug. 20
30 Sept. 3
30 Sept. 3
14 Aug. 15
14 Aug. 15
58l-3c
Sept.
50c
Sept.
Sept.
41 2-3c
$1 *4
$154
$2
$154
50c
$1*4
60c
50c
$1
30c
25c
25c
Corp
3 Aug. 20
9
Sept. 30 Sept.
1
15 Oct.
$1 H
35c
75c
Public Service
Pyrene Mfg.
Quaker Oats
Oct.
.
1 Aug. 20
1 Sept. 10
25c
Prosperity Co "inc., 5% pref. (quar.)
Public Electric Light Co. 6% pref. (quar.)
Purity Bakeries
Sept.
—
Laundry (quar.)
^
Sept. 14
Sept.14 Aug. 31
Oct.
pref. (quar.)...
Preferred (quar.)
5
Aug. 19
Sept.
Sept. 3 Aug. 15
Aug. 31 Aug. 15
Oct.
1 Aug. 31
Sept. 3 Aug. 20
70c
Ogdensburg Ry. (quar.)
Electric Power, 6%
_
Nov. 15 Nov,
.
1 Sept. 20
15 Sept.10
Sept. 10
Aug. 20
Sept.
Phoenix Hosiery
$154
National Bond & Investment (quar.)
Preferred (quar.)
Oct.
Oct.
Phoenix Acceptance
Sept. 30 Sept.12
Oct.
1 Sept. 24
Aug. 31 Aug. 10
Nov.
1 Oct. 28
3
3
Sept.
Sept.
Oct.
Co. (quar.)
Corp. (quar.)
7%Jst pref
Photo Engravers & Electrotypers (s.-a.)
Pillsbury Flour Mills (quar
Pioneer Gold Mines of British Columbia
Piper Aircraft Corp. pref. (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.)
Pittsburgh Brewing, pref
Pittsburgh Coke & Iron Co. $5 conv. pref
Pittsburgh Plate Glass
Pittsburgh Youngstown & Ashtabula Ry.—
Preferred (quar.)
Plymouth Oil Co. (quar.)
Plymouth Rubber, preferred (quar.)
Pollock Paper & Box 7% preferred (quar.) ..
7% preferred (quar.)
Poor & Co.. $1*4 class A (quar.)
Aug. 31 Aug. 15
25c
Preferred (quar.)
-
(Monthly)
Phillips Petroleum
7
Aug.
50c
(quar.)
National Biscuit Co
■
Aug. 31 Aug. 17
$1*4
Preferred
Nova Scotia
1 Nov. 22
25c
Bank (quar.)..
Co. (quar.)
Pharis Tire & Rubber—
Phelps Dodge Corp
Philadelphia Co. 5% pref. (s.-a.).
> pr<
Philadelphia Co., $6 pref. (quar.)
$5 preferred (quar.).
Philadelphia Electric Power, 8% pref. (quar.)__
Philadelphia Germantown & Norristown RR
Philadelphia Suburban Water Co., pref. (quar.)
Phillip Morris & Co. pref. (quar.)
Philippine Long Distance Telephone (monthly) _
1 Aug. 15
1 Aug. 23
Dec.
Sept.
_
Pfeiffer Brewing
3 Aug. 15
Sept.
Sept.
lc
Murphy (G. C.) Co. (quar.)
Muskogee Co., 6% pref. (quar.)
Muskegon Motor Specialty, class A (quar.)
Muskegon Piston Ring
Nashua Gummed & Coated Paper 7% pf. (qu.)
National Automotive Fibres, pref. (quar.)
National Battery Co
North River Insurance Co.
Norwich Pharmacal Co
Sept.
$1
50c
Motor Products Corp
$5 preferred
35c
20
3
Sept. 14
1—1-41 Dec. 14
iNov. 15 Nov. 4
2-4-41
2-15-41
Sept. 16 Sept. 3
Sept.14 Aug. 31
Aug. 12
Sept.
Sept. 9
Oct.
Sept.
9
Oct.
Aug. 20
Sept.
Oct. 15 Sept. 21
Aug. 31
Sept.
Aug. 20
Sept.
Sept. 21 Aug. 31
Sept. 21 Aug. 31
Sept. 27 Sept. 17
Sept.27 Sept. 17
Sept. 10
Oct.
Aug. 21
Sept.
Sept.10 Aug. 20
5
Sept. 20 Sept.
Sept. 10 Aug. 16
Aug. 10
Sopt.
preferred (quar.)
Pfaudler Co., 6%
Aug. 28
Sept.
Oct.
- - - -
(quar.)
10
31
31
31
Aug.
Aug.
Aug.
July
Aug.
Sept.
Extra
Pet Milk Co.
1
1 Oct.
Dec. 30
$1*4
— -
Personal Loan & Savings
1-2-41
$1*4
--
Extra
Sept. 10 Aug. 28
Sept. 16 Aug. 31
Sept. 16 Aug. 31
Sept. 16 Aug. 31
Aug. 10
Sept.
Grocery, class A (quar.)
(David) Grocery, class B
PenicK & Ford, Ltd
Peninsular Telephone (quar.)
Quarterly
Preferred A (quar.)
Preferred A (quar.)
Penn Electric Switch class A (quar.)
Pennsylvania Salt Manufacturing
- — ...
Pennsylvania State Water Corp. $7 pref. (qu.)__
Peoples Drug Stores, Inc
Special
Peoples Gas & Fuel
Peoples Gas Light & Coke
Peoples Telephone Co.. 6% pref. (quar.)
Peoples Water & Gas, preferred (quar.)...
Perron Gold Mines, Ltd
—
Pender
9
2 Nov.
3 Aug. 15
Aug. 31
Sept.15
Sept.15
Sept.25
Pender (David)
20
1
15 Oct.
|Aug. 31
(quar.)
7% preferred (quar.)
Peck, Stow & Wilcox Co
Sept. 15 Sept. 2
Sept. 15 Sept. 1
Sept.
1 Aug. 23
$1
Motor Finance Corp. (quar.)
Preferred
25c
$1*4
Oct.
.Sept.
Extra
Sept. 20
Dec.
50c
Paton Mfg. Co
20
Oct.
1 Sept. 14
Sept. 27 Sept. 10
Oct.
$1*4
(quar.)
Parker Rust Proof
20
Jan.
_
Sept.
Parker Pen Co
19
154
110c
Sept.
Paraffine Cos
Preferred
1 Aug. 26
1 Aug. 15
3 Aug. 20
Oct.
Panhandle Eastern Pipe Line—
Preferred A & B (quar.)
Oct.
jxtra.
...
preference
Package Machinery Co. (quar.)
10c
Quarterly
Oct.
Dec. 30 Dec. 16
Oct.
1 Aug. 26
& Power (quar.)
Oxford Paper Co., $5
20c
Extra
(quar.)
Quarterly
Ottawa Light, Heat
Preferred (quar.)
Sept. 8
Aug. 31
Sept. 20
Sept. 20
Sept.
Sept. 1 |Aug. 20
Sept.20 Aug. 23
Sept. 20 Aug. 23
Oct.
1 Sept. 16
(quar.)
Preferred (quar.)
Sept. 3 Aug. 20
Sept. 3 Aug. 20
Sept. 3 Aug. 20
Sept. 3 Aug. 20
Sept. 3 Aug. 20
Sept. 10 Aug. 24
Sept. 10 Aug. 24
Aug. 31 Aug. 20
Sept. 10 Aug. 30
Oct.
1 Sept. 14
%l%
$1*4
$154
I20c
...
(quar.)
$2 convertible preferred
Otis Elevator Co
Sept. 10 Aug. 30
Sept. 1 Aug. 23
Oct.
1 Sept.14
25c
Sept.16 (Aug. 31
Sept.30 8ept. 14
Sept.30 Sept. 14
8ept,30 Sept. 14
Sept. 3 Aug. 20
Sept. 30 Sept. 23
Sept. 30 Sept. 13
Oct.
1 Sept. 13
Sept.
1 Aug. 20
•
Dec. 23 Dec. 13
Sept. 23 Sept. 20
Dec. 23 Dec. 20
5c
Midvale Co
6% preferred (quar.)
Oklahoma Natural Gas Co
$5*4 conv. prior preferred (quar.)
Preferred (quar.)
Okonite Co. 6% preferred (quar.)
Omar, Inc., preferred (quar.)
Sept.
Sept. 11 Sept. 2
Sept. 30 Sept. 20
81*ic
$2
Michigan Silica (quar.)
Quarterly
Michigan Steel Tube Products
Middlesex Water (quar.)
preferred (quar.).
Omnibus Corp. (quar.)
Preferred (quar.)
30c
Preferred (quar.)
Preferred (quar.)
preferred
Oklahoma Gas & Electric 7%
15c
pref. (quar.)
(mo.)
Ohio Steel Products
$1*4
Metal Textile Corp., part.
Metal & Thermit Corp
Newmont
Ohio River Sand Co., 7%
20
Sept 14 | Aug. 31
6
Sept. 3 Aug.
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Sept. 1 Aug. 15
Sept. 3 Aug. 15
Sept.16 Aug. 31
6% preferred (mo.)
5% preferred (mo.)
25c
$1*4
$154
Mesta Machine Co
Preferred
Ohio Public Service Co., 7% pref.
1
3 Aug.
Sept. 16 Sept. 2
Sept.
1 |Aug. 15
Sept. 1 Aug. 15
Sept. 14 Aug. 30
1
1
Oct.
Ohio Oil Co., preferred (quar.)
Ohio Power Co. 6% pref. (quar.)
3 Aug. 15
1
Oct.
Oct.
5% prior preference (quar.)
6% preferred (quar.)
Sent.
J3c
(quar.)
Extra
Sept.
60c
Oct.
Oct.
Oct.
20
20
20
19
4
14
Sept. 14
Sept. 14
Sept. 14
Sept. 14
Sept. 10
Sept. 10
Sept. 10
1
1
1
1
Oct.
Ohio Finance Co
Sept. 30 Sept. 18
25c
Merck & Co., Inc
Preferred
5
31
Sept.10 Aug. 30
Sept. 3 |Aug. 12
Sept.30 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept. 21
Sept. 15 'Aug. 31
Sept. 20 |Aug. 30
Sept.20 Sept. 5
1
Sept. 15 Sept.
.Sept. 3 Aug. 16
|Aug. 31 Aug. 15
25c
(quar.)
Marshall Field & Co. 6%
Ogilvie Flour Mills, 7% pref. (quar.)
Ohio Confection Co., class A (quar.)
Ohio Edison $5 pref. (quar.)
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
Sept. 15 Aug.
10c
20c
,
Manhattan Shirt Co.
Nov. 15 Nov.
$1*4
1
6% preferred
6% preferred
9
Sept. 3 Aug.
Sept. 16 Aug. 30
50c
(Quarterly.)
<
1 Sept. 21
1-2-41 Dec. 23
$1*4
Mallory (P. R.), Inc. (quar.)
7% preferred
Oct.
$1*4
(quar.).
Sept.. 3 |Aug.
Sept. 3 Aug.
Sept. 3 [Aug.
Sept. 3 Aug.
Sept. 3 Aug.
Sept. 14 Sept.
Oct.
1 Sept.
pref
Northwestern Public Service 7 %
3
3 Aug. 17
Sept.
$2
6*4% preferred (quar.)
Macy (R. H.) & Co
Magma Copper Co
Magnin (I.) & Co. preferred (quar.)_
/i-W
Sept.14 Sept.
10c
Louisiana Land & Exploration
Ludlow Manufacturing Associates
Payable of Record
Share
Name of Company
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
1231
Commercial & Financial Chronicle
20c
$1*4
$1*4
$1*4
15c
Sept.
Sept.
Sept.
Sept.
Sept. 14 |Aug. 15
8ept. 14 Aug. 15
Sept. 30 Aug. 30
Oct. 15 Sept. 13
Sept.
1 Aug. 15
Oct.
1 Sept.16
Sept. 16 Aug. 23
Sept. 3 Aug. 16
Sept.16 Aug. 30*
1
Aug. 31 Aug.
Sept. 25 Sept. 3
1
Nov. 30 Nov.
Sept. 16 Aug. 30
87*4c
Oct.
1 Sept.
$1*4
Oct.
1 Sept.
5c
10c
25c
6
6
Sept. 16 Sept. 9
Sept. 16|Sept. 3
Sept. 16 Aug. 30
1232
The Commercial & Financial Chronicle
Per
Name of
Reading Co.
1st pref.
Company
(quar.)
£0c
2nd preferred
(quar.)
Reeves (Daniel), Inc.
(quar.)
Preferred (quar.)
Reliance Grain preferred
{(1/
£1/8
'on
Remington Rand, Inc. (interim)
$4H preferred (quar.)
20c
81H
Republic
Investors Fund, Inc.—
6% preferred A & B (quar.)
15c
Rheem Mfg. Co.
(quar.)
Rice-Stix Dry Goods Co.,
7% 1st & 2nd pref.(qu)
Rich's. Inc.. 6H%
pref. (quar.)
Riverside Silk Mills, class A
(quar.)
Roberts' Public Markets
—--—
(quar.)
Rochester Button Co. pref. (quar.)
Rochester Gas & Electric 5%
pref. E (quar.)
6 % preferred C & D
(quar.)Rolland Paper preferred
(quar.)
Rolls-Royce Ltd., ord. reg. (interim)
Amer. dep. rec. ord.
reg. (interim)
Ruud
Manufacturing Co. (quar.)
Quarterly
Dec
81H
75c
7% debenture
C (quar.)
6H % debenture D (quar.)
$14
50c
$1H
$2
£1H
%} *4
Schiff Co. (quar.)
Preferred (quar.)
Schenley Distillers Corp., pref. (quar.)
Scott
Oct.
25c
S1H
$1H
Paper Co. (quar.)
$4H cum. preferred (quar.)
40c
$14
$4 cum. preferred
(quar.)
Scranton Lace
Seaboard Oil of Delaware
SI
50c
25c
75c
(quar.)
Sears Roebuck & Co.
(quar.)
Secord (Laura)
Candy Shops (quar.)
Seeman Bros., Inc
-
20c
75c
Servel. Inc
25c
Shattuck (F. G.)
(quar.)
Sherwin-Williams Co. preferred
(quar.)
Simmons-Boardman Publishing, pref
Simon (Wm.)
Brewing
Simonds Saw & Steel Co
10c
$1H
t$l
2c
;
Siscoe Gold Mines
(quar.).
6505 Grand
Building (Los Angeles)
Smith (S. Morgan) Co.
(quar.)
Smith (Howard)
60c
J3c
40c
Paper Mill preferred
(quar.)..
Oil Co
5c
«.
.
.
_
(quar.)
Southern Natural Gas
Co. (quar.)
Southern Natural Gas Co
Southern Pipe Line Co_
Southland
Royalty Co
South view Pulp Co
Southwest Consolidated
Corp
Southwestern Light &
Power, $6 pref
$6 preferred
(quar.)
Spear & Co. 1st & 2nd
pref. (quar.)
Spencer Kellogg &
Sons, Inc. (quar.)
Spiegel. Inc., preferred
(quar.)
Staley (A. E.) Mfg. Co. $5 cum.
pref. (quar.)-Standard
$1 *4
50c
SI H
30c
37 He
37Hc
25c
25c
5c
50c
25c
SI H
SI H
SI H
40c
SIH
$14
10c
SI H
$4H cum. pref. (quar.)
Standard Cap & Seal,
$1H
preferred
(quar.)
Standard Dredging
preferred (quar.)
Standard Oil of Calif,
(quar.)
Standard Oil Co. of
Indiana (quar.)
Extra
Standard Oil Co.
(Kansas)
Standard Oil Co.
(Ky.) (quar.)
Standard Oil Co. of Ohio
(quar.)
Preferred (quar.)
Standard Wholesale
Phosphate & Acid Works—
Stecber-Traung Lithograph 5% pref.
(quar.)
5% preferred (quar.)
Sterling Products, Inc.
(quar.)
40c
40c
I
25c
2.5c
25c
60c
25c
25c
$14
40c
$14
$95c
& Clothier prior
pref. (quar.)
7% preferred
Stromberg Carlson Telep. Mfg.
Stuart
Co. pref. (qu.)
(D. A.) Oil, Ltd.,
pref. (quar.)
Sun Oil Co.
M
—
(Phila., Pa.)
Preferred (quar.)
Sunset-McKee Salesbook
Co., S1H class A (qu.)
Class B
(quar.)
Sunshine Mining Co.
(quar.)
Sutherland Paper Co
Swan-Finch Oil Corp.,
6% pref. (quar.)
Swift <& Co.
(quar.)
Ltd.
15c
15c
25c
Brands, Inc. (quar.)
Preferred (quar.)
(quar.)—
$i%
20c
25c
$1H
37 He
25c
40c
30c
37Hc
30c
Tacony-Palmyra Bridge (quar.)
Extra
5c
50c
Class A (quar.)
Class A (extra)
Preferred (quar.)
Talcott (James) Inc
25c
50c
25c
$14
10c
5H% part, preference
(quar.).
Talon. Inc.
(quar.)
Teck-Hughes Gold Mines (quar.)
Extra
68 He
mi
60c
10c
5c
& Share Co.
7
% 1st pref
1st $3 preferred
Terre Haute Water
Works Corp.—
7% preferred (quar.)
Texas Corp.
(quar.)
Texas Gulf Sulphur
Co
Texas-New Mexico Utilities
28c
12c
(Quarterly)
Roofing Co., Inc
$1.40 preferred
Timken Roller
Bearing
Nov.
Nov.
21*
1 Nov.
1
15 Sept.
Sept. 16 Aug.
Sept. 15 Sept.
Oct.
1 Sept.
Sept.
1 Aug.
Sept.
1 Aug.
Aug. 31 Aug.
Oct.
1 Sept.
Sept. 1 Aug.
30
21
10
10
20
20
15
10
15
Oct.
Sept. 15 Aug. 20
Sept. 3 Aug. 15
Sept. 30 Sept.13
Sept. 30 Sept.13
Sept. 3 Aug. 15*
Sept. 14 Aug. 30
Sept.
Aug. 15
Oct.
Sept. 20
Oct.
1 Sept.20
Oct.
1 Sept. 20
Sept. 3 Aug. 23
Sept. 10 Aug. 24
Sept.14 Aug. 31
Sept. 20 | Sept.10
Oct.
1 Sept.
5
Dec. 16 Dec.
2
Sept. 16 Sept. 3
Sept. 3 Aug. 15
Sept.
1 Aug. 20
Sept. 16 Aug. 16
Sept. 16 Aug. 16
Sept. 16 Aug. 16
Sept. 16 Sept. 6
Sept. 14 Aug. 30
Sept. 14 Aug. 31
Oct. 15 Sept. 30
Sept. 14 8ept. 6
Sept. 30 Sept.14
Dec. 31 Dec. 14
Sept. 3 Aug. 15*
Sept.
Aug. 12
Oct.
Sept.14
Sept.
Aug. 13
Sept.
Aug. 15
Sept. 16 Aug. 24
Sept. 3 Aug. 10
Sept. 14 Sept. 4
Sept. ]4 Sept. 4
Sept. 30 Aug. 31
Sept. 16 Aug. 31
8ept.
Aug. 15
Oct.
Sept. 3
Sept. 30 Aug. 17
Sept. 30 Sept.16
Sept. 30 Sept.16
Sept. 30 Sept.16
Sept. 30 Sept. 16
Nov.
Sept.18
Oct.
Sept. 16
Oct.
Sept.16
Sept. 16 Aug.31
Oct.
1 Sept. 10
Oct.
1 Sept.10
Sept. 14 Aug. 31
Sept. 14 Aug. 31
Sept.
__
Oct.
50c
10c
Sept. 16
Sept. 3
Sept. 3
Sept. 30
Oct.
$14
10c
$1
$14
50c
$14
(quar.)
1
1 Oct.
Sept. 30 Sept. If)
8ept. 14 Aug. 31
Sept. 10 Aug. 15
Sept. 1 Aug. 15
Sept. 16 Aug. 31
8ept. 1 Aug. 15
Sept. 20 Sept. 3
Sept. 3 Aug. 15
Sept. 14 Sept. 3
Aug. 31 Aug. 16
Sept. 14 Aug. 24
Sept. 16 Aug. 16
Sept.
1 Aug. 15
25c
-
Thatcher Mfg. Co.
(quar.)
Thermoid Co., preferred
Tilo
1
50c
Land Co
'
Sept. 15
Oct.
Sept. 16
Sept.10
Sept.10
Sept.10
Aug. 20
Aug. 31
Aug. 31
Sept. 25
8ept. 3*
Oct. 21*
—
20c
35c
75c
1
Sept. 16
Sept. 15
Oct.
Oct.
Oct.
Sept.
Sept. 16
Sept. 16
Sept.
~
Aug. 20
Sept. 6
Aug. 30
Aug. 21
Aug. 10
Sept. 10*
Sept. 14
Aug. 30
Aug. 31
Sept. 21
Sept. 21
Sept.10
Aug.
9
Aug. 26
Aug. 26
Aug. 16
58 l-3c
50c
41 2-3c
(quar.)
65Hc
S1H
Truax-Traer Coal Co. 5H % Pref.
(quar.)
6% preferred (quar.)
Underwood Elliott Fisher Co.
(quar.)
50c
120c
Union Gas of Canada (quar.)
Union Pacific RR
S1H
Preferred (s.-a.)
Union Premier Food Stores, Inc.
(quar.)
Cum. conv. preferred
(quar.)
Union Tank Car Co. (quar.)
$2
25c
35 He
United Biscuit Co. of America
United Bond fc Share. Ltd.
(quar.)
United-Carr Fastener
United Chemicals $3 part, preferred
United Elastic Corp
United Fuel Investments,
6% class A pref. (qu.)
United Gas Corp. $7 pref
United Gas & Electric Corp
45c
25c
15c
Sept.
Sept.
Sept.
Sept.
Sept.
Sept. 14
Sept. 14
Sept. 30!
Sept. 14
Aug.
Aug.
Aug.
Aug.
Aug.
15
15
15
22
24
Sept. 4
Sept. 4
Sept. 12
Aug. 20
Oct.
1 Sept. 3
Oct.
1 Sept. 3
Oct.
1 Sept.11
Sept. 14 Sept. 4
Sept. 3|Aug. 16
Sept
l|Aug. 12
Oct. 15 Sept. 30
Sept. 16 Sept. 5
Sept. 2 Aug. 10
15c
Sept. 24 Sept. 5
75c
Oct.
1 Sept. 20
$24
Sept. 3 Aug.
9
50c
Sept. 6 Aug. 31
Preferred (quar.)
Sept. 15 Aug. 31
United Gas & Electric (Conn.)
7% pref. (quar.)Sept. 16 Aug. 31
United Gas Improvement
(quar.)
25c
Sept. 30 Aug. 30
Preferred (quar.).
$14
Sept. 30 Aug. 30
United Light Itys. t%
t R3
581-3 c Sept. 3 Aug. 15
preferred (mo.)
7% preferred (monthly)
58 l-3c Oct.
1 Sept. 16
6.36% preferred (monthly)
53c
Sept. 3 Aug. 15
6.36% preferred (monthly)
53c
Oct.
1 Sept. 16
6% preferred (monthly)
50c
Sept. 3 Aug. 15
6% preferred (monthly)
50c
Oct.
1 Sept. 16
United Mercnants & Manufacturers. Inc.
25c
Dec. 16 Dec.
2
United New Jersey RR. & Canal (quar.)
82 H
Oct. 10 Sept. 20
United Pacific Insurance
(quar.)__
Sept. 27 Sept. 17
United States Envelope Co
Sept. 3 Aug. 15
Preferred (semi-annual)
Sept. 3 Aug. 15
United States Freight Co. (interim)
Sept. 5 Aug. 22
United States Gypsum Co.
(quar.)
50c Oct.
1 Sept. 14
Extra
30c
t75c
—
$1H
*m
50c
Preferred (quar.)
United States Petroleum Co.
(quar.)
$14
2c
Quarterly
2c
50c
50c
50c
United States Pipe &
Foundry Co. (quar.).
,
.
Quarterly
United States Playing Card
United States Plywood Corp.,
United States Rubber Co.—
—
pref. (quar.).—
37Hc
8% non-cum. 1st preferred
United States Steel
United States Tobacco Co
Preferred (quar.)
Universal Insurance Co. (quar.)
Upper Michigan Power & Light Co. 6% pf.
(qu.)
6% preferred (quar.)
Utah Power & Light $6
preferred
$7 preferred
Valley Mould & Iron
Preferred (quar.)
1st preferred
25c
81H
81H
S1H
$14
50c
40c
50c
Steel
Vapor Car Heating, Inc. (quar.)
7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
50c
81H
$14
814
SI
50c
Veeder Root
Vick Chemical Co.
(quar.)
Extra
10c
Vicksburg Shreveport & Pacific (s.-a.).-.
Preferred (semi-annual)
$2H
40c
60c
Preferred (quar.)
Virginia Coal & Iron Co
Virginia Electric & Power, pref.
(quar.)
Virginia Fire & Marine Insurance Co
Virginian Ry. (quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
50c
$1H
50c
62He
37He
37 He
37 He
Preferred
(quar.)
Vogt Manufacturing Corp
37 He
20c
Vulcan
Detinning (quar.)
7% preferred (quar.)
Wagner Electric
Waialua Agricultural Co
Walgreen Co. (quar.)
Preferred (quar.)
Walker & Co., class A
Walker (H.) Gooderman &
Worts, Ltd. (qu.)
Preferred (quar.)
Warren (Northam)
Corp. $3 preferred—
Warren
Foundry & Pipe
Washington Railway & Electric Co
Participating units
Washington Water Power $6 pref. (quar.)
Welch Grape Juice
Co., pref. (quar.)
81H
$1H
50c
50c
40c
—
$1H
62He
%$l
J25c
75c
50c
$10
25c
$1H
$14
Welch Grape Juice
West Michigan Steel
Foundry—
Convertible preferred (quar.)
West Virginia Pulp &
Paper Co
West Virginia Water Service,
pref. (quar.)
Western Auto Supply Co.
25c
43 He
75c
81H
(quar.)
Western Public Service, preferred
Westgate-Greenland Oil Co. (monthly)
Westinghouse Air Brake
50c
t37Hc
lc
_
25c
Westminster Paper Co.. Ltd.
(s.-a.)
Westmoreland, Inc. (quar.)
Weston Electrical Instruments
(quar.)_
Weston (Geo.) Ltd.
(quar.)
Wheeling Electric Co., 6% pref. (quar.)
Whitaker Paper Co
7% preferred (quar.)
Whitman (Wm.) & Co., pref.
(quar.)
Williamsport Water Co. $6 pref. (quar.)
Wilsil Ltd. (quar.)
Wilson Products, Inc.
(quar.)
Winstead Hosiery Co. (quar.)
25c
25c
50c
20c
81H
$1
81H
$1H
$1H
—
25c
20c
-
Extra
Wisconsin Electric Power,
6% pref. (quar.)
Wolverine Tube Co. 7% preferred
(quar.).
Woolworth (F. W.) Co.
(quar.)
Wright-liar greaves Mines Ltd. (quar.)
Payable in U. 8. funds.
Wrigley (Wm.) Jr. Monthly
Monthly
Wurlitzer (Rudolph) Co
Yale & Towne Mfg. Co
Yellow Truck & Coach
7% preferred
7% preferred (quar.)
Youngstown Sheet & Tube
Preferred (quar.)
Youngstown Steel Door
Zion's Co-operative Mercantile
Institution
Oct.
$1H
50c
—
$1H
$1H
60c
10c
5c
1 Sept. 14
Oct.
1 Sept. 14
Sept. 15 Sept. 5
Dec. 15 Dec.
5
Sept. 20 Aug. 31*
Dec. 20 Nov. 30*
Oct.
1 Sept.14
Sept. 1 Aug. 17
Sept. 27lSept. 13*
Sept. 20 Aug. 20
Sept. 16 Aug. 26
Sept. 16;Aug. 26
Sept. 1 Aug. 25
Oct.
1 Sept. 28
1-1-41 Dec. 30
Oct.
1 Sept.
3
Oct.
1 Sept. 3
Sept.
1 Aug. 20
Sept. 1 Aug. 20
Sept. 20 Sept. 10
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept. 3 Aug. 16
Sept. 10 Sept. 2
Sept. 10 Aug. 31
Dec.
10 Nov. 30
3-9-41
3-1-41
Sept. 16 Aug. 31
Sept. 3 Aug. 16
Sept. 3 Aug. 16
Oct.
1 Sept.
9
Oct.
Viking Pump Co. (special)
*
43 He
(quar.)
Vanadium-Alloys
Q uarterly
32c
$14
Van Norman Machine Tool
Van Raalte Co., Inc
Extra
$14
7 % pref.
(quar.)
Texas Pacific Coal &
Oil Co.
(quar.)
Texon Oil &
Thew Shovel Co.
preferred (quar.)
Thompson Products
$5 preferred
(quar.)
Tide Water
Associated Oil, preferred
Sept.
Sept. 15
$1H Nov.
$lH
25c
Preferred (quar.)
Sontag Chain Stores Co., Ltd.
(quar.)
7% preferred (quar.)
South Bend Lathe Works
(quar.)
South Carolina Power
Co. 1st $6 pref.
(qu )
Southeastern Greyhound
Lines, pref. (quar.)...
Southern California Edison
Co., Ltd.—
6% preferred series B (quar )
Southern California
Water, pref.
Telephone Bond
Oct.
Oct.
$o
43He
6
3 Aug. 23
3 Aug. 23
1 Sept. 20
1 Sept. 19
1 Sept. 19
Sept. 20 Sept. 6
Sept. 3 Aug. 12
Oct.
Sept. 10
Oct.
Sept.10
$1%
6% preferred (s.-a.)
Savannah Gas preferred
16 Dec.
When
Holders
PayableI of Record
Share
6% preferred (monthly)
5% preferred (monthly)
Toronto Elevator,
preferred
Trane Co. preferred (quar.)
15
Sept.
Sept.
Oct.
Oct.
Oct.
62He
St. Joseph Lead Co
St. Joseph Water Co.
6% preferred (quar.)
Savannah Electric & Power.
8% deb. A (quar.)
7H% debenture B (quar.)
Oct.
Company
Toledo Edison Co., 7% preferred
(monthly)
Oct.
15c
Preferred (quar.).
Sabin-Robbins Paper Co., pref.
(quar.)
Safeway Stores. Inc
5% preferred (quar.)
Sylvanite Gold Mines.
Nov.
Oct.
25c
Rustless Iron & Steel
Corp
Strawbridge
Per
Name of
Sept. 12 Aug. 22
Oct. 10 Sept. 19
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 16 Aug. 31
Oct.
1 Sept. 10
Oct.
1 Sept. 10
Sept. 12
Sept. 12
ffc Sept. 15l Sept. 1
$1H Oct.
1 Sept. 14
81H
Sept. 30 Sept. 16
50c
Oct.
1 Aug. 13
10c
Oct.
1 Sept. 20
10c
Dec. 15| Dec.
5
25c
Sept. 16 Sept. 3
37HC
Aug. 31 Aug. 20
§14 Sept. 1 Aug. 14
§ 1H Sept. 1 Aug. 14
f|H Sept. 2 Aug. 15
15%
Sept. 14 Aug.. 3
15%
Sept. 20 Aug.
8
2oc
Sept. 16 Sept. 6
|1H
6 % preferred
Socony-Vacuum
Sonotone Corp
Holders
Payable of Record
,,
—
Republic Steel. 6% prior pref. A. (quar.)
Quarterly
Robertson (H. H.) Co
When
Share
Aug. 31, 1940
Sept.
Sept.
Sept.
Sept.
Sept.
SeptNov.
1 Sept.
15 Sept.
15 Septl
9
1
1
3 Aug. 23
20 Aug. 30
3 Aug. 19
25 Sept. 14
Oct. 19
1
2-1-41
5-1-41
8-1-41
Jan.
18
Apr.
July
19
19
Aug. 15
Sept. 10
Oct. 10
Sept. 3
Aug. 21
Sept. 3
Sept. 20
Oct. 19
Sept.20
Aug. 31
Sept. 20 Aug.
Sept. 14 Aug.
Aug. 31 Aug.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 2 Aug.
Sept. 3 Aug.
Aug. 31 Aug.
Aug. 31 Aug.
Sept. 14 Aug.
Aug. 31 Aug.
Aug. 31 Aug.
20
15
20
23
23,
15
15
15
15
23
15
17
Sept.
Aug. 15
Oct.
Oct.
Sept.
Sept.
Sept.16
Sept. 14
Nov.
1
Oct.
1
Sept. 10
Sept.10
Sept.14
Aug. 20
Aug. 12
Sept.10
Aug. 15
Oct.
15
Sept.14
Aug. 27
Oct.
" Sept. 12
Sept.
Aug.
6
Oct.
Sept. 21
Oct.
Sept. 21
Oct.
Sept. 21
Sept.
Aug. 12
Oct.
Sept. 14
Sept. 10 Aug. 31
Nov
Oct. 15
Nov.
1 Oct. 15
Oct. 31 Oct. 15
Sept. 3 Aug. 26
Sept.
Aug.
9
Oct.
Aug. 22
Oct.
Aug. 22
25c
25c
Sept.
2 Aug. 20
Oct.
1 Sept.20
10c
Aug. 31 Aug. 20
15c
Oct.
t$7
Oct.
81H
Oct.
1 Sept. 10
1 Sept.12
1 Sept. 12
3 Sept.14
25c
Oct.
50c
50c
Oct.
1 Sept. 14
Sept.16 Aug. 31
Sept. 15 Sept. 5
50c
Dec.
15 Dec.
5
Transfer books not closed for this dividend,
t On account of accumulated dividends.
j Payable in Canadian funds, and in the case of non-residents
of Canada
deduction of a tax of 5% of the amount of such
dividend will be made.
Volume
The
151
York
The
shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 28, 1940,
The following
in
STATEMENT
date last year:
Aug.
28,1940 Aug. 21,1940 Aug. 30,1939
United States Treasury.*
Redemption fund—F. R. notes
Other cash f
Total
Manufacturers Trust Co
41,748,000
Cent Hanover Bk&Tr Co
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
National City Bank
Chem Bank <fc Trust Co.
S.
U.
obligations
Govt,
1,200,000
440,000
397,000
1,468,000
1,277,000
1,860,000
837.000
2,745,000
660,000
direct and guaranteed
Other bills discounted
Corn Exch Bank Tr Co.
bills discounted
Total
Bonds..
404,139,000
343,868,000
404,294,000
345,311,000
265.604,000
Bankers Trust Co
343,221,000
Title Guar A Trust Co..
Notes
97,403,000
Marine Midland Tr Co..
5,000,000
Bills
500,000
25,000,000
12,500,000
New York Trust Co
Comm'l Nat Bk A Tr Co
Total U. S. Government securities,
748,007,000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
749,605,000
706,228,000
751,672,000
17,000
2,161,000
151,216,000
direct and guaranteed
752,250,000
711,238,000
17,000
1,829,000
160,704,000
9,785,000
17,335,000
4,955,000
152,952,000
8,926,000
15,499,000
9,785,000
17,651,000
_
Other assets
Public Nat Bk & Tr Co.
Totals.
53,309,000
2,107,000
3,085,000
37,565,000
2,063,000
51,815,000
728,145,000
66,000
♦
As
per
official reports:
National, June 29, 1940; State,
June 29, 1940; trust
companies, June 29, 1940.
Includes deposits
10,038,426,000 10,013,990,000 7,939,253,000
Total assets
109,530,400
6,000,000
Chase National Bank...
Fifth Avenue Bank
,
185,639,400 52,172-,301,000
699,953,000
40,151,100
73,285,300 d,111,488,000
302,455,000
21,021,300
932,644,800 14,709,888,000
1,808,000
Continental Bk A Tr Co.
187,353,000
7,036,000
77,161,000
98,925,000
61,932,000
28,352,000
1,129,000
5,899,000
1,355,000
44,845,000
4,466,000
722,469,000
700,090,000
53,310,000
57,336,000
4,450,400
134,091,000 d2,982,439,000
56,160,000
4,115,000
81,778,200 el,148,525,000
15,608,000
2,465,000
123,810,000
9,448,000
425,669,000
28,000,000
117,360,000
8,639,500
83,965,000
10,067,700
1~,805~666
_
anteed:
41,472,000
518,518,000
Irving Trust Co
2,052,000
U. S. Govt, securities, direct and guar¬
18,276,000
217,416,000
13,940,700
592,693,000
26,651,100
68,819,400 a2,439,052,000
741,099,000
57,240,100
7,000,000
7,000,000
First National Bank
213,000
Bills bought In open market
Industrial advances
Average
$
Guaranty Trust Co
Bank of Manhattan Co.
by
Deposits,
Average
$
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
Bank of New York
7,045,617,000
9,105,924,000 9,072,070,000
reserves
Secured
Time
Deposits,
Surplus and
Members
discounted:
Bills
Capital
Net Demand
Profits
♦
Clearing House
6.956,799,000
9,009,035,000 8.975,371,000
1,287,000
1,477.000
1,477,000
87,531,000
95,222,000
95,412,000
THURSDAY, AUG. 29, 1940
Undivided
•
$
$
$
Asset9—
Gold certificates on hand and due from
OF BUSINESS
CLOSE
AT
HOUSE
YORK CLEARING
MEMBERS OF THE NEW
OF
ASSOCIATION
City
full below:
Friday afternoon is given in
on
City
the New York
statement issued by
weekly
Clearing House
the corresponding
comparison with the previous week and
York
Weekly Return of the New
Clearing House
Bank of
Condition of the Federal Reserve
New
1233
Commercial & Financial Chronicle
latest available dates as follows: a $280,$2,236,000; d $73,853,000; e (Aug. 21),
In foreign branches for
5 568,764,000;
227,000;
c
29),
(Aug.
$23,173,000.
Liabilities—
1,426,949,000 1,418,624,000 1,159,958,000
6,084,479,000
Deposits—Member bank reserve acc't.. 7,211,153,000 7,158,549,000
136,175,000
329,859,000
299,588,000
U.S. Treasurer—General account....
124,985,000
308,332,000
315,286,000
Foreign bank
173,963,000
529,482,000
518,035,000
Other deposits
F. R. notes In actual circulation
8,344,062,000 8,326,222,000 6,519,602,000
138,751,000
144,266,000
142,372,000
Deferred availability Items
1,703,000
760,000
863,000
Other liabilities, lncl. accrued dividends.
Total
Sat.,
Mon.,
Tues.,
Aug. 26
Aug. 27
Aug. 28
British Amer Tobacco.
Capital Accounts—
Capital paid In
Surplus (Section 7)
Surplus (Section I3-b)_.
Other capital accounts..
Total liabilities and capital accounts..
50,873,000
52,463,000
51,075,000
53,326,000
7,109,000
12,608,000
51,075,000
53,326,000
7,109,000
12,670,000
Cable & Wire ord
Central Mln A Invest..
Cons Goldflelds
7,457,000
8,446,000
of 8 A.
Courtaulds 8 A Co
De Beers
Electric & Musical
Ratio
total
of
deposit
to
reserve
and
Closed
Industrial
make
to
ad¬
does not Include Federal reserve notes or a
t "Other cash"
bank's own Federal
Reserve bank notes.
Shell Transport
the United States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934
United Molasses
*
These are certificates given by
Vlckers
West
55/9
6/6
15/7*$
22/6
91/3
£11?$
62/6
62/6
£5?$
£6>*
£5?$
£6*$
£5?$
£6*$
68/1*$
33/6
19/9
13/3
66/3
32/6
19/9
13/3
66/3
32/6
19/6
13/1*$
Wltwatersrand
£2*$
£2he
£2'i.
£2?$
£2?$
Areas
Banks of the Federal Reserve
Weekly Return of the Member
90/-
66/10*$
32/6
19/6
13/1*$
66/3
32/6
19/7*$
13/3
Rolls Royce
£4
•
55/6
6/6
15/7*$
22/6
90/7*$
£11*$
62/6
£11?$
£5?$
£6*$
£5?$
£6*$
RloTlnto
£4
55/6
6/6
15/7*$
22/3
60/-
28/9
27/7*$
28/9
27/3
28/1*$
27/£4
£11?$
60/-
Box
Rand Mines
2,014,000
742,000
741,000
£11*$
London Mid Ry
Metal
vances
90/-
G B A I..
Imp Tob of
36,000
foreign correspondents
Commitments
HudsonsBayCo
91.7%
93.1%
93.2%
combined
note liabilities
F. R.
6/6
15/7*$
22/-
Ind
Ford Ltd
£47*$
£10
£48
£9?$
£47 M
£10
56/6/6
15/7*$
22/90/-
56/-
Distillers Co
10,038,426,000 10,013,990,000 7,939,253,000
31/6
76/10*$
39/76/10*$
38/9
77/6
38/9
38/9
76/10*$ 77/6
£49
£48
'
£10
£10
27/6
28/9
27/3
27/IK
£4*$
£4
Boots Pure Drugs
Fri.,
Aug. 30
Thurs.,
Aug. 29
Wed.,
Aug. 24
9,914,246,000 9,889,872,000 7,820,014,000
Total liabilities.
cable
stocks as received by
of the past week:
each day
deposits
EXCHANGE
LONDON STOCK
THE
Quotations of representative
System
by the Board of Governors of the Federal Reserve System, giving the
of the reporting member banks in 101 leading cities from which weekly returns are
principal
loans as reported in this statement,
which were
Following is the weekly statement issued
obtained.
These figures
always a week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
the Federal Reserve System
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 for a week later.
items of
resources
and liabilities
are
upon
May-19, 1937, various changes were made in the breakdown of
Federal Reserve Bank of New York of April 20, 1937, as follows:
confined to the classification of loans and discounts.
This
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in
outside New York City.
Provision has been made also to Include "acceptances of own bank purchased
Commencing with the statement of
described in an announcement of the
The changes in
cialjpaper bought in open
market" under the revised
Subsequent to the above
would each be segregated as
A more detailed
classification has been changed primarily to show the
dealers) for the purpose of purchasing or carrying
securities located in New York City and those located
or discounted" with "acceptances and commercaption "open market paper," instead of in "all other loans," as formerly.
^
made known that the new items "commercial. Industrial and agricultural loans" and "other loans,
the report form are
announcement, it was
"on securities" and "otherwise
explanation of the revisions was
ASSETS AND LIABILITIES OF
secured and unsecured."
published in the May
WEEKLY REPORTING MEMBER
New York
Boston
$
$
1,187
10,476
1,208
1,903
719
8,509
3,105
478
711
Loans—total
615
303
1,812
232
281
Commercial, Indus, and agrlcul. loans
4,455
295
64
85
35
377
12
278
22
Loans and
Investments—total
Open market paper
Loans to brokers
and dealers In secure.
Treasury
962
277
311
269
585
182
91
177
339
124
150
179
3
14
11
10
22
7
39
2
3
3
3
9
4
26
2
3
1
14
7
9
14
44
11
30
23
385
1
1
1
"71
63
50
170
12
30
2
217
32
14
69
19
11
473
24
13
178
44
55
50
123
203
33
80
29
1
1
1
1
1
106
206
80
"121
62
481
109
136
2
311
10
2
1
1
39
"~28
39
65
173
67
167
303
1,121
33
38
43
110
85
698
133
1,047
91
609
148
2,865
328
108
338
72
24
76
48
193
312
735
9
357
66
135
346
106
58
69
42
284
108
1,581
276
544
128
1,482
137
445
149
202
472
203
104
6,578
689
239
648
24
144
20
74
11
99
14
16
21
7
48
12
321
307
233
145
202
334
175
214
582
3,173
174
203
283
71
403
80
50
23
30
37
16
95
22
262
77
2,840
560
489
548
307
1,014
1,417
503
10,378
437
1,322
117
136
1,141
1,065
203
146
747
191
1,082
262
970
235
192
5,346
domestic banks
Other assets—net
131
3,677
11,348
20,956
Cash In vault
1,447
93
67
1,166
Govt
securities
Reserve with Federal Reserve Bank..
Other
87
528
12
42
42
19
32
33
2
46
15
60
138
343
166
417
324
298
1,322
240
272
2,583
54
LIABILITIES
deposits—adjusted
deposits
United States Government
deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other
529
307
490
Obligations guar, by U. 8.
Time
688
184
6,560
United States bonds...
Demand
2,266
388
527
2,116
I
bills
Treasury notes
Balances with
$
$
704
963
1,655
banks
Other loans
San Fran,
Dallat
3,480
39
securities
Real estate loans
Ran. City
632
1,215
purchasing or carrying
Other loans lor
Loans to
■
1940 (In Millions of Dollars)
St. Louis Minneap.
Chicago
Atlanta
$
$
$
24,180
ASSETS
"Chronicle," page 3590.
CITIES BY DISTRICTS ON AUG. 21,
Cleveland Richmond
Phila.
S
Total
$
Federal Reserve Districts—
29,1937, issue of the
BANKS IN 101 LEADING
liabilities
Capital accounts
8,369
372
18
1
465
5
1
618
1
428
3,722
672
1
19
8
1
1
"~7
3
""4
"281
60
105
88
387
19
13
16
33
9
702
292
~"~19
1,618
214
381
98
398
245
95
3,783
„
^
^
_
1234
The Commercial & Financial Chronicle
Aug. 31, 1940
Weekly Returns of the Board of Governors of the Federal
Reserve System
The following was issued
by the Board of Governors of the Federal Reserve
System
showing the condition of the 12 Reserve banks at the close of business on
Thursday afternoon, Aug. 29,
The first table presents the results
System as a whole in comparison with the figures for the
eight preceding weeks and with those of the
corresponding
week last year.
The second table shows the resources and liabilities
separately for each of the 12 banks. The Federal
Reserve note statement
(third table following) gives details regarding transactions in Federal
Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board
of Governors of the Federal Reserve System upon the
returns for the latest week
appear in our department of "Current Events and Discussions
on
Wednesday.
for the
COMBINED RESOURCES AND LIABILITIES
Three Ciphers (000) Omitted
OF THE
FEDERAL RESERVE BANKS AT THE CLOSE OF
BUSINESS
AUG.
28,
1940
Aug. 28,
Aug. 21,
1940
Aug. 14,
1940
Aug. 7,
July 31,
July 24,
1940
July 17,
1940
1940
1940
July 3,
1940
Aug. 30,
1940
1940
1939
$
*
$
S
S
$
J
S
S
ASSETS
■
.
Gold cits, on hand and due from U. S.
Treas
18,561,978
11,826
348,390
Other eash *
Total reserves
-
18,486,978
18,387,980
11,826
354,056
11,951
12,853
362,066
18,922,194
Redemption fund (Federal Reserve notes)
18,852,860
18.273,975
18,113,976
358,922
18,188,977
12,852
377,336
18,761,997
18.645,750
18,579,165
July
10,
17.944,476
12,853
380,284
18.028.478
10,353
367,639
18,507,113
18,406.470
14,312,220
10.862
360.233
18,315,571
18,189.585
14,660,612
Bills discounted:
Secured
by
S.
U.
3
17,840,475
10,862
338,248
8,644
339,748
Government obUgatlons,
direct and guaranteed
Other bills discounted
Total bills discounted
1,229
2,619
Rifle bought in open market
Industrial advances
-
1,237
1,891
998
768
654
1,999
711
1,781
2,109
1,729
1,439
1,350
1.437
4,081
3,848
—
1,012
1,935
3,058
2,947
3,236
3,672
2,727
2,207
2,004
2,148
6,190
"8,553
—
1,119
1,939
"8,561
"8,545
8,602
8,884
"9,l03
*9*,118
'"9",153
9,186
11,667
1,319,196
1,126,732
1,319,196
1,126,732
1,321,196
1,126,732
1,323,196
1,323,196
1,126,732
1,323,196
1,126,732
1,323.196
1,126,732
1,179,109
2,445,928
2,445,928
2,447,928
2.449,928
2,460,484
2.461,758
546
United States Government
securities, direct and
guaranteed:
Bonds
1,319,196
1,122,458
Notes
Bills
1,319,196
1,126,732
1,126,732
912,460
334,620
Total
U.
8.
Govt
securities,
direct
and
guaranteed
2,441,654
2,445,928
2,449,928
2,449,928
2,449,928
2,461,253
2,461,085
2,461.262
Other securities
Foreign loans
on
2,426,189
gold
......
......
......
Total bills and securities..
2,454,055
Gold held abroad
Due from foreign banks
Federal Reserve notes of other
banks
Uncollected Items
Bank premises..
47
60,191
LIABILITIES
Federal Reserve notes In actual
circulation
21,679
778,624
41,407
58,754
22,092,535
22,119,928
5,334,240
47
47
47
47
47
22,794
21,433
47
"*177
790,313
41,407
640,802
41,417
21,193
654.894
23,608
614,038
20,227
721.440
23,664
588,704
57,523
57,153
41,440
56,114
41.436
54,450
42,211
57,854
22,981
659,473
41,439
55,381
21,839,325
21,801,202
21,743,690
21,779,245
21.555,977
21,488,447
17,812,082
41,432
52,122
Treasurer—General
account..
Foreign banks
Total deposits
Deferred availability Items
liabilities, lncl.
accrued dividends
Total liabilities
....
CAPITAL
5,292,803
5,280.926
5,247,601
5.223,282
5,230,359
5,232,463
5,247.837
4,609,282
13,418,718
889,274
867,059
13,339,587
13,285,861
940,004
742,077
585,358
13.764,343
297,428
765,082
508,748
10,951,004
841,341
602,924
13,863,019
278,395
733,601
564,920
13,730,629
618,466
13,498,134
694,083
787,371
594,991
13,564,561
923,394
816,341
570,013
221,447
753,332
492,022
350,132
15,793,517
15,723,856
15,595,609
626,546
15,574,579
740,963
15,534,921
15,439,935
617,784
15,335,601
2,894
626,010
2,205
750,395
1,690
629,472
2,303
15.203,430
679,476
1,373
12,267,515
2,896
601,048
2,460
21,775,388
21,732,898
21,760,513
21,480,043
21,442,267
21,386,418
21,422,379
21,199.417
21,132,116
17,466,285
137,553
151,720
26,839
43,303
137,543
137,499
151,720
137,449
151,720
137,238
26.839
137,194
151,720
26,839
135,487
151,720
26,839
42,877
137,460
151,720
20,839
41,153
40,858
40,763
40.578
33,894
21,839,325
21,801,202
21,743,590
21,779,245
21,555,977
21,488.447
17,812,082
89.3%
89.2%
89.2%
89.0%
89.0%
88.9%
86.9%
8,431
"t8*,582
8,587
8.611
8,682
8,700
11,009
1,719
2,212
1,402
1,198
1,026
1
642,925
1,881
ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
137,582
151,720
137,562
151,720
26,839
26,839
43,718
Total liabilities and capital
accounts
Ratio of total reserves to
deposits and Federal
Reserve note liabilities combined
liability
5,309,939
611,024
3,284
account...
13,515,998
813,094
888,288
15,826,840
reserve
Other deposits
on
bills
purchased
22,135,247
43,516
22,092,535
89.4%
22,119,928
89.3%
for
89.3%
151,720
26,839
43,180
26,839
foreign correspondents
Commitments
2,444,592
609,460
Deposits—Member banks'
United States
20,041
661,319
41,395
59,326
2,457,766
47
22,135,247
Total assets
Contingent
2,457,420
47
20,812
636,584
41,364
Other assets
Other
2,457,547
708,611
257,768
585,540
3,948
149,152
27,264
~
to make Industrial
advances
Maturity Distribution of Bills
8*238
"8,241
8,370
101
and
Short-Term Securities—
1-16 days
10-30 days
31-60 days
61-90 days
bills discounted
bills discounted
2,217
1,579
1,405
233
161
107
111
1.069
2,484
80
409
415
115
446
136
320
145
2,191
518
639
575
336
224
523
153
489
162
192
Total bills discounted
1-15 days bills
bought In open market
10-30 days bills bought in
open market
31-60 days bills bought In
198
688
bills discounted.
bills discounted
Over 90 days bills
discounted
233
391
324
296
441
275
304
550
571
554
374
414
468
287
3,672
2,727
2,207
2,004
2,148
6,190
3,848
3,058
2,947
3,236
678
314
open market
23
31-90 days bills bought in
open market
Over 90 days bills
bought In open
209
...
market
Total bills bought In
open market
Industrial advances
Industrial advances
1-15 days
10-30 days
31-60 days
01-90 days
~
industrial advances
Industrial advances
Over 90 days Industrial
advances
"l",545
"l",503
173
"V.575
200
136
"T.881
2 ,079
102
"2". 151
63
1,913
67
95
368
546
"
"l".9i0
1,314
78
242
243
309
320
298
207
297
150
207
184
161
89
259
3?I
444
251
287
362
369
445
6,275
Total Industrial advances
U. S. Govt,
securities, direct and guaranteed:
1-15 days..
_...L.
16-30 days
31-60 days..
61-90 days
"
*1*565
..
6,276
6,447
6,444
6.482
6,491
6,401
6,421
6.462
9,386
8,553
8,561
8,545
8,602
8,884
9.103
9,118
9,153
9,186
11,667
..
60,625
67,050
68,050
Over 90 days
2,441*654
2,445*928
97,615
2,44*5",928
2,44*5,928
2,44*7*928
2,449,928
2,449,928
2.449*,928
2,44*9*928
2,132,849
2,445,928
2,445,928
2,447,928
2,449,928
2,449,928
2.449,928
2,449,928
2,426,189
Total U. S. Government
securities, direct
and guaranteed
2,441,654
2,445,928
Total other securities
i
Federal Reserve Notes—
Issued to Federal Reserve
Bank by F. R.
Agent
Held by Federal Reserve
Bank
5,623,589
289,349
5,607,570
297,631
5,588,093
295,290
5,579,915
298,989
5.553,139
305,538
5,566,947
343,665
5.565,621
335.262
5,550,315
317,852
5.533.705
285,868
4,892,298
5,334,240
5,309,939
5,292,803
5,280,926
5.247.601
5,223,282
5.230.359
5,232,463
5,247,837
4,609,282
5,688,000
1,625
5,685,000
1,543
5.682,500
1,834
5,664,500
5,679,500
1,614
5,669.500
1,265
5.624,500
1,836
5,604,500
1,334
4,967,000
1,152
5,689,625'
5.686.543
5.6*4.334
5,666.336'
5,681,114
5.670.765
5.625.652
5.605.834
4.970,389
In actual circulation
=•———-——
__I—
283,016
Collateral
Held by Agent as
Security for
Notes Issued to Bank—
on hand and
due from U. S.
Treas...
/
Gold ctfs.
By eligible paper
United States Government
securities
5,723,000
2,537
3,389
Total collateral
5,725,537
•
x
"Other cash"
These
does not
Include Federal Reserve
notes,
t Revised figures.
certificates given by the
United States
Treasury for tne gold taken
31. 1934. these certificates
being worth less to tne extent of t ie
are
cents on Jan.
provisions of the Gold Reserve
Act of 1934
over from
0aaa-vn
K.nta
wh«n
the^»nks w2
having
difference, tne difference
itself
the
dollar
was
devalued from 100 cents to 59.06
as profit by the
Treasury under
beea appropriated
been appropriates
Volume
Three
(000)
Ciphers
Omitted
on
hand
due
and
Chicago
S
9
400
Total reserves
504,431
650
1,248
17,648
14,297
29,874
476,262
292,554
404,376
50
31
151
66
211
717
386,773 2,919,364
60
633
8,090
100
1,618
21,680
1,277,307
18,922,194 1,178,866 9,105,924 1,000,440
Other cash •
495
17,575
402
22,551
969,122 1,254,354
18,561,978 1,145,311 9.009,035
1,477
1,850
11,826
95,412
31,705
348,390
from United States Treasury
Redemption fund—Fed. Res. notes—
1,077
30.241
$
256,821 1,073,007
386,095
283,969
458,287
366,281 2,878,563
829
1,147
39,972
19,345
481,133
$
I
*
.
San Fran
Dallas
Minneap. Kan. Cily
St. Louis
9
Atlanta
$
%
%
$
$
$
ASSETS
certificates
CLOSE OF BUSINESS AUG. 28, 1940
THE 12 FEDERAL RESERVE BANKS AT
Cleveland Richmond
Phila.
New York
Boston
Total
Federal Reserve Agent at—
Gold
LIABILITIES OF EACH OF
RESOURCES AND
Federal Reserve System (Concluded)
of Governors of the
Weekly Returns of the Board
WEEKLY STATEMENT OP
1235
& Financial Chronicle
The Commercial
151
271,768 1,104,129
Bills discounted:
bllgatlons,
Secured by U. 8. Govt,
Total bills discounted
660
74
113
8
1,200
85
34
60
208
25
242
40
147
868
159
116
1,860
100
23
790
208
272
5
227
215
462
648
375
198
8,553
1,127
1,805
2,419
135,286
66,080
115,111
56,225
140,001
119,122
61,113
52,000
62,380
53,077
43,771
94,115
89,050
33,054
81,892
48,389
41,173
110,611
104,660
51,444
96,246
404,139
343,868
38,847
1,319,196
1,122,458
250,397
122,305
89,562
259,123
95,215
204,726
193,710
115,457
748,007
71,901
178,138
113,113
2,441,654
250,919
123,155
89,978
259,420
113,218
72,244
115,914
96,545
205,414
Industrial advances
0. S. Govt, securities, direct
& guar.:
Bonds
Notes
U.
Total
securities,
Govt,
8.
direct and guaranteed
196,288
2,454,055
179,288
751,672
18
5
4
2
2
1
3
6
47
Total bills and securities
Due from foreign
2,161
151,216
9,785
17,650
1,104
45,671
4,497
1,310
3,421
2,048
2,550
1,659
banks
20,812
893
636,584
41,364
57,203
2,857
60,191
4,152
Fed. Res. notes of other banks
1
1
4
1,445
519
28,672
3,133
26.502
2,617
30,011
2,740
2,777
a
1,085
17,142
80,844
50,762
23,588
5,449
6,706
2,494
2,005
3,351
3,420
2,159
6,124
35,269
2,397
2,613
1,622,539
22,135,247 1,423,262 10038 426 1,252,720
687,685
506,553 3,280,519
631,419
386,211
556,281
489,430
234,390
171,500 1,150,618
198,700
145,292
192,343
83,733
435,351
228,168 1,797,108
81,132
34,859
310,747
163,176
29,109
19,576
4,533
269,689
740,425
29,818
25,804
1,061
212,147
36,651
26,694
2,708
premises
assets
Total assets
4,715
LIABILITIES
Deposits:
U. 8. Treasurer—General account.
813,094
Foreign banks
888,288
609,460
deposits
611,024
55,703
435
80,032
308,737
1,379
1,807
399,245 1,350,387
8,514
41,200
26,694
7,319
385,960
216,394
326,372
278,200
860,158
38,261
31,143
5,447
1,185
5.072
388,038
22,589
90,208
35,415
15,058
26,720
25,711
27,982
49,552
144
129
152
163
101
348
132
314
184
319
493,475 3,234,704
620,204
376,896
545,619
4,154
4,709
4,422
4,139
3,613
3,974
1,142
1,485
1,266
387,776 1,323,654
14,059
5,337
4,673
13,914
14,323
1,007
5,247
5,725
22,824
3,246
713
1,429
538
4,431
1,774
1,967
7,648
1,814
2,952
3,152
1,001
2,210
10038 426 1,252,720 1,622,539
Total liabilities and capital accounts 22,135,247 1,423,262
1,119
741
1,034
260
8,238
Commitments to make Indus, advs
687,685
506,553 3,280,519
631,419
386,211
556,281
15
374
54
144
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
*
"Other cash" does not Include
9,332
11,880
14,198
4,393
2,623
51,075
10,405
137,582
151,720
26,839
43,718
53,326
2,874
7,109
2,263
12,670
Federal Reserve notes,
a
510
701
149,406
202,662
4,114
10,319
91,237
7,504
492,404
57,053
15,735
209,377
10,677
171,500 1,150,618
198,700
145,292
192,343
83,733
435,351
234,390
190,000 1,200,000
219,000
150,500
205,000
93,000
504.000
275,000
100
105
234
219,100
150,605
205,234
93,000
504,000
250,125
289,349
510,325
20,895
5,334,240
436,388 1,426,949
369,546
489,430
5,723,000
460,000 1,525,000
23
1,860
390,000
511,500
2,537
5,725,537
In actual circulation
9
S
$
9
S
San Fran.
Dallas
Minneap. Kan. Citv
185,979 1,180,208
29,590
14,479
388,703
19,157
460,023 1,526,860
390,155
Bank
Held by Federal Reserve
,
St. Louis
$
$
$
$
$
453,557 1,509,606
82,657
17,169
5,623,589
Issued to F. R. Bank by F. R. Agent
Chicago
Atlanta
Cleveland Richmond
Phila.
S
S
$
Federal Reserve notes:
New York
Boston
Total
Federal Reserve Bank of—
2,090
399,245 1,350,387
3,282
NOTE STATEMENT
i
Omitted
11,645
10,224
2,121
2,743
Less than $500.
FEDERAL RESERVE
Three Ciphers (000)
20,447
75,322
CAPITAL ACCOUNTS
•_
64,998
44,392
672.081
Capital paid in
34,288
106,776
299,242 1,993,530
39,855
1,588,719
21,775,388 1,398,388 9,914,246 1,219,626
Total liabilities
2,884
5,328
1,133
805,369 1,023,653
863
Other liabilities, lncl. accrued dlvs
,
82,751
87,201
27,685
142,372
3,284
855,423
40,188
905,862 8.344,062
15,826,840
Total deposits
Deferred availability items
650,295
768,930 7,211,153
299,588
66,374
315,286
63,104
518,035
7,454
13,515,998
Member bank reserve account
369,546
436,388 1,426,949
5,334,240
F. R. notes in actual circulation.
Other
See
89,704
Uncollected Items
Other
40
15
3,848
Other bills discounted
Bank
25
10
1,229
2,619
direct and guaranteed
Agent as security
for notes issued to banks:
Collateral held
by
Gold certificates
hand and due
on
from United States Treasury
Eligible paper
Total collateral
United States Treasury
Rates
quoted
4 1940
Sept.
Sept. 18 1940
Sept. 25 1940
2 1940
Oct.
Oct.
9 1940
Oct.
16 1940
.
Asked
Oct.
23 1940.
30 1940.
0.06%
0.06%
0.06%
0.06%
0.06%
Nov.
6 1940.
Nov.
30,
13 1940.
Nov. 20 1940.
Nov. 27 1940.
on
conditions, was closed from
Exchange was
which latter date the
opened for limited trading.
0.06%
Oct.
BOURSE
The Paris Bourse, due to war
June 11 to July
Bid
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
_..
Sept. 11 1940
190,000 1,200,000
THE PARIS
Bills—Friday, Aug. 30
Asked
Bid
275,060
511,500
for discount at purchase.
are
i
60
155
EXCHANGE
BERLIN STOCK
THE
Closing prices of representative
each day of the past week:
stocks as received by cable
Aug.
Quotations for United States
Treasury Notes—Friday,
Aug. 30
Figures after decimal point represent one or more
32ds of
point.
160
Dec.
Bid
Bid
Commerz
101.17
June
1%%
101.23
101.26
—
— .
151943
June
15 1941
1%%
ipi.23
101.25
Sept. 15 1943—
Dec. 151943..-
Dec.
15 1941...
1%%
101.29
101.31
Mar. 15 1944—
Mar. 15 1942...
1%%
102.27
102.29
June
2%
1%%
104.4
104.6
103.27
103.29
Sept. 15 1944—
Mar. 15 1945—
—
(6%)
136
Deutsche Relchsbahn (German Rys. 7%) —127
Dresdner Bank (6%)129
Farbenindustrie I. G. (8%)
186
Relchsbank (new shares)
117
Siemens & Halske (8%)
247
Vereinlgte Stahlwerke (6%).-...-..*..----128
102.5
102.7
101.25
101.27
151944
1%%
1%
%%
102.10
102.12
101.21
101.23
100.21
100.23
1%
%%
101.20
101.22
100.6
100.8
The daily
as
reported
FINANCIAL MARKET—PER
Sat.,
Mon.,
Aug. 2d
Aug. 26
Silver, p. oz
23 5~16d.
168s.
£73%
Closed
168s.
British 3%%
Stock and Bond Averages
listed
on
the New York Stock Exchange
compiled by Dow, Jones &
Co.:
Date
30
20
15
Second
Rail¬
Utili¬
65
Indus¬
Grade
Grade
trials
roads
ties
Stocks
trials
Rails
Rails
10
Total
Utili¬
88.77
27.71
22.38
43.63
107.00
91.85
47.84
108.38
126.87
27.04
22.19
42.91
106.94
91.41
47.27
108.28
88.48
88.46
27.21
22.22
42.97
107.01
91.44
47.11
108.26
125.33
26.85
22.00
42.45
106.94
91.20
46.58
108.24
88.24
Aug. 27-
125.71
26.85
22.00
42.54
107.01
91.15
46.46
108.24
88.22
Aug. 26-
26.86
22.00
42.49
107.00
90.95
46.39
108.13
88.12
Aug. 24.
125.48
23 %d.
168s.
£73%
23 7-16d.
168s.
£73%
Aug. 29
Fri.,
Aug. 30
23 7-16d.
23 %d.
Thurs.,
168s.
168s.
£74
£74%
£112
£100%
£101
£101%
£101%
£112%
£112%
£112%
(in cents) in the
United
days have been:
34%
34%
34%
34%
34%
34%
71.11
71.11
71.11
71.11
71.11
71.11
Bonds
128.88
126.87
Aug. 28
40
ties
(newly mined)
Wed.,
Tues.,
Aug. 27
price of silver per ounce
U. S. Treasury
10
First
Indus¬
Aug.30.
Aug. 29.
Aug. 28-
The
BTforSgn)T?_-
Bond#
10
10
Closed
States on the same
Stock*
Total
British 4%
1960-90
CABLE
£112
£100 11-16
Closed
W. L
of representative
daily closing averages
the
stocks and bonds
as
204
128
135
127
128
186
117
251
128
securities, &c., at London,
by cable, have been as follows the past week:
Consols,2%%- Closed
are
200
129
136
127
128
186
117
249
128
closing quotations for
Gold, p. fine oz.
Below
198
129
136
127
129
185
117
246
128
129
Bank (6%)
Deutsche Bank
ENGLISH
101.15
Sept. 15 1942—
Dec. 15 1942
163
Asked
1%%
1%
Rate
Maturity
Asked
1 %%
15 1940—
Mar. 15 1941
30
162
202
128
137
127
127
185
117
248
127
163
201
128
136
127
128
185
117
250
128
163
Int.
Int.
Rate
Maturity
Aug.
29
28
27
Per Cera of Par
Allegemelne Elektrlzltaets-Gesellschaft(6%)161
Berliner Kraft u. Licht (8%)
198
a
Aug.
Aug.
Aug.
Aug.
26
24
United
States
York Stock
Government Securities on
the New
Exchange—See following page.
Transactions
Daily, Weekly
at
the
New
York Stock Exchange.
and Yearly—See page
1251.
1236
Aug. 31, 1940
Stock and Bond Sales—New York
Stock
DAILY, WEEKLY
Exchange
AND YEARLY
Occupying Altogether Sixteen Pages—Page One
.
NOTICE—Cash and deferred delivery sales are
disregarded In the day's
account Is taken of such sales In
computing the range for the year.
range, unless
they
are the
only transactions of the day.
No
United States Government
Securities on the New York Stock
Exchange
a
daily record of the transactions in
Treasury, Home Owners' Loan and Federal Farm
Corporation bonds on the New York Stock
Mortgage
Exchange during the current week.
Below
furnish
we
Quotations after decimal point represent
one or more
Aug. 24 Aug. 26 Aug. 27 Aug. 28
Aug. 29
Treasury
mmmm
119.22
mmmm
4Kb. 1847-62.
119.22
32ds
of
Daily Record of U. S. Bond
119.26
Treasury
2Xs. 1945
119.26
mmmm
■
mmmm
Total tales in (1,000 units.
-
48, 1944-54.
119.22
mmmm
mmmm
113.11
-r--.-
mrnm m
2
113.11
113.13
113.11
113.16
Low.
113.18
2
3
113.18
mm mm
113.30
mmmm
mmmm
(High
2)48, 1948
107.25
Low.
107.25
Close
2
'
113.30
3Xs, 1946-66.
Aug. 26 Aug. 27 Aug. 28 Aug. 29
Aug. 30
High
Close
Total sales in (1.000 units...
113.15
113.15
1
mmmm
113.16
PricesjAug. 24
'
4
mmmm
113.15
113.15
mmmm
113.10
113.10
Total sales in (1,000 units...
119.26
rnmmm
1
mmmm
-
113.10
point.
a
Aug. 30
107.25
Total sales in (1,000
units..
1
mmmm
mmmm
mmmm
102.18
| Low.
102.18
102.18
102.17
102.18
102.18
102.17
1
2
1
Low.
mmmm
mmmm
•
mm
103.16
mmmm
103.16
103.15
mmmm
103.15
2
mrnmrn
Low.
1
108.11
mmmm
108.13
108.11
mmmm
108.11
108.11
mmmm
*1
2
6
m
109.5
109.5
109.5
109.5
109.5
4
Low.
mmmm
[High
3 Xs, 1949-52
Low.
(High
3s, 1951-55
....
110.13
mmmm
mmmm
mmmm
3
....
....
mmmm
....
....
mmmm
(High
-{Low.
107*22
107.27
107.23
107.21
107.17
107.23
103.23
4
1
1
Mortgage
High
2
3
108.20
m+m
108.22
108.20
mmmm
108.20
mmmm
108.22
mmmm
1
mmmm
6
1
mmmm
rnrnmm
■mmmm
Low.
IIII
mmmm
Low,
mmmm
m
Close
Total sales in (1,000
units...
-
•
mmmm
mrnm
--
Low.
(High
Low.
108.6
107.8
107.5
107.6
107.8
107.10
107.5
107.12
107.12
11
mmmm-
mmmm
50
6
106.24
106.25
106.18
106.22
106.18
106.24
106.22
106.18
1
1
mmmm
Low.
mmmm
mmmm'
mmmm
I Close
5
mmmm
106.13
106.13
Total sales in (1,000
units...
106". 18
1
106.13
2
106~19
High
1
2
106.12
106.12
106.16
101
101
101
25
f Deferred delivery sale.
J Cash sale.
above
sales
of
coupon
were:
Treasury 3)48.1943-47
Treasury 21955-60
108.3
to 108.3
107.22 to 107.22
106.15
Low.
106.19
106.18
106.10
106.6
Close
Total sales in (1,000
units..
106.16
106.19
106.18
106.10
106.15
106.12
106.16
3
3
19
106.15
56
*2
1
.
101.21
101.21
101.21
table includes
only
Transactions in registered bonds
bonds.
106.13
,
Odd lot sales,
Note—The
1
mmmm
106.13
•
106.22
15
106.13
1
Low.
(Close
106.22
106.23
103.19
Total sales in
(1,000 units...
106.22
106.24
103.19
103.19
| High
1)48, 1945-47..
107.12
107.6
107.7
1
(High
| Low.
Total sales in
(1,000 units...
107.12
107.7
107
107.1
I Close
10*7*5*
107.1
107.3
107.3
Total sales in
(1,000 units...
2)48, 1942-44
107~8_
106.23
107.3
Low.
2
106.23
I Close
High
dose
108.5
(High
(High
Low.
(Close
.
1944-52...
108.24
]LOW_
sin (1,000
units...
(Hlgb
108.5
2
3
(High
Home Owners' Loan
3s, series A,
8
mmmm
mmmm
mmmm
(High
107.15
107.15
Total sales in (1,000
units...
108.27
108.24
mmmm
mmmm
Total sales in (1,000
units...
~
13
m
mmmm
«*«»«•
'mmmm
mmmm
107.15
Close
107.29
108.22
103.23
103.23
*3
Total sales in (1,000
units...
107.27
rnmm
103.18
103.18
103.18
107.29
107.16
mmmm
103.24
103.21
103.24
2548. 1942-47
107~25
107.23
107.26
I
103.24
103.24
103.24
no" 13
110.13
107.26
1
mmmm
Low.
2548. 1960-65
| Low.
Close
Total sales in (1,000
units...
107.26
•
m
High
_
14
(High
3s, 1942-47
mm
110.13
Close
sa
6
3s, 1944-49..
110.15
*2
ttt«
Low.
.
102.25
14
3)48, 1944-64
110.15
110.13
1
Total sales in
(1,000 units...
_
102.22
17
.Close
mmmm
Close
Total
102.18
103
Total sales in (1,000
units...
mmmm
(High
254s. 1958-63
102.20
3
Federal Farm
1
nb".i9
mm
'
Total sales in (1,000
units...
254S, 1956-59
111.3
111.3
mmmm
mm
....
m
mmmm
Low.
254a. 1951-54
102.25
mmmm
....
Close
•
1
110.13
....
(Hlgb
254s, 1948-61
102.25
102.22
mmmm
Close
Total sales in (1,000
units...
2)48, 1946-47.....
102.24
102.18
Total sales in (1,000
units...
mmmm
m
....
mm
mrnmm
Low.
2H8. 1965-60
15
....
m
m m
mmmrn
Close
Total sales in (1,000
unils...
102.18
102.20
mmmm
mmmm
mm
m
mmmrn
m
102.22
102.25
I Close
111" 3"
mmmm
mmmm
111.21
111.21
mmmm
Low.
~*m
mmmm
111.21
111.28
mmmm
(High
3s, 1946-48
111.28
111.28
mmmm
Total sales in (1,000 units.
■
1
mmmm
mmm m
9
102.25
102.25
2s, 1948-50
mmmm
110.30
mmmm
Total sales in (1,000
units..
102.25
103.15
103.15
103.15
102.25
3
mmmm
110.30
mmmm
3
Total sales in (1,000
units...
109.7
1
110.30
3HB, 1946-49.
103.10
26
(Close
109.7
5
103.18
102.25
2s, 1947—.....
109.8"
109.5
mmmm
103.10
(High
1
109.6
109.5
mmmm
108.13
m
109.6
Low.
*12
103.10
| Low
108.13
mmmm
3)48. 1944-46
7
103.18
103.17
Total sales in (1,000 units...
mmmm
108.11
108.11
108.12
105.9
I Close
2)48, 1954-56
108.12
mmmm
5
105.9
105.14
105.20
105.9
105.14
(High
mmmm
108.12
3)48. 1943-45.
1
1
105.14
Low.
I Close
Total sales in (1,000
units...
103". 15
-m~m
'mm
105.20
-{Low.
2)4s. 1951-53
mmmm
314s. 1841.
105.11
Total sales in (1,000
units...
IIII
....
....
103.15
105.15
105.7
(High
2)48. 1950-52
....
mmmm
105.11
Close
mmmm
*#♦*
3X8. 1943-47.
105.11
105.7
Total sales in (1,000
units...
102". 17
102.18
105.7
Low.
2)48, 1949-53
113.30
3X8, 1941-43
(High
Close
mm
United States
United States
Treasury Bills—See previous
page.
Treasury Notes, &c.—See previous
page,
New York Stock
Record
LOW
AND
Sa urday
Aug. 24
*56%
*32l4
»46i8
61*
Monday
57
141
40
47
55%
*19
*12
4%
%
8%
7%
*12
20%
%
14
153% 153%
*9%
97g
*12
12%
6
6
63%
63%
*31%
*12%
32
*1%
12%
1%
*9%
14
44
44
*15%
547g
7%
*36%
*
*117
141
♦117
*31
40
*31
47
47
47
5%
5%
5%
20%
20%
13
13
*20%
*12%
20%
13%
41%
39%
39
39%
*%
4%
*%
%
4%
40
%
*%
*Bia
4%
%
8%
*8%
8
*7%
8
20%
14%
20%
8%
153% 153%
*9%
9%
12%
12%
6%
6%
*62
66
32%
32%
12%
1%
45%
547g
7%
40
*36
40
14
16
55%
7%
prices,
*12
20%
14%
12
6
9
7%
*13
21
*8%
8%
153% 154%
*9%
978
12
4%
*47
21
8 %
40
*31
5%
47
5%
♦20
21
21
*12%
40%
*%
13%
12%
40%
42
%
5%
21
*%
*4%
97s
*12%
6
500
Abbott Laboratories
4M%
Acme Steel Co
1,400
12%
Par
No par
100
No par
26
Adams Express
200
No par
Adems-Milllls
........No par
Ad dress-Mul
tgr Corp
.10
Air Reduction Ino
No par
Air Way El
Appliance. _No
200
42%
%
couv pre!
Abraham <k Straus
400
2,900
•l#
®u
9%
2,600
8
8%
1,400
14%
21%
8%
978
12%
6%
32%
327fi
12%
1%
13
13
14
44
44
16
53
15%
54
54
7%
7%
*36%
no sales on this
day,
Alabama Sc
Vlcksburg Ry.100
Alaska Juneau Gold
Mln.. 10
2,200
1,000
9%
12%
*1%
*9%
*15%
4%
»i«
9%
77g
32
1%
*9%
43%
4%
•m
■i«
31
*63
4%
*13
21
*8%
67
1%
14
*9%
*12
®
14%
21%
8%
155
97g
12%
6%
*63
68
33
33%
*13
13%
1%
*1%
*9%
14
45
*45
46%
15%
5478
7%
*15%
54%
7%
16
38
t In
38
14%
54%
7%
38
14%
21%
22
8%
300
153% 156
*9%
97g
12%
12%
6%
67g
*63% 69
33%
33%
13%
13%
*1%
1%
*9%
14
46% 46%
*15%
16
54%
56%
7%
7%
*38
39%
1,200
a
Del.
Allegheny Corp
147
100
500
5,200
100
2,800
600
200
'""700
100
2,100
700
70
deUvery.
(2.50 prior
conv
pret.No par
Alghny Lud St! Corp.-No
Alleg <fe West Ry 6%
par
Dye.No
par
Allen Industries
Inc
Allied Chemical &
Allied Kid Co
Allied Mills Co Ino
Allied Stores
Corp
gtd.,100
1
__5
No par
No par
100
6% preferred
A Ills-Chalmers
Mfg
No par
Alpha Portland Cem_.No
par
Amalgam Leather Co Ino...1
6% conv prefen ed
60
Amerada Corp
No par
Am
May 22
30 May 22
3478May 25
4%May 28
Lowest
.
Highest
AgrlcChem (Dei)..No
par
Am Airlines
Inc....
...10
American Bank
Note......10
6% preferred
70% Feb 14
Feb
8
46% Apr
52% Apr
9
New stock,
r
Cash sale,
share ( per share
per
53
Apr
120
Apr
33% Apr
31% Mar
6% Aug
Jan
71% Sept
149% Sept
49% No*
56% Oct
11% Sept
27% Apr
19% Jan
58% Jan
78Mar 11
1578 Sept
27%
46%
%
Apr
Jan
68
60
77
68
Feb
68
Feb
6% Dec
% July
5% Aug
4% Sept
10
Jan
4
May 21
May 21
%June 4
5%June10
4%May 21
7
May 21
15%May 21
61
June 22
6%June 11
135%June 10
878May 15
10
June
5
4%May 21
7
Mar 26
Jan
8
1% Jan
14% Jan
12% Jan
8
3
4
17% Apr 8
26%May 10
73% Mar 21
12a4 Apr 16
182
14
Apr
9
Jan 25
16% Apr 23
9% Jan
2
19
8
8ept
June
151% Apr
10
Apr
9% Apr
6
7378May
8
64%
4178 Jan
4
28
Apr
16
9
12% Apr
1% June
l%May 15
9%May 28
38itMay 23
12% May 22
41% Jan 12
2% Jan 9
Apr 22
18
58% Apr
5
21
Jan
4
75
Apr 15
6
June 10
12% Apr
9
35
June 18
50
3
x
Ex-dlv.
y
Ex-right.
Jan
1
2
Sept
20% Sept
18
Sept
23% Sept
28%
May 28
Jan
Jan
69
Apr
May
6% Apr
11
Juno 10
Mar
Sept
1% Sept
14
21%May 22
55
25
62
Apr
Apr
60
n
(
16%June 5
12%June 16
36%June 10
%June 10
No par
6X % Pi A with (30
war-100
6X % pf A without war.
100
300
4,700
8%
receivership,
( per share
110
Year 1939
Highest
( per share
60 May 21
Range for Previous
Shares
40
47
47%
5
153% 154% *151
6%
36
57
152%
*8%
778
65
36
57
»u
*63
*7%
58
159% *117
9%
7%
»i«
9
*7
Range Since Jan. 1
On Basis of 100-Share Loss
par
4%
*8%
*12
*57
5%
13%
39%
*i2
Bid and asked
$ per share
57
*12%
*1%
*9%
*43%
*15%
*54%
7%
16
( per share
40
8%
20%
♦8%
Week
EXCHANGE
Lowest
22
4%
h
8%
7%
Aug. 30
141
47
STOCKS
NEW YORK
STOCK
he
*56
5
13%
40%
( per share
57
57%
*32%
Sales
Aug. 29
*117
47%
*12%
Aug. 28
Friday
56
40
5
*39%
*i2
Thursday
( per share
CENT
for
Aug. 27
*32%
*46%
5i8
PER
Wednesday
141
*117
22
SHARE, NOT
Tuesday
$ per share
*19
^
SALE PRICES—PER
Aug. 26
( per share
*117
HIGH
12
Jan
Sept
117$ Oct
200% Sept
1478 Sept
15% Sept
11% Jan
71
Aug
48% Jan
1978 Jan
3% Sept
21
50
18
Aug
Apr
Apr
28
June
47
9% Sept
46% Dec
17%
Jan
60
Jan
Sept
74% Sept
24% Sept
Called for redemption.
Dec
Sa urday
Monday
Aug. 24
Aug. 26
Aug. 28
7
*6%
7
7
35
*33%
35
*34
35
34
34
130
130
133
*130
133
*130
133
*6%
*2
*129
95%
95%
177
*176
*176
23%
24%
2434
*41%
42%
18%
42%
18%
43
I884
243g
1834
42%
18%
*18%
5
8%
1%
*1%
*4
78%
1%
*3
3%
*3
3%
13%
*12
13%
29
*28%
*3%
22
3%
3%
13%
*49%
12%
2%
147g
*14%
*90% 100%
23
*22%
3%
52
*44
44%
6%
6%
*61%
*8%
*7%
*27
3%
*3%
3%
300
17 2d preferred A
No par
23
3,100
4
4
1,500
American Hide A Leather... 1
3
May 28
50%May 3
6% Apr 23
50
23
May 24
38
14
4
378
378
28
*25%
27%
*25%
28
51
*50%
51
51
5034
13
52%
*49
52%
11%
3%
52%
5234
£51%
51%
900
44%
45
£44%
44%
1,100
14,500
3634
37
56
*55
144
*140
22
22
*1134
*12
*72
*16
I684
*16
*55
*140
12%
21%
*1134
12
*12
13
13
13
74%
1634
*72%
*15
*73
*15%
*12%
13
7278
727g
*73
17
*15
1,600
75
17
*15
400
•
7278
American Stores
American Stove Co
100
"3",100
400
2,300
Am Type
May 21
Cable..No par
12.60
85 dlv pref
..No par
Andes Copper Mining
...20
20
12%May 21
107 June 4
May 21
5
l%June 17
26%
700
Anaconda W A
15
14%
14% *14
*14%
1434
15
*14%
1434
*112% 113%
112% 113% *112% 113% ♦112% 113% *112% 113% *112% 113%
*8
10%
*8
10%
*8
10
*8%
10
*8
10
*8
10
400
AncborHock Glass Corp.
14%
27
»10178 104
"4%
4%
39%
75
*39
*35
31
*734
8
*4%
4%
*68% 102
*30%
*5
26%
39
*35
75
3034
3084
*7%
*4%
7%
4%
*68% 102
34
*33
34
89
*88
89
1434
47%
*47%
*8%
*10%
14%
11%
*8%
*10%
22
21%
*107% 110
*107%
22
7%
*7
7
47
4%
*4%
42
75
*30%
*68% 102
5
5%
*61% 65
8%
4%
*4%
*70
6
*62%
34
♦333s
89
88%
42
*39
*9%
*4%
10%
5
25
*22
7%
*27%
8%
28%
115
*112
22%
*22
42
10
*4%
*21
*734
*27%
*112
*22
8%
28%
115
22%
*106% 112
32
114
*734
29%
19%
*51%
*2914
76%
*119%
*20%
17%
*734
8
♦104
114
*784
34
36
*4%
114
8
*21
200
7%
*27%
♦111
3%
5
9%
5
484
*23%
*734
32
8
3078
2934
19%
54
307g
76
7634
2984
19%
*51%
*104
112
114
119% 120
*113
734
""506
114
114
8%
*8
*1934
*51%
85
300
100
5,200
20
1,500
55
*29
31%
31%
"""600
77
79%
78
80%
78%
77%
121% 121% *120% 121%
19,900
734
68
*20
1734
734
22
1734
31%
8
7S4
500
100
19
600
8
1734
600
18
18
*16%
*11%
13
*11%
13
68
68
*63
75
18
*16
13
68
$ In receivership,
a
preferred w w
5
..No par
......100
26
No par
x-warrents.No par
RR
.....60
Beech-Nut Packing Co
20
Beidlng-Hemlnway
No par
Belgian Nat Rys part pref
Bendlx Aviation
6
Beneficial Indus Loan. .No par
pfd82.50dlv ser'38No par
No par
Bethlehem Steel (Del).No par
7% preferred
100
Blgelow-Sanf Corp Ino .No par
Black A Decker Mfg CoN) par
Blaw-Knox Co
No par
Bliss A Laughiln Ino
6
Blooming dale Brothers.No par
Pr
55
22
*20
Beatrloe Creamery
Preferred
30%
30
1934
Ino
preferred
20
Def. delivery,
Beet A Co
Blumenthal A Co
n New
Apr
97
27
30
22
22
May
3% Aug
3384 Apr
Mar
60
43% Apr
4
81*4 Sept
Apr
4
7% Sept
11
5%
9% Jan 4
July 23
Jan
Apr
6%
Jan 11
9
Apr
73
102
70
Jan
85
8
Jan 10
41
45
Mar 20
80
Apr
Apr
80
May
Jan
21
Sept
57% Apr
23% Jan
May
7
43%June
5
7
67
May 23
112%June 11
4
May 21
17g Feb
10
4
7
May 21
Aug 16
l2%May 23
2%May 15
3%May 15
22% Apr
22% Apr
27%May
110
*49*4 Dec
16
Apr
684 Aug
9% Aug
Jan 25
978 Mar 19
Feb 14
61
80%May 13
124% Jan 10
4
6% Mar 4
32% Mar 4
8% Mar
8% Apr 15
1978May 10
0% Jan 2
8
Jan
18% Sept
104% Apr
7
Apr
43% Apr
50
Aug
116
June
4%
2
10
Apr
Apr
Nov
3% Aug
9% Aug
37* Aug
4*4 Sept
7%June11
147g Jan
11% Deo
May 21
52fs Jan
49
8t2May 21
May 15
16% Apr
8% Jan
10% Aug
6
Apr
May 21
29% Mar
24%
7%June 10
13% Jan
11% Aug
20%May 21
3084 Apr 17
15%
lll%June 10
18%May 21
116% Mar 12
109%
Oct
3584 Apr 10
112% Apr 22
105 May 7
32
Apt 11
127
Jan 34
17
Apr
Apr
20
preferred......—60
Bayuk Cigars
Apr
Apr
1%
21
90
4
...
Apr
884
8
Corp—.....10
Brothers
N« par
Beech Creek
32
*51%
sale on this day.
*29%
5H%
Apr
3
24
3
20
20
7
34
BarnsdaB Oil Co
1st
31%
*11%
13
75
300
112
*104
30%
•
...100
preferred
Barker
100
2,300
31
*16
*65
8%
4%
400
5
24
*51%
1734
778
*11%
484
24
19%
*17%
13
114
Ohio........100
Baltimore A
Barber Asphalt
29%
1734
734
70
32
No par
Del (The).3
t«... 13
Baldwin Loco Works v
200
19%
55
18
*17%
112
86 prior A
Aviation Corp. of
par
10%
*10
30%
22
—No par
Atlas Powder
120
19%
*21
50
41
41
500
29%
120% 1207g
...5
Bangor A Aroostook.......60
Conv 6% preferred.....100
8
8
734
28%
28%
2784
*112% 115
115
*23
2334
24
*106% 112
112
*7%
77g
21
21
434
25
*29%
*11278 114
77g
7,300
2,000
1,200
9%
25
*29
20,000
3%
*4%
*104
240
4%
15%
434
*23%
32
*
17%
4%
1434
17
9%
10%
112
*104
Bid and asked prices; no
15
3%
2234
23% *22%
2234
*106%
*106% 112
*106% 112
100
pref series A
6% preferred..—
Austin Nichols........ No
484
22%
200
4% conv
Atlas Corp
400
3%
£27%
800
....25
Atlantic Refining
200
9%
*112%
T,206
60
*4%
8%
1,700
100
6% preferred
Apr
13%
Apr 20
08
Apr
20%
35
25% Jan
9%May 22
2%
4%
4%
14%
24
100% Mar
8%June 6
9%June 5
18%May 21
102 June 24
5%
16%
*16
28%
"""2OO
100
RR—100
1
88 Lines
2%
*9%
778
Ati G A W I
Feb
Apr
Apr
Apr
Apr
Aug
May 21
13
Fe_.lG0
5%
10
*27%
6% preferrred
Atlantic Coast Line
85%
110%
7%
04%
Apr
4
39%May 21
.........100
6% preferred
Atch Topeka A Santa
2%
2%
*112% 115
6% 1st preferred.......100
7% 2d preferred
100
Assoc Investments Co. No par
5%
*5
10
8
28%
900
3,400
116%
♦114
41
10
5
115
*112
4,300
_
5% conv preferred.....100
Atlas Tack Corp......No par
114
784
6
May 21
35 May 21
58% Jan 4
22%May 21
6%May 22
3%May 22
96% Jan 12
4%May 22
65
Aug 29
49i2May 22
29%June 18
82 May 23
No par
Arnold Constable Corp
6
A/tloom Corp
No par
7% preferred
..100
Associated Dry Goods..
1
200
6
4
100
—
June
97%June
pref...No par
86 conv prior
260
114
23
Mldl'd.No par
Armstrong Cork Co
100
88%
88%
40
*63
13
75
*33%
887g
40
*1034
*1034
34
*88
41
*16
*63
64
*39
18
*16
*
112
29%
30
29%
19%
1934
19%
*51%
55
55
*29
31
30%
76%
77%
77%
120% *119% 122%
*20%
22
22
18
17% *17%
*734
8
8%
18
*16
64
25
*38%
*9%
5
25
32
114
65%
68
15%
16%
15%
15%
1478
15%
14%
1434
49
49
48
47
48%
47%
47% 47%
11%
12%
113s
11%
11%
11%
11%
11%
11%
*8%
10
*8%
10
*8%
10
*8%
10
10%
12
12%
12
*10%
12% *11
12%
12% *10%
21%
2134
21%
21%
2184
2184
2134 21%
22%
*107% 108% *1c7% 108% *107% 110
*107% 109
109
7%
7%
7
7%
7
7
7%
7%
7
48%
48%
47%
47% *47% 48%
47% 47%
47%
63%
63%
*60
63%
63%
*62%
63
63% *62
*106% 112
*104
112
*29
65
14%
10
~2~ 700
65
48%
*38%
500
*62%
65
65
34
8834
46%
*59
63%
*60
116%
116% *114
*114
116% *114
116% *114
*5
578
5%
*5
5%
5%
*5
5%
2%
3%
*2%
*2%
2%
*2%
2%
*2%
17%
*16
16%
16% *16
16%
*16
17%
4%
4%
4%
4%
4%
4%
4%
4%
1434
15%
14%
14%
14%
1434
14%
14%
3%
3%
*3%
3%
3%
3%
*3%
3%
4%
434
4%
4%
*4%
*4%
4%
*9
9%
*9
9%
9
9%
*9
9%
*46
500
5%
65%
5%
Co Inc
7% preferred
l'ooo
102
*70
5%
5%
53g
*61%
4%
4%
5
102
A P W Paper
"
31%
8%
8%
8
8
8%
4%
75
31%
31
7,300
1,200
484
4234
4234
3%
28%
41% Apr
May 21
8
ArmourACo(Del)pf7% gtdlOO
Armour A Co of Illinois
6
*35
75
3078
*68% 102
64
88%
31
Archer Daniels
200
4%
4%
42
4134
*35
200
108
*104
104
4%
434
42
*35
30%
784
4%
30%
7%
*33
70
*88
11%
10%
12
434
42
64
*33
11%
103
75
70
*64
1434
*28
4%
40%
5%
65
5%
*64
47%
28
103
*35
*61%
5%
*61%- 65
28
*102
""*566
2984
2934
2934
28
20
2%
2%
234
*2
284
103
*26%
4%
4%
39
*2
234
*102
*101% 103
26
*2
234
*26
2%
2%
*26
26
*14%
14%
*2
25%
4% Sept
8% Apr
Apr
4% Apr 10
26%
25%
Apr
Oct
Sept
78
8
22% Mar 8
113% Aug 23
1584 Apr 12
2634
2O84
8
4
18
*24
20%
*22
5% Apr
12% Jan
Mining..50
Anaconda Copper
Apr
132
June 10
19",600
203s
25%
3
35
21%
20
May
52% Apr 23
8% Apr 10
45% Apr 22
32
Apr 9
100
Amer Zlno Lead A Smelt...
85 prior conv pref
25
Apr
75%
9
26%May 21
4%May 22
No par
*32
*22
91% Apr
4
Apr
148
73
89% Apr 15
101% Apr 15
12
Apr 23
x20h
21%
9
15%
75% Mar
137* Deo
175% Mar 12
151
Oct
20% Aug
8% Apr
Mar 13
18
Apr
69%
140
8
12
6
23
23
83%June 11
6
May 21
21%
2034
June
251* Aug
No par
42
20%
20%
25%
23% Feb
93
Feb
May 21
136
Preferred
2,400
1,400
14% Apr
17% Jan
Sept
35% Apr
127% Sept
2%May 21
5%May 21
86 1st preferred
American Woolen
"4"ioo
70
162%May
33% Jan
Deo
9
Founders Inc
10
Eleo.No par
Am Water Wka A
5,900
10>4
Apr 15
Feb 9
147
Apr
60
Jan
12% Mar
11% Feb 23
37% Apr 15
54
Apr 11
May 25
70
117* June
17% Jan
11
100
6% preferred
"""§66
21
*32
42
*32
42
*32
42
*32
42
Apr
81* Sept
140
Sept
Mar
70
9%May 22
May 18
12%May 28
70% Aug 20
ll%May 21
145 May 28
69 May 22
No par
Refining.. 100
Preferred
100
Am Sumatra Tobacco. .No par
Amer Telep A Teleg Co.—lOO
American Tobacco
.....25
Common class B...
25
American Sugar
42
*32
Apr
28
103
19%May 21
Net par
100
I6O84 161% 16034 161%
160%
16034 16034 160% 16078
*73
74
73
73
*72%
74
7212
7212 *72%
727g
73
75
73
73%
73%
73%
73%
73
74
73%
73i4
*145% 150%
*143
150% *145
150% *145% 150% *145% 150% *145% 150%
*3%
3%
3%
3%
*3%
3%
*3%
3%
*3%
3%
3%
3%
8%
8%
8%
8%
8%
8%
8%
87s
8%
8%
8i2
83s
*90% 100
*9078 100
*90% 100
*903s 100
*9038 100
*90%
95
9%
9
834
884
834
8%
8%
878
8%
8%
8%
8%
39«4 41%
39
39
38a4
3834
39%
3934
*37%
39
*37%
39
5
5%
5
5
5
5%
5%
5%
5%
5%
5%
5%
160% 161%
32
Jan
10% Jan
5l7gMay 22
139
Oct
21% Bept
3% Apr
63% Jan
54
May 15
100
112
5% Jan
May 21
..25
Apr
22% Deo
Mar
26
30%May 21
122
May 28
Amer Steel Foundries..No par
6,900
13%
12%
13
5
23
6% preferred
13%
11%
Co.-No par
Ship Building Co-No par
American Snuff
13
11%
21%
2134
*12%
13%
74%
16%
161%
74
74%
13%
Amer
57
2234
12%
13
21%
22
12%
American Seating
144
Apr
2%
4
Mar 19
121
9%May 15
Amet Smelting A Refg.No par
Preferred
.100
Aug
11
Mar 20
26
48%May 21
7
June
5
100
140
*55
144
Mill.....25
434 % oonv pref
...100
American Safety Rasor_.18.50
4,000
Aug
41
3
3
147s Jan
3% Jan
110
39%
*140
56%
57
63
200
7%
29
38%
13
Apr 24
22s4 Jan
300
29
*137
6% Jan 6
13% Aug 24
57
Apr 27
28%May 21
4%May 21
135 June 12
100
Preferred.
American Rolling
420
8%
*7%
<5 preferred
3,700
11%
64
*8%
138
138
138
144
213g
12
I684
*7%
*55
*11%
74
8%
*140
5534
144
21%
13%
*71%
13%
73
*1234
*137
138
*55
*140
6334
..No par
..No par
$6 preferred
Am Rad A Stand San'y.No par
......
1034
38%
38
8%
7i4
*136
56
144
*27%
10%
10%
63%
8%
7%
28
64
1034
64%
8%
7%
28%
38
27i2
10%
62%
*8%
7%
27%
162
*145
162
*145
162
*145
1012
7%
7%
7%
7
7%
6%
6284
*65
13%
3%
3%
*3%
162
3634
12U
3%
3%
52%
4484
7u
*1212
Amer Power A Light...No par
44
May 23
6
June
l2%May 28
90
July 3
20% June 11
2
May 15
34% May 21
6% conv preferred..
100
American News Co
No par
51
8*2
*12
60
------
23
23
52
*27
2V 0 par
900
*90% 100%
23
23
No par
Amer Metal Co Ltd
1,900
*90% 100%
23
Am or Maoh A Metals
400
16%
44
62
2I84
12%
13%
2%
16%
15%
15%
1478
*90% 100%
*2284
2%
16%
100
Preferred
Amer Maeh A Fdj Co-No par
25% Apr
41% Apr
1% Jan
141* Jan
3*4 Sept
1
Mar 29
37. Apr
12% Aug 29
41%May 31
10 May 22
38 May 25
10 May 18
l%May 15
American Locomotive..No par
4,000
1,600
1,700
278
*2%
278
*2%
35
50
5% conv pref
------
12
11%
12
18
1
Amer Invest Co of 111 new
300
*12
27* Mar
3
06% Apr
3
12
Apr 22
45%May 21
l%May 21
..No par
0% non cum pre!
100
Amer Internat Corp ...No par
600
1,300
1284
*49
52%
American Ice
------
3%
3%
3%
3%
1284
22
22
22
22
Products...!
American Home
500
1%
*134
1%
*134
1%
3%
6% conv preferred
------
12
1012
Apr
Apr
30%
3078
12
*145
Apr
30%
12
6%
Apr
5
10
*12%
57
6%
12%
4
8
12%
1378
3%
8
7% Jan
24% Jan
3078
56
*3%
28% Jan
12%
13%
44
2% Sept
484 May
17* Dec
8
2978
56
15
No par
..No par
Feb
01
0% Apr 16
2% Jan 8
May 21
17 preferred
Aug
5% Sept
0% Apr
15% Apr 18
91% Mar 25
9%May 28
Amer A For n Power
Apr
Dec
5
4
5
3% Mar
May
9
J6 preferred
..No par
Amer Hawaiian SS Co
10
13%
23
9% Apr
8% Jan
2%May 21
100
56
*140
*1234
600
3%
------
1278
3678
21%
200
15%
13%
23
138
*136
138
*136
1%
15%
56
27%
36i2
36
36
*1%
12%
10%
6212
8%
8
*27
*4
1%
55
6%
IOI4
62l2
*8i2
*734
10%
63%
8%
7%
27i2
10%
578
14%
9
Feb 23
13
27
22
17
15
21
1%
*4934
278
Amer European 8ecs___N« par
14%
12%
54%
*90% 100%
*144% 162
162
*146
57g
75%May
l%May
8%June
1
May
lO%May
American Encaustic Tiling... 1
200
1%
52%
*2%
*1334
6% 1st preferred
50
80
12%
54%
11%
*50%
6%
*4
13%
44
44
1%
•
10
100
30% Aug
13% Apr
14
*25
13%
3%
*50%
*76%
1%
3%
29%
378
3%
5178
3%
3%
*51
79%
*1%
*13
1234
*12%
5334
53%
11%
11%
2%
2%
16
*14%
*90% 100%
23
*22%
12
79%
*4934
*49%
*11%
2%
American Crystal Sugar
1%
*12
22
*13
12%
53%
300
23
*134
52%
53%
600
9
*134
*21%
33g
♦3%
2
*13
5%
9
2
22
3%
1334
52%
13%
6%
5%
5034
22%
6%May 18
4%May 18
8 May 21
9
51
*1%
*21%
3%
2
*1%
22
May 23
5%
28
50%
1091*
May 23
9
6%
51
50%
50%
140%May
112
*878
*24%
28
*25
28
50%
No par
*5
15
*3%
29%
378
29%
*334
29%
378
29%
4%
*3%
*24%
14%
*12
13
*12
*1%
*3
3%
100
*5%
5
*4
1%
*14
15%
112% Apr 22
100
*5%
1%
5
*1%
1%
*1%
*14
May 21
NJ25
American Colortype Co
10
Am Comm'l Alcohol Corp. .20
80
15%
*4
578
*4
1%
1534
13%May 28
34
Am Coal Co of Allegh Co
American Chide
100
------
Apr
Sept
10% Aug
100
5% conv preferred
*5%
6%
13
83%
150
100
100
Am Chain A Cable Ino-No par
100
2% July 18
116% Jan 29
177
July 19
33%May 10
51% Jan 2
23% Jan 3
Preferred
800
10584 105®4 *105% 10784
*121% 124%
per
May 28
May 21
9%
*76%
1%
1%
*1%
5%
*1%
*14
79
79
80
*79
May 27
18
Preferred....
100
5
*834
*1%
8%
100
164
1% Aug 13
87 May 21
6%
5
9
5
9
May 24
1,300
13
*534
5
78%
5%
*8%
May 21
6,900
19%
19
19
13
♦8%
5
*5
900
*121% 128
*5%
6%
*5s4
6%
*584
13
*5%
13
*5%
9,100
127
*122
127
*122
122
122
2
19
1834
18%
28
128
American Car A Fdy_.No par
10
2
5%June 26
1
Fdy.No par
5% % oonv pre!
100
Amer Cable & Radio Corp__l
American Can
25
Am Brake Shoe A
133
2
107% *105% 106% *105% 10734
107% *105
*120% 122
13
*5%
6%
*584
2434
4234
*23%
*105
177%
American Bosch Corn
100
36%
*130
Highest
9 per share 9 per share
share
8
Jan
3% Aug
9%May 3
67% Sept
31% Apr
45% Jan 3
140
Aug
125
135 June 28
Apr
$
8 per share
Par
1,000
7
7
*34%
Year 1939
Lowest
Highest
Lowest
133
*130
1%
1%
96%
97
96%
97
96%
96%
178
*176
178
176% 17634 *176
25%
24%
25%
2478
25%
24%
44% 44%
*43
43%
4334
43%
95
95
Shares
35%
♦3378
2
2%
95
*94%
178
*176
2
2%
2
2%
9 per share
9 per share
7%
6%
7
*33
On Basis of
EXCHANGE
Week
Aug. 29
$ per share
$ per share
7
*6%
$ per share
$ per share
NEW YORK STOCK
he
Thursday
g. 27
A
8TOCKS
for
Friday
Aug. 30
Wednesday
Tuesday
\
Ranoefor Previous
Jan. 1
10O-Share Lots
Range Sinai
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
LOW
1237
Record—Continued—Page 2
New York Stock
Volume
105
102
May 28
June 17
29%May 14
102
May 22
7%June 11
97* Apr
63% Feb 27
67% Apr
36% Apr
22% Mar
60% Jan
24%May 28
17%May 22
49% June 25
22%May 21
63%May 23
l09%May 22
14 May 21
15 May 15
5%May 15
l3%May 21
11 May 14
pref—...100
stock, r Cash sale. * Ex-dlv. 9
39
Jan
9
2
9
13
18
3
89%May 10
125%May 10
34% Jan 5
22% Apr 4
11% Jan 4
23% Jan 3
10
80
8
Mar 2
Apr
98
Dec
Apr
Apr
27% Sept
1047* gept
7%
52
16%
177*
48%
32
Apr
Nov
Apr
Apr
Apr
Sept
50% June
99%
157*
14
81*
Apr
Apr
Apr
Apr
22
Dec
13%
Deo
35
Apr
Ex-rights. T Called for redemption.
New York Stock Record—Continued—Page 3
1238
LOW AND HIGH
SALE PRICES—PER SHARE,
NOT PER CENT
Aug. 24
I per share
I per share
Tuesday
.
|
138s
13%
13%
13%
27
26%
26%
♦105
106
*55
60
*22%
23%
*18%
16%
1«
18%
16%
16%
*1%
Aug. 27
)
13%
*26
Wednesday,
Aug. 28
|
$ per share
$ per share
27
*32
,
13%
26%
13%
26%
60
*55
23
18%
16%
*1%
34%
18%
105
60
*55
60
*55
23%
18%
23
23
23
23%
18%
18%
18%
18%
16%
1%
16%
16%
1634
17%
*1%
1%
*1%
35
*32
*33
*1%
*33
33%
105
*104
105
*55
1%
26%
1%
33%
60
*55
24
19
17%
*34
35
8
8
8
7%
7%
*105% 108% *105% 108% *105% 108% *10514
*3%
3%
3%
3%
3%
*3%
3%
*38
*38%
41
39% *39
*38% 39%
5
5
5
5
5
5
5%
8%|
7%
108%J
3%'
40
17
1%
35
1,300
2,700
"""260
*27%
28
27
28%
29
29%
2934
31%
27
*26%
27
27
28
28%
30
*17%
7%
17%
7%
17%
17%
17%
18
18
18
7%
2%
*7%
4%
*18%
4%
2%
7%
4%
2%
7%
*412
7%
2%
7%
4%
18%
*4%
4%
18%
18%
4%
7%
4%
*6%
*7
*53%
*10%
*55
57
*7%
6%
57
*55
11%
*10%
11%
*10%
16%
*16
16%
*47
53
*1
53
1%
5%
*12%
5%
13
16%
*47
57
11%
13%
13%
13%
*36%
3%
*33%
37%
*36%
37%
3%
3%
*36%
3%
34%
3%
3%
13%
3%
37%
3%
34%
4%
*33
34%
*3%
4%
*37%—.
*87%
89
*37%
*27
*27%
2%
88%
28%
2%
47%
*37%
....
*88
88%
28%
2%
*38
89
88%
*27%
27%
2%
108
*107
109
*107
109
109
109
*109
43%
44
28%
44
28%
28%
44%
28%
6
6
6
*50
57
*50
52
17%
*16%
17%
*16%
17%
■
2
2
*111
*2
3
*4%
*2%
*3
*4%
4%
*234
3
102
*88
*88
23%
*3%
21%
*3%
*20%
4%
21%
*19
21
*19
21
*102
103
*102
103
*102
*21%
23%
*21%
23%
*21%
16%
*13
*13
4%
38%
16%
4%
39
*91%
97
97
*91%
1
3x«
38%
*91%
*1%
*%
a
»ie
%
38%
1%
*1%
1
*7,
*7
3ia
♦%
8ia
*%a
4%
8
*7
3ie
*%
"%
*4%
*%
*%6
30
30
30
*29
*42
46
*42
46
46
3ie
*%
3ia
*%
4%
4%
23%
21%
%a
1
*7g
7%
*%
*%
7%
%
*43%
*%
47%
318
71%
10%
124
*
63
*112% 113
*33
34%
*76%
78
*46
*26%
33%
*133
....
27
33%
142
33
*....
*....
113
90
"2%
33%
124
*
63
*
113
63
*76%
*46%
26%
78
26%
33%
142
33%
*133
104
*58
90
*32
33
267g
33%
142
*76%
*46%
26%
34
*133
104% *103% 105%
58% *58%
58%
10%
10%
*99
993g
99%
99
99
*21%
23%
23
22%
22%
15%
*15%
*2
3
*2
3%
*2%
*2
3%
*2
15%
3
*22
*108% 111
10%
142
*133
105
105
105
*58%
10%
*98%
23
58%
10%
99%
*98%
23
*23%
11
*2
3
*2
3
*2
3%
*2%
*2%
19%
19%
3%
37g
*2%
*2%
19%
19%
5%
20
19%
19%
2
20
20
81%
*79%
8134
*80
81%
82
*68
82
*68
72
70%
*76%
78
*76
78
*76%
*3%
*17%
30%
20
*3%
*17%
4-%
18%
30%
30%
9934
19%
5%
*8034
77%
76%
*17%
30%
18%
30%
17%
*30%
*95
99%
*95
*4
37%
*4
38
16%
2
*68
5%
63
37%
19%
5%
70%
76%
5%
8034
*65%
*76%
4%
18
*17%
31
9934
I97g
19%
5%
80%
71
*95
8184
37%
*4
30%
37%
78
4%
18%
20
t In receivership.
"3", 200
800
""800
58%
11%
2,400
99%
24%
*80%
31
38
7
Apr 16
3% June
3% Apr
3% Apr
85% June
94% Mar
122% Mar
64% Sept
30% Dec
109% Aug
19% Jan
72% Mar
30% Sept
5%
Jan
113% Aug
12% Sept
14% Sept
6%
96
Oct
Sept
41% Jan 10
32
8% Feb 15
36% Feb 15
13
Jan
22
8ept
47%
Jan
21%Mqy
8
18
Sept
22% Sept
9
98
Apr
Apr 18
Mar 23
Apr 3
Jan 8
Jan 16
Jan 3
Jan 24
Jan 4
17
Aug
106
May
3034
29%
478
42%
97%
2%
2%
12%
June
5% Aug
6% Apr
£3% Dec
27
Apr
85% Oct
1% Sept
1% Aug
9% Apr
% Apr
% June
% Dec
62%
Jan
105
Dec
30
Jan
21%
Oct
29% Sept
47% Sept
95% June
4
Sept
4% Sept
14
Oct
% Sept
% Feb 28
3s
100
% Feb 28
*4 Jan
tChlcago A North West'n. 100
%May 13
%May 21
8%-Aay 15
23%May 21
1% Jan
1484 Jan
10
% Dec
Apr
3% Sept
20% Jan
3578 Jan
30% Aug
41
50
44
3912 Sept
50% Nov
% Sept
100
Chicago Pneumat Tool-No
$3
conv
par
preferred..-No par
Pr pf ($2.50) cum dlv No par
tChlc Rock Isl A Pacific.-.100
7% preferred..
6% preferred
May 22
«8
Jan
Mar
% Jan
%May 20
% July 23
...100
Jan
% Apr
%
100
% May 21
7%May 21
11% Mar 28
9
16% Apr 15
6% Mar 25
33% Apr 3
91% Apr 8
14% Jan 26
Chlckasha Cotton Oil
Childs Co
10
No par
Chile Copper Co
25
Chrysler Corp
City Ice A Fuel
6
May 21
1% Aug 28
20
Aug 16
100
63%May 28
9% Aug 15
88
Aug 7
City Investing Co
City Stores
Clark Equipment
100
45
May 18
5
2
No par
24
100
124
May 15
May 21
July 8
No par
6% preferred
100
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The).l
Clev A Pitts RR Co 7 % gtd.50
Specialgtd 4% stock.
Climax Molybdenum..No
50
par
Cluett Peabody A Co..No par
Preferred
100
56
June 19
108
May 21
26
May 21
May 16
98
Feb
Aug
it Aug
% Jan
6
Jan 30
£60
Aug
% June
4% Apr 26
40% Apr 18
124
July
8
65
Mar
6
114% Jan 10
43% Mar 8
7% Apr
10
Apr
4% Dec
Apr
Apr
94% Oct
14% May
Jan
97% June
9
79
46% Sept
2%
140
Apr
Apr
May
68
15
58
4%
34%
Sept
Mar
Oct
Oct
140
May
Feb
69
Feb
106% Sept
20% Apr
115
Sept
46%May 16
48
Mar 26
42
Jan
25%May 22
25%May 21
May 22
142
Feb 14
125
1
4
15% Sept
13% Jan
63%
69
41% Apr
45% Apr
Jan
41
Mar 28
131
1%
1% Sept
9% Mar
Apr
80
74
1% Sept
1% Sept
25
34% June
21% Apr
Sept
105
Sept
Feb 27
68
Jan
11% Apr
200
94
June 10
100
Collins A Alkman
16%May21
Feb
39
Oct
78
Mar
45% May
60%
Jan
38
Dec
135
Mar
July 22
200
""906
10
1,900
100
20
200
No pa
5% conv preferred
100
Colo Fuel & Iron Corp .No par
Colorado A Southern
100
4% 1st preferred
4% 2d preferred
108
May 23
12%May 21
l%May 15
May 17
May 22
4
4
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
Columbia Gas A Elec.-No par
16
May 21
16
May 21
6% preferred series A._. 100
5% preferred
100
Columbian Carbon
$2.75
v
v t c
t c
No par
No par
preferred.No par
conv
4%May 22
67%May 28
3
69
June
71
May 29
3%May 21
14%May 24
27%June 10
100
95
June 13
32
June 10
97
June
60%
60%
30%
10
Commercial Sol vents ..No par
4
500
$6 preferred series...No par
May 21
%May22
42 May 21
6,200
Commonwealth Edison Co-.25
25%June 10
Def. delivery.
4
5
4H% conv preferred
200
484 Apr
6% Apr
Comm'i InvCot Trust..No par
$4.25 conv pf ser *35.No par
4,500
7,100
May 10
2
Commercial Credit
1%
24
2
1.500
9%
8
112% Feb 10
100
2~800
1%
35% Apr
100
Columbia Plct
'"400
9%
a
Mar
Oct
18% Apr
2% Apr
103% Sept
Feb 21
103% 103%
30%
6
100
7% Aug
58
Mar 30
99%
39
1
20
4%
18%
31%
May
Apr
63
600
77%
#4
12% Feb 15
72
26% Apr 22
3% Jan 3
114% Mar 9
678 Apr 6
1134May 10
13% Apr
84
131
6,400
77%
8
10%May 21
69%
*17%
Apr
99%May 21
66
May 24
5%
82
119
Coca-Cola Co (The)..-No par
Class A
No par
19%
69%
%May 28
11834 Jan 6
5612 Jan 4
35% Apr 29
2% July
63% Aug
110
Apr
38% Apr
Colgate-Palmollve-Peet No par
$4.25 pref
No par
100
3
37g
19%
7gMay 15
8%May 21
3
par
$5 preferred
...
105%
*95
30%
38
103% 103% *102% 105% *102S4 105% *102% 103%
9%
9%
9%
9%
9%
9%
9%
9%
1%
1%
1%
1%
1%
1%
1%
1%
*58
59% *59
59%
59%
597g
*58%
60%
30%
30%
30%
30%
30% 30%
30%
30%
♦Bid and asked prices; no sales on this day.
50
100
142
*108% 111
*108% 111
17
17
*15%
16%
*2%
20
58%
3%
20
38%
*133
5
CCC A St Louis Ry Co
...
3%
*79
38%
*._—
3
5%
*95
124
*2
5%
30%
700
*2%
19%
100
33%
*2
3%
3%
19%
15%
*19%
37%
37%
*103% 104
9%
9%
1%
1%
*58%
59%
30%
30%
1034
*108% 111
5%
*95
32 34
15%
19%
4%
100
15
19%
5%
142
*58%
*108% 111
2%
...
10%
99%
*2%
*19
63
84% June 17
6M% preferred
90
2%
*113% 115
*113% 115
*33% 34% *33%
34%
78
78
78
*76%
78
*46%
*46%
27%
2738 27%
27%
27%
34%
34%
34%
*34%
347g
58%
24
30
33%
10%
111
5,900
*44%
63
*58%
*21
300
2
25
*113% 115
10%
*99
19%
300
58%
*108
*15%
15,800
33%
3%May 22
Jan
Chicago Yellow Cab...No par
10%
*
30%May28
100
Preferred
75%
124
No par
25
tCblc Mil St P A Pao..No
10%
124
5
300
73%
*
No par
2,800
10%
32%
3%May 22
Cab Mfg
3ia
73%
*86%
22%May24
15%May 21
15 May 28
99%June 22
17%May 22
10% June 10
Cham Pap A Ftb Co 6% pf. 100
^Chesapeake Corp
Chesapeake A Ohio Ry
May2l
2% Aug 29
July 12
90
1
»xe
72%
*10%
*86%
*44%
*2%
23g
105%May 22
100
No par
Chicago Mall Order Co
10%
2%
Cerro de Pasco Copper. No par
200
10%
June 10
42%May 15
20 May 21
4
100
Preferred series A
737g
90
Celotex Corp
100
tChlo A East 111 Ry 6% pf.100
tChlc Great West 4% pf..l00
10%
10%
1%
*21
100
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7% prior preferred
100
Common
72%
10%
J3*
Sept
Checker
25
Sept
Sept
6 % prior preferred
Chain Belt Co
*21
£43
4
1
100
Certaln-teed Products
*10%
1%
Sept
4
600
"466
Jan
8
75
990
%
June
39%May 23
4%
23%
sie
6%
33
"2",300
10
47
41% Sept
85% July
24%
*%
*8%
May
91
3% Sept
10% Sept
17% Jan
20% Jan
Apr
Preferred
11
2
*
78
sxa
%
45
4
1
3
July
Apr
Central Violeta Sugar Co
25
33%
*76%
3ie
9%
-
Apr
36% Dec
3% Sept
29i2 Sept
4% May
35
July
6
Jan
Sept
63
13%
2%May 18
*10%
1%
*44%
*2%
£32%
33%
26%
33%
*%
*8%
*86%
*32%
8ia
%
90
*112% 115
8ia
9%
8
12
Apr
Apr
17%
30
77
JCentral RR of New Jersey 100
100
Apr 17
6% Mar
40% Jan
9%
6% Sept
16% Nov
84% Nov
1
l%May 15
106 June 12
3ie
Ap,
7% Sept
Sept
9% Jan
23% Mar
20
9
Central Foundry Co
1
Central 111 Lt 4H% pref..l00
48
*%
7
20% Dec
18% Jan
Aug
600
*44
2% June
25% Apr
11% Aug
Jan
34% Mar
3234May
3% Jan
Aug 15
47%
3ie
1
3
May 21
*44
3
3
4
9
Apr
Apr
30
76%June
June 15
100
*%
36% Aug
5
31%
1878
434 Aug 28
June
1
Apr
6% Mar
Jan
Jan
6% Nov
22%May 21
2
May 24
5
17
*30
11
8
66%
Carpenter Steel Co
48
700
15% Aug
21% Apr
11% Apr
678
7% Jan
Apr
Apr
Sept
Carolina Clinch & Ohio Ry 100
No par
100
MOO
12% Jan
6% Apr 22
13% Apr 22
3
40
July 16
2%May22
3%May 23
Century Ribbon Mills.No par
3ia
7
4
29%
34
1
100
11
13% Jan
106% Aug
ll%May 21
Assoc .No par
3,200
9,200
41
25% Nov
% Feb
478 Aug
May 21
29%May 28
10
Jan
Apr
Feb 21
Feb 21
Apr 18
23% Apr 3
1
4%May 21
May 21
11
15% Dec
Apr
Apr
Apr
94*4
33% Aug 30
2678
52%
178
8%
19%
Jan
9%
13% Apr
48% Mar
6% preferred
20
May
6% Jan
4434 Jan
6% Feb 17
Mar
Jan
7
10% Feb
111
13%
31%
Apr
Apr
Feb
Mar 13
Central Agulrre
*%a
10%
May 21
160
*21
124
104% 104% *104% 105%
10%
10%
34%
*133
%e
3I8
3xe
8
May 21
400
*29
*%
2%
20%
72%
10%
*33
*46%
1,700
103g
31%
*8%
*44%
*2%
33
3ia
*%a
46
*10%
1
%
31%
11
*44%
*2%
3ie
*30
25
2%
33
*%
3ie
31%
*10
90
xa
h*
*10%
2%
*20%
.....
200
103
7%
10%
10%
2%
25
71%
1,
9
14
60% July 25
No par
500
103
*7g
10
*16
*86%
*1%
100
25
Carriers & General Corp
21
*7%
*%
*7ia
10
%
9%
*44%
*2%
*32%
17g
1
3%
8
*1%
Call all an Zinc Lead
Case (J I) Co
Preferred
102
8
1%
50
500
60
25% Jan
37% Apr 30
29% Apr 6
1334 Jan
81% Jan
15% Jan
800
1,200
Jan
23% Apr
'
4,300
2
6%May 22
39
May 22
No par
5% Sept
734 Aug
4% Sept
34% Oct
7% Feb
60% Dec
30% Aug
17%May 28
2%May 24
No par
Jan
1% Apr
19% Apr
27
6
Byron Jackson Co
32
Aug
30
California Packing
Apr
53
5% conv preferred
Capital Admin class A
$3 preferred A
50
3
May 21
Dec
Aug
18 84
63% Dec
41% Apr
1% Apr
7% Apr
Butte Copper A Zinc
""160
*19
7% July
2
5%May 21
4%May 21
24
22
5334 Apr
Byers Co (A M)
..No par
Participating preferred.. 100
3%
484
4%
40%
97
*%
71%
*4%
2234
21
10
200
122
4%
39%
*9134
*1%
*7g
*%
*10%
*86%
4%
23%
1
....
dep7%pf.l00
Cannon Mills
16%
*8%
72%
10%
24%
Burroughs Add Mach. .No par
Bush Terminal
Jan
Jan
Aug
21% Jan 10
Jan 19
Jan
12%
16%
41
33
20
51
15%
31%
17%May 21
3%May 22
121% Dec
Apr
12%May22
100
23%
%
71%
24%
6%May23
Jan
100% Sept
31
1
Canada Sou Ry Co
Canadian Pacific Ry
*13
9%
*10%
*86%
*88
May 21
14%May 21
Jan
28%
Sept
39% Feb
No par
5~300
2%
13%May 21
27
34*4
16
16% Apr
Bulova Watch
Burlington Mills Corp
2,300
100
Maris
share
16% Aug
13% Apr 29
23*4 Apr 8
378 Aug
24% Aug
5
May 28
Campbell W & C Fdy__No par
Canada Dry Ginger Ale
5
400
8
3
4
114% Aug
Jan
May 23
May 21
Calumet & Hecla Cons Cop..6
"
37%May
3
1% Jan
3
6% preferred.
14%
15
1
3
20
25
27
13% Jan 30
49
21
Butler Bros..
~~2,300
28% Apr
29%May
123% Jan
70% Mar
29% Apr
24% Mar
25% Jan
234 Jan
7
Highest
$ per share $ per
Bullard Co
300
400
Lowest
No par
No par
Bush Term Bldg
10
May 23
97
500
*22
*%
10%
2%
20%
4%
*2%
102
*102% 103
*102% 103
*22
22%
*21% 23%
*13
*13
167g
167g
4%
4%
4%
4%
4%
39
38%
3834 39%
393g
97
97
*9134 97
*91%
*%
2%
*3
Budd Wheel
180
<•
4%May 23
8
May 21
No par
100
3,100
37%
3%
35%
4%
37%
88%
29
2%
48%
12%May 21
1
May 18
26 May 22
5
100
6%
16%
*8%
*10
1
Bucyrus-Erle Co
7% preferred....
Budd (E G) Mfg
7% preferred
par
13%
23%
%a
2%
*20%
4%
22 34
7%
*111%
3%
4%
2%
4%
24
*2
....
2%
*19
21
17%
2%
*3
2,400
11,000
2,700
1,200
2,100
1,100
2%
45%
29%
117% 117%
6%
6%
52%
52%
17%
17%
53
17%
2%
20
18
45%
287g
103
9%
*%
*8%
*50
*88
24%
*19
*7,
10
47g
3
102
24%
»ia
na
%
10%
*29%
*10
3%
47g
*2%
3ia
10%
44% * 45
28% 28%
117% 117%
6%
6%
*111%
*88
21
16
*10
*%
*%
4%
3
102
3%
21%
*12%
*4%
38%
2%
*3
23%
*18%
17%
2
3%
3%
21%
4
21%
23%
52%
*111
23%
23%
*23%
52
*17%
2%
*111
3
45
29%
117% 117%
6%
6%
117% 117%
57
7%
2%
47
6
*%
89%
27%
47
*16%
*7
....
47
*45
1%
*3%
37%
88%
28%
*2%
47
28%
117% 117%
*5%
6
*1%
4%
*34
47
*43%
5
3%
*3%
*37%
*88%
27%
*2%
3%
108
109
102
2%
2%
*3634
47
44
*2%
88%
28
37%
3%
35%
47
27%
*4%
3%
3%
*34
20
1,300
1,000
47
44
*88
34
3,900
16%
53
1
No par
Transit
No par
11
6
June 10
17
Brooklyn & Queens Tr_ No par
Bklyn-Manh
No
300
13%
13%
12% Aug 16
19%May22
99 May 23
51%May 22
17%May 28
38
—5
Brooklyn Union Gas
1,500
1,400
6
$ per share
13%May 22
27 May 22
Brown Shoe Co
4%
7%
57
11%
13%
13%
57g
*13
$ per share
Co
5
Brewing Corp of America
3
Bridgeport Brass Co
No par
Brlggs Manufacturing .No par
Brlggs A Stratton
No par
Bruns-Balke-Collender.No par
19%
47
27%
3%
3
34
....
27%
*2%
1%
6
..100
Bower Roller Bearing
"""206
7%
434
1
1
1
Borg-Warner Corp
"Tooo
16%
*49%
10%
16%
1
15
6
$6 preferred series A .No par
4%
7%
*55%
53
13
13%
*3
10%
16%
*49%
5%
12%
13%
13
9,800
*18%
57
.1%
57g
~4~600
7%
*4%
4%
7%
57
*1
*36%
*111
11%
16%
1734
7%
2%
30
19
434
7%
53
900
5%
33%
30%
7%
2%
7%
4%
*18%
4%
7;
57
5%
12%
13%
3%
2%
18%
1
13%
*2
*4%
5%
37%
117%
4%
*47
4%
6%
*7%:
12%
1
3%
*117
16%
53
19
*7%
*2%
7%
7%
4%
18%
4%
6%
*55%
*10%
16%
5%
13%
*107
7%
2%
7%
2%
5%
32%
18
31
2934
*17%
12%
*35%
*2%
47%
7%
7
*15%
*3%
2%
*18%
4%
4%
*49%
*33
7%
2%
*7%
5%
32%
297g
5%
5%
*26
4,700
39
Year 1939
Highest
Bristol-Myers Co
600
6,500
8%
107% 108% *105% 108%
3%
37g
4
39
No par
Bond Stores Inc
Borden Co (The)
Boston A Maine RR
1%
39
No par
Bon Ami class A
Class B
""500
8%
8%
39
5
80
5
5
5
5
*5
*5
*5
6%
5%
5%
4%
5
10
10
*9
9%
9%
9%
10%
9%
9%
10
*8%
9%
19%
19%
19% 20%
20% 20%
197S
20%
19%
20
19%
19%
35
32
32%
32%
*32l4 34
32%
32% *33%
31%
*31% 34
*40% 42%
*40%
43
42%
*40%
42
*40% 42%
*40%
*40% 42
3%
3%
3%
3%
3%
3%
3%
334
3%
3%
3%
3%
23%
23% 23%
23%
23%
23%
23%
23%
23% 23%
23% 23%
*11434 118
*114% 118
*114% 118
*114% 118
*114% 118
*114% 118
*16
*16%
17%
17%
17%
16%
*16%
17
17
*16%
*16%
17
*29
*29
*29
*29
30%
30%
*29%
30%
30%
30%
*297g
30%
22
22
22
21%
21%
21%
21% 21%
22%
21%
*20% 31%
7%
5
Bohn Aluminum A Brass
60
*22«4
I884
I67g
*1%
Boeing AlroLane Co
1,400
108
23
Par
5,800
14%
27
*104
Lowest
Shares
share
per
14
14%
26%
*26%
105
105
*22%
35
14
13%
26%
Week
$
Range for Previous
EXCHANGE
he
Aug. 20
j
Range Since Jan. 1
On Basis of lOO-Share Lots
STOCKS
NT W YORK STOCK
Friday
,
$ per share
105
105
Thursday
Aug. 29
Sales
for
Monday
Aug.20
Sa urday
Aug. 31, 1940
Commonw'lth A
n New stock,
r
/
Sou..No par
Cash sale
x
8
Ex-dlv.
y
Apr
26% Mar 12
26% Mar 12
7% Apr 8
93% Apr 8
20%
100
Apr
Apr
11% Apr
2% Aug
3% Sept
3% Aug
14
Apr
14
4
Apr
5% Apr
74% Jan
62% Jan
73
Apr
8% Mar 15
23% Jan 29
15% Dec
79
Jan 26
98»4 Apr
48
Jan
3
108% Feb 21
66
Apr 8
113
Mar
6
16% Apr 5
I84june 28
73% Jan 8
33
Apr 8
Ex-rights,
6% Dec
38% Apr
98% Oct
42
Apr
103% Sept
8% Aug
1% Dec
45% Jan
£25% Apr
133
Jan
62% Dec
18
37%
Dec
Oct
111% Dec
24% Sept
8%
9%
8%
26%
25%
Sept
Sept
Sept
Dec
Dec
9
Feb
91
Mar
83
Feb
96
Oct
15% Jan
30% Mar
67
Jan
109% Aug
60
Jan
110% June
16
2%
Sept
Feb
72% Aug
32%
f Called for redemption.
Dec
Volume
SALE
HIGH
AND
Aug. 24
Aug. 28
$ per share
$ per share
$ per share
*2h
*16%
*12%
*12%
*21%
♦8%
*68%
♦81iS
per
234
3%
17
16i8
share
234
16%
*12t2
*12i8
1234
12U
217«
2178
22
9
5%
*27% 2734
*106% 107%
27*2
1065s
h
%
*714
*2i4
7h
%
*7%
2h
*2i4
6*8
6
6
*12*8
70
*65
*12%
*12*8
*9
*83g
h
»1«
80
3778
8?8
*8*4
*8*4
8*4
ui«
9*2
*5%
55s
*48
*173
180
5
5
*478
23l2
1884
*18*8
*21
2U2
21*2
18
18
18
*53
56
*53
56
*54
55*2
*54
55*2
*48
49
*483s
4834
483s
48%
*48*2
49
50*8
50*8
4978
50*4
*50
50*2
49l2
*172
50*4
*172
18
1778
98*2
*22l2
*412
*2434
18*4
*172
5
5*8
18
18*8
9878
23*2
45s
98
*2434
41
*39l2
41
40
40
40
*39
40
*39
40
86
*23
*4i2
.2534|
2534
I
39*4
I *37
14l2
145s
18*2
*23
147g
*8534
86*2
85*4
2734
285s
28*8
90
91*8
90
90
*2
*2
234
334
90
*2
284
4*8
334
66
62*8
6334
62
*10
10t2
*10
10*8
103s
11
*11
11*8
*11
23
♦223s
23*8
2234
178
39i2
*223g
23*8
17s
2
2
178
2
2284
134
40
40
395s
40
39*2
7
7*4
7*8
*25
7U
2578
2584
400
"MOO
I
11*2
*11
11*2
22*4
*22*8
178
39*4
39341
7
255s
2,900
*223g
39*2
7*8
25l2
25*2
25l2
25*2
7
7*4
17g
40
2*4
68
67
17g
17g
39*4
39*8
7*8
26*8
7*4
23*8
17.
40 I
7%
27
7*8
26
26*4
250
80
*70
80
*70
80
*70
80
*70
80
*70
*42
56
*42
49
*42
49
*42
49
*42
*1834
19
19*8
Xl9%
19*4
3*2
17
1834
*3*2
*15*2
5*4
18«4
*3*2
♦15*2
5%
1834
4's
17
5*8
*5*8
5*2
*110
112
*110
112
*110
*3*2
*15*2
4*8
*15*2
*2258
1578
23
*2234
15*2
*15
107g
3*4
»*8
3*4
*2
3*8
3*4
3*8
*2
**g
*2
*2734
*1;
2812
36*2
*3514
36*2
6*2
173s
*6*4
6*2
*1684
71
71
*10
11
34*2
*33
18*2
*18*4
*12078
*116%
*28*2
69i2
17*2
76
*70
76
*70
76
*70
76
11
*10
11
*10
11
*10
34l2
18*2
*33*2
18*2
11
\
34i4'
*6884
147g; *1458
69341
*6%
217g
67s1
6934
6934
145
145
21%
*6%
*10*2
2H2
*6*8
*10*2
*3%
334
*3%
334
127
127
*172
176
I
71*4'
29*2
*14
33
13
*13
84
5*4
3534
32%
29%
*29
5*8
3534
31%
29%
*32
34
35
31%
1
33%
33*8
*13%
13*4
13%
84
5*8
3%
5
30*4
14%
34%
13%
35%
32*4
*29
36%
32%
29*4
%
*32
40
36*4
32%
29%
37%
33*4
29%
ul«
U16
*32
34
34
5%
5%
*1
1*8
*1*4
1%
*1
1*4
*63*2
80
40*2
40*2
JDenv A R G West 0%
Devoe A Reynolds
600
Diamond Match
Diamond T Motor Car
600
Distil Corp-Seagr's
10*4
*34
700
......
Class A
73
7134
*10*2
141
23
*6%
*10*2
*3*2
334|
7
12
3*4
30*4
*14
Electric Boat
Eastern Airlines
600
2,000
10
31*2
1,600
14%
100
33*2
33*2
34%
13%
13*2
84
13%
35%
13%.
*%
*4
h\
5*8
5*4
5*4
5*2
300
2,700
13,900
33*4
33%
29*2
29%
3778
33%
29%
»i»
34
3,000
32*2
32%
3978
397g
107*4 107*4
200
El Paso Natural
300
H
78
33
41
107*2 107*2
*39*4
8*2
*74
87g
9
76%
|
*80
897g'
*85
300
60
1,400
82
897g
87g
*73
76
*79
82
♦85
*%•
3,300
400
*%
%
1%
*1
1%
1%|
100
1*2
*1*8
1*2
1%
1*2
500
*34
1*4
*34
1*4
100
*63*2
334
334
*3%
37g
"260
*6*4
6%
6%
6%
500
307g
*%
*4*8
*36*2
3078
30%
*%
34
*1734
35%
18%
*35*2
*177g
*13
13%
*13
*4
*63%
*3%
80
3*4
*6312
3%
6%
6*2
6*2
6%
30*2
30*2
%
*%
30
•%
31
34
4
4
37
36*2
36*2
18%
137g
18
18%
36%
18%
13%
13%
*13*4
36%
18%
137g
4%
*4
4%
*1
*63*2
80
*l*i«
4%
""SO
37
1834
37
37%
500
19
19
600
*13*4
137g
*13*4
14
100
94
30
19
300
*90
94
*90
94
*90
94
*92
4%
94
*18
1834
*18
19
*18
19
18*4
18*4
19
19
*12%
*2*2
1234; *12%
2% J
*2%
13
13%
*127g
27g
7e
'8
1234
12%
12*4
2%
*2%
2%
%
*%
*18
19*4
*18
91
*87
137g
*13
91
*87
137g
*13
*34%
35*4
34*8
*1184
20%
*1134
94
7g
%
*13
*90
34*4
20%
34%
*12
19%
2%
To
*19
91
♦87%
1378
*13%
34*8
34%
20%
*12
Bid and asked prices; no sales on this
234
day.
2,800
34
18*4
4%
13*4
13*4
13*4
600
27g
27g
3*4
2,600
*%
7j
7.
*%
19%
92
19*4
*88
14
*13*2
34%
34
20%
*12
94
*18%
8
19%
92
19%
*88
19%
14
14
34*4
3434
*12
J In receivership,
a
6% preferred
Engineers Public
.100
Service..—1
No
<5H preferred
No
<6 preferred
No
Equitable Office Bldg_.No
par
par
par
100
300
Evans Products
900
20%
Def. delivery,
100
100
Cleaner
Co..
1
Y.<2.50
(Wm) Sons Co.No par
Enamel oorp
Fidel Phen Fire Ins N
New stock.
May 22
10%May 28
May 21
10*4May 21
%May 22
3
May 15
18*sMay 21
15%May 21
Apr
Mar
4
12% Jan
rCashsa*®.
85
June 10
16
July 24
55
Aug
101%
Apr
6
Mar
0
Dec
10
Apr
108
Apr
126*4
112
Apr
Sept
111% Sept
12% Apr
3% July
15*4
8
Apr
1% Sept
6*4 Apr
Apr
Apr
Apr
% Apr
20%
18*4
23%
Jan
28
32*4 Aug
2103% Mar
7
Apr
62*2
65%
97
Jan
69
Apr
Apr
Apr
% Aug
Aug
1
I7g Sept
1% Apr
05% Sept
1% Apr
67% Aug
5
Apr
1512 8ept
22*4 Apr
8*2 Apr
Jan
Feb
3% Sept
6
Apr
11*4 Apr 25
3434May 10
1
Jan
3
14%
8% Mar 11
2*4
%
Apr
Deo
Apr
49*4 Apr 8
31*2 Apr 18
24
Apr
20
Apr
Apr
3
11
Mar 27
81
Jan
3
14*4 July 23
47g Jaa 4
29
Deo
187g Apr
102
28*2 Jan
Jan
Jan
5
95
Apr
20
Jan
x Ex-div.
Apr
20% Sept
Jan
1
10 May 21
27*2May 21
Mar
10
89
25
June
9% May
80
83
12% Aug 27
2*4May 15
%»May 22
15 May 28
79
11 >4 Apr
12% Aug
3% Sept
% Deo
103
Apr
18
Sept
28
Apr
86*4 Sept
5% Aug
13% Sept
66
Sept
155% Sept
17% Jan
41*4 Apr 10
18% Apr 20
1% Jan 4
8% Jan 8
377S Aug 30
33% Aug 30
33%May 2
1% Jan 10
417g Jan 3
46
Apr 13
112
Marl9
100
Truck—No par
A .No par
Federated Dept 8tores.No par
n
Jan
37
7g Jan
Federal Water Serv
Fllene's
178
22
21
22
22
21
31
31
Apr
Apr
138%
166% Jan
June 10
6
Apr
Sept
15%
1% Jan
3% Jan
Federal Motor
Ferro
June 10
165
%May 15
l%May 14
%May 15
07% Aug 7
278May 25
5 May 21
20*2 Jan 15
%June13
3*4June 10
29%June 5
17%May 21
11 May 23
4k% preferred........100
""160
4%
103
23
117
25
Jan
13% Apr
3% Aug
14% Sept
19% Apr
117gMay 22
8 *4 May 21
23% Jan
67g Jan
2%May 21
*4 Jan
% July 11
08%May 22 125% Jan
23*% Jan 10
12%May 21
30% Apr 10
2578May 22
32 May 21
43*4 Feb 3
10% Feb 21
4%May 15
20
Jan 8
12%May 21
86*4 Apr 6
50>4May 24
14% Apr 9
9%May 15
38
Feb 29
30%May 22
14 May 21
24% Apr 23
237g Jan 10
ll%May 22
947sMay 10
65% July 3
137 May 28 171
Apr 9
30
Apr 24
14*4 Jan 12
10
Mar 30
6 May 21
13% Jan 18
9%June 10
Jan 17
114 May 15 120
146%May 28 189*4 Apr 8
Mar 4
114 May 22 126
112%May 22 118% Jan 19
44%May 8
25*4 June 10
3
6% Jan
May 15
22
Apr
45
May 10
28%May
June 10
84
Deo
4*4 Aug
19% Apr
73*4 Apr
%May 15
Co..——60
6
5
Ex-CeU-O Corp
3
Exchange Buffet Corp.No par
Fairbanks Co 8% pref
100
Fairbanks Morse A Co-No par
Fajardo Bug Co of Pr Rloo—20
Federal Light A Traction...15
<6 preferred..
—*
Federal Mln A Smelt Co
2
Federal-Mogul Corp
5
Eureka Vacuum
26
8% Apr 4
113% Apr 12
237g Apr 9
June 13
x2478June
%May
26 May
35 May
102 May
5%May
63 May
66 May
Aug
3% Sept
par
jErie Railroad....
4% 1st preferred
4% 2d preferred
92
14
34
20*2
3
50
Gas
Corp
Erie A Pitts RR
80
32
31
*4
par
par
<5 conv preferred
1*2
334
par
par
Endicott Johnson
29*2
367g
*34
80
—No
No
Eleo Storage Battery..No
Elk Horn Coal Corp.—No
<7 preferred
<6 preferred
37%
1
*3*2
*5*4
3
Ind Am shares...
Electric Power A Light-No par
36*2
1*2
1%
80
3%
Elec A Mus
32*4
1%
30*2
34
4*2
*87
1,600
Duquesne Light
1
*30
19*4
2,500
5% 1st pf.100
Ino
...1
Eastern Rolling Mills
5
Eastman Kodak (N J).No par
6% cum preferred
100
Eaton Manufacturing Co
4
Edison Bros Stores Ino
.2
Electric Auto-Lite (The)
6
20
172%
*14
"
14*2
preferred
2,200
*1*4
*63*2
*18
200
*1
6*2
30*2
*%
3*4
3,000
30*4
30%
Co
No par
100
Du P de Nem (EI) A Co—20
<4.50 preferred
No par
8%
172%
176
Dresser Mfg
No par
No par
No par
No par
Duplan Silk
129% 131
128*4 129%
Doehler Die Casting Co No par
Dunhlh International
1%
6%
No par
No par
Co
Dlxle-Vortex
Douglas Aircraft
Dow Chemical Co...
22
25
Co...2
Ltd. No par
6% pref with warrants.. 100
600
*10*4
140
pf-100
100
A ..No par
No par
6% partlc preferred
300
1%
3*4
•
Detroit Edison
270
l
♦6
4*2
35*2
"200
1%
*3*2
*%
Delaware Lack A Western. .50
Dome Mines Ltd..
22
678
12
100
Delaware A Hudson
1,900
1,400
3,300
*32
40
*1
Diesel-Wemmer-Gllbert.... 10
1,000
Apr
Aug
9
22*4 Apr 30
5% Mar 7
17
Apr 27
13%May 22
5,500
2,400
71*2
Aug 3
l4%May 15
3 May 21
l334May 22
3%May 22
21
3
48
38
60
45
—20
Preferred
15*4
142
June 10
75
107
1
*1
preferred
15
21%
*6*2
21%May 21
1
Apr
27g Aug
11% Mar
32% Mar 14
92
Mar 29
6% July 25
Class A
Apr
June
62
4% Jan
61 May
June 17
31
Curtlss-Wrlght
15
*4
33
*39%
40
*106*8 107% *106*8 107% ♦106% 107% *106% 107%
87g
87s
834
8*4
8%
8%
8%
8%
77
77
*73
77
*73
*73*2
76
*727g
—
82
*79
*79
82
82
*80
*79%
82
*85
897S
*86
897g
8978
*86
897g *85
*7
5«
18
»7U
%
*2
*2
*%«
h
*39
5
Inc
Curtis Pub Co (The)...No par
Preferred
No par
1434
71*2
978May 23
19%June 6
134 Aug 27
80
Apr
Apr
24%
87gMay 10
91% Feb 24
17
Apr 22
29% Feb 24
May 21
00
100
Sept
75
9
4*4 Jan
H4May 24
3% Aug 15
100
10
Preferred
19%
*172
176
*%
78
34
41%
30*4
14%
34
13%
*»!«
5
30
14%
29%
*14
33
33
33
13
29*2
14%
43%May 10
95
Apr 25
19
j 140
127% 128*4
*172
May 21
May 21
19
23
67g
12 '
3%
'
127
176
64
200
71
71
I
33
9
26
Cuba RR 6% preferred
Cuban-American Sugar
Apr
28
100
Preferred
Jan
07g Aug
20*4
Feb 26
45
% Sept
Sept
Apr
26%
5
2
3
7% Jan
May 21
35
19*4
34*4
34l2
1834
15
3*17*8
17*4' 17*4
17*4
14412 145
21*2
67g
12
127
327g
1
I
12
*6884
15
15
*172
14%
*31%
I
152
*21*2
17*8
173g
14
2834
36
67g
17*8
*114*2
*114*2
*114
*114
165 I 163
164*2 164% 16434
165% 166% 166*4 1 667g
16534 168
123 1 122
122
*12178 124
*122% 125
*123
125
123*4 123*4
*117
118
I 117
117
*116% 118 ,*116% 118
*116*4
28%
28*4
287g
29*4
28%
28%'
28*2
287g
28%
28*4
287g
29*2
*29
18*2
36*2
6*2
93
Jan
75
6
Davison Chemical Co (The).l
*2
8
<5 conv preferred...No par
Crucible Steel of America.. 100
Crown Zellerbaoh Corp
Dayton Pow A Lt 4H % pf-100
Deere A Co
No par
*114*2
*29
35*4
*31%
*33
*18
34i2
34l2
*10*2
12
*14
*5
13*2
28*2
36
6%
13
13
16
105
30%June 12
12
May 22
800
200
16
12*8
3%
11334 113*4
11334
11334 *112
13*2
13*2
13l2
28*4
28*4
*27l2 28*4
36 I
35i2 3512 *35*4
♦6&S
6*4
*6*2
6%
11334 *112
13
28*4
*147
2134
678
176
*»1«
3*2
*'8
*27l2
*35*4
6l2
*1634
147g
3*2
3*2
126% 126%
*172
11
*10
152
*163*4
*2
*15*2
*70
15
*63s
11*2
11%
*3*4
14
*10*2
*114*2
*15*2
11
1534
107g
33g
28%
69*2
16
*15%
107g
5
43% Apr
21%May
95*4May
300
15*4
7% Apr
1*2 Apr
24% Jan
May 21
Apr
Sept
Sept
150
3878 Apr
—.6
25
23*4
May
82% Feb
.No par
Jan
647g
65% Jan
June 14
Davega Stores Corp
23
49
61% Jan
179
3%May 22
18% June 11
30
July 17
pref w w..No par
Apr
May
23
Conv 5%
111
16%
70
June 13
conv
Apr
29%
Jan
75
<2.25
Sept
6
Apr
25
No par
Apr
*106
Apr
1% Apr
197g Aug
100
Cream of Wheat Corp (The).2
Crosley Corp (The)....No par
Crown Cork A Seal
32*2
Apr 9
Jan 26
Apr 9
Mar 5
Feb 2
June
Co..
Deo
2 5*4 May
% July 31
5% conv preferred
Apr
1
*87*2 Sept
33
May 25
4
1
11%
4
Jan 10
13
Crane
200
227g
*3*8
*2
.1
165
No par
2278
15
11334
11384 *111
Coty Inc
Coty Internal Corp...
25
Cutler-Hammer Inc
1,300
1078
~*«
100
700
16*8
3*2
*13
*21*2
I
CornlProducts Refining
Preferred
pref. .100
No par
1578
1034
*2734
*35*4
*6*4
*1634
*148
23
Corn Each Bank Trust Co. 20
2,700
157g
15*4
14
15
*2278
60
Cuneo Press
155s
157g
*3's
*13
*18
157g
1534
23
pref. 5% series
10
5*2
5*2
*110
111
*110
5
Copperweld Steel Co
17
*16
5*2
10*2
*111
*33*4
*5*4
110
110
3*2
3*2
17
*16
1078
114
♦111
3*2
4
17
5l2
*2278
23
*15
*5*4
112
1534
1578
*15*2
*3*2
*15*2
4*8
17
5*4
19*8
5
Continental Steel Corp.No par
200
2,300
18,100
49
19*8
Continental Oil of Del.
Cudahy Packing Co...
80
56
19*8
...1
Apr
25
277* May 25
2
May 15
10*8 June 10
l8%May 21
15% Mar 16
47 May 21
41
May 28
44%May 21
<2.50
Continental Motors
700
3,600
4%May 21
Cashman's Sons 7%
<8 preferred
*70
*42
1834
Continental Insurance
16% Jan 10
1%
07%
49*4
116%
9%
407g
4%
5
Deo
7>4 Sept
3% Dec
6% Aug
1
July
1% Apr
8*4 Aug
88
Sept
9% June
7
Feb
Apr
Jan
%
19% Apr 24
33 May 21
106%May 31
—.20
27
101*4
4
4
9
3
Jan
104
»4May 16
June
73
Apr 5
Mar 25
Jan 5
Apr
Sept
15% Aug
6% Apr
Apr
79% Apr
7% Nov
8
9
Apr
Apr
Apr
6
Apr 29
18% Mar 2
7%May 21
70
*4.50 preferred
No par
Continental Diamond Fibre. 6
Pref ex-warrants
3,500
4*8
4*8
4*8
66
140
I
15*4
8534
29*2
91*8
*2
2*4
4*8
4I4
63*2
*61
23
2584
15
2784
*62
100
T660
145s
92
4
|
40
2734
234
23
*4*2
26*4
*365g
*2712
62
23
45g
*39*2
*88
4
23*2
41
92
*2
150
40
2712
62
4,900
97*2
♦365s
27i2
4*8
1934
97*2
*39*2
♦88
234
19
97*2
39*4
*85*2
*4
19*4
*4*2
Continental Can Ino
........
300
40
92
*2
|
2534
87
28*2
20
1,400
%
**2
4*8
2684
41 '
*89
*8534
I
5*8
*5
2,600
6
21
No par
....100
preferred
conv.
2584
*85i2
*27i2
86
|
x97*2
1878
9878
23*2
45s
14%
87
28*2
1412
25,400
4,800
500
180
*172
5*8
**2
14l2
87
14*4
3*4
180
5*8
*%
**2
3*4
3*4
180
5
180
*47g
25l2
14*4
900
|
xl8
*3914
14*4
35
35
34*2
18*8
*39
*2434
6*4
6*4
18
3*8
1878
98*2
2312
45s
2534
4%
*43g
3,100
100
400
*113*8 115
6*4
2034
5*8
18
*97*8
*22*2
*438
98%'
*23
40
39*4
39
Class B
8%
18
18
**2
I8I4I
18*4
*97
Continental Bak Co el A No par
700
1834
21
18*2
*20%
180
|*173
»*«
*%
300
1
80
♦7g
3*8
18*2
22*2
34i2
3*8;
3
495s
49%
493g
884
884
*78
June
1
6
19
Apr 5
Feb 21
07g
327s
110%
1%
10%
4%
8%
2%
4%
8*4 May 22
03*4May 22
97gMay 21
Consumers P Co*4.50 pINo par
Container Corp of America. 20
1
95
2 *8 May
100
v t c
800
56
49
18%
6% preferred
200
8%
34
Consol Coal Co (Del) v t e._25
1
14*8
14
80
*55s
200
14
100*4 100*4
♦1133s 115
May 29
4%May 21
May 21
97*4May 21
% Aug 26
5*4 May 22
2*4 May 23
5%May 22
23
Consol Laundries Corp..
5
Consol Oil Corp..
No par
Consol RR of Cuba 6% pf.100
49
*53
*48
493g
*234
I43g
38*4
100
9,400
1*4
3*8
*1*8
*12*2
Apr
75
5
234
34i2
3*8
1878
2034
34i8!
34i8
21%
I8I4
*2012
*53
21%
I8I4
55i2
*20i4
*1734
1*4
3*8
14
Apr
92
100
H% prior pref
Coppermlnes Corp
6*8
6
10058 1005s
6
300
784
*2*4
*7g
900
10
May 29
share
Apr
per
12% July 8
31% Apr 15
17%June 10
7% Jan 29
03
Consol Edison of N Y__No par
<5 preferred....
No par
Consol Film Industries
.1
<2 parti c pref
No par
400
June 12
100
Consol
*7*2
6*8
*8*8
6
Jan 15
10
No par
5,400
234
*78
120
8
1
Consolidated Cigar
7% preferred
5,200
7*2
*1384
20
83
7*2
*1*8
*2»4
600
share
6*4 Jan 3
24% Feb 17
13% Feb 29
2% May 22
May 18
14
10
Consol Aircraft Corp
2,300
5*2
28*8
106*4 106*4!
*5g
34
*2*4
*12*2
Ctfs of deposit
5*8
5s
6
"166
70
82
Conde Nast Pub Ino.—No par
Congoleum-Naim Inc..N« par
Congress Cigar.
No par
2734
53s
2734
28*4
106*4 1063s
80
6
6
*65
83
5*4
I
9%,
978
9*2
69*2
*81
377g
3778
38
38
1145g 1145g *11338 115
3734
3734
11434
11434 *114
*55s
6
5%
*34i8
34%
3414
3414
278
3
*27g
3
18t2
185s
18%
18%
*114
2214
223s
22
69*2
78
I *78
80
12*4
22*2
83s
7g
7g
*78
*12*8
9i2
8*4
884
7,
15ia
80
*78
12*4
70
*1%
*1%
1%
3
*278
*234
14
*12
*13
14
14
*12
15
*12%
*1005s 102
*10034 102
*100% 101% ♦1005s 103
135s
135s
13*2
1378
13*2
13*2
13%
13i2
*78%
*37%
13
13
22
2134
100
16*2
16
*12»4
Highest
Lowest
Highest
< per
< per share
Par
1,800
3*4'
*234
3*4
100-Sftara Lou
Lowest
I Shares
16
xl6
83
*81
83
82i2 *81
5
5*8
5*4
5*8
5%
2734
28
27*2
2784
2734
*106*4 108
10658 *106*4 108
*58
34
*2
%
%
7*2
7*2
~
*73s
7*2
~
75g
234
*2*4
2i2
234
2*2
6
6
6*8
6*8
6ig
1%
138
*1*8
*1*8
1%
3
3
278
*234
278
82i2
5%
*12*2
70
*68
83
5%
8%
8%
70
13
12*8
2134
884
*67
13
12%
3*4
16*4
*234
3*4
16*4
13
12*4
*234
16*8
*234
16*8
*12l2
12*8
*2158
884
Range Since Jan. 1
On Basis oj
Week
Aug. 30
$ per share
Range for Previous
Year 1939
EXCHANGE
Friday
Thursday
Aug. 29
Aug. 26
STOCKS
NEW YORK 8TOCK
the
NOT PER CENT
SHARE,
Wednesday
Tuesday
Monday
$ per share
PRICES—PER
Aug. 27
Sa urday
Sales
for
LOW
1239
New York Stock Record—-Continued—Page 4
151
2% Aug
% May
0*8 Nov
1%
27*2
89%
40% Feb 14
Apr
82% Sept
17% Nov
27% Apr
5
16% Sept
21%
22*s Jan
y Ex-rlghte
18%
f Called for
Jan
Oct
Feb
23% Nov
40*4
"Ademption.
Dec
Deo
New York Stock
1240
LOW
AND
HIGH
SALE PRICES—PER
Saturday
Monday
Aug, 24
Aug. 20
j
$ per share
>
*3834
*39
13*8
14
*27
40
13%
27%
28
*1034
*1%
20%
1*4
25%
13%
25%
107
*117*
1212
*75
83
*25*
*26
22
3
34
*105
107
*105
46%
*2%
136
2%
5%
*47
*96
*2%
14%
*12
*54%
60
*52%
60
*17
1734
*108
33%
41%
33%
124
*%
41%
7n
35
7i«
35
I
*25
*92%
94
*9234 94
126<% 127
*125% 127%
4034
46%
46
4034
*123% 124% *123% 125%
*42
1
49
*52%
*17
*42
49
*108
*38
*25
92%
127
11%
*11%
103
*7i»
%
*14
23
19
*8%
*17%
*14%
23%
10%
22%
23
19
18
*19
9%
*8%
*17
11
*36%
5%
6%
36
5%
55
13
*51%
*12%
*40
44
*40
2%
80
1134
1134
50
60
14%
14%
*82
90
2
*2
2%
*78
11%
*434
*47
46
034
2%
j
17%
55
*135
2%
434
14%
60
17%
*52%
12
9%
19%
*4%
*12
*9
*19
131% 131%
131%
*29
40
*29
*27%
28%
11
10%
27%
10%
10%
*15%
*1%
16%
1%
*15%
*11
14
*11
1%
*1%
1%
*1%
*10%
*30%
12
33%
*10%
*29%
*31
33%
12%
15
*31
*12l2
*14%
*101
*15%
10%
23
19%
9%
*10
58
100
*1234
58
17%
35
*25
*91
92
127
127
127%
46% 47%
47%
48%
124
124% *12412 125%
*4.214
49
*42%
47%
*102
104% *102
*19
20
20
*126
130
*126
8%
93
*90%
*150% 165
7i«
%
*15%
*5l2
*8512
2%
*96
*8%
*90%
7i«
19%
*19%
*40
44
*40
2%
2%
2%
2%
*77
80
11%
11%
35%
5%
500
44
*2%
2%
2%
14%
*2
*30%
80
11%
35%
34%
5%
*52%
13%
13%
*4012
*2%
13%
44
212
2%
*78
11
35
5%
*2%
54%
13%
44i2
2%
""'500
2,300
2%
80
80
80
11%
IPs
50%
50%
11%
5012
11%
51%
15%
*14%
15%
15%
*85
90
85
*1%
2%
*3034
50%
*3084
85%
2%
50%
%
*18
%
®J 6
40
*29
40
*30 '
40
*30
40
27%
10%
*2712
10%
*1012
28l2
10-%
10%
*28%
10%
*10%
29
10%
10%
*28%
10%
*10%
29
16
1%
14
1%
12
33X2
33i2
12%
15
10
1%
*11%
*1%
*1012
*29%
*32
12%
14i2
16
H2
12
1%
12
33l2
33i2
12l2
14I2
*102%
1612
*1X2
*12%
1%
*10%
*29%
*32
12%
*14%
*102%
104l2 *102 .104% *103
20
20
*19% 20%
150
6i2
88I2
2%
100
8%
93
*126
150
*6%
*85%
2%
88
98
98
8%
*90%
612
2%
8%
*126
*6
88
2%
*97
10%
11
16%
16%
1%
14
12
14
*1%
134
12
1%
1%
16%
1%
12
*1034
33%
*30%
33%
33l2
12%
15
*32%
33%
13
13
*14
15
*30
28%
10%
10%
10%
1%
*12%
*1%
17%
1%
14%
1%
*11
33%
33%
13%
15
150
6%
88
2%
102
1934
*126
6%
*88
2%
20
150
6%
95
2%
*97% 102
8%
8%
20%
*120
638
*88
2%
*99
8
21%
6%
2%
102
8%
....
43
11
30
45
12%May 22
w
69
No par
dlv ctfs.No par
ctfs.1..No
par
No par
10
preferred
20
"2',bob
Gt Nor Iron Ore Prop..No
par
16,100
Great Northern pref...No par
June 11
l34May 15
25
May 22
%May 14
4%May 22
9%June 7
6%June10
10 May 18
26
May 21
21%May 29
USsMay 22
15% May 21
183gMay 22
Great Western Sugar..No
par
Preferred
100 zl23 June 13
Green Bay A West RR
100
27% July 30
Green (H L) Co lnc
1
23 May 22
1,200
20
"r5od
4,000
Greyhound Corp (The).No
6J4% preferred.
1,300
Grumman
Guantanamo Sugar
8% preferred
100
Gulf Mobile A Northern
100
100
Aircraft Corp
1
No par
6% preferred
Hackensack Water
100
100
0%
preferred
3
58% Apr
2
19% Jan
4
14
44% Mar 20
4% Apr 22
34
Jan
Apr
Mar
Apr 4
Feb 21
1
2
13%
Apr
Apr
Apr
53
21%
87
14% Jan
4
10%May 3
16% Apr 8
36% Apr 8
25% July 17
18% Jan 8
28% Apr 24
29% Jan 2
Feb
6
Jan 29
55
1
14% Dec
9%
10
24%
22%
12%
42
7% preferred
1
Homestake Mining
10
100
12.50
cl A .No par
Class B
No par
No par
Household Finance
6%
.100
v t
o._25
Howe Sound Co
5
Hudson A Manhattan
100
5% preferred
100
Hud Bay Mln A 8m LtdNo
par
Hudson Motor Car
no
Apr
12
3
10
Apr
25% Apr 29
358 Apr 18
30% Apr 18
9
May 29
1484June 20
138 Aug 22
May 21
1% July 23
11
8
Jan
4
18
%
3
Apr
Apr
Apr
Apr
Apr
May
20
21
22
18
106% Jan 12
9
June 25
105% Mar 30
90
16%May 23
28% Jan 4
138
Apr 12
17
May
9%May
10% May
100% June
95
130
May 27
5% May 21
83%June 27
2
Aug 10
8978June 5
7%June 10
Jan
12%May 23
76%May 23
120% Aug 8
50
June 11
94% May 21
12% July 16
19 May 21
4% July 15
8
May 21
103 May 13
35 May 21
28
May 22
8%May 21
22
54%May
103
Aug
33sMay
28
Aug
34 Jan
2%May
12 May
3
May
%May
5%May
24
22
15
Jan
9% Apr
104
Apr
Jan
67% Apr 16
115% Jan 9
18% Jan 4
35% Apr 4
7% Mar 4
18% Apr 20
110
Mar 30
60% Jan 12
38
Apr
16% Apr
71% Apr
lll%May
0% Jan
50% Feb
1% Feb
7% Feb
3
May 18
6% Jan
Ex-dlv.
y
93
Apr
8% Apr
100
Sept
Apr
24% Jan
43% Apr
x
Jan
Apr
Apr
June 12
1000
Feb
2
10
12
Cash sale,
4%
71
63
31
4%
8
123
Jan
Apr
Apr
Apr
May
Apr
Sept
148
100
100
5
9
5
21% Apr 22
100% Apr 9
133% Jan 30
100
1
Illinois Central RR Co
2
Mar 20
6% preferred series A
Hupp Motor Car Corp
8
4% Apr 16
113% Jan 29
11% Apr 8
Leased lines
par
9
20% Feb 19
17
Jan
4
Jan
3
22
24
15
14
21
May 21
RR 8ee ctfs series A
May
14%
110
No par
Jan
10% Apr
23% Aug
129% Sept
24%
160
Hollander A Sons (A)
Holly Sugar Corp
Jan
Apr
4
Jan 12
10
Apr
17% Jan
June 11
100
Dec
5
86
No par
Dec
% Aug
4% Apr
35% Apr
155
No par
Nov
2% June
07
9% Apr 10
26
Hlnde A Dauch Paper Co
Holland Furnace (Del)
r
Jan
29
100
preferred
New stock.<*
Apr
8
No par
No par
Hershey Choeolate
v 14 conv preferred
n
Jan
1%
70
4% Feb 8
71% Jan 9
1% Jan 30
142
Sept
Sept
May
2%
3% Apr 11
.100
preferred
Houston Oil of Texas
43
34% Apr 22
25
Preferred
Hercules Motors
Hercules Powder
Houdallle-Hershey
6% Aug
37
100
Hazel-Atlas Glass Co
Hecker Products
Corp
Helme (G W)
cum
Apr
Oct
Jan
30
No par
...
6%
Apr
5%
May 21
29%June 5
10
Hat Corp of Amer class A
64$ % preferred
Hayes Mfg Corp
20
1,700
9
15%
43%
11
Hanna (M A) Co $5 pf.No
par
Harbison-Walk Refrao.No par
6% preferred
100
"260
97% Nov
25
Hamilton Watch Co
1,100
10% Aug
May
23% Jan
6% Mar
51% Mar 14
25
7% preferred class A
Printing Co
Hall
1,000
Apr
Apr
8% Sept
9
10
900
10
15
9%May 22
par
700
50
100
20%
69%
24%
97%
Without dlv
5%
9
22
27
21
21
22
21
21
22
Sept
19% Apr
12% Aug
31%May 10
24% Mar
13% Jan
23% Apr 27
May 21
May 21
Granite City Steel
Grant (W T) Co
300
100
May 21
par
1
85% Aug
% June
14
14
par
SAP
Apr
% June
12% Sept
hi Apr
10
M
Mar
18% Apr
33% Jan
1684May 28
Apr
7
99% Feb 21
1
Sept
28
105
Jan
88
100
112
15% Jan 11
Feb
Jan
Jan
3% Sept
July 22
10%May
3% Aug
3378May
4%May
Dec
125% Dec
36% Apr
1% Jan 11
19% Jan
July 16
5
Grand Union
100
100
110
6
10
15
15
23
21
May 21
No par
%
39
72%
10
No par
Apr
Jan 10
2
Graham-Paige Motors
100
3,400
1
3gJune
934June
86% Jan
38May
13% July
20 May
Oct
31
30% Jan
107% Sept
7% Apr
10
Mar
106
2
5038 Apr
127% Mar 23
68%May
2
Granby Consol
400
150
95
June
Jan
77
95 conv preferred
Gotham Silk Hose
Preferred
100
9
493g Apr 15
118% Jan
% Jan
1
5% preferred
No
Goodyear Tire A Rubb-No
92
93
92
*91%
93
300
91%
92
*15012 165
*150l2 165
164
*150% 165
164
10
*150% 165
14%
*13%
14.%
*13%
14%
*13%
14% *13%
1438
200
14%
14%
84
*80l2 84
*80% 84
82% 82% *80
82%
200
82%
82%
*126% 127% *126l2 127% *12012 127%
*126% 127% 127
127
30
*126% 127
*53%
56%
*53% 56% *53% 56% *53% 56%
*53% 57%
*53%
57%
*102
105% *103
105% *102
105% 105% 105% *102
109% *101% 109%
'Too
14
14
*13%
15
*14
15
*14
*14
1434
*14
1434
100
H84
*27
*27%
29%
28%
27%
27%
27% 2734
2784 27»4
700
288s
28%
5%
5%
6
*5%
6
*4%
*5%
6
6
6
500
6%
0%
*9%
10
9%
9%
10
*9%
9%
9%
*9%
10
400
9%
9%
*101
*101%
*101%
*101% .... *101%
*101%
40
40
39% 40
40
40
40
40
40%
40%
3" 900
40%
4034
*30%
32
*30% 32
32
*31
*30%
32
32
32
*32
34
100
*11%
11%
11% 11% *11%
12
11%
12%
11%
11%
12%
12%
1,900
*50% 57%
56%
*56
56%
*56
57%
57%
*56%
57%
100
*56%
5934
103
103
*102% 104% *102% 104% *102%
104% *102% 104% *102% 104%
100
*3%
334
3%
3%
384
3%
334
334
3%
3%
600
*384
4
*29
*28%
30
30% *28% 30%
*29% 30
2934
30
30
800
30%
1
*%
1
*%
1
*34
1
*84
*%
1
*7s
1
*3%
*3%
334
*3%
3%
*3%
334
*3%
384
*38s
384
*16%
16%
16%
16%
16%
17
16%
17
17%
17
1784
1784
1,100
*3%
3%
3%
3%
3%
3%
3%
3%
3%
3«4
3%
3%
1,600
*1#
»i«
*%
•it
*%
%
%
%
%
%
*18
4,900
*6%
7%
*678
7%
*6%
7%
7%
7%
7%
7%
7%
784
2,100
14
*13
*12%
14
14
*13
*12%
14
13%
13%
500
13%
14%
*37
39
37
37
38%
38% *38
38% *38
3884
3834
150
3884
*3%
3%
*3%
3%
*3%
3%
4
*3%
*3%
4
384
10
3%
*
Bid and asked prices; no sales on this
day.
f In receivership.
a Def. delivery,
14%
*80%
100
1
1,800
2,800
*102%
*102%
104% *103
104% *103
104%
20%
28
28
22
10
41
Telegraph Co 100
Goodrich Co (B F)
12
*30%
*32%
13%
*14%
Dec
May
May
May
May
1,900
40
29%
11%
10%
16
3%June 10
5%May 21
60
Gobel (Adolf)
12",806
%e
*2
Apr
Apr
19% Apr 16
117% Mar 29
2% Apr
Jan
No par
Goebel Brewing Co
Gold A Stock
500
2%
50%
%•
preferred
128
43
98
4H % conv preferred..
Jan
Apr
Dec
Sept
7%
y\pr
..No par
No par
Glldden Co (The)
10
87
5
6
5
*4%
5
*5
5%
5%
5%
12%
*11% 12% *11% 12% *11
12%
12%
12%
*9
9%
*9
9l2
*9
0
Q
912
9%
10%
*10% 1H2 *10% 11% *10«4 11% *1084
11
32
32
32%
*32
32
32
32%
32%
32%
24% *22l2 2412 *22% 2412 *22% 24%
*22%
24%
13%
13%
13%
13%
13%
13%
13%
13%
14%
22%
22l2 22%
22%
24%
23%
24%
24%
25%
*19
19%
19l2
19%
19%
19%
20
19%
20
134
131% *130
*130
134
*130
134
*131
134
10%
16
"i",o66
90
Apr 24
100
Brothers
ar9% Sept
45% Aug
5% May
87
6
44
General Tire A Rubber Co.__5
Gillette Safety Razor..No par
f 5 conv preferred
No par
Glmbel
July
Apr
Apr
17%
784May 23
13%May 28
3,600
3%
Jan
101
No par
preferred
9
94
40
130% Jan
No par
7,100
1,600
Apr
Apr
July
7% Aug
29% Apr
par
6%
"""966
2%
*41
2%
3%
11%
6012
15%
*2
%6
34%
11
Sept
2
Mar 20
145
May 27
May
37% May
110 May
32% June
Gen Theatre Eq Corp..No par
Gen Time Instru Corp .No
500
9
67% Jan
8% Jan
May 21
26%May 21
36 May 22
lll%May 22
%May 17
35 May 13
77'4May 21
General Shoe Corp
1
Gen Steel Cast $6 pref..No par
General Telephone Corp
20
100
3%
2%
*78
*
3%
55
No par
No par
18%
1%
May
104
l2%May 23
Gen
1,100
500
10%
*5212
General Printing Ink
$8 preferred
Gen Public Service
1% Apr
27
15
3% Jan
11% Jan
No par
9%
18%
3%
5%
600
Common
19%
10%
54%
13%
12%
19%
5X2'
200
790
*19%
9%
23%'
j ar23%
100
500
General Motors Corp
10
$5 preferred
No par
Gen Outdoor Adv A...No par
24%
*16%
23
*
26,300
No par
100
preferred
500
9
3%
35%
5%
General Mills
5%
5
102
$4.50 preferred
No par
Gen Gas A Electric A..No par
$0 conv pref series A.No par
120
30
18
26
7% Apr
118
loo
Aug
66% Aug
48% Feb
General Electric Co...No par
General Foods Corp ...No par
200
14
14% Apr 24
61
Apr
103% Apr
1134May 24
100
12,500
2,100
4
29
0% Apr 22
June 14
June
May
1% Apr
l34May 15
4%May 15
preferred
100
General Cigar Inc...—No par
23l2
10%'
118
cum
...
June 19
3584 May 25
58gMay 22
No par
10%
18
10l2
94
General Bronze Corp
5
General Cable Corp—.No par
Class A
No par
$6 preferred
General Refractories
9
23
8
17
21
15
5% Apr 24
20
Apr 30
18% Mar 5
105% Mar 27
45%June14
3%May 21
5
""GOO
18
11
5
50
25
9
2% Jan
3»4May 281
Gen Amer Investors..-No par
$6 preferred
No par
Gen Am Transportation
10%
23
97
Jan
Apr
Sept
Apr
4
9
Jan
107% Apr
21% Apr
83% Apr
0% Apr
32% Jan
3834 Apr
May 22
l0%May 21
12 May 21
Oamewell Co (The)
No par
conv $6 pref No par
Gar Wood Industries lnc
3
preferred
5
2% Aug 12
May 24
24% May 28
l%May 14
2% June 11
Gannet Co
7%
June
20
Gabriel Co (The) cl A—No par
Galr Co lnc (Robert)
1
$3 preferred
10
"l'soo
*15i2
9
100
No par
2
3% Jan
9%May 21
F'k'nSlmon&Co lnc 7% pf.100
Freeport Sulphur Co
10
7%
35
01
No par
General Baking
$8 preferred..
Jan
share
17% Apr
99%
38%
21% Apr
5
38% Mar 20
18% June 10
102
10
preferred
Francisco Sugar Co
conv
7ie
7i6
16%'
18
10%
3%
17
40
103
9
*.—
Foster-Wheeler
46
25% Apr
10
.100
16%
24
f *98
18
11
384
35%
5%
Machinery Corp
44$% conv pref
$ per
3
Jan 24
24%June 10
19
May 20
l%May 15
Railway Signal....No par
0% preferred
100
Gen Realty A Utilities.....
7i#
*15l2
12%
19%
1234
2%
50%
103
16%
23%
10%
24
400
*#16
12
9%
17%
*52i2
11%
*98
7u
%
11%
19
23
54-%
12%
2%'
**ie
11%
9%
17%
10%
23
*10%
3%
3534
*5%
*51%
12%
80
%
11%
100
35
92
23%
*10%
23i2
19i2
2%
10
500
llO^ 109
127
103
16%
100
11
3%
30%
5%
54%
*»!«
11%
*98
23
23
*102
6%
88
2%
100
%
11%
1,000
400
1784
109
33%'
33%
33%
4134
41%
41%
124
124
,*117
l2
*%
%
128
""706
2%
4%
14%
4%
17%
17%
,*109% 111
*109%
33%''
32%
33%
33
41%
41%
41%' 4184
124 .*117
124
*117
7i«
*%
%
*%
35
*25
j *25
35
*91
92% *90
92
*126
1,500
150
*2%
Food
106
l0%May 22
par
Gaylord Container Corp
5H % conv preferred
4%
4%
*97% 103
46% 47
*0%
0'
150
4%
*12%
60
*30%
22
8%
*52%
.
«U
22
*95
2%
434
13
2%
50%
*2
*30%
13%
2%
2%
434
13
60i2
14%
*82%
13%
*5%
*85%
55
634
50
*13%
*14%
*47
*10%
*4%
4%
*97% 103
46
83i2
10%
*12%
12
*135
50
*31%
*22%
'
1234
*10%
46
1434
82%
11%
*10%
200
14%
32%
24%
10%
130
50
*10 %
19%
210
5
86
*31%
*22%
22
18%
99
5
150
17%'
*7ib
%
10
233s
»ie
5
12%
*9
1784
99
50
2
•it
*12
200
478
14%
*82%
50%
♦30%
200
18
44
334
*51%
*12%
2%
234
1234
99%
46
14%
103
100
*1084
3%
37%
11%
*98
18
*
100
2%
103
*7i«
16
23%
11
*78
234
1234
*4%
2%
4%
**i«
11%
*98
*22%
*10%
*2%
200
3
99%
45%
46%
40% 47%
124
124 j 123% 124%
*42
49
' *43
49
*»II
11%
*98
_
1%
*4%
4%
*4%
4%
4%
4%'
*4%
4%
*4%
4%
7
I *634
7
*0%
6%
7
6%
0%
7|
0%
6%
100% *108
109% *108
109% *108
109% *108
109% *108
109%
7
*10%
334
*1%
127
32%
1,900
1%
5
5
*4%
*
3
34
3012
*12%
*1734
,*135
60
10
1234
18
109
41%'
40%
124 ,*117
j*117
7i a
*25
I
33%'
33
41%'
*117
2%
4%
*12
1,900
9912 100
*4%
4%
46
1734'
.*108% 111 I 109
111
*12%
*1734
10
*2%
1%
*234
3
300
7
t Follansbee Brothers—No
21% Jan
May 21
32%May 22
First National Stores...No par
Year 1939
Lowest
% per share
12%May 21
Fllntkote Co (The)
No par
Florence Stove Co——No par
T.300
share
per
Range for Previous
Highest
84
Florshelm Shoe class A .No par
13%
30
1«4
400
83
*26
30
634
*17
*4%
3
34
I *10%
12
55
j *47
55
434
*4%
5%
102
*97% 102
150
2%
5%
14%
47*
*2%
6% preferred series A—100
26
1
t
Firestone Tire A Rubber... 10
300
1%
13
*2934
Par
500
100
22
*75
*26
12
46
13%
82%
34
*1%
*234
2% |
""
12%
|*135
136
*12
*
134
1234
82%
3
*20%
*1%
1%
30%
30
*17%
18 j
*99% 100
*4%
4%
40%
034
G34
150
*1%
2%
—
12%
12%
8234
*26
2934
*1%
1%
12%
*76%
*2%
3
34
2934
434
*45
46%
6% ' *6%
*136
1134
*20%
22
*1%
83
*10%
102
[ *20%
Lowest
3,200
15
28
28
107
f
55
434
14%
27%
22 |
*105
4%
*47
*96
40%
14%
14%
27%
107
134i
2%!
12
14%
92%
40%
20
*2%
*99% 100
434
14
*86%
41
26
18
55
41%
15
27%
14%
*27
1%'
*20
*17
102
*40
*25
12%'
4%
*40
j
14
88%
26
34
*1%
'2%
*11%
*47
14
1134
*1%
1«4
.'*212
234
*11%
13
17%
18
*9912 100
*4%
4%
*96
Shares
13%
88%
*25
2978
*11
$ per share
27%'
*75
2934
12
% per share
14%
*87%
i
Aug. 31, 1940
Range Since Jan. 1
On Basis of 100-Share Lots
Week
*105
*2934' 30*2
*11
Aug. 30
22
12%
*4%
Aug. 29
26
83
3
*26
Aug. 28
*20%
1%
105
*1134
*75%
*2%
|
*25
134
25%
105
Friday
90
1334
5
EXCHANGE
Thursday
14%( *13%
*27
STOCKS
NEW YORK STOCK
the
Wednesday
92%
40%
40
27l2
*20%
*1%
25%
*105
*137g
*86%
Sales
•
$ per share ! $ f er share
$ per thare
*1378
14%
*86
92%
40
>
Record—Continued—Page
NOT PER CENT
for
Tuesday
Aug. 27
92%
*137a " 14*4
*86
SHARE,
27
Jan
13
15
25
13
3
21
20
20
5
Oct
128% Apr
54
Jan
100
Sept
14% Apr
29% Sept
5% Nov
8% Aug
95
May
47% Sept
27
8%
60%
102
Apr
Apr
Oct
Sept
4% Sept
40
Apr
% Dec
2% Sept
21% Sept
Jan
2
4% July
% Aug
13% Jan
3
9
3
6
3
0% Feb 17
1
Ex-rlghta.
Aug
10% Apr
38% Sept
4% Sept
^ Called for redemption.
Volume
New York Stock Record-Continued—Page 6
151
HIGH
Monday
,
Aug. 26
|
,
j
Aug. 24
$ ver share
*5%
22i2
♦514
♦2114
*88
90
*145
80
*7612
8%
838
8I2
♦53s
5%
*5%
2*8
2%
2%
*21% 2434 *22
*100
104l2 *100
*2%
3
*2i2
7%
714
714
*1'4
1%
♦Ik
*2012 2312 *2012
*13812 14034 *139i8
*43
44i2|
43i2
*15412 15712 *154i2
2%
2%
*2i2
*55s
6
*5%
*334
3%
378
|
$
$ per share
per
100
100
Indian Refining
Industrial Rayon
90
90
400
Ingersoll Rand........No
*145
157
*5%
534
*5%
534
5%
*21%
22%
*21%
22%
*21%
88%
157
*88%
8834
89%
*145
157
*145
88 34
157
*76
79% 80%
79%
79%
7934
80
79%
Q
Q
9
938
8%
8%
834
9%
8I2
*538
5%
*53s
5%
*5%
5%
*53s
5%
55s
211m 2"i*
284
2i%» 2uI« *2"J8
2ui« 2"u
2%
23
*23
23%
2434
*23% 243a *2334 24%
25
104%
104% *102
104% *102
104% *100
10412 *100
*2%
2%
*2%
3
*2%
3
*2%
3
2%
7%
7%
7%
7%
7%
7%
7%
7%
714
*1%
1%
*1%
1%
*1%
1%
*1%
1%
H2
*2 2
2 334
*22
25
23
23
2312 *20% 23%
142
142
*141% 144
140% 140% 140% 140% 143
44
45%
43
44
44%
4434
42%
42%
4414
157% 157%
157% *154% 157%
15712 *154% 157% *155
2%
2%
2%
234
2%
2%
*2%
234
234
6
6%
6%
6%
5%
6
*5%
6
6
*4
4%
4%
4%
*3%
4%
334
3%
3%
14l2
1434
14%
15%
14%
1434
14%
5SI4
57%
5938
58
58%
58%
6038
*2i8
27S
*2%
27S
*2%
*2%
*39%
2%
40
*38%
*39
*29
30
*18%
2%
*2%
*638
*7534
*534
32
*32
33%
*31%
33%
30
29%
29%
*29%
30
*18%
1834
102%
*17%
19
*18%
19
10234
*95
*39
*20
32%
40
32
40
32
2%
634
*7534
*534
*24%
6%
90
7
25
2%
2%
234
2%
2%
2%
2%
*6%
7
7
7%
7%
*77%
90
*77%
90
7
*6%
7
*2434
26
*6
*24
26
*123
...
*42
127%
11%
11%
42
42
125
125
*70
72
42%
59
59
59
*58%
125
125
*124
*68
72
*67
*10%
10%
126%
72
10%
10%
*119%
....
*4%
*10%
*86
*10%
11%
I
1 AA
*G a
100
*834
934
*98
103%
*12
4%
15
11%
*4%
*14%
15
12%
kort
*86
10%
10%
"t OA
100
*834
*98
12%
934
103%
12%
*4%
-■
4%
15
*13%
*10
11%
*86
100
934
*834
*98
103%
12%
12%
33
29%
*11%
734
*77%
*5%
*25
43
61
62%
10%
4%
*13
11
*86
*834
*98
1234
6%
125
70%
10%
*10%
*119%
*4%
4%
15
*13%
11%
*11%
125
70%
1034
100
9%
103%
13%
*86
4%
15
11%
100
9%
*98
103%
13%
13%
*834
*13
13%
6%
6%
6%
6%
*5%
6%
103% *100% 103^
10338 •*100
103% *100
27% 2834 #27%
27%
27% 2734
2678
27%
ail3
13
*13
13
13
13%
*12%
13
*33
34%
*33
*6
6%
103% *100
*6
*100
2634
*134
*22
2634
178
23
*134
*22
2334
2334
2334
*2%
2 34
*2%
25
24
*30
30%
*5
7%
34%
23
26
30
13
1234
1234
5%
*1234
*4%
34
1%
23
22
22
24
24
24%
334
25%
25%
30%
30
30
334
*33
*5
13
3834
*6%
*36%
3834
38%
634
6%
96%
*36%
95
*93
40
*92
96%
96%
*19%
*31%
*9%
10%
*32
*9%
*106
108
108
108
2
2
2
2
1
1
1
*3
3%
11
*11
11%
19%
a;ll%
*23%
24%
23
38%
38%
6:
*6%
6%
1834
38%
*6%
40
*92
*37
95
*37%
*93
96%
96%
96%
19%
39
6%
39
95
97%
*1334
25%
15
25%
*1334
25%
15
25%
*24
25
*24
101
*100
101
2078
21%
32
32
234
14%
2%
14%
21%
3L%
2%
*1378
109% *106
*106
*19%
1934
19%
31
*29
31
*120
128
*21
22%
24%
10%
*26
29
*120
*21
24%
24%
10%
*10%
27
27
2%
2%
128
29%
8
734
25%
26
*25%
26
*25%
48%
*47
*2%
*22%
48%
234
25%
*2%
102
*90
12%
*12
*22%
*90
*12
*
678
6%
2,900
13%
27%
13
*2%
6
Kelth-Albee-Orpheum pf—100
Kelsey Hayes Wh'l conv cl A. 1
10
28%
13%
34%
1%
22%
24%
334
16,000
26
""306
600
100
30
*4%
30%
No par
35 prior preferred...No par
Kresge (SS) Co
Kresge Dept Stores
..10
l
Kress CS H) A
2
19%
39
100
preferred
Lambert
Co
No par
(The)
No par
Lee Rubber A Tire
Lehigh Portland Cement
26
4% conv preferred
100
tLehigh Valley RR
60
Lebigh Valley Coal
No par
6% conv preferred
60
Lehman Corp (The)
1
Lehn A Fink Prod Corp
5
Lerner Stores Corp
No par
Llbbey Owens Ford Gl.No par
Libby McNeil A Llbby
7
Life Savers Corp
5
900
2%
600
1
1,200
3%
*11%
*22%
5%
1,200
19%
11%
2434
40
2,600
6%
400
200
100
100
39
—
34%
100
10%
100
14%
25%
2634
26%
25%
25% 2534
101
10234 *100
2138
32
33s
"f%400
1,800
Lion OH Refining
*120
128
*120
Co...No par
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
1
Loews Inc
No par
16.60 preferred
100
No par
1
Loft Inc
128
100
200
Louisville A Nashville....100
100
MacAndrews A Forbes
6%
"
10
100
preferred
Macy (R H) Co Inc....No par
*10%
*26
27
*10%
11
*27%
28%
1%
25%
102
12%
*26
27%
*17%
17%
12%
*12
32
17%
*34
4%
*4%
*4
4%
1234
12%
1%
*5%
*30%
*84
4%
*4
12%
29%
30
30
*784
8
25%
26%
25%
*25%
*167
48%
234
*10%
*12
*30%
*12
4%
11
28
12%
1
6
4%
12%
30
734
25%
26
28
*1%
*5%
*30%
*17%
*5%
1
*10%
17%
134
26
...
8
25%
1%
6
32
1
4%
3%
12%
30%
30
8%
26%
26%
6
6
31
17%
*30%
*1738
31
17%
12%
*12
1
4%
4
12%
30%
8%
26
2634
*167
*167
*34
4%
30%
8
27
*167
*2%
*22%
234
25%
*2%
*22%
*90
*12
6%
634
6%
6%
sales on tbla day.
102
12%
*90
*12
8%
26%
27%
2,000
284
25%
1,000
""500
200
102
12%
*14%
143^
I484
14%
*100% 10834 *100% 10834
243s
243s
*2334
24%
*634
7%
6%
6%
31
3134
3134 31%
634
7%
634
6%
J In receivership,
900
...
47
No
Mandel Bros
par
t Manhattan Ry 7% guar. 100
Modified 5% guar
100
25
100
1,100
""500
Market St Ry 6%
pr
pref. 100
Marshall Field A Co—No par
L) Co
Martin-Parry Corp
Martin (Glenn
1
No par
No par
Mathleson Alkali Wks.No par
7% preferred
100
May Department Stores...10
Maytag Co
No par
13 preferred
—No par
36 1st cum pref
No par
McCall Corp...
No par
McCrory Stores Corp..
1
6% conv preferred
100
Masonlte Corp
McGraw Elec Co—
533g Jan
109% Apr
87
45
Oct
43% Aug
95
Sept
108% Aug
109% Aug
95% Sept
Sept
15
Apr
180
May
19
Nov
40% sept
10
18% Sept
13% June
29«4 Dec
30% Sept
Apr
Apr 8
Jan
Apr 10
Jan 11
6
2
138
Jan 25
Jan
Aug
16% Sept
105
35
Mar
38% Sept
3
2
60
Aug
101% Sept
3
May
21% Jan 4
Jan
19% Apr
19
Mar
Jan
3284 Dec
54% Jan
109% July
21% July
62
Jan
0% Sept
22% Mar
110
24%
June
Feb
Sept
169% June
1584 jan
30% Apr
20% Mar
67
Sept
3
28
Apr
35
Aug
136%May 10
28 34 Jan 3
31
Apr 15
124
Feb
135
Nov
18
Aug
1234 Jan
4
Mar
8
38
25% Sept
11% Sept
25% Apr
4% Apr 18
1
Apr
7% Mar 11
85% Feb 28
5
Apr
9
17% July 17
5
16% Jan 17
10
Apr
Apr
Apr
1
Apr
l%May 9
5% Jan 5
8% Mar 29
834May 21
2684June 25
6%May 21
2l34June 10
21
June 10
160
June 12
153s Feb 21
Apr 16
Apr 15
Jan 8
Apr 15
4784
1484
40%
32%
170
36% May 22
2%May 22
May 23
96%June 14
Mar
105
111
May 21
17% May 21
93
29
6
June 26
5%May 15
2
53% Jan 4
4% Feb 23
30% Apr 3
40
Sept
6% Sept
7% Oct
30
Nov
15% Nov
16
Oct
2% Sept
6% Sept
Apr
3% Aug
8% Mar
934 Apr
26% Aug
45% Nov
17% Nov
2
May
8% Dec
30
Sept
67% Jan
37% Sept
2084 Aug
155
4034
Nov
Apr
3% Sept
2484 Dec
176
53%
July
Oct
6% Mar
36% Mar
105
June
93
Jan
10%
9%
Apr
Jan
15% Aug
17% Nov
Jan
108% Deo
Apr
25% Dec
3
9% Apr 25
47% Jan 3
12% Jan
Oct
43% Feb
19% Jan
8
Feb 24
Apr
4%
33%
8
Mar 29
16% Jan
17% Apr
lO%May 22
10 May 21
p
Sept
Sept
162
3%May 22
2%May 21
x Ex-dlv.
10
33
l09%May
25% Apr
23
17
31
21
38 May 18
2534May 22
130 May 31
17 May 24
20%May 21
8%June 5
21%May 22
1% Aug 10
4
May 21
24 May 21
l4%May 21
lI%May 23
26
Jan
13% Nov
32% Mar
6684 Mar
47
39%
46%
4%
I884
3
l05%May
1834May
138%May
15%May
Mines..5
McKeesport Tin Plate
10
Apr
4% Apr
2734
41% Apr 15
37% Mar 15
109% Apr 8
13%June 10
June
Apr
Apr
188s Mar 27
May 15
20
36%
Sept
14% Apr 27
1538May 21
Mclntyre Porcupine
r Cash sale,
37%
2034 Aug
31% Apr
41
9
May 15
lO%May 21
22% July 3
20%May 21
97 May 22
June
9%
23
152
180%May
23% Apr
29% Jan
May 21
27
500
New stock,
3
9% Apr 20
Apr 16
109
Apr 16
300
n
Jan
20
May 15
May 28
May 22
5
a Del. delivery,
Mar
June 10
McGraw-Hill Pub Co ..No par
2,000
Mar
118
5
33
84May 31
6
Marine Midland Corp
25
Dee
30
Maracalbo Oil Exploration.
20
2612
10
Manhattan Shirt
4,400
5,900
1,400
25%
12
""166
4%
*22%
102
100
13%
31
46%
12
Manatl Sugar Co
12%
47%
*90
Madison Sq Garden—.No par
Magma Copper
*3%
*4612
12%
*12
100
700
1
4%
par
200
12%
47%
234
102
*90
2634
6
25%
*22%
no
8%
26
1%
2%
2%
Bid and asked price:
4%
4%
1234
1%
*46%
*2%
48
*46%
6%
*3 J
1%
No
Apr
112
Jan 11
2
7% preferred
17
"
Jan
Feb 19
No par
Louisville Gas A El A—No par
Apri
14
Long Bell Lumber A ...No par
Loose-Wllcs Blseult
25
80
Jan
3%
25
29
Lone Star Cement Corp
200
12
29% Oct
13% Jan
23% Jan
18% Mar
5% July
2434 Apr
1,500
100
10
Apr
Sept
9%May 18
18%May 21
2,000
preferred
7
12% Sept
Dec
4
30% Oct
26% Aug
5% Jan
2984 July
15%May 21
3%
5%
Dec
38
6% Sept
3% Sept
29
Lorillard (P) Co
Apr
384
23% Sept
20% Apr
Sept
48% Sept
10% Sept
884 sept
21,600
100
3
9
5
5
11
5
99
% May
22%
3234
"MOO
20
Feb 26
I84 Apr
12% Apr
July
1% Apr
Link Belt Co
*9%
Feb 16
4
13%May 21
*14
Apr
Apr
Apr
884
18
100% Dec
14% Mar
10% Mar
2% Sept
Lima Locomotive Wks.No par
*33%
Aug
June
28
Jan
1634 Nov
99% Jan
Jan
300
9%
15
6
79
Jan
Sept
3534 Jan
23% Jan 10
May 22
34%
Apr
20
115
May 22
June 19
9%
Apr
24
13s Jan
4% Jan
16
*33%
Apr
7%
Jan
11%
May 17
169
No par
Sept
12%
Apr 18
Jan 24
Apr 8
34% Apr
9% Jan
18«4 Jan
1038 Jan
6% Apr
l38May 23
34 Apr 17
2
100
22
90
4
16%May 21
15%May 22
lOO%June 10
Lily Tulip Cup Corp..No par
*21
Apr
85
Apr 23
Apr 16
Jan 3
Feb 9
29% Jan
21
23
15
28
""206
Preferred—
8
Apr 18
8%
26
l%May 22
l7%May 20
l9%May 23
2
May 21
22% Aug 13
23%May 22
May
8%May
12
May
3%May
8
19%
103%
38%
14%
46%
284
3134
May 21
4
11
173s Apr 23
2784May 21
Kimberly-Clark
Kinney (G R) Co...
5%
Feb 23
15% Jan
24%May 21
300
40
97
109
87%June 20
10
4
Jan
15% Jan
1
500
20%
19%
*105% 108
20%
*18%
20
9
Jan
Apr
Maris
7% Apr
No par
Keystone Steel A W Co .No par
Kennecott Copper
Lane Bryant
5%
95
16
21
23
23
21
21
A—No par
Class B
Kendall Co $6 pt pf
30
3,600
3%May
11 May
9
May
92 May
7%May
8%May 21
484May 22
900
6%
6
101
101
100
1,700
14%
14%
14%
14%
14%
1434
14% 14%
*100% 10834 *100% 10834 *100% 10834 *100% 10834
2334 24'
23%
2334
*22%
23%
*22% 23%
634
634
*6%
634
*6%
634
*6%
6%
*29
30%
30%
*30
30%
30%
*30
31%
*6%
13%
9
103%
253«
11
*167
*167
*98
5% conv preferred..
Kayser (J) A Co
100
25%
1278
29%
*8 34
25
17%
*7%
*86
Kaufmann Dept Stores.....1
25
32
29%
300
24%
*1738
*25
11%
100
2434
*12
12
11%
City Southern. No par
4% preferred
24%
6
*3%
100
24%
*5
4%
15
Mack Trucks Inc
178
4%
4%
15
i~666
*30%
12%
■^4%
23%
17%
12%
4%
121%
22
*17%
*3%
19%
Jan
Apr
Apr
22
11
Jan
Apr
22
27
105
13
*6%
25%
11
18
Sept
117%
19%
128
Sept
59
121
*13%
*120
Oct
13
4
3
Mar 27
117%May 28
Kansas
2134
6
31%
*12
128
*120
Mar
10
10
600
2134
*1%
*34
4%
19%
Jan
32% Sept
125
Kan City P A L pf ser B No par
300
109% *106
19%
Apr
jan
June
10%
Kalamazoo Stove A Furn
1034
21%
*5%
*30%
1
3
18
119% Sept
87
*10%
21
134
*34
234
Sept
7% Nov
Jan
Feb
Sept
3834
21%
3134
3%
1434
June
Liggett A Myers Tobacco..25
Series B
26
21%
31%
3%
Sept
76
Mar 13
Jan
Dec
7% Aug
4
9
Oct
107
968
9%
3% Sept
83
22%
*1%
*12
30%
22%
3134
Jan
Sept
133
*14
*14
1434
1434
1434
109% *106
109%
109% *106
19%
19%
193s
193s
19%
151
152
152
*150
152
15134
152
152
193g
I93g
19%
19%
*18%
19%
*19%
19%
*54
56
*54
56
*54%
56
55%
55%
*28%
30
*28%
30
*28%
30
*28% 30
*13%
109% *106
29
21%
84
May
60% June
Apr
200
10034 10034 *100
3
Jan
Aug
Preferred
1,000
24%
22%
31%
234
1434
33'
17
97
25
Apr
77% Jan
99
*13%
25%
19
52
June 10
99
26
4034 Sept
5
28
97
25
31% May
Jan
127% May 14
95
25
38
8% Jan
98
25%
6%
29
35
6%
2034
26% Aug
3% Jan
39% Jan
5
3
10% Jan 3
90
Apr 10
97%
*20
Jan
May
1434 Jan
67% Dec
122
38%
39
55%
138
102% Apr
434 Jan
4% Jan
95
*1334
*100% 101
11%
23
Aug
Jan 15
*175% 181
*175% 181
19%
*18%
19% *18%
1434
14%
1
3%
19%
Dec
Sept
63s
Apr 29
28
87
25%
24
31%
151% 151% *149% 152
*19
*19
19%
19%
*53%
56
52% 52%
10%
*6
*37
25%
2034
1434
34
*9%
x38%
*1334
21%
1934
34
10%
*9%
25
*100
35
*33%
10%
*3
35
123
3
Jan
Sept
July 15
40
1,000
5%
4
Jan 11
8%
37% Apr 12
36% Jan 5
June 21
44
13
*4%
10
5% Jan 24
56% Feb 6
9 May 21
34%May 22
1
—No par
No par
Jonns-Manvllle
*12%
3834
34
Jar vis (W B) Co
Jewel Tea Co. Inc
13
5%
*175% 180
*175% 181
*17578 181
19
19
19%
19%
19%
19% *18
20
20
19% 20
2038
*19% 20%
34
300
1,600
17% Sept
5% Apr
73
June 10
122
1
13
*434
*17578 181
*18
1,100
12%
65
1
preferred—...
13
18%
11
95
36
No par
13
24%
18%
96%
Intertype Corp
Island Creek Coal
Laclede Gas Lt Co St Louis 100
3%
*23
40
Telep
Teleg
No par
Foreign share ctfs...No par
Interstate Dept Stores.No par
Preferred
100
30
2
1
*3
19%
11%
24%
1,300
1,800
130
108
*106
*%
*23
2%
2%
7%
90
7
26%
100
Inter
1,900
5%
*1%
*1034
7% preferred
5,000
5
1834
*18%
50
13
20%
11%
No par
5
18%
25
International Sboe
International Sliver..
Oct
3
Jan
133
26%May 28
25 May 23
l3%May 21
97% Jan 15
l84May 15
l%May 15
4%May 21
74% June 11
5%May 21
20%May 23
*12
20%
*23
300
No par
Oct
Sept
21%May
37
3%
334 Apr
2% Aug
45% Sept
Jan 23
38% Jan
3
l84May 18
1
100
13
30
5%
1834
*10-%
1,400
142
16% Sept
41
19584 Mar
71% Sept
16634 Aug
40%May 21
100
preferred—...
International Salt
5
20%
3
pref
5%
*11
1834
3
conv
Internat Rys of CentAmNo par
""70
Sept
7
5
June
145
10%May 21
5
2034
3%
19%
5%
15,500
19%June
109
15
12
1834
*278
*1834
Inter Paper A Power Co
5
2034
1
Int Nickel of Canada ..No par
Preferred
100
Apr
1% Apr
538 Jan 6
14% Apr 20
3%May 23
12
18%
2
14,200
16
171
l34May 22
24~200
3
191% Mar 12
62a4 Jan 4
5% May 22
1,000
4
5
75
*25
2934
12% Jan
2% Apr
38
132
26
*20%
108
145
100
Int. Hydro-Elec Sys class A.25
Int Mercantile Marlne.No par
Internat'l Mining Corp
1
5% Sept
48%May 15
9%June 10
x24%
18%
*78
Preferred...
1,200
2,000
Co
No par
Kroger Grocery A Bak.No par
738
*4%
*178
May 22
May 25
Oct
109% Dec
6
122% May 22
24%
334
2034
*106
38
46%
Apr
2% Apr
7% Aug
Jan
Jan
Sept
5% Dec
9% Mar
100
23%
*18%
1
Internat'l Harvester...No par
21
Jones & Laughlln St'l pref. 100
*134
22%
*20
178
2,400
90
Mar 28
9834 Sept
Apr
100
34%
18%
108
June 11
Apr
9%
72%
1%
2078
178
136
133s
30
*11
17% Apr
700
100
67
473s Mar 20
1
May 21
18%May 21
Interlace Iron
Aug
4% Apr
234 Sept
Internat Agricultural. .No Par
Prior preferred
100
Int. Business Macbines.No par
3,000
Sept
157
15% Apr 11
6% Feb 14
5% Feb 28
5
""loo
131
86
90% Apr 27
91
Jan
Apr
147% May
4
22
11
21
16
113
125
125
34%
*18%
*78
par
100
9% Sept
29%
*69
2438
*2%
*25
Apr 16
June 10
43
*134
*22%
*20
*106
1
12
*25%
5
*2%
26
*2%
13
*4%
*13
24
7%
*11
*33
*22
30
*5
13
*11
1%
*134
2334
334
*25
34
*33
178
1134
62%
Jan
158
share
per
4% Apr
I684 Apr
Jan
238May 15
6%May 21
....
*42
118
Highest
share
per
June 26
7%May
4%June
2%May
21% Aug
20
—No
share
934 Apr
29
No par
No par
*119%
....
Interchemlcal Corp
6% preferred
per
66%May 22
.No par
t Interboro Rap Transit...100
105
2%
1134
43
61%
Inland Steel Co
Intercont'l Rubber
29%
19
*123
44
200
33
*17%
7%
90
7
26
11%
T
119% 119% *119%
*119%
4%
*14%
72
4034
*2%
5934
11%
61%
2%
*2%
*95
*123
11%
42%
5934
*10%
1H2
42
59
*77%
*5%
*24%
*123
59%
2%
"~2,500
15%
40
105
2%
*41%
*68
*95
105
*95
23s
*10%
*125
*31%
2934
*17%
*2%
26
*123
—
*95
2%
2%
634
90
7
2%
278
*2334
19
10234
*95
2%
*123
•
2%
40%
1434
par
100 -.145
Inspiration Cons Copper
Lowest
Highest
S
share
per
5
May 23
l08sMay 21
72 May 25
10
Insuranshares Ctfs Ino
135
*121
15
60%
2%
39%
33%
2934
19
14%
58%
*2%
39%
15%
5734
2,700
27%
2634
26%
26%
2734
2634
2634 2712
27%] x26% 27
*121
*121
135
*121
135
135
*121
135
135
2712
*121
""760
S
No par
6% preferred
80
lOO-STtara Lots
Lowest
Par
5%
22%
534
88%
On Basis of
Week
Shares
21%
*145
EXCHANGE
$ per stare
j
share
Range for Precious
Year 1939
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Friday
Aug. 30
,
*5%
157
♦76
NOT PER
Thursday
Aug. 29
,
21%
|
90
157
Wednesday
{ Aug. 28
$ per share
534
22
♦145
*88%
Tuesday
Aug. 27
$ per share
53*
*2li4
SHARE,
SALE PRICES—PER
Sales
for
LOW AND
Saturday
1241
8
88
15%
6% Sept
39
Sept
8%
Apr
IO84
Jan
59% June
18% Sept
Ex-rights. 1 Called for redemption.
New York Stock Record—Continued—Page 7
1242
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Thursday
Aug. 21
Aug. 28
Aug. 29
$ per share
i
Friday
Aug. 30
< per share
$ per share
$ per share
$ per share
4%'
4i8
4%
21iz
4%
21%
21%i *2012
*6%
6%
*6%
6%
*96% 108
*96% 108
*8%
8%
*8%
9
4%
21%
21%
6%
6%
*96% 108
*8%" 9
*96% 108
*8%
8%
*77
80
*77
80
*77
80
68%
28%
3
16
13
*66
68%
2834
3
*234
1434
*1334
*10%
*27%
6%
*12%
80
*77
*66
*66
6812
68%
*66
♦28%
29
28%
2878
*234
3
3
3
15*4
♦14%
*10%
15
13
28%
*234
*14%
*10%
27
27
*1334
*10i4
13
*26%
27
714
13
27
27
4%
4%,
21%
21%f
6%
6%
*28%
♦2%
*14%
4%
21%
*7
4%
*8%
8%
38
*8
*32
*8
8h
%
2%
U
*%
*2
*1
37
700
500
"""366
*77
*66
68%
*66
28
28%
28%
28%
3
3
3
300
15
15
15
20
13
28
7
13
*10%
*27%
7%
12%
31%
13
*2
2%
*%
*2%
33%
8%
*%
2%
8%
8
%
2%
*%
2%
*%
%
*%
%
%
*%
%,
*14
33%
♦33
%l
%
*%
*
»i«
k
80
30
68%
""900
""206
28
~
37
8
*34
37
*18
19
*278
*27%
*12%
*73%
19
*278
*27%
3
30
12%
75
29
12%'
76 i
*12%
*73%
*110
♦110
6%
3
5%
....*110
5%
*43
6%
4334
5%
*43%
478
45
5's
5%
*1234
*17%
*6%
*8%
*9%
14
1734
*1234
14
18
18
19
684
*8%
*9%
10
19
*162
1834
166
634
8%
9%
19
166
*13
170%
14%
*86
94
*86
*15%
11%
18
11%
9%
1334
*15%
*1134
*9
*13%
*13
*9
13%
*4
4%
6%
20%
9%
7
6%
20%
*784
7
*81
7
81
81%
16%
*158
141
16%'
16%
167% *158
141
*17%
7%
*58%
*5%
*9
*34%
*29
*140
18%
7%
60
534
9%
3534
36%
5
♦17%
7%
59%
5%
*9
*8%
9%
*12«4
1734
*6%
*8%
9%
18%
2%
%
400
'it
"""800
*12%
12%
*12%
77
*74
78
8%
9%
1834
170% *162
14
14%
230
18%
19%
7%
884
10%
3.900
19
18%
1834
19
170% *166% 170% *166% 170%
3,600
1384l
18%'
8%
13%
18%
*6%
8%
984
10
10
1834
7
"
7
7
8%
8%
10%
18%
*15%
18
*15%
18
*15%
18
*15%
18
12
*1184
12
11%
12
1134
12
12%
9%
9%
9%
9%
9%
9%
984
984
13%
13%
13%
13%
13%
1384
13%
13%
13%
112% *112
112
112% *112
112% 112
112% 112%
112
112
112% *111% 112
*112
112%
112% 112%
*4
4%
4%
4%
4%
♦4%
434
*4%
6%
6%
6%
*6%
634
*6%
634
*6%
684
20%
20%
20%
20% 20%
20% 20%
20%
20%
*8
9%
7%
9%
9%
*8%
9%
*8%
9%
7%
7%
7%
7%
734
7%
7%
7%
7%
81
81
81
*80
85
*77
81%
81%
8334
16%
16%
16%
1634
16%
I684
1634
16%
17
165% *158
165% *168
165% *158
165% *158
165%
124
140
140
I 140
141% 141%
140
140
140
18
♦17%
1784
1784
18%'
18%
18%
18%
19
734
7%
734
8
734
734
734
7%
7%
60
60
59%
59%
5934
60
60
59%
59%
5%
5%
5%
5%
5%
5%
5%
5%
5%
*9
10
*9%
10
*9%
10
*9%
36
*35%
35%
35
35
36
36
36
36%
4%
38
38
37
37
*34
*484
*8
5%
8%
10
16%
10
*9%
106
*25
26
*24
26
*6%
*40%
10%
*11%
2234
41%
11%
13
*12
13
2234
*22%
23%
*25
26
7
7
*40%
41%
11%
11
25
25
*3%
4%
*5%
7
117% *106
*102
106
16%
ft)5%
*25
3n
*%•
*%
%
19%
*16
*16
*8
*9%
5
5
*8%
*9%
♦111
114
36
*35
36
234
27
14%
6%
*2%
*25%
*13%
6%
14%
6%
1284 1234
*10%
10%
*100% 106
*12%
*10%
5%
8%
10
*128%
7%
*22%
*23
*49
61
6%
2%
*834
*4%
*9%
28%
*38
6%
2%
10
4%
ii84
28%
38%
9
9
*121
123
*148
152%
*
*49
51
*115
5~o""
*48
...
49%
6%
2%
*8%
*4%
*9%
28%
49%
6%
2%
9%
4%
11%
28%
*3734
38%
9%
9%
*121% 122%
150
150
6%
conv pref
2,800
900
1,600
""406
60
800
Nat Aviation Corp
National Biscuit Co
...6
10
7% cum pref
*18
*75
77
42
42
"""166
106
102
106
*102
106
*102
106
60
26
26
2634
7%
*26
26
7
7
*40%
11%
*12%
42
11%
42%
2334
*2434
23%
26
12%
12%
12%
12%!
*22%
25%
*3%
23%
25%
4%
23%
*24%
7
106
*3%
60
Me
%
*%
*3
7
*5%
104
*102
%
1134
13%
24%
*25%
*3
7
*102
h
700
1,400
200
34,600
5%
106
60
*l«
8
%
*»
%
500
®u
300
..
%
»i.
"""800
National Supply (The) Pa.. 10
$2 conv preferred
40
5)4 % prior preferred
6% prior pref erred
National Tea Co
100
..100
1
4% % conv serial pref
100
Newberry Co (J J)
No par
6% pref series A
...100
Newmont Mining Corp
10
Newport Industries
1
N Y Air Brake
New York Central
No par
No par
6% preferred
N Y A Harlem RR Co
No par
60
non-cum
pref
60
N Y Lack A West
Ry Co.. 100
IN Y N H A Hartford
100
Conv preferred
100
IN Y Ontario A Western..100
100
100
"V,400
Adjust 4% preferred
North American Co
10
6% preferred series
6H % pref series
60
50
North Amer Aviation
1
Northern Central Ry Co
50
Northern Pacific Ry
100
North States Pow $5 pf No par
*111
114
*112
114
112
112
100
36
*35
36
*35
36
36
36
20
Northwestern
50
Norwalk Tire A Rubber No par
Preferred
60
2%
♦2%
*25%
*13%
2%
27
14%
*2%
27
2%
27
*2%
*25
2%
32
"
51
*49
*115
51
...
*49
*115
51
*49
Norwich
"V. 8 00
2,000
1,400
20
900
5,300
10
1,200
100
300
51
49%
49% *49
49%
49
49%
49%
49%
*6%
684
6%
6%
7
6%
684
684
2%
234
2%
2%
2%
2%
2%
2%
*8%
10
*8%
10
*8%
10
9%
10
4%
4%
*4%
4%
4%
4%
*4%
4%
*934
1134 *10%
1134 *10%
11*4
*10%
11%
28%
28%
28% 29
29%
29%
28%
29%
38%
38%
38%
38%
37% 38
3884
39
9%
9%
9%
9%
*9%
9%
9%
9%
121% 121% 122% 122% 123
125
123% *123
*148
152% *149% 152% *148
152%(*148
I In receivership,
152%
a
Telegraph...60
900
2,800
340
20
60
3",200
1,600
600
140
20
Def. delivery,
Pharmacol Co..2.60
41
22
21
21
14
21
22
28
22
June 15
11
June 10
6% July 15
7%June 20
9
June 10
16%June
6
June 11
12% Aug 14
May 18
91
16
June 26
6
May
May
6%May
17 June
23
28
23
10
Oppenheim Collins..
No par
Otis Elevator
No par
100
6% preferred
Otis Steel Co
No par
$5.50 conv 1st pref..No par
Outboard Marine A Mfg
5
Outlet Co...
No par
Preferred
100
Owens-Illinois Glass Co. 12.60
Pacific Amer Fisheries Inc...6
Pacific Coast Co
10
1st pref erred
2d preferred
No par
No par
Pacific Finance Corp
(Cal).lO
Paolfio Gas A Electric
25
Pacific Ltg Corp
Pacifio Mills
No par
No par
Pacific Telep A Tel
eg
100
100
r
121% Jan 30
112
66
Jan
Feb
Apr 18
18% Apr
26% Jan
6% Feb 16
39
Feb 28
1534 Mar 20
83
Mar 29
111
Mar 14
8% Feb 16
53
Apr 8
7% Feb 15
22% Jan
21%
7%
8%
16%
24%
170%
"
—
Aug
100
June 12
20% July
6% May
30%May
9%May
8%May
15 May
20%May
20
24
21
21
21
21
21
3%May 21
4%May 22
May 21
Apr 27
104
110
June
6
% Apr 12
% Apr 4
13% Jan 15
20
May 23
175 May 22
105 May 25
14%May 21
47%May 22
47%May 22
15 May 14
84%June 5
4% May 15
101 May 24
27 May 22
2%May 15
25% Aug 13
July
2
Gash sale.
*
June 10
47
May 24
115%May 24
42
Jan
6% Apr I
Mar 14
June 10
4%June 10
2
May 22
8 May 22
3%May 22
9%May 21
25%May 22
33 May 22
8 May 21
115 May 25
144 June 18
Ex-div.
y
Apr
Jan
4
6
Jan
96
3
Jan 31
27
40%
31%
22%
9%
Apr
Sept
Sept
64
21
7% Sept
21% Sept
147% Oct
10% Apr
87
Sept
17% Apr
14% Dec
z8% July
12% Jan
110
Sept
107
Sept
4% Apr
4% Jan
Oct
121
May
122i2 May
67%
47
Oct
Sept
37% Mar
19
Apr
Aug
Mar
11484 Sept
Apr
Aug
7% Aug
Jan
July
Jan
14% Jan
2% Jan
984 Jan
1% Sept
2% Sept
Sept
10
Apr
16% Apr
3% Aug
30
Apr
9
Sept
50
Apr
105
Sept
4
Aug
43% Sept
5% Sept
Jan
62
934 Jan
14%May
10
91
110
Apr 29
Jan
July
6% Aug
4334 Apr
43% Aim:
8% Apr
10% Apr 11
10%June 24
25% Mar 13
63% Apr
Oct
14% Apr
684 Apr
8% Jan
73*4 Jan
Jan
17%
Oct
30
Jan
7%
44%
1484
70%
111%
9%
Jan
62
Mar
Sept
Dec
Nov
Jan
Deo
9%
Jan
26% Nov
18«4 Sept
15
Nov
28% Mar
175
Jan
17% Nov
95% May
2384 Sept
26% Jan
16
Sept
18% Aug
117% Jan
114
Mar
8%
Oct
6%
28is
Feb
6
4
Apr
33% July
41
Deo
2% Apr
8% Sept
Jan
18%
Jan
16%
Jan
106
Mar
Feb
35% Sept
10
Aug
82
Sept
Jan
15%
20
Jan
59% Jan
60% Apr
5% Oct
11% Feb
18% Apr
73% Mar
29% June
32
42
Apr
105% Sept
87% Aug
July
112% June
26% Aug 28
14% Feb 20
50
Jan
3
18% Jan
21% Jan
3
4
39
3
Jan
33% Mar 9
8% Apr 22
12% Apr 22
115% Mar 11
117% Aug 15
66
% Apr 27
19
8684
14
Apr 30
July 18
July 20
Apr 15
Jan 24
Mar 6
7%
26%
15%
12%
6%
Aug
2% Aug
% July
% Dec
10% Apr
110
45
114
1
May
July 31
Dec
85%
8% Aug
19% jan
119
119
40
120% Not
145
5%June 10
100
101
132
10%May 21
7%May 21
95 May 23
2%May 22
11% June 11
12484 June 11
7 May 21
21 May 21
8% preferred A
6%
11%
18%
148% Jan 29
No par
6
25
May 29
May 22
14
11%
Nov
Nov
June 19
36
45
3
14
73
63
30% Dec
6% Jan
28% Jan
21% Sept
39% Jan
16% Sept
18
Sept
27% Jan
173% Aug
13%May 21
5%May 22
48
May 21
4%May 24
8
May 23
26%May 24
34
Sept
39%
28%
22% Apr 9
173% Jan 31
June 19
14%May 22
132
36
10% Oct
101% Nov
14% Sept
20% Sept
10% Sept
8% Sept
83
Sept
17% June
152
Sept
7%June 6
5%May 21
66
44%
103%
2%
Aug
July
Aug
Dec
July
Aug
Sept
Apr
Apr
Apr
Apr
Apr
8ept
Sept
Sept
8
Apr
1% Jan
434 Jan
% Jan
78 Jan
3%May 21
13% Jan 13
Jan
6
56
Apr 25
11
21
No par
n New stock,
48
8%May
May
May
2%May
20 May
8%May
66 May
97%May
4 May
12
Oliver Farm Equip
Omnibus Corp (The)
6% preferred
Jan 20
434 Apr 24
16
Ohio Oil Co
.....
*115
9
8
30% Feb
9% Aug 17
14 May 21
72
July 31
112
25%
14%
May
Apr
21%June 20
3% Jan 4
7%May 21
Norfolk A Western Ry
9,600
110
No par
No par
600
13",300
64
15
6% Aug
88
Feb 21
122
21
....No par
N Y Shlpbldg Corp
part stk_.l
Noblltt-Sparks Indus Inc
5
600
24
Highest
share $ per share
per
28%May 7
32% Apr 8
12% Apr 10
178sMay 9
40% Apr 8
2%May 15
26 May 21
100 zl60
6% preferred B
100
Nat Mall A St'l Cast Co No par
National Pow A Lt
No par
National Steel Corp
26
300
200
26
114
$4.50 conv preferred.No par
National Lead Co
10
10%
May
3
6% preferred series A... 100
NYC Omnibus Corp..No par
New York Dock
No par
10
82
34% Mar
6% Jan
107
2,900
100
May
100
N Y Chic A St Louis Co... 100
200
85
9*4May 22
May 21
ll%June 5
107%June 13
800
117%
60
%
2584
7%
42%
1234
1384
25%
26%
100
4%
5%
106
%
%
19%
2534
117% *106
*
60
13
4%
117% *106
...
3X6
*'1#
24%!
26%
4%
*5%
104
117% *106
7
II84I
18%
Apr
14%May
No par
10
N atom as Co
18
107
$
1
1
4
15
3
6
2
6
5
19
Apr 1
99% Apr 17
20% Jan
16% Jan
13% Mar 12
18% Apr 17
116% Jan
Nat Distillers Prod
No par
Nat Enam A Stamping No par
Nat Gypsum Co
1
Nehi Corp
Nelsner Bros Inc
884 Apr
32% Apr
9% Jan
24
22
22
13
22
21
21
21
7%May 21
%May 18
l%May 22
%June 27
%June 21
9%May 21
8684June 10
110 May 23
113%May 27
31%May 21
33%May 21
Lowest
share
100
7% pref class A
7% pref class B
Nat Dept Stores
6% preferred
100
$ per
June 26
95
156
100
Nat Cash Register
No par
National Cylinder Gas Co
1
Nat Dairy Products-_.No par
300
24%May
2%May
ll%May
10
Aug
24 May
6%May
1 l%May
23%May
103 May
33%May
10
7% preferred A
70
1,100
77
Bid and asked prices: no sales on this
day.
1,900
44
40%!
*49
300
*40
6%
*115
"V.eoo
*75
*13%
♦13%
14%
14%
6%
6%
6%
6%
6%
6%
6%
13
*12%
13
13%
13%
13%
13%
14%
10%
10%
10%
1034
1034
10%
1034
10%
103
103
*100% 106
*100% 106
*100% 106
*100% 106
4
*3%
4
3%
3%
3%
3%
3%
3%
3%
3%
13%
13%
1334
13%
13%
14
13%
143g
14%
14%
14%
138
132
*128% 133
132
*128% 133
*128% 133
128% 133
7%
7%
7%
7%
7%
7%
7%
7%
738
734
7%
*23
25
25
*22%
25
*22% 25
25
25
*22% 25
2434
23% 23%
*2234 23%
23% 23% *22% 24
24
24
*115
1,200
77
13%
10%
234
27
70
100
300
44
40%
11%
*3434
*2%
25%
*13%
6%
20
*40
6%
*111
4,300
*75
41%
11%
*514
36%
38
8%
10
1,100
1,200
44
634
*..-.
84
%
8
10
18%
38
3734
*434
8
11
*102
60
5
4%
*9%
*40%
117% *106
*
114
*3%
*13%
100
10
*%
%
*%
%
19% *18%
*18%
193s
1934
18%
19%
19%
19%
*25
2684 *25% 25% *24%
2684
*2534 2634 *25% 2634
26% 26%
*212% 215
215
214% 214% *213% 215
216
212
1212% 212% 212
*109
112% *109
112% *109
122% *109
112% *109
112% *109
112%
*18%
18%
18%
19
18%
18%
19%
19%
19%
19%
19%
20
*55% 56%
65%
55%
56%
56%
*55%
56%
56%
5634
*55%
5684
*53% 5434
54%
54%
*63%
6434
*53%
5434
5434
5434
*53%
55%
16%
16%
16%
16%
16%
16%
16%
16%
16%
17%
16%
17%
♦87% 95
*87%
95
*87% 95
*87% 89% *87% 89% *8734 89%
6%
6%
6%
6%
6%
6%
6%
6%
6%
6%
6%
7%
*111
6%
600
100
1
Nat Automotive Fibres Ine.-l
6% pref series A..
100
Nat Bond A Bhare Corp No par
*102
*25%
*13%
500
Nashv Chatt A St Louis
National Acme Co
Nat Bond A Invest C0.N0 par
106
*2%
400
15
*102
*35
20",400
94
*40
•
6%
♦13
*75
®18
13%
5
10
2,300
*86
18
*%
*18%
110% 110% *110
110%
6%
5%
5%
684
*43% 45
*43% 45
15
44
»i«
*12%
18%
*6%
*8%
9%
1834
29
1
94
77
*%
300
12%
♦74
60
1,700
*86
*40
60
$7 preferred
No par
Munslngwear Inc.
No par
Murphy Co (G C)
No par
6% preferred
100
Murray Corp of America..10
Myers (F A E) Bro
No par
Nash-Kelvlnator Corp
6
*28
12%
7
No par
Montg Ward A Co. Ino.No par
Morrell (J) A Co
No par
*13
*75
*49
200
15
*16
7
Preferred series B
10,000
120
30
18%
10
No par
29%
*28
1384
20
$4.50 preferred
94
43
106
Monsanto Chemical Co
*86
77
*5%
600
100
100
100
*13
*40
*102
300
7% preferred series A
{Missouri Pacific RR
6% conv preferred—
Mohawk Carpet Mills
Mulllns Mfg Co class B
*12%
5%
10
No par
600
*75%
6
Mission Corp
Mo-Kan-Texas RR
600
20
3
29
8% cum 1st pref
—100
Minn-Honeywell Regu.No par
4% oonv pref series B
100
Minn Mollne Power Impt.__l
$6.60 preferred
No par
Morris A Essex
60
Motor Products Corp ..No par
Motor Wheel Corp
6
Mueller Brass Co
1
12%
77%
*110
110%
6%
534
5%
45
*43% 45
5
6%
6%
No par
3%
20
19%
3%
10
_
15
*75
*106
200
*ii
76
8%
*9%
4%
100
|
5
_
94
18
*3%
50
200
Copper
*13
*16
7%
10
%
19%
*2%
3
Midland Steel Prod
300
12
*8
8%
9%
4%
19%
3
1
60
Mercb A M'n Trans Co.No par
Meats Machine Co
5
500
18
10
35%
36%
4%
5
*43%
19
19
3
30
1
*86
112% *112
♦111% 112
*111%
6%
*20%
*734
5%
*162
14%
*112
*4
*18%
*278
*28
*12%
*74
Corp
Mengel Co (The)
5% conv 1st pref
M ld-Contlnen t Petroleum
%
2%
Melville Shoe
Miami
I
8
100
No par
f6 preferred series A .No par
$5.60 pref ser B w sr.No par
Range for Previous
Year 1939
Highest
share
May 15
l7%May 28
5 May 21
90 May 31
7%May 28
64
Feb 5
53% Feb 6
$3 series conv prel...No par
Co
1
6 % conv preferred
Mead Corp
per
4
McLellan Stores
900
300
$
McKesson A Robbing, Inc.—5
900
*7%
%
2%
*%
13%
13%
13%
13%
13%
*13
13%
*13%
13%
*12%
13%
*90
91
91% *90%
91%
91
*89%
90%
8934
90%
89% 89%
*115i2 11634 *115% 116% *115% 116
*115% 116
♦115% 116
*115% 116
*11714 120
*117% 120 |*117% 120
*117% 120
*117% 120
*117% 120
3914 3978
39%
39%
39%
39%
39%
40%
40%
4034
4034
42
*35
35
35
i *32
37
35
35
*34\
37
35%
*34% 37
*24
*23%
24
2434 *23% 24%'
24
24
2484
2434
24% 24%
12
1178
12%
1178
*12%
12%
12%
12%
12%
12%
12%
12%
*15i4
15% *15%
15%
*15%
15%
15%
15%
15%
15%
15%
15%
*18
1,700
80
8% |
%
2%
*8
8%'
*%
*%
*12%
37
*33
Lowest
Par
21%
*6%
634
61
7%
7%
7%
7%
*12i2
*12%
13
*1234
13
*12%
13
13
*31
31
31
*30i4
31%
31%
30%
31
*30%
31%
3134
117
*11314 117
*113% 117
♦113% 117
*113% 117
117
*113% 117
*40
41
41
42
*3914 41
41%
3934
3934
*41%
43
42
*105
105
*103
10714 105
110% *103
110% *103
110% *103
110%
*2%
3
*234
3
*2%
3
*234
3
2%
2%
2%
2%
*32
Range Since Jan. 1
On Basis of 100-Share Lots
Week
Shares
4%
21
EXCHANGE
6%
6%
*96% 108
8%
9
*6%
6%
*96% 108
80
13
28
*10%
*27%
4%
*21
STOCKS
NEW YORK STOCK
the
Aug. 26
$ per share
*4
Wednesday
Tuesday
Sales
for
Monday
Saturday
Aug. 24
Aug. 31, 1940
Feb 20
% Jan
2
3
Jan
4
% Jan 11
26% Apr 22
6
35% Apr
226%May
4
113% Mar 27
2334 Jan 3
59
Jan
68
Jan 10
26>4 Jan
8
3
90i2 Feb 20
9% Jan 3
113
Mar 25
36
Apr 29
5% Jan
3
42is Jan 12
16%May 29
884May 7
23% Apr
14% Mar
112
4
4
Feb 19
12% Jan
41
4
Mar 28
5% Apr
18% Jan
144
4
3
Jan 11
3234 Apr
4
55
Jan 22
120
Jan 17
64% Jan
6
10% Apr 26
63c Jan
6
2384 Feb 13
12% Jan 4
AIM: 15
34% AIM: 15
14
60
Jan
3
16% Jan 4
139
Mar 12
154
Jan 24
Ex-rights.
8% Apr
Apr
11% Sept
10% Apr
18is Apr
30
Apr
I84 May
27
4% July
106
Nov
119
May
47
July
% Dec
1%
Dec
%May
8% June
31% Dec
168
103%
18%
52%
50%
12%
17% Sept
62
23%
25%
45<4
43%
IO84
Sept
Sept
Sept
Sept
Feb
Sept
15% Sept
118% Mar
120
Mar
62
Mar
1% Sept
5% Sept
1>4 Sept
17
Sept
33% Deo
Jan
217
Nov
Sept
113
June
Apr
26%
Feb
69% Aug
Sept
Sept
Apr
69
82
Jan
89
7
June
100
Sept
29
Sept
284 Apr
32% Apr
6
Aug
x4% Sept
12
Sept
100% Sept
484 Aug
15% Sept
128
Oct
7% Apr
33
July
16% Apr
40% Jan
114% Jan
50
Apr
3
Aug
2% Apr
11% June
3*4 June
9% Apr
27is Apr
41
Apr
9% Apr
114
Apr
128
Sept
Aug
29% Nov
Nov
1484
Jan
113
Deo
40
Oct
6is Nov
44% Aug
101% Sept
30
Jan
20% Mar
113% May
8% Jan
27% Jan
148% July
16
Sept
65% Sept
26% Deo
54
Dec
120
Deo
70
Jan
7% Sept
7% Nov
25
Nov
15% Sept
12% Mar
34% Mar
62
Oct
21% Sept
132
June
156% July
T Called for redemption
S3T
Volume
LOW
Saturday
Monday
Aug. 24
\
3*2
*57g
3%
312
*578
3%
*3i2
6%
6%
6
3%
*13%
*7h
3%
3i8
13%
133s
3i8
133s
8\
*712
9
*i«
♦58
•h
6
3'4
3i8
13i4
13i2
13i4
1312
*%
♦94
98i2
*94
*73
*8
8%
*8
*15
17i8
*15
*73
7%
*15
1*4
5i4
3178
19
19
8
8
*6l4
8
*46
48
*81%
8212
81«4
*2
2l2
2i2
2H4
12i2
*2
*23s
*17i2
*1H4
83s
8%
*17i2
*1H4
20
1212
2
*2i4
195s
34
214
*7
8
*29l2
*17i2
2978
18
*6%
*29%
*17
19%
*16%
2%
8
2912
1858
*18
19
*18
20
*18
20
*1*4
*6S4
29%
*7%
2758
283s
28
28
44
*4234
44
*43%
*83
90
*83
90
*83%
**8
5u
*8
*il
%
76
75
75
140
♦107
140
*234
*234
45
*23%
24l2
*534
*1014
*234
20
6*8
73
*69%
*69%
*17234
584
.—
5i2
*14
15l2
31%
10%
*30%
*10%
*151
9%
*29i4
*60i2
14
*7
*984
*30i2
60
19U
712
18&S
*83i4
73g
19
7i2
78
*77i2
*1034
11
*10»4
*10
1078
*10i4
45g
434
434
19%
55
23g
*lai6
1
*6'8
65s
978
9%
1
10%
10%
33
60%
1034
*10
4*8
*54%
23s
56ig
23g
116
90
35
1,100
*1534
16%
*26
28
♦26
28%
*2678
*13
133s
*1278
1334
23
13
I6I4
*21%
*2H4
23
*19
2134
19
23s
*2
19
23g
30
*21%
11
*65s
*8
*7*4
8
52i2
1%
1678
93
8
5034
978
5034
714
73g
88
*8314
78
78
78l2
87 !8
7834
1034
Ills
*10
458
11%
10%
434
*1034
*10
2112
18«4
2l8
*20*8
"V,206
1034
11%
700
10
10
100
434
434
5
15,600
*56'2
57*4
"""560
2'2
2'2
700
*34i2
36
*34i2
xl8
18
*18%
I6I4
*27%
36
19
1734
29»4
*75
212
200
100
16
28%
28%
19
16i2
28%
13
13
*1278
13l2
13
13%
500
225g
19
*22
22l2
*22
23
100
19
19
*19
21
2%
2
2
*2
*25i8
27%
21%
19
2%
277g
10
*21«4
*1834
♦2
163g
163g
*27i2
28i2
2734
11
8
8
*77g
8%
*8
*8%
97g
*8
9%
*8
-75s
*48%
75g
778
*48'2
778
5H2
58
*54%
*5414
56
778
165s
167g
163s
165s
1634
93
93
93%
93
78%
77
77
78
78
*48
1
1%
1
*6*8
1
*6^8
11
1>8
100
500
200
Procter A
No par
preferred
—100
preferred..—
100
preferred
100
Pub Ser El A Gas pf 55.No par
Pullman Inc
No par
Pure Oil (The)
...No par
6% preferred
100
5% conv preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
S5 preferred B
No par
$3.50 conv 1st pref..No par
6%
7%
8%
Company
Rels
11
200
97s
l",800
8%
*4838
*54'4
52'8
5534
"2",700
Remington-Rand
-i
18,100
1634
167g
1634
17%
93
92'2
93
430
78
78
*777s
7978
300
884
97s
800
*16
19
*15
19
*15
19
*17
*72
85
*73
85
*73
85
*78
85
*73
85
*73
49
*453g
49
*46
49
*47
49
49
49
*50
55
*10%
11
10l2
10l2
*10%
1078
11
11
11
*78
85
85
*78
85
85
*78
85
9%
3478
9%
3478
53
*52
*77g
*4l2
*314
*13%
*'2
30
8%
5i2
4
14%
1
30i4
*78
95g
34%
97g
347S
53
*52
8
8
8
*4i2
*314
♦13U
*%
3014
*14
5i
4
14
1
3014
*314
*3i2
*4
*4
4378
•
437g
106
24l2
44
*334
*13%
*%
29%
*%
*%
sl
4
—
44
IO584 103%
23i2
*4i2
18
%
*%
106
3434
*52
*18
*233s
978
23i2
*312
9
97g
35
53
8%
5%
4
13%
1
30
*I«
*16
4
4334
237g
Bid and asked prices: no
10%
*78
978
3434
*52
19
44
10634
237g
85
*78
103s
"5" 800
35
35
35>4
35
35>4
2,500
*52
53
53
8
5'2
4
*334
4>4
*77g
8'8
5'2
*4'2
4%
4
14
*13%
1
30
*i2
*2934
*'8
*%
*'4
*14
*3'2
*4
4414
10634 10634
2434
4384
143g
*h
*i8
»16
4
...
4334
245s
16
*3'2
""560
700
«16
100
*16
443g
2,300
t In receivership,
a Def. delivery
Apr
4
May
6
May 10
8% Jan 2
11
Jan 4
168
34% Apr 25
19«4 Apr 8
37 May 10
16% Apr 8
22
3
l%Mar 12
2284 Feb 9
142
Sept
4% Aug
18
7% Aug
% Aug
2% Feb 27
July 5
8
42%May
71% Apr
118is Jan
43% Apr
115% Jan
6
3
3
9
16
2
8
11
20
Sept
147
Apr
Sept
111
Sept
z22% Aug
6% Aug
70
Apr
69
10%
36% July
23
8
4% Feb
8
Mar 4
Jan 12
65
13
Jan
8
9
100
Stores
—No par
Safeway
6%
preferred.
Corp
Savage Arms
n
New stock,
r
100
No pat
Cash sale.
60
Apr
% July
12% Apr
43
Apr
May
42
Apr
9%
8
157s Feb 20
96% Apr
ll%May
May
May 22
54
June
2
Jan 30
4
Jan
8
2
8
17
3
3
37% Jqlyj
7% June
Jan
Apr
Dec
35
Sept
Jan
62
July
Jan
78%
6%
Jan
Apr
Jan
6% May
10
Sept
Oct
4
16% Sept
22% Apr
13g Feb
*4
% Jan
7s Jan
5
May 10
May 21
96
May 21
111% Mar 28
17
May 21
31% Apr 26
Ex-rights.
6%
27%
Jan
42
4%May 18
53
Mar 14
9
Aug
63
7% Jan
12
Feb 27
8% Jan
June 10
Apr
21% July
Apr 17
44
y
Apr
Dec
Jan
June 10
xEx-div.
Apr
9534 AUg
% Apr 19
«u July 13
34
Apr
6fa
Apr
80
May 21
3% Aug 8
ll%May 28
Way 15
Southwestern... 100
Dec
Dec
7
Dec
237S Jan
6%May 22
4%May 22
preferred
July
2%
2
May 21
8%May 21
100
preferred
16
40
50
61% Apr
6%
Apr
6% June
12% June
10% Apr
20% Sept
69
May 15
26
Apr
57*4 Apr
7
May 28
7578Mar 28
6%May 21
100
53%
9%
10% Jan
May 27
RR 7% pref
85% June
9
13% Feb
39
Lead
-10
jSt Louis-San Francisco... 100
Aug
16%
Apr
92
St Joseph
Aug
5
9
2978May
37%May
17% Apr
26% Apr 10
23
Jan 3
June 26
Dental Mfg
Roan Antelope Copper Mines.
Ruberoid Co (The)
No par
Jan
11
June 20
3
70
No par
No par
Sept
63% Aug
7% Apr
90
Apr 15
6
Mar
31% Apr
101% Sept
129
15% Feb
16% Feb
June 19
112
112
May
89
5
Aug
6% Sept
Apr
50% Apr
18
2
ll%May
97%May
Aug 30
6
Apr
Mar 29
128
17% July 26
Richfield Oil Corp
Apr
6%
4
32% Jan
52
Aug
Apr
17% Sept
6
May 21
June 12
32
Sept
%
Jan
14% Jan
14% Jan
14
Co—No par
6H % conv preferred
100
Reynolds Spring
-1
Reynolds (R J) Tob class B.10
Common
10
June
6
12% Jan
15
1
Reynolds Metals
Apr
Apr
6%
12% Aug
151% July
100
100
760
1,400
60
Apr
-10
jSt Louis
2534
2478
Mar
7% preferred
5H% preferred
5%
4378
Apr
4
Class A
*4
1065g 10634
12
4
30% Apr
100
4
4
May 21
60
Apr
2%
Mar 12
1434 Jan
f Rutland
"l~,806
Apr
35% Mar
164
60
RR.Co.-100
Ritter
1
30»4
30
"V, 000
5'2
14
14
1
30
a16
10634 10634
24i2
53
*52
77s
*4'2
8's
sales on this day.
1,500
Jan
23
7%May 21
"""16
11%
10
*3'2
24%
11'8
36
70%May 21
100
19
19
10'4
*%
43®4
19
10%
*4i2
*334
14
9%
IOI4
8
29
*87g
*17
*4
*4
106
9%
9%
Aug
8
Feb
vtc
1
Republic Steel Corp...No par
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Copper A Brass
_5
JReo Motors
85
*4538
*85s
9;
Apr
2
Jan
June
lifApr
31%
118
x37«4June
Preferred with warrants. .26
25
176
6%May 21
8
Aug 5
6
May 22
10
Rensselaer A Sara
92'2
*77
pref.. 100
Sept
Sept
2% July
6
9
Apr
6
Corp..-No par
Mfg Co
100
1'8
7912
9%
(Robt) A Co 1st
Reliable Stores
Reliance
"
77s
*77%
*85s
*85g
-.6
100
Hosiery
Real Silk
74
124
4
80
15%May 22
13%May 21
24
May 28
978May 28
1934June 8
17 May 22
l«4May 21
2478May 23
60
...60
preferred
Apr
Jan
% July
Mar 25
165
34
Apr
Apr
93g Apr
4%May 23
90
Apr 15
48%May 21
238 Aug 24
25
60
4% 1st preferred
4% 2d preferred
$2
Reading
2
Jan 23
7
733gMay 28
6% conv preferred
100
Raybestos Manhattan.No par
Rayonler Inc
-1
584
28%
75
145
June
Jan
6% Sept
36
6
9
Apr
4
May 22
10
Apr
13% Sept
Jan
1678May 21
1
Radlo-Kelth-Orpheum
7%
Jan 11
June
84
Apr
17
143
7
Deo
Mar
27% Sept
May
Apr 26
126
115
Mar
17
124
27% Jan
112%May 22
3078June 10
100 May 21
1107sMay 22
15 preferred
2
28% Apr 26
52
Aug 28
110
Jan 17
3
14
28
13
21
June
53
Gamble..—No par
5% pf (ser of Feb 1 '29) .100
of N J—No par
33
120% June
15
Aug
66
21
Pub Serv Corp
4% Sept
5% Sept
%TApr
2% Aug
17%fAug
11% Sept
41% Jan
67g Feb
6%May 21
May 21
5
60
Preferred
8
*1
Inc..—1
5% conv 1st pref
6% conv 2d pref
30
8
8%
978
2,500
23g
*25
*24%
*6*8
52%
*8
....
lis
80
56ig
2i2
458
56'g
93
1
752
87's
80
7*8
*83'2
3,500
4,000
13
77s
70
11
10%
*75
55%
2%
52i2
57
Ha
17%
93%
1
200
11634 11634 *114% 120
19U
I97s
19
19%
118
1Q34
714
7*8
193s
2i2
30
16
*6*8
8%
97g
*8
8%
70
28
11
157
*82%
4*8
100
400
157
36
16
165g
T,700
61
60%
*115
*15514 157
*18%
3412
*18%
93
33
*32
60%
116
157
*34I2
19%
1
400
142
34i2
19
36
»778
1018
*135
*2*8
*18
*50%
10
143
55'2
*34
*
Pressed Steel Car Co
69% Deo
9434 Aug
21
40
%May 29
63g Aug 20
8%May 21
ANo par
pref.No par
Postal Teleg'h Ino
Apr
30%
7*4 Apr
May 21
12% Jan
5%May
} Porto Rio-Am Tob cl
1,200
5,700
*135
55%
2%
18
16%
*8
800
78
Plymouth Oil Co
5
Pond Creek Pocahontas No par
B
No par
lApr
Jan
Apr
Apr
Apr
136
7
May
Feb
74
%Mar
97'gMay
May 21
May 21
15
2%
13% July
48
85
19
Poor A Co class
67g
143
*75
*55
36
*8
19%
73g
88
*75
*34
*65s
60
""360
1038
6^8
33
*30%
*115
116
115
% Feb
Jan
4% Sept
47
Sept
21
Sept
11% Mar
47
l6%May 22
No par
Jan
26
Deo
25%
Jan
8% Apr
10% Feb
40% Jan
29
151% July
Jan
Jan
13%
117s Apr
1% Aug
5% Apr
24
6
June 10
10
Jan
Feb
107%
14%
Apr
4%
18%
3934
29%
22
24
28
100
5% pref class A
100
5¥i % 1st ser conv pr pf. 100
Pittsburgh A West Va
100
Pit Youngs Asht Ry 7% pflOO
7% pref class B
10
10
*934
75g
75g
*»16
7S
6%
300
16%
14
*13
712
7g
78
78
*17%
*2
14
7%
"16
16's
16%
*13
1012
7%
*82i2
*75
*75
*
*16
No par
60%
104
2134May
4%May 16
5
May 15
No par
Pittsburgh Steel Co
36
38% Jan
May
167
-100
Pitts Screw A Bolt
Pittston Co (The)
X34»4
3434
35U
3478
35
345g *34%
*10834 110
*10884 110
*10834 110% *108®4 110
*10884 110
123
122'2 122% *121
*120
122
*120% 12234
122
122%
*77
55
**8
"1
3484
87ig
78
1U4
107g
45s
*151
34l2
87is
7l2
240
7*2
*135
141
*135
*134l2 140
157
*155
156i2 *155
*154!4 15612 *155
11612 116% *116
*1147g 117
*11478 118
*83
60
11%
1634
*13314 139
*18»4
15%
31%
11
6i2
978
*934
*31
60
60%
50
15%
31
»1»
116
70
21
15%
14
7i2
200
31%
10%
*58
13 16
*13
1,200
6
16% Jan
May 18
24'4 Jan
May 21
Jan 23
164
Co. 100
7% guar preferred
5*8
7i2
5i2
1514
10%
Pitts Coke A Iron Corp No par
55 conv preferred....No par
*30%
658
97g
10%
31%
6i2
9%
*115
115
|
7%
»16
7g
684
934
10%
31
61
*9i2
121
16%
*13
500
Pitts Ft Wayne A C Ry
20
*151
*%
*16
6i8
*7
7
20
100
100
preferred
6%
7%
14%
1%
121
21
107% Feb 10
3%May 22
16 May 24
5%May 24
6434May 22
100
Pitt C C A St L RR Co
Pittsburgh Coal of Pa
*173
5*8
20
15
Pillsbury Flour Mills
25
Pirelli Co of Italy "Am shares"
74
...
5*8
*151
1>!6
16%
*5g
40
*14512
*634
31%
10%
10t2
....
74
100
100
6
*69
Hosiery
72
Feb 17
4
3%May 18
30
Jan 10
27%May
23gMay
36
May
22
May
35
May
6%
4% Jan
25
Jan
Jan
19% Deo
884 Sept
2
Sept
Apr
Sept
Sept
Sept
Sept
Sept
Sept
Apr
92
4
108gMay 13
62% Jan
96%May
% Mar 20
68
Feb
11%
4%
June
%
12% Mar
June 11
136
5
35
2*8 Apr 12
44% Apr 9
22% Apr 16
238 Mar 12
June
70
No par
6
100
Petroleum
Preferred
20%
*1784
...
*173
534
15
*30%
6I4
*69
21
15i2
*»16
*534
....
21
21
10
16%
14
7i2
-
*17%
7
30i8
115
Phoenix
5
*414
5
20i2
*145%
7
712
*20
61%
Phillips
135
*
135
*414
5
20%
6%
74
*145%
*7
"16
*
135
*4t4
*17%
*534
5
*49
52
52
*_:._
135
10
110
*234
334
4,950
34
334
32®4
32
53
52
*49
*
7
934
121
38
*3%
*28
""366
53
634
110
3
30i8
3514
*28
315s
*14%
116
4
4
24l4
6%
74
10%
32
*345s
32
21
'8
76
140
4
7534
of Amer
6
Co...No par
Phelps-Dodge Corp
26
Philadelphia Co 6% pref.__60
$6 preferred
No par
Phlla A Reading O A I .No par
Philip Morris A Co Ltd
10
6% conv pref series A... 100
Phillips Jones Corp
No par
7% preferred
100
45
*17%
*534
9%
61
4
38
31
*234
400
76
*107
38
4
*28
"l'eoo
616
140
*75i8
*107
I
200
*49
*20
7
*29i2
71«
76
6,800
90
*16
*16
616
140
44
*8312
*2384
52
*958
*114
90
*37
7
16
*634
*83%
7i2
2414
*%
1678 *16%
14 | *12%
7%
*678
*12%
*678
44
45
34
*16%
90
*516
1
2834
7%
29%
44
7534
Pfelffer Brewing
*2334
*151
*%
*43'2
*73g
Petroleum Corp
100
*37
*6912
*151
44
283s
800
24l2
19
1512
3H2
11
1512
*30i8
2858
712,
200
634
7i2
2912
684
67g
*634
22
*18
22
*18
No par
Pet Milk Co
45
*414
21
20
*107
3
♦145i2
*145l2
»172i2
*172
17414 *172l2 176
5i2
534
534
*5*8
6
*20
19%
660
19
100
100
100
Co
5% prior preferred
5% preferred
300
2II4
8
*23
5
7
3212
20
*8312
*145%
*634
3H2
*37
*534
74
*69
8
31
24i2
19
63g
8
30i2
45
135
19
*17
*7%
30%
19i4
*7*8
323g
*234
8
300
*37
*414
5
Pere Marquette Ry
2%
*23
*49
*
135
*414
100
235s
235s
52
*47
2%
8" 900
21
45
*37
*36
*
3
*134
2i4
44
38
32
*3238
500
2>4
2784
4
*33s
315s
3212
3
100
33%
634
sn
*28
38
*28
38
32i2
19'2
♦33U
185s
140
♦107
4
*3%
4
*3l2
*28
20,8
19l2
335s
*1914
335s
20
*7%
75i2
*74l2
*74
*107
20%
*1834
3312
*120
18
Apr
978 Sept
Jan
1
Deo
3
June 12
10
ll34May 21
9*4June 25
118% Jan 5
15 May 22
15
May 18
23
May 22
l%June 13
5%May 21
17%May 22
ll%May 21
15 May 22
6®8May 28
6%May 18
25%June 10
37%May 25
17 conv pref ser A...No par
Penn G1 Sand Corp v t c No par
7
45% Apr
101% Jan 25
8% Apr 4
94
Apr 15
10% Apr 6
lSgMay 22
l%May 22
10
No par
17 conv preferred
29%
7i2
28%
44
90
28
Penn-Dlxle Cement
"""266
12
12
Penn Coal A Coke Corp
200
No par
Pennsylvania RR
50
Peoples Drug Stores I no
5
Peoples G L A O C(Chlc)..100
Peoria A Eastern Ry Co
100
*134
658
*42
*17'2
21
12
200
20
65s
634
7%
*7%
7i2
*2i4
20i4
1912
193s
*18®4
*33
33%
23g
2i2
21
*2%
2®s
*120
19%
193s
83
23g
Transporta'n.lYo par
Pathe Film Corp
..1
Patlno Mines A Enterprises. 10
"V.SOO
82%
23g
*120
♦19
800
4734
*47
*2l8
*11%
33%
*7i8
678
82
82
2
2i2
*19
47®4
*47
8234<
*17%
1934
*6%
6%
7
12
19l2
678
4,400
6'4
81«4
3378
214
8
297s
*658
85s
21
♦33%
♦134
8®s
*11
*19
*33i4
*1®4
Parmelee
8i4
2.50
Parker Rust Proof Co
300
*17i2
19
71
No par
900
lis
1H41
20
1,500
32
Parke Davis & Co
1958
11%
19
No par
1
*78
*17i2
195s
1»4
3184
1
Park Utah Consol Mines
"l'lOO
1»4
1
47®4
1
120
No par
Penney (J C) Co
Park & TUford Ino
17%
100
...10
193s
2i2
21 |
*120
1934
32%
8%
*6i2
2%'
*2%
Penlck A Ford...
83s
1
6% 1st preferred
6% 2d preferred
1
8Sg
*47
200
*8%
100
preferred
Paramount Pictures Inc
200
*15
oonv
No par
*1884
Us
634l
47«4
82
*2
2%
2*8
♦
191e
*1
77%
1
Panhandle Prod A Ref
Parafflne Co Inc
"4^00
5*8
77%
17%
178
32
3234
*18«4
*47
8178
47i2
82 I
2*8
*120
3178
195S
1%
*6i2
678
678
7
*45
♦15s
15s
Corp....6
Pan-Amer Petrol & Transp._5
4%
5*8
512
76
8%
*15
17%
1%
32
*18'4
1 8
99
No par
Pan Amer Airways
99
8i8
8%
*8i8
*15
37
*90
5*8 July 10
2i4May 15
12
May 21
6'4 Jan 16
l2May 22
26% June 11
OOigMay 7
4% May 21
64
May 23
6%May 21
16 May 21
13gMay 21
31% July 22
l3%May 22
s4May 28
63gMay 21
5i4June 26
45
May 23
Packard Motor Car
600
*35
7% Jan 4
8% Jan 4
4% Mar 11
25% Apr 4
278June 10
Pacific Tin Consol'd Corp
1
Pacific Western Oil Corp.10
""260
%
%
34
2,000
9
*8
9
*7314
76
*1
32
3178
1914
H8
*1*4
8i4
17i8
15s
14%
538
5i2
8
32
1914
*1
*71
1^8
1%
32
*1
73
13%
37
*90
99
514
3%
1334
*34
35
*90
73
79
158
134
98i2
5*8
5%
5i4
34l2
34i2
*3278
778
17%
*5%
34
7778
*9534
♦3234
200
8,100
*%
%
*%
j4
6%
3%
*8
9
*8
9
*8
%
*57g
3%
3%
13%
3i4
1,000
3%
*3%
6
Highest
$ per share $ per share
7% Dec
6ia Dec
per share
$
share
per
Lowest
Highest
Lotoest
$
Par
3%
3%
100-£Aar* Lois
On Basis of
Week
Shares
*578
3i8
32%
98%
5%
32»4
Friday
Aug. 30
6
*578
EXCHANGE
$ per share
3%
3i2
3«4
NEW YORK STOCK
the
$ per share
$ per share
$ per share
S per share
$ per share
8TOCK8
for
Thursday
Aug. 29
Wednesdal
Aug. 28
Tuesday
Aug. 27
Aug.26
Range for Previous
Year 1939
Range Since Jan. 1
Sales
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
AND
1243
New York Stock Record—Continued—Page 8
151
Apr
Apr
% June
% Aug
134 May
33b May
2734 Apr
82%
10»4
Jan
Apr
* Called for
redemption.
1244
LOW
New York Stock
AND
HIGH
Saturday
Aug.21.
Monday
*9*4
*9U
STOCKS
for
NEW YORK STOCK
the
Aug. 28
Aug. 29
Aug. 30
$ per share
9%
*9%
72
*%
*2%
37%
t per share
9%
*70
*9%
72
%«
%«
% per share
9%
*70
9%
71%
72
%•
*16
%
*12
12%
*12%
13%
*1%
2
78%
*1%
7714
77%
78
*1038
10%
10%
2
*9
*314
*4134
5%
3634
312
*4H2
43
*478
5
*36 J2
37
13%
*16«
5%
3634
*4834
312
*%
78%
10%
97«
5734
3%
4234
5%
36'%
*9
♦45%
3%
*41%
*5%
36-%
*8%
*%
•
12%
*1%
7&34
10%
2
78%
10%
10%
97ft
5734
3%
43
*9
9?8
5734
*45%
*%
*12%
Shares
400
634% preferred
tSchulte Retail Stores
1,000
Xl2
1234
12%
17ft
*9%
*45%
*3%
42%
5%
*1%
79%
10%
*9
37
97«
3%
*42%
5%
*36%
8%
42%
43
5%
37%
z5%
36%
8%
*50
36%
*8*8
SU
8%
8%
8%
8%
8%
8%
8%
102% 10234 *10112 104
*101% 103% *101% 103% *102% 104
*102% 104
*378
4%
*378
*4
*4
*37g
4%
414
4%
4%
4%
4%
*15% 157ft
15% 1512
15% 15% *15% 16
15%
16
15%
16%
*178
2
*17ft
2
*17g
2
*17ft
2
*17ft
2
*17ft
2
*24
26
*23
26
*23% 26
23% 23%
*22% 23%
22%
23%
*1434
15%
1434
1434
*14% 15%
15%
15%
*15%
157ft
157ft
16
*83
*82
*109
11134 ♦109
110
13% *12
13%
*7
7i2
77«
16% *15%
16%
*12ig
7%
*15
♦15ft
18
11
*134
♦607ft
*1634
17%
37%
3712
27
*51%
*6%
54
65g
57
*53 r>ft
*2934
30%
6ift
1734
18
24
24%
34
34
31
31
63
6%
6%
4%
7%
73s
7%
*86ft
14i4
*1'4
*1114
*23
6%
*1%
*384
*13%
*16%
177ft
24%
3378
31
*4
7%
4834
123
14%
6%
*4
♦7%
7%
*48
*14%
138
1%
*11%
*29
1
134
%
*4
28
*6078
16%
37%
26%
54
*53
17%
37i2
6%
16%
377ft
48%
*48%
*23
*14
15
1%
11%
1%
11%
*22%
24
5
35
*32%
35
3%
*4
*5%
*4%
*4%
*32%
*3%
5%
35%
*278
31%
6
6
4%
4%
578
47«
3%
5%
35%
3%
31%
*6%
10%
10
*34%
*2%
40%
33ft
*37
*34
35
*34
3%
287ft
*3%
*26%
*4%
*4%
*3%
*26%
*4%
*4%
*31%
5
4%
33%
*1%
*11%
9%
13
*87%
93
*23
*407«
47ft
17%
*5%
1%
*5278
*3%
*6
*5%
*14%
♦
6
*578
4%
8
*10
13ft
*16
7%
*27%
*11%
71%
1%
9%
23%
42%
47ft
17%
6
1%
67
4%
9
57g
15%
1%
187ft
7%
28%
10
40%
*1%
*11%
3%
35
3%
*53
23%
*41
5
5
*3%
*5%
5%
357ft
*3
17%
300
3,600
1,300
10%
40%
338
34
287ft
*4%
4%
V
14
9%
93
24
4%
32
*1%
1%
*11
14
*9%
*87%
23%
93
41
17%
478
17%
47ft
167ft
*5%
6%
9%
24%
41%
47ft
*5%
1%
1%
*527ft
3%
*6%
5%
*14%
1%
*16
7%
28%
1%
67
64
17
*5%
1%
1%
64
*3%
*5%
37ft
7%
5%
15%
*5%
57ft
1%
7%
28%
11%
*14%
15%
1%
*16
1%
18
*7
28
24
407ft
47ft
17%
7%
29
*62
57ft
6%
5%
800
5
500
1,000
57ft
43g
75ft
57ft
4%
7%
*97ft
10%
*10
40%
*38
33ft
*25%
*4%
*4%
32%
1%
*11%
9%
243ft
41%
243ft
41%
434
17%
6
1%
*62
3'%
32%
1%
14
9lo
24%
24%
*42%
434
17%
6%
1%
42
47ft
173ft
6
1%
67%
4
*6
8
*3%
*6%
*5%
*14%
57g
15%
5%
5%
*5%
145ft
15%
*1%
*7%
*28%
117ft
71%
1%
18
*
*l3ft
*16
7%
29%
*48
49
48
48
*48
15
*7%
2934
117ft
72%
15
15
15
15
*35
*13%
17ft
36
*35%
357ft
17ft
35%
7%
30
9:
24%
43
900
""960
7%
"2" 800
1,500
1,500
100
12
12%
72%- 74
112
112
""406
100
500
""406
800
4,400
4,300
20
12%
28534
12%
8584
*77
80%
200
*15%
26%
15%
26%
40%
16%
200
38%
16%
4,000
1,000
600
13,400
5,800
35%
49
300
1534
16%
17ft
400
I In receivership,
a
-
Symington-Gould Corp
w w.l
Without warrants
Talcott Inc
1
9
preferred
50
Telautograph Corp—
Tennessee Corp
6
5
Texas Corp (The)
25
Texas Gulf Produc'g Co No
par
Texas Gulf Sulphur
No
par
Texas Pacific Coal A Oil
10
Texas Pacific Land Trust
1
Texas A Pacific Ry Co
100
Thatcher Mfg
No
par
pref
No par
pref
2,800
500
Trl-Contlnental Corp..No
preferred
Def. delivery,
Apr
Apr
8% Aug
5734 Dec
18% Apr
6% Dec
94
Oct
2
Dec
7% Jan
484
10
Apr
Jan
3
Feb 15
Apr
2
JaD
Apr
5
12% Feb 21
124
4
Feb 13
I07g Jan 20
277ft Jan 5
2% Jan 3
17% Apr 4
36% Feb 28
7% Mar 25
247g Apr 22
32% Jan 26
9% Jan 3
7%May 3
6
Apr 11
40
Mar
5
5% Mar
5
7
5%
7%
10
Apr
2234 Sept
57ft Sept
17
Apr
24'4 June
4% Aug
3% Aug
47ft Aug
33% Oct
3% Aug
4
4
32% Aug
4
3% Aug
26
Sept
7
Aug
Apr 11
Jan
8
Jan
4
12% Jan
18% Jan
8
8% Sept
8
15% Dec,
634 Nov
30
May 15
20
June
14
pat
5
34
234 Feb
5
4
2
7% Apr 8
684 Apr 22
38% Apr 16
Jan
25%May 28
1
May 18
8
May 21
8% May 28
81
18
May 28
May 21
3 5% May
21
4%May 21
10% May 21
4%May 22
l%May 22
64
3%May 21
6%May 22
5
May 21
14
May 22
par
Nopar
City Rapid Tran.No par
7% preferred...
100
Twin Coach Co
1
Under Elliott Fisher Co No
par
Union Bag A Paper
No par
Union Carbide A
Carb.No
par
Union El Co of Molfi
pf No par
Union OH of California
25
Union Pacific RR Co
100
preferred
...100
Union Prem. Food
Union Tank Car
Stores,Inc.l
No par
United Aircraft
Corp
5
Transport
5
No par
par
preferred
No par
r
Cash sale.
Apr
Apr
Apr
3
par
Corp No
Apr
19% Sept
184 Aug
Feb 16
No par
$1.50 preferred.-.
Apr
4534 Sept
118% SeDt
Mar 21
47%
4%
3534
8%
6%
Apr
24% Sept
2234 Aug
38
Aug
20% Apr
65
Apr
6% Aug
3% Apr
8% Apr
46% Jan
34% Apr 11
8O84
87ft
8%
12%
Apr
13%
18% Jan
2234 Jan
26% Jan
29
Apr
42
11% Jan
66% Apr
40% Apr 10
77g Apr 6
108% Apr 9
2% Jan 4
Mar 21
Twin
n New stock,
Apr
11
4
June 19
No par
10
20tb CeD Fox Film
$3
36
53
2
Truax-Traer Corp
Un Air Lines
Feb
42% Feb 16
534 Mar 8
Transcont'I A West Air
Inc..5
Transue A Williams St'l No
par
4%
47
38'4 Apr
67% Apr
Sept
14%
30
10
Bearing. No
Apr
60
36% June 27
2% June 11
No par
Tlmken Detroit Axle
Tim ken Roller
Mar
1% Aug
434
657gMay
29
15
21
21
9%May 22
20 May 21
3
May 22
zl7%May 29
16% Aug 20
4% May 21
334 May 22
4%May 21
28%May 20
3
May 22
4%May 14
33
May 25
2%May 21
267ft May 23
5%May 22
334 July 11
5
May 22
8
May 21
Jan
May 14
2334 Apr 11
6
118%May
7%May
12%May
l%May
34
10
Transamerlca Corp
$6
Apr
10% Apr
11% Apr
15% Apr
1
$3 dlv conv preferred
conv
Apr
23%
100
No par
Preferred
Thermold Co
Preferred.
100
United Carbon Co
No par
United-Carr Fast Corp.No
par
United Corporation
No
49
36
...10
Sweets Co of Amer
(The) -—50
Swift A Co
26
Swift International Ltd
190
16
357ft
100
United Biscuit Co
49
17ft
357ft
Superior Steel Corp
Sutherland Paper Co
conv
4634 Aug
10c
Superheater Co (The)—No par
Superior Oil Corp
1
100
*14%
17ft
*353ft
17ft
No par
100
preferred
Sunshine Mining Co..
Truscon Steel Co
9
7%
No par
Oil
$4 60
1%
67%
4%
31
Sun
$3.60 cum preferred.No
par
Tide Water Associated
OH—10
18
31
Stone A Webster
Studebaker Corp (The)—.,—1
Sept
14
72
97ft May 25
1
13
Jan
17% May 22
20'% May 28
297gJune 1
23
May 21
66
May 21
4%May 15
4%May 20
5
May 21
5-%May 21
6
Dec
127
Jan
July 29
Jan
Apr
12% Apr
10% Aug
1% Sept
May
7
Apr
11%
16% Jan 3
30%May 10
162% Apr 23
30%May
15% Jan
20% Jan
347g Jan
l2%May 21
10
"MOO
300
llo
Sterling Products inc
Stewart-Warner Corp
Stokely Bros A Co Inc
1,600
"MOO
6%
15
prior pref
Third Avenue Ry
100
Thompson (J R)
25
Thompson Prods Inc ..No
par
Thompson Starrett Co .No par
17%
57g
cum
9
3
1
May 18
2%May 22
Standard OH of Calif -.-No par
Standard Oil of Indiana
25
Standard Oil of New Jersey.26
Starrett Co (The) L 8..No
par
$3.60
1,700
1,600
3,200
47ft
$7
Feb
39
May 22
207«May 23
5
May 21
98 June 10
No par
No par
The Fair
130
15
1%
*16
100
49
178
this day.
15
1%
18
200
93
*1334
14
*llli%2112% *llli»«112%
49
*13%
1%
*35%
en
*62
4
8
*16
3%
29
434
4%
33%
1%
9%
*87
4
50
•Bid and asked prices; no sales
434
*4%
33%
*3%
*13%
1%
36
*25%
93"
500
1,100
1,000
1,100
33g
35
3%
*6
*48
17ft
34
1%
*12%
6,900
40%
*2%
35
33ft
287ft
434
4%
6
43ft
8%
10%
prior pref
(James)—
3%
27ft
31%
57g
4%
8%
cum
5H%
53ft
35%
27ft
31%
*87
47ft
17%
6%
1%
67%
5
35
5%
12
11%
117ft
117ft
12%
12%
71%
71%
72
71%
72
733ft
727ft
112% *111% 112% *111% 112% *110
112
*110
112
12%
12%
12%
12%
*12%
123ft
12%
12%
12%
12%
85% 85%
85
857ft
85% 85%
*85% 86
85% 85%
*77
78%
*77%
78%
78% 78% *78
80
80
80
*15% 15% *15% 15%
15%
153ft
*153g 15%
♦153ft
15%
*25% 26
*25%
26
2534 2534 *25%
26
26
26%
36% 36%
36%
36%
36% 363ft
36%
37%
39
37%
16%
16%
16%
16%
16%
16%
16%
16%
I6I0
16%
*13%
14%
*13%
14% *13% 14% *13%
14%
13%
13%
112
112
*111% 112
111% 111% 111% 111%
17ft
*4%
*32%
35
*2!%
9%
""166
3%
*34
14
400
35%
35
93
800
700
3%
*38
9%
"2" 700
6
17%
$6
May 22
Aug 13
46
No par
No par
6%
5%
35%
40%
*11%
*37
600
5
3
6
*1%
3,000
7,900
57ft
31
32%
1%
500
5%
7%
10%
31%
900
47ft
3
4%
900
3%
35
4%
*26%
4%
*4%
800
19
*4
*187ft
167ft
167ft
z31
33ft
2878
4%
400
1,100
5,400
3,100
12,100
2
Standard Gas A El Co-No par
$4 preferred
No par
1,600
9
14%May 29
May 21
19
Ma y 21
45% May 28
434May 22
No par
1
preferred
4
July 17
63
No par
Conv S4.60 pref
101
33
No par
pref A
Square D Co
Standard Brands
$4.50
""800
No par
Spiegel Inc
130
1,900
10,000
4,800
1,600
1,400
3
•
*23
5
19
32
3%
6%
3%
8%
18
3%
5%
35%
*2%
3%
*31
42%
47ft
5
35
*38
*34
4%
5
18%
167ft
5%
47ft
*4%
*32%
5
♦57ft
4%
*7%
*978
8%
*2%
24%
3
57ft
4%
34
*22
5%
57ft
*37
11%
5%
*4%
*4%
*32%
*3%
5%
35%
31%
4%
11%
6
31%
287ft
4%
32
11%
conv
70
6
6
l%May 21
334 June 12
Spencer Kellogg A Sons No par
Sperry Corn (The) v t 0—— 1
$3
"MOO
31
1
Splcer M tg Co
8
Apr
Jan
Jan 2
2% Mar 11
May 28
23%May 22
6%May 21
8
May 21
l3%May 21
No par
preferred
Apr
187g
11%
24%
12%
128
Mobile A Ohio 8tk tr ctfs 100
$5.50
38%
29%
16%
1%
11%
24%
preferred
2% Dec
16% Apr
15% Aug
114%May
June
16
17% Apr
Feb 19
120
Jan
98% Aug
434 Apr
Jan
2% Apr 29
7%May 21
1% July 1
10
6% Dec
23%May 10
May
15
—No par
100
Sparks Withlngton
Spear A Co
—
15%
*1%
24
31%
*6%
*97g
1%
187g
167ft
5%
26
June
97g Aug
108% Feb
6% Jan 10
May
May
10%May
S'eastern Greyhound Lines.-6
80 Porto Rico Sugar—No
par
8% preferred..
100
Southern Calif Edison
26
Southern Pacific Co
No par
Ry
28
l%May
l7-%May
12%Juhe
Socony Vacuum Oil Co Inc. 15
South Am Gold A Platinum—1
Southern
40% Feb 13
13% Jan
105
Dec
37g May
43
24
5
51
Apr 5
7% Mar 13
67
Smith A Cor Typewr—No par
Snider Packing Corp—Aro par
15% Aug
1% June
60% Apr
11% Apr
10% Apr
50
12%May
Slmonds Saw A Steel—No par
Jan
15% Apr
69% Apr 12
534 Jan 11
3%May
Sept
% Aug
1
Apr
1% Jan
95%June
Skelly Oil Co
15
Sloss Sheffield bteel A Iron. 100
$6 preferred
No par
Smith (A O) Corp
10
54
*15%
1%
*11%
18%
167ft
3%
16
6,000
5,600
7,300
4%
*607ft
*16%
377ft
27%
54
27
"MOO
"MOO
2
1%
*3%
167ft
377ft
27%
*53
1%
*4
*3%
*26%
4%
9%
*87
6
35%
6
4%
8%
*2%
32
*4
*110
1%
19%
33%
*29
17ft
37%
15
*23
17%
5%
*6%
12
18 a4
4%
*607ft
167ft
17
11%
32
17g
*3%
54
15
1%
*11%
167ft
*5%
*4%
*4%
3
*29
4%
*16%
13ft
11%
24%
17
31%
1%
*3%
15
17
3
33%'
1 hl
*31
11%
18%
48%
17%
*31%
18%
11%
18%
8%
6%
6%
67ft
6%
6%
67ft
7%
53%
53%
53% *51%
53
53%
53
30
30%
30%
31
30%
32
30%
6%
6%
6%
6%
6%
6%
63ft
63g
109
*106% 109
*106% 109
*107
110
*106
108
15g
*1J2
1%
*1%
1%
1%
1%
1%
1%
4%
4
*3%
4
4
4%
4
4%
15
15
*13%
14%
15
15
14%
15
14%
1734
177ft
18
177ft
18%
*17%
177ft
17%
18.%
18%
18
177s
18
18%
18%
18%
18%
183ft
24
24%
24%
24% 24%
24%
24%
24% 25%
34
33% 337ft
33%
34%
33%
34%
34%
34%
31
31
31
*30% 31%
33
31% 31%
32%
63
63
63
*6 27g
627ft
63%
64%
62%
62%
6%
67ft
67ft
6%
6%
*6%
67ft
6%
67g
4%
*4%
4%
4%
4%
4%
4%
4%
4%
7%
7%
7%
7%
8
7%
8
77ft
77ft
7%
7%
7%
7%
7%
7%
7%
7%
7%
19
3%
20%
267ft
8%
6%
53%
30%
53%
30%
6%
18%
5%
35%
17%
*53
18%
*3%
5%
11%'
26%
18%
35%
8
100
conv
105
2%Mar 26
88
Apr
16% Jan 11
May 29
7%June 6
Apr
Apr
44% Sept
Feb 27
20
34
15'
_
""400
400
Oil
preferred--100
Silver King Coalition Mines. 5
Simmons Co
No par
Slmms Petroleum
10
300
10,700
20
6>$%
700
134
1%
*12%
8bell Union
100
""*250
20%
7%
11%
54
6
5
8%
37% ' 37%
*26% 28
1834
35
20%
*607g
—
*4
*32%
7%
10%
17%
33%
1%
4%
*18%
17%
*5%
4%
*4%
5%
19%
120
""loo
No par
Jan
% Jan
8%June 10
$3.50 conv pref ser A_No par
Bhattuck (Frank G).--No par
Sbeaffer (W A) Pen Co-No par
1,200
49
8%May 21
51% Aug 1
3
May 21
40% Aug 16
434 May 21
Sbarpe A Dohme
1,600
97ft
1%
14
109
%May 16
3ft May 18
11
May 21
l%May 15
61%May 21
Sbaron Steel Corp—--No par
$5 conv preferred
No par
Aug
8ept
%
3'4
734 Feb 21
May 14
1
share
10
115% Jan 11
101%June 24
Serve! Inc
""300
77«
16%
87ft
1%
*12
1,600
110% 110%
13%
49
49
48% 48%
49
49
*121% 123
*121% 123
*121% 123
*121% 123
*121% 123
8%
8%
8%
8%
xS
8%
8%
8
8%
8%
117ft
24i2
4%
1%
107% June 25
No par
"3^900
per
61
Jan
No par
preferred
4-2% preferred
100
Seaboard Oil Co of Del .No par
900
%
2%May 21
34
Seagrave Corp
.-No par
Sears Roebuck A Co—-No par
...
*12%
*7%
16%
77ft
*15%
8%
14
177ft
7%
10%
17%
4%'
*167ft
3714
*26%
*5H2
6%
536ft
*2934
63%
*62%
17%
*7
"
33%
134
*4
*106
15ft
4
15
*13i2
*1634
1734
*48
*29
6U
109
*1%
334
*15%
8%
*1%
*12%
*81
...
110% 111
*12%
13%
13%
77ft
16%
8%
*7
1%
7%
17%
*607ft
*26
111
*12%
14
17%
778
107ft
*17%
17ft
4%
*334
8%
*1%
*12%
17%
*109
77g
16%
8%
*15
1%
7%
1034
176ft
33i2
*29
13
*7
*81
♦133)ft 153
*133% 153
*133% 153
*133% 153
*133% 153
*26% 26%
26% 267ft
267ft
267ft
267ft
267ft
26%
11
*1714
110
*12
14
17%
*81
110
834
*1234
*133% 153
*26% 27
*734
8
*121
8%
1%.
134
14
*1234
*17%
*106
*81
1
100
$4 preferred
200
5%
% Apr 22
600
43
share
per
14% Mar 27
857ftMay 9
No par
No par
$4,50
200
3%
7%May 21
64% July 2
1
JSeaboard Air Line
57%
3%
$
100
preferred
70
400
10
97g
57%
*3%
37
127ft
17ft
80%
10%
*1%
79%
10%
*49 7ft
3%
42%
5%
8%
Year 1939
Lowest
Scott Paper Co
800
100
127ft
2
79%
10%
100
Range for Previous
Highest
$ per share
Scbenley Distillers Corp..—6
100
*%«
79
10%
97ft
57%
Par
97«
*%
I
Lowest
71%
2%
26ft
278
*2%
27«
*2%
2%
*2%
2%
38
38
*3734 39ift
3734
38% 38%
*37% 38% z37% 37%
*113
114
*113ift 114
*113% 114
*113% 114
*113% 114
*113% 114
*105% 107% *105i« 107% *105% 107% 107% 107%
108
108
*107
108
**H
%
*i«
*11
*ht
**it
%«
*
*'l»
Aug. 31, 1940
Ranot Since Jan. 1
On Basis 0] 100-Share Lots
Week
9%
3
9
EXCHANGE
Friday
*70
*X6
*2%
Sales
Thursday
$ per share
73
%
SHARE, NOT PER CENT
Wednesday
934
*70
Record—Continued—Page
Aug. 27
$ per szare
9^4
73
PRICES—PER
Tuesday
Auy.'ZQ
$ per share
*71
SALE
*
Aug
5
l%May 22
137ftMay 22
6%May 23
21%June 10
9% May 21
697ftJune 10
105 May 27
12
May 21
71
May 25
70
June 10
15% Aug 15
2234 Jan 21
31% July 3
12
May 21
l2%May 28
110% June 20
42%May 23
12
May 24
l%May 29
26% June 11
Ex-dlv.
y
Mar
7
2% Jan
4
23
Jan 27
12
May 6
May 10
97
277,8 Apr 24
52
7
Jan
3
Mar 14
217ft Apr
8% Apr
284 Jan
4
4
48
Dec
3% Dec
Sept
2% Apr
1%
Apr
Jan
234 Sept
17
Apr
1% July
7% Apr
9% Aug
83
Sept
1034 Apr
34% Apr
5
Sept
6% Apr
5% Apr
4
2
82% Mar 7
5% Apr 15
10% Apr 24
13% Jan 4
25% Jan 23
74
Apr
3
Apr
Apr
3% Apr
30
Apr
4
6
Mar
11% Dec
1984 Sept
1%
Apr
4
17% Apr
13% Mar 14
7% Apr
34% Sept
45
Feb 19
1884 Apr 22
88% Jan 4
116%May
17% Jan
98
Apr
89% Feb
16
July
297«May
53% Apr
2334 Apr
18
119
Apr
Feb 23
6
65%
IO884
15%
81%
78
Aug
Apr
Sept
Aug
Apr
Apr
20% Mar
31
Aug
77a Apr
14% Sept
112% Mar
2
6
52
Apr
13%
4
Feb 13
2
Apr
Apr
30%
Apr
65%May
19% Apr
27g Apr
42
2
8
8
10
13
11
16
4
17
Ex-rlghts.
T Called lor redemption.
i
Volume
LOW
Saturday
Monday
Awj. 26
.
Aug.2±
I
$ per share
*3%
*23s
6Hg
12
*113
114
*8i2
*3i8
11%
9
4
314
8%'
8
69
180
29
63
12%
63
12 ig
8
I
8
I
69%
*26
1834
*18
33
1834
*26%
*18
18%
4%
*4
4%
*4
4%
4%
7l2
7%
*47
4%
7%
*40
50%
26 j
34%
*25
*32%
25%
34%
81%
52%
18%
*82
52%
187g
84 \
52%
18%
*82%
54
18%
84
55
67
2534
25
34%
*32%
34%
*32%
18%
*66
67
*65
17%
*79
517g
*46
517g
*13%
15
,
i
*52
55
*143
153
81
81
*7ie
31
31
I
45
45
45
j *44%
6%
*6
1%
1%
59%
15 I
53 I
*46
*13%
*51%
53
153
*143
153
85
*70
82
*24i4
45
*42
44
25
*110% 116
42%
42%
42%
75
*58
75
I
*22%
*1%
*17%
24%
*22%
25
2%
17%
*2
75
25
*22%
25
23
23
20
*18
115
*115
43
*39
43
*39%
43
33%
*32%
33%'
*32%
33%
*78%
84%
*79
84%
*79
82
%
*20%
20%
*93%
*3%
98
4
25%
25%
*12%
13
*4
4%
*»!•
*4
*30
*14%
2%
15%
2%
2%
38
*30
*1%
1%
*1%
8%
*6
8
38
22
22
24%
24%
*24%
*15
15%
*15
15%
*17%
18%
3
18%
2%
*17
*2%
*15%
*17%
2%
18%
278
16%
15%
15%
*58%
59%
59
69
24%
2%
27%
*27
3%
*3
6%
*5
19%
98%
*%
17%
*19
27%
3%!
5%
17%
19%
»i«
13%
2%
*27
40
1%
*1%
1%
8%
*6
18%
100
Wayne Pump
Webster Elsenlohr
111
109
*108
200
110
108
109
60
110
*108
100%
101% *100% 102% *100% 102%
115%
115% *114
115% *114
*114
17
17
18%
1734
1734
17%
104%
104% *101
104% *101
*101
27
26%
27
*26%
27
26%
*3
3%
3%
3%
3%
3%
27%
3%
5%
5%
%
*%
17%
17%
21
2034
%
534
5
6%
*%
7i«
18
1734
17%
2034
20%
20%
99%
7ie
5%
5%
33%
*33%
*69%
97
*20%
*93%
67
*63
*63
*7%
67
8%
67
*65
*65%
*734
8%
*7%
68
8%
*7%
8%
10%
10%
10
10%
10
10
10%
10%
7%
*7
7%
5%
7
7
7%
7%
5%
5%
5%
*7
*5%
5%
6%
*514
*66
*8
10%
*7
5%
68
8%
10%
7%
5%
*35%
45
*35
45
*35
45
*35%
45
*35%
45
*20
21
*20
21
*20
21
*20i4
21
*20
22
*1%
2
*1%
2
*178
2
2
1%
2
1%
2
1%
2
*3%
4
*3%
3%
4
3%
1%
1%
1%
*52%
55%
*52%
3%
3%
378
4
4
4
4
4%
4%
4%
55%
55%
55%
'
56
2534
32%
32%
19
1934
25%
32%
18%
25%
*55
70
70
70
*70%
70~
*60
68
65
65
*63
25%
*32%
*18%
32%
18%
*62%
*25
32%
18%
25%
32%
43
*40
42%
48
*45
48
21
1,300
*93
*92
100
*39%
*79%
81
*79%
*17
18
18
81%
18
93
*17%
17%
*17%
18
12%
2%
12%
*12%
13
2%
2%
•
2%
21%
17,000
4
3%
4
1,000
4%
4%
4%
7,800
56%
56%
56%
....
25%
32%
32%
19
19%
*115
25%
32%
32%
19
19%
1,000
5,100
3,900
20
*71%
70
300
......
25%
85
*68
30
44
400
48
47
47
48
48
200
*95
100
100
100
10
43
*79%
81%
18%
19%
19%
13%
124
10%
3084
13%
124
10%
3%
42%
*79%
19%
13%
*122
10%
31
42%
44
81%
81%
*79%
19%
13%
20
20
14%
13%
126%
125% *122
11
10%
10%
32%
31%
31%
1278
13
13%
13%
13%
*2%
2%
2%
2%
13%
2%
*2%
c.
Oct
Jan
79
Jan
June
76
Jan
16
5H % conv preferred
100
Wheeling Steel Corp—No par
100
preferred
pref...No par
Dental Mfg (The 88)-20
Motor Co
1
White Rock Mln Spr
CoNo par
Mach Corp—1
54 conv preferred—.No par
Prior preferred
—
20
Wilcox Oil A Gas Co
5
Willys-Overland Motors——1
White Sewing
6% conv
preferred
10
-No par
Wilson A Co Inc
No par
pref.100
Co——10
Wool worth (F W) Co
10
Worthlngt'n PAM(Del)No par
7% preferred A
—100
6% preferred B
100
Prior pref 4H% series..100
56 preferred
Wisconsin El Pow 6%
Woodward Iron
86
107% Dec
112% Deo
88
Apr
100
Deo
105% Sept
15% Nov
115
Nov
20%
4
Apr
Apr
4
2%
9
3%
Apr
5
2
Sept
3
3
%
10%
Deo
28*4 Jan
Apr
37
Sept
Apr
Apr
37% Sept
121
Sept
May
145
Mar
28% Jan
May 24
18%May 21
9334June 13
May 29
734 Aug 16
61
38% Feb 13
39% Jan 3
70
July 29
98
Jan 30
36% Apr 9
106
Apr 30
71
Apr 6
11% Apr 18
9
11% Apr 10
7%May 3
67% Mar 8
7i2May 21
4% Mar 23
3%May 22
38
Jan 4
13% Apr
14%May 22
l%May 15
1% Jan 5
3
Jan 15
24%May
3%May 21
45
June
7
116
Jan
2
15%May 21
30 May 18
13%May 21
0*4 Apr 13
7% Apr 22
Mar
121% Mar
27% Apr
42% Apr
24%May
120
10% Apr
16% Apr
*29
Oct
Apr
97
Oct
15%
Apr
38%
Oct
80
Jan
80
Jan
45
July
78
Oot
8% Dec
12% Mar
7
15%
Oct
7
Jan
Apr
3% Sept
1*4 Aug
0
14
Apr
Sept
4% Nov
34% Nov
20% Dec
2% Aug
1
June
4% Nov
3% Feb
2% June
2% Aug
32
105%
Aug
Apr
8
15
Apr
30
9
Sept
10%
Apr
47% July
43
May
29
44
Aug
23% July
pf 4>4 % convserieslOO
Aeronautical—No par
Wrigiey (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
39
June 17
91
June 10
129
May 23
15%May 28
93
100
Wire..No par
8 A T
No par
98
A—100
80
Zonlte Products
n New
stock
Corp
* Cash sale
1
9%May 21
May 25
6%June 10
26% June 10
May 28
12%May 21
8%May 21
Mar
r Bx-dlv
1
25
Deo
75
74
Jan 25
73
Deo
Deo
89%
42
Aug 29
9
31%
9
85
Apr
Apr
Apr 20
Jan 3
75
Mar
Apr
39%
28%
Apr
July
70
54*4May
11% Sept
14
3% Jan 11
3% Apr 22
70
18%
82%
71
2
36% Nov
6*4 Sept
Jan
July 25
June 5
Preferred
Deo
19%
Jan
June 17
Young Spring A
Jan
13*4 May
Oct
Apr
60
Prior
3%
Apr
65
Wright
July
8% Apr
28% May 21
60 May 28
100
.
95
40% Apr
14%May 22
15%May 21
26
68
85
118% Apr 30
25%May 3
105
Apr 29
June 10
Apr
July
55% Aug
4
110% Apr 12
115
Apr 9
108
Jan 8
3
27%May 21
5H% preferred ser
Def delivery
281,
1%
29% Apr 10
30
600
17%
Jan
Jan
3*4
Cblor Prod..No par
2%
16%
24%
32*4
20
4
9
14%
17%
127,
18%
Apr
Sept
Jan
4% Feb 23
Jan
Youngst'n Steel Door.-No par
Zenith Radio Corp
No par
90
*17%
14*4
24
May 21
37%May
Youngstciwn
*85
18%
t In receiver-snip
10
900
35*4
21
1,200
3,900
90
*1734
sales on this day.
20,200
Apr
100%May 17
5,800
*85
17%
*2%
600
90
*85
90
*85
......
100
42%
81%
*79%
18%
Bid and asked prices: no
......
*93
13%
13%
13%
13%
13%
125
126% *121
126% *120
10
10%
10
10%
10%
*9%
30
30%
30%
30%
30%
30%
*85
45
*46
13%
93
*36%
*2034
*1%
500
Apr
138
White
5%
5%
0%
19%
96%May 22
90 June 10
55 conv prior
800
Jan
5
28% Feb 7
20% Apr 22
May 21
Jan 20
4,400
Mar
6%
Marl0
31% Jan
110
5% conv preferred
Wheeling A L E Ry Co
7%
14% Mar
2% Jan
44
9
Feb
1% Nov
60
6%
Jan
Jan
20% July
Mar 16
preferred..
50
Instrument. 12.60
Westlnghouse El A Mfg
......
9%
50*4
2
4
5
......
Dec
3% Dec
Jan
White
Dec
'
Oct
50
118
100
Oct
1% Dec
May 21
Westvaco
2
25
70
11
1
76
400
2
*71%
70
8%
14%
8
May 22
108% May 23
11
May 21
Union Telegraph."00
500
48
42%
*92
*120
*84
*54%
8%
10%
7%
Sept
May 15
91
par
Westlnghouse Air BrakeNo par
200
1%
par
Weston Elec
68
Mar
3
4
Apr
30*4 Sept
3
16% Feb
"
1
20%
*66
June
5
Western
1,800
6% Jan
85% Jan 11
%May 15
3,200
1,700
2,900
100
May 22
2%May 15
4% May 18
18%
...
98% July
100
18
1st
Jan
131
85
Maris
101
June 26
Pacific 6% pref.. 100
4% 2d preferred
300
2
2
par
6% preferred
100
Western Auto Supply Co—-10
Western Maryland
—100
600
100
*44%
100
18%
*41
*44
32%
*3%
4%
♦115
25%
18%
*25
*60
56
*115
*115
*115
*115
*1%
1%
800
800
23% July
2%May 21
16% May 22
59
Aug 26
par
7% preferred
...100
6% preferred...
100
WestPennPowCo 4H % pf.100
West Va Pulp & Pap Co No par
7I6
*%
100
99
99% 101
99
99%
97%
99%
99%
133
*125
133
*126
*125% 133
*123% 133
*123% 133
31
3134
30%
30%
32
32
31%
31%
32
31%
z31%
34
*33
34%
3334
33%
33%
33% 33%
33%
33%
*33%
3334
33%
*33%
33%
33%
33%
3378
*33%
33%
33%
33%
75
76
75
*69%
75
*69%
75
*69%
75
*69%
*69%
97
*95
97
97
97
97
*95
97
97%
97% *95
22
21
21%
22%
21
21
21%
*20%
20%
20%
21%
*9334 120
*9384 120
*9334 120
120
*93% 120
*93% 120
99
1,700
—
3% Sept
6% Apr
15% Apr
101
%May 21
Co
No
Wesson Oil A Snowdrift No
54 conv preferred
No
West Penn El class A—No
Western
*123% 133
32
80
100
1% July
5
9
2% Jan
7% Apr
23%May
Deo
Apr
Mar
*4 July
04%
125
13%May 21
18%
59%
2
3
3%May 16
May 23
20
May 21
Waukesha Motor Co
100
8
1% Jan
22
Washington Gas Lt Co .No par
700
100
1
May
35
14
Warren Fdy
500
*58
Mar
135
2
No par
<fe Pipe
600
59
4
100
June 10
30
No par
J Warren Bros Co
15%
18%
59
Sept
36
24
100% 100%
July
15
4% Feb 19
Jan 3
2234
500
Jan
118
4% July
9
100
5
No par
15
2%
Deo
5% 8ept
33*4 Sept
112% Sept
Jan
7
24
16%
Sept
29%
Apr
21
2234
16%
Aug
65
Apr
13% Aug 30
15%
18%
2%
2%
1% Jan 10
25% Jan 10
24
16%
50%
Apr
17
16% Apr
48
110% July
44% Deo
Sept
18%
9% Jan 10
22
*2%
*15%
65
10
24
27S
Aug 22
60
Apr
34% Apr
64% Aug
31% Mar 14
4% Jan 4
31»4 Jan 4
118
Jan 6
May-24
par
22
1534
9
49%May 9
59% Feb 28
10
117% Apr
l8%May 22
*15%
1534
Apr
Sept
par
15%
*234
Nov
25
109
3
par
53 convertible pref ..No par
300
Sept
40
43%May 10
39% Mar 15
89
100
22%
59%
17%
19%
par
24%
*18%
2%
40
May-23
%May 16
S3.85 conv pref
600
Sept
3%May 21
Warner Bros Pictures
8%
21
16
Feb 29
Co cl A..No par
No par
preferred
7%
1,100
3,400
-
*6
100%
5%
Ward Baking
Class B
*1%
100
*3
100
13%
2%
Sept
Aug
% Apr
19
June 24
%July 1
%May 15
5% May 21
l6%May 22
par
100
No
Walgreen Co
No
4%i % pref with warrants
Walworth Co
No
Walk (H) Good & W Ltd No
Preferred
No
1
1%
*58
*27
7i«
2%
40
*27
100%
*57
*114% 115% *114% 115% *114% 115%
17
17
17
17
17%
*16%
*99
104%
*99
104%
*99
104%
*3
*2%
Waldorf
700
Feb
6
1
120
100
700
3,900
78
5
25
25
200
....—
June
103
Jan
146
36%June 14
28%May 29
71
May 23
100
100
600
July
Apr
l%May 15
100
System
Sept
85
Sept
May 23
May 18
Preferred
17
%
109
preferred
May
45%
19
pflOO
tWabash Railway Co
5% preferred A
4%
4%
*1
1
14%
14
15%
59%
15%
4%
*>%«
1
*
99
100% 100% 100% 100%
*108
110
108% 108% *108
100
100
101% *100
100
*27
*4
6%
Deo
9
60% Sept
Jan 22
...100
Vulcan Detlnnlng Co
04
Mar 27
$6 pref...No par.
Virginia Ry Co
100
Apr
112
May 22
preferred
8% Mar
2% Oct
Apr
159
14
Va Iron Coal <fc Coke 5%
1*8
46
5
June
56% Jan 6
60
Aug 22
No par
*24%
15%
*1778
2478
15%
17%
82
6%
Va IS1 & Pow
Oct
Dec
1*4
6% May
May 10
Jan 15
17
July 2
'28
35%May
5
Works
39
7% Apr 24
2% Apr 11
61
Apr 12
112
100
Chem
5
234 Apr 24
26
100
22
23
19%
33%
*7884
*7%
8
*6%
*15
*17%
44
*3234
82
40
1%
1%
8
*24%
7i«
*42
33%
*78%
2%
2%
*31
*22
*%
43
*3234
15
15
2%
*6
23
*21
*«H
15
1%
1%
*6
*0
*41%
4%1
*4%
1
*30
*14%
38
10
33%
33%
*80
4%
*«16
2%
2%
*4
1
15%
*14
110
9
9
,
4%
*"u
1
116
*7%
*123% 165
*123% 165
*123% 165
*123% 165
%
*%
34
%
*%
*%
%
*%
%
*%
1
%
*34
%
%
*1J18
1
*84
"ll 181«
7
7
7
634
7
*6%
*678
7
*6%
*6%
20% 2034
*20%
20%
20%
20%
20%
20%
20% *20%
98
98
98
*93%
*93%
98
98
1 *93%
*93%
*93%
4
4
4%
4
4%
4
4
4%
4
1
*3%
25
25%
24%
24%
2478
25
2434
*24%
*24%
25%
13
13
13
13
*12%
13
13
*12%
*12%
*12%
♦123% 165
1
Victor Chemical
Va-Carollna
400
45
*41%
*32%
6%
100
200
82
*38%
120% 8ept
37%June
46% July
4
Sept
22%June 10
5
Shreve & Pao Ry...l00
19%
*18
8
98% May
30
Sept
%May 21
Vlck Chemical Co
2%
*2
2115
10
400
25
*23
2%
82% Sept
124% Apr 23
12
5
1st preferred
7%
...
June
41% Aug
8
69
Vanadium Corp of Am .No par
Van Raalte Co Inc
*70
Jan
Mat
Jan
Nov
Sept
70
l34%June
100
5% non-cum pref
8
*8
*thi
*2
1834
10
500
Vicks
2%
18%
116% 116% *116% 118
3,600
July
July
3
June 26
No par
Sales
Preferred
75
*58
116% 116%
18
18
17%
*2
2
2
15
48
60
Jan
Oot
Mar
37%
6%
52%
114%
68%
l2%May 24
May 24
100
preferred
Vadsco
10
*110% 116
42%
42%
45
*58
*7
*%
25-
*42%
10
6%
32%'
25
75
*7
*123% 165
31
*58
2%'
1,400
%
4
Jan 11
68%
48% Feb 20
No par
%
Jan
70*4
39% Apr
Universal Pictures lBt pref.100
20
Apr
65
42%June 5
l%May 22
6% May 28
1
May 18
conv
8%
82
*13
75
42%
117
30% Aug 16
No par
5
Universal Leaf Tob
100
56%
Jan
Oct
Deo
Apr
86%
1
5
3
April
Apr
1*4
45
155
31%
1%
31%
25
1
100
31%
♦110% 116
Conv pref (70c)
15% Sept
32*4 Sept
41% Jan
May 21
42
15
*80
4
100
preferred
Unl ed Stockyards Corp
56
4
Jan
39
41
25
*24%
49
preferred
No par
Universal-Cyclops Steel Corp 1
%
17%
31
31%
25
67
May
74
5*4 Aug
46
Apr
38%
United stores class A
'143
82
*58
j
*58
17%
3078
7%
Aug 19
100
*51%
54
155
*80
*71«
*13
*22%
*42
*116% 118
*52%
10
12% Apr 23
No par
U 8 Tobacco Co
500
May 21
103%May 21
Preferred
700
Apr
3% July
600
15
,*143
*110% 116
t
15
*80
82 j
*71S
%
13
13 •
25
*24
26
49
54%
155
1%
*14
50
No par
U 8 8' eel Corp
Jan
Mar
7% July
35% July
29% Sept
10% Sept
7% Apr 23
46
1%
46
I
30%
30%
30%
*110% 116
*110% 116
16
*12%
16
30%
30%
25
|
"""160
*46
51%
15
*6%
6%
37",000
Sept
180
Apr
13%
14
113
Apr
23
Apr 25
28
39% May 23
60
May 22
50
& Mln
Preferred
116%
*31%
*44%
1%
52%
6%
1%
6%
*1%
1%
U 8 Smelttmr lie
500
67
54%
117
32
45%
1%
4
6% Mar
27%June14
%May 3
15 May 21
68%May 22
100
8% let preferred
503
5% Aug
05% Sept
14984 Sept
Jan 25
89
21% June 11
10
USRubtx-Ci
17% Sept
48
No par
tU 8 Realty <Sr 'mp
Jan
Mar
6
100
20
10
U 8 Playing Caru Co
4,900
7% Sept
11
3%May 21
Partlc & conv cl A ..No par
"""TOO
57
*55
*66%
45%
1%
*1%
6%
*1%
*46
*14
*52
{*143
%
%
%
*1234
30
25
%
Sept
5
9
32% Mar 11
No par
Prior preferred..
14
5*4 Mar
18 2% May 14
2%May 21
U 8 Pipe <& Foundry
Nov
15
117% June
6% Apr
3*4 Aug
87% Mar
May 23
25% July 17
14
May 21
600
8ept
June
June 10
U 8 Leather Co
Apr
Apr
f
Feb
75
60
5
74
8% Sept
35% Sept
95
Sept
May 11
165
20
100
7% Mar
Jan
8%
10% Apr 11
103s Jan 3
5% May 22
No par
preferred
-
7% Apr 10
7% Jan 3
97
May 18
6>$ % conv preferred
50
U 8 Industrial Alcohol-No par
"""966
19%
82%
82%
32
32
l?g
*1%
*6
1%
53
*80
16
*1234
*116% 117
31
[*143
%
%
18%
527g
*116% 117
117
*1%
1%
517g
15
*13%
I
*32%
52
31
*44%
25%
34%
25%
.67
117
,
6%
*46
I
53%'
517g
52
51%
45%
178
1%
1%
*65
52%
117
31
I
18
81%
52%
,
52%
67
116% 116% *116
*30%
31 .31
*44%
45%
*44%
*1%
134
*1%
*6
6%
*6
*1%
84
•
52%
*65
5134
247g
34%' *32%
25%
7%
50%
*43
%
'•■8
18%
54
60%
May 21
200
7%
7%
7-%
7%
7U
50%
*6%
3
3% Aug 24
Jan 15
5
U 8 Hoffman Mach Corp
4%
*4
13% Mar 12
200
5
33
18%
*3%
4
*3%
*26%
June 10
.No par
U S Gypsum Co
J
*25%
67
182
11
110
pref.100
50
62%
6
15
80
1,500
3
6
No par
2,000
10
Jan
.Jan
86%
117% Feb 24
$6 first preferred
200
3
6
107%June
10
Paperboard..
U 8 & Foreign Seour
Jan
35
share
per
Aug
4% Dec
64% Deo
3% Apr
25*4 Apr
65% Mar 14
6% Jan 3
10%May 22
United Mer & Manu Inc v t c 1
United
8%
1
26
82
900
4%
Mar 13
Highest
share S
ner
7% Apr 11
6
2%May 21
United Gas Improv't
No par
$5 preferred
...No par
_7~200
S
share
per
■25%May 22
60
Ma: 21
No par
600
75
72%
1S1
19
*25
82
1,500
181
8
83g
72%
33
*3*4
*47
a,
8%
*17%
*4
18%
7%
*6%
71%
8%
71
100
..6
U S Dlstrib Corp conv
U S Freight Co
*26%
4%
United Eng<fe Fdy
United Fruit Co
S
3%May 28
2%May 22
36% Aug 28
5
10
Lowest
Highest
share
per
United Electric Coal Coa__._5
4,900
■
•
90
7%
*81%
*6%
I
18
50%
51%
20
900
29
33
18
*6%
*47
*52%
500
.
83
182
7%
55%
*65
•1,400
29
63%
83
*180
*47
li.d
4%
arll34
83
7%
*638
7%
69
*7%
69
182
| *26%
18%
j *80%
83
*7
8
*3%
18%
4%
*32%
4%
*2%
.
_
.
*80
69
182
4%
33
*18
*6%
*35%
United Drug Inc
United Dyewood Corp.
Preferred
2,000
■
S
Par
Year 1939
Lots
On Basis of IQWShare
Lowest
4%
284
37%
4%
29
63
12
7
*7%
!
*26%
*4
29
_
83
69
1
ISO
*3%
*4%
Shares
3I41
7
7
*5%
2%
*3514
63
29
6212
12is
12
314
*80
I
83
69
$ per share
29
29
,
312
*80
38i2
414
EXCHANGE
Week
|
4%
2%
37 |
■
4%
4%
4i4
23g
36i2
4I4
NEW YORK STOCK
the
|
63%
63%
1134
12
1178
*113
*113
114
113V. 113% 113i2 *1117, 113 \ 1127g 1127g
884
884
884 i
8%
8%!
8l2
834
8
*8%
37g
*3%
*3%
37g'
*3i8
334f *3i8
4 |
*3i2
3%
334
3%
3%
3%
312
3i2
61%
12
*3514
4%
39i2
4%
32
62
*4I8
2%
36i2
*418
4i8
238
234
*3514
414
*29
*61
2%
*29
4i8
2%
STOCKS
for
Friday
Aug. 30
i
$ per share
$ per share
$ per share
4%
4%
*2%
1
44i2
4-38
30i2
*35I4
*418
1
Thursday
Aug. 29
.
Range for Previous
Range Since Jan. 1
Sales
CENT
SHARE, NOT PER
Wednesday
I Aug.28
Tuesday
Aug. 27
|
$ per share
.
4
SALE PRICES—PER
HIGH
AND
1245
New York Stock Record—Concluded—Page 10
151
18% Sept
11%
19% Jan
124
Apr 23
14
Apr 10
48%
Jan
Apr
98
Apr
9% Aug
Feb
7% Sept
0%
00% Nov
116
Sept
31% Sept
50% Jan
23% Jan
74
Oct
09
Oct
38% Sept
63% Sept
124% Nov
85i, Deo
33% Mar
21% Oct
127
Nov
21% Jan
60% Sept
30
Apr
93%May 10
28% Jan
74
May
92
Sept
17
Apr
34
Sept
8
12
Apr
22%
17% Apr
4% Apr 22
y Ex-rights
Aug
Jan
3% Sept
f Calla for redemption.
Aug. 31,
1246
Record—New York Stock
Bond
mo
Exchange
FRIDAY, WEEKLY AND YEARLY
Cash and deferred delivery sales are disregarded in the
NOTICE—Prices are "and interest"—except for income and defaulted bonds.
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are
in the week in which they occur.
No account is taken of such sales in computing the range for the year.
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
Friday
Friday
Range or
■S
Sale
Friday's
22
Price
A
Asked
Since
Jan
No.
High
Low
United States Government
Low
.
1
High
O
119.22
119.26
6
J
D
113.18 113.10
113.18
10
111.181156
M 8
113.30
113.30
1
111.16116.9
1941-1943 M 8
Treasury 8Jis
Treasury 3Ws_.
102.17
102.18
4
102 11 104.24
3H»
3lis..
3lis...
3 lis
3 lis
3 lis
J
....1943-1947
D
000000
103.15
3
108.13
10
107.12110.1
109.8
13
107.30 110.21
*00
000000
110.30
111.3
2
108 23112.13
111.28
16
109.14113.10
110.13
110.19
5
108.6
8
110.13 110.13
110.13
1
107 20111.30
M 8
107.29 107.16
107.29
32
104 20109 .16
108.27
4
0
1946-1948
000000
1961-1956
1966-1960
.1946-1947
1948-1951
1961-1954
1966-1969
Treasury 2 lis
1958-1963
Treasury 2 lis
Treasury 2 lis
Treasury 2 lis
Treasury 2lis
Treasury 2 lis
Treasury 2 lis
Treasury 2 lis.
1960-1965
....1949-1963
Treasury 2s...
1947
1945
1948
1960-1952
1951-1963
1964-1966
109.5
M
M
M
J
M
8
0,-0 00m
108.24 108.20
8
May 15 1944-1949
3S
Jan
15 1942-1947
0.0+t*
0
105 24109.19
69
104.16 108.30
000000
106.18
106.25
23
103 24108.12
106-13
106.19
4
J
D
J
D
J
D
*108.7
108.10
8
107.25
107.25
M
J
M
106.15 106.6
D
8
105.20 105.7
1946-1947
New York City
Transit Unification Issue—
3% Corporate stock
84
0000
103.13 108
103.15108.1
106.18 109.13
1
7
105.20
105 13108.31
103.2
19
103.4
107.3
D
103.15 103.10
103.18
38
1017
104.23
J
D
102.25 102.18
102.25
157
102 2
102.25
J
D
000000
00
000
105.9
*104.31
MN
J
J
8
J
J
J
0.0
105.2
9
3
107.15
*107.11 107.15
*103.31 104.4
......
0+>0 0
103.24
0
0
00
0000
*103.23103.27
102 28 105.30
101.13104.24
105 22 108.24
105 20108.21
103.16 105.15
103.9
Foreign Govt. & Munle. (Cont.)
1957
♦Chile Mtge Bank 634s
Low
.......1961
♦69is assented
♦Guar sink fund 6s
*11H
D
10H
J
D
A
O
♦6s assented
1960
♦Chilean Cons Munic 7a
1960
♦7s assented
M
M
O
of
Oct 1981
1928
Jan 1961
♦6s of 1927
♦Colombia Mtge Bank 6J4S—.1947
J
J
A
O
Copenhagen (City) 6s
1952
/ D
♦Costa Rica (Rep of) 7s
Cuba (Republic) 6s of 1904
1951
1944
External 6s of 1914 ser A
Govt.
A
..1980
J
107.7
6
1054
108.12
103.19
103.19
1
103 1
104.25
101.21
D
101,22
27
100.5
102.12
95 Ji
95Ji
95 Ji
211
88 H
97 H
1948
F
A
A
O
M
8
♦External
♦External
♦External
s
s
f 7s series C
f 7s series D
,m
0
0
0
0
seo s
J948
1972
1971
Australia 80-year 5s
External 6s of 1927
1972
...1955
1967
External g 4 lis of 1928
1956
♦Austrian (Govt) s f 7s....... 1957
1945
1949
s
*7s (Central Ry)
Brisbane (City) s f 5*
Sinking fund gold 6s
1952
1957
1968
20-year sf 6s
1950
♦Budapest (City of) 6s
....
1961
1977
f 41i-41is
External readj 414-4 lis
External s f 414-4lis
8% external s f S bonds
Bulgaria (Kingdom of)—
♦Secured s f 7s
s
1976
1976
..1975
MN
A
♦Stabilisation loan 714s
6s
1949
External loan 4Hs ser C
1949
4 Hs externa] debt....
1977
8
J
10-year 2lis..
Aug 15 1945
26-year 3 lis
7-year 2 lis
1961
1944
30-year 3s
1967
70 H
12
81H
57
54H
59
60 Ji
35
55 Ji
47 Ji
48
49
15
39
49
20
38
90 H
42 Ji
45
18
34
84
♦Czechoslovakia (Rep of) 8s
♦Sinking fund 8s
1942
External gold 6 tie
External g 4He
1955
m
D
D
0
0
0
000
7H
16H
10 H
23 H
8 Ji
18 Ji
llJi
32
8 Ji
18X
12 Ji
39
8H
49
33
18 Ji
79
*44
M 8
50
33
78
54
3
42
87 Ji
•8
12
65
65
44 Ji
45 Ji
16
38 Ji
45 Ji
45 Ji
45 Ji
2
39 Ji
65 Ji
63 Ji
47
47
47
2
41
66
51
51 Ji
3
40
67 Ji
45H
*55
A
A
O
MN
J
J
J
J
*31
36 H
31
12 Ji
8
14
*9 Ji
12H
9Ji
15
89 Ji
98 Ji
87 Ji
89 Ji
76
69
101H
97 Ji
83
107
86
98 Ji
87 Ji
85
87 Ji
O
A
J
J
J
J
80
81 Ji
24
61
96 H
93 Ji
'0
89
31
78
96 Ji
79
88 Ji
77
79
39
78 Ji
76 Ji
78 Ji
19
68H
59Ji
88 H
81
^
J
J
UN
A
^00
0
♦
*
-
».
»
15 Ji
000+00
81
8
.
•
000000
*14
15
...
000000
5
16
*10
14Ji
*10
*12 Ji
72
unstamped
6
19Ji
15
10
19
12
17
1
11
14 Ji
3
14H
4.
7H
18
10
9Ji
-
15H
♦(Cons Agrlc Loan) 6Hs
Haiti
(Republic)
♦Hamburg (State 6s)
1946
extl
7Hsl960
I960
Hungarian Cons Municipal Loan—
♦7 Hs secured
♦7s secured
s
8
f
1945
(Colombia) 6Hs
Mendosa (Prov) 4s read].
Mexican Irrigation—
1964
__"l954
O
|*Treas 6s of '13
assent
1933
Apr 1958
External sink fund 4Hs
1966
Externals! 4Hs
1965
llJi
12 Ji
llJi
7
10 H
14H
4s s f extl loan
1903
12 Ji
2
12
17
11 Ji
llJi
1
10 H
14 Ji
000000
*12 Ji
12 Ji
llJi
2
10 H
16Ji
14X
12 x
17
*llJi
11H
llJi
llJi
llJi
00
0
0
00
*12 Ji
0
0
7
85
18
18
100H
13
100H
21
97 Ji
102 H
100
93
100
103 H
104
73
6
70
*8
14H
8H
9H
81H
12
9H
14H
8H
13 Ji
J
J
34
39H
63
20
F
A
41
41
A
O
31H
37H
Jt
18H
17 H
55 H
69
70
10
65H
75H
70
71
2
65
75
*70
75
68
75
74
65
75H
38 H
71
8
75
10 H
J
J
14H
12
16 Ji
10 H
14 H
75 H
69 H
75
17
11H
8
27Ji
40
53 H
44
44
40
80
*12
"44"
68
75
7
7
75
19
57Ji
*21H
*70 H
16 H
16
92
106
112
8 Ji
7
5H
20 H
17
20 H
10 H
25 Ji
14H
6H
18 Ji
15H
9
T5H
Norway 20-year extl 6s
20-year external 6s
Municipal Bank extl
s
1943
1944
f 6s... 1970
22
"11"
14
10H
7 Ji
10H
10 Ji
*10
15
68
68
7Ji
10
10Ji
90
65
7
10
20
16H
10
17Ji
"45"
48
22 H
75
1
48
J
6Ji
6Ji
5Ji
J
*6Ji
9Ji
6
*6
8
7
7
7
5H
27
27
20
45
MN
a
A
H
J
F
A
F
A
J
D
92
48
50
34
32
33
25
29
29 *
29
23
83
80 H
83
76
91 Ji
57 Ji
57 H
59 H
57
70
*8M
13
13
13H
72
H
.
78 Ji
54 Ji
7
12 Ji
9H
57
*1H
1H
1H
1H
l
30
30
H
7%
t
H
1
1H
9
30
H
1H
Ji
26
7H
1
19
1
"52"
52 H
"16
51
"46 H
*48 H
45
46 H
39
4H
4H
44
33 H
1H
lJi
53 H
12H
12H
71H
71 H
90Ji
35
"17
89
29
97H
40
H
39
*27 H
15
29 Ji
97 H
40 H
46
-4"0H
48Ji
48 H
23
40
70
52 X
1H
1
H
Ji
15
8H
50
50
14 H
82 H
1H
31H
7H
7Ji
7
1H
1H
1H
1H
*1H
15Ji
53
9H
58
♦1H
1H
17H
15H
15Ji
"l~3 H
M 8
O
9
48
7 "j
A
9
32 Ji
48H
D
F
9H
32
D
J
10H
48 %
O
A
20 H
21 Ji
*10 H
J
O
18
*15
o
A
18H
12H
15H
O
92 H
45 Ji 118
109
90
14 H
14
19H
40 Ji 105
57 Ji
19H
D
16
9H
12H
20H
17
7
*70 H
J
63 H
*12
D
O
73
*65 H
O
A O
Milan (City. Italy) extl
6H«—1952
Mlnas Geraes (State)—
M 8
♦See extlsf 6Hs
1968
M S
♦8eo extl s f 6 Hs
...1959
J D
♦Montevideo (City) 7s
1952
MN
♦6s series A
1959
New 80 Wales (State) extl 5s..1967 F A
A O
External s f 5s
14Ji
000000
49
65H
73
MN
♦4Hs stamped assented
1943
♦Mexico (US) extl 6s of 1899 £.1945 Q J
Q J
♦Assenting 6s of 1899
1946
J D
♦Assenting 4s of 1904
1964
♦Assenting 4s of 1910
1945
17
MN
52 H
15H
71
101H
62
a
17
llJi
16
24 H
D
10 H
12
*12 Ji
28*
51H
r
12
000000
26 H
H
98
J
♦Lower Austria (Province)
7Hs 1960
1
0000+0
26 H
27 H
2
F
1
8
34
20
161
Japanese Govt 30-yr s 16Hi
1964
MN
Extl sinking fund
5Hs.._.::i965
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s
1947
2
j
34H
53
UN
Irish Free State extl s f
6s.....I960
J D
Italy (Kingdom of) extl 7s
1951
M 8
Italian Cred Consortium 7s ser B
'47
J
♦Italian Public Utility extl 7«_ .1952 J
12Ji
11H
15 Ji
15Ji
20
102
g._..n.„1945
f g
000000
J
15H
70 H
♦Hungarian Land M Inst 7 Hs. 1961
MN
♦Sinking fund 7Hs ser B
1961
Hungary 7Hs ext at 4Hs to... 1979 F A
12 Ji
a
6H
12 H
52 H
s f 6s ser A...1952
11 Ji
a
13
101X
1968
MN
s f ser 7s..1964
♦7s part paid
1964
y a
♦Sink fund secured
6a.......1968
♦6s part paid
1968
12 Ji
O
llJi
17H
8H
20
*
J
llJi
12 Ji
-lJi
O
13 X
24 H
1949
89
14H
32
Ji
o
.
♦7s
♦Medellin
MN
F
X
*10
UN
♦6s assented
.....1962
MN
♦External sinking fund 6s
1963
1251.
10H
44 Ji
8
F
a
see pare
4H
000000
Af
♦Extl sinking fund 6a..8ept 1961
M 8
♦8s assented
Sept 1961
♦External sinking fund 6S...1982 a O
For footnotes
2
49
+
9
J
♦6Hs unstamped
1966
♦5Hs stamp (Canadian Holder)'65
♦German Rep extl 7s stamped..1949 A
15
50
52
14
16
24 H
24 H
"70 H
A
/
German Govt International—
J D
♦5Hs of 1930 stamped......1965
12
37
1
2
*20
1949
♦Heidelberg (German)
llJi
llJi
0
..1949
7s unstamped
Helslngfors (City) extl 6Hs
52
0
..1941
102 H
HJi
11 Ji
7 He unstamped
External 7s stamped
108
llJi
0.0
a
M
1963
3
9
J D
J
1967
M 8
Finland (Republic) ext 6s
1945
MN
♦Frankfort (City of) s f 6 Hs_..1953
J D
French Republic 7 Hs stamped.1941
100Ji
8
D
M 8
Jan 1981
J
Jan 1961
♦6s assented
30
F
1948
32
llJi
12
0
♦EI Salvador 8s ctfe of dep
Estonia (Republic of) 7s
30 Ji
12 Ji
13
11 Ji
000
Feb 1961
♦6s assented
4
20
13 Ji
O
O
i960
f 6s
*20
Customs Admin 6 Hs 2d ser..1961
A O
5Hs 1st series..
1969
35
12 Ji
D
♦Extl sinking fund 6s..Feb 1961
s
12
63
0000
♦6« Apr. 1937 ooupon on..l960
UN
♦Chile (Rep)—Extl s f 7s
1942
UN
♦7s assented
...1942
♦6s assented
48
20
♦Greek Government
20
50 Ji
D
Jan. 1937 ooupon on..1960
♦Farm Loan s f 6s...Oct 16 1960 a
♦6s assented..
27H
27 H
20
*100
Apr 15 1962
M 8
Dominican Rep Cust Ad 6H«~1942
A O
1st ser 5 Hs of 1926
1940
A O
2d series sink fund 5Hs
1940
91
6H
50
"~5
25H
25?i
A
1952
German Prov A Communal Bks
12H
*50
O
96 H
96
13
62 Ji
63
000+Mm
16
llJi
llJi
3
27H
M S
1951
ser B
87 Ji
87 Ji
22
*8 Ji
*16
J
30-year 3s
1968
J
J
♦Carlsbad (City) 8s
1964
M 8
Agrlc Bank (Ger) 7s....I960
J
J
♦Farm Loan s f
6s...July 151960
♦External sinking fund 6S...1960
HJi
14X
77
40
8
J
18 H
79
A
J
0
5
60 Ji
J
F
0
66 Ji
49
D
J
0
77
------
M
0
13
13H
14
"3
6
20
Sinking fund 6lis...Jan 15 1953
J D
♦Public wks 5lis...June 30 1945
14X
49
J
MN
J
0000
15 H
HH
45
O
M
0
63 Ji
57 Ji
60 Ji
0000+0
a
1960
1952
♦Ry extl
U Ji
25Ji
1968
Canada (r>om of) 80-yr 4s...
10 Ji
0
78 Ji
A
J
4
00
66 Ji
UN
..1984
1967
11
0000
11 Ji
*8 Ji
1982
Buenos Aires (Prov of)
♦6s stamped
External s f 4 H-4Hs
16
*8 Ji
1965
f 8lis of 1926...1957
f 6 lis of 1927...1957
16 Ji
7H
7X
7 Ji
7Ji
7Ji
7Ji
25
♦Berlin (Germany) s f 6 lis....1950
8lnk,n* ^nd 6s...1958
♦Brasll (U 8 of) external 8s....1941
s
8
*8 Ji
1955
External 80-year s f 7s.
3
5
lOJi
10H
F
♦Bavaria (Free state) 6 lis
Belgium 25-yr extl 8 lis
Externa] s f 6s
llJi
11 Ji
11
*10
0^0000
F
28 Ji
29
66
HJi
f 7s 3d serles.1957
8 f extl conv loan 4s Feb
8 f extl conv loan 4s
Apr
0000
HJi
^00000
1945
20
25
21
40
23
40
J
1945
f 7s 1st series...1957
sec s f 7s 2d series. 1957
S (external 4lis
S f external 4 lis
Refunding
0
s
Antwerp (City) external 5s
1958
Argentine (National Government)—
♦External
♦External
*20
*20
*27
0000+0
Akersbus (King of Norway) 4s. 1968
J
♦Antloqula (Dept) coll 7s A...1945
♦External s f 7s series B
1945
"~6
60
5 Hs 2d series
..1969
MN
♦Dresden (City) external 7s... 1945
Municipal
♦Gtd sink fund 6s
13
13Ji
16
9Ji
'
27 H
F
M
Agricultural Mtge BankftColomMa)
♦Gtd sink fund 6s..........1947
♦External
♦External
J
1
17
10
*3Ji
MN
A
Persian
10
MN
26-year gold 4 lis
1963
J
Cordoba (Prov) Argentina 7s.. 1942
1
*12M
MN
♦Sinking fund 7s of 1926....1946
F A
♦Sinking fund 7s of 1927
1947
10H
"lOH
High
16H
10 H
10 H
4
10 H
8
A
13
10H
11 Ji
10H
Low
9
*115i
D
1951
M 8
♦Cologne (City) Germany 8 Hs. 1960
Colombia (Republic of)—
No.
....
10H
10H
11Ji
8
J
♦Chinese (Hukuang Ry) 6s
♦6s
*11H
1981
A O
——1961
MN
—1962
MN
—1962
♦6s assented
♦Guar sink fund 6s
High
J D
J
♦8Ms assented.. — .....1957
/ D
♦Sink fund 6Jis of 1926
1981
Since
105.2
107
D
Jan. 1
Price
Week Ended Aug. 30
Denmark 20-year extl 6s_.
107.7
00^0 0-0
Range
Friday's
Bid
A Asked
107.2
105.14
J
M
1942-1944
106 20 109.26
4
107.12
108.5
107.12 107.5
8
2 lis
Mar
1 1942-1947
Home Owners' Loan Corp—
Af N
8s series A
May
1 1944 1952
2 lis series O
1 lis series M
1
108.5
111.22
106.13
0
D
J D 103.23 103.18
Treasury 2s
1948-1960
Federal Farm Mortgage Corp—
M 8
107.15
3 lis...
Mar 15 1944-1964
3s
103 10105.17
111.21
111.3
1949-1962
3s
2 lis
2 lis
2 lis
2 lis
Treasury 2lis...
107 16 109.30
103.15
000
1946-1949
Treasury
Treasury
Treasury
Treasury
Treasury
121.6
108.13 108.11
1941
1943-1946
1944-1946
8s
*108.10108.13
1172
Range or
Sale
BONDS
N. Y. STOCK EXCHANGE
A
1947-1962
1944-1964
.1940-1966
Treasury 4Ji«
Treasury 4s....
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Bid
Range
Week's
Last
Week's
Last
BONOS
N. Y. STOCK EXCHANGE
Week Ended Aug. 30
shown in a footnote
11
18
23 Ji
20 H
90
40 H
40 H
7
80 H
20
60
21H
80
Volume
1247
New York Bond Record-Continued—Page 2
151
Friday
Range or
Range
BONDS
Elig. A
Since
N. Y. STOCK EXCHANGE
Sale
Friday's
Bid
A'
AsJt
Rating
Sale
__
Week 'i
Lax
5
Week Ended Aug. 30
See k
Price
BONDS
N.
STOCK EXCHANGE
Week Ended Aug. 30
Y.
Extl deb 6%s
Oslo (City) 8 f 4 Ha
5%s
♦Peru (Rep of)
•Nat Loan extl 8 f 6s 1st ser
♦Nat Loan extl a f 6a 2d sot
•4 He assented
♦4 Ha
101H
5
60
53 %
24
♦4 Ha assented
♦Porto Alegre (City of) 8s
♦Extl loan 7 %s
♦Prague (Greater City) 7He
♦Prussia (Free State) extl
♦External a f 6s
50
52 H
6Ha
9H
8H
4
4
3%
23
9H
4H
6
7%
6%
10H
9
13
18H
12
12H
12H
11%
12H
18W
17H
103
84 H
85 H
59
58
58
41H
98
1950
15
21
♦Rio de Janeiro (City of)
1946
1953
A
O
F
A
"~7H
5H
11H
6%
4H
10W
7
13
9H
10H
8 H
8H
5H
9H
9H
5
1967
1952
1959
J
D
A
O
Santa Fe extl 8 f 4s
1964
M S
♦8s extl secured s f
1952
J/N
♦6 Ha extl
secured a f
of)—
§♦88 extl loan of 1921
1957
J/N
♦8s external
1950
1956
1968
1940
1946
10H
a
f 7s
-
♦Saxon State Mtge Inst 7s
♦Silesia (Provof) extl 7b
/
*9 %
10H
1947
F
Tokyo City 6a loan of 1912
External b f 5Hs guar
1952
M
1961
A
O
♦Uruguay (Republic) extl 8s
1946
F
A
3 Hs-4-4 Ha ($ bonds of
external readjustment
'37)
Boston A Maine 1st 5s A
18
16H
14H
5W
5H
15%
RAILROAD
33
53
31X
51W
A
42 H
34
56 H
44
41 %
*35 H
36%
66
*24
24
51
Bush Term Bldgs 5s gu
*9
8
10
Calif-Oregon Power 4s
1955
I960
1966
Canada Sou cons gu 5s A
1962
F
A
*3%
F
A
3 %
J
D
57 H
"3
3%
55 %
58
69
Range or
Range
Friday's
dt
Ask
Jan. 1
Sale
Price
x
A
/
A
A
A
1956
42 W
27 H
99 H
99 W
97 % 104 H
D y bb
*100 H
D
J
z
42 W
cc
'lOflH
106%
bb
1943
1943
Albany Perfor Wrap Pap 6s—1948
6s with warr assented
1948
Alb A Susq 1st guar 3 Ha
1946
Alleghany Corp coll trust 6a.1944
Coll A conv 5s
1949
♦5s stamped
.....I960
Allegh A West 1st gu 4s
1998
Allegh Val gen guar g 4a
1942
Allied Stores Corp deb 4Hs.. 1950
4 Ha debentures
1951
A Ills-Chalmers Mfg conv 4s. 1952
x
aa
aa
*107 %
98 H 104 H
108 W
100
106%
*110%
x
Ala Gt Sou 1st cons A 5s....
*34
40 H
40
yb
50
y
b
x
bbb3
109
now
105
68%
45
108 H
60
*74
y
bb
y
b
F
A y bbb2
*100 H
O y bbb2
M
43 W
104H
_
A
S
x
96
96
108%
108%
a
47
104 %
66
143
y
b
x
bbb3
_
"48 H
47
9
103
96
"~6
57
-49"
~61
102 W
,
103
50
97 H
102%
98
6
J y b
6HS-1949
/
6 Ha .1943
MN
x
aaa3
O
x
aaa3
b
1966 J D
/
Am Type Founders conv deb. 1950 J
M N
Am Wat Wks A Elec 6s ser A. 1975
Anaconda Cop Mln deb 4 Ha. 1950 A O
♦Anglo-Chilean Nitrate—
5 f income deb
1967 Jan
x
aaa3
y
bb
y
bbb2
105%
xbbb3
104W
/
y
bb
Ark A Mem Br A Term
5s..1964 M 8
4s B...1955 F A
1st m 8 f 4s ser C (Del)
1957 J J
Atchison Top A Santa Fe—
General 4s
1995 A O
Nov
Adjustment gold 4s. .....1995
x
bbb4
Armour A Co (Del)
x aa
2
102
x
aa
2
101H
101H
102 H
102
x
aa
2
105%
105 W
105%
76
x
bbb3
85H
85 H
10
85 H
85H
A
3debentures
1995
1995
..1955
1955
Conv gold 4s of 1910.....I960
Conv deb 4 Ha
194S
Rocky Mtn Dlv 1st 4s
1965
Stamped 4s
Conv gold 4s of 1909
Conv 4s of 1905
Q
A..1962
1946
Charl A L 1st 4 Ha A—1944
30-year 5s aeries B
1944
75
58
26 H
47 H
59
64 H
104W 107 H
101 W
99 H
89
106H 111
17H
17 H
44
68 H
100H 105 H
105 %
91
y cc
3
2
42
105"iel09H
109W
26
104
108H
108H
36
103H HOW
*90 H
"l08H
106
105
95 H
105H
104W
106
105W
!
27 W
29
41
1
*96 W
102
MN xbbb3
J
J
D
D
x
aa
D
x
a a
J
x
»
x
a
D
x
aa
102%
*110
109"
29%
41
95
"5
96
14
102
36
1
98
~42
10
109
103H
J
Atl A
J
/
x
bbb3
93 W
J
/
x
bbb3
96
107
109
107H
41
50
97 H
99 H
95 H 104 H
95
104H
101H 107H
77 H
87 H
89
7
76 H
92
96 H
90 W
97 H
95
96
"id
100
105 H
99 H
99
100 H
now
108
110H
109
104 W 109 H
114
114
*112
Atl Knox A Nor 1st g 5s
27 H
32
110H
"4
97
95H
96
*99
aa
x
103%
aa
J
M S
95 H
95 H
aa
x
*95
2
x aa
D
/
Trans-Con Short L 1st 4s.. 1958 /
Cal-Arlx lat A ret 4 Hs
91H
109
105«3
13
99
25
102
105%
109
109%
*109
t*Oarolina Cent 1st guar 4s.l949
Ohio 1st 6s A.1952
Carriers A Gen Corp 5s w w..1950
Cart A Adlr 1st gu gold 4s...1981
Celotex Corp deb 4H« w w._1947
♦Cent Branch U P 1st g 4s..1948
Caro Clinch A
t^Cent of Ga 1st g 5s...Nov 1945
{♦Consol gold 5s
1945
♦Ref A gen 5 Hs series B..1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur mon g
♦Mobile Dlv 1st g 5s
"93 %
92
^Central Foundry mtge 6s..1941
Cent Hud G A E 1st A ref 3 Hs '65
Cent Illinois Light 3Ws
1966
J^Cent New Engl 1st gu 4s..1961
t^Central of N J gen K 5s...1987
♦General 4s
Central N Y Power
3WS
93
1987
1962
92
99%
71
72 H
47
41H
76
75
76
35
41%
79%
5
40%
76
67%
17%
74%
23%
6H
12%
98H
*97 X
71
71H
"71H
70 H
72
89
18 W
18H
19
88
*6W
108 W
104
104
111 W
111W
8W
108 W
112H
"3
*113W
"95"
110%
88% 107 H
108% 113%
11 I
115%
84
98%
107%
102
105
2
16
"7
94 X
106 H
106 X
*lllH
3
112 X
109% 112%
107% 109
39 H
38
39 H
cc
*2H
58H
58
58 H
aa
aa
aa
A
aa
D
aa
A
72%
75%
75%
74%
72%
103%
87.
113%
69%
92 W
91H
*91X
93 H
98
aa
bbb2
a
2
aa
2
a
2
90
88H
90
103
102
103
aa
90
88
85
106%
107
52 H
31
72 W
95 W
"95 X
54 X
72 %
54 X
95 H
67% 89%
87% 108 H
/
ccc3
J
a
3
MN
b
A
b
bb
4
72 H
54
84%
68
48
79
40
35
*33
i"07««
J
D
A
96
*93 H
90
45
109%
100%
51H
40
45%
78
78
73%
*8H
14
8%
90%
19%
30
25%
30%
*45
78
ccc2
F
102
10721m
107»»32
3
D
71 H
65 W
1
F
J
72
68
a
ccc3
;
*25
2
5
4
cc
A
O
2
*1H
2
c
1H
A
O
c
2
*2
2 W
1H
J
D
cc
2
*4W
7W
/
J
cc
*2W
5H
MN
107%
105%
72% 103%
71% 103
100
*90 H
aa
8
65
90
89
90
61
106%
100
90 W
"93 H
47
81
*74 H
89 H
6%
70%
104
104
bbb3
7
2%
65%
32%
46%
4H
70 W
39 X
38 H
40%
25%
3
*68W
J y b
O y b
O x a
30
5
5
4%
7%
3%
3%
8
bb
M S
aaa3
O
aaa4
4
*106 H
4%
90
M 8
102su
106
109H
109
109% 111%
J
b
2
48
*109 H
45
*48"
9
37
64
J
ccc3
15
14H
15H
25
12
20%
ccc3
14
12H
14
19
10%
18
3
108
106H
108
A
J
A
a
F
bb
ref gu gold 4s..194* A
Through Short L In gu 48.1954
60
60H
11
30
*43 X
44 H
*49
78
*102 H
107 W
"h
82 H
37
124H
100 X
100
106 H
62%
102
103
124 W
54
107% 112im
82%
65
101% 106%
106 H
102 H
66
31%
50
"62
54 W
107H
105% 110
73%
57%
59
64
*
bb
"44 H
F A
b
1960 J/N
b
Central RR A Bkg of Ga 6s,5l942
107H
MN
bbb2
Central Steel 1st g s 8s
1941
M S
b
3
Certaln-teed Prod 5H« A...1948
Champion Paper A Fibre—
M 8 xbbb3
S f deb 4Ws (1935 issue)—1950
M 8 x bbb3
8 f deb 4Hs (1938 issue).. 1950
Chesapeake A Ohio Ry—
M 8
124H
aaa4
General gold 4Hs
.1992 MN
100 X
aaa2
Ref A Imp mtge 3H« D—1996
F A
100H
aaa2
Ref AiraptM 3Ws ser E—1996
106 H
J
aaa2
Ref AimptM 3Hsser F—1963
J
aaa2
Potts Creek Br 1st 4s
1946
J
aaa3
R A A Dlv 1st con f 4s
1989 J
aaa3
2d consol gold 4s
— 1989
M 8
aaa2
Warm Soring V 1st g Rs.,1941
A O
11H
ccc3
♦Chic A Alton RR ref g 3s..1949
94 W
J
/
aa
2
Chic Burl A Q—111 Dlv 3 Hs 1949
98 H
J
J
aa
2
U'lnoiS Division 4s
1949
M S
a
2
85W
General 4s
..—1968
75
F A
bbb3
1st A ref 4Ws series B
1977
F A
bbb3
81
1st A ref 58 series A
.1971
Guaranteed g 5s
60 H
104%
11
118
100%
18
94
126%
100%
100H
29
94
100%
107
22
103
107%
109
109
113% 117%
106
110
*115H
*108 H
*98
11H
11%
8
*"7% *16%
93%
94 W
37
98%
84 H
99
41
86
54
90%
98
93% 102%
83
93
74
75
42
71
84%
80 H
81%
25
75
90
97
96 H
4s..1951
1946
102
72 H
ybb
/
103H 112
100
106H
54
*3H
/
J
57
105H
2
z
Coll trust gold
I6H
20
9
18
108
cc
J
ctfs..
1944 J
5s..Deo 1 1954
J
Collateral trust 4 Hs
I960
Rs equip trust
Ccnx Pac 1st
Teleg—
—1961
87
69
99
109
*14H
M S y b
♦Alplne-Montan Steel 7s....If55
Am A Foreign Pow deb 5a
2030 M S
J/N
Amer IG Chem conv 6 Ha... 1949
75
208
*62 H
bb
aa
91 H
73 H
47
y cc
x
61
68 H
76
87 H
75
y
46
50
_
91 H
M S
80 H
107%
.
*50
57 H
21
13%
*107
O
M
19
11%
•
102
aa
z
Sept 1951
J
J
deb 6 Hs.1946
J
/
Can Pac Ry 4% deb stk perpefe—
M 8
Coll trust 4 Hs
.1946
Guar gold 4%s
15
22
106 H
a
z
x
72 H
127H 135
104 H
aa
O
45
117 H
112
76
x
"6
14
107%
O
15 1955
Guaranteed gold 4%s
41 H
/
114
101 H
A X bbb3
Canadian Northern
M S y bb
72 H
113H
aaa2
Canadian Nat gold 4%s
1957
Guaranteed gold 5s._July 1969
Guar gold 4%s—June
Since
Bid
bb
1st
x
Guaranteed gold 5s...Oct 1969
Guaranteed gold 5s
.1970
Last
72
84
106
D
7%
Week's
y
JAnn Arbor 1st g 4s
1952
Consolidated 5s.1—...
70
104 H
a
A
58
101
162"
x
F
J
y
3Ws debentures
a
1981
J D
Buff Nlag Elec 3 H* •♦rles C.1987
Buffalo Rochester A Pgh Ry—
Stamped modified (Interest
J/N
at 3% to 1946) due
1957
tBurllngton Cedar Rapid A Nor— A O
{♦1st A coll 5s
w
1934
O
Rating
1947
20-year sinking fund
a
x
S y b
J/N y b
M N
10-year deb 4%s stamped.1946
Adriatic Elec Co extl 7s
1952
Amer Telep A
x
x
49H
46 W
37
107%
A
A
COMPANIES
Am Internat Corp conv
J
A
/
See k
t|*Ab!tlbl Pow A Pap 1st 5a. 1953
Adams Express coll tr g 4s...1948
.
bbb3
A
1
54
59 H
54
cccl
x
J/N
Bush Terminal 1st 4s
32
*13H
z
O
♦Certificates of deposit
40
31
45
b
O
65H
38
42 H
13
46 H
*13
32H
38 H
58 H
*13H
63
36 H
31
15H
*13 H
48
38 H
7H
*105 H
63
38
13W
59
1
b
y b
series.JJ
1961
J
J y bb
1st mtge 4s series RR._—1960
J/N y ccc2
Tnc mtge 4Hs ser A. July 1970
F A z cccl
l^Boston A N Y Air L 1st 4s. 1955
J/N x aaa4
Bklyn Edison cons M 3H8—1966
F A xbbb3
Rklyn Union El st g 5s
I960
and INDUSTRIAL
1st cons 4s series B
aaa3
42
F
Aug. 30
x
Buffalo Gen Elec 4 Hs B
Elig. A
Coll trust 4s of 1907
J
65
38H
15H
147
*133%
62 H
Friday
STOCK EXCHANGE
Week Ended
aaa3
41
Batik
N. Y.
aaa3
x
53
43%
109
64
113H
23
42
31k
31
59
Orb
1955
15H
*66%
x
1944
F
—1950j
M
C..1967
36
106
89
bbb4
O
1952
31X
18
68
95
bb
x
z
69 H
15H
*35
y
G
55
*57 H
*57 H
ybb
z
36
205
*91
3
ybb
A
70H
44 H
54
xbbb3
F
56H
12
bb
53
54 H
D
...1952
1952
.1958
1958
1961
b
y
3 Hs
1st M 5s series II
J
.....1978
1978
1984
BONDS
z
91
54
54 H
24 %
J/N
..——1979
external conversion
3%-4%-4*hs extl conv
4-4%-4%s extl readj
3Hs extl readjustment
Venetian Prov Mtge Bank 7s
♦Vienna (City of) 6a
♦Warsaw (City) external 7s
♦4 Hs assented
Yokohoma (City) extl 6s
28 H
46 H
25 %
25 %
41H
31H
Bklyn Un Gas 1st cons g 5s..1945
A/N x bbb3
1st lien A ref 6s series A..1947
J D ybb
Debenture gold Rs
1950
J/N x bbb3
1st lien A ref Rs series B...1957
S
43 H
28 W
.12W
63
54
J/N
1979
3%-4-4%s ($ bonds of *37)
35
31
87
51 M
42
32 W
31H
50 H
54
J/N
31W
34 H
40 H
*48
/
——I960
—1964 J/N
f 6a
f 6s
20
9
*13
A
J
a
Big Sandy 1st mtge 4s
Biaw .Knox 1st mtve
3
4H
*4
A
F
1971
a
11H
5
D
69
28%
3
J
39 %
7%
7H
9
9
66 H
13
8W
D
/
1955
♦External
13 H
4H
38
J/N
8ydney (City) 8 f 6 Ha
5 Ha
♦External
MN ybb
1960
1965
3s ser O
Consol mtge 3 Hs ser H
20 W
11H
68W
31H
3
F....1050
Consol mtge
4H
*U%
J/N
Taiwan Elec Pow at
♦SHesian Landowners Asm 6s
cc
1966
Hs '56
Beth Steel 3Ws conv debs..
23
6
12%
67
69
z
A
F
5
94
ccc4
1st g 4Hs
1958
assented
♦Deb
12 H
D
.—1962
1962
1958
♦7s series B sec extl
13 H
36 H
38
(Kingdom)
♦8a secured extl
♦4 Hs
J
75H
102H 107 H
94 H
82
8
106 %
68 W
z
1943
%s.1951
sinking fuDd 6Ha--.1959
♦Berlin Elec El A Undergr 6
10 H
5
13H
D
1946
♦Sinking fund g 6 Ha
Serbs Croats A Slovenes
9H
20 %
11
J
J
34 H
62%
ccc4
Belvidere Del eons 3Hs
12
5
10H
12%
8
O
23 H
1
37
94
z
1960
1st A ref 5s series C._
~80~'
53%
54
12 H
A
12
71
ccc4
3s_. 1989
Beech Creek ext 1st g 3Ws__ 1951
Bell Telep of Pa 5s series B—1948
Cons mtge 3%* •er
J
29%
ccc4
♦Berlin City EI Co deb 6
*6H
1936
♦6a extl dollar loan
7H
20 %
San Paulo (State
♦Secured
41
28%
H
106 H
z
1951
stamped..
♦Debenture 6s
of, Brazil)—
M
28
29
z
Battle Cr A Stur 1st gu
22
"54"
54
4s
12 H
9H
7 %
9
*4H
/
♦7s extl water loan
27
*
1953
extended to.-1951
3H%
to Jan 1 1947) due...1950
Toledo an Dlv ref 4s A—1959
Bangor A Aroostook 1st 5a__ 1943
Con ref 4s
1951
12
61
9%
*7H
♦February 1937 coupon paid.—
♦Saarbruecken (City) 68
Sao Paulo (City
7
33
A
F
10
34
9H
"33"
Pgh L E A W Va System—
12
"m
Feb 1 1960
♦Conv due
"k
9H
D
1
Ref g 48
6H
of)—
M N
5
S'west Dlv 1st M (lnt at
7 %
6H
1948
11-5%
J D
to Dec 1 1946) due... 1995
Ref A gen ser D (lnt at 1%
M 8
to Sept 1 1946) due..2000
Ref A gen ser F (lnt at 1%
M S
to Sept 1 1946) due-1996
11
*8 H
1966
to Dec
11H
7 %
*12
1968
Oct 1 1946) due.July
4
10H
7%
♦7a extl loan of 1926
34
Ref A gen ser Cflnt at
%
4
♦68 extl 8 f g__
33
Ref A gen ser
3H
*7 %
O
1st mtge g (lnt at 4% to
9H
4
5
13H
♦3
J
July 1948
Stamped modified bonds—
18W
*4%
A
1st mtge gold 4s
WW
*8
*4
1946
55
3
4 %
*12
municipal loan
Ha
♦Roumanla (Kingdom of) 7a
bb
6H
6 %
8
Rome (City) extl 6
z
D
6H
2
Baltimore A Ohio RR—
10W
I0H
8%
O
♦7a
O
Austin A N W 1st gu g
11
4%
A
♦8a extl loan of 1921
A
A (lnt at 1%
J
1946) due..1995
14
3
10 %
5H
6H
M
0%s_
bb
61H
bb
y
4%
7H
F
Rio Grande do Sul (State
y
G0W
a
A O
7
b
x
67 H
b
y
6H
A
8s
y
1953
5s...1941
76
70
51
67
b
6H
1941
1947
sec
y
6H
Queensland (State) extl • f 7s
25-year external 6s
♦Rhine-Main-Danube 7s A
♦Extl
y
•5 %
6H
O
1952
MN
J J
J J
/ J
M 8
J J
bb
bb
1948
62
61H
47 H
71
y
8eeond mortgage 4s
1948
Atl Gulf AW ISS coll tr 58-1959
77
41
66 H
34
bb
Atl A Dan 1st g 4s
64 H
6
67 H
High
Low
G1W
bbb3
y
10-year coll tr 5s..Mav 1 1945
LAN coll gold 4s—.Oct 1952
No
High
1
Jan.
ft)
67 H
x
D
MN
Atlantic Refining deb 3s
A O
J J
J /
1961 J D
1966 / J
1952 MN
1951 M S
assented
♦External sink fund g 8s..
74 H
1
O
A
1947
1968
>—1950
1963
f 7a
•Stabilization loans
82
50
35
1940 A O
1958 A O
{♦Poland (Rep of) gold 6s
59 %
10
60
1947 M 8
1959 M S
1960 J D
1961 A O
external 7a
4
52
Ask
A
67 H
51
M 8
1964 J
General unified 4Hs A
Rince
Friday's
Bid
Low
1952
Atl Coast L 1st cons 4s. July
54
101
♦Ctfs of deposit (aeries A)
♦Pernambnco (State of) 7a
High
19
65
49 H
68
19 H
75
90% 105H
9H
56 H
35
H
Range
Range or
Last
Railroad & Indus. Cos. (Cont.)
Low
~~8
55%
51%
1963 M N
•Stamped assented
ATo
16
♦12
56
1963 J/N
♦Extl 8 f 5a ser A
Jan. 1
High
Low
1952 F A
1953 M 8
1958 M N
1955 A O
1953 J D
Oriental Devel guar 6s
•Panama (Rep) extl
Price
(ConcT)
Foreign Govt. A Mun.
♦Nuremburg (City) extl 6s
Week's
Friday
Bank
99 H
A
1
For footnotes see page
1251
Attention is directed to the new column
incorporated in this tabulation
pertaining to bawlc eligibility
and rating of bonds. See 4.
New York Bond Record—Continued—Page 3
1248
Friday |
Bank
IBONDS
N.
Y.
RTOfTK
Week's
Range or
Last
Elig. A
EXCHANGE
Rating
Sale
See i.
Price
Week Ended Aug. 30
Railroad & Indue. Cos. (ContA
Bid
7
b
z
cccl
♦Certificates of deposit
Chicago A Erie 1st gold 6a..1982 AfN
z
cccl
y
bbb2
51 z
ccci
{♦Chicago Great West 1st 4a. 1969
{♦Chic iDd A Louiev ref 6s—1947
♦Refunding g 6« series B—1947
♦Refunding 4s series C—.1947
♦1st A gee 6s series A.....1966
♦1st A gen 6s ser B..May
1966
M
J
J
z
ccc3
J
z
117
10%
13%
10
96
80
25%
26%
19%
12%
12%
12%
3%
z
ccc3
"im
MN
z
cc
2
7%
J
z
cc
2
7%
J ybb
19
17%
16%
ccc3
J
2
3
No. Low
13%
96
J
17%
18%
17%
6%
6%
7%
7%
«?*
63
*60
N.
Jan. 1
High
*12%
26 %
19
3
Chic Ind A Sou 60-year 4S..1960 .1
Since
124 %
♦123%
12%
2
High
123 %
19%
19%
100
30%
21
20
18%
10%
10%
62
tChlc Milwaukee A 8t Paul—
♦OeD 4s series A
May 1 1989
♦Gen g 3 %s eer B.May 1
J
z
z
24%
ccc3
24%
~25%
24%
84
22
ccc3
J
1989
23
21
15%
16%
16
18
J
z
ccc3
24%
24%
25%
♦Gen 4%s series E.May 1 1989
25%
4
17
♦Gen 4Ha series F.May 1 1989
J
z
ccc3
25
25%
11
15%
3%
♦Gen 4%s series C.May
11980
J z ccc3
BONDS
Range
Friday's
A
Ask
Low
{(♦Chicago A East Til 1st 6a. 1934 A 0
{♦Chic A E III Ry gen 5s
1961 M N
28%
27%
29%
29%
30%
ICfilc Mllw 8t Paul A Pac RR—
Y.
Week
Railroad &
1st mortgage 4%s
z
cc
3
6%
160
c
2
1%
4%
1%
5%
z
1%
60
1 Chicago A North Western Ry—
♦General g 3%s
1987 M N
cccl
12%
12%
12%
10
18
LOW
cccl
12%
10
18%
Ed El Til (N Y) 1st cons g
Fed Inc tax. 1987 MN
cccl
12%
13%
13%
13%
12
18%
Electric Auto Lite conv
Elgin Jollet A East Ry 3%s.l970
♦Stpd 4s
n p
♦Gen 4 %s stpd Fed Inc tax 1987
♦Gen 6s stpd Fed Inc tax—1987
♦414s stamped
...1987
I ♦Secured 014s
1936
1 2037
1949
{(♦Chicago Railways 1st 6s atpd
Feb 1940 26% part pd.,1927
ccc2
13%
M N
ccc2
ccc2
ccc2
J
15
15%
cc
2
9%
8
9%
16
0
11%
2
8%
8%
8
8%
62
6
2
7%
8%
28
11%
11%
c
2
2%
2
2%
125
5%
1%
1
z
bb
z
ccc2
z
ccc2
1934 AO
M~8
♦Certificates of deposit
cc
z
Gold 314s
JuDe 16 1951 J
Memphis Dlv 1st g 4s
1961 J
11
19%
10%
12
18
6%
5%
6%
67
4
8%
5%
I
4%
5%
5%
26
3%
7
4%
7%
8%
6
6%
1%
♦4%
c
c
1%
D y bbb2
D y bbb2
D ybb
1
107
109
104
1
104
106
aa
J
cccl
♦106%
6%
cccl
*6%
b
.1944 A
x
aa
3
1963 J
x
aaa3
1961 M 5
x
aa
07
51
47%
61%
52%
48
63%
43
40
64
106
103
1st ratge 3%s
series E
314s guaranteed
1st mtge 3%s series F
Chle A West Indiana
con
♦105
107%
108
104
105
105
100% 106%
100%
89%
90%
100%
3
.1963 J
J
x
aaa3
100%
4s. 1962 3
J
x
a
3
90%
2
91%
4
30
1st A ref M 4 % s series D_. 1962 M 8 x a
1043 A O y b
{♦Choctaw Ok A Gulf con 6s. 1962 M N z cc
Childs Co deb 6s
99% 100%
108"
aaa4
x
aaat
x
aaa4
107%
1st mtge gu 314s ser E
1969 F
Clearfield A Mah 1st gu 6s.. 1943 J
x
aaa4
Cleve Cln Chic A St Louis Ry—
General g 4s
.1993
General 6s series B
J y bb
2
♦83
x
bbb3
bbb3
*77%
J y b
2
./ y bb
3
x
x
aaa2
J
x
aaa2
x
.
37
43%
54%
61%
50
07
9
65%
100%
aaa2
x
31
48
*99%
*106%
80
17
51%
64
69%
70
46%
100
100%
aaa2
«r'~
*104%
"l"04%
....
Gen A ref 414s series B. .1981
Cleve Short Line 1st gu 414s .1961
/
x
O
x
O
x
bbb3
O
x
bbb3
74%
bbb3
67%
1st sf 4146 series C
0
-1977
Coal River Ry 1st gu 4s_— .1945
D
Colo Fuel A Iron gen a f 6s. .1943
A
♦6s Income mtge
.1970 A O
Colo A South 4148 series A. -1980 MN
Columbia G A E deb 6s.May 1952
Debenture 6s
Apr 16 1952
Debenture 5s
Jan 15 1981
Columbus A H V lstext g 4s. 1948
MN
2
bbb3
12
80
29
74%
17
67
68%
24
*107%
103%
bbb3
3
b
76%
79%
aaa2
x
105
72%
3
104%
79%
25%
24
24%
bbb3
6
103%
*75
27
6
104%
105
2
104%
105
30
O
x
bbb3
105
J
x
bbb3
104%
A
0
x
aaa3
*112
x
aaa4
*108%
x
aa
Columbus A Tol 1st ext 4s.. 1956 F A
Columbus Ry Pow A Lt 4s_.1905 M N
♦Commercial Mackay Corp—
100%
109% 109%
105®is
105%
1059ie
4
Income deb w w.. Apr 1 1969
May y b
Commonwealth Edison Co—
1
35%
34%
35%
13
1st mtge 3 Ha aeries I
1968
Conv debs 3 He
1958
Conn A Pasump Rlv 1st 4s..1943
Conn Ry A L 1st A ref 4 %s_. 1951
Stamped guar 4%s
1951
D
x
aa
4
110%
x
a
3
110%
121%
110%
J
120%
122
O
x
bbb3
J
x
aa
J
x
a
1
Conn Rlv Pow s f 3 %s A
1901
Consol Edison of New York—
8 %s debentures
1946 A
8 Ha debentures.
..1948 A
A
x
aa
3
*94%
M
f, m y.
O
x
aa
4
O
x
aa
4
1956 A
O
x
aa
4
106
1968 J
J
x
aa
4
108%
J
z
cccl
D
x
bbb2
J
z
cccl
90%
82%
56%
74%
100% 108
102% 106%
75%
34%
99% 105%
99
106
97% 106%
114%
110% 110%
105% 109%
40
{♦Consol Ry non-conv deb 4s 1964 J
♦Debenture 4s...
1966 J
115% 119
108% 110
107
110%
105%
5
103% 107%
106%
106%
29
104% 108%
108%
109
11
105%
106%
7
103
107%
105% 109%
"l06%
106%
*11
106%
"16
11
18%
18%
65%
65
cccl
J
z
AfN
x
aa
MA!
x
aa
105
111
MJV
x
aa
110%
110
18
106
M N
110%
x
aa
108
107%
108%
106%
108
31
109%
28
106%
39
102%
104%
103%
102%
111%
109%
110
110%
105%
107%
2%s—1948
•+ *-
*11
11
-
ccc2
*60
19
11
"""2
64%
108%
«
J
w.
•
«
.
x
a
109
D
x
aa
106%
103%
108%
*109%
8
108%
111
"
—
-
A
x
a
103%
103%
6
x
a
105
105
10
104
1948 3
J
x
bbb3
103%
103
15
1948
A
x
bbb4
99% 104%
101
105%
1942
D y b
J y b
106%
103%
104%
19%
65
15
31
20%
20
17%
40
7Hs series A extended to 1946
2
19%
2
20
104%
16%
17%
26
D y ccc2
21%
19%
3
D y ccc2
21%
20
20
Dayton P A L 1st mtge 8s..1970 J
J x aaa3
Del A Hudson 1st A ref 4s..1943 M N
ybb 2
20
5
105
104%
105
33
48%
51
113
extended
to
1946
'
For footnotes see page
104% 109%
1960 M JV
1952
I
1251.
50%
19%
46
17%
35
102% 105%
37%
.....
Attention la directed
to the new colunm 1
2
12
30%
106% 109%
105
107%
14
110
101% 101%
51
66
67%
56
cc
27%
25
27%
cccl
22
20%
22
cccl
22
20%
22
37
O
z
cccl
z
O
z
c
J
z
J
J
z
y
z
*13%
12
b
191
20
26
18
"289
13%
28%
13%
14
24%
13%
07%
17%
54
z
59
44%
69
z
AfN
60
66
z
A
95
149%
104
95%
J
J
107%
90%
"56"
*14
107%
141
*49
67%
101
105% 108%
22
96
*49"
ccc2
40%
25%
88
105
O
25%
b
AfN
AT S
A
c
2
18
67
44
65%
b
*74%
78
52
74
bb
*96%
92
97
ybb
a
4
x
bbb2
x
*40
1
x
bbb2
bb
x
a
4
J
z
*95
*102%
:o3%
3
O
103%
bbb2
y
*106
bbb2
x
ccc2
M 8
8%
11%
*62%
13%
x
D
ybb
8%
60
60
18
98
107%
106
108%
103%
102%
103%
103%
100
105
102
102
101
104%
104%
104%
99
104%
101
104%
100
100
103
107
*34
2
39
37
40%
*53%
54
48
65 H
z
cc
1
6%
5%
6%
4%
cc
1
6%
5%
6%
3%
MJV
z
c
2
*2%
2%
3
MJV
z
c
2
*1
2%
2
2%
2%
y
j
MJV
63%
D
A
*1
1%
*101
102>«»2
x
a
3
y
b
2
x
aaa3
8%
8%
y
*103%
%
100"«10]%
*121%
bb
35
39%
1
y
bb
3
3
z
cccl
D
z
J
3
MN
/
194!)
J
{♦Georgia A Ala Ry 5s.Oct 11945
J
{(♦Ga Caro A Nor 1st ext 08.1934
A
♦Good Hope Steel A Ir sec 78.1945
J
J
O
z
gu g
105
*25%
40
14
35
63
3
z
c
1st A gen s I 0%8—
1950
D
F
A
J
J
J
2
75%
1
2
*12%
103%
79%
103%
*32%
104"
80
25
100% 105%
10
77%
91%
OS
103
*60"~
104%
80
80
3
1
86
"86"
1
78
96%
yb
1
82%
82%
1
61%
88
x a
4
107%
101%
108
12
102%
33
11
86%
95%
87%
86
87%
102
J
x
bbb3
J
x
bbb3
J
x
bbb3
103
Gen mtge 4s series H
J
x
bbb3
J x bbb3
Gen mtge 3%s series I —1967
Feb
♦Green Bay A West deb ctfs A
y bb
1
Feb z c
♦Debentures ctfs B
2
Greenbrier Ry 1st
1940 MN x aaa2
94
104% 108%
94
103%
87
90%
40
77
88
31
70
88
37
94% 105
94%
89
88
77%
80
33
*61%
4%
64
92%
94%
80
"I H
103
96%
5
y
bb
4
85%
86%
39
y
bb
4
82
82%
33
68%
80
68
4s
O
22%
22
b
y
1976
O
14
13%
18%
ybb
General 4%s series D
1950 A
A
1960
75%
9
103%
General 4 %s series E
1977
General mtge 4s series G—1946
..
29%
55%
*16
3 xbbb3
3 x bbb3
Gulf Mob A Nor 1st 6 %s B
1st mtge 6s series C
25
65
18%
cccl
cccl
124%
100% 105
99% 105
28%
24%
30
34%
11
z
1973
gu
34
25
z
General 6s series C
1940
40
*10
107%
102%
95%
87%
87%
Great Northern 4%s ser A—1961
General 6%s series B
1952
105
72%
75%
4%sl941
Grays Point Term 1st gu 5s__ 1947 3
105
34
cccl
b
121
25
cccl
y
Goodrich (B F) 1st 4%s.._.1956 3 D x bbb3
M 8
Gotham Silk Hoe deb 5s w w.1940
ybb 4
Gouv A Oswegatchle 1st 5s..1942 / D yb
2
J
J X aaa2
Grand R A I ext 1st
01%
8%
2%
100% 100%
75
87%
65%
83%
Gulf A Ship Island RR—
3
1st A ref Term M 6s stpd.. 1952 3
y b
2
Gulf States Steel s f 4 %s
1901 A O x bbb3
Gulf States Utll 3 %s ser D_. 1989 MN x a
3
3 z cccl
♦Harpen Mining 0s
1949 J
cods g
J
4 %s_. 1999 3
1944 A O
1937 MN
x
bb
*81%
2
*45
Hudson Coal 1st s f 5s ser A
1962 J D y
Hudson Co Gas 1st g 5s
1949 MN x
Hudson A Manhat 1st 5s A.. 1957 F A y
A O z
♦Adj Income 5s
Feb 1957
..
Illinois Bell Telp 3%s ser B. 1970 A
Rllnols Central RR—
1st gold 4s
1951 J
1951 J
1951 A
O
ccc2
100
27
28%
3
ccc2
11%
111
50%
9%
10%
111%
16
108% 112%
89
89
86
*83
87
83
87
bbb4
*83
80
80%
Si
bbb4
*35
32%
48%
bb
1955 MJV ybb
F
127
36%
bbb4
y
1951
120
23
bbb4
2
45%
39%
*37%
"4l"
3
34
18
60
34%
46
31%
70
46%
50%
40%
78%
68
"23
65
38
ccc2
"46"
%
bbb4
73
x
bbb3
41
50
2
3
Ay
43
44%
45
91
"76"
43
43
D
61%
12
40
28%
40
73
73
73
4
*45
65
37%
J y bb
A ybb
4
58
58
2
*42
50
J y bb
4
*44
49
45
54
bb
4
*50
54
47%
60
3 xbbb3
A ybb 3
*70
1951 J
Western Lines 1st g 4s
1
34
12%
s
2
3 %s. 1951 J
20
x
2
2
g
29
124%
45%
%
J y bb
1952 J
1953 MJ2V
Gold 3%s
Springfield Dlv 1st
65%
96% 101
22
37%
2
3
1952 A O y bb
1965 MJV ybb
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv A Term g 3s.. 1951 J
81
100
3
Purchased lines 3 %s
Collateral trust gold 4s
1966 ^
123
70
40%
O
Collateral trust gold 4a
Refunding 4s
Aug 1
115
83%
48%
aaa4
Jf
1950 J
Litchdeld Dlv 1st gold 3s_. 1951 J
Loul8v Dlv A Term g 3 %s. 1953 3
123"
x
1951
Cairo Bridge gold 4s
100% 111%
21
21%
111
"45%
Extended 1st gold 3 %s
1st gold 38 sterling
40-year 4%s
110%
124%
44%
11%
aaa3
b
90%
104
90
104
*16
123
aaa4
z
90%
103%
*110%
z b
2
{(♦Housatonlc Ry eons g 5s.
Houston Oil 4%s debs
1954 MN y bbb2
Refunding da
1981 F
Crucible Steel 4 Ha deba
Cuba Nor Ry 1st 6 Ha
Cuba RR 1st 5s g
1
11
cccl
z
1989 M N
8 f 4 Ha debentures
•
19
13
19
z
1960 J
5s
Crane Co ft f deb 3 Ha
Crown Cork A Seal s f 4s
.
102% 106%
J
Consumers Power Co—
1st mtge 8%s
May 1 1965
1st mtge 3 Ha
1967
1st mtge 2 Ha
.1970
1st mtge 3*8
i960
6a series B
14%
J
f.
104%
109%
20%
107%
20
10
O
J
1st gold 3%s.
14
*12
i960 /
♦Debenture 4s
1948
Hocking Val 1st
'
of Upper Wuertemberg 7s. 1956 J
Consol Oil conv deb 3%s—.1951 /
1940
Hoe (R) A Co 1st ratge
2
z
30%
35
3
2
1947
J
1945
♦20-year a t deb 0s
Gen Steel Cast 5%s w w
109% 130%
88%
92
-
aa
108% 111 %
108% 113
"45~"
99
50
107% 110%
109%
107%
107%
5
49%
107%
*148
2
J
Gen Cable lstsf6%sA
♦Gen Elec (Germany) 7s
100% 111%
108%
x
*93%
2%
8
4
*107
aaa4
J
/
Gas A El of Berg Co cons g 5s 1949
F
Gen Am Investors deb 6s A.1952
7
98%
~
34%
106
"106%
♦Consolidated Hydro-Elec Works
108%
72
04
20%
aa
bbb3
X
z
Francisco Sugar coll trust 08.1956
51
*108
*109
108%
107% 107%
103% 103%
66
83%
113
4
3
104 %
65
104%
104%
J
A
♦Certificates of deposit
Fort BtUDCo 1st g 4 %s. -.1941
Gt Cons EI Pow (Japan) 78—1944
2
b
4
107%
A
Cleve Union Term gu 6%s. .1972
lst s f 6s series B guar... 1973
«
*103%
*103%
76%
76%
A
aa
—
104%
1950 F
aa
107% 108%
-
104%
1977
8%s debentures
3 %s debentures
85
51
■wo* «-
49
51%
aaa2
0
1948 M N
Series D 314s guar......
Gen 414s series A
0
1942 A
1942 J
Series A 414s guar
Series C 314s guar..
1942 A
70
*19
107%
107%
2
x
1%
4
105
104% 110%
107
111%
75
*102%
*106%
4
x
3
12
6
1952
{(♦Proof of claim filed by owner
"85"
*69
x
St L Dlv 1st coll tr? 4s.. .1990 M1V y bbb2
Spr A Col Dlv 1st g 4s... -1940 M 8 x bbb3
Cleve A Pgh gen gu 414s B.
Series B 3148 guar
Fonda Johns A Glov 4%s
99
aaa3
aa
107%
108%
*110%
*30%
♦20%
2
O ybb
♦Certificates of deposit
{ (♦Proof of claim filed by owner
(Amended) 1st eons 2-4s._1982
105
cccl
a
106% 109%
5%
11%
5%
11%
1%
3%
z
1974
♦1st A ref 5s series A
59
108
3
O y bb
{♦Fla Cent A Pennln 5s
1943
J
{Florida East Coast 1st 4 %s. 1959
♦Sinking fund deb 0%s
D
D
.1993
Ref A Impt 414s series E. .1977 J
Cln Wab A M Dlv 1st 4s. .1991 J
conv
M S
A
30-year deb 0s series B
1954
A
Firestone Tire A Rub 3%a__ 1948
96%
11
13%
105% 110%
109% 111%
3
A xbbb3
D
95%
♦108%
1st mtge 3%s
Continental Oil
J
F
1954
27
108%
3
aa
O
J
.
—
87
♦105
Cln Un Term 1st gu 314s D_. 1971 M N
s f
1938
(♦3d mtge 4%s
87
*108%
Consolidation Coal
♦(Ref A imp 6s of 1927
1967
♦IRef A Impt 5s of 1930... 1975
♦Erie A Jersey 1st s f 6s.. 1955
♦Oenessee River 1st sf 6s.. 1967
♦N Y A Erie RR ext 1st 48.1947
92
11
aaa4
x
aa
b
107%
cccl
1953
4s series D
90%
♦
2
x
110
3
1%
1%
6%
"~2
♦49
cccl
aa
aaa4
1953
37
27
Cincinnati Gas A Elec 3lis.. 1960 F A
1st mtge 314s
1967 J D
Cln Leb A Nor 1st con gu 4s. 1942 M N
A
107%
2
J
J
...
cc
J
♦Ernesto Breda 7s
Chicago UDlon Station—
Guaranteed 4s
conv
2
45
8
1%
1%
ddd2
c
107%
7%
6%
*3%
ddd2
J
Fairbanks Morse deb 4s
1966
Af 8
Federal Light A Trac 1st 68..1942
M 8
5s International series..1942
M 8
1st Hen at 5b stamped
1942
M 8
1st Hen 0s stamped
1942
J
D
41%
2
♦Gen
i
/
{♦Erie RR 1st cons g 4s prlorl996
♦1st consol gen lien g 4s—1996
♦Conv 4s series A
1953
♦Series B
High
108
104
J
1965
5s stamped
Low
108
7%
80%
52%
*45%
52%
1965
EI Paso A S W 1st 6s
No.
Jan. 1
aa
Dlv 1st 4sl948
MJV
1966
5s. 1995
4s—1952
Since
o
«JCQ
aa
2%
09
67
3
y
3%
"l"5
78
*65
3
D ybb
Dec 1 1960 M S
51 0
9%
6
12%
30%
12
43
12%
c
z
4
3
43
cc
z
—1960 MN
Income guar 6s
z
z
♦Certificates of deposit
Chic T H A So'eastern 1st 6s. 1960 J
20%
cc
M N
/
12%
cc
J
♦Conv g 414s
3
10
D
A
Cb St L A New Orleans 6s. .1951
"16%
18%
19%
D
F
(♦Secured 414s series A... 1962
17
D
{♦Cblo RIA Pac Ry gen 4s.. 1988 /
♦Certificates of deposit
(♦Refunding gold 4s
11%
10%
13
*13%
MN
13%
*13%
MN
♦1st ref g 6s
May 1 2037 J
♦1st A ref 414s stpd.May 1 2037 J
♦1st A ref 414s C—May
♦Conv 4%8 series A
East Ry Minn Nor
M N
Ha. -1965
Duquesne Light 1st M 3
Range
©
As*
High
A
J
East T Va A Ga Dlv 1st 6a...
1987 M N
♦General 4s
{(♦Dul Sou Shore A Atl g 68.1937
Friday's
Bid
/
A
A
o
Range or
Sale
Price
{(♦DenARG 1st cons g4a__ 1930
J
(♦Consol gold 4%s
1936
A
{♦Denv A R G W gen 6s-Aug 1965
A
♦Assented (subj to plan)
O
♦Ref A lmpt 6s ser B.Apr 1978
J
{♦Des M A Ft Dodge 4s ctfs.1935
M 8
{♦Des Plains Val 1st gu 4%s.l947
F A
Detroit Edison 4%s ser D..1961
A O
Gen A ref M 4s ser F
1965
M S
Gen A ref mtge 3 %s ser G.1966
J D
Detroit A Mac 1st Hen g 6s.. 1995
J D
♦Second gold 4s
1995
AfN
Detroit Term A Tunnel 4 %s. 1901
J
D
Dow Chemical deb 3s_.
1951
A
0
Dul Miss A Ir Range Ry 3 %s 1962
a
7%
2%
Last
Rating
See a
(Coni.)
%8—1971
1969
1909
1st A ref 4%s
P
1
Elig. A
Week's
Friday
Indus. Cos.
Del Power A Light 1st 4
1976
♦Conv adj 5s
*
it
EXCHANGE
Ended Aug. 30
STOCK
Jan 1 2000
♦Mtge «r 6s series A
Aug. 31, 1940
Bank
y
*
05%
56
"63" "50"
70
IU Cent and Chic St L A N
Joint 1st ref 5s series A
(♦Ind Bloom A W 1st ext 4s.1940
Ind 111 A Iowa 1st g 4s
1950
{♦Ind A LoulsvUle 1st gu 4a. 1958
33
15
30
50%
O
45
bb
2
42%
z
_
2
y
1903
1948
22
ybb
1963
1st. A ref 4%s series C
♦Ilseder Steel Corp 6s
cccl
*16
19%
21
x
bbb3
*99
99%
99%
54
61
*
7,ybbb2
J
z
ccc2
44%
41%
13%
45%
42%
86
12%
13%
16
47
8%
17
|
ncorporated In this tabulation pertaining to bank eligibility and rating of bonds
See
i.
Volume
Bank
Railroad
&
Indus.
Friday
Week's
Last
Range or
Rating
Sale
Friday't
See a
Price
31
Y.
Bid
B.1988
Industrial Rayon 4%s
1948
Inland Steel 1st mtge 3s ser F 1961
Inspiration Cons Copper 48.1952
{♦Interboro Rap Tran 1st 5sl966
{♦10-year 6s
1932
{♦10-year conv 7% notes._1932
M S
/
J
A
J
0
A
S
M
80%
33%
70
81%
20
29
39%
77%
42
07
77%
bb
86%
88%
35
78
90%
1st gold 3%s
16%
Ref A impt 4%s series
1%
9%
1%
23
7%
7%
7%
7%
6
27
bb
3
{♦Int-Grt Nor 1st 6s ser A. .1952
♦Adjustment 6s ser A.July 1952
z
cccl
9%
z
cc
1
1H
1956
z
cccl
7H
1956
Hydro El deb 6s.-.1944
z
cccl
1st 5s series B
Internat
1941
Ref s f 6s series A
Int Rys Cent Amer 1st
1st Hen & ref 0%s
y
4%sl952
Int Telep A Teleg deb g
1955
ref 4s. 1951
Debenture 5s
{♦Iowa Cent Ry 1st A
1st 4s. 1959
Steel 4%s A1961
Mich 1st gu g 4s 1990
J
F
A y b
M 8
4s 1936
Ref & Impt 5s
70%
87
1
Coll tr
22
47%
10
1
1%
1%
53
54
23
38
99
53
93
z
c
2
*1%
1%
z
c
2
*1
1%
z
cccl
5%
4%
5%
z
cc
2
4%
5
cccl
4%
5%
4%
z
5
5%
29
87%
87%
5s gu as
cons
1946
J
J
z
cc
I
^
J
J
^
8
J
J
D
z
cc
2
♦1st A ref 6s series A
84
87%
39%
24%
38%
x
bbb3
50
69%
Mlssourl-Kansas-Texas
63%
27
66%
5
50
107%
8
105
62%
66
3
bb
x
aaa4
1
107%
25
*11
cccl
z
bb
102
3
102
100
105%
bl>
80
85
157
168
107
107
2
*108
a
3
104%
104%
105%
a
2
103
103
103%
^0
78%
79%
17
55
84
24%
23
24%
36
20
32%
14%
13%
14%
24
7%
19%
8
15%
8%
10%
8%
11%
11%
3
2
"12%
11%
12%
15
z
cccl
4%
4%
4%
3
3%
z
ccc2
z
cccl
z
cc
1965
--
♦1st A ref g 5s series
1978
m's
S
M
90
b
bb
cccl
z
ccc2
1981
a
79%
86
27
38
51%
47%
50
11
38
50
42%
41%
42%
5
33
44
z
c
2
O
z
ccc2
17
cccl
¥"k
z
42%
42%
2
39
45
*74%
80%
2
D
69%
1977
92
5
82
94
88
6
79%
88
30
30
1
28
39%
*51
55
J y
bb
J y bb
O
2
2
86
*83%
42%
65%
79%
90
37
*30
3
b
y
42
10
----
50%
50
50
bbb3
x
37
30
37%
49
27
35
z
*49%
z
b
*28%
z
b
31
31
1
22
33%
z
b
27%
27%
3
23
29%
z
A
b
b
A
¥"k
——
-
20%
—
30
cccl
"33%
cccl
34
-
b
--
bb
-
z
cccl
y
b
aa
a
4
43
30
45
41%
30
47
—
L 4s ser A„ 1978
J
D
National Rys of
—
—
—
56%
-
1—— —
-
—
50
....
-
M
— -
—
-
—
"50%
65
34%
"41%
"42%
37%
39%
109
60
*102%
39
104% 109%
....
112% 120
100% 101%
12
66
64
4
44%
24%
11
39%
33%
32
33%
13
42%
50%
47%
27
—
*100%
A ybb
80
55%
....
64
70%
102
102%
x
bbb2
x
a
3
106%
100
106%
34
103% 107%
x
a
2
104
103%
104
25
99% 106%
-----
-
-
-
-
Nat Distillers
*39%
71%
....
79
♦
2
2
F
Prod 3%s
1949
Mexico—
♦4%s Jan 1914 coupon on.1957
♦4 %s July 1914 coupon on 1957
*39%
2
— -
* '
110%
112%
95% 104%
56
bbb3
4%s extended to.1940
AfN
Nat Dairy Prod deb 3 %s w w 1951
2
67%
x
Nat Acme
bb
*60
*
—
103
33
—
AfN
Nash Chatt A St
bb
101%
*114%
48%
z
——
105
7
111
101%
2
60
z
-
55
107
20
110%
a
30
J
48
103
110%
x
49%
J
-k — — -
41%
24
106%
*50
-
83
53
UN
53%
J
....
41%
*108%
30
J
41%
aaa2
50
-
34%
25
42
x
24%
4
20
D
J
20%
--
89
*
UN y b
1
\
34%
110
-
—
25%
34%
20
*47
1
2
1
2
25%
5
39%
2
UN y b
3
-
a
D ybb
----
39%
15
33%
*105%
3
O y b
O ybb
70
-----
-
------
29
37%
«
"41~%
J y bbb2
x
79
20%
"25" "l2
*40
4
x
21%
60
33
2
x
20%
21%
12%
12%
73
24%
-
21%
32%
cccl
z
O y b
O y bb
28%
*60%
-
39%
-
"101%
30
*60%
------
-
4
29
b
—
2%
12%
12%
43
16%
"
D
22
*25
ccc2
o y bb
13
----
14%
ccc2
m's
----
17
4
21%
21%
21%
21%
12%
12%
%
---
-
1
*70
z
28%
b
A
..
30
*28
b
z
¥'j
.
17
.....
*13%
z
1960
1965
Montana Power 1st A ref 3%s '00
Montreal Tram 1st A ref 5s..1941
Gen A ref s f 5s series A...1955
Gen A ref s f 5s series B—1955
Gen A ref s f 4 %s series C.1955
Gen A ref s f 5s series D...1955
Morris A Essex 1st gu 3 %8—2000
Constr M 5s series A
1955
Constr M 4%8 series B—1955
Mountain States TAT 3%s.l908
Mutual Fuel Gas 1st gu g 5s. 1947
Mut Un Tel gtd 6s ext at 5% 1941
57
"16%
2
z
debentures
6s
1
16
z
m's
{♦Secured 5% notes
1938
♦Certificates of deposit
m's
Moh'k A Malone 1st gu g 4s. 1991
AfN
Monongahela Ry 1st 4s ser A 1900
Monongahela W Penn Pub Ser
o
87%
-
b
A
F
♦Certificates of deposit
92
92
{Mobile A Ohio RR—
♦Montgomery Dlv 1st g 5s 1947
♦Certificates of deposit
80
15%
%
cccl
z
20%
1%
12%
12%
69
*13%
ccc2
z
21%
12%
24
1
Jul.'38
♦Ref A Impt 4%s
1%
16%
*15%
*13%
cccl
in
A
13
---
-
-----
1%
14%
15%
ccc2
z
1949
1980
H
♦1st A ref 6s series I
90%
43
51
50
3
x
80
86
47%
bbb3
y
1
85
51
2
2
b
90
86
2
2
*13%
1%
16%
z
mn
21
16%
15%
16%
"
2
z
♦Certificates of deposit
100% 106
101
103%
A
F
z
♦Conv gold 5 Ha
{♦Mo Pac 3d 7s ext at 4%
2003
AfN
z
ccc2
17
14%
2003
MN
z
cccl
16%
14%
2003
2003
2003
2003
IN
z
ccc2
18%
16%
17%
17%
9%
8%
18%
5
16%
8%
8%
54
17
♦4s assented
18%
AfN
z
cccl
18
16%
AfN
z
ccc2
19%
19
z
cccl
19
17%
19
—
20%
— —
40
61%
Nat
54
45%
1
46%
46%
3
*115%
-----
102%
102%
*123%
127%
127%
128%
10
96%
4
104%
6
x
a
J
x
0
x
aaa4
A
x
aaa4
MoNell A Libby 4s.. 1955
78.1944
1951
Lion Oil Ref conv deb 4 Ha.. 1952
f Liquid Carbonic 4s c*v debs 1947
Little Miami gen 4a series A.1962
Loews Inc s f deb 3 Ha
1940
Lombard Elec 7s series A
1952
Lone Star Gas 3 Ha debs
1953
♦Long Dock Co 3%s ext to.. 1950
Long Island unified 4s
1949
Guar ref gold 4s_—
1949
4s stamped
1949
128
96
O y bb
3
D
x
a
2
UN
x
aaa3
F
A
x
aaa3
J
D y b
1
F
A
3
107%
O y bb
3
*70%
--
M S y bbb2
------
—-
90
—
105
-
—
-
-
94
95
94%
94%
94%
6
A
O
x
aaa3
123%
123%
7
F
A
x
aa
J
J
x
bbb3
M
3
x
aa
3
109
109
M 8
x
aa
3
*109
112
------
83%
111%
New Orleans
Term 1st gu
39
83
95
8
78
88
bbb3
84%
83
84%
23
72%
84%
a
3
103%
103%
103%
8
103% 104
x
a
3
104%
104%
1
104% 106%
A
x
bbb2
*105%
107
M 8
x
a
3
*80%
82
M
S
x
a
3
*110%
J
J y bbb2
82%
82%
*105%
106%
J
x
J
3%s—1955
F
IN
x
aaa3
F
A
z
O
x
a
2
M 8 y b
2
—
-----
— —-
—
-
—
—
-
-
-
5
J
D y
MN y
A
O
z
♦Second 4s...
2013 J D!z
M S y
Manila Elec RR A Lts f 5s.. 1953
2
b
2
ccc2
A
St&D3p6(l
April '40
1945
103%
94%
—
—
94%
5
94%
*74
74%
50
52
30
30
105%
78
82%
112%
83
73%
104% 107
*85%
1
49%
aa
1
88%
*85%
5
—
—
5
50
--
I
*40
*13
19%
3
*82
88
102% 104%
-
Oyb
!yb
2
80%
1
—
—
—
-
—
-
76
*50
62
-
4
-
—
-
—
-
-
—
—
%
%
*%
1%
%
1%
2
105%
105
105%
14
a
4
104%
104
104%
12
102
1954
z
b
3
1948
x
aaa3
1945
z
cccl
1946
z
cccl
x
aaa2
x
aaa2
F
1954
.1956
D
deposit
1956
*%
%
%
39
65%
27%
40
Debenture 4s
86%
Lake Shore
39
63
Mich Cent
1942
coll gold 3%s.l998
coll gold 3%s.l998
%
....
"""%
%
*120%
*36
37
126%
*126
*61%
A y bbb2
105%
63
*62
124"
44%
119
-
-
-
-
30
-
4
37
1
120%
-----
70
71
124%
43%
31%
122
----
60%
----
43%
128%
122% 128%
00%
aa
2
107
107
2
ybb
3
71
71
71
1
04%
78%
y
bb
3
59
59
59
1
45
60
x
bbb3
104%
105
x
bbb3
104%
104%
y
bbb2
x
D
62
63
15
9
4
63
105% 109
102% 105%
101% 100%
55
71%
z
ccc2
30
30
3
21
33
z
b
1
"29%
29%
29%
6
25
30
ccc2
31%
30%
31%
17
23
39%
----
A
O
z
z
b
F
~i
z
ccc2
z
b
z
ccc2
z
b
A
"F
J
F
F
15%
22
64%
82
66
81%
St Louis—
A
Ref 5 %s series A
1974 M
Ref 4 %s series C
1978
F A
4s collateral trust
1946 A
1st mtge 3%s extended to. 1947
52%
83
3-year
60
24
37%
35
28%
37%
38
1
26
37
23%
36%
-----
*30"
*
1
*30
ybb 3
bbb2
y bbb2
y
35
-
40
*
1
deposit
OA z ccc2
♦1st 5%s series A
1954
zb
1
33
♦Certificates of deposit
x aaa2
¥
Newp AC Bdgegen gu4%s.l945
F
ybb 3 "58%
N Y Cent RR 4s series A
1998 A
82
ybb 3
10-year 3%s sec s f
..1946 A
53%
y b
3
Ref A impt 4 %s series A—2013
59
A
y b
3
Ref A impt 5s series C
2013
58%
M
ybb 3
Conv secured 3%s
—1952
x a
2
80%
J
N Y Cent A Hud River 3 %s. 1997
93%
81
%
*%
.
♦Certificates of
101
-
-
-
----
29
32%
40
"34
35
13
27
31
33
8
25
38%
111
111%
*107
--
--
---
-
52
44%
62%
82
42
74
54
378
38
83
50%
56
59%
107
43
62%
56%
59
93
42%
63%
79%
81
26
08%
80%
91%
93%
69
85
95
59%
60
3
53%
62%
54
54
1
48%
00
64%
67%
44
45%
57%
54%
57%
155
38%
68%
59%
85
83%
85
73
80%
80%
90
60
86
60
56%
59
81
51%
63
—
-
81%
*71%
A z b
—
""%
aa
D
J
deposit
C
♦1st 4 %s series
81
—
88%
J.z ccc2
1/5%
""■% ""%
*%
....
x
A
of deposit
♦Certificates of
76
-
-
30%
cc
♦1st 5s series
70
13
— —
13
52
Attention is directed to the new
— —
104%
cccl
AfNiya
J
—
A
z
48.1953
B
♦Certificates
101
15U
D y bb
J
-
♦1st 5s series
112
-
ccc
A
------
z
Mex n-c lnc 5s 1935
♦Certificates of
88
x
Lines) 4s.1959
{♦Man G B A N W 1st 3 %s_1941
Marlon Steam Shovel 8 f 6S..1947
110
94%
A
Manila RR (South
100
86
E.....2003
Unlf mtge 3%s ser A ext..1950
Unlf mtge 4s ser B ext
1960
Paducab A Mem Dlv 4s..1946
St Louis Dlv 2d gold 3a... 1980
Mob A Montg 1st g 4%s._1945
South Ry Joint Monon 4s. 1952
Atl Knox A Cine Dlv 4s..1955
♦Lower Aust Hydro El 6%s.l944
Z
A
New Orl
93%
bbb3
f—Feb 1 1957
{♦Manhat Ry (N Y) cons 4s. 1990
86%
88
bbb3
x
A
N E 1st ref Ai mp %s A*52
Pub Ser 1st 5s ser A. 1952
1st A ref 5s series B
1955
129%
75
94%
x
z
N O A
120
—
92% 103
A
J
120% 120%
19
A
z
%
%
x
%s series B
1986
RR guar 1st 4a.
1900
Light 1st 4 %s—.
1983
New Orl Great Nor 5s A
1st g 4
108
—
z
A
1
%
*%
A
N J Pow A
1
83%
*%
2
%
1%
%
%
%
100% 105%
N J Junction
95%
101%
bbb3
Manatl Sugar 4s a
95%
100%
x
{♦McKesson A Robblns d 5 Ha '50
Maine Central RR 4a ser A. 1945
Gen mtge 4Ha series A—1960
94%
28
125%
83
4s
Tel A Tel 5s A
{{♦N O Tex A
A
1st A ref 3J*sseries
*125
New Eng
87
94%
bbb3
3
z
%
1
%
*%
1901
♦Consol guar
67
85%
bbb3
x
1951
A
'
*%
%
1952
{♦Naugatuck RR 1st g 4s...
Gas cons 5a.
{♦New England RR guar 5s.
89
-
57
x
7s.....1944
Z
Ms April
Newark Consol
110
63%
— -
M S
1st 5s ser A. 1969
Louisville Gas A Elec 3 Ha—4986
Lou A Jeff Bridge Co gu 4S..1945
Louisville A Nashville RR—
1st A ref 5s series B
2003
1st A ref 4 Ha series C
2003
1st A ref 4s series D
2003
101
1
—
20
-
z
J
♦4s April
2
-
—
102%
z
J
♦4s April
104% 110
104% 104%
100% 105
28%
73%
M S
Louisiana A Ark
104
121% 127%
120% 131%
-
-
44
44
------
-
-----
102%
J
♦Ass't warr A rets
118
99
10
------
a
x
*102
102%
109
-
---
107%
A
104%
------
z
{♦Ass't warr A rets No 4 on '20
1914 coupon on..1951
1914 coupon off.. 1951
♦
Ass't warr A rets No 4 on *51
National Steel 1st mtge 38—1965
Natl Supply 3%s
1954
—
*
*1
J
1914 coupon off—1977
No 5 on '77
RR of Mex prior Hen 4 %8—
19%
10
bbb4
O
18%
10%
0 y bbb3
1941
1914 coupon off 1957
♦Ass't warr A rets No 4 on '57
♦4s April 1914 coupon on. 1977
♦4%s July
19
54
*42
0 y bbb3
A
6s 1941
3
19%
AfN
35
148
18
5s gu...1965
1251.
"78%
2
♦Certificates of deposit
0
♦Gen cons g 4s
{Leh Val Term Ry 1st gu g
y
4
ccc2
z
♦Certificates of deposit
¥
{Lehigh Valley RR—
59%
y cc
♦1st A ref 5s series G
105% 108
107
108%
2
x
¥
43
y cc
♦Certificates of deposit
90
a
F
4)48.1940
1940
assented
80
172
a
Lehigh A New Eng RR 4s A. 1965
M 8
Lehigh A N Y 1st gu g 48—1945
Lehigh Valley Coal Co—
♦5s stamped
1944
1954
1964
1964
♦5s 8 tamped
1964
♦1st A ref s f 5s
-1974
♦5s stamped
1974
♦Sec 6% notes extended to 1943
♦6s stamped
1943
Leh Val Harbor Term gu 5s_ . 1954
%
....
1962
1st mtge 4 %s
stamped
♦1st A ref s f 5s
2%
2
1%
....
2
♦General 4s
*150%
♦
2
aaa4
Dec y cccl
♦5s
7
0%
7%
y cc
1975
♦1st A ref 5s series F—_ —1977
75
80
90
*60
bbb3
J
♦1st A ref 8 f 58
2%
1962
♦Certificates of deposit
50
68
~n
70%
71
103%
50
*20
bbb3
J
A
1%
50
*42
RR—
{Missouri Pacific RR Co—
♦
1st A ref 5s series A
104% 107%
bbb3
y
J
2%
*1%
*1%
—
3
b
-
27
2%
3%
3%
3%
.
4%s series D...1978
♦Cum adjust 5s ser A ..Jan 1967
14%
105%
102
3
a
y
Lehigh C A Nav s f 4Mb A..1964
/
Cons sink fund 4 Ha ser C.1954
♦5s assented
ybb
—
------
1%
%
.
.
.
40-year 4s series B
68%
109
13%
—
-
16%
"4% "8%
3
Prior Hen 5s ser A
*11
J
7
52
32
8
73
7
30
*11
UN
1975
♦General cons 5s
5%s.__
Prior lien
1941
♦General cons 4 Ha
♦25-year
67
104%
97
7
11%
*15
7
J
J
J
42
22
11%
"94%
55
65
103%
103%
11%
J
J
J
25
63 H
"103%
3
,
—
—
1938
to Int.. 1938
5s
cons
30%
3 Ha...1997
Nitrate Co Ltd—
For footnotes see page
2
32
RR—
{♦Market St Ry 7s ser A
(Stamp mod) ext 5s
cc
*29
3% to ....1947
McCrory Stores deb
ccc3
z
*30%
b
5s debenture
{♦1st
99
87 H
y
LorlUard (P) Co deb
z
I
b
Liggett A Myers Tobacco
5s debenture
ccc3
t {♦MStPASS M con g 4s Int gu'38
55
98%
bbbl
bb 2
1st mtge Income reg
Libby
z
1
y
5s assented
15%
b
y
Lex A East 1st 50-yr
25%
b
y
♦4 Ha
55
*22
bbb4
C
{ {♦Leh Val N Y 1st gu
{♦4 Ha assented
*43
x
5s
2d gold 6s
♦
2
ccc2
z
Lake 8h A Mich So g
Lautaro
b
z
0
1942
1953
ref 5%s series D—1960
6s series A
..—.1942
6s series B
1942
6s extended at
44
30
99
1939
|♦Laclede Gas Lt ref A ext 6s
Lake Erie A Western
z
9%
37%
*
3
"90"
96
*90%
2
a
44%
•
66%
*21
O
1946 ~M~ S
J
J
Kentucky Central gold 4s
1987
J
Kentucky & Ind Term 4)48-1961
J
Stamped
1961
Plain
1961 J
J
4%s unguaranteed
1961
A
Kings County El L A P 6s—1997
J
Kings Co Lighting 1st 5s
1954
1st A ref 6 %8
1954 J J
UN
Koppers Co 4s series A
1951
M S
Kresge Foundation 3% notesl950
{♦Kreuger A Toll secured 5s—
M S
Uniform ctfs of deposit—1959
Coll tr
99
21
18%
18
*59%
4
%
%
ccc2
A
Keith (B F) Corp 1st 6s
Coll A
82
5%
*16
cccl
90
7%
35%
-
-
z
A
(Rudolph) Ino—
♦Ctfs w w stmp (par $645) 1943
♦Ctfs w w stmp (par $925) 1943
♦Ctfs with warr (par $925) 1943
Coll A ref 5 He series
95
70%
27% "44
53
Karetadt
Ref A ext mtge
70%
—
M s
A O
1940
{{♦Mil A No 1st ext 4%s... 1939
♦{Con ext 4%s.
1939
99
103%
90% 104%,
-
%
1963
J D
J D
{♦Mil Spar A N W 1st gu 4s. 1947 M S
{♦Mllw A State Line 1st 3 %s 1941 J
3
{♦Minn A St Louts 5s ctfs.—1934 MiV
♦1st A ref gold 43
1949 M 8
♦Ref A ext 50-yr 5s ser A. 1962 Q F
53
8
*6%
a
74%
3
1
48
48
——————
*%
ybb
14%
7
29%
ddd2
x
6%
10
1
y
112%
x
1949
♦1st A ref 5 %s series B
1978
{♦Mo-Ill RR 1st 5s series A. 1959
Mo Kan A Tex 1st gold 4s...1990
1950
Apr 1950
1st 4s
1960
105%
109
ybb
37%
70%
3
3
100 %
4
M S
A*"N
J J
5
58%
H
bbb3
z
26
102%
*85%
26%
aa
x
{{♦Mid of N J 1st ext 5s
{♦1st
D y bb
J
m a y bb
z
High
Low
2
110%
z
D
No
High
105%
110%
110%
3
x
14%
102%
29
S
Since
Jan. 1
CQ &a
1951
1952
C..1979
Michigan Consol Gas 4s
2
1
102%
27
x
0%
57%
cccl
z
7%
102 H
102 H
3
2
2
J y b
1st gold 3s
Kansas City Term
100%
89
18
49
47%
3
A y bb
F
•Certificates of deposit
Kan City Sou
102% 106%
15
Ask
A
105%
bbb4
8
8
O
A
4%s_._1955
Metrop Ed 1st 4%s series D.1968
Metrop Wat Sew A D 5%8..1950
z
Jones & Laughlln
{{♦K C Ft 8 & M Ry ref g
7%
AfN y bbb2
James Frankl & Clear
Kanawha &
S y b
M
8%
49
3
ccc4
bb 3
y
5s B .1972
1947
88 H
b
y
& B.1947
1955
Internat Paper 5s ser A
Mead Corp 1st mt"e
Jack Lans A Sag 3%s
5s series C
Int Merc Marine s f 6s
100
3
97
80%
1
y
Bid
Mich Cent Det A Bay City-
106%
33 X
Price
Low
33
7
"80 %
1
Sale
See a
Range
■8§ "3
Friday's
Rating
Railroad & Indus. Cos. (CorU.)
High
77%
1
Range or
Last
Elig. &
Is
EXCHANGE
STOCK
Week Ended Aug. 30
105%
106%
104
105%
96
2
z
♦
NO. Low
105
105
106 X
3
cc
x
Y.
Jan. 1
105""
bbb2
x
O x aa
O y bb
J z bb
A
N.
Since
M
M
A
{{♦Met W Side El (Chic) 4s. 1938 F
♦Mex Internat 1st 4s asstd—1977 M
♦Mlag Mill Mach 1st s f 7s..1950 J
*
aaa2
x
Interlake Iron conv deb 4s_.1947
♦1st g
High
Low
Cos. (Com.)
Ind Union Ry 3%s series
Ask
A
I*
BONDS
Range
§1
Week's
Friday
Bank
Elig. A
BONDS
STOCK EXCHANGE
Week Ended Aug.30
N.
1249
Record—Continued—Page 4
New York Bond
151
N Y Chic A
0% notes
.....1941
A
3
3
y
bb
bb
y
bbb2
x
67%
bbb3
y
y
b
2
*88%
"80%
80
20
90
80%
65
A
column incorporated in this
tabulation pertaining to bank eligibility
and rating of bonds. See A.
I
I
New York Bond
1250
Bank
N.
Y. STOCK
Friday
Last
Range or
Friday's
EXCHANGE
Rating
1st guar 6« series B
N Y Dock 1st gold 4s
Sale
See a
Week Ended Aug. 30
Railroad & Indus. Cos. (Cont.)
N Y Connect let gu
4*s A—1953
Price
Bid
a
x aa
1951
aa
3
b
3
y
107
aaa4
109*
109
x
aaa4
124*
Purchase money gold 4a...1949
x
aaa4
115*
♦Non conv deb 4s..-1947
♦
Non-con v debenture 3 *s 1947
♦Non-conv deb 3 *s
1954
♦Non-conv debenture 4s.. 1955
♦Non-conv debenture 4a—1956
M S
J
*25*
*13*
*12*
*12*
16
1
3
j
cccl
17
16
17
§ ♦Collateral trust 6s
♦Debenture 4a.
O
cccl
27
27
27
♦1st A ref 4*s aer of 1927.1967 j D
{♦Harlem R A Pt Ch 1st 4s 1954 M N
{♦N Y Ont A Weet ref
*16 *
cccl
b
l
cc
1955 J
D
z
c
O y b
0 y b
N Y A Putnam 1st con
gu 4a.1993 A
N Y Queens El Lt A Pow 3
*s *65 M N x aaa4
N Y Rys prior Hen 6s
J xbbb3
stamp. 1958
N Y A Rlchm Gas 1st 6s
A-1951 AfN x bbb3
N Y Steam
Corp 1st 3*s._.1963
J x aa 4
{{♦N Y Susq A W 1st ref 5s. 1937
j
cc
{♦2d gold 4*8
{♦General gold 5a
♦Terminal 1st gold 6s
1937
A
1940
A
*7
x
aaa4
D y bb
bb
2
O
x
a
4
y
b
1
c
2
12
12
A x
4
a
A
x
a
4
A
x
a
4
1974 M 8
x
aa
2
1974 Af 8
x
aa
2
1945 A
0
ccc3
bb
48*
62
59*
62
54*
53
53*
108*
109*
aa
c
1st 4a.. 1943 M 8
Ohio Edison 1st
mtge 4s
1965 M N
1st mtge48
1967 M 8
1st mtge 3*s
...1972 J J
Oklahoma Gas A Elec
3*8—1966 J D
4s debentures
1946 J D
Ontario Power N F 1st
g 5s..1943 F A
x
aaa3
Connecting Ry
Ontario Transmission 1st
5s. 1945 AfN
Oregon RR A Nav con
g 4s..1946 / D
Ore
Short Line 1st cons
g 6s. 1946 J
Guar stpd cons 5s
1946 J
Ref mtge
3*s series C
a
4
x
a
4
a
4
x
a
4
x
aa
3
x
aa
3s loan ctfs
117
aaa2
*115
69
b
J
aaa2
112*
J
3
*57
aaa2
aaa2
110
bb
2
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1952
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1947 M 8
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Apr 1990 Apr
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1968
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1950
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1950
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1946 A
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1963
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J
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1996
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1996
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♦{Rlv A G Dlv 1st
109
100*
98* 103*
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Gen mtge
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4*s '66
90* 100*
1
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1967
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1969
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1948
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1941
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1952 AfN
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1946
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1946
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77
53
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119
104
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see
113
1974
4s sterl
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For footnotes
108
111*
112* 118*
117
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105*
1969
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01
46
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109*
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1942
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let A ref mtge 5a
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2037
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1968
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A...1997
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B—.1997
108*
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28-year 4s
1903 F
Pa Ohio A
Det 1st A ref 4
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4 *8
series B
1931
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107
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1942 J D
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1944 J D
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1951
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1966 J
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..1961 J
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1946
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1
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1938
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114
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109
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2047
12
14
45
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B
Ref A lmpt 6s series
C
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x
1957 Af N
1977
Port Gen Elec 1st
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1950
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30
107
68
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1959 A O y b
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1960 A O y b
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107
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60
45
18
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71
45
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4
11
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x
1948
1963 F
110*
89*
12
z
1
x
6*
6*
39*
109*
2
1954 F
♦1st mtge g 6s
(stamped
cellation of
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3*
109*
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102*
c
x
cc
x
9
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1959 F
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1964 Af N
108*
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101
107*
52
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1970 / D
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50
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43
18
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1949 F
Debenture 3*8
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s f g
18
bb
{{♦Norfolk A South 1st g 5s. 1941 Af N
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18
x
Gen mtge 6s series B
Gen 4*s series C
8*
4*
*107*
*106*
106*
110*
13*
106*
z
6*
1 *
85
109
106
106*
2
2
23*
3
105*
105*
106*
c
Niagara Share (Mo) deb 6 *s 1950 AfN
{{♦Norf South 1st A ref 68-1961
A
♦Certificates of deposit
{♦Og A L Cham 1st
109
*105*
114
aa
72
3
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109*
114
aa
12
14
105
'l05*
z
1946 J
6s stamped
1946
{{♦N Y West A Bost 1st 4 *s 1946 J
Niagara Falls Power 3*s...l966 M
Nlag Lock A O Pow 1st 6s A. 1955 A
North Cent gen A ref 5s
Gen A ref 4 *s series A
5
49
50*
1967
North Amer Co deb 8
*s
2
49
109*
bbb4
Seriee C 4 *s guar
1942
Series D 4s guar
1945
Series E 3*8 guar gold—1949
Series F 4s guar gold
1953
cons guar
5
2
High
61*
40
38
x
Series J
20
59*
62
109
x
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Series I cons 4*s
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31
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No.
69
59*
3
68
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1943 AfN
N Y Telep 3*s ser B
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10
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•
12*
19*
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68
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1942 A
♦General 4a
3*
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3
M S
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{♦N Y Prov A)B08ton 4s
Ohio
11
11
3*
15*
1
19*
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20*
20*
10
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1940 A
1957 MAT
cc
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20
11*
14
13*
13*
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80*
72*
11
13*
»
80
15
19
14
14
cccl
♦Certificates of deposit
Phillips Petrol conv 3s
High
67
61*
1967 J
Pitts C C C A St L 4*s A...1940 A
Series B 4 *s guar....
1942 A
1956 J
1948 /
cccl
64
71
♦Conv debenture 3*8
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J
60
Since
Jan.
3
aa
x
Range
12
Asked
3
a
x
D
A
Low
/
1977 J
1981 J D
sec 5s series A
Bid
69
3
x
1949 M 8
{{♦PhlUpplne Ry 1st a f 4s._ 1937 J
J
65
72
x
♦Conv deb 6s
80
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Phi la Electric 1st A ref
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{♦Phlla A Read C A I ref 58.1973 J J
15
60
"90"
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60
Price
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J
Range or
Fridays
Sale
See i
General g 4 *s series C
General 4*s series D
Phila Co
100
43*
♦65
cccl
j
8*
53*
*58
cccl
O
110*
97
Rating
3*s deb. 1952
conv
Week's
Fridayj
Last
Elig. A
EXCHANGE
Phi la Bait A Wash 1st g 48—1943 MN
General 5s series B
1974 F A
15
62*
cccl
M S
A
Phelps Dodge
120* 126*
113* 118*
102
STOCK
Railroad & Indus. Cot. (Cont.)
Pere Marquette 1st ser A 58.1956 J
/
ybb
1st 4s series B
/
1956 J
ybb
1st g 4 *s series C
1980 M 8
High
105
124*
116*
*12*
*98*
2
zee
N Y A Harlem gold 3
*s
2000 M N x aa 2
N Y Lack A West 4s ser A...1973 Af N
y bbb2
4*8 series B
1973 AfN y bbb2
♦N Y L E A W Coal A RR 5
*8*42 M N z b
3
♦N Y L E A W Dk A
j
J y bb 2
Impt 5s 1943
N Y A Long Branch
gen 48..1941 M S y bb 3
«*NYANE (Bost Term) 4a '39 A O z b
4
{♦N Y New Hav A Hart RR—
Y.
Week Ended Aug. 30
107*
104* 108*
46* 56*
46
67*
104* 110
49
109
-#■
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow
g 58.1948
N.
101
"47*
47*
48*
108*
109*
aaa4
x
(Low
♦108
y ccc2
x
{♦N Y A Greenwood Lake 5sl946 AfN
Aug. 31, 1940
BONDS
Since
Jan. 1
High
106 *
3
x
Conv 6% notea
—...1947
N Y Edison 3*8 Ber D
1965
let Hen A ret 3*s ser E...1966
5
Bank
Range
Asked
Low
1953
Record—Continued—Page
Week's
Eliff. A
BONDS
2*
2*
2*
See
1*
6*
5*
8*
7*
15*
Volume
Bank
Friday
Elig. A
Last
Range or
Rating
hS
Sale
Friday's
Bid
&
Ask
EXCHANGE
Week Ended Aug. 30
Y.
8TOCK
See
Price
k
F
A
z
c
2
A
z
c
1
*1*
Shell Union Oil 2*s debs...
J
J
x
aa
4
Shinyetsu El Pow 1st 6 *s__.
♦Siemens & Halake deb 6 *a.
J
♦Silesia Elec Corp 6*s
F
A
D y b
M 8 z
5
14 H
O xbbb2
101*
100*
Skelly Oil 3s debs
F
A
x
bbb3
8ocony-Vacuum Oil 3s debs.
J
J
x
aaa4
South & Nor Ala BR gu 6s..
A
0
x
a
3
*116
South Bell Tel A Tel 3*a
A
O
x
aaa3
109
J
J
x
aaa3
M S
x
aaa3
F
x
aaa2
3s debentures
Southern Calif Gas
4*s
1st mtge & ref 4s
A
100*
105
105
105*
27
17
2
105
105
44
106*
106*
106*
10
108*
5
105*
105*
2
102*
7
105*
D xbbb3
0
A
1st mtge pipe line 4 Ha
So Pac coll 4s (Cent Pac coll).
16
38*
41*
41*
50*
49*
51*
70
70
70*
56
53*
56
36*
46*
44*
2
42
39*
2
41*
38*
2
2
41*
Gold 4*s
Gold 4*s
M N yb
10-year secured 3*8
San Fran Term 1st 4s
J
M N y b
O xbbb2
A
J
J ybb
J
J y bbbl
J xbbb3
4s—
1st 4s stamped
J
Southern Ry 1st cons g fie..
series A...
z
J
Term Assn St L 1st cons 6s..
F
J
J
Gen refund s f g 4s
Tezarkana A Ft 8 gu 6*8 A.
105*
4
105*
aaa3
*125*
aaa4
*108*
aa
4
-
«
-
A xbbb3
aaa4
105
3
a
Gen A ref 5s series C
/
D xbbb3
S
105*
14
106
68
67*
*90*
16
6
4
2
a
99*
D y b
1
100
55
O ybb 3
8 x aaa2
J
I
«.
-
-
«.
64*
J ybb
61*
*
25
64*
97*
107*
z
b
A
z
cccl
..
...»
m,
~
b
1
*82
J
/
x
aa
3
107*
A
0
z
cccl
F
A
x
aaa4
109*
109*
) F
A
x
aa
3
103*
103
j
x
aaa3
0
x
aa
3
M N
x
aa
3
D
x
aaa3
O
x
a
3
0 yb
4
4
rj
34-year 3 Ha deb
) A
) J
A
>
2A
bbb3
84*
88*
30
88*
107*
107*
11
13*
16
bb
Af 8
4s...!
United States Steel Corp—
!
!
]
.8753
!
1.00s
May 1 1
1.125s
Nov 1 ]
1.25s
May 1 ]
1.375s
...Nov 1 1
1.60s
...May 1 ]
1.625s
Nov 1 1
1.75s
May 11
1.80s
Nov 1 1
1.85s
May 1 ]
1.90s
Nov 1 :
1.95s
May 1 ]
2.00s
Nov 1 !
2.05s
May 1 :
2.10s
Nov 1 :
2.15s
...May 1:
2.20s
Nov 1 :
2.25s
May 1 :
2.30s
Nov 1 :
2.35s
..May 1
2.408
Nov 1 :
2.45s
May 1
2.50s
Nov 1 :
2 55s
May 1
2.60s
Nov 1
2.65s
May 1
•Un Steel Wks Corp6 Ha A..:
♦3hb assented a
♦Sec s f 6 Ha series C
May
...Nov
.May
Nov
1
1
1
1
92*
2
12*
12*
10*
18*
66*
11
50
67*
69*
12
72
67*
68*
48
63 H
51
*13*
16*
10*
17*
35
52*
68 *
S
48
j y bb
J y bb
46
32
31
47*
96
H 102*
100
*99*
103
5s. 1942 J D
z
cc
2
12*
12*
5
1955 J
x
bbb3
105*
105*
5
100
101
2
96
112*
112*
2
110
24*
85
J
O y bb
1947 A
3
70
110H 116*
101*
101
A xbbb2
6
113
*109*
aa
31
49*
45
46
1940 M N xbbb2
gu
13*
9*
100* 106*
102
112*
J
x
aaa2
z
ccc2
z
cccl
*20*
z
cccl
8
8*
23
4H
z
cc
7*
7*
1
4H
22
1
13 H
25*
14
24
*109
23
3
10*
D
x
a
4
9
J
z
c
2
S
x
a
4
103*
1961 MN
x
bbb4
105*
....1948 M
109*
25
107 H 110*
104*
105*
108*
109
110
106
109*
x aa
98
101* 109*
42
101
14
0*
*3
106*
99*
1st mtge s f 4s ser C
89*
67*
99*
5
109*
4
93
week and not Included In the yearly
range
No. sales.
109* 112*
100* 104*
current week,
Odd lot sale, no
Cash sale: only transaction during
r
105* 109
8
9
107*
Cash sales transacted during the current
e
14*
transaction during current week,
n
a Deferred delivery sale; only
Included In year's range
t The price represented Is the dollar quota
Aoorued Interest payable at exchange rate of
i Negotiability Impaired by maturity,
tlon
per 200-pound
unit of bonds.
113*
112*
97*
97*
102*
107
24
102*
106*
»
«.
~
80*
80*
19
70
*66
m
*109
20
81
115
T The following Is a list of the New York
92* 99*
92*
99*
101* 102*
104* 107
58*
77*
75* 89*
108
110*
3
102*
M
110
7
96*
aaa4
x
90
113*
96*
-
^
110
x
aa
2
MN
x
aa
2
MN
x
aa
2
Liquid Carbonic Corp 4s 1947. Oct. 10 at 104.
Tide Water Assoc Oil 3*s 1952, Oct. 21 at 105.
reported
{ Companies
x
aa
2
J MN
x
aa
; mn x aa
Bonds selling flat.
Deferred
*99*
*99*
securities assumed by such companies.
No sales transacted during current week.
Friday's bid and asked price.
v
*100
receivership, or reorganized under
being In bankruptcy,
as
Section 77 of the Bankruptcy Act, or
*100
MN
)
Stock Exchange bond Issues which have
been called In their entirety:
•
delivery
sales transacted during the current
week and not included In
the yearly range:
2
*100
100* 100*
100* 100*
2
*100*
100* 100*
mn
x
aa
2
*100*
1 MN
x
aa
2
1 MN
x
aa
2
*100*
*100*
—
5 MN
x
aa
2
5 MN
x
aa
2
1
100
3
101
101
x
aa
2
*100*
101
3 MN
x
aa
2
*100*
101
MN
x
aa
2
*100*
7 MN
x
aa
2
*100*
101*
101*
3 M N
x
aa
2
100*
100*
2
i MN
x
aa
2
101*
101*
9 MN
x
aa
2
101
101
9 MN
x
aa
2
i.'„
101
101
J MN
x
aa
2
101*
101
101*
JMN
x
aa
2
1 MN
x
aa
2
1 MN
x
aa
2
*100*
2 MN
x
aa
2
*100*
2 MN
x
aa
2
*101
102
102*
i MN
x
aa
2
*100*
102*
I MN
x
aa
2
*100*
102*
4 MN
x
aa
2
*100*
4 MN
x
aa
2
*100*
5 MN
x
J
D
D
-
_
*101
101*
2
z
1
_
z
1 /
-
1
/
T3
z
1 /
D
7 J
J
z
100*
100*
101
101*
100
101
1
100* 101
3
100* 101*
100* 101*
100* 101*
2
100* 101*
m,
-
—
b
«•
1
3
100
cccl
*23
20
x
bbb3
*88
Utah Lt A Trac 1st A ref 5s.
0
x
bbb2
101*
6a..
4 F
A xbbb3
5 F
102*
101*
A
x
aa
2
x
aa
2
24*
102*
*106
„
J
z
4 J
4
z
c
Railroad A
State
United
Total
Mis cell.
Municipal
States
Bond
For'n Bonds
Bonds
1940
20
84
_
|
Thursday.
93*
104*
95
23
1
_
Friday
1
1
1
1
I
I
•
1
i
1
1
1
«
1,683,760
Total
472,000
63,000
$2,595,000
$567,000
$18,023,000
$179,000
461,000
3856,000
1,586,000
2,032,000
2,601,000
2,747,000
5,039,000
167,000
78,000
196,000
507,000
452,000
524,000
«
1
Stock
30
*
Stocks—No. of shares
.
-.
1940
1939
1940
Exchange
*
Jan. 1 to Aug.
30
Government.
State and foreign
Railroad and industrial..
1939
1,683,760
4,598,660
141,522,095
146,175,166
$567,000
$10,892,000
4,624,000
17,489,000
$30,115,000
146,160,000
843,803,000
$68,583,000
160.882,000
853,427,000
$33,005,000
$1,020,078,000
$1,082,892,000
Bonds
1
49,000
t
Sales at
»
$14,861,000
Week Ended Aug.
1
New York
1*
Sales
$1,049,000
2,214,000
2,617,000
3,249,000
3,320,000
5,574,000
$14,000
104
96
10
1
**
Bonds
88,380
161,440
224,090
381,580
264,760
563,510
_.
Monday—
Wednesday.
RR—
4 J
Exchange,
the New York Stock
at
Number of
Shares
Week Ended
Saturday.
25
20
89*
102
All Issues
symbols ccc or lower are In default.
Daily, Weekly and Yearly
Tuesday—
20*
*106
7 MN
25
20
*
0
4A
Transactions
Aug. 30,
...
*23*
I A
majority of the Issues bearing
lower are In default.
bearing ddd or
25
2
25
United Stockyds 4Hs w w_.
symbols In this column are
Stocks,
103
18
.
based on the ratings assigned to each bond
The letters Indicate the quality and the numeral Immediately
of agencies so rating the bonds. In all cases the symbols
wi jJrepresent the rating given by the majority.
Where all four agencies rate a bond
differently, then the highest single rating Is shown.
The rating
101
100* 100*
102*
status
by the four rating agencies.
following shows the number
100* 100*
101
25
Indicates Issues In
99* 100*
-
those bonds which we believe
not bank eligible due either to rating
make It speculative.
default. In bankruptcy, or in process of reorganization.
-
*23*
*22
s
A great
100* 100*
-
*23*
z
7 J
100*
100*
100*
100*
6
103
103
z
♦Sink fund deb 6 Hs ser A.
aa
or
100* 101
5
101*
101*
Rating Column—x Indicates
Indicates those bonds we believe are
some provision in the bond tending to
y
100* 100*
100
100*
101*
101*
Bank Eligibility and
eligible for bank Investment.
100*
100
*100*
101
No sales.
100*
100*
100
3 MN
assented C
♦3*8 assented A
86
107* 108*
10*
18*
68
2
2361 /
x
72
79
5
66*
cccl
z
1960 Af 8 y b
J z b
2361 J
13
13*
1953 J
♦
1!
107*
83*
J
debentures—
Nov
83 *
107* 112
102*
♦Certificates of deposit.
|*8u A Du dlv A ter 1st 4s. 1936 M N
66*
103*
107
Af 8 y
U N J RR A Canal gen
Vera Cruz a Pacific
x
115H 120
64.8484
1st Aland grant 4s_.
Utah Power A Light 1st
O
1952
•
Conv deb 3*8
Union Pac RR—
♦3
32
{♦Wor A Conn East 1st 4 Hs.1943 J
80
*8*
,75s
102*
Youngstown Sheet A Tube—
13*
87
M 8 y
.626s
102
4
104
*11*
1
{|*Unlon Elev Ry (Chic) 6s.l
Union Oil of Calif 6a aeries A. 1
3s debentures
3
.60s
a
104 * 110*
{♦Wis Cent 50-yr 1st gen 4s.. 1949 J
121* 125
108
14*
14*
.....
*105*
UJlgawa Elec Power • f 7a...1
Union Electric (Mo) 3*s--J
—
%
117
Winston-Salem S B 1st 4s... 1960 J
62*
55*
82*
55*
3
*121*
1
Af N
376s
D
Wilson A Co 1st M 4s A
98
87
70
*105*
4
x a
70
56
87
55*
D xbbb3
M 8 x aaa3
Serial
•
Conv deb 4a
M
!
1
36-year 3Ha debenture...!
Ref mtge 3 Hs ser A
J
United Biscuit 3 Ha debs
1
United Clgar-Whelan Sts 6s.!
United Drug Co (Del) 6s
1
110*
107*
11*
F
110*
95
64
3
♦Guar sec a f 7.
aaa3
10
x
105
18*
\J
J
Wisconsin Public Service 4s. .1961 J
18
J
A
8
25*
100*
18*
J ybb
>
108*
O
45
: J
1
1
108*
*116*
♦Certificates of deposit.
Wisconsin Elec Power 3*s..l968 A
29
rj
J
123*
3
aaa3
1946 M 8
{j^Wllkes Bar A East
72
56*
I ♦Third Ave RR let g 6s...
l
123*
aa
White Sew Mach deb 6s
97*
56
IfTlde Water Asso Oil 3Ha..
Tokyo Elec light Co Ltd—
l J
aaa4
Wheeling Steel 4Hs series... 1966 F
53*
56*
x
A x aaa3
1949 M
88*
91
O y cccl
IA
ivittfyiuuu lot to
37
106H 109H
108 H 109*
120
128*
x
Registered..
74
2
J y b
)J
aaa3
x
....
x
West Shore 1st 4s guar ..
104* 110*
63*
72*
53* 72
7
66*
67
67*
31*
60
....
65
x
30-year 5s
106*
102
55
67
2
a
4
85
68
16
84*
90*
36*
76
35
S
Westphalia Un B1 Powe- "■
104* 111*
76*
92
43
105*
66*
bbb3
x
36*
D
111* 115*
....
87
86*
106
O
I
78
D
♦5s assented
104* 106*
122
128H
....
105
O xbbb3
1M
110*
*
4
D
x
70
63 *
2
*30
Western Union Teleg g 4*s_ 1960 Af N y bb
1951 J D yb
25-year gold 5a
113*
81
....
*112*
-
87
O
x
56
3
81
32
36*
1st A ref 5 Hs series A
J xbbb3
1977
West N Y A Pa gen gold 4s.. 1943 A O x aa 2
"'Western Pac 1st 5s ser A.. 1946 Af S z ccc2
100* 106*
4
A
A.
9
13
99*
A
Gen A ref 6s series D
105*
100*
105*
x
wwiu
101* 106*
4
105*
J
l
2
16
100
2
J ybb
14
84*
J
108* 112
102
108*
15
23*
aaa4
Gen A ref 6s series B
gold 6s..
25
bb
A
J
>
69*
1966 J
1st mtge 3 Ha series 1
72
18
18
F
1
—
Texas A N O con gold 6s
63
104*
x
A
1st 40-year guar 4s
1945 F
Westchester Ltg 5s stpd gtd.1960 J
Gen mtge 3H8
1967 J
rest Penn Power 1st 6s E..1963 M
84*
78
73*
15
105
106*
toiH 106H
84*
84 *
65*
A
9H
9*
81
69 *
2
52
104*
x aa
J
69
104*
9*
4H
80*
....
110*
106*
110*
X
Af N
Tenn Coal Iron A RR gen 5s.
104*
2
9*
4H
4*
*4
63*
70
x
Swift & Co 1st M 3 He
cc
'
cccl
x
z
13
57
aaa4
J
5*
42
4H
*106*
29
aaa4
/
5
F
80*
x
/
cc
5*
4
z
58
78
z
J
5*
42*
63
x
2^8 debenture
Studebaker Corp conv deb 6s
4*
38
14
J
J
cc
5H
7
z
*
77
J
J
5*
A y b
Q M yb
73
D
J
1st A ref 3s series C
4*
O y bb
O y b
61*
79*
69
~5H
F
42
70
cc
1955 A
13
39 H
z
bbb2
13H
7
1
39*
26
D
28
51
9H
8
*35*
50*
162
J y bbb2
D x aaa4
b
1946 J
1955 A
8
8
cc
z
50*
50*
150
76
z
30
57
*69
10*
cc
30
54*
80*
41
30
56*
2
20
47*
84
2
2
{♦Spokane Xnternat 1st g 6s.
Standard Oil N J deb 3s
Tex Pac Mo Pac Ter 6 Ha
z
8 y b
M S z cc
91*
J y bbb2
J
So'western Bell Tel 3 Ha B__
Texas A Pacific 1st
b
48
10H
25 *
36
83
O ybb
J
St Louis Dlv 1st g 4s
3s deb
z
30 *
10
*9 *
1941 J
x
62 H
109H
21
48
37
O ybb
11*
54 H
102
28
M
89
A
J
1st g 6s
41*
11*
1
53
88
77
39*
11*
b
O
78
70
-
11
41 H
ccc2
z
7alworth Co 1st M 4a
68 debentures
-
15
*43*
2
z
1964 J
1980 A
-
«.
60
108*
*21
z
1939 F
A
40
107*
35
89
A
Devel A gen 6s
Texas Corp
2
O ybb
A
Devel A gen 6)48...
Mem Dlv
J ybb
30 *
b
2
1939 FN
♦Ref A gen 5s series D
Palker (Hiram) G A W—
107*
48*
104
23
108 *
♦Wabash Ry ref A gen 5 Ha A '75 M S
♦Ref A gen 6s series B
1976 F A
♦Ref A gen 4 Ha series O
1978 A O
107* 111
101
106
114
40
2
aaa2
♦Omaha Dlv 1st g 3H8...1941 A
♦Toledo A Chic Dlv g 4a_.1941 Af 8
97* 102*
40
46*
42
2
J
bb
111
51H
107
-
90
59
y
x
i*Des Moines Dlv 1st 4a..1939 /
104
106*
106
bbb4
X
D y bb
1st 4*s (Oregon lines) A. 1977 M 8 ybb
M 8 yb
Gold 4 *s
*75
60
O
.1958 A
..
Convertible deb 4*s
Southern Natural Gas—
Devel A gen 4s
5s
l*2d gold 5s
105* 109*
108
cons
I ♦let gold 6s
109*
101* 105*
J xbbb3
J
48*
High
jOto
10
110*
*40*
aa
Since
Jan. 1
No.
High
109*
x
♦1st lien g term 4s
♦Det A Chic Ext 1st 6e
119
115
....
109
Ask
2
S
M S
102*
99* 101
102* 106H
102*
J
Southern Kraft Corp 4*8...
1st
94
105
Southern Colo Power 6s A..
So Pac RR 1st ref guar
12*
13
100*
101*
101
A
Low
97*
67
55
18H
39
14
39
36
A y cccl
A
7s..
65*
*13*
z
F
Simmons Co deb 4s....
Slleslan-Am Corp coll tr
93H
1
26
Range
Bonds Sold
Friday's
Bid
Price
1
M 8 y ccc3
/
j y bbb2
3*
*40
....
See
Range or
Sale
Rating
.1968 M
4
61
Last
Elig. A
EXCHANGE
High
1H
58
97*
STOCK
Week Ended Aug. 30
1*
96*
1
No. Low
6
61
97*
Y.
N.
Since
1*
1*
F
bonds
Range
Jan. 1
High
Low
(Cont.)
Railroad & Indus. Cos.
3
Week's
Friday
Ban
Week's
3
bonds
N.
1251
New York Bond Record—Concluded—Page 6
151
2,595,000
14,861,000
$18,023,000
A
U
A.
fia,
New York Curb
1252
Exchange—Weekly and Yearly Record
NOTICE—Cash and deterred delivery iales are disregarded
In the week's range
of the regular weekly range are shown In a footnote In
the week In which
they occur.
Aug. 31, 1940
unless they are the only transactions of the week and when selling outside
No account is taken of such sales In computing the range for the year
I
In the
*
following extensive list we furnish a complete record of the transactions on the New York Curb
Exchange for
beginning on Saturday last (Aug. 24, 1940) and ending the present Fridav
(Aug. 30, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange
itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
the week
Friday
Saxes
Last
Week
Hale
ITOCKS
Par
Range
s
Price
Low
Friday
for
Range Since Jan. 1,1940
High
Shares
Low
Acme Wire Co common. 10
Aero Supply
Class
B
1
21
May
21
205*
45*
Jan
5%
300
4
2
400
*
$6
X
preferred
102
*
102 5*
94
94
90X
70
Investment
Allied Intl Investing—
13
conv
82
Class A
6% preferred
100
Aluminum Goods Mfg
*
Aluminum Industries com ♦
Aluminium
6%
250
17
75
84
84
38
July
May
$3 opt conv pref
Blumenthal (S) A Co
115*
July
X
July
21
Jan
192 5*
118 5*
18
Apr
Apr
Apr
Apr
115*
1105*
Mar
10
30
June
4
May
Jan
25*
Jan
*i»
Jan
13
»
05
May
June
22 X
June
100
33 A
$2
conv
33 H
12H
10X
32 X
10X
33 X
111X HI A
150
33
100
1,800
25
Corp
com 10c
"3 X
preferred
1
265*
275*
26'A
205*
265*
27 X
15 H
14
15X
"l4% "ii'x "l4%
8X
X
Amer Lt & Trao com
25
0%
preferred
25
Amer Mfg Co common. 100
Preferred
100
Amer Maracalbo Co
Amer Meter Co
3
3 Ys
Jan
Apr
300
22 X
125
26 X
11
May
May
May
315*
345*
19 5*
135* June
185*
1654
295*
2554
""SO
13 X
65
8eal-Kap common..2
Am Superpower Corp com
4%
5
400
45*
200
hs
1st $6 preferred
*
$6 series preferred
*
American Thread 5% pf_.5
Anchor Post Fence
73
4X
35* May
X Mar
1,200
72
73
200
48
12
12
300
200
*
*
1
1135*
1135* 113 X
2
Aro Equipment Corp
2
7X
75*
94
94
94
115*
1
Art Metal Works com
Ashland OH & Ref Co
114
75*
nx
6
5
1
414
45*
Assoc Breweries of Can
Associated Eleo Industries
Amer deposit rets
5
414
$5
Mar
Feb
115*
4
200
4
May
July
May
Apr
Apr
Apr
99
Jan
115*
Aug
05*
Mar
65*
Jan
Mav
65* Mav
Class B
.*
114
85*
Feb
'11
Jan
Atlantic Rayon
Corp
Atlas Corp warrants
45*
6
25*
Corp
•
Auburn Central Mfg
*
} Austin Silver Mines
1
Automatic Produots
6
Automatic Voting Mach..*
14X
114
w
110
65*
w
14X
500
114
2 Ys
300
Apr
Aviation & Trans
Corp
300
4X
100
Baumann—See "Ludwig"
235*
0
X
35* May
35* May
Aug
Feb
25*
Mar
4
Mar
195* May
25*
Aug
5*
Jan
Jan
June
Jan
Jan
15*
Feb
65*
75* Mar
20
Mar
17
Apr
145*
X
2%
25*
2,300
July
15*
Feb
2X
Aug
45*
Apr
Jan
34
26 X
6X
255*
25
26 X
1,400
6X
1,800
May
3
Jan
35*
185* May
305*
%
26
350
Ys
45* May
18
100
95*
100
4X
Beau Brummell Ties
Inc__l
Beaunlt Mills Ino com.. 10
%
95*
14X
May
4 A
145*
15
100
2,300
5*
8
May
35* May
95* May
4
125*
1257
115*
125*
125*
75*
X
5*
June
Feb
Feb
15* May
.
145*
8
.
Capital City Products
Feb
36
May
38
205*
21
99
200
105*
105*
200
7% 1st partic pref._.100
common. 15
$7 dlv. preferred
1st partic pref
100
100
Jan
Jan
Apr
Mar
1
65*
500
Ys
X
55*
1
55*
35*
Apr
Mar
Apr
175*
55*
May
Apr
22
Jan
115*
Apr
25*
Jan
June
1,900
Jan
Mar
2 5*
Apr
July
May
Jan
18 5*
May
95*
X
preferred
5*~May
05* May
?* May
55*
55*
8
1075* 1075*
1025* 102 5*
75*
8
110
4?*
May
75*
405*
50
97?*
May
May
86
May
700
55*
65*
6
25*
May
May
May
15
25*
June
200
125
1265*
350
98
-—
4
4
200
26
26
25
25* June
Jan
205*
Jan
695*
13
975*
985*
140
Ys
Jan
June
5*
5*
5*
1,000
Jan
be May
3
54
May
May
be May
35*
35*
100
25*
45*
10
75*
July
May
Jan
Jan
Feb
May
Apr
May
May
Jan
Apr
12
Feb
20
Jan
35*
127
55*
Jan
May
Feb
34 X
Feb
875*
175*
May
109
Feb
Jan
1055*
Apr
105*
Apr
1155* May
5*
Jan
5*
25*
Jan
Jan
85*
Jan
25*
25*
Jan
Jan
45* May
75* Mar
675*
150
June
13
95
665*
May
117
Apr
55
June
83
Apr
6
6 5*
76
May
be
"460
7
954
1,525
7
Aug
55*
65*
4
Jan
49
May
May
May
May
be
705*
75*
76 5*
3,900
1.900
75*
200
665*
68
955*
75*
8854
95 X
90
55*
55*
400
10
be June
45*
Jan
Mar
54
Apr
295* Mar
05* May
795* July
75* July
75
July
1155* Mar
90
55*
'»
5*
20
46
10
85
30
75
110
75*
Feb
6
pref.*
Claude Neon Lights Inc.. 1
June
91
65* May
955* May
be May
*
.._.*
May
1005*
985*
109
1045*
155*
15* May
125
Strip Co
......5
Charts Corp common
10
City Auto Stamping
*
City A Suburban Homes 10
Clark Controller Co
1
15*
26
27
Cherry-Burrell common..5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
•
95*
May
100
100
*
15*~~Feb
185*
*i«
Apr
Jan
Apr
55*
160
preferred
Jan
Jan
15*
15*
15*
Aug
115* May
15*
Feb
Conv preferred
100
Conv pref optser *29.100
Chamberlln Metal Weather
$0
Jan
145*
25*
17
*
preferred
preferred....
225*
108
be
Cent Pow A Lt
7% pfd 100
Cent A 8outh West Util
60c
Cent States Elec com
1
$0 preferred BB
Cities Serv P A L $7
Jan
Feb
X May
1
•
com
60c preferred B
May
Aug
5* June
1
*
7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
6%
7%
Feb
May
45*
115*
Jan
10
May
905* May
9
May
5* June
Feb
43
Juiy|
55*
1,800
99
21
Carrier Corp common
1
Carter (J W) Co common. 1
Casco Products
*
Cent Hud G A E
Cent Maine Pow
55*
185*
25*
June
28
100
*
common
Corp
Mar
22
*
Celluloid
Feb
15*
Jan
July
May
May
10
May
15* May
100
365*
Carlb Syndicate
25c
Carman A Co class A....*
Class B
*
Carnation Co
20
1H May
8
9 5*
Jan
July
Apr
15
50
365*
1
Apr
Apr
May
Feb
Mar
30
19
200
Chief Consol
Mining
165*
6
205*
May
38
15*
Childs Co preferred
100
Cities Service common. .10
Apr
55*
Apr
Jan
Jan
4
16
19
19
Jan
115*
75*
15
Jan
17
10
700
75*
Apr
Apr
85* May
275* May
Mar
35* May
20
53
195*
X
105*
1
$6
JX
25X
45* May
ht July
Bardstown Distill Inc
1
Barium Stainless
Steel...1
Barlow <fc Seellg
Mfg—
$1.20 conv A com
6
Baslo Dolomite Inc
com._l
Bath Iron Works
Corp__.l
115*
114
May
May
Aug
15
2X
Purch warrants for 00m
7% preferred
...30
Baldwin Rubber Co
oom.l
Apr
104?* May
45*
Apr
be May
2
"566
35*
45*
Tobaoco—
Class A common
10
Ayrshire Patoka Collieries 1
Babcock <fe Wilcox Co
♦
Baldwin Locomotive—
June
be
"I
35*
Warrants
25*
68
3X June
100
25
For footnotes Bee
page
Apr
Feb
IX June
900
2 X
26
x-w
conv pref
X
be
12
500
25*
135*
"T
Avery (B F) & Sons com.6
0% preferred
0% preferred
200
14
X
Atlas Drop Forge com
Atlas Plywood
Apr
Feb
100
2
135*
July
100
Castle (A M) common.. 10
2
14
X
15*
20
Catalin Corp of Amer
1
Celanese Corp oi America
May
34
"766
Apr
35*
49
*
Canadian
Jan
May
July
36
15*
Canada Cement Co Ltd..*
Canadian Car A Fdy Ltd—
Jan
1
Apr
Mar
175*
Apr
May
May
Apr
Apr
May
May
May
105*
"2"
IX
X
Calllte Tungsten Corp
1
Camden Fire Insur Assn..5
5*
65
75*
Apr
May
100
Cables A Wireless Ltd—
Am dep 5 5*% pref shs £1
Calamba Sugar Estate..20
Class B non-voting
Marconi
Feb
Feb
8
Rurry Biscuit Corp__125*c
55*
•11
Coast RR Co pref
100
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..1
Atlantic Coast Line Co
60
3,100
Feb
15*
85*
25* June
35* May
Cable Elec Prod com...50c
Vot trust ctfs
60c
May
X
*
May
29
Bunker Hill A Sullivan 2.60
Burma Corp Am dep rets..
Jan
Assoc Tel & Tel class A..
Atlanta Birmingham &
Aug
X
1
Feb
1
Apr
Apr
'""260
15*
Brown Forman Distillers.1
$6 preferred
*
X
100
65*
5*
85*
30
15*
IBrown Co6% pref
100
Brown Fence A Wire com.l
Class A preferred
*
X
17A
485*
15*
Buff Niagara A East Pow—
$1.60 preferred
25
$5 1st preferred
*
Jan
June
75* June
com
Jan
Apr
854
Mar
Am dep rets ord bearer £1
100
1X
15*
45
Mar
Am dep rets ord reg__.£l
British Celanese Ltd—
700
warrants
V t 0 common
5 5*
105*
9X
*
5*
....
5
Jan
25*
100
7% preferred
...100
Brtllo Mfg Co common...*
Class A
*
be
preferred
X
Jan
6
45* May
be Aug
Canadian Indus Alcohol—
Class A voting
*
Jan
25*
87
X
05*
225* May
315*
200
*
Jan
X
Feb
Apr
Mar
28
100
be
7% partic preferred...25
Can Colonial Airways
1
25*
85*
200
Brill Corp class A
Apr
115
145*
40
15* June
165* May
100
15
15* May
Assoc Laundries of Amer
«L$1.60
Feb
15*
Feb
be
36
Carolina P A L $7 pref...*
$6 preferred
*
A
Axton-Flsher
May
35*
2
15* May
6X May
400
£1
Common
Option
Jan
Jan
108
| Associated Gas & Eleo—
Class
Mar
X June
3,300
10
Jan
17
YeOO
500
Jan
76
lu
"~i~X "2"
*
0%
preferred
..10
Arkansas P & L $7 pref
*
20
Jan
Apr
June
......
Preferred
Brown Rubber Co
Jan
05*
31
be
55*
105*
Bruce (EL) Co common..6
Buckeye Pipe Line
50
Jan
May
5*
4054
be
Mar
25*
Aeronautical... 1
Apr
May
2X May
1
May
X May
85* Mav
..1
preferred
Mar
Mar
1095* Apr
105* May
0
3
2H
Appalachian Elec Power
$7
Aug
Aug
29
Bridgeport Gas Light Co.*
Bridgeport Machine
*
Apr
lbe
36
X June
45*
45*
Apr
73
May
65
5
Amer
lArcturus Radio Tube
Arkansas Nat Gas com
Common cl A non-vot.
May
May
May
X June
Arner Pneumatic Service.*
com..
4
11X May
23
Amer Potash & Chemical.*
American Republics
10
Apex Elec Mfg Co
Jan
July
150
*
Angostura-Wupperman
39 5*
1115*
May
Apr
Apr
Mar
Am dep rets ord reg_.10s
British Col Power cl A...*
Apr
*11
2X
Jan
British Amer Tobacco—
145*
300
100
5*
*
Apr
May
Apr
395*
195*
600
2
100
preferred
Mar
Mar
25
"ilx "l8X "l8X
36
200
65*
*
be
Brazilian Tr Lt A Pow...*
Breeze Corp common
1
Brewster
385*
55*
31
British Amer Oil coupon..*
Registered
_*
9X May
25 X May
107 X July
"560
$2.60 conv preferred... 1
Amer Hard Rubber C0..6O
Amer Laundry Mach
20
May
May
500
Apr
335*
15*
Jan
26
3,800
12
105*
American Gas <fc Elec._.10
33
123*
36
Jan
June
45* May
25* May
Aug
X Aug
335* June
35* May
*
7% 1st preferred
2d
Mar
435*
12
100
2
6 5*
2
25
Bourjols Inc
Jan
Mar
X
X June
31
Amer Foreign Pow warr...
Amer Fork & Hoe com
*
preferred
80
May
26 X
Arner Cyauamld class A. 10
Class B n-v
10
Airier Export Lines corn..l
45*%
205*
June
X
Class A with warrants.25
Class B
1
Borne Scrymser Co
l9it
37
*
Bowman-BUtmore com...*
Apr
X
100
Ys
25
Arner General
1095* May
15*
Apr
495*
Apr
75*
Apr
IX
H
100
"966
'be
C) Co com...*
7% 1st preferred
100
Feb
100
4 5*
55*
"l3X "l314
13 A
Bohack (H
138 X
108
"loo
38
4
55*
55*
*
»
common
May
4
Jan
125
Foundry
*
May
136
105* July
305* June
*
1
1
A
$2.50 preferred
Blrdsboro Steel
Feb
5*
Blckfords Inc common...*
Mar
Blue Ridge Corp com
700
"m"U ""x
30
Apr
85*
be
Feb
Am Cities Power & Lt—
Class
98
*
15*
*
15.50 prior pref
Ainer Centrifugal Corp
785*
1085*
May
May
Conv preferred
Purchase warrants
Feb
325*
Apr
May
Berkey A Gay Furniture. 1
1
10c
preferred
Apr
Bliss (E W) common
60
Common class B_._.10c
$3
Apr
Apr
Apr
Aug
Capitalcommon....
»i.
Blauner's
100
0
Amer Box Board Co com.l
Class A
Jan
May
July
100
American Beverage com..l
American Book Co
100
American
17
6
Ltd common.*
preferred
23
May
16X June
5X May
42X May
90 X May
X
Aug
350
1135* 114
88
8H
May
July
114
17
113 A
380
5*% pf.100
3
......
1055*
Bell Tel of Pa 0
8
158 A 159
3
Benson & Hedges com—*
3
X
158 5*
700
Mar
A Machine Co com
*
700
4
May
Apr
High
35* May
135* July
6 X
1115*
25
conv com
Low
6,600
145*
35*
30>*
Feb
*
Range Since Jan. 1,1940
Shares
16 5*
35*
103
1045*
100
July
(Mich)..10]
Aluminum Co common
55*
4
1
Bellanca Aircraft com
Bell Tel of Canada
2
100
*
pref
Allied Products
May
4
15
55*
165*
1
1115*
A lies A; Fisher Inc com...*
Alliance
Mar
7
June
20
Allegheny Ludlum Steel—
7% preferred 100
100
225*
May
17 X
r58
Alabama Power Co $7 pf-*
Aircraft Corp
High
Jan
1)*
Gt Southern..50
Beech
Low
for
Week
May
10
Warrants
Alabama
Jan
Sales
Week's Range
of Prices
Price
Par
22 5*
July
600
§Alr Investors common..*
Sale
Bell Aircraft Corp com... 1
100
55*
55*
65*
5X
Alnsworth Mfg common..6
Air Associates Inc com—1
Conv preferred
21
65*
IK
1
—
Last
High
Mfg—
A
Class
13
STOCKS
(Continued)
Week
of Prices
7
Apr
1,000
May
45* May
May
12
May
X May
Mar
165*
Jan
5*
Mar
!
<
Volume
1253
New York Curb Exchange—Continued—Page 2
151
Salt
Friday
Sales
Friday
STOCKS
Last
Week's Range
<Continued)
Sale
of Pricet
Loud
High
Price
Par
Clayton A Lambert
45*
"2% "3"
7X
8X
2%
1,700
preferred
Conn Telep A Elec
Feb
Florida P A L n pref
2x
Jan
Jan
x
Jan
213*
Jan
June
38 x
June
Apr
May
x
Apr
113*
May
"24"
67%
May
83 x
Apr
Fuller (Geo A) Co com
IX
Jan
General Alloys Co
ex
Apr
Amer dep rets ord
May
May
98
"ex
""800
May
May
10 x
Jan
General Investment com.l
11%
May
T660
6% May
May
'""400
3% May
x May
Aug
55
May
1
10
65
65
Aug
30
Apr
Feb
Gen Rayon Co A
77 x
2x
Feb
Common
$6 conv preferred
7%
Jan
'2.000
115^
Aug
33*
400
3x
May
ex
Jan
Jan
x
Apr
24% May
ix May
3X
3X
200
1
1
100
4
Jan
July
33*
"i» May
18
Jan
May
x
6
May
100
4
June
200
ix May
preferred
5X
ix
5X
IX
ex
50
3X
3X
100
May
Feb
8x
ix
Feb
22 x
May
x May
Feb
8x
Apr
10 x
Jan
2%
May
112
Feb
6X Aug
2% May
7
Feb
4x
Jan
108
ex
Apr
ix
1X
July
19
Feb
3-8 X
May
21
May
193*
32
Feb
16
1
10
22%
4%
22 x
30
4X
100
1
100
ix
Feb
Feb
7% 1st preferred
Jan
Gt Northern Paper..
Greenfield Tap A Die
IX
ix
100
Mar
1X
Apr
x
200
18
18
18
22
Jan
28
Apr
Apr
xlO
Apr
July
28
xlO
26X
26X
"50
Mar
May
22>6 July
12 %
20x
Jan
June
ix
Apr
Mar
13 x
5% June
25x May
9X
7X
25x
June
12 x
Mar
5%
Jan
Apr
Apr
May
Jan
Mar
ix
Distilled Llauors new..2 3*
Distillers Co Ltd—
13
reg.._£l
Dlvco-Twln Truck com..l
Dobeckmun Co common. 1
Dominion Bridge Co Ltd.*
Dominion Steel A Coal B 26
Dominion Tar A Chemical*
53*% preferred
100
Am dep rets ord
ex
"ex "ex
400
4
May
4
5%
10
100
2%
Dublller Condenser Corp.l
2 X
500
Mar
78
Jan
Hecla Mining Co...
May
32x
Apr
Helena
Mar
ix
64
Jan
May
x June
100
cl B com *
X
X
500
5
5
100
x May
5
July
83*
8X
300
6% May
Duro-Test Corp common. 1
*
10
Assoc—
......*
43*% prior pref..—.100
6% preferred
100
Eastern Malleable Iron..25
Eastern States Corp
*
S7 preferred series A
*
$3 preferred series B
*
Easy Washing Mach B
*
Economy Grocery Stores.*
Elec Bond A Share com..6
$5 preferred
*
S3 preferred
*
Elec P A L 2d pref A
*
2X
2
2X
Common
51X
54
23X
21X
1,100
54
23X
1,700
100
9
9
H
X
16
15X
400
iex
i5X
iex
200
1% May
Apr
Jan
Hewitt Rubber
Mar
4
Mar
Mar
Apr
Apr
103*
IX
50
13
May
28
Apr
200
14
May
28
Apr
293*
Apr
May
173*
Aug
July
42
May
83*
643*
51
May
733*
70
71X
1,200
16%
IX
16%
IX
100
7x May
20
500
1
Co—15
11
11
100
x May
10x May
14
4
Empire Dist El 6% pf 100
Empire Gas A Fuel Co—
6% preferred
.100
63*% preferred
100
7% preferred
100
8% preferred
100
Empire Power part stock.*
Emsco Derrick A Equlp_.6
Equity Corp common..10c
S3 conv preferred
1
Esquire Inc
1
3
21
-
-
Emerson Elec Mfg
~p»
3
May
««.
1,000
2%
Aug
Jan
Jan
33*
Jan
803*
80
74
80
753*
82 3*
82
82
X
76
82
9
9
19
33*
1257
Feb
ix
ix
100
110
57
June
88
July
20
67
May
86
July
100
100
883*
July
Hydro-Electric Securities *
Hygrade Food Prod..:—6
Hygrade Sylvanla Corp..*
June
87
July
Illinois Iowa Power
26
Jan
55 x June
66
8x
193*
1,275
33*
300
19
Mar
x May
Aug
2X May
Jan
Feb
Apr
"27X "29X
'17200
June
18
June
June
43* May
May
88
June
36
63* May
13* May
11
Jan
Co...*
6% conv preferred
Dlv arrear ctfs
•11
Feb
Illinois Zinc Co
253*
53*
Mar
Illuminating Shares A
Apr
50
•
•
Imperial Chemical Indus—
Am dep rets
regis
Mar
hi
293*
109
40
109
253* June
June
102
1073* May
83*
83*
83*
100
'""63*"Feb
203*
May
62
May
3*
"13* "2"
"400
Aug
3*
400
Jan
13* .Jan
43* May
May
16
23*
2
19
"43*
43*
23*
20
43*
800
13* May
150
11
May
800
4
May
43*
"93*
"93* ""93*
"50
Jan
May
7
73* May
233* May
24
June
8
May
733*
75
125
60
May
163*
75
163*
100
133* May
June
6
Q
100
73*
83*
500
x5% May
123*
123*
100
93* May
32
"Hi
Q
32
143*
50
Feb
293*
23*
Aug
Jan
120
293*
513*
513*
63*
6
293*
52 3*
63*
150
1,600
1,000
Jan
26
May
108
293*
July
133* May
473* May
43*
Feb
83* June
43* May
7% pref stamped
100
7% pref unstamped..100
150
May
*11 June
79
2,900
3*
•ie
19?*
50
1
Common
July
24 x May
74
200
403*
Horn (A C)
76
80
Aug
May
{Huylers of Del Inc—
63*
June
71
Electrographlo Corp
M
5
Holophane Co common..*
Holt (H)—See Henry
Horder's, Inc
*
Hormel (Geo A) A Co com*
Holllnger Consol G
Jan
Apr
Jan
3% May
63 X
warrants
common..5
Heyden Chemical
10
Hires (Chas E) Co
1
Hoe (R) A Co class A... 10
Co common.. 1
Horn A Hardart Baking..*
Horn A Hsu dart
*
6% preferred
-.100
Hubbell (Harvey) Inc
5
Humble Oil A Ref
*
Hummel-Ross Fibre Corp
Hussmann-Ligonler Co...
43*
8,300
200
ex-warr
123*
5X
63 X
53*
933*
Henry Holt A Co—
Participating class A—*
653*
12
92
...25
25
Preferred w w
Preferred
"166
2
Jan
Apr
243*
2% May
*
Class A
Heller Co common
23*
8X
May
8x May
X Mar
Rubensteln
Jan
12 x May
26
26c
*
ix
5X
633*
For footnotes see page
6% conv preferred....50
67
400
100
com..25c
1
25
Gulf States Utll 55.50 pf.*
56 preferred
*
Gypsum Lime A Alabast.*
Hall Lamp Co
8
Hammerrnlll Paper
10
Hartford Elec Light
25
Hartford Rayon v t 0
1
Hartman Tobacco Co
*
Harvard Brewing Co
1
Hat Corp of America—
B non-vot common
1
Haverty Furniture conv pf *
Hazel tine Corp
*
Hearn Dept Stores com..5
Mar
2x Aug
793* May
18
1233* May
Gulf Oil Corp
663* June
110
550
403*
933*
100
Guardian Investors
107 x
60
64
243*
'"53* "53*
Grocery Sts Prod
20 x
67
61X
64
I
19
4
•
Jan
Jan
Apr
53* May
11
25
May
Apr
1,600
83*
*23
Non-vot com stock...
Apr
May
83*
lu
preferred
98
ix
2X
July
403*
13*
Great Atl A Pao Tea—
53
27 x
11x
10
25
Gorham Mfg common..
Feb
17%
May
875*
Jan
43* May
5
Feb
May
88
100
93
May
X May
ix
Feb
125
43*s
403*
18
*u
100
97
preferred
*
Goldfleld Consol Mines.. 1
Goodman Mfg Co
60
Gorham Inc class A
*
Jan
7x May
IX
May
17
Apr
15x
IX.
Diamond Shoe Corp com.*
Elgin Nat Watch
83*
*
Godchaux Sugars class A.*
Class B_.
*
Glen Alden Coal
5
2
May
32
43*
Gladding McBean A Co..*
8
37 x
8
25
63*
June
Aug
700
45*
May
30
Aug
103*
39
403*
4X
ix May
com*
*
1
6% preferred w w
20
Detroit Gray Iron Fdy__.l
Det Mich Stove Co com__l
Detroit Paper Prod
1
Detroit Steel Prod
10
De VUblss Co common..10
7% preferred..
10
Aug
June
55
963*
*
*
.♦
Preferred
Gilchrist Co
14
preferred
Detroit Gasket A Mfg
10
98
84 x
A conv
63 3*
103*
preferred
Gilbert (A C) common
May
39
100
1'
*
Georgia Power 16 pref...*
55 preferred
*
6% preferred A
Gen Water G A E com
"26
"90"
~90"
90
253*
200
633*
*
10
Grand Rapids Varnish
1
Gray Mfg Co..
...10
Jan
"16
~29~X "293*
May
x May
"300
1
1
com..5
50
Derby Oil A Ref Corp
Option
293*
3
200
10
10
Feb
Mar
>14
stock... *
General Tire A Rubber—
33
Feb
60
65
*
~ii% "13"
Aug
May
9
100
lti
1
Apr
*«4
General ShareholdlngsCorp
Apr
13 x
100
53
53
Gen Pub Serv S6 pref....*
Feb
*13 "~
X
200
25
Gen Outdoor Adv 6% pf 100
Feb
'""200
3X
"143*
3* June
53*
x
ix
"-7X "~73*
6x May
7
Feb
143*
*,
'
preferred
16
Warrants
3* May
43*
*'
Gen Fireprooflng com
Feb
July
100
3*
3*
Gen Gas A El 6% pref B_*
Jan
May
52
*
x
8H
Jan
May
30
""25
853*
reg-£l
May
~~7%
53*
373*
12
"373*
100
preferred...
4
i*u
33*
373*
193* May
July
12
Gen Electric Co Ltd—
Jan
May
5%
40
"ix '~3%
Cuban Tobacco com
East Gas A Fuel
Jan
Feb
23
65
50
Gatlneau Power Co com..*
3x
973*
ix
84
"~7~X ~~7X
"3%
"566
15
Gamewell Co 56 conv pf..*
7
"ix
22
15
4% conv preferred... 100
Jan
Jan
85* May
163* May
21
213*
*
stock
913*
"T
"ex
10
5
*
Cuneo Press 63*% pref. 100
Curtis Mfg Co (Mo)
5
Darby Petroleum com—5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Class A conv
35
conv
May
3X
500
53*
S3
2x May
89x
May
123*
100
.16
Conv partlc pref
May
IX
200
2X
120
Jan
June
18
50
24
May
111
Feb
June
3* June
1
X
Cuban Atlantic Sugar
Eagle Plcher Lead
83* June
1
100
Co—*
Duval Texas Sulphur
800
1
Common
Fruehauf Trailer Co
91
91
(Rid) .5
Crown Cork Internat A..*
Crown Drug Co com
25c
7% conv preferred
25
Crystal Oil Ref com.
*
Durham Hosiery
Feb
45
Feb
Crown Cent Petrol
Duke Power Co
123*
Fox (Peter) Brewing Co. .5
Apr
Croft Brewing Co
preferred
Feb
18
ix
ix
1
»
Cooper-Beesemer com...*
13 prior preference
*
Copper Range Co
*
Cornucopia Gold Mines 6c
Corroon A Reynolds
.1
$6 preferred A
*
Cosden Petroleum com.. 1
5% conv preferred
50
Courtaulds Ltd
£1
Creole Petroleum
5
Crocker Wheeler Elec....*
7%
1
113*
9
3x
5%
53*
Roll A Steel
Draper Corp
Driver Harris Co
600
*
May
24
Cook Paint A Varnish
8% debenture.!
Class B voting
May
Aug
100
$6 prior pref
843* May
13*
Ford Motor of France—
X
75
Oil
—10
com—*
Cont G A E 7% prior pf 100
Continental Oil of Mex—1
Dennlson Mfg cl A
1%
IX
2X
Consol Steel Corp
Stores
"l75
108
13*
123*
..»
Class A non-vot
100
90
Jan
Aug
13*
100
Consol Royalty
Delay
106
108
*
X
100
May
613* May
23*
773*
1153* 1163*
IX
ix
116
June
93*
3*
100
Froedtert Grain A Malt—
42 x
100
Decca Records common..
8
53* May
X
77X
Aug
173* May
33
23*
1
Consol Mln A Smelt Ltd. .5
Consol Retail Stores
1
Crowley, Mliner A
200
Amer dep rets...100 frcs
Consol Gas Utilities
Cont
93*
Am dep rets ord ref...£1
200
12X
nx
11?*
1
1
Consol GELP Bait com.*
preferred
9
Ford Motor of Canada—
x
Consol Biscuit Co
8%
750
93*
Ford Motor Co Ltd—
"456
25 X
25
*
Corp.-l
43*% series B pref
213*
1
70x
»u
Conn Gas A Coke Secur—
$3
Fldello Brewery..
June
IX
1
25
Serv__l
Commonw Distribution..
Community Pub Service
63*
5
Mfg Co
May
1,500
Warrants
100
20
Fed Compress A W'h'se 25
ix May
200
IX
IX
1
51
62 yg
62
.62
100
Compo 8hoe Mach—
Vtcext to 1946
Fedders
73* May
4
July
2,000
"21X
Fire Association (Phlia) 100
Commonwealth A Southern
Community Water
1
»
May
7x
63*
1
Fanny Farmer Candy
Fansteel Metallurgical
Flat Amer dep rets
88
May
67
43*
Falrchild Eng A Airplane. 1
Falstaff Brewing
June
100
93*
43*
63*
93*
43*
July
2
1
Jan
Jan
4x
Low
23
1
Falrchlld Aviation
Jan
May
May
3% May
2,000
43*
May
X
3%
Evereharp Inc com
3% May
6
Feb
6X
4%
2X
Week
8hare
Eureka Pipe Line com..50
Feb
Feb
Apr
May
Columbia Gas A Elec—
5% preferred
48 x
May
Arms.25
Columbia Oil A Gas
May
May
Colorado Fuel A Iron warr.
Patent Fire
Mar
Aug
"266
m
T"
of Prices
Low
High
Price
Range Since Jan. 1,1940
for
Week's Range
Sale
Par
May
150
100
4X
Last
(Continued)
5X
3%
30
393*
393*
*
Cleveland Tractor com
*
Clluchfleld Coal Cor p.. 100
Club Alum Utensil Co
*
Cockshutt Plow Co com..*
Cobn A Rosenberger Inc.*
Colon Development ord
6% conv preferred
£1
STOCKS
1, 1940
High
Low
Shares
Mfg__*
Cleveland Elec Ilium
Colt'
Range Since Jan.
for
Week
£1
6
July
2
Apr
13* June
353*
3
23*
25
24 3*
53*
53*
36
3
200
253*
900
6
200
900
283* May
23* Mar
213* May
43* Mar
4
Aug
55
53*
June
Jan
1
"eel's Range
Last
Sals
Par
Price
of Pricet
High
Low
Week
Share8
Low
Registered
Imperial Tobaeoo of Cao.fi
Imperial Tobaoeo of Great
7#
3,000
5 X June
12 H
Jai*
7X
m
300
6% May
7X June
12#
13#
Ja»
9%
300
6
2%
14#
UK
Indiana Service 6% pf.100
7% preferred
100
Xodpls PA L 6# % Pf-100
Indian Ter Ilium Oil—
Non-voting claw A.*..!
3%
14#
14%
111
111
100
50
July
2%
Britain A Ireland.—£1
Indiana Pipe Line new_7#
Aug
Mar
10
50
10# Mar
102# May
20
24# Feb
4# July
22
s
Jan
fu
1
c common
9
63
62
250
Jan
Jan
50# aMy
17# June
X
16#
73#
23#
200
6% May
IX
1
300
X
June
4 % June
Inter nat Metal Indus A..*
"~2X "Z~
Internat Paper A Pow warr
'4,800
1% May
10 x
10 #
4,100
8% June
'
10#
1 OX
1 0#
1 0#
300
9%
200
3
Internat Safety Razor B.*
June
May
X Jan
International Utilitydaw A—————*
5% July
3
3
900
X
daw B......
..1
$1.76 preferred-.....--*
X
Vitamin...)
Interstate Home Equip.. 1
Interstate Hosiery Mills..*
Interstate Power $7 pref.*
Royalty.......1
Irou Fireman Mfg v t c... *
Irving Air Chute
1
Italian Superpower A—..*
acobs (F L) C0......—.I
w
m
8X
600
400
2# May
6% June
100
9
10
10
32
15%
14
15#
500
13
12 X
500
12
#
#
"l%
"l% "lH
'466
Apr
100
100
?% preferred
% prelerred
Jones A Lauguliu rtteei. »uu
Julian A Kofcenge com..*
92 X
92%
92 X
101
101
Minnesota Mln A Mfg.... *
106 #
105 X 106 X
21%
22 X
22 H
"T
Kennedy's Inc........-.5
May
90
50
97
May
May
109
18
June
36
Jan
~~6
100
5
111
86
86
62
62
m
IX
IX
83
83
11#
6#
11X
Lake Shores Mines Ltd_..l
14#
66
June
1
May
11#
8#
6X
26 X
Xl2%
12
5X
39
14#
500
120
2,000
11%
11%
12%
700
Llpton (Thos J) Ino—
6% preferred
10#
8#
Jan
Apr
June
May
Aug
July
May
9# June
2#
2%
X
28
2%
*i«
90# May
X
28
28
9X
9%
15%
X
15%
X
Sugar Refining.*
National Tea 5#% pref. 10
3#
3#
6#
5
163
90
19
200
3#
5#
2,000
300
Mar
131# 131#
20
11
11
100
13#
13#
13#
100
6#
6#
1501
June
25#
Jan
4#
Mar
May
12# May
6#
Mar
#
6#
3
Feb
Apr
Mar
Jan
7
July
19
Apr
3% eum4%non-eum.l00
New Engl Pow Assoc—..*
6% preferred
—100
$2 preferred...
New England Tel A Tel 100
New Haven doek Co
•
New Idea Inc common
New Jersey Zinc
•
25
H
35#
Jan
May
Jan
Apr
Mar
May
125# July
6# May
11# May
11
Jan
1
Feb
70# May
94
117#
5#
11#
9#
41
July
Feb
Apr
Jan
Apr
Apr
1
Jan
2#
7#
Apr
Jan
171
Jan
26
Jan
30
Jan
# May
4#
Jan
4# Feb
6# May
21#
142
Apr
May
13# Apr
17# Mar
6
June
10
May
81#
Jan
11#
Jan
11
33#
89
10#
10#
2X
33#
89
300
700
100
June
85
10#
10#
2X
33#
88#
May
7# May
10
June
1# May
"4# ""5#
30
7#
"9" "9#
Jan
11# Feb
17# Apr
47# Apr
14# May
13# Jan
3# Feb
May
44
Jan
75
76
June
97#
8#
6#
Apr
Feb
"300
July
3# May
100
31
7#
,,# Apr
31
81
2
7#
Mar
200
24
300
7
"466
1#
300
X
8#
300
Jan
June
64#
Jan
May
5# May
11#
8#
Mar
8#
72#
Apr
1
Jan
Feb
200
1# Feb
1# July
12# Jan
117#" "Apr
May
6
4# May
8
May
May
May
110# May
84# May
1#
X
7
Aug
1
Jan
""30#"
Apr
13#
Jan
8m
3
X
*23~
64
#
200
*25""
"125
~
200
#
63#
64
#
18# June
8# June
65
May
May
18
14
13#
56#
56
14
57#
200
110# June
8# June
10# May
49
84# May
Jan
25#
136#
Jan
Apr
8# May
15# Apr
May
July
2
Jan
Apr
76#
67
July
350
N Y Auction Co com..—*
22#
1#
Jan
# May
1# June
6
May
139# May
15# May
22
July
# Apr
2# May
2# May
4# May
New Mex A Ariz Land.—1
New Process Co—....—.1
12#
May
5# May
120# May
2# Apr
8# May
8# May
May
July
10
Feb
Nestle Le Mur Co el A
*
Nevada Calif Eleo new..10
100
Jan
uts Jan
75
7
Neptune Meter olaw A—.*
Apr
5
24#
12
National Transit
12.60
Nat Tunnel A Mines—..*
Nat Union Radio—..—30c
Navarro OU Co
INebd (Oscar) Co com...*
7# June
60
Apr
Apr
Apr
36
Feb
Apr
1#
3#
Jan
Apr
Apr
N Y City Omnibus—
26
Lit Brothers common
•
IS
July
200
# June
Apr
Loblaw Grooeterlas el A..*
Class B.......
*
Locke Steel Chain
..6
Lone Mar Gw Corp.....*
Long Island Lighting—
Common
.......
7% pref claw A.—100
6% pref daw B
100
Loudon Packing
*
Louisiana Land A Explor.l
LouisianaPAL96 pref..*
Ludwlg Bauman A Co com*
Conv 7% 1st pref....100
Conv 7% 1st pf v t e.100
Lynch Corp common
6
Manati Sugar opt warr...
Mangel Stores..........l
96 conv preferred
12
12%
150
9
12%
9#
1,400
9
1
1
'19
32 %
22%
21%
2%
*4#
*4#
10
May
7# May
# May
1,300
22%
31%
2%
4%
60
24
25
24
200
3# May
1,600
Mar
2
Apr
Apr
Apr
Jan
25
Jan
Jan
25
Jan
20
June
29#
1#
1#
Apr
Apr
Apr
H May
1# May
30
May
25
2%
2%
29%
29%
29%
May
29
Jan
Feb
July
17
2
200
10
25
100
Mar
Jan
10
25
39
10
June
1# July
1# May
21# Jan
50
6%
5%
139
134
5%
139
,
100
4%
iX
200
100
May
May
3# Apr
27
27
50
25
Mar
4
71
4
300
2
May
70
71
X
"~2"
2
X
2
...16
"""I
.
'..4 d
.
'
I
.1,155
footnotes *»ee omit 1257.
75
100
100
42
Apr
4# May
3# May
50
#
1#
*36#
July
May
Mar
Jan
Jan
9#
123
Apr
Feb
5
2#
11
27
4#
2#
July
x
#
Mesabl Iron Co
.--..1
Metal Textile Oorp....25e
Mar
June
Warrants
preferred."1166
Jan
2#
6#
106#
20
Massey Harris oommoa..*
Merchants A Mfg el A...1
Participating preferred.*
Mcrrltt Chapman A Scott *
Jan
Jan
44#
1
Marlon Steam Shovel....*
Mass Utll Assoc v t0....1
Mead Johnson A Co.....*
Memphis Nat Gw com..6
Mercantile Stores com...*
1#
48#
21
Margay OU Corp........*
1
18# Mar
10# May
92
Mapes Consot Mfg Co...*
Marconi Internat Marine
Communlca'ns ord reg £1
May Hosiery Mills Ino—
$4 preferred..........*
MeCord Bad A Mfg B_..*
MeWUllams Dredging...*
June
May
1# May
*
Master Electric Co
Warrants..
15
...
170#
Feb
Jan
Apr
6# May
18#
4
Apr
Jan
80#
4#
Jan
July
#
Mar
76
July
#
3#
July
42#
July
Jan
Feb
Jan
36 preferred———1•
18#
100
"114# 115"
NY A Honduras Rosarto 10
N Y Merchandise
—.10
"50
18#
N Y Pr A Lt 7% pref..100
Manisehewlts(Tne B) Co.*
*
National
Apr
Feb
# May
200
9%
18#
31
National Steel Car Ltd
12#
*6#
43#
16#
21
200
160
Nebraska Pow 7% pref. 100
Nehl Corp 1st preferred—*
Nelson (Herman) Corp...6
Apr
600
,
Apr
1# May
2,000
400
1,200
300
'
75
4# Aug
# Apr
4# May
daw B..............*
160
National Refining com...*
Nat Rubber Mach
Jan
Aug
Jan
15#
2
2#
1#
15
Feb
*71
Mar
Mar
Aug
May
11#
4#
36#
9#
2#
100
96
73#
Jan
Jan
Apr
75
Langendorf Utd Bakeriesdaw A..............*
6
Mar
81# June
00
National Fuel Gas
•
Nat Mfg A Stores com..
National OU Products
4
National P A L 36 pref—.
Jan
"u
55
83
39
Line Material Co...
Apr
112#
3# July
Kreuger Brewing Co.....I
Lackawanna RR (N J). 100
Leonard OU Develop.-.26
Le Tourneau (K G) Ino..l
6#
Jan
10
100
6#
6#
41
Nat BeUw Hess com
1
National Breweries com..*
"May '""7#*Mar
*it June
1IX
6#
39
National Candy Co.—...*
1# June
1IX
107# June
3# May
6
6#
National dty Lines 00m. 1
33 conv preferred
50
National Container (Del).l
10
300
40
Nachman-SprlngfUled——*
Mar
'it May
breweries....!
Lefcourt Realty com.....l
Conv preferred
Lehigh Coal A Nav
*
Apr
Mar
3# May
Ken-Bad Tube & Lauip A *
Lakey Foundry A Maoh..l
Lane Bryant 7% pref.. 100
Lane Wells Co common..!
June
43# May
90
May
.*
...
Mountain Sts Tel A Tel 100
Murray Ohio Mfg Co....*
Muskegon Piston Ring.2#
Muskogee Co common...*
6% preferred
100
May
Mar
700
200
Montana Dakota UtU...10
common
May
May
56#
55#
Monroe Loan Soc A.—1
Mountain Producers
10
Mountain States Power—
12
109# 109#
66#
Monogram Pictures com.l
Feb
80
Key Co common........*
Kimberty-Clara 6% pt.100
-» -
1
MonarchW4achlne Tool..*
July
3# May
2# Feb
20
100
•
com.
M
175
15#
1#
Jan
6# May
9# May
# May
Mock Jud Voehringer—
Common
32.50
Jan
May
113
Kansas G A E 7 % pre* too
Keith (Geo E)7% 1st pf HK>
Kings Co Leg 7% pf B. 10<>
6% preferred P
*
w 100
Kingston Products......!
Klrby Petroleum........!
Klrkl'd Lake G M Co Ltd. 1;
Kelln (D EmU) Co com..*!
KlelnertG B)Rubber Co. 10
Knott Corp common..... 1
Kobaober Stores Inc....
Hoppers Co 0% pref
100
Kresge Dept Stores—
4% oonv 1st pref. ...100
Kress (S H) special pref. 10
Missouri Pub Serv
17#
27#
120
9#
MinnesotaPAL7% pf 100
Apr
26# May
June
97
15#
Mississippi River Fower6% preferred.......100
Moody Investors part pf.*
iMoore (Tom) Dlst Stmp 1
Mtge Bank of Col Am shs—
Mountain dty Cop com.fic
95#
5
..10
10# Apr
13# Mar
6#
Jan
#
Jan
17# Mar
102
1,300
s
6
Midwest Piping A Sup...*
Mining Corp of Canada..*
9# Mar
#
Jan
18#
Jan
1
lOt
9
4#
4# Mar
Montreal Lt Ht A Pow..*
1% May
July
1,200
•it
5#
dlv shares.*
May
12
13
*
Jersey Central Pow 4 Lt—
6#% preferred
100
non cum
Mar
May
%
8
1#
6#
July
Mar
.*
July
May
Mar
3#
May
2#
#
600
3
Mldvale Co....—......*
Mid-West Abrasive
—50c
19# Feb
19# Feb
6# May
1# Apr
4#
300
108# Jan
X June
Midland Steel Products—
Ap»
Apr
Apr
16# Jan
2# Apr
12# Jan
6# May
37
3
1
t c
Montgomery Ward A....*
4
4
Investors
Jeennette Glass Co..
Apr
Aug
8
23# May
International
Partlc preferred
v
Molybdenum Corp
13.00 prior pref........*
Warrants series of 1940.
X
Aug
# May
4# May
»u July
Midland Oil Corp—
International Petroleum—
Coupon snares.....,...*
Registered shares. — .. . *
International Products...*
150
High
7#
Middle West Corp com ..6
Midwest OU Co
7X
7#
7#
103
300
11
6
4
Middle States PetroleumClass A v tC.........1
|2 conv preferred
7% preferred
100
Insurance Co of No Am. 10
International Cigar Mach *
Internat Hydro Elec—
Pref 13.60 series.....60
Inter oat Industries Xno...l
30
103
#
*5#
X
Low
Shares
Mleromatic Hone Corp...l
Apr
Apr
Feb
May
July
103
Range Since Jan. 1,1940
for
Week
10
Preferred......
Feb
21#
113
Price
Michigan Bumper Corp..l
Michigan Steel Tube..2.60
Michigan Sugar Co...
*
Jan
daw B
Claw B———1
6H% A
of Prices
Low
High
Metropolitan Edison—
36 preferred..........*
Industrial Finance—
Kingsbury
VeeJfs Range
Sale
Par
6%
7H
Last
Hiho
7%
Imperial Oil (Can) coup..*
fTOCKf
(Continued>
Range Since Jan, 1,1940
for
Sales
Friday
Sales
Friday
STOCKS
(Continued)
V t
Aug. 31, 1940
New York Curb Exchange—Continued—Page 3
1254
105
105
105
160
N Y Shipbuilding Corp—
Founders shares
1
New York State El A Oas~*
6#% preferred——.100
New York Transit Co—..6
N Y Water Serv 6% pf.100
Apr
15# May
7
May
103# May
98
May
11
May
98
May
105# 105#
10
19#
105#
"l9%
""16
5# Jan
17
May
3#
4#
6,500
8# May
15
Apr
28# Jan
9# Mar
118#
Jan
109
Jan
23#
Apr
108
May
7# Apr
29
Jan
Niagara Hudson PowerCommon
.....10
4#
6#
Jan
78
5% 2d preferred
..100
daw A opt warrants....
May
92
Mar
66
6% 1st preferred....100
July
87
Apr
Feb
i*s
Jan
# May
Class B opt warrants
*»«
1
Feb
Niagara Share-
»
~62# ~64*~
"300
7'>*»•""%
"366
4#
daw B common...
5
daw A preferred....100
NUee-Bement-Pond-
4#
100
3# May
85
64
Nineteen Hundred Corp B1
Nlplastng Mines.. .......6
Noma Electric
>
June
50
May
8# May
# May
8# May
6#
Feb
99# Feb
71# May
9# Mar
1#
Jan
5#
Jan
Nor Amer Lt A Power-
Common
1
36 preferred.—...—..*
North Amer Rayon ol A—*
11,
*i«
—...
iii
107
200
101#
250
94
82#
300
19#
19#
100
*50# "SO#
"46
NorIndPubSer6% pf-100
113
7% preferred
...100
Northern Pipe Line-..—10
6#
9#
Northern Sts Pow cl A—26
Northwest Engineering..*
114#
Ohio Oil 6% preferred..100
Ohio Power 6% pref
100
3
21
2#
20#
107
*100
115
30
6#
100
9#
100
Novadel-Agene Corp....*
Ogden Corp com...
4
Ohio Brass Co d B com..*
Ohio Edison 36 pref.
.•
57
May
May
15
May
44# May
# Mar
2# May
95
May
97
May
6
May
7
May
12
May
26# June
1# June
17
May
95
May
82
19#
daw B common......*
6% prior preferred
60
No Am Utility Securities. *
Nor Central Texw OU__.fi
# May
300
82
3#
21
115
900
150
10
15
June
"0# May
1#
103#
26#
26#
52
Jan
Mar
Apr
Jan
Feb
•i«
Jan
3#
Mar
110
May
117# May
9# Apr
15# Jan
21
Apr
38# May
3# Aug
24# May
110# Mar
Apr
116# Feb
107
Last
Week'* Range
Sale
of Price*
Par
10
pref—100
.100
104
June
6% 1st preferred
July
21*
5*
17*
Oklahoma Nat Qas com. 15
200
17*
Apr
Apr
8*
13* May
Oils toe ks Ltd common—5
May
50
100
100
114*
May
117
May
32*
81
81
600
33*
81
Apr
Scovill
Jan
Feb
Jan
Feb
Scranton Elec $6 pref
Feb
Sculln Steel Co
31*
June
108*
72
May
95*
*
4
May
*
Pan tepee Oil of Venezuela—
20
Feb
10
SI.30 1st preferred
Corp.l
Pender (D) Grocery
Class B
3*
Jan
27
46*
46*
May
"l4~
14
32*
41
May
xll
May
50
14
32*
32*
50
100
27
May
30
A
May
26
*
2*
50c
2*
1
Penn Cent Airlines com.l
Pennsylvania Edison Co—
Mar
May
Penn-Mex Fuel
Penn Traffic Co
2
Pennroad Corp com
2
15
15
15
300
*
*
Pennsylvania Gas A Eieo—
55 series pref
J2.80 series pref
25
37
37
108
108
*
60
56 preferred
Penn Salt Mfg Co
56*
.100
70*
Pepperell Mfg Co
Perfect Circle Co
Phlla Elec Pow 8%
.25
pref.
1
Common
Conv S3
8*
common.*
Pioneer Gold Mines Ltd..l
Pltney-Bowes Postage
Meter
*
Pitts Bess ALE RR....50
Pittsburgh Forglnga
1
Pittsburgh A Lake Erie. 60
Pittsburgh Metallurgical 10
1*
5
Zl*
June
31*
6*
Feb
Feb
15*
Mar
100
July
July
May
16
Co.....*
Premier Gold Mining....!
Prentice-Hall Inc com...*
Pressed Metals of Am...l
Producers Corp of Nev..20
Prosperity Co class B
*
Providence Gas
....*
Prudential Investors
*
6*
*
102*
Pratt A Lambert
* May
900
*
*
Jan
Apr
Mar
July
Jan
Feb
16
Apr
Jan
May
42
Mar
4* May
10
Feb
32
3*
8*
6*
100
July
2* May
8* May
400
4* May
102* 102*
150
*
3*
8*
6*
100
May
95
'is June
5*
Jan
9*
Feb
9*
Apr
preferred....100
100
109
June
Mar
100
100
Manufacturing.. 10
common....*
Quaker Oats
150
67
May
100
35
May
59* May
99
June
109* Feb
113* May
108* 109
100
112
112
112
20
104* June
85*
84*
85*
675
58
May
24*
23*
24*
950
13* May
11*
Jan
7* May
Aug
87
29
18
200
18*
4* May
32*
Jan
May
10*
Apr
7* Mar
Z102
103
230
94
June
125
Feb
153
153
10
142
May
155
July
8
102
May
13
Feb
preferred.——100
Quebec Power Co
..*
6%
Radlo-Keith-Orphuem—
*
Option warrants.......
*
800
*
50
com...*
Railway A Utli Invest A.l
Raymond Concrete Pile—
Ry A Light Secur
Common
S3 conv
preferred
Raytheon Mfg com
Red Bank Oil Co—
Reed Roller Bit
Reeves
Co
* Aug
5* June
* Feb
6* May
_....*
*
34
May
* June
* May
16* May
4* May
50c
*
•
(Daniel) common.*
Corp..50
Reliance Elec A Engrav..5
Republic Aviation
1
*.
Ileiter Foster Oil
"4* "I*
May
July
10
'
4*
'is June
200
*
3^200
4
12* June
3* Aug
1
Rice Stlx Dry Goods
*
Richmond Radiator..... 1
Rio Grande Valley Gas CoVoting trust ctfs
1
Rochester GAE16% pfClOO
6% preferred D.....100
Rochester Tel 6*% prflOO
Roeser A Pendleton Inc..*
Rheem Mfg Co—
1*
1*
100
104*
50
1* May
*
103
May
94
May
116*
11
* June
10*
Feb
*
Feb
Rome Cable
Stetson
Stinnes
Stroock (8)
Feb
May
Mar
6*
Apr
19*
z6*
2*
Mar
Jan
Apr
'it
Jan
104* July
105* July
116* Feb
Jan
14
12*
Jan
Aug
4*
*
2*
100
Petroleum Co
For footnotes see page
Jan
Mar
Feb
Jan
•is
Feb
May
1*
2*
Inc......6
1
$1.20 conv pref
20
Rossla International.....*
Royalite Oil Co Ltd
*
Royal Typewriter...
•
Russeks Fifth Ave—...2*
Rustless Iron A Steel
1
$2.50 conv pref
*
Ryan Aeronautical Co...l
Ryan Consol Petrol
•
Root
1*
Aug
3*
3*
7*
6
Corp com...6
Roosevelt Field
42
5
4
5
300
Apr
June
2* May
65
5
Mar
Mar
12*
12*
800
4*
4*
4*
100
2
2
100
1257
8
May
15*
40
12*
46*
Mar
500
27
May
30*
29*
400
24* June
30*
Jan
Mar
(J B) Co oom
(Hugo) Corp
Co
Sullivan
4*
May
50
Apr
4* Aug
1* May
5
July
2*
Jan
5*
200
Jar
May
Aug
Jan
Jan
1,200
5
July
May
8*
""50
8
May
1*
600
1
11*
13*
11*
450
50
"is* "is*
31*
400
31*
32
104* 105
200
*
*
Jan
72
Apr
170* Mar
6*
Jan
U*
Apr
4* May
May
20
7*
2*
Apr
Mar
Apr
16
Jan
'is
Jan
2*
Mar
Jan
2
Mar
Jan
Aug
16*
Jan
Mar
13
Aug
24
Mar
May
150
*
4,400
4*
8*
7*
16*
26*
100*
*
9*
26*
8*
9*
26*
26
600
400
200
Mar
11
Mar
May
May
June
May
'is May
19
May
Jan
May
'is May
2
May
Jan
6
100
May
3*
3*
3*
75
6*
Jan
*
1*
200
May
2*
May
10
9*
1*
10
9*
1*
200
100
300
27*
10*
Jan
Apr
•is
Jan
40*
1*
Jan
Feb
21
Feb
1*
Jan
62
Feb
15
Apr
4*
Feb
38
Apr
9* May
9*
Apr
2
Jan
Feb
Jan
Mar
3*
4*
*
7* May
6* May
10*
13*
*tt
...
Feb
May
May
*
Jan
*
Jan
Aug
Mar
6
33
2*
20*
41*
110*
June
39* June
10* June
2*
Feb
14
15*
*
*
2*
May
1
*
*
June
'is
9*
Aug
May
8
1*
33*
Aug
Feb
15
Jan
Apr
Apr
Apr
100
Jan
2
26*
1*
Technicolor Ino common. •
Texas P A L 7% pref—100
Texon Oil A Land Co....2
9*
Shovel Co oom.—6
Tilo Roofing Inc
1
Tishman Realty A Constr *
Tobacco A Allied Stocks
Tobacco Prod Exports.—*
16*
Thew
Jan
Jan
13
Jan
July
May
25* May
*
Apr
2*
1
Electrlo Co com..*
1
36
21
Taggart Corp com
A...1
Apr
May
5
37
40*
13
37
Oil Corp...-15
200
"i* ~~i*
"27660
*
10*
900
8*
9*
3
7*
26*
16
7*
3
16*
7*
300
4*
52
4*
Jan
Apr
16*
Feb
Mar
114
100
May
2*
Jan
24*
Apr
15
Apr
Apr
"~25
48*
Jan
May
100
3*
May
*
72*
Jan
1*
May
10*
70*
Jan
*
2
£1
5s
*
Jan
86*
12* May
7
July
*
"52"
Jan
May
9*
6
103
600
Tr—
registered
Todd Shipyards Corp
2
1
100
5
5
13*
Machinery
Co
Ordinary reg
Jan
May
'is
1*
*
Class B common......
Def
4*
1*
"8*
Oil
5*% conv pref
50
Superior Oil Co (Calif)-.26
Superior Port Cement—
$3.30 A part
Tobacco Secur
Fe£
5
5
Bunray
Tampa
Mar
14*
Sun Ray Drug
Swan Finch
June
2*
Sterling Ino
JTastyeast Ino class
Taylor Distilling Co
deprctsordreg...£1
May
30
Prod.l
*
Jan
Feb
Aug
60
20
Jan
Jan
35
May
21
Ordinary shares
Feb
2*
44
28
Sterling Brewers Inc
*
13*
Jan
Apr
Apr
5
50
5*
5*
Co common..
Sterchl Bros Stores
Jan
1*
2*
300
1*
Stein (A) A
2*
Jan
200
66
Co.—1
Standard Silver Lead..
dtandard Steel Spring
6
Standard Tube clB
1
Standard Wholesale Phos¬
phate A Acid Wks Inc. 20
Starrett (The) Corp vtc.l
Steel Co of Canada-
Feb
6
Feb
Aug
1*
Jan
3* May
1* Mar
20
1*
26*
May
*
167
Standard Products
Sterling Aluminum
2* May
106* Mar
*
Feb
1*
—
Feb
July
21
B
July
155
35
preferred—20
Standard Invest $5* pref *
Standard Oil (Ky)
10
Standard Oil (Ohio) com 25
$5 preferred
...100
Standard Pow A Lt._
1
14
Apr
Mar
1*
9*
Aug
99
32*
Common
Preferred
1*
Jan
* June
9* Mar
28*
10
41
Rolls Royce Ltd—
Am
600
22*
Apr
6* June
32*
ord reg..£l
6% 1st preferred
5% 2d preferred
Jan
95
103
1*
1*
Spencer Shoe Corp...—.*
Stahl-Meyer Inc
*
Common class
preferred
Puget Sound Pulp A Tim *
Pyle-Natlonal Co com...6
Pyrene
91
44
109
*
•
$6
106* May
90
43*
91
preferred
*
preferred
....*
Public Service of Okla—
36
Apr
Jan
29*
$1.60 conv
$7 prior
15*
May
100
Standard Dredging Corp—
113*
Mar
1*
Spalding (A G) A Bros.—l
6% 1st preferred
*
Spanish A Gen Corp—
preferred
Apr
Jan
11*
21
32*
May
Public Service of Indiana—
6% prior lien pref
7% prior lien pref
1*
102* May
107
100
114*
•is
Union Ga'_....*
Preferred A..
25
Southland Royalty Co...5
Conv
zl04* May
7% 1st preferred
""leo
*
*
6
.1
1
1
Standard Brewing Co
*
Standard Cap A Seal com. 1
Public Service of Colorado
Mar
May
62* June
95
G A E 7 % Pf 100
Am dep rets
Apr
Jan
1*
81*
24*
1*
June
65
preferred—..100
100*
100
South Penn OH
Apr
Apr
6*
18*
Jan
106
200
Jan
10
600
10
Southern
400
*
550
1,700
Jan
7*
3*
77*
.100
Solar Mfg Co
8*
3* May
10
May
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
Sioux City
1*
2*
July
8
Feb
7*
*
73
110* 110*
South Coast Corp
1* May
7* Aug
Mar
May
19
8*
700
Jan
Apr
Apr
5* May
4
2*
Jan
*
6*
May
100
Paint.*
Singer Mfg Co
Feb
13*
104
Jan
Jan
59 *
60
May
200
4*
13
77*
110*
Jan
June
3*
* Aug
2* June
13
Apr
May
65
*
Puget Sound P A L—
35 prior preferred
4
1*
May
9
700
3*
2,000
*
•is
1*
4*
43
200
1*
8*
11
1
* Aug
* May
2* May
290
12*
July
6
Simplicity Pattern com.
Simpson's Ltd B stock—*
Apr
13*
61*
88*
5
6% 1st
Simmons H'ware A
8*
May
Jan
May
37
oom...l
25
Southwest Pa Pipe Line. 10
Southern Calif Edison—
6% original preferred.25
6% preferred B
25
6*% pref sales C...26
Southern Colo Pow d A.25
7% preferred
100
South New Engl Tel—100
Southern Phosphate Co. 10
Southern Pipe Line
10
61*
26c
*
$3 conv pref
Sonotone Corp..
45
2
7*
300
Simmons-Boar dm an Pub—
Jan
May
12
59*
*
3*
1,300
*
4
Silex Co common
2
May
84*
61
Apr
Mar
Shreveport El Dorado Pipe
Line stamped........25
Skinner Organ..
8
800
11*
10*
11*
40
35
6% cum pref ser AAA 100
Sherwin-Williams of Can.*
47* Apr
18* May
6
200
Alexander...6
Corp. of Canada..*
$6 preferred
Jan
1
1,000
Jan
120
May
9*
Apr
June
1
1
Boss Mfg oom
Powdrell A
6% 1st
8*
39
Plough Inc com
..7.50
Pneumatic Scale com—10
Potero Sugar common
May
Jan
Jan
100
6*
6*
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Polaris Mining Co
185
8*
2,600
14
1
*
Jan
Feb
20* May
Pierce Governor
Power
8*
7*
14
Mar
£1
Amer dep rets reg
Mar
May
pref series A. 10
*
6
Shawlnlgan Wat A Pow..*
bherwln-Wiiliams com..25
2
3* May
100
Selfridge Prov Stores—
Mar
*
Phillips Packing Co
Phoenix Securities—
Jan
*
9*
8* May
Shattuck Denn Mining...5
4
May
4* June
113* June
29* July
200
5*
5*
Philadelphia Co common.
Phila Elec Co $6 pref
1
Seton Leather common..
28*
22
Pilaris Tire A Rubber
•is May
$5.60 prior stock
25
Allotment certificates...
Jan
May
63
4* May
100
3*
1
Convertible stook
Apr
Jan
Jan
125
Mar
700
*
*
Common
8entry Safety Control
Berrick Corp
113*
53* May
Mar
53
Selected Industries Inc—
Jan
16*
72*
90*
150
56*
73
29*
*
Selby Shoe Co
Apr
112
Feb
12
Pennsylvania Sugar com 20
Penn Water A Power Co.
July
35
38* May
125
111*
110
Jan
*
Belberllng Rubber 00m...*
65
June
* May
103* Mayl
10
97* May
rl68* May
*
Class A common
Penn Pr & Lt S7 pref
33
May
June
♦
2*
Apr
64
34
*
9
8*
Segal Lock & Hardware..1
Mai
3
Jan
May
22*
Jan
1
19
general...*
22*
1* May
Jan
11*
3.000
1*
12* Feb
10*
Jan
35*
Jan
49* Feb
16 *
Apr
36* May
32*
Apr
* July
May
900
26*
14
44
*
Seem an Bros Inc
May
Aug
May
*
Jan
20
30
24
27
Peninsular Telephone com
SI.40 preferred
25*
S5
*
com
Securities Corp
6
Parkersburg Rig A Reel-.l
Patch ogue-Ply mouthMllls •
May
*
26*
May
Jan
9*
1*
July
Tit
9
Scranton Spring Brook
Water Service $6 pref..*
Feb
8
10
Parker Pen Co
100
Scranton Lace common..*
6*
3*
May
48* May
4
Aug
29
25
Mfg
2* June
3,000
3*
3*
*
*
Warrants
American shares
Paramount Motors
6*
20
150
1,200
Feb
4*
Jan
15*
Apr
4*
Apr
81* May
Aug
2
4,900
62*
4*
*
15* May
2
May
5
Sehlff Co common
34*
26* May
Pacific Public Service
Savoy Oil Co
May
100
25
Pacific Lighting S5 pref--*
Pacific P & L7% pref..100
4
Corp com.l
...»
13*
33*
3
2*
62
1
28
common..♦
Pacific G 4 E 6% 1st pf.25
1*
50
Fanford Mills
High
9
100
Salt Dome Oil Co
Feb
Feb
8*
3*
pref
July
Feb
1*
5*% 1st preferred
conv
preferred
Samson United
Securities
Pacific Can Co
7%
Mar
Omar Inc
Overseas
Class A $2
Mar
5
113
114*
Low
H May
St Regis Paper 00m.....5
Apr
39
preferred
50
$5* conv prior pref
•
Oliver United Filters B_
S3
Range Since Jan. 1, 1940
for
Week
Shares
High
Ryerson & Haynes 00m..1
St Lawrence Corp Ltd
*
Mar
116*
108*
May
96
113
113
Low
Price
Par
High
Low
of Prices
Sale
(Continued)
Share*
Week'* Range
Last
STOCKS
1,1940
Range Since Jan.
for
Week
High
Low
Price
Sale*
Friday
Sale*
Friday
STOCKS
(Con. ntud)
Ohio P 8 7% 1st
1255
New York Curb Exchange—Continued—Page 4
151
Volume
150
55
Mar
1*
6*
10*
*
Apr
May
Jan
59
76
May
Jan
Apr
Apr
New York Curb
1256
Friday
STOCKS
Last
0Concluded)
Week's Range
Sale
Par
for
Loto
20
...
*6%b stamped
♦Maranhao 7s
000
500
200
4% May
200
4%
1X
VA
100
11X
11%
United Elastic Corp
United Gas Corp com
10%
10%
1
1%
100
Option warrants
Jan
26%
July
Jan
1X
1%
Jan
......
26%
'it
3%
8
3%
19%
22
1
5
3%
71X
275
"166
44
43%
44
"l% "1%
1
$4 conv preferred
6
Van Norman Mach Tool.5
18
17
1st <fe ref 5s._
Jan
25
26%
76%
it
30
•
900
8
»
8
8X
200
"J66
%
%
100
Wentworth Mfg
1.25
West Texas Utll $6 pref..*
West Va Coal & Coke
♦
IX
2016
y
bb
1963
x
1X
VA
1%
"466
Feb
Am Pow A Lt deb 0a..
Appalachian Elec Pow—
83%
Jan
1948
x
45
Apr
Appalac Power Deb 6s
2024
x
July
Arkansas Pr 4 Lt 5s—
Associated Elec 4%b
1950
x
bbb3
1953
y b
7%
7%
49
Feb
8
6
1968
z
dddl
z
dddl
Mar
Mar
13
Mar
72
Apr
May
IX
Apr
Feb
1X
Jan
55%
Us
Jan
2%
Apr
Mar
1X
Apr
6X
70
6s with warrants
1947 y bb
5s without warrants
1947
y
bb
Baldwin Locom Works—
♦Convertible 0s
1950
z
b
6X
103
104
150
151
1908
x
bbb3
1959
y
bb
18,000
19,000
37,000
Broad River Pow 5a.
1954
Canada Northern Pr 6a —1953
Canadian Pac Ry 0a
1942
Cent Power 5s ser D
1957
Cent States Elec 6s
1948
10
Aug
Apr
Apr
Aug
5% May
1% Apr
Feb
1X
15% May
4
Jan
2
Jan
102
Feb
2%
7X
6%
Jan
Apr
Apr
59%
17% May
May
% May
7% May
5% May
98
4%
11%
7%
7%
7%
May
2
Jan
9%
112
3% May
300
Aug
Mar
Jan
Mar
Apr
5%
7%
5%
Aug
Jan
Jan
6s series B
bb
103
825*
749*
4
"32 %
1
1
32
1965 y bb
I960 y b
Debenture 5s.
1958 y b
Community Pr A Lt
3
ser
N
"79%
77%
20
111
t8%
July
Aug
29
28%
Feb
Feb
20
2
Jan
15
June
11
7% June
15
Jan
15
15
20
...1955
120
30
—1953
120
11,000
14
12%
Feb
20
Aug
May
May
18
15% May
16
Apr
52
Jan
49
Mar
25
6
Mar
7
18
15
17%
955*
70
815*
799*
775*
76 9*
.106,000
935*
655*
78
64,000
66
78
66
785*
4
765*
929*
x
aaa4
x
aaa4
x
875*
96
96
30,000
37,000
21,000
97
10,000
$125
87%
130
1095* 1095*
1079* 1079*
aaa4
$127
1944 y b
Tobacco 5s_.
Cudahy Packing 3%b
1955
x
a
1959
x
bbb4
1956 y bb
2
(Boat) 35*8.-1965
aaa4
Elec Power A Light 5s
2030 y b
Eimira Wat Lt A RR 58-1956 x a
4
1950
x
bbb3
Empire Dist El 5s
1952
x
bbb2
75
71,000
3,000
80
94
45
615*
995*
97
815*
81%
111
4
x
bbb3
1954
x
bbb3
1944 y bb
100
1035*
1035*
1953 y b
99
1956 y bb
99%
Glen Alden Coal 4a
Gobel (Adolf) 45*8
Grand Trunk West 4a
Gr Nor Pow 5s
stpd
1948 z ccc2
1943 y bb 4
x
a
1978 y b
1953 z b
1965 y bb
y ccc4
1950
x
3
2
1950 x a
Green Mount Pow
39*8—1963 x aa 2
Grocery Store Prod 6s
2
1945 y b
Guantanamo A West 6s... 1958 y ccc2
Guardian Investors 5s
1
1948 y c
7s
5,000
815*
2,000
108
855*
815*
112
849*
86,000
70
110
120
1~5~O66
103
106
1,000
399*
103
1035*
1035* 1045*
100
74
985*
995*
100
1005*
745*
1015* 1055*
12,000
89
12,000
225* 57
985* 1045*
50,000
100
1015*
105
975* 102
99
5,000
10,000
6,000
94
102
99%
22,000
83
1005*
695*
56
8754
70
75
1005*
106 5* 107
695*
845*
23
475*
1065* 1095*
...
$1079* 108
100
1005*
$65
1005*
1069*
695*
107
745*
25"666
20,000
6,000
75
89
101
1039* 1079*
59
75
655*
755*
$13
1941
a
815*
111
93
104
129~006
$34 5*
1005*
74J*
a
7,000
97
$1195* 125
1045* 108
1039* 1039*
$46
1966
1967
111
849*
'l"045*
1901 y cccl
1969
1245* 1295*
91%
82
a
1954 y b
x
1115*
49
965*
Mtge
a temped
105
1045* 109
54,000
79
1953 yb
x
989*
1355*
97
$106 5* 108
Ercole Mare 111 Eieo
Mfg—
1967
1,000
2,000
130
82
4
El Paso Elec 6s A
65*8 series A..
Erie Lighting 5s
Federal Wat Serv 5 5*8
Finland Residential
92 5*
75%
81
127
945*
905*
815*
Registered
x
78
49
Delaware El Pow 55*8
Eastern Gas A Fuel 4a
♦Hamburg Elec
77
1935
z
dd
1938
z
cccl
1
Underground
"725*
725*
$75
"615*
605*
735*
20,000
70
90
62
1015* 1015*
91
l'ooo
58
78
106
9,000
$1079* 109
109
995* 1055*
035*
52
54
54
$30
38
39
53
$285*
315*
23
425*
$12.
50
155*
20
1,000
June
114
7% May
7% May
785*
1,000
865*
91
Jan
15
2,000
76
1958 y bb
A St Ry 55*8
13
112
1,000
87 9*
80
85%
86%
95%
Hamburg El
82 5*
86
78
1954
♦Gesfruel 6s
20%
4154
50
86 5*
1943 y b
♦General Rayon 6s A
Gen Wat Wks A EI 5s
27
1,000
83
11,000
3
A stamped
Cont'l Gas A El 5s
Georgia Power ref 6s
Georgia Pow A Lt 6a—
22
265*
645*
37
76 5*
435*
4
Gen Pub Utll 05*8 A
119
25,000
75
435*
825*
b
Gary Electric A Gas—
$
1009*
835*
955* 1035*
255* 41
b
1969
ser
Jan
103 5*
65
63
80
Consol Gas Utll Co—
Feb
95
2,000
25,000
11,000
6,000
15,000
995*
1025*
y
1971
6%
152
90
89
1949 y b
Gen mtge 45*8
Edison El 111
899* 117
y
—
1st ref mtge 3s ser P
Consol Gas (Bait City)—
6s
8854 110
138
1969
6s
.1957 y bb 3
Conn Lt A Pr 7s A...
1951 x aaa4
Consol Gas El Lt A Power—
(Bait) 35*8
1305*
1952
Debenture 5s
Cities Serv PALS 5*8
65*8
12%
119
825*
735* 745*
1025* 1025*
32 5*
315*
319* 329*
3
3
103
78
76%
GatJn«au Power 3%b A
General Pub Serv 5s
U2
y
1950 y b
Conv deb 5s
June
for
page 1257.
2
y cc
—1952
Cities Service 5s
3% June
700
Week
see
2
a
1954 y cc
55*8
Banks 6a-5a stpd
Florida Power 4a ser C
Florida Power A Lt 5a
5
4%
Apr
Feb
Jan
11 %
4% May
4% June
BONDS
♦German Con Munlc 7s '47
♦Secured 6s
1947
a
x
87%
Sales
Danzig Port A Waterways
♦External 05*s
1952
3
x
"82%
GOVERNMENT
MUNICIPALITIES-
..1952
bb
y
985*
995*
1015* 102 5*
3
4
FOREIGN
Bogota (see Mtge Bank
of)
♦Cauca Valley 7s
1948
Cent Bk of German State A
♦Prov Banks 0s
B..1951
1035*
July
Attention is directed
to the new column in this
tabulation
99
95
3,000
aa
4
75
4
40,000
aa
bb
May
1,800
1029* 1035*
aa
x
y
8%
6%
925*
27,000
x
Cincinnati St Ry 5 5*8 A
Jan
1045* 1085*
10354 HO
955* 105
x
C
75
10
3,000
1900
series
Apr
Apr
6,000
1145* 117
1
May
106
1998
6s
bb
1X
53
20,000
1,000
17,000
Bethlehem Steel 0s
6s ex-warr
1951
1165*
z
May
Woodley Petroleum
l
Woolworth (F W) Ltd—
Amer dep rets
5s
Agricultural Mtge Bk
(Col)
♦20-year 7b
Apr 1940
♦20-year 7s
Jan 1947
3
2
12
145*
$1005* 102
$97
100
b
84
105*
209*
289*
285*
345*
10
67
1079* 1079*
Avery & Sons (B F)—
1957
145*
30
10
9,000
47,000
100
106
y
Jan
3% May
5%
Jan
145*
aa
Cent States PAL 65*8—.1953
S*Chlc Rys 5s ctfs
1927
31
""loo
4%
x
30
July
9% May
4%.
*04
BeJl Telep of Canada—
1st 56 series B
11
145*
145*
149*
Apr
1% May
B oom.«
Wright Hargreaves Ltd.
1955
a
129
1025* 108
385* 6254
27,000
66
x
29
14
4%
1977
1065* 1119*
15,000
15
145*
145*
A *55 yb
Atlanta Gas Lt 45*8
Atlantic City Elec 35*s
Cuban
51X
20
Wisconsin PAL 7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube com
2
♦Conv deb 55*8
Assoc TAT deb 6 %b
$14
145*
145*
145*
7,000
Birmingham Elec 45*8
Birmingham Gas 5s
24
Common
Weyeuberg Shoe Mfg
1
Wichita River Oil Corp..lu
WUllams (R C) & Co
•
Williams Oil-O-Mat
Ht—♦
Wilson Products
Inc.....1
Wilson-Jones Co
♦
dddl
♦Debenture 5s...
125
105?* 1005*
485* 495*
49
dddl
Mar
23 X
2
106 5*
dddl
June
May
121
z
2
Aug
103 5* 108
1,000
z
Mar
104
1059*
1075* 1085*
1085* 110
909* 105%
1,000
4,000
z
5%
3,000
16,000
125
iAssociated Gas A El Co—
♦Conv deb 4%b
109
bbb3
1949
%
Apr
2X May
105
1045* 1075*
1029* 1055*
99
1069*
98% 104%
bbb3
I960
Jan
5,000
"l'ooo
49",000
...1948
Jan
1
1025*
♦Conv deb 45*s_..
%
6%
Since
Jan.
1085*
1055* 105>*
108
♦Conv deb 5s
Apr
Apr
6X May
Aug
4%b
101
1025*
Apr
28%
35%
2%
,
Debentures
Mar
6
Jan
1st mtge 4s
Feb
71
May
Apr
Feb
H
•
Range
%
.
Apr
6
51X
$104
105
1085* 1085*
$109 5* 1105*
Feb
3% May
100
103
aa
7%
12% May
1% Aug
1
May
200
VA
4%
4%
x
1075*
1045* 1045*
1055* 1059*
102% 103%
a
1st A ref 45*8
....1967 y bbbl
American Gas A Elec Co.—
243%
1X
June
for
Week
$106 5* 107
May
92
Western Air Express.....1
Western Grocer com....20
For footnotes
a
a
aa
•i«
Wayne Knitting Mills...5
WeUington Oil Co
1
♦0 series A
x
x
1968 y bbbl
aa
% May
July
21
May
X May
63
May
7
May
6% July
3
May
5
May
74
Apr
3% June
% July
500
7%
Watt & Bond class A
•
Class B
♦
Walker Mining Co
...1
Danish 65*8
Ext 5s—
1951
.1950
x
10
150
76%
75%
...100
♦Baden 7s
107
a
x
% Aug
1% May
50
9
9i»
Va Pub Serv 7% pref.. 100
Vogt Manufacturing
*
Vultee Alrorait Co
1
AND
x
1970
38
"166
18
26%.
Petroleum...1
Winnipeg Electric
1940
1960
x48% May
1
Aug
X May
100
Feb
Co—
1950
1
700
X
$5.60 priority stock
1
Utility & Ind Corp com..6
Conv preferred
7
Statlon'y
Power
1st 5s
35*8 sf debs
Aug
X May
2% May
15
May
4
May
14% May
150
1X
70
Utility hkjulties com___10c
Westmoreland Coal
Alabama
25*a s f debs
3%B8t debs
% July
1% June
200
Mar
Sales
Price
i
Feb
2,000
22
IX
Utah Pow & Lt $7 pref...*
Utah Radio Produots
1
Western Maryland Ry—
7% 1st preferred
100
Western Tablet &
See
Aug
100
1%
♦
t 0
of Prices
Low
High
5%
3X
1
Waco Aircraft Co
Weeks' Range
Apr
3
1%
145* June
Sale
Apr
hi
1X
15
Last
Apr
19% June
26
May
1
May
2% Feb
250
it
Friday
Apr
»
Universal Consol Oil
10
Universal Cooler class A.
Class B
v
200
X
%
Bank
27
1%
1,100
60c
United Stores common.60o
United Wall Paper
2
Wagner Baking
7% preferred
1%
2%
32
IX
Mar
it
Rating
745*
47
1,200
IX
32
.1
5*
17 5*
May
39% June
3% May
3X May
3
May
% May
125
Reclaiming..♦
Jan
Jan
9%
5
tux
39
500
26%
32%
Mar
•i«
5,000
14
9
Feb
•i« June
500
24%
Mar
105*
Jan
13%
Jan
89
54
100
2%
Jan
June
13
16% May
May
300
2%
pref-......20
Vale par Corp com
May
% May
% May
650
52X
Mar
X%
1st A ref 5s
2%
Mar
40 5*
10 5*
9
1st A ref 5s
Jan
51%
2X
145*
Apr
Elig. &
1it
4X
June
$12
BONDS
113%
Feb
7%
6%
Feb
11
16
13%
RAILROAD and INDUSTRIALS
Jan
87% June
...6
Utah-Idaho Sugar
%
400
60X
44%
6%
20
15
40
.1949
♦Santiago 7s
Feb
200
50%
44%
60%
U 8 and Int'l Securities,
$6 1st pref with warr—•
...
Mar
Jan
4%
Jan
Apr
Apr
Apr
IX
Jan
239
United Specialties com...1
U nl versal Pictures com
Universal Produots Co
16
65
20
10% preferred
-10
United Shoe Mach com.25
Preferred
25
35
15
265*
209*
Jan
Feb
Apr
8%
2%
1,100
7% June
26
1921
May
1,100
3,500
109* Apr
135* Mar
June
Jan
64%
15% May
Jan
6%
10%
28
Feb
3X
Jan
5% May
8
1,000
X%
♦55*8
1,800
Am dep rets ord reg
United N J RR A Canal 100
United Profit sharing._26o
Universal Corp v t o
Universal Insurance
3H
13X
7%
12
$11
70
United Milk Products..
13 partlc pref
United Molasses Co-
pref
Feb
Jan
150
%
%
28%
%
July
♦Russian Govt 05*8—1919
79
%
2 85*
13
$33
♦Parana (State) 7s
1958
♦Rio de Janeiro 05*8.1959
Jan
IX
%
Common class B
16 1st preferred
Jan
$18
Apr
X
United G & E 7% pref. 100
United Lt A Pow com A—•
12
X18
♦Mtge Bk of Chile 08.1931
Mtge Bk of Denmark 5s '72
6%
105% 107
June
17%
X9%
♦Issue of May 1927
1»
%
6%
1%
111
♦Issue of Oct 1927
6X
8% May
59% May
% May
~2,200
20
$65*
May
64%
5%
100
""%
♦
1st $7 pref. non-voting.
conv
Jan
Apr
Mtge Bk of Bogota 78.1947
Jan
High
11
12
8
1%
900
A part pref
Un Clgar-Whelan Sts.. 10c
United Corp warrants.
U 8 Radiator com
Feb
3%
May
7% May
2% Mar
Union Investment com.
Un Stk Yds of Omaha—100
U 8 Stores common
10%
39%
Low
19
♦Medellin 7s stamped. 1951
Feb
3%
% June
t8%
Jan
Range Since Jan. 1,1940
$
$12
1958
39*
1,000
High
1958
% May
% May
4X
4%
United Aircraft Prod
United Chemicals com...
Venezuelan
Apr
Apr
Low
Lima (City) Peru—
5
Union Qas of Canada
1st $7
Apr
Mar
1% May
6X May
Unexcelled Mfg Co—.--10
U 8 Rubber
Jan
'u
Us
1%
6
2X
IX
4%
Series B pref
conv
Price
Jan
May
2
May
X May
x8%
Jan
Us
Udyllte Corp
fUlen <fe Co ser A pref..
$15*
Week
Apr
20
U 8 Lines pref
U 8 Plywood
for
of Prices
♦Hanover (City) 7s...1939
♦Hanover (Prov) 05*8.1949
1%
2X
15*
Clans A
U 8 Foil Co class B
U S Graphite com
109
115
%
80c conv preferred
cum
Week's Range
Sale
High
May
May
104
Tung-Sol Lamp Works.
$3
Last
he
warrants
Sales
BONDS
*i«
111
Tonopab-Belmont Dev. 10c
Tonopab Mining of Nev.
Tri-Contlnental
Aug. 31, 1940
(Continued)
Shares
95
111
Trunz Pork Stores Inc.—
Tublze Chatlllon Corp
5
Friday
Range Since Jan. 1, 1940
Week
of Prices
High
Low
Price
Toledo Edison 6% pre! 100
7% preferred
100
Trans Lux Corp
Trans western Oil Co
Exchange—Continued—Page
Sola
$17
pertaining to bank eligibility and rating of bonds.
See a.
I
Bank
Last
Rating
Sale
BONOS
See
(IContinued)
Price
i
of Prices
High
Houston Gulf Gas 6a
1949
1967
Idaho Power 3 Ha
B
1st A ret 5 Ha aer
$3%
1st & ref. Ssser C
8 f deb 6Hs-—May
y
1952
z
bb
.1942
1966
2022
79
74%
y
bb
4
60
92%
z
b
1
87%
21%
22
43%
1952
♦Ruhr Gas Corp 0%s
1953
♦Ruhr Housing 6%s
1958
Safe Harbor Water 4%s.._1979
26 H
21
49%
San
20%
47%
♦Saxon Pub Wks 6s
51%
71%
♦Schulte Real Est 0s..
1
2 5%
26
61
60
61%
38 %
38
39
b
3
46
46
x
aa
2
x
a
2
3%s—1960
x
a
4
1946
z
1945
x
bbb3
1957
x
a
4
zdd
1
1948
Lake Sup Dlst Pow
y
♦I-eonard Tleta 7 Ha
Long Island Ltg 6s
Louisiana Pow A Lt,5s
V
bb
b
Deb 4 Ha
1952
1947
1971
-
Mengel Co conv 4 Ha
Metropolitan Ed 4s E
Middle States Pet 6Hs
RR 5s
Milw Gas Light 4Ha
MlnnP AL4%s
1st A ref 5s
Mississippi Power 5s__
Miss Power & Lt 5s_.
y
b
.1955
1957
1951
1960
Nassau & Suffolk Ltg 5s... 1945
Nat Pow A Lt 6s A
2026
Deb 5s series B
..2030
{♦Nat Pub Serv 6s ctfs...l978
Nebraska Power 4%s
1981
6s series A
.2022
Nelsner Bros Realty 6s
1948
107
107%
105%
bbb2
y
bbb2
107
x
bb
2
$125
bbb3
3%s
Debenture 5Ha
;
71
"64%
bb
64
64
64%
62%
65%
108
3
bb 3
York
N Y State E & G 4Hs
1st mtge
1949
y
bb
1950
1980
1964
2004
1954
1953
A
stamped
3%s
N Y A Westch'r Ltg 4s
y
4
69
68
69
S'west
y
bbb2
102
102
112
112%
aa
aa
106%
x
aa
1951
y
bb
2022
y
bb
Pub
Serv 6s
1945
112
105
$113
"40"
2
1989 ib
"i'ooo
40
60
49
74%
70
72%
72%
69%
72%
52,000
48
74%
69%
72%
79,000
48
74%
69%
48
74%
68%
22%
72% 133,000
77,000
72
6,000
23%
49
74%
14%
24%
43
43
2,000
27
40%
1,000
11,000
18
38
21%
46
72
69%
72%
y
1957
y
b
71%
71%
1957
6s gold debs..
Standard Pow A Lt 6s
y
b
71%
ccc2
x
bbb4
x
a
Corp Inc 5s
$42%
♦Terni Hydro
104%
97
105
Texas Power A Lt 5s
b
29%
105% 105%
28%
28%
1
105%
4,000
1,000
104% 108%
109
119%
95%
96
23,000
88% 103%
61
61%
12,000
56
7%
5,000
115% 115%
1979 ybb
3
115
122%
14,000
61
71%
1,000
52
51
110
1949
x
aaa4
United El Service 7s
1956
y
bb
♦United Industrial 0%s_..1941
♦1st s f 6s.
1945
z
cccl
z
b
y
b
1974
1959
y
b
x
bbb3
5%s...l952
y
bb
x
bbb3
Conv 6s 4th stp
United Light A Pow Co—
Debenture 6s
.1975
Debenture 0%s
lBt lien A
cons
5%s
Un Lt&Rys (Del)
$116
1952
6s series A
100%
24
30
2
2
86%
87%
88%
107% 107%
12.000
92%
97,000
78
95
117% 117%
3,000
1,000
110
119
"l"07"%
90%
92
16,000
1944
104% 109
102
106%
x
bb
2
1946 ybb
1950 ybb
1940 y b
3
3
3
1st ref 5s series B.
102% 105%
"i'ooo
83%
2
b
bbb3
Deb s f 6s.
10
83%
y
b
3
102%
102% 102%
28,000
94
No Bost Ltg Prop
x
aa
4
104%
2,000
104
y
b
3
38%
9,000
35
Nor
104% 105
38%
41
105*16 1057i6
10,000
101
65
"l"66%
94
4%
109%
4
10%
107
109%
"MOO
108% 109%
22,000
104% 108
4%
z
cc
2
x
aa
4
x
aa
2
2030
x
bbb3
107% 107%
107% 107%
5s.. .I960
x
aa
2
$113% 113%
Un 6s...1944 ybb
West Newspaper
Wise Pow A Light 4s
103% 109%
103% 109%
x
x
bbb3
z
{♦York Rys Co 5s
♦Stamped 5s
x
aa
4
.1962
Okla Nat Gas 3%s B
1955
Okla Power A Water 5s... 1948
Pacific Gas A Elec Co—
1st 6s series B
1941
x
a
3
108%
108% 109
108% 109
x
bbb3
107%
107% 107%
x
bb
4
103% 103%
1,000
x
aaa2
106% 106%
1,000
1942
x
aaa4
108
2,000
108
Pacific Pow A Ltg 58
1955
1964
1977
1979
..1971
1902
y
bbbl
ccc2
32,000
1,000
86
z
x
bbb2
x
bbb2
1950
1959
1947
1954
y
bb 4
y
bb
4
x
aa
2
x
aa
2
26I666
50
52
$104
106
51
106%
106% 106%
10.1%
85
99% 103%
95
103%
101%
104% 117
43
60%
105
103
"moo
102% 107%
90
98
94
99
106% 110%
Pacific Ltg A Pow 5s
$108
aaa2
1937
107% 111%
4%
2
1941
1968
Wheeling Elec Co 5s
89
95% 100%
3,000
103
1951
West Penn Traction
Ogden Gas 1st 5s
1945
Ohio Pow 1st mtge 3Hs-,—1968
72%
4,000
98
103
1954
West Penn Elec 5s
2
91
100% 100%
97
*103"
♦5s Income debt...
106
ybb
74%
104% 110
19,000
2,000
9,000
3,000
99% 100%
Wash Ry A Elec 48—
103%
49%
106%
1,000
89%
103% 103%
100%
Washington Water Pow 3%s'64
52
57
16,000
19%
73
Waldorf-Astoria Hotel—
111% 114%
.....
21
16
26
85%
3
y
Va Pub Service 5% A
45%
$13
2022
Deb 0s series A
97
,
1
Utah Power A Light Co—
1st lien A gen 4%s.
12%
118%
114
116%
32
x
.1973
Deb 6s series A
69
6%
$27
$22%
1
United Lt A Rys (Me)—
100% 103%
97
103%
81
6%
..1950
United Elec N J 4s
71%
105
61
4
b
y
z
71%
25,000
(L) see Leonard—
5%s...l952
101% 106%
8,000
106% 106%
2022 y bbb2
6s series A
74%
■49%
45
38
38
-w..
2
1950
Tide Water Power 5s
20
53
105%
108%
105
Deo 1 1966 y b
Debenture 6s
108% 110%
105%
37
90
72%
96
3,000
104
12,000
b
b
y
83
100% 110%
1951 y b
y
Z
110
106% 110%
85,000
55,000
....1948
1948
1946
62
113
102
14,000
46
$106
108
47%
47%
bbb4
x
44
100% 102%
♦Ctfs of dep..
7s2d stamped 4s.
102
72%
95%
90% 103
5,000
18,000
30,000
106% 107%
'21,000
106% 107
10,000
105% 105%
106%
x
(stamped)
Conv 6s (stamped)
104%
10,000
5,000
105
112%
4
z
20
14,000
103% 103%
bbb4
97%
87
{♦Ulen A Co—
97
$108
x
64
9,000
67
Standard Gas A Electrlo—
107%
3,000
4
1957
98%
7.000
92
x
So'west Pow A Lt 6s
101
43,000
4
1956
3%S—1947
Cont'l Util 5H8.. —..1948
64
82%
92
1968
1,000
99%
$56%
82%
81%
July 1 '60
Ref M 3%s B
Twin City Rap Tr
101%
aaa3
1
81%
82%
2
1940
93
a
3
82%
2
1950
88%
a
aa
2
a
b
May 1 1960
Ref M 3%s
Sou Counties Gas 4%s
Sou Indiana Ry 4s
112%
98
97
a
y
Stinnes (Hugo) Corp—
7s 2d stamped 4s.
108% 111%
120
128%
31
100% 104
Sou Calif Edison Ltd—
101%
"i'ooo
17
23
6,000
x
101%
100%
98
136
12
27
27
111
86
127
101% 102
2
15
105% 109%
$14
cccl
z
70
MOO
107%
3,000
12,000
6,000
El 6%S—..1953
Texas Elec Service 5s
I960
1,000
x
b
N'western Pub Serv 5s
2
107
$133%
♦Starrett
102% 107
25,000
x
5H8 series A
b
103%
108
x
y
,
y
95
102% 103
bbb2
x
Debenture 5s
Nippon El Pow 6%s
No Arner Lt & Power—
1951
109
Penn & Ohio—
♦Ext 4%s
Scullin Steel Inc 3s
4*000
"
101
98%
1942 ybb 3
♦Income 6s series
New
1943
bbb2
Tletz
New Orleans Pub Serv—
6s stamped
91%
96
aaa3
y
y
117% 118
64%
62%
64
x
7,000
107
70
70%
4
4,000
132
$105
2
aa
x
5,000
28
110% 110%
110%
1956 ybb 3
x aaa2
New Amsterdam Gas 5s...1948
4
N E Gas & El Assn 6s
.1947 y b
4
5s
a
1948 y b
Assn 5s
107
$25
...
aaa2
Nevada-Calif Elec 5s
New Eng Pow
18,000
y
93%
New Eng Power
100
11,000
2,000
109% 109%
94
93%
$99% 101%
111% 112%
109%
4
X
96
81
1,000
102% 103
105% 105%
104% 104%
104% 104%
102%
2
b
3,000
101%
98
aa
y
71%
51%
bb
..1950
1961
1948
1954
19
104% 109%
5,000
y
Conv deb 5s
99
4,000
x
.
160"
58%
1,000
57%
Missouri Pub Serv 5s
x
cc
x
Spalding (A G) 5s
104% 104%
Miss River Pow 1st 5s
z
53%
102% 107%
117
127%
57%
bbb3
x
z
1957
104%
bbb2
x
z
'i07"
3
2025 y bb
19
96
20%
14%
$11
1951
Sou Carolina Pow 5s
103% 108
107%
99
18
4,000
20%
20%
20%
1937
6s
96
90
97
80
$84%
Joaquin L A P 6s B...1952
42
39
.....
106%
100
81
aaa2
Southeast PAL 6s
9,000
83
x
30%
4,000
106
2
aa
x
95
2
3,000
13,000
aa
x
103%
$99% 100
95
95%
bbb2
1965 x aa 2
1945 ybb 2
1943 ybb 2
1967 x bbb2
1978 x bbb3
1955 x bbb3
4s series G
Midland Valley
x
37,000
97%
94%
cccl
Debentures 0s
Memphis Comml Appeal-
99%
97%
92%
x
Shawlnlgan WAP 4%s—.1967
1st 4%s series D
1970
Sheridan Wyo Coal 0s
1947
104% 108
62
98%
z
52
106% 109%
"17666
123
62
4
106%
106%
103
158
104% 108
86
100%
99
Scrlpp (E W) Co 5%s
51
29
5%sseries A
5,000
"94"
2
103
128
106% 106%
106%
2
2
1950
5,000
McCord Bad A Mfg—
6s stamped
bb
1950 ybb
1st A ret 4%s ser D
Mansfeld Mln A Smelt—
♦7s mtgesf
y
1st A ref 5s aer O
19%
$106H 107
$17
40
$104% 104%
$106% 107%
$20%
Puget Sound PAL 5%8—.1949
100
367666
$104% HO
cccl
4
101%
—
123
a
4s series A
93
41
37 %
123
x
Pub Serv of Oklahoma—
29
104 H 104H
107
107
$35
...1966
$152% 154
3
87
2,000
1,000
2,000
2,000
y aa
6% perpetual certificates
98% 107
96% 105%
4,000
24,000
15,000
105
105
104%
3
Public Service of N J—
105% 109%
107%
101
4.000
36 H
stamped
104% 100%
105%
$105
Queens Boro Gas A Elec—
73%
1
Kansas Gas A E ec 6s
bbb4
67
1
Kansas Eleo Pow 3Hs
x
1 debs 4s
s
81
66
1941
Jacksonville Gas
64
66
5,000
1
aa
x
1949
16
105% 106%
12,000
106% 106%
106%
2
45,000
91% 113,000
b
6s
Italian Superpower
5s
y
aa
70%
y cc
Elec 7s
Isarco Hydro
y
x
26%
ccc2
bbb4
bbb4
z
5s series B
Iowa Pow A Lt 4 Ha
1964
72%
104 % 105
97 %
96%
22
y
y
Iowa-Neb L & P 5s
....
91%
14
74
$13%
70
4
1952
1963
Debenture 6s
$70
b
70%
b
y
a
z
72
1
y
1957
1952
1957
1952
1957
1961
1958
7s series E
Since
Public Service Co of Colo—
72 H
107 H
106H
*~99H
y
♦
♦7s series F
Interstate Power 5s
x
1954
Power Corp(Can)4%sB
♦Prussian Electric 6s
99%
lolli
1
y
Range
Jan. 1
$
61
1959
100% 105
100
103%
99%
109
107
106
b
b
b
1955
Price
1st mtge 3%s
International Power Sec—
6 Hb series C
See i
2,000
4,000
7,000
26,000
12,000
26,000
7,000
6,000
107%
bbbl
b
2
b
2
♦Indianapolis Gas 5s A
(Concluded)
91%
y
y
68
109
Elec 5s
1958
Indiana Service 5s
—...1950
1st lien A ref 5s
1963
Indiana Hydro
69
67
aa
x
for
Week
Since
of Prices
Low
High
25
69
69
1953 x bbb3
1964 x bbb3
1956 x bbb3
1957 ybb 3
IllPr ALt lst6sserA
Week's Range
Sale
106% 111%
57,000
8,000
$109% 110%
b
y
102 H
W)2
Ha
6a series B
Last
Jan. 1
%
Low
101H 102 H
1943 x bbb3
1943 ybb 3
Houston Lt A Pr 3%s
1966 x aa
♦Hungarian Ital Bk 7%s.—1903 z c
Hy grade Food 6a A
-—1949 y b
Friday
Rating
Range
for
Week
Week's Range
Sales
Bank
Elig. &
BONDS
Sales
Friday
Elig. dt
conv deb 6
1257
New York Curb Exchange—Concluded—Page 6
151
Volume
Ohio Public Serv 4s
Park Lexington 3s
Penn Cent LAP
4Hs
1st 5s
Penn Electric 4s F.
5sseries H._
$110 % 111
94
"103%
x
aa
2
*104%
x
aa
2
107%
94
108
94%
39%
39%
103% 103%
$105% 107%
104% 104%
107%
107
"67666
27,000
1,000
Deb 5Hs series
B
Penn Pub Serv 6s C
5s series D
Peoples Gas L A Coke—
4s series B
4s series D
Phila Elec Pow 5Hs
1981 xbbb2
1961 x bbb2
3
1972 x aa
1962
y
y
b
1
y
bb
y
b
y
bb
z
bb
2
x
a
4
a
4
♦Stamped
Potomac Edison 5s E
4Hs series F
Potrero Sug 7s stpd
1956
1961
1947
y
ccc2
99%
112
2
1
97
99%
bb 2
z
106% 106%
3
Transit 6s
Pledm't Hydro El
108
2,000
104% 109%
101% 108%
16,000
12,000
18,000
5,000
16,000
$13
"47"
91
98%
92
| Reported In
14
94
75
T Called for
103%
13
78%
90
3,000
1,000
"6600
Deferred delivery sales not
106% 109%
107% 110%
45
53%
z
Included in year's range,
in year's range,
r
d Ex.
Cash sales not in¬
Ex-dlvldend.
No sales being
transacted during current week.
Bonds being traded flat.
♦
103
99
83
a
Under the rule sales not included
$ Friday's bid and asked price.
95
100%
110% 115
"i'ooo
is'ooo
n
cluded in year's range,
48%
94
47
No par value,
Interest,
106%
92
47
108%
♦
108%
105
24
21
108% 108%
$109% 111
100
103
83
"93%
39%
106
~ro66
99%
$104% 106%
103% 103%
97%
104% 108%
33
26%
"moo
112
100
102% 103
"28%
100%
18,000
112%
97%
98
105
"i'ooo
$106 % 107
bb 4
6HS—1960
Pittsburgh Coal 6s
...1949
Pittsburgh Steel 6s
1948
♦Pomeranian Elec 6s
1953
Portland Gas A Coke 5s
1940
Phlla Rapid
108
97
97%
"98"
43%
96% 104%
101
107%
$106% 109
765"
$96%
1
2
104% 109
13,000
Penn Ohio Edison—
6s series A
bb
1947 ybb
receivership.
redemption:
None.
Cash sales transacted during
e
the current week
weekly or
and not included in
yearly range:
No Sales.
Under-the-rule sales transacted during
v
the current week
and not included in
weekly or yearly range:
No sales.
Deferred delivery sales
▼
transacted during the current
week and not
included in
weekly or yearly range:
No sales.
Abbreviations
'
v
t c "
certificates of deposit; "cons," consolidated
"conv," convertible; "M." mortgage; "n-v." non-voting stock'
certificates; "w i," when issued; "w w." with warrants; "x-v"
Used Above—"cod."
"cum," cumulative;
voting trust
without warrants
k
Bank
Eligibility and Rating Column—x
for bank Investment.
Indicates those bonds
which we
believe eligible
y
bonds we believe are not bank eligible due either
provision in the bond tending to make it speculative.
Indicates those
status or some
to rating
reorganization.
assigned to each
and the numeral
bond. In all
Where all four
gencies rate a bond differently, then the highest single rating Is shown.
A great majority of the Issues bearing symbols ccc or lower are in default.
All
z
Indicates issues in
default, in bankruptcy, or
In process of
symbols in this column are based on the ratings
rating agencies.
The letters Indicate the quality
mmediately following shows the number of agencies so rating the
ase3 the symbols will represent the rating given by the majority.
The
rating
bond by the four
■sues
bearing ddd or lower are
In default.
A
I
Attention is directed to the new
column in this tabulation
pertaining to bank
eligibility and rating of bonds.
See not® k above.
The Commercial & Financial Chronicle
1258
Aug.
31,
1940
Other Stock Exchanges
Sales
Fridai
Baltimore Stock
Last
Stocks—
Par
Week's Range
for
of Prices
Low
High
Week
Price
Low
Range Since Jan. 1, 1940
Hig)
9%
9%
15C
Range Since Jan. 1,1940
15%
15%
5C
10
10
5C
Low
Shares
High
Low
Shares
Price
r
Par
5
Sale
Week
*_....
Stocks (Concluded)
Sales
Last
for
of Prices
0
Aug. 24 to Aug. 30, hoth inclusive, compiled from official sales lists
Friday
Week's Rangt
Sale
Exchange
-
8%
550
5%
150
*
4%
4%
4%
25€
5
30%
350
8%
30%
8%
30%
1
Arundel Corp
15%
15
15%
033
11
Atlantic Coast L (Conn) .50
Bait Transit Co com v t c *
14
13%
14
150
12
May
Aug
21%
20%
23c
July
55c
Apr
Jan
2.50
Apr
83%
119%
Apr
5
Feb
*
Apr
5
~"T%
4%
19
4%
18%
12%
12%
15
78
77%
79%
140
5%
5%
200
106% 106%
40
1st pref r t c
100
Consol Oaa E L A Pow...»
4%% pref B__
Preferred
100
101
25
1.35 May
69
May
111% June
5
50
6%
6
May
May
20
16
110%
23
16%
84
12
30c
35c
300
17
110
110%
16 %
...1
1.65
Mt Vrn-Woodb Mis cm-100
15%
15%
115
com *
66
56%
26
U 8 Fidelity & Guar
2
19%
20
1.65
31%
[)
70c
Jan
2.50
Jan
Campbell-W & Can FdyCapital...
17 %
72%
23%
Apr
Jan
Apr
Jan
May
5%
30%
11%
Mar
5%
Aug
Jan
Apr
Apr
16%
50
13% May
23%
16%
17%
786
13% May
25%
Jan
10
20
Feb
11%
Feb
4%
Mar
50
7%
200
3
200
4%
400
7
3
350
19
9
June
5% June
2% July
4% May
17% June
7%
Jan
23%
Apr
10% May
19%
ADr
71
88% May
Central HI Secur-
1.15 June
484
17%
3
Apr
May
12
16%
-
3
Jan
19%
12
18%
10
5
May
54% May
14 % May
11%
Borg Warner Corp—
Apr
130
5
5%
20c June
7
New Amsterdam CasuaityS
Penn Water ft Power
20
14
91% May
15%
17
.20
100
Mar Tex Oil
1.60
78%
114
3%
1
v t c
3
1.55
77
114
Eastn Sgrs Assoc cmvtc.l
Fidelity & Deposit
Houston Oil pref
30c
30c
Jan
High
8% May
12% May
7% May
3% May
24% May
8% June
3% May
*
»
Jan
L
......
May
%
Jan
%
Jan
120%
Feb
Central ft S W—
Bonds—
*
Prior Hen pref.
BaltT^ansit 4s flat...1975
A 6s Oat
32 %
32%
1976
$8,000
23
1.800
32%
37%
37%
30
35 %
40%
May
May
Apr
Apr
*
Chicago Corp
Boston Stock
39
Central States PowftLt pf1¥
Convertible preferred..'
Exchange
20
900
100
25% June
37
55
84
100
8
%
28
...
J
%
May
38% June
4% May
% May
39
8
%
:
oommon
92
28
77
Jan
8%
Aug
1%
Jan
Feb
60%
Sale
Par
Stocks—
Amer Tel A Tel
of Prices
High
Low
Price
100
Bigelow-8an Carpet pfd 100
Boston A Albany
100
82
886
343
5%
6%
2%
650
4
Feb
6%
May
2%
100
2% May
3%
Mar
30%
30%
3,150
25% May
33
14
13
14
10
16%
6
6
6%
...
Low
144%
High
May
176%
Mar
July
103
Mar
86
80
297 i66 %
81%
83%
34%
34%
42%
42%
42%
155
18
150
6%
7
113
1%
1%
1,602
Consolidated Oil Corp...
6%
Feb
13%
13%
14
36% July
19%
18
19%
60% Mar
20% Apr
62
62
15
15
15
Boston A Maine—
1%
Prior preferred
100
Class A 1st pref
Class D 1st pref
100
6%
100
Boston Personal Prop Tr_*
2%
Calumet A Hecla
6
2%
12%
100
10%
May
1%
25
12
10
12%
Boston A Providence.. 100
6
5
150
2% July
11% June
5%
6
375
9%
4%
3%
"~6
10%
2 %
Feb
3%
210
Jan
3% May
3% May
May
Apr
19%
8%
6%
25
3%
1%
750
*
Diamond T Mot Car
Dixie Vortex Co—
23%
10
72
May
50
12
19
Feb
100
50
6%
34
100
150
4% May
31
May
Jan
3%
3%
250
3
26%
100
21
6%
1,200
4%
4%
200
Mar
16%
10%
100
Mar
45%
45%
15
35% May
300
63
45c June
1.00
Jan
1% May
30% May
54% May
......
283
26
460
65c
May
Mar
Fuller Mfg Co com.
4%
Eastern Mass St By—
2
100
1st preferred........100
64
64
55
Preferred B.
10
10
20
2
'
07
Aug
General Foods
com...
""48"
Gen Motors Corp con.
41%
45%
41%
48
'34
1,574
38
May
3% May
'
100
Adjustment
..100
Eastern Steamship L com.*
Employers Group.......*
Gillette Safety Razor
1%
2%
20%
20%
16%
May
20%
Apr
Aug
6%
50c
1%
200
1%
Jan
5%
225
8%
Feb
%
12
4%
%
July
%
Aug
2%
Mar
Apr
5%
218
116%
245
New England Tel A Tel 100
N Y N H A H RR
116%
115
15
114
6i«
2.50
40c
12
40c
1,100
Jan
108
June
»u
35c
Apr
30
*
..50
Reeee Button Hole MachlO
Pennsylvania RR.
30
69%
44%
10
21
60%
569
44%
30
9%
19%
....*
21
285
8
200
9%
400
7%
27
27%
5
"60%
United Shoe Maoh Corp.25
25
"~35c
Utah Metal A Tunnel Co.l
120
9
......
Torrlngton Co (The).....*
10
8
8
..*
%
8
51
27%
70
10
10 %
Hubbell Harvey Inc com.5
Illinois Brick Co cap
10
Illinois Central RR com 100
6%
7%
Mar
35
5% May
La Salle Ext Unlv
Le Rol Co com
Bonds-
Boston A Maine RR—
1st Mtge
70%
18%
Eastern Mass St Ry—
Series A 4%s
1948
Series B6s
94%
1948
100
72%
$8,000
67%
19
18,000
17%
94%
100
5,000
2,000
July
Aug
87
Midland United
Midland Util
Trading Dept. OGO. 406-400
10 S.
La Salle
North Amer Car
St., CHICAGO
Stocks-
Abbott Laboratories
Par
com
Acme Steel Co com
Week
57%
Allied Products Corp—
Common
2%
50
10%
150
11%
11%
50
12
12
12
200
19
19%
600
33 %
32%
33%
191
......
89%
91
"V —
10
Class A
25
Allls-Chalmers Mfg. Co..*
AmericanPub Serv preflOO
Amer Tel ft Tel Co cap. 100
Armour 4 Co common
5
1%
Corp (Del).....3
Aviation ft Transport cap. l
4H
2%
For footnotes see page 1260.
9
70%
51%
Jan
15%
Jan
14
15%
250
11% June
17
Feb
11%
12%
800
44.
44
9
May
17
50
44
June
50
4%
200
4
May
6%
6%
550
3%
43%
2%
3%
50
44%
110
2%
100
May
2% June
150
1
4%
6%
mm — m m
44%
+ mm.
9%
2%
m.mm
"13 "
•
12%
9%
2%
13
3%
750
3%
Apr
4
4%
4%
350
3%
~~~4k
Jan
4%
5%
6
1,900
4,450
5% May
1% Mar
9%
6
pr llenlOO
4%
4%
4%
50
3% June
4%
4%
4%
50
3% June
6%
0%
6
6%
310
39%
41%
365
32
May
8%
55%
35
35
20
35
May
40%
Apr
3% July
4%
July
Aug
100
conv
pf*
com
"41%
"1%
m
4%
......
l
150
26%
200
4%
150
3
10
100
9%
July
9
350
7%
June
10
14%
14%
50
10%
25
"loi"
"~4%
79%
7
10%
850
1%
1%
zl00% 103
Aug
320
95
June
14%
1%
123%
30
141
June
155%
Aug
10
8
Aug
12
02
Feb
May
88
Apr
24
Aug
31
Apr
4
77%
8
4%
79%
2%
150
Aug
8%
2% May
4%
Apr
Apr
4
Stewart Warner
1%
com
10% June
15
Jan
30
Apr
11
Jan
28%
38%
Apr
320
20
750
1
July
May
2%
8
May
20% May
28%
1%
1%
100
6%
59
2%
6
6
50
4% May
27
28
1,200
17
17%
116
17
18%
19
873
17% May
.10
25
~~28"
rl8%
Jan
Aug
20% May
5
May
6%
"
Feb
60
6%
5
Sunstrand Mach T'l com.5
Swift International cap..15
Swift ft Co
1%
29%
4%
Jan
Jan
850
100
Sterling Brewers Inc com.l
1,058
1%
7
40
1%
727
Apr
May
4%
6%
27
350
809
11%
Mar
Apr
27
100
24%
7%
Jan
9%
May
May
6% May
% May
11%
175%
Feb
15
23%
May
May
Jan
Apr
25
11%
Standard Oil of Ind
Feb
12
20%
90
24%
Jan
Apr
5% May
12
342
29%
1
100
30
20%
25
May
Jan
33%
20
73
Jan
Jan
Apr
19%
12
1%
12% May
8% May
29%
Jan
Aug
14%
24%
38%
8
_
Storkline Furniture
Feb
Aug
155% 155%
"16%
Sears Roebuck ft Co cap..*
Preferred
May
20% May
6
33%
"20%
100
Stand Dredge—
Common (new)
23
28
4%
10%
m-mm
(The) com..*
Quaker Oats Co oommon.*
50
Jan
28
8%
mm.*,
100
com
3%
3%
25%
mmtrnmrnm
20
60
cap
3%
8% May
11% May
22% May
Jan
Jan
Jan
4%
Feb
%
Feb
5%
20%
17
Apr
3%
10% May
10% June
Apr
2%
15%
7%
l
13
400
14%
Jan
3% May
29%
11%
1%
May
8% May
110
12%
4
1%
2,450
5%
27%
140
9
Apr
Apr
Apr
Jan
5
13
583
50
200
Aug
3%
7%
Aug
*
27
1,200
Jan
50
29%
4%
Jan
Jan
1%
6%
Signode Steel Strap pref.30
Jan
Apr
3%
6%
Sivyer Steel Castings com *
Sou Bend Lathe Wks cap.6
Spiegel Ino common
2
Apr
Apr
0%
7
1%
4%
July
Jan
Apr
Feb
49%
9
Jan
21
5% May
3% May
38
Jan
0%
8%
June
"
Apr
41%
42
May
90
100
«2%
Feb
Aug
Mar
8
66% May
38% June
90%
42%
4
May
3%
80
42%
14
8
4%
1%
4%
2%
-
Reliance Mfg Co com
10
Rollins Hosiery Mills com 4
High
50% May
34% May
2% May
11%
1
Aviation
500
Low
m
St Joseph Lead Co cap.. 10
160% 161%
434
Aro Equipment Co com__l
Asbestos Mfg Co
Shares
2%
10%
"
Pressed Steel Car
2%
80
u
-
5
Preferred
57%
40%
Aetna Ball Bearing com_.l
*
High
Range Since Jan. 1, 1940
55%
46%
......
Advanced Alum Castings 5
Allied Laboratories
Low
100
2%
Jan
6
Peoples G LtACoke
Process Corp
for
of Prices
Price
*
25
Week's Range
Sale
Apr
5
Penn RR capital
Sales
Last
28
2%
18% May
1 % Hune
50
Northwest Banoorp com..*
Northwest Eng Co cap
*
Omnibus Corp com
6
Chicago Stock Exchange
Friday
Jan
600
100
Northern 111 Finance com.*
Aug. 24 to Aug. 30, both inclusive, compiled from official sales liata
Apr
700
Noblltt-Sparks Ind cap...5
Municipal Dept. OGO. 621
19%
1%
Montgomery Ward com _•
National Battery Co pref.*
National Pressure Cooker 2
National Standard com .10
Principal Exchanges
Bell Si/stem Teletype
Jan
7
7% prior lien..
Members
14
Mar
pf A*
conv
Miller ft Hart Ino
Paal H.Davis & ©o.
50
0%
com
0%
16%
1%
Mlckelberry's Food eom.l
Middle West Corp cap
6
SECURITIES
Lifted and Unlitted
Apr
Apr
16%
2%
42
6%
6%
com
McCord Rad ft Mfg A
Merch ft Mfrs SecClass A com
CHICAGO
10%
July
1%
Lion Oil Ref Co cap.....*
Loudon Packing com
__*
Field
35%
May
6%
Apr
Marshall
Jan
9
26%
Lindsay Lt ft Cbm com.10
Mar
30
650
*
10
Aug
98
34%
100
12%
com 7
Lincoln Printing
101 %
210
32
1
23%
June
39
11%
1
Aug
Apr
36
1
74%
June
80
Apr
6
25
5
com
LlbbyMcNelllALlbby
A4%
1960
%%__*. 1970
Inc mtge A 4
Feb
10%
Mar
5%
Kellogg Switchboard com.*
Ken-RadTube ft L'p cm A*
Ky Util Jr cumul pref
50
Kerlyn Oil Co com A
6
10
June
13%
1
Apr
Mar
May
7
May
.
Aug
62o
5
8
50
0% May
12
2
Mar
100
300
7%
2
44
1%
5
8%
174
Joslyn Mfg ft Sup Co com5
35c May
5
8%
100
Iron Fireman Mfg v t c._*
Jar vis (W B) Co (new) capl
100
May
7%
Jan
764
Feb
9%
3
12%
33%
40c
Jan
20%
7
International Harvest com*
2
May
5% June
26%
*
com
25
100
7%
Indiana Steel Prod com.. 1
Inland Steel Co cap......*
6%
"~6H
*
......
Jan
Katz Drug Co
6
32
Feb
35c
Feb
Apr
Apr
7%
8%
"37"
2
Venezuela Holding Corp.. 1
Apr
12%
27%
12%
"12%
Mar
Apr
Jan
Jan
Apr
Apr
May
May
12%
12
31
Jan
2%
49%
60%
7%
6%
25
50
24%
9%
84%
44%
18
57%
Aug
350
_
Jan
Apr
Feb
Apr
May
9%
Heileman Brewing cap
t c
5
12%
9%
17%
9%
15
17%
Heln Werner Motor Parts-3
v
Aug
70
6
Indep Pneu Tool
Apr
6%
3%
-..w-
Apr
4%
29%
55
9%
Hlbb Spncr Bartlett cm .25
Hormel ft Co (Geo A) com*
Feb
Feb
Mar
175
17%
HoudalUe-Hershey cl B._*
92o May
Aug
7% May
14% May
7% Aug
7% May
6% May
22% May
25%
Jan
65
May
39% June
10%
38
4%
"l7%
Apr
137
Jan
Jao
Jan
3%
14%
May
0%
2
19%
23%
4%
Jan
17
May
4%
5
2
Jan
3%
Apr
1%
5%
Apr
'
Mar
Jan
5%
Waldorf System
179
27c
14%
6% cum pref
Aug
2%
5%
Union Twist Drill Co
610
Gillette Safety Razor com *
Goodyear T ft Rub com..*
Gossard Co (H W) com..*
Great Lakes D ft D com
100
1
Mergenthaler Linotype..*
Narragansett Racing Assn
Stone A Webster.
General Outdoor Adv com*
Jan
Apr
402
%
14%
Shawmut Assn T C
Jan
2%
7%
40c
5%
Pacific Mills Co
17%
Aug
3%
100
North Butte
May
1%
2%
40c
Mass Util Assocts v t c._l
Inc
20%
7
8
3%
3%
»
Hathaway Bakeries cl B. .*
Isle Copper Co
16
Maine Central com
1%
3
May
1% Mar
9
May
13% May
26%
3%
Feb
Jan
19%
55
6%
Apr
Mar
8
24%
10
33%
10
12% May
54
23%
60c
54
4%% prior pref..... 100
0% preferred
...100
1% May
Jan
May
315
16
6%
com
Jan
Feb
May
3%
65%
24%
10
1%
Jan
75% May
91
6% May
May
3% June
3
May
14% May
1%
50%
21%
Apr
%
13% June
51
May
Al85
10
com.
East Gas A Fuel Assn—
Common
June
53% May
5%
Copper Range
Common
64
695
16
Dayton Rubber Mfg
Jan
16
Aug
20
June
ht June
Edison—^
Commonwealth
May
34% July
38% May
10 % May
10
81%
34%
Boston Herald Traveler..*
75%
Range Since Jan. 1,1940
for
18
Boston Edison Co (new) .25
Boston Elevated
100
70
71%
75%
Week
82
70
70
i
Shares
160% 161%
133
30%
Week's Range
Last
50
%
-""I
►
Sales
Friday
66%
%
)
Aug. 24 to Aug. 30, both inclusive, compiled from official sales lists
1
15%
Aug
Feb
Jan
June
14
Mar
Mar
Apr
2
Apr
9
Feb
7%
Feb
29% May
Feb
32%
25%
Mar
I
Volume
Sales
Friday
Range Since
Last
(Confirmed)
Week's Range
for
Sale
Stocks
of Prices
35%
35%
122
47%
4%
12%
4%
12%
250
4
Jan
5%
Apr
50
10
June
16%
Apr
60%
June
88
Jan
"54%
100
pref
70
12% May
23%
65
50% June
87%
Jan
41% May
103% May
68%
Jan
124%
MEMBERS
Apr
48
Lot Angeles
1%
1%
150
%
May
1%
7
*
1%
1%
150
1%
May
2%
23%
23%
19
Jan
24%
May
39%
20%
39%
10
39%
Jan
40
20%
600
16% May
Teletype L.A. 290
Los Angeles
Apr
10
San Francleco Stock Exchange
Stock Exchange
623 W. 6th St.
Jan
Utah Radio Products coml
Chicago Board of Trade
New York Stock Exchange
Apr
1,449
69%
68%
54%
51%
116% 117%
20
United States Steel com..*
cum
16%
May
33
369
73%
16%
71%
16%
United Air Lines Tr cap. .5
Co com
Wm.Cavalier&Co.
Apr
2
2
Union Carb A Carbon cap *
7%
High
Low
Shares
High
Low
25
Texas Corp capital
Thompson (J R) com
Trane Co (The) com
W 8 Gypsum
1940
Jan. 1,
Week
Price
Par
1259
Commercial & Financial Chronicle
The
151
Utility A Indus pref
Viking Pump Co com
*
Preferred
20%
*
Westrn Union Teleg cmlOO
Westh'se El A Mfg com_50
Walgreen Co com
17
17
48
14%
99%
99%
10
76%
June
117%
Jan
%
Aug
3% May
1%
5%
Feb
Mav
nu
Apr
Williams Oil-O-Matic com*
%
%
%
250
Wisconsin Bank shares cm*
4%
4%
4%
450
14%
12%
14%
1,150
Zenith Radio Corp com
Jan
*
8%
Jan
Apr
131
Stocks (Concluded)
Week's Range
for
Sale
of Prices
Price
Par
5%
a69%
Cincinnati Stock Exchange
Week's Range
Last
Sale
Price
Par
Stocks—
lists
Sales
Friday
1, 1940
Range Since Jan.
for
.
7%
Cln Gas & Elec pref
.50
"~2%
300
2%
Jan
7%
10
5%
Jan
June
1%
187
2%
2%
100
27
105
105
100
Cln Street
2%
2%
7%
3%
8%
Mascot Oil Co
May
Jan
July
Feb
110
2%
Mar
Eagle-Picher
_
_
_
Early & Daniel
1%
Aug
100%
2%
Mar
Feb
8%
50
6%
May
12%
Jan
25
25
20
June
26
July
115
15
110
Jan
115
Feb
24%
115
100
Preferred.
May
46
8%
10
...»
_
85%
1%
96
95
95
50
51
1%
Cln Telephone..
Dow Drug
17%
18
40
25%
26
50
25
..12
..100
4%
Gibson Art..........
Bitfield prior pref
Part pref
4%
30%
30%
29%
%
%
20
60%
59%
5%
33%
60%
380
5%
50
33%
5
.2.50
*
P & G
US Playing
5%
*
10
Rapid
Card.
6%
Mar
Jan
14%
May
34%
Jan
%
52% June
4% May
1 %
Apr
Apr
71%
Apr
8%
Feb
Jan
4%
6
23%
281
Apr
Apr
May
43
43
7
7
Kroger
Mag na vox.
19%
29%
13%
*
Jan
May
__*
Formica Insulation
27% June
39
Apr
..25
10%
10%
10%
5%
5%
5%
335
47%
9% May
4% May
130
*
Mill
246
Columbia Gas
47%
10
General Motors
46
37%
May
Mar
May
375
20
Apr
5
Mar
Aug
66
347
14%
Aug
a-14% al5%
20
14
June
24%
365
27
May
40
21c
30%
30%
20c
23c
38%
Apr
25o
Aug
23% June
135
41%
Apr
Aug
5
875
3 %
47c
47c
47c
500
39c June
60c May
Co
1
2%
2%
2%
1,244
1 %
4%
Oceanic Oil Co..
1
38c
38c
Pacific Finance Corp comlO
11%
a29%
5
Pacific Gas A Elec com..25
29%
5%% 1st pref.......25
Pacific Lighting Coro com *
38%
18%
Puget Sd Pulp <fe Timber.
Richfield Oil Corp com...*
Safeway Stores Inc
8%
a44%
*
......25
25
26
Calif Gas Co 6% pfd A25
Orig pgd
6% pref B
5%% preferred C
100
2,600
29%
8
Apr
34%
Mar
228
26% May
31%
Jan
195
37%
May
49%
Jan
200
12
Jan
1,068
6
May
8%
Jan
Mar
52%
Apr
9% May
28%
15
23
50%
52
a44% a44%
26
May
3
100
2% May
4%
Apr
488
23% May
30%
Apr
38%
46%
Jan
648
Apr
27% May
30%
Jan
710
24% May
29%
Jan
20
30
May
34%
Jan
115
7
May
15%
26%
Jan
44
44
50
30
29%
28%
30
29
29
a32%
a32% a32%
8
8
18%
7%
56%
Apr
7%
4%
17%
17%
12%
12%
4%
18%
7%
4%
17%
12%
378
17% June
100
7% Junr
4%
2,168
102
Ma)
Aup
17%
1,214
Jan
7
Mar
17%
17%
Jar
Jul)
14
6%
4%
Am
6%
Apr
6c June
14%c
Jan
May
2%
Jan
650
4%
1
7%
7%
7%
580
1
4%
4%
4%
100
B1 Mammoth Cons Mng.10
7%c
7%c
7%c
1,000
Mng.l
1%
1%
1%
200
1
Unlisted—
a7%
a7%
a7%
a39% a39%
a39%
..100 al61% al60%al61%
a20% a21%
a21%
Anaconda Copper.. ...56
a4%
a4%
a4%
Armour & Co (111)
5
al4% al4%
al4%
Atchsn Topk & S Fe RylOO
15%
15%
15%
Baldwin Locomo Wks v t c
a29% a30%
Bendix Aviation Corp
5 a29%
a76% a80
Bethlehem Steel Corp
* a80
Borg-Warner Corp...
5 al7% al7% al7%
Case (J I)
100 a46% a46% a46%
a5%
a5%
a5%
Cities Service Co
.10
Amer
Corp *
Smelting & Refining
Amer Tel A Tel Co.
Union Commons Building,
A. T. & T. CLEV. 665 & 666
Telephone: CHerry 6050
Cleveland Stock
Aug. 24
Cleveland
Exchange
both inclusive, compiled from
to Aug. 30,
Par
Week's Range
for
Sale
Stocks—
of Prices
Low
High
Week
Price
58%
c
15%
..5
100
45%
May
4%
May
58%
15%
80
26
May
43%
Mar
36
May
722
17%
12%
Jan
May
17
113
June
117
Apr
33
22
May
37
Apr
a33%
106
26%
May
41
Jan
al2% al2%
10
11
May
19%
Jan
20%
Apr
all% all%
al4% al5%
25
112
10
May
12% May
May
61
12%
July
16%
100
16%
Feb
1%
1%
a31% a31%
100
1%
Aug
23% May
6%
6%
al0% all
25
4%
*
50
6%
1
al7% al9%
70
13%
Natl Mallbl Stl Cst com.*
al7% al9
2%
2%
32
150
13% May
2
July
%
100
al0% all%
160
103
*103
103
20
40
39
40
13
13
16%
..*
*
.*
Midland Steel Products..*
Miller Wholesale Drug...*
Natl Refining (new)
6%
"2%
*
.__.*
%
Apr
Mar
44
Apr
17%
Feb
18
May
1%
Apr
Apr
Jan
40%
8%
May
13%
Apr
21%
Apr
27
Jan
Jan
%
May
9%
May
Apr
3%
Apr
1%
Jan
a6%
5
5% June
Jan
18%
8% May
a7%
*
*
Otis Steel..
25
24%
105%
a6
cNY Central RR com...*
Ohio Oil com
18%
Apr
c31%
34%
National Tile
Apr
63%
313
Murray Ohio Mfg..
National Acme
Mar
May
June
McKay Machine
Metro Paving Brick
7
Apr
46
243
26
66%
July
45
95
Jaeger Machine
c
5
20
a7%
11%
20
7
May
12%
Jan
25
9
Aug
May
11%
17%
16%
17%
298
14
May
23%
Jan
34%
34%
34%
322
31
May
40%
Commercial Solvents Corp*
*
a33%
100
25%
May
6%
May
38%
13%
68%
Jan
a32
a7%
20
a51% a54%
123
42
a7%
4
4
280
4
205
4
45
5%
May
19%
May
25% June
34%
Apr
110
68 H
June
84
Apr
100
15%
Aug
24%
Apr
5%
July
7%
Apr
300
80
2
22
6%
July
150
4%
June
10
9%
July
100
87 %c May
Apr
16%
1% June
Feb
4%
2% May
20% May
20%
May
Aug
a25% a25%
a33
a33%
11%
29%
Mar
a25%
*
a33
3
Goodrich ( B F) Co
*
Intl Nickel Co of Canada.*
all%
a26%
a41% a41%
all% all%
a26% a27%
Corp..*
a27%
a27% a27%
General Foods Corp.....*
Kennecott Copper
a41%
*
25%
Co.*
a39%
Loew's Inc
Montgomery Ward A
Mountain City Copper Co 5
3
25%
Nor American Aviation.
6%
24% June
50
Feb
May
40
Jan
May
47%
20%
Apr
141
27
20
41
10
38
16% May
20% June
38%
Jan
20
24%
July
38
Apr
250
22
June
40
39
June
Feb
35%
47% May
4%
Apr
Feb
3
3
12%
12%
10
al6%
al6%
*
al9%
Packard Motor Car Co..*
3%
a!9%
3%
America
Republic Steel Corp
4%
4%
16%
16%
North American Co
25%
a39% a39%
•
New York Central RR
300
2% May
12%
al6%
al9%
3%
4%
415
9%
May
35
15%
Aug
362
2% May
4% June
7%
Apr
17
480
14% May
23%
Apr
225
68% June
87%
Apr
16% June
24
300
18%
Jan
26
Apr
23%
Apr
Mar
4
A Co
*
*
*
a80%
a77% a80%
*
a6%
100
6
May
7%
134
30
June
43%
Feb
Standard Oil Co (N J)...25
a34%
a6%
a6%
a33% a34%
Jan
Standard Brands Inc
May
12%
Feb
Radio Corp of
Sears Roebuck
1
Studebaker Corp
a7%
Superior Oil Corp (Del)__l
1%
25
Texas Corp (The)
25
Tide Water Assoc Oil Co. 10
Union Carbide A Carbon.*
United Aircraft Corp.... .6
US Rubber Co
10
U S Steel Corp
•
Westinghouse El A Mfg.50
Will ys-O verland M otors _ _ 1
al8%
a35%
Swift & Co
a9%
a7%
1%
1%
al8% al8%
a36% a35%
a9%
a9%
5T4
50
100
a7%
38%
7
10 ;x.
Feb
Aug
2%
June
1%
18
12
23%
Feb
July
47%
Apr
8% June
11
Jan
a72%
a71 %
a72/%
89
63% June
82%
Feb
o38 %
c38% a38%
50
34
51%
Apr
38%
Feb
65
Apr
19
53%
a99%
Aug
19
19
130
18
Aug
52%
63%
509
45
May
aQQ&A upa / 5
a99V»
/g
10
u. »7 0
Last
Week's Range
for
Sale
of Prices
Low
High
Range Since Jan. 1,1940
Week
Price
2%
2%
1%
57 %c
4%
1'233
2%
2%
1%
57 %c 57 %c
4%
4%
2%
2%
1%
Shares
210
2
July
3% May
460
2%
May
4%
Jan
1,375
1%
May
3
Feb
265
50c
Feb
1.00
Apr
180
3% June
5%
May
1%
1%
1%
Mar
3%
Apr
Philadelphia Stock Exchange
both inclusive, compiled from official sales lists
Sales
Friday
*
Tel.... 100
100
Budd Wheel Co
*
Chrysler Corp
5
Electric Storage Battery 100
General Motors
10
Horn A Hard (Phila) com.*
National Power & Light. . *
Week's Range
for
Sale
Par
of Prices
Low
High
Week
Price
12
161%
_ _
ci...__l
Pennsylvania RR
50
Pbila Elec of Pa $5 pref
*
Phila Elec Pow pref
25
Salt Dome Oil Corp
1
Scott Paper
*
Tonopah Mining......*. .1
.
1, 1940
Range Since Jan.
Last
Pennroad Corp v t
High
Low
1%
200
Aug. 24 to Aug. 30,
American Stores
Sales
Friday
Apr
13
Apr
Apr
50
Apr
Angeles Stock Exchange
inclusive, compiled from official sales lists
For footn ites <ea p*?*!
24%
550
Feb
13%
30, both
50c
Bandini Petroleum Co...l
Blue Diamond Corp
2
Bolsa Chlca Oil B com —10
Broadway Dept Store Inc.*
May
457
Jan
6%
May
Aug
7%
Exchange—See page 1263.
Aircraft Accessories
June
16
3%
Apr
Aug
4
4
a!0% all
Par
July
4
78
al8% al8%
7%
7%
Bell Tel Co of Pa pref
Stocks—
19
96
176
3%
American Tel &
Aug. 24 to Aug.
Jan
Mar
al8%
7%
1
1
Curtlss-Wright Corp
Curtis-Wright Class A
General Electric Co
Stocks-
Los
5%
a9%
1%
47%
Continental Oil Co (Del).6
Mar
May
c
Detroit Stock
1%
5%
a9%
1%
Jan
10
July
May
148
Mar
11%
*
*
»*
Thompson Products Inc..*
c Twin Coach com
1
c U S Steel com.....
*
U pson-Walton
,
1
Vlchek Tool
*
White Motor
..50
Packer Corp..
Republic Steel com
Richman Bros
5%
a9%
5% May
35%
174%
31%
7%
382
Continental Motors Corp.l
Jan
a33
Goodyear Tire & Rubber
Hanna (M A) $5 cum pfd.*
Interlake Steamship
*
c
Mar
19%
114% 114%
....*
(B F)
14%
8%
100
5
58%
High
Low
12% June
*
Columbia Gas A Elec
Commonwealth A Sou
a30
*
General Electric com...*
Glldden Co com...
.*
Goodrich
5
25%
100
Eaton Mfg
c
50
a33% a33%
CI Graphite Bronze coml
Cliffs Corp com
20
a50% a50%
5
CI Cliffs Iron pref...
Dow Chemical pref
10
20
100
Apex Electric Mfg
*
Brewing Corp of America.3
Cleveland Railway
Shares
al2% al3
Addressograph-Mul cm 10
Airway Elec pref
c
1, 1940
Range Since Jan.
Last
c
official sales lists
Sales
Friday
2a
10
Jan
Apr
Aug
9
Amer Rad&Std San
Aug
7%
8%
Mining—
GILLIS i<J RUSSELL co.
Jan
10
Ma)
12
9
Cons Chollar G & 8
33% May
31
18%
Western Air Express Corp
28% May
a26% a27
Taylor Milling Corp
*
Transamerica Corp
2
Trans & West Air Inc....5
1%
Feb
47c
15%
May
18%
8%
18%
Standard Oil Co of Calif..*
Vega Airplane Co
Vultee Aircraft com
May
38%
29%
38%
Apr
26
Jan
29c June
38c
11
11%
a28% a29%
44
8
.*
Pacific Co
May
3
3
a26%
So Calif Edison Co Ltd..25
5
31
31
Security Co units of ben lnt
Solar Aircraft Co
1
So
4%
Apr
Members Cleveland Stock Exchange
Feb
Jan
7c
17,000
26
26
M
Ohio Listed and Unlisted Securities
Apr
405
776
Union Oil of Calif
Am Rolling
17
Apr
10%
1
Menasco Mtg
Southern
Unlisted—
88%
5%
26
Los Angeles Investment. 10
Burger Brewing....
Cln Advertising Prod...
Apr
6
Apr
87%
47%
5
30%
Lockheed Aircraft Corp..l
June
Apr
Aug
13
8% May
10
390
46%
5%
al5%
High
Low
Shares
4
160
390
Goody ear Tire A Rubber.*
Hancock Oil Co A com... *
May
100
9%
47%
Globe Grain A Milling..25
7
9%
390
.10
General Motors com
Lincoln Petroleum Co.. 10c
Week
of Prices
High
Low
.
_.
Farmers A Mer Natl.__ 100
compiled from official sales
Aug. 24 to Aug. 30, both inclusive,
_
3% May
6%
1,670
Jan
90%
5%
5%
a69% a69%
9%
Douglas Aircraft Co.
67% May
1,055
13
12%
Mar
12
May
8%
140
5%
5%
5%
1
Creameries of A mer v t c
60
a71 % a75%
13
Consolidated Steel pref...*
High
Low
Shares
10
10
a75%
5
High
Low
10
Central Invest Corp...100
ChryBler Corp
Jan. 1, 1940
Week
Electrical Products Cor p. 4
Com'wealth Edison3%s '58
Range Since
Last
Consolidated Steel Corp..*
Bonds—
Sales
Friday
23% May
Jan
28%
June
""5%
Shares
12
11%
160% 161%
118% 119%
404
9% June
14%
311
175%
5%
125
146% May
Apr
113%
3% May
91
65%
June
25
5
51
2
„.
"30%
"37%
1%
2
21
19%
115% 115%
30%
30%
4%
4%
38%
37%
%
Apr
55%
Apr
125%
100
5% June
8%
Apr
2,229
2,270
Mar
2%
Apr
14% May
Jan
34
112% June
400
28% June
24%
120%
31%
Aug
8%
May
607
7%
Jan
June
110
48%
7%
Jan
Feb
38
May
111% May
73%
29%
45%
119
Jan
6%
40
71%
29%
47%
119
Apr
125%
90%
33%
"29%
21
High
Low
45
1%
4%
73
34% May
13,200
June
49
Jan
Jan
Jan
Apr
%
Feb
1260
The Commercial & Financial Chronicle
Friday
Sales
Last
Stock*
(Concluded)
Par
Week's Range
Sale
of Prices
Low
High
Price
Transit Invest Corp pref...
United Corp com
%
*
Preferred
1*4
--*
United Gas Imp com
Preferred
Westmoreland Inc
*
12 %
*
10%
High
%
55
May
1% June
55
35
UK
124
11274 114
113 %
177
1*4
35
*
Low
26% June
5,081
10
84
Stocks
(Concluded)
Par
1
Jan
2%
hl*4
15%
May
107% June
9% May
14
10%
Feb
Natomas Co
Jan
117%
Sale
Stocks—
Par
Allegheny Ludlum 8tl
Col Gas A Elec Co
Devonian Oil Co..
22
m.
M
«•
"*tm
—
Lone Star Gas Co com...*
Mt Fuel Supply Co
10
Pittsburgh Plate Glass..25
Pittsburgh Screw A Bolt..*
Shamrock Oil A Gs Co crnl
-
m,
83
4%
83
12%
Aug
9%
1%
June
9
0
815
m
33
"20%
135
125
20%
4%
1%
10%
May
1%
34
May
May
Apr
May
Jan
2%
15% May
May
28%
Jan
2%
Jan
Unlisted—
1
1%
May
St. Louis Stock
to
Last
Sales
Week's Range
Sale
Stocks-
Par
American Inc
com
Low
12%
5% pref
Dr Pepper com
Preferred
100
Rayonler Incorp com
Preferred
Preferred
13
Ryan Aeronautical Co
4%
18%
Super Mold Corp cap
Aug
34
Apr
Vultee Aircraft
100
2.00
Jan
Wells Fargo Bk A U T.
19%
Mar
127
100
13%
13%
2%
15
July
27
Jan
Aug
4
June
86
86
3
81
Jan
98
115
25
Aug
45
12%
36%
Apr
7%
Apr
4.50
Feb
Vega Airplane Co
1
.
*
*
.
8%
16"
30
5
100
50c
*
10%
11
13
10%
Aug
13
Aug
*
Western Pipe A Steel
10
Yel Checker Cab Co ser 150
Yosemite Port Cem pref. 10
solicited
on
open until 5:30 P.
27
50
I
100
7%
7%
9
9
7%
200
Mar
6%
Jan
10
June
5% May
5%
Jan
7% Aug
21% May
24
27
25%
64 4
64%
9
215
65
$2,300
9
500
9
Amer Toll Bridge
(Del)__l
Anaconda Copper Mln..50
Anglo Nat Corp A com...*
6
50
7
American Rad A St Sanl..*
American Tel A Tel Co. 100
12%
4
Apr
9%
July
9
Apr
9%
May
30
Apr
55
66%
12%
May
Jan
Pacific
Coast
M. Eastern
Stock
8
May
Exchanges,
which
are
Standard Time (2 P. M.
Saturdays)
Members New
111
York
.3
B A O RR com
Bendlx Aviation Corp...5
Blair A Co Inc cap
1
20
80
June
4%
3,063
7c
7c
700
12%
12%
12%
7
7
4%
764
7
Cities 8ervlce Co com.. 10
Claude Neon Lights com.l
12
own
6%
6%
Francisco Stock
4%
100
3
200
3%
8
May
7
June
12
8
8
690
15
8
272% 275
265
June
18
19
410
15
June
19
19
19
100
15
1.60
1.60
150
06%
a7%
161%
May
1.45 July
Friday
Last
Sale
Stocks-
Par
Aircraft Accessories A. 50c
Alaska-Juneau Gold
10
Anglo Cailf Natl Bank..20
Atlas Imp Diesel Engine..5
Bank of Calif N A
80
Bishop Oil Co
Byron Jackson Co.
4%
5
--
25
California Ink Co capital.*
Carson Hill Gold Mln
cap 1
Central Eureka Mln com.l
Clorox Chemical Co
10
Coast Cos G & E 1st
prf 100
Commonwealth Edison..25
com
5
Preferred
*
El Dorado Oil Works.
*
Emporium Capwell Corp.*
Emp Cap Co pref (w w) .60
Emsco Der & Equip Co...5
Fireman's Fund Ins Co..25
Food Machine Corp com l6
Foster & Kleiser com
2 %
10
Holly Development
1
Low
400
4%
2
350
7%
4%
173
5
5
110
110
1.25
245
100
5
100
4%
5%
3%
3%
High
Aug
11
125
9
12
255
May
6%
Feb
8%
5%
July
7%
Feb
11
7%
20
16c
16c
16c
660
38%
38%
100
3% May
June
May
May
103
May
1.20 July
11%
7%
May
Aug
Aug
12c May
35
May
7%
125
Mar
Jan
2.25 May
15%
Jan
19
Mar
9
Mar
25c
Feb
40%
Mar
22c
3%
22c
100
15c June
32c
3%
925
2%
4%
Mar
15%
86%
3%
17%
44
100% 103%
30%
30%
14%
15%
85% 86%
3%
3%
188
152
120
1,829
422
150
May
43% Aug
100% Aug
28% June
12% May
75% May
206
3% Aug
14% May
May
8% Mar
90%
92
115
77
25
40%
25
210
17%
40%
9
92
1.25
48
1.25
46%
30
8%
55c
8%
55c
17%
150
41
145
9
1.25
48
30
8%
35
May
19% June
100
1.00 June
1,036
38
May
27% May
7% May
295
300
55c
500
11%
11%
11
a4%
a4
3%
30
"T.io
30
1.05
9%
174%
Mar
Feb
97c
Aug
18%
190
a6%
a4%
3%
Aug
31%
12%
25%
9%
8%
Apr
600
8%
90
14
6
8%
254
4
150
a%
a2S% a28%
6%
6%
7
7%
20%
May
June
135
a6
8
"a5%
30
5%
a27%
76
109
May
May
4%
Feb
%
June
53
Apr
Aug
Jan
Mar
Apr
5%
Apr
35%
Apr
2
Jan
14%
Jan
85
Apr
6%
%
May
8
Mar
Mar
17
5
Mar
20
24
June
32%
Apr
100
6
June
495
6%
7%
11%
Mar
30
a5%
a5%
33%
33%
24%
24%
5%
5%
a20% a27%
a2%
a2%
9%
5
8
Aug
75c
1,120
10%
10%
a84% a84%
a6
a5%
a%
a%
Feb
May
Jan
3% June
210
1.10
July
June
149
36,800
06%
7%
50
July
Apr
25
May
5% Aug
28% June
41
Jan
26
20
Jan
25
•Aug
1,225
5
June
7
Apr
25
430
120
20% June
36
8%
Jan
Jan
38%
Jan
50
1
2%
May
4%
Apr
8c
10c
560
8c
1
Aug
16c
Jan
90c
90c
302
a28% a28%
o4%
04%
28
*
a2%
1
A Co.*
5
7c
a41%
3%
Aviation.. 1
1,400
2,200
2%
20
Riverside Cement Co A..*
Schumach Wall Bd pfd__*
Bo Calif Edison com
25
6c May
145
12c
Aug
May
55%
Jan
Apr
39
4%
14%
June
95
13
3%
July
1.25
70
1.00
Aug
1.50
Mar
3%
500
May
16% June
4%
23%
Mar
56
500
4% May
7%
Apr
4%
25%
Apr
a5
3
24%
•3
40
2.75
Aug
Feb
Feb
Feb
Apr
24%
26%
483
24
May
30% May
30
30%
227
28%
May
July
29
May
Aug
30%
30%
1.10
Mar
7%
12%
Apr
29
100
18% June
190
26%
5c
20
5c
6%
6%
280
1
a7%
a74
50
35%
35%
no
Warner Bros
Pictures....5
West Coast Life Insur
5
July
26%
30%
5C
United Aircraft Corp
cap.5
U 8 Petroleum Co
1
United States Steel
com..*
Jan
16% al7%
3%
3%
a
25
com
Texas Corp com
Apr
4%
7%
26%
6%
3
25
Studebaker Corp
Jan
Mar
8%
3%
*
So Pac Gold Gate
6% pf 100
Standard Brands Inc
*
1.55
35%
al9% al9%
4%
4%.
50
25
July
4% June
1.25
"a 174
Pacific Port Cement com 10
Packard Motor Co com..*
6% preferred
5%% Pref
24%
7c
a5
...20
Pennsylvania RR Co
Radio Corp of America
75c June
25
a39% a41%
3%
3%
6
American
11
798
10
50c May
10%
8%
July
July
57
Feb
"T%
a40
80c
a36
a40
80c
80
5
May
5% May
35%
39
Aug
Mar
Apr
Feb
46% May
51%
Apr
June
85c
2,010
54%
54
64%
528
May
66%
Jan
a24
6%
a2%
6%
02%
6%
50
2
May
4%
Feb
1.50
4
Jan
9%
Apr
55c May
42%
1.15
21
Jan
8%
e
Admitted to unlisted
In range for
changed from
Eversharp, Inc
Apr
Feb
CURRENT
Jan
20%
44%
11
99%
33%
2.20
Jan
Apr
Feb
Mar
56
Apr
34
Mar
11%
Mar
76c
Feb
17%
—Marking
an
NOTICES
expansion of activities in San Joaquin
Valley
territory.,
the investment
banking firm of H. R. Baker & Co. is
announcing the
addition to its Fresno office
personnel of Wm. H. Bryan Jr., for
many years
identified with the investment
business in Fresno and environs.
Mr. Bryan will be
associated with Alex. Brown, who has
long been a
Baker executive.
Jan
Simultaneously the
Apr
27%
Apr
27%
173
21
35
Jan
25%
26%
300
23% June
41%
Apr
May
b Ex-stock dividend
May
12%
8%
June
o
May
95
44
7
Odd lot sales,
year.
The Whal Co.
35% June
15
a
trading privileges,
d Deferred
delivery,
r Cash sale—Not Included
zEx-dlvidend.
y Ex-rlghts.
s Listed,
tin default.
J Title
Feb
Apr
327
7
No par value,
33
39%
7
*
109
39%
26%
5%
52c
344
97c
Jan
3%
44
100%
10
2.10
Shares
74
Honolulu Oil Corp cap
*
Hololulu Plantation Co.20
Hutchinson Sugar Plant. 15
LeTourneau (RG) Inc.._l
Lockheed Aircraft Corp..l
4%
7%
High
Range Since Jan. 1, 1940
11
mm*.*-*.
*
Golden State Co Ltd.....*
2.00
1.25
*
20
of Prices
Low
4%
2
.*
Callf-Engeles Mining Co
2.10
10
„
com
Price
for
Week
93c
20%
20%
11%
12%
al4% al5
1
OlaaSugar Co
Sales
Week's Range
70
161% 161%
94c
»
Montgomery Ward
Aug. 30, both inclusive, compiled from official sales
lists
Jan
19
Consolidated Oil Corp
M J A M A M Cons
Exchange
May
A tig
Jan
125
3%
Kenn Copper Corp com..*
McKesson A Robbins com5
offices In San Francisco and Los
Angeles
May
415
12
Columbia River Packers.. *
Cons Edison Co of N Y_.*
Preferred
Broadway, New York
Aug
6c May
220
Bunker Hill A 8ulllvan_2 %
Cal-Ore Pw6% pref n-c. 100
No
Leslie Salt Co
88
..100
Mountain City Copper
NaskKelvlnator Corp
Genl Mtrs Corp com
Genl Paint Corp pref
May
May
4%
5
Inter Tel A Tel Co com
Italo Pet of Amer com
Stock Exchange
June
22
7c
Atchison Topeka A S FelOO
Idaho Mary Mines
Corp.. 1
Internatl Nick Co Canada*
Cortlandt 7-4150
Private Wire to
Crown Zellerbach
5
17%
350
1,546
4%
Domlnguez Oil Fields Co.*
Electric Bond A Share...5
General Electric Co com.. *
Hawaiian Sugar Co
20
Jan
Schwabacher & Co.
Calamba Sugar
Calif Art Tile A
50
23
87
*88"
Curtlss-Wright Corp
Assoc Insur Fund Inc
1,240
5
Unlisted—
6% Aug
3% May
July
9
Jan
Bonds—
to
8%
22%
100
Aviation Corp of Del
June
10
5
9
St Louis Pub Ser 5's...1959
Income
...1964
Aug. 24
21
May
28% May
6% May
18%
1
Atlas Corp com
9
66
6%
4
__
San
4% May
69
5
1
15% May
11%
Jan
13% Aug
340
13%
6%
...1
Stlx Baer& Fuller com.. 10
Wagner Electric com
15
50c
75
com. *
com
325
13
*
com
1.00
13
25
Warrants
8% Aug
25% May
4% Aug
60
5
5
com
8%
10
30
com*
Midwest Plpg & Sply com *
Orders
130
2,035
5%
17%
5
.
Aug
3% May
25
%
Preferred
Apr
700
10
Victor Equip Co com
May
75c May
100
May
25
Universal Consol Oil
5%
10
33
8
10
Tide Water Assd Oil pref. *
Transamerlca Corp.
2
Treadweli Yukon Corp—1
60c
25
com.
Rice-Stlx Dry Goods
8%
196
4%
5%
23%
32%
100
658
75C
100
4%
25
Apr
25
Laclode-Christy CI Pr
Mo Port Cement
Natl Candy com
8%
100
33
May
86
com.,
Lemp Brew com
Meyer Blanke com..
Sterling Alum
8
100
25
11
July
14
May
24% May
600
200
1
Co
328
17%
29
Soundvlew Pulp Co com.5
4
100
International Shoe
17
16
So Cal Gas pref ser A
29
15%
2%
July
27%
75c
Jan
14
96
17%
100
Aug
13%
15%
2%
65
29
Warrants
Roos Bros pref ser A
3%
com. *
Griesedleck-West Br
IIussmann-Ligonier
Scullin Steel
12
16%
1
25
Richfield Oil Corp com...*
26%
Apg
June
June
Jan
100
40C
June
28
Apr
268
27
142
1%
3%
27%
35
June
31
259
815
25%
60c
113
3 25
12%
Apr
63
2.60
44
56%
May
3% May
12%
*
100
27
May
100
R E A R Co Ltd com
267
Aug
34
50
200
Union Oil Co of Calif...25
Union Sugar com
25
High
429
460
18%
13%
14
25% June
28% May
25% May
99
50
Aug
May
889
423
18
25%
34
'25%
4
com
Low
95c May
96%
12%
*
Emerson Elec
Range Since Jan. 1, 1940
Shares
May
May
3%
1,393
32%
Week
High
3
100
29
33%
29%
3% June
16% May
976
38
38%
105% 106
4%
4%
121% 123
150% 150%
105%
4%
100
50
50
Burkart Mfg com1
Century Electric Co
10
Cocoa-Cola Bottling com.l
Collins-Monroe Shoe com.l
Columbia Brew com
5
for
of Price 8
Price
4
32%
Preferred...
35
140
1.20
32%
Jan
5% May
7% May
7% June
125
4
29%
Spring Valley Co Ltd
.*
Standard OH Co of Calif..*
Exchange
Aug. 30, both inclusive, compiled from official sales lists
FrUlay
693
28%
33%
com
Southern Pacific
Aug. 24
29
Schlesinger (B F) 7% Pt-25
Pennroad Corp vtc
9
4%
21%
1.75
Puget Sound P & T com..*
Jan
34
May
785
1.15
100
Paraffine Co's
Apr
6%
250
4
1.15
100
com..
Preferred
Mar
104%
8%
*
*
com
Pacific Tel A Tel
Jan
1%
June
28
108
1%
17%
14
Jan
00
t°
19%
May
7% May
4% May
100
34
1%
—
~
Feb
1,200
1,024
Pac Light Corp $5 div
20% May
8%
Apr
13%
Feb
7%
Apr
Aug
88%
5%
1%
5%.
~
«.
6%
6%
1,384
8%
«* m.
40
5%
5%
#
May
12%
10%
1%
87
m
Vanadium-Alloys Stl Crp. *
Westinghouse Air Brake.. *
9
16
200
7%
8%
4
25
com
Pac Pub Service
High
150
0%
1%
M m.
Low
59
7
6%
5%
12%
10%
5%
6
1
Shares
22
7
m
10
Duquesne Brewing Co
Fort Pitt Brewing
High
20%
"
*
*
.
Low
2.70
21%
6% 1st preferred
25
6%% 1st preferred...25
Pac Light Corp com
*
Range Since Jan. 1, 1940
12% May
4%
*
Pacific Clay Products eap.*
Pacific Coast Aggregates.5
Week
of Prices
Price
cm. *
Arkansas Nat Gs Crp pf 100
Byers (A M) Co com
*
for
Low
351
7
*
Pac G A E Co
Range Since Jan. 1, 1940
Shares
8%
8%
North American Oil Cons 10
Sales
Week's Range
2.60
for
Week
15
"7%
O'Connor Moffatt cl AA.
Oliver Utd Filters A
Pittsburgh Stock Exchange
High
15
.....
Feb
>ug. 24 to Aug. 30, both inclusive, compiled from official sales
lists
Last
Low
15
*
Apr
12
of Prices
Price
Menasco Mfg Co com.
1
National Auto Fibres com 1
Jan
Week's Range
Marchant Calcul Mach—6
B
Friday
Sales
Last
Sale
Shares
%
Friday
Range Since Jan. 1, 1940
for
Week
Aug. 31, 1940
Jan
larger quarters
—Chicago
on
firm announces the removal of its Fresno
office to
the fourth floor of the T. W. Patterson
Building.
Mercantile
transfer to Theodore G.
Exchange
memberships
have
been
posted
for
Johnson, Secretary and Treasurer of Svenson &
Inc., Chicago, and Arthur J. Good, President of
the Pickerington
Creamery, Inc., Pickerington, Ohio.
Co.,
Volume
1261
Commercial & Financial Chronicle
The
151
Canadian Markets
LISTED AND UNLISTED
Provincial and
Montreal Stock
Municipal Issues
30
Closing Bid and asked quotations, Friday, Aug.
Sales
Last
Week's
Sale
(American Dollar Prices)
of Prices
Low
High
1
Bid
Ask
Bid
5s
Jan
1 1948
38
4)4s
Oct
1 1956
37
.July
12 1949
73
96
Pen mans
*
95)4
97
Power Corp of Canada
*
15 1965
4)4s
79
1 1953
95
48
Jan
6s
5s
76
76
Oct
Price
Par
1942
1943
1959
1962
1
Sept 15
May
1
June
1
Oct
5s
39)4
38)4
Prov of British Columbia—
4Hs--
Stocks (Concluded)
50
50
88 )4
Price Bros <fc Co Ltd.....*
13 H
78
80
Quebec Power
14
82
84
Saguenay Power pref
St Lawrence Corp
2%
Aug
1 1941
73
78
4)4s
4s
81
83
St Lawrence Paper pref.
50
100
15)4
74
2 1950
1 1968
86
70
Mar
Feb
85
June 15 1954
Dec
2 1959
70
74
4)4s
May
1 1961
78
81
Shawinlgan Wat & Power.*
19)4
Nov
5)4s
73
70
15 1961
63
Oct
4)4s
Province of Nova Scotia—
57
15 1952
Mar
1 1960
77
69
Jan
5
100
May
107)4
Mar
1,230
3
2
May
5H
Jan
700
21
Apr
52)4
Apr
24)4
Jan
15
10)4 May
May
Jan
16
11)4
11)4
25
65)4
65)4
45
62
July
25
66
66
100
63
May
83
Jan
145
145
1
145
July
160
Mar
Co of
Canada
*
*
*
11H
Jan
6)4
May
Mar
Aug
37
11)4
14 H
Apr
2)4
Jan
2%
Jan
97
90c
Aug
Aug
25
1.00
1.00
Jan
86)4
22
150
100
90
100
*
24
11)4
*
2%
5
24
11)4
May
9)4 June
10
3)4
3)4
*
Class B
1.00
July
Banks—
30
164
Apr
Candalenne
Ask
Bid
100
137
137
25
137
Aug
Commerce
Ask
Bid
17 M
20
Winnipeg Electric A
100
145
147
24
139
July
176)4
Mar
100
184
184
85
171
July
212
Mar
273
274
5
280
July
311
Mar
152)4 156
12
150
June
190
Mar
Montreal
..100
Nova Scotia
Canadian Pacific Ry—
Pacific Ry—
June
10
Wabasso Cotton
Railway Bonds
Canadian
13
570
'
,
Closing Bid and asked quotations, Friday, Aug.
(American Dollar Prices)
Jan
75
19)4
Weston (Geo)
Sept
5s.
Jan
24
15)4
Preferred...
80
4)4s
11H
May
33
Steel
55
May
9
18)4
United Steel Corp
78
75
6
Tuckett Tobacco pref. .100
53
1943
15 1946
1 1951
235
770
15)4
Southern Canada Power. _*
June 16
5s
76
72
15 1960
Mar
72
July
33
A preferred
of Saskatchewan—
Prov
Prov of New Brunswick—
50
100)4 100)4
.....
*
5s
13
7)4
13)4
14
*
100
4)4s
4Hs__^__Apr
High
Low
Shares
14
86)4
6)4
5s
Apr
Range Since Jan. 1, 1940
for
Week
50
/
6)4
12)4
Province of Quebeo—
Province of Manitoba—
5s
Range
Province of Ontario—
Province of Alberta—
5s
Exchange
Friday
4s perpetual debentures.
55
56
4)4s
Sept
1 1946
70
72)4
6s
72
75
5e
Dec
1 1954
70)4
72
1 1960
66
156
68
Sept
15 1942
July
4 Ha
4)4s
Dec
15 1944
60
63
5s
July
1 1944
96
100
Royal
97 X
Montreal Curb Market
compiled from official sales lists
Aug. 24 to Aug. 30, both inclusive,
Bonds
Government Guaranteed
Dominion
Ask
Bid
Ask
Bid
Canadian Northern Ry—
Canadian National Ry—
Par
Stocks-
1 1946
July
6)4b
of Prices
Low
High
Price
90c
4)4
5)4
1,760
1.15
1.25
89)4
80c
88)4
90
88
89)4
4H8
88
89)4
4a._.»
5s
July
1 1969
90
92
3s
5s
Oct
1 1969
90)4
92
Brit Amer Oil Co Ltd
5s
Feb
1 1970
90)4
92
Brit Columbia Packers...*
4J4s
4Hs
Bathurst P & P Co cl B
Grand Trunk Pacific Ry—
1 1962
1 1962
__Jan
.....Jan
76
......
138
7
130
Jan
100
4
Exchange
Friday
Week's Range
Last
Sale
Par
Stocks—
"98"
*
Asbestos
•
Corp
Associated Breweries
9)4
*
12)4
16)4
151"
4)4
75c
75o
75c
245
75c June
3.76
1.50
1.60
26
4)4
5)4
125
40
147
151
4H
130
703
394
23
65
120
4)4
16)4
12
12
15
120
4
859
15)4
18
454
18
487
99
Feb
Jan
6
May
16)4
Jan
12 %
May
28)4
Jan
37)4
Apr
Feb
31
755
20
May
120
120
45
106
June
15
15
10
14
May
19)4
Feb
8
10
300
5
June
14)4
Mar
101
101
286
98
2954
31
"is"
1.75
1.85
100
5)4
554
1,520
5
5H
25
5
25
125
8
Dominion Stores Ltd
*
4
Dom Tar & Chem
*
Dominion Textile...
*
H
25
122
*
..100
Dominion Steel & Coal B 26
125
754
854
Aug
1.65 May
4
May
128
101
3)4
9
9
Mar
Apr
Jan
Aug
Jan
5
4
May
May
48)4
Jan
.
June
32
Apr
27)4
Apr
40 H
Jan
65
50
1,007
19)4 May
22)4 June
113
June
June
6)4
3)4 May
4
4
35
554
554
25
3
82 H
82)4
125
15)4
Arntfield Gold
435
30
30
"~20c
32)4
35
93
5H
90
10
May
16)4
Jan
19
80
June
96 H
Feb
90
90
11
90
Aug
6
1,030
July
June
105
Feb
10)4
Feb
96
Feb
25
5
June
9)4
Jan
1,633
25
May
31)4
Feb
1
1
1
P amour Porcu Mines Ptd.l
Pandora-Cadillac Gold
1
Pato Cons Gold Dredging. 1
Perron Gold—
1
Pickle Crow Gold
—1
Preston East Dome Mines 1
St Anthony Gold
1
Shaw key Gold...
1
Sherritt-Gordon Ml nee—1
Siscoe Gold Mines Ltd—1
Sladen-Malartlc Mines... 1
Sullivan Cons—
1
Teck Hughes Gold
1
Walte-Amulet Mines
1
Wood-Cadillac Mines
1
28
380
25
June
38 H
Jan
Wright Hargreaves
36
55
33
June
41)4
June
69
Mar
Jan
55)4 .Mar
May
9.60
July
35
Mar
55)4
Mar
8)4
15
Apr
Jan
35
Mar
23)4
Apr
*
26
2254
26
140
19)4 June
34
Jan
1054
10)4
1054
13
13
36)4
70 X
14)4
37)4
15
630
70
70
130
70
16
16
10
14
10)4
10)4
70
9
165
2
May
Secord
5
354
6
554
5
354
6
2854
28
28)4
28
27)4
36
36
4454
43)4
1,181
50
80
46)4
Jan
May
80
Apr
24
Feb
June
94
Feb
May
27
Jan
July
13
Jan
2)4 May
34
45
425
53)4
54)4
240
43 H
24)4
225
20
8)4
5
10
10
75
Jan
Feb
12)4 June
23
"id"
15)4
16)4
51
24 H
8)4
June
June
27)4 May
54 H
9)4
6)4
Mar
Jan
Kirkland Lake Gold
Lake Shore Mines...
Macassa
Mines
Jan
Mar
Feb
91
91
10
91
Aug
106)4
May
7)4
5
50
4
4
10
4)4
Jan
4)4
Mar
5
5
10
5
Jan
6
July
97
1.50
5
4
98
41
93)4 June
112
37
36)4
37
18)4
18)4
18)4
14
14
1.50
Aug
29)4 June
10
16)4 June
43)4
20)4
Feb
Feb
76
500
6c
400
4c
75c
10)4
July
Jan
35
Jan
4c June
16 He
July
4)4c June
35c July
13c
Jan
5)4c
Aug
500
5c
6c
Feb
Apr
336
1.60
1.50
—
Mines *
Dalhousle Oil Co Ltd
*
Co Ltd
—*
July
77)4
Jan
Home OH
33)4
Jan
Royallte Oil Co
12
July
16
Aug
Feb
.
1
3)4c
19
19
«
No par
Ltd...—*
value,
r
17
87c
Jan
lc
lc
lc
2,000
Aug
2)40
Jan
3.00
2.95
3.00
222
1.95 June
4.10
Jan
35
35
700
20c May
68c
Jan
Feb
7c
May
95c May
1.45
Jan
"2c
92c
2c
2c
500
92c
92c
100
He
4c
July
31)4
Jan
3~50
3.35
3.50
426
2.28 June
4.80
Feb
1.00
1.00
1.00
100
2.35
5c
6c
2,900
1.00 May
2c June
10 Ho
Jan
2.25
2.25
800
1.55 June
2.65
Apr
1.55
1.65
2,000
1.05 June
2.11
Jan
2.71
2.70
2.72
700
2.46 June
4.15
Jan
1.88
1.88
1.88
100
1,40 June
2.40
Jan
20)4
20
60
15)4
Jan
July
20o
Jan
l)4e June
5)4o
Jan
1.15
Jan
96c
Apr
9c
90
9c
1,000
lHe
lXc
2,000
70c
70c
10
58c
58c
62 c
3,175
30c
30c
600
20c June
61c
Jan
'62c
60c
65c
6,600
47c June
1.00
Jan
3.05
3.05
100
2.48 June
4.15
Jan
2.95
2.95
200
2.90 June
6.00
Jan
11c ll)4c
1,200
8c June
31o
Jan
July
8.20
Jan
24c May
40c
Mar
3.10
Jan
36
Jan
11c
6.00
6.00
6.00
25
Oil—
June
8)4 June
9)4
6)4
16)4
Jan
1054
70)4
3)4 May
5H May
Jan
11)4 May
X
Mar
10
295
29)4
145
15
Apr
June
20 H
15
70
5)4
10)4
6)4
8)4
Jan
101)4
1
Dome Mines Ltd
*
Duparquet Mining
1
East Malartic Mines Ltd.l
Francoeur Gold
*
Kirkland Gold Rand.....l
15
3654
June
Mar
88
8)4
82
21c
1054
12
93
5
Jan
20c
88
268
59
10)4
Century Mining
1,972
June
Aug
Feb
25
25
July
15)4
3
15
8c
May
5
35
6c
6
44
22
500
415
300
May
1,000
11
4)4
9
8c
10 x
54)4
100
Apr
6c
11
11)4
15)4
Jan
Jan
55c
8c
Jan
4)4
28
5c
Mar
11X
1
14
July
1,000
11)4
54 H
June
10c
1,500
90)4
"4 H
12
100
43c
May
4)4
60c
10c
10c
Jan
Mar
36
Apr
20c May
6)4c
June
77
33
43c
4
101
1
12
12
100
5)4c
70
89)4
35
20c
20c
Jan
21)4
7)4 June
Feb
Beaufor Gold
20 X
3
Eeeare pref
25
Massey-Harrls
*
McColl-Frontenac Oil
*
Montreal L H & P Cons..*
National Breweries
*
Preferred
25
Natl Steel Car Corp
*
Noranda Mines Ltd
*
Ogllvie Flour Mills—.._*
Ontario Steel Products—*
Ottawa L H & Power—100
11)4
Jan
22 H
Apr
15
_
11)4
11
Jail
10
Jan
20 H
Imperial Oil Ltd
*
Imperial Tobacco of Can.5
Intl Nickel of Canada
*
Intl Paper & Power pref 100
International Petroleum. *
Intl Power pref
100
Lake of the Woods......*
356
225
5
5)4
122
554
6)4
8)4
535
88
8)4
June
May
6
6
May
2
—
554
"90"
3
155
17 H
Corp—*
1
1
6
1054
Jan
65
22)4
Mines—
Aldermac Copper
10
3)4 May
4)4
22)4
5)4
Sou Can Pr
Jan
Feb
17
5
Quebec Tel A Power A...*
Sarnia Bridge Co cl A
*
6% cum pf_100
Thrift Stores Ltd
*
Walker-Good A Worts (H)*
JI cum. preferred
*
„
Feb
9)4
17)4
MacLaren Power A Paper
.
525
Jan
3)4
3)4 June
13)4 July
*
*
Mass-Harrls5%cum prf 100
McColl-Frontenac Oil—
6% cum pref
100
Melchers Dist Ltd pref. 10
Mitchell (Robt) Co Ltd..*
Power Corp of Canada—
6% cum 1st pref
100
Provincial Transport Co..*
5
4
May
May
1.00
4)4
22)4
Mackenzie Air Service—*
Jan
*
Mining
5)4
B___.
Bobjo Mines
..1
Cndn Malartic Gold
*
Central Cadillac Gold Mini
89 H
Howard Smith Paper
Laura
23)4
8)4
9)4 June
50
Hudson Bay
Jan
Feb
June
Ltd A *
Lake St JohnP&P
17)4
Mar
8)4
21)4
2)4
Donnacona Pap Co
Jan
May
June
4
Feb
30
May
...
Preferred
*
Falrchlld Aircraft Ltd
5
Fleet Aircraft Ltd
*
Ford Motor of Can A
*
Fraser Cos vot trust
*
Inter-City Baking Co..100
Intl Utilities class B
1
Apr
Mar
25
Holt Renfrew pref
Mar
10)4
18
25
5
100
169
23
21
Holllnger Gold
Feb
June
Aug
May
100
*
Dom Woollens
10)4 May
11
165
Hamilton Bridge
Cub Aircraft Corp
Jan
Apr
3)4 May
80
15
Feb
15)4
45
July
25)4
408
%
4
25
Goodyear T pref Inc '27.50
Jan
Ltd...*
35)4
*
6)4
Mar
112)4
25
Preferred
Apr
Feb
July
5
365
6
6
3.50
July
35)4
General Steel Wares
2.00
1.95
18
June
1.55 May
May
Crown Cork & Seal Co...*
*
2.00
Commercial Alcohol pref.5
1.50
50c June
10
20
500
6)4
Consol Mining & 8meltlngS
100
100
100
109)4
5
29
preferred
5)4% preferred
2
12
5
16)4
*
5%
2
12
2
"
Apr
575
10954 10954
12)4
1154
16 H
*
Gatineau
Apr
Jan
87
10
Dry den Paper
*
Foundation Co of Can ...*
45
Apr
86 H
..100
Bridge
Aug
10c
830
Dominion
30
8)4
1,435
Dominion Glass
3
Jan
8)4
*
25
May
15)4
Distillers Seagrams
Mar
31)4
6c
7H
Cockshutt Plow
235
3)4
14 H
2b
Aug
21
8%
Pacific Ry
May
177
2,257
15)4
Preferred
22
2
8c
*
25
Canadian
130
4)4
50
Cndn Ind Alcohol
Apr
250
185
8c
"Th
Cndn Foreign Investment
2)4
1.10 June
1.45
25)4
1.25
4)4
Canada Steamship (new).*
*
Feb
8c
87
Can North Power Corp...*
100
111
4)4
454
*
Celanese
July
Consolidated Paper Corp.*
14
7% preferred..
95
Consolidated Div Sec A..*
14
6
Canadian Converters..100
45
Jan
10
Canadian
98
May
12
Preferred
98
19)4
106
preferred
Feb
26)4
275
Cndn Car & Foundry
39
May
15
*
June
14)4
15
Canada Forgings cl A
30
14)4 May
Building Products A (new)*
100
126
125
24
Preferred.
Jan
34)4
1,189
24
Canada Cement
35
17
British Col Power Corp A *
Bulolo
Apr
May
16
40
100
100
(N) Grain
Telephone
9)4
854
May
7
105
July
24
25
CndnIntlInvTr5%cmpfl0P
Catelll Food Prods Ltd...*
High
Low
10
2,295
185
185
Candn Pow & Paper Inv__*
Week
Shares
Jan
150
26
17
Brazilian Tr Lt & Power.*
6%
B—*
Jan
11
25)4
25)4
*
Preferred
19)4
Feb
15)4
16
100
Preferred
Bathurst Pow & Paper A.*
Bell
Range Since Jan. 1, 1940
for
1.35
Cndn Breweries Ltd.....*
Canadian Indus Ltd
6)4
23)4
34)4
7% cum pfd 100
Commercial Alcohols Ltd.*
Algoma Steel.
Bawlf
of Prices
High
Low
Price
lists
Sales
Jan
Mar
11
'"26"
Can North
150
May
15
65
18
17
18
*
4)4
4)4
Jan
6)4
July
'"4)4
-
Apr
5
3)4 May
5
139
Jan
1.45
1)4 May
Beldlng-Cort 7% cum pf 100
Brewers & DIsts of Vano_.6
71
inclusive, compiled from official sales
75
5
Co.*
Canada Malting Co Ltd..*
Aug. 24 to Aug. 30, both
3
2)4
Apr
17)4
June
80c June
139
Canada A Dom Sugar
Montreal Stock
2
175
Beauharnols Power Corp.*
79
69)4
*
80c
2H
0.50 June
2,100
4)4
1.25
88
1940
High
Low
Shares
*
1 1951
June 15 1955
1 1956
Feb
1 1957
July
Sept
4Hs
Range Since Jan. 1,
Week
100
Abitlbl Pow & Paper Co. .*
6% cum pref
Aluminium Ltd
101)4 103
Week's
Sale
(American Dollar Prices)
for
Range
Last
Friday, Aug. 30
Closing Bid and asked quotations,
Sales
Friday
25c
200
1.53
1.64
300
22)4
22)4
10
25o
1.64
Canadian market.
53c
July
69c
Aug
4.80
1.30 May
18
June
1262
The Commercial & Financial Chronicle
Aug. 31, 1940
3^
Canadian Markets—Listed and Unlisted
Toronto Stock
Exchange
Toronto Stock
Exchange
Aug. 24 to Aug. 30, both inclusive, compiled from official sales lists
Friday
Friday
haul
Sales
Week's
Sale
Stocks-
Par
Range
Low
High
Stocks
Shares
Low
(Concluded)
Par
Preferred
100
Aldermac Copper
Algoma Steel.
1.780
50c June
2.50
Apr
5*$
1,666
2
June
173$
Jan
Loblaw
1.10
100
75c
July
1.10
"28"
25
28
18
*
„
15c
9
9
1
13$c
68c
55c
58c
1.60
1.60
1.75
lc
13$c
53$c
Ashley..
6*$c
23$c
4,000
Que
lc
A
Mines
Jan
Macassa
Jan
MacLeod Cockshutt
163$
Apr
Madsen Red Lake
63$c
1.03
Jan
Malartlc
Jan
Manitoba & Eastern
38o
Aug
48c
55c
7,900
88c
Jan
2.25
3,135
1.71 May
3.40
Jan
24
243$
180
203$ May
28 3$
23
155
20
May
26?$
Jan
2.25
2.05
24
-
B
Apr
36
July
July
41c June
3.55
5,625
2.25 June
4.75
Feb
1.67
2.05
16,200
2.55
Jan
35c 403$c
90c 99*$c
34,724
1.00 May
20 3$ c July
62c
Jan
29,700
54c June
1.45
Mar
500
l*$c
53$
93$
Apr
1
40c
1
Gold
99*$c
*
*$c
43$
13$c
Aug
3.00
Jan
July
17c
Jan
Aug
7c
Apr
43$
20
750
lc June
43$c
Jan
184
23$o May
280
25
6*$
693$
Jan
31
13$e
33$
343$
43
43
Maple Leaf Milling pref...*
Maralgo
Jan
*$c
3$c July
1*$ May
33$ May
Maple Leaf Milling
4c
23$
85
23$
Jan
Jan
3c
1,000
2c June
43$c
1.37
1.57
91c June
2.68
Jan
9J$c
9c
15,949
2,700
28c
315
Mclntyre-Porcuplne
6
Feb
McKenzie
1
1.02
98*$c
1.03
4,850
85c June
1.47
Jan
McVittle
JaD
33c
1
8c
73$c
8c
3,200
4c June
153$c
Jan
4,700
275
9%c
272
275
3
7c llHc
12
5c
July
7c
Aug
July
May
269
11,245
12
63$c
1,000
2*$c
95c
95c
1,995
70c
*
4
4
5
2d preferred
100
Beauharnois
»
Bell Telephone Co.....100
Bldgood Kirkland
1
94
94
12
1
95c
Beatty class A
4Vs
1503$
4%
5
Biltmore
34*$
Brazilian Traction
,*
18 H
Class B
Buffalo-Ankerite
B uff alo-Canadian
•
Preferred
Apr
Nay bob
Noranda
3.50
2c
Canada Steamships pref.60
Canadian Wire A
*
Class B
*
43$c
1.40
145
140
Can Car & Foundry
Preferred
*
Cndn Indust Alcohol A...*
Canadian Malartlc
*
C P R
26
Canadian Wirebound
*
Carnation pref
17c
July
61c
Feb
1,470
80c
June
2.35
Jan
2,000
June
2.39
23$c May
33$c
33$c
47c
Jan
Partanen-Malartic..
Paymaster Cons
~33$c
18c June
263$c
23 3$c
27c
5,000
17,100
83$
Jan
Perron
1.65
Feb
Pickle-Crow
2.80
2.65
2.80
Apr
Pioneer
2.20
2.15
2.20
1,160
3,500
June
78
June
June
Jul j
Mar
Gold
Powell-Rouyn
1.55
25,370
1.30
15
June
24
Prospectors Airways
2.38
Jan
Apr
*
25c
25c
25c
500
343$c
Mar
i
Aug
Apr
Reno Gold
20c
2.75
15c
14c
15c
2,500
12c
July
57c
1
3c
3c
500
23$c June
10
1453$ July
17*$ May
June
1.05
Aug
21*$ May
Apr
Roche LL
June
178
Feb
Royal Bank of Canada. 100
July
7*$ May
53$ June
12*$ May
20
May
93$ July
1.65 May
32c July
4
May
133$ May
22
Feb
Royallte Oil
14
Feb
114
June
56c
1.45
31*$
154
1503$ 155
223$
22 3$
22 3$
St Anthony
St Lawrence Corp
9c
83$C
Jan
1.80
2.05
32
Jan
Sand River
4,600
1
5c
5c
5c
__1
26c
25c
3.62
Jan
Jan
*
Senator-Rouyn
85c
1
Shawinigan Power
Mar
22
Apr
117
Mar
Sheep Creek
Sherrltt-Gordon
83$
193$
30
13$c
Jan
Jan
6.25
6.00
4.00 June
8.75
Jan
Sigma
1
Silverwoods..
*
Jan
Preferred
*
6.25
200
3
33$
140
53$
53$
30
Slacoe Gold
l
59c
57c 613$c
Sladen-Malartic
I
34c
34c
34c
33c
Apr
Slave Lake
1
6c
Jan
1
*
"36
Consumers Gas.......100
Cosmos
*
Cub Aircraft
*
Petroleum
•
143$
343$
36
155
"25
155
23
25
60
602
90c
75c
12C
90c
6
123$ July
283$ May
141
July
Dome
*
*
...
Dom Scottish Invest
Duquesne Mining
East Malartio
178
Feb
•
June
29
Jan
Tamblyn
210
Jan
Teck
895
19
July
May
213$
243$
1.00
1.00
110
73$
33$
83$
2,220
4
4
1.35
27*$
Apr
May
1.12
1.12
1,300
85c
61c
64c
Jan
2.20
2.35
4,995
1,750
1.02
2.35
1 90
June
3.45
Feb
10
103$
130
8?$
July
12
Apr
3.05
3.25
2,305
2 40
June
com
*
Hughes
1
July
35c
Jan
Aug
Ucbl Gold
i
Union
333$C
35c
2,200
25c
Aug
1.12
Jan
143$
United Fuel B pref
United Steel
14 3$
14*$
470
"Ik
43$
33$
43$
3*$
175
July
15c
July
May
850
1 75
June
July
6*$
10
Jan
2c
July
103$c
Jan
1.95
June
4.10
Jan
21c June
1.23
Jan
33$
Gas
*
80c
77c
85c
32,110
65c June
2.50
2.50
407
Apr
1.95 June
1,000
2c
Aug
53$c
Jan
Wendlgo
43$
5
33$ June
103$
22*$
Jan
July
July
33$c
5c
July
513$
July
lc June
204
23$ June
16
16
Hard Rock
74c
1.60
2,450
23c
1,600
243$
705
24
103$
13
103$
133$
99
1143$ 1143$
36
373$
15
2?$
213$C
July
193$ May
150
83$
12
90
111*$
13$o
11c
1
87c
1
203$
Lamaque G
*
5.15
11c
500
90c
32,025
21
5.10
5.25
103$
103$
5
5
June
1.30 May
33
17,571
July
65c May
9 50
3,070
2.55
10c
1,000
6c June
16c
Apr
Jan
170
93$
1.00
1.25
61
90c
Aug
2.62
Jan
10c
11c
Jan
3,000
8c
July
30C
Jan
•
6.15
5.75
6.15
3,570
4 25
June
8.15
Jan
*
5c
43$c
5c
500
4c
May
7c
June
S700
64
July
1003$
69,850
99
July
22o
26c
Jan
Feb
573$
33$c May
8
»
_
2
"iik
2
50
27
27
10
21
108
27
108
5
106
113$
113$
13$ June
July
Jan
5
47
Jan
June
Apr
112
15
July
.
Anr
Bonds—
Apr
Uchi
Jan
War
78
July
June
June
4*$
Jan
Jan
3.10
...1952
Aug- 24
to
403$0
78
97
Feb
15*$
163$
Par
Week's Range
for
Sale
Stocks—
of Prices
Week
Price
114
Apr
May
May
115
June
47
Jan
June
24
Canada Vinegars
Coast Copper
*
63$
*
30
22
*
*
Jan
Pend-OreUle
1
32c
Feb
Robb Montbr
Jan
Rog Maj A
Supertest ord
Temlskamlng Mining
1
24
*
4.75 June
95
9
June
100
4
Aug
7.25
13
93$
Jan
Jan
Mar
Apr
3
2 75
800
Apr
8 3$
2,634
1.20 June
Jan
2.20
100
43$
Foothills
1.54
Jan
1.00 June
1.00
43$
Kirkland Townsite
Montreal Pow
32
15 3$
1.00
Jan
*
No par value.
45c
9c
40
Jan
30c
June
1.05
Jan
2,000
7c
July
18c
Apr
253$ June
31*$
Feb
27*$
1.21
2.50
30
30
28
53
1.36
1,450
*$c
*$c
3.300
2.25
2.30
75
4c
June
1.000
9c
1.36
4c
May
45c
.
"27 k
...1
*
25 3$
41c
1
High
May
43$
Jan
July
Low
5
1.00
Feb
11c May
30
*
19c
70c June
63$
5
93$
15*$
6
Range Since Jan. 1, 1940
Shares
Consolidated Paper
Aug
650
High
Dominion Bridge
June
5
Low
Jan
Apr
June
Apr
Saits
Last
Jan
Feb
100 3$
Exchange—Curb Section
Fruiay
Jan
34
100
Aug. 30, both inclusive, compiled from official sales lists
Jan
220
1003$
Toronto Stock
Jan
1.48
15
Loans
78
Jan
2,000
2.40
93$c
2
Mar
2,187
10
10c
1
""lie
64c
13$c
8
Feb
1
6*$
15
Kirkland Lake
Lake Shore
35
433$
20*$
*
273$
27 3$
12 3$
8
1
3
1,917
Jan
June
June
Wright Hargreaves
Ymir Yankee
June
13$c
1
25
5
13
6.05
293$
163$
Wood-Cadillac
313$c June
23$ May
143$
1
*
Laura Seoord (new)
Legare pref
185
99
International Mill pref. 100
Kerr-Addison
888
185
International Nickel
•
International Petroleum..*
Kirkland-Hudson
1,100
223$o
Hudson Bay Mln & Sm .«
Imperial Bank
100
Imperial OH
*
Imperial Tobacco ord
$5
International Met A pf.100
JeUicoe
76c
113$
1.51
1
33$
320
113$
]
*
Kelvinator
550
3
*
Holllnger Consolidated...6
Howey
20
2,500
May
20
Winnipeg Electric cl A
6c
10
2 70
131
Jan
69c
7J$o June
5,500
3,255
193$
Jan
July
25c May
2,350
3.30
373$
18?$
Westons..
4,400
7c
2.95
36 3$
18?$
Western Grocers pref.. 100
21,500
13$c
33$
3.30
36 3$
*
Jan
35c
55
•
_*
Jan
103$c
13$c
33$
Jan
Feb
9c
55
97c May
4.35
70c
32c
.1
Jan
63$
Western Canada Flour...*
Preferred
100
103$
103$c
50
Mar
2.50
Preferred
19c June
Feb
10
1
Apr
133$
17
•
Mar
Jan
Jan
Aug
May
Upper Canada
30
1.90
32
May
3*$
3
Ventures
63$c
10
12
Jan
July
9,100
15
Feb
1
Home Oil Co
•
July
July
26c
6 00
l
Harding Carpets
25
1.00
16
6
June
36c
Jan
10c
5,000
33$
4.15
1,300
18c
35c
Jan
16c
2.95
33$
2.05
15c
13$
*
50c June
100
20 3$
*
3.25
1.10
110
770
...1
Apr
62 3$c
4,000
*
83$c
1 25
2.70
1,500
July
July
213$
10
4c
3c
1.25
3,700
4c
6,500
203$
33$
l
5c
1
2c
*
4c
1
35c
11
5c
*
3 15
605
Apr
1
3
40c
3 10
Toburn
3
173$
June
Towagmac
238
88
1.05
Toronto Elevator
34c
35c
16,000
Jan
2.90
163$
1.45
Jan
135
87
Jan
1.27
1
3c
*
Jan
1.31
Apr
1,000
15,230
43$
Mar
1.50
4c
24
May
Jan
15J$
173$c
24
June
Apr
36 3$
43$
*
Gypsum
83
July
Mar
95c
Aug
33$
•
Gr Lake vot trust..
v t pr
63
33$
105
63$ June
1.00
4c
*
Goodyear pref..
Graham Bousquet
613$ June
30
Sullivan
243$
Fleet Aircraft...
Gold Eagle
22
65
65
95
Sylvanite Gold
2c
Ford
God's Lake
Golden Gate
25
66
92
5
*
23$c
l
Gatlneau Power
Gillies Lake
24*$
67
66
*
1
Francoeur Gold
Jan
67
65$
283$
863$
Apr
35c
Aug
.1
Fanny Farmer
A
65
Straw Lake
Sud Basin
103$c
Walte Amulet
Walkers
Federal-Kirkland
Fernland.
3*$
"95
Steep Rock Iron Mines...*
150
2.95
3*$
24*$
Jan
5
*
Falcon bridge
Jan
3.75
182
35c
73$c
June
Preferred
60c June
3.05
2,500
Steel of Canada
16
l
Jan
2c
Apr
183$ May
25
7*$c
2c
23$c June
l?$c Aug
313$
880
l
Eldorado
Equitable Life
Extension Oil
10,100
June
316
1
63$c
70c
1,000
Dominion Woollens pref_20
61c
193$
65c
"24"
20c June
78
22
"m
2,000
325
253$
1
Dominion Steel class B..25
Dominion Stores
...»
12,075
Stedman
213$
182
Feb
•
Jan
65c
23
..100
Feb
7*$
25
Feb
22
l
Distillers Seagrams
6*$
100
19
6,100
Jan
Aug
_
49
12c
33$
July
79
July
60c May
South End Petroleum
Standard Paving pref
25
Delnite
3
*
Simpsons pref
12c
Jan
1.24
1.18
Jan
5
53$C
July
Jan
Smelters
Jan
July
Jan
1.98
13$c June
24
60c
78c
14
June
80c
58c
*
Jan
650
93$
Bakeries
57c
4,594
75c
June
Jan
10c June
92 c
1.05
1.00
15c
65c
2.55
Jan
Jan
July
92c
Aug
3,920
Apr
5c
60c
July
May
15c May
1.36
Feb
65c
31c
1.19
21c
5*$
2.50
1
3 3$
1,000
July
73$c
16
1,500
Jan
Jan
4,310
13$C
1
29c
50c
July
May
15c
5,000
19
*
Shaw key
9c
Jan
Mar
363$
1,000
Jan
63$c
190
2 3$ June
1.25 June
95
1
~2~05
33$
Feb
San Antonio
33$
37*$
16*$
41c June
60
70
29
3,025
31,900
2,900
21,400
1.35
Feb
45
95c
»
12 3$
9
1.84
Coniaurum
May
Jan
1.85
92c
20c
6
2.18
Jan
83$
1.78
1.75
20c
Jan
2.12
1.85
93C
_*
1.42
900
1.83
58c
Jan
July
25
80c
*
20c
113$
75c
80c
63$
1
53$
60c July
5*$ June
75c
80c
1
53$
Apr
63$
Central Patricia
473$c
Jan
2.35
63$
*
i
Chromium
58c
4.25
July
""83$
1,000
53$
July
1 45
1
2,200
1,861
l
2 12
*
43c
*
6,600
4,025
Pressed Metals
41c
Cockshutt Plow...
Jan
80c
Power Corp
Premier
Chesterville
Commoll
Apr
Preston E Dome
150
Cochenour
Jan
10c
53c
2c
Apr
1.80
18c
10*$c
July
20c May
1 01 June
Apr
1.75
80
Apr
Jan
83$
1.70
215$
70
45
Jan
1
65
143$
58c
150
Jan
9*$ June
403$ June
14
18
99
393$'
104*$
2*$ June
293$
58c
Jan
6,700
250
18
34c
6c
1,170
1173$ 1173$
lie June
26c
83$
58c
18c
Apr
1.06
163$
313$
117%
Apr
6c
7
1
1.35
33$ May
1.00
15
100
60c June
100
1.06
300
Castle-Trethe wey
300
*
103$
53$
Jan
75c
Pamour Porcupine
Pandora-Cadillac
103$
5
1.81
74c
Feb
17
5H
50c June
75c
43$c
173$
135
~~41c
100
*
....
July
26
UH
80c
Okaita Oils...
June
3
40
550
80c
Jan
Mar
1,100
150
83$
33$
80c
69c
18c
183$
~31 H
33$
Apr
Northern Star pref__
5
O'Brien.
.....1
33$
33$
30
25c
18
*
...»
Feb
Apr
26c
18*$
25
Canadian Celanese
Canadian Dredge
Jan
7c
63$c
43$
Aug
*
10 3$
Class B
2c
Omega
1.00
50
210
July
33$c June
Jan
Oro Plata
13$c
121
290
43
Jan
Jan
Jan
12
360
16
69
37 5$ c
78
Jan
117
26
1,596
July
8.60
13
1.30
213$c
June
-
193$c
128
16
Jan
Mar
July
125
253$
553$
8c
263$
12c
6,700
53
July
35
1,000
3 3$c
29*$ June
1.40
Jan
Jan
Apr
4c Juhe
500
740
3c
65
*
Breweries
Cnan Breweries pref
*
Cndn Bk of Commerce. 100
Canadian Canners A
20
48
July
22
41,000
43$c
2.75
10
603$
553$
43$c
45
153$c 193$c
1
35
603$
193$c
1
75
43$
43$c
4.3 3$
45
1
*
Nor don Oil
343$
15
Car.
Mines
Norgold
65
87
National Steel
43$C
2c
160
Jan
1,700
33$
20c June
4,000
Jan
1,3.50
23c
Jan
Apr
190
4
14
265
10*$
85
43$
42
23*$
343$
14?$
413$
113$c
85
125
42
June
35$
1,500
1.42
87
*
49c
14*$ May
23*$
Aug
13$ Aug
28c May
03$c June
410
22c
100
23$c
25
Mar
43$
Canada Malting
23$c
243$
12
65c 104,615
8c
500
1.30
23c
Canada Cement
Canada Packers
*
Can Permanent Mtge__100
Canada Steamships
*
1
42
100
1.35
1
%
Morris Kirk
Aug
2
16
933$c
National Grocers pref.-.20
National Petroleum
25c
93$
50
153$
373$c July
34*$
June
*
620
2c
16
8,060
Moore Corp
34
998
...
Building Products
Calgary A Edmonton
Apr
1.33
Aug
Aug
33$c June
43$
3.25
12 3$
94
Jan
183$
1
Aug
40c July
42 3$c 49*$c
Mar
14c
24
8c
5
100
1
July
103$
51c
Jan
117
70c
Moneta
5
643$C
58c
6
Apr
130
1,055
2
1
30c
5
5*$
.
Mar
24
...
28c
70c
90
2,300
Brown Oil
30c
May
5c
Jan
70c
3
5,800
58
July
6
Mercury Mills
Mining Corp
Apr
373$
Jan
*
Mar
169
June
*
Apr
July
62 3$c
5c
......
Brouian-Porcuplne
50
1.19
July
9.75
43$
McWattere Gold
43
93$c
10c
343$
4*$
*
British American Oil
Brit Columbia Power A
100
153$
23$ May
July
9.40
9.75
Jan
3
33$
343$
_
July
July
43
43$c
60
Bobjo
7
Massey-Harris
Preferred
34,000
381
12c 143$c
5c
5c
5c
Blue Ribbon pref
395
146 A 151
143$c
Big Missouri
Gunnar
Jan
3.35
2.00
2c
113$
Dominion Bank
Dominion Foundry
41c June
3.55
1.40
6J$c
Da vies
High
1
Bear Exploration
Beattle Gold
Cons
1, 1940
Low
1.57
Bank of Nova Scotia...100
Base Metals...
Bathurst Power class A
*
Consolidated
Range Since Jan
Shares
3c
Gold Mines..
Bankfield
Canadian
High
1
Aunor
Calmont
2.87
73$ June
5, .500
3,650
1,710
2,500
23$c
......
10c
5
*
Anglo Canadian.......
Anglo Hut
Arntfieid
20
2,176
Low
54c
Little Long Lac
4
14c
Am in Gold
Astoria
90c
*
--
Price
23
60c
4
preferred
100
Alberta Pacific Grain...
Week
1
80c
6%
for
of Prices
High
Leitch
AbltlbL.
Week's Range
Sale
Range Since Jan. 1, 1940
Week
of Prices
Price.
Sales
Last
for
4*$c
5
2.300
99c May
3$c
1.75
30
2 3$c
Aug
2.35
3.25
Aug
34
June
Jan
*$c May
July
83$c
Apr
Mar
Jan
Volume
1263
Commercial & Financial Chronicle
The
151
Registration
3,600,000
of
printing Is Included in
Canadian Markets
Aliens Is Begun—Finger¬
Listing Procedure, Which
Ends Dec. 26
Unlisted
Federal registration and
fingerprinting of approximately
3,600,000 aliens in the United States was begun on
Bonds
Industrial and Public Utility
Aug. 30
Closing Bid and asked quotations, Friday,
(American Dollar Prices)
38
Alberta Pao Grain 6s__1946
64
1949
Gen Steel Wares 4)48-1952
Gt Lakes Pap Co 1st 5s '55
Lake St John Pr A Pap Co
BMe
1961
Massey-H&rris 4*s
1954
McColl-Front Oil 4Mb 1949
70
72
British Col Pow 4*s_1960
66
64
68
this country listed by workers
65
62
59
61
59
indicated in the
were
67
60
61
York "Times" of Aug.
Armenians in San Francisco, Finns in
77
80
68
70
Canada Cement 4*8.1951
70
72
1957
64
66
N Scotia 8tl
A Coal 3 Ma '63
54
56
71
Canadian Vickers Co 6s '47
25
27
Dom Steel A Coal 6 Me 1955
Dom Tar & Chem 4 Me 1951
70
72
Quebec Power 4s
67
70
Saguenay Power—
4Mb series B
Winnipeg Electrio—
4-5s series A
Donnacona Paper Co—
1956
63
55
Famous Players 4Me.. 1951
67
69
4s
nated
the
throughout
centers
As
was
the
case
66
68
70
slow.
1966
71
73
36,000 registrations a day,
1965
1965
48
50
33
35
There
No
par
/Flat price,
value.
n
statistical results of the count were
night whether the average
and Dec. 26, exclusive of
holidays, the daily figure ought to average
in Q-and-A form, issued by
aliens'
& CO.
Ford
Telephone: Randolph
of delivery, said that the
of view on the subject.
for the benefit of uneasy aliens
follow:
aliens against persecution ?
Code makes it a
inhabitant of the United States of his rights because
This law will be strictly enforced by the United States
Q.
Do the laws of this country protect
A.
DETROIT
Building
still expressed the postoffice point
Perhaps the chief points in the summary
Associate
Chicago Stock Exchange
New York Curb
Exchange
Detroit Stock
Joseph Willon, superintendent
rights.
summary
Members
other things, on the matter of
Aug. 12, touching, among
on
Sundays and
36,000.
Questioners were referred to a fact digest
Mr. Goldman
New York Stock Exchange
of
Harrison,
director of the plan, had been maintained on the
opening day.
Mr.
Harrison pointed out in Washington Monday [Aug. 26] that on the basis of
Nominal.
W ATLING, LERCHEN
their
admittedly a "big job" to Earl G.
100 registration days between now
•
15 questions, submit
to anser
of ascertaining last
was no way
Colorado
appeared at desig¬
the necessary affidavits.
in the recent census,
64
1962
4-58 series B
day
fingers for printing and subscribe to
Minnesota, Japanese in
of this metropolis
73
Can 4 Ma *69
Price Brothers 1st 58—1957
Power Corp of
registration, the New
28 said in part:
and the inevitable melting-pot types
Calgary Power Co 5s..I960
Canada SS Lines 5s
in
Plans for the registration
"Chronicle" of Aug. 17, page 928. In
reporting the results of the first day's
66
Federal Grain 6s
66
1948
Algoma Steel Be
Ask
Bid
40
Abltibi P & P cttB 5S..1953
the non-citizens resident in
Aug. 27
all
when it is hoped to have
post offices throughout the nation.
Ask
Bid
and will continue until Dec. 26,
Yes.
crime to deprive any
5530
Section 52, of the United States
Title 18,
of his being an
alien.
Department of Justice.
Can the registration
Q.
Exchange
compiled from official sales lists
Detroit Stock
Aug. 24 to Aug. 30, both inclusive,
Sales
Friday
Week's Range
Last
Price
High
Low
Shares
.
2*
Feb
4*
7*
Apr
23*
Mar
Aug
1*
Feb
July
12*
4*
2*
310
2M
BM
2*
610
BM
100
19*
20*
914
52c
52c
100
52c
7%
7*
339
7*
3M
3*
1,260
BBc
70c
600
113* 113*
1*
1*
20
98* May
900
1* May
20*
Jan
~~20*
*
~7*
Burroughs Add Machine.*
Continental Motors com -.1
Det & Cleve Nav com.
3M
70c
.10
_
100
Detroit Edison com
»
«•
mim
Det-Michigan Stove com.l
*
Federal Mosul com
Federal Motor Truck com *
Frankenmuch Brew com ..1
3M
3
4*
Gar Wood Ind com
2M
General Finance com
-.1
General Motors com
.10
~~47"
Graham-Paige com
..1
Hoskins Mfg com.
2M
mmmmm
Houdaille-Hershey B__
*
Hudson Motor Car com
Hurd Lock & Mfg com.
60c
July
10* May
2* Mar
3*
2*
4*
1,010
2*
2*
2%
4*
2*
240
3* June
1* May
810
38* May
401
47
46
950
2*
700
51c
50c
210
11
11
12
12*
3*
3*
1,130
150
37c
100
1*
400
23*
125
37c
1
23*
.10
2
May
2
May
1*
34
Jan
2*
6*
Jan
Co., members of
Apr
of the Manual
2*
3*
Apr
Jan
1*
Jan
15*
6*
Apr
33c May
1
May
19* May
52c
1*
1* May
200
75c
1*
706
19c
July
18c May
300
5
May
300
7
July
Feb
Jan
Jan
27C
7
11*
Jan
Jan
Apr
Feb
Mar
Motor Wheel com
1.5
IBM
12*
15*
100
9* May
12* May
.10
5M
BM
5*
900
4* May
8*
Feb
Murray Corp com
3*
3*
650
2* May
4*
Mar
Jan
*
Packard Motor Car com __*
12M
3M
com.2M
Parker-Wolverine com.
mm.m~w.im
_*
_
...
1
Mar
1*
May
8*
300
8
Aug
8*
Aug
1
450
1
Aug
1 *
Apr
2
600
1* May
2*
Apr
305
17*
1
Timken-Det Axle com
.
_
4A
4*
4*
325
1*
1*
1*
24 M
24*
Aug
25
Jan
3* June
7
Apr
17*
1,000
.10
-.1
Tivoli Brewing com
Tom Moore Dist com.. -.1
1
May
24*
350
1*
1*
250
1*
July
2*
Apr
45c
45c
200
26c
Jan
55c
Apr
6*
------
......
1
United Specialties
6*
300
4
Jan
7*
2*
Apr
2*
Mar
1
June
1*
1*
1*
100
1*
100
1
%
25*
25*
100
23
..1
1*
1*
1*
500
90c
1*
200
1
1
U S Radiator com
_.*
Universal Cooler B
Walker & Co A
Aircraft com
...
Feb
1
..1
StdTubeB com...
Wayne Screw
May
300
July
July
2
Sheller Mfg com
Warner
44*
21*
14*
17*
------
Prod com -.4
synopses
are
The short paragraphs on
liquidation, etc.
through reorganization, merger,
Other special
subjects discussed in this
edition include: United States
of 1939 and 1940, with outline of the Sugar Act of 1937; The
International Sugar Agreement, showing its operations for the first three
Sugar Quotas
May
-
May
27
Apr
Feb
May
1*
Jan
Feb
2*
Api
quota years (now
York
Coffee &
Market
No par value.
Sugar Exchange,
Association, (the latter being
preceding crops.
The usual
statistical tables are
continued in this edition.
These cover
domestic and world prices, distribution, exports, imports,
consumption, &c., and in view of prevailing war conditions several of these
tables have been extended to cover the past 25 and 30 years to enable
comparison with the previous World War conditions.
production, yields,
—Blair & Co., Inc.,
their return to
*
companies.
of miscellaneous sugar
continued as usual.
and three
Mar
17*
New additions this year are
value.
Apr
8*
.10
ence
18* May
18
117
1*
industry, with other general information of refer¬
the outline of the sugar industry
in the British West Indies, with table of production during the past 25 years
and a complete list of sugar mills, showing location, ownership and grinding
capacity; also a calendar indicating time of issuance of sugar companies'
annual reports.
Features of the previous Manuals have been continued
with revisions and additions to both the full-page descriptions and the
companies and the sugar
Apr
31*
300
11
1*
distributed by Farr &
This is the 18th edition
containing important statistics of sugar
1*
26*
761
19*
<
the New York Stock Exchange.
interrupted by war conditions); short outlines of the New
Inc., and the United Terminal Sugar
inoperative during the war); the usual
historical and descriptive sketches of the beet sugar industry of the United
States (with complete list of factories), and the cane sugar industries of
Louisiana (also listing factories), Puerto Rico, Dominican Republic and the
Philippines, with complete lists of active centrals, ownership and 4 or
5-year production records; also a description of the Hawaiian sugar industry
with tables of yields and comparative 5-year statistics of leading companies.
The list of all active Cuban centrals, showing location, ownership and
individual production record this year includes the output of the 1939-40
Apr
32*
-.5
River Raison Paper com
Scotten-DIllon com
Apr
18*
19
1M
Radiator pref
Reo Motor com
16
31*
8
Peninsular Mtl Prod com.l
300
U
32
Parke Davis com
Parker Rust-Proof
.
SUGAR COMPANIES 1940
of Sugar Companies,
companies discontinued
7*
12*
15*
Motor Products com
NOTICES
Sugar Companies is being
The 1940 Manual of
Feb
26
300
6
Jan
Apr
56
14*
May
MANUAL OF
Apr
July
3
CURRENT
Apr
May
50c
emphasized.
Mar
9* June
10
having registered, it was
Jan
Mar
85c
18c
entered the
affect the status of any individual.
Local officials agreed with Mr. Harrison's advice to all persons in doubt
of their citzenship status to register anyway in accordance with the known
facts.
No one so doing could possibly jeopardize his ultimate standing by
A registration does not in any way
4*
1*
7*
Micromatic Hone com. ..1
have on aliens who have
What effect will registration
Q.
15*
1*
6
18c
granted by the Attorney
Jan
2*
80c
Masco Screw Prod com. .-1
Apr
125
1*
2
McClanahan Oil com.. -.1
Mich Steel Tube com.. 2M
100
2* May
627
12*
3*
"l
LaSalie Wines com
13
11
Kingston Products com ..1
Kresge (S 8) com
32
2*
..1
Goebel Brewing com
205
32
13
32
..3
Ex-Cell-O Corp com
unless permission to do so is
not
Feb
2
2%
Briggs Mfg com
_
Brown McLaren com__ ..1
May
Feb
2*
Baldwin Rubber com.. ..1
No,
against
General of the United States.
A.
4* June
13* May
1*
2*
1
Atlas Drop Forge com.
A.
information supplied by the alien be used
"
United States illegally?
High
Low
—5
Allen Electric com
1,
Range Since Jan.
for
Week
of Prices
Sale
Par
Stocks—
1940
him in court ?
The firm states
50 years, announced
bond field after an absence of a decade.
investment bankers for more than
the Government
that its opening of a
United States Government securities
doubling of the
of issues which
comprise the direct and indirect debt of the Nation, and the enormous
increase of Government holdings in institutional portfolios.
The rounding
out of its investment service by the addition of the new department permits
the firm to serve the ever increasing demand for Government securities
from
banks, insurance companies, corporations and private investors
York is prompted by the more than
debt in this period, the widening diversification
department in New
H.
—Arthur
Hutchings
National
NOTICES
CURRENT
of the firm of Lamborn,
dissolved, is retaining the New York Stock Ex¬
Lamborn, son of the founder
& Co., now
membership which he held for the latter firm. In collaboration
other former partners, he has formed the partnership of Lamborn,
change floor
with four
Troup & Co., to
Of
ness.
the
born, Clarence
new
continue in the security and
four managing partners
G. Troup and Joseph
organization.
commodity brokerage busi¬
of the old firm, three—Mr. Lam¬
A. Hofmann—will be partners of the
of the new firm are Harry
The other two partners
and A. Gordon Troup.
When he first took over his father's
Troup
received considerable
publicity as
membership in 1928, Mr. Lamborn
the then youngest member of the Ex¬
•
change.
Mr.
carried
field
announced that the Lamborn name, which has been
on continuously since 1892, will remain active in the commodity
well, through membership in the New York Coffee & Sugar Ex¬
Lamborn has
as
change and
the Chicago Board
of Trade.
through its 13 offices
The Government
throughout the country.
under the direction of
bond department is
C. Marshall
.Vice-President. Geo. B. Seager, Vice-President, is associated with him.
Wood was, until recently, a Vice-President of C. F. Childs & Co., Inc.,
Wood
Mr.
with whom he was
President of The
connected for 16 years.
Mr. Seager was formerly a
First Boston Corporation,
Vice-
which firm he served for more
and New York offices.
Other members of the department are Philip S. Patton, former manager
of the Government bond department of Kidder, Peabody & Co., Clifford
L. Bleeth, for 7 years a specialist in treasury notes and guaranteed issues
in the trading department of C. F. Childs & Co., Inc., and Willaim D.
Sullivan, formerly Midwest contact man for the same firm.
than 18 years
in its Boston
The Commercial & Financial Chronicle
1264
Quotations
Bid
o3s
1
1
1
1
a334s Mar
1
<z334s Jan
15
a 48
May
1
1975—
1954..
1954
1960
a3J4s July
a334s May
Chicago &San Francisco Banks
Bid
9534
96 34
1977—
Jail
City Bdnds
Ann
9434
15 1969—
a2%B July
Over-the-Counter Securities—Friday Aug. 30
on
New York
9734
1964
1966
15
10034 102
1972
11734 11834
117 54 11854
1
a434s Apr
1974
11834 11934
a4)4s June
10634 10734
Nov
1
1958
a 4s
May
1
May
1
1959......
1977
11234 11354
o4b
a 4h
Oct
1
1980
11434 11534
1
1960
11634 11734
11634 11734
a4 Mb Dec
15
1971
a434s Dec
1
1979
048
1976
105
106
1957
11134 11234
11234 11334
115
114
Par
11734 11834
1
a4)4s Mar
a434s Apr
10634 10734
10634 10734
■Ask
1
15 1976
a434s Feb
1 1977
a4)4s Jan
a434s Nov 15 1978
1 1981
a434» Mar
1 1957
a434s May
a4 34s Nov
1 1957
1 1963
a434s Mar
a4 34s June
1 1965—
1 1967
«434s July
a3 34s Nov
185
Bank
L Trust
1-3
77
.100
209
.33
—
a434»Marj
1 1962
494
SAN
7834
212
FRANCISCO—
Bkof AmerNTAS A 1234
121
122 34
12134 12234
122 34 12334
12634 12634
New York State Bonds
Par
Bid
Bank of Manhattan Co. 10
85
29
163
Par
40
13.55
Ask
15
Bank of Yorktown._66 2-3
Bensonhurst National—50
Chase
i
Fifth Avenue
100
less 1
62 20
less 1
62 25
...
Ask
26
1034
1234
Penn Exchange
169
45
2434
National Safety Bank.12 34
3034
40
12 34
10
10
Peoples National
620
12
43
49
1734
2834
3034
Sterling Nat Bank A Tr 25
2534
2734
50
660
1735
120
100
4^8 April 1941 to 1949
Highway Improvement—
4s Mar & Sept 1958 to '67
110
World War Bonus—
3s 1981
Bid
National Bronx Bank___50
100
Merchants Bank
52 10
3734
National City
16 34
First National of N Y..100 1695
Ask
3s 1974
35 X
New York Bank Stocks
Public National
Bid
Ask
294
481
100
119
11834 11934
120 34 12134
—
Bid
286
Northern Trust Co
195
Continental Illinois Natl
First National
11934 12034
11954 120 54
12034 12134
118
Par
Ask
Harris Trust L Savings. 100
....100
L Trust
120
119
Bid
American National Bank
Commercial National—100
a434» Sept
Aug. 31, 1940
Canal L Highway—
6s Jan L Mar 1964 to '71
New York Trust
Par
Highway Imp 434s Sept '63
Canal Imp 434s Jan 1964..
142
Can L High Imp 434s 1965
140
...
Bank of New York
...
142
Canal Imp 4a J&J '60 to '67
4s
Holland Tunnel 4348 ser E
1941
ML 8
1942-1960
Bid
Ask
Port of New York-
1976
A/&8
10834 10934
General & Refunding—
4s
1st ser Mar 1 '75
3 Mb 2nd ser May 1'76
3s
4th ser Dec 15'76
6 25
3 Mb 5th
10634
ser Aug
15'77
6 25
1942-1960
MLS
10634
—
10334
9814
102 >4
98 54
1234
4834
20
Empire new.
41
10114
to 97
61.60
2.50
1952
9934 10134
99 34 10134
1955
99
6s
Feb
1952
6348 Aug
1941
101
Bid
102
10334
113
122
Par
Am Dlst
Teleg (N J) com.*
100
116
Bid
90
Bell Telep of Canada
100
Bell Telep of Pa pref—109
14
44
United States
3454
5134
5334
10134 10434
234
354
12
10
1134
100
—
30
3234
20
25
Trade Bank L Trust
1154
1530
27
80
100 1485
13 34
90
1535
Ask
Par
95
New York Mutual Tel..25
Bid
Ask
17
11434 11734
102
Telegraph
100
Int Ocean Telegraph... 100
129
33 34
2934
3134
100
11234
18
25
Mtn States Tel L Tel.. 100
31
44
Franklin
15
*
25
40
Emp <fe Bay State Tel.. 100
25
Peninsular Telep com
Preferred A
106
11734 120
Cuban Teleph 6% pref. 100
Rochester Telephone—
Govt of Puerto Rloo—
114
117
6a
108
111
July 1948 opt 1943.
HIW
* ■-*
-
D 8 conversion 3s 1946
Hawaii 434a Oct 1956.
Ask
434s July 1952
10234 10434
20
Preferred
New York
Title Guarantee L Tr
4934
1034
25
Pac L Atl Telegraph
M
U S Panama 3s June 11961
4 }4s Juiy
58
Apr
10
100 1480
Telephone and Telegraph Stocks
101
«
268
Underwriters
62 60
.
« 40* 4
210
263
Manufacturers
92
35
Continental Bank L Tr.10
334« b f revenue
1980
3s serial rev 1053-1975.
Ask
190
100
44 34
Preferred
PhlllppIne^Government—
434s Oct j 1959
19
30
Ask
100
Guaranty
Irving
Kings County
7334
.89
4234
50
United States Insular Bonds
Bid
15
Corn Exch Bk L Tr
105 34
234s serial rev 1945-1952
ML8
20
Bid
Fulton
6834
Chemical Bank & Trust. 10
Trlborough Bridge—
1941
35
100
Clinton Trust
—
Inland Terminal 4 34s ser D
51
Central Hanover
Ask
San Francisco-Oakland
Par
320
49
Lawyers
Authority Bonds
bid
California Toll Bridge—
313
10
Bronx County new
Barge C T 434s Jan 1 1945.
Companies
Ask
100
Bankers
Brooklyn
Public
Bid
$6.50 1st pref
7034
So L Atl
134
Telegraph
25
Sou New Eng Telep... 100
17
21
15634 160
1105*
111
ConverslonJ3s 1947
Chain Store Stocks
Federal Land Bank Bonds
Bid
■
Ask
Bid
3s 1955 opt 1945
JLJ
10554 106
3348 1955 opt 1945—MAN
3s 1966 opt 1946
3a 1956 opt 1946
JLJ
106
4s 1946 opt 1944
MAN
10634
106lu 1065i«
JLJ
4a 1964 opt 1944
JLJ
11034 11054
Joint Stock Land Bank Bonds
Bid
Atlanta 54s. 1Mb
Atlantic 134s, 1Mb
Ask
Lafayette 34s, 2s
80
82
r7
9
r3
334
Lincoln 534s
8234
Denver 134s, 3s
First Carolina—
99
New
80
99
Oregon-Washlngton
York
5s
North Carolina 34s, 134s..
M.
3s, 334s
09
99
40
9834
6s
103
Phoenix 4 34s
Potomac 134s
99
St. Louis
San Antonio 34s, 2s
mm —
63
Illinois Midwest 4348, 5s..
mtmm.
98
Bid
6s
Par
Bid
80
99
Ask
78
Atlantic
Dallas
New York
Bid
100
1954
1989
3 MB
1940-1942
7
48
52
North Carolina
78
Pennsylvania
100
32
1734
2034
Ask
Stocks
60
Potomac
100
100
110
52
68
San Antonio.
100
102
107
First Carollnas
14
18
Virginia
100
94
100
5
Par
Eastern Sugar Assoc com. 1
fU
16
/42
/38
45
40
Preferred
Bid
6M
1
16M
Haytlan Corp com
*
Punta Alegre Sugar Corp.*
Savannah Sugar Refg
1
M
/1834
1954
23
Sugar Co..
..—.5
West Indies Sugar Corp__l
7
1734
1
6M
30
Vertlentes-Camaguey
fl9
5M
28 M
Ask
1M
3M
2
434
Mortgages
on
Request
WHITEHEAD & FISCHER
38
54
4
1234
99
Ask
4
73
134
United Cigar-Whelan Stores
$5 preferred
*
00
00
FHA Insured
Denver
334
o
100
«*.«*>«-
Des Moines
Lincoln
Reeves (Daniel) pref
Offerings Wanted—Circular
Par
82
Fremont
Ask
234
New Nlquero Sugar—
99
134s
1947
Joint Stock Land Bank Stocks
Atlanta
1134
13 54
85
rl3
Southwest (Ark) 6s
Union Detroit 234s
Antllla Sugar Estates—
6s
1951
6s
23
09
Virginian la.
100
Bid
Sugar Securities
Bonds
Haytlan Corp 4s
9934
Southern Minnesota
99 34
Indianapolis 5s
Iowa 4Mb, 4Mb
*
r21
99
Is, 1Mb
Fletcher Ma, 334s
Fremont 4Mb, 634s
—
6% pref. ..100
23
Baraqua Sugar Estates—
102
99
7
99
r35
Pennsylvania 134s, 134s...
Phoenix
Is, 28
First Texas 2s, 234s
First Trust Chicago-
105
Par
Kress (S H)
~
82
First Montgomery—
First New Orleans—
100
85
3
134
18
Flshman (M H) Co Ino._*
83
Chicago
1Mb, 2a
Bohack (HC) common...*
7% pref erred....... 100
Ask
1%
99
Lincoln 434s
Lincoln 5s
mmm.
99
Burlington
Bid
Bid
B /G Foods Inc common.. *
Diamond Shoe pref
Ask
99
Par
Ask
10734 107 H
110>ht 110l5i#
234
44 Wall Street, New
York, N. Y.
Telephone: WHItehall 3-6850
3
6
Virginia-Carolina
110
100
125
FHA Insured
Federal Intermediate Credit Bank Debentures
Bid
Bid
34%
M%
34%
H%
due
Sept
3 1940 6 20%
due.....Oct
due
Nov
11940 6
due
2 1940 6
Dec
Ask
1 1940 b
Bid
M% due
H% due
.20%
.25%
.25%
34% due
34% due
Jan
Alabama 434s
Arkansas 434s
2 1941 6 .30%
Feb
1 1941 6
5e
.30%
May 1 1941 6 .40%
June 2 1941 6 .40%
Delaware 434s
District of Columbia 4348.
Florida 434s
1
Georgia 434s
Illinois 434s
Bid
Ask
Bid
Ask
Indiana 434s
Louisiana 4 34s
Maryland 4 34s
Commodity Credit Corp—
M%-:
Aug
1 1941 100 12 100.14
1%
Nov 15 1941 100.30 101
3 34s
May
1 1943 100.10 100.12
Federal Home Loan Banks
2s
Deo
1 1940 100.12 100.15
2s
Apr
1 1943 102.18 102.24
Federal Natl Mtge Assn—
2s May 16 1943—
Call Nov 16 '40 at 100 M 101.6
1548 Jan 3 1944—
Call July 3 '40 at 102
*
101.2
Home Owners' Loan Corp
Mb
Jan
July
100.23 100.25
15 1942 100.24 100.26
1 1942 101.4
U 8 Housing Authority—
134% notes Feb 1 1944— 102.7
101.6
102.10
No par value,
/Flat prloe.
maturities,
a Interchangeable.
6 Basis price,
d Coupon.
« Ex Interest
Nominal quotation,
r In recelvorshlp.
Quotation shown Is for all
toi When Issued
uhs With stock.
Ex-divldend.
n
V
Now listed
t
Now selling on New York Curb
Exchange.
♦
on
New York Stook Exchange.
Quotation not furnished by sponsor
1 Quotation based
on
Ksz
or
101
A servicing tee from
100.21 100.23
101.12
101.6
102
Michigan 434s
Minnesota 4Mb
Reconstruction Finance
Corp—
M%
1%
Issuer.
$89.50 of principal amount.
5%
10134 10234
10134 10234
102
10334
10134 10234
102
10334
101
10234
10134 10234
10134 10234
10134 10234
10134 10234
102
10334
Massachusetts 434s_
May 15 1941 100.10 100.12
34% notes July 20 1941
34%
Nov
J 1941
was paid on July
Mortgages
Asked
Bid
Asked
Ask
2 and
103
10234
10234 10334
New Jersey
5s
434s
102
New York State
103
104
New Mexico 434s
N Y (Metrop area)
10134 10234
—
Pennsylvania 434s
Rhode Island 434s
South Carolina 434s
Tennessee 434 s
Texas 434s
Insured Farm Mtges 4 34s
Virginia 434s
West Virginia 434s
34% to 34% must be deducted from Interest
101
102
102
434s._
434 s
North Carolina 434a
103
10134 10234
10234 10334
102
10334
10134 10234
10134 103
10134 103
101
10234
10234
10134 10234
101
rate.
Volume
1265
Commercial & Financial Chronicle
The
151
Securities—Friday Aug. 30—Continued
Quotations on Over-the-Counter
INSURANCE and INDUSTRIAL STOCKS
Guaranteed Railroad Stocks
BOUGHT—SOLD—QUOTED
3o$epbttlalktr$Sons
Vermilye Brothers
Mjtmktrt Tirw York Stock Ext bang*
Dealers in
120 Broadway
Tel. RE ctor
NEW YORK
2-6600
STOCKS
Y.
ST., N.
BROAD
30
•
GUARANTEED
CITY
Teletype N. Y, 1-894
HAnover 2-7881.
Since1855-
Insurance Companies
Guaranteed Railroad Stocks
(Guarantor in Parentheses)
Aetna Life
72 M
10
20
21 M
Jersey Insurance of N
Y.20
5
17
18M
Knickerbocker
10
11 M
Lincoln Fire
6.00
10.50
6.00
69
-.50
2.00
30
32 M
Amer Fidel A Cas Co com 5
100
8.75
81M
113M
American Equitable
72
Home Fire Security
17M
19M
01M
62 M
39
42
5
8M
9M
..5
1%
1 %
2M
59M
62 M
45
1
Ins._12M
Maryland Casualty
84
American Home
.....10
5%
7%
11
15
American of Newark- X2%
Xll%
13%
Mass Bonding A
36 M
39 M
American Re-Insurance .10
43%
45M
Merch
5.00
90 M
American Reserve
10
14X
16M
Merch A Mfrs Fire N Y..6
(L A N-A C L)_. .100
88
64
American Surety
46
National Casualty
5.00
60
48
.100
38
3.50
77
National Fire
Central)
Louis pre! (N Y Central) .
(Pennsylvania)
(Pennsylvania)
.100
Fort Wayne A JackBon pref (N Y Central)
100
Georgia RR A Banking (L A N-A C L)
.100
Lackawanna RR of N J (Del Lack A Western)
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)...
New York Lackawanna A Western (D L A W)... .100
Automobile
48 M
Baltimore American
46
48
Bankers A Shippers
6.50
53
57 M
Boston
9.00
147
4.00
Delaware
79M
46
2.00
Betterment stock
38
Carolina,.
40 M
City of New York
City Title
Connecticut Gen Life
750
3.875
24 M
26
5.00
50
53 M
36
6%
.
21
28X
29M
New
21
22 M
10
5
24%
26%
Northern
32
34
North River
Northern Central (Pennsylvania)
..50
4.00
90 M
Continental Casualty
-60
4.50
33 M
37
..50
1.50
43
46
Eagle Fire
2M
Employers Re-Insurance 10
50
3.00
Preferred
preferred
Tonne )RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)
81
154
7.00
*
»
54 M
132M
66
69
136
241M
34 M
45 M
15
47 M
Northwestern
2M
6.00
10.00
6.00
44
5.00
56
60
6.00
59
63
65M
3M
91
94 M
22 X
24 M
111 M 119
National .25
25
116
111
Pacific Fire
10
Pacific Indemnity Co---10
38 M
40
44 M
Phoenix
10
73M
77M
13
15
32 M
34 M
8M
Preferred Accident
120
6
116
60
62 M
Providence-Washington .10
90
92
Reinsurance Corp (N
10
Republic (Texas)
Revere (Paul) Fire
247
100
.100
.100
Susquehanna (DLAW)
.100
Valley (Delaware Lackawanna A Western)
.100
Vlcksburg Shreveport A Paclflo (Illinois Central).
16M
2M
50
42%
Fireman's Fd of San
130
32 M
5
5
......12,50
2.50
Fr-25
Firemen's of Newark
5
Franklin Fire
—5
137
3.00
16M
Fidelity A Dep of Md—20
Fire Assn of Phlla
10
59
6.00
100
Federal
w
-
6.64
1
47
5
10
Excess
....
175M
172 M
7.00
.100
Pittsburgh Fort Wayne A Chicago (Penna) pref
.100
Pittsburgh Youngstown A Ashtabula pref (Penna).
100
Rensselaer A Saratoga (Delaware A Hudson)
100
St Louis Bridge 1st pref (Terminal RR)
Second
-88
15M
10
Hampshire Fire
Northeastern
7%
133M 139M
New York Fire.....
8
54 M
10
New Brunswick
19
7
27M
2
New Amsterdam Cas
10
5
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
■
2
7M
24 M
52%
6%
20
National Union Fire
614
594
6M
10
10
National Liberty
7%
95
92 M
2%
41
5
Fire Assur com
5
10
Camden Fire
153
550
50.00
25
10
2M
25
100
2%
1M
3.00
100
2.00
Cleveland A Pittsburgh
48X
8.50
Central)
Carolina Clinchfield A Ohio com
Cleve Cin Chicago A St
Ins Co of North Amer
100
Boston A Providence (New Haven)
Canada Southern (New York
70 M
100
Hudson)
Allegheny A Western (Buff Roch A Pitta)....
Beech Creek (New York Central)
Boston A Albany (New York
Homestead Fire
67
American Alliance
76 M
120
100
Central)
Albany A Susquehanna (Delaware A
29M
25
Aetna
Asked
Bid
Par in Dollars
Alabama A Vlcksburg (Illinois
28
Agricultural
5
10
10
10
Home
41%
30 %
29%
10
10
10
114M 118M
Ask
Bid
Par
18k
Bid
Par
Aetna Cas A Surety
Dividend
8%
28%
29%
Rhode Island
-
—
Y) .2
5%
7M
10
25 M
26 %
10
23 M
24 M
230
220
West Jersey A Seashore
Railroad
6.00
60 M
3.50
23
25M
..50
(Penn-Reading)
10
Marine-10
Glens Falls Fire
5
Globe A Republic
5
Globe A Rutgers Fire—15
2d preferred...
15
Great American
5
Great Amer Indemnity—1
Halifax
10
Hanover
10
3.00
54 X
57 M
Equipment Bonds
Bid
Bid
Ask
Atlantic Coast Line 4Ms—,
Baltimore A Ohio 4 Mb
1
6 1.25
0.75
$2.10
Nash Chat & St Louis
Bessemer & Lake Erie 2%s
$1.60
I
62.25
1.50
2Mb
62.25
Seaboard Fire A Marine..5
5%
22%
24%
Seaboard Surety
33M
41
43
Security New Haven
10
10
5 I
12
57
61
26M
25
8M
11
12
25M
81
Hartford Steam Boiler.
1.20
Nat Steel Car Lines 6s
62 00
)
62.50
1.75
New York Central 4M8--
61.75
1.25
Canadian National 4M8-5s»
60 30
5 50
62.40
Canadian Pacific 4Mb
66 25
5.50
N Y Chic & St Louis 4s...
63.10
2.50
62.00
1.00
N Y N H & Hartford 3s..
62.50
2.00
10
Alabama Mills Inc..
Central RR of N J 4Mb...
_
1.75
American Arch
2MB
U S Fire
U S Guarantee
3.25
North Amer Car 4Ms-5Ms
64.25
3.50
Amer Bemberg
1.00
Northern Pacific
62.15
1.05
1.25
NoWRefrLine8M8-4s
63.40
63.50
2.50
Pennsylvania 4Mb series D
Chic & Northwestern 4Mb
62.25
1.75
Del Lack & Western 4a
62.25
1.75
Deny & Rio Gr West
4Mb.
2Mb-2Ms
61.00
62.25
62.00
31
16
18
Ohio Match Co
2Ms-2Ms and 4Mb
1.50
62.20
i
61.80
1.25
Maize
12X
2M
3M
48 M
51
5
21M
23
Pepsi-Cola Co
Permutit Co
Products...
•
16
19
Petroleum
St Louis S'western 4 Ms
66 00
5 00
63.00
2.00
Great Northern Ry 2s
61.70
1 25
Shippers Car Line 5s
Southern Pacific 4 Ms
Illinois Central 3s
62 50
2 00
Fran4s-4Ms.
68
73
2%
33M
36
0
21%
*
59 M
61%
[)
13M
1.50
2.00
Art Metal
61.75
1 25
f 3 partlc
Construction.
.
7
6
0
3
61 85
1.50
61.80
1.40
Texas A Pacific 4s-4Ms
61.75
62.75
2.00
Union Pacific 2Mb
61.80
1.50
5
IX
62.25
1.50
Western Maryland
62.00
1.50
0
62.25
1.75
3M
16M
4MS-4M8.
61.70
1.20
0
Wheeling A Lake Erie 2Mb
61.75
1.25
Merchants
—
West Fruit Exp
Despatch
62.10
2Mb. 4Mb & 6s
1.75
2s
IX
1
3A
0
Chic Burl A
3M
5M
0
Railroad Bonds
0
Bid
63
•
Asked
•
Akron Canton A
Youngstown 5%b
6a
4s secured notes
Boston A Albany 4Mb
Boston A Maine 5s
.....
Baltimore A Ohio
4MB
...
1945
1945
1944
.1943
1940
1944
-
Clearfield 4s
....—...
—
Carolina Clinchfield & Ohio 4s ...
Chicago Indiana A Southern 4s
.........
Chicago St Louis A New Orleans 5b
Chicago Stock Yards 5s
......—...
Cleveland Terminal A Valley 4s—
....
....
Connecting Railway of Philadelphia 4s
Cuba RR Improvement and equipment 5s
Cambria A
1955
..1965
1956
1951
1961
1995
1951
1900
1945
Hob ok en Ferry 5s
—...1946
Illinois Central—Louisville Dlv A Terminal 3Ms
1953
Indiana Illinois A Iowa 4s.........—....
—
1950
Kansas Oklahoma A Gulf 5s
1978
Memphis Union Station 5s............
...
1959
New London Northern 4s
1940
New York A Harlem 3Mb
2000
New York Philadelphia A Norfolk 4s
1948
New Orleans Great Northern income 5s
2032
New York A Hoboken Ferry 5s
1946
Norwich A Worcester 4Mb
—...—1947
Pennsylvania A New York Canal 6s extended to
1949
Philadelphia A Reading Terminal 5s
1941
Pittsburgh Bessemer A Lake Erie 6s
1947
Portland Terminal 4s
...—
—
1961
Providence A Worcester 4s
1947
Florida Southern
4s—_—
—
1957
1942
1967
1957
—..—1946
United New Jersey Railroad A Canal 3Ms...........—..1951
Vermont Valley 4MB-————1940
A Georgia 4a—...—...
Terre Haute A Peoria 5s
Toledo Peoria A Western 4s
Toledo Terminal 4Mb
——
——
Toronto Hamilton A Buffalo 4s..--.-—
Tennessee Alabama
Vlcksburgh Bridge 1st 4-0s
Ry 3Ms
Pittsburgh 4s
Washington County
West Virginia A
—
—.............—1908
1954
1990
84
51M
Manufacturing..25
Singer Manufacturing.. 100
Skenandoa Rayon Corp..*
Standard Screw
20
Stanley Works Ino
25
Strom berg-Carlson
*
Sylvama Indus Corp
*
25M
27 X
100M
->
-
Dictaphone Corp.
102 M
78
8%
59
29
0
63
74
*
*
7%
1X
2%
1
12M
13X
Steel common
Time Ino
15M
-
—
33
12M
13M
Trlco Products Corp
30 X
Triumph Explosives
3%
33M
4%
5
Common
2
25
28M
31M
59M
63
United Piece Dye
Preferred
Works.*
100
Farnsworth Telev A Had. 1
14 M
IX
9%
11%
Welch Grape Juice com
15M
70
3
Preferred.
2
3M
70
60
13M
20%
28
29%
York Ice Machinery
Giddlngs A Lewis
98
95
115
12M
19
Steel..*
Wilcox A Gibbs com
50
Worcester Salt....
100
2%
1
*
99
100
3%
102
98
4%
40
47%
42M
5
39
43
5
13M
14 X
IX
*
40
43
*
30
Preferred.
21%
1%
24%
13
103
117
m
im
»
m
Harrisburg Steel
'
Corp
66
«•«»*»«»
Corp eom...
7%
8%
Clark..5
5
24%
26%
11
13
•
10M
HM
3
King Seeley
62
65
Landers Frary A
92
85
1
3
'
......
85
90
Long BeU
70
65
107
98
108
95
Lumber.
.
-
-
.
i'H
7
8%
42 M
4
*
2%
100
27M
Amer Writ Paper
6S..1961
A..1946
1948
Celanese Corp 3s
1955
Chic Dally News 3Mf-1950
Deep Rock Oil 7s
1937
f63%
66
Brown Co 5Ms ser
/35M
37 X
Carrier Corp 4Mb
80 X
82 X
ioi"
104M
/39M
/36
42 X
7% preferred
30 M
Bonds—
Stamped
Minn A Ont Pap
6s... 1945
5 NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
98
7
39M
104
38%
8
41 %
104%
12M
13M
I
52
L
62M
53%
64%
PennsyFGlass Sand 3M» '60
105X
105
Scovlli Mfg3Ms deb—1950
Superior Oil 3%b
1950, 100 X 100%
103M 103%
Texas Corporation 3s. 1905
14%
Woodward Iron Co—
*
4*
'
ioi
•
3%
.
5%
)
♦
11M
108
Wickwlre Spencer
—,
100
61 X
20 X
18 M
2M
100
•
60
95
preferred
51 M
*
Garlock Packings com...
50
57
52 M
7%
49M
2
40
90
24
*
•
2%
58 X
Veeder-Root Ino com...
30
1M
2%
*
68
M
X
United Artists Theat com. *
64 M
52 M
8%
Tokhelm Oil Tank A Pump
*
110
3M
127
123
.*
*
102
57 M
54
2M
Thompson Auto Arms
13M
5%
20%
i
1
59
*
4M1
18M
5
23%
56
4%
36 M
Tampax Inc com..
Taylor Wharton Iron A
56 M
7%
3M
35M
44M, 46M
Talon Ino com
21 %
♦
102
60
6M
Tennessee Products
Crowell-Coilier Pub..
Cuban-Amer Manganese. 2
Dentists Supply com—1 0
87
•
18M
99
4%<
*
$3 conv pref
101
99
2M
12M
*
57
82 M
1%
10M
4%
2M
Consolidated Aircraft—
49
56
8M
*
48
/44
f44
1
Exploration
47 M
33
68
2%
*
167
10M
21M
30c
IX
Soovlil
163
5%
4%
10c
Manufacturing... ♦
Remington Arms com
4%
18%
Maine Central 5s
2.00
Western Pacific 5s...
»
62.50
4Mb.
Conversion
248
235
*
1
1
Safety Car Htg A Ltg_..60
2%
Long Island 4 Ms
Louisiana & Ark 3Ms
Pilgrim
Pollak
—
14M
12M
Pan Amer Match Corp..25
1.25
Southern 3s. _
Lehigh A New Engl
42 M
12%
Southern Ry 4s
Kansas City
25 M
10 X
15M
.
preferred
Arlington Mills
1
Armstrong Rubber A...
62.40
4M
21M
24%
3
62.10
2MB
Ant
40 M
Petroleum Heat A Power. *
1.50
1.40
St Louis-San
Amer
2
1.40
62.25
62 00
Reading Co 4 Ms
1.75
Express
32 H
*
ii %
n%
.
American Hardware
61.75
Growers
65
2%
Nat Paper A
2
•
1.60
Pere Marquette—
62.50
Fruit
47 M
Bid
28
IX
3
1.75
2Mb series G A H
A coi
V series
0.50
4s series E
4s. 4Mb and 4Ms
Grand Trunk Western 5s
Erie 4 Ms
20 %
62 M
Par
Ask
*
2.50
1.50
19M
45M
Type com
1
6% preferred
.50
New Britain Machine
*
•
American Cyanamid-
61.75/
2.50
408
Co..2
4
10
3
64.00
62.20
398
*
61.50
63.25
270
62
Bid
r
Chesapeake & Ohio 4 Ma
/
Chic Burl & Quincy 2M8—/
Chic Mllw A St Paul 5s
f
-
3M
220
Industrial Stocks and Bonds
Central of Georgia 4a
Cllnchfleld 2Mb
37
2M
,
50
113
35
30 X
U S Fidelity A Guar
13M
24
29M
110
Springileld Fire A Mar..25
Standard Accident
10
Stuyvesant
5
Sun Life Assurance ....100
Travelers
100
9%
9
78
1 00
Boston A Maine 5s
8%
8
35M
31 %
1.75
Missouri Pacific 4Mb
1.50
Ask
I
26
Gibraltar Fire A
100
Lack A Western)
St Paul Fire A
Georgia Home
-.60
Preferred-..
Warren RR of N J (Del
40%
General Reinsurance Corp
48
4
2M
5
Marine..25
38
23
Hartford Fire
Utlca Chenango A
M
~
m
Merck Co Ino common..
3
98
115
12 X
105
*
95
100
75
77
46
48
58
69 M
.
For footnotes see page
1264
8M
85
13
2d conv Income
5s..1902
108M
The Commercial & Financial Chronicle
1266
Aug. 31, 1940
m
Quotations
Public
Over-the-Counter Securities—Friday Aug. 30—Continued
on
Utility Preferred Stocks'
Bought
Sold
.
.
Investing Companies
Par
ASk
Bid
Par
10.56
11.23
8.28
0.00
Affiliated Fund Ine—AH
Quoted
.*
Aeronautical Securities...
2.48
2.72
Admlnto'd Fund Inc.
9.50
26.12
28.57
20.34
22.29
12.83
Jackson & Curtis
14.13
12 X
13X
Series B-2
2.77
3.06
Series B-3
0.04
6.77
Series B-4
——
Series K-l
Assoc Stand CHI Shares...2
established 1879
Aviation Capital Inc
Members
Principal Stock and Commodity Exchanges
Teletype N.
Tel.BAretay 7-1600
1
........
*6% preferred...
.....
Basle Industry Shares.. 10
British Type Invest A...1
Broad St Invest Co Ine—5
1
Bullock Fund Ltd
Public
Utility Stocks
Par
Ask
:
4
4%
18.67
__
Series S~2.—
'
.1
._
Series 8-3
_
6.47
7.13
13.36
.
Series K-2———
20.29
4X
14.09
8.22
9.10
11.50
12.68
7.77
8.62
3.07
3.47
Knickbocker Fund———1
6
5.48
6.04
434
**
7*
/B
3.32
Manhattan Bond Fund Ine
13.39
Boston Fund Ine—
Y-1-1600
5
—...
Series 8-4—————_
Bankers Nat Investing—
♦Class A.
New York City
115 Broadway
—
—
Amer Business Shares....
Corp.
Atk
8.96
Amer Foreign Invest Inc.
Am Insurance Stock Corp*
♦Amerex Holding
Bid
1
Keystone Custodian Funds
Series B-l...
Investors Fund O—
14.40
.14
.29
20.89
nx
6.55
7.23
3.95
4.05
1
17.86
19.26
22.58
Mass Investors 2d Fund..
8.49
9.13
12X
Mutual Invest Fund... 10
9.05
9.89
Nation .Wide Securities—
Maryland Fund Inc.—10c
Mass Investors Trust
Alabama Power S7 pref—*
Amer Utll Serv
0%j>ref_25
Arkansas Pr <fe Lt
7% pf__
i
103 X 105X
4%
94
6
06 J*
Associated Gas A Electric
80.60 preferred
*
Atlantic City El 6% pref.*
1X
120
82%
85
47
4 8H
Narrag E! 4X% pref...60
Nassau A Suf Ltg 7% pf 100
National Gas A El Corp. 10
New Eng G A E 5X% pf.*
New Eng Pr Assn 0%pf 100
New Eng Pub Serv Co—
87 preferred
♦
Cent Indian Pow 7% pf 100
Central Maine Power—
86
7%
preferred.——__100
100
preferred
86 prior lien pref......
88 cum preferred......*
New Orleans Pub Service-*
87 preferred..—.—...*
New York Power A Light—
Carolina Power A Light—
107X 109 X
73% 76%
09
101
Bid
SIX
52
26 X
28 %
4
5
100
preferred
03
91
06X
Federal Water Serv Corp—
86 cum preferred
♦
36 X
86.60 cum preferred...*
Florida Pr A Lt 87 pref..*
Hartford Electrle Llght.26
69
5.30
5.70
8X
9%
1 £10,52
11.34
Continental Shares pf 100
Corporate Trust Shares.. 1
New England Fund
2.12
N Y Stocks Ino—
9
22 %
Automobile..
4.48
4.86
2.46
Aviation..—..........
9.92
10.72
Series ACC mod—...»
66X
02 X
2.09
2.46
Bank stock
...
7.68
8.31
5.11
5.55
........
8.06
67X
65
10 X
25
100 X 108 X
116
100
♦Crum A Forster com..10
♦8% preferred.—.100
Agriculture
26 X
115
28 X
W
.
Building
18X
21X
60 %
58%
86%
10 0X 108 X
112 X 113%
113% 116
80
82 %
33
35X
04 X
67
111 % 113
60
Peoples Lt A Pr 83 pref .25
Philadelphia Co—
$6 cum preferred—....*
*76
Pub Serv Co of Indiana—
19%
20X
27X
22
X
22 X
Interstate Natural Gas...*
23 X
25 X
$7 prior lien pref—♦
Jamaica Water Supply...*
Jer Cent P A L 7% pf-100
30 X
32 X
Queens Borough G A B—
6% preferred...—..100
Republlo Natural Gas
2
Kansas Pow A Lt
4X % 100
Kings Co Ltg 7% pref. 100
Long Island Lighting—
7% preferred.......100
105X 108X
101 % 102X
80
85
Z15.24
Delaware Fund.........
Deposited Bank Shs ser A 1
Deposited Insur Shs A...1
16.48
34 X
19
4X
6% preferred D——100
102
20 X
82 preferred..........*
21X
Southern Indiana G A E—
100
Southern Nat Gas com .7 X
17
102 X
18
107 H
23X
24%
S'western G A E 6% pf-100
106
31 %
32%
107 X 109 X
81
83%
90 X
93
80X
82%
4%
29%
7% pf-100
United Pub Utilities Corp
82.75 pref
*
*
83 pref.———————*
Utah Pow A Lt 87 pref
*
Washington Ry A Ltg Co—
Participating units.....
6% cony partle pref..60
Mississippi Power 86 pref.*
87 preferred..........*
Mississippi P A L 86 pref.*
Missouri Kan Pipe Line
6
18%
West Penn Power com.—*
47%
West Texas Utll 86 pref..*
3%
Monongahela West Penn
Pub Serv
7% pref
16
Mountain States Power...
6% preferred
*
28%
16%
>45%
Texas Pow A Lt
6.40
2.54
5.12
2.75
....
.......
3.25
D2.50
Dividend Shares.—...25c
5.20
1.13
--
-
1.96
2.54
Eaton A Howard Manage¬
ment Fund series A-l..
Series
F
...,
Eqult Inv Corp (Mass)..5
Equity Corp S3 conv pref I
Fidelity Fund Inc.......*
First Mutual Trust Fund..
Fiscal Fund Ino—
10.61
.1
2.49
1
'
2.08
----
17.84
Plymouth Fund Ine..-10c
.33
.38
10.34
11.10
Putnam (Geo) Fund......
12.38
13.24
23.31
25.06
6.05
6,85
98X
101X
10.18
17.41
5.73
0.36
Quarterly Ine Shares..10c
5% deb series A
Representative Tr Shs.. 10
Republic Invest Fund....
2.36
Scudder, Stevens and
20
19X
Bank stock series... 10c
2.13
2.89
3.21 j
10
8.46
—!
3.60
4.10
Fundamental Invest Ino.2
14.97
16.27
4.36
5.15
Fixed Trust Shares A
.1
Series 1956
.
Series 1955
Series 1958
...
6.37
45 X
No Amer Tr Shares 1953.*
5.85
1.03
-
5.56
5.87
No Amer Bond Trust ctfs.
9.40
3.07
3.45
78.20
Clark Fund Ine
Selected Amer Shares._2X
Selected Income Shares.. 1
8.90
79.78
7.73
8.43
3.75
General Capital Corp....*
General Investors Trust. 1
25.84
5.52
6.11
13.81
14.75
1 Standard Utilities Inc. 50c
3.98
Sovereign Investors...lOe
Spencer Trask Fund.....*
.29
.35
♦State 8t Invest Corp.—*
•
60 X
62 X
Super Corp of Amer AA—1
2.23
Group Securities—
Agricultural shares.....
4.47
27.78
4.87
4.81
3.88
4.23
Aviation shares........
7.54
8.22
Building shares........
5.02
5.47
Chemical shares
5.97
0.50
7.89
8.58
Food shares—.........
7.78
4.12
Investing shares
...
....
Trustee Stand Invest Shs—
4.41
shares.....
Electrical Equipment...
Mass Utilities Associates—
8.10
6.50
5.90
...
„1
Automobile
4.8% preferred..—-.100
Mass Pow A Lt Associates
104
7:48
5.99
Railroad equipment....
Steel.
21X
5%
9.65
Railroad
1.31
2.55
Diversified Trustee Shares
B...
Rochester Gas A Eleo—
Sierra Pacific Pow com...*
32
92 X
7.47
8.42
Metals
Foundation Trust Shs A.l
90
8,72
6,90
Machinery
4.32
Fundament'l Tr Shares A 2
Indianap Pow A Lt com..*
supplies
Insurance stock..—....
29X
111
Insurance stk series. 10c
78 %
.
6.86
Oils
♦7% preferred—.100
Cumulative Trust Shares.*
C
84%
......
6.33
Electrical equipment...
♦Cram A Forster Insurance
♦Common B shares...10
—.........
Chemical..
~
Ohio Public Service—
6% preferred.......100
7% preferred—.——100
7% pref...100
Pacific Pr A Lt 7% pf—100
Panhandle Eastern Pipe
-
—.1
114
(Del) 7% pref
-
Accumulative series—.1
7% cum preferred... 100
N Y Water Serv 6% pf-100
preferred.........
-
Series AA mod
Northeastern El Wat A El
84
—
34
Series AA.
106 X
Line Co..————*
65
National Investors Corp.l
65X
33
Penna Edison 86 pref....*
Penn Pow A Lt 87 pref—.*
38%
37X 39%
107
109X
1.18
3.42
2.09
105
Okla G A E
Derby Gas A El 87 prof—*
1.04
3.15
Chemical
—.1
Northern States Power—
7%
(Colo) ser B shares..—*
(Md) voting shares—25o
3.28
10.06
Century Shares Trust..
Ask
86 cum preferred.—*..*
106% 109
Cent Pr A Lt 7% pref-100 xlll% 113%
Consol Eleo A Gas 86 pref.»
7%
9%
Consumers Power 86 pre!.*
104% 106%
Continental Gas A Eleo—
3.40
24.52
9.30
Canadian InvFnnd Ltd.. l
Par
87 prior lien pref...*..
Birmingham Eleo 87 pref.*
Birmingham Gas—
83.50 prior preferred—50
2.60
22.80
Fund.....—..1
Commonwealth Invest... 1
bus
...
2.48
2.71
25
26%
Merchandise shares....
4.78
20H
Mining shares.........
4.75
5.18
69
71%
Petroleum
O——...1
2.16
1
2.12
1
4.76
♦Series B...
.....1
Trusteed Amer Bank Shs—
4.26
.....
♦Series
A
-
---
.25c
.49
.54
Trusteed Industry Shs 25c
.71
.79
Class B—
6.21
27 %
♦Series
♦Series D
Trustee Stand OH Shs—
18X 21
25%
25X
100 X 102
shares
3.58
3.91
RR Equipment shares..
Steel shares...........
3.27
3.57
4.73
4.54
15X
5.16
Tobacco shares
U S El Lt A Pr Shares A
4.95
♦Huron Holding Corp...1
.07
.27
Incorporated Investors..5
Independence Trust Shs.*
13.46
14.47
1.98
2.21
2.04
B—
Wellington
Fund——1
12.74
13.02
Investment Banking
Corporations
Public Utility Bonds
Bid
Bid
Ask
Amer Gas A Pow 3-68.1953
Amer Utility Serv 6S—1904
55%
57%
Kansas Power Co 4s.. 1964
88
90%
Kan Pow A Lt 39(8.-1969
Associated Electric 58.1061
Assoc Gas A Eleo Corp—
55%
56%
Kentucky Utll 4s.—1970
49(s...
—-—1056
Income deb 3X8—.1078
Income deb 3Xs_..1978
/14
fl4%
114%
114%
128%
125%
Income deb 4s
.1978
Income deb 4X8—1978
Conv deb 4s
1973
Conv deb 4X8—1973
Conf deb 6s
1973
Conv deb 5Xs—— 1973
8s without warrants 1940
Assoc Gas A Eleo Co—
Cons ret deb 4X*-— 1958
Sink fund ino 4X8—1983
Sink fund ino 6s.... 1983
8 f ino 4X8-5X8——1986
Sink fund ino 6-0S..1980
101% 102%
111% 111%
102
102%
102
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s*68
Marion Res Pow 3 9(s. 1960
27
Montana-Dakota
127%
127%
151%
29%
63 %
13
49(8
New Eng G A E Assn
5s *62
NY PA NJ Utilities 5s 1956
Y State Elee A Gas Corp
<S
4s
1965
Northern Indiana—
13
Public Service 39(8.1969
Nor States Power (Wise)—
13
1st lien coil tr 5X8-1946
1st lien colli rust 68.1946
Cent 111 El A Gas 39(8.1964
92%
94%
95
97%
102% 103 %
Central Illinois Pub Serv
1st mtge 39(8
1908
Central Pow A Lt 39(81969
Central Public UtilityIncome 5%a with stk *52
Cities Service deb 6s.. 1963
Cleve Eleo Blum 3s... 1670
Cons Cities Lt Pow A Trao
6s
1902
Consol E A G 6s A....1962
6s series B.——1062
Crescent Public Service—
105% 106%
104% 104%
2%
77%
79%
105% 105%
39(s
....
.—.1964
105% 106%
105% 106%
Bid
Alabama Wat Serv 5s. 1957
Ashtabula Wat Wks 6s '68
102
15X
10c
%
Pomeroy Toe
com
Ask
102 X
105
Bid
Peoria Water Works Co—
1st A ref 5s..—....1950
61
90
102 X
1st consol 4s——..1948
1st consol 5s.......1948
101
105
Prior lien 5s
104%
1948
Collateral 5s
106 % 107%
Calif Water Service 4s 1961
106X 107 X
106
Pinellas Water Co 5Xs.*59
100
Pittsburgh Sub Water—
105% 105%
City Water (Chattanooga)
58 series B
110
110%
6s—1958
1954
100 x
1st 5s series C—....1957
Community Water Service
6X« series B...
1946
82X
87%
85
81
106
104
106 % 107
I06X 106%
105
Rochester A Lake Ontario
1946
Indianapolis Water—
...1966
105X 107 X
99% 102
.1938
101
106
Water 5s
49(s
—1958
1957
105
.—
18%
Water Service 5s. 1961
1st A ref 5s A
Kankakee Water
4X8.1939
Kokomo W W Co 5s
102 X
1958
101
—
105
67%
Monongahela Valley Water
6Xs—
1950
.1967
Shenango Val 4s ser B.1961
South Bay Cons Water—
Morgantown Water 5s 1965
Muncie Water Works 5s '65
105
87H
89%
105% 105%
Inland Gas Corp—
Toledo Edison 1st 39(sl968
1st mtge 3 9(s
1970
a
f debs
39(8....—1960
United Pub UtU 6s A. 1960
Utioa Gaa A Electrle Co—
5s—
1957
156% 59%
104% 105%
101% 101%
West Penn Power 3s—1970
West Texas UtU 39(8.1969
101%\102
Western Public Servioe—
103 X 103 X
—
105
73%
100%
107%
104%
100%
75%
101%
108%
105%
—I960
104
6Xs
99
102
100
103
98
101
105 %
Western N Y Water Co—
5s series B
..1950
101
.
1st mtge 5s
New York Water Service—
5s
__1951
100
Ohio Cities Water 5X> '53
Ohio Valley Water 5s. 1954
108
129
Ohio Water Service 4s. 1964
104 X
08
105% 106
101%102%
102 X
W Va Water Serv 4s.. 1961
1961
.1951
101%
1069(|1079f
105
Union Water Serv 59(8 '51
New Rochelle Water—
100% 102
126
..1956
Texarkana Wat 1st 58.1958
Ore-Wash Wat Serv 5s 1957
59(s.—.
78%
Springfield City Water—
4s A
102%
6s series B
Tel Bond A Share 58—1958
Texas Public Serv 5s._ 1961
1950
97
105
48% 50%
104% 104%
106% 107%
...
96%
102%
101
105%
65%
St Joseph Ry Lt Ht A Pow
1947
104
SerantoiHBprlng Brook
Joplln W W Co 5s
116%
107
St Joseph Wat 4s ser A1966
Scranton Gas A Water Co
6s series A
1st mtge 3Xs
104% 105%
86% 90
102 %
90
-mmm
Union Wat 5s '61
Richmond W W Co 5s 1957
•:
102%
~78%
Plalnfieid
105X
Monmouth Consol W 5s '56
.1951
101
Phlla Suburb Wat 48-1965
68%
109
101%
Butler Water Co 5s... 1957
64
87
Republlo Service-
B'western Gas A El 39(8 '70
S'western Lt A Pow 39(8*69
Federated Utll 69(8
Pub Utll Cons 59(8... 1948
55
76 %
1950
Jersey Cent P A L 39(s *65
Pub Serv of Indiana 4s 1969
53
74%
Gen Mtge 49(s
1st lien 3-6s—
..1961
Portland Electric Power—
6s
1950
49(8
110
..1952
Iowa Pub Serv 39(8—1969
Iowa Southern Utll 4s. 1970
39(8
—1970
Peoples Light A Power—
Sioux City G A E 4s.. 1966
Sou Cities UtU 5s A
1958
Dallas Ry A Term 08.1951
69(s stamped
39(8 1064
90%
55%
Dallas Pow A Lt
Indianapolis PAL 39(s *70
Penn Wat A Pow
88%
54%
108
1957
Corp.....10
♦Schoellkopf Hutton A
6s.-
n%
Coll ino 6s (w-e)—.1954
Cumberl'd Co PAL 39*8*66
39(8.1967
♦First Boston
82%
-
Old Dominion Pow 58.1951
101 %
1.03
1%
23
1
Water Bonds
58%
108%
100
1.27
17.46
1
20
Atlantic County Wat 5s '68
13
13
56 %
80
Utll—
.—.1954
Parr Shoals Power 58.1952
Cent Ark Pub Serv 5s. 1948
Central Gas A Eleo—
1.15
16.15
...
♦Central Nat Corp d A..*
♦Class B——
.*
102%
Northwest Pub Serv 4s *70
Biackstone Valley Gas
A Electric 3Xs
1968
.93
Insurance Group shares.
Investm't Co of Amer—10
15
15%
15%
15%
27%
29%
111
110
110
no
110
Ask
Institutional Securities Ltd
Bank Group shares
♦Blair A Co
.....1951
1st mtge 59(8
...1950
Westmoreland Water —
5s
1952
103 X
102 X
Wichita Water—
6s series B_. .......1956
101
106""
5* series C—
..I960
105
101
6a series A
....1949
103
W'msport Water 5s... 1952
For footnotes see page 1264.
100
102 X
2
17X
1
Volume
1267
Commercial & Financial Chronicle
The
151
Securities—Friday Aug. 30-Concluded
Quotations on Over-the-Counter
Real Estate Bonds and Title Co. Mortgage
Here
If You Don t Find the Securities Quoted
Bid
Aid en Apt 1st mtge 3s. 1957
in
carried for all active
cation quotations are
1st leasehold 3M-5s 1944
Broadway Motors Bldg—
over-the-counter
covered are:
The classes of securities
and bonds.
/4
A9
B'way Barclay lno 2S..1956
B'way A 4lst Street—
In this publi¬
and Quotation Record.
monthly Bank
stocks
find them in
Interest, you will probably
which you have
our
Bid
Ask
/29
Beacon Hotel lno 4s..l958
4-6s
1948
Certificates
5M
Metropol Playhouses lno—
S f deb 5a
1945
Ask
64
66
16
18
21
N Y Athletic Club—
26
1956
2s
30
60
64
N Y Majestic Corp—
4s with stock
stmp..l956
5
3M
Brooklyn Fox Corp—
Banks and Trust
Domestic (New
Municipal Bonds-
Companies—
Chanln
Bldg 1st mtge 4s *45
Cheseborough Bldg 1st 6s '48
Canadian
Out-of-Town)
Public Utility
Bonds
Public Utility
Canadian
Stocks
Federal Land Bank Bonds
1st 4b (w-s)
Railroad Stocks
Industrial Stocks
Real Estate
Insurance Stocks
Real Estate Trust
N Y Title A
Mtge Co—
6Ms series BK
and Land
U. S.
Mining Stocks
3
39
The Bank
and Quotation
Record is published monthly
Sec s f ctfs 4M s
1961
6Mb stamped..
34
36
57
»
m—
AO
7%
/—
Realty Assoc Seo Corp—
6s Income
1943
55
57 M
Roxy Theatre—
31
Film Center Bldg 1st 4b
1957
1st mtge 4s
33
34
1st leasehold 3s. Jan 1 '62
60
37
*49
1968
1939
A3
/25
32
Fuller Bldg debt 6s.
1st 2M-4a (w-s)
New York City.
(w-1)'58
1«
IK
A O
1946
6Ms (stamped 4s)..1949
should be sent to
21
Prudence Secur Co—
500 Fifth Avenue—
and
Your subscription
Co., 25 Spruce St.,
mm
•
18
Oft
1400 Broadway Bldg—
1st 4s stamped
1948
Dept. B, Wm. B. Dana
3
53
00
62d A Madison Off Bldg—
sells for $12.50 per year.
2d mtge 6s
1951
103 E 67th St 1st 6s...1941
165 Broadway Building—
2
36
5s 1952
legended
50 Broadway Bldg—
1st Income 3s__.
Securities
Territorial Bonds
U. S. Government
r
-MM
11
oo
Hotel units
Eqult Off Bldg deb
and Safe Deposit
44 M
/I
1 Park Avenue—
24
23
Deb 5s 1952
64 M
42 M
Olicrom Corp vto
21
3Mb
34 M
52 M
21
18
1948
Eastern Ambassador
Stocks
ties
%
47
32 M
5Ms series Q
52
...I960
1st
Bonds
Title Guarantee
Securi¬
49
45
5Ms series C-2
6Ms series F-l
33
Dorset 1st A fixed 2s..l957
Stocks
Investing Company Securities
31
Colonade Construction—
Railroad Bonds
Industrial Bonds
Mill Stocks
13M
AIM
Court A Remsen St Off Bid
Foreign Government Bonds
Joint Stock Land Bank
1967
3a
Domestic
York and
15
18
31
34
74
77M
40 Wall St Corp 6s...
42 Bway 1st 6s
14 M
Savoy Plaza Corp—
3s with stock......1956
...
8
7
Sherneth Corp—
1944
1949
Graybar Bldg latlahld 6s '46
__
'
m —
1956
60 Park Place (Newark)—
1st 8Mb
1947
1st 5M s(w-s)
/8
9
28
33
24
26
61 Broadway Bldg—
Foreign Stocks* Bonds
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s' 42
and Coupons
A3
28
25M
28
1960
Hotel St George 4s
3Ms with stock....I960
15
23
616 Madison Ave—
..1948
1st 4-5b._
Tel. HAnover
2-5422
Textile Bldg—
1st 3-6a
1958
21
/23
39
Trinity Bldgs Co J —
1st 8Mb
1939
2 Park Ave Bldg 1 s 14-5s'46
62
64
33
36
Lexington Hotel units
w-s...1963
Income 6Mb
Due to the European
situation some of the
Bonds
below are
quotations shown
1st 6s (L I)
uominal.
Bid
Anhalt 7s to
1946
Antloqula 8s
1946
Bank of Colombia 7 % _ 1947
w
7b
Bavarian Palatinate
Cities 7s to
8s
1946
Cons
1946
11
13
1951
17
20
Westinghouse Bldg—
1st mtge 4s
1948
49
(Colombia) 6M» *47
...•1945
«
Bolivia "(Republic)" 8sll947
1968
1969
1940
7s
7s
6s
16M
15M
3M
3M
/3M
/4
Elec 6s. 1963
A
1948
/17
Meridionals Elec 7s. .1967
33
32"
Water 7s
Munlc Bk Heesen 7s to
1962
/4
1963
Burmeister A Wain 6s. 1940
...
15
7 Ms *46
(Colombia) 7s...1947
(Peru) 7M8...1944
Cauca Valley 7Ms
1946
Ceara (Brazil) 8s
1947
Central Agric Bank—
see German Central Bk
/9M
Caldas (Colombia)
Call
Callao
...
Madgeburg 6s
,.1934
Nat Central Savings
22
Hungary 7Ms
1962
National Hungarian A Ind
/4
1948
/4
5M
10 M
Mtge 7s
3
/15
City 6Ms
Panama
1962
/4
71
Porto Alegre
many) 7s
1946
Dulsburg 7% to
1946
1946
6s *33
6s 1936
9M
/14
/14
...
23
Louis has
1941
6s
/12
/19
/19
/15
22
22
6a.'47
Mr.
/II
'60
...1963
/14
/14
/14
Mortgage A In¬
vestment 7Ms
1966
/18
East Prussian
Pow 6s. 1963
Electric Pr (Ger'y) 6Mb
6Ms
7s 1957
7s ctfs of
7Ms Income
1966
7s Income..
4s scrip
8s
/2M
1967
1967
deposit..1967
/18
/3M
:::
1948
1948
Catharlna (Brazil)—
'
8a ctfs of deposit.
Santa
1947
8%
Natl Mtge 7s. '63
French
Cable 7S..1946
Building A Land-
/25
.1948
/13
German Atl
German
bank 6Ms
Central Bank
Agricultural 6s
1938
German Conversion Office
5o"~
35
and
1946
Funding 3s
8s
2d series 6s
/39M
Wate^Wks
1967
1963
Electric 6s..1938
40 M
3M
Toho Electric
AO
Haiti 6s
Hamburg
A2
60
/25
7s..... 1955
Toilma 7s
35
Hanover Harz
6s
1956
,1956
Stettin Pub Utll 7s—1946
6s
12 4
/2
1964
Guatemala 8s........1948
Graz (Austria)
Stem A Halske
State
German
German scrip
1961
6s.. 1947
deb 6s.2930
Mtge Bk Jugoslavia
Saxon State Mtge
—
70"
1947
Uruguay conversion scrip..
Unterelbe Electric 6s.. 1953
Veaten Elec Ry 7s
1947
Wurtembere 7s to
1945
of American railroads now
the
to
inquiry in this symposium is why no single Class I
reorganized since 1933 when Congress passed an amend¬
Bankruptcy Act specially designed to put insolvent, over¬
wringer." Still further delays are
General Counsel of the Reconstruction
reorganization court is created.
This move, for which provision is made in a, bill already passed by the
Senate, Is criticized by Leslie Craven, New York attorney and former
covtnsel to Federal Coordinator of Transportation Eastman, as endangering
the reorganization work already accomplished by the Interstate Commerce
Finance
16
17
/14
/14
The
80
/35
/14
/I®
/15
quickly "through the
C. M. Clay, Assistant
Corporation, unless a special railroad
Commission.
200
/14M
of 13 articles which has just been published as the
and Contemporary Problems," the Duke
major topic of
capitalized carriers
/15M
/14
of lively concern to the 30% of
in the hands of the courts, is the
1940, issue of "Law
likely, predicts
/15
/15
in this country.
railroad has been
ment
/6M
/14M
6Ms
I
A
/60
stamped. 1942
1948
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 78..1946
Exchange, Inc., Mr.
School quarterly.
Law
6M
rs
Santander (Colom) 7s.
/14
Frankfurt 7s to
the present Commodity
of the newly-formed institution.
record of achievement and years of association with trade
commodity exchanges, stamps him as one of the leaders in the
subject of a symposium
f8
Santa Fe 4s
/4
1946
Nat Mail 88 6s *62
Farmers
n
/5M
/M
exemplified by the fact that
continued to serve as Governor
the mileage
Salvador
European
7s
Saarbruecken M Bk
business is well
he has served
Exchange, to form
Louis's
interests
summer,
...
commodity field, particu¬
—"Railroad Reorganization," a matter
/12
/12
Rom Cath Church
with vast experience in the
commodity futures business
16
1933
6Ms '46
R C Church Welfare 7s '46
Rio de Janeiro 6%
firm
their Commodity
continuously as a Director or Governor
of several futures exchanges, such as the New York Metal Exchange, the
National Metal Exchange and Commodity Exchange, Inc.
Mr. Louis started his business career in the year 1908 by entering the
metal and rubber brokerage business in New York.
In 1910, only two years
later, Mr. Louis went into business for himself and was soon elected a
Governor of the former New York Metal Exchange.
He was Vice-President
of that Exchange.
When it became re-organized under the name of the
National Metal Exchange, Mr. Louis continued to serve on the Governing
Board where he was instrumental in listing silver, copper, lead and zinc for
trading purposes and in broadening and developing the metal futures mar¬
kets in New Ybrk.
It is safe to say that few individuals have exerted more
successful effort to develop interest in trading in metal futures.
The
numerous contacts that Mr. Louis established with the metal trades and
his great energy, have enabled him effectively to stress the advantages of a
judicious use of futures trading facilities for hedging purposes.
Since May, 1933, when the National Metal Exchange was merged with
the N. Y. Hide Exchange, the Rubber Exchange of N. Y., and the National
Raw Silk
/6M
(Ger¬
Prov Bk Westphalia
/14
Duesseldorf 7s to.
7s
Protestant Church
/15M
/14
•/8M
f3
5% scrip
Poland 3s
fS5
/50
/20M
1956
1968
Panama
Dortmund MunUtil6MB'48
/14
/13
...
! 14
'61
7M» *49
.....1949
Cundin&marca 6Ms.. 1969
/65
/60
Bk of
10 M
Oberpfals Eleo 7s..... 1946
Costa Rica Pac Ry
/12
with
In this respect, he is an expert in both spot and futures
The recognition accorded to his thorough acquaintance
for the past 30 years
/25
4s...1946-1947
(C A D) 4s... 1948-1949
Oldenburg-Free State—
7s to
1946
Costa Rica funding 6s.
6s
6Ms '38
Nassau Land bank
NOTICES
L. F. Rothschild & Co. in
with the commodity futures
37
/14
/14
(A A B)
Central German Power
City Savings Bank
Budapest 7s
1963
Colombia 4s
1946
Cordoba 7s stamped..1937
market practices.
Nat Bank Panama—
/18
/4
/9M
/I
...
'
Mr. Louis is a man
larly in metals.
1946
'46
Municipal Gas A Eleo Corp
Recklinghausen 7s.. 1947
Munich 7b to
/14
/40
6MB
Buenos Aires scrip
••
for the past 11 years has been associated
Co., is severing his connections with that
Sept. 1, to join Messrs.
Department.
/35
Montevideo
Corp—
on
/3
sorip
/46
7Ms
—Irving J. Louis, who
/14
Luneberg Power Light
/22
/20
Brown Coal Ind
•
Messrs. E. J. Schwabach &
/14
/12
(Germany) 7s. 1936
1940
British Hungarian Bank
6s
20
Leipzig O'land Pr 6Ms '46
Leipzig Trade Fair 7s. 1963
Brazil funding scrip
Bremen
20
15
/13
/13
/31
65
CURRENT
15
Koholyt 8Mb
1943
Land M Bk Warsaw 8s '41
3M
4M
Brazil funding 6s.. 1931-61
Brandenburg
43
1947
1961
For footnotes see page 1264.
n
Mannheim A Palat 7s. 1941
/14M
/3
/3M
1st 4Mb w-e
/4
Jugoslavia 6s funding. 1966
Jugoslavia 2d series 6s. 1966
/14
/15M
-mm
41
/«
124 M
/15
39
23 M
Ask
/14
Hungarian Cent Mut
Hungarian Ital Bk 7Ms
Barranqullla Ba'35-40-46-48
Bavaria 6Mb to
'46
7s *37
'32
Hungarian Discount A Ex¬
change Bank 7s
1936
f20
1948
Bid
Housing A Real Imp 7s
/15
/50
Bogota
Ludwlg Baumann—
1st 6s (Bklyn)
1950
3s
1952
lfit A gen 3-4s
Ask
6mm
Lincoln Building—
London Terrace Apts—
Foreign Unlisted Dollar
.
Wall A Beaver St Corp—
...
40
1961
'
Walbrldge Bldg(IJ uffalo)—
30
37
Lewis Morris Apt Bldg—
1st 4s
73
51
47
1948
1st lease 4-6Ms
BRAUNL & CO., INC.
1956
1st 3s
Lefcourt Manhattan Bldg
Lef court State Bldg—
St., N. Y.
25
21
Syracuse Hote ) (Syracuse)
Inactive Exchanges
52 William
1967
3s with stock
18
18
symposium includes
articles discussing the problems
of reorganization
and transportation users as well as
security holders. A. F. Whitney, President of the Brotherhood of Railroad
Trainmen, asserts in an article that financially embarrassed roads try to
operate at the expense of their employees and urges laws facilitating rigorous
reorganizations.
Armistead B. Rood of the Old Colony Commuters &
Shippers League, active in the New Haven reorganization, urges the
appointment of special counsel by the ICC to protect the "consumer"
from the
standpoint of railroad labor
interest in
railroad service.
1268
The Commercial & Financial
Chronicle
Aug. 31, 1940
.......
1:""i'
General
NOTE—For mechnnical
reasons
However, they
OF
UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
it is
are
not
always possibls to arrange companies
always as near alphabetical position as
REGISTRATION STATEMENTS
SECURITIES ACT
UNDER
There
following additional registration statements (Nos. 4484
4490, inclusive) have been filed with the
Securities
rants
$250,000.
Froceeds will be used for investment
sponsored by
Filed Aug. 22, 1940.
United States Plywood
Corp.
(2-4486, Form A-2), of New
York, has
covering 50,000 shares of common
stock
shares will offered be for the
company and 20,000
shares for certain stockholders.
Net proceeds to be
received by the com¬
pany will be applied to the repayment of
bank loans, the
expansion of
production facilities at the company's
Seattle, Wash., plant; advances for
plant extensions to the Algoma Plywood & Veneer
Co., whose entire pro¬
duction is controlled by U. S.
Plywood, and for general funds of the com¬
pany.
General funds, the company states, will be used
in part to pay for
the development and
marketing of new products,
particularly aircraft,
aircraft parts and floats, skiis and
other articles which the
company is
licensed to manufacture.
Underwriters: Eastman Dillon & Co.
and others
to
be named
statement
(par $1), of which 30,000
by
amendment.
Lawrence
Ottinger
Aug. 23, 1940.
is
President.
Filed
Chicago Terre Haute & Southeastern
Ry. (2-4487, Form D-l), Terre
Haute, Ind.—The income
Power
Deposit of Bonds
In
&
Paper
Co.,
Ltd.—Committee
—
Urges
interest of
every
deposit his bonds with the committee prior tonon-depositing bondholder to
Sept. 14, 1940, the final date
for receiving deposits of bonds
under the plan to
terminate the company's
receivership through a judicial sale of its assets.
The sale is scheduled to
take place in Toronto on Oct. 16.
•'While non-depositing bondholders
will receive their
distributive share of
the purchase price in cash after
allowance for their
and prior charges," the letter
proportion of expenses
states, "the amount of such
distributive share
will depend, or course, on the
amount paid for
the
and assets and the amount of
undertaking, property
such expenses and
prior charges.
The com¬
Bonds now on deposit amount to
over
60% of the outstanding Abitibi
bonds.
The plan of
procedure, declared operative
upon deposit of over
50% of the bonds, contemplates the purchase
of all Abitibi
assets on behalf
of depositing bondholders
by a new company which
would issue common
stock at the rate of 40 shares for
each $1,000 of
deposited bonds.
The plan of procedure
provides that the issuance
of 1,930,680 shares
common stock
of
(no par) of the new
company
(represented by certificates
interest) in the ratio of 40 shares
per $1,000 bond
Provision is made for possible sale
assenting.
of certificates of
beneficial interest repre¬
senting shares of non-assenting bonds
and of additional
common shares
and of preferred shares and
other
securities of the
cash
new
company to raise the
requirements of the plan of
procedure, but the amount thereof
and
provisions with respect thereto, if
any, have not yet been
determined. How¬
aggregate par value of bonds,
debentures or preferred shares
which
may be issued for such purpose is
limited to $10,000,000
unless the consent
of a majority in interest of
the
assenting bondholders is first
The new
obtained.
company will have an authorized
capitalization of 1,930,680
common shares
(no par) and such
additional common
shares, preferred
shares, notes, debentures or bonds as
may be
necessary to raise the cash
requirements of the plan of
ever, the
procedure.
The
new
the
new
shares to the escrow
company will issue its
agent at the rate of 40
shares for each $1,000
assenting bonds and certificates of
beneficial interest
shares, issued by the escrow
representing such
agent, will be delivered
to assenting bond¬
holders in that ratio.
Common shares of
common
of
for account of
at such
price
assenting bondholders
or
prices
as
the
new
mine, but in
the
company not
so
issued
may be Issued
by the new company
company may from time to time deter¬
every case during the continuance
originally authorized 1,930,680 shares
so
been
issued
for
the
account
of
assenting
of the escrow
any part of
issued and which have
not
bondholders or purchased from
the new company
through the exercise of stock
purchase warrants, shall
be issued to and held
by the escrow agent
subject to the escrow and the
subscriber for such shares so issued
shall receive
certificates of beneficial
interest representing the shares
so
subscribed for.
into^fche
beneficial
assenting bondholders
and stock
purchase warrant arrangement,
although, as heretofore
stated, the plan of procedure
contemplates the possible issue of additional
securities, the terms and provisions of which have
not yet been
in order to raise the
determined,
cash requirements of the
plan of procedure.
As indi¬
cated above and as
provided in the plan of
procedure, certificates of bene¬
ficial interest
representing all or any part of the original
1,930,680 common
shares of the new
company not issued for account of
assenting bondholders,
additional
common shares or
preferred shares, notes, debentures or
or secured
by a mortgage upon all or any
part of the assets
company, and convertible or not
convertible into shares, may
be issued and sold in
order to raise
moneys to provide: (a) payment of
any part of the purchase
price of Abitibi assets not covered
by bonds and
coupons of assenting bondholders
and therefore
payaole in cash; (b) any
part of the obligations and
liabilities of the receiver of Abitibi
which may
be payable by the new
company; (c) additional money for the new
not
company
exceeding $2,000,000; provided, however, that
not more than $10,000,000 aggregate par value of
bonds, aebentures or preferred shares shall
be issued
by
the
new
majority in interest
The
basis
upon
company without first
obtaining
of the assenting
bondholders.
the consent of
a
which
certificates of deposit are to be
exchanged for
bo issued under the
plan of proceduie is as follows: Certifi¬
cates of beneficial
interest for 40 common shares of the
new
to be
company are
exchanged for certificates of deposit for each
$1,000 of deposited
bonds.
securities to
mittee
considers that it is in the interests
of all
bondholders that they sup¬
port the plan and participate in the
distribution of the securities
of the new
company provided thereby, rather than
depend upon the distributive
share
payable in cash to non-depositing
bondholders, the amount of which cannot
be foretold, and which in
any event must depend
upon the amount of the
successful bid."
of beneficial
to
bonds unsecured
of the new
being mailed to bondholders of the
company, the bondholders*
protective committee (H. J.
Symington, Chairman) expresses the
that it is in the
opinion
personal
entitling the holders
back
Stock purchaseXwar-
such
to
given
letter
a
July 1, 1942.
for subscription at
the public
offering price.
The present intention of the
committee is not to have
issued prior securities unless
the sale of certificates of
beneficial interest
or common
shares are found to be
impracticable on reasonable terms when
the plan of procedure is
effected.
There are no provisions in the
plan of procedure for any other
securities
to be issued
thereunder, except the stock purchase warrants and
the cer¬
tificates of beneficial
interest, above referred to, essential to effectuate
the
escrow
and
Abitibi
until
provide additional money for the new
company not exceeding $2,000,000, it is not the expectation of the
committee that any securities
will be
issued for these
purposes; and the present intention of
the committee is
to have issued
securities only to provide the cash
necessary to pay that
part of the purchase price of Abitibi
assets not covered
by bonds and
coupons of assenting bondholders and
therefore payable in cash.
The
amount of such securities
necessarily depends upon the amount of nonassenting bonds, and the amount of the purchase
price at the judicial sale
of the
property.
The present intention of the
committee is to have issued
certificates of beneficial interest or
common shares of the
new
in order to provide
company
this money, but the
committee has reserved the
right to
have issued up to
$10,000,000 of securities prior to the
common shares of
the new company.
If any securities prior or
otherwise are issued they will
be first offered
the
Dow Chemical Co.
(2-4490, Form A-2), of Midland,
Mich., has filed a
registration statement covering
$15,000,000 10-year debentures, due
Sept. 1,
1950, and 103,199 shares of common stock
(no par).
Filed Aug. 28, 1940.
(Further details on subsequent
page.)
was
be issued
effect
yet been determined.
Although provision has been made for the
raising of money to pay any
obligations and liabilities of the receiver
payable by the new
company,
Inter-Mountain Telephone Co.
(2-4489, Form A-2), of Bristol,
a registration
Tenn.,
statement covering i7,130
shares (par $10)
common stock, to be sold for the
voting
account of certain
stockholders.
Under¬
writers, Alex. Brown & Sons and
Mason, Iiagan, Inc.
W. N. McAnge is
President.
Filed Aug. 27, 1940.
1130.
be in
and to
has filed
page
will
will
Provision is made in the
plan of procedure for the possible
creation of
funded debt but none of the
details thereof has
rate
The last xirevious list of
registration statements
our issue of
Aug. 24,
escrow
cash, whether received on exercise of
the stock
purchase warrants, or as dividends on
the common shares of the
new com¬
pany or otherwise amounts to 25 cents or
more per share
originally repre¬
sented by certificates of
beneficial interest.
common for each
preferred share.
Proceeds will be used
to purchase stock of Gem
City Sheet Metal & Mfg. Co.,
manufacturers of
airplane accessories, and for
working capital.
Reginald N. Webster is
President.
Steelman & Birkman is
named as
principal underwriter and
G. Brashears & Co., Los
Angeles, will act as Western wholesale
distributors.
Filed Aug. 24,1940.
in
other trust
Interest, whenever
mortgage bondholders* committee has
filed a
registration statement covering certificates of
deposit for $6,336,000 5%
50-year 5% income mortgage bonds due 1960.
Committee members are
William T. Bruckner,
Cicero, III.; Percy B. Eckhart,
Chicago, 111.; James
H. Orr, Boston, Mass., with William
E. Jones,
Sec'y, of committee; address
of committee, 38 South Dearborn
St., Chicago.
Filed Aug. 24, 1940.
Standard Aircrafta
Products, Inc. (2-4488, Form A-l), of New
has filed a registration statement
York,
covering 125,000 shares of common
stock
(par 10 cents per share) and 40,000 shares
($7.50 par) 40 cents cumulative
convertible preferred stock.
The company
proposes to offer the 40,000
shares of preferred and 20,000
shares of the common in
units consisting of
1 share of pref. and A share of
common at $7.55
per unit.
The company
also is offering 25,000 shares of
common stock at 10
cents per share.
There
are 80,000 shares of common
being reserved for issuance upon the
exercise
of conversion rights
by the holders of 40,000 shares of
preferred at the
of two shares of
are no
purchase the common shares
of the new company
subject to the escrow prior to that date
at the follow¬
ing prices payable in Canadian
currency: $36 prior to Jan. 1,
1940; $37
thereafter prior to July
1, 1940; $38 thereafter prior to Jan.
1, 1941; $39
thereafter prior to July
1, 1941; $40 thereafter prior to Jan.
1, 1942; and
$41 thereafter prior to
July 1, 1942; in each case Jess all
dividends there¬
tofore paid with respect to the
shares purchased.
Certificates of beneficial
interest will be issued
by the escrow agent which will
represent pro rata
undivided interests in the shares
of common stock of the
new
held by the escrow agent and in
company
the proceeds of
any shares, or other se¬
curities so held or
any dividends or interest received on the
shares, or other
securities, so held.
In other words, to the
extent that stock
purchase
warrants are
exercised, cash will be substituted for the
shares purchased in
the hands of the escrow
agent and to that extent the number of
common
shares of the new
company to which the holder of a certificate
of beneficial
interest will
eventually be entitled will be reduced and cash
substituted.
Upon termination of the escrow, the escrow
agent will distribute pro tata
among the holders of certificates of
beneficial interest
any cash held by
it, however received, and all
remaining common shares of the new com¬
pany or other securities held
by it.
Provision will be made
whereby the
opportunity to vote on all common shares of the
new
to the escrow
company subject
may be exercised from time to time
pro rata
of the certificates of
by the holders
beneficial Interest.
To the extent that
Such oppor¬
tunity is not exercised by such holders, it is
possible that such
to vote
opportunity
may be exercised by the escrow
agent, although this feature has
not been
fully determined, but there is no
thought or intention that
such residuary
any
right to vote remaining in the escrow
agent (who will be
acting in a fiduciary capacity for ali holders
of certificates of
beneficial
interest) will be utilized for the purpose of
maintaining control of the new
company.
Provision will also be made for
periodic distribution of cash
in the hands of the
escrow agent to holders
of certificates of
Mutual Fund of California
(2-4485, Form C-I), of San
Francisco,
Calif., has filed a registration statement
covering Series A trust certifi¬
cates, single payment or instalment or
accumulation plan in the
amount of
principal
registration
or
escrow
The
The
United Biscuit Co. of America
(2-4484, Form A-2), of Chicago, 111.,
has filed a registration statement
covering 25,000 shares of 5% cumui.
preferred stock (par $100).
Proceeds will be used as follows:
To redeem
at 110 per share the
$979,700 7% cumul. pref. stock
(par $100) now out¬
standing; $800,000 for plant construction and
equipment and the balance
for working capital.
"Underwriters:
Goldman Sachs & Co.
(8,500 shs.),
Lehman Bros., Llyth &' Co., and
Kidder Peabody & Co., 5,500 shares
each.
K. F. Maclellan is President.
Filed Aug. 22, 1940.
a
alphabetical order.
company a limited
opportunity to buy their way
enterprise pro rata by paying off the
bondholders.
and
Exchange Commission under the Securities Act of 1933.
amount involved is
approximately $30,255,500.
filed
exact
provisions in the plan of procedure
with respect to
any voting
or agreement for
the purpose of
maintaining control.
and stock purchase
warrant arrangement is set
up for the pur¬
pose of extending to unsecured creditors
ana shareholders of
the present
Abitibi
trust
An
depositor.
in
possible.
The
to
1
Corporation and Investment News
RAILROAD—PUBLIC
FILING
xv,
The basis
upon which securities of Abitibi
(not including certificates of
deposit) are to be exchanged for such
securities as may be issued under
the plan of
procedure is as follows: Unsecured
creditors and stockholders
of the old Abitibi
may receive stock purchase warrants
as provided in the
plan of procedure.
Bondholders who do not assent will
receive their pro
rata share of
thp purchase price of the
property—as a matter of law, not
as a part of the
plan of procedure—if the plan of
procedure is consummated.
There are no provisions in
the plan of procedure with
respect to the issu¬
ance (by
way of options or
otherwise) of any securities other than those to
be distributed on the
general basis above explained.
There are no other
essential features of the
plan of procedure.
The
reason for
adopting the particular plan of procedure is that a
holders of substantial
group of
amounts of bonds wants the
Abitibi property put
up for sale.
As its name
indicates, it is simply a plan to buy in the assets
at sale for account
of bondholders who
assent, paying the others their
pro rata shares of the
pin-chase price in cash.
In Canada there are
two ways of
only
taking Abitibi out of receivership.
The one is a straight
action for sale
under the
mortgage which is within the jurisdiction of the
laws of the Ontario
Legislature and which is incorporated in this
plan of
procedure.
The other is
by the adoption of a scheme of
reorganization
under the Federal
Acts.
This latter procedure
requires the agreement of
a
majority in number
representing three-fourths in value of each c.ass of
creditors present and
voting in person or by proxy and the
agreement of
the shareholders
present in person or
by proxy by three-fourths of the
shares of each class
represented and voted.
The committee is
of the opinion that
strongly
this method of procedure is
not practical in these
par¬
ticular circumstances and
could only have
very expensive, dilatory and
-
nugatory results.
In the opinion of
the committee, there is no
equity in the property and all
the junior classes would
not approve of
any scheme of reorganization under
the Federal Acts,
which the condition of the
company would justify the
bondholders in
offering.—V.
151,
Alabama Water Service
p.
1130.
Co.—Proposed Bond
Issue —
The Securities and
Exchange Commission Aug. 23 announced that com¬
had filed an application
(File 70-143) under the Holding
Act regarding the
Company
proposed issuance and sale of
$4,200,000 of 3K% first
mortgage bonds, due 1965. The bonds are to
be sold at a proposed
price of
101% of their principal amount to three insurance
companies as follows:
pany
,
Volume
American Cable & Radio Corp.
$3,000,000
800,000
400,000
The proceeds from the sale of the bonds will be applied to the redemption,
at 102% and accrued interest, of $4,200,000, 5% first mortgage gold bonds,
Northwestern Mutual Life Insurance Co
John Hancock Mutual Life
Insurance Co.
Consolidated Income Account for the
Massachusetts Mutual Life Insurance Co
Gross from railway
Net from railway
Ry.—Earnings—
$195,740
58,920
35,094
1,297,764
405,161
224,263
—
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
$157,002
47,847
17,686
$133,483
30,062
8,242
875,037
144,820
def38,425
1,101,317
306,801
97,183
$171,090
50,447
23,449
1,306,607
466,929
216,260
-
Great Southern
_
Net
$881,705
84,512
—
Net income from operations
Non-operating income: Dividends, $36,523;
other non-operating income, $29,398
$629,016
175,629
114,699
4,454,243
from railway.1,332,392
ry. oper. income...
824,609
4,225,005
1,257,168
885,174
3,585,424
649,901
574,552
4,366,229
1,239,241
754,462
$797,193
interest. $5,845;
sub. companies..
_
$576,605
160,613
140,506
Gross from railway
Net
1937
1938
1939
$614,582
195,294
144,583
209,995'
5,865,079
Net income before interest charges, &c. of
119,904
$658,887
Net ry. oper. income...
From Jan. 1—
$6,746,784
Net income from opers. before loss on foreign exchange..
Loss on foreign exchange.
..
— ———— ——
—
RR.—Earnings—
1940
July—
Gross from railway
Net from railway
»
of $13,939
for depreciation
(other than depreciation
charged to costs, as above), $803,589—..
sion
—V. 151, p. 538.
Alabama
1940
miscellaneous expenses, $756,111; taxes—provision for U. S.
Federal income tax, $176,000; other taxes, $338,524; provi¬
1937
1938
1939
1940
July—
„
(& Subs.)—Earnings —
6 Months Ended June 30,
Operating revenues: Cable, $4,737,106; radiotelegraph, $1,590,126; gross profit on sales (after deducting depreciation of
$13,939 charged to costs), $131,446; miscellaneous (rents,
&c.), $288,106; total operating revenues—
Operating expenses, taxes, &c.: Expenses of operation, $2,544,555; maintenance and repairs, $1,246,300; general and
series A, due 1957 .—V. 151,p. 834.
Akron Canton & Youngstown
1269
Commercial & Financial Chronicle
The
151
—
...
—
71,766
-
$868,959
companies: Interset, $12,840;
in net income, $766;
Interest charges, &c. of subsidiary
minority common stockholders' equity
miscellaneous, $2,099
15,705
—
$853,254
debt of sub. companies.
Interest on funded debt of subsidiary companies: Income de¬
bentures, $228,647; serial notes—3%, $37,684——
Net income before interest on funded
266,331
—V. 151, p. 538.
Net income for the period.
Alabama
Period End.
Gross
Power
revenue
Oper.
and taxes...
exps.
Co.—Earnings—
July 31—
Provision for deprec..
—
$690,155
404,825
$8,379,102
4,850,367
$285,330
$3,528,735
2,342,138
$90,152
$1,186,597
$1,682,512
of Virginia—Earnings—
* 1940
Alberene Stone Corp.
—V. 150, p.
$235,845
7,669
3191.
the common stock.—V. 151, p.
Alexander Young
Building Co.—Bonds Called—
A total of $30,000 first mortgage
redemption
'
1939,
$285,414
16,591
Net sales.
Net income before Federal taxes
on
5% bonds due 1950
All America
Corp.—Report—
(Incl. Subs.)
Operating revenues—Cable, $2,920,275; radiotelegraph, $299,661; miscellaneous (rents, &c.), $40,549; total
$3,260,485
Expenses of operation, $779,851; maintenance and repairs,
End. June 30, 1940
$757,641; general and miscellaneous expenses, $339,023; taxes—
—provision for U. S. Federal income tax, $170,000; other
taxes, $212,220; provision for depreciation, $350,655........
2,609,390
Net income from operations
foreign exchange
before loss on foreign
;
...
income
—
27,736
•
$630,821
....
Interest charges, &c., of subsidiary companies..
Interest on funded debt of All America Corp
1,372
—...
117,159
274,811
581,152
$19,021,991
1,088,137
564,667
Corporate taxes (inci.est.
if. S.& for. inc, taxes-
Alton
RR.—Earnings—
July—
1940
*
$1,511,593
391,448
Gross from railway
Net from railway
125,450
Net ry. oper. income
From Jan. 1—
9,163,936
1,599,767
Gross from railway
Net from railway.
defl81,382
Net ry. oper. income
—V. 151, p. 686.
directors
have
$1,604,195
411,981
189,653
152,446
9,748,426
8,688,883
1,658,278
def203,189
9,043,490
1,931.977
93,900
2,450,899
561,157
a
dividend of five cents per share on
the
3 to holders
1, Sept. 1,
237.
30-cent cumulative participating preferred stock, payable Sept.
of record Aug. 26. Like amount was paid on March 1, last, Dec.
June 1 and March
1,1939, and on Dec. 1 and
Sept. 1, 1938.—V. 151, p.
American & Foreign Power Co., Inc.—Dividends—
E. Calder, President of this company announced that the board of
held Aug. 27, 1940 declared a dividend of 30lcents
per share on the $6 preferred stock and 35 cents per share on the $7 pref.
stock for payment on Sept. 16. 1940, to the stockholders of record Sept. 6,
1940.
These dividends are on account of accumulations for the quarter
ended March 31,1932—V. 151, p. 687.
C.
directors, at a meeting
American
Airlines,
Inc.—Preferred
Stock
Financing
the extent of 100,000 shares of which 50,000
would be publicly offered, is under active discussion for the company, it is
stated.
Emanuel & Co.; Kidder, Peabody & Co., and Lehman Bros, are
expected to head the underwriting group. Proceeds of the issue would be
used for equipment and other purposes.—V. 151, p. 1131.
Preferred stock financing to
American Bosch
Corp.-—Earnings—•
Ended June 30—
and other charges,
before provision for Federal in¬
1940
1 939
1938
Profit after deprec.
but
come
taxes
Earns, per
x
for
share on capital
—
stock
$383,651
$0.55
extraordinary operating charges
Federal income taxes.—V. 150, p. 4115.
Exclusive of
$49,058xloss$327,338
$0.07
Nil
of $984,689 and provision
American Public Service Co .—Hearing Postponed—
See Central and South West Utilities Co., below.—V. 151, p. 1132.
4,617,565
2,910,735
2,678,175
$9,624,998
448,450
......
$6,405,920
$5,429,674
$5,112,668
1st pref. dividends—
1,750,000
1,750,000
1,750,000
3,287,504
3,287,504
3,835,421
3,287,504
$392,170 def$472,753
Net
income
1,750,000
460,000
profit & loss surp.
Shares common stock
29,245,681
25,287,297
23,669,821
$4,127,494
24,006,535
outstanding (no par).
Earnings per share—_—
2,191,669
$2.12
2,191,669
$1.68
2,191,669
$1.54
2,191,669
$3.38
Bal.,
sur.
for 6 months $1,368,418
Total
Consolidated Balance Sheet
;
;
.
June 30
1939
1940
,
$
13,705,466
6,881,309
9,218,083
354,212
5,296,807
$
12,495,772
U. S. Government securities
-.1—
7,251,837
Accounts and notes receivable (net)...
11,896,171
Due from assoc. cos. not inci. in consolidation....
507,210
Materials and supplies, at cost or less
5,714,811
Assets—•
Cash...
-
— —
future
sold under firm contracts
for
18,678,607
delivery
Metal stocks (not incl. metals treated on
less unearned treatment charges
toll basis),
,
34,376,144 b46,709,948
......3,745,605
2,599,801
f Ore and concentratas on hand
Advance to customers on ores,
not settled for
&c., received but
3,080,561
113,533
securities.
Notes receivable, not current—
——i-iMine examination and development expenses
Prepaid taxes, insurance and royalties
Miscellaneous deferred charges
—
Interplant accounts in transit
TJ. S. Government
c
Property
165,143
71,452
479,480
99,111
33,296
53,213,938
22,420,257
-
Investments
—
-
Total
Jfjf flhi l.i ti. P. £"*—***
441,273
137,852
30,174
54,152,813
22,401,009
i
11,552,052
746,381
drafts payable—Trade
Other.
— -
-
——616,995
285,123
37,090
subsidiaries not consolidated
Dividends—Unclaimed..
——....
Payable on 7% preferred stock.i._.
Payable on common stock.
Acer, taxes not due (U. S. & for. inc. taxes est.)—
Unearn. treatm't chgs. (metals treated on toll basis)
Miscellaneous liabilities
875.000
1,095,835
8,.370,586
2,097,801
d2,033,728
Reserves
———————————e23,766,228
7% cumulative preferred stock
50,000,000
Common stock
43,620,430
Profit and loss surplus
29,245,681
-
Total
-
-
——
10,176,829
688,388
544,643
202,648
38,668
875,000
1,095,835
7,174,010
1,720,319
.3,421,981
19,804,924
50,000,000
43,620,430
25,287,297
174,342,930 164,650,971
that refined metals sold
valued at sales contract
lower of cost or market, except
firm contracts for delivery after June 30 are
b Valued at the
under
2,449,593
108,253
101,496
62,882
174,342,930 164,650,971
—
Accounts and
c
Discussed—
6 Months
1,275,237
2,666,825
Due to
Securities Corp.—Dividend —
declared
1,474,772
2,628,338
2d pref. dividends
Common dividends
Wages payable
American Electric
The
1937
1938
$1,555,799
477,002
1939
$1,512,783
437,836
157,444
2,858,726
obsoiesc, &c—
Deprec.,
Net income for the period
year.—V. 150, p. 2406.
253,150
546,066
Bond interest & prem...
Metals at sales prices,
$512,290
Corporation acquired its assets and commenced business Jan. 31, 1940
and therefore consolidated net income for the month of January, 1940,
in the amount of $144,256, is included in this statement on a pro forma
basis in accordance with the provisions of the indenture of the corporation.
This interim statement is based upon estimates in certain respects and is
subject to year-end adjustments and independent audit at the close of the
1937
$10,191,875 $18,440,840
$13,238,686 $10,840,932 $10,466,686
Gen. & adm. expenses..
972,225
971,609
926,061
Research & exam, exps-373,478
298,052
241,984
48,010
$603,085
income from
Six Months Ended June 30
1939
1938
Gross income
$651.095
exchange..
operations
Non-operating income..
Net
Int.,
rents,
dividends,
commissions, &c
Subs.)—Earns.
& Refining Co. (&
$12,692 620 $10,587,781
Total net earnings
Consolidated Income Account for 6 Months
on
1132.
Consolidated Income Account
1940
its assets and commenced business Jan. 31,
1940, pursuant to the order of the court dated Jan. 25, 1940, directing con¬
summation of the plan of reorganization (amended) of Postal Telegraph
and Cable Corp. and its subsidiary, The Associated Companies.
The corporation purchased, at the face amount thereof plus accrued
interest, $500,000 of its series A debentures which were retired as of Feb. 29,
1940, leaving outstanding at the present time $2,793,600 principal amount
of that series.
The indenture provides that no series B debentures may
be redeemed or purchased untii a total of $1,250,000 principal amount
of series A debentures shall have been retired.
A radiotelegraph circuit connecting Lima and Tokyo was established
July 1, 1940.
Net
American Smelting
has been called for
Oct. 1 at 101.
All America Corp. acquired
Loss
American Rolling Mill Co .—Regular Preferred Dividend—*
on Aug. 26 declared the regular quarterly dividend of $1.12M
per share on the 43^% cumul. pref. stock, payable Oct. 15 to holders of
record Sept. 16.
Company recently cleared up all accruals on this issue
with the declaration of a $1.12M dividend payable Aug. 30.
Commenting on the present action of directors Charles R. Hook, Presi¬
dent, said that the outlook for business for the balance of this year in the
sheet industry was encouraging and directors were delighted to resume the
regular dividend of preferred stock with all past accumulations out of the
way.
He said that while there has been an improvement in the sheet price
situation and better earnings were in prospect , he did not care to make any
statement with respect to the possibility of a resumption of dividends on
Directors
—V. 151. p. 834.
6 Months Ended June 30—
year-end adjustments and
to
estimates in certain respects and is
—V. 150, p. 3961.
2,342,138
$131,449
Balance
1940, in
basis
This
subject
independent audit at the close of the year.
interim statement is based upon
$4,024,650
195,178
pref. stock
for the month of January,
the amount of $220,531 is included in this statement on a pro forma
in accordance with the provisions of the by-laws of the corporation.
$8,896,324
4,871,673
195,178
Net income
$726,558
399,931
$326,627
Interest and other deduc.
on
and therefore consolidated net income
1940—Month—1939
1940—12 Mos.—1939
$1,806,749 $22,815,845 $21,175,087
898,903
11.679,738
9,666,484
217,690
2,757,005
2,612,280
$1,860,179
895,255
238,365
Gross income.
Divs.
Corporation acquired its assets
$586,923
and commenced business Jan. 31, 1940,
Segregated and valued as of Dec.
the stockholders at a
31, 1934 in accordance with
authority
special meeting held on May 21, 1935;
other tangible properties at Doc. 31, 1934, $52,087,099;
less amounts included therein for properties which have been retired and
(or) sold since Dec. 31, 1934. $3,210,155; balance, $48,876,944; additions
and direction of
plants, mines and
sales of
$74,-
1934 at cost, $26,495,079; less retirements and (or)
Dec. 31, 1934, $834,616; balance, $25,660,463; total,
537,407; depreciation and depletion since Dec. 31, 1934,
depreciation and depletion since Dec. 31, 1934, on property
(or) sold after that date, $1,097,989; baiance, $25,582,816; net
property, $48,954,591.
Segregated and valued as of Dec.
cordance with autnority and direction of tne stockholders at a special
ing held on May 21, 1935: Goodwill, patents, licenses, &c., at
since Dec. 31,
additions since
$26,680,805; less
retired and
tangible
31, 1934, in ac¬
meet¬
Dec. 31,
1934, $4,478,391; less amounts included therein for patents, licenses, &c.,
which have become fully amortized, $124,158; baiance, $4,354,232; addi¬
tional since
Dec. 31, 1934, at cost,
$1,071; totai, $4,355,303; amortization
$95,955; net in¬
Dec. 31, 1934, on unexpired patents, licenses, &c.,
tangible property, $4,259,348; total, net property as shown
since
sheet,
$53,213,938.
on balance
The
1270
Commercial & Financial Chronicle
d Note payable six montds after demand to American
Smelting & Refin¬
ing Co., trustee under employees' pension plan, $1,250,000minority
interest In subsidiary companies included in
consolidation, $53,632; and
miscellaneous liabilities, $730,096.
Metal stock, $16,344,642; extraordinary
other
e
&c., $5,605,762; mine and
$1,460,547.
and concentrates
f Ores
hand
on
mines
at
at cost of production or conservative values
for their sale.—V. 150, p. 4116.
and
in
based
$355,278,
and other
existing
contracts
Period End. Aug. 31—
Net profit from operations
1940—5 Weeks—1939
$12,349,916 $10,739,300
1940—31
Tel.
&
Weeks—1939
$66,495,87
$75,887,166
Co. of Massachusetts, a Massachusetts
corporation,
Works & Electric Co.,
Output—
Aug.
Aug.
Aug.
Aug.
3
53,390,000
...54,457,000
17
-.54,092,000
24
52,558,000
—V. 151. P. 1132.
10
Anaconda
1937
Earnings
x
46,210,000
45,413,000
46,143,000
45,764,000
41,210,000
41,250,000
41,555,000
41,344,000
50,291,000
50,767,000
50,626,000
50,740,000
per
share
1939
$
Cash
securities
1940
$
3,754,633
Liabilities—
3,806,431
5,002,802
Notes & accts. rec. 6,703,662
U.S. Govt. & other
2,654,150
35,542
3,819,895
Inventories
14,864,899
Notes & accts. rec.,
13,035,465
Due from for. subs.
non-current
19,165
245,565
808,541
723,638
3,814,625
3.961,481
572,431
670,843
Invest, in & ad vs.
tofor'nsubs
Other investments
1939
Net from railway
Net ry. oper. income
From Jan. 1—
1938
$342,790
87,478
54,515
$324,610
48,327
20,877
8,099
Gross from railway
2,335,504
Net from railway
2,155,262
319,360
76,321
394,100
140,067
1,915,994
203,464
def33,832
—V. 151, p. 688.
Archer-Daniels-Midland Co.
(&
2,390,081
453,713
210,987
Subs.)—Earnings—
Consolidated Income Account (Including
Subsidiaries)
Years End. June 30—
1940
Net sales
$66,397,449
Cost of sales, &c
59,647,428
1939
See
Balance
Other oper. revenues
1938
1937
$61,965,860 $67,230,200 $80,518,912
56,018,028
63,231,951
73,320,553
701,126
687,311
653.785
-
Depreciation
(b)
$6,750,021
713,341
$5,246,706
578,329
$3,310,937
534,171
$6,544,574
634,568
$7,463,362
3,675,386
$5,825,035
3,447,110
$3,845,108
3,054,681
$7,179,142
3,378,021
$3,787,976
279,804
$2,377,925
180,556
337,820
$790,428
$3,801,121
322,000
50,953
199,131
d59,794
$3,448,378
306,142
$1,859,549
262,067
$417,476
437,671
$3,484,319
355,650
Fed. & State inc. tax...
$3,754,520
707,506
$2,121,616
282,133
$855,146
c417,408
$3,839,969
a872,673
Net profit
Preferred dividends
Common dividends
$3,047,015
96,250
708,391
$1,839,482
196,553
545,291
$437,738
200,802
957,268
$2,967,296
210,466
1,646,017
$2,242,375
544,916
$1,097,638 def$720,332
544,916
545,416
$1,110,814
548,296
Total
gen.
& admin, exps
Operating profit
Interest
Miscell.
charges
Balance
Other income.
Profit
Surplus
Shs.com.stk.out.(nopar)
Earnings
per
share
$5.41
$3.01
117,671
calendar year basis.
d $17,624 provision for loss
dian company and
on
conversion of net current assets of Cana¬
Consolidated Balance Sheet June 30
1940
1939
$
$
A ssets—
Oil
x
mills,
stations
&
1940
Liabilities—
tank
10,085,229
16,788,607
9,736,999
Notes payable....13,100,000
Accounts payable. 2,069,589
Drafts payable
107,695
Long-term debt
3,013,500
4,296,585
Govt,
drawback,
&c._
3,495,518
243,669
1,409,481
2,713,136
440,445
1,381,144
Res. for contlng
2,099,436
Prov.
duty
Other assets
Cash
Accrued expenses.
Goodwill, patents,
for
349,724
92,589
1
Deferred charges..
239,396
1
149,550
124,331
13,500
313,283
91,060
al3,711,094
Treasury stock.. Dr130,009
532,188
11,840,377
Drl30,009
42,886,297 34,439,9311
Total.
42,886,297 34,439,931
After deducting
$8,749,254 in 1940 and $8,425,591 in 1939 for reserve
depreciation,
y Represented
by 549,546 shares of no par value,
z
Represented by 4,630 no par shares,
a
$1,269,706 capital surplus and
$12,441,388 earned surplus of which
$1,564,288 is available for dividends
and stock redemption under
the terms of the serial note
agreement.—V. 150.
x
for
p.
2867.
Associated Dry Goods
Corp
6 Mos. Ended—
Total net sales
Estd.
.
loss
(after
prov. for Fed.inc. taxes)
oper.
Merchandise inventories
Number of transactions.
gross sale
Average
—V.
—Earnings —
Aug. 3, '40 July 29, '39 July 29, '38
July 29, *37
--—$25,805,834 $25,291,659 $24,106,343 $26,054,666
151, p. 980.
45,000
7,040,000
11,631.920
$2.64
60,000
6,590,000
11,340.000
510,000
6,590,000
10,670.000
$2.65
$2.68
•
10,000
7,730,000
10,690.000
$2.90
1,259,792
Due to for'n subs.
Prov.for State inc
641,590
535,127
,
capital stock and
other taxes
252,798
242,319
939,660
539,255
ers' unempl.ben.
500,000
4% cum. pf. stock. 5,299,400
y Common stock.. 8,123,465
5,299,400
8,123,465
income tax
Res. for wage earn¬
400,000
Paid-in surplus...26,383,324
26,377,539
Earned surplus...12,268,207
10,431,720
reserve for
and less
reserve
Co.—Earnings—
Earnings for 6 Months Ended June 30, 1940
Net profit after depreciation reserves for
taxes, &c
Earns, per share on 298,003 shares of
capital stock
—V. 150, p. 3812.
Associated Gas & Electric
$400,918
$1.35
Co.—Weekly Output—
The Utility Management
Corp. reports that for the week ended
Aug. 23,
net electric output of the
Associated Gas & Electric group was
units (kwh.).
This is an increase of 9,601,315 units or
duction of 88,750,627 units
98,351,942
10.8% above pro¬
a
year ago.—V.
151,
p.
1133.
Atchison Topeka & Santa Fe
Ry.—Earnings
—
[Includes the Atchison Topeka & Santa Fe Ry., Gulf
Colorado & Santa Fe
Ry., Panhandle & Santa Fe Ry.]
Period End. July 31—
1940—Month—1939
1940—7 Mos.—1939
Average miles operated.
13,414
13,447
13,416
13,463
Railway oper. revenue3.$17,685,802 $17,607,740
$92,869,387 $88,593,834
Railway oper. expenses. 10,952,517
10,860,583
74,379,571
71,661,761
Railway tax accruals... xl,829,269
xl,290,374
Other debits
or
credits..
Cr55,394
Drl8,817
y9,227,152
Crl70,558
y8,418,637
Dr410,279
Net ry. oper. income..
$4,959,409
$5,437,966 $9,433,221
$8,103,157
x Includes for
1940 and 1939 respectively $419,405 and
$385,239 repre¬
senting accruals under the Carriers Taxing Act of 1937 and the
Unemploy¬
ment Insurance Acts.
y Includes for 1940 and 1939
respectively $2,669,488 and $2,536,171
representing accruals under the Carriers Taxing Act of 1937 and the Un¬
employment Insurance Acts.—V. 151, p. 688.
Atlanta Birmingham & Coast RR.
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. 151, p. 688.
1940
1939
$299,136
41,080
def7,837
$280,992
2,027,408
182,429
defl57,487
-Earnings—
1938
1937
$309,791
33,879
def9,767
$300,650
44,941
2,004
2.082,841
305,189
def44,473
1,958,816
150,907
defl95,448
2,256,277
287,382
18,561
34,115
367
Atlanta & West Point RR.—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. 151, p. 688.
1940
1939
$151,394
20,351
def3,388
$146,960
20,165
1,066,105
132,821
def33,071
1938
1937
$141,220
def2,368
$148,439
22,817
def 1,594
995,844
117,118
def51,230
924,376
def126,223
1,061,869
135,644
def4,855
39,116
12,937
def 6,090
Atlantic Coast Line RR.— To Sell
$8,150,000 of Ctfs.—
The company on
Aug. 28 asked the Interstate Commerce Commission
authority to issue and sell $8,150,100 of equipment trust
certificates,
series G, the proceeds to be
used in
for
ment
835,116
Surplus
z
2,750,000
9,736,999
7,200,000
1,968,199
Federal
tax, &c
&c
Total
$
cum. pref. stk.
Common stock..
y
(less depre.) 11,358,069
Inventories
22,625,960
Notes & accts. rec.
8.
$
7%
tank
cars
U.
1939
1,804,759
56,213,203
After
1939,
Art Metal Construction
a
$42,170 miscellaneous deductions.
S
accrued expenses
53,206,616J
Total
56,213,203 53,206,616
depreciation of $19,800,234 in 1940 and
$19,329,404
for revaluations effected as of Jan.
1, 1933, of
$3,754,349 in 1940 and $4,106,525 in 1939.
y Represented by 1,410,866
no par shares.—V.
150, p. 2079.
x
$5.02
$0.43
a Includes surtax on
undistributed income to Dec. 31, 1936.
No pro¬
vision has been made for
possible surtax on the undistributed income for
the first six months of the calendar
year 1937.
The companies' tax years,
with one exception, end Dec.
31. and the amount of such tax, if any, is
undeterminable until the net income and
dividends for the entire year 1937
have been ascertained.
b Depreciation included in cost
and expenses amounted to $780,440.
c Includes
surtaxes of $257,488 on the
undistributed income of 1937,
the tax returns of this
company and all subsidiaries except one being filed
on
Total
in
Net ry. oper. income
Sell.,
Prop., pl't & eq.22,609,026 21,683,082
Paid-up licenses..
237,813
238,197
Goodwill, &c
1
1
1937
$280,851
41,852
1939
$
Accts. payable and
Prov'n for Federal
1^7,879
Prepaid expenses..
RR.—Earnings1940
352,661
$0.20
x$1.00
only.
1940
Assets—
-
$349,855
71,984
30,881
705,433
x$1.42
on common stock.
x
Arbor
$285,094
Consolidated Balance Sheet June 30
46,795,000
46,707,000
47,032,000
47.441,000
stock, payable Sept. 23
paid on June 24, last; 25 cents paid on March 25, last; 50 cents on Dec.
21,
1939; 25 cents on Sept. 21, June 22, and March 23, 1939, and on Dec.
22
and March 28, 1938; dividends of 50 cents
paid on Dec. 20, Sept. 27, and
June 28, 1937, and a dividend of 25 cents
per share distributed on March 9,
1937 —V. 151, P. 979.
Ann
$1,586,338
105,988
705,433
operating profit
dividend of 50 cents per share on the common
to holders of record Sept. 3.
Like amount was
July—
131,083
$2,248,229
105,988
for that period for the Spanish
company, whose operating results were not
available for inclusion in the 1939 semi-annual
report.
a
Gross from railway
$154,010
66,185
Note—The operating results of the
foreign subsidiaries have been con¬
verted into U. 8. dollars at the
average of exchange rates
prevailing during
the six month period, except that
depreciation charges have been based on
the U. 8. dollar cost of their fixed assets
(as revalued Jan. 1, 1933).
The
amount shown for the first six months of 1940
includes the
Copper Mining Co.—50-Cent Dividend—
Directors have declared
$1,520,153
133,574
On domestic operations
1936
.
$2,114,655
Net income.
Comparative table of weekly output of electric energy for the last
five
follows:
1938
33,388
(except Spanish sub.),
Preferred dividends
Common dividends paid
Inc.—Weekly
1939
317,000
84,133
combined net profit
years
1940
$976,297
574,237
51,825
90,054
2,517
5,362
64,904
Foreign subs,
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended
Aug. 24, 1940, totaled 52,558,000
kilowatt hours, an increase of 14.8% over the
output of 45,764,000 kilowatt
hours for the corresponding week of 1939.
Week Ended—
$2,863,772
807,867
9,692
83,244
60,000
7,526
58,290
Net profit, domestic operations
On July 12, 1940, there was a
meeting of
stockholders at which it was voted that all the assets of this
Massachusetts
corporation be transferred to the New York corporation and that
the
Massachusetts corporation petition for dissolution.—V.
151, p. 979.
American Water
$815,816
160,481
income
Provision to reduce inventory
Telegraph
New York corporation.
a
$2,728,995
134,777
_
has filed in the Suffolk Superior Court a petition for
dissolution, which is
returnable the first Monday of October.
The petition states that
the
corporation has only one class of stock, viz., common stock, of which
100
shares are outstanding, all owned by the American
Telephone &
Co.,
1938
$27,503,879 $23,087,607 $16,507,757
19,403,055
16,047,455
12,521,730
4,519,048
4,311,157
3,170,211
$3,695,720
Prov. for depreciation & obsolescence
839,373
Prov. for loss on sundry investments.
18,910
Fed. & State capital stock & loans tax
106,515
Provision for State income tax
63,000
Loss on sales of marketa ble securities
prof. 1,883
Miscellaneous charges
16,017
Prov. for Fed. income taxes (no surtax
payaole)
455,000
American Telephone & Telegraph Co.—Would
Dissolve
Sub-Company—
Tel.
1939
$3,581,775
113,945
Total
—V. 151, P. 1132.
Amer
expenses..
Other income
American Stores Co.—Sales—
Sales
1940
Cost of sales..
Selling and administrative
transit to smelters,
on
—
[Including domestic subsidiaries and operating profits of
foreign subs.]
6 Months Ended June 30—
Net sales
obsolescence, contingencies.
business investigations,
new
of
reserves
Aug. 31, 1940
Armstrong Cork Co. (& Subs.) —Earnings
paying 90% of the price of
costing $9,068,234.
new
equip¬
The cetificates would be
dated Oct.
installments of $815,000 each
15,1940, and would mature in annual
beginning on Oct. 15, 1941, and ending on
Oct. 15, 1950.
The interest rate, to be determined
later, would be payable
on Oct. 15 and
April 15 of each year and certificates would be in denomina¬
tion of $1,000 each.
Certificates will be offered to
leading investment houses and banks at
competitive bidding on Sept. 5 and the ICC will be notified at
a later date as
to the successful bidder
and the interest rate.
Earnings for July and Year to Date
Period End. July 31—•
1940—Month—1939
1940—7 Mos.—1939
Operating revenues
$3,140,984
$2,926,147 $29,417,316 $29,045,505
Operating expenses
3,014,359
2,755,295
23,683,690
21,647,577
Net oper. revenues
Taxes
$126,625
175,000
$170,852
175,000
$5,733,626
3,125,000
$7,397,928
3,125,000
Operating income
Equip. & jt. facil. rents.
x$48,375
138,814
x$4,148
157,810
$2,608,626
1,652,764
$4,272,928
1,723,004
Net ry. oper. income.
x$187,189
*1161,958
$955,862
$2,549,924
x
Indicates loss.—Y. 151, p. 688.
The
151
Volume
1939
1940
30—
prof$5,474
$4,815
Net loss after all charges
(& Subs.)—Earnings
Beneficial Industrial Loan Corp.
-Earnings—
Corp.-
Atlantic Oil Investment
6 Months Ended. June
1271
Commercial & Financial Chronicle
—V. 151, p. 540.
6 Mos. End. June 30—
1940
1939
'
Operating income.
$10,935,224 $10,560,130
Operating expenses (incl.
provision for doubtful
notes)
6,409,632
6,329,532
1938
1937
$10,545,511 $10,577,374
6,321,523
5,783,640
$4,223,988
$4,793,734
——.
Autocar Co.—Tenders—
is inviting tenders for the
sale to it, at prices not to exceed the unpaid balance of the principal ana a
premium of 7 H% Plus accrued interest, of first mortgage sinking fund 7%
convertible gold bonds in an amount sufficient to exhaust money in tne
sinking fund on Sept. 15, 1940.
Tenders should be submitted before
Sept. 15th at the corporate trust department of the bank, 11 Broad St.,
The Chase National Bank, successor trustee,
150.
New York.—Y.
p.
after sell.,
on oper.
Net profit on
Net income
Total.
$803,281
x$383,004 x$l,496,477
$2,269,990
300,247
$545,433
3,915
x$672,005 x$l,796,724
34,109
25,786
5,046
18,247
$2,023,717
1,812
x$632,849 x$l,752,691
3,771
5,658
x$636,620 x$l,758,350
$494,519
Interest and exchange--
39,185
2,987
7,550
85,536
547,000
Prov. for Fed. inc. taxes.
$1,474,905
Net profit
Company's proportion of
undistributed
the
/ /
Baltimore & Ohio RR.
—Earnings
invest.—Cr~
from ry. oper.
9,360,291
22,291,417
2,886,062
35,430,123
886,702
3,768,365
5,898
2,653,894
406,522
4,629,030
151,799
447,339
77
,148,500
,714,552
,479,579
$2,267,838 $14,585,294
$9,976,059
Assistant to the Vice-President in
21.—V. 151, p. 689.
-Earnings-
Earnings per share on common
stock.
_ -
Participations, Inc.
15,317
1,113
$2,616
723
195
85
197
4,190
45
838
642
630
695
800
1,370
1,174
3,924
4,476
3,242
prof30,204
prof99,610
$7,380 prof$26,754
prof$86,032
paid
bank
and
fees
—
Other expenses._
.
_
Loss on sale of secur
Net loss for the
$327
period
2,494
Comparative Balance Sheet June 30
5710,416
5607,263
1,660
499
Cash............
CI. A part
x
52,344
y
ic.pref.
CI. B partic.pref.
z
3,500
5,279
530,393
530,393
499.000
499,000
Common
500
Loan receivable—
Furniture and
7,155
3,340
.
2,430
2,430
Accts. & notes rec
Other securities
Res. for con ting.
37,100
96,630
5752.106
8759,270
..
58.302
SI.202
Res. for taxes, &c.
Notes & accts. pay
under
trustee writ.
held
1939
1940
Liabilities—
1939
1940
Assets—
Stocks and bonds.
12,614
Prior pref. stock
7,500,000
7,500,000
804,771
677,629
b Common
stock.16.685,168
16,585.168
113,740
57,814
151,090
Paid-in surplus...
y
z
Beaumont Sour
1940
$166,616
38,464
def5,597
railway.
railway
Net ry. oper. income.-.
From Jan. 1—
Includes note payable, due
Total.........
Beech Aircraft
Period End June
53,039
$165,623
44,141
5,701
971
1937
$184,102
48,768
14,220
1,929,320
702,038
314,598
746,056
902,906
376,134
459,156
$2,328,090
1,561,097
1,252,907
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
10,706,202
5,622,181
4,840,078
Net ry. oper. income—
—V. 151, p. 689.
1940—9 Mos.—1939
1940—3 Mos.—1939
$0.17
y
and after Sept. 1, 1940, in accordance with the requirements of the
Walsh-Healey Act, and that this would apply to all types of business handled
by the corporation, whether commercial or under government contracts.
The official announcement issued by the company follows:
"Bethlehem Steel Co. announced today (Aug. 21) that, in view of the
requirement of the Walsh-Healey Act that any company producing products
of the iron and steel industry for the Government must comply with the
minimum wage determination for that industry made by the Secretary of
Labor and in order to make its facilities fully available to help satisfy the
anticipated heavy demands of the Government for steel products for the
national defense program, the company will guarantee that the minimum
earnings of employees in its steel plants will average 02H cents per hour.
"This guarantee will be effective from and after Sept. 1, 1940, and
will apply to employees in those plants receiving the common labor rates
or more, including those employed on commercial as well as on Government
work."
Awards Cole Ovens Contract—
having a coking capacity of 560,000 tons of coal per year, which is equivalent
to approximately 32,000 tons of coke per month.
„
This is the first contract awarded since Semet-Solvay and Wilputte have
joined forces in the coke oven construction field and it is expected that the
design of the ovens and accessory equipment will represent definite improve¬
ments that will make the installation the most modern and efficient yet
constructed in this country. Engineering details are now being worked out
and it is expected that the ovens will be in operation by next spring.—V.
151. p. 1135.
Boston Elevated
$3,525 loss$25,458
$0.01
Nil
loss$54,986
Nil
After all charges.—V. 151, p. 1135.
Corp.—Expansion Program—
corporation is
making plans to quadruple its facilities for the production of aviation parts
and equipment.
The company is already the country's leading source of
supply on many aviation items.
All of its existing aviation parts plants will be expanded somewhat and
in addition at least one, and possibly three, entirely new plants in new
locations will be erected.
Exact details of the program have not yet been
1940
$1,912,605
1,579,718
Total operating expenses
139.955
134.989
3,972
3,761
235,873
329,374
99,498
7,877
$483,518
rapid transit line rentals
Dividends
Miscellaneous items..Excess of cost of
-Y.
151,
p.
service
Government commitment for a huge loan,
The
worked out.
,
■
the program will also embrace a realignment of
that the entire production of one item, such as
magnetos or carburetors, will no longer be centered at one point.
Hereto¬
fore, for purposes of economy, the company has always produced all of a
given item at one plant.
Bendix Aviation has procured a commitment from the Reconstruction
Finance Corporation that it will make available up to $18,500,000 for
additional plant construction.
This will cover only the additional plant
and such facilities as machinery and tools.
The company plans to handle
its own working capital requirements, either through advance payments on
contracts received or private credits, and possibly a combination of both.
At the main plant in South Bend, Ind., aviation parts capacity will be
increased probably 25 or 30%.
This plant now makes airplane wheels,
brakes, pneudraulic shock struts, and aircraft carburetors in addition to
numerous automobile parts.—V. 151, p. 1135.
defense purposes
manufacturing facilities so
over
1939
$1,849,976
1,516,859
235.956
329,374
99,498
7,651
Federal, State & municipal tax accruals
Rent for leased roads
receipts.
$478,253
689.
Interstate
RR.—Acquisitions Approved—
Commerce Commission on Aug.
15 authorized the ac¬
quisition by the company of control of Peterborough RR., Wilton RR. and
Concord & Portsmouth RR. by purchase of the capital stock of the roads.
These companies are now operated under lease by the Boston & Maine.
Earnings for July and Year to Date
"
For
Ry.'—Earnings-
Month of July—
Total receipts...-
Boston & Maine
Bendix Aviation
a
Wage Raised—
on
Subway, tunnel &
Interest on bonds
Corp.—Earnings—?
Earns, per share..
On common stock,
1938
1939
$178,663
1,732,556
$67,036
x
$855,257
324,555
251,908
...
Net income.
1937
$1,578,718
927,788
747,070
5759,270
718,561
30—
y
RR.—Earnings—
1939
'
1938
$2,100,632
1,351,491
1,053,819
§752,106
1,670,408
335,917
1940
July—
Gross frq,m railway
Net from railway
Corporation announced on Aug. 26 that it has awarded a contract to the
1,669,595
railway
Net from railway
Net ry. oper. income.
—V. 151, P. 689.
Gross from
76,102,339 68,357,561
1943 in the amount of $5,000,000. b Rep¬
2,314.989 no par shares, x Less reserve for doubtful accounts of
$4,833,249 in 1940 and $4,519,699 in 1939. y After reserve for depreciation
of $500,787 in 1940 and $487,186 in 1939.: z Represented by 150,000 no
par shares.—V. 151, p. 980.
a
resented by
Wilputte Coke Oven Corn., subsidiary of Semet-Solvay Co., division of
Allied Chemical & Dye Corp., for a battery of coke ovens for its Lackawanna,
New York steel plant.
The battery of ovens will consist of 76 under jet combination ovens
Lake & Western Ry. -Earnings—
Gross from
6,167,819
10,535,395
1.000
Represented by 30,547 shares no par class A participating preferred
stock,
y Represented by 25,000 shs. no par class B participating preferred
stock,
z Represented
by 25,000 no par shares of common stock.—V.
150, p. 3194.
July—
Total.
6,167,819
12,126,832
Earned surplus
76,102,339 68,357,5611
Total
12,500
338,203
x
Backed by
56,667
446,301
1,000
49
'■
Total--.------
x
stocks of subs..
423,023
339,985
Deficit
fix¬
tures
Net from
27,576
Real est
Bethlehem Steel Corp.—Minimum
413
Cash
Outside int.in cap.
Company announced on Aug. 21 that it would guarantee minimum
earnings of 62!^ cents an hour to employees in all its steel plants effective
$7,716
1,570
$3,551
services.
13,176
(at cost).
13,142
27,176
1937
1938
General expense
Transfer
Invest, (at cost)..
From Jan. 1—
Taxes.
Interest
532,817
&c._
Unearned discount
Net from railway.
$8,544
3,028
Income on
......
taxes,
insurance,
30,994
-Earnings —
1939
1940
30—
int. and divs.
3,285,470
$65,554
$0.19
$162,193
$0.46
150, p.1590.
6 Mos. End. June
for
$
3,708,997
5,795
Gross from railway
inc.
——
Reserve
and
Net ry. oner, income.
1939
mo
30—
profit after deprec.. depl., int., Fed.
thrift accts.
23,292,092
accts. receivable
Bessemer & Lake Erie
Dolomite, Inc.
Beacon
notes
1939
$
Notes&accts .pay a29,577,886
Empl
(net)..67,989,372 61,204,239
ceivable
Miscell.
—
taxes, &c
—V.
6,196,189
Install. notes re¬
Other assets......
income. $2,209,132
Liabilities—
$
$
Deferred charges..
6,108,893
1,607,759
982,029
1940
1939
1940
7,090,529
4,805
$18,674,740
6 Months Ended June
Net
$7,489,582
2,314.989
$1.24
■
838,641
$3,652,192 $23,806,195
868,925
6,669,883
361,625
1,570,949
153,804
980,069
Harry Oscar Hartzell, 65, Executive
Charge of Freight Traffic died on Aug.
Basic
$8,800,528
$10,535,395
stock
2,314.989
2,314,989
2,314,989
$1.27
$1.17
$1.35
x Includes
provision for surtax on undistributed profits, y Dividends on
prior preference stock $2.50 dividend series of 1938.
z Unrealized loss in
,350,052
'
Obituary
June 30_$12,126,832
common
outstanding...
Earnings per share.
Furn. & fixtures
(after deprec.).-
951,607
301,886
166,512
Railway tax accruals—
Equipment rents, net___
Joint facility rents, net__
Net ry. oper.
Earned surp.
Shares
x
1,310,150
$3,629,137
—
Miscell. operations
General
rev.
Common stock
Assets-—
1,763,809
3,585,323
422,163
5,140,533
141,739
583,935
3,211
Traffic.
Net
corp..$14,526,557 $12,859,135 $11,155,718 $10,065,809
10,470
128,729
58,779
376,980
376,988
187,506
yl81,470
1,967,741
2,199,240
divs
2,083.490
2,083,490
stocks of the
-1939
& structs.
Maint. of equipment
Transp. for
Dr77,882
22,655
Surplus charge._______
stk., ser. A divs
Pref.
Cash
1940—Month—1939
1940—7 Mos.,052,016
revenues_$15,263,428 $13,250,849 $98,423,257 $83 ,850,757
Transportation
9,640
17.620
surplus avail,
on capital
divs.
for
289,522
250,510
110,762
328,915
Period End. July 31—
Maint. of way
$3,511,789
6,631,901
Canadian assets and liabilities at the U. S. dollar
equivalent at June 30, 1940.
Condensed Consolidated Balance Sheet June 30
Loss.—Y. 151, p. 98.
Railway oper.
$3,101,358
8,031.705
connection with stating
net
earnings of cos. more
than 50% owned (not
incl. above)
x
$3,131,277
9,718,217
$14,508,937 $12,849,494 $11,133,063 $10,143,691
—
Earned
$587,605
operations $1,984,599
35,203
Income from investm'ts.
profit
Interest paid
x972,779
Surplus credits (net)-.--
257,848
289,001
285,391
Total
810,830
11,437,683
Earned surplus Jan. 1
4
accounts & notes
768,483
1937
1938
1939
admin, and gen. exps.,
incl. prov. for doubtful
Deprec. of bldgs., mach.,
equipment, &c
4,116
$4,797,850
146,283
166,998
$3,071,254
Other interest
3,808
$4,227,796
161,542
154,066
1,073,501
zl8,338
Interest..
2,090
$4,232,689
185,629
147,299
stk.taxes(curr. period)
Othercharges
(& Subs.)—Earnings-
1940
6 Mos. End. June 30—
5.309
$4,530,902
210,826
156,983
Gross income
Prov. for Fed.inc.& cap.
4117.
Babcock & Wilcox Co.
Profit
$4,230,599
$4,525,592
Net oper. income
Income credits.-
Period End. July 31—
Operating revenues
Operating expenses
1940—Month—1939
$3,962,828
2,891,432
13,910
$7,071,927
2,103,472
1,484.747
81,637
$6,758,745
2,143,903
1,489,201
118.941
$533,827
113,924
$3,397,071
69,5,042
$3,006,700
701.044
$630,898
$647,751
$4,092,113
$3,707,744
414,030
620,167
3,973,827
4,327,513
$216,868
$27,584
operating revenue $1,071,396
324,192
$1,049,109
308,897
Equipment rents—Dr..
Joint facil. rents—Dr.—
219,438
192,475
9,949
income.
$517,817
113,081
Net
Taxes
Net ry. oper.
Other income
Total income
Total
deducts,
(rentals,
interest, &c.)
Net income
—V.
1940—7 Mos.—1939
$3,596,893 $26,925,229 $25,815,725
2,547,784
19,853,302
19.056,980
151, p. 837.
$118,286 def$619.769
The Commercial
1272
1940~Month—-l939
289
354
$2,142,800
7,029
$215,922
$140,849
148,959
$2,149,829
2,081,188
$1,566,382
1,507,630
Cr932
Cr4,763
9,908
13,691
Cr4,128
12,936
Other income
Total income
228,254
Oper. exp. (incl. deprec.)
Cash disc't & oth. nonoper.
1940—12 Mos.—1939
^
$140,495
$215,633
Operating re venues
^474
2,826
income
—
1,384
0126
$1,560,500
5,882
4,140
,
loss$8,561
loss$14,557
$49,805
$45,804
Comparative Balance Sheet June 30
$452,201
S.
U.
claim
101,788
68,982
mail
...
Due from agents..
7,586
46,370
18,334
-
Special deposits.
Working fd, ad vs.
Oth. curr. & accr'd
__
8,040
21,821
10,033
3,530
Travel card ree'le.
Other receivables
prop.
26,479
payable...
Wages
18,779
48,025
Traffic bals
pay..
15,725
73,308
posits
29,683
Accrued inc. taxes
(est.)
8,385
....
69,144
150
150
&
Insurance
12,278
25,015
Mtges. payable...
liabilities
6,981
Accrued
9,940
3.607
3,998
Deferred
$600 000 of unpaid unification expenses
376,302
59,562
30,263
1,000,000
Transit Corp. are about $800,000 less than the original estimates.
"The matter of reserves is, of course, an important one," Mr.
111,193
Dahl's
"Because of the fact that the reserves are in the nature
provide margins in respect of value of assets and to cover
contingent events and undetermined items, it is impracticable to discuss
them in detail.
However, it can be said that the management of your
corporation believes the reserves are adequate for the purposes stated."
Other recommendations to be submitted by the management for stock¬
approval call for a reduction in the number of directors from 18 to
8, election of directors for the ensuing year, and a change in location of the
corporation's principal offices from Brooklyn to Manhattan.
The proxy
statement also contains proposals of certain common stockholders and the
holders'
management's reasons for opposing those proposals.
Stockholders of Brooklyn & Queens Transit Corp. will be asked to take
action upon similar proposals at their meeting to be held on the same date.
In his letter to stockholders accompanying the 11th annual report of this
corporation, Mr. Dahl as Chairman again takes occasion to warn holders
that complete liquidation will involve a substantial period of time.—V.
151,
p.
1136.
Bullard Co.—Earnings—
750,000
Earned deficit
180,797
Paid-in surplus
575,000
$712,784
$2,238,707
$2,238,767
Total
accrued to June 30, 1940, approxi¬
letter concludes.
6 Mos. End. June SO
1939
$326,327
287,756
1940
Selling & gen. expenses..
1,231,330
1940
31,
the books at approxi¬
mately $486,000 has been paid since that date.
He further reveals that
total unification expenses to be borne by B. M. T. and Brooklyn & Queens
8,281
Capital stock.....
15
88,950
Prepd. & def. exps
Total....
51,288
Air travel card de¬
Acer, taxes, other.
Inventory
Inv, in stocks....
equipment
568,511
payable.
Vouchers payable.
2,275
'
assets
Real
82,280
Loans & notes pay,
138,747
11,943
21,319
1939
55,978
Accounts
166,330
Govt,
$10,384
Traffic bals.rec'le.
x
1940
LlaW.itics—
1939
1940
Assets—
Cash
on
mately $5,037,000 and had a quoted market value at June 30, 1940, of about
$3 492,000.
Substantially all of those securities represent investments
made over a period of years prior to unification by the Depreciation Fund
JJOcLTCt.«
With reference to the liabilities of the B. M. T., Mr. Dahl reports that of
of estimates to
Net income.
Aug.
Other marketable securities are carried
York.
Inc.—Earnings—
Braniff Airways,
Period End. June30—
Int. & non-oper. exps
Income tax test.)
Financial Chronicle
it
$1,940,597
430,670
$712,784
1938
1937
$417,332
302,244
$923,035
363,223
After
depreciation.—"V. 150, p. 3965.
Brazilian Traction,
Period End. July 31—
Gross earns, from oper..
Operating expenses
x
x
Before
*
Directors have declared a dividend of 25 cents per
share on the common
stock, payable Sept. 30 to holders of record Sept. 16.
Previous payment
was the 10 cent distribution made on Dec. 17, 1937.—V. 151, p. 542.
Brillo Manufacturing Co.,
Inc.—Earnings—
1940—3 Mos.—1939
1940—6 Mos.—1939
$59,215
$147,962
$0.86
x After
all charges, including depreciation, Federal and State taxes,
y On 145,310 shares common stock.
Company in the second quarter and first half of 1940, enjoyed its largest
volume of sales for any corresponding periods in its history, Milton B.
Net earnings
y
$115,088
7,956
$559,813
4,339
Federal income taxes—
$1,522,310
321,500
$52,692
8,700
$123,054
21,837
$564,150
97,280
$1,200,810
207,000
$43,992
$101,217
69,000
$466,870
138,000
Total
profit
....
$1,600,085 $10,728,543 $11,632,351
Bridgeport Brass Co.—25-Cent Dividend—
x
14,121
Light & Power Co., Ltd.—Earns.
1940—Month—1939
1940—7 Mos.—1939
$3,024,381 $21,329,494 $22,364,161
1,613,739
1,424,296 10,600,951
10,731,810
depreciation and amortization.—V. 151, p. 542.
Period End. June 30—
$38,570
Operating profit
Other income
$3,225,839
$1,612,100
Net earnings
$1,509,927
12,384
Dividends.
x
Earnings per share—
$73,963
$0.43
com.
Loeb, President, reports.
On July 1 the company redeemed 2,000 shares class A stock out of cash
hand at $30 per share plus accrued dividends.
The balance sheet as of June 30, 1940, shows total current assets, of
$736,106, including cash of $417,557 but excluding company's own se¬
curities held at cost of $161,552, compared with total current liabilities of
$192,841, a ratio of 3.8 to 1.
In his letter to stockholders accompanying the report, Mr. Loeb says.
"Current liabilities, excepting for heavy tax outlays, continue low, with
depreciation and amortization charges at the same rates as before.
Cash,
accounts receivable, deferred charges and inventory situations are reported
satisfactory.
Demand for Brillo products continues throughout the United
States and those countries abroad where purchases of American merchandise
are accepted, and the company is showing progress in new fields of develop¬
ment.
Your board believes it will be able to present a satisfactory showing
in volume and return for the year 1940."—V. 150, p. 3653.
British American Tobacco Co., Ltd.—Interim, Div.—
Company declared an interim common dividend of lOd. tax free payable
Oct. 5 to holders of record Sept. 4.—V. 151, p. 542.
-
$32,217
$328,870
276,000
276,000
$0.16
$0.37
276,000
$1.69
out¬
Note—The
provision for depreciation charged to costs and expenses
amounted to $130,000 for the six months ended June 30, 1940.
No provi¬
sion has been made in the accompanying financial statements to cover any
new excess profits tax which may hereafter be enacted and which may be
applicable retroactively from Jan. 1, 1940.
Balance Sheet June 30
$0.75
on
$43,992
276,000
$4.35
stock
standing (no par)
Earnings per share
$131,385
$0.33
$993,810
Shares
Liabilities—
1939
1940
Assets—
y
x
Land, bldgs. .ma¬
Patents
4
1
791,508
136,584
295,354
2,641,731
22,623
Receivables
Inventories
Prepaid
expenses.
76,286
Notes payable
Accrued
51,654
200,000
payrolls,
328,330
taxes, &c.
89,994
Provision for Fed'l
356,673
8,700
2,898,984
1,731,925
income tax
Earned surplus
Total...
$1,051,125
581,990
1,567,583
4,742
z
1939
226,705
Customers' depos.
1
Cash
1940
Common stock..$1,051,125
Accounts payable
chinery & equip.Sl,710,471 $1,330,319
..$5,443,807 $3,133,398
__S5,443,807 $3,133,398
Total..
Represented by 276,000 no par shares,
y Less reserves for depreciation
$2,157,365 in 1939z Less reserve for bad debts,
&c., of $16,588 in 1940 and $11,289 in 1939—V. 150, p. 3348.
x
of $2,340,138 in 1940 and
Burlington-Rock Island RR.—Earnings—
1940
'
$87,849
defl6,705
def29,536
1939
$153,854
50,822
32,596
1938
$144,900
39,313
18,425
1937
$132,119
36,019
13,465
701,132
6,993
def104,704
747,343
30,567
def71,183
835,816
83,933
def43,696
775,250
118,799
def35,527
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. 151, p. 690.
Brooklyn-Manhattan
Transit
Corp.—Proposals to Be
California Consumers Corp. (&
Considered at Annual Meeting—
Certain proposals of the management of the corporation which stock¬
holders will be asked to consider and act upon at their annual meeting to
be held in Brooklyn on Sept.
16 are disclosed in detail in a notice of annual
meeting and proxy statement mailed to stockholders in conjunction with the
17th annual report of the corporation.
The management proposes the reduction of the corporation's capital
from $54,884,938 to $1,000,000, the retirement by redemption or otherwise
of the 3,670 shares of preferred stock remaining outstanding, and the
elimination from the corporation's authorized capital stock of all shares of
preferred stock, thus making the common shares the only outstanding class
of stock.
The capital reduction of $53,884,938 would include
$24,946,800 resulting
from retirement of all the preferred stock, and the balance of the reduction,
namely $28,938,138, would be credited to capital surplus.
The deficit of
$10,051,572 existing at June 30, 1940, and the cost of redeeming the out¬
standing preferred shares would then be charged against that surplus,
leaving a capital surplus balance of $18,825,000 legally available for dis¬
tribution to holders of common stock and for other purposes, after payment
or provision for all liabilities including contingent liabilities, according to
also ask stockholders to authorize the winding up
of the business and affairs of the corporation, the collection of and realiza¬
tion upon its assets, payment of or provision for all its obligations including
contingent liabilities, and the making of distributions to stockholders, in
or in cash or partly in kind and partly in cash, as directors shall approve.
Discussing these contemplated changes in his letter to stockholders in¬
kind
thp annual report, Gerhard M. Dahl, Chairman of the B. M. T.
board,says:
"These proposals
both
in order to put the assets and liabili¬
ties of the corporation in shape to commence distributions to stockholders.
Stockholders are not being asked to authorize final dissolution at this time
because considerable time must elapse before final distribution can be made,
and until at least a substantially final distribution is practicable, formal
dissolution would create mechanical difficulties, without corresponding
advantages.
"You will note the inclusion of provision for distributions to stockholders
either in kind or in cash, or partly in one and partly in the other, in the
discretion of the board of directors.
A partial distribution in corporation
stock of the City of New York is now under consideration and may be found
to be practicable."
Recognizing the anxiety of stockholders to know when the liquidation and
final dissolution will be completed and the amount they will ultimately re¬
ceive upon their stock, Mr.»Dahl states in his letter than assurances with
regard to those matters cannot be given at this time, since complete liquida¬
tion
are
Operating profit
Other income
;.
...
......
Total income
necessary
937
162
Loss for the year
$145,632
108,466
disposal of capital assets
Credit resulting from purchase for retirement
bonds at less than the principal amount.
on
233
....
of $46,500
of
Cr35,071
Deficit at Sept. 30, 1939
$219,260
Consolidated Balance Sheet Sei)t. 30, 1939
Assets—Cash, $129,533; notes and accounts receivable, $371,060; in¬
ventories, $281,079; investments, $103,484; land, buildings and equipment
(less reserves for depreciation of $627,569), $2,864,733; other assets,
$288,878: deferred charges. $89,901; total, $4,128,387.
Liabilities—Accounts payable, t~ade, $82,075; payroll and other accruals,
$53,812; bond interest accrued at 3% from June 1, 1939, $34,135; liability
to ice distributors for advances, $42,751; property taxes, $63,259; notes and
account payable to Southern Counties Ice Co., $37,133; reserve for Federal
income and capital stock taxes and State franchise taxes, $5,782; compensa¬
tion insurance claims, $4,472; deposits and advance collections, $1,718;
purchase money obligation, $37,209; reserve for compensation insurance
(as self insurer), $17,089; revenues billed in advance, $11,972; 5% fixed
and income interest mtge. sinking fund bonds, $3,413,500; capital stock,
$542,740; deficit, $219,260; total. $4,128,387.—V. 148, p. 574.
California Cooperative Creamery
All of the
Co.—Bonds Called—
outstanding first mortgage 6 % bonds due Oct. 1, 1948 have been
called for redemption on Oct. 1 at 102
All of the outstanding debenture 6 J^s due
for redemption on Oct. 1 at 102.
Company is
will
involve a substantial period of time.
He points out that the
1940, balance sheet contained in the report is not a liquidation
the amount to be ultimately realized by stockholders
will necessarily depend, among other
things, upon expenses of liquidation,
interim income of the corporation, realization upon its assets, and the
amount of its obligations and liabilities as finally determined.
First, his letter says, the obligations of the corporation, including con¬
tingent liabilities, must be fixed and then paid or fully provided for.
In
addition, some very substantial assets are of such a nature that they cannot
be realized upon promptly.
For example, accounts and notes receivable
are shown at $1,482,000, after
deducting reserves, of which amount approxi¬
mately $1,350,000 is due from the City of New York in 12 equal monthly
instalments.
Real estate bonds and mortgages and real estate, carried
at approximately $938,000 will likewise be slow of
liquidation and this also
applies to securities deposited with the State Industrial Commission and
carried as a net asset at about $415,000.
The bulk of the remaining assets, the letter adds, consists of its invest¬
ments in securities, largest of which is corporate stock of the
City of New
$60,001
69,199
103,559
165,762
Deficit at Sept. 30, 1938
Ixiss
$1,428,094
1.368,093
$129,202
1,888
2,525
....
Interest on bans: loans, purchase money obligations, &c
Proportion of loss of affiliated company (50% owned)
Provision for Federal capital stock taxes
Expenses of removing capital assets sold or scrapped.
Bond interest at fixed rate of 3% per annum.....
Provision for depreciation
now
known
as
Oct. 1, 1943 have been called
the Avolen Protected Milk Co.—V.127, p. 3250.
California Cotton Mills Co.—Annual
June 30,
statement and that
....
...
the proxy statement.
The management will
cluded in
Subs.)—Annual Report
Earnings for the Year Ended Sept. 30, 1939
Revenues..
«,
Costs and expenses (excluding depreciation)
Report—
Earnings for Year Ended Dec. 31, 1939
$2,171,116
Net sales.
Cost
1,796,292
of sales
Selling and handling expense
*
General and administrative expense
$52,988
Net profit..
47,069
Other income.
$100,057
Total income
Deductions from income
'
*•>.
Net loss, year ended Dec. 31, 1939
Accumulated earnings and profits, Jan.
Accumulated
228,366
93,470
earns.
104,818
1,1933, to Dec. 31,1938
$4,761
168,042
1933, to Dec. 31,1939
$163,281
& profits, Jan. 1,
Volume
Consolidated Balance Sheet
Balance Sheet Dec. 31, 1939
$202,242; inventories,
buildings, machinery
Assets—Cash,
$251,144; accounts receivable,
$647,748: investments, $320,000; land, $361,854;
and equipment (less reserve for depreciation of
assets
in
$1,779,684
$658,651),
of realization, $60,000; deferred items,
process
$63,546; total,
,687,220.
Liabilities—Notes payable to bank, $25,COO; accounts payable,
and other creditors, $56,102; accrued expenses,
payrolls, interest
trade
and
$79,380; 1st mtge. bonds
taxes, $56,071; scrip certificates due Jan.
due July 1, 1940, $63,500; special term
1, 1940,
bank loans,
capital stock,
$1,461,594; total, $3,687.220 —V. 147, p. 1918.
$1,044,620; bonded
$3,250,000; deficit,
debt, $566,000; deferred profit. $8,141;
31, 1939
Total operating revenues
Total operating expenses
$2,259
8,798
Net loss from operations
Other income
$6,539
366
56,173
Loss
Balance (deficit) Jan.
$9,115
2,779,267
1, 1939
31, 1939-_-__.-
Balance (deficit) Dec.
$2,788,382
-
Balance Sheet Dec.
1939
$127,184
2,901
def45,175
1938
$141,023
14,616
def21,890
1937
$126,915
defl7,904
def61,170
970,385
def42,924
def437,800
767,535
def88,138
def398,909
747,363
def80,298
def367,564
869,126
defl0,531
def323,886
Net ry. oper.
From Jan. 1—
Gross from railway.....
Net from railway.
Net ry. oper. income...
—V. 151, p. 690.
Canadian National
Liabilities—Accounts payable, trade,
$6,975; accrued
liabilities, $2,466;
(outstanding):
$242,value,
value,
in stated
$270,255.
directors and employees, $800; capital stock
(California-Engels Mining Co., 971,561 shares at 25c. par value,
890.25; California Copper Corp., 24,566.8 shares at 25c. par
$6,141.70, and Engels Copper Mining Co., 588.2 shares at 25c. par
$147.05), $249,179; reduction surplus (arising out of the reduction
capital), $2,799,217; earned surplus (deficit), $2,788,382; total,
due officers,
Co.—Annual Report—
Dec. 31, 1939
Earnings jor Year Ended
Direct operating revenue
Direct operating expense
-
operating profit
$1,851,089
1,706,383
$144,706
47,423
17,910
Administrative expense and taxes
Interest and amortization. _
23,345
$56,027
Depreciation
period
flnl/tYir*i> Rheet
Q1
Dor
1 QQQ
receivable,
others, $9,374;
$593,633; other
unamortized bond discount and
$6,902; accounts receivable,
Assets—Cash,
$132,357; notes
$10,304; inventories, Liquor, $116,586; Inventories:
All
land, plant and equipment (less depreciation of $311,943),
prepaid accounts, $14,594;
$4,957; total, $956,829.
assets, $68,121;
expense,
payable, $151,006; notes payable, $41,500; ac¬
payable, $8,020; first mortgage bonds, $229,500; capital
6tock, $343,500; surplus, $199,303; dividends
paid, Dr$16,000; total,
$956,829—V. 144, p. 99.
accounts
RR.- -Earnings-
Cambria & Indiana
1940
July—
Gross from railway
63,545
93,082
22,088
57,598
858,830
307,384
Net from railway
724,211
279,203
495,848
627,331
114,526
397,832
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
$81,322
13,047
$83,961
$118,398
54,078
$116,404
29,862
-
1937
1938
1939
542,859
Net ry. oper. income
—V. 151, p. 838.
61,529
739,861
277,030
554,374
Canadian Oil
Corp., Ltd.—23-Ctnt Com. Div.
declared a dividend of 23 cents per share on the
Oc. 25 to holders of record Sept. 30. Previously
Directors
common
Aug. 27
on
stock, payable
regular quarterly
p. 240.
Canada
dividends of 30 cents per share were
Wire
& Cable
Statement
Profit from operations..
Income from investments
Consolidated
Co., Ltd. (&
Income jor
distributed.—V. 151,
Dec. 31,
Surplus, Dec. 31,
____
$1,174,580
8,611
Total income
229,437
72,619
31899
187,000
Provision for depreciation
and legal fees
—
Directors' fees
and provincial income taxes.
Provision for Dominion
$690,806
profit for year
Earned surplus Dec. 31, 1938
Net
15,616
1,584
186,817
118,676
75,331
Prior year
Loss on
Earned surplus,
cumulative
—
$1,034,507
Dec. 31, 1939
Consolidated Balance Sheet Dec.
31, 1939
$754,997; call loan (guaranteed), $200,000; marketable
securities at cost, less reserve (market value $342,446), $257,176; accounts
receivable, after making provision for doubtful accounts, $750,016; in¬
ventories, $1,855,476; land, building, plant and equipment (less deprecia¬
tion reserves of $1,683,849), $2,015,950; prepaid expenses and deferred
Assets—Cash,
$88,758; goodwill and patents, $2; total, $5,922,376.
Liabilities—Accounts payable and accrued charges, $158,165; sales tax
payable, $2,276; provision for income and corporation taxes, $203,327;
reserve for reels in hands of customers,
$75,000; 6K% preferred stock,
$2,874,100; common stock, $1,575,000; earned surplus, $1,034,507; total,
$5,922,376.—V. 151, p. 1137.
charges,
Canadian Celanese,
Ltd.-—Extra Dividend—
26 ordered an extra dividend of 50 cents a share on the
stock, together with the regular third quarter payment of 25 cents.
Both dividends are payable on Sept. 30 to stockholders of record Sept. 16.
—V. 150, p. 1130.
Directors on Aug.
Canadian Dredge &
Dock Co., Ltd.—Annual Report—
Earnings jor the Year
Operating profit for
Ended Dec. 31, 1939
$283,400
the year
19,849
Other income
Total income
Provided for 1939 income taxes
Provided for depreciation
Remuneration, for management,
Directors' fees
_•
executive officers
.
—
Surplus brought
forward from Dec. 31, 1938
—
applicable to prior periods
Additional depreciation
Jan. 31, 1935 and 1936
provided applicable to the years
Total surplus
Dividends on common
Balance as at
shares
Dec. 31, 1939
$303,249
40,966
90,000
22,200
5,000
$145,083
1-
Net income
Income taxes
...
to directors &
-
ended
stock 8%
$1
815,943
Dr2,612
Drl6,498
$941,915
142,162
$799,753
$1,407,784
160,000
.
143,764
$1,104,020
—■
Balance Sheet Dec.
Assets—Cash, $278,718; accounts
31, 1939
and bills receivable,
tory, $1,817,279; deferred accounts receivable,
investments, $126,383; investment in and advances
$822,081; inven¬
mortgages and sundry
to subsidiary
companies,
$11,281; deferred charges to operations, $58,864; real estate, buildings,
plant and equipment, $9,975,602: goodwill, $1; total,
Liabilities—Bank advances, $295,000; accounts payable and' accrued
$13,090,2i0.
Provincial income and
2, 1940, $40,000;
on capital assets,
$2,000,000; common stock, $3,176,212;
charges, $1,320,170; provision for Federal and
corporation taxes, $122,359; dividend payable Jan.
deferred liabilities, $229,400; reserve for depreciation
$4,803,049; preference stock,
surplus, $1,104,019; total, $13,090,210.
Note— Issue of debentures, not to exceed $2,500,000. was authorized on
Dec. 14, 1939, of which $1,250,000 of 4% 15-year sinking fund debentures
were underwritten by Newsbitt, Thomson & Co., Ltd., and taken up after
Jan. 1, 1940.
None of the proceeds from the sale of these debentures appears
in this statement.—V. 151, p. 240.
$106,760
def21,557
def20,923
def48,567
def44,137
def47,178
1,929,302
655,423
426,183
1,453,641
300,610
90,955
1,525,872
245,776
11,059
1,576,288
305,534
80,856
Gross from railway
Net from railway
...
Net ry. oper. income
—V. 151, p. 690.
Canadian Pacific Lines in
Vermont—Earnings—
1 939
$83,630
def20,677
$66,871
def33,979
def45,825
def60,402
1 937
$90,409
def8,671
def37,268
558,504
defl76,826
def354,503
458,506
def292,328
def475,072
695,883
def86,083
—378,079
1940
July—
$105,167
def647
def31,323
Gross from railway
Net ry. oper. income...
From Jan. 1—
•
703,783
Gross from railway.....
def80,596
Net from railway
income— def276,892
690.
Pacific
Canadian
1 938
Ry.—Earnings—
Earnings for the Week
Ended Aug. 21
Increase
1940
1939
$3,311,000
Traffic earnings
—V. 151,
1937
$132,782
def23,986
1939
$123,906
defl4,663
1940
Net from railway
Net ry. oper. income
From Jan. 1—
—V. 151, p.
1938
$152,045
13.096
-
Net ry. oper.
|
Maine—Earnings—
Canadian Pacific Lines in
July—
Gross from railway
$2,636,000
$675,000
p.1137.
.^Canadian Wirebound
The directors
have declared a
of accumulations on
Boxes,
Ltd.—Accumulated Div.—
dividend of 37 3^ cents per share on
account
A partic. stock, no par value,
Sept. 16. A like amount was paid in
Accruals after the current payment
151, p. 543.
the $1.50 cumul. class
payable Oct. 1 to holders of record
each of the 12 preceding quarters.
will amount to $2.25 per share.—V.
Carnegie-Illinois Steel Corp.-—Prices Reaffirmed—
announced on Aug. 27 reaffirmation of its present
Corporation
base
material, bars, structural
hot rolled strip
excepting alloy
plates, on which they have announced base prices of $3,275 per 100 lbs.
delivered Pittsburgh, and $3.28 per 100 lbs. delivered Chicago, all for
shipment to and including Dec. 31, 1940, for delivery and consumption in
prices on hot rolled carbon steel semi-finished
shapes, plates, steel sheet piling, hot and cold rolled sheets,
and standard rails, as well as all hot rolled alloy steel items
the United States.
In this
announcement, it is stated
'
that prices will apply
shipments as are made up to and including Dec.
shipments after that date will be billed at prices
p.
2829.
only on such
31, 1940, and that any
then in effect.—V. 143,
.
Carpel Corp. (&
Subs.)—Annual Report—
Earnings jor Year
Ended Dec. 31, 1939
Gross sales
Commissions
Dividends received
Gross income
Net
—--
. .
—
—
Costs of sales, expenses
Loss on
common
117,000
$452,298
955,485
— —
Surplus, Dec. 31, 1939
$1,432,531
Total surplus
$1,060,389
491,090
Dividends on common stock
741.725
•>-
... —
operating adjustments, net.....
disposal of plant and machinery
Dividends declared and paid: Preferred, 6K%
Common, class A.
Common, class B
Ended Dec. 31, 1939
1938
Totai surplus
Dividends on preference
1939
$1,183,191
Executive remuneration
Ltd.—Annual Report—
Companies,
Net profit for year..
Subs.)—Report—
Year Ended
$1,162,843
Operating profit for year
Depreciation on buildings, plant and equipment
Provision for Federal and Provincial income taxes.
Net from railway
Canada Northern Power
Tr> create
1 Q^Q
$3,574,723
—V. 151, p. 1137.
Liabilities—Accounts
crued
—
Week Ended Aug. 21
QAfl
$4,737,566
Gross revenue.......
149, p. 2074.
California Ice & Cold Storage
Net profit for
Rys.-—Earnings
Earnings of the System for the
Earnings jor Year
receivable, trade, $2,818; due
from officers, directors and stockholders, $2,200; investments, $15,343;
mineral
land, real estate, improvements,
machinery, equipment and
supplied (less depreciation reserve of $1,200,406), $79,860;
intangible
assets, $79,875; deferred charges, $88,593; total, $270,255.
England—Earnings—
1940
$126,904
def42,614
income.def96,809
31,1939
Assets—Cash, $1,565; notes and accounts
Gross
New
Canadian National Lines in
July—
1
Net loss for the year
—V.
137; total, $2,388,753.
Liabilities—Provision for income taxes, $39,000; common stock, $1,542,500; capital surplus on redemption of preferred, shares, $7,500; operating
surplus, $799,753; total, $2,388 J53 —V. 149, p. 4021.
2,942
Income deductions.
Dec. 31, 1939
$77,827; call loans, $300,000; accounts
for work done on contracts, $38,795;
retentions on contracts, $86,164; inventories, $22,563; capital assets (less
reserve for depreciation of $1,800,504), $1,535,796; deferred charges, $23,Assets—Bonds, $297,023; cash,
receivable, $7,447; amounts due
Gross from railway
Net from railway
California-Engels Mining Co.—Annual Report—
Earnings jor the Year Ended Dec.
1273
Commercial & Financial Chronicle
The
151
and taxes—■„
—
sale of real estate
$3,420,216
7,899
209
$3,428,324
3,349,009
8,677
870,638
$3.31
profit
Earnings per share.Consolidated Balance Sheet
Dec. 31, 1939
receivable, $146,596; notes receivable,
$336,756; prepaid expenses, $5,858; cash value—•
Assets—Cash, $17,147: accounts
$28,595;
inventories,
policy, $5,239; deposits in closed banks, $697; investments,
$5,624; real estate, $256,742; automobiles, $62,862; equipment,
officers insurance
$26,259;
t0^LiabUUief~Accounts
$298,121; notes payable,
employees' bond fund, $10,067; accrued expenses and taxes,
mortgage payable, $15,000; capital stock, $133,775; surplus,
total, $892,378 —V. 147, p. 106.
Carpenter
payable,
Steel Co,—To Pay 50-Cent
$101,000;
$37,764;
$296,649;
Dividend—
the
10. This
March 20.
June
paid on
3503.
Aug. 27 declared a dividend of 50 cents per share on
stock, par $5, payable Sept. 20 to holders of record Sept.
compares with $1.25 paid on June 20, last; 50 cents paid on
last; 60 cents on Dec. 20, 1939:15 cents on Sept. 20, 1939;
cents on
20. 1939; 15 cents on March 20, 1939; and dividends of 10 cents
Dec. 20, Sept. 20, June 20 and on March 21, 1938.—V. 150, p.
The directors on
common
40
Corp.—Certificates Called —
loan certificates
accrued interest.
the Chemical Bank & Trust Co., N. Y. City.
Cedar-William Street
All of the
have
outstanding first mortgage 6% sinking fund gold
redemption on Oct. 1 at 101 and
been called for
Payment will
be made at
The
1274
Central of Georgia
Commercial & Financial Chronicle
Ry.—Appointments Ratified—
The Interstate Commerce Commission has ratified the
appointments of
H. D. Pollard and A. B. Lovett as trustees of the road.
July—
Dillon, Read & Co
Baker, Watts & Co
1940
1939
1938
1937
SI,216,313
$1,173,939
$1,410,654
140,992
29,598
120,500
181,170
60,938
Alex. Brown & Sons
10,229,000
Central Republic Co
Clark, Dodge & Co
29,793
defl5,697
From. Jan. 1—
Gross from railway
9.319,906
1,044,327
25,675
8,887,611
1,052,427
8,483,820
810,219
defl61,754
152,536
—V. 151. P. 691.
A. G. Becker & Co., Inc
Blyth & Co., Inc
Bonbright & Co., Inc
Coffin & Burr, Inc
R. 8. Dickson & Co
1,737,583
858,423
1950; and
100%
600,000
250,000
Tucker, Anthony & Co
Union Securities Corp
G.H. Walker & Co
200,000
of
the
To Be
Outstanding Outstanding
3% debentures, due Aug. 1, 1955
$25,000,000
a l%% bank loans
(maturing serially 1941 to 1945,
inclusive
3 2-3% debentures, due
Sept. 1, 1948
b Notes payable to banks
7% cum. series prior pref. stock
5,000,000
a
a
(par $100)
$10,000,000
6,080,000
16,481,800
14,817,900
shares
1,050,625
16,481,800
7% cum. 1st partic. pref. stock (par
$100)
Common stock (no par)
a Upon the issuance of
the 3%
debentures, the corporation will
in trust, funds sufficient to
redeem the
outstanding 3 2-3%
(upon which interest was reduced from 4
% % on March
14,817,900
cl,076,891
(1) deposit
debentures
25, 1940); (2) obtain
bank loans
aggregating $5,000,000, and (3)
apply
bank loans, together with other
funds, to the
of
the
payment
outstanding bank loans.
proceeds of such
of the $6,080,000
b Of these notes,
$5,000,000 bear interest at the rate of
234 % per anfcum
(reduced from 334% on March 25,
1940), and mature serially,
1940-1943,
inclusive; the remaining $1,080,000 bear
interest at the rate of
3M% per
annum, and mature serially,
26,266 shares of
c
1941-1945, inclusive.
common
stock dividend
a
stock
on
were
issued
on
Aug.
the common stock.
Purpose—Net proceeds from the sale of the 3
% debentures
$23,768,755,
exclusive of accrued interest
Of such net
15,
are
1940
in
500,000
1,200,000
demption,
for plant
additions, equipment
and
approximately $14,000,000
improvements.
Comparative Statement of
Earnings
from
Celluloid
(sub. notconsol.)
& accounts
200,000
$16,525,841
3,541,841
51^091,
6,558,646
Corp.
of
_
,
Net sales.
Cost of goods sold
Depreciation
Selling, admin,
and gen'l
Years Ended Dec. 31
June'SO, '40
1939
1938
1937
$21,127,641 $35,478,948
$28,685,283 $34,004,212
12,359,869
22,221,959
21,248,460
24,328,168
970,026
1,876,860
1,423,508
1,268,645
expenses. &c
1,725,888
■n,
,
j,
.
Extraordinary
income._
_
3,099,420
$3,162,928
$5,307,979
23,692
304,710
Int. and deb.
expenses..
2,850,387
$8,046,962
57,636
$6,054,043
?ofcaL--fU
r
3,333,167
$6,071,858
Dr17,815
Net operating
profit..
Other income—net
$8,104,598
668,346
$3,225,764
383,638
$5,331,671
$5,749,333
5,909
$7,436,252
$2,842,126
$5,130,132
62,836
598,085
$5,755,242
201,539
......
______
Net income
1,232,662
$8,034,337
1,660,236
$2,842,126
408,777
$5,130,132
747,711
$4,522,580
t>^
Prov. for Federal
taxes..
$6,374,101
$2,433,349
serial
The
annum.
«?
$1,080,000
non
in
nnn
tne case
corporation
promissory
has
other funds,
5? J521111*8 inJ.
mce amount thf face
of
ku
i
notes
of
notes
to
use
bearing
the
\%%
proceeds
interest
of
629,991
336,300
Deferred credits
Prior pref.stock
$1,250,000 face
amount
of notes
bearing
2M%
interest per
to March
amount
of
the
notes
bearing
°
respect to the
2H% interest
/v
Principal Underwriters—The names
of the
principal underwriters
principal amount of
debentures severally to be
the
are
as
follows:
reserves
Capital surplus
(at
Earned surplus
1
Total....
$69,076,202 I
Total
a After
depreciation and amortization of $13,059,018.
by 1,050,625 shares, no par value.—V.
151, p. 981.
Centlivre
133,391
Cumul. 1st partic. pref. stock
Common stock
...
trademarks
nominal amount)
16,481,800
14,817,900
bl,050,625
3,394,530
11,822,233
$69,076,202
b Represented
Brewing Corp.—10-Cent Dividend—
Directors have declared a dividend of 10
cents per share on the common
stock, payable Sept. 6 to holders of record
Aug. 27.
Last previous dis¬
tribution was the 10-cent dividend
paid on Oct. 13,1938.—V. 147, p. 3153.
Central New York Power
Corp.—New Bonds
Requests for
a
—
hearing on the application (File 70-140) of the corporation
Exchange Commission regarding the issuance and sale
to the Securities and
of $6,000,000 of 3
should state the
The company
Yn, % general mortgage bonds, due 1965, and 105,263
shares
(no par), may be made in writing not later than
Sept. 6.
to
the Secretary of the Commission
and
for the request and the nature of the
interest.
proposes to sell the bonds to the Equitable Life
Assurance
reason
Society of the
United States at 101% and accrued interest.
The stock will
be sold to the
company's parent, Niagara Hudson Power
Corp., at $28.50
share.
The proceeds are to be
applied to the cost of the extension and
improvement of the company's plant and
property during the
a
May 31, 1940
151. p. 1138.
to
Dec. 31, 1941,
whici^is
^
period from
estimated at
$14,754,900.—V.
Central Ohio Steel Products
Co.—Bonds Called—
All of
the outstanding first
mortgage 6% bonds due March 1, 1943 have
been called for
redemption on Sept. 1, at 105.—V. 150, p. 684.
V. 149,
p.3255.
Central Paper
Co., Inc.—Common Dividends—
Directors have
declared
an
initial quarterly dividend of 15 cents
per
the common
stock, payable Sept. 3 to holders of record
Aug. 20
quarterly dividend of 15 cents payable Dec. 2 to
holders of record
Nov. 20.—V. 150. p. 3196.
share
and
on
a
*
Central Patricia Gold
Mines, Ltd.—Extra Dividend—
Directors have declared an extra
dividend of one cent per snare m add i
to a
quarterly dividend of four cents per share on the common
stock,
Sept. 28 to holders of record Sept. 14.
Extras of two cents
were paid on June
28, March 29 and Jan. 2, last; extras of one cent were
paid on Sept. 30, June 30 and
April 1. 1939, and extras of two cents were
paid on Jan. 3, 1939, and
Sept. 30, 1938—V. 151, p. 100.
hi
on
ijqgjj payable
Central RR. of New
Jersey
July—
Gross from
railway
Net from railway
Net ry. oper. income...
From Jan. 1—1
Gross from
railway
Net from railway
Net ry. oper. income—.
-Earnings
1940
1Q3Q
1938
1937
$2,989,193
679,919
92,277
$2,598,694
658,453
69,813
$2,342,086
def5,984
$2,602,779
652,243
124,941
20,277,362
18,183,228
4,256,766
231,314
16,537,238
4,245,681
440,998
19,394,446
5,545,356
1,700,448
4,705,388
598,301
151, p. 691.
Central & South West Utilities
535,953
Co.—Hearing
Postponed
The Securities and
Exchange Commission announced Aug. 24 that the
public hearing on the
proposed plan of consolidation of Central & South
West Utilities Co. and
American Public Service Co. had been
postponed
from Sept. 3 to
Sept. 17.
The place of
hearing has been transferred to the Commission's
Chicago
Regional Office since numerous holders of the
securities of both of the com¬
panies live in that vicinity.
American Public Service Co.
is a subsidiary of Central & South West
Utilities Co., which in turn is a
subsidiary of the Middle West Corp. It is
proposed to consolidate the two
companies into a new corporation to be
known as Central & South
West Corp.
The plan
proposes the issuance by the new
corporation of 188,709 shares
5M % preferred stock ($100 par) and
1,041,274 shares of common stock
($15 par).
These securities are to be offered in
exchange to the security
holders of Central & South
West Utilities Co. and
of
purchased
American Public Service
Co^ [The basis of the Exchange
and
was given in V. 151, p. 839].—V. 151,
p.
Central West
Utility Co. of Kansas—Bonds Called—
A
total of
$40,000 6% bonds have been called for
redemption
15 at 100—V. 136,
p. 2972.
on
Sept.
Central Zone
Property Corp.—Annual Report—
Earnings for Year Ended
such
pay a Preroium of 2% plus accrued interest
is payable by the corporation with
rf} *941.ot No premium
balance
per annum.
agreed
to prepay all of its existing
promissory
amount of $6,080,000.
In the case of
bearing 3K% interest per annum, the
5ay a premium of 1% plus accrued interest, and,
$3,750,000 face
oKD^nVi
banks
(1941-45)
4,710,000
2-3% sink, fund debs...
10,000,000
Reserves for contingencies, &c
48,946
$4,382,421
io?n^;^^Kr^0r?xra^0jl
entered into an agreement dated Aug. 21,
1940 with The First
National Bank,
Boston; Bank of the Manhattan Co.,
i?r J wherein the corporation has agreed to borrow,
tne debentures
offered are issued on or
before Oct. 1, 1940,
ve agreed to
make loans
aggregating $5,000,000, to be
evidenced by unsecured
per
917,676
131,341
3,384,016
813,744
Accrued liabilities
3
Celluloid
Corp. (net)
Other security Investments..
<fc
$1,370,000
503,376
stock
Fixed assets (at cost)
a39,590,178
Prepaid expenses & deferred
charges
1,314,136
Patents
Notes payable to banks
Tade accounts payable
Other accounts payable.
Dividends payable
Notes
payable
to
24,801
receivable
(deferred)
Common
—V.
6 Mos. End.
_
150,000
Liabilities—
Due
Notes
and
on or
150,000
150,000
The Wisconsin Co
Dean Witter & Co
Q£) f 0
Inventories
estimated at
after deducting estimated
proceeds, $10,550,000 is to be
applied to the re¬
about the thirtieth
day after the issuance of these deben¬
tures, of the outstanding debentures of
the corporation.
The balance of
the net proceeds is to
become a part of the
general funds of the corporation.
Corporation estimates at the present time
that it will, over the course of
the next two
years, use out of its general funds
expenses.
*
Wells-Dickey Co
Cash
.
payment of
100,000
250,000
600,000
100,000
100,000
500,000
White, Weld & Co.
Whiting, Weeks & Stubbs, Inc.
of common stock,
to:
150,000
100,000
Any such requests should be made
transactions referred
100,000
Inc
,
600,000
at
by the corporation)
J., for the manufacture of plastic
products.
Capitalization—Outstanding at June 30, 1940 and to be
outstanding
upon the issuance of the 3% debentures
and the consummation
Co
Stein Bros. & Boyce
500,000
thereafter
of which is owned
Shields & Co
Stern, Wampler & Co
Swiss American Corp
Md.
has plants in Newark, N.
Schwabacher & Co
200,000
200,000
Trade debtors (less reserves).
Other accounts & advances..
of the corporation is the
manufacture
and sale at wholesale of cellulose
acetate yarns and fabrics
Manufacturing plants of the corporation are located near
Cumberland,
and Pearlsburg, Va.;
wholly-owned subsidiaries have
weaving plants
Williamsport, Pa. and New London, Conn.; and
Celluloid Corp. (a
subsidiary, 51% of the common stock
100,000
100,000
1.000,000
1,000,000
Consolidated Balance Sheet June 30, 1940
Corporation—The principal business
containing such
yarns.
The principal part of the yarns
manufactured by the
corporation
is sold, on a current order
basis, to weaving and knitting
mills, and the
corporation, either directly or through
subsidiaries, uses part of its yarns
production in the weaving and knitting of fabrics
which are sold in finished
form.
100,000
Pom-
Smith, Barney &
('
The debentures are also to be redeemable
(otherwise than through opera¬
tion of the sinking fund) as a whole or in
part at any time at the
following
percentages of the principal amount thereof
plus accrued interest: 101% to
1,
400,000
250,000
eroy, Inc
1,000,000
Laurence M. Marks & Co
funded debt.
Aug.
Schoellkopf, Hutton &
250,000
100,000
Lehman Brothers
Sinking Fund and Redemption—Corporation is to covenant
that (subject
will, semi-annually from Aug. 1, 1941 to Feb.
1,
1955, retire debentures through th« sinking fund in the
following principal
amounts: The first nine semi-annual
instalments to be of $100,000
each;
the remaining semi-annual instalments to
range from $600,000 to $1,100,000
each; such retirements being sufficient in the
aggregate to retire $16,400,000
of the debentures prior to
maturity.
Corporation is to be entitled to a
credit, in respect or any sinking fund
obligation, for debentures theretofore
redeemed (other than through the
sinking fund) and not previously credited.
Retirements for the sinking fund
may be effected by the deposit
by the
corporation of debentures (theretofore acquired
by it otherwise than through
redemption) or by redemption of debentures at their
principal amount
plus accrued interest.
to
700,000
150,000
Chicago
Kidder, Peabody & Co
to the credit referred to) it
100)4% thereafter
Reinholdt & Gardner
The Illinois Co. of
are not to be secured
by any lien (except
circumstances) and are to be issued under an
indenture,
1, 1940, between the corporation and City Bank
Farmers
1945;
200,000
250,000
100,000
100,000
W. C. Langley & Co
Lee Hlgglnson Corp
outstanding,
(b) the then unpaid face amount of the 1H% bank
loans, and (c) $5,000,000
of additional
1,
E. H. Rollins & Sons, Inc
L.F. Rothschild & Co.
Hornblower & Weeks...
Wr. E. Hutton & Co.
Trust Co. as trustee.
Indenture is not to authorize the issuance of
any
additional securities thereunder.
The creation of unsecured
indebtedness
by the corporation is not to be restricted by the
indenture, except that
the corporation is to covenant not to have
outstanding at any one time,
except under certain conditions, secured or unsecured
funded debt (as
defined) in excess of the sum of (a) the 3% debentures then
Aug.
Riter & Co
200,000
1,500,000
——
certain
and prior to maturity.
150,000
Hay den, Stone & Co
Delmitures—The 3 % debentures
Aug.
100.000
G. M.-P. Murphy & Co
Otis & Co
Hemphill, Noyes & Co
and
dated
100,000
150,000
Inc
Harriman Ripley & Co., Inc..
Harris. Hall & Co. (Inc.)
Hawley, Huller & Co
Hayden, Miller & Co.
underwriting group headed by Dillon, Read &
Glore, Forgan & Co.
The debentures, priced at
98 and accrued interest, have been sold.
Other bankers
making the offering included: The First Boston
Corp.;
Lehman Brothers; Mellon Securities
Corp.; Blyth & Co.,
Inc.; Bonbright & Co., Inc.; Harriman Ripley & Co.,
Inc.;
Shields & Co.,.and Fuller,
Rodney & Co.
Maynard H. Murch & Co
Putnam & Co
Fuller, Rodney & Co
Graham, Parsons & Co
an
200,000
200,000
400,000
100,000
The First Boston Corp
Corp. of America—Debentures Offered—Financ¬
ing for the corporation was carried out Aug. 28 with the
offering of $25,000,000 3% debentures, due Aug. 1, 1955,
under
,
&
Merrill, Turben & Co
F. S. Moseley & Co
400,000
250,000
Estabrook&Co
Celanese
through
250.000
—
100.000
1,200,000
Lynch, E. A. Pierce
Cassatt
1,000,000
1,000,000
Equitable Securities Corp
„
McDonald-Coolldge <fc Co
Mellon Securities Corp..
Merrill
100,000
177,089
Net from railway
Net ry. oper. income—
Co.
$3,000,000
1,750,000
150,000
A. C. Allyn & Co., Inc
SI,375,655
Net from railway
Net ry. oper. income—
Rentals.
All other'income
Total operating
receipts
General and administrative
expenses
Property taxes
Depreciation and obsolescence
Interest paid on 6% cumulative income
bonds
Refund
Deficit
on
property taxes (net)
Dec. 31
1939
;
Operating disbursements.
by each,
*
Name—
Glore, Forgan & Co.
Earnings for July and Year to Date
Gross from railway.:
Aug. 31, 1940
Name—
1938
$230,547
12,499
$254,812
9,448
$243,046
88,934
11,219
$264,261
59,816
32,266
81.449
13,281
59,918
32,265
100,183
13,392
109,290
$35,979
$31,944
Volume
The Commercial
151
Authority
granted to the trustees to assume
in respect of the certificates as modified.
Earnings for Year Ended Dec. 31,
1939
— —
854
408
—
i
..
$24,517
—
___
Operating expenses.,
Depreciation
...
.
482,791
104,567
264,276
506,632
61,487,224
11,271,079
56,823,387
7,898,932
213,387
52,853,469
7,807,151
61,066,524
10,899,123
4,868.271
.
.
Net ry. oper. income._.
3.506,266
J
Chicago & North Western Ry.—Earnings—
July—
Net
income
.
—
—
_
$5,050
.
Assets—Cash, $4,952; investments, $27,857; accounts
for depreciation of
receivable, $1,503;
$17,655), $312,399;
Net from railway
Netry.
Net
31, 1939
Cost of goods sold
.
Distribution expenses
Other expense
.
.
84,989
109,453
2,623
Net railway operating
From Jan. 1—
$5,119; capital stock, $25,000; earned
total, $130,382.—V. 147, p. 107.
railway operating income
—V. 151, p. 1139.
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
—V.
151,
p.
1,427,486
474,966
289,823
1,551,291
448,673
254,349
Gross from railway
Net from railway—
Net ry. oper. income
.
1,278,341
295,796.
137,605
Netry. oper. income...
—V. 151, p. 692.
' 1940
1939
$11,685,795 $10,915,374
5,425,611
5,138,900
income—.
3,581,903
3,808,125
July—
Net ry. oper.
From Jan. 1—
59,068,208
21,135,764
14,218,432
77,098,661
33,694,615
income—. 23,558,987
Gross from railway
Net from railway......
Net ry. oper.
See list given on
51,773,604
11,191,400
52,613,262
11,093,269
income—.
3,632,742
1938
1937
$8,715,416 $10,608,465
3,654,435
4,616,725
2,519,105
3,738,302
3,677,388
49,741,330
11,375,701
3,709,370
1939
1940
Net from railway
Net ry. oper. income—
From Jan.!—
$1,199,284
274.330
55,994
♦
r
8,449,933
1,548,171
$1,262,288
239,240
257732
8,745,860
1,557,186
39,828
Gross from railway
Net from railway
Net ry. oper. income
—V. 151, p. 241.
36,725
Chicago Great Western
Earns, per
1939
$1,492,158
from railway..
368,749
ry. oper. income—
82,033
Gross from railway
Assets—Cash, $12,655; cash deposited as collateral on
(less, reserve for
1937
..
$36,563; capital stock, $86,500;
Dr$7,240; total, $487,567.—V.
def385,120
Chicago & Illinois Midland
107,936
1939
$306,882
88,668
94,638
66,210
2,525,444
823,342
633,206
railway
Net from railway
Net ry. oper. income—
2,027,959
549,137
419,346
1938
$311,102
95,554
59,761
Net ry. oper. income—
—V, 151, p. 840.
1,960,759
524,359
350,946
Chicago Indianapolis &
1938
$667,897
102,403
defll,240
16,976
5,376,432
1,554,449
600,491
Gross from railway.—
Net from railway
Net ry. oper. income—
—V. 151, p. 691.
Chicago Milwaukee St.
5,038,985
612,987
4,543,845
463,843
def472,592
Interstate Commerce
152,871
and
p.
Paul & Pacific RR.—Abandon¬
Commission on Aug. 16 issued a certificate
Commerce
'
■
paid on Dec.
23, 1939, dividends of 25 cents were
final dividend of $2
paid Sept. 25, June 26
1939; a final dividend of 30 cents was paid on Dec. 24,1938
divs. of 15 cents were paid on Sept. 26 ana May 2, 1938.—V. 151,
692.
i
From Jan.
Gross from
•
•*.
Netry. oper. income
—V. 151. P. 692.
1935, so as to permit $943,000
■
1937
$703,284
189,933
107,738
1—
3,558,243
railway
Net from railway
•
dividend of 50 cents per share on the
Sept. 25 to holders of record Sept. 13.
paid on June 25 and March 25, last;
Colorado & Southern Ry.—-Earnings—
1940
1939
1938
railway
$527,379
$572,594
$534,700
Net from railway—..—
def21,696
156,684
119,683
Netry. oper. income.— defl28,904
63,973
38,461
—
...
"
407.002
def189,557
3,492,882
712,558
79,567
3,408,703
505,443
defl31,882
4,405,372
970,352
466,152
Columbus Auto Parts Co.—Accumulated Dividend—
have declared a dividend of $1 per share on account of ac¬
the cumulative convertible preferred stock, payable Sept. 1
equipment trust, series M, certificates, and $60,000 equipment trust certi¬
ficates, series N, to be modified by reducing the dividend rate thereon
from 4% to 2%% Per annum, by deleting therefrom the redemption pro¬
visions and the provisions for the issuance of definitive certificates in
i
1,003,839
July—
Commission on Aug. 15 further modified its
21, 1934, and of June 8,
1,623,334
4,132,574
1,983,811
1,875,341
Gross from
Equipments Reduced—
The Interstate
orders of April
232,706
3,195,607
1,266,642
Coast Counties Gas & Electric Co.—To Issue Pref. Stock
The company has applied to California Railroad Commission for authority
to issue and sell 150,000 shares ($25 par) 5% preferred stock and apply
proceeds to retirement of 37,463 shares outstanding ($100 par) 6% preferred.
New stock would be offered present preferred stockholders in exchange and
unexchanged portion of issue would be underwritten by a banking group
headed by Dean Witter & Co.—V. 150, p. 2719.
permitting abandonment by the company of part of a line of railroad
between Lowell and a point in the vicinity of Monroe, about 13.4 miles,
together with about 1.7 mile3 of branch line in Everett; and granted the
company authority to operate, under trackage rights, over a line of the
Northern Pacific Ry. between Lowell and Delta Yard, in Everett, about
2.7 miles, and over a line of the Great Northern between Lowell and the
above-mentioned point in the vicinity of Monroe, about 13.07 miles; and
granted authority to construct, at various locations, seven tracks aggregating about 5,978 feet in length, all in Snohomish County, Wash,
on
121,036
3,866,418
1,872,827
and March, 25,
5,982,851
1,003,633
def331,355
Like amount was
was
1937
$542,223
242,766
Inc.—Interim Dividend—
declared an Interim
stock, no par value, payable
Directors have
common
ment, &c.—
Interest
income—
692.
Cluett, Peabody & Co.,
def26,444
Net ry. oper. income
From Jan. 1—•
The
5,074,567
2,732,476
2,222,535
Net from railway
$803,298
86.783
75,376
Net from railway
1938
$411,383
158,371
1—
From Jan.
Gross from railway
1937
1939
$743,031
115,040
3,111,576
July—
Louisville Ry.—Earnings—
1940
10,385,828
4,184,756
1,957,888
Gross from
2,254,290
759,854
534,906
$748,103
208,397
2,542,588
Clinchfield RR.—Earnings—
1940
1939
railway
$651,019
$566,220
Net from railway
313,822
275,848
Net ry. oper. income—.
255,399
238,268
1937
$311,964
91,953
69,221
Net ry. oper.
July—
8,441,796
2,769,400
Cleveland Railway Co .-^-Orders Buses—
for 25 new 40-passenger buses at cost of
R. Hanrahan, President.—V. 151, p. 983;
—V. 151, p.
Gross from railway
10,122,125
3,806,481
Company has placed orders
$270,000, according to Frank
V. 150, p. 2873.
1—
Gross from railway
Net from railway
Texas Pac. Ry.—Earnings—
1938
1937
$1,323,007 $1,573,608
481,740
722,826
401,186
524,841
—V. 151, P. 544.
Ry.—Earnings—
1940
$386,973
125,062
July—
Gross from
369,171
10,490,923
Net from railway
3,806,730
Netry. oper. income...
2,798,730
Gross from railway—..
—V. 151, p. 691.
From Jan.
$1,504,492
railway-..—
576.966
rail way
Net ry. oper. income
From Jan. 1—
10,581,360
2,240,649
253,892
stock,
1939
$1,480,299
598,909
452,706
1940
Net from
9,292,824
1,474,313
$30,000; mach.
earned surplus, $253,278; treasury
147, p. 2085.
Cincinnati New Orleans &
July—
From Jan. 1—•
Net
depreciation of $15,502), $123,888; land,
1937
9,965,395
2,376,935
452,299
of
deferred
$1,562,102
388,683
10,002,707
from railway.
2,273,v646
ry. oper. income—.
340,179
bond in penalty
& equipment (less, reserve for depreciation of $95,962), $43,004;
charges, $9,987; patent (net, and formula), $3,327; total, $487,567.
Liabilities—Total
current
liabilities,
$118,467; long-term liability,
646,789
$1,410,754
327,896
61,736
$0.65
—
$25,000 on patent suit (not yet settlea), $25,000; marketable securities,
$36,291; dividends receivable and accrued interest, $735; notes receivable,
(trade—current), $204; accounts receivable, $67,102; officer & other em¬
ployees receivables,
$18,406; railroad claims, $557; debit balances on
creditors ledger, $1,389; inventories, $105,290; life insurance policy, $8,375;
notes receivable
(trade—long past due), $1,356; plant and equipment
9,546,453
2,204,029
1938
15,954
out¬
Balance Sheet Dec. 31, 1939
$1,314,710
228,521
28,507
$1,472,233
398,613
128,144
Gross from railway.
Net
share on
standing
RR.—Earnings—
1940
$18,787
2,833
—
.— —
earned surplus
....
24,674 5-10 shares of no par com. stock
Net income transferred to
6,406,309
7,912,627
1.321,187
deflOG,758
Co.—Annual Report
31, 1939
Net income for year
federal income tax
Gross from
July—
—
1938
vacancy.—V. 151, p. 1139.
Advertising Products
Earnings for Year Ended Dec.
55,862,939
12,425,544
$1,111,032
228,236
46,341
Discontinued—
29 amended the by-laws
Aug.
Cincinnati
Ry.—-Earnings—
Chicago & Eastern Illinois
July—
on
to the Board ot fill the
74,086,882
31,923,518
23,669,123
691.
Gross from railway
Net
' ,*
of this department.—V. 147, p. 108.
of the corporation by dis¬
Board, thus making the President
K. T. Keller has been President
for five years and for more than two years, since Mr. Chrysler became ill in
May, 1938, has been responsible for the company's operations.
Herman L. Weckler, Vice-President and General Manager was elected
Directors
55,488,800
19,125,868
12,466,014
9,716,581
601,943
def600,203
Ry .—Registers
Haute & Southeastern
first page
'
continuing the office of Chairman of the
the Chief Executive of the corporation.
From Jan. 1—
Gross from railway—..
Net from railway
Net ry. oper.
.
with SEC—.
Chicago Burlington & Quincy RR.—Earnings—
July—
1940
1939
1938
1937
Gross from railway
$8,709,588
$8,773,707 $9,512,828 $9,362,034
Net from railway
2,525,175
2,437,112
3,606,227
2,800,624
Net ry. oper. income—
1,429,856
1,373,806
2,547,105
1,648,403
Net
8,936,382
918,859
def547,274
Chicago Terre
1,548,017
550,011
349,520
—V. 151, p. 1139.
p.
def505,559
9,200,716
627,325
def850.362
,
Chrysler Corp.—Chairmanship
Gross from railway
151,
9,577,035
1,062,917
1937
$1,550,903
129,600
def75,424
1938
$1,399,165
135,141
def92,271
Net ry. oper.
From Jan. 1—
Chesapeake & Ohio Ry.—Earnings—•
—V.
1939
$1,423,020
102,812
115,124
691.
Net from railway.
Ry.—Earnings
1940
$1,554,100
244,734
income...
13,793
Gross from railway.....
Net from railway
surplus, $98,688;
Ry.—Earnings—
1939
1938
1937
!
$221,290
$178,632
$221,454
82,535
47,024
80,187
59,275
31,468
55,858
1940
$218,282
74,751
52,440
44,772,456
8,257,252
2,146,387
Chicago St. Paul Minneapolis & Omaha
July—
Gross from railway
Net from railway
Charleston & Western Carolina
July—
income
Net
and payroll taxes payalbe,
reserves,
1939
$7,898,903
2,296,293
1,283,533
45,593,518
9,462,499
3,196,476
—
Gross from railway
Net from railway.
1939
Assets—Cash, $7,258; accounts receivable, less reserves, $3,504; in¬
ventories, $8,908; other assets, $7,035; land, building and equipment (less
reserve for depreciation of $51,049), $99,984; deferred charges to operations,
$1,321;
Ry.]
1940
$8,250,260
2,630,080
1,651,359
July—
Gross from railway
Net from railway.....
Condensed Balance Sheet Dec. 31,
$3,692; total, $130,382.
Liabilities—Accounts payable, $253; sales tax
Ry.-—Earnings—
[Including Chicago Rock Island & Gulf
$1,812
Net loss for year
___
Chicago Rock Island & Pacific
$195,254
sales
income
304,982
50,842,645
3,113,882
defl312,810
—V. 151, p. 692.
Chapman's Ice Cream Co.—Annual Report—
Earnings for Year Ended Dec.
oper.
231,106
49,529,408
46,042,668 43,441,607
7,890,927
4,526,697
2,613,694
2,145,510 defl]04,065 def3232,574
From Jan. 1—
Gross from railway
sinking fund, $20,939; other assets, $3,545; total, $371,198.
Liabilities—Accounts payable, $1,499; sinking fund reserve, $20,939;
common stock, $50,000; preferred stock, $250,000; surplus, $48,758; total,
$371,198.—V. 138, p. 2242.
1937
$8,410,255
592,993
1938
$7,080,358
1,078,917
1939
$7,706,908
1,305.245
530,965
1940
$8,313,981
2,055,064
1,253,487
Gross from railway.....
Net from railway
Net ry. oper. income...
Balance Sheet Dec. 31, 1939
property and equipment (less reserve
77,814
—V. 151, p. 692.
18,239
1,226
„
—
1937
$9,386,209
1,683,753
$8,383,403
1,458,713
$8,824,395
1,269,580
$9,454,961
1,626,085
From Jan. 1—
Gross from railway
Net from railway
$23,254
Total income
obligation and liability
1938
1939
1940
Net from railway
Net ry. oper. income
__
Miscellaneous income
July—
Gross from railway
Inc.—Annual Report—•
Investment income
was
Earnings for July and Year to Date
„
Sales, oil and gas
of the principal of
multiples of $1,000, and by providing for the registration
the definitive certificates.
'
Balance Sheet Dec..31, 1939
$98,348; land and building (less reserve for depreciation
of $199,006), $1,665,263; miscellaneous equipment (less reserve for depre¬
ciation of $141), $409; deficit, $78,644; total, $1,842,665.
Liabilities—6% cumulative income debenture bonds, $1,821,500; capital
account, $21,165; total, $1,842,665—V. 151, p. 839.
Assets—Cash,
Chalmers Oil & Gas Co.,
1275
& Financial Chronicle
Directors
cumulations on
■
The Commercial & Financial Chronicle
1276
to holders of record
Like amount was paid on June 1, last, and
paid on Dec. 1, 1939.—V. 150, p. 3350.
Aug. 24.
dividend of $1.50 was
Columbus & Greenville
July—
Gross from railway
$112,872
From Jan. 1—
Gross from railway
p.
1937
$93,139
13,635
7,388
21,340
12,898
660,736
801,789
Net from railway
81,513
12,353
186,04»
114,288
$102,766
Consolidated Ice
4,290
def7,013
The
Securities
654,435
78,457
742,478
105,682
18,674
34,030
(& Subs.)—Earnings —
Consolidated Title Corp.—Bonds Called—
A total of $14,000 collateral trust
sinking fund 6% bonds due 1951 has
been called for redemption on Sept. 1 at 100.—V. 151, p. 1140.
Cable, $1,816,831: radiotelegraph, $1,290,465; gross profit on sales (after deducting depreciation of
$13,939 charged to costs), $131,446; muscellaneous (rents,
&c.), $262,557; total operating revenues
$3,501,299
Expenses of operation, $1,779,704; maintenance and repairs,
$488,659; general and
miscellaneous expenses,
$402,836;
provision for U. 8. Federal income tax, $6,000; other taxes,
$126,299; provision for depreciation (other than depreciation
of $13,939 charged to costs, as above), $452,934
3,256,432
revenues:
Consumers
Period End.
Power
JuJv 31—
Gross revenue
Oper. exps. & taxes....
Prov. for depreciation..
Gross income...
—
Int. & other deductions.
Net income from operations before loss on foreign exchange.Loss on foreign exchange
$244,867
36,502
Net income from operations
Non-operating income
$208,365
44,025
on
$1,103,514
381,189
income debentures
Net income for the period
Corporation acquired its assets and commenced business Jan. 31, 1940
and therefore consolidated net income for the month of
Jan., 1940, in the
amount of $76,275 is included in this statement on a
pro forma basis in
accordance with the provisions of the indenture of the
corporation.
interim statement is based upon estimate& in certain respects and is
year
—V.
end adjustments and independent audit at the close of the
year.
150,
p.
3969.
Commonwealth Edison Co.—Weekly Output—
corre¬
sponding period last
year, an increase of 6.5%.
The following are the output and
percentage comparisons for the last four
weeks and the corresponding periods last year:
-Kiloivalt Hour
Week Ended—
Output1939
1940
6.5%
11.2%
11.7%
14.2%
Commonwealth & Southern Corp. (& Subs.)—Earns.
1940—Month—1939
1940—12 Mos.—1939
$11,656,464 $10,918,343 $147646,288 $135959,992
Oper. exps. and taxes..
6,455,108
5,947,318
80,189,548
70,581,168
Prov. for depr.& Amort.
1,508,542
1,365,578
17,532,108
15,885,926
Gross income....
Int. and other deduc...
$3,692,814
2,989,287
$3,605,447 $49,924,631 $49,492,899
3,017.092
36,366,161
36,382,442
Net income
Divs. on pref. stock—
$703,527
749,812
def$46,285 def$161,443
$4,560,787
$4,112,943
Reflects deduction for full preferred stock dividend
requirement at the
$6 per share per annum.
Divs. were paid in full to Jan. 1, 1935 and
share per annum since that date.
Note—The electric properties of the Tennessee Electric
Power Co. and
Southern Tennessee Power Co. were
conveyed on Aug. 15, 1939 to the
Tennessee Valley Authority and other
public agencies, and those companies
hate been dissolved and are in
process of liquidation which will involve a
substantial loss.
Accordingly, the income accounts of said companies, and
all interest and dividends
received from them by the Commonwealth &
Southern Corp. have been eliminated for ail
periods from this statement of
consolidated income.
With respect to the companies included
herein, this
statement reflects the usual
accounting practices of the corporation and
ts subsidiaries on the basis
of interim figures and is subject to audit and
a
rate of
at the rate of $3
per
end-of-year adjustments.
The directors on Aug. 27 declared a dividend of
75 cents per share
preferred stock, $6 series, payable Oct. 1 to holder of
record
on
the
Sept. 13.
A
payment of like amount (which is one-half of the
regular rate) was made in
each of the
preceding 21 quarters.
Weekly Output—
The weekly kilowatt hour
output of electrical energy of subsidiaries of
The Commonwealth & Southern
Corp., adjusted to show general business
conditions of territory
served, for the week ended Aug. 22, 1940, amounted
to 160,295,438 as
compared with 142,129,834 for the
an increase of
18,165,604
or
12.78%.—V. 151,
corresponding week in
p. 1140.
Compressed Industrial Gases, Inc.—Merger Voted
^See National Cylinder Gas Co. below.—V. 151, p. 692.
Connecticut
Power
Copper District Power Co. —To Sell Bonds Privately
Co.—To
Finance
Plant
Extension
$500 bond for each 83 shares held —V
150,
p.
900.
Consolidated Coppermines
Corp.—Earnings—
Period End. June 30—
x
Depreciation
z
Net income-
Before charges shown
charges shown above,
z
V. 150, p. 3970.
x
1940—3 Mos.—1939
1940—6 Mos—1939
$217,436
$407,371
$548,544
$690,555
39,529
120,780
35,766
85,728
63,551
34,769
70,894
137,438
140,843
69,473
249,899
71,461
$21,362
$223,323
$156,289
$342,801
separately below,
y Net of current period's
Before depletion and Federal income tax.—
Consolidated Edison Co. of New
York,
Output—
A,
The issue and sale of the securities have been authorized
by the P. S.
Commission of Michigan.
The proceeds will be applied to the
payment of six unsecured 4 Yi% notes
due Aug. 11, 1940, aggregating $78,750, and a $100,000
ZY% promissory
note due July 1, 1940.
The balance of the proceeds will be applied to the
cost of additions to the company's
property, plant and equipment, or to
reimburse thdcompany for such expenditures.—V. 151, p. 694.
Coty International Corp.—No Interim Report—
Owing to the situation abroad it is impossible for the corporation to obtain
sufficient and complete information to enable it to
publish an interim six
months report, Benjamin E. Levy, President of the
company says.
"If the
necessary figures can be secured within the near future, we shall compile a
tentative report at that time," Mr.
Levy says, adding that it is hoped that
a
report covering operations for 1940 can be published
1941.—V. 148, p. 2264; V. 149, p. 1911; Y. 150,
p.
Crown Cork & Seal
Bankers Trust Co.,
Oct. 1, 1940, through
on or
about May 1,
3971.
Co., Inc.—Bonds Called—
trustee, has selected by lot for redemption on
operation of the sinking fund, $360,000 principal
amount of 10-year 4H% sinking fund
debentures, due 1948. Payment will
be made on and after Oct. 1 at the
Corporate Trust Department of Bankers
Trust Co., New York.—V. 151, p. 1141.
Curtis
as
Publishing Co.—Listing —
The New York Stock Exchange has authorized the
listing of $7,224,200
15-year 3% debentures due Oct. 1, 1955; 722,420 shares of
prior preferred
stock (no
par), with a cumulative dividend of $3 per annum and an addi¬
tional dividend of $1 per annum
payable and cumulative to the extent
earned, and 1,806,050 additional shares of common stock (no
par), making
a total of 3,606,050 shares
authorized for listing, all to be issued in exchange
for the outstanding 722,420 shares of
present preferred stock, on a volun¬
tary exchange basis with stockholders, as follows: Each share of the
pre¬
ferred stock may be exchanged for: $10
15-year 3% debenture, 1 share prior
preferred stock and 2 Yi shares common stock.
Directors at a meeting held April 19
adopted resolutions approving
a
plan of reorganization and recapitalization, advising amendment of the
articles of incorporation to give effect
thereto, and calling a special meeting
of the stockholders to be held
July 2 to consider and act upon the plan
and amendment.
At the stockholders'
meeting held July 2, the plan and
outstanding common stock,
voting by classes) and articles of amendment to the articles of
incorporation
effecting the amendment as adopted by the stockholders were filed with the
department of State of Pennsylvania on
July 8, 1940 and a certificate of
amendment was issued by that Department on
July 17, 1940.
The plan and amendment
provide for the cancellation of the 177,580
shares of preferred stock and
66,959 shares of common stock held by the
company,
directly or indirectly.
The authorized capital stock of the
company is restated to consist of 722,420 shares of
preferred stock and
3,539,091 shares of common stock, all without par value.
The preferred
stock authorized by the amendment consists of
two classes, to be known
respectively as prior preferred stock (a new class) and $7 dividend
preferred
stocK (the existing class).
Company has authority to issue up to but not
exceeding 722,420 shares of prior preferred stock (no par, with a cumulative
of $3
per
annum,
and
an
additional
dividend of $1
per
annum
payable and cumulative to the extent earned) as part of the
exchange author¬
by the plan upon condition that the issue of prior preferred stock shall
automatically reduce the authorized number of shares of preferred stock
so
A
Net income for period.
Explor. & devel. charges
for the period
y Amort, of mine devel.
—
ized
According to
press dispatches from Hartford, Conn., company will under*
take immediately the
financing of new plant construction through a new
bond issue, to which stockholders
will have the first
opportunity to subscribe.
«!?e company, it is said, will install a new 25,000 kilowatt steam turbine,
at Stamford, which, with ail
corollary facilities, will cost about $4,000,000.
Stockholders will be offered
rights to subscribe for the new bonds on the
one
Shepherd, St. Louis, Mo.—Notes
The Securities and Exchange Commission has issued an order
granting
the application of the company to issue and sell to Modern Woodmen
of
America, Central Life Insurance Co. of 111., National Guardian Life Insur¬
ance Co., and Price Brothers
Co., $250,000 first mortgage bonds, series
dividend
—
Through Bond Issue—Will Offer Bonds—
basis of
783,339
amendment were approved (by more than two-thirds of the
outstanding pre¬
ferred stock and more than a
majority of the
Accumulated Dividends—
1939,
$5,061,108
$6,547,407
A total of $24,000 first
mortgage 4H% serial R. E. notes, due July 10,
1935 has been called for redemption on Sept. 1 at 100.
$588,355 $13,558,470 $13,110,457
749,798
8,997,683
8,997,515
Balance
$251,887
Increase
147,171,000 138,241,000
159.049,000 143,016,000
156,806,000 140,409,000
160,649,000 140,688,000
Period End. July 31—
Gross revenue
a
$9,269,269
3,424,822
4H%, due June 1, 1956 at 99.
The electricity output of the Commonwealth Edison Co.
group (inter¬
company sales deducted) for the weekended Aug. 24, 1940 was 147,171,000
kilowatt hours compared with 138,241,000 kilowatt hours in the
Aug. 24-.
Aug. 17
Aug. 10
Aug. 3..
—V. 151, p. 1140.
$602,554 $10,755,567
285,389
3,424,820
65,278
783,339
Convent of the Good
This
subject
to
$722,325
285,389
65,278
Called—
$88,875
—
$990,765 $15,543,160 $13,996,136
388,210
4,787,593
4,726,867
-V. 151, p. 409.
$252,390
14,333
149,182
subsidiary companies
on
—
$371,658
pref. stock
Amort, of pref. stock exp
Balance
Interest
Co.—Earnings
1940— Month—1939
1940—12 Mos.—1939
$3,368,285
$3,045,956 $43,280,406 $38,901,971
1,834,771
1,665,191
22,777,246
20.498,335
430,000
390,000
4,960,000
4,407,500
Net income
Divs.
Net income before interest charges, &c., of sub. companies.Interest charges, &c., of
—
withdraw from
days after the date of this order.
It is ordered that the application be
granted, effective at the close of business on Sept. 19.;—V. 136, p. 4275.
Consolidated Income Account for the Six Months Ended June 30, 1940
—
Co.—Delisting
and
Exchange Commission has granted the company's
listing and registration on the Pittsburgh
Stock Exchange its common stock (no par) and its preferred stock (no par).
$1 cumulative, provided that the delisting shall not be effective until 30
—V. 151, p. 545.
Commercial Mackay Corp.
was sold by the company
1940 through Aug. 15.—V. 151,
1,
1140.
application to
Net ry. oper. income
Operating
The price at which the 4% preferred stock
included accrued dividend from July
1938
1939
$81,647
7,037
3,079
Net from railway
Net ry. oper. income---
public.
Ry.—Earnings—
1940
Aug. 31, 1940
The dividend of $1 for the quarter on the 4% series C preferred is the
first dividend on the issue of 68,928 shares which were recently sold to the
Inc.—Weekly
1
Consolidated Edison Co. of New York
announced production of the elec-
io1? oruPfl.ni?Ots syst®m f°r ^e week ended Aug.
25, 1940, amounting to
133,300,000 kilowatt hours, compared with
141,200,000 kilowatt hours for
the corresponding week of
1939, a decrease of 5.6%.—V. 151, p. 1140.
that the total authorized shares of both classes of
preferred stock of the
company shall not exceed 722,420 shares.
An issue of $7,224,200 of
amendment.
15-year 3% debentures is also authorized by the
The cancellation of company-held
preferred and common stock under the
amendment resulted in a charge to the
contingent reserve and undivided
profits account of $11,366,763 (the amount at which this stock
was carried
on the
books), reducing this account
(using the Dec. 31,1939 balance sheet
figure) from $20,251,304 to $8,884,540.
In addition, the amendment
provided for the reduction from $30,000,001/ to $22,7/5,800 of the stated
capital applicable to all the authorized stock of the
company, consisting
of the above mentioned preferred stock
(both classes) and 3,539,091 shares
of
common
stock.
This reduction created
a
against which the debentures will be charged
capital surplus of $7,224,200.
as issued.
The board of directors is authorized to offer in
exchange for each share of
preferred stock now outstanding: $10 principal amount
15-year 3% deben¬
tures, one share of prior preferred stock and 2 Yi shares of
common stock.
Scrip will be issued for one-half shares of common stock.
Scrip will be
exchangeable in combination for whole shares with all dividends theretofore
paid
or payable thereon, but prior to such exchange
scrip carries no voting
or other rights of a
stockholder, and will be void if not surrendered
in exchange for whole shares within five
years from the exchange date.
All accumulated and unpaid dividends on
preferred stock surrendered in
dividend
exchange will be eliminated.
The annual dividend requirement on the
722,420 shares of present
$7
dividend preferred stock publicly held is
$5,056,940, and as of July 1, 1940
the dividend arrearages were $20.12
Yi per share, or a total of $14,538,702.
The board of directors at a
meeting held Aug. 15, 1940 declared the plan
operative, fixed Oct. 1, 1940 as the exchange date, and called for
deposits
of stoca for exchange up to Sept. 30, 1940.
of
Holders of preferred stock who do not wish to
exchange their shares will
continue to hold their shares,
subject to the priority of the 15^year 3%
debentures and the prior preferred stock issuable under
the
quarter ending Sept. 30,
1940 of 90 cents per share on the
common stock $1.12
Y per share on the
4H % series B preferred stock and $1 per share on
the 4% series C preferred
tock
all payable Oct. 1,1940 to shareholders
of record Sept. 14, 1940.
As the exchange offer is a
voluntary one, it is impossible to state the num¬
ber of shares of prior preferred stock that will be issued
pursuant to the plan,
or the extent of the reduction
in the authorized preferred stock under the
plan.
Assuming that all the present preferred stock is exchanged, the com¬
pany will have authorized and outstanding the following securities:
Consolidated
Gas Electric
Light
Baltimore—Dividends—
.«Rire£tJ?rs on Aug- 22 declareci dividends for the
.
&
Power
Co.
plan.
Volume
The
151
15-year 3% debentures
preferred stock
Prior
_
1
Common stock
Income Account for
the Six Months Ended June 30,
Revenue from advertising,
circulation, &c., $24,873,344;
$7,224,200
722,420 shs.
3,539,091 shs.
1940
mis-
subtracting depreciation
Other income—Income from investments, $435,456; gain on
sale and maturity of investments,
$151,650; adjustment,
taxes of prior years, $50,699
Balance of income after
Total income after adding
American
$3,439,429
50,976
_
Mines,
Gross from railway
Net from railway
Ltd.—May Establish
be
Delaware Electric Power Co.—Debentures Called—
total of $200,000 gold debentures 5H% series due 1959 has been
1 at 102 and accrued interest. Payment will
made at the Chase National Bank of the City of New York.—V. 151,
P.
242.
A
income. __
547.
Net ry. oper.
—
V. 151, p.
RR.- -Earnings—
1940
$2,343,971
750,268
556,410
Net from railway
15,167,263
4,263,037
2,993,580
Delaware Lackawanna
Gross from railway
Net from railway
Net ry. oper.
&
1940
$4,134,081
778,869
312,145
July—
income
1939
1938
1937
$1,890,035
$1,567,408
$1,961,742
506,722
323,202
271,034
125,826
272,290
177,260
13,717,179
3,931,071
2,661,576
11,737,269
2,314,297
1,226,204
15,364,076
3,311,911
2,282,258
Western
RR.—Earnings—
1939
29,886,500
6,579,930
railway
Net ry. oper.
3,168,386
income
1937
1938
$3,711,549
$3,350,563
$3,948,768
603,708
109,438
302,165
defl69,852
725,731
273,957
28,04.5,068
6,043,298
2,516,111
24,950,661
4,227,387
933,824
30.269,476
7,350,369
4,153,367
From Jan. 1—
Gross from
Net from railway
—V. 151, p. 695.
Denver & Rio
Grande Western RR.- —Earnings1939
1940
July—•
railway.
T.
I.
Net from railway
Net ry. oper. income.
Gross from
$2,075,128
340,348
46,237
railway...
railway
income.
—V. 151, p. 696.
Gross from
Net ry. oper.
-.
--
..
13,344,005
1,780,803
def77,411
1937
1938
$1,938,570
$1,770,727
$2,146,479
225,230
63,536
defl9,495
def21,5l3
def210,054
def300,198
12,550,658
11,597,498
14,350,397
1,241,032
619,570
def504,608 def1329,599
461,148
def817,518
From Jan. 1—
Net from
$500,454
186,946
118,697
3,665,229
1,573,319
1,047,815
2,792,611
905,234
540,008
4,813,375
2,450,918
1,578,773
Line RR.-
$139,018
39,575
def 11,435
$255,872
1,732,769
1,323,950
724,852
513,200
102,807
2,305,084
1,293,817
681,106
26.458
income
2,162,919
1,133,531
499,810
Gross from railway
Net from railway
oper.
—V. 151, p.
income
696.
Dewey & Almy
1937
1938
80,748
16,916
$197,593
$230,346
94,684
Gross from railway
Net from railway.
■Earnings—
1939
1940
From Jan. 1—
called for redemption on Oct.
Gross from railway
$346,568
103,110
71,284
Detroit & Toledo Shore
Net ry
1937
1938
1939
$462,203
182,146
118,921
July—
Net ry. oper.
then-
quarterly
4,388,799
2,077,796
1,393,854
Net ry. oper. income.__
—Y. 151, p. 547.
Aug. 27 following
than to make regular
138,563
73,882
Net from railway._____
representatives
discuss
will be
practical
_
share on the common
RR.—Earnings—
$432,311
__
Net ry. oper. income
From Jan. 1—
Gross from railway—
"Negotiations and investigations will be continued by our
after my departure. There are many problems involved, which I will
with my colleagues.
All I can say now is that a trading company
opened here if all considerations show such procedure to be both
and in the best interests of the American trade."—V. 150, p. 3658.
railway
59,469
14,963
Dividend—
1940
July—
Gross from railway
Net from railway
able.
Net from
501,045
99,684
44,152
Detroit Toledo & Ironton
^
feel that I have a special responsibility for
throughout the world.
The trade in rough
diamonds..has been centered in London ever since the discovery of the
South African mines.
We hope it will remain centered there.
"Representations have been made to us, however, that it would facilitate
the smooth working of the diamond business if we established a company in
America.
In this manner supplies of rough diamonds would be made more
readily available to the American cutting industry.
"The establishment of such a company would probably lead to an ex¬
pansion of the cutting industry in this country, and such expansion deserves
every encouragement.
On the other hand, it is probable, once Belgium and
Holland independence is restored that Antwerp and Amsterdam will resume
their historic role as the principal cutting centers.
"In any event, any action taken toward establishing a trading company
here would have to be regarded as a war measure. We would have to learn
from experience whether or not such a company in New York would be of
permanent value to the American trade.
"There would, of course, be no possibility of this company functioning
as a retailing, cutting, or polishing organization.
Northing is further from
our minds than to interfere with the established firms in these fields.
Our
sole interest would be to make supplies of rough stones more readily avail¬
Net ry. oper. income
From Jan. 1—
424,755
conditions and prospects rather
payments.—V. 151, p. 547.
decision having been made.
"As Chairman of De Beers, I
_
439,185
71,356
16,406
current
the welfare of our industry
July—
425,039
72,515
24,505
__
regular
problems which face the diamond industry,
I came to the United States at the request of my colleagues to investigate
the advisability of opening a diamond trading company in this country.
Now, pressure of other work demands my immediate return without any
Gross from railway.
12,818
3,969
Detroit Steel Co.—50-Cent
and of
of 95% of
Delaware & Hudson
$80,367
13,046
5,389
'
Directors have declared a dividend of 50 cents per
1,165,273
the following statement on
States after a short visit;
1937
$70,889
15,487
7,606
stock, payable Sept. 25 to holders of record Sept. 14.
Previously
quarterly dividends of 25 cents per share were distributed.
Directors voted to consider future dividend action on basis of
Trading Company—
his departure from the United
"In view of the special war
1938
$77,426
25433
Net ry. oper. income
—V. 151, p. 696.
Sir Ernest Oppenheimer, Chairman of the Board of this company
the Diamond Corp. of London, which represent the producers
the world's diamonds, released
1939
$87,679
34,759
railway
oper. income
From Jan. 1—
$2,223,180
provision for taxes.
Consolidated
Beers
637,805
$206,909; other taxes, $958.364;
Total earnings after
-V. 151, p. 843.
De
$2,801,624
above items
charges
Social security taxes,
1940
Gross from railway
Net ry.
21.998,249
273,120
-Earnings-
Detroit & Mackinac Ry.July—
Net from
cellaneous revenue, $199,674
$25,072,992
Expense—Operating; Production and delivery, $11,643,426;
selling, $4,819,259; commissions, advertising and circulation,
$5,137,408; administration, $228,050; general and miscel¬
laneous, $170,107
_
____
Depreciation on plant, fixtures, buildings and patents
Other
1277
Commercial & Financial Chronicle
207,548
124,144
57,703
Dividend—
Chemical Co.—25-Cent
dividend of 25 cents per share on the common
payable Sept. 16 to holders of record Aug. 31.
Divi¬
dends of 50 cents per share were paid on these issues on June 15, last, and
25 cents paid on Dec. 23, 1939, and Dec. 15, 1939.—V. 150, p. 3506.
Directors have declared a
and common B shares
Sub.)—Earnings—
Divco-Twin Truck Co. (&
____.
■____
1939
$1,397,525
980,477
$417,048
11,205
$575,427
Cost of sales
1940
$1,945,867
1,380,558
$565,309
10,118
9 Months Ended July 31—
Net sales..
$428,253
258,999
58,836
227,806
39,000
$257,592
$1.14
$161,448
Miscellaneous income.
Total
income
Administrative,
advertising,
selling,
general expense
Provision for Federal income tax..,.
service andL
____.
Net profit
Earnings per share on common
stock.
Note—Depreciation and amortization have been
and expense.
Consolidated Balance Sheet
Assets—Cash
in
banks
receivable (less reserve
and
on
hand,
of $1,000), $228,250;
$0.72
charged to cost of sales
July 31, 1940
$111,315; notes and accounts
inventories, $466,858; land and
depreciation of
insur¬
total, $1,-
machinery and equipment (less reserve for
$51,292), $464,788; dies, tools and patterns, $12,780; prepaid taxes,
ance and other Items, $15,188; patents, at nominal value, $1;
299,180.
Liabilities—Accounts payable, trade, $52,152; accrued wages, taxes
buildings,
and
$12,171; Federal, State and general taxes, $90,230; mort¬
payable, payments due within one year, $36,000; long-term
mortgage payable, $189,000; deferred income, royalties, $15,000; reserve
for contingencies, $28,099; common stock (par $1), $225,000; capital surplus,
$141,199; earned surplus, $510,330; total, $1,299,180.—V. 150, p.
other expenses,
obligation,
gage
3355.
Chemical Co.-—Registers with SEC—
Company on Aug. 28 filed with the Securities and Exchange Commission
a registration statement (No. 2-4490, Form A-2), under the Securities Act
of 1933, covering $15,000,000 10-year debentures, due Sept. 1, 1950, and
103,199 shares of common stock (no par).
Interest rate on the debentures
Dow
by amendment.
to be offered publicly through underwriters. Smith,
of New York City, will head the underwriting group.
The common stock is to be offered, at $100 a share, to the company's
common stockholders of record Sept. 20, 1940, on the basis of one share
each 10 shares held.
Transferable subscription warrants expiring Oct.
1940, are to be issued to the common stockholders.
The company
that any of the stock not subscribed for may be sold by order of the
of directors, at not less than $100 a share, without the necessity of
such shares to holders of the common stock.
According to the registration statement, $5,125,000 of the net
will be applied to the redemption, at 102M%» of $5,000,000
amount of 3% 15-year debentures.
The balance of the proceeds
added to the company's cash funds which will be called upon for
tures for capital
additions, replacements and improvements to
is
to
be furnished
The debentures are
Barney & Co.,
for
11,
stated
board
reoffering
proceeds
principal
will be
expendi¬
plants,
processes and facilities for the manufacture of new products and to meet
increased demands for old products.
The company stated that expendi¬
tures for such purposes during the past three fiscal years totaled approxi¬
mately $12,750,000.
The company has a new plant under construction
Freeport, Texas and at the present time authorized expenditures for
near
Denver &
Salt Lake Ry.— -Earnings-
July—
railway
Net from railway....
Gross from
Net ry. oper.
income.
1—
Gross from railway
Net from railway.
From
1939
1940
._
..
$104,487
def21,138
6,796
$108,462
def2,980
16,270
$127,481
def31,278
def13,189
1,122,932
1,046,636
61,220
187,362
970,946
1,391,483
295,435
399,404
189,613
349,137
income.
696.
Net ry. oper.
—V. 151,p.
Detroit
Edison
1937
$93,686
def30,364
def3,510
Jan.
..
1938
122,023
245,029
Co.—Challenges SEC's Right to
Jurisdiction Over Intrastate
Extend
Utilities—Calls Order "Arbitrary"
that It Is Subsidiary of North American Co.
Challenging the right of the Securities and Exchange Commission to
extend its jurisdiction over intrastate public utilities and disputing a recent
order of the SEC, declaring it to be a subsidiary of the North American
Co., Detroit Edison Co. has brought court action against the Commission
in an effort to avoid being made subject to the provisions of the Public Utility
Holding Company Act.
Detroit Edison, it was learned, filed its action
against the SEC in the U. S. Circuit Court in Cincinnati on Aug. 22.
On Aug. 5 the SEC handed down a decision declaring that the Detroit
Edison Co. was a subsidiary of the North American Co. and subject to
"controlling influence" by the North American management.
North
American owns 19.28% of Detroit Edison's outstanding capital stock, but
the Detroit utility maintained in an application for exemption from the
provisions of the Holding Company Act that it was not part of the North
American system, was completely independent of parent concern manage¬
ment, and, therefore, should not be considered a subsidiary of a registered
holding company within the meaning of the Act.
The SEC was scheduled to appear in Court Aug. 30, having been ordered
to show cause why Detroit Edison should not be granted relief from the
—Disputes Decision
Aug. 5
decision.
In its
petition for an
adjudication of the issues
involved, Detroit Edison
SEC order is "arbitrary, capricious and not supported by
any substantial evidence or by any facts found by the Commission" in the
hearings on the utility's application for exemption.
It is also charged that
the SEC "erred in failing to find that the management and po'icies of peti¬
tioner (Detroit Edison) are not subject to a controlling influence by the
North American Co."—V. 151, p. 1141.
asserted that the
this
plant approximate $15,000,000.
prospectus states that to facilitate
the offering, it is intended to
an assurance, it states,
stabilized, or that the stabilizing,
time.
The price at which the debentures are to be offered to the public, the
names of other underwriters, the underwriting discounts or commissions,
and the redemption provisions are to be furnished by admendment to the
The
stabilize the price of the debentures.
This is not
that the price of the debentures will be
if commenced, may not be discontinued at any
registration statement.
the recent amend¬
20 day registra¬
Exchange Commission.
will become effec¬
registration statement is the first to be filed, since
the Securities Act permitting a shortening of the
period at the discretion of the Securities and
It is presently expected that the registration statement
tive about Sept. 10.
one of the largest producers in the world and
News Developments—As
in this country of magnesium metal, Dow
only commercial producer
found it necessary to expend some $15,000,000 in the
magnesium production facilities.
Dow uses the
of magnesium base alloys, known as Dowmetal and
manufacture of other alloys, particularly of aluminum.
The
ment to
tion
the
has
expansion of its
metal in the manufacture
sells it for use in the
Dowmetal, em¬
ployed wherever lightness of weight is desired, has many applications in
the aircraft, automotive and machinery fields.
Up to now the company
has carried on fabricating operations principally as a means of encouraging
the
use
of magnesium
metal.
Greatly expanding sales,
however, parti¬
necessitated the construction
cularly during the present year have
plants at Freeport, Texas, to increase
of new
production facilities to 25,000,000
pounds annually beginning with December, 1940 and the erection of a
large additional rolling mill for sheet production and the enlarging of foundry
Ca^^a<fdition to the development of magnesium metal the company has
drawn upon the results of research to expand the manufacture of plastics,
the most important of which have been ethyl cellulose, used in lacquers,
(polystyrene) used5 in
experimentation
materials
used in
expanded its
line of insect sprays, fungicides and disinfectants and the Ethyl-Dow Co. has
materially increased production of ethylene dibromide at its sea water plant
molding
compounds, foil and filament and Styron
molding.
Also as the result of research and
developed processes for the manufacture of many basic
the so-called Buna-type rubbers.
It has also greatly
injection
Dow has
near
Wilmington, N.
C.—V. 151, p. 696.
1278
The Commercial & Financial
Chronicle
Duluth Missabe & Iron Range
Ry.—Bonds Called
J. P. Morgan & Co., Inc., as
sinking fund agent, has drawn by lot for
redemption on Oct. 1, 1940, at 105, $600,000
principal amount of this
company's first mortgage 3
bonds, due 1962.
Payment will be
on
Bond & Share
Morgan & Co., Inc.
Earnings for July and Year to Date
July—
1940
1939
1938
1937
$2,713,598
1,924,816
1,655,275
$1,412,518
$4,728,384
3,674,459
3,128,083
12,066,790
Net ry. oper. income
From Jan, 1—
Gross from railway.
Net from railway
7,637,279
3,019,792
1,727,359
808,974
703,715
^
6,894,841
Net ry. oper. income
—V. 151, p. 697.
4,462,325
4,265,573
292,449
Duluth South Shore & Atlantic
Ry.July—
1940
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
151,
Duluth
-
1938
$313,407
40,114
124,068
99,076
1,425,362
1,142,053
16,722
defll9,839
1.027,581
def4,511
defl29,017
270.951
:
152,033
Gross from railway
Net from railway
23,034
1,733,152
and in
471,880
350,299
Section 13
(a) plainly evidences a Congressional intent to
prohibit intraservicing by registered holding companies.
One of the principal
for compelling a divorcement of
holding company business from
servicing business was to remove the barrier to
ascertaining the cost of
services which necessarily existed where
holding company functions were
commingled with servicing activities. This reason is set
forth in the Senate
report which accompanied 8-2796, one of the bills
which preceded the final
reasons
1937
$88,721
defl.3,642
def30,817
$105,109
642
720,833
70,213
def81,065
644,273
def,36,830
defl90,074
838,182
171,810
7,173
8,360
def6,828
The pertinent portion of the
bill, to which reference is made in the above
report, is similar to that of the final Act.
The language in the above
report is particularly apposite.
The amounts
of salary of the common officers
and employees allocated to
Ebasco become
Duquesne Light Co.—Earnings—
Years Ended June 30—
1940
revenues
Operation..
Maintenance and repairs
Appropriation for retirement reserve
Amortization of leaseholds, &c
Taxes (other than income
taxes).
Provision for Federal and State income
taxes
J>art of its operatingthe client associate companies. But the
expenses and, therefore, enter into the
brming services for
"cost" of per functiops of the
principal officers of Ebasco are "commingled" with their
functions as officers
of Bond & Share, and it is an
"almost impossible and wasteful
1939
$33,677,173 $30,620,622
10,355,147
2,123,711
3,194,174
557
911
2,259,001
1.653,400
$ 13,109,041
403,146
Gross income
Interest on funded debt
Amortization of debt discount and
expense
Interest on Federal income tax
settlement
Other interest
task" to
ascertain what segment of each of the
services of the common officers is for
Ebasco, and hence properly included in the "cost" to
serviced companies,
and what part for Bond &
Share, and therefore chargeable only to it. Each
of the officers in question
occupies at east two positions: he is an officer
of Bond & Share and an
officer of Ebasco.
Where his duties as an officer
of Ebasco, in a particular
transaction, begin, and his duties as an officer
of BondJ & Share
end, cannot be determined. That
difficulty is inherent in
the situation. Bond &
Share, as the parent of each of the companies serviced
by Ebasco, has an abiding interest in matters
pertaining to those companies.
In every transaction
by Ebasco in which Bond & Share is somehow in¬
terested, the officers will be acting in dual
capacities—as officers of Bond &
Share and as officers of Ebasco.
It is unreal to assume that
the value of
their services to each
company can be determined with any
degree of ac¬
curacy.
The same is equally true of the services of
any employee whose
work entails a
commingling of holding company and service company
functions.
9,468,259
2,062,957
2,949,650
2,311,544
2,583.000
$12,226,444
...
revenue
431,190
..$13,512,187 $12,657,634
2,450,000
315,932
67,600
2,450,000
315,941
9,444
147,922
5,469
Cr32,831
Crl00,748
69,300
58,891
69,300
63,069
$10,573,850
$9,706,681
Interest charged to construction
on bond interest
Miscellaneous deductions
Taxes assumed
Net income
It is
evident that effective
regulation pursuant to Section 13 (b) is rendered
impossible so long as interlocking officers and
employees are paid by both
the registered
holding company and the subsidiary service
company.
Eagle Lock Co.—To Continue Operations—
Stockholders
of the company voted on
Aug. 29 at their annual
meeting to
continue manufacturing
operations, despite the opposition of a
bloc which favored
minority
liquidation.
It was announced at the
meeting that
holders of 42,399 shares favored the
company's remaining operative, while
holders of 25,960 shares wished for a
liquidation of assets and cessation of
business.
The stockholders also voted
into office
only three of whom are on the present
nine-man board of
directors,
five-man board.—V.
151, p. 1141.
Eastern Gas & Fuel
declared
a
Associates—Preferred
dividend
of
$2.25
per
Dividend—
share
the
on
4
1 to holders of record
on
Eastern Massachusetts Street
Period End. July 31—
Railway
Railway
Ry.—Earnings —
1940—Month—1939
$552,742
364,126
$537,698
362,507
1940—7 Mos.—1939
$4,218,676
$4,134,938
2,697,824
2,550,053
$188,616
61,763
$175,191
54,195
$1,520,852
413,906
$1,584,885
391,227
$126,853
$120,996
5,432
5,588
$1,106,946
35,076
$1,193,658
35,929
$132,285
$126,584
$1,142,022
$1,229,587
41,881
84,957
45,701
96,184
302,827
594.331
322,045
669,634
$5,447
loss$15.301
$244,864
$237,908
oper. revenues.
oper. expenses.
Net ry. oper. revenues
Taxes
Other income.
Gross corp. income
Int. on fund,
debt, rents,
&c_
Depreciation
Net inc.
before provi¬
for retirement
sion
losses
—V.
•
151, p. 985.
Ebasco Services,
Inc.—Company Must Obey Interlocking
Rule—SEC Postpones
Approval
Until
pany
as Subsidiary Service Concern
Remedied—International Division of the Com¬
Wins Exemptions from
Holding Act—
This Is
The Securities and
Exchange Commission deferred
Aug. 27, for 60 days
request of Ebasco
Services, Inc., for approval as a
subsidiary service
company under the Holding
Company Act, raising objection to
directors of it and its
interlocking
parent, the Electric Bond & Share
Corp., being paid
by both companies. The Commission
holding that this fact made effective
regulation impossible, offered
alternative suggestions for
situation.
remedying the
a
'
At the
same
time, the Commission
exempted from the provisions of the
the performance of
sales or construction
contracts
by the international division of
Ebasco for
foreign companies, if certain
conditions are met.
Holding Company Act
The
findings and opinion of
When Ebasco
was
the SEC states in
part:
organized, six directors and
of Bond & Share were
principal executive officers
placed in identical positions
in the service
without altering their
company,
status in the
Their duties, ac¬
tivities, and compensation remained holding company.
substantially the same as before the
organization of Ebasco,
although those activities
are
now
performed
on
5^° wo companies instead of one, and payment of their
divided between the two
compensation
companies. The entire
servicing organization is
coordinated and controlled
through those six men.
It was testified that the
basis of allocation of
salaries of the interlocking
officers was suggested or
approved in each case
by the particular individual
involved.
Among the factors said to be
considered in distributing these
salaries were: the time
spent on the affairs of
each
problems arising in connection
company; the number of
with the
companies served; and the duties
normally attached to the position.
One of declarant's
witnesses stated,
^at ^6
,
j
is
allocations
were
"somewhat
difficult
arbitrary" and that it was
to get any fixed
accurate division."
under this arrange¬
ment, a total of $305,750 was
paid to these six
individuals and their office
assistants by Bond &
Share, Ebasco, and its
Street Corp., in the
subsidiary. Two Rector
following proportions:
.
.
-
Act.
We have, in the
past, permitted interlocking officers of the
subsidiary service company in a number of
pany and
holding
com¬
instances where cost
allocation
was affected
thereby.
We believe, however, that we were in
permitting those situations to continue, and will be should
not
follow those precedents.
Hence, we shall require that the interlocking
officer and employee
relationships of Bond & Share and Ebasco be remedied
in accordance with the
provisions of our opinion within 60
days from the
date of the filing of this
opinion.
error
Sept. 16.
were
on July 1 and on
April 1, last.
Dec. 28, 1939.
After payment of current
dividend arrears will amount to
$1.12
per
share.—V. 151, p. 1141.
paid
registered holding company and sub¬
sidiary service company may not be
necessary to insure economical and
efficient servicing for the benefit of
associate companies at cost under the
a
?rior preference stock, par $100, payable Oct.
Mvidends at half this amount
paid
This
condition can be remedied in either of
two ways:
(1) The officers and
employees who now hold positions in both
companies can sever their re¬
lations with either
company; (2) Bond & Share might undertake to
pay the
entire compensation of the common
officers and employees.
In either case,
there would be no problem of
equitably allocating the cost between Bond &
Share and Ebasco.
We regard the second
alternative as step toward in¬
suring that the standards or Section 13 are met. If
this step does not prove
effective, we shall have to decide whether
complete segregation of directors,
officers and employees between
the
Note—In the above statement of income
the previous year figures
have
been adjusted to reflect interest
applicable to that period on the
Federal
income tax settlement made In
January, 1939. as an income deduction and
the direct charges to
surplus reduced a like amount.—V.
151, p. 548.
was
other statutes cannot
system
1938
$106,176
17,840
824,713
154,406
defl8,419
Net ry. oper. income
—V. 151, p. 547.
Dividend of $4.50
100.00
be construed as
impliedly pro¬
hibiting this Commission from administering Section 13 in the
light of its
Earnings—
1939
$110,446
12,352
def9,099
Net ry. oper. income
From Jan. 1—
Gross from railway.
Net from railway
have
0.78
$305,750
purposes.
1940
Directors
55.46
being fused into a single or¬
ganization exactly as before enactment of Section 13.
Accordingly, it is
urged, Bond & Share is actually engaged in the
servicing business in violation
(a). The further argument is made that allocations of
salary
expenses of interlocking officers
are
necessarily "arbitrary" and, hence,
that it is impossible for Ebasco to
meet the cost standards prescribed
by
Section 13 (b). Both of these contentions are
disputed by declarant.
M
The Act does not deal
specifically with the problem of common personnel
between the registered holding
company and service company.
It is clear,
however, that if such interlocking relations operate to defeat the
purposes
of Section 13, the Commission
must regulate or prohibit those
relations.
Obviously, the express mention of interlocking relations in other
parts of
this statute
1937
$185,688
Winnipeg & Pacific Ry„-
Net operating
Other income
169,555
Utilities Division contend that the
interlocking
officer relationship of Bond & Share and
Ebasco violates Section 13
(a) of
the Act, and that that situation
precludes compliance with Section 13 (b).
It is contended that the
separation between Bond & Share and Ebasco is
merely a paper separation, both companies
Earning s-
1939
$201,515
3 0,037
8,938
July—
Operating
43.76
_
2,400
*
Total.
$294,296
76,186
56,365
697.
p.
w
Counsel for the Public
16,078,132
10,130,971
8,214,915
defll3,363
Corp
%
$133,795
$101,115
68,440
of Section 13
Gross from railway
Net from railway
—V.
Two Rector Street
$4,254,985
3,196,565
2,706,316
1940
Ami. Paid
Ebasco—United States Division
International Division
made
and after Oct. 1 at the New York office of J. P.
Gross from railway
Net from railway
Aug. 31,
—
We
in
Conclusions of Law
are
called upon to decide whether
the United States Division
(includ"
ing the Design and Appraisal
Division) of declarant is so organized and
conducted, or to be conducted, as to meet the
requirements of Section 13
(b) of the Act with respect to
reasonable assurance of efficient and econom¬
ical performance of
service, sales, or construction contracts for the
benefit
of associate
companies at cost,
fairly and equitably allocated among such
companies.
We have indicated in our
opinion that there are a number of
situations which prevent
compliance with the requirements of the Act and
rules and regulations
thereunder.
So long as those situations
continue to
exist, we are obliged to find that the
United States Division of Eoasco is
not so
organized and conducted as to meet the
requirements of Section
13 (b) of the Act.
We hesitate to make an
adverse determination on the
declaration, however, without
previously affording declarant an oppor¬
tunity to comply with the provisions of our
opinion.
Hence, we will defer
the issuance or a final order on
these matters for a period of 60
days from the
date of the filing of this
opinion during which time declarant
may comply
with the provisions of our
opinion.
In the event that
declarant complies with the
provisions of our opinion
within 60 days from the date
of the filing of this
opinion, the question will
recur whether we can
then make an overall
finding that declarant complies
with the requirements of
Section 13 (b) of the Act. We have
examined the
record
carefully in this proceeding and find that the evidence
relating to the
efficiency and economy of the
servicing activities of declarant consists on
the whole of
self-serving statements made by declarants' witnesses. More¬
over, the issue of efficiency and
economy was not touched upon in the briefs
or at the oral
argument.
That this was due to
confining the issues to five
points with the approval of the Commission
does not alter the fact.
While the Commission at this
time makes no adverse
findings on this
subject under Section 13 (b), we find that
the record is insufficient for the
purpose of deciding whether
there is reasonable assurance that
Ebasco's
service, sales,
or
construction
contracts with associate
companies will be
performed economically and
efficiently for the benefit of such associate
companies at cost, fairly and
equitably allocated among such companies.
In finding that the
record is inadequate we do not
intend any advance
implication that Ebasco is not
complying with the standards of efficiency
and economy set forth in
the Act.
Should declarant
comply with the other
provisions of our opinion,
therefore, we shall order that this proceeding be
reopened at a date to be fixed and
hearings upon the matters of efficiency
ana economy of
servicing activities be continued.
In that
event, pursuant to Rule U-13-3 (b) declarant
may, to the extent
set forth in its
declaration, continue to perform service, sales, or construction
contracts for associate
companies pending final action by the Commission
on the
declaration. This temporary
exemption, however, is conditioned by
Rule U-13-3 (b) so that
declarant will be required to
comply with all appli¬
cable provisions of the Act
and rules and regulations
thereunder as if the
Commission had approved such
of
the
declaration.
Pending final determination
declaration, therefore, we conclude that Ebascos' United
States
(including the Design and Appraisal Division) will be
entitled to
Division
continue its intrasystem
servicing business, provided that it complies with
the Act and rules and
regulations thereunder, and the matters set forth in
our findings and
opinion and order. In this connection we
might emphasize
that the proposed method
of allocating cost for the United
States Division
should be instituted at once.
The Commission
concludes that the International Division
of applicant
performs service, sales, or construction
contracts for associate
companies
which do not derive,
directly or indirectly, any material part of their income
from sources within the
Uinted States and which are not
public utility
companies operating within the United States
and that its exemption from
the standards of Section
13 (b) of the Act, subject to the
conditions here¬
inafter recited, is
appropriate in the public interest and for the
protection of
investors. We are not
convinced, however, that incorporation of the Inter-
Volume
The Commercial
151
national Division separate from Ebasco, such as
creation of Ebasco International Corp., is not
that contemplated Dy tne
appropriate
necesssay or
incorporation of the
.any subsequent finding that separate
International
for the pro¬
Division is necessary or appropriate in the public interest or
tection of investors
or
Condensed Consolidated Statement oj Income
Weekly Input—
For the week ended Aug. 22, 1940 the kilowatt hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co. as
compared with the corresponding week during 1939, was as follows:
TticTCdse
1
" ""
%
American Pow. & Lt. Co
130,383,000 123,966,000
5.2
Elec. Pow. & Light Corp
71,002,000
66,205,000
4,797,000
7.2
National Power & Light Co.. 87,940,000
78,080,000
9,860,000 12.6
The above figures do not include the system inputs of any companies
not
Amount
6,417,000
1939
1940
Operating Subs, of—
appearing in both periods.—V. 151, p. 1142.
Economic
Investment Trust,
Directors have declared
cents per share on
the com¬
stock, payable Oct. 1 to holders of record Sept. 21.
This compares
paid on April 1, last; 6234 cents on Oct. 2, 1939; $1.12)4 paid
on April 1, 1939; one of 62)4 cents on Oct. 1, 1938; 37)4 cents on April 1,
1938; and dividend of 62)4 cents per share paid on Oct. 1, 1937.—V. 149,
p. 1913.
Edmonton Street Ry.—Earnings—
Total
1940—7 Mos —1939
$427,942
348,071
325,934
1940—Month—1939
$62,057
$456,519
$58,179
51,075
revenue
47,038
expenditures
1938
$6,053,625
5,940,391
343,994
$4,092,153
4,572,438
319,539
1937
$8,478,235
:
8,555,550
363,199
T
$189,283
8,932
$230,760
42,812
$799,824
25,544
$440,514
49,860
$180,351
$187,948
$774,280
$390,654
54,704
159,914
153,602
147,290
6,035
13,645
15,508
24,154
17,217
Cr566
570
389
CV1.968
"5",764
$240,524
income.C
Loss
Interest
__
funded debt
on
inci. interest
on
$362,466
$958,639
$567,862
unpaid
coupons
Int.
trustees'
on
certifi¬
cates, &c
Loss on disposa. of capi¬
.
tal assets
Other charges or credits.
with $1.12)4
Total oper.
1939
1,604,828
113,892
Loss
Other
Loss for period
mon
Period End. July 31—
i
Calendar Years
to
Ltd.—Dividend—
dividend of 62
a
Jan.1,1940
Apr. 30, 40
Sales, less cash disc., &c. $1,529,437
Cost of sales and exps..
Depletion and deprec
consumers.
Pro Forma
Consolidated Balance Sheet May 1, 1940
May 1, 1940, to the carrying out of the plan of reor¬
ganization of the predecessor company, Follansbee Brothers Co. confirmed
by the court on Jan. 6, 1940, and the agreements, incident to the plan, with
the bankers and RFC regarding the loan of $2,100,000 and the appraisal
of the fixed assets resulting in a reduction of $1,013,119 in the value thereof
as determined
by the company's chief engineer and approved by directors.]
[Giving effect
as at
Assets
$799,822
Cash...
Notes
accounts receivable
ana
374,040
(less reserves)
1,710,221
Inventories
$11,140
5,776
3,000
4,515
$108,448
45,685
73,000
4,423
32,716
60,000
31,687
$3,060
sur$941
$42,953
$30,113
RenewalsTaxes
Total deficit
—V.
151,
$102,009
40,435
$10,982
6,526
Operating surplus
Fixed charges
Long-term receivables and miscellaneous investments, at cost,
47,695
less reserves
5,741,921
1,270,000
32,753
Fixed assets (less reserves for depreciation of $449,592)
Proposed expenditures on modernization of plant..
Prepaid taxes, insurance, &c
$9,976,452
Total
548.
p.
allowed
creditors, partial payment of trustees' and reorganization fees as
by the court, and to augment the company's working capital.
for the protection of investors or consumers. But
we are not disposed to refuse an order exempting the International Division
pending further inquiry into this matter. Hence, our order will be subject
in the public interest or
to
1279
& Financial Chronicle
Liabilities—
Elgin Joliet & Eastern Ry.—Earnings—
July—
1940
1939
1938
Gross from railway
$1,867,954
$1,155,056
$832,045
725,102
424,019
181,556
48,445
125,539
19,480
1937
$1,979,507
709.181
424,452
11,470,616
3,770,991
2,224,621
9,027,923
2,145,769
1,007,158
5,943,481
605,902
def94,883
13,755,781
4,574,493
2,962,753
Net from railway..
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper.
income...
—V. 151, p. 548.
railway
Net from railway
1,977,935
Net ry. oper. income.1,070,502
1939
$6,278,700
1,411,997
568,700
1938
$5,685,065
1,015,698
209,245
1937
$7,196,897
1,985,133
1,315,971
43,385,104
10,410,550
4,768,392
37,600,475
5,624,376
def69,960
50,612,952
15,232,698
9,640,222
1—
47,013,333
from rail way.
12,247,513
ry. oper. income.6,208,612
Gross from railway
Net
one
share on the common
This compares with
last; 30 cents paid on
Dec. 22 and Sept. 30, 1939; and dividends of 20 cents per share were paid
in preceding quarters.—V. 151, p. 548.
Directors have declared a dividend of 65 cents per
stock, payable Oct. 1 to holders of record Sept. 10.
60 cents paid on July 1, last; 40 cents paid on April 1,
Exchange Buffet Corp.—Earnings—
1940
1939
$12,394
$19,352
Depreciation.
26,393
30,086
$38,787
Net loss
29,069
$30,082
$23,543
$1,013
$49,439
986.
Federal Bake Shops,
Fort Worth & Denver
Directors have declared a
dividend of 25 cents per share on the common
Gross from railway
Net from railway
Net ry. oper. income
Florida East Coast
July—
Gross from railway
Net from railway.
Net ry. oper.
Ry.—Earnings—
1937
1938
income
699.
1939
$378,511
defl23,882
def202,419
$322,678
defl53,006
def251,825
$383,309
defll9,185
def213,407
6,930,188
1,873,133
914,518
Net ry. oper. income
From Jan. 1—
Net from railway
6,177,767
1,860,668
885,585
6,652,174
2,327,603
1,268,008
6,256,586
1,903,805
975,458
missed
Proceedings Dis¬
—
Federal Judge Edward A. Conger on
the petition of the Starrett Corp., one
petitioning creditors, has dismissed the involuntary bankruptcy
proceedings instituted Dec. 26, 1939, against the corporation.—V. 150,
p. 2424.
the
of
Follansbee Steel
4,497,096
1,853,343
1,384,908
Approved—New Director—
stockholders, a con¬
payable in five annual instalments, and
approved, with the consent of
vertible mortgage loan of $75,000
bearing interest at 4%.
The loan is to provide additional working capital.
At the same meeting at which the loan was approved, Arthur S. Laundon,
Cleveland, was elected a director to fill the vacancy created by
nation of Dr. A. R. L. Dohme, Baltimore.—V. 150, p. 3824.
Garlock Packing Co. (&
1940
1938
1939
preferred stock (par $100), 222,441.31 shares of common stock (par $10)
with authority to add 76,548 shares of common stock, reserved for conver¬
sion of the 26,000 shares of preferred stock, 20,000 shares of common stock,
reserved for issue upon the exercise of certain stock purchase warrants, and
10,000 shares of common stock, in payment of additional allowances for
compensation in excess of $150,000 in cash, making the total amounts
applied for 25,516 shares of preferred stock and 328,989 shares of common
1937
x$684,377
y$477,787
$333,743
16,116
9,596
8,388
$869,872
13,464
Gross income..
$700,493
Income charges.
Interest on bonds
13,343
18,490
$487,383
19,927
27,425
$342,131
52,810
31,167
$883,336
85,129
profit from oper
Other income credits
422
689
956
Prov. for Fed. inc. taxes
139,715
75,208
46,649
$528,523
261,563
$364,133
209,250
$210,549
104,625
$266,960
$154,883
209.250
$105,924
209,250
$1.00
Net income
Surplus
Shs.com.stk.out,(no par)
209.250
x
After deducting
$1.74
$2.52
Earnings per share
Canadian exchange adjustment,
1940
1939
$926,670 $1,077,000
574.173
526,122
Inventories
1,614,324
1,398,238
Cash value of Ins..
19,217
17,508
Deferred charges..
206,883
193,574
Assets—
x
Land,
&c. 2,148,621
2,103,671
1
1
Trademarks, &c._
$5,489,891 $5,316,115
Total....
x
prior semi-annual
payable-
$131,006
1939
$121,219
232,810
Tax reserve
240,182
199,857
127,368
1st mtge, 4J4s
100,000
250,000
a 54,517
840,810
10-yr. 4 )4% conv.
bank loan
31'45.
5-year
390,000
y Common stock..
213,965
Surplus
4,132,126
z Treasury stock
Dr4,715
due May
213,965
3,567,610
Dr4,715
$5,489,891 $5,316,115
Total
depreciation of $2,565,426 in 1940 and $2,371,029 in
Represented by 213,965 no par shares,
x Represented by 4,715
Less reserve for
1939.
no
261,563
$398,251
209.250
$3.15
Accruals
notes
buildings,
equipment,
"$659,814
in income charges.
1940
Liabilities—
Accounts
24,470
1,223
112,699
$21,607.
After deducting cash discounts on sales which, in
reports and in annual reports prior to 1938 were included
Consolidated Balance Sheet June 30
y
Corp.—Listing—
New
the resig¬
Subs.)—Earnings—
6 Mos. End. June 30—
Net
.
York Stock Exchange has authorized the listing on official
notice of issuance pursuant to a plan of reorganization or Follansbee
Brothers Co., of not to exceed in each case 25,516 shares of 5% convertible
The
697,815
589,537
3,919,074
1,164,467
569,023
902,024
375,729
Cash
Wall Street Corp .—Bankruptcy
$1,127,630
358,664
266,803
3,448,382
Receivables
Forty
$744,267
276,926
3,447,102
946,338
455,361
Gross from railway
Net ry. oper. income
—V. 151, p. 847.
Dividends paid
1940
$512,384
defl25,938
def227,884
-
railway
Net from railway.
1937
1938
1939
$700,258
357,687
From Jan. 1—
Like amount was paid
record Sept. 16.
City Ry.—Earnings—
1940
$684,756
344,530
270,458
Amort, of dt. disc. & exp.
Inc.—25-Cent Dividend—
stock, payable Sept. 30 to holders of
on June 30, last.—V. 151, p. 1142.
—V. 151, p.
1937
prof$4,834
28,377
1938
2,547,282
2,175,048
2,671,766
$9,976,452
Gabriel Co .—Loan
Quar. End. July 31—
Loss before deprec'n
reorganization
2,055,000
35,280
986.
The directors have
Corp.—65-Cent Dividend—
Ex-Cell-O
Gross from
after
Total
—V. 151, p.
—V. 151, P. 548.
—V. 151, p.
proposed new note payable to banks maturing
year
Minority interest in capital stock and surplus of sub. company. _
Capital stock and surplus:
5% convertible preferred stock, par each
July—
1940
$7,199,692
July—
Net
Portion of
Aug. 21,
RR.—Earnings—
From Jan.
Accrued liabilities
Capital surplus, arising through
Goldsmith were appointed, on
Howard N. Eavenson and W. W.
45,000
260,701
119,106
Accounts payable, trade
Corp.—Receivership —
primary receivers of company's property, and on Aug. 22.
Eavenson,
Goldsmith, and J. J. Moore were appointed ancillary receivers.—V. 151,
p. 1142.
Gross from
maturing within
one year
Common stock, $10 par
Elk Horn Coal
Erie
$67,269
Purchase money mortgage, due Dec. 31, 1940
Portion of proposed new note payable to banks,
par
y
shares,
General
a
Called for redemption.—V. 150, p.
Electric
3973.
Co.—Accused oj Monopolizing Supply
of Light Bulbs—
The company
and the Corning Glass Works were
accused by a Federal
and modified
grand jury Aug. 28 of conspiring with two foreign concerns and six individ¬
uals to monopolize this country's supply of the glass bulbs or tubes used In
electric lamps.
The individuals accused are officials of the indicted corpora¬
tions and include Amory Houghton, President of the glass works, and Joseph
E. Kewley, Vice-President of General Electric.
The conspiracy, as pictured in the indictment, began in 1936 and was to
continue for 10 years.
During that time Corning was to have the benefit of
all American patents owned by the N. V. Philips Gloeilampenfabrieken,
formerly of Eindhoven, the Netherlands, and now in Curacao, Dutch West
Indies.
Corning was to pay $15,000 to $25,000 yearly for these rights and
half the amount was to be paid by General Electric, it was alleged.
The unlawful part of this agreement, according to the indictment, was a
further provision that the Philips organization undertook not to export
bulbs or tubes into the United States or into any country from Panama
north.
This, the indictment alleged in two counts, constituted violation of
°f
corresponding prohibitions on interference with
Philip D. Reed, chairman of the board of
John Lord O'Brian, Counsel for the Corning
8t<Company
Delaware.
was incorporated on March 27, 1937, in
It was
formed for the purpose of taking title to the assets and carrying on the busi¬
ness for a considerable number of years owned and conducted by Follansbee
Brothers
Co. (Pa.), under a
District Court for the
plan of reorganization confirmed by the U. S.
Western District of
Pennsylvania on July 20, 1937
and reaffirmed on Jan. 6, 1940.
The predecessor company was incorporated in 1894, succeeding a line of
partnerships beginning in 1812.
,
The principal features of the plan of reorganization are:
(1) A loan of $2,100,000 has been arranged with deferred participation
to the extent of 88 2-21% by the Reconstruction Finance Corporation.
(2) Not less than $370,000 additional common capital stock is to be
paidinat the rate of $15 per share.
(3) Not less than $160,500 additional common stock is to be taken by the
vendors of the new equipment, in part payment of the cost, also at the rate
(4)5The Follansbee
of two cold
with
tions
(5)
(W. Va.) plant is to be
reducing mills, a temper
modernized by the installation
mill and cleaning and shearing lines
complementary auxiliary equipment, building altera¬
See., at an estimated cost of $1,270,000.
The balance of the funds above mentioned is to be used for the pay¬
the necessary
ment of the
proportion properly
payable under the plan to the unsecured
the
Sherman Anti-trust
which sets up
foreign commerce.
the General Electric and
Glass Works, both issued
Act and of the Wilson Tariff Act,
statements declaring that their respective
faith and without any improper intentions
mentioned in the indictment.
charge.—V. 151, p. 415.
companies had acted in good
in concluding the agreement
Both declared they intended to fight the
The Commercial & Financial Chronicle
1280
General Fire Extinguisher Co.—15-Cent Dividend—
A
Directors have declared
a dividend of 15 cents
per share on the common
vaiue, payable Sept. 16 to holders of record Aug. 30.
Divi¬
were paid in two preceding quarters; 30 cents
was paid on
Dec. 11, 1939. and regular
quarterly dividends of 10 cents per share were
previously distributed.—V. 150, p. 1435.
stock,
of a new fabric, to be known as Pliosheen, was an¬
Aug. 26.
Pliosheen fabrics, either of silk or rayon, are water¬
proof, odorless, tasteless, flame-resistant and contain neither rubber nor
oil.
They may be produced in a complete range of pastel colors, deep tones
nounced
Period End. June 30—
Operating profit
$846,291
16,532
$851,660
26,103
$790,306
$862,823
256,037
1,174
$877,763
501,551
2,605
$874,955
508,612
4,828
Profit.
$539,144
$605,612
$373,607
Note—No mention made of taxes.—V. 150,
p. 4127.
Amortization
250,464
Int. & misc. deductions,
698
peel.—V.
that
151,
the fabric is sun-resistant
and
that it
987.
p.
RR.—Earnings—
1940
Gross from railway.
Net from railway
$840,898
34,057
.
It is claimed
or
July—
$361,514
Total income
crack
Grand Trunk Western
1940—6 Mos.—1939
$6,789,257
$6,914,998
5,937,597
6,074,100
$4,175,225
3,328,933
$778,124
12,181
Other income
clear white.
or
Inc.—Earnings—
1940—3 Mos.—1939
$4,014,310
3.236,186
revenues
on
will not
General Outdoor Advertising Co.,
Developed —
The development
no par
dends of 10 cents
Operating
Expenses
Fabric
ew
Aug. 31, 1940
1939
1938
1937
$1,722,070
215,570
_
$1,585,245
161,670
def32,981
$1,416,669
146,348
def37,200
$1,982,816
397,816
211,428
9,642,121
132,762
450,477 def1,207,122
14,990,444
3,899,128
2,033,433
Net ry. oper. income
From Jan. 1—
12,610
Gross from railway
Net from railway
14,085,964
3,251,701
1,807,501
Net ry. oper. income—
11,981,979
1,817,307
—Y. 151, p. 551.
-
(W. T.) Grant Co. (& Subs.)-—Earnings—
6 Mos. End. July 31—
General Public
Period End. July 31—
Gross oper. revenues...
Operating
expense
1940—Month—1939
$577,148
$559,893
236,427
232,366
Maintenance
18,707
69,497
53,432
10,625
$188,459
5,505
$189,645
6,092
Federal normal inc. tax.
Net oper. income
Non-oper. income
Grsoss income
$195,737
30,715
$1,975,229
367,159
$1,917,206
360,367
71,353
1,199
71,353
856,239
4,783
856,239
576
$90,795
3,243
$5 pref. stock.
$93,092
3,243
9,417
$747,048
38,910
$691,183
38,910
Bal.
avail,
for
com.
stock and surplus..
—V.
$87,552
$89,850
$708,138
151, p. 551.
Net profit
Shares common stock
$652,273
Provision for deprec
$845,622
543,805
pref. stock
Balance...
151, p. 415, 416.
—V.
$344,995
245,863
$4,254,698
2,950,350
$5,469,646
2,950,350
$55,954
Net income
$888,262 $10,893,811 $12,021,328
543,267
6,639,112
6.551,682
$301,817
245,863
Interest & other deduc.
on
$99,133
$1,304,348
$2,519,296
Georgia RR.—Earnings—
July—
1940
From Jan.
1939
1938
1937
$308,944
$268,122
33,965
29,490
$299,739
2,217,122
377,164
317,966
2,053,753
324,653
304,933
1,927,260
2,210,395
413,529
437,325
ry. oper.
income...
—V. 151,p. 701.
Georgia Southern
July—
& Florida
1940
Gross from railway.....
Net from railway
Net ry. oper. income...
i
$200,377
34,656
6,491
From Jan. 1—
Gross from rail way
Net from railway
1,480,876
269,536
Nexrr^rx°pervln-.come--—V. 151,
Goebel
54,704
1—
Gross from railway
p.
56,326
,
Net from railway
78,605
551.
24,885
21,350
221,669
190,955
Ry.—Earnings—
1939
1938
$159,921
5,345
1937
defl8,060
$142,689
2,254
defl5,372
$197,753
38,033
18,769
1,374,659
250,036
51,995
1,164,476
88,904
def52,973
1,479,459
320,069
175,651
Brewing Co.—Extra Dividend—
Directors have declared an extra
dividend of 5 cents
regular quarterly dividend of like
amount on the
to a
Itept 30^1939^ *V holders of record Sept. 7.
(B. F.) Goodrich
A
per share in addition
common
Like amounts
Co.—Develops New
stock, both
were paid on
Tire Retread—
new
type of "camelback" the
humped rubber strips used in tire re¬
treading, designed to give more
mileage and better adhesion has been
developed by tnis company.
The new material embodies
two major
improvements.
Instead of
mg
the
spray-
entire
compound with solvents to obtain
adhesion, as in other
processes, Goodrich has
developed a technique which
thin layer of the tread
compound.
Result is a product in
which the
penetrating depth of the solvent is
controlled, providing a soft,
adhesive surface that flows
freely into the rasped surface of the
retreading
tire, leaving the rest of the
compound strong and tough.
Second improvement is use
of a varnished cambric
cloth instead of the
conventional Holland fabric to
prevent the camelback from
adhering to¬
gether in the uncured state.
New cambric cloth also
prevents the applica¬
tion surface of the
camelback from drying
out.—V.
camel
treats
back-making
only
58,000
$2,408,161
31,706
613,583
367,896
$154,890
xl,189,354
y1,195,355
19,534
30,456
669,330
209,000
$819,080
xl, 189,354
—
$769,934
xl,189,354
$0.50
$0.54
47,042
$1,394,976
Nil
a
1939
$1.16
Marketable
Real est. mortgages
9,134
or
income (est.)
800,552
571,452
2,592,600
on
pay.
555,388
constr.
accts.
148,450
906,763
...
Real est. mortgages
542,923
275,000
275,000
sec.for leases
to
notes &
receivable
29,027
33,603
5,219
3,440
212,980
187,588
Res. for flood losses
15,750
5% cum. pf. stk.
(par $20).._._. 6,976,920
6,977,135
Com .stk.(par $10)11,893,540 11,893,540
Surplus
16,958,245 15,692,637
237,780
Sund. accts., notes,
claims & Invests.
3,540
Res. for repainting
stores....
by
owners
Employees'
123,200
851,513
1,239,960
re¬
of years..
repaid
within
Accrued accounts.
Prov. for Fed .taxes
over a term
bldg.
mat'g
one year
land¬
be
1,605,472
on demand
pay.
147,133
12,271,176
1,602,999
after 1 yr.
2,228,525
Tenants' deps. as
1,311,658
Real est. mtge. rec.
Amts. expended on
be
Accounts payable.
1,000,000
life insurance...
Advs. to
security
1939
Liabilities—
7,775,773
sees..
with
1940
$
Accounts reeeiv'le.
172,772
Mdse. inventories. 13,250,804
Cash surr. value of
7,339
Land, bldgs. & imless
res.
for depreciation.
Furn. & fixts.less
7,419,941
7,753,670
for deprec'n 3,057,322
Alterations & im-
2,935,423
res.
to
provs.
leased
5,838,573
5,288,546
1,640,566
1,299,397
Prepd. taxes, rents
& ins., supplies,
&c
Total
41,667,764 40,579,077
-V. 151, p. 848.
Total.
Great Atlantic & Pacific Tea
Aside Columbus Chain Store
Levy—
A
$323,841
57,971
I
51,030
Gross from railway
Net from railway
Net ry. oper. income...
$890,306
30,308
647,108
$
properties
Gross income
Divs.
$1,678,720
659,592
306,000
Time deposits
provs.
1940—Month—1939
1940—12 Mos.—1939
$2,596,142
$2,488,331 $32,739,452 $30,438,081
1,460,520
1,330,069
18,465,641
15,370,502
290,000
270,000
3,380,000
3,046,250
revenue
exps. and taxes...
$1,804,206
7,873,714
paid
Georgia Power Co.—Earnings'—
Period End. July 31—
$2,361,119
No par.
Cash
Corp.—Earnings—
150, p. 3360.
_
y
Assets—•
lords—to
Earnings for Nine Months Ended June 30, 1940
Net income after
depreciation
$102,167
There has been excluded from
income the share of loss for the
nine
months period of Lefcourt Realty
Corp., wnich share amounts to $211,747
after making provision for dividends on
preference stock.
There has not been included in income the
results of operations for the
nine months period of Central Park
Plaza Corp. in which General
Realty
has a one-half ownership.
The Corporation sustained a loss of
$12,801
after depreciation of $69,800.
Of this loss of $12,801 the
corporation's
one-half share amounts to
$6,400.—V.
Oper.
$932,958
Dr42,652
per share
Par $10.
dep.
General Realty & Utilities
Gross
$1,802,557
Dr123,837
..
1940
Net income
on
_.
Deprec. & amortiza'n
Federal tax
x
1937
$1,894,207
Dr90,001
..
_
Total income
Tnt. paid less int. rec'd..
Earnings
1938
Comparative Consolidated Balance Sheet July 31
Int. on 1st mtge. and
coll.tr. 6H% bonds
Other interest..
Divs.
$1,891,136
26,070
$193,964
30,618
Charges of subsidiaries.
Charges of Gen. Public
Utilities, Inc.—
.
$1,943,329
31,900
Operating profit
Other income (net)
1939
$47,265,619 $45,467,934 $41,904,307 $45,191,618
45,371,412
43,665,377
40,971,349
42,830,499
Costs and expenses
1940—12 Mos.—1939
$6,271,298
$5,867,626
2,630,985
2,479,055
224,023
210.639
715,023
593,799
639,923
579,862
118,015
113,135
16,811
64,527
49,035
7,510
Prov. for retirements...
General taxes
1940
Sales...
Utilities, Inc. (& Subs )—Earnings —
41,667,764 40,579,077
Co.—Georgia Court Sets
Georgia Superior Court this
week joined the growing list of
high courts
that have killed taxes
penalizing chain stores.
Superior Court Judge W. E. Thomas of
Valdosta, Ga., granted a perma¬
nent
interlocutory injunction against the collection of the Columbus special
chain store license tax.
The tax called for a
sliding scale from $25 to $400
per store, depending upon the number
of units in a chain, and was in the
nature of a moderation of a tax
imposing an assessment of $1,200 per store
that had been invalidated last
year by the Georgia Supreme Court.
The decision followed action
brought against the City Commissioners by
the Great Atlantic & Pacific Tea
Co.
Judge Thomas held that the city could not collect the tax for four
reasons:
It failed to
recognize the State requirement that municipal ordinances be
be
"reasonable;" it violated the uniformity clause of the State Constitution;
it lacked the
authority to tax "a mere incident" of a business, and it lacked
power to classify for taxation businesses
operated outside the State.—V. 151,
P. 987.
Great Northern
July—
From Jan. 1—
Gross from
railway
Net from railway
Net ry. oper. income
—V.
Ry.—Earnings—
1940
Gross from
railway
Net from railway
Net ry. oper. income
151,
p.
1939
1938
1937
$9,570,347
3,587,089
2,344,237
$8,031,744
2,642,187
1,565,578
$6,701,700
1,964,197
1,069,519
$9,187,201
3,607,201
2,625,527
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
50,395,131
15,532,247
11,365,878
702.
Green Bay & Western RR.July—
-Earnings-
1940
Gross from
railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income
—V. 151, p. 702.
1939
$143,272
43,383
21,113
$132,624
29,451
6,795
962,951
251,648
272,113
118,750
119,092
949,168
1938
1937
$132,192
36,659
15,285
$150,961
47,852
28,583
840,139
199,434
72,562
•
993,860
253,707
138,679
Greenfield Tap & Die Corp.—New Director—
Thomas
151,
p.
E.
Bragg has been elected
1144.
a
director of this corporation.—V.
151, p. 848.
Goodyear Tire
Rubber Production
&
Rubber
Co.—To
Gulf Mobile & Northern
Increase
Synthetic
—
Company
announced
on
Aug. 21 that it had completed plans for
an
im¬
mediate and substantial
increase in its output of
synthetic rubber.
For three years, P. W.
Litcnfield, Chairman, said, the
company had
been developing and
producing its own type of chemical rubber in its
laboratories and in a small
pilot piant in anticipation of National
defense
needs*
Mr. Litchfield said tne
new
plant, with an initial capacity of 10,000
Pounds a day, would be installed
at Akron, Ohio.
The new product, called
chemigum, is derived from petroleum
through a cracking process and is the
culmination of lengthy and
extensive work by the
development and re¬
search department of
Goodyear.
In announcing the
increase in output, Mr.
Litchfieid explained that the
a further
large expansion of
company had completed plans for
facilities in the event of an
manufacturing
emergency which would threaten the nation's
Tires made of the
synthetic product, he said, were
equal to those made of natural rubber
and that road and
laboratory tests
had Deen conducted with tires
made of it
supply of crude rubber.
July—
1940
Gross from
over
a
three-year period.
railway
Net from railway.
Net ry. oper.
_
$503,434
95,905
income.12,807
From Jan. 1—
Gross from railway
Net from railway
3,878,089
1,113,648
Net ry. oper.
income.500,069
—V. 151, p. 552.
Gulf
Loan—
Oil
RR.—Earnings—
1939
1938
1937
$548,662
153,229
72,799
$515,623
154,047
71,127
$630,821
216,753
112,714
3,807,470
1,161,792
576,779
3,741,016
1,055,058
372,206
4,456,392
1,583,781
825,921
Corp.—Reported Negotiating $50,000,000 Bank
The corporation is
reported planning to sell privately an issue of $50,000,000 serial 1 to 10 year notes to a
group of Pittsburgh and New York
banks.
The
purpose of the financing, it is said, is to refund two issues of
$25,000,000 2V%% issues of debentures which were
put out in private in Dec.,
1938 by the Gulf Oil
Corp. and its subsidiary, the Gulf Refining Co.
The
new notes would bear
IH% interest.—V. 150, p. 2882.
Volume
The
151
Gulf Public Service Co.—Issuance
Comparative Balance Sheet May 31
of Securities—
Exchange Commission on Aug. 23 approved the
joint applications and declarations filed by Gulf Public Service lo. and its
parent, General Public
Utilities, Inc., in connection with the following
proposed transactions:
(1) The issue and sale by uulf of $2,118,500 first
mortgage bonds, part of which are to be sold privately to the Equitable Life
Assurance Society of the United States and the remainder of which are to be
exchanged for Gulf's presently outstanding first mortgage 6% bonds now
held by General; and (2) the recapitalization of Gull for the purpose of
eliminating a substantial portion of its unsecured debt.
Gulf, a corporation organized in Delaware, owns and operates facilities
for the production and distribution of electricity, gas and water in the
States of Louisiana and Texas, its parent, General, is ooth a hoiding and a
public utility operating company, ueneral owns ail of the voting securities
of Gulf and of several other electric and gas utility companies.
General
directly owns and operates facilities for the production and sale of electricity
in South Dakota and Texas and for the distribution of ice and water in
The
1940
and
Securities
1281
Commercial & Financial Chronicle
...
Cash
hand
on
bate,
$
1,081,866
1,329,480
Accrued liabilities.
666,502
and
4,829,097
2,128,640
1,000,000
50,000
2,912,579
4,658,590
2,176,723
Def. income credit
6,392,780
Common
1,200,000
1,200,000
1,112,552
101,002
544,686
1,170,207
Plant & property 9,124,150
9,288,265
dep.
Accrued income &
with
banks
excise
receivables
Inventories
Growing
__
1,031,537
stock
Paid-in surplus
crops
(current crop)..
Deferred assets
Investments
Earned
396,111
1,004,762
1,100
10,015,920 10,015,920
4,579,982
4,579,983
4,883,187
6,374,467
939,570
taxes
Reserves
Acc'ts and other
y
S
$
Liabilities—
Accounts payable.
in banks__
Special
x
1939
1940
1939
$
Assets—
surplus
512
101,002
Goodwill, pat.rts.,
trademarks
and
contracts
Florida.
Proposed, Issue of Bonds—Gulf has presently
outstanding $2,119,200 first
mortgage b% bonus, series A, due Oct. 1, 1945. of these bonus, $1,320,700
are presently held by the public and the remainder, $798,600 are held by
General anu by it pledged as security for its first mortgage At collateral trust
b^% oonus. Guif now proposes to issue and sell privately, at a price of
9y>i % to Equitable Life .rtssurance Society of the united States, $1,320,000
first mortgage bonds, which are to bear intertst at the rate of 3h % per
annum and are to have serial maturities over a 25-year period. [The new
bonds to be.sold to equitable are to mature serially at the rate of $15,000
$42,000 per annum for the second five
years; .•jbO.OOO per annum for the third five years; $72,000 per annum for the
fourth five years; and $v 5,000 per annum for the lasjt fiy.e years.
The new
bonds will be dated july 1, 1940 and the first maturity will be Oct. 1, 1941.]
The proceeds received from the sale of the new bonds, together with other
per annum for the first five years;
funds, will be used by Gulf to redeem at 102 the $1,320,700 of its presently
outstanding first mortgage bonds now held by the public.
The old bonus of Gulf which are held by Grneral are to be exchanged for
$798,500 of
issued under the
to
are
Oct.
1,
The new bonds which General is to receive, while
indenture as the new bonds to be sold to the Equitable,
bonds.
new
same
bear interest at
the proposed issue of new
eliminating a substantial
The effective date of the
recapitalization will be ^vug. 1, 1940.
This unsecured debt as of June 30,
1940, including notes and open account indebtedness, amounted to $6,461 ,784 as follows: 6% demand notes, ^353,000; 3% fixed and 3% cumulative
income notes, due April 1, 1956, $1,500,000; 3% fixed and 4% cumulative
income notes, due April 1, 1956, $3,660,000; open account indebtedness at
June 30, 1940 (to be adjusted to reflect operations from July 1, 1940 to
July 31, 1940), $948,784. In exchange for this unsecured debt Gulf proposes
to issue to General $1,500,000 of 5% unsecured notes, due Oct. 1, 1966, and
1,770 shares of common stock.
The present authorized common stock of
Gulf will be changed from 3,000 shares (no par) to 3,000 shares (par $100),
and the presently outstanding 3,000 shares of common stock (no par), all
owned by General, will be exchanged for 30 shares of common stock (par
$100), aggregating $3,000 in par value.] of the par value of $100 per share,
aggregating $177,000 in par value. The balance ($4,784,784 as of June 30,
1940) will be appropriated to Gulf's capital surplus, of which an amount
thereof sufficient to extinguish the earned surplus deficit ($1,444,643 as of
June 30, 1940) will be concurrently appropriated for that purpose.
Proposed Recapitalization—In connection with
General also proposes to
Capitalization—As at June 30, 1940, the capitalization of Gulf, actual,
the proposed refunding and recapitalization, and the
and giving effect to
resulting ratios, are shown in the
following table:
$1,320,700
a798,500
_.
18.48%
11.17%
5%
unsecured
notes
1966
(parent)
Sec'dpur. contract (public)
18.16%
a1,500,000
8,620
20.64%
0.12%
8,620
0.12%
$3,627,120
Gulf & Ship
---
a300t000
3,340,141
4.13%
45.96%
$7,267,261 100.00%
$83,555
def8,028
$91,230
def3,699
def45,825
Net ry. oper. income
From Jan. 1—
def35,046
def28,589
def 13,737
684,364
36,795
737,136
38,288
defl39,783
defl51,204
956,074
187,150
9,936
680,360
railway
railway
income-,
702.
Net ry. oper.
Hawaiian
Years Ended
Gross sales less
25,926
def147,731
1939
1940
$25,801,550 $17,718,629
16,080,944 11,562,452
;
Cost of sales
Gross profit
Net
._-
administrative expenses—
.—
Other income
Gross
Net
(estimated)
profit for period
dividends--—r
Common
$6,156,176
4,190,474
$1,965,702
246,394
$4,489,525
292,558
997,743
income
Income charges
excise taxes
$9,720,606
5,362,813
$4,357,793
131,732
from sales
operating profit
Income and
$125,270
14,180
Pineapple Co., Ltd.—Earnings—
May 31—
allowances—
Selling, general and
23,584
118,589
3,700
1,350
8,890
477.625
Interest paid
for extraordinary
$801,843
per
$1,969,903
950,275
1,691,602
$0.52
Profit for the year
Com. stock dividends
Earnings
101,500
x315,872
charges
$1.21
share
$951,405
1,080,700
$0.52
$1,592,440
1,617,794
$0.88
for unrealized loss on foreign exchange
expenditures (less income) in connection with introduction
of Vanti Pa-Pi-A.
Consists of $21,680 provision
x
and $294,192
and promotion
Consolidated Balance Sheet June 30
$
S
1,613,102
1,802,802
Liabilities—
$
a
4,250,208
3,976,909
1939
1940
1939
1940
Assets—
1
1
376,516
376,516
6,528,380
292,187
5,610,559
6,528,380
Cash
Accts. & notes rec.
1,109,959
Commonstock..
Accounts
payable,
1,124,527
646,414
1,216,54S
Dividends payable
231,940
244,420
Surplus (earned)..13,488,273 12,972,014
Capital surplus
6,263,906
8,181,874
c Treasury stock.Dr665,257 Drl,911,645
Fed'l taxes, &c.
1,037,999
1,078,738
Processing taxes._
Govt. & municipal
bonds
Investment in Best
Foods, Inc
275,691
7,133,154
20,685
846,228
Reserves
13,070
4,747,746
4,526,946
153,250
...
Deferred charges.
94,245
.
22,816,19 1
24,276,9491
22,816,191 24,276,949
Total
Represented by 1,613,102 (1,802,802 in 1939) shs. of $1 par common
b After deducting $6,044,641 for depreciation and adjustment of
plant value in 1940 and $6,664,741 in 1939.
c Consists of 66,602 (173,100
in 1939) shares of common stock purchased for retirement.—V. 150, p. 3360.
stock,
Powder Co.—Government Contract—
._
announced the award of a $16,075,000 contract to
Houston Gulf
$2,212,096
356,866
446,803
$3,199,224
1,669,320
$1,408,428
1,001,592
another award of a $226,780 contract for
702.
Gas Co.-—Bonds Called—
6 H% sinking fund gold debentures due April 1,
called for redemption on Oct. 1 at 101 and accrued interest.
All of the outstanding
Payment will be made at the Guaranty Trust Co. of New York.
All of the outstanding first mortgage and collateral 6% gold bonds
A, due April 1, 1943 have been called for redemption on Oct. 1
Payment will be made at the Manufacturers
New York City.—V. 151, p. 553.
accrued interest.
series
at 101 and
Trust Co.,
Hummel-Ross Fibre Corp.—Earnings—
6
1940
$1,829,190
Months Ended June 30—
Net sales
Net earnings after all charges incl. prov. for Federal
& State income taxes and preferred dividends
Earnings per share on common
—V.
1939
$1,145,706
345,298
17,346
$0.04
$0.88
stock
150, p. 2100.
Hydrocarbon Chemical & Rubber Co.—Personnel —
recently-formed company have been elected following the
of the firm's board of directors, it was announced on Aug. 27.
General Manager of the new concern, formed jointly by
the B. F. Goodrich Co. and the Phillips Petroleum Co., is Ross W. Thomas,
General Manager of Phillips' Philgas division.
Dr. Waldo L. Semon, creator of Goodrich's two synthetic materials,
Ameripol and Koroseal, was named Vice-President and director of research
for the company which opened offices in Akron this week.
Herman P. Gangwer, a member of Goodrich's accounting department,
was named Treasurer of the new concern and Hy Byrd, Asst. Sec. of the
Officers of this
first meeting
President and
Phillips company, was
1937
1938
$69,897
def21,039
railway
—V. 151, p.
143,472
Prov.
1943 have been
1939
1940
Gross from
52,404
The War Department
Island RR.—Earnings—
Net from railway.
Net from
1,198,894
this company for powder and
smokeless powder.—V. 151, p.
4
------
$7,147,960 100.00%
July—
Gross from
$1550917
470,728
tributed profits taxes.
49.91%
to be
or
$835,727
1,363,167
Prov. for Federal undis¬
Hercules
4.94%
13.27%
0.04%
pledged by General under indenture securing first
mortgage & collateral 6Ms due 1955 and 1956.
b $750,000 pledged by
General under indenture securing first mortgage & collateral 6J^s due 1955
and 1956.
c The effective date of the recapitalization is Aug.
1, 1940.
Therefore the earned deficit as at that date will be eliminated against
capital surplus created by recapitalization.
Earned surplus accrued after
July 31, 1940 will be designated "Earned surplus since July 31, 1940" on all
subsequent balance sheets.
Earnings—The present annual interest requirement for the old bonds of
Gulf is $127,152.
After the consummation of the proposed financing, the
annual interest requirement for the new bonds will be $81,440, a decrease of
$45,712 per annum. Of this saving $29,742 is on the publicly held bonds.
The interest requirement on the old bonds was covered 4.08 times by
earnings for the 12 months ended June 30, 1940, while the interest require¬
ment on the new bonds, on a pro forma basis, will be covered 5.75 times.
Redemption of New Bonds—The new bonds are subject to redemption at
104Yi for the first 5H years after their issuance and, after that time, are
redeemable at gradually decreasing prices until within six months of ma¬
turity they are redeemable at 100 K • The new bonds may also be redeemed,
within a five-year period, at a premium of K of 1% providing Gulf shall
have, within that time, made a conveyance of its properties to or merged
with General.—V. 151, p. 702.
Pledged
6,539,479
$2,460,054
346,679
dian income taxes.
Total
(1,444,643) (20.21%)
Total capitalization-
5,529,104
a
notes
(parent)---—a353,000
Open account (parent)
b948,783
Common stock (no par)
a3,000
Commonstock
(3,000shs. $100
a
5,361,774
10.99
72.19%
$7,287,820 101.96%
par)
Capital surplus
Earned surplus (deficit) _c
$7,375,206
$1,409,517
239,397
Total income
Prov. for depreciation__
Prov. for Fed. and Cana¬
and working fds.
$1,320,000
a798,500
.
Total long-term debt
Unsecured 6% demand
$5,331,808
$1,263,370 loss$197,296
1,748,213
1,196,684
$313,938
1,095,579
Inventories
(public)
1st 4% bonds 1966 (parent)
Income notes 1956 (parent) —a5,160,000
24,538,909
Advs. to employees
1965
bonds
22,607,124
$6,625,144
_
Stks. of other cos.
-As at June 30, 1940-Pro Forma--Actual-
serial
15,721,913
vision for deprec'n)
$4,481,349
Selling, distributing, ad¬
vertising, administra4,167,411
defray the expenses of the refunding
purchase 1,200 additional shares of Gulf's common
$100 each, for the aggregate sum of $120,000.
stock, of the par value of
lst 6s due 1945 (public)
1st 6s due 1945 (parent)
$22,347,057 $27,938,932 $31,914,115
Gross profit (bef. pro¬
equipment, &c.
Goodwill, &c_
redemption of the old bonds and to
1937
1938
1939
1940
b Land, buildings,
interest in advance in connection
151. p. 702.
Consolidated Income Account
Years End. June 30—
with the
in order to enable Gulf to pay
.24,937,971 22,507,617
y After reserve for
(& Subs.)—Earnings—
Sales, less returns, allow¬
ances,
discounts and
outward freight
$18,948,491
Cost of goods sold (before
prov. for depreciation) 14,467,142
pledged by General under the in¬
& collateral trust 6>£% bonds.
bonds it is also proposed to recapitalize Gulf by
portion of the unsecured debt held by General.
324%
Hecker Products Corp.
The new bonds will be
1906.
—
accounts of $50,000.
for doubtful
reserve
and are to mature on
the rate of 4% per annum
denture securing its first mortgage
1st
After
x
Total-
24,937,971 22,507,617
Total
depreciation of $7,377,643 in 1940 and $6,995,711 in 1939.—V.
appointed Sec.
W. F. Avery, Asst. Sec. of Good¬
rich, and B. F. Stradley, Sec. of the Phillips company were elected Asst.
Sees, of Hydrocarbon while Harry N. Stevens, former member of Good¬
staff, was named patent attorney.
board further announced the appointment
rich's legal
The
of Frank M. Andrews,
of raw
formerly of Philgas, as General Sales Manager and W. D. Parrish,
materials control at Goodrich as technical service engineer.
The company, formed for the purpose of manufacturing the principal
ingredients of synthetic rubber from various natural raw materials, and the
synthesis of such rubbers, will wholesale synthetic rubbers in sheeted form
to Goodrich and other firms in the rubber industry, it was announced.
Directors of the Hydrocarbon company are Frank Phillips, Chairman of
Phillips Petroleum; K. S. Adams, Pres. and G. G. Oberfell, V.-P. in Charge
of Research.
Representing the Goodrich company are David M. Good¬
rich, Chairman of B. F. Goodrich; John L. Collyer, Pres. and T. G. Graham,
V.-P. in Charge of Production, it was announced.
(For details of formation
of this company see item under B. F. Goodrich Co. in the "Chronicle" of
Aug. 3, page 701.—Ed.)
Illinois
Central RR.—Earnings—
Earnings of System
1Q40
July—
Gross from
railway
Net from railway
Net ry. oper.
From Jan.
income
railway
Net ry. oper.
1938
1937
$8,404,832
1,892,023
1,012,802
$8,375,919
2,240,888
1,343,805
$9,1G9,296
1,849,376
63,336,095
13,283,643
60,498,342
13,543,858
57,973,205
13,893,224
6,433,915
6,841,673
6,945,726
65,689,528
13,820,248
7,671,702
1—*
Gross from railway
Net from
1Q3Q
$8,559,701
1.416,550
523,706
income—
830,416
Earnings of Company Only
1940
$7,574,187
1,321,299
July—
.
1939
$7,367,130
1,663,657
v
1938
1937
628,278
990,684
1,175,023
$7,951,506
1,598,274
785,166
55,063,284
11,172,069
income—
5,755,227
52,839,287
11,600,014
6,258.465
50,218,039
11.654,683
6,140,404
56,646,843
11,079,784
6,231,680
Grow from railway
Net from railways
Net ry. oper. income
From Jan. 1—
Gross from railway—:mm
Net from railway
Net ry. oper.
—V. 151, p. 989.
1938
1940
$519,985
175,955
98,352
1939
$455,995
143,129
83,029
$458,250
142,344
82,368
1937
$493,970
161,430
98,016
3,450,119
1,131,087
3,152,793
936,679
2,951,513
788,856
3,616,314
1,309,879
633,850
521,284
358,882
income...
Gross from railway
Net from railway.
Net ry. oper. income.__
—■v. 151, p. 554.
■
account of the holder or holders of said bonds and coupons thereunto per¬
applied to the payment of said bonds and coupons upon
presentation and surrender thereof.
Holders of the above described bonds may present and surrender said
bonds, together with all unmatured coupons pertaining thereto, at the office
of trustee on or after Aug. 28, 1940, and said bonds will thereafter be paid
at the redemption prices specified in the notice of redemption, including
accrued interest to the respective dates of redemption.
Bank will, at the
option of the holder of any of said bonds, make payment as aforesaid through
the Chase National Bank of the City of New York, 11 Broad Street, New
York, New York.—V. 151, p. 1146.
Jewel Tea Co., Inc.—Sales —
that its sales for the four weks ended Aug. 10, 1940,
$2,204,339 as compared with $1,840,314 for parallel weeks in 1939.
Company reports
were
increase of 19-78%.
Sales for the first 32 weeks of 1940 were $16,993,851 as compared with
$14,881,677 for a like period in 1939, an increase of 14.19%.—V. 151, p.
an
nM
1147.
'
Corp.—75-Cent Dividend—
declared a dividend of 75 cents per share on the common
payable Oct. 1 to holders of record Sept. 20.
This compares
last; 50 cents on
on Oct. 2, 1939.
Special dividend of 75 cents was paid on June 23,1938.
—V. 150, p. 3979.
Directors have
stock, par $25,
Imperial Tobacco Co. (Great Britain & Ireland) Ltd.
interim dividend of 10 cents per share on the
stock, payable Sept. 30 to holders of record Sept. 6—Y. 151,
Directors have declared an
554.
1940—6 Mos.— 1939
1940—3 Mos.—1939
Profit from oper.
1938
1937
$1,983,658
253.011
$2,099,947
488,315
426,924
238,140
$1,056,350
19,358
$1,120,451
18,956
$946,567
19,507
$906,642
20.992
$1,075,708
$1,139,407
25,070
$966,074
22,760
$927,634
21,643
48,195
195,254
161,531
127,176
8,675
180,954
14,508
19,590
23,640
$816,240
59,500
495,000
$904,576
59,500
495,000
$762,193
59,500
495,000
$736,187
59,500
$261,740
$350,076
$207,693
$181,687
Operating profit
Other income
Total income
deductions
income taxes
Loss
of
Net profit
dividends,,—
dividends.—
73,421
Earns, persh. on 165,000
shs. com. stk. (no par)
avail, for bond
$22,485
x$109,295
interest.-
x$160,726
This profit, if remaining as of Dec. 31, 1940, is
of interest for the remainder of 1940 of $32,843.—V.
x
All of the outstanding first
have
been
$253
subject to a deduction
150, p. 3050.
Co.—Bonds Called—
Inland Telephone
lien 6% gold bonds series A due Oct. 1, 1948
on Oct. 1 at 102 and accrued interest.
called for redemption
National Bank & Trust Co. of Chicago.
Payment will be made at the City
—V. 143, p. 3002.
Inter-Mountain
V
Telephone
See list given on first page
of this department.—V. 127, p. 545.
-Earnings—
$1,048,878
156,381
205,649
6,493,961
710,257
def282,200
6,935,467
726,487
def379,442
7,552,813
1,240,836
226,381
64,809
def48,145
6,440,735
Gross from railway..
605,433
Net from railway
Net ry. oper. income
—V. 151,p. 703.
..
International
def284,826
1938
1939
1937
2,346,593
1,981,252
Cash val.of life ins.
254,727
222,155
Other assets...
204,919
110,666
1
1
24,119
Common dividends
Earnings—
1938
1937
$190,678
1939
$240,067
$227,389
142,178
117,972
99,343
35,647
1,283,396
691,283
434,517
1,574,386
820,056
535,844
1,301,731
617,412
378,767
Operating revenues
Oper. expenses & taxes..
Balance Sheet June 30
1939
1940
Assets—
Gross from railway
Net from railway
Kansas Power Co.
(& Subs.)
—
60,267
Earnings
1,323,394
699,222
447,083
—
1940—12 Mas.—1939
1940—3 Mos.—1939
$411,423
304,443
$406,105
293,306
$1,695,037
1,243,337
$1,674,808
1,187,845
1940
$106,979
lor
$112,799
$451,700
$486,963
Note pay. to bank
34,781
Prov. for taxes
58,077
4,245,912
4,729,630
Liab. for pay. un¬
der contracts
4,953
24,665
Com. stk. ($1 par)
516,973
$451,810
271,870
$487,471
313,557
$34,793
29,885
$179,941
119,540
$173,915
119,540
$10,355
$4,908
$60,401
$54,375
523,273
Capital surplus...
4,397,499
2,362
2,590
101,129
4,432,563
12,011
317,786
£>rl34,280
Dr27,864
&
franchise tax
Income
surplus
Treasury stock
.....$4,993,192 $5,460,306
Balance
60,310
______
Inv.transac. surp.
Total...
$4,993,192 $5,460,306
150, p. 3514.
International Silver Co.—Accumulated Dividend—a dividend of $2 per share on account of
cumul. pref. stock, par $100, payable Oct. 1 to
Like amount was paid on July 1 and on April
1, last, and compares with $7 paid on Dec. 26, 1939; $2 paid on Oct. 2,
July 1 and April 1, 1939; $8 on Dec. 28, 1938, and $2 paid on April 1,
1938; Dec. 27, Oct. 1 and July 1, 1937.
Arrearages after the current
payment will amount to $4.50 per share.—V. 151, p. 1146.
The directors
$112,799
78,007
$40,240
29,885
Net income..
Preferred stock divs
6,007
Prepaid N. Y. St.
accumulations
509
$106,999
66,760
13~5~539
$697,414
mine exam. exp.
Total
110
21
Gross income-
$6,687
5,820
trav.
operating income.
(net)
1939
$19,012
3734,145
hand
Invest. & advances
Net
Other income
Int. & other deductions.
Liabilities—
Accounts payable-
Receivables.
declared
have
on
—V. 150, p.
16.
<
International Telephone & Telegraph
Corp.—Gain in
3664.
(Julius) Kayser & Co.—Earnings—
Consolidated Income Account for
Years Ended June 30
1937
1938
1939
1940
Net sales
.$13,161,352 $14,116,963 $14,729,516
$15,070,700
Cost of sales, selling and
administrative expense
12,812,707
13,221,631
14,621,433
14,012,583
Income from operation
Other income
$348,646
321,760
$895,331
283,974
$108,083
286,900
$1,058,117
245,716
$670,405
680
2,921
14,290
237,979
6,833
$1,179,306
$394,983
Cr5,315
9,516
20,019
251,293
$1,303,834
the 7%
holders of record Sept.
Phones
Ryv
135,251
86,011
Net ry. oper. income...
From Jan. 1—
$11,028
Cash in banks and
-V.
.$9,396,821 $8,718,034
Total.
1940
Period End. June 30—
.
Advs.
5,428,958
5,903,813
stk.
com.
on
Kansas Oklahoma & Gulf
July—
11,000
Nil
180,000
Res. for contings.
Gross from railway..
$169,092
Net from railway.81,109
$179,421
168,393
$12,011
196,091
43,841
taxes
$8,718,0311
$9,396,821
7,600
491,173
518,973
524,373
561,373
$0.18
$0.22
$0.24
$0.32
x After
proportion of Federal normal income tax, but exclusive of net
profit on investment transactions.
»
188,375
Reserve for income
Represented by 165,000 no par shares.—V. 151, p. 1147
$123,426
123,426
(par $1).
Earnings per share
307,000
188,000
208,666
$116,426
104,415
Surplus
Federal
28,513
191,861
10,000
Net income.
347,608
307,000
instal.
Surplus
$87,511
87,511
normal
income tax...
Shs.
*
524,167
tax
Unpaid
Deferred assets
1939
$1,700,000
550,000
payable
of
expenses
Dividends
378,014
Accts. receivable..
Total....
1940
550,000
Accts. pay. & accr.
296,912
—
Net ry. oper. income...
—V. 151. p. 704.
$264,014
73,593
equipment
$94,562.
Common stock..
332,446
consolidated
$191,315
64,889
$203,999
72,973
x
Invest, in sub. not
1940
$174,591
87,081
Total income
x
1937
Corp.—Earnings
Mining
6 Mos. End. June 30—
Deductions
Prov. for Fed.
1938
$980,744
97,991
def34,157
$4.10
and
Preferred stock... $1,700,000
Land, b'lg'gs & eq.$3,4.56,263 $2,937,606
Cash
1,771,324
2,326,490
Marketable securs.
747,389
294,938
_
1939
$911,813
117,666
5,432
plant
property,
Liabilities—
1939
Goodwill
1940
Net ry. oper. income
From Jan. 1—
495,000
Consolidated Balance Sheet June 30
1940
Assets—
Trade marks, pat¬
ents & formulae
$857,819
of
included in the above statement for 1940 amounted to
Inventories
Co.—Registers with SEC—
International Great Northern RR.
July—
Gross from railway._
Net from railway
40,630
$4.26
$5.12
$4.59
depreciation
for
Note—Provision
Profit
416,346
229,366
$73,675
79,697
96,028
36,241
35,089
16,421
and idle plant expense
Prov. for bond interest.
$336,450
431.303
unconsolidated
Preferred
$58,726
567,521
550,405
Prov. for U. S. a-nd Can.
Common
$160,806
-Earnings-
1939
1940
subsidiary, &c
Special charges.—J
Corp.—Earnings—
Industrial Brownhoist
before
providing for deprec'n,
interest, &c
Provision for deprecia'n
■
$2,491,389
Other
•—Dividend—
o-.
Gross profit from opers. $2,423,501
619,866
Shipping & selling exp..
462,099
Advertising
285,186
Admin. & gen. expense.
with $1.50 paid on June 24, last; 75 cents paid on March 12,
Dec. 20, 1939, and regular semi-annual dividend of 75 cents
Period End. June 30—
■
(Mead) Johnson & Co. [& Subs.)
6Mos. End. June 30—
Imperial Paper & Color
common
Au&. 31t 1940
taining, and be
818,104
Net from railway......
Net ry. oper.
$7,248,958
1,874,747
RR.—Earnings—
Illinois Terminal
July—
Gross from railway
p.
Chronicle
The Commercial & Financial
1282
J
Total income
Foreign exchange loss...
Interest....;
...
N. Y. State Branch tax.
Depreciation.
....
__
Miscell. deductions
Prov.
for
Fed.
&
15,080
2,375
12,856
223,770
27,929
-"5,835
7,553
274,387
3,072
Can.
a95,000
income taxes
73,158
138,267
Net income.
$334,544
35,855
388,900
$759,028
40,043
392,000
$119,470
43,015
499,850
$917,985
$90,211
sur$326,985
$423,395
sur$71,075
385,701
$0.77
392,000
$1.83
392,000
$0.18
400,000
$2.18
—
Telephone operating subsidiaries in nine foreign countries report net gains
aggregating 31,258 telephones for the first seven months of 1940.
The
companies in Latin America contributed gains of 22,271 telephones to this
total.—V. 151, p. 1146.
Empl. pref. stock
Divs.
Light & Power Co. —Bonds Called —
Holders of first mortgage 10-year 7% gold bonds, series C, dated Aug. 1,
1932, due Aug. 1, 1942; first mortgage 20-year 4M% bonds, series D,
dated May 1, 1935, due May 1, 1955, and first mortgage bonds, series E,
4%, dated Dec. 1, 1935, due Dec. 1, 1955, all issued under indenture of
mortgage executed by this company under its former name of Iowa Railway
& Light Corp., and by Iowa Railway & Light Co. to Harris Trust & Savings
Bank & Murdoch H. MacLean, as trustees, dated as of Sept. 30, 1925, are
being notified that all of the outstanding bonds of the aforementioned issues
have been called for redemption, such redemption of bonds of series C to be
effected on Sept. 1,1941, such redemption of bonds of series D to be effected
on Oct. 28, 1940, and such redemption of bonds of series E to be effected on
Dec. 1, 1940.
The amount payable on the redemption of said bonds con¬
sists in each case of the principal amount of the bonds called for redemption
plus accrued interest to the respective redemption dates, plus in the case of
bonds of series C a premium of K of 1 % of said principal amount, plus in
the case of bonds of series D a premium of 5% of said principal amount,
and plus in the case of bonds of series E a premium of 4 % of said principal
amount.
Three
has
been
irrevocably
deposited
by
the
company
with
Harris
Trust & Savings Bank, trustee under said indenture of mortgage, at its
office at 115 West Monroe Street, Chicago, 111., for payment to the holders
of said bonds the amount necessary to pay and redeem the same, together
with all proper charges and expenses of the trustee, and as
provided in said
indenture of mortgage cash deposited for the payment of said bonds and
interest thereon will be held by said trustee as a special trust fund for the
stock.
Balance deficit
Shs.
Iowa Electric
on com.
common
outstand-
ing (par $5)
Earns, per share
a
43.960
802,950
.....
on com-
Including $1,250 undistributed profits tax on
a
subsidiary company.
Consolidated Balance Sheet June 30
Assets—
a
1940
and goodwill
$2,017,130
1
1,551,028
862,987
1,539,819
(less reserve)
1,161,284
Dep. with mutual
1,329,787
Cash
Adv. to Australian
subsidiary
47,239
Total
a
314,445
69,001
3,583,491
Inventories
taxes
73,158
148,082
224,099
445,758
21,442
25,000
4,284,250
4,520,924
Capital surplus
2,503,543
2,538,049
current year
txs.
wages,
& other liabs
Res. for poss.
on
duty
20,000
for'n purch..
2,870,751
72,916
49,828
.$9,571,986 $10,309,507
After depreciation of
150, p. 2730.
Inc.
Taxes prior years.
67,716
500,000
Deferred charges..
125,589
Can.
Earned surplus
67,231
Ctf. of deposit
Sundry debtors
payable.
1939
$476,750
1,960,000
174,945
Res. for Federal &
Accrd.
Notes & accts. rec.
insurance cos...
$411,400
1,928,505
Accounts
1
1,522,687
...
Com.stk.(par $5).
Employees' pref..
chinery & equip.$2,254,151
Pats., trademarks
Investments
1940
Liabilities—
1939
Land, bldgs., ma¬
Total.
$9,571,986 $10,309,507
$6,476,125 in 1940 and $6,544,070 in 1939.—V.
Volume
The Commercial
151
Lehigh & New England RR.—Earnings—
Kelsey-Hayes Wheel Corp.—Refinancing Plans—
The company, it is reported, has completed
plans to reorganize its funded
reducing the interest rate on its 6% first mortgage bonds and
immediately calling its 6% debentures for redemption.
Company has arranged a six year bank loan of $2,500,000. Proceeds will
be used to retire outstanding debentures, of which approximately $1,600,000
are outstanding and to redeem about
$900,000 of first mortgage bonds,
whose holders were not willing to accept a reduction in interest rate to
4 H %. Holders of approximately $1,750,000 of first mortgage bonds volun¬
tarily have accepted the reduced coupon rate.
The company will accomplish a substantial interest saving through the
bank loan, which carries a rate of 3% for the first five years and 3H% for
yearThe loan is payable $350,000 annually for five years and
$/50,000 in the final year.—V. 151, p. 1147.
debt through
Kennedy's, Inc.-—20-Cent Dividend—
Directors have declared a dividend of 20 cents per share on the common
stock, payable Sept. 20 to holders of record Sept. 10.
This compared with
65 cents paid on Jan. 20 last; 20 cents paid Nov. 25, 1939; 50 cents paid on
Jan. 27, 1939, and dividends of 30 cents paid on Jan. 15, 1938, and on
Oct. 15, and July 15, 1937, this last being the initial dividend on this issue.
—V. 150, p. 2428.
Operating
$10,402,528
1,445,603
6,641,972
$2,569,524
Oper. expenses and taxes
1,686,505
$9,587,638
5,870,335
$2,323,631
revenues-
$883,019
5,187
$878,028
1,531
$3,760,556
Dr343
$3,717,304
18,047
Gross income
Int. & other deductions-
$888,206
416,312
$879,559
485,179
$3,760,213
1,840,553
$3,735,351
2,001,024
$471,894
114,016
94,681
$394,379
114,016
94,681
$1,919,660
$1,734,326
456,066
378,723
456,066
378,686
$263,196
$185,682
$1,084,871
$899,575
Net operating income.
Net income
Divs.
on
Divs.
on
6% pref. stock7% jr. pf. stock
Balance.
Earnings of Company Only
Period End. June 30—
1940—3 Mos.—1939
Operating revenues
$2,401,559
$2,203,217
Oper. expenses & taxes..
1,564,930
1,353,985
1,512
$3,567,201
Dr227
$850,744
443,384
$3,566,973
1,675,877
$3,537,792
1,833,252
$407,360
114,016
$1,891,096
4,56.066
378,723
[,704,541
375,436
$466,378
114,016
94,680
Net income-.
on
Divs.
on
$3,519,880
17,912
$849,232
Int. & other deductions_
Divs.
$9,001,810
5,481,930
$841,815
Gross income
6% pref. stk._
junior pref. stk.
94,680
$257,681
456,066
378,686
$869,788
$1,056,306
$198,661
$246,686
33,427
29,302
2,510,121
894,111
2,352,474
1,959,887
823,330
653,201
462,608
369,357
2,224,256
561,048
498,913
From J an. 1—
Gross from railway
Net from railway
Net ry. oper. income..
—V. 151, p. 556.
670,386
Lehigh Valley RR.—Earnings-
-V. 151, p. 849.
$3,196,645
738,912
276,705
$3,658,403
604,611
$3,200,962
584,408
154,737
26,964,885
7,364,716
3,617,636
25,203,954
6,455,818
3,248,542
23,194,527
4,984,161
1,616,913
29,592,642
7,053,253
3,583,287
$3,870,467
118,558
_.
Net from railway
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income...
—V. 151, p. 849.
(& Subs.)- —Earnings—
(G. R.) Kinney Co., Inc.
6 Mos. End. June 30—
$6,663,997
$7,725,435
6,453,676
7,329,774
$210,321
33,975
27,990
$395,661
Cost & oper. expenses..
Operating profit
charges (net)..
$311,476
30,192
$395,306
21,548
843
24,770
97,123
127,241
107" 785
99.918
Depreciation & amort.
139,618
123,523
Prov. for Fed. inc. tax..
9,000
Net profit
Liquid Carbonic Corp.—$3,500,000 Bank Loan—
The corporation has completed arrangements with the First National
Bank, Chicago, for a loan of $3,500,000 maturing semi-annually over the
next eight years with interest rates of 1H to 3 %.
Approximately $3,000,000 of the proceeds will be used to retire the
outstanding convertible 4% debentures due 1947 and called for payment
Oct. 10 at 104 and int.
The remainder will be added to working capital—
V. 151, p. 1148.
,
Earnings—■
Net ry. oper. income
From Jan. 1—
Net ry. oper.
Interest
Pro v. for bad debts
Taxes, <kc
x
37,896
45,503
29,910
income
760
8,540
49,782
61,905
793,039
120,267
$995,456
785,819
119,156
$7,290,522
5,648,801
822,822
$7,052,324
5,380,859
836,761
$123,516
79,849
$90,480
79,652
$818,898
562,197
$834,704
$43,667
$10,829
$256,701
$289,044
1,505
1,624
Notes pay. banks.
$475,000
Acc'ts pay., trade.
721,791
614,365
132,547
3,566.612
248,236
310,799
200,256
178.443
Prepaid exps,, &c_
Other in v., less res.
Cash
pref. div.
219,174
192,709
1,404,118
1,414,970
31,217
57~542
38,926
140,000
due 1941
Notes
deprec. & amort.
pay.
140,000
bank
453,200
Gold notes outst'g
Lasts, pat'ns, dies,
trademarks and
$5 prior pref. stock
(no
goodwill—3
152,050
183,600
Com. stk. ($1 par)
200.963
Capital surplus
111,925
122,886
Earned
$6,251,848 $6,055,926
approp..
353
264,898
394,338
surplus
$6,251,848 $6,055,926
Total
—V. 151, P. 556.
Laclede Gas Light
a
$292,174
492,902
3,681
$59,288
$211,170
$204,410
director of this company.-
-V.
railway
Net from railway..
Net railway operating income
From Jan. 1—
Louisville & Nashville
1940
July—
1938
1938
$128,236
$128,236
1937
$471,557
49,114
49,114
342,271
34,896
34,896
272,013
1940
1940
991,224
420,899
470,143
defll4,539
1,780,882
1,029,027
156,426
def274,234
734,957
.
.
■
from railway
income
704.
Net ry. oper.
Lane-Wells
$293,396
$293,396
191,150
191,150
141,078
141,078
1,692,440
995,530
640,229
Gross from railway
—V. 151, P.
1939
1939
$591,065
$591,065
457,298
457,298
341.436
341,436
railway
railway
Net ry oper. income...
From Jan. 1—
Co.—Sales
_
previous peak month of April,
all-time record month for gun
V. 151, P.
Rodney S. Durkee, President.
$279,700 gross income reported
1940.
perforating was also set in July.—
990.
Net ry. oper. income
From Jan. 1—
Gross from railway
$6,256,748
1,428,689
971,279
$7,513,013
1,933,769
1,346,470
55,683,727
13,880,551
47,449,970
43 ,074,501
11,521,073
7,116,301
4 ,203,474
52,995,871
13,613,623
9,588,649
9,156,257
income
850.
30—
Net profit after interest,
depreciation, taxes, &c
Earnings per share on
capital stock—
—V. 151, p. 108.
Corp.—Earnings—
Lehigh & Hudson River Ry .—Earnings
1938
1939
1940
$113,449
July—
Net from
$134,026
$129,506
46'4?g
21,488
12,967
„
928,646
railway
Net ry. oper. income
—V. 151, p. 704.
$0.32
M
„„
$1.06
Inc.—Tax Refund Claim—
Collector of Internal Rev¬
previously been filed for the years
McLellan Stores
123,935
39,135
895,202
282,655
100,376
30,615
6,491
depreciation, Federal income taxes and
stock.—V. 151, p. 850.
Maine Central
RR.
Equipment rents
Joint facil. rents—Dr—
1937
Net ry. oper,
Other income.
217,976
39,206
977,408
299,611
121,474
income.
_
Deducts, (rtls., int.,
Net income
-V. 151, p.
557.
other charges,
y On
Earnings—
&c)
$988,025
696,800
$877,578
665,891
1940—7 Mos.—1939
$7,228,000
$6,946,246
5,174,071
5,078,031
$291,225
$211,687
$2,053,929
$1,868,215
125,136
CY913
19,022
65,900
Dr7,641
466,873
Dr146,842
25,695
594,218
Z)r93,617
157,402
$147,980
62,150
$112,451
45,783
$1,208,692
274,190
$1,072,333
266,835
$210,130
Net oper. revenues—
Gross income..
800,411
Co.—Earnings—
After
common
$131,423
32,450
13,232
1935 and 1936.—V. 151, p. 991.
SalS22?799.577 *21?|75,S81 S2f.790.730
93li94oI
80sb8!E l*l\9S
Taxes
Gross from railway
$0.14
$234,678
$0.40
$773,373
Wardall, trustee, has filed with the
149, p. 1479.
railway
$287,993
1937
$106,287
„
claim for refund of Federal income tax in the amount of $303,000.
This sum, he said, represents the tax paid on the fictitious income included
Period End. July 31
Operating revenues—
Operating expenses—
Net ry. oper. income
From Jan. 1—
1938
1939
1940
McKesson & Robbins,
William J.
Oct. 31,
1940 $109 650, aggregate principal amount of 5% fixed interest bearing
bond's will be issued in conversion of aDd exchange for outstanding first
(closed) mortgage bonds (income bonds) and that on or before Oct . 1, 1940,
the trustee, the First National Bank of Chicago, will receive, at its office,
38 South Dearborn Street, Chicago, 111., tenders of income bonds to be
converted into and exchanged for said fixed interest bearing bonds.—V.
Net from
8 ,254,416
1,852,073
1,295,521
enue a
x
La Salle-Wacker Corp.—To Convert Bonds—
(closed) mortgage bonds are being notified that on
Holders of first
Gross from railway
1937
$7,065,357
*
1937. Similar
respectively, had
October, company
royalties of $291,200 for July, according to
This is an increase of $11,500 or 4% over the
last
4,063,368
1,200,900
628,251
$8,141,094
2,124,199
1,378,576
Gross from railway
Net from railway
'
by the late F, Donald Coster in the company's tax return for
refund claims in the amounts of $223,000 and $410,000,
—
peak month for sales, the fifth such month since
reported gross income from sales, services and
Marking a new all-time
An
RR.—Earnings—
1939
1938
1938
$597,484
204,121
121,945
p.
& Ishpeming RR.—Earnings—
July—
Gross from
1,263,334
694,892
863,203
operating income
151, p. 991.
Net railway
McKeesport Tin Plate
Net from
4,027,170
4,618,510
1,563,6o3
Net from railway._
6 Mos. End. June
Lake Superior
in the
Texas Ry.
1939
1940
$584,974
$639,306
197,620
200,439
117,835
99,484
July—
—V. 151, p.
150,
3052.
Net
Ry.—Earnings—
Gross from
Net ry. oper.
Co.—New Director—
elected
2,709
$24,120
loss
Net from railway..----
Hord Hardin has been
$258,064
466,525
446
151, p. 704.
200,332
Cap.sur.
$11,012
69,854
364
Louisiana & Arkansas
—V.
$8 pf. stk. (no par)
Total
$43,820
67,576
[
funded debt
Int. on unfunded debt--
3,120,350
3,162,150
par)
128
1.235
Gross from railway
587,500
long term
16
167
(Includes Louisiana Arkansas &
pay
Fed.taxes on inc..
less
assets,
.
Real estate mtges.
value
surr,
Prior
50,000
life insurance
Fixed
liabilities
545,660
20
Accrued & miscell.
3,744,869
Merchand.se
'
$575,000
$520,641
$6,989,658
132
Miscellaneous income—
on
1940—7 Mos.—1939
571
Net oper. revenue—.
Net
116,769
receivable,
less reserve
def29,274
$7,240,168
Taxes
-V.
$566,660
Cash
Acc'ts
14,594,652
2,785,720
def29,603
1940—Month—1939
$986,780
94
136
_
Operating revenue
Operating expenses
Depreciation
Int.
1939
1940
Liabilities—
13,181,704
3,010,015
$1,036,823
.
Gross income
1939
1940
Assets—
14,589,395
3,368,169
29,022
15,111
rev.
$82,763
lieu
748,329
191.270
$1,021,619
revenue
from transp
Rev. from other rail and
Other
Interest
off in
$2,434,207
907,515
299,112
Angeles Railway Corp.—Earnings
Los
Period End. July 31—
106,721
130,764
$25,530
$67,238 loss$75,085
x
Including expenditures on lasts, patterns and dies written
of depreciation.
Consolidated Balance Sheet June 30
$2,339,517
1,024,598
333,210
—V. 151. P.704.
Operating income
Net profit
$2,639,531
13,905,115
2,935,005
def511,559
Gross from railway
Net from railway
1937
1938
1939
1940
$2,430,570
822,391
65,357
July—
Gross from railway
Net from railway
18,000
Miscell.
Subs.)—Earnings —
1937
$19,606,553
997,847
y Earnings per share..
$2.49
x
After providing for Federal taxes, depreciation and dividends on
preferred stock,
y On 400,000 shares now outstanding.—V. 151, p. 849.
x
.
1937
1938
1939
$7,221,975
6,826,669
1940
$7,050,372
6,738,895
sales
816.834
347,241
1940
1939
1938
$20,043,484 $19,191,258 $18,167,010
529,474
579,459
487,292
$1.14
$1.27
$1.04
coach operations
Net
1937
1938
1939
1940
July—
Gross from railway...
Passenger
Balance..
$254,328
62,948
48,182
Long Island RR.
1940—12 Mos—1939
$9,702,139
6,134,938
$836,628
5,186
Net operating incomeOther income (net)
$337,410
119,386
92,049
Net ry. oper. income__
__
Other income (net)
1937
1938
1939
1940
$401,055
170,151
119,556
_
6 Mos. End. July 31—
Sales
1940—12 Mos.—1939
1940—3 Mos —1939
July—
Gross from railway..._
Net from railway
Lerner Stores Corp. (&
Kentucky Utilities Co. (& Subs.) —Earnings—
Period End. Jume 30—
1283
& Financial Chronicle
$158,234
168,664
$1,482,882
1,156,072
$1,339,168
164.485
$45,645
def$l 0,430
$326,810
$152,201
1940—Month—1939
182,167
1,186,967
1284
The Commercial A Financial
Chronicle
Magor Car Corp.—Extra Dividend—
Directors have declared an extra dividend of 25 cents
per share in addi¬
tion to the regular
quarterly dividend of 25 cents per share on the common
stock, both payable Sept. 30 to holders of record
Sept. 17.
See also V.
150. p. 3831.
Maud Muller Candy
1940
$26,311
2,226
$22,677
$24,931
1940
1930
$34,387
Cash.
$32,365
Accts.rec.—trade.
566
Liabilities—
Bonus
1940
657
289
Social
375
Inc. taxes
$1,338
Accrd county taxes
—other.
Notes receivable..
Inventories
1939
$1,493
payable
Deferred charges..
Total
17.026
38,987
12,241
.
Fixed assets..
27,610
1,023
37,601
Other assets
sec
payable
340
260
1,695
1,502
payable
3,870
3,221
Corn. stock (32.000
shares no par).
32,000
$113,459
74,062
—V.
railway_
$113,459
$96,515
151,
p.
...
Operating
Operating
Net
dividend of 12 Yi cents per share on the common
Btock, payable Sept. 2 to holders of record
Aug. 26.
Dividends of 25 cents
were paid in two
preceding quarters. 35 cents was paid on Dec. 1,
1939, and
previously regular quarterly dividends of 25 cents per share were distributed.
—V. 150, p. 1443.
a
revenues
—
Corp.—Hearing Postponed—
The public hearing in the
proceedings (File 59-5) under Section 11 (b) (1)
of the Holding
Company Act with regard to the Middle West Corp. and its
subsidiary companies, scheduled for Aug. 26, has been
adjourned, at the
request of the companies, until Sept. 3.—V.
151, p. 1149.
Valley RR.—Earnings-
July—
1940
Gross from railway..
Net from railway
Net ry. oper. income
_
From Jan. 1 —
Gross from railway
Net from
1939
$118,017
54,169
31,602
1938
$117,204
55,826
38,468
operating
railway
1937
$124,149
$138,273
64,281
60,254
42,484
Net ry. oper. income
743,206
327,586
200,404
—V. 151, p. 705.
Miller & Hart, Inc.—New
64,062
714,913
Missouri Illinois
150,271
Set-U'p Planned—
new
common
stock for each share of the
present stock.
provides for extension of the maturity date
150, p. 3520.
on
The plan also
debenture bonds from 1943
Milnor, Inc.—To Pay 10-Cent Dividend—
992.
Minneapolis & St. Louis RR.—EarningsJuly-
1940
Gross from railway
1939
$757,369
151,426
77,567
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income,
—V. 151, p. 705.
$710,603
4,998,597
862,016
296,286
Net from railway
Net ry. oper. income,
4,788,392
95,970
24,348
772,055
201,119
Minneapolis St. Paul & Sault
1938
Net from railway
Net ry. oper. income
—V. 151. p. 706.
1940
Gross from railway
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway
Net from railway
1939
$685,747
92,709
10,727
4,764,059
713,361
131,320
4,546,827
From Jan. 1—
Gross from railway
Net from railway
Net railway oper. income
481,448
12,518
Ry.-
$2,360,182
494,540
$2,088,761
174,936
def7,637
14,127,050
12,864,224
1,672,845
937,155
def244,927 defll62,324
316,949
1937
$2,724,524
788,987
445,958
15,540,960
2,790.923
1,247,723
116,843
123,712
368,362
708,979
$1,310,567
$1,280,888
Maintenance
structure
of
way
$8,539,654
$7,416,230
279,267
216,562
36,160
546,908
58,068
253,586
215,882
536,698
61,410
1,618,277
1,627,442
247,079
3,620,564
359,032
1,539,586
1,564,541
242,088
3,585,036
374,921
$173,602
110,153
$178,568
105,203
$1,067,259
681,001
$110,058
659,996
$63,449
21,486
$73,365
$386,258
111,865
88,984
x$549,938
132,819
92,625
x$775,382
81,672
&
expense
Maint. of equipment
Traffic
expenses
Transportation
expenses
General expenses
Net
railway
revenues.
Taxes
Net after taxes
Hire of equipment
Int. being accr'd & paid.
Balance before interest
on bonds, &c
Loss.—V. 151, p. 705.
Mobile & Ohio
$26,986
9,701
Inc. before interest
31,394
14,985
$27,148
Net after rents
Other income (net)
x
34,743
467,744
698,733
14,815
Rental of terminals
11,237
$185,409
71,678
$36,848
2,112
$38,222
4,952
$257,087
20,169
x$693,710
26,076
$34,737
$33,271
$236,919
x$719,786
17,147
5,508
653,539
126,844
37,587
591,826
99,615
20,403
536,865
44,737
def35.727
641,697
85,258
def4,913
1940—3 Mos.—1939
-Earnings —
1940—12 Mos—1939
$156,330
123,138
$162,298
133,068
$674,455
552,979
$652,461
539,376
$29,230
14,264
$121,476
56,771
$113,086
$14,966
$64,705
$55,893
57,192
Ry.—Earnings—
1939
1938
1937
$206,759
103,886
56,899
$203,076
104,440
52,424
$82,966
938
$129,521
34,632
27,718
1,208,452
548,510
305,126
582,209
98,148
def4,961
859,642
276,189
144,574
14,132
1939
$2,724,762
886,790
457,020
1938
2,758,857
899,405
461,395
15,760,919
3,390,291
16,080,305
3,195,187
858,463
636,432
706.
1940
1939
1937
2,779,507
909,177
461,158
$3,104,574
15,796,942
2,708,102
137,215
18,380,075
832,200
369,400
4.612,321
1,996,482
1938
1937
railway
oper. income...
$8,070,842
2,189,082
1,313,869
$7,456,263
1,930,455
1,004,566
$7,893,462
$8,790,212
2,317,608
2,664,659
1,397,683
3,033,901
Gross from railway
Net from railway
Net ry. oper. income...
48,113,812
9,815,285
4,009,928
4 5,581,850
4 4,970,712
8,794,564
2,676,852
8,127,260
1,986,115
53,900,444
12.792,697
Net ry.
From Jan. 1—
—V. 151, P. 706.
Modine Mfg.
7,232.975
Co.—Extra Dividend—
Directors have declared an extra dividend of
25 cents per share in ad¬
dition to the regular
quarterly dividend of 50 cents per share on the com¬
stock, both payable Sept. 20 to holders of record
Sept. 10.
Like
amounts paid on June
20, last.
Dividend of 50 cents was
mon
paid
on
March
on
Dec. 20, 1939; and
previously regular quarterly divi¬
dends of 25 cents per share were
distributed.—V. 150, p. 3520.
Montgomery Ward & Co., Inc. —Official Resigns —
Louis C.
Lustenberger, Vice-President in Charge of Personnel and a
director of this company has
resigned.
He will join the W. T. Grant Co.
as Vice-President and
Assistant to R. H. Fogler, President.
Frank C, Heidenger, former Assistant
Regional Manager of the Oakland,
Calif., district for Montgomery
Ward, has been appointed his successor.
—V. 151, p. 993.
Monongahela
Ry.—Earnings—
July—
1940
Cross from railway
Net from railway
From Jan. 1—
Gross from railway
Net from railway
1939
1938
$432,324
271,357
134,507
$351,110
213,670
103,613
$247,267
148,485
57,044
1937
$342,513
188,160
72,459
2,983,046
1,796,975
839,140
1,956,529
1,096,282
439,524
1,758,600
1,022,449
365,276
2,642,869
1,538,872
742,549
1937
$258,999
133,062
131,991
Montour RR.July—
1940
Gross from
railway
Net from rail way
Net ry. oper. income...
______
From Jan. 1—
Gross from railway
Net from railway
...
Net ry. oper. income—
—V. 151, p. 559.
Motor Products
1939
1938
$234,977
115,149
102,940
$218,748
$144,018
54,042
60.841
1,249,665
488,421
499,078
945,133
110,386
131,236
818,191
215,194
274,154
325,041
381,878
1,460,656
658,710
638,630
Corp.—50-Cent Dividend—
Directors have declared a dividend of 50 cents
per share on the common
payable Oct. 1 to holders of record Sept. 16.
Like amount was
paid on June 10, last and previous
payment was the $1.50 distribution
made on Dec. 8, 1937—V.
150, p. 3521.
stock,
Mountain States Telephone &
Telegraph Co.'—Earns.
Period End. July 31—
Operating
revenues
Uncollectible oper.
rev..
1940—Month—1939
$2,274,263
$2,154,590
5,702
3,632
Operating revenues-$2,268,551
Operating expenses
1,494,608
Net oper. revenues
1940—7 Mos—1939
$15,403,883 $14,629,546
50,637
34,601
$2,150,958 $15,353,246 $14,594,945
1,439,305
10,317,910
9.758,301
Operating taxes
$773,943
340,346
$711,653
308,371
$5,035,336
2,363,204
$4,836,644
2,099,260
Net operating income.
Net income
—V. 151, p. 706.
$433,597
.343,786
$403,282
319,572
$2,672,132
2,069,597
$2,737,384
2,160,092
Mullins Mfg.
Corp.—Bank Loan—
The corporation has
informed
on June 15 it
obtained a
the
Securities and
that
Exchange Commission
3H% $1,150,000 loan from the Bank «f the
$750,000 was for debt retirement, $100,000 for
working capital, $50,000 for sales promotion and the balance for
additions
and improvements to
property.—V. 151, p. 420.
Manhattan Co. of which
Mutual Fund of
Calif.—Registers with SEC—
See list given on first
page of this department.
RR.—Equipment Trust Certificates
—
The Interstate Commerce
Commission on Aug. 15 authorized the com¬
obligation and liability, as lessee and
guarantor, in respect
pany to assume
of not exceeding
p.
July—
-Earnings
1938
Earnings of Company Only
Period End. July til—
1940—Month—1939
1940—7 Mos.—1939
Freight revenue,
$1,103,988
$1,024,656
$7,462,313
$6,249,754
Passenger revenue
89,736
132,519
All other revenue
151,
Net ry. oper. income...
—V. 151, p. 706.
16,177,588
3,180,308
1,288,139
Net ry. oper. income
1,160
1940
Net ry. oper. income.._
$2,714,598
736,429
439,047
__
def 5,475
1937
$93,195
Missouri-Kansas-Texas Lines-—Earnings•—
July—
Gross from railway.....
Net from railway
Net railway oper. income
1937
$762,190
131,463
24,099
Ste. Marie
13,273
1,215,986
524,194
307,085
__
Net ry. oper. income
From Jan. 1—
Gross from railway
[Including Wisconsin Central Ry.]
July—
1938
$76,448
5,502
20, last; 75 cents
Directors have declared a dividend of
10 cents per share on the
capital
stock, payable Sept. 3 to holders of record
Aug. 20.
This compares with
15 cents paid on May 31,
last; 10 cents on March 15, last; 15 cents on
Jan. 2, last; 10 cents on
Sept. 1, 1939; 15 cents paid on
May 31, 1939;
10 cents on March 10, 1939; 15 cents
on Jan. 3,
1939; 10 cents on Sept. 1,
1938; 35 cents on May 31, 1938, and 10 cents on
March 1, 1938.—V. 151.
p.
1939
$79,954
1940
railway
railway.
Net from
Stockholders have been asked to
approve a recapitalization plan
by which
each share of convertible
preference stock would be exchanged for two
shares of new preference stock and four
shares of new $1 par common stock.
The new preference shares would be
of $10 par value and entitled to
$1 a
share a year in dividends.
There are dividend accumulations
of $30.47 a
share on the convertible preference
stock.
Holders of the present no
par common stock, of which the
management
owns about 77,000 of 85.625
shares outstanding, would receive one
share of
the
Net from
823,407
355,924
252,705
270,947
Ry.- —Earnings-
$19,017
-V. 150, p. 3054.
Gross from rail way
to 1950.—V.
16,913
14,175
income-
Netilncome
—V.
748,700
309,764
166,277
72,152
$33,192
exp. & taxes..
Gross from
Edward C. Bostock, former
Fresident, was elected Chairman of the Board
of this company after the annual
meeting of stockholders in Detroit on
Aug. 27.
Geoffrey 8. Childs, Executive Vice-President, was elected
President and Treasurer.—V.
151, p. 851.
Midland
525,158
64,462
706.
July—
Middle West
444,539
def2,392
Missouri Gas & Electric Service Co.
Interest deductions
Merrimack Hat Corp.—12 %-Cent Dividend—
Michigan Sugar Co.—New Chairman
459,448
2.5,342
def43,198
34
—V. 149. p. 1624.
Directors have declared
$75,484
9,336
11,524
$84,182
12,245
_
Period End. June 30—
Total
1937
$66,225
18,879
10,387
9,979
Net from railway
Net ry. oper. income
58,194
.
$96,515
def4,934
439,529
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from rai 1 way_
32,000
Surplus
'
certain
1940
Gross from
5,793
1,023
4,941
July—
Comparative Balance Sheet June 30
8 sets—
1938
$66,067
Missouri & Arkansas
192
$24,739
of
def54,304
—V. 151, p. 706.
1,227
procurement
1939
def21,432
Net from railway
Net ry. oper. income
2,253
$27,310
the
$58,639
Net ry. oper. income
From Jan. 1—
Gross from railway
Net profit for year (before Federal income
tax)..
trustee, and sold at 100.099
as
with
def 11,543
$270,151
247,474
$28,537
connection
Mississippi Central RR.— -Earnings—
$310,203
283,893
Total
Other deductions.
in
706.
p.
Gross from railway
Net from railway
1939
Operating profit.
rec
dividends
1940
Other income
Accts.
accrued
July—
Expenses.
A
and
equipment.—V. 151.
Co.—Earnings —
12 Months Ended June 30—
Aug. 31, 1940
by the Merchants National Bank, Mobile,
$2,700,000 equipment-trust certificates of
1940, to be issued
Nash-Kelvinator Corp.—To Manufacture Low-Price Car
A
new
automobile, which will compete in the low-price field and which
embodies features of
engineering used in this country for the first time in
any price class, was shown on Aug. 22 to automobile
editors and
special
Volume
The
151
writers at the annual
preview of the Nash Motors Division
mid-September before its details are made public, but it may be
said that, with a torpedo type body, the car combines a saving of about 500
pounds of weight with a new type of spring suspension and body chassis
It will be
Gross from
in
company's history.
making
the
to
all
use
Ambassador 600,
on 121design,
back" sloping contour from the roof line
which will be known as the
In addition to the new car,
the company will
inch wheel bases
offer an Ambassador six and an Ambassador eight
and with bodies marked by modern streamline
of the so-called "fast
models.—V.
151,
p.
provided in
Ample headroom is
bottom of luggage compartment.
852.
July—
1940
Gross from
$1,294,223
280,894
174,125
1939
$1,149,694
224,492
143,467
$1,066,582
220,800
140,962
1937
$1,211,308
201,031
149,834
8,645,336
1,687,050
935,781
8,470,079
1,765,347
1,030,082
7,687,850
1,449,169
746,486
Net ry.
From Jan.
1—
Gross from railway
Net from railway
<_
Net ry. oper. income—
—V.
151,
Exchange
Stock
listing of 387,201
of issuance,
has authorized the
additional shares of common stock (par
$1), upon official notice
to an agreement of merger with Compressed Industrial Gases,
Inc., as making the total amount applied for: 1,335,701 shares (including
8,000 shares held in treasury, and including 417 shares to be listed upoa
notice of issuance in exchange for shares of Carbo-Oxygen Co., Inc. under
pursuant
agreement of merger effective Sept. 1, 1937).
A majority of the directors at a meeting on July 12, 1940
mend to the stockholders that they adopt an agreement
issued under the plan is
Six Months Ended June
1940
—V.
151,
$865,234
72,621
Gross profit from operations
_
Selling, delivery and administrative expenses.—__
$1,405,262
x927,458
$937,856
y685,973
$477,803
_
l75,665
_
...
1940
$3,681,207
railway-...
Net from railway
Gross income
—
__
Income charges
1,116,420
583,810
Net ry. oper. income—
From Jan. 1—
25,488,553
7,471,146
income...
3,727,131
Gross from railway—.
Net from railway.- —.
Net ry. oper.
—V. 151, p. 853.
11,845
19,296
...
_ —
$282,136
$653,469
Provision for Federal income tax
—
z56,710
107,500
...
—
$213,581
$526,673
—
Cylinder Gas Co. and subsidiaries.
Compressed Industrial Gas, Inc. and wholly-owned
A National
B
domestic sub¬
sidiaries.
x
depreciation provision in total amount of $202,837.
y In¬
depreciation provision in total amount of $105,185.
z Includes
Includes
cludes
$4,565 State income taxes.
Merger Voted
—
and of the Compressed Industrial Gases,
Aug. 27, ratified and confirmed the agreement
Stockholders of this company
Inc., at special meetings held
which was signed by their respective boards of directors on
July 12.
The merger will become effective at the close of business Aug. 31,
1940.
It will combine the third and fourth largest producers of oxygen,
acetylene and other industrial gases into a national company, having plants
and representation in practically all
industrial centers. This permits
economies of production and distribution, plus greater research and service
of merger
facilities.
National
7
Cylinder Gas Co. will be the continuing
Cylinder Gas Co. will be issued for
shares of National
corporation.
1.4,5
each share of Com¬
pressed Industrial Gases.
Neither company has any bonded indebtedness
or preferred stock, so the exchange will
be one of common stock only.
Stockholders of Compressed Industrial Gases, Inc., will be notified im¬
mediately with full instructions concerning the exchange of shares.—V.
151, p. 559.
National Oil Products Co., Inc.—Common Dividend—Directors have declared a dividend of 35 cents per share on the common
stock, payable Sept. 26 to holders of record Sept. 15.
This compares
with 25 cents paid on June 28 and March 26, last; $1 paid on Dec. 18, 1939;
25 cents paid on Sept. 29, June 30, and on March 31, 1939; 30 cents paid
on Dec. 22,
1938, and 20 cents paid on Sept. 30, June 30, and April 15,
1938.
See V. 146, p. 2053, for detailed record of previous dividend pay¬
ments.—V. 151, p. 1150.
National Pole & Treating Co.—Tenders —
Chicago, 111., will until 3 p. m. Sept. 13 receive
of sufficient 5-year 6% secured gold notes, due, as
extended, Dec. 1, 1941, to exhaust the sum of $50,015 at prices not ex¬
ceeding 100% of the unpaid principal amount ($900 or $450) and accrued
Halsey Stuart & Co., Inc.,
interest.—V. 149, p.
32f0.
•
Nevada-California Electric
75,643
85,589
141,399
1,355,348
929,621
447,889
1,705,218
1,350,499
Net
Net
—V.
151,
p.
New York New Haven
Total oper. revenue
inc.
for fixed
Net railway oper.
avail,
RR.—Earnings—
1940—7 Mos.—1939
$6,606,637 $47,030,611 $46,172,538
219,937
2,986,492
3,081,538
& Hartford
$6,993,645
401,655
^
Corp. leases.
„
Note—For the purpose
of showing the complete
charges against said properties
bond interest.—V. 151, p. 708.
for Boston Terminal
Ry.—Earnings—
railway—32,347
oper. income
22,599
Net from
Net ry.
—V. 151, p.
Output
11,455
707.
England
New
21,654
1940—7 Mos.—1939
$414,183
$370,126
229,795
177,586
155,185
116,332
Gas
&
Electric
Association —System
—
England Gas & Electric Association
reports electric output of 9,177,714 kwh.
This is an increase of 297,730
kwh., or 3.35% above production of 8,879,984 kwh. for the corresponding"
For the week
week
a
ended Aug. 23, New
year ago.
Gas output
cubic feet, or
is reported at 79,716,000 cubic feet, an
11.98% above production of 71,234,000
responding week a year
increase of 8,534,000
cubic feet in the cor¬
ago.—V. 151, p. 1151.
New Mexico Gas Co.—Bonds Called—
$45,000 first mortgage sinking fund convertible A
1951 has been called for redemption on Sept. 15 at
150, p. 3833.
A total of
due May 15,
5% bonds,
101 Yt.—V.
taxes on Old
and unpaid
Co. taxes and 1940
1937
1939
$504,381
39,094
22,654
def60,688
156
26,724
3,138,154
from railway
...
74,149
ry. oper. income— def478,558
3,840,164
451,933
defl97,315
3,694,742
211,514
4,004,180
612,733
Net from
railway—
railway._____
Net ry. oper.
income. —
Gross from railway
Net
1938
$597,146
93,969
1940
$573,813
111,542
Gross from
Net
Ry.—Earnings—
& Western
New York Ontario
July—
151,
—V.
p.
New York State
12 Months Ended June
Total
def378,550
Maintenance
_
Federal income taxes_
1,474,675
—
—.
—
—
Provision for retirements
1940
1939 ■A
——$26,375,871 $25,056,214
- 12.696,736
13,337,766
_
—
Operating expenses—
_
.
—■— - ______
_______
» —
Operating income..
Gross income
—
—
,
—
——. — — —
Interest on long-term
1,276,633
1,894,770
467,243
2,582,068
$5.497,733
$6,854,194
— — _ — —
1-921,574
804,043
2,703,332
$6,775,512
—
—
_ — — — —
Other income (net)
$5,895,904
78,682
_____
—
debt
2,406,578
151,514
99,940
398,170
2,444,682
& expense
—
—
charged to construction
64,288
Cr7,935
408,643
143 »484:
65,851
C'r4,049
$4,139,808
______
—
Amortization of debt discount
$2,837,294
——
_ _ _ _
Net income
—V.
35,529
Corp.—Earnings —
Electric Sc Gas
30—
operating revenues—.
Interest
$££0,305
102,679
708.
Net from
1940—Month—1939
$58,660
$47,398
account for the operated
system, includes charges for accrued and unpaid real estate
Colony and Boston & Providence properties and accrued
Net
railway
3,730,527
a
purchased with that sum.
These debentures will be purchased in the order
in which they may be received by the International Trust Co., Denver,
Colorado."—V. 151, p. 560.
Nevada Northern
4,349,574
3,553,227
These leases of the following companies were rejected on dates stated
below, but net railway operating income includes the results of operations
of these properties:
Old Colony RR., June 2, 1936.
Hartford & Connecti¬
cut Western RR., July 31, 1936.
Providence Warren & Bristol RR.,
Feb. 11, 1937.
Boston & Providence RR. Corp., July 19, 1938.
ib Effective as of these dates, no charges for the stated leased rentals are
included covering the Old Colony RR., Hartford & Connecticut Western
RR., Providence Warren & Bristol RR. and Boston & Providence Railroad
Net
July—
4,101,060
777,451
568,073
corporation proposes to set aside the amount of $253,750 as of Sept. 1,
1940 to be used for the purchase, for retirement, at the price of par and
accrued interest to Oct. 1, 1940, of as many of the debentures as may be
Gross from
^
349,051
548,791
charges
Amortization of miscellaneous suspense
B.
936,267
1940— Month—1939
31—-
Period End. July
Income
729,120
708.
West, President of the company has advised holders of the 6%
debentures, due July 1, 1941, that it is the present intention of the board
to call a substantial amount of debentures at par on the next interest date,
Jan. 1.
He stated:
"If this call is made by lot, undoubtedly some people
who may desire to dispose of their debentures will find that theirs have not
been called for payment and others who would prefer to hold their deben¬
tures to maturity may find that theirs have been called for payment and
the interest on them stopped as of Jan, 1.
"As a matter of accommodation to the holders of the debentures, the
A.
1937
$247,956
190,195
1938
$261,216
185,192
1939
$180,300
108,361
1,473,366
999,645
Other interest-.
Co.—May Call Debentures —
25,240,288
8,530,127
4,991,381
3,305,907
104,349
Other taxes
bids for the sale to it
19,661,702
4,701,344
1,587,661
RR.—Earnings—
Gross from railway—.
b Net def. after charges.
Consolidated net income
411,612
22,758,059
6,682,298
1,415,851
from railway..—986,098
ry. oper. income—
728,504
Net ry. oper. income.—
From Jan. 1—
a
472,050
1937
$3,355,238
985,531
632,337
1939
.
1938
$3,288,569 $2,970,829
972,681
831,532
1940
$191,318
139,503
railway.
Net from railway
30,254
RR.—Earnings—
Chicago & St. Louis
July—
Gross from
$251,883
operations.-
Net profit from
Other income.
161,833,749 217,552,526
28,228,756 54,081,451
1,079,071 25,779,620
996.
p.
New York
Gross from
_
-
_
1937
$30,720,572
7,048,675
3,204,426
205,753,810 183,088,884
47,988,984
40,095,957
19,047,288 11,502,190
New York Connecting
,413,827
1939
1938
$27,118,164 $22,891,310
6,674,764
4,497,322
2,812,237
970,884
787,182
1—
From Jan.
Gross from railway
Net from railway-—
Net ry. oper. income.—
July—
$1,355,630
49,632
_
_
1,733,482
780,719
RR.—Earnings-
New York Central
July—
B
xl
Gross profit on sales
Other operating oncome
1,480,684
493,377
514,775
1,453,696
429,305
445,048
1,457,533
railway...456,686
499,846
Net ry. oper. income
—V. 151, p. 708.
$2,769,457
„
18,437
96,020
<
Gross from railway
Net from
30, 1940
$1,784,841
y919,607
allowances..
1937
$159,787
1938
$146,453
1,596
10,390
$152,461
10,997
18,355
$143,186
def2,767
5,599
From Jan. 1—
A
Gross sales, less returns and
Cost of goods sold
Ry.—Earnings—
1939
387,201.
Consolidated Income Account jor
1,914,316
774,672
388,857
1940
Gross from railway
terms of
voted to recom¬
of merger with
Compressed Industrial Gases, Inc. (Del.), and called a meeting of the
stockholders for that purpose on Aug. 27, 1940.
Similar action was taken
by a majority of the directors of Compressed Industrial Gases, Inc.
If the agreement of merger is adopted, company, which will be the
surviving corporation, will issue 1.45 shares of its common stock (par $1),
in exchange for each outstanding share of the common stock (par $5), of
Compressed Industrial Gases, Inc.
The total number of shares to be
1,719,703
540,730
159,228
New Orleans Texas & Mexico
July—
railway
$30,386,378
Net from railway
—
7,758,175
Net ry. oper. income.—
3,422,355
Cylinder Gas Co.'—Listing—
York
New
1,777,459
601,655
224,699
Net ry. oper. income—_
—V. 151, p. 1151.
Gross from
559.
p.
National
The
1938
1,690,351
585,673
203,417
1938
1—
Gross from railway.——
Net from railway.
8,722,638
1,463,760
865,121
railway
railway
oper. income--
Net from
1937
$292,135
135,981
83,454
—
Net from railway.
Net ry. oper. income.
Ry.—Earnings—
St. Louis
Nashville Chattanooga &
$259,206
109,579
56,870
$256,205
railway$243,733
74,020
17,801
Net from railway
Net ry. oper. income
From Jan.
Gasoline mileages of 25 to 30 miles to the gallon in the hands of the average
will be stressed in the largest campaign of newspaper advertising
98,844
41,823
1939
1940
July—
design.
user
RR.—Earnings—
New Orleans & Northeastern
of the Nash-
Kelvinator Corp.
the
1285
Commercial & Financial Chronicle
151, p. 853.
Susquehanna & Western
1940
1939
$276,189
$206,512
from railway
108,372
41,656
ry. oper. income
47,970
def17,394
New York
July—
Gross from railway—
GTO^tr'omraU way
railway—
Net ry. oper.
—V. 151, p.
income—
561.
1,851,663
693,903
295,083
1,773,462
620,191
136,649
RR.—Earnings—
1938
$215,834
54,017
def14,668
1937
$233,275
59,272
10,349
1,764,285
563,490
54,912
1,986,834
718,187
278,910
Nicholson File Co.—Plant Sold—
sold at auction its Paterson, N. J.
had sold part of the plant in 1937.—V.
Company has
The company
Norfolk Southern
factory for $9,250.
149, p. 4182.
RR.—Listing, &c.—
York Stock Exchange has authorized the listing of certificates
issued or to be issued by the reorganization manager for the
The New
of deposit
following bonds, deposited under the plan
June 15, 1940: $1,059,000 first mortgage 5%
of reorganization dated as
50-year gold bonds due May
of
1,
maturing Nov. 1, 1932 and subsequently attached, and
$5,727,000 1st & ref. mtge. 50-year 5% gold bonds, series A, due Feb. 1,
1961, with coupons maturing Aug. 1, 1932, and subsequently attached.
A plan and agreement for the reorganization of the company has now
been approved and adopted.
Company has been in receivership in the U. 8. District Court for the
Eastern District of Virginia since July 28, 1932.
Efforts by the protective
committees for certain issues of bonds resulted in the formulation of a plan
and agreement (modified in certain respects from time to time) under which
Carrol M. Shanks is constituted reorganization manager.
The plan and
agreement, after hearings thereon and on the various modifications thereof,
1941 with coupons
The Commercial & Financial Chronicle
1286
Has
been approved by the Court as fair and equitable, and the
reorganization
manager has been granted by the Court all
accomplish the effectuation of the plan.
powers
and rights necessary to
The
Interstate Commerce Commission has tentatively approved
the
issuance by the new company, Norfolk Southern Ry. (organized in
Virginia,
Sept. 19, 1939 pursuant to tne plan), of the new securities therein provided
for, and the acquisition bysucn new company of the properties of
Norfolk
Southern RR. contemplated to be acquired under the
plan, such approval
being subject to the entry of a supplemental order after the
filing with the
Commission and consideration by it of the mortgage indentures
and other
papers, including a statement of cash resources and requirements
more
nearly current with the consummation of the reorganization.
The ICC has also found that the terms and conditions of the
reorganiza¬
agreement are fair and reasonable in the
public interest, and has
authorized the reorganization manager, to solicit deposits and
act there¬
under.
tion
The deposit of securities is desired in order to evidence the
assent of the
to the plan and in order to place the reorganization
manager
a position
effectively to represent the holders of securities in a concerted
and prompt effort to consummate the
plan of reorganization and in an
effort to carry out and perform the
bondholders
in
provisions of the reorganization
agree¬
The purposes of the plan of reorganization
generally are to terminate
receivership of the company and the expenses attendant thereon, to
scale down capitalization of the
company, to reduce fixed interest bearing
obligations and to obtain for security ho.ders the benefit of certain
economies
ment.
the
of operation.
The following is a comparison of the old
company's capitalization and
charges with the proposed capitalization and charges under the
plan of
reorganization (both computed as of July 1, 1939):
Old
Fixed Interest debt
Unpaid interest on above
Fixed charges (includes D. & 8. C.
Contingent interest debt
rent at
Contingent charges
Total funded debt.
—
Total fixed and contingent charges
New
Company
Company
a$16,990,000 c.$5,507,000
5,662,408
dl76,310
$62,500)
890,040
296,300
6,892,300
©550,691
_b22,652,408 c12,399,300
890,040
©846,991
16,000,000
b38,652,408
Capital stock ($100 par)
Grand total capitalization
f6,109,829
fl8,509,129
Includes $368,000 receivers' certificates
proposed to be issued for capital
expenditures and the $607,000 equipment trust certificates
issued since
July 1, 1939. Excludes pledged bonds and bonds owned
by the company,
b Includes accrued and
unpaid interest, the $368,000 receivers'
certificates
proposed to be issued for capital expenditures and tne
a
$607,000 equipment
trust certificates issued since
July 1, 1939.
Excludes piedged bonds and
bonds owned by the
company,
c Includes $368,000 20-year
4% secured
notes to be issued in
exchange for receivers'
certificates for
capital
ex¬
penditures, and also Includes the $607,000 new equipment trust
certificates,
d Represents Interest from
July 1, 1938 (date of accrual under the
plan) to
July 1, 1939 on new first mortgage bonds; amount not included
in totals
below.
© Includes
$21,614 for first mortgage sinking fund,
$34,462 for
bond sinking fund and $150,000 for
depreciation and
come
in¬
obsolescence
fund,
f New common stock will be
without par value.
Par value of $100
assumed for purposes of comparison.
Figure excludes such shares as
may be
issued (i) to pav unsecured creditors;
(ii) against exercise of stock
purchase
warrants; and (iii) against conversion of income bonds.
Participation in tne plan is voluntary on the part of each
security holder.
Holders of bonds secured by
mortgages upon the Norfolk Southern RR.
system, for which provision is made in the plan, but who
<^o not participate
in the plan, will
only be entitled to receive their proportionate share
of the
proceeds resulting from the foreclosure sales of the
respective mortgage
districts.
It is contemplated that
pursuant to the plan of
reorganization the new
will acquire at foreclosure sale all the
properties of Norfolk
Southern RR., together with all the assets of
the receivers,
company
except stock and
bonds
or other
obligations of the John L. Roper Lumber Co.
under the Norfolk Southern RR. 1st &
ref. mtge., free and
various liens securing the funded debt of
Norfolk
now
pledged
clear of the
Southern RR., but
subject,
however, to certain equipment trust obligations, receivers'
obligations and
such restrictions as the Court
may impose.
The plan of
reorganization
further contemplates the
abandonment and sale of part of the
Suffolk &
Carolina properties, the disaffirmance of
the Norfolk
Eurchase of five newrail program.
freight locomotives
allasting and
new
For
this
Terminal lease, the
and the completion of
an extensive
the plan proposes that the new
company issue new
according to the plan of reorganization are
described as
purpose
securities which
follows:
*$607,000
notes
358 000
First mortgage bonds
General mortgage convertible income
bonds..
Common stock
3,918!000
6 892 .300
61,098 'shs.
Additional equipment trust certificates
may be issued.
An additional $404,800 of first
mortgage bonds may be pledged
under the
$368,000 20-year 4% secured notes to be
exchanged for contemplated
receivers' certificates.
*
Treatment
(1)
Equipment
40%; plus
stock at the rate of
of
Securities
Existing
as
trust certificates, $1,221,000.
of July
1,
1939
The $614,000
equipment
trust certificates
outstanding (as of July 1, 1939), the
ment trust certificates
issued in connection with the
one
to
interest.
The holders of these
dollar for dollar
on
1938.
'
mtge. 5% gold bonds due July 1,
subsequent coupons), exclusive of
pieced, $825,000, are allotted per $1,000 bond: $450 1st mtge.
bonds, series A, 4$550 income
bonds, and three shares common
stock on
account of accrued and
unpaid interest.
oL«2,865.000. $825,000
is outstanding in the hands of the
public, and $2,040,000 is
pledged under Norfolk Southern RR.
1st & ref
add^V°a lien on railroad mileage these bonds are secured by
Pledge of $315,000 Norfolk &
Southern RR. 1st mtge.
holders are offered new
5% bonds.
The
1st mtge.
bonds, series A 4 % %, dollar for dollar
on account of
45% of their principal and income bonds
dollar for dollar on
^co"nf
remaining 55%; plus common stock at the rate of one
Son
crues
Interest accrued and
from
July 1
1938
on t e new lst mt«e- bonds, series A,
ac-
kape £ear Ry- l8t
coupon due
.
Unpaid
coupons due
prior to
July 28, 1932, the date of the
appointment
of the receivers, but not
presented for payment before that date, will be
treated the same as the
principal of the respective issues, subject to the right
of the reorganization
manager, to make cash payments to avoid the issuance
of scrip in too small
fractions.
(11)
Common
(12)
General
stock, $16,000,000, is allotted per share: One common
stock purchase warrant
entitling the holder to purchase during a period of
three years after the date of
consummation of the plan on stated conditions
3-100ths of a share of common stock of the new
company at the price of
$10 per share during the first two
years and $12.50 per share during the
third year.
Creditors—In addition
mentioned above there
claims,
some
to the holders of the
obligations
are certain creditors of the old
company who have
of them entitled to a
preference. To the extent that
preferred claims remain unsettled
will be paid by the new
entitled to
a
upon
the consummation of the plan,
they
company in cash.
General unsecured claims not
preference will, when duly allowed
by the Court, be entitled to
receive common stock of the new
company at the rate of 1-5 share for each
$100 of principal and interest so allowed.
Earnings for July and Year
July—
1940
Gross from
railway
Net from railway
Net ry. oper. income
26,486
2,562,119
393,496
34,982
Net ry. oper. income
x
Revised
figures.—V.
151,
Norfolk & Western
Period End. July 31—
Pass., mail & express
Other transportation
Incidental & jt. facility.
Ry.
$367,488
x67,607
20,343
76,280
From Jan. 1—
Gross from railway
Net from railway
oper. revenues...
p.
Traffic
Transp. rail line
Miscellaneous operations
General
Transp'n for invest.—Cr.
Net ry. oper. revs
2,642,301
506,591
159,726
1938
1937
$348,011
x53,950
11,589
$392,292
68,821
17,838
2,625,631
3,009,483
746.071
348,470
524,052
179,692
1151.
Ry.—Earnings
1940—Month—1939
1940—7 Mos—1939
2,190
2,190
2,190
2,190
$8,752,578
$7,734,320 $56,794,133 $43,263,790
312,997
290,235
2,076,438
1,986,228
31,798
27,269
209,132
187,434
47,976
42,196
386,091
308,805
$9,145,349
Oper. Expenses—
Maint. of way & structs.
Maint. of equipment
to Dale
1939
$387,584
$8,094,020 $59,465,794 $45,746,257
933,016
1,658,169
146,611
774,321
1,567,574
1,811,513
18,934
185,630
10,475
1,722,793
18,417
178,017
5,327
143,498
6,047,389
11,835,709
1,021,099
12,653,090
127,023
1,310,292
110,153
4,908,295
10,073,333
968,981
11,188.468
117,147
1,230.466
22,897
Railway tax accruals...
$4,401,952
1,812,358
$3,694,728 $26,581,345 $17,282,463
1,044,512
9,338,082
6,277,759
Ry. oper. income
Equipment rents (net)..
$2,589,593
$2,650,216 $17,243,263 $11,004,705
234,416
2.113,753
1,198,782
Dr21,478
Drl01,946
Drl08,204
Jt. facil. rents
(net)
Net ry. oper. income.
Other inc. items
(bal.)__
Gross income
Int. & funded debt
Net income
-V. 151, p.561.
325,804
Dr25,978
..
share
unpaid to July 1, 1938, amounting to
.
principal, and
0.8 share of common stock on account of accrued and
unpaid interest.
In addition to a lien on railroad
mileage, these bonds are secured by
pledge of (I) $2,040,000 Norfolk & Southern RR. lst gen. mtge.
5% bonds,
(ii) the entire issue (except directors' qualifying shares) of common stock
and the entire issue of lst
mtge. bonds of the John L. Roper Lumber Co.,
and (iii) $1,000 Norfolk & Southern RR. lst
mtge. bonds.
The holders of
these bonds are offered new lst mtge. bonds, series A
4J^%, dollar for
dollar on account of 10% of principal, and income bonds
dollar for dollar
on account of
50% of principal, and four shares of common stock on account
of the remaining 40%;
plus common stock at the rate of one share for each
$400 of interest accrued and unpaid to July 1, 1938,
amounting to $320.83
per $1,000 bond.
Interest qn the new lst mtge. bonds, series
A, accrues
from July 1, 1938.
The bonds and stock of John L. Roper Lumber Co.
pledged under the lst
& ref.
mtge. and any contracts executed by John L. Roper Lumber Co. are
to be held by a trustee for the benefit of
the lst & ref. mtge. bondholders
of the old company
assenting to the plan whose beneficial interests are to
be evidenced by transferable certificates of
participation in the trust.
(9) Suffolk & Carolina Ry., lst consol. mtge. 5% bonds due
July 1, 1952
(with coupon due Jan. 1, 1933 and subsequent
coupons) exclusive of $50,000
pledged and $8,000 held in sinking fund, $642,000, are allotted per $1,000
bond: $350 lst mtge. bonds, series
A, 4%%; $100 income bonds, and one
share common stock.
The holders of these bonds are offered new
1st mtge. bonds, series A 4 H %,
dollar for dollar on account of
35% of the principal of their bonds, income
bonds dollar for dollar on account of
10% of such principal, and one share of
common stock on account of the balance of
such principal and on account of
interest accrued and unpaid to
July 1, 1938. Interest on the new lst mtge.
bonds, series A, accrues from July 1, 1938.
It is contemplated that the
mileage, or some part thereof, securing this
issue, except for a small footage of main line and certain facilities at
Edenton
and Elizabeth
City, N. C., may be abandoned, and that proceeds from any
salvage and from any sale of Suffolk, Va., facilities will be
applied toward
reorganization expenses or used for working capital. The
property referred
to as subject to possible
abandonment and the proceeds thereof will not be
subject to any of the mortgages of the new company. The
plan shall not
affected in any way,
however, in case of failure to obtain leave to abandon
any such property or to dispose of
any thereof, or in case of a decision not to
proceed with the application for leave to abandon the
sale or any part
thereof. The new company will retain the above
mentioned footage of main
line and the facilities at Edenton and
Elizabeth City.
(10) Unpaid coupons due prior to
July 28, 1932, (including all issues),
$12,275.
Freight
July
are
account of
,
Miles of road
operated..
iQs4AS[folk & ^u^ep RR- 1st gen.
Jo
1933• and
$2,040,000 c<?u?orld^ ian>
on
account of the
notes shall not exceed
$368,000.
& Southern
RR., first mortgage 5% gold bonds due
May 1,
^ith coupon due Nov. 1, 1932, and subsequent coupons),
exclusive of
$316,000 pledged, $1,655,000, are
allotted per $1,000 bonds:
$1,100 first
T?,%geJ??,nd8' seriei A> 4H %; $50 scrip for first mortgage bonds, series
ns
income bonds; $50 scrip for income bonds, and
$8.33 cash
i
J
tssue of $1,971,000, $1,655,000 is held by the public,
$315,000 is
pledged under Norfolk & Southern RR. first
general
is
mortgage, and $1,000
pledged under Norfolk Southern
RR. 1st & ref. mtge.
The holders are
offered dollar for dollar in
1st mtge. bonds, series A
4M%, on account of
?«V?Cioao''> in cash with ?15° in 8Uch l8t mtge. bonds, $150 in income bonds
.oget ur
and $8.33
on account of accrued
and unpaid
interest, the aggregate
par value of the
foregoing given for interest being
equal to total accrued and
unpaid interest as of
July 1, 1938.
Interest on the new 1st
series A, accrues
mtge. bonds,
from
1,
s
bonds
offered new lst mtge. bonds, series A,
50% of principal and income bonds
remaining 50%; plus income bonds dollar
for dollar on account of interest accrued and unpaid to
July 1,1938, amount¬
ing to $300 per $1,000 bond. Interest on the new 1st mtge. bonds, series
A,
accrues from July 1, 1938.
(8) Norfolk Southern RR., lst & ref. mtge. 5% gold bonds due Feb. 1,
1961 (with coupon due Aug. 1, 1932, and subsequent coupons) exclusive of
$2,039,000 held under escrow agreement and $511,000 in
treasury, $11,604,000, are allotted per $1,000 bonds: $100 lst mtge. bonds, series A, 4
M %:
$500 income bonds; four shares common stock on account of
4H%, dollar for dollar
$607,000 new equip¬
acquisition of five new
freight locomotives, and any additional
equipment trust certificates issued
during the receivership, will be assumed
by the new company
(2) Receivers' certificates,
$368,000. These certificates, which it
is con¬
templated will be issued by the receivers
in connection with
the financing
of the capital
expenditures will be exchanged, dollar
for dollar, for
20-year
4% secured notes, provided that the
total aggregate amount of
such secured
common
share for each $400 of interest accrued and
unpaid
July 1, 1938, amounting to $304 per $1,000 bond. Interest on the new
lst mtge. bonds, series A, accrues from July 1, 1938.
(7) Aberdeen & Asheboro RR., 1st mtge. 5% gold bonds due Jan. 1,
1940 (with coupon due Jan. 1, 1933, and subsequent coupons),
$164,000,
are allotted per $1,000 bond: $500 lst
mtge. bonds, series A, 4H%; $500
income bonds, and $300 income bonds on account of accrued and
unpaid
unsecured
Equipments
20-year 4% secured
Aug. 31, 1940
income bonds dollar for dollar on account of 50% of such
principal and four
shares of common stock on account of the remaining
..
$2,889,419
$2,863,153
6,707
5,256
$2,896,126
177,581
$2,868,409
$2,718,545
$2,690,334 $18,165,261
178,075
$19,255,069 $12,095,282
153.538
206,772
$19,408,607 $12,302,055
1,243,346
1,248,099
$11,053,955
&
mt&egold bonds due March 1,
1943 (withi
Sept. 1, 1932, and subsequent
are allotted
coupons), $137,000,
per $1,000 bond:
$1,000 lst mtge. bonds, series
A, 4%%, and
rrJ ur^8i
common stock on account of interest accrued and
unpaid.
<r0 j1*,?
these bonds are offered lst mtge. bonds, series
A4H%,
d(0"irI0f,doI1?r °? acc°nnt of the principal of their bonds; plus common
t»i
i
info
one, share for each $100 of interest accrued and unpaid to
w3Li'i9il8,/mou?tmAg t0 $316 per SI.000 bond. Interest on the new
& \ ^°?d^' senes A, accrues from July 1, 1938.
&
s°uthp°rt Ky., lst mtge. 5%
gold bonds, due June
1965
are
(with coupon due Dec.
1,
1, 1932, and
subsequent coupons), $374,000,
allotted per $1,000 bond:
$100 lst mtge. bonds, series
A, 4%%; $500
bonds; four shares common stock on
income
account or
principal, and 0 76
on account of
accrued and unpaid interest.
holders of these bonds are
offered new lst
mtge. bonds, series A,
4M%, dollar for dollar on account of
10% of the principal of their
bonds,
share common stock
North
American
Co.—Dividends—
The Board of Directors on
Aug. 28 declared regular quarterly dividends
of 75 cents per share on the
6% preferred stock ($50 par value) and 71%
cents per share on the
b%% preferred stock ($50 par value) and a divi¬
dend of 30 cents per share on
the common stock, for the
quarter ending
Sept. 30, 1940, payable Oct. 1 to holders of record
Sept. 10.
In addition the
directors declared a special dividend on the common
stock, also payable Oct. 1 to common
stockholders of record Sept. 10,
in the form of Certificates
for Participating Units of Beneficial
Ownership
of common stock of
Washington Railway and Electric Co.
Each par¬
ticipating unit will represent beneficial ownership of l-40th of a share
of
common stock of $100
par value of Washington Railway and Electric
Co.,
and the special dividend is
payable at the rate of one participating unit
for each 100 shares of
North American common stock.
No fractional
participating units will be issued, but in lieu thereof cash will be
paid at the
rate of 20 cents per share of
North American common stock to holders
of
Volume
The
151
100 shares of
less than 100 shares of such stock and to holders of more than
the excess over the largest multiple of 100 shares
represented by their holdings.
This cash payment is fixed on the basis
of the approximate current bid price of $20 for the participating units which
have been dealt in in the over-the-counter market since the declaration
by the North American Co. of a special dividend on its common stock
payable in such participating units on Dec. 29, 1939.—V. 151, p. 709.
such stock with respect to
Northern Illinois Finance Co. (&
Subs.)—Earnings—
Earnings for the 6 Months Ended June
30, 1940
$424,940
194,360
Provision for losses
58,907
$171,673
Total gross income
49,550
15,000
on notes.
Provision for Federal income tax
$107,123
Net income
Earned surplus, balance Jan. 1, 1940
280,788
16,972
Common dividends
60,999
$309,939
Balance, earned surplus, June 30,1940
Consolidated Balance Sheet June 30, 1940
Assets—Cash, on hand and in banks, $807,316; notes, accounts, and
receivable, $6,248,032; sundry receivables, $22,762; cash surrender
value of insurance policies on life of officer, $13,614; repossessions, $13,169;
equity in farm property, live stock and farm equipment, $76,584; fixed
assets (less, reserves for depreciation of $19,266), $74,113; deferred charges,
$44,213: total, $7,299,803.
Liabilities—Unsecured short-term notes, $4,833,500; accounts payable,
contracts
$32,664; accrued items, $28,284; dealers'
participating loss
$198,254; reserves, $487,523; $1.50 cum. conv. preferred stock,
reserves,
23,355 no
shares, $532,374; common stock, 121,998 no par shares, $867,300;
paid-in surplus, portion of proceeds from sale of common stock, $18,965;
par
$309,939; total, $7,299,803.—V. 150, p. 3522.
earned surplus,
Northern Pacific
Ry.—Earnings—
744,462
1939
$5,323,766
869,585
482,720
1938
$4,795,513
478,464
108,230
1937
$5,652,432
845,490
627,216
36,285,348
7,187,719
income—
5,146,504
33,313,564
4,336,191
2,176,131
29,040,588
2,009,642
def46,603
36,052,011
5,396,251
4,886,206
1940
July—
Gross from railway
$5,661,398
Net from railway.1,088,034
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper.
—V. 151, p. 709.
.
(Del.)—Weekly Output—
Northern States Power Co.
States Power Co. system for the
Electric output of the Northern
ended Aug. 24, 1940, totaled 28,562,904 kwh., as compared
kwh. for the corresponding week last year, an increase of
week
with 27,421,664
4.2%.—V. 151,
1151.
Northwestern
Pennsylvania-Central Airlines Corp.—Earnings—
1940
1,849,607
1,941,525
1939
1,560,571
1,603,615
Revenue passengers carried
Revenue passenger miles flown
87,870
15,877,807
51,750
9,064,727
Mail pounds carried-
680,975
410,343
$1,265,950
1,063,865
558,911
272,881
$816,006
714,644
6 Months Ended June 30—
Revenue miles flown
Express and other revenue pounds carried
Operating revenue
Operating expenses
Allowances for depreciation
40,608
$311,891
9,860
10,272
def31,954
1937
$394,836
95,870
64,453
1,757,608
defl33,471
1,810,129
def83,901
1,581,184
def544,635
2,202,282
173,141
def352,801
def273,661
def760,883
def2,041
1939
$320,767
1940
$306,652
31,787
def3,045
Gross from railway
from railway
Net ry. oper. income
From Jan. 1—
.
Interest expense
Miscellaneous deductions
Provision for Federal and State income taxes.
1938
Gross from railway
Net from railway
Net ry. oper. income
—V. 151, p. 562.
Northwestern Public Service Co.—Bonds
Called—
.
,,
P.
1152.
1940— Month—1939
1940—12 Mos.—1939
$1,600,893
$1,446,427 $19,811,407 $19,140,646
31—
Grossrevenue
____
Oper. exps.& taxes
Prov. for depreciation
_
829,205
225,000
718,242
200,000
9,592,586
2,675,000
9,079,599
2,400,000
$546,689
285,906
$528,185
286,256
$7,543,821
3,381,027
$7,661,047
3,444,868
_
~~
Gross income
Int. & other deductions_
~$260^782
$241,930
$4,162,795
2,295
450
$122,497
$122,497
$4,883
$14,582; sundry investments at cost, $285;
struction in progress,
prepaid
expenses and deferred charges, $146,385; going concern value of predecessor
companies, reflected to the extent of the excess of liabilities assumed and the
aggregate par value of stock issued, over tangible assets taken over as at
Nov. 1, 1936, $238,873; total, $2,603,229.
Liabilities—Notes
payable,
$295,333; accounts payable, $118,071;
accrued liabilities, $136,140; provision for engine overhaul, $26,651; deposits
on air travel card accounts, $38,777; notes payable to bank, due in instal¬
ments from Sept. 1, 1940 to Dec. 31, 1943 ($1,150,000), $867,600; reserve
for possible liabilities of predecessor companies, $5,820; capital stock (par
$1), $271,739; capital surplus, $871,666; operating deficit, $28,568; total,
$2,603,229.—V. 151, p. 998.
Pennsylvania RR. Regional System—Earnings—
[Excluding Long Island RR. and Baltimore & Eastern RR.]
Period End. July 31—
1940—Month—1939
1940—7 Mos.—1939
Railway oper. revenues.$41,069,025 $34,468,737 $262299,053 $224544,348
Railway oper. expenses. 29,054,646
24,675,227 188,460,527 166,111,233
Net rev. from ry.
$9,793,510 $73,838,526 $58,433,115
2,606,300
20,468,300
16,047,300
465,502
3,474,182
3,185,473
426,590
3,474,224
2,872,055
655,264
4,768,895
3,047,562
92,443
1,309,953
899,119
oper.$12,014,379
3,323,000
528,514
Railway taxes
Unemploy. ins'ur taxes.
528,514
Equip, rents—Dr. bal__
Jt. facil. rents—Dr. bal.
840,559
Net ry. oper.
233,994
$5,547,411 $40,342,972 $32,381,606
income. $6,559,798
Earnings of
Company Only
1937
1940
1939
1938
..$40,968,804 $34,375,980 $29,458,498 $39,968,080
11,462,516
12,009,590
9,788,040
9,223,167
7,322,194
6,571,361
5,517,041
5,026,413
income..
July—
Gross from railway
Net from railway
..
.261,740,768 223,999,384 196,983,150 274,467,583
73,936,711
58,548,413
51,049,238 70,077,248
40,520,737
32,328,042
24,705,257 44,917,744
Net from railway
.
Net ry. oper. income.
—V. 151, p. 711.
.
Pennsylvania-Reading Seashore
Net ry. oper. income.
From Jan. 1—
...
Gross from railway—
Pere
1937^
$959,001
371.802
71,202
3,024,158
def264,995
3,245,516
defl48,274
__
Net from railway
$737,260
194,213
def73,541
2,884,374
def287,367
3,630,478
181,405
1938
1939
$769,981
207,618
def56,430
Net from railway..
Lines—Earnings—
$732,276
181,471
def70,996
1940
July—
Gross from railway..
def1,343.308 def1,399,997 def1,058,883
Marquette Ry.—Earnings—
1940—Month—1939
1940—'7 Mos —1939
$2,439,595
$2,215,591 $18,373,800 $15,939,081
2,013,496
1,883,519 14,416,061 13,226,296
Period End. July SI—
Operating revenues
Operating expenses
Net oper. revenue
Railway tax accruals—
Net income.
$7,629
Balance Sheet June 30, 1940
Netry. oper. income.. .def1,325,475
—V. 151, p. 711.
Ohio Edison Co.—Earnings—
Period End. July
$174,363
17,320
Assets—Cash on hand and demand deposits, $294,975; accounts receiv¬
able, $326,328; inventories, $102,264; cash from sale of Boeing airplanes
released from indenture; pledged with mortgagee in substitution therefor,
$45,000; property and equipment, at cost (less, allowances for depreciation
of $416,223), $1,335,789; ground equipment and improvements on leased
premises (less, allowances for depreciation of $112,903), $98,748; con¬
Gross from railway—
Jan. 1, 1941, all of its outstanding
A 5%, due Jan. 1, 1957, at par and accrued
The bonds will be redeemed at the office
of the Chase National Bank, 11 Broad St., New York.
Holders of the
bonds may present same for payment on and after Aug. 29 and the bonds
will be redeemed in the order of their presentation on the same terms, with
interest to Jan. 1, 1941, plus the full premium of 4%, provided that not mor s
than $4,650,000 in aggregate principal amount of the bonds are paid prior
to the close of business on Dec. 31, 1940.
The Securities and Exchange Commission made effective Aug.
22 a
declaration by the company covering the issue and sale of $6,000,000 of
4% first mortgage bonds'of 1970 and $500,000 of 2H % serial notes.—V.
Company is calling for redemption on
$5,489
2,139
33,600
Net income
Net ry. oper.
From Jan. 1—
first mortgage gold bonds, series
interest plus a premium of 4%.
95,872
946
Other income
"
151,
117,182
$84,902
89,459
Operating income
Railroad retirem't taxes.
Pacific RR.—Earnings—
July—
Net
Payment—
__$387,911
Total
$1.50 cumulative convertible preferred dividends
p.
Paulista Ry. Co.—Interest
Ladenburg, Thalmann & Co., as fiscal agents are notifying holders of
refunding 7% bonds that they have received funds for the pay¬
ment of the March 15, 1940, interest.
Payment will be made on and after
Aug. 28, 1940.—V. 150, p. 1609.
first and
Total miles flown.
Operating income
Operating expenses
Interest
1287
Commercial & Financial Chronicle
$4,216,179
$426,099
196,266
$332,072
163,553
$3,957,739
1,294,263
$2,712,785
$1,617,595
1,095,190
Equipment rents (net)--
155,577
1,866,923
1,866,923
$86,353
$2,295,872
$2,349,256
stock
Balance
—V. 151, p.
155,577
$105,205
Divs. on pref.
85,885
54,674
$168,519
83,881
54,830
$2,663,476
588,656
275,609
280,300
income.
$89,274
39,796
$29,807
18,230
$1,799,211
348,563
$850,574
238,181
$129,069
5,513
$48,038
8,221
$2,147,774
42,999
$1,088,755
5,737
270,611
39,722
42,217
1,868,691
1,892,835
$236,532 sur$196,362
<>892,707
575
575
$236,532 sur$195,787
$893,282
$229,833
Operating income
Joint facil. rents (net)..
709.
Net ry. oper.
Ohio Water Service
Directors have
declared
a
Co.—To Pay $1 Dividend—
Other income
dividend of $1 per share on the class A com¬
Sept. 30 to holders of record Sept. 14.
Dec. 29, last and previously quarterly
stock, no par value, payable
Dividend of 90 cents was paid on
Miscell. income deduc's.
dividends of 70 cents per share were
Rent for lease
mon
distributed.—V. 151, p. 424.
of roads &
5,366
equipment
Oklahoma
City-Ada-Atoka Ry.—Earnings—
1940
$25,242
7,752
1939
$28,3.54
4,907
1,115
def2,131
166,285
34,115
defll,122
221,841
72,335
July—
Gross from railway
Net from railway.-----
income
Net ry. oper.
From Jan.
Gross from
railway
Net ry. oper. income
—V. 151, p. 709.
9,206
302,801
106,929
250,741
76,042
14,884
44,646
1940—12 Mos.—1939
$1,275,137
832,939
$103,773
$415,895
4
457
$442,199
1,614
$89,832
72,228
deductions-
$1,324,336
908,441
56
Gross income...
$305,143
201,369
$89,776
income.,
(net)
$103,777
75,993
$416,352
292,043
$443,813
305,797
$17,604
Net income..
$27,784
$124,309
$138,015
4135.
Pacific Gas & Electric Co .—Power Rates Reduced —
The State Railroad Commission of California announced on Aug. 21 a
$5 000,000 a year gas and electric rate reduction for northern California.
The cut will save electric consumers of the company $2,000,000 a year and
its gas patrons
$3,000,000.
Commissioner Ray C.
Wakefield said the reduction would become effec¬
and "is the largest single reduction in rates ever
of the Railroad Commission."—V. 151, p. 998.
tive in October
the 28 years
$147,568
Net deficit
Inc. applied to sinking &
other reserve funds. _
Deficit transferable to
$147,568
profit and loss.
151, P. 563.
made in
Parr Shoals Power Co.—Bonds Called —
$13,000 first mortgage 5% s. f. gold bonds, due April 1, 1952,
has been called for redemption on Oct. 1 at 105 and accrued interest.
Pay¬
ment will be made at the Irving Trust Co., N. Y. City.—V. 149, p. 1484.
A total of
46,411
—V.
Co.—Bonds Called—
$27,000 first mortgage 5^% sinking fund bonds, series A,
1, 1959 has been called for redemption on Oct. 16 at 102 and
accrued interest.
Payment will be made at the Union Trust Co. of St.
Petersburg, Florida.—V. 150, p. 2893.
A total of
Co.—Earnings—
$318,307
228,532
Other income
—V. 150, p.
27,679
1940—3 Mos.—1939
Period End. June 30—
Operating revenues
Operating exps. & taxes.
Int. & other
$42,372
13,883
26^,758
debt
Pinellas Water
Oklahoma Power & Water
oper.
1937
1938
$37,447
11,493
1,920
1—
Net from railway
Net
Interest on
486,720
due Sept.
Pet Milk Co.
(& Subs.) —Earnings
30—
1937
1938
1939
Costs and expenses
Depreciation
1940
$8,829,568
7,926.290
$7,214,968
6,481,449
$7,002,653
6,334,002
195,022
3 Mos. End. June
Net sales
183,940
175.330
165,704
$493,321
$346,581
3.987
$7,463,459
6,951,174
$708,257
1,169
xl45,211
11,890
67,428
$350,568
22,065
72,211
612
609
777
$442,702
$415,057
$255,515
110,338
110,338
110,338
$443,814
Net profit
dividends
Earns, per share on
x
$494,984
$554,1.53
110,339
Minority interest
(no
1,663
$550,437
5,113
102.010
748
Federal income tax, &c_
354
858
$332,364
$304,719
$145,177
$1.25
$1.00
$0.94
$0.57
9,314
Interest
Common
$549,579
$709,426
Other income.
shs.
par)
com.
441 ,stock
Federaljtaxes'havejbeen providedlfor on basis
of tax laws now in effect.
Consolidated Balance Sheet
1,060,228
Customers" accts 2,630,135
781,477
1,632,197
34,323
54,167
hand,-,-.—
Misc. accts. recelv.
Due from em pi.
19,059
3,878.742
Real est., mach.
and equipment. 7,746,784
Goodwill.....—
831,347
7,335,718
—
*
— „
Invest. A ad vs.—
037,008
y
Del. chgn. to oper.
x
After
reserve
$
1,663,844
Acer, sals. A wages
1,209,277
75,502
150,373
75,034
Accrued taxes
8132,960
Sundry accts, pay.
145,017
94,957
.c2,400,000 *1,100,000
Fed. income, tax..
302,937
305,365
Res. for insurance.
257,648
256,631
Min. int. in subs..
2,323
1,534
z Common stock—
7,798,534
7,798,534
Earned surplus... 4,592,056
4,346,191
831.347
174,049
178,895
Total...
—
.,..17,370,354
15,344,364
for doubtful debts and discounts of $127,049 in 1940 and
$117,396 In 1939.
y After reserve for depreciation of $7,179,428 in 1939
and $6,763,193 in 1938. z Represented by 441,354 no par shares, a $900,000 current and $200,000 not current, b Includes accrued int. c $2,200,000
current and
$200,000 not current.—V. 150,
p.
3370.
Provincial Light, Heat & Power Co., Ltd.—Bonds
Called
5% bonds due Sept. 1, 1946 has been
Sept. 1 at 105.—V, 147, p. 1351.
Public Service Co. of
Indiana—Earnings1940—12 Mos.—1939
Period End. July U—
1940—7 Afos.—1939
Operating revenues...— $9,733,433
$9,172,641
Oper, exps. and taxes...
7,100,637
6,542,404
$2,630,237
$4,545,980
Drl63,616
Prl96,214
$4,640,094
Pr287,693
$2,541,168
1,430,033
$2,466,621
1,657,891
$4,349,765
2,607,426
$4,352,401
2,872,056
$1,111,135
$808,730
$1,742,339
$1,480,346
Gross income.—.—..
Int. & other deductions.
Net
$16,786,315 $15,604,518
12,240,336
10,964,424
income. $2,632,796
Dr91,628
Other income—.—
Philadelphia Co. (& Subs.)—Earnings—
——— —
1940
31,
A total of $67,000 first mortgage
called for redemption on
-V.
Years Ended June 30—
1940
1939
Operating revenues-,..——.....——...———$46,624,662 $41,944,601
Operation
15,544,837
14,622,150
Maintenance and repairsr
3,380,585
3»058,802
Appropriations for retirement and depletion res...
5,839,444
5,538,552
Amort, of limited-term utility investments, lease¬
holds, Ac.
—
27,428
19,953
Taxes (other than income taxes)
.....
3,128,745
2,999,431
Prov. for Federal & State income taxes.
2,828,133
1,858,150
Aug.
of from 3% to 414%.
Company officials estimate plant would be in
operation for 10 months next year, and would earn net profit of $1,200,000
on capacity output In that time, all of which would be applied to repa/yment
of loan.—V. 151, p. 564.
Net operating
.17,370,354 15,344,3641
Total
$
Notes payable
A
17,177
4,260,489
704,978
agent#
Inventories—
Liabilities—
Accounts payable.
Cash in banks and
on
JuneZO '40 Dec .31/ 39
June 30'40 Dec,31/39
$
Assets—
x
Chronicle
The Commercial & Financial
1288
income
.—
151, p. 858.
Quebec Power Co .—Earnings
1940
1939
$2,311,615
1,397,158
251,134
157,635
179,737
$2,163,138
1,357,903
253,490
$325,951
$316,873
6 Mos. Ended June 30—
Gross revenue.
;.
—
_
>—
.
— — -
—
*
Operation, taxes and other expenses.....
Fixed charges
... —
Provision for depreciation
.....
i
Provision for income taxes.„
.
.
—
.....
—
.......
157,133
77,739
—
—
...
—
Net
operating revenue...,
——————$15,875,490 $13,847,563
347,384
221,720
Other income less non-oper. rev. deductions..... j.
.
—-.1
Gross income
Interest on funded debt.
Amort, of debt discount and expense..——
Interest on Federal income tax settlement—.
—
.
—
—
-$15,528,106 $13,625,843
.
5,463,220
507,702
83,434
15,673
Cr48,947
524,669
69,192
199,285
76,144
„
...
..
Other interest—
Interest charged to construction.
a
.
Appropriation—
b Guaranteed payments.
...... ————...
Taxes assumed on interest and dividends.,..,....
Miscellaneous deductions-.......
Net
inc.
73,160
before
deducting amounts applic. to
minority interests......—.——$8,637,733
Dividends on capital stocks of subsidiaries.
1,581,875
Minority Interest In undistributed net inc. of a sub.
24,101
.
Consolidated net income..
a
5,466,996
509,153
207,247
17,606
Crl 14,036
561,490
69,192
199,352
...
... —
—
$7,031,757
$6,635,684
1,575,000
27,574
Surplus for half year......
426.
Cold
Market
Quincy
All of the
outstanding T Wharf loan first mortgage 20-year 5J^% gold
redemption on Nov. 1 at 102
bonds due May 1, 1946 have been called for
Payment will be made at the New York, Boston and
and accrued interest.
Radio-Keith-Orpheum Corp. (& Subs.)—Earnings•—*
Statement of Earnings for 26 Weeks Ended June 30,1940
operations.——
....
$1,425,592
Depreciation and taxes
— ——
— -1,058.386
Provision for dividends accrued during the period on preferred
stock of a subsidiary, in hands of the public— — — ——_
146,388
Profit from
Net profit after
all charges—
7'
Rayonier, Inc. (& Subs.)—Earnings•
3 Mos. Ended July 31—
Profit from operations.
—
Prov. for depreciation and depletion..
adjusted to reflect changes in the classification of certain items and to
certain items applicable to the period charged directly to surplus during
1939.—V. 151, p. 563.
—V. 151, P.
—
The Securities and Exchange Commission, Aug. 21, announced that it
had granted the application of the Chicago Stock Exchange to strike from
listing and registration the common ($1 par) of the company.
The appli¬
cation stated, among other things, that the security was suspended from
trading on the Exchange on May 22, 1940, and that on June 19, 1940,
the company notified the Exchange of the discontinuance of its transfer
agent and registrar.
The company has sold a substantial part of its assets,
the application stated, which has resulted in a discontinuance of operations.
The Commission's order granting the
application becomes effective at
the close of the trading session Sept. 4, 1940.—-V. 150, p. 3894.
J. B. Morrow of suburban Mount Lebanon was on Aug. 28 elected Presi¬
dent of the company,
He succeeds J. D. A. Morrow, no relation, who
resigned earlier this month to become President of the Joy Manufacturing
Co. of Franklin, Pa., builders of merchanical mining equipment.—V. 151,
page 999.
1939
1938
1937
$1,569,745
276,225
298,714
$1,139,888
138,735
180,603
$2,133,410
12,792,797
2,520,101
8,917,106
558,741
6,927,657
Net from railway—...
3.849
14,576,793
2,922,058
—vri51Pp *9990me""""
2'662'826
946,722
415,669
2,865,166
Net ry. oper. income—
From Jan. 1—
Gross from railway..—
537,377
545,681
July—
1940
t
Gross from railway
Net from railway. _.
...
Net ry. oper. income...
From Jan. 1—
Gross from railway —i—
Net from railway..
—.
Net ry. oper income—
_
—V. 151, p.
$89,385
19,052
7,584
692,373
204,220
106,013
1939
1937
1938
$65,971
8,250
def3,830
$55,503
3,013
def7,438
499,005
106,239
477,194
69,989
21,277
def 19,827
$87,589
5,536
def 7,850
596,266
57,577
def25,422
711,
Pittsburgh & Shawmut RR. —Earnings—
Net ry. oper. income...
From Jan. 1—
Gross from railway.
Net from railway......
Net ry. oper. income...
1940
$134,277
Net from railway.
Net ry. oper. income.„
1939
1938
48,561
$29,556
def7,455
def 7,044
1937
$50,738
1,913
2,498
728,679
264,337
179,456
291,171
defl2,770
def29,746
272,146
def45,147
def48,094
367,244
def9,542
16,387
—V. 151, p. 711.
^
Net from
railway
Net ry. oper. income—
Gross from railway....
Net from railway......
.
jncome—
—V. 151, p. 1154.
.
1937
$327,688
62,108
38,045
$308,934
$268,092
$350,760
108,899
89,917
61,375
69,238
73,797
2,373,562
623,009
1,735,578
454,255
1,594,013
305,772
493,013
331,998
285,781
1—
Nexr r7=t0per%
55,680
2,547,320
678,771
754,292
Plattsmouth Bridge Co.—Bonds Called—
^ jrf the outstanding 6% bonds due March 1, 1944 have been called
for redemption on Sept. 1 at 102.
Potash Co. of America—iO-Cent Dividend—
regular quarterly dividends of 25 cents per share
were distributed.
Puget Sound Pulp & Timber Co.—To Vote
on
New Plant
special meeting of stockholders for Sept. 9 to vote
oil construction of a new plant addition which
would increase the company s capacity to produce unbleached sulphite pulp from 100 to 150,000
a
tons a year.
Cost of the addition is set at
acquire on an
30,485,670
8,296,877
5,822,074
26,991,815
6,261,778
4,543,115
36,265,107
11,757,347
8,980,469
10,481,509
7,024,424
1939
Profit
sales..
on
Expenses
......
...
Interest
Federal taxes.
—
—
Net profit.
—
_.
_
...
—
.
——
......
$591,895
.
$3,727,750
3,179,608
$62,012
145,769
16,012
60,068
22,231
$548,142
206,601
4,198
46,903
5,793
41,537
$114,388 loss$182,068
$1,118,113
202,536
18,731
42,783
15,681
y246.487
1937
$1,632,671
1,570,658
$376,899
150,180
28,026
64,270
20,036
—
1938
$2,578,505
2,201,606
6 Mos. End. June 30—
1940
Sales
$4,749,719
Cost of sales——
3,631,605
z$243,110
145.000
Dividends
Shares capital stock out¬
—
$2.04
290,000
$0.84
290,000
290,000
$0.39
290,000
standing (par $1)—
Earned per share
Nil
$90,095 real and personal property, social security, franchise and capital
stock taxes and $156,392 provision for Federal income taxes,
z Before sur¬
tax on undistributed profits.
y
Balance
1940
Assets—
Sheet June 30
1939
1940
Liabilities—
1939
Common stock and
Fixed assets
.51,036,304 52,365,400
Cash
331,396
163,112
y Accts. receivable
424,457
632,248
surplus—-a$l,847,833x51,719,023
Funded debt
b300,000
*400,000
Advs.
Notes payable.
,
A
to
350,000
969,150
Accounts payable.
Taxes payable.—
157,017
8,028
143,075
2,231
5,742
Unclaimed divs—
699
718
319,400
Accr'd wages, Ac.
98,603
65,462
5,124
salesmen
branch
plant
rec..
...
1,941
5,742
342,456
Cash surr. value of
life insurance...
Loan
rec.
officers.
Patents,
goodwill
A development.
Deferred charges..
—
Accr'd mold chgs.
13,821
7,987
...—
48,615
Social sec. taxes..
10,624
7,987
Prov.
for
1
Reserves
32,084
Federal
170,864
income taxes...
1
29,621
9,148
19,858
........
12,321
57,088
Total ——$3,001,518 $3,356,104
—$3,001,518 $3,356,104
Total
Represented by 290,000 shares, $1 par value; paid-in surplus (subject to
of treasury stock), $965,939, and earned
surplus of $591,895.
b Includes $60,000 instalment due within one year,
x Represented by 290,000 shares, $1 par, valued at $1,349,113, after de¬
ducting 7,132 shares held in treasury valued at $33,179.
Paid-in surplus,
$327,591, and earned surplus, $42,319.
y Less reserve for doubtful ac¬
counts.
z
Includes $100,000 instalment due within one year.—V. 151,
p. 1156; V. 150, p. 3214, 1786, 1294, 1145; V. 149, p. 4040.
$1,500,000, which the company proposes to
unsecured bank loan, maturing 1941-1945, at interest rates
Richfield Oil Corp.—Earnings—
6 Months Ended June 30—
Sales, excluding State and
gasoline and oil taxes
Gther operating revenue
1938
1939
1940
Federal
—,
1
$20,916,077 $20,619,071 $20,566,489
1,241,985
434,390
882,657
$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
590,203
496,243
349,140
Cr370,716
Cr9,109
Dr22,792
Interest on debentures
186,422
188,528
169,155
Amortization of debenture discount..
47,543
31,997
29,425
Estimated prov. for Fed. income taxes
225,000
125,000
35,000
Total operating income..
Cost of sales and services.—
Directors have declared a dividend of 40 cents
per share on the common
stock, par $5, payable Oct. 1 to holders of record Sept. 14.
Previously
Company has called
1937
$4,496,786
1,223,255
1,053,300
restriction of $7,132 in respect
Pittsburgh & West Virginia Ry. —Earnings—
July—
1940
1939
1938
Jan.
1938
$3,459,593
770,368
647,095
a
Gross from railway—...
brom
1Q3Q
$4,296,321
1,187,196
808,219
—V. 151, p. 564.
Inventories
$36,148
dei7,076
def7,581
61,984
$217,516 loss$183,264
$5,278,984
1,674,085
Net ry. oper. income.— 1,142,302
From Jan. 1—
Grass from railway35,180,461
Sundry notes
July--
$355,942 loss$119,206
95,367
64,058
43,059
—-
1Q40
managers--.—.
Gross from railway.....
Net irom railway......
421,763
$2,154,434
139,342
Co.-—Earnings—
Reading
Juht
Gross from railway...__
Net from railway..
—
Pittsburgh Shawmut & Northern RR.-—Earnings—
^
......
Depreciation—
1940
$2,229,935
712,058
639,676
—.
———
712.
Idle plant expense (net)
Pittsburgh & Lake Erie RR.—EarningsJuly—
1938
$167,821
287,027
287,717
$1,593,329
Profit from operations—..
Net profit...
1939
$643,659
1940
$2,533,071
378,637
Reynolds Spring Co.—Earnings—
Pittsburgh Coal Co.—New President—
Gross from railway.
Net from railway
$220,819
———
—
—V. 151, p. 858.
Int. & other exps. net of other income
Provision for Federal income taxes..
Pines Winterfront Co. —Stock Delisted
Co.—V. 151, p. 564.
Philadelphia offices of Brown Brothers, Harriman &
guaranteed by Philadelphia Co,
b On the Consolidated
City of Pittsburgh preferred capital stock.
Notes (1) This statement excludes Pittsburgh Rys. and its subsidiaries,'
street railway subsidiaries of Philadelphia Co., and Beaver Valley Traction
Co., and its subsidiary,
(2) In the above statement of income the previous year figures have been
way companies
Gas Co. of thd
& Warehouse Co.—
Storage
Bonds Called—
$5,033,109
To reserve for payments (made to others) on obligations of street rail¬
—
—V. 151, p.
Selling, general & admin, expenses...
Deprec., depletion & amortization._
Dry hole losses and abandonments
Net non-operating income
...
Net profit.
Earnings per share
common
stock
—V. 151, P. 1004.
— .
on
4,010,000 shs.
$2,112,479
.
$0.52
$1,196,128
^
$1,005,383
.
$0.30
$0.25
Volume
The
151
RR.—Earnings
Richmond Fredericksburg & Potomac
1939
Grose from railway
$667,424
135,105
-
$651,503
159,265
Net from railway
41,450
78,082
46,386
5,692,257
1,463,952
517,555
5,223,223
1,377,540
4,724,361
945,961
544,525
256,231
Net ry. oper. income.—
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income——V. 151, p. 565.
$667,162
172,448
$558,269
116,067
91,764
.
5,377,854
1,599,668
797,027
Housatonic, Mass.—New
Rising Paper Co.,
Stock Issue
be known as
This stock may be
each holder of the
company's preferred stock $2.50 for each share held and one share of fund¬
ing stock carrying 5% cumulative dividend from Oct. 1, 1940, for each $20
Stockholders have voted to create a new
class of stock to
Cur¬
$327,025
working capital,
As of July 13,
rent assets
of
$256,512; and net
Telephone Corp.—Earnings—
Rochester
Period End.
liabilities,
current
inventories;
$302,022.
Uncollectible oper. rev._
Operating revenues-.Operating expenses.
$463,246
311,361
Net oper. revenues.__
$151,885
64,305
Operating taxes..
$87,580
Net oper. income
Net income
60,636
151, p. 860.
declared an extra dividend of 30 cents per share in addition
to the regular quarterly dividend of 30 cents per share on the common stock,
par $5, both payable Sept. 16 to holders of record Sept. 5.—V. 150, p.
3527.
initial dividend of 25 cents per
stock, payable Sept. 16 to holders of record Aug.
Directors have declared an
2436.
31.—V. 150,
<':i
6,581
1938
$235,673
defl2,170
def40,551
2,014,453
101,858
1,896,149
56,409
1,635,171
def203,254
def65,959
def95,224
$264,894
29,575
-
Net from railway.u
—
-
Net ry. oper. income
—V. 151, p. 1004.
St. Helen's
Pulp & Paper
2,096,336
188,180
$2,146,136
597
$1,991,019
3,006
$2,168,541
$2,010,032
677,487
$2,146,734
676,180
$1,994,026
$1,487,774
$1,332,544
$1,470,553
$1,331,866
$2,332,938
$2,217,630
$1,927,977
$1,846,763
117,749
178,096
66,883
5,000
$3,938,461
440,475
$3,728,271
$3,465,414
$3,183,630
440,475
440,475
802,600
802,600
802,600
440,475
802,600
3,418
9,862
3,033
6,741
62
12,578
4,646
surplus end of
$2,682,105
period- —
,$2,475,421
$2,217,630
Gross income
33,461
income
Net
dividend of 60 cents per share on the common
Sept. 1 to holders of record Aug. 26.
Dividends
paid on June 1, and March 1, last; 60 cents on Dec. 1,
40 cents on Sept. 1, 1939; 20 cents on March 1, 1939 and one of 40
was paid on Dec. 1, 1938.—V. 150, p. 3987.
Brownsville & Mexico
St. Louis
1940
$415,083
railway.49,640
railway--.-
1938
$376,210
38,748
24,598
6,530
4,392,001
1,492,160
4,694,796
1,895,486
4,558,056
1,685,160
1,018,480
1,353,618
1,125,385
railway
— _
Net from railway-.---
Gross from
Net ry. oper. income
—V. 151, P. 712,
Other income.
1937
$374,101
15,350
85,202
5,013,751
2,005,023
1,478,594
Francisco Ry.—Earnings of System —
1940—Month—1939
1940—7 Mos.—1939
$4,145,141 $4,154,193 $26,620,l-,4 $26,360,861
St. Louis-San
_
Other add'ns to
3,198,856
income.620,284
16,303
3,37V ,627
424,577
14,044
22,761,318
1,433,389
102,627
22,992,979
807,403
89,615
$636,587
6,283
Total income
deductions.
&c.
Bal. avail, for int.,
$438,621
$1,536,016
50,089
$630,304
$431,843
$1,485,927
$848,412
Earnings of Company
1940
July—
railway—-.. $3,958,590
Net from railway
890,026
Net ry. oper. income—
598,571
Gross from
Jan.
48,607
Total surplus
Int.
25,532,127
3,713,985
income-.
1,534,099
railway.
Net from railway—
Net ry. oper.
Only
1939
$3,912,869
679,569
363,190
25,144,453
3,11«,196
813,040
Francisco & Texas
1937
$4,595,167
1,016,862
1,491,273
2.,034,473
1,902,366
def609,848
29,275,603
5,402,676
3,904,701
13,691
1937
$229,470
108,272
105,715
799,792
99,180
980,481
230,896
991,451
217,130
917,707
146,327
defl32,074
defl6,336
$143,319
46,18.5
Net ry, oper. income—
From Jan. 1—
Gross from railway—.—
railway
Net ry. oper. income—
—V. 151, p. 712.
Ry.—Earnings—
1938
$193,529
73,904
35,039
railway—.—
from railway
1939
def58,386
def98,898
Southwestern Railway Lines—Earnings—
1940—Month—1939
1940—7 Mos.—1939
revenues. $1,483,338
$1,500,091 $11,424,852 $10,816,747
expenses.
1,096,510
1,316,289
8,251,418
8,769,484
St. Louis
Period End.
Railway oper.
Railway oper.
July 31—
from ry. oper.
Railway tax
$386,528
109,569
accruals
$183,803
115,575
$3,173,434
777,211
774,302
$276,959
23,858
$68,228
27,827
$2,396,223
158,311
$1,272,961
195,145
Total ry. oper. income
$300,818
$96,054
$2,554,534
$1,468,106
oper.
June 30 '40
Intangibles
—
..
—
—
292
738,261
Drll2 626
Drl09,295
524 405
457,642
732
—
—
193,356
1,144,632
1,201,640
Net ry. oper. income,
Non-operating income..
$114,356
9,039
def$97,302
8,296
$1,409,902
49,196
$266,466
51,633
Gross income....—
$123,395
def$89,006
253,744
268,725
$1,459,098
1,854,365
$318,099
1,873,583
$130,348
$357,731
$395,267
$1,555,484
Deduc. from gross
inc..
—
151, p. 712.
San Antonio
July—
railway.
railway
Gross from
Uvalde & Gulf RR.—Earnings—
1940
1939
1 938
$99,219
$93,961 S
$83,738
596
def 1,168
def21,826
— -
def28,954
def28,956
def53.761
705,491
9,694
income-.. def206,397
808.162
73,079
679,242
def86,630
def310,954
Net ry. oper. income—
From Jan. 1—
railway—..Net from railway
Gross from
Net ry. oper.
—V. 151, p. 712.
4,832
110,118
110,118
149,116
144,765
filiated cos..
Dlv. pay. on
Accrued salaries &
4
73
filiated company
67,436
36,203
1,022,032
21,292 Accrued taxes
110,849
14,485 Accrued interest..
1,593,496 Other current and
accrd. liabilities.
1,115
Deferred liabilities
123,214
841,225
wages..
6. 710
(other)
1,652 952
_
Disot. and expense
477,567
477,567
capital stock.
...
....
36 422
Prepayments
111,078
984
117,872
9,665,275
10,313,397
3,867
Reserves—Deprec
Amortization,&c
3,867
204,527
168,172
587,105
2,682,105
2,475,421
Other...
Contributes in aid
construction.
of
Earned surplus
Total
——
Total
.-.47,667,692 46,792,439
— —
are
Gas & Elec¬
$16,000,000 Bonds Privately—
To Sell
The
572,501
.47,667,692 46,792,439
plan of exchange of Standard
given under that company.
The terms of the
20, announced that
Exchange Commission, Aug.
and
Securities
Holding Company
$16,000,000 of 3%%
Society
accrued
to the
4% first mort¬
short-term notes
in part, for
had filed an application (File 70-145) under the
regarding the proposed issuance and sale of
first mortgage bonds, due 1970, to the Equitable Life Assurance
of the United States at 107.38% of the principal amount and
interest.
The proceeds from the sale of the bonds will be applied
redemption, at 107% and accrued interest, of $15,500,000
gage bonds, due 1965; to the retirement of $250,000 in
payable to banks; and to reimburse the company's treasury,
construction expenditures.—V. 151, p. 1156.
company
Act
Corp.—Earnings
Schumacher Wall Board
3 Mos. End. July
1939
$44,772
prof, after all charges
713.
—
1937
1938
1940
31—
$39,591
$17,550
$33,942
—V. 151, p.
Scranton Lace Co.—50-Cent Dividend—
declared a dividend of 50 cents per share on the common
stock, payable Sept. 30 to holders of record Sept. 10.
Dividends of 25
Directors have
cents were
paid in two preceding quarters; 75 cents paid on
and previously regular quarterly dividends of
distributed.—-V. 150, p. 2440.
Sept. 30, 1939,
Dec. 14 and
25 cents per
Earnings—
Seaboard Air Line Ry.-
1940
$3,285,957
from railway.222,943
ry. oper. income—
defl5,934
July—
Net
railway
I—
Gross from railwayNet from railway—
From Jan.
28,149,028
5,158,075
2,162,699
— -
Net ry. oper. income
—'V. 15f, p. 713.
defl46,560
1939
1938
1937
$3,035,981
$2,619,943
208,549
$3,004,168
358,666
def9,098
21,049
defl85,161
25,869,981
4,610,232
1,663,530
23,711,824
3,727,537
870,589
'
sidiary company
Miscellaneous income
742,192
82,136
defl30,838
64,000
$406,765
13,964
$430,781
34,000
14,489
27,000
16,935
— --—
-------
11.373
$479,271
295,303
Operating expenses —
Int. on indebtedness during the period
Prov. for Federal taxes on income.—
$464,663
292,844
52,507
18,800
$471,958
254,951
52,394
22,000
62,197
19,000
Net income.
,t
Dividends on preferred stock
Dividends on common stock
$100,512
25,000
40,602
$142,613
$102,771
25.000
25,000
40,508
Gross
earned income— — —
—_—
—
— .
Comparative Balance Sheet
1940
Assets—
$
40,602
June 30
1939
$
1940
$
Liabilities—
7,223,000
Accounts pay'Ie.
12,635
1939
$
7,021,500
Notes & accts. rec.
1,216,021
9,184,301
1,493,293
8,686,692
Notes pay., unsec.
93,333
41,802
Accr. taxes, &c—
57,099
59,390
Misc. accts. rec—
&c.
13,283
11,360
partic. res
143,538
156,343
165,634
2,235
2,235
Furn.Jixt. & equip
44,659
.50,607
Prepaid exps. and
deferred charges
45,986
44,248
Invest, on
x
Dealers'
Reserves.-,
wholly-
—
165,446
213,301
1,000,000
1,015,050
...
Total. —
expenses.—V. 151, p. 860.
10.599,818 10,330,237
Total
Includes accrued
Shawinigan Water & Power
Gross revenue.,-,
Expenses
Fixed charges
Exchange
Provision for
-
-
-----
:— —
depreciation
Surplus for balf year.
-V. 151, p. 429.
306,576
439,679
383,065
10,599,818 10,330,237
1940
$8,065,652
— -
1939
$7,244,216
1,928,753
131,449
900,000
504,572
3,250,196
1,876,004
12,000
800,000
198,946
$1,133,723
$1,107,070
3,467,155
—
Provision for income taxes—
306,576
Co.—Earnings —
June 30—
—
236,796
9,379
5%,cum. pref.stk.
1,000,000
(par $50)
Com. stk.(par $10) 1,015,050
Deferred income._
Capital surplus.—
Earned surplus
6 Months Ended
1937
$80,004
defl8,280
def32,981
$396,585
sub¬
wholly-owned
from
3.115,191
1938
1940
Ended June 30—
service charges after provi¬
sion for losses and contingencies—
Business advisory service income....
Dividends
158,928
26,079,476
5,868,912
Corp.—Earnings
1939
Commercial
Seaboard
x
deficit
9,209
pf stk
Customers' depos's
plies (at cost)
Indebtedness of af¬
owned subs
186,462
Net from
Indebtedness to af¬
Materials and sup¬
Deferred charges.
bonds,
mtge.
4% series
15,500,000 15,500.000
500,000
Notes pay.to banks
300,000
215,119
158,595
Accounts payable-
Accts. & notes rec.
(customer)
.10,032,500 10,032,500
S.100)
1st
419,936
435, 395
-
6,292,500
(par
stock
Com.
$
6,292,500
7% cum. pref.stk.
42,586, 255 41,850,803
1,328,243
1,328, 243
equipment.
Dec. 31 '39
S
Liabilities—
$
plant &
Property,
Cash
June 30 '40
Dec. 31 '39
?
Assets—
Repos. autos.,
Deductions from railway
operating income
$1,927,977.
Comparative Balance Sheet
$2,047,263
income.
Railway oper. income
—V.
.
.
Cash
Net
—
Net earned
$205,580
94,731
60,470
1940
July—
Gross from
Other ry.
_
6 Months
St. Louis San
Net rev.
_
-
income, &c. taxes
Miscell. charges (net)
Net
1938
$3,771,566
508,621
151,367
151, p. 1156.
Net from
—
additional Fed'l
on
Gross from
1—
Gross from
Net
surplus.
662,160
$897,019
6,778
~~
—V.
_____
Common dividends
share were
From
begin¬
surplus,
ning of period
Net
Period End. July 31—
Operating re venues..
Operating expenses—
Net ry. oper.
1939;
cents
Ry.—Earnings—
1939
$386,234
49,651
Net ry. oper. income.26,374
From Jan. 1—
,
—
Earned
tric Co.
Co.—60-Cent Dividend-—
of 20 cents were
Other
680,766
3,431
Directors have declared a
stock, par $10, payable
Net from
2,445
1—
From Jan.
Gross from railway
July—
$2,007,587
2,203
income.
1937
$300,074
27,619
def411,724
1939
1940
$341,141
from railway..69,766
ry. oper. income
41,419
Gross from
$2,166,337
Net operating
Other income
on
RR.—Earnings—
July—
Net
share on the
- \/V; ;
,V
Gross from railway.. —
Net
$8,196,162
6,205,142
Accts. & notes rec.
Co.—Initial Dividend—
Russell Mfg.
Rutland
$8,484,469
6,338,332
accounts.
"
Directors have
p.
1937
$8,633,639
6,626,051
Reserve for uncoil.
Corp.—Extra Dividend—
(Geo. D.) Roper
new common
1938
$8,842,745
6,676,408
Operating revenues
Oper. expenses & taxes.-
Earned
1940—7 Mos.—1939
$3,234,788 $3,080,717
7,170
$441,716 $3,227,618 $3,073,892
298,362
2.186,949
2,116,900
$143,354 $1,040,669
$956,992
58,599
438,891
411,085
$84,755
$601,778
$545,907
58,828
413,404
366,901
1940—Month—1939
$464,271
$442,701
1,025
985
July 31—
Operating revenues
—V.
1939
June 30, '40
Preferred dividends.
dividends.
i
1940, the company had total assets of $1,632,582.
amounted to $558,534, including cash of $43,767 and
of accumulated
31
Years Ended Dec.
12 Mos. End.
Income deductions
funding stock, amounting to 7,000 shares ($20 par).
issued at the discretion of directors who may offer to
& Electric Co.—Income
Diego Consolidated Gas
San
1937
1938
1940
July—
1289
Commercial & Financial Chronicle
The Commercial & Financial Chronicle
1290
Selby Shoe Co-—12 V$.-Cent Dividend—
Directors have declared a dividend of 12 H cents per share on the common
stock, payable Sept. 5 to holders of record Aug. 29.
Dividends of 25 cents
paid on June £9, last; and dividends of 12^ cents were paid
and on March 5, last.—V. 151, p. 860.
■was
Shawmut
on June 5
Association—Earninqs—
6 Mos. End. JuneZO—
Interest and dividends..
1910
$135,404
1939
$119,157
1938
$110,639
Net profit on secure, sold
53,207
48,929
6,500
1937
$162,795
109,085
Total profit
Exp., int. & reservation
$188,611
$168,086
$117,139
$271,880
18,647
6,823
17,587
18,831
33,429
11,793
269
5,300
316
x4,500
720
77,989
$138,437
78,125
$92,692
78,412
$233,231
119.979
$84,887
$60,312
$14,280
$113,252
ror par tic.
payments.-
Fed. inc. & cap.
Taxes
on
stk. tax.
foreign divs
v
265
Net profit
Dividends declared
$162,876
Surplus
x Capital stock tax only.
Condensed Balance Sheet June 30, 1940
Assets—Securities, at quoted market prices, $3,982,041: shares of capital
seven suburban banks, $1,676,142: notes and accrued interest re¬
ceivable, $33,599: accounts receivable—sale of securities, $19,994; cash,
$501,985; total, $6,213,761.
Liabilities—Accounts payable—purchase of securities, $26,140; reserve
for taxes $24,470 and management participation in earnings, $5,700,
$30,170: common shares of no par value, $5,000,000: capital surplus, $2,289,216;
unrealized depreciation (excess of cost over quoted market) of securities,
other than bank stocks, Dr$l,131,765; total, $6,213,761.—V, 150, p. 3216.
stock of
Sheoard-Niles Crane & Hoist Co.—$1.50 Dividend—
The directors have declared a dividend of $1.50 per share on the common
stock, payable Sept. 3 to holders of record Aug. 23.
This compares with
50 cents paid on June 1 and March 1, last: $1.50 paid on Dec. 1, 1939;
25 cents paid in each of the five preceding quarters, 50 cents paid on June 1
and
V.
March
on
150,
1, 1938, and
3987.
p.
a
Sierra Pacific Power
Period End. July 31—
Operating
Operation.
dividend of $1.50 paid
Maintenance...
Taxes
1937.—
Co.—Earnings —
1940—Month—1939
$195,251
$188,734
68,881
59,129
8,142
7,684
38,449
32,516
revenues
Dec. 1,
on
1940—12 Mos.—1939
$2,196,369
746,555
111,640
342,759
$2,030,183
655,526
107,707
312,630
Net oper. income
Other income, net
$79,778
1,258
$89,403
$995,415
1,463
3,739
$954,320
3,867
Gross income...
$81,036
11,770
9,624
$90,866
7,556
9,649
$999,154
120,175
115,610
$958,187
91,556
115,900
Retire, reserve accruals.
Int. on long-term debt..
Amort, of debt disc, and
806
806
1,679
1,071
9,676
9,275
9,675
9,753
$57,157
$71,785
$744,418
$731,302
expense
Other income charges
Net income
—V. 151, p. 566.
Sloss-Sheffield Steel & Iron Co <—$1.50 Common Div.—
Directors have declared a dividend of $1.50 per share on the common
stock, payable Sept. 20 to holders of record Sept. 9.
This compares with
75 cents paid on June 21 and on March 21, last: $2 paid on Dec. 21,
1939;
50 cents on Sept. 21 and on March 21, 1939; $1 on June 21,
1938, and $1.50
paid on Dec. 21, 1937, this latter being the first dividend to be paid on the
common
shares since March 20,
per share was made.—V.
South Penn Oil
1929, when
151, p. 429.
quarterly payment of $1.50
a
1939
*
1938
1937
$12,660,550 $14,100,259 $18,819,601
Costs, expenses, decree.,
depletion, Federal in-
14,817,178
12.021,683
13,456,778
15,641,152
$1,705,118
$638,867
$643,481
$3,178,450
279,836
261,336
214,590
416,813
$1,984,954
161,642
$900,203
10,011
$858,071
10,411
$3,595,262
316,518
$1,823,312
750,000
$890,192
750,000
$847,660
1,000,000
$3,278,744
1,350,000
$140,192 def$152,340
1,000,000
1,000.000
il ,928,745
Other income (less other
expenses)
.
Net income
!
Fed. & State inc. taxes._
_
_
Net profit
.
Dividends
Surplus
$1,07.3,312
Shs. cap. stk. outst'd'g.
1,000,000
Earnings per share.....
$1.82
$0.89
$0.85
1,000,000
$3.28
Consolidated Balance Sheet June 30
1940
A
3 set 8'
1939
Liabilities—•
Props. & equip..22,309,922
Stocks in other cos. 6,448,453
x
Market,
1940
$5
*
1,491,493
5,248,479
securs...
stock oil
...
6,012,507
35,102
43,505
774,306
Workmen's
currently
Accts. receivable..
Due from aflll. cos,
646,305
143,270
196,672
3,113,076
5,158,599
957,419
1,045,182
Tax
516,032
324,879
70,385
71,844
7,267
8,791
liability.....
payable
currently
claims
3,630,769
Time deposits.... 2,637,077
Deferred charges..
221,130
2,604,649
......
Due
to
comp.
contr.
for
deed to Dec. 31.
2,331
2,195
34,344
30,050
47,084
57,528
Other accrd.accts.
Misc. curr. liabils.
Workmen's
6,280
1,172,118
...
on
deed
Surplus
47,649,577
39,414,995*
137,229
123,907
20,939
25,532
for
contr.aft.Dec.31
Reserves
Total
876,871
comp,
claims pay. after
Dec. 31
Due
assure
the payment to
300,743
19,347,406
Total...
11,848*216
47,649,577 39,414,995
Rico Sugar Co.—Extra Dividend—
Directors have declared
an extra
.
j
cents on the
Sept.
p
367?
a
10.
common stock, both
Extra of 35 cents was paid
an extra of 25 cents was Paid on Sept. 21, 1939.—V. 150.
Southeastern
Gas
&
Water
Co.—Voluntary Plan of
Exchange of Securities Proposed—
°n5MayJ 7' J94CL' fetors addressed
bondholders calling attention to the
to a natural gas company.
"In
opinion, the plan, makes an honest effort to save this business
will
the
present rate, and to the general lien bondholders the maximum distribution
of earnings consistent with sound operations.
In this connection we are
making every effort to reduce expenses and have within the past several
months negotiated new management contracts with Loeb & Eames, Inc.,
under the terms of which the basic fee has been reduced from $24,000 to
$15,000 per annum. Although this plan does not disturb the present rights
of the equity except insofar as a restriction on dividends is concerned, the
financial position of your company and its earning capacity are such that
we do not believe it possible for stockholders to obtain any undue
advantage
by virtue of the plan.
"Under the plan existing defaults will be waived.
Bondholders will
exchange their present securities for new bonds par for par. The new first
Hen collateral trust bonds will mature in 1951, bear interest at 6% per
annum, and will have a cash sinking fund of at least $25,000 each
year.
New general lien collateral trust income bonds will mature in 1954 and will
bear interest cumulative at 6% per annum. Interest and a sinking fund on
these bonds will be payable if earned, in accordance with a specific formula.
Stockholders will not participate in any profits until all accumulations of
interest on the new general lien collateral trust income bonds have been
paid.
"It is to your interest to have the existing defaults waived and the plan
declared effective, since in this way you can be best assured of the un¬
interrupted operation of your properties.
So long as there is a question
as to the future of this
company, the market prices of your securities will
reflect this uncertainty.
Once the plan is adopted we are confident that
market prices will be more in line with intrinsic values.
"Since we are convinced that acceptance of this plan by the bondholders
Is preferable to bankruptcy, we urge you to accept promptly.
It cannot be
declared effective until substantially all of the holders of the bonds of both
issues have deposited their bonds."
our
a voluntary reorganization of its funded debt on a basis which
to the first lien bondholders continued interest payments at
through
assure
Voluntary Plan of Exchange of Securities
Securities to Be Dealt with—Company presently has outstanding with the
public the following bonds: $1,115,500 first lien (sinking fund) gold bonds,
6% series, due 1941; $112,500 first lien gold bonds, 6% series, due 1951;
$1,739,500 general lien 6% gold bonds, due June 1, 1944; $5,000 Inland
Utilities, Inc. convertible 6% gold debentures, due June 1, 1934.
Exchange of Securities—First lien bonds of both 1941 and 1951 series will
be exchanged par for par for new first lien collateral trust bonds.
General lien bonds and Inland debentures will be exchanged par for par
for
new
general lien collateral trust income bonds.
Description of First Lien Collateral Trust Bonds—Dated June 1, 1940, due
Interest payable semi-annually at rate of 6% per annum.
by an equal principal amount of deposited first lien bonds. Bond¬
holders' Federal income and State or local personal property and Income
taxes will not be paid or refunded. On or before June 1 of each year, begin¬
ning with 1941, there will be devoted to the purchase of first lien collateral
trust bonds or first lien bonds, in the open market at the lowest prices
obtainable or to the redemption of such bonds, at least the sum of $25,000
plus a sum equivalent to the amount, if any, by which the sum of the
accruals for depreciation and depletion (excluding any amortization of the
excess of the book value of fixed assets over the
"original cost" thereof)
shown
on the books of the
company's subsidiary, Southeastern Gas Co.,
during the preceding calendar year exceeds the expenditures by Southeastern
Gas Co. during said year for well
drilling, replacements and additions to its
fixed property. Ail bonds so purchased or redeemed will be canceled. When
first lien collateral trust bonds are canceled, a like amount of pledged first
lien bonds will be canceled simultaneously.
This issue will be limited to
$1,228,000.
Company
July 24, additional communications advised them of the
progress being made in the preparation of a plan.
Company is now able to present its program and
firmly believes that if
this plan is adoptedby the
bondholders, company will be able to solve its
present difficulties with a minimum of expense and with
as little disturbance
to the bondholders
rights and interests as is possible under the circum¬
or
in part by lot,
to principal.
Colonial Trust Co., New York, trustee.
Description of General Lien Collateral Trust Income Bonds—Dated Dec. 1,
1939; due June 1, 1954.
All bonds will be registered as to principal and
interest.
Interest rate will be 6% per annum.
Interest will be payable on
June 1, 1941 and annually on June 1 of each
subsequent year to the extent
of 50% of "available Income" for the
preceding calendar year, plus any
excess of "available income" after
provision for sinking fund. Interest will
be cumulative.
Unpaid accumulations will be payable as earned and in
any event at maturity or upon redemption of these bond3.
Secured by an
equal principal amount of deposited general lien bonds.
Bondholders'
Federal income and State or local personal
property and income taxes will
as
paid
or
refunded.
before June 1 of each year beginning with 1941, there will be devoted
purchase of general Hen collateral trust income bonds, or general lien
bonds in the open market at the lowest
prices obtainable, or to the redemp¬
tion of such bonds,
50% of "available income" for the preceding calendar
year, but not in excess of $50,000 in any one year.
All bonds purchased or
or
to the
redeemed will be canceled. When
general lien collateral trust income bonds
are canceled, a like
principal amount of general lien bonds will be canceled
simultaneously. This issue will be limited to $1,857,000 principal amount.
Company may at its option redeem this issue in whole, or in part by lot, at
par plus accumulated unpaid interest on 30 days' published notice.
Under¬
writers Trust Co., New York, trustee.
No dividend will be paid on the
class A or common stocks of the
company until all accumulated interest on
general lien collateral trust income bonds to and including the last preceding
interest payment date has been paid, and until funds have been set aside
sufficient to pay interest at the rate of 6
% on the next succeeding interest
payment date,—V. 151, p. 1005,
Southern Bell Telephone & Telegraph Co.—Earnings
Income Statement for 12 Months Ended July 31,1940
Telephone operating income
Uncollectible operating revenues
-.$73,494,131
...
272,002
...
Total
operating
$73,222,129
47,433,801
revenues.
Total operating expenses.
Net operating
revenues.
__
__
Federal income taxes
State income taxes
$25,788,327
2,858,585
487,750
Social security taxes.
986,177
taxes
6,272,276
a communication to the
on
stances.
option, redeem this issue in whole,
par plus accrued interest on 30 days' published notice.
Bonds will be
issued in coupon form, but bonds in the denom. of $1,000
may be registered
.
financial problems confronting
the company.
They were then advised that a plan of voluntary reorganiza¬
tion might soon be presented to them for
their consideration
On May 29
again
may, at its
at
Other
serious
and
...
dividend of 95 cents per share in addition
ioi
''T1 foffHl61,
dividend of 25
payable Sept. 26 to holders of record
hi
If this
60% of the first lien bonds, it may be impossible for company to
continue making regular interest payments on those bonds. Therefore, it is
absolutely necessary that some immediate action be taken.
"As we see it, there are just two alternatives:
(1) A voluntary reorrganization with an immediate waiver of the existing defaults; (2) A reor¬
ganization in the courts.
"A court reorganization would probably result in forcing the general
lien bondholders into an equity position as stockholders.
Under certain
circumstances this might seem to be an advisable procedure.
But having
before us the example of other reorganizations, probably less complicated
than this would be, we cannot conscientiously recommend this procedure,
except as a last resort.
Court reorganizations are usually expensive and
time-consuming and, in addition, there would be an inevitable deterioration
of your properties during the reorganization period, particularly harmful
at least
$98,850l0™nrT93f9r-|Pr!60,t pD ^1d4de"letim °f »2.622,292 in 1940
South Porto
it of all current income on the collateral.
situation continues without waiver of the existing default by the holders of
On
Deposits & accrued
interest
8,695
charges, and
depressed business conditions has weakened company's financial structure
to the point where it appears that it will be impossible to refund in normal
fashion the maturity of first lien bonds due June 1, 1941 in the amount of
$1,115,500.
Company defaulted on June 1, 1940 in meeting the sinking
fund on the first lien bonds, and in paying the June 1 interest on the general
lien bonds.
The trustee under the first lien indenture has taken steps to
not be
payable
Annuities pay. aft.
Dec. 31
r
S
Accounts payable
155,124
275,954
3,113,076
Misc. stks. owned.
Cash..
1939
25,000.000 25,000,000
Annuities
Notes receivable.^:
Other receivables.
$
Capital stock
14,782,754
6,446,473
1,567,183
Material, mdse. &
1940
31,
June 1, 1951.
8ecured
Co.—Earnings—
6 Mos. End. June 30—
1940
Net sales......
$16,522,296
Aug.
The directors in a letter dated Aug. 15 further states:
"The combination of reduced income, excessive fixed
Net operating income
Other income
,*15,183,540
313,298
Total income..
$15,496,837
2,212,499
323,555
68,198
Interest on funded debt
Other interest deductions
Amortization of debt discount and expense—net
Net income.
—V. 151. P. 861.
$12,892,585
_
^
Volume
The Commercial & Financial Chronicle
151
Southern Colorado Power Co.—Accumulated Dividend—
Directors have declared a dividend of $1 per share on account of ac¬
on the 7%
cum. pref. stock, par $100, payable Sept.
14 to
holders of record Aug. 31.
Similar amount was paid in preceding quarters.
—V. 151, p. 1005.
cumulations
1291
Standard Gas & Electric Co.—Plan of Exchange—Note
and Debenture Holders
Offered San Diego Consolidated Gas
& Electric Co. Stock
—
Company submits the following plan for the exchange by holders of notes
or
Southern
Pacific Co. —Equipment Trusts
Offered—HalStuart & Co., Inc., and associates offered Aug. 29
$11,820,000 2H% equipment trust certificates, series Q,
to be dated Oct. 1, 1940 and to mature
serially, $788,000
each Oct. 1,. 1941-55, inclusive, at
prices to yield 0.50 to
3%, according to maturity.
The certificates, issued under
sey,
the
Philadelphia plan, are offered subject to Interstate Com¬
merce Commission approval.
The other associates in the
purchase, which was made on a bid of 96.777, are: Ladenburg, Thalmann & Co.; Blair & Co., Inc.; E. H. Rollins &
Sons, Inc.; Hemphill, Noyes & Co.; Otis & Co.; Newton,
Abbe & Co.; Gregory & Son, Inc.; First of Michigan Corp.;
Equitable Securities Corp.; Edward Lowber Stokes & Co.;
and Moore, Leonard & Lynch.
A bid of 96.38 for the issue was also made
by The
associates.
First Boston Corp. and
The certificates, guaranteed unconditionally as to principal
by the
and dividends
be secured by the following new equipment to cost
in the aggregate not less than $13,134,000: 20 4-8^4 oil-burning locomotives,
51 light-weight steel passenger cars, 1,500 steel sheathed, wood-lined box
cars, and 500 steel sheathed, wood-lined automobile cars.
The principal
company, are to
amount of the certificates is to be not more than
ment
90% of the cost of the equip¬
subjected to this trust.
Earnings for July and Year to Date
1940
From Jan.
4,058,863
1,915,905
1937
1 938
$14,610,926 $13,103,958 $15,298,447
4,358,836
3,287,794
4,049,233
2,253,480
1,351,400
1,883,172
1—
Gross from railway
Net from railway
Net ry. oper. income...
—V. 151, p. 1157.
94,783,524
23,019,289
9,163,917
Southern Pacific SS.
July—
$798,283
54,956
27,091
Net ry. oper. income—
From Jan. 1—
Gross from railway
Net from railway
5,330,808
405,431
227,818
Net ry. oper. income—
90,235,056
22,742,704
9,405,825
82,480,833 100,14C,401
14,119,120
24,031.630
809,441
11,176,466
Lines—Earnings—
1940
Gross from railway
Net from railway
—V.
1 939
$14,895,591
Net ry. oper. income...
711
1938
$602,842
105,781
91,337
1937
$597,196
22,113
4,086
4,152,266
295,166
181,442
3,793,081
9,587
def99,456
4,556,970
226,779
53,468
1939
$557,852
16,563
railway
Gross from railway
Net from railway.
Net railway operating income
1939
$7,924,753
2,339,907
1,461,055
58,150,634
16,528,480
9,916,902
Gross from railway
54,261,487
15,417,456
9,137,472
Third Week of Aug.
Gross earnings
(est.)
1157.
$2,595,376
Jan. 1 to Aug. 31
$2,402,269 $85,374,573 $80,241,779
Spencer Trask Fund, Inc.—V2-Cent Dividend•—•
a dividend of 12 cents per share on the common
stock, par $1, payable Sept. 16 to holders of record Sept. 5.
Dividends of
15 cents were paid on June 15 and March 15, last, and on Dec. 15, 1939;
dividends of 10 cents were paid in each of the four preceding quarters,
Directors have declared
5 cents paid on Sept. 15 and on June
15,1938, and 10 cents paid
on
March 15
1938.—V. 151, p. 567.
Spokane International Ry. Co.—Reorganization—Man¬
Named—
agers
Justice Lloyd L. Black of the Eastern District Court in Washington has
named the following to be reorganization managers of this company:
Frederick W. Ecker, Vice-President of the Metropolitan Life Insurance
Co., Russel M. Van Kirk, Treasurer, J. S. Farlee & Co., and F. G. Herbst,
Vice-President, Irving Trust Co.
Earnings for July and Year to Date
1940
July—
$74,590
27,604
18,071
1939
$71,309
18,461
9,434
1938
$69,229
15,498
445,234
97,044
434,384
76,312
404,310
income.36,652
31,444
def7,410
Gross from railway
Net from railway
Net ry. oper. income—
From Jan. 1—
7,359
1937
$68,544
14,034
5,896
<
Gross from railway
Net from railway
44,930
459,721
84,136
36,151
—V. 151, p. 714.
1940
Net from railway
1939
$827,202
155,636
$729,311
209,541
114,900
Net ry. oper. income—
From Jan. 1—
17,514
railway.-J..
5,051,726
1,148,332
Net from railway
Net ry. oper. income...
—V.
151,
p.
274,643
4,753,650
1,095.187
278,147
1938
$701,464
90,423
1937
$789,681
245,008
115,096
4,285,228
929,401
135,238
5,085,160
1,675,231
979,006
215,315
714.
Standard Aircraft Products, Inc.—
See list given on first page
Registers with SEC—
of this department.
has obtained exclusive rights to the manufacture and
Canada of the British thermostat control from the
Co., Inc. of Sunbury-on-Thames, England.
R. N.
Webster, Pres., explained that the proceeds from the proposed financing
will be used to expand his company's business to include mass production of
this device. The company also has exclusive sales rights for the distribution
of aircraft radiators manufactured by the Fedders Manufacturing Co. of
Buffalo, N. Y., one of the largest automobile radiator manufacturers in the
The corporation
sale in this country and
British
for shares of
common
or
or debentures the right and
debentures, as the case may be, of Standard
Diego on the following basis:
stock of San
58 shares (par $10) of common stock of San Diego Consolidated Gas &
Electric Co. for $1,000 principal amount of notes or debentures of Standard
Gas & Electric Co.
In the case of holdings of less than
$1,000 principal amount of notes or
be made upon the same proportionate basis.
$17,135,500 of notes and debentures of Standard
have been deposited with the depositaries or on Sept. 30, 1940 (which date
may be extended from time to time at the option of Standard) whichever is
debentures, exchanges
may
The offer will expire when
earlier.
The exchange shall not become effective until the common stock of San
at least $14,321,500 of
and debentures of Standard shall have deposited their notes and
Diego has been reclassified and until the holders of
debentures with the depositaries; provided, however, that Standard may
at its election, declare the plan effective if the holders of at least $8,567,750
of the notes and debentures of Standard shall have deposited their notes
and debentures."
Deposits of notes
Thermostat
United States.
Mr. Webster pointed out that, since the release by Great Britain of the
Rolls-Royce Merlin motor for manufacture in this country and the nego¬
Co. to make 9,000 of these motors here for the
tiations with Packard Motor
U.S. and British governments, a demand has been created for the British
control, which is used as standard equipment in conjunction
with the British liquid-cooled motor.
He also stated that the British device
has been revised and adapted by his company for tests in conjunction with
thermostat
liquid-cooled motor.
"The liquid-cooled type motor is in the greatest demand by the U. 8.
Army Air Corps, yet has heretofore been the least available," Mr. Webster
said in connection with his announcement. "The Air Corps desires it for the
primary reason that it permits a design of the frontal areas of planes re¬
sulting in more speed per horsepower than is possible with radial air-cooled
motors.
Through the thermostatic control which we are to manufacture,
'engine freezing' at high speed and in dive bombing has been reduced to a
minimum, and the efficiency of the liquid-cooled type motor has been
the American Allison
greatly enhanced, so that this type may be expected to supersede the aircooled engine of the past."
or
debentures for exchange under the plan may be
made
by delivery of notes or debentures, accompanied by all unmatured
interest coupons, to one or more of the following depositaries:
Manufacturers Trust Co., 55 Broad St., New York.
Continental Illinois National Bank & Trust Co., 231 South La Salle St.,
Chicago.
Anglo California National Bank, 1 Sansome St., San Francisco.
The depositaries shall hold the notes and debentures until such time as the
exchange shall become effective (unless the plan be abandoned); where¬
upon, after the receipt thereof from Standard, they shall deliver certifi¬
cates for the proper number of shares of common stock of San Diego and
checks for amounts of money equal to the unpaid accrued interest on de¬
posited notes and debentures to the date the exchange became effective, to
the respective registered owners of the certificates of deposit for the notes
and
debentures
and
deliver
the
notes
and
debentures
to
Standard
for
cancellation.
No fractional shares of
common
adjustment made therefor.
stock will be issued in such exchanges or
Any interest
coupons
becoming due and
date
of the
maturity
thereof, to
the registered
owners
of
pertain, of record at the close of business on the maturity date.
Standard will use its best efforts to cause the common stock of San Diego
to be listed upon one or more National Securities Exchanges simultaneously
with the final delivery of securities pursuant to the plan or as soon there¬
after as in its judgment is feasible.
If Standard shall declare the plan operative, and thus the exchange
become effective, upon the exchange of less than $14,321,500 of notes and
debentures and the aggregate number of shares of common stock of San
Diego delievere in exchange for notes and debentures of Standard shall not
be sufficient to reduce the holdings of Standard in San Diego to less than
10% of the voting securities thereof, then Standard will proptly file a supple¬
ment to this plan providing for the disposal of additional shares of stock of
San Diego in an amount sufficient to reduce its holdings therein to less than
10% fo the voting securities of San Diego.
Any remaining shares of com¬
mon stock of San Diego will be disposed of by Standard as
expeditiously
as conditions permit.
coupons
Effect of Plan—Upon the final consummation of the plan, San Diego wiU
longer be a subsidiary company of Standard under the Public Utility
Holding Company Act of 1935 and thus a material step in the integration
of the system of Standard incompliance with the provision of Section 11 (b)
(1) of that Act will have been accomplished.
The funded debt and fixed
charges of Standard will be materially reduced, thereby improving its
no
financial structure.
Upon consummation of the plan, San
of its common stock, which
obtaining
financial requirements through the sale
distribution
therefor and make possible the
Diego will have secured
a
should
market
create an
active
wide
of capital for a part of its future
of additional shares of common
The holders of notes and debentures of Standard who elect to make the
exchange will benefit by becoming direct owners of common stock of an
operating utility company which should have an active market and such
holders will be placed in a position to participate directly in any increase in
earnings distributed on such stock by that company rater than being holders
of funded debt having a fixed rate of interest of a holding company owning
such stock.
The remaining holders of notes and debentures of Standard
and its other security owners will benefit by the reduced funded debt and
fixed charges of Standard.
■<
Market Prices—Since Dec. 31, 1928, the market prices for the notes and
have ranged from approximately $23.25 to approximately
debentures
$103.75 for each $100 principal amount thereof, and thus far this year they
have ranged from approximately $48 to approximately $74.50 for each
$100 principal amount thereof.
Spokane Portland & Seattle Ry.—Earnings—
July—
Gross from railway.....
Gross from
Standard offers to each holder of its notes
privilege of exchanging notes
following the
1940
$8,362,668
2,385,631
1,437,399
Net railway operating income
From Jan. 1—
Net ry. oper.
Diego issued
outstanding.
San Diego will reclassify each share of its common stock
(par $100) into 10 shares of common stock, par $10 each.
As a result of
this reclassification Standard's holdings of common stock of San
Diego
would consist of 993,870 shares (par $10).
and
certificates of deposit for the respective notes and debentures to which such
[Includes Northern Alabama Ry.]
—V. 151, p.
Among the present holdings of Standard are 99,387 shares (par $100)
of common stock of San
Diego, constituting 99.07% of the outstanding
stock of that class and 60.88% of the voting securities of San
Sayablerespective depositaries, on or as soon as practicable will bethe day
on any of the notes and debentures while on deposit after mailed
y the
Ry. Co.—Earnings—
July—
Net from
gold notes, due May 1, 1948;
$14,542,000 6% gold bebentures, series A, due Feb. 1, 1951; $9,742,000
6% gold debentures, series B, due Dec. 1, 1966; $2,577,600 6% debentures,
due Feb. 1, 1957; and $20,049,000 of Standard Power &
Light Corp. 6%
debentures (assumed by Standard), due Feb. 1, 1957.
any
151. P. 567.
Southern
The Plan—Standard has outstanding $14,183,800 20-year
6% gold notes,
dud May 1, 1948; $9,429,500 6% convertible
notes
July—
Gross from railway
Net from railway
debentures of Standard Gas & Electric Co. of their notes or debentures for
shares of common stock of San Diego Consolidated Gas & Electric Co.
As more than 99% of the common stock of San Diego is presently owned
by Standard there has been but very limited trading in this stock and there¬
fore no quotations for it are given.
The San Diego has contracted for the sale of a new issue of its first mort¬
gage bonds ($16,000,000 ot Z%% bonds) from the proceeds of which its
outstanding bonds are to be retired, and is negotiating for the sale or
exchange of preferred stock to retire its preferred stock now outstanding.
It is estimated that these transactions will result in a reduction of at least
$150,000, and probably about $200,000, in the aggregate annual interest
charges and preferred stock dividend requirements of that company.
It is
expected that when these transactions have been completed and the re¬
classification of the common stock has been effected, the board of directors
of the company will be able to initiate dividends on the new shares of com¬
mon stock (par $10), at the rate of 90c. per share per annum.
At the latter
rate the annual income on the stock to be received in exchange for a $1,000
note or debenture would be $52.20 as compared with a present annual
income of $60 from such note or debenture.
The present rate of dividends
is equivalent to 80c. per share on such common stock (par $10), or an
annual income of $46.40 on the stock to be so received in exchange.
If such
reduction in interest charges and dividend requirements is effected and ap¬
plied to the earnings of the San Diego for the 12 months' period ended
June 30, 1940, the earnings for such common stock, on the basis of a reduc¬
tion of $150,000 per annum, would be $1.19 per share and, on the basis of a
reduction of $200,000 per annum, would be $1.24 per share.
of San Diego—The aggregate book value of the common stock of
Consolidated Gas & Electric Co., based upon the balance sheet
of June 30, 1940 (see that company) is $12,714,605 and
the capitalization of the company is a conservative one, comprising 44.92%
funded debt,
18.24% preferred stock, and 36.84% common stock and
surplus.
As shown by balance sheet, the funded debt represented 35.30%
of the utility plant account including a small amount of intangibles, and
46.13% of the net utility plant account; the depreciation reserve amounted
to 23.49% of the utility plant account.
The management has pursued a liberal policy with respect to deprecia¬
tion appropriations from earnings.
During the 12 months' period ended
June 30, 1940 the sum of expenditures for maintenance and appropriations
for depreciation was equivalent to 23.43% of operating revenues; the
depreciation appropriation alone was equivalent to 15.60% of operating
revenues, and 3.14%
of the utility plant account as of June 30, 1940
including intangibles.
\
Status
San Diego
of that company as
The Commercial <&
1292
Commission in its findings
Sections 11(e) and 11(g) states in part:
The Securities and Exchange
and report pursuant to
Standard Gas has stated that
The management of
debt of Standard to be excessive,
variety of ways of disposing
to a
it believes the funded
and also that it has given consideration
of the San Diego stock.
As it would ac¬
complish the dual purpose of reducing the debt and disposing of the stock
the management has adopted the Exchange plan before us.
In general, we consider plans of this type to be in the public interest.
They further the ends of Section 11 (b) of the Holding Company Act, and
are generally beneficial to security holders.
However, it is difficult to
determine the proper basis of an exchange of this type; and it is difficult for
a security holder to
decide whether he should accept the plan.
Under
Section 11 (e) of the Act, before the plan is promulgated, we must find that
it is fair and equitable to the persons affected by it.
We so find with regard
to this plan, but our finding should not be construed by security holders as
a recommendation that they deposit their notes and debentures.
That is
a
which every security holder must
matter
Pacific Ry .—Earnings —
1940—7 Mos.—1939
1940— Month—1939
$2,106,824 $14,995,380 $14,655,911
Operating revenues..— $2,069,384
1,526,259
10,711,113
10,762,619
Operating expenses.. —.
1,504,384
156,258
1,073,214
1,066,761
Railway tax accruals—
143,050
111,940
704,280 .
732,433
Equipment rentals (net)
126,905
5,834
15,068
34,917
Texas &
Period End. July 31—
Gas &
11 (b)
(1) of the Holding Company Act.
This section requires, in substance, that
each holding company system must confine its operations to a single inte¬
grated public utility system, businesses reasonably incidental or economi¬
cally necessary or appropriate thereto, and to additional integrated public
utility systems only if the Commission makes certain findings with respect
to them.
On June 14, 1940 Standard Gas filed an answer in said proceed¬
ings, in which it proposed an integration program which provided, in
substance, that it would limit its operations to the Minnesota-Wisconsin
properties and to the properties in and around Pittsburgh, Pa.
Standard
Gas proposes to divest itself of the balance of its subsidiaries.
As a first
step in disposal of its Pacific Coast subsidiaries, as well as of its investment
Co. common stock,
ing Standard's integration program.
would materially reduce the funded
even eliminate it.
deductions..__
Miscell.
charges..320,170
Fixed
income
Net
—V. 151, p.
241,953
238,407
$2,733,658
2,251,633
$2,297,588
53,333
2.273,062
$11,939
$338,075
3,042
$2,491,705
$340,423
4,802
323,682
44,164
Total income
$449,126
loss$28,807
$14,863
...—
this plan was filed, commenc¬
The consummation of these
debt of Standard, and may
proposals
eventually
The top-heaviness of the structure of Standard is apparent from the
figures we have mentioned.
This plan, involving a reduction of the funded
debt of Standard, is a step in conformity with objectives of Section 11 (b)
32,899
569.
Texas Power
& Light Co.—Earnings1940—Month—1939
1940—12 Mos—1939
$920,293
$1,006,378 $11,159,629 $11,358,889
4,712,294
4,485,396
399,749
376,061
Period End. July 31—
Operating revenues.. —
Operating expenses.—
386
145
4,736
1,750
$343,970
$409,149
$4,354,200
14,498
$4,465,000
7,194
$4,369,698
2,066,875
$4,472,194
2,132,500
120,000
investments.
Net oper. revenues...
Other income (net)
Gross income
Int.
on
Int. on
640
335
$344,610
...
$409,484
177,708
10,000
170,417
10,000
5,652
bondsdebenture bonds.
mortgage
Other int. & deductions.
Net income
Divs.
Standard Gas proposes to confine its operations to the
properties and to Pittsburgh. The San Diego proper¬
therefore, under the Standard Gas program not be retained.
Accordingly, we find that the plan is "necessary to effectuate the provisions
of subsection (b)" of Section 11.
We are not to be understood as approving
or disapproving the integration plan filed by
Standard Gas in its above
mentioned answer in the Section 11 (b) (1) proceedings.
We find that it is fair to make the offer provided for in the plan, and that
As
we
11,900
96,369
157,778
$209,876
$158,541
....
120,000
$2,086,454
$2,061,916
applicable to pref.
period..
865,050
865,050
$1,221,404
$1,196,866
stocks for the
have stated,
Minnesota-Wisconsin
1.091,353
1,088,492
1,229,052
1,086,245
106,357
90,978
110,575
89,301
Direct taxes
Prop, retire, res. approps
Amortiz. of limited-term
(2) of the Act.
ties
$2,059,181
$306,533
33.890
$293,911
Net ry. oper. income.
Other income........ —
own
On March 6,
in Pacific Gas & Electric
1.134
(net)
Joint facility rents
decide for himself in view of
personal requirements.
1940 we commenced proceedings against Standard
Electric Co. and its subsidiaries to require compliance with Section
his
31, 1940
Aug.
Financial Chronicle
-V. 151, p. 569.
may,
fair to any security holders who accept it.
find, that the plan is fair and equitable to the persons
the plan is
We
will be entered approving the
(e) and permitting San Diego's declaration to become
and accordingly an order
affected by it
plan under Section 11
effective.
Time, Inc.—Common Dividend—
declared a dividend of $2 per share on the common
Directors have
stock,
payable Sept. 10 to holders of record Sept. 6.
Like amount was paid on
June 10, last, and compares with $1.75 paid on March 11, last; an extra
dividend of $1.25 per share in addition to a dividend of $1.50 per share paid
on Dec. 20, 1939; and extras of 50 cents in addition to regular dividends of
$1 paid on Sept. 30 and June 30, 1939.
On March 31, 1939 an extra of
quarterly dividend of $1 per share was
25 cents in addition to a
—V.
distributed.
1007.
151, p.
New President—
December was elected Chairman of the Board,
In his new position he replaces Bernard
Leo P. Crowley, who last
also has assumed the Presidency.
Lynch who had been a Standard Gas & Electric officer for many years.
The change in the Presidency took place Aug. 15. No official announce¬
ment was made, but the disclosure became known through Mr. Crowley's
W.
signature as Chairman and President, in a letter to
security holders presenting a plan for exchanging
was
made public on Aug.
Standard Gas & Electric
San Diego Consolidated
The letter
stock for Standard Gas debentures.
Gas & Electric Co. common
a dividend of $1.75 per share on the common
payable Sept, 16 to holders of record Sept. 3. This
compares with $1 paid on June 15, last; 75 cents paid on March 15, las£;
50 cents paid on Dec. 15, Sept. 15 and June 15, 1939 and previously regular
quarterly dividends of $1 per share were distributed.
In addition a special
dividend of $1.50 was paid on Dec. 15, 1938.—V. 150, p. 4144.
Toledo Peoria & Western
the Standard
1940, totaled
129,541,815 kwh,, as compared with 111,546,089 kwh. for the correspond¬
ing week last year, an increase of 16.1%.—V. 151, p. 1157.
Staten Island
Rapid Transit Ry.—Earnings—
1939
1938
1937
139,043
17,350
defl2,579
141,041
19,508
defl3,210
145,916
21,302
defll,406
125,678
def8,167
def32,105
923,905
941,205
60,931
defl81,909
899,310
38,439
defl99,330
908,874
def9,692
def201,760
July—
.
Net from railway
Net ry. oper. income
From Jan. 1—
Gross from railway..
59,277
defl60,548
Net from railway
Net ry. oper.
income
—V. 151, p. 568.
Strawbridge & Clothier,
Inc.—Accumulated Dividend—
dividend of $1 per share on account of accu¬
mulations on the -17% cum pref. stock, payable Oct. 1 to holders of record
Sept. 14.
Dividends of like amount were paid in preceding quarters.
—V. 151, p. 862.
Directors have declared
a
RR.—Earnings—
1940
1939
1938
1937
$205,966
$178,265
56,340
60,288
$198,001
53,223
24,306
July—
Gross from
25,633
28,276
$189,442
66,500
31,368
1,336,337
413,225
172,884
1,196,295
1,216,083
1,337,427
353,145
147,124
337,735
143,097
373,594
156,131
1940
887,829
$1.0415
1939
901,226
railway
railway
Net from
Net ry. oper. income..
From Jan. 1—
Gross from railway...-.
1940
Gross from railway.
declared
26.
Weekly Output—
Electric output of the public utility operating companies in
Gas & Electric Co, system for the week ended Aug. 24,
Dividend—
Shipyards Corp.—$1.75
Todd
Directors have
stocks, no par value,
Net from rai.way
Net ry. oper.
income—_
—V. 151, P.714.
Transwestern Oil
6 Months Ended June
Co.—Earnings—
30—
production (barrels).......
.....
Average market value per barrel.
Income from operations
—
Oper. exp. & production taxes, working interest—
Production taxes, overriding & other royalties. ....
Gen. & admiri. expenses, capital stock tax—
Crude oil
Provision for ad valorem taxes.__
$1.0164
$971,734
241,640
8,389
103,758
$990,673
263,908
6,514
87,847
11,100
______—__
10,807
.
Tampa Electric Co.—Earnings
Period End. July 31—
Operating revenues..
1940—12 Mos.—1939
$4,906,935
$4,544,64»9
1,490,371
1,483,129
1,511,094
1,504,271
Gross income after retire¬
111,981
111 ,34*1
ment accruals
Net income.
101,825
101,234
—V. 151, p. 568.
Tennessee Central
$207,097
46,356
1940
Net ry. oper. income...
From Jan. 1—
20,389
1939
$187,286
45,132
18,333
Gross from railway.....
1,511,797
363,924
166,380
1,310,237
268,855
72,610
>July—
Net from railway......
Net ry. oper. income.__
—V.
151,
p.
Exploration expense._.
Geophysical expense.
Interest paid.i
railway
railway...^..
oper. income.._
from
Net
railway
from railway
Net ry. oper.
—V.
151, p.
income...
714.
Net ry. oper. income
From Jan. 1—
Gross from railway.
Net from railway
Net ry. oper. income
p.
1938
1937
$158,885
30,525
6,169
$210,842
59,866
31,185
1,187,708
1,474,107
367,501
188,344
225,699
37,912
p.116.
1937
1938
def9,460
488,656
69,728
6,252
570,204
128,160
59,322
621,882
96,167
38,416
$67,010
$125,855
def652
37,600
22,790
operations
Maintenance, repairs and general expenses
Depreciation
Gross income from
197,206
$1,309,405
$1,219,325
77,942
47,111
profits taxes._
$1,387,347
312,380
$1,266,436
-
$1,074,968
$976,436
5,533,612
Total income
...
...
beginning of year
Total
......
Dividends
.......
...
290,000
6,419,083
...—
-
$7,494,051
986,987
$6,510,048
704,988
per
>,399,412
544,305
33,262
1938
1939
$3,225,639
596,746
99,673
1937
$3,341,298
646,540
180,657
policy
173,303
as
$0.96
comparison, the June
have been adjusted so as to reflect the change in depreciation
explained in financial statement as of Dec. 31, 1939.
$3 ,652,156
719,444
Consolidated Balance Sheet June
1940
24,057,767
5,521,244
1,862,190
23,669,660
4,481,556
939,951
27 ,322,403
,812,341
3,028,813
Res. for gen. taxes
5,691
8,453
Res. for Fed. taxes
1,295,561
1,141,497
Reserves
562,564
681,745
644,342
y
207,792
543,481
equip. & fixt's. 27,038,043
6,165
charges...
27,599,339
for the sale or purchase of petroleum products.
Upon being interviewed on Aug. 23 concerning these statements,
ties, at cost
.
Nego-
officials
else concerning any such proposals.—V. 151, p.
1158,
3,969,816
3,566,947
Accounts
Accrued
Acer. int. on inv_.
x
233,869
38,333
482,723
Earned surplus...
.
.
of this company stated there were no such negotiations under way and that
this company has not even been approached by the Mexican Government
$
$
Liabilities—
276,598
40,124
213,517
707,533
Accts. receivable..
-Denies Mexican
1939
1940
$
U. S. Govt. securi
6 ,569,207
2
30
1939
$
Assets—
Cash
25,270,963
5,677,832
1,757,382
During the past few weeks statements have appeared in the press to the
effect that the Mexican Government has been carrying on negotiations with
par)
share
Note—For the purpose of
569.
company
$5,805,060
1,172,581
$0.83
30, 1939 figures in this
$6,507,064
1,114,200
Earned surplus
Shares common stock (no
Earnings
statement
tiations—
anyone
904,040
131,179
153,414
income..
Earned surplus at
1939
$3,956,832
1,702,288
933,174
Net income from operations.
Other
.
or
...
1940
$4,234,450
1,838,458
Taxes...............
896,975
282,115
RR.—Earnings
Tide Water Associated Oil Co.
this
(& Subs.)—Earnings—
Net income...
1939
$62,248
3,356
def6,277
1940
July—
Gross from railway.
Net from railway
151,
—.
......
Union Tank Car Co.
1940
$59,645
def4,386
defl2,311
Texas & New Orleans
—V.
_ _
1—
From Jan.
Gross from
$130,900
....
_
Provision for Fed. income & excess
July—
Net ry.
-V. 151.
Ry.—Earnings—
Gross from
Net
Net loss
.....
.........
_
6 Months Ended June 30—
714.
Texas Mexican
&c
Abandoned wells, dry holes,
$624,594
496,722
95,301
34,804
15,090
55,138
22,440
36,000
830,413
164,761
47,354
depreciation
Undeveloped leaseholds surrendered.
Undeveloped lease rentals, paid...
.....
shares of cumulative
Ry,—Earnings—
Gross from railway.....
Net from railway......
....
Provision for depletion &
Taylorcraft Aviation Corp.—Subscription Books Closed—
Hoit, Rose & Troster and Mackubin, Legg & Co. have announced the
closing of subscription books on the issue of 30,000
convertible preferred stock.—V. 151, p. 431.
35,389
37,106
6,603
21,302
, —
.— -
.
Total income
1940—Month—1939
$403,252
$371,189
$629,773
—
Other
$607,140
17,4,54
$513,154
Net operating income..
income........
$621,305
8,468
3,028,813
wages
...
231,151
375,084
Capital stock...30,000,000 30,000,000
5,805,060
6,507,064
Reacquired capital
Tank cars, plant,
Def'd
payable.
stock at
cost.-Z>r2,073,768
JDr596,333
37,017
Goodwill, pats.,&c
..36,233,633 36,569,889
Total
x
After reserves for depreciation
in 1939.
y
Total
...36,233,633 36,569,889
of $62,056,126 in 1940 and
Represented by 1,200,000 no par
$60,144,988
shares.—V. 150, p. 3068.
Volume
The Commercial & Financial Chronicle
151
Truax-Traer Coal Co.
(& Subs.)
3 Mos. End. July 31—
1940
Net loss.______$110,415
y
y
—
Earnings
for 4,500 more P&W
After depreciation, depletion, interest, taxes, &c.—V. 150, p.
Union Bag & Paper Corp.—To Pay
engines of 2,000 h.p. necessary to complete the com¬
bined Army and Navy program for the next two fiscal years. United Aircraft
—
1938
$163,412
1939
$170,599
1937
$72,262
3838.
25-Cent Dividend—
Aug. 29 declared a dividend of 25 cents a share on the
capital stock, payable Sept. 16 to stockholders of record Sept. 9. Dividends
of 15 cents a share on the capital stock were paid on July 12 and April 5 of
this year.—V. 151, p. 864.
Directors
on
Union Trusteed
The first
ment
did
new
market
Funds, Inc.—Stocks in Units Offered—
investment company to make its appearance
since
Congress enacted the
in the invest¬
Investment Company
new
Act
of
Aug. 28 through the public offering by Lord, Abbett & Co., Inc.,
so
five classes of common stock of Union Trusteed Funds, Inc.
The new company embodies in its corporate organization a number of
features harmonizing with the spirit as well as the letter of the recently
bill.
Some of the provisions contained in the basic papers
therefore be considered significant of the trend now
being shaped in the evolution of such investment companies.
The management contract, for example, is to continue in force for two
years only and is renewable thereafter by specific approval of the com¬
pany's board of directors or by a vote of a majority of the outstanding
securities of the corporation.
This provision will have the effect of sub¬
jecting the management corporation's policies and investment practices
enacted trust
of the new company may
frequent review in the interest of shareholders.
Directors must be elected by stockholders, except to fill vacancies.
the number of vacancies that may be so filled by directors in any one
to
is
limited
to
one-third
of the
board.
Should
it
be
necessary,
But
year
for any
replace more than one-third a special meeting of
would have to be called.
As the board of Union Trusteed
Funds, Inc., consists of only five directors, only one new director would
be elected by the board to fill a vacancy in any one year without the neces¬
sity of calling a special shareholders' meeting.
Emphasis is placed, in the basic papers of Union Trusteed Funds, Inc.
on low operating costs to the end that its total operating expenses, exclusive,
of taxes, may not exceed 1% of its total net assets and may approximate
% of 1 %.
The supervision fee of Union Trusteed Funds will amount to
A of 1% on the same basis.
The privilege is also extended the buyer to convert one class of shares
into shares of another class; that is, for example, to surrender his certificate,
say, for a growth stock portfolio interest for one representing an interest
in bonds.
reason, in any one year to
stockholders
way," states Andrew J. Lord, President of Lord, Abbett &
Co., Inc., sponsor of the new corporation, "it is felt that the investor whose
individual requirements vary greatly and may change entirely during a
very brief period of time—will be best served.
By having at his disposal
two portfolios comprised of bonds, two more comprised of common stocks,
and another comprised of preferred shares, the investor is enabled to select
one or more of five different types of securities and to change these types
at small cost so as best to suit his particular requirements at the particular
time.
Thus, he is supplied with an investment medium of unusual flexi¬
bility, making not only for diversification, but also for investment balance.
"The corporation intends to comply, in all respects, with the provisions
of the Investment Company Act of 1940."
The five classes of capital stock comprising the present offering follows:
100,000 shares of Union Bond Fund A, proceeds from the sale of which
will be invested in a portfolio of bonds with an estimated net return of
between 4A and 5%.
Price: $22 per share.
200,000 shares of Union Bond Fund B, a portfolio of bonds with an
estimated net return of between 6 H and 7%.
Price: $16 per share.
100,000 shares of Union Preferred Stock Fund, a portfolio of preferred
stocks with an estimated net return of between 5%
and 6%.
Price:
$14 per share.
150,000 shares of Union Common Stock Fund A, a portfolio of common
stocks with an estimated net return of between 4M and 4Price:
"In
this
Corp. is in the process of issuing a manufacturing
at the nominal basis of royalties of $1 per engine."
Expansion Program—
area to approximately 1,500,000 square feet, the addition of another bay
running the entire length of the Hamilton Standard Propellor factory in
the same city and approximately doubling the area of the Vought-Sikorsky
factory at Stratford.
The company estimates that employment for all three divisions will be
increased to between 18,000 and 20,000 men as result of this latest ex¬
pansion program.
Expansion carried out in the past 18 months had in¬
creased the company's employment to 15,000 from 5,000.
Approximately
$12,000,000 of the total amount will be spent in East Hartford.
"The company authorized this expansion several weeks ago in advance
of final approval of this program," Mr. Wilson stated.
"Contracts have
already been let for part of the construction and orders have been placed
for machine tools and materials of all kinds.
Our numerous suppliers of
parts and materials are joining us in this vast program to aid National
defense.
Now that the complete program is agreed upon, we hope to con¬
clude out contractual agreements with the War and Navy Departments at
an early date."—V. 151, p. 864.
United Biscuit Co. of
See list given on first page of
United States Steel
200,000 shares of Union Common Stock Fund B, a portfolio of "growth"
with an estimated net return of between 2lA and 2%%.
Price:
at present prices of about
$10,000,000 of new securities, one of the largest new offerings of its par¬
ticular type to reach the investment market this year.
Ownership of all five classes of common stock embodied in the current
offering gives the investor a portfolio interest in the securities of an aggre¬
gate of 170 American corporations.
The assets held by the Trustee ap¬
pertaining to each class of stock are physically segregated from the assets
appertaining to the other classes.
Guaranty Trust Co. of New York is the trustee for the corporation of
all its property, including uninvested cash.
It also acts as dividend dis¬
bursing agent.—V. 151, p. 864.
United
aggregate
Corp.— To Produce Engines for
Aircraft
U. S.
Government—
Secretary of the Navy Knox announced on Aug. 29 that an agreement
had been reached under which United Aircraft would contract to build
17,000 engines at a cost of $160,000,000 for both the Army and Navy under
a single award actually consummated by the latter department.
The engines
will be built in a $2,500,000 factory to be constructed by United and will
cover the entire requirements of both services from that company for the
1941 and 1942.
years
Importance of this development is that it eliminates the possibility of the
Departments bidding against each other for the products of a
single plant—a practice that led to confusion and soaring prices when the
U.S. suddenly launched a huge armament program in 1917.
In announcing the agreement between the Navy and United Aircraft for
the manufacture of 17,000 airplane engines, Secretary Knox said that a
formal contract would be negotiated as soon as funds for the engines are
War and Navy
provided in the $5,008,000,000 defense
Meanwhile, Secretary Knox said,
appropriation bill pending in Con-
United will proceed immediately with a
$2,500,000 expansion of its plant at Hartford, Conn.
Rear Admiral John H. Towers, Chief of the Navy's Bureau of Aero¬
nautics, added that the Navy would purchase and retain title to $7,000,000
worth of machine tools to equip the expanded plant.
Admiral Towers said that it would take six to eight months to complete
the tooling, but the plant would require somewhat less time to build.
Praising United Aircraft officials for their cooperation. Secretary Knox
said that the corporation would proceed with plant construction at its own
expense immediately. The company, he said, will take advantage of the law
which permits the Navy to advance up to 30% of the cost of a contract to
aid in financing additional plant facilities.
In the following statement, Frederick
B. Rentschler, Chairman, and
E
E. Wilson, President of the United Aircraft confirm the conclusion of
negotiations for the purchase of Army and Navy requirements of Pratt &
Whitney engines for the fiscal years 1941 to 1942, amounting to approxi¬
mately 17,000 engines of various types, ranging from 500 to 2,000 horse-
PO"During
with
the
weeks United officials have been in contact
Commission as well as the Army and Navy
of Pratt & Whitney engines to
been brought to a climax as
possible and with no delay or even consideration of such highly
the past several
National Defense
determining the number and various types
meet requirements. These negotiations have
quickly as
controversial matters as the Vinson-Trammell Act or any pending legislation.
As a matter of fact, some three weeks ago when probable quantities and
first known, United Aircraft upon its own account made com¬
involving many millions of dollars for certain machinery, special
materials which require the longest time for procurement for the
purpose of expediting the program as far as possible.
This was followed last
week by an announcement of a plant expansion program by Pratt & Whitney
to meet the new requirements.
Work on this program will be begun at once
and rushed to completion with all possible speed.
"The contract for the purchase of engines is the type for normal Navy
types were
mitments
tools and
procurements,
and involves only normal cost.
The necessary new buildings
provided by United Aircraft Corp. and in a separate contract the
Department will provide the funds for the procurement of some
$7 000 000 to $8,000,000 of machine tools which will be installed and used
by'Pratt & Whitney. The title to all of this machinery will be vested in the
Navy and at the conclusion of operations remain the property of the Govern-
will
be
Navy
m^Tii
addition
Whitney, the
to
the
17,000 engines to be manufactured by Pratt &
War Department is now
negotiating with the Ford Motor Co.
America—Registers with SEC—
this department.—V. 151, p. 1158.
Corp.—New Comptroller—
Irving S. Olds, Chairman of the Board announced on Aug. 29 the appoint¬
George W. Rooney as Comptroller, effective Oct. 1. Mr. Rooney,
who is 46 years old, succeeds Adolph W. Vogt who died in November, 1939.
—V. 151, p. 865.
ment of
United Engineering
6 Mos. End. June 30—
Gross profit from manuf.
Other income..
& Foundry Co.—Earnings—
1940
1938
1939
1937
$3,037,654
$1,831,174
$2,492,143
100,381
42,707
65,652
200,154
Total income.$3,138,035
$1,873,881
1,408,173
385,563
170,783
685,654
Surplus for
of
com.
stock
$951,813
,402,998
28,882
28,906
1,166,173
28,966
$922,931
$1,374,092
$2,137,207
820,746
$2.16
820,746
$1.12
819,876
$1.68
818,216
$2.61
out¬
standing (par $5)...Earnings per share.....
—V. 150, p.
182,259
582,826
.,776,357
common..
179,050
318,157
28,864
Net profit
dividends
Preferred
424,861
,557,795
389,712
$1,805,221
.....
Fed. & State inc. tax, &c.
Shs.
$3,208,019
446,180
187,734
698,900
Expenses......
Depreciation..
2275.
United Gas Improvement Co.—Weekly Output—
output for the U G I system companies for the weekend
follows: WeekWBP.ed
Aug. 24, 1940, 104,985,702 kwh.; same week last year, 98,242,545 kw t,
an increase of 6,743,157 kwh. or 6.9%.—V.
151, p. 1158.
The electric
closed and the figures for the same week last year as
United
$12 per share.
license to the Ford Co.
Company reported that it will spend close to $15,000,000 to expand
further its manufacturing facilities in both East Hartford and Stratford,
Conn.
In the past 18 months the company already has spent $16,000,000
to expand its facilities.
Its latest expansion program, worked out with the National Defense
Advisory Commission, was authorized by the company several weeks ago
in advance of final approval by the Commission, according to President
Wilson.
'
Present plans call for another larger addition to the Pratt & Whitney
Aircraft engine factory in East Hartford which will bring its total floor
Plans
stocks
$7 ner share.
The offering involves a potential
1293
Illuminating Co.—To
Dissolve Two of Units—
Simplification of Stiucture—
The Securities and Exchange Commission approved Aug. 20 a voluntary
plan offered by the United Illuminating System under the Holding Com¬
pany Act which will simplify the system's corporate structure by eliminating
two of the three present units.
There are three companies directly involved in this matter: The Illumi¬
nating Shares Co., The United Illuminating Trust (a voting trust composed
of five trustees) and The United Illuminating Co. (an operating company
furnishing electric service in the cities of New Haven and Bridgeport,
Conn., and vicinity).
The plan contemplates the dissolution of both The United Illuminating
Trust and The Illuminating Shares Co.
Under the plan the nolder of two
shares of class A stock of The Illuminating Shares Co. will receive one share
of common stock of The United Illuminating Co.
Scrip certificates will be
issued in lieu of fractional shares of common stock of The United illuminat¬
ing Co.
It appears that the market value of one share of The United Illumi¬
nating Co. is approximately equal to the market value of two shares of
class A stocK of The Illuminating Shares Co.
Both The United Illuminating Trust and
The Illuminating Shares Co.
companies under the Public Utility Holding Com¬
Act of 1935.
They have filed a plan of simplification and dissolution
in order to comply with Section 11 (b) (2) of that Act.
.The applicants have advised the Commission that the reason for their
creation in December, 1930 and January, 1931, was to prevent a certain
have registered as holding
pany
public utility holding company outside of the State of Connecticut from
acquiring further securities of The United Illuminating Co.
Theretofore
this public utility holding company had acquired approximately 5.7% of
the stock of The United Illuminating Co., the Connecticut operating com¬
Approximately 93 % of the total outstanding stock of the last-named
has been deposited with and is held by the trustees of The United
For each share of The United Illuminating Co. stock
deposited, two shares of The Illuminating Shares Co. stock were issued.
pany.
company
Illuminating Trust.
At the time of the formation of the two applicants,
thereafter, they served
a
and for
some
time
useful purpose in that they preserved local manage¬
Public Utility Holding Com¬
pany Act of 1935 no holding company can acquire stock in public utility
operating companies without applying for approval by this Commission.
Accordingly, it has been the decision both of the management and of this
ment and control.
Since the passage of the
Commission that neither The United Illuminating Trust nor The Illuminat¬
ing Shares Co. serves any useful purpose; and that, furthermore, they un¬
necessarily complicate the corporate structure and unfairly and inequitably
distribute the voting power among security holders and that they should be
dissolved.
out the plan, the favorable vote of four out of the five
80% of the class A stock of The Illuminating Shares Co. is
Counsel for the applicants have advised the Commission that,
in their opinion, a two-thirds vote of the class A stockholders would be suf¬
ficient to approve a voluntary dissolution of Tne Illuminating Shares Co.
under the laws of Delaware, in which State it is incorporated, and that such
dissolution will be binding upon non-assenting class A stockholders and that
they would be required to accept a proportionate share of the assets of The
Illuminating Shares Co. after dissolution.
All dividends of The United Illuminating Co. deposited with the trustees
have been paid directly to class A stockholders of The Illuminating Shares
Co. with the exception of a special dividend of 50 cents a share paid on
Aug. 2, 1939 in order to settle or pay income taxes.
After payment of such
taxes and incidental expenses, a remainder of $177,128 was held by The
Illuminating Shares Co. on March 16, 1940.
Except for such cash, The
Illuminating Shares Co. has no other assets.
This fund will be held for
the payment of fees and expenses incidental to the consummation of a plan,
the balance then remaining will be paid ratably to the class A stockholders
who exchange their stock.
Under the plan, class A stockholders of The Illuminating Shares Co.
are to receive exactly what they gave in exchange for 6uch class A stock,
which is the underlying security behind the class A stock.
Also, class A
stockholders are to receive the balance in cash held by The Illuminating
Shares Co. after payment of fees and other current expenses, to be dis¬
tributed on the basis of the number of shares of such class A stock so ex¬
changed.
As stated above, two shares of such class A stock were originally
issued in exchange for each share of The United Illuminating Co. stock.
It appears that tne market value of the stock of The United Illuminating
Co. is and has been approximately twice that of the class A stock of The
Illuminating Shares Co.
By reason of the tax liabilities and other expenses
of The Illuminating Shares Co., its class A stockholders have receivea less
in dividends on each share of The United Illuminating Co. stock deposited
In order to carry
trustees and
necessary.
The Commercial & Financial Chronicle
1294
Aug. 31, 1940
under tbe trust than received by holders of The United Illuminating Co.
stock not so deposited; after the plan is consummated, such differences in
tion and amortization of $404,797 in 1940 and $322,831 in 1939.
dividends will necessarLy be eliminated in the future.
The class A stock¬
holders of The illuminating Shares Co. will receive stock with no less value
18,656 shares of common stock.
s 17,672
(11,720 in 1939) shares $1.50 cumulative convertible preferred stock and
than that to be given in exchange therefor.
As before stateo, the Commission has approved
Registers with SEC—
the plan by reason of the
fact that the continued existence of The United Illuminating Trust and The
Illuminating Shares Co. does unduly and unnecessarily complicate the
structure or the system, and does unfairly or inequitably distribute
See list given on
voting
page
of this department.—V. 151,
p.
1158.
Corp.—Earnings—
Income Account for Years Ended June 30
1940
1939
1938
security holders; the Commission has also found that the plan
fair and equitable to the persons affected thereby.—V. 1.50, p. 3994.
power among
is
first
United States Sugar
1937
Net
United Public Service
proceeds—Sale
of
sugar f.
o.
b. sugar
Corp.—Earnings—
1940—3 Mos. —1939
Operating re venues
Oper. expenses & taxes__
Net operating income
$188,158
$173,686
135,685
$403,635
330,027
$30,838
$38,001
$73,608
151
Other deductions—net..
Interest
on
22,898
23.072
$73,638
45,018
$14,929
$28,620
_
Net income
Securities
$813,931
51,119
$1,018,848
Cr 12,292
$1,109,119
$762,813
$1,031,141
lib",277
41", 125
12,633
7,426
__
197",834
Prov. for Fed. inc. tax..
76,772
130,000
200,000
100,000
140,000
$846,680
$798,841
$621,688
$871,083
Other interest
$69,850
46,426
•
Balance, surplus
Pref. 6tock divs. paid on
$23,423
36,765
36,621
36,515
41,090
150,324
150,575
600,405
450,360
$0.54
$0.50
$0.39
$0.55
reserve
United Public Utilities
The
$38,001
$7,969
Int, & other deductions
$1,173,592
64,474
bonds
Catastrophe loss (net)
$30,867
$3,176,678
2,157,830
$1,294,891
43,605
$69,698
30
29
Gross income
2,409,503
$1,251,286
$366,187
296,489
Otber income
$4,658,907
3,485,315
$3,223,434
2,752,619
Cost of sugar sold
1940—6 Mos. —1939
157,320
_
$4,047,510
house
(Including Kentucky Power & Light Co.]
Period End. June 30—
Corp.—Hearing
on
Merger—
Common stock div. paid
—cash
and
Exchange Commission has ordered a hearing for
Sept. 24 at the Commission's Washington offices or the declarations and
applications (File 70-124) for approval of the merger of six wholly-owned
subsidiaries of United Public Utilities Corp.
The companies to be merged
are: Bradford
& Gettysburg Electric Light & Power Co., Brookville &
Lewis burg Lighting Co., Buckeye Light & Power Co., Eaton
Lighting Co.,
New Madison Lighting Co. and Western Ohio Public Service Co., all of
which operate in western Ohio.
The companies will be merged into The Greenville Electric Light & Power
Co. and it is proposed to change the name of that company to Western
Ohio Public Service Co.
The Greenville Electric Light & Power Co. is
also a wholly-owned subsidiary of United Public Utilities
Corp.
Upon consummation of the proposed merger, Western Ohio Public Ser¬
vice Co. wjll have 92.220 shares or common stock ($10 par) and
$1,688,360
of 6% 10-year non-cum. income notes outstanding, all of which will be
held
by the parent company.
Among the matters to be considered at the hearing are the following:
The effect and consequences of that part of the transaction
by which earned
surplus of the merging companies is to be converted into funded debt; the
effect of the proposed merger upon investors and consumers and
upon the
holding company system in regard to carrying out the provisions of Sec¬
tion 11 of the Act.—V. 151, p. 865.
_____________
Earnings
share
per
on
stock
common
Comparative Balance Sheet June 30
Assets— "
1940
Cash
Invs.
1939
Liabilities—
1940
$346,570
760,829
679,362
Notes payable due
within one year.
Curr. accts. pay_.
131,821
98,098
07,806
47,960
Acer, tax., int., &c
381,902
262,321
28,918
66,621
Prov.
149,813
9,191
230,000
(net).
ad vs.—
and
drain dlst. (net)
Invent'y, molasses
Mat'ls & supplies
Growing
154,028
128,646
875,558
_
crops
998,010
for
Income tax
Pref. stk. divs. pay
Invs. in & advs. to
Notes payable
Clewiston Co—_
260,140
257,752
Reserve
for
Sept. 15 and on April 15, 1939
standing.—V. 150, p. 2275.
27,806
field insurance._
4,061,453
Res. for conting..
Bldgs., mach. &
equipment (net) 2,151,541
Unexpired insur..
12,038
Assets—
183,412
69,117
2,067,963
3,678
expenses
Preferred stock
6,081
y
735,300
735,300
1,511,336
3,739,194
1,511,336
3,749,633
2,252,499
Common stock.
Earned surplus
the old $10 par stock previously out¬
on
1939
S
S
5,488,475
1940
4,987,024
1939
$
$
Liabilities—
Res.
State & munic. bds
760,438
646,455
RR. bds. & stocks.
534,966
for
Res.
Res.
unearned
Total
$9,529,501 $8,688,2231
premiums
3 ,190,951
1,592,908
2,964,266
69,297
Utah Light & Traction
Period End. July 31—
Operating
Operating
60,042
1,032,177
$9,529,501 $8,688,223
revenues
expenses
Co.-—Earnings—
1940—Month—1939
$85,144
$85,345
78,087
82,938
6,682
7,244
1940—12 Mos.—1939
$1,104,534
1,003,876
84,901
$1,106,511
P.U. bds. & stocks
1,125,917
Misc. bds. & stks.
Cash
5,308,024
5,395,407
3,228,430
2,627,868
reserve..
1 ,353,811
717,026
74,423
731,910
182,550
28,442
Com. & brokerage.
Fed. & State taxes
170,974
recelv'le.
368,340
$26,974
331.474
Accrued interest..
44,017
45,704
Accounts payable.
DrS,7 89
27,346
64,148
25,397
4,723
1 ,250,000
1,250,000
Prems.
not
for
just.
Other assets
and
loss
Special
reserve...
Vol. gen. cont.
Net oper. revenues
res.
10,304,696
2 ,000,000
2,000,000
Surplus
17,345,804
5 ,934,116
5,427,833
Total
Int.
17,345,864 16,304,690
on
Apr. 30, '40 Apr. 30, *39 Apr. 30, '37 Dec. 31, '37
c$6,587,015 c$5,043,580 b$l,568,748 $2,986,046
Gross sales
Discounts,
and
returns
allowances
See
See
c
x
Net sales
$6,587,015
Cost of sales & expenses.
5,927,331
43,484
$274,589
18,145
$396,072
$207,928
$292,734
5,939
747
tired during year)
Int. on notes payable
18.050
$204,244
3,685
7,984
Total income
Int. on funded debt (re¬
$378,022
$683,639
Other income
$2,839,923
2,565,334
$659,683
23,956
Net profit from oper..
$1,525,264
1,321,020
453
3,400
26,775
7,329
•45.335
$169,022
$233,677
8,798
$3,862
the above statement
$3,913
for unpaid
payable if, as, and when earned,
amounting to $1,963,199 for the period from Jan. 1, 1934, to Dec. 31,1939.
Light Co. (& Subs.)—Earnings—
Operating
Operating
revenues
Property retirement
1940—Month—1939
$1,193,362
$1,113,302
479,747
expenses
Direct taxes
216,791
91,000
91,000
1,092,000
1,092,250
$405,824
Net oper. revenues
$352,659
$4,403,315
4,971
938
1,072
$4,419,148
4,359
$406,762
189,028
25,000
14,321
$353,731
190,882
25,000
15,375
$4,423,507
2,271,050
300,000
183,683
$4,408,286
$178,413
$122,474
$1,668,774
1,704,761
$1,601,873
1,704,761
Other income (net)
Int.
on
mtge. bonds
Interest on deb. bonds..
Other int. and deduct'ns
Net income
x
1940—12 Mos—1939
$14,089,378 $13,086,703
6,324,911
5.510,051
189,239
2,253,319
2,081,087
480,404
re¬
appropriations.
Gross income
11,101
670
$324
—V. 151, p. 570.
146,123
$5,043,580
4,665,557
1,276
Deficit.
serve
c
$621,674
617,571
8,016
$618,173
609,641
12,394
Note—No provision has been made in
interest on the 6% income demand note,
Utah Power &
8 Mos. End.
594,700
$51,443
51,097
$321
mtge. bonds
Period End. July 31—
4 Mos. End.
602,416
Balance, deficit,
Corp.—Earnings—
Years Ended
$15,757
56,280
Other int. & deductions-
—V. 149, p. 4044.
United States Plywood
x$4,837
51,343
$51,718
50,763
Gross income
44,890
Capital paid In
Total
$375
Rent from lease of plant.
ad¬
expense
Relnsur.
months due
losses
claims
3
over
for
992.510
87,027
2,978,120
3 ,007,441
Total
x Depreciation reserve deducted in
determining net amount of buildings,
machinery and equipment as above, $3,264,667 in 1940 and $2,960,097 in
1939.
y Represented by shares of $1 par.—V. 150, p. 1300.
Direct taxes
507,808
1,308,082
Relnsur.
63.571
Reserve for welfare
x
United States Guarantee Co.—Balance Sheet June 30—
U. 8. Govt, bonds.
170,893
a
on
1940
9,191
9,425
370,581
cane-
26,624
4,611,641
advances, &c
—
dividend of 20 cents per share on the $5 par
common shares payable Sept. 16 to holders of record
Sept. 3.
Dividends
of 15 cents were paid on June 15 and on March 15, last, and an initial divi¬
dend of 25 cents was paid on Dec. 11, 1939; dividends of 25 cents were
paid
$68,457
39,500
Mtges. payable—
Other Investments,
Land
$139,245
Federal
Capital surplus
United States Graphite Co.—20-Cent Dividend
Directors have declared
1939
$580,379
Receivables
Dividends applic. to pref. stocks for the
period.
2,311,799
300,000
194,614
Amort, of bond discount
and expense
Other interest charges
5,873
Prov. for Fed. inc. taxes
124,800
7,104
69,857
Net prof, car'd to surp.
$544,168
$308,010
a The
provision for Federal income taxes for the
eight months ended
Dec. 31, 1937, includes approximately
$10,000 in excess of the estimated
normal Federal income tax, but no
specific provision has been made for
surtax on undistributed profits, the amount of
which cannot be determined
until the close of the company's fiscal
year on April 30, 1938.
b Includes
predecessor companies, c After deducting discounts, returns and allowances.
3 Months Ended July 31—
1940
1939
1938
Net
sales
x
$1,892,833
yl24,101
Net profit...
Earnings
per share
__
$1,393,888
111,459
$o,50
$891,926
36,127
$0.10
After all charges including Federal income
taxes,
y Net income was calculated on estimated
inventory to be $124,101 for
the two months of May and June,
1940. compared to $59,424 for the two
months of 1939 and compared to
$111,459 for the entire three months
x
ended
July 31, 1939.
1940
x
1939
$315,256
$208,855
Notes and accts.
receivable
Advances
on
Inventories
Int.
In
ture
*
842,086
...
1,646,080
1,256,837
the
Mengel Co
Prepaid expenses.
50,856
45,363
pref.
Veneer Co
453,900
54,890
52,485
724.032
633,125
Prop., plant and
equip., at cost..
stock
x
After
Ry.—Earnings—
1940
Gross from railway
Net from railway
def271
421,144
52,505
17,809
1938
1937
def6,755
$28,091
def5,254
def9,707
$54,502
def7,138
def8,275
367,829
31,387
def2,106
300,276
def70,768
678,070
97,063
30,648
defl3,059
716.
p.
Gross from
1940
railway
Net from railway
Net ry. oper. income..
54,065
Gross from
25,000
53,991
Net from railway
Net ry. oper. income..
1,093,280
217,607
1,093,280
From
—V.
210,167
1,095,054
46.664
£*259,461
379,809
Total
$3,729,125 $3,543,506
for uncollectible accounts, discounts and
freight allow¬
y After reserves for deprecia¬
def7,090
Virginian Ry.- -Earnings—
70,102
151,858
of $97,758 in 1940 and $93,480 in 1939.
$30,794
626
Net from railway
151,
1939
$51,036
Net ry. oper. income...
From Jan. 1—
Gross from railway
81,068
742,549
Treasury stock.. 1*372,096
$3,729,125 $3,543,503
reserves
282,871
Com. stk. (par $1)
Surp. at organiza¬
tion, less divs__ 1,095,054
z
Total
Utah
July—
-
_
1939
1938
1937
$2,102,590
1,202,107
872,464
$1,789,585
946,108
759,636
$1,520,237
734,443
616,793
$1,628,146
837,304
723,120
14,489,717
8,074,139
6,176,563
11,113,911
5,549,684
4,182,990
10,445,060
4,874.286
3,969,336
11,185,462
6,049,513
5.180,461
Jan. 1—
151,
railway
p.
_
-
-
1159.
(par
$20)
Paid-in surplus
Earned surplus
ances
cumulative.
Directors have declared a dividend of $1.75
per share on the $7 cum.
pref. stock, and a dividend of $1.50 per share on the $6 cum. pref. stock,
both payable on account of accumulations on Oct. 1 to holders of
record
Sept. 3.—V. 151, p. 570.
124,577
tax
after 1 year
$1.50 cum. conv.
Investm't In Wash.
y
16,964
313,319
Contracts pay.,due
50,294
Other assets
are
July—
6,909
Accrued liabilities.
Prov. for Fed. in¬
come
61,608
_
these stocks
Accumulated Dividend—
1939
$500,000
payable
(current)
ven¬
with
1940
$250,000
Accts. pay.—trade
4,000
Joint
on
—V.
Liabilities—
Notes payable
Contracts
866,966
log
purchase
$35,987
$102,888
x Dividends
accumulated and unpaid to July 31, 1940, amounted to
$7,955,557.
Latest dividends, amounting to $1.16 2-3 a share on $7 pref.
stock and $1 a share on $6
pref. stock, were paid on July 1,1940.
Dividends
Net ry. oper. income...
Balance Sheet April 30
Assets—
Cash
Balance deficit
(The)
Warner
& Swasey Co.—Stock Offered—Public
offering of 276,580 shares of common stock (no par) was
announced Aug. 28 through a group of 41 underwriting houses
headed by Smith,
Barney & Co.
The stock, offered at $23
per share, has been oversubscribed.
Of the total, 241,580
shares are being sold for the account of certain stockholders,
largely Warner and Swasey heirs or relatives, who, in the
aggregate, are selling less than half of their holdings.
The
Volume
The
151
remaining 35,000 shares are being sold by the company
itself.
Other bankers making the offering include: Dominick & Dominiek; Lee Higginson Corp.; Blyth & Co.; Hayden, Stone & Co., and Kidder, Peabody & Co.
The offering of this stock to the public marks the culmination of recently
plans of the company looking toward wider distribution to
provide a public market for its securities, which until now have been closely
held.
On Aug. 20, stockholders approved a plan of recapitalization increas¬
ing the company's authorized common stock from 300,000 ($5 par) shares
to 1,000,000 shares (no par) and changing each $5 par share into three new
no par shares.
announced
Shortly after the public offering by the underwriters the company pro¬
offer 58,704 shares of common stock in exchange for the outstand¬
ing 13,502 shares of its preferred stock upon the basis of offering to each
hold er of preferred stock a number of shares of common stock having an
aggregate value (computed at the price to the public) equal to the par
value ($100 per share) of his shares of preferred stock.
The pref. stock is
redeemable at $100 per share plus accrued dividends.
There is no commit¬
ment or agreement to sell or to purchase any of the shares so to be offered
in exchange.
Cash payment or adjustment will be made in lieu of issuing
fractional shares of common stock in such exchange and for accrued divi¬
poses to
dends
on
shares of
preferred stock surrendered in exchange.
History and Business—Company was incorp. in Ohio on May 26, 1928,
at which time it acquired all of the assets and assumed all of the liabilities
of a predecessor company of the same name.
This predecessor company
was incorp. on Jan. 18, 1900, at which time it succeeded to the partnership
formed on May 5, 1880, by Worcester R. Warner and Ambrose Swasey, the
founders of the company's present business.
Company is engaged in the manufacture and sale of machine tools.
Its
principal products have been and are horizontal turret lathes (a specialized)
machine tool for precision turning for both standard and high production
purposes), comprising at present five sizes of the ram type and five sizes of
the saddle type, having maximum bar capacities ranging from
5^-inch
diameter for the smallest size to 12H-inches diameter for the largest size,
and a line of turret lathe tools comprising some 600 different items.
It is
estimated that approximately 96 % of the total dollar value of the ship¬
ments made by the company during the five year period from 1935 to 1939,
inclusive, consisted of turret lathes, turret lathe tools and repair parts for
such lathes and tools.
Company also manufactures and sells on special
order astronomical instruments, other precision instruments and some
special
vehicles, bodies,
equipment; industrial electrical equipment;
conveying and transmission equipment; engines, turbines and water wheels;
food machinery, including canning and bottling machinery; pumps, fans
and compressors; railroad equipment, locomotives and cars; and agricul¬
tural implements, tractors and road machinery.
During the past two years,
the demand of the aviation industry has been such that a substantial
increase in the volume of sales of the company's products to manufacturers of
aircraft, aircraft engines, accessories and parts and to manufacturers of
machine tools for use in that industry has resulted.
Company's products
tools; construction, mining and oil well equipment; motor
parts, accessories, and garage
also sold
to the
Federal Government, to State and municipal govern¬
governmental agencies for use in, among other things, arsenals,
yards and institutions.
ments and to
navy
Underwriters—The names of the several
A substantial portion of the company's shipments has been made to
foreign customers.
It has, however, been the policy of the company to
subordinate its sales efforts outside of the United States and Canada so that
the company would be in a better position to supply
customers in those two countries.
It is estimated that
50,000
Dominiek & Dominiek
.
Jackson & Curtis
20,000
Smith, Barney & Co
.20,000 Paine, Webber & Co
10,000 E. H. Rollins & Sons, Inc
10,000 White, Weld & Co
10,000 Fahey, Clark & Co
E.A.
Pierce
10,000 Merrill Lynch,
Cassatt
7,000
7,000 Newhard, Cook & Co
Lee Higginson Corp
Blyth & Co., Inc
Field, Richards & Co
Sterling Foundry Co., a partially owned subsidiary is engaged in the
business of operating an iron foundry at Wellington, Ohio.
The principal
products of this subsidiary are special alloy iron castings.
It is estimated
that during 1939 approximately 94% of the total dollar sales of this sub¬
sidiary consisted of products sold to the company and approximately 99%
of the total cast iron requirements of the company were purchased by it
Curtlss, House & Co
Merrill, Turben & Co
7,000 Prescott & Co
7,000 Schwabacher & Co
7,000 Baker, Simonds & Co
7,000 Ball, Coons & Co
Maynard H. Murch & Co
7,000
A. G. Becker & Co.,
Otis & Co
7,000
Hornblower & Weeks
6,000
8,000
Blair, Bonner & Co
Central Republic Co...
Hawley, Huller & Co
Hayden, Miller & Co
.
of the United States.
McDonald-Coolidge & Co
Lazard Freres & Co
-
Inc..
Emanuel & Co
5,000
-
T. H. Jones & Co
Watllng, Lerchen & Co
5,000
Eastman, Dillon & Co
W. E. Hutton & Co
-
First of Michigan Corp
5,000
5,000
Clark, Dodge <fc Co
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
1,000
Purpose—The net cash proceeds to be received by the company will be
$626,495 after deduction of estimated expenses and will be added to the
general funds of the company to be used for general corporate purposes.
Transfer Agents and Registrars—The transfer agents for the common
stock are Guaranty Trust Co., New York, and Cleveland Trust Co.,
Cleveland, Ohio.
^
_
Bank & Trust Co.,
for the common stock are Chemical
National City Bank of Cleveland.
The registrars
New York, and
Consolidated Income Statement (Incl.
1939
June 30, '40
Subs.)
Years Ended Dec. 31
1938
1937
6 Mos. End.
Gross sales less discts.,&c
$8,178,164
$9,237,082
$5,834,975
$9,126,828
Cost of goods sold......
Sell. ,gen. & admin. exps.
4,117,577
1,348,440
4,817,499
2,208,642
3,055,374
1,780,904
4,425,802
1,729,042
$2,712,146
$2,210,940
21,490
49,956
$998,696
35,149
$2,971,982
9,729
$2,733,636
$2,260,896
9,123
.,033,846
6,484
$2,981,712
47,094
570,000
436,550
020,378
Cr49,329
9,000
35,002
$2,136,920
$1,864,553
40,506
739,342
82,597
942,550
$811,361
83,177
227,460
$1,930,846
83,240
230,946
Gross profit....
Other income
Income deductions.
862
Normal income & excess
profits taxes (est.) _—
Surtax on undistributed
601,000
207.000
414,000
profits (est.)
Underprovision for prior
—
years
Netprofit
Preferred dividends
Dommon dividends
Consolidated Balance Sheet June 30, 1940
f/LSSCtS
Liabilities—
"
$1,406,038
1,279,576
98,711
1,400,000
1,235,050
199,679
4,742,442
Dr49,800
payable
Demand deposits & on
Accounts
Notes & accts. rec.
Accrued liabilities
Inventories
Investments
Other assets
Fixed assets
hand. $4,230,703
(trade)—
1,380,152
2,018,523
178,205
75,646
(less deprec.)—
2,384,658
Other current liabilities
...
6% preferred stock
Common stock (par $5)
—
Capital surplus
Earned surplus
43,809
Deferred charges
Treasury shares
...
$10,311,696
Total
$10,311,696
Total
-V. 151, p. 1160.
Wayne Screw Products Co.—Earnings—
Income Account jor
Nea sales for
9 Months Ended June 30, 1940
period
334,196
Cost of sales
Shipping, delivery, selling and
31,362
administrative expenses
$35,062
Profit
3,334
$38,396
4,593
Total income
on sales
Discounts
Interest
152
paid._....—— —..
...—
goodwill and organization expense
of capital stock.
Chicago and Los Angeles, Calif., and the Warner
„
Amortization of commissions on sale
Allowance for Federal income tax.
1,270
2,737
8,000
Swasey Sales Co. maintains a warehouse and a sales office at Houston,
Company has sales offices or direct district sales representation in
Los Angeles, Chicago, Indianapolis, Boston, Detroit, Newark, Buffalo,
Syracuse, Dayton, Philadelphia, Pittsburgh, and Milwaukee, and has
independent dealer representation in a number of other manufacturing
areas in the United States.
Sales to foreign customers are made principally
to or through independent dealers, although recently substantial sales have
been made to foreign purchasing commissions.
Capitalization—On Aug. 20, 1940, shareholders adopted an amendment
to its articles of incorporation.
This amendment, among other things,
(a) increased the number of shares of common stock which the company is
authorized to have outstanding from 300,000 shares (par $5), to 1,000,000
shares (no par); (b) changed each of the then issued and unissued shares of
common stock, into three shares of common stock; and (c) reserves for sale
to officers and employees of the company, upon such terms and conditions
board of directors of the company may determine, 82,920 of the
unissued shares of common stock (in addition to the shares of common
stock then under option for sale to officers and employees of the company)
and all shares of common stock which may be reacquired by the company
as
3,000
3,000
3,000
2,680
Farwell, Chapman & Co
Stern, Wampler & Co., Inc
Amortization of
with the sale and distribution of its products, company
Texas.
,
&
...
Other income.
this subsidiary.
Swasey Sales Co., a wholly owned subsidiary of the com¬
pany, is engaged in the sale and distribution of machine tools, consisting
principally of the company's products, primarily in the southwestern portion
&
5,000
5,000
3,000
-—
The First Cleveland Corp
The Warner &
maintains warehouses at
5,000
5,000
-
Hayden, Stone & Co
Kidder, Peabody & Co.
The
In connection
5,000
Janney & Co., Inc
....
year
from 1935 to 1939, inclusive, and the first six months of 1940,
approximately the following percentages of the total dollar value of the
shipments made by the company were for export to customers outside of
the United States and Canada:
1935—17%, 1936—18%, 1937—27%,
1938—58%, 1939—42%, and the first six months of 1940—31%
period
from
Shares
Shares
.
the requirements of
during the five
underwriters and the respective
purchased by each are as follows:
amount of shares to be
Total income
machinery.
Company's products are sold in the United States and in many foreign
countries to a variety of industries in which metal turning is involved.
The
principal customers of the company in the United States and Canada include
manufacturers of aircraft, aircraft engines, accessories and parts; machine
are
1295
Commercial & Financial Chronicle
the
pursuant to rights theretofore or thereafter granted to the company or a
purchaser designated by it, or to the president of the company or his
nominee, to purchase such shares within a specified period after the happen¬
ing of certain specified events.
|
Based upon the capitalization of the company as of June 30, 1940, and
(i) the recapitalization described above; (ii) the
by the company of 35,000 shares of common stock and (iii) the issu¬
subsequent to June 30, 1940, of 1,685 shares of common stock, par $5
(equivalent to 5,055 shares of common stock no par) pursuant to the exer¬
cise of certain stock option agreements, the capitalization of the company
after giving effect only to
sale
ance
would be
as
follows:
Authorized
Preferred stock (par $100)
Common stock (no par)
----
14,000 shs.
bl ,000,000 shs.
Outstanding
al3,502shs.
c781,085 shs.
b At date of prospectus,
70.995 shares of unissued common stock (no par) were subject to the stock
option agreements which provide in effect that the shares of common stock
covered thereby may be purchased at $4.50 per share, and grant to the
company, or a purchaser designated by it. the right, within a specified
period after the happening of certain specified events, to repurchase at the
then book value any shares so purchased. An aggregate of 82,920 additional
a
Does not include 498 shares held in treasury,
shares of unissued common stock are reserved under the amended articles
for issuance to officers and employees,
c An aggregate of
87,465 of these shares of common stock is subject to agreements, some of
which grant to the company or purchaser designated by it, and others grant
to the president of the company or his nominee, the right to purchase some
of such shares at the then book value and the others at a price somewhat in
excess of the then book value within a specified period after the happening
of certain specified events.
An additional 106,560 of these shares of com¬
mon stock now held in trust, are subject to certain provisions granting to
the company, or a purchaser designated by it, the right to purchase such
shares in certain specified circumstances at a price somewhat in excess of
of incorporation
the then book value.
Note—Company proposes to offer, after the public offering by the under¬
of common stock in exchange for the outstanding
13,502 shares of its preferred stock.
Shares of preferred stock not sur¬
rendered upon such exchange will be redeemed or otherwise acquired dur¬
ing 1940.
writers, certain shares
-J.
Net income
Earnings per share_
Note—Income
V.
150,
p.
tax
—
- -
» — - —
computed
at
of estimated taxable
19%
$21,643
$0.22
income.—
858.
Wentworth Mfg. Co.'—Earnings—
Earnings for 9 Months Ended July 31,
1940
Net sales
goods sold
Selling, general and administrative expenses...
Cost of
,
$92,509
12,121
14,998
operating income
Other deductions, less other income.
Provision for Federal income tax
Net
Net
profit for period
Earned surplus—balance Oct.
31, 1939..
_—_. _ ----- ended Oct. 31, 1939..
Excess accrual for State taxes, year
Total
-
—
Cash dividends on preferred shares
Additional Federal income tax—prior year
Earned
$65,391
547,697
3,000
$616,088
25,394
216
$590,478
surplus—July 31, 1940
Earnings per share on
13,461,770
3,107,817
261,444
$0.10
410,016 shares common stock
Balance Sheet July
31, 1940
.<
in conduct of business,
and prepaid expenses, $32,935;
Assets—Current, $1,583,172; property not used
$130,759; fixed, $209,392; deferred charges
total, $1,956,258.
.
Liabilities—Bank loans, $300,000; accounts payable, $9,706; dividend
payable—preferred stock, $8,346; accrued taxes and expenses, $60,434;
convertible preferred stock—(33,385 shares no par), stated value $13.50—
$1 cumulative, $539,190; common stock ($1.25 par), $512,520; earned
surplus, $590,478; paid-in surplus, $660; less—cost of 6,555 shares of pre¬
ferred
$1,956,258—
purchased and in treasury, Dr$65,078; total,
3531.
stock
V. 150, p.
West Virginia
Pulp & Paper Co. (& Subs.)—Earnings—
1940_^
$5,269,077
213,951
193 9
52.876,928
'
63,223
—
$5,483,028
2,321,302
271,213
393,050
$2,940,151
2,076,887
362,495
100,480
..
$2,497,463
$400,289
Ended July 31—
Profits from operations
9 Months
Other income, net
—
— — —
Total income
— -
depreciation and depletion
Interest and amortization of debt expense
Provision for Federal income taxes
Provision for
Net profit
for period
_
.
discount and expense on
1st mortgage bonds 4M % retired Feb. 7, 1940_ _
Dividends paid or declared on pref. stock, $4.50
_
Premium and unamort.
share
Common stock dividends paid or declared
per
Surplus for period
...
....
621,666
_
701.235
902,432
701,235
180,486
$272,131 def$481,433
The Commercial & Financial Chronicle
1296
To
Pay
7:y-Cent
Whitaker
Common Dividend—
Directors have declared a dividend of 75 cents
per share on the common
stock, payable Oct. 1 to holders of record Sept. 10.
Dividends of 10 cents
were
paid in two preceding quarters and previously regular quarterly
dividends of five cents per share were distributed.—V.
West
Utilities
Texas
150,
p.
3682.
$5,578,262
3,631,181
Net oper. income
Other income (net)
$2,077,399
564
998
$1,947,081
7,255
$469,688
241,248
$511,125
293,195
$1,9.54,336
978,858
$2,084,073
1,211,534
$228,441
108,744
$217,930
109,007
$975,477
435,764
$872,-540
435,501
$510,127
Grossincome
Int. & other deductionsNet income
Cum. pref. dividends
V. 151, p. 717.
6,675
—
Period End. July 31—
revenues
Maint. of way & struc-Maint. of equipment
Traffic expenses.
Transportation
_
expenses
MisceJI. operations
General expenses
„
Transp. for investment.
Net oper. revenue
Taxes
Other income—rentals, interest and sundry
„
_
.
rents
Joint fac. rents (net)
Net ry. oper. income.
Other income...
$185,487
bonds
mortgage
Provision for
Taxes
on
Grossincome...
Fixed charges.........
—
depreciation of buildings and equipment.,,
income
-
—
Net profit
Earned surplus balance at Jan.
$119,039
780,309
1, 1940...
Total
Cash divs. declared—On 2d pref.
7%
cum.
151,
$899,348
28,214
stock.....
1940—Month—1939
1940—7 Mos —1939
$1,203,639 $10,606,332
$8,287,760
150,703
1,319,606
945,573
251,503
2,281,183
1,859,839
40,566
275,315
274,958
377,959
329,517
2,777,802
2,420,061
7,068
6.591
41,751
27,934
45,966
45,830
327,460
319,132
C>3,499
Cr4,037
Cr22,941
Crl7,511
$1,522,847
215,181
334,687
37,946
$382,966
65,000
$3,606,156
780,000
$2,457,774
480,000
$392,539
016,296
$317,966
024.927
Drl2,039
$2,826,156
0111,089
85,672
$1,977,774
0121,012
Dr86,683
$396,007
8,957
$330,8-54
7,559
$2,851,573
80,197
Earnings
60,358
1940
$810,777
$2.94
share on common
per
Balance Sheet JuneS0,1940
Assets—Cash, $78,051; certificates of deposit due at various times from
July 6, 1940, to Dec. 30, 1940, and accrued interest, $226,095; marketable
securities and accrued interest, $24,636; notes, acceptances and accounts
receivable, $1,439,912; inventories at lower of cost or
market, $1,098,524;
investments and other assets, $213,050; property, plant and equipment,
$1,716,491; deferred charges, $28,699; total, $4,825,460.
Liabilities—Accounts
payable, $622,933; accrued liabilities, $19,471;
Federal and State taxes on income, estimated, $53,246; 1st mtge. 20-year
7% sinking fund gold bonds, due Nov. 1, 1942, $305,000; 2d pref. 7% cum.
stock (par $100), $806,100; common stock (30,854 no-par shares), $2,150,000; capital surplus, $73,501; earned since Nov. 1, 1922, $810,777; less
common stock in treasury, 666 shares at cost, $16,568; total, $4,825,460.
—V. 151, p. 1010.
$2,012,103
52,787
Willys-Overland Motors, Inc.—Earnings—
9 Months Ended June 30—
$404,964
277,867
$338,413
275,840
$2,931,770
1,952,916
$2,064,890
1,931,920
1940
.....
$127,097
$62,573
$978,855
$132,970
1939
$12,996,047
8,799.285
$458,362
62,767
$1,141,733
25,640
8395,595
67,749
$1,116,093
31,582
$463,344
.
Other income
$7,657,552
13,454,409
Cost, expense, depreciation, &c
Operating loss.
Net income
10,939
3,800
18,011
33,698
—
charges
Net sales
—V.
$160,253
25,234
—
Total income
Interest on
Other
Balance at June 30,
7>12.828
Operating income.
goods sold
Operating expenses
—
$507,539
115,000
...
Equipment
$5,291,620
4,460,180
671,187
Cost of
On common stock..
Western Maryland Ry.—Earnings
Operating
Co.—Earnings—
sales
Operating profit
1940—12 Mas.—1939
$5,570,361
3,492,963
1940—3 Mas.—1939
Operating revenues.
$1,365,799
$1,357,974
Oper. expenses & taxes896,674
847,847
$469,125
1940
Earnings jor 6 Months Ended June 30, 1940
Net
Go.—Earnings—
Period End. June 30—
Paper
Aug. 311
$1,147,675
....
p. 571.
Western Pacific RR.
—
Abandonment
Interest, tax, &c.
—
The
Interstate Commerce Commission on Aug. 12 issued a certificate
permitting abandonment by T. M. Schumacher and Sidney M. Ehrman,
trustees of a branch line of railroad extending from Calprne Junction to
Calpine, approximately
12.62 miles, all in Plumas and Sierra Counties,
Calif.
Net loss
For the quarter ended June 30, 1940, net loss was $182,047, compared
a net loss of $391,829 in June quarter of previous year.—V. 150, p.
with
4148.
Earnings for July and Year to Date
July—
1940
$1,486,997
Gross from railway
Net from railway
Net ry. oper. income.._
From Jan. 1—
331,882
137,412
Gross from rail way
9,234,626
Net from railway
1,617,133
Net ry. oper. income...
—V. 151, p. 1160.
Western
1937
$1,300,241
def86,663
135,154
def23,638
def22,357
8,351,864
7,141,761
938,501
def990,225
defl08,870def2,027,672
8,923,455
22,303
def840,215
1939
$145,776
32,551
24,903
$136,672
16,510
6,393
1,009,241
139,317
income.68,412
960,052
121,205
railway.....
Net from railway
Net ry. oper. income—
All other
1937
$126,166
6,616
13,686
2,710
Gross from railway
Net from railway.
981,382
110,094
Total revenues
Maint. of way &
$6,090,400
165,777
454,643
$1,079,294
$7,637,934
$6,710,820
1 -57,159
revenue
140,064
156,816
28,630
403,539
34,274
895,354
1,164,959
866,973
1,112,598
20.3,475
3,005,143
255,954
2,734,582
234,382
struc.
expenses
1 K7 1
157,152
29,789
451,253
45.850
expenses
General expenses
Net railway revenues-
$562,827
$315,972
81,306
$2,113,049
$477,377
34,612
30,867
$234,666
48,342
38,374
$1,573,321
251,671
218,921
$411,899
Cr 1,5-54
$147,950
Dr2,922
$1,102,729
Dr25,115
$530,455
Dr31,895
$413,4-52
8,803
$145,028
9,706
$1,077,614
65.074
$498,559
70,605
$404,649
$135,321
$1,012,541
$427,954
Net after taxes
Hire of equipment..Dr.
Rental of terminals.Dr.
Net after rents
_
Other income—net
Westinghouse
Electric
&
Manufacturing
Co.—New
Inc. before interest
Director—
Robert T.
Swaine,
member of the law firm of Cravath, de Gersdorff,
director of this company, it was
of the Board.—V. 151, p. 1160.
a
Swaine & Wood, was on Aug. 28 elected a
announced by A.W. Robertson, Chairman
Int. being accrued & pd_
Bal. bef. int.
,
-V
Wheeling & Lake Erie Ry.—Earnings—
July—
1940
Gross from railway
$1,617,474
Net from railway.596,228
Net ry. oper. income...
From Jan. 1—
Gross from railway
Net from railway.
Net ry. oper. income
—V. 151, p. 717.
476,517
9,510,040
3.321,919
2,612,256
1939
$1,230,441
414,564
333,312
7,226,944
2,012,066
1,588,565
1938
$996,004
348,013
256,777
1937
439,182
5,522,154
1,227,248
814,015
9,801,402
3,220,328
2,984,937
Wheeling Steel Corp.—Preferred Dividend—
Directors authorized
a
dividend of $1.50
a
share
on
the old 6% preferred
stock, payable on Oct. 1 to holders of record Sept. 13.
Similar payments
were made on July 1, April 1 and Jan. 2 last, and on July
1, 1938.— V. 151,
p. 718.
(R. C.) Williams & Co., Inc.—Earnings—
Years End. April 30—
$2 087,895
1939
$1,668,222
$1,725,629
$1,759,966
1,473,647
38,366
1,192,786
35,393
1,190,974
39,250
1,206,750
38,903
90,935
45,248
Gross profit from sales..
74,248
55,796
52,017
279,153
58,350
296,417
$89,987
1 53,743
1940
1938
1937
expenses
Taxes
come
(other
than
in¬
taxes)
General admin, expenses
363,551
78,012
30,350
278,385
Net profit from oper..
$76,147
141,684
$53,296
125,247
Executive salaries
Other income
Non-recurring
income..
Grossincome
Income deductions
...
$217,831
184,030
Prov. for Fed. inc. taxes.
8,123
.
$178,543
146,683
3,002
Prov. for surtax
$243,730
162,763
11,486
734
Net income for year..
Dividends
$25,677
15,121
$28,859
15,489
$68,746
63,670
$81,205
100,809
101,539
103,257
107,906
$0.28
$0.66
$0.75
Shares capital stock out.
(no par) excl. treasury
stock......
per
$271,396
172,225
14,786
3,180
$0.2o
...
Earnings
$103,751
177,322
Dr9,676
share
64,756
Assets—Cash, $324,827; accounts and notes receivable (less reserve)
$1,180,328; inventories, $1,701,049; deposits on bids, $11,559sundry
receivables, $6,071; cash surrender value of life insurance payable to com¬
pany, $69,500; notes receivable, not current (less reserve of
$6,989) $9 830*
investments at cost (less reserve of $1,250),
$13,687; fixed assets (less re-^
serves of $352,513), $1,120,204; deferred
charges and other assets $121 001goodwill and trademarks purchased, $78,451; total, $4,636 508
Liabilities—Notes
payable
(banks),
$1,425,000;
accounts
payable,
$397,845; accrued liabilities, $82,179; note payable (Jaburg Brothers Inc )
$75,000; other accounts and notes payable $10,356; 1st mtge. 6% serial reai
estate notes (due within one year), $52,000; 1st mtge.
6% serial real estate
notes due 1940-44, $444,000; common stock
(100,809 no par shs ) $1 424 725; earned surplus, $555,466; capital surplus, $169,937; total,
$4,636 508
—V. 149, p. 2104.
...
expenses
$22,398,013
16,164,222
revenues
......
Gross income...
Interest on funded debt
Amortization of debt discount and
expense
Other interest charges
...
...
...
Interest during construction charged to
property and plant.
Other deductions
Provision for contingent losses on investment in
transportation
subsidiary and in certain transportation properties
Net income
150,
_
____
Co.—Earnings—
12 Months Ended June 30—
$1,187,184
Dr 8,2 04
Dr2.357
$1,249,027
415,881
Interest on funded debt
;
Amortization of bond discount and expense
Other interest charges
$1,184,826
380,950
32,435
6,638
33,935
5,782
during construction charged to property
and plant
Cr6,372
8,630
Net income
151,
$727,394
43,415
571.
p.
Michigan Power Co.—Earnings —
12 Months Ended June 30—
Total operating revenues
Operating
Cr6,006
$791,171
Other deductions
1940
2,444,992
revenues
Grossincome
____
__
___
Interest on funded debt
Amortization of bond discount and expense
Other interest charges
$3,683,699
2,426,796
$1,359,061
12,791
Net operating revenues
1939
$-3,804,053
expenses and taxes
Non-operating
$1,256,903
4,430
$1,371,852
484.8-52
$1,261,333
487,475
32.728
32.200
2,649
4,002
6V4.730
CV711
during construction charged to property
and plant
Other deductions
Net income
-V.
/
1939
$6,470,321
5,283,137
$1,257,232
revenues
Grossincome
Interest
1,250,000
$2,650,722
1940
expenses and taxes
Non-operating
-V.
$6,699,859
2,370,991
391,350
15,943
Cr8,104
28,957
$6,732,094
5,474,862
revenues
Net operating revenues.
Interest
_____
$6,233,791
466,068
3379.
p.
Wisconsin Gas & Electric
Operating
Operating
233,891
258,695
1940
and taxes
Net operating revenues..
Non-operating
—V.
$1,023,041
Co.—Earnings-
Earnings for the 12 Months Ended June,
Total operating revenues
Operating
$1,562,787
539,746
718.
p.
Wisconsin
Balance Sheet April 30, 1940
539,728
bonds,
.
151.
Wisconsin Electric Power
Buying, selling & deliv'y
Depreciation.
on
&e
$1,483,069
489,064
199.499
85,449
Taxes
65,819
—V. 151, p. 717.
1940—7 Mos.—1939
$6,974,177
155,158
508,599
485
^
900,816
66,056
def9,649
38,309
Ry.—Earnings —
1940—Month—193 9
$1,267,918
$963,558
32,617
36,432
103,495
79,305
$1,404,031
Freight revenue
Passenger revenue
Transportation
1938
$129,458
1—
Net ry. oper.
Period End. July 31—
Maint. of equipment
Traffic expenses
1940
From Jan.
Wisconsin Central
1938
$1,203,516
Ry. of Alabama—Earnings—
July—
Gross from
443,399
1939
$1,353,459
223,507
39,952
151,
p.
571.
7,914
7.939
$848,440
$730,427
«
Volume
The Commercial
151
Wood Alexander &
each of the first six series is $1,500,000
James, Ltd.—Bonds Called—
A total of $26,500 first mortgage sinking fund 6% bonds due Aug. 1,
1944 has been called for redemption on Sept. 30 at 103.—V. 150, p. 4148.
per share on account of
7% cumulative preferred stock, par $100, payable
Sept. 20 to holders of record Sept. 9.
This compares with $3.50 paid on
June 15, last; 87H cents paid on March 25. last; $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. 151, p. 1010.
have
accumulations
on
declared
dividend
a
Yazoo & Mississippi
Valley RR.—Earnings—
1939
$1,037,702
228,366
14,205
railway
$985,514
railway.95,251
Net ry, oper. income—_ def114,485
Net from
1937
7,755,166
2,238,541
740,822
$1,157,780
251,102
35,400
1
Gross from railway
Net from railway——
Net ry. oper.
1938
$1,126,961
366,141
159,882
7,659,055
1,943,844
520,318
1940
July—
Jan.
$2.50
the
Gross from
From
of
8,272,811
2,111,574
615,297
income-..
9,042,685
2,740,464
1,372,872
—V. 151, p. 718.
$10,000,000 Serial
Notes Privately— Company, Aug. 30, announced completion
of a private sale to eight banks and one insurance company
of $10,000,000 new serial notes, dated Aug. 15, 1940, at
par plus accrued interest.
Purchases were made for in¬
vestment.
The notes are in seven series, one maturing each
Aug. 15 beginning 1941 through 1947. Principal amount of
Youngstown Sheet & Tube Co.—Sells
Friday Night, Aug. 30,
Coffee—On
the 26th inst.
futures closed
to
2.25%.
as
agents in effecting the
1
points
to 2
with sales totaling 30 lots.
000.000 issue of convertible 4% debentures, due Sept. 1, 1948. Such debs,
to the extent of $5,400,000 principal amount thereof, are being paid and
in anticipation of all sinking fund requirements under the in¬
denture.
Debentures are payable at office of Guaranty Trust Co., 140
Broadway, New York.
redeemed
Each debenture
or
Co., into
subsequent coupons attached at the office of Guaranty
York at any time after Sept. 1, 1940.—V. 151, p. 718.
Yellow Truck & Coach Mfg.
Stocks
of
mild coffees
in
In addition, it
bags.
was
estimated that
a
licensed
ware¬
high at 425,305
further 67,634
bags was on docks and in the process of unloading.
Part
of this coffee, especially Colombian and Salvadorian coffee,
was
believed here on a consignment basis.
Roasters did
not
On the
follow up the good buying of late last week.
28th inst. futures closed 10 to 12 points net higher for the
with sales totaling 90 lots.
Santos contracts,
First notice
day for Sept. brought 31 notices against Sept. Santos con¬
tract (7,7oO bags).
Sept. touched a new all-time low at
5.10c. and then recovered to 5.14c.
Other months were
points higher during early afternoon, with Dec. at 5.38c.
Switching from Sept. into distant 1941 positions was a
feature.
The premiums on the distant months increased
5
There was nothing in actuals on which to trade.
were keeping asking
prices steady, ap¬
parently waiting for further development of plans afoot to
maintain orderly marketing.
On the 29th inst. futures closed 3 to 4 points net lower, with
sales totaling 11 lots.
Extremely dull trading and losses of
7 points marked the Santos coffee futures market.
May was
selling at 5.65. No further notices were issued against Santos
contracts.
Apparently the easier tone was due to selling
which hung over the market from trade sources who wished
to hedge against old crop Brazilian coffees.
At the decline
the hedges were not put out.
Today futures closed 3 to 4
points net higher for the Santos contracts, with sales totaling
slightly.
Primary
26 lots.
sources
Santos coffee futures were unchanged to
1 point
Two notices were issued against Sept. contracts
without effect on the spot month.
There was nothing new
actuals but the tendency was for sellers to become a bit
higher.
impatient at the lack of progress in the plans to preserve
orderly marketing in this country.
Mild coffees were said
to be barely steady but first hand sellers were showing few
signs of making concessions.
new
Roasters were going slowly on
purchases.
Rio coffee
prices closed
December—
as
follows:
...3.661 March
September
'
Santos coffee prices closed as
5.241 May_
December
5.43! July
5 63 j
3.77
3.81
Co.—Dividends—
a
...
5.71
5.78
closed 1 to 2 points net
About 9-10ths of the
consisted of switching out of
Sept. into deferred positions.
Tomorrow will be first notice
day.
Trading was active.
Up to early afternoon it totaled
475 lots.
Sept. then was selling at 4.02c. a pound, off 2
Other
of
cocoa
positions
lots.
were
unchanged.
increased 15,900 bags over the
Warehouse
week-end.
1,185,959 bags compared with 1,364,910 bags
a
year ago.
Local closing: Sept., 4.01; Oct., 4.06; Dec.,
4.18; Mar., 4.32; July, 4.49.
On the 27th inst. futures
closed unchanged to 2 points higher.
Sales totaled 61 lots.
Circulation of 25 Bahia notices caused cocoa futures to sell
off during the early trading, but the market quickly rallied
when it was found that notices were being stopped.
At one
time Sept, was up 10 points at 4.11c.
Later it lost about
half of that improvement.
Local closing: Sept., 4.01;
Dec., 4.20; Mar., 4.34; May, 4.42; July, 4.51.
On the 28th
inst. futures closed 10 to 7 points net higher.
Sales totaled
595 lots.
Trading in cocoa futures was active and new buy¬
ing gave the market a firmer tone, prices during early after¬
noon standing 2 to 5 points net higher with Sept. at 4.03c.
a
pound.
The volume was large, totaling more than 600
lots to midafternoon.
Much of it consisted of Sept. switch¬
ing.
Only 145 lots of Sept. remained open today against
357 lots last night, showing that the Sept. position has
been pretty well cleared up.
This was "second notice day
and brought out 37 notices which were readily absorbed.
Local closing: Sept., 4.11; Oct., 4.16; Dec., 4.28; Mar.,
4.42; May, 4.50; July, 4.59.
On the 29th inst. futures closed 3 to 2 points net higher.
Transactions totaled 85 lots.
With Sept. liquidation virtu¬
ally completed (only six contracts are still outstanding), the
cocoa
market made further improvement.
Prices during
early afternoon stood 2 to 3 points high with the tone firm.
Dec. then stood at 4.31c., up 3 points.
Only 60 lots, had
traded to that time.
It was learned that producing coun¬
tries were firmer on their offering prices, but that manufac¬
They total
.
turers
were
reluctant to pay more.
creased 7,100 bags.
Warehouse stocks in¬
They total 1,192,781 bags
compared
bags a year ago. Local closing, Dec., 4.31;
Mar., 4.44; May, 4.52. Today futures closed 9 to 11 points
net higher, with sales totaling 102 lots.
Cocoa futures con¬
tinued to gain in quiet trading.
Dec. during early afternoon
was selling at 4.36c., up 5 points.
The firmness of prices
was due to a scarcity of offerings.
Neither West Africa nor
Brazil are offering cocoa here.
Only 70 lots had been done
with 1,367,128
Sept. position is
contracts were
is the big open
position with 3,120 lots open this morning.
Warehouse
stocks increased 4,900 bags.
They total 1,197,651 against
1,365,440 a year ago. Local closing: Sept., 4.25; Dec., 4.40;
up to mid-afternoon in futures here.
The
virtually liquidated.
The majority of
switched from Sept. to Dec., which now
Mar., 4.54; May,
4.52.
Sugar—On the 26th inst. futures closed 1 to 3 points net
lower for the domestic contract, with sales totaling 114 lots.
The world sugar contract closed 1H to 3 points net lower,
writh sales totaling 25 lots.
Selling by disappointed traders
caused sugar futures to lose ground.
It was explained that
the selling was caused by failure of Washington to announce
a
quota cut as some
had expected.
No further sales of raws
reported.
Offerings included 2,(XX) tons of
due Sept. 18 at 2.67c. a pound and 2,000 tons of
shipment at 2.70c.; also several lots of second
were
follows:
September
March, 1941
.
3.70) May
Trust Co. of New
meeting of the directors held Aug. 21 dividends of $1.75 per share
for the third quarter and $7 per share on account of accumulations were
declared on the company's 7% cumulative (preferred) stock, payable Oct.
1, 1940, to stockholders of record Sept. 12, 1940.
With the payment of $7 per share there are no further dividends in are
rears on the company's 7% cumulative (preferred) stock.—V. 151, p. 866.
At
3tocks
actuals.
provided in the
as
Company has irrevocably authorized Guaranty Trust Co., as trustee,
to pay to the holders of the debentures the full redemption price, which
includes the premium of \lA% and accrued interest to Oct. 1, 1940, upon
presentation and surrender of said debentures with the March 1, 1941 and
points.
in
surrendered for conversion on
1, 1940, at the office of the trustee, Guaranty
drawn is convertible, if
16 common shares of the company,
indenture.
During the first three hours of trading Santos futures were
new
so
before but not after Oct.
Trust
unchanged, with Sept. selling at 5.28, 17 points above the
all-time low made the beginning of last week.
About 4,000
bags had been done during that period.
Actuals were steady
to firm with a good business reported done in Colombian
coffees at advancing prices as last week ended.
Oct. freight
rates from Brazil to Atlantic and Gulf ports will remain
unchanged at 75c. per bag.
Clearances of 30,000 bags
from Santos to Europe, last week, contrasted with none the
week before.
It was thought the coffee was going to Scandi¬
navia.
On the 27th inst. futures closed 13 to 11 points net
lower for the Santos contracts, with sales totaling 51 lots.
There was a sale of one contract in Rio Dec., which month
closed 14 points net lower.
Scattered selling brought losses
to coffee futures.
Santos contracts broke 15 points, Sept.
Santos selling at its all-time low of 5.11c.
There was little
houses in the Port of New York touched a new
sale.
Guaranty Trust Go. of New York is trustee of the new serial notes.
Proceeds of the sale will be applied by the company toward the redemption
on Oct. 1,
1940, at 101
and accrued int., of $10,000,000 of the $30,-
lower, with sales totaling 870
trading in cocoa futures today
1940.
and of the seventh
maturities vary from 0.50%
Kuhn, Loeb & Co. and Smith, Barney & Co.
Interest rates by
Cocoa—On the 26th inst. futures
COMMERCIAL EPITOME
net lower for the Santos contract,
$1,000,000.
acted
(Alan) Wood Steel Co —Accumulated Dividend—
Directors
1297
& Financial Chronicle
I hilippines
Aug.-Sept.
halt bept.
The Commercial & Financial Chronicle
1298
shipment Puerto Ricos at 2.70c.
Operators were reported
offering 2.65c. for Sept. sugars but refiners were not bidding
that high.
World sugar futures were also heavy during most
of the session.
Volume, however, was small.
On the 27th
inst. futures closed 4 to 5 points net
higher for the domestic
contract, with sales totaling 1,015 lots:
The world sugar
contract closed % point up to
unchanged with sales of only
36 lots.
Trading in domestic sugar futures was heavy and
excited, when shorts rushed to cover on news that the quotas
had
been
the 28th inst. futures closed 7 to 12
range
was unchanged to
market ruled firm throughout the
the Port of New York
today were 120,000 pounds, destina¬
Europe.
Western receipts of hogs totaled 61,600 head
against 58,300 head for the same day last year.
Hog prices
were 10c. lower, with sales
ranging from $6.75 to $7.65.
tion.
On the 29th inst. futures closed 5 to 7 points net lower.
The opening range was unchanged to 2 points
higher. Export
clearances of lard today were again
very
jumped 5 to 9 points.
More than
40,000 tons changed hands in the first 3 hours, the
largest
turnover since last Sept., when a war market was on.
This
heavy and totaled
360,000 pounds, destined for Europe.
Early this week it
was reported that Mexico
purchased about 6,000,000 pounds
of United States lard.
Hog prices at Chicago were 10 to 15c.
lower, with sales ranging from $6.80 to $7.55. Western hog
receipts totaled 65,400 head, compared with 62,100 head for
the same day last year*
Today futures closed 7 to 3 points
net higher.
Strong grain and hog markets were responsible
largely for the firmness displayed by lard futures.
afternoon the market eased somewhat under
profit
but stood 4 to 5 points higher.
taking,
Heavy switching from Sept.
Sept. was exchanged for
into 1941 positions was a feature.
Mar. at 11 to 14 points difference.
In the
raw
market spot
prices advanced 9 points to 2.70c. a pound, when the Penn¬
sylvania Sugar Refining Co. paid that price for 2,000 tons
of Aug.-Sept. shipment
Philippines and got 9,700 tons, due
Sept. 4. World sugar futures rose sumpathetically,
1
DAILY CLOSING PRICES
gaining
1
to
ranging from 2.73c. to 2.75c. a pound.
No sales were re¬
ported. Refined Syrups offered refined sugar for 1
day only
Tomorrow its price will be 4.25.
The response to
at 4.20c.
said to have been good.
In the world sugar
were
H to 1^ points lower on scattered
It was announced that 59 notices of
was
market futures
selling.
delivery would
on Sept. contracts tomorrow.
First notice day on
Aug. 20 brought out 220 notices which longs
promptly ac¬
cepted.
The Peruvian Government has decreed free ex¬
portation of raw sugar from Peru.
The trade here is not
quite certain what the decree means.
world sugar contract closed 3
to
2
totaling 239 lots. The
points net lower, with
raw
sugar coupled with
totaling 111 lots. Pressure of
a
decline in the price caused a further
recession in sugar
futures, but trading was quiet.
Some traders appeared to
be nervous
regarding the fate of the Cummings resolution
the sugar act a
year beyond Dec. 31st.
In the
market late yesterday a sale of Puerto
Ricos for early
October shipment at 2.70c. a
pound to American Sugar
Refining, off 3 points from the recent top, caused refiners
In the meanwhile several
lot3 of sugar were offered at the last
paid price.
situation
sugar
point
up
5.20
5.27
5.12
6.17
5.20
5.25
5.37
5.32
5.35
6.25
6.30
6.37
6.32
6.37
September
was
market.
In
the
refined
market
offshore
some
reported selling at 4.10c. a
pound, while Sucrest
reported accepting business at 4.20c.
Prices closed
as
follows:
September
1.67
March
1.72
November
January, 1941
May
July.
1.74
1.7s
.
1.82
.1.86
Lard—On the 26th inst. futures
closed 5 to 7 points net
The opening range was
unchanged to 2 points lower,
but as the session
progressed the market became firmer on
covering for speculative account.
There was no
higher.
aggressive
demand, however, and the market ruled
relatively quiet and
Large quantities of lard are
being shippped out of
the country
daily and for the past week to ten
days daily
clearances from
narrow.
the Port of New York have
ranged anywhere
from 100,000 to
500,000 pounds.
Exports of lard from New
York as reported
today were again very heavy and totaled
480,000
pounds,
destination
"Europe."
Chicago
hog
receipts totaled 15,000 head
today. Hog prices closed 10c.
to 20c.
higher, with sales ranging from $6.15 to
$7.40.
Western hog
marketings
were
not extra
62,800 head against 63,000 head for the
On
the 2/th inst.
heavy and totaled
day last year.
same
futures closed 2 to 5
points net higher.
The market was
relatively quiet but steady.
The opening
range was unchanged to 2 points lower.
It was reported in
the trade that last week's
sales of loose lard to
Mexico totaled
between 5,000,000 and
6,000,000 pounds.
On the close cash
lard in tierces was
quoted at 4.90c. per pound while loose lard
was quited at 5c.
Western hog
marketings were moderatel
heavy today, but prices at Chicago finished
mostly 25c.
higher.
Hog marketings for the Western run
totaled 60,500
head, against 59,980 head for the same
day
a year ago.
On
val.
including switches, 113
4%@5.
Prices closed as
5.85(3)
5.84(5)
5.86(3)
5.87
5.94@
5.96 April
n
January, 1941.
February
5.97(5)
6.00(a)
5.98
March.
6.05(1
6.06
6.09®
n
n
Rubber—On the 26th inst. futures closed 3 to 8
points net
1 Standard contract, with sales
totaling
156 lots.
The new Standard contract closed 17 to 10
lower for the No.
points
market
were
E.,
December
October.
net
the
S.
November
holiday ahead, traders on the sugar
exchange were but
mildly interested in the market.
Domestic futures this
afternoon stood 1 point lower to 1
point higher. Five notices
were issued
against September contracts, with that
position
selling at 1.67c., off 1 point. In the raw market an
operator
paid 2.69c. for 1,000 tons of Sept .-Oct.
shipment Philip¬
pines in contrast with 2.66c. paid for October
shipment
Cubas by the Savannah
Sugar Refining Company yesterday.
One thousand tons of
Philippines due late September were
on offer at 2.70c.
A cargo of
Sept .-Oct. shipment Puerto
Ricos also were offered at that
price.
Refiners withdrew
brands
Crude,
follows:
in the world contract totaled
from
-
4.92
Cottonseed Oil sales,
yesterday,
The refined
to unchanged compared with previous finals.
Sales
114 lots.
With a three day
5.12
contracts.
is
shaping up better as offshore brands
moved closer to the 4.25c. level the
usual 10 points discount
under the cane refiners' brands.
Today futures closed 1
point off to 1 point up for the domestic
contract, with
sales totaling 121 lots.
The world sugar contract closed 1
5.02
5.02
Fri.
Olive:
to extend
from the market.
4.97
Thurs.
denatured: drums, spot—$1.75 bid.
Soy bean: tanks,
west—.04% bid; Oct.-Mar.—.03% to .04; New York, 1. c. 1.,
raw—.06 bid.
Edible: coconut: 76 degrees—.08 bid.
Lard:
ex. wrinter
prime—7% offer; strained—7c. Cod: crude: not
quoted. Turpentine: 35% to 37%.
Rosins: $1.80 to $3.09.
raw
to back away
4.85
5.02
5.25
Wed.
Oils—Linseed oil in tank cars is quoted 8.8 to 8.0c.
Quotations: China wood: tanks, spot—25c. bid; drums—26c.
bid.
Coconut: crude, tanks—.02% bid; Pacific Coast—
.02% bid. Corn: crude: west, tanks, nearby—.05% to .05%.
On the 29th inst. futures closed 2 to 4
points net lower
for the domestic contract, with sales
sales
4.90
4.95
Pork—(Export), mess, $21.25 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.75 (200 pound barrel).
Beef: (export), steady. Family
(export), unquoted. Pickled
Hams: Picnic, Loose, c.a.f.—4 to 6
lbs., 12%c.; 6 to 8 lbs.,
12j^c.; 8 to 10 lbs., ll%c. Skinned, Loose, c.a.f.—14 to
16 lbs., 18c.; 18 to 20 lbs.,
16% c.
Bellies: Clear, f.o.b.
New York—6 to 8 lbs., ll%c.; 8 to 10
lbs., 11 %c.; 12 to
14 lbs., ll%e.
Bellies: Clear, Dry Salted, Boxed, N. Y.—
16 to 18 lbs., 8%c.; 18 to 20
lbs., 8%c.; 20 to 25 lbs., 8%c.;
25 to 30 lbs., 8%c.
Butter: Firsts, to Higher than Extra
and Premium Marks: 24% to 2834c.
Cheese: State, Held
'39, 21 to 2234c.
Eggs: Mixed Colors: Checks to Special
Packs: 14% to 21 %c.
Congress will extend the sugar act. In
offerings piled up in a sizable volume at prices
be issued
4.77
4.80
4.77
4.90
5.12
January. 1941
May
does not know when
the offer
FUTURES IN CHICAGO
Tues.
December
totaling 58 lots. The world sugar contract closed
1% to 2 points net lower, with sales totaling 35 lots.
The
quota question is now out of the way, but the market still
market
LARD
Mon.
4.70
October
with sales
raw
OF
Sat.
September
% points in quiet trading. On the 28th inst. futures
unchanged to 3 points off for the domestic contract,
closed
tHe
points net higher.
The
5 points higher.
The
day.
Lard clearances from
opening
Prices
cut.
Aug. 31, 1940
higher, with sales totaling 10 lots.
was
erratic.
It started 5
to
The rubber futures
10
points under last
Friday's close, recovered the losses, but slipped off again this
afternnon, standing 1 point higher to 10 points lower at that
time.
September then was selling at 19.40, off 2 points.
Sales totaled 116 lots in the old contract and 8 lot3 in
the
Certificated stocks stood at 1,800
new
contract.
tons, up 10
Friday will be first September notice day.
The London market
closed
unchanged to 1-16d. lower.
Singapore closed steady, 3%32d. to %d. higher.
Local
closing: No. 1 Standard:
Sept. 19.39; Dec., 19.23; Jan.,
19.05.
New Standard:
Dec., 1912; Jan., 18.95.
On the
27th inst. futures closed 1
point up to 1 point off for the
No. 1 Standard, and 1 to 2
points off for the New Standard."
points.
Next
Transactions in the No. 1 Standard totaled 198
lots, while in
the New Standard contracts
they totaled only 3 lots.
The
market was narrow and
trading was moderate.
During
early afternoon September stood 1 point higher at 19.40.
Other months were as much as 4
points lower.
Sales to that
time totaled 114 lots
new.
It
was
on
said that
the old contract and
one
lot
on
the
of the
larger factories had pur¬
chased fair quantities of
spot rubber at steady prices.
The
London market closed
unchanged at %d. lower.
Singapore
was
unchanged to l-32d. lower.
Local closing:
No. 1
Standard:
Sept., 19.40; Dec., 19.21;
New Standard:
Dec., 19.11; Jan., 18.93.
On the 28th inst. futures closed
15 points net lower to 5
points net higher for the No. 1
Standard contract, with sales
totaling 188 lots.
The New
Standard contract closed 6
points off to 12 points net higher,
with sales totaling 13 lots.
Crude rubber futures opened
about 5 points lower and stood at
opening levels this after¬
noon,
with September
quoted at 19.35c.
Commission
houses sold September and
bought December, while dealer
dealer interests did the reverse.
Sales to early afternoon
some
totaled 93 lots
on the No. 1 contract and 12 on the
No. 2.
The London market closed
dull, 3-16d. lower to l-16d.
higher.
Singapore was quiet, unchanged to l-32d. higher.
Local
closing: No. 1 Standard: Sept., 19.25; Dec., 19.10; March,
19.05.
New Standard: Dec., 19.05;
March, 19.00.
,
On the 29th inst. futures closed
up
18 points off to 2 points
for the No. 1 Standard Contract, with sales totaling 236
lots.
The
lower to
New
Standard
Contract
closed
10
points
net
unchanged, with sales of 54 lots.
Issuance of 182
delivery on September contracts caused September
notices of
Volume
dip to 19.10c. a pound with the result that December,
night was at a discount of 15 points, went to a
premium of 5 points, although it did not hold the premium.
The market was active and irregular with liquidation of
September active. Sales to early afternoon totaled 207 lots.
Liverpool closed unchanged to' l-16d. higher.
Singapore
was 3-23d. lower.
Local closing: No. 1 Standard—Sept.,
19.07; Dec., 19.12; Mar., 19.05. New Standard: Oct., 19.10;
Nov., 19.10; Mar., 18.95. Today futures closed 8 points up
to unchanged compared with previous finals.
Sales totaled
29 lots, all in the No. 1 Standard Contract.
Trading in
rubber futures was quiet and the tone was easy 5 to 7 points
net lower.
Sales to early afternoon totaled only 20 lots.
At
that time September stood at 19c., off 7 points.
Sixty tons
were
tendered on the September contract.
The London
market closed l-8d. lower to l-16d. higher.
Singapore was
unchanged to l-32d. lower.
Local closing: Sept., 19.12;
Oct., 19.13; Dec., 19.15; Mar., 19.05.
which last
Hides—On the 26th inst. futures closed 23 to 28
..
points
Transactions totaled 314 lots.
The opening
range was 1 to 9 points lower.
The market firmed consider¬
ably during the morning and by early afternoon advances of
as much as 20 points were shown.
Sales totaled 135 lots to
early afternoon, of which 240,000 pounds were exchanged for
physical.
The rally was due to trade buying and bullish
spot news.
Local closing: Sept., 8.48; Dec., 8.73; Mar.,
8.93.
On the 27th inst. futures closed 27 to 22 points net
higher.
Sales totaled 262 lots.
Raw hide futures opened
about 3 points higher to 3 points lower.
Prices declined
during the morning to as much as 20 points below the
previous close under tanner hedge sales and commission
house profit taking, but Sept. was relatively firm owing to
absence of delivery notices.
However, this afternoon the
market recovered sharply.
Transactions totaled 126 lots
to early afternoon.
Local closing: Sept., 8.75; Dec., 8.95;
Mar., 9.15; June, 9.33. On the 28th inst. futures closed 20
to 17 points net higher.
Transactions totaled 426 lots. The
opening range was unchanged to 17 points higher.
The
higher.
market advanced rather
12.30 p. m.
spiritedly following the opening. By
prices had receded somewhat from the highs of
the morning, but were still considerably above the previous
close.
The market was active, sales totaling 272 lots. There
pounds tendered for delivery against the
Sept. stood at 8.95, up 20 points despite
circulation of 25 notices.
Trade buying absorbed offerings.
Local closing: Sept., 8.95; Dec., 9.13; Mar., 9.32; June, 9.50.
On the 29th inst. futures closed 5 points net higher to
were
1,000,000
Sept. contracts.
points net lower.
Transactions totaled 201 lots.
The
opening range was 2 to 6 points net higher.
Additional
2
registered during the morning and by early
prices were about 5 to 10 points above the pre¬
vious close. Trading was active, transactions amounting to
advances
were
afternoon
tendered for delivery
against the September contract today. In the domestic spot
markets sales totaled about 33,500 hides, including JulyAugust. Light native cows (river points) at 10 He.—heavy
native steers at 10 He. and butt branded steers at 9 He.
Local closing: Sept. 9.00; Dec. 9.11; March 9.30.
Today
futures closed 49 to 41 points net higher.
Transactions
totaled 213 lots. Raw hide futures opened about unchanged
to 4 points advance.
Further advances were scored during
the morning and prices at 12.30 p. m. were approximately
8 points above the previous close.
Sales totaled 45 lots to
early afternoon.
Sales in the domestic markets totaled
about 13,000 hides including light native cows, August take¬
off, at 10 H- In the Argentine spot market 3,000 frigorifico
cows, August take-off, sold at 8 13-16c.
Local closing:
Sept. 9.45; Dec. 9.60; March 9.75; June 9.90.
141 lots.
Ocean
There
were
640,000 pounds
Freights—During the early part of the week the
in some time, but during
volume of trade was the heaviest
conditions became relatively
Charters included: Grain: Plate to North Atlantic,
$5.50 per ton (heavy grain), basis Buenos Aires. Plate to St.
Lawrence, $7 per ton asked nominal (corn). South Africa to
St. Lawrence, $11.75 per ton (corn).
Scrap iron: Atlantic
range to Japan, $14.75 per ton. Gulf to Japan, $15 nominal.
Pacific Coast to Japan, $90,000 lump sum. f. i. o.
Time
charters: West Indies trade, $2 per ton, nominal.
North of
Hatteras-South African trade, $3 to $3.50 per ton nominal.
North of Hatteras-South American trade, $3.50 per ton.
Round trip Pacific trade $4 per ton.
Round trip West Indies
trade, early Sept., about $2.50 per ton. For period trip out
to Java, Sept.; no other details given (direct continuation of
.the latter part of the period
quiet.
present charter). Trip down
Sept .-Oct., $2.25 per ton.
Canada to North of Hatteras,
Coal—Bituminous coal production for the third quarter
will reach a record level for the period
according to a statement issued by John D.
Battle, executive secretary of the National Coal Association,
yesterday.
"The output of bituminous coal in the third
quarter is likely to exceed 112,000,000 tons and be the best
for this period of any year since 1929," he said.
"It will
mean an average weekly output of upward of 9,500,000 tons,
representing in dollar volume in mine wages, rail freight and
other expenses of production and distribution upward of
$40,000,000 weekly."
With the national defense demands
on the by-product coke output the rate of consumption in
this field has risen tremendously in the past year and is
expected to move even higher if the present capacity can be
of the current year
since
1929,
Pennsylvania field are
Coal mines in the west
increased.
to
net
1299
The Commercial & 1 financial Chronicle
151
busy filling orders from the Lake ports. Prices on these
high grades are also slightly above the minimum code levels.
Loadings of bituminous coal at Lake ports so far this year
have exceeded all recent records and amount to 29,454,000
very
tons
to
Aug. 19th, which is about 10,000,000 tons greater
same period last year.
than the
the 26th inst. futures closed 1 point off
points up.
Wool top futures moved upward moder¬
ately in the early dealings today to a level or 6 to 12 points
above Saturday's last quotations.
At this point the demand
for contracts slackened and under pressure of trade and
Wool Tops —On
to 6
liquidation prices eased somewhat.
Total
midday were estimated
in the trade at approximately 175,000 pounds of tops.
Around noon prices recorded advances of 3 to 6 points over
the closing levels of the previous trading day.
Local closing:
Oct., 93J; Dec., 91.0; Mar., 88.9; May, 87.2.
On the 27th
inst. futures closed 3 to 7 points net higher.
Sales totaled
about 55 contracts.
Spot tops closed H®- higher at $1.02
a
pound.
Wool top futures experienced a rather general
demand all day today, with most interest centered in the
Oct. position where there was buying and transferring of
hedge accounts to more distant positions.
Local closing:
Oct., 93.8; Dec., 91.5; Mar., 89.3; May, 87.5; July, 85.7.
On the 28th inst. futures closed 1 point up to 3 points net
commission house
sales
on
the New York Exchange to
top futures showed only small changes in a
today.
Most of the trading again was cen¬
tered in the Oct. delivery.
Total sales on the New York
lower.
fair
Wool
turnover
Exchange to midday were estimated in the trade at ap¬
proximately 300,000 pounds of tops.
Local closing: Oct.,
93.9; Dec.,' 91.3; Mar., 89.0; May, 87.5.
On the 29th inst. futures closed 6 to 3 points net higher.
Wool top futures moved
on the strength of spot
upward today in fairly active trading
house buying, especially in the Oct.
option. Contracts were offered on a
commission houses.
The volume
scale up basis, mainly by
of trading was in fairly
transactions to noon on the
approximately 450,000
pounds of tops. Local closing: Oct., 94.5; Dec., 91.6; Mar.,
89.5; May, 88.0.
Today futures closed 7 to 3 points net
higher.
The wool top futures market was firm today in a
comparatively good turnover.
Contracts were in general
good proportions, with total
New
York
demand.
were
exchange estimated at
Exchange to midday
approximately 450,000 pounds
Total sales on the New York
estimated in the trade at
day prices showed advances
levels of the previous day,
while at the lows they were 33 to 4 points above yesterday's
last quotations.
Local closing: Oct., 95.0; Dec., 92.3;
of tops.
At the best levels of the
of 5 to 8 points over the closing
Mar., 89.8; May, 88.5.
closed H to lc. net higher
Sales totaled only 11 lots.
Raw
silk futures were steady in dull trading which to early after¬
noon totaled only 10 lots.
Prices at that time were about
unchanged.
News that the Japanese Government was
taking measures to stimulate production was favorably
received here.
In the New York spot market the price of
crack double extra silk declined Hc- to $2.52 H a pound.
The Yokohama Bourse closed 5 yen lower to 6 yen higher.
The price of grade D silk in the spot market remained un¬
changed at 1,350 yen a bale.
Local closing: No. 1 Con¬
tracts: Aug., 2.46; Sept., 2.45H; Mar., 2.40.
On the 27th
inst. futures closed Hc- net higher for the No. 1 contracts.
Sales totaled only 21 lots.
Raw silk futures were firm on
trade buying of nearby positions, the market standing about
He. higher during early afternoon.
Sales to that time
totaled 12 lots.
Ten bales were tendered for delivery on
the Aug. contract.
The price of crack double extra silk in
the New York spot market held unchanged at $2.53 a pound.
The
Yokohama
Bourse closed irregular.
In the spot
market grade D silk was unchanged at 1,350 yen a bale, the
minimum.
Local closing: No. 1 Contracts: Sept., 2.46;
Silk—On the 26th inst. futures
for the No.
1 contracts.
Nov.,2.45.
On the 28th inst. futures closed H to 5c. net
higher.
Sales totaled 53 lots, all in the No. 1 contract.
Circulation of notices of delivery of 290 bales on the Sept.
contract caused that position to sell at a decline of 5c. to
$2.35, but Dec. was 2c.
Sales to early
higher at $2.45 in a fairly steady
totaled 28 lots. The
New York spot market
In Yokohama Bourse
prices closed 1 to 4 yen lower.
The price of grade D silk
in the spot market remained unchanged at 1,350 yen, the
minimum price.
Local closing: No. 1 Contracts: Sept.,
market.
afternoon
price of crack double extra silk in the
was unchanged at $2.52 H a pound.
2.47; Nov., 2.47H; Dec., 2.47; Apr., 2.44.
On the 29th inst. futures closed 22c. net lower
to unchanged
Sales totaled 43 lots, all in the
No. 1 contract. Tender of 270 bales for delivery on September
contract caused that month to sell down to $2.45.
In early
afternoon the market was about lc. lower.
The trade
absorbed offerings of September.
Trading to that time
totaled 37 lots. The price of crack double extra silk in the
New York spot market remained unchanged to $2.52H a
pound.
In Yokohama the Bourse closed unchanged to 9
yen higher.
Grade D silk also held unchanged at 1,350
yen a bale in the spot market. Local closing: No. 1 Contracts:
Sept. 2.45H; Oct. 2.46; Dec. 2.45; Jan. 2.44H; March 2.44.
Today futures closed 3He. to lc. net higher. Sales totaled
only 2 lots, all in the No. 1 contract.
Silk futures were
steady under the influence of primary markets.
Sales to
for the No.
1 contracts.
The Commercial & Financial Chronicle
1300
early afternoon totaled seven lots.
Thirty bales were de¬
on
the September contract.
The price of crack
double extra silk in the uptown spot market was unchanged
at $2,523/2 a pound.
The Yokohama Bourse closed 8 yen
lower to 5 yen higher.
In the spot market grade D silk
was
unchanged to 1,350 yen a bale, the minimum price.
Local closing: Sept. 2.49; Oct. 2.49; Nov. 2.48; Jan. 2.463^;
On
Shipboard Not Cleared for—
Leaving
Aug. 30 at—
livered
March
Aug. 31, 1940
Ger¬
Great
Britain
Other
Coast¬
many
Foreign
wise
622
38
2,379
7,000
5,000
Orleans..
Stock
Total
2,500
800
Galveston
Houston
New
France
3,300
3,039
12,000
674,726
661,106
517,584
114,088
21,658
61,765
31,873
242,896
Savannah
Charleston
2.45.
....
Mobile.
Norfolk
Other ports—
6,422
14,682
2,957
Total 1940..
1939
COTTON
Total
Total
Friday Night, Aug. 30, 1940
The
Movement
the
of
Crop,
indicated by
as
from the South tonight, is given below.
grams
our
1938
3,134
week
relatively
was
within
a
narrow
light,
generally hold cotton
previous week, making the total receipts since Aug. 1, 1940,
351,079 bales, against 546,654 bales for the same period
of 1939, showing a decrease since Aug. 1, 1940, of 195,575
than
Mon.
Wed.
Tues.
Fri.
Thurs.
471
596
1,268
6,683
4,932
5,612
25.473
2,964
2,622
2,630
1,992
31
6
8,811
1,792
3,14.5
1,181
4,138
1,983
2,428
7.222
7,434
4,078
Brownsville
-
Houston
Corpus Ohristi
New Orleans
Mobile
6,645
1,246
Pensacola, &c
—
24
Savannah
Lake Charles.
16
70
151
~
37
176
460
24
24
6
817
—
467
150
68
82
44
10,658
21,161
15,619
14,724
11,959
Norfolk
20,910
2,544
10
59
34
6,766
.5,612
57,259
16,803
37
—
m
_
_
-
1,151
The
37,111 111.232
1939
Slock
Receipts to
Week
Galveston-
Since Aug
1, 1940
6,766
5,612
57,259
Since Aug
Week
...
1, 1939
1940
Beaumont
74",974
529,584
346
2,563
145,873
67,683
16,803
—
Pensacola &
20,910
73,829
2,683
2,544
2,963
2,756
61,765
52,971
G'p't
541
37
277
1,360
5,684
..
"460
Savannah
"V.129
3,636
1,582
75,935
97,217
1,483
251
2,409
31,873
257
257
24
Wilmington
8,766
15,477
"
"817
Norfolk
"l~498
New York
Boston
28,802
362,819
48,388
56,672
1,267
144,.541
28,338
18,544
114,088
21,658
3,155
6,663
45
""24
Charles
612,025
125,706
664,145
471
Charleston
526,718
678,026
445
New Orleans.Mobile
Jacksonville
1939
92,776
34,498
178,552
132.048
23,119
44,399
12,930
47,538
7,888
79,492
23,752
90
Brownsville
Houston
Corpus Christ!
Lake
This
7,787
25,442
100
1,000
...
229
Totals
753
959
__
Baltimore.
111,232
351,079 196,344
2,500
850
546,654 2,344,035 1,988,752
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1940
Receipts at—
Galveston
1939
1938
6,766
57,259
20,910
2,544
460
Houston
47,538
79,492
23,119
28,324
346
46.386
17,908
3,249
1,582
2,061
Charleston
257
951
Wilmington
471
1937
875
New
Orleans.
Mobile
Savannah
1936
78,347
88,128
1935
51,094
40,596
28,449
48,481
9,112
17,115
11,050
2!:M?
14,327
12,107
28,911
39,826
7,880
18,010
4,591
279
691
"817
251
22,476
43,288
i 213
44,088
1,508
69,885
46,344
36,532
Total this wk_
111,232
196,344
144,055
300,222
201,842
188,943
Since Aug. l._
351.079
546,654
374,623
806,824
506,612
Norfolk
All others
The exports for the week
~2~, 099
4
ending this evening reach
573,191
total
which 5,044 were to Great Britain, 2,186
Japan, and 2,045 to other destinations.
In the corre¬
sponding week last year total exports were 110,626 bales.
For the season to date aggregate
exports have been 47,861
bales, against 285,554 bales in the same period of the previous
season.
Below are the exports for the week:
a
of 9,275 bales, of
to
Week Ended
Aug.
30,
Exported to—
1940
Exports from,—
Great
Ger¬
Britain
Houston
France
many
5,041
New Orleans..
Italy
----
Japan
China
865
Other
955
Total
6,861
1,000
1,000
""90
1,411
2,045
__
Mobile
9.275
3
....
Los Angeles
1,321
Total
5,044
Total
1939.
Total
1938
2,186
52,479
18,397
9,884
8,090
9,343
17,280
From
2,938
12,046
59
12,439
17,425
181
14,823 110,626
10,935
75,693
30,
1940
Exports from—
Galveston
Ger¬
Britain
France
many
Italy
Japan
China
Other
Total
82
28,982
Orleans.
1,847
1~,395
32,492
1,292
961
1,000
3,253
10^055
"l05
10,460
Mobile
1,561
"268
3
Norfolk
3
92
Los Angeles..
Total
Q9
300
32,148
12,945
Total
1939...
95,591
45,813
37,257
Total
1938.
37,280
29,387
61,616
__
In addition
through
the
One
was
the
months
near
at
which
trade
sources
wer^
more
absence
the
of
futures con¬
prices star ding
about 2 points lower during the early afternoon.
The
opening was irregular, but steady, 2 points lower to 2
points higher.
Liverpool
was
somewhat lower,
while
Bombay was observing a holiday.
Offerings were by
the South and spot firms while the early buyers
orig¬
inated with the trade and local operators.
Commission
houses were buyers of Mar. and May contracts.
Memphis
was reported a seller
of hedges in Dec.
Spot houses also
were sellers.
Little change in the character of the trading
was noted during the forenoon and prices held in a
groove
of 1 to 4 points.
Around midday they were unchanged to
2 points net lower and trading was quiet.
Occasional hedge
sales were made in Oct. as well as Dec.
Buying to fix prices
afforded the chief support.
Nothing more was heard of the
proposal to resume the export subsidy on raw cotton as ad¬
vocated
by some cotton interests.
A Liverpool cable
today said that traders over there were inclined to doubt
whether an export subsidy on raw cotton would be advan¬
tageous under existing conditions.
On the 27th inst. prices
closed 3 to 7 points net lower.
The cotton futures market
remained in a rut.
Trade calling was sufficient to absorb
hedge selling and hold prices steady, the market during
early afternoon standing unchanged to three points lower in
small trading.
The opening range was 1 to 3 points net
lower under hedge sales and local selling.
Traders sold
July but bought Dec. and Mar. contracts against those
sales.
Later in the forenoon foreign selling, originating in
Bombay, weighed on the May position.
It was absorbed
by trade interests and local operators.
Around noon,
price fixing in Oct. caused that month to show relative firm¬
ness.
It stood about a point higher, while forward posi¬
tions were 2 to 3 points lower under foreign selling and hedge
selling and hedge offerings.
The undertone of the market
was steady.
Reports from Texas were to the effect that cot¬
ton was being marketed at gins, but from other points came
information that agitation for a holding movement was in
progress.
Sales of spot cotton continue small, probably
because the crop is late.
On the 28th inst. prices closed 2
to 9 points net higher.
The opening lange was 2 points
lower to 1 point higher, but the market soon developed a
steadier tone after the first scattering hedging orders, at¬
tributed to new crop American and South American cotton,
had been absorbed.
Spot houses had buying orders to exe¬
any
new
tinued to fluctuate within
•
in the
Oct.
and
Dec.
a
factors,
narrow
cotton
range,
deliveries, which
were
credited
to
Greal
1,479
Houston
New
Government
to fix
cute
Exported to—
Aug. 1, 1940io
Aug.
for
In
with last year:
1940
the
prices on raw cotton commitments. Observ¬
ers saw more signs of buying orders from such sources on a
scale down.
At the same time hedging was considered
unusually light for a Saturday, when spot houses usually
have such selling orders to execute in anticipation of week¬
end receipts.
Sales of spot cotton for the week at the 10
designated spot markets were 62,059 bales, compared with
39,593 bales a week earlier, and 145,831 bales a year ago.
On the 26th inst. prices closed 2 points up to unchanged.
following table shows the week's total receipts, the
Aug. 1, 1940, and the stocks tonight, compared
This
from
Friday's decline had carried the market down to
willing
total since
Aug. 30
generally
to obtain prices equal to or higher
obtainable
tended to account for the market steadiness.
fact that
levels
Totals this week.
ruling
Southern spot markets continue quiet.
On the 24th inst. prices closed 1 to 3 points net higher.
Stability in the cotton futures market today reflected light¬
ness of Southern hedge selling and a moderate demand from
trade and local sources.
The opening range was unchanged
to 1 point lower, with mill price fixing and spot house buying
absorbing Southern and a few foreign offerings.
Selling
from abroad was noticeably lighter following the liquida¬
tion of Friday.
Although Bombay continued to ease, little
or no selling
was received from that source.
Two factors
Total
2,255
prices
loan program.
bales.
1,025
Southeastern
levels
with
Hedge selling was comparatively
advices indicated that raisers would
small.
Sat.
18,339 2,325,696
39,619 1,949,133
29,227 2.325.683
1,503
2,530
18,383
range.
bales, against 91,740 bales last week and 78,606 bales the
Receipts at—
9,538
2,379
14,388
Speculation in cotton for future delivery during the past
tele¬
For the week
ending this evening the total receipts have reached 111,232
Galveston
5,912
3,677
1,680
to above
18,768
28,205
268
2,500
47,861
35,573
1,831
50,721
285,554
72,000
181
40,646
269,315
exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
price fixing for trade accounts.
Liverpool also bought
here moderately during the first hour.
Advances in the
English market followed a rise in Egyptian futures at Liver¬
pool, due to apprehension over shipping conditions in the
Mediterranean and Egyptiaa Cabinet difficulties.
Other
firmness was derived from reports of a better spot demand
for Belgian Congo raw cotton, following rumors that the
British Government bad purchased that crop.
Liverpool
premiums over New Y^ork, which had been narrowing, wid¬
ened by as much as $1 a bale today.
Sales of spot cotton
amounted to 10,633 bales, compared with 27,616 last year.
On
the
29th
higher.
The
during
early
inst.
cotton
prices
closed
market
held
afternoon
standing
unchanged
on
an
even
unchanged
to
2
keel,
to
3
points
prices
points
Volume
calling absorbed moderate hedge sales. The
the opening, with initial prices 1 to 3
higher. The early buying came from mills, which
lower.
Trade
market
was
points net
interest
their
the
on
later
South, spot firms and com¬
After the early
been executed the market turned irregular, stand¬
Offerings emanated from
the
Trading was rather quiet.
mission houses.
orders had
Most
the forenoon centered on October and
houses trading on both sides of the
ing 2 points higher to 2 points lower around midday.
of the
activity during
December, with
market.
it.
spot
Some
against
and sold December
bought October
in the South continue to run well
Sales in 12 designated Southern
Sales of spot cotton
behind those of
ago.
a year
September
8.25
9.13
Aug. 27
9.24
Aug. 30
8.33 June
6 1940 10.18
Apr.
17 1940
9.02 Aug. 28
9.02
Aug. 28
8.26 June
6 1940 10.14
Apr.
17 1940
9.00
Aug. 27
9.09
Aug. 30
8.10 May
18 1940 10.08 Apr.
17 1940
8.82
Aug. 28
8.93 Aug. 30
8.00 May
18 1940
9.04
June 20 1940
Aug. 30
8.59 Aug.
7 1940
8.89
Aug. 12 1941
New York Quotations for 32 Years
quotations for middling upland at New
York on
1941—
January
February
March
April
May
...
June
The
1936
cember
March
buying, supplemented
mill
1938
1937
---
8.82c.
1931
8.35c.
-
1930
9.56c.
1929
1935
10.65c.
1927
1934
13.35c.
1926
1933
9.45c.
1925
the cotton
loan
Only about
is having
half of all
a
tendency to hold
the
the cotton
so
far
Southeastern States is coming on the market.
while
the
movement
cotton
of
continues
owing to the lateness of the crop.
is
expected
up
the
For
schedule
No large-scale movement
New York market each day for the last week has been:
Tues.
Wed.
9.65
9.69
9.69
9.85
9.89
9.89
Premiums and Discounts for Grade and
1911
1910
1909
•
SALES
Futures
Market
Closed
Saturday
Monday
Tuesday
WednesdayThursday
Friday
..
Mon.
9.70
9.90
1912
and futures closed on the same days:
Spot Market
Closed
Total
Contract
Spot
Nominal
Steady
Steady
Barely steady..
Steady
Nominal
Steady
Nominal
Steady
Nominal
Nominal
Nominal
Thurs.
Fri.
9.73
9.93
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 .6.
Premiums
and discounts for grades and staples are the average quota¬
tions of 10 markets, designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for
inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
on Aug.
29.
1
1
1
1
»
1
1
1
1
1
1
•
1
1
1
1
1
1
1
"600
1
1
1
1
<
"600
600
600
4,100
4,100
week.
Total
__
12.50c.
11.25c.
11.70c.
-15.50c.
12.70c.
1913
York
for middling upland cotton in the
Aug. 24 to Aug. 30—
Sat.
Middling upland % (nominal)
9.69
Middling upland 15-16 (nom'l)- 9.89
-
The total sales of cotton on the spot
until mid-September.
The official quotation
-
1914
cotton.
ginned in the
In the mean¬
behind
1915
each day during the
New York are indicated in the following statement.
convenience of the reader we also show how the
market for spot
On the contrary, prices
showed a tendency to firmness around midday, especially
in near months.
October moved up to 0.25c. on trade pricefixing and covering.
Offerings were limited.
Apparently
although not weak.
8.30c,
6.95c. 1923 -----23.65c.
22.25c.
10.40c. 9122
17.50c.
19.35c. 1921
30.2,5c.
19.05c. 1920
32.05c.
23.10c. 1919
36.50c.
18.90c. 1918
23.30c.
23.36c. 1917
Market and Sales at New
the forenoon,
trade,
The
-
1928
12 05c
week at
positions.
-----
16.30c.
9.75c.
1916
1924 —--.25.90c.
1932
9.73c.
-....
local operators
and commission
houses were on the buying side of the
market.
The tone of the market continued easy during
and
8.71
8.62 Aug. 29
July
August
by
New Orleans support.
The opening was 2 to 3 points lower
in
light trading, with nearby contracts relatively firm.
Offerings consisted of hedge sales, chiefly executed in De¬
and
17 1940
Aug. 30
December..
1939
trade
14 1940
9.00
9.36
1940
of
Nov.
9.16 Aug. 24
November
Today prices closed 6 to 3 points net higher.
In the best
market this week cotton futures advances 3 to 7 points,
aid
June
1 1939 10.29 Apr.
14 1940
8.98 June
.
October
with 27,016 bales a year ago.
the
Option
1940—
10,033 bales, compared
spot markets yesterday totaled only
with
Range Since Beginning of
Range for Week
Option for—
firm at
months; local traders
and wire houses also manifested interest in these deliveries.
focused
1301
Commercial & Financial Chronicle
The
151
Since Aug. 1
Delivery—The Commodity
Volume of Sales for Future
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton
Exchange'and the New Orleans Cotton Exchange,
which
from
The
the following table.
have compiled
we
Open
Aug. 23 Aug. 24 Aug. 26 Aug. 27 Aug. 28 Aug. 29
New York
Contracts
Aug. 29
1940—
Inch
15-16
31-32
Inch
Inch
Inch
1 Inch
and
Up
17,800
6,200
4,300
7,700
22,000
6,500
302,600
December
20,900
14,400
9,300
16,700
16,100
10,400
407,100
6,600
3", 100
5*900
6", 100
4,800
5", 900
129,400
May
29-32
October
7,200
2,900
3,700
8,800
5,900
4,500
176,800
July
4,500
1,500
1,700
3,800
1,000
1,400
45,100
57,600
28,100
24,900
43,100
49,900
1941—
Middling Falr__
.36
on
.45
on
.54 on
.60
on
.66
on
Strict Good Middling
.31
on
.39
on
.49
on
.55
on
.61
on
Good Middling
.25
on
.33
on
.43
on
.49 on
.55
on
.12
on
.20
on
10,400
100
600
January
March
White—
Middling
.29 on
.36
on
.43
on
Middling
.19 off
.10 off
Basis
.06
on
.14
.68 off
.61 off
.52 off
.47 off
.41 off
1.24 off
1.16 off
1:09 off
1.05 Off
200
on
Strict Low Middling
Inactive months—
1.00 off
Strict
Low
..
Middling
September, 1940
....
Total all futures,
..
28,700 1,071,600
Open
Extra White—
Good Middling
.25 on
.33
Strict Middling
.12
on
.20 on
.29 on
.36
on
.43
Middling
.19 off
.10 off
Even
.06
on
.14
.68 off
.61 off
.52 off
.47 off
.41
off
L.24 off
1.16 off
1.09 off
1.05 off
Aug. 21 Aug. 22 Aug. 23 Aug. 24 Aug. 26 Aug. 27
Contracts
on
Strict Low Middling
Low
Middling
.49
on
on
.55
„
Aug. 27
on
1.00 off
.12 off
.05 on
.11
on
.18
1940—
.08 off
.02 off
04
on
.73 off
.64 off
.59 off
.53 off
Middling spotted shall
culture establishes a
October
1,650
2,150
3,150
1,850
2,050
1,800
2,100
2,000
2,100
2,350
,l",206
MOO
"750
"400
"900
"350
900
350
500
50
be tenderable only when and If the Secretary of Agri"
type for such grade
as
March
-
-
Monday
Tuesday
Aug. 24
Aug. 26
Aug. 27
Wednesday
Aug. 28
Thursday
Friday
Aug..2$
Aug. 30
400
100
150
50
500
750
5,750
6,950
4,7.50
6,300
4,250
162,550
9.17«
9.30ft
9.26ft
Closing
.
9.16- 9.19
9.17-
.
9.19
9.17ft
9.20
9.20
9.19ft
9.17-
9.22
9.17-
9.22
9.20- 9.24
9.21- 9.30
9.21-
9.17
9.22
9.23
9.29
.
9.15ft
9.19ft
Range.
.
9.14-
9.18
9.14-
Closing
.
9.16-
9.17
9.18
9.18
9.13-
9.19
9.13
9.14-
9.26ft
9.15- 9.20
9.15- 9.24
9.18
9.18
9.23
Jan. (1941)
9.02-
Range.-
Closing.
9.07ft
9.09ft
9.04ft
9.08ft
Range..
0.96ft
9.08n
9.02ft
9.04- 9.07
9.04- 9.08
9.00-
Closing
9.06
9.07
9.00
.
9.05ft
9.06ft
9.11ft
Mar.— '
.
9.08
9.009.02
9.03
——
9.01-
9.04
9.04
9.01-
9.09
8.98ft
8.91ft
8.94ft
8.95ft
9.00ft
Range..
8.86- 8.90
8.87- 8.90
8.83- 8.90
8.82-
8.89
8.90
8.83
8.86
.
8.
8.83-8.88
8.85- 8.93
—
8.87- 8.88
8-91
Range..
.
8:79 ft
8.80ft
8.72 n
8.66- 8.70
8.67- 8.69
8.65-
8.69
8.62 «
8.75ft
Closing.
Aw
8.69
8.68
8.63-
8.76 ft
8.64 ft
8.76
8.63-
4.87d.
6.47d.
4.80d.
3.95d.
4.90d
8.66
Week and Since Aug. 1—
reports Friday night.
The results for the
Aug. 1 in the last two years are as follows:
8.69
movement
telegraphic
week and since
1939-
1940
Week
.
Total to be deducted
Aug. 1
3,24.3
2,975
14,691
13,450
3,326
2,977
18,212
19,793
66,981
15,839
64,800
12,521
229
203
12,352
2,285
864
47,230
12,555
3,284
Canada.
Deduct Shipments—
Overland to N. Y., Boston, &c.._
Inland, &c., from 8outh
Since
Week
3,000
7,921
Via Louisville
Between interior towns
Since
Aug. 1
11,464
12,000
426
91
15,466
25,353
1,918
«3,000
Via Rock Island
Total gross overland
8.71
Range..
n
6.76 d".
3.98d.
8.80 ft
8.62- 8.66
—
Closing
~5.70d.
4.66d.
points
Via other routes, &c
July—
Range..
5.36d.
8.93d.
Via Virginia
June—
Closing
1937
76.000
5.56d.
6.29d.
Via Mounds, &c
May—
Closing
15.07d.
L'pool
Liverpool
C. P. Oomra, No. 1 staple, super¬
fine, Liverpool
*
Aug. 30—
Shipped—
Via St. Louis
Range..
8.97w
4.85d.
9.09
April—
.
226,000
5.71d.
8.50d.
We give below a statement showing the overland
for the week and since Aug. 1, as made up from
9.13ft
Feb.—
Range..
151,000
8.23d.
Overland Movement for the
9.02
9.08n
192,000
Broach, fine,
9.20ft
9.18
Liverpool—
the stock at
1938
Peruvian Tanguis, g'd fair,
.
Closing
1939
1940
Liverpool
Egypt, good Giza,
Range.
Dec.—
Closing
Aug. 30—
Stock in Alexandria, Egypt
Middling upland,
Nov.—
Closing
are
supply of cotton and can give only
Alexandria and the spot prices at Liverpool:
9.36ft
Oct.—
Range.
Supply of Cotton—Due to war conditions
permitted to be sent from abroad.
therefore obliged to omit our usual table of the
visible
Range.„
all futures
cotton statistics are not
We
Sept.t 1940)
Closing
30,500
5,250
~
The Visible
Saturday
9.20«
'
26,500
7,750
200
May..........
Total
follows:
950
/
January
highest, lowest and closing prices at New
York for the past week have been
9.19ft
48,300
1941—
July
Futures—The
48,550
1,300
1,800
on
.17 off
.80 off
aMiddling
.03 off
.26 off
__
Strict Middling
a
New Orleans
on
December
.
Spotted,—
Good Middling
.43
on
302
533
2,504
194
902
11,894
32,330
50,379
12,317
35,736
14,421
204
31,245
Nominal
Range for future prices at New York for the week ended
Aug. 33, 1940, and since trading began on each option:
Leaving total net overland *
*
Including movement by rail to
a
Estimated,
The Commercial & Financial Chronicle
1302
1940
In
Since
Sight and Spinners'
Takings
Week
Aug. 1
Week
Aug. 1
Receipts at ports to Aug. 30
111,232
Net overland to Aug. 30
3,284
Southern consumption to Aug.3 0.110,000
351,079
14,421
474,000
196,344
120,000
546,654
31,245
560,000
.224,516
839,500
*6,591
*71,806
316,548
18,163
.
204
1939 and 1938.
-
Running Bales—(Counting Round as Half Bales
and Excluding TAnters)
State
'
1938
1939
1940
334,711
.217,925
Total In sight Aug.
GINNING
of cotton ginned from the growth of 1940 prior to
and comparative statistics to the corresponding date in
1940,
16,
COTTON
of bales
Number
Aug.
1,137,899
*2,913
-
Aug. 31, 1940
ON
REPORT
-1939Since
~
767,694
30
North. spinnV takings to Aug. 30 55,451
1,134,986
23,681
174,217
100,553
836
Alabama
163
-
_
5,098
599
330
125
1,209
23,697
15,006
166,221
.•.
Florida
247
1,442
Arizona.
324,550
—
—.—....
Georgia
Texas
4,343
All other States
*
Decrease.
Movement into
sight in previous
At
Interior
the
Towns, the
8,332
*169,420
*357,197
*314,616
Bales
1-
.*
280,971 1938
466,767 1937
407,178 1936-
1938—Sept. 4
1937—Sept. 3.
1936—Sept. 2
75
United States
years:
Since Aug.
Bales
Week—
285,615
3,345
892,603
1,514,912
1,159,719
that is,
movement,
the
receipts for the week and since Aug. 1, the shipments for
*
Includes
32,187 bales of the
crop
of
1940 ginned prior to Aug.
counted in the supply for the season of 1939-40, compared with
bales of the crops of 1939 and 1938.
1 which was
137,254 and 157,865
The statistics for 1940 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
the week and the stocks
tonight, and the same items for the
corresponding period of the previous year—is set out in
Cotton consumed during the month of July, 1940, amounted to 597,850
bales.
Cotton on band in consuming establishments on July 31, was
973,542 bales, and in public storages and at compresses 9,122,178 bales.
The number of active consuming cotton spindles for the month was 21,The total imports for the month of July, 1940, were 18,254 bales
and the exports of domestic cotton, excluding linters, were 120,388 bales.
detail below:
916,700.
Movement to Aug.
Week
Aug.
Week
Season
"400
552
187
6,544
676
463
807
777
Ark., Blythev.
Forest City
318
2,667
....
....
■»•»---
229
274
4
50
Week
1,500
28
1,158
17,956
8,167
48,768
244
325
793
991
2,520
1,997
238
1,269
677
8
37
230
19
59
501
100
151
314
30,793
29,018
357
-
45,868
46,038
46,893
33,926
-
8
15
41
22,578
37
10
980
134
115,491
7
5,701
1,098
12
Rock
65,135
153,911
500
— *.
117
26
20,155
1
1
58
89
71
59,204
348
1,253
665
49
231
Jonesboro..
Little
Season
71
6,501
79,396
792
^...
Helena
Hope
Week
Sept.
Newport
14
Bluff.
144,974
36,728
93,884
'
»M
17
204
872
99
10,384
152
737
195
11,631
12
400
92
28,356
100
206
100
Atlanta
1,319
6,542
3,950
1,532
3,722
91,857
111,649
966
Augusta
1,679
2,912
25,355
70,789
6,881
30,400
100
14,558
1,500
1,845
300
14
28,221
436
1,537
718
250
10
10
75
7,650
12,230
2,029
Walnut Rge
w »
Ga„ Albany..
Athens....
500
Macon....
8,500
1,800
653
Columbus..
70
2,613
'
Rome
28,633
'
-
-
-
-
38,838
121,886
31,800
200
23,572
32,350
147
1,102
439
34,976
54,310
29,056
2,149
5,965
587
3
57
506
22,073
66
446
665
79,729
48,806
29,653
96
864
456
44,503
7,574
10,010
784
65,417
34
396
156
11,431
720
1,128
261
17,374
15,311
■
------
«.*•#*•
La., Shrevep't
Miss., Clarksd
*
-
-
Columbus..
Greenwood
Jackson
...
Natchez
741
-
...
-
8
-
-
-
137
200
Yazoo City.
116
455
1
26,647
51
65
81
11,798
11,684
23
Vicksburg..
81
218
14,892
2,082
313
39,069
14,355
3,243
1,999
Mo., St. Louis
1,895
11,293
1,918
4,432
1,700
3,190
N.C., Gr'boro
17
306
136
639
110
311
260
1,043
'*,»
M
-
Oklahoma—
towns ♦.
17
2,101
467
146,229
508
1,285
1,033
249,197
S. C„ Gr'vllle
2,649
10,226
16,754
71,886
458,373
3,613
23,344
12,774
Tenn., Mem's
Texas, Abilene
113,998
1,469
26,819
545,066
8,816
15
88,137
2,786
20,567
5
6
1
285
379
655
739
415
130
903
434
4
19
Robs town..
614
San
861
1,171
1,415
Austin
Brenham
..
Dallas
Paris
152
*973
1,302
1,342
288
58,270
16
2,132
3,414
3,801
26,917
16,640
12,510
"482
1,852
1
4,425
4,161
1,421
1,523
40,855
4,546
1,909
40,822
4,963
1,261
2,863
280
2,225
35,320
19,833
292
532
26
1,315
1,863
19,086
736
797
311
Waco.....
460
1,637
521
11,417
4,637
7,168
2,952
Total ,56 towns
34,556
152,645
41,147 1886,703
78,531
240,200
Marcos
Texarkana
*
.
299
380
580
60,368 2427,136
Includes the combined totals of 15 to was In Oklahoma.
Quotations for Middling Cotton
Below
the
are
Southern
closing
at
The
estimated
STATISTICS
world's
production of commercial cotton, exclusive of
linters, grown in 1939 as complied from various sources was 27,987,000
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.
Cotton
Futures Speculative
Limits Are Set by CEA
—Daily trading and net position limits of 30,000 bales in
speculative cotton futures transactions were announced on
Aug. 28 by the- Commodity Exchange Commission to be
effective Sept. 5.
The Commission consists of the Secretary
of Agriculture, the Secretary of Commerce, and the Attorney
General.
The order will not affect market positions acquired
in good faith prior to the effective date, J. M. Mehl, Chief
of the Commodity Exchange Administration, stated.
The
announcement added:
as
The limits of 30,000 bales on speculative transactions in any one future
the maximum amount of cotton which any person may buy or sell during
any one
business day or which any
person may
hold
or
control
were
estab¬
lished in order to prevent excessive speculation in cotton futures.
These limits upon daily trading and position are not applicable to bona
fide hedging transactions nor, except during the
delivery month, to straddle
operations.
The restriction upon straddle trades and positions in the
delivery month
djstortion
near
is expected to
between
futures
be effective in preventing artificial price
resulting from concentrated holdings in the
month.
These limits do not affect any provisions of the Commodity Exchange
Act relating to manipulation or corners nor do they relieve any contract
market from its responsibility to prevent manipulations and corners.
The
Commission's
order, issued under authority of Section 4a of the
Exchange Act, follows extensive public hearings held in
Commodity
New York and New Orleans.
3,988
5,644
766
WORLD
Stocks
47,382
92,122
24,543
36
■
1, 1939
Ship¬
ments
13,285
1,997
Eufaula
Selma
Receipts
30
51
Montgom'y
Pine
Stocks
ments
Ala., Btrm'am
Movement to Sept.
30, 1040
Ship¬
Receipts
Towns
Other Markets—
quotations for middling
cotton
at
principal cotton markets for each day of the week*
Rates
of
Payment
Increased on Exports of Cotton
Department of Agriculture announced on
Aug. 23 increases in the rates of payment, effective at
12:01 a. m. EST Aug. 26 on exportation of cotton
products.
They apply to cotton products sold or contracted for sale
to foreign markets on or after that date.
The new rates
of payment on cotton products, says the Department,
together with the rates which have been in effect since
Products—The
Jan. 30 under the export program
products sold before Aug. 26
pound net weight):
apd which apply to cotton
as follows (in cents per
are
New
Class
Closing Quotations for Middling Cotton
on—
3.00
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Aug. 30
15-16
H
15-16
A
15-16
H
15-16
%
15-16
%
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
9.09
9.29
9.10
9.30
9.07
9.27
9.11
9.31
9.13
9.33
9.19
9.39
New Orleans-
9.50
9.70
9.50
9.70
9.45
9.65
9.45
9.65
9.45
9.65
9.45
9.34
9.44
9.20
9.45
9.17
9.42
9.22
9.47
9.23
9.48
9.19
9.54
9.69
9.55
9.70
9.52
9.67
9.57
9.72
9.58
9.73
9.64
9.79
9.70
9.85
9.60
9.75
9.55
9.70
9.60
9.75
9.60
9.75
9.65
thread, twine, cordage, and rope, either polished
polished.,
9.44
Savannah
Norfolk
9.80
Montgomery.
9.40
9.50
9.40
9.50
9.40
9.64
9.79
9.65
9.80
9.62
9.77
9.66
9.81
9.63
9.83
9.74
9.89
Memphis.—.
9.90 10.10
9.90 10.10
9.75
9.95
9.75
9.95
9.75
9.95
9.75
9.95
Houston
9.50
9.25
9.10
9.10
9.30
9.15
9.35
Little Rock..
9.76 10.05
9.75 10.05
9.60
9.90
9.60
9.90
9.60
9.90
9.60
9.90
Dallas
8.72
8.73
8.69
8.89
8.73
8.33
8.75
8.95
8.81
9.01
9.70
9.10
8.92
9.40
9.30
9.05
8.93
9.50
9.40
9.50
9.30
New Orleans Contract Market—The
leading contracts in the New Orleans
the past week have been
9.40
9.50
closing quotations
buckram, crinoline
cotton market for
manufactured therefrom
E. Fabrics
Tuesday
and coated fabrics, and
yards In length), absorbent cotton, and
elastic containing leas than 20% of rubber by weight
F. Articles manufactured from fabrics (other than buckram, crinoline,
coated fabrics, or elastic containing 20% or more of rubber
by weight)
less
than
Aug. 24
Aug. 26
Aug. 27
Aug. 28
Thursday
10 yards in length)
H. Coated products,
Aug. 30
Fabrics
Friday
Aug. 29
9.23
9.20
9.22
9.19
9.20
9.16
9.19n
1941—
..
May
July
Tone—
Spot
9.245-9.25a
J.
9.21n
9.27n
;
Quiet
Quiet
Steady
Steady
Steady
Quiet
Steady
Quiet.
Quiet.
Steady.
Steady.
Cotton Ginned from
Crop of 1940 Prior to Aug. 16—
The
...
;.
Fabrics containing a mixture of cotton and other fibers less than
10 yards in length
*
9.33
9.085
9.095
9.045
9.055
9.075
9.17
9.085-9.09a 9.085-9.09a 9.035-9.04a 9.045-9.05a
9.11
9.045-9.06a
8.915-8.92a
8.91ra
8.855-8.86a
8.87
8.885-8.89a 8.945-8.95a
8.695-9.70a 8.705-8.71a
8.65
8.67 n
8.675-8.68 a 8.735-8.75a
Quiet
Futures
therefrom), less than 10 yards in length
(excluding buckram, crinoline, and coated fabrics less
.
9.20
December.
census
report
individual returns
issued
of
the
Aug. 23, compiled from the
ginners, shows 169,420 running
on
bales of cotton (counting round as half bales
and excluding
linters) ginned from the crop of 1940 prior to Aug. 16, com¬
pared with 357,197 bales from the crop of 1939 and 314,616
Below is the report in full:
bales from the crop of 1938.
1.10
*0.75
Including rubber coated and rubberized prod¬
and crinoline (but not including articles manu¬
than 10 yards In length
1940—
October...
3.90
10
G. Articles not otherwise specified, and articles and fabrics containing
a mixture of cotton and other fibers
(except fabrics less than
ucts, buckram,
Wednesday
*1.00
(excluding buckram, crinoline,
fabrics
factured
Monday
3.50
(provided that such coated and rubberzied
products, buckram, and crinoline, other than art'cles manu¬
therefrom, are 10 yards or more In length), elastic
containing 20% or more of rubber by weight, and articles
I.
Saturday
*0.50
un¬
factured
follows:
as
or
D. Coated products, Including rubber coated and rubberzied products,
9.50
Augusta
0.90
of a
comber waste or combinations thereof
C. Yarn,
9.65
Mobile
March
part
B. Picker laps, silver laps, ribbon laps, sliver, roving, batting, and
mattress felts made wholly of unused cotton, card strips, or
15-16
In.
In.
Galveston
January
as
0.80
3.30
2.80
unbatted cotton
0.00
1.80
and
cotton product
Week Ended
for
waste,
Rate
0.00
comber
Old
Rate
of Cotton Products—
A. Card strips,
...
1.50
2.80
2.20
Rate applied also to short length fabrics.
In
announcing the increases in the rates of payment on
of cotton products, Department of Agriculture
officials said that while no payment from funds now avail¬
able will be made on exports of raw cotton, continued
efforts will be made to expand further the domestic outlets.
The rate of payment on raw cotton exports has been zero
since Jan. 30: this was reported in our issue of Feb. 3, 1940,
page 864.
Almost all the continental European market is
now closed to American
exports of cotton and Great Britain
is buying under a license system, the Department indicated
on Aug. 23.
exports
Returns by Telegraph—Telegraphic advices to us this
evening indicate that in the northwest portion of Texas a
great improvement in cotton has been noted.
Picking is
Volume
We
showing some good progress.
As a whole cotton has made
good progress in nearly all of the cotton belt.
Rainfall
Inches
High
Low
2
0.04
91
Amarillo.
71
81
95
54
75
-
dry
.
Mean
3
0.57
97
64
1.36
98
66
74
85
Ft.
96
dry
dry
"
El Paso
60
78
99
dry
74
95
0.09
Worth
87
99
1
66
83
1
Lampasas,
Luling
96
67
82
1.51
98
61
80
2
311
Kerrville
0.11
2
Houston
1.09
103
62
83
98
59
79
104
93
70
87
dry
dry
„
4.03
2
65
79
1
98
62
103
63
0.05
65
0.07
92
42
67
0.58
93
62
78
Middl'g
Twist
d.
ings J
32s Cop
d.
d.
0.37
94
72
3.22
95
66
d.
s,
d.
s.
d.
s.
31..
85
82
14.04
11 1034@12
134
8H@
Closed
@93
9
@93
5.77
9
@93
@93
@93
5.76
@93
@93
5.61
JiinA
7..
14.04
11 1034@12
96
14..
14.04
11 1034@12
134
134
Closed
0.27
67
7.25
9H@10«
934 @10
0.28
92
69
82
21..
14.22
12
434@12
734
7.82
9
@10
9
0.47
94
67
81
28..
14.06
12
6
@12
9
7.60
9
@10
9
94
68
81
92
70
81
14.13
12
6
@12
9
7.82
9
@10
9
@10
2
Montgomery.
.
dry
0.10
2
_
5-.
9
6
1.01
89
72
81
12..
14.25
12
6
@12
9
7.98
9
2.41
92
73
83
19..
14.19
12
6
@12
9
7.83
2.18
96
71
84
26..
14.05
12
434@12
9
7.95
934
834® 934
8 1034@
5
734
73$
9
7.82
8.18
0.71
96
64
80
2
0.37
94
68
81
2..
14.00
12
1
0.08
95
68
82
9..
14.04
12
2
0.16
90
74
82
16..
14.26
12
0.52
94
67
81
23..
14.37
12
434@12
434@12
6
@12
6
@12
92
67
80
30..
14.51
12
6
91
67
79
77
2
Wilmington
dry
0.15
2
Tennessee—Memphis
3
1.86
92
66
2
0.55
93
60
Aug. 30, 1940
of gauge-
2.9
Above zero of gaugeAbove zero of gauge.
5.8
9.6
Above zero of gauge.
-..Above zero of gauge.
7.0
6.7
•
12:15
Market
1940
1938
1939
1940
[
17,870
Prices of futures at
Sat.
Aug. 24
October, 1940
d.
*
21.
28-
16,177
27,624
32,919
25,190
40,690
23,331
36,239
26,909
2600,639 2138,496
Nil
Nil
Nil
2570,117 2119.305
3,658
Nil
2541,961 2100,775
2512,919 2081,164
Nil
8,083
7,966
5,532
3,282
17,684 2061,441 2490,599 2053,520
32.676 2034,995 2462,476 2024.282
43,924 2013,138 2444,446 1997,556
Nil
53,593 1980,272 2434.289 1978,400
Nil
20,069 2220,186
27,019 2190.925
24,113 2152,669
22,893 2100,527
Nil
Nil
July
4,043
5,562
40,045
63,370
January,
19.
19,881
26.
21,723
2.
64,962
73,404
49,379 19M.131 2441,606 1951,616
38,821
80,721
60,375
72,192
51,885 1925,p0" 2434,071 1933.484
73,033 1910,674 2417,522 1927,836
81.840
64,657
1941..
*1
*1
*1
July
d.
7.47
Nil
the actual movement from
and Shipments
Since Aug.
Since
This
Since
This
Since
Week
Aug. 1
Week
Aug. 1
11,000
18,000
2,814 2,600
7,405 2,900
44,421 13,250
800
1,481
To America
Total exports
14,000
23,000 10,800
56,121 19,550
5",obb 10",800
3".5O5
5,794
9,842
46,562
1,330
63,528
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Aug. 29 were
nil cantars and the foreign shipments 14.000 bales.
Note—A cantar is 99 lbs.
Bales
Bales
NEW
865
ORLEANS—
To South America
955 MOBILE—
To Great Britain
5,041
To Great Britain
1,000
3
1,321
90
Total
9,275
Freights—Current rates for cotton from New
no longer quoted, as all quotations are open rates.
Cotton
York
are
Foreign Cotton
in Europe
Statistics—Regulations due to the war
prohibit cotton statistics being sent from abroad.
7.69
7.62
7.36
7.69
d.
d.
7.68
7.68
7.39
7.41
-
7.28
7.14
7.25
7.31
7.30
7,30
7.03
6.99
7.01
7.01
7.03
7.10
7.14
7.13
7.12
7.11
6.88
6.90
6.90
6.92
6.98
7.01
7.00
7.00
6.98
6.81
6.85
6.88
6.88
6.87
6.85
6.79
6.76
7.15
6.78
7.15
6.78
7.18
1940.
the
24th inst. prices closed
unchanged to
and
for
that
receipts are not sufficient
to satisfy normal
milling
demand, with the result that cash wheat premiums have
advanced to the point at which some mills are covering
only of immediate
of actual grain. On the 26th inst.
net higher. Wheat contracts calling
for delivery of grain in Dec., 1940, and May, 1941, led an
extended rally in the wheat pit today as prices advanced
more than a cent a bushel.
Buying was attributed to mills
lifting hedges as a result of flour business while pit brokers
buying futures, taking care
shipments by purchase
prices closed
to 1 J^c.
purchases to cover distant requirements also had
reported.
The upturn attracted short covering as
well.
With the market still bogged down by uncertainty
said mill
been
LOS ANGELES—
To Japan
To Canada
m
ago and 869 a year ago, but most of tnis was stored
a
large percentage is expected to be used as collateral
Government loans.
From Wichita, Kan., came the report
flour sales by
News—As shown on a previous page, the
exports of cotton from the United States the past week
have
reached 9,275 bales.
The shipments in detail, as
made up from mail and telegraphic reports, are as follows:
Shipping
HOUSTON—
To Japan
To South America
m
sented lifting
Aug. 1
To Manchester, &c
d.
a.
d.
d.
7.53
higher.
This
To Continent and India
7.26
Late buying was attributed to mills and also repre¬
of hedges in connection with shipping sales
totaling 211,000 bushels.
Hedging was on a small scale
because only a comparatively small amount of new wheat
is going into commercial channels.
Receipts at Minneapolis
and Duluth totaled 1,352 cars, compared with 1,224 a week
15,000
26.421
Week
Exports (bales)—
To Liverpool
7.50
recently has spurred
deliveries of wheat flour in the metropolitan area, it was
reported. A major expansion in shipments, however, is not
anticipated until after Labor Day.
Not much new buying
of flour is generally expected for some time, barring any
new development in
the wheat markets or in world con¬
ditions.
It is pointed out that the consuming trades are
fairly well covered, since substantial bookings in May were
supplemented by additional orders just two weeks ago.
Wheat—On
8,000
57,565
"9", 000
1
Fr|.
y8c. net higher.
After drifting M to Mc. lower early in the
session, due to hedging and liquidation of Sept. contracts,
wheat prices recovered all the loss and closed fractionally
1938
Receipts (cantars)—
This week
d.
d.
7.48
Friday Night, Aug. 30,
plantations was 104,641 bales, stock at interior towns having
decreased 6,591 bales during the week.
1939
below:
Thur.
Wed.
Flour—Moderately cooler weather
(1) That the total receipts
plantations since Aug. 1, 1940, are 285,864 bales;
in 1939 they were 543,741 bales, and in 1938 were 370,155
bales.
(2) That, although the receipts at the outports the
1940
decline
BREADSTUFFS
The above statement shows:
Alexandria, Egypt,
Aug. 29
Quiet,
1 to 3 pts.
7.17
85,433
from the
Alexandria Receipts
advance
Quiet but
7 to 12 pts. st'y, 2 to 7
advance
pts. adv.
Steady,
3,438
17,198
44,437
67,385
16.
78,606 101,982
74,360 132,295 83,722
23.
91,740 140,844 78,102 1893,294 2408,973 1922,216
30. 111,232 196,344 144.055'1886,703
300,222 2427,136 111,232 836,739 214,507
past week were 111,232 bales,
1 to 2 pts.
advance
Closed.
Aug.
63,675
3 to 8 pts.
6.91
33 753
Nil
changed
'
22,595
9.
12.
27,653
19,555
Quiet,
Tues.
7.24
May
*
d.
*
March
Nil
26,363
33,685
58,075
73,527
5-
Steady,
Liverpool for each day are given
Mon.
7.51
..
December
7.
advance
Quiet, un¬
Noon CI 086 Noon Close
Close Noon Close Noon Close Noon Close
Aug. 30
June
14.
1 to 3 pts.
decline
P. M.
Nil
NO
Steady,
4 to 7 pts.
4
1938
1939
Nil
17,425 2256,647 2635,929 2167,685
8.23d.
8.30d.
8.14d.
8.lid.
Barely st'y
New Contract
30,472
Quiet
8.16d.
Market,
May
31.
Quiet
Quiet,
un¬ Quiet, un¬
changed to changed to
3 pts. dec.
1 pt. dec.
■{
opened
planta¬
Receipts from Plantations
Stocks at Interior Towns
1938
Moderate
demand
to
1939
Quiet
CLOSED
End.
1940
Friday
Mid. upl'ds
figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Receipts at Ports
Thursday
2.4
The
Week
Wednesday
P. M.
4.3
indicates the actual movement each week from the
tions.
5.71
Quiet
7.0
9.2
'
Plantations—The following table
the
5.52
Tuesday
Market,
Futures,
from
8.23
5.22
5.14
Monday
Saturday
Spot
2.0
Memphis
Receipts
8.19
5.28
9
134
1034@ 9
134
8 1034@ 9
134
9
@93
9
@93
8
Feet
Nashville.-.
zero
@12
7.84
Liverpool—The tone of the Liverpool market for spots
day of the past week and the daily closing
prices of spot cotton have been as follows:
Sept. 1, 1939
Feet
Shreveport
Vicksburg
5.23
5.40
and futures each
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Above
6.52
3
134
A tier
Aug*
The
Orleans
9
8 1034@ 9
834@
71
__
North Carolina—Raleigh
New
5.62
8 1034@
9
9
834® 934
8?4@ 934
834@ 934
9
@10
934 @1034
2
Macon
South Carolina—Charleston
5.66
July
5
Atlanta
d.
5.49
9
1
rgia—Savannah
Upl'ds
d.
s.
934
1
Tampa
Middl'g
Common
to Finest
May
83
'
2
Mississippi—Meridian
Florida—Jacksonville.
Cotton
Lbs. Shirt¬
834
Cotton
Upl'ds
to Finest
Ticist
'
2
Louisiana—New Orleans
32s Cop
80
1
Lbs. Shirt¬
ings, Common
83
95
1
Arkansas—Fort Smith
Little Rock
1.52
0.43
1
Taylor
_I_I
Oklahoma—Oklahoma City
1939
1949
834
80
2
Paris
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
.and cloths is steady.
Demand for foreign markets is im¬
proving.
We give prices today below and leave those for
previous weeks of this and last year for comparison:
82
Brownsville
Corpus Christi
Liverpool Imports, Stocks, &e.
81
3
obliged to omit the following tables:
therefore
are
World's Supply and Takings of Cotton.
India Cotton Movement from All Ports.
Thermometer—-—
Rain
Days
T exas—Galveston
1303
Commercial & Financial Chronicle
The
151
regarding the war situation stagnation of export business
except for scattered flour sales to the Orient and Central and
South America, dealers are concerned primarily with domes¬
tic activity.
Hedging was on a small scale due to large
quantities of new wheat being
held off the market, but
there
The Commercial & Financial Chronicle
1304
accordance
and
with
the
flow
mill
of
absence
of
outside
content
to
permit
accounts
evened
about 5c. above the season's low.
Government
Although
areas,
bushels
being
are
"sterilized"
running about 44% ahead of
167,000,000 bushels were put into loans.
a
in
As
indicate
tonight
a
possible reduction in estimates of
offset
was
ment
which
Overnight
a
by^
Balkan
indicated
news
pact
some
improvement
indicating that Rumania
designed
attention, but dealers
to maintain
most
were
had
had
interested
in
sitions
DAILY
CLOSING PRICES
OF
Mn
9
No-2red
DAILY
a
.
87 %
—
CLOSING
PRICES
OF
6914
71%
73%
December
May.
Seasnn's High and When Made
September
111%
85%
December
May
DAILY
__
OF
NEW
Mon.
Tues.
70^
72%
74%
IN
Wed.
7
74%
75%
WHEAT
Thurs.
December
73
75%
75%
75%
77%
When Made
66%
Aug. 16. 1940
Aug. 16, 1940
70
Aug. 16, 1940
FUTURES
74/*
May,
Frit
IN
74Y°
WINNIPEG
Thurs.
73%
—-
Fri.
73%
74^
CORN
Mon.
OF
of
corn
sold
last week
inasmuch
principal
or
as
by the country, showing some
pick-up the
so, is the important
market factor at present,
the only
scarcity is at terminals.
The 12
terminals
received
4,786,000
bushels
this
week,
compared with 2,974,000 last week and
2,295,000 a year
ago.
On the 26th inst. prices closed
H to lc. net higher.
Corn belt rains were welcome
but are not expected to have
any material effect on the size of the
crop.
Prices ad¬
vanced fractionally
despite heavy receipts, estimated at 375
cars, the largest in some time.
Strength in corn was at¬
tributed to good commercial
demand as well as the
strong
premiums quoted for actual grain.
On the 27th inst. prices
closed Ac. lower to lc. higher.
Dec. and May corn touched
new
high ground, while Sept. backed down
fractionally.
Corn was He. off to
He. higher, Sept. 61 %c., Dec. 56c.
may be offered
interest in corn
CORN
NEW
IN
Tues.
81%
Thurs.
81%
FUTURES
Tues.
61%
56%
56%
YORK
Wed.
81%
Mon.
market
IN
81%
CHICAGO
Wed.
61%
56%
57%
Fri.
81%
Thurs.
61%
Fri.
61%
57%
58%
57%
58%
61%
57%
58%
sold
was
market.
Volume was light, with the undertone firm
sympathy with the strength of corn.On
the 29tli inst. prices closed unchanged.
quiet though the undertone of the market
was
Today
Oats
was
in
trade
steady.
prices
DAILY
closed % to 3/9c. net higher.
Oats were
the light movement to market, also the strong
the wheat market.
CLOSING
PRICES
OF
OATS
Sat.
SeptemberDecember
May..
_—
r—...
Season's High andi When Made
September
36
Apr.
December
34%
June
32
July
FUTURES
Mon.
27%
28%
29%
[
Tues.
28
28%
29%
IN
CHICAGO
Wed.
28%
28%
30%
Thurs.
28%
29%
30%
Season's Low and
19. 1940
12, 1940
30, 1940
September
27 %
May
28%
29%
30%
Fri.
29
29%
30%
When Made
26%
December
28%
Aug. 16, 1940
Aug. 19, 1940
Aug. 16, 1940
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat.
October
Mon.
28%
26%
27%
_
December.
May......
Wed.
Tues.
28%
28%
28%
Thurs.
28%
26%
27
28%
28%
26%
27%
Fri.
28%
27%
28%
Rye—On the 24th inst. prices closed unchanged
to He. up.
light and price changes extremely narrow.
On
prices closed %c. to He. net higher.
The
futures market closed at about the top levels of the day.
Trading
was
the 26th inst.
rye
The strong action of the wheat and corn markets
influenced
considerable short covering and some outside demand in the
futures market, and prices gained sharply towards the
On the 27th inst. prices closed
H.e. to He. net nigher.
Influenced by the news from the Balkans and the
resulting
strength of the world's wheat markets, rye showed consider¬
rye
close.
able firmness and fair
gains at the close.
prices closed He. to He. net higher.
the undertone firm.
Corn—-On the 24th inst.
prices closed He. off to He. up.
Corn prices held to a narrow
range, but cash handlers re¬
ceived 216 cars and booked
251,000 bushels to arrive,
bringing total bookings for the week to around
1,200,000
busnels, largest since last Sept.
Traders said the volume
re¬
unchanged to He.
35,000 bushles of oats.
The oats
dull, but steady.
On the 26th inst.
prices closed He. to He. net higher.
The firmness of oats
was influenced
largely by the strong action of wheat and corn.
On the 27th inst. prices closed 3^c. to He. net
Higher.
Trading in oats was light, but prices were steady to firm.
Liquidation in the September delivery was in evidence, but
offerings were absorbed by Northwest interests against sales
of May.
On the 28th inst. prices closed He. higher. There
was
nothing especially noteworthy about the oats futures
Shippers
futures
^
74
un¬
Oats—On the 24th inst. prices closed
91%
P8%
...
OF
80%
lower.
Fri.
71^
Season's Low and
PRICES
PRICES
May
CHICAGO
than
more
and When Made
J
Season's Low and When Made
70
May 15, 19401 September
52%
May 18,1940
60%
June 12, 19401 December
53%
July 15. 1940
61%
July 24, 19401 May
54%
Auk. 16, 1940
May
po¬
71y
74%
£r/t. Mon. Tues. Wed.
73% 73% l3Y* 73H
rv-fr.Ho,,
Thurs.
89%
89%
FUTURES
61c.
Open
YORK
Wed.
89%
May.
PRICES
IN
Tves.
88%
£rPr' In'
September
oI' JniR December
July 24, 1940
78
CLOSING
Mon-
WHEAT
Sat.
.
September
WHEAT
took
Season's High
December
to
evened up for the Labor
Day holiday, mindful of
world-shaking events during the same period a vear
ago.
Open interest in wheat tonight was 73,631,000 bushels.
of
rate
60%
55%
55%
September
a
the
some
Today prices closed
attention.
May
some
keeping
loan
December
occurred.
submitted
corn
September-
state¬
attracted
peace
in
crop
Corn declined fractionally,
Sat.
sugges¬
Bureau of Agricultural Economics
a
higher.
passing
DAILY CLOSING
production
corn
to arrive.
1
showing of
tion of
corn
Sat.
own
as
the
Dealers
considered.
CLOSING
No. 2 yellow
were
cited
is helping
22,878,000 bushels.
was
DAILY
substantially above futures quotations also
was
1940
only
steadied by
report's
the
on
localities threat of frost damage
many
be
must
the
attracted
ently were more encouraged by recent European news.
The
fact that spot wheat prices and Government loan rates are
crop
dumped
be
flecting large receipts, totaling 320 cars.
The Bureau of
Agricultural Economics statement that present conditions
appar¬
The Car gill
moisture
result in
a
fall
the
changed to %e. net
Today prices closed 1% to l%c. net higher. Wheat prices
shot up almost 2c. a bushel today to the best level in more
than two weeks.
Buying, stimulated by strength in securi¬
ties and some purchasing of
mills, helped to start the up¬
ward movement, which
gained momentum as previous short
sellers covered accounts.
Brokers said some traders
strengthening influence.
belt
corn
100,000 Imsli'ds of
Storing of
ago, when
year
will
holdover
ity in other regions and at the same time adding little to
figures show¬
daily.
is
wheat
He.
to
it is keeping stalks green and sappy, delaying matur¬
yield.
ing 82,517,510 bushels of 1940 wheat were under loan as of
Aug. 25, confirmed trade belief that granting of loans has
been on a large scale.
This represented an increase of about
16,000,000 bushels in seven days, indicating more than
2,000,000
unchanged
Reports of a higher loan rate for the new crop
were regarded as premature.
Dealers pointed out, however,
that 75% of the current parity price is about 61c.
The
average of prices received
by farmers at local markets in
July was about 63c., compared with 47.8c. in July last year.
On the 29tli inst. prices closed %c. lower to Mjc. higher.
much as possible.
as
prices closed
market.
Reports of pend¬
ing settlement of the Balkan dispute caused realizing sales
by dealers taking advantage of the fact that prices were
up
inst.
Government-controlled
In the
speculative interest most dealers
the market's drift, keeping their
market rallied briskly in the final hour.
corn
28th
profit-taking
buying,
spreading, and closing with small net losses.
1940
On the
higher.
Corn
dipped H to %c. at one time, but just before the close May
contracts led a strong rally, closing almost a cent up.
Re¬
ports that cold wet weather was delaying maturity in some
sections, with the Iowa crop 10 to 20 days late, caused some
buying.
Government plans to erect more steel bins, if
necessary, to hold any corn turned over to it with expiration
of loans, attracted attention,
it indicated that none of the
The
enough wheat going into elevator possession to offset
speculative and mill buying at times.
On the
27th inst. prices closed IH to l^c. net higher.
The wheat
market rallied briskly today in the final hour.
Traders
reported tne upturn was due to a rush to cover commitments
by local shortsl
Dec. and May wheat touched new highs
for the day.
Firmness in the Northwest markets and slack¬
ening of liquidation caused some of the earlier sellers to cover,
and wheat advanced as much as lHe. from the day's low
points.
Reports of border clashes between Russian and
Rumanian troops attracted some attention in the pits.
While the immediate trend of the domestic grain markets
remained somewhat obscured by the war developments in
Europe, many traders were of the opinion that the Govern¬
ment loan program would have a favorable effect upon prices.
Preliminary Government figures on the world wheat crop
and carryover placed the latter for this year at 1,375,000,000
against 1,189,000,000 in 1939, or a decrease of 186,000,000
bushels.
The 1940 production estimate was 3,970,000,000
compared with 4,27(J,OO0,000 in 1939, a decrease of 300,000,000 bushels.
On the 28th inst. prices closed unchanged
to He. net lower.
Wheat values rose %e. at one stage today
to the best level since Aug. 15, but wound up unchanged
to
Y%e. lower compared with yesterday's finish.
Profittaking, which offset buying of mills and local traders, kept
the market under pressure most of the session and at times
quotations were Hc. below the previous close.
Profittaking was encouraged by the fact that prices are about
5c. above the year's low of Aug. 16.
On the 29th inst. prices closed unchanged to %c. lower.
Wheat prices fluctuated within a narrow range of less than
lc. today, bobbing above and below previous closing levels
was
the limited
in
Aug. 31,
On the 28th inst.
Trading
was
light, with
-
On the 29th inst.
prices closed
rye market
ing
weak
was
operations
% to %c. net lower.
The
during most of the session.
Spread¬
were
depressed state.
largely responsible for the market's
Today prices closed % to %c. net higher.
The firmness
rye
of
influenced
was
largely
by the strong
wheat market.
DAILY
CLOSING
PRICES
OF
RYE
Sat.
September.
December
May—
Season's High and When Made
September
...
December
May
76%
Apr.
May
50%
50%
July
DAILY CLOSING
PRICES
OF
December
May
PRICES
OF
October.
34
Fri.
38%
39%
41%
42
44%
45
44%
45
...
When
36%
38%
42%
Tues.
3434
December...
34%
33%
34
34
May
35 y$
35%
35%
Made
Aug. 19. 1940
Aug. 19. 1940
Aug. 19. 1940
IN WINNIPEG
Wed.
Thurs.
Fri.
43
42%
42%
43%
45%
FUTURES
Mon.
Thurs.
42
FUTURES
BARLEY
CHICAGO
39%
Season's Low and
RYE
Sat.
IN
Wed.
39
41%
Sat. Mon.
Tues.
42%
42%
43%
42%
43%
43%
45%
^
CLOSING
Tves.
33%
41%
44%
22, 19401 September
29 19401 December
24, 19401 May
October.
DAILY
I
FUTURES
Mon.
37%
40%
43%
IN
Wed.
341^
33%
34%
42%
44%
43%
45
WINNIPEG
Thurs.
33^
33%
34%
Fri.
33 y
33%
34%
Volume
The
151
1305
Commercial & Financial Chronicle
included above: Oats—Buffalo, 385,000 bushels; total,
45,000 bushels in 1939.
Barley—New York, 162,000
Note—Bonded grain not
Closing quotations were as follows:
385,000
against
bushels,
156,000; total 1,208,000 bushels,
bushels; Buffalo, 890.000; Baltimore,
FLOUR
2.40
Cornflour
...
.
Philadelphia,
2,208,000;
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
Barley goods—
Prices Withdrawn
Coarse
...Nominal
Hard winter clears
against none
1,242,000 bushels; New York afloat, 606,000; Boston,
1,018,000; Baltimore, 1,084,000; Portland, 1,211,000;
Chicago, 36,000; Buffalo, 6,808.000; Buffalo afloat, 356,000; Duluth, 2,240,000;
Erie, 1,956,000; Albany, 8,047,000; on Canal, 269,000; in transit, rail (United
States), 4,197,000; total, 31,278,000 bushels, against 6,701,000 bushels in 1939.
Wheat—New York,
in 1939.
Rye flour patents
.3.55@3.65
Seminola.
bl., bulk basis.
@5.55
Oats good
2.50
Spring pat. high protein. -4.80@4.95
_4.50@4.70
Spring patents
.4.15 @4.35
Clears, first spring
@
Hard winter straights. .
-4-20@4.35
Hard winter patents
Fancy pearl (new) Nos.
1.2-0.3-0.2
4.75@6.75
Canadian—
524,000
326,000
537,000
Oats, New York—
■
91
HI
78,815.000
116,056,000
1,242,000
418,000
746,000
2,913,000
855,000
2.836,000
1940.-258,042,000
1940....250,953,000
1939
97,573,000
4,692,000
4,697,000
6,603,000
1,599,000
1,520,000
1,600,000
4,106,000
4,305,000
5,818,000
5,725,000
4,692,000
8.812,000
1,599,000
8,013,000
4,106,000
43 H
No. 2 white
'
ftA \/„
63,171.000
Ft. William & Pt. Arthur
Wheat, New York-
Lake, bay, river & seab'a
Other Can. & other elev.
GRAIN
57%
"
~
Total Aug. 24,
Total Aug.
17,
Total Aug. 26.
57 H
C°r?o.?^lIw1kanraU
CwSg^^iv::-""-
81*1
48-58N
of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and Since Aug. 1 for each
regarding the movement
All the statements below
of the last three years:
Wheal
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
161,130,000 25,229,000
258,042,000
......
1939
569.000
1,962.000
433,000
67,000
2,132,000
375,000
3,789,000
382.000
67,000
295,000
497,000
11,000
2,000
770,000
28,000
291,000
1,000
2,407.000
473,000
3,000
156,000
31,000
134,000
Buffalo
168,000
114,000
16.000
8,000
52,000
21,000
90,000
IndianapolLs
100,000
St. Louis
Peoria.....
46,000
24,000
373,000
Kansas City
23,000
123,000
138,000
806,000
32~666
20,000
81,000
18,000
Omaha.
...
Joseph-
59,000
6,000
14,900,000
5,854,000
4,134,000
589,000
4,017,000
441,000
15,424,000
3,085,000
16,481,000
6,657,000
5,021,000
1,043,000
3,822,000
2,025,000
4,333,000
4,090,000
1.951,000 13,338.000
19,558,000
3,415,000 17,762,000
6,228,000 15,629.000
1
1940....
1,644,000
55,076,000
17,826,000
14,010,000
1939....
1.690,000
1938
1,620,000
48,747.000
61,278,000
11,230,000
17,388,000
24,770,000
Wheat
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
836,000
268,000
31,000
1,000
20,000
1,000
Baltimore..
10,000
34,000
27,000
22,000
New Orl'ns*
21,000
57,000
2,000
9,000
5,000
11,000
163,000
York.
Boston
....
Philadelphia
July 1,
1940
1939
1940
1939
Bushels
Bushels
Bushels
Bushels
Bushels
"i"66o
3,000
25,545,000
2,758",000
947,000
6,525,000
662,000
1,599",000
9,698,666
27,910,000
33,355,000
560,000
7,080.000
651,000
26,018,000
23,787,000
"
.
11,001,000
'
------
t
)
.
88,000
2,464,000
Total...
5,024,000
52,356,000
82,966,000
CCC
Reports
1,766,000
5,512,000
countries
on
2,546,000
11,475,000
17.989,000
40,698,000
1940 Wheat Loan—Wheat
placed 82,517,510 bushels of their crop in
wheat loan up to Aug. 23, the Commodity Credit
had
producers
the 1940
Corpora¬
The loan value of the wheat was
represented by 122,624 separate loans. Of
wheat in the loan 2,387,965 bushels were in farm
announced Aug. 28.
$59,407,169.75
80,129,545 bushels were in warehouse and
This compares to 57,496,911 bushels
on the same date last year with 78,601 producers
and
storage
terminal
storage.
under loan
participating.
Loans completed andjreported to the
4,000
"9,6O6
Gaiveston..
Bushels
2,178,000
No. Amer.
Black Sea.
the total
bush 56 lbs bush 48 lbs
8,000
16,000
26.000
ports
Barley
Rye
Flour
bbls 196 lbs
New
July 1,
1940
1940
tion
of flour and grain at the seaboard
the week ended Saturday, Aug. 24, 1940, follow:
Total receipts
Receipts at—
Aug. 23,
j
411,000
for
July 1,
India
Same wk *39
406,000
Since
July 1,
Other
Tot. wk. '40
Since Aug.
Since
Aug. 23,
Australia
40,000
84,000
32,000
City.
Same wk '38
Week
Argentina.
99,000
Wichita
Sioux
Since
4,000
195,000
St.
Since
233,000
76,000
1,240,000
266,000
210.000
Toledo
/"
.
Week
Exports
616,000
4,000
13,000
Milwaukee.
Corn
Wheat
2,344,000
Duluth
furnished by
following:
the
in
364,000
149,000
5,000
corn, as
Produce Exchange for the week
Aug. 23 and since July 1, 1940, and July 1, 1939, are
Broomhall to the New York
shown
6,449,000
229,000
and
shipment of wheat
The world's
10,411,000 12,119,000
8,882,000 10,312,000 10,386,000
18,697,000 10,090,000 17,065,000
408,296,000 24,905,000
244,958,000 13,679,000
17. 1940
Total Aug. 26,
bush 56 lbs bush 48 lbs
Minneapolis
Chicago
25.229,000 10,417,000
24, 1940..419,172,000
Total Aug
Total Aug.
ended
Barley
Rye
Flour
Receipts at—
Summary
American..
Canadian
Corporation by States
follow:
Canadian
1,467,000
480,000
2,397,000
834,000
55,000
8,000
2,000
1,710,000
1,167,000
8,000
244,000
ports
Atl.
Warehouse '
Number
236,000
Tot. wk. '40
1
Since Jan
8,077,000
85,187,000
23,047,OCX)
291,000
2,075,000
309,000
122,000
9,783,000
1940
2,852,000
66,947.000
1939.
Week
Since Jan. 1
1939.
*
...
Receipts do not
13,806,000
include grain passing
3,372,000
4,270.000
the week
shown in
the annexed statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
Can. Atl. ports..
Total week
1.874,000
853,000
048,855
6,537,000
362,955
10,000
77,000
99,529
75,000
51,000
234,000
596,000
799.627
749,000
87.000
1.810.000
New York
44,000
_
Baltimore, a
Orleaas
...
;
Worth
Wichita
Hutchinson
Sioux
City
Louis
St
Peoria
16,189,000
Chicago...
afloat
On
Lakes
...
Milwaukee.
Minneapolis
Rye
Bushels
Barley
Bushels
711,000
1,393,000
16,458,000
18,145,000
210,000
4.492.000
359,000
6,296
3,669
-
-
-—
135
m
-
-
m
-
-
„
-
*'
.....
5,010
»
*
741,996.79
27,313.98
1,279,915.52
1,740,029
■
...
744
'mmmmmm
240,070
188,073.15
15,138
Tennessee.
513,326
14,222,140
10,793,317.55
_....... - - -
-
78
Utah............
......
281
Virginia
.......
'
621
......
18
51,360 89
100.792
82,964
62,717.06
1,687,612
7,941
956,350.64
6,917.96
mrn'mm
•mmmmmmrnrnrnm'
48,062
34,431.95
80,129.545
859,407,169.75
m rnmm
mm-*.
...—
48
Wyoming...
—
Total
—
Weather
2,387,965
122,624
Report for
the Week Ended Aug.
28 —The
2,000
1,000
showers.
17,000
1,202,000
302.000
26,000
26,000
393.000
160,000
19,000
4,000
9,660
736,000
258.000
566,000
175,000
1,208,000
222,000
155",000
129,000
5,969,000
13,000
1,074,000
471,000
199,000
204"666
52~0(H)
246,000
950,000
71,000
678,000
1,290,000
3,262,000
1,273,000
1,471,000
2,536,000
4,575,000
300,000
430,000
288.000
78,000
1940..161,130,000 25,229.000 5,725,000 8,812 000
Total Aug. 17, 1940....157,343,000 24,905,000
4,185,000 8 792 000
Total Aug 26, 1939
147.385,000 13,679,000 12,094,000 8,490JX)0
a Baltimore also has 79,000 bushels Australian wheat in store.
8 013 000
6 081 (XX)
•
57,817
484
183,268.47
880,041.96
1,021,231.77
11,760,672.00
14,000
154,000
731,000
Total Aug. 24,
1,144,567
23,981
.........
mm'
217,000
51,000
1,291,000
...
mm
3,463,441.03
246,207
J,218,726
1,296,756
15,202,111
1,205,061
36,598
354,000
2,000
1,000
2,033,000
3,000
afloat..
281
North Dakota.
3,251,968.97
1,054,916.33
1,735,411
4,595,911
mo'mmm'mm
142,584
3,000
7,000
214,000
5,000
••
1,365
9,942
—
4,416,024
11,770
9,477
Montana
54,092.05
53.000
1,000
2,000
99,000
603,000
Buffalo
6,673.91
422.705.42
1,385
...
121,000
4,000
2.000
Detroit.
9,618
77,352
565,235
959,000
125,000
455,000
Duluth
164,726 46
■
8,644.000
3,000
7,000
649,000
1,016,000
111,000
1,911,000
11,402,000
5,090,000
9,338,000
2,740,000
1,183,000
Indianapolis
Oats
Bushels
10,000
24,000
109,000
21,000
42,325,000
10,900,000
1,202,000
8,676,000
14,587,529.06
220,378
•
177,000
Joseph..6,552,000
Kansas City
Omaha
704,894.19
19,896,618
-'..mm-mmmm
-
general summary of the weather bulletin issued by the
Department of Commerce, indicating the influence of the
weather for the week ended Aug. 28, follows:
High pressure, attended by somewhat subnormal temperatures, pre¬
vailed over most of the eastern half of the country until the closing days
of the week.
Low pressure moved slowly southeastward to the lower
Lake region on the 26th when a trough developed eastward, bringing
moderate to heavy rains to many areas from the upper Great Plains east¬
ward.
Unsettled weather prevailed in many western sections with local
34,000
Philadelphia
St.
.
STOCKS
Bushels
afloat
Galveston
Michigan
M innesota..
comprising the stocks in
points of accumulation at lake and
Saturday, Aug. 24, were as follows:
United States
•
20
WLscons in.
Corn
946,394
462,416
521
West Virginia---...—
Bushels
713,229.16
5,038,282.53
1,100,923.57
304
available from Canadian ports.
GRAIN
"
1,633
29,095
Washington—
Wheat
Fort
55",000
at principal
seaboard ports
New
155",000
supply of grain,
visible
The
...
-
Kentucky
Texas.
2,437,000
18,540,000
1939
Export data not
granary
......—
—
South Dakota.......—
1,000
17,020,000
1939.
41,345
mmmrnmU
4,426
■
—
Kansas.....
Oregon..
Pennsylvania
1939
Since July I,
819
Iowa—I*
265.18
45,684.33
806,458.24
1,195,961
1,300,961
6,311,435
1,459,147
12,763
Oklahoma....
4SO.OOO
1940.
Since July 1,
Total week
"T666
"3",666
10,000
1,467,000
320
—
Illinois.
Ohio
92,000
—
New Orleans
a
------
133,000
Boston.
7,522
58,456
New Mexico
347,000
Baltimore.--
13
Idaho
83,770.63
373
m-m
1,503
Nebraska
45,855
26,000
172,000
Albany
«,
—
Missouri.
York
New
1
Maryland
Bushels
Exports from—
----
California
Amount
5,196
——
Indiana
from the several seaboard ports for
ended Saturday, Aug. 24, and since July 1 are
The exports
Storage
Bushels
11
Arkansas
Colorado
through New Orleans for foreign ports
through bills of lading.
on
Storage
Bushels
Delaware
514,000
Farm
Loans
State
240 .(XX)
Practically the entire country east of the Great Plains was
except for local areas in the extreme Southeast.
In
normal,
from
u'%47 000
cooler than
this region
from 4 degrees to as many as 11 degrees
coolest weather being in the Northeast and
the central Lake region where the departures were generally in excess of
6 degrees.
Somewhat cooler weather was also noted in the lower Rocky
Mountain section and the far Southwest, while somewhat warmer-thannormal weather prevailed in the Northwest, especially in western Mon¬
tana, where the departures were in excess of 6 degrees.
The maximum temperatures for the week were quite moderate for the
season, being generally below 90 degrees in the Northeast, the Lake region
and in the north-central sections.
The highest temperature for the week
was 109 degrees at Las Vegas, Nevada, on the 21st.
Moderate to heavy rains were quite general over a rather broad belt
temperatures ranged generally
below the seasonal average, the
the
Chesapeake Bay region
westward to the eastern
Southeast,
with much in greater
Great Plains.
in excess of 1 inch and in
However, outside of this
appreciable were in the extrema
portion or the country reporting a total
In much of this region the weekly totals were
substantial portions were greater than 2 inches.
area, the only weekly totals that were
The Commercial & Financial Chronicle
1306
rainfall for the week of less than 0.5 inch.
A large part of the South and
many portions of the far West reported no measurable rainfall.
In many localities from the Middle Atlantic States westward to
.the
eastern Great Plains showers improved late crops, while conditions
dur¬
ing the week
favorable in Missouri, Iowa and adjacent portions
Many crops had deteriorated
substantial improvement from the showers of the week
and a general, soaking rain is needed in most of the Ohio Valley as
some
localities report wells low and plowing retarded.
In much of the central
Gulf area the soil has dried rapidly and conditions show considerable im¬
provement, but in other localities the rapid loss of moisture has made the
soil too dry for minor crops.
The western Great Plains, including most of the area from
western
Oklahoma northward, continues unfavorably dry, with further deterior¬
ation of dry-land crops and serious deficiency of soil moisture.
Showers
were very helpful, however,
west of this area, especially in the South¬
west and portions of the Great Basin where late
crops were showing im¬
of States
too
were very
to the
for
far
northward and westward.
any
_
wherever
provement
moisture
sufficient.
was
In
Arkansas—Little Rock: Nights too cold for best
growth of most crops
first part; favorable warmth last few days; light rains.
Farm work favored.
Harvesting
tion of corn
of the
in southern third.
Cotton
good; progress fair to good.
Tennessee—Nashville:
good, except
very
not
serious in most localities, although in New York State
considerable
harm was reported
locally to corn, potatoes, buckwheat and gardens;
freezing was noted in some cranberry rx>gs of New
Jersey, but there
was
extensive damage.
Small
Grains—Threshing spring wheat made rapid progress the
of the week in later sections, but toward the close this work was
part
dered
first
hin¬
by the prevalence of wet weather.
Threshing made rapid progress
in Iowa when the weather
permitted, but there was much deterioration
during the 6 weeks the shocks were almost constantly saturated.
Little
fall plowing has been done in the Ohio
Valley, due to the very dry soil,
but this work was favored in Missouri and eastern
Kansas; in the western
part of the latter State the soil was mostly too dry, but
seeding is expected
to begin within 10 days to 2 weeks.
Early rice is being harvested In Texas
and Louisiana and is
heading nicely in Arkansas.
Corn—In the Ohio Valley corn was benefited
locally by showers, but
the general condition ranges from
poor to locally good.
In this area much
corn was reported beyond
help, with the permanent damage ranging from
one-third to one-half in parts of Illinois where the
crop condition ranges
from barren stalks to stalks
having two good ears.
In Missouri the corn
that survived the drought made excellent
progress, while in the eastern
third of Kansas, surviving corn was favored and is
western
Oklahoma much
corn
damaged
waa
making grain.
beyond recovery,
but
elsewhere the crop made good
progress and is in good to very good con¬
dition,
Conditions in the eastern third of Nebraska also
favored sur¬
viving corn, while similar conditions prevailed in parts of South
Dakota.
The cold weather retarded corn
progress in Iowa, but rainfall was ade¬
quate for filling; many small ears are
appearing, but are not expected
to mature before frost and the
crop needs warmth and dryness generally.
made fair to good progress in most of the
Cotton Belt,
and condition varies from
locally poor to generally fair to good.
In Texas
cotton improved
rapidly in the northwest and is now making good prog¬
ress in all
sections, except in local areas, and condition is generally
good.
The crop is opening
rapidly throughout this State, with picking making
good progress and several northern localities
reporting their first bales.
Progress of cotton was excellent in Oklahoma where the
from poor to
excellent;
August 20.
on
condition ranges
picking made slow advance with the first ginning
In the central States of the belt
progress of cotton ranged from poor to
good and condition from
locally poor to fairly good; the crop is reported
in some parts of the lower
Mississippi Valley, where the first bale
was almost 2 weeks later
than last year.
In eastern States progress and
late
condition
and first
were mostly good, with
picking fairly active in southern sections
ginning reported on the 20th in South Carolina.
The weather bulletin furnished
conditions in different States:
the
following
GOODS TRADE
New York,
Abnormally
business
retail
rains
low
Friday Night, Aug. 30, 1940
occurring in
somewhat
resume
of
temperatures
during the
with
continued
week,
past
of
parts
some
store
the
attendance.
As
to
stimulate
although excessive
country
in
the
interfered
recent
past,
prime attention centered in apparel lines and accessories,
with purchases
for the back-to-school movement again
playing an important factor.
The response to special
August promotions, which had lagged heretofore, also showed
a
distinct
improvement.
Department store sales, the
country over, for the week ended Aug. 17, according to the
Federal Reserve
Board, increased 7% over the corresponding
For New York and Brooklyn stores, the
week of last year.
Federal
Reserve
Bank
in the dollar volume
of
New
York reported
.
Trading in the wholesale dry goods
perceptibly
caused
as
numerous
The
continued
large
purchases
also
program
of
the
offing.
While
most
exerted
buyers
depleted stocks.
Government
a
still
agencies
stimulating
fluence, notably in such classes of goods
wide sheetings, for which
price advances
in
expanded
to enter the market
small reorders to replenish
defense
the
markets
the better flow of goods in retail channels
bo^h wholesalers and retailers
with
for
increase
an
amounting to 19%, for the week ended
Aug. 24.
Cotton—Cotton
reported
Pastures
„
northwestward, the weather of the week was un¬
seasonably cold, with heavy to killing frosts reported in New York State
some frost damage in northern
Pennsylvania, as well as in Michigan,
Wisconsin and Minnesota.
In most sections, however, outside opera¬
tions made good advance,
although showers toward the close of the week
delayed operations in some Middle Atlantic States.
The frost damage was
In
dry.
potatoes good.
THE DRY
and
and
no
good to very good; condition
Progress of cotton good; con¬
corn
West the
would be improved by general, soaking rains, especially In the north¬
Rocky Mountain area and in parts of South Dakota where the water
shortage is becoming locally critical and necessitating shipment of live¬
stock out of the dry areas.
In most of the northeastern part of the
country, especially from Vir¬
„
of
and truck fair to good.
ern
,
Progress
poor where soil too
dition fair to good: some fruiting; crop late.
Tobacco good, except slight
local damage by heat: burley mostly cut.
Sweet
range
ginia northward
picking slow progress.
Condi¬
Early rice heading nicely; very
food condition; white tip reported progress pickingexcept early prolific,
'astures in good condition.
all varieties, apples in northwest.
Rapid
,
most
Aug. 31, 1940
cellent, but lack of rain felt in parts of west; first ginning on
20th; picking
slow: will not be general until after September 1st; condition
spotted,
ranging from poor to excellent.
Livestock good.
Stock water low locally
in west.
Fall gardens and large alfalfa acreage planted in east
and central.
as
in¬
tickings and
were
said
adhered
to
to
be
their
previous cautious attitude of limiting purchases to
nearby
it was observed that some firms appeared more
needs,
willing to
assume
forward
commitments.
Business in silk
goods broadened moderately, and prices showed a steadier
undertone as buyers evinced
growing interest in offerings of
fabrics for spring.
Trading in rayon yarns continued active.
With next month's
output virtually booked up, the outlook
for the fall season was
regarded as highly encouraging,
notably in the field for finer deniers, deliveries of which
Virginia—Richmond: Cool; heavy rain in extreme
southeast, light in
remainder.
Crops recovering from storm of last week.
Tobacco ripening
rapidly.
Corn unusually good, except in central and
south.
Excessive
rains last week, unfavorable
for cotton and peanuts.
Pastures and hay
rapid growth; condition good.
Digging sweet potatoes on eastern shore.
Other truck,
except tomatoes, fair to good.
Peach harvest at peak;
quality improved.
Apples growing rapidly.
in the gray cloths markets
grew more
the week again exceeded the current
North
Carolina—Raleigh; Favorable warmth;
soil
moisture
ample.
Progress and condition of cotton generally
good; moderately favorable for
activity.
Progress and condition of corn good.
Tobacco maturing
late in west;
curing and marketing good progress in east
Truck doing
well;
margin.
While the large volume of Government orders was
regarded as the main basis for the improvement in the
gray
cloths markets, an
important factor was also supplied
weevil
vegetables
plentiful.
Most pastures and ranges excellent condition.
South Carolina—Columbia; Favorable
warmth; little rain; ample sun¬
shine.
Crop recovery favored, except on some lowland and coastal
areas
where too severly
damaged previously.
Progress and condition of cot¬
ton fairly good;
blooming and boiling freely again in north;
favorable for weevil
activity; normal shedding; picking
south; first ginning on 20th; opening in Piedmont.
moderately
fairly active in
Georgia—Atlanta: Favorable warmth;
large areas dry and soil drying
rapidly, especially in middle and north.
Progress of cotton good in north
good bloom and many bolls;
generally favorable for checking weevil,
except in south where activity
favored; picking good progress in south
where fully half open.
Progress of corn fair in north; late corn needs
rain; extensive fodder
pulling.
Peanut and sweet potato harvests favored.
Planting fall potatoes.
where
Florida—Jacksonville:
moisture.
Favorable
Progress
warmth;
adequate
rain;
ample
soil
and condition of cotton
fairly good; picking fairly
for checking weevil.
Corn mostly harvested.
Sweet
potatoes good; some
dug.
Preparing ground for fall truck.
Citrus good.
More rain needed.
active;
favorable
Alabama—Montgomery: Dry; soil drying rapidly. Progress of cotton
good; condition fair;
locally good in north, fair to locally poor in middle
and south;
opening steadily.
Other crops mostly fair, but
corn, pastures,
and gardens need rain in
many areas.
Mississippi—Vicksburg:
little
ing
Too
cold
first
4
days,
weeks
then
later
warm;
mostly
poor;
than
open¬
last
year;
moderately favorable for weevil.
Early planted corn generally matured
enough to feed; progress of late
planted fair to locally good on
uplands;
elsewheere poor.
Much excellent
hay saved.
Soil getting too dry for
gardens, pastures and truck,
Louisiana—New Orleans:
ress
of cotton
ing
slowly;
favored.
Nights too cold first part; little rain.
Prog¬
poor in south to
locally good in north; open¬
picking in south; moderate
shedding; weevil activity
of old corn
mostly good; harvest begun in south;
fair; condition
some
Condition
Srogress of young fair; condition rice fair. fair.
poor to
ig early rice; progress of late
gardens doing well in
northwest;
ress and condition
of cane
in
Houston:
most
Favorable
of south;
warmth.
All
ample rain elsewhere.
progress harvestTruck and
hay saved.
replanting in
fairly good.
Texas
rain
Excellent
Much
some
east and south.
crops,
Prog¬
except cotton,
Gathering late corn
need
good
generally good to excellent condition.
Cotton improved
rapidly
inii1i),r
^ after recent rains; making good progress, except locally in
middle and lower coastal
plains where progress poor to
only fair; condi¬
tion
generally good, except poor to fair in
middle coast districts, where
some rank
growth from previous excessive
rains, and in extreme south
where persistent
drought; opening rapidly; picking
good progress; several
points in extreme north have
reported first bales, but pickintt not
vet
general there.
Truck, gardens, ranges and feedstuff
good progress, ex¬
cept in extreme south where rain
needed badly for these and
citrus.
Rice
harvest favorable
progress.
Livestock in good flesh.
Much plowing for
fall seeding.
grogress;
j
Oklahoma
in
much
except
poor
in
of
Oklahoma City: Favorable
warmth; little rain;
and urgently in extreme
west.
west
much
west,
more
needed
Progress of corn good,
damaged beyond recovery in west; condition
but good to very good
elsewhere.
Progress of cotton ex¬
previously
some
instances
are
said to be in
arrears.
Domestic, Cotton Goods—After
the
past week by distinctly
cerning
the
channels.
movement
of
a
slow
opening, trading
active, and sales for
output by a comfortable
during
more
encouraging reports con¬
goods in distributive
finished
Most
purchases were made for spot or nearby
sprinkling of orders extending into October
and November reached the
market, and predictions were
heard that a broad
buying movement may materialize shortly
after the Labor
holiday.
Business in fine goods also pro¬
ceeded at a more active
pace, chiefly under the impetus of
delivery, but
a
substantial Government orders on lawns and
broadcloths.
Little was done in voiles but carded
piques moved in good
volume.
Closing prices in print cloths were as follows:
'39-inch 80s,
63^c.; 39-inch 72-76s, 63^c. to 6J^c.; 39-inch
68-72s, 5Hc.; 38M-inch 64-60s, 4%c. to
4^c.; 38^-inch
60-48s, 4 y8G.
Woolen
to be
Goods—Trading in men's wear fabrics continued
dominated by further large Government orders for the
defense
rain.
Progress of cotton fairly good; condition
mostly
slowly; first bale marketed in central
2
in
program, as a result of which prices
displayed a
stiffening trend.
Clothing manufacturers, on the other
hand, maintained their cautious attitude,
mainly because
of considerations
having to do with the probable effect of
civilian purchases.
Lightwear
summer again were
bought in moderate
quantities.
Mill operations continued at
highly satisfactory
levels, although it was pointed out that Government orders
are now
constituting the major portion of unfinished business.
Reports from retail clothing centers made a
good showing
as the
prevailing cool weather accelerated the initial sale of
the
military draft
measure on
materials for next
fall
apparel
broadened
items.
Business
in
women's
wear
fabrics
perceptibly, with garment manufacturers dis¬
playing more willingness to replenish their supplies in view
of the
quickening pace in
coats in retail channels.
the distribution of fall suits and
Foreign Dry Goods—Tiading in linens remained inactive.
more interest was shown in household
items, the dis¬
supply situation abroad continued to act as a serious
obstacle to business.
Trading in burlap expanded sharply
as the further
drop in prices in the Calcutta market induced
considerable shipment orders.
Domestically lightweights
were quoted at
4.70c., heavies at 6.70c.
While
turbed
Volume
The Commercial &
151
Financial Chronicle
1307
United
States—Housing Authorities Meet Opposition to
Exemption hy Annual Payments—Objections to complete
exemption for low-rent public housing projects have been
met by a number of municipal housing authorities through
annual payments which compensate, in some measure, for
the cost of municipal services to the projects.
Tax
Specialists in
tax
Illinois & Missouri Bonds
This
ment
was
shown in results of
Stifcl, Nicolaus & Cojnc.
a questionnaire sent by the research depart¬
Tex., to 68 cities having contracts with local housing
Replies to the questionnaire were received from 56 cities.
of Houston.
authorities.
Of the 56
cities, exactly one-half—or 28 cities—reported they receive
payments in lieu of taxes from their local housing authorities—either in the
form of flat yearly fees or as a percentage of rents received by the authorities.
Founded 1890
105 W. Adams St.
DIRECT
314 N. Broadway
CHICAGO
WIRE
ST. LOUIS
Yearly fees are paid on a flat-rate basis for municipal services by housing
Austin, to
$13,000 in Philadelphia.
The other cities in which flat fees are paid are
Atlantic City, Columbia, S. C., Louisville and Lexington, Ky., Lowell,
Mass., and Buffalo.
It was pointed out that the size of the fee is based
partly on the size of the housing project and the number of housing units in
each project.
authorities in 8 of the 28 cities, the fees ranging from $447 in
News Items
Eleven of the 20 cities which receive money from their housing
authorities
percentage basis get 3 % of rents collected as their share.
These cities
Gary, Ind.; Charleston, S. C.; Omaha; Scranton; Memphis; Augusta,
Ga., and As bury Park, Jersey City, Trenton, Elizabeth and Newark, N. J.
on a
are
Kentucky—Traffic Gains Aid Bridge Bonds—The position
State of Kentucky's toll briage revenue bonds has
improved, as a result of increased business of all but one of the
seven Ohio River spans owned by the
State, according to
opinion among Louisville, Ky., financial observers.
of ttLe
In accordance with the general plan under which bridge bonds are issued
by the State Highway Commission, these securities are not an obligation
commonwealth itself, but interest and principal are a first lien on
the toll revenues of the bridge against which they are issued.
In such
cases, all costs of operation of the bridges, maintenance, repairs and in¬
surance, are assumed by the State, however, and paid out of other State
of the
funds.
May, June and July, six of the Ohio River bridges showed a combined
gain of $28,891 in toll revenues over the same 1939 period.
The seventh,
For
the Maysville span, reported a decrease of $327.
Not only does the increased revenue strengthen
the position of the bonds
with respect to current interest and sinking fund accruals but,
to Louisville comment, enhances the possibility that a portion of
Percentage payments in the nine other cities range from 2 M % in Coving¬
ton, Ky., and Cincinnati, to 5% in Chattanooga, Chicago and Schenectady.
Local housing authorities in the other four cities and the percentages they
Lawrence and Boston, Mass., 4%; Knoxville, 3 to 4%; and
3 9-10%.
pay are:
more,
Balti¬
The research department said that if Houston were to receive 5% of the
rentals from the Houston Housing Authority, the sum would equal approxi¬
mately the amount the city stands to lose through tax exemptions on the
projects.
Under present arrangements, Houston receives neither a flat
fee nor a percentage of rentals for municipal services to the projects.
Many of the cities answering the questionnaire said thousands of dollars
owed them in delinquent taxes had been paid as a result of transactions
giving housing authorities title to properties.
Memphis obtained $63,251
in back taxes which had to be paid before the property could be sold;
Asbury Park received $20,000; Knoxville, $13,419; Schenectady,
and Omaha, $5,000.
$10,700;
according
the bonds
be called before the maturity dates.
This depends, it is said, on
whether the highway commission decides to build up excess income for
bond payments or reduce present toll rates.
Bridge supervisors of the Highway Commission are of the opinion that
the increase in traffic over the spans is due to a considerable extent to the
importance of the Ohio Valley in national defense preparations.
may
Louisiana—New
Louisiana
are
Go
Effect—New taxes in
attracting attention both in the State and out,
Taxes
Into
because of extensive revisions in the
recent survey
of revenue, a
program
of the
Proposals and Negotiations
ALABAMA
COUNTY
JEFFERSON
$8,000,000
tax
O.
Birmingham)
Ala.— WARRANT
County Attorney, that the
The rate of interest is to be determined at the
$60,000 in 1952.
new
(P.
OFFERING—It is stated by Clarence Mullins,
county will offer for sale at public auction on Sept. 11, an $81,000 issue of
refunding road warrants. Due on April 1 as follows: $21,000 in 1951, and
will be effective
indicated.
sections
Further
sources
Bond
Sept. 1 when collection of increased taxes on liquors and tobacco will begin.
retroactive if a
constitutional amendment is approved at the November election.
These are expected to bring in $2,500,000 more than the old rates.
New
levies on oil and natural gas production and on gifts, occupations and soft
time of sale.
That is also the date to which increased income taxes will be
ARIZONA BONDS
related
Market§ in all Municipal Immucs
drinks became effective
July 31.
sponsored by Governor Sam H. Jones, is the
of the State Sales Tax of
1%, effective Dec. 31. This wide levy, felt by residents of the State gener¬
ally, is supplanted by taxes which increase the contribution to be made by
A feature of the program,
shift in the tax burden resulting from the repeal
REFSNES, ELY, BECK &, CO.
income-tax payers.
In passing part of
the burden to liquor and tobacco, the State is adding to
already heavily taxed, but not regarded as necessities.
Income from the liquor tax under the new schedule is estimated at $1,580,000
a year and the new tobacco tax revenue is put at $910,000.
Besides repeal of the sales tax, automobile and truck license fees were
reduced and the State Employee Social Security Tax was rescinded.
The
taxes eliminated amounted to about $9,910,000 annually.
The cut in
automobile licenses is dependent on adoption of a constitutional amendment.
Following the creation of the Louisiana Department of Finance, which
will combine budgetary control with a number of other functions, Governor
Jones has named Martin Close, Director of Finance. Mr. Ciose is a member
of the State Highway Commission.
As members of the Board in charge of the new Finance Department, the
Governor named Francis W. Scott, Edward J. Gay, and J. W. Pitts.
Among other duties, the Department will have supervision of all Stateowned buildings and make audits of the Government of the State and certain
taxes
on
PHOENIX, ARIZONA
items
of its subdivisions.
ARIZONA
DISTRICTS (P. O. Globe), Ari_.— WAR¬
by Elton S. Bryant, County Treasurer,
Chapter 16, Article 7, Paragraph 868, Arizona
Revised Code, 1928, be called for payment on July 24, the following regis¬
tered Gila County, Ariz., warrants:
GILA COUNTY SCHOOL
RANTS CALLED—It
that
in
Road Fund, through July 5,
Also the following Gila Co.,
Sch. Dist. No.
Sch. Dist. No.
Sch. Dist. No.
Sch. Dist. No.
New
Jersey—Status of Municipal Securities Called Much
Improved—While
many
bonds of New Jersey municipalities
highest regard by general
market analysts and investors, determined efforts to put the
finances of New Jersey municipal bodies in order have
have not been looked on with the
brought rich rewards, John W. Kress, Assistant Trust Of¬
ficer of the Howard Savings Institution, Newark, told mem¬
bers of the National Security Traders Association at their
seventh annual convention in Detroit on Aug. 26.
speaker at the N. S. T. A.'s municipal forum,
chairmanship of Roger S. Phelps of Campbell, Phelps
Mr. Kress was the principal
which was under the
is stated
accordance with
Sch. Dist. No.
1940.
Ariz., Sch. Dist. registered warrants;
5, through warrant No. 26654, registered May 20, 1940.
10, through warrant No. 4390; registered April 13, 1940.
19, through warrant No. 5219, registered May 29, 1940.
26, through warrant No. 5296, registered May 29,1940.
33, through May 15, 1940.
High Sch. Dist. No. 1, through July 13, 1940.
High Sch. Dist. No. 26, through July 18, 1940.
Interest ceased on date
called.1
.
COUNTY SCHOOL DISTRICT NO. 33 (P. O. Florence)
Ariz .—BOND OFFERING— It is reported that sealed bids will be received
until 2 p. m. on 8ept. 3, by Moses Brown, Clerk of the Board of Super¬
visors, for the purchase of a $5,000 issue of not to exceed 5% semi-ann. school
bonds.
Denom. $500.
Dated Aug. 15, 1940.
A certified check for 5%
must accompany the bid.
|
PINAL
WILLIAMS,
Ariz .—BOND ELECTION CONTEMPLATED—An elec¬
for the near future in order to have the voters
tion is said to be scheduled
pass on
the proposed Issuance of
$50,000 in water system bonds.
& Co.
Explaining the attitude of the institution toward purchase of New Jersey
municipals, Mr. Kress pointed out that since 1932 the total bonded and
floating debt of counties and municipalities in that State has been reduced
approximately $300,000,000 while improvements in property tax collec¬
tions have been equally good.
At the depth of the depression in 1933
current tax collections dropped to 59.6% of the total property levy but in
each succeeding year there has been a marked gain, he said, with 1938
current collections amounting to 79.6%, the highest since 1928.
"The
as
majority of New Jersey municipal bodies have been looked upon
having a higher debt ratio and a poorer tax
collection record than in
other States," he said.
"This has been true in the past and still ap¬
plies when comparison is made with outstanding general market municipal
many
bonds.
buyers have overlooked these factors somewhat,
consideration to the general record of de¬
of principal in New Jersey municipal bonds as compared with
"Wise traders and bond
however, and have given more
fault and loss
Such a study discloses that from 1930 to 1938,
bonds outstanding in 1930 were in default com¬
pared with only 4.3% of New Jersey county and municipal bonds.
"Assuming that the New Jersey record is at least no better than average,
(the reputation she has earned would indicate that her recored would
probably be worse than average), we can feel that this represents a fairly
accurate picture of the situation throughout the country.
The most in¬
teresting thing to consider is not only the fact that New Jersey municipal
bonds are seven times as safe as corporate bonds, but that they really are
corporate business bonds.
29% of corporate business
safer
than
the figures
indicate.
When municipal
bonds go into default
purchasers eventually receive refunding bonds in even exchange.
there usually is a scaling down of interest there very seldom is a
principal."
the
While
loss of
ARKANSAS
ARKANSAS, State of—LARGE DEBT REDUCTION SHOWN FOR
YEARS—State Comptroller J. O. Goff reports direct bonded
of June 30, 1940, at $149,255,357, compared
with $176,995,942 as of June 30, 1934, reduction of $27,740,585 which
amount includes savings effected through refundings as well as payment
of principal.
Highway debt at $136,837,190 is approximately 91% of
total owed.
Other classes of debt include Confederate pension issues at
$7,624,000 and State construction bonds at $2,201,000.
Non-direct bonded debt as of June 30, or Dec. 31,1939, in some instances,
totaled $67,954,860, and included following descriptions:
Issued
Outstanding
RECENT
indebtedness of Arkansas as
State Board
SI,690,000
s
Road districts
Suburban road districts —
County funding-
.
~«
districts
Municipal districts
School districts
Levee, drainage
City funding,
I'Sfnoo
1-700,000
788,850
6,503,652
27-346,906
4,954,762
1-607,000
2,928,000
-
-
SI,544,000
J-JJJ-OOO
of Education
State Colleges
Bridge districts
-
1-215-500
495.000
8,934,723
20,074,160
-
improvement
Totals
27,351,150
22,348,156
5,000,000
3,000,000
$97,816,718
$67,954,860
the voters
as follows.
and $47,500 swimming pool bonds.
LITTLE ROCK, Ark.—BONDS VOTED— It is stated that
approved recently the issuance of $347,500 in bonds, divided
$300,000 municipal airport improvement,
The Commercial di Financial Chronicle
1308
PINELLAS
California
COUNTY
Aug. 31, 1940
SPECIAL
ROAD
AND
BRIDGE
DISTRICT
NO. 6 (P. O. Clearwater) Fla.—BOND SALE—'The $322,000 issue of
4%
refunding, issue of 1940 bonds offered for sale on
Aug. 28—V. 151, p. 1171—was purchased by the Clyde C. Pierce Corp. of
Jacksonville, at par. No other bid was received, according to the Clerk of
the Board of County Commissioners.
Dated April 1, 1940. Due on
semi-ann. road and bridge
Municipals
April 1
in 1943 to 1958.
BANKAMERICA COMPANY
San Francisco
Los
PINELLAS COUNTY SPECIAL TAX SCHOOL DISTRICT
(P. O. Clearwater) Fla.—BONDS OFFERED TO PUBLIC—A
issue
Telephana WHitehall 3-3470
TOLL
BRIDGE
a
Ingen & Co., Fenner & Beane. both of New York, Su.livan, Nelson &
Goss, of West Palm Beach, D. E. Arries & Co., of Tampa, A. B. Morrison
k Co., of Miami, Clyde C. Pierce Corp., of
Jacksonville, Kuhn, Morgan &
CALIFORNIA
CALIFORNIA
AUTHORITY
(P. O. Sacramento),
Calif.—BOND OFFERING—It is stated by Frank W. Clark,
Secretary,
that the Authority will receive sealed bids until Sept. 11 at 10 a. m.
(POT)
for the purchase of an issue of $6,850,000 Carquinez Toll Bridge
revenue
or registered bonds bearing 3% Interest, payable J-J.
Denom.
$1,000.
Dated July 1, 1940.
Due July 1 as follows: $368,000 in 1941,
$379,000 in 1942, $391,000 in 1943, $402,000 in 1944, $415,000 in
1945,
$427,000 in 1946, $440,000 in 1947, $453,000 in 1948, $467,000 in
1949,
$481,000 in 1950, $495,000 in 1951, $510,000 in 1952, $525,000 in 1953,
$541,000 in 1954 and $556,000 in 1955.
The bonds are authorized under
the provisions of a resolution of the Toll Bridge Authority
adopted Aug. 23,
1940, pursuant to the provisions of the California Toll Bridge
Authority
Act (constituting Chapter 763 of the Statutes of 1929 of the State of
Cali¬
coupon
Co. of Tampa, W^elsh, Davis & Co., of Chicago, and the
Baynard Bros.
Realty & Insurance Co., of St. Petersburg, as follows: $120,000 maturing
$20,000 April 1, 1941 to 1946, as 4s, and $240,000 maturing $15,000
April 1,
1947 to 1954, and $20,000 in 1955 to 1960, as 4Ms.
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT
NO. 7
(P. O. De Land) Fla.—BOND OFFERING—Sealed bids will be received
10 a. m. (EST), on Sept. 23, by Geo. W. Marks,
Secretary of the
Board of Public Instruction, for the purchase of a $50,000 issue of
4%
until
semi-ann. school bonds.
Dated July 1, 1940. Denom. $1,000.
Due $2,000
These are the bonds authorized at the election held on
Prin. and int. payable at the Chase National
Bank, New York.
certified check for $500.
July 1. 1943 to 1967.
June 25.
Enclose
a
GEORGIA
fornia).
Said bonds are more particularly described in said resolution and
a copy
thereof will be furnished to all interested bidders upon request.
The bonds
are payable in any coin or
currency which on the date of payment is legal
tender for the payment of public and private debts, at the office of
Pacific
National Bank of San Francisco, Fiscal Agent, in the
City and County of
San Francisco; collectible at the office of Manufacturers Trust
tion
Co., Collec¬
Agent, in the City of New York.
Said
bonds
are
callable
and after July 1, 1945, on any
date prior to maturity, or in part in inverse order of
maturity (but only
out of funds available under the
resolution), from time to time on and
after July 1, 1941, at the principal amount thereof and
accrued inter¬
est to the date of redemption, plus a
premium of 1% of such principa
amount for each year or fraction
thereof from date of redemption to
date of maturity, but not in excess of
4%.
Delivery on or about Sept.
16, 1940, at the office of the Fiscal Agent in San Francisco, in either tem¬
as
a
whole,
12
of general
through
New York RepresenlaUte
52 Wall St.
NO.
$360,000
refunding bonds is being offered for general investment
syndicate composed of Stranahan, Harris & Co., Inc., of Toledo,
John Nuveen & Co., Barcus, Kindred & Co., both of Chicago, B. J. Van
Angeles
on
porary or definitive form.
Definitive bonds will be exchanged for tempo¬
bonds without cost to the holder, at the office of the Fiscal
Agent.
ATLANTA,
Ga.—BOND ELECTION DETAILS—In connection with
the election scheduled for Sept. 4 on the proposed issuance of
$4,000,000
bonds, the following report is taken from the Atlanta "Constitution" of
Aug. 25:
"If the
the
people vote the proposed
bonds
and
can
will
be retired
$4,000,000 city bond issue Sept. 4,
a single
penny of additional
without
taxes, B. Graham West, City Comptroller, declared yesterday.
"At the same time, he asserted the city's bonded debt now is
$1,000,000
lower than it was in 1936 and is among the lowest of
any
size in the United
city of comparable
States.
"Amortization
the
of
proposed $4,000,000 issue for schools, hospitals
and the fire department will be arranged so that in no
year will the addi¬
tional expense of retiring the bonds exceed
$100,000, and in every year
the-amount
can be taken care of out of current
revenue, he asserted.
"For instance, the present debt service will be
$1,216,092 in 1941 and
new issue is voted the amount would total
rary
if the
Said bonds are to be issued for the purpose of
acquiring the Carquinez Bridge,
the Antioch Bridge and other private
property of the American Toll-Bridge
Co. necessary for full public ownership and
operation of said bridges.
The
bonds are payable exclusively from revenues of the
Carquinez Bridge and
the Antioch Bridge, which revenue must also be
applied to the payment
of the cost of operation of the bridges.
Out of such revenues $13,000
per month is allocated to the Department
of Public Works for the
payment of the cost of
figure includes
operating the bridges, and
be withdrawn from the
debt of the State of Califor¬
nia and no taxes may be levied for their
payment.
As further security for
the bonds, an initial reserve fund of
$200,000 will be created immediately,
to be increased from
surplus revenues and maintained at $350,000.
Reso¬
lution of the California Toll Bridge
Authority contains covenants intended
to further secure the bonds,
including covenants to raise sufficient tolls to
pay all costs of operation and bond service; not to reduce tolls
except in
accordance with a toll reduction formula based
upon the application of
any proposed new rates to the 12 months' actual traffic
experience preceding
the date the proposed new rates are to take
effect; to maintain and operate
the bridges; and to maintain
adequate insurance.
The resolution further
provides for its modification with the consent of the holders of
two-thirds
of the bonds, and provisions for the
protection of the bondholders' interests
by the Fiscal Agent.
The sum required to be obtained at the sale of
said bonds is $6,443,000.
No more bonds of said issue
if this
proves
reserve fund.
inadequate, additional
sums
may
The bonds do not constitute
a
will be sold than will
produce a sum equal to $6,443,000, plus an additional sum of
less than
$1,000.
Said bonds will be sold to the bidder or bidders
complying with
the terms of sale as set forth herein and
offering to pay not less than the sum
required to be obtained at the sale of said bonds, and to take
therefor the
least amount of bonds.
The bonds to be sold and delivered shall be
those of the earliest maturi¬
ties (stated in a multiple of
$1,000).
If two or more bidders offer to take the
same least amount of such
bonds, the proposal of the bidder offering to pay
therefor the highest additional price will be
accepted; provided that such
additional price is less than $1,000.
In case any bids are identical in
amount, the Authority reserves the right to make the award in its
discretion
to any one of such bidders
.whose bids are equal.
The right is hereby
reserved to reject any and all bids and to
waive any irregularity or infor¬
mality in any bid.
The purchaser must pay accrued interest from the date
of the bonds to the date of
delivery.
The bonds will be
the
issued subject to
approving opinion
of Keys & Erskine,
attorneys for the Authority,
Orrick, Dahlquist, Neff & Herrington, of San Francisco, at the ex¬
of the successful bidder, and all bidders must
agree to pay the fees
and of
pense
and
expenses of said attorneys for
and their legal opinions
bonds.
the preparation of the bond resolution
approving the validity of the proceedings and the
$1,316,092, which
latter
a full $100,000 for retirement and interest on the entire
issue.
But the city would not sell the entire issue all at once and
there¬
fore the interest rate for 1941 would be
considerably lower, Mr. West said.
"The city is retiring about $800,000 in bonds
annually now and if the
new bonds are voted
they would be retired as the present debt is lowered—
keeping the debt service always at a level which can be set out of present
revenue, he added.
"The city's total bonded indebtedness,
including $610,000 of deficit
which the Hartsfield administration inherited from the
Key regime, is now
$12,623,000, plus $1,050,000 worth of revenue certificates, making a total
of $13,673,000.
Against this the city has $1,517,395 in its sinking fund,
reducing the total owed to $12,155,605, Mr. West explained.
In 1936,
the bonded debt was $13,059,000.
"Mr. West said that if the new bonds are
approved, the total on
bonds owed annually wrould drop under $1,000,000 in 1951 and
that
1970 the last payment of $25,500 would be made.
all
by
"
'During most
the proposed $4,000,000 issue would not cost the
city more than $40,000 or $50,000 above the present rate of expenditure
and this could easily be absorbed
by current revenue, thereby eliminating
necessity for any increase in taxes,' he asserted."
years,
COLUMBUS, Ga .—CHAIN STORE TAX COLLECTIONS ENJOINED
—The city has been
permanently restrained from collecting its special chain
store tax under an injunction granted the Atlantic and
Pacific Tea Co.
The tax, providing a levy
scaling down from $400 per store, was enacted
in a local ordinance after the State
Supreme Court invalidated a tax setting
$1,200 maximum,
up a
JENKINS COUNTY (P. O. Miller) Ga .—BONDS SOLD— It is
reported
that $52,000 school bonds have been purchased
by Johnson, Lane, Space &
Co. of Savannah.
ILLINOIS
CAIRO BRIDGE COMMISSION (P. O.
Cairol, 111.—BOND CALL—
Chairman Ray Williams announces that in accordance with the
provisions
of
Article
II of the trust indenture
securing the outstanding 4% bridge
bonds dated April 1, 1936, due Oct. 1, 1962, and callable on
any
interest date after April 1, 1938, a total or $50,000 bonds of the issue have
been called for redemption on Oct.
1, 1940.
Payment of the bonds at
revenue
par
and
premium of 5% will be made on or after that date, on their surrender
by April 1, 1941 and subsequent coupons, at
principal office of the Chemical Bank & Trust Co., 165 Broadway, New
York City.
Coupons maturing Oct. 1, 1940 and prior thereto will be paid
a
in negotiable form
accompanied
the
on
presentation and surrender of such coupons.
CHICAGlfe,
111.—WARRANT SALE—The H. C. Speer & Sons Co. of
Chicago purchased $1,500,000 W-2.% Board of Education building fund tax
DISTRICT OF COLUMBIA
DISTRICT OF
BE
anticipation warrants of 1940.
COLUMBIA, Washington, D. C.—BUDGET
MUST
REDUCED $12,000,000—The
District Commissioners on
Aug. 28
completed hearings on the 1942 budget, convinced
that they must cut from
departmental requests at least $12,000,000.
During the two days of
hearings influential citizen and business
groups appeared and made a de¬
termined plea that the
budget be confined within expected revenues, but
at the same time
they took occasion to recommend a host of
improvements
as outlined
by the various department heads.
"We've heard the voice of
the people and we are
convinced they want us to
keep a balanced budget
and not increase
any taxes," said Col. David McCoach
Jr., and his state¬
ment was
supported by the other Commissioners.
Total department re¬
quests are $62,907,225 and revenues are expected to amount to $50,000,000.
Col,
McCoach
said
he
was
opposed to
increasing taxes
to
meet
w'i
way
Ti,
1
uSu
$18,346,369
the school authorities have the
Li
1
LITTLE YORK COMMUNITY HIGH SCHOOL
DISTRICT, III.—
BONDS VOTED—At an election held
recently the voters authorized an
issue of $85,000 construction bonds.
McHENRY TOWNSHIP (P.
total by some $5,000,000.
In this
opportunity to retain in the budget
ey consider most urgent.
The Commissioners intend to
9P1 Wlthin the next two weeks all department heads to hear
°r
bud8ets. As soon as these hearings are com¬
pleted they will beging the
pruning process.
MASCOUTAH, III.—BONDS
authorized
following
county court houge and jail
Special Road
i
refunding bonds.
refunding bonds.
Road and Bridge District
bonds.
and Bridge District bonds.
^R'RRR £ulf,S,hor«e Special Road and Bridge District bonds.
94A0R Myakka Special Road and Bridge District bonds.
/ItSOO Parrish Special Road and Bridge District bonds.
45,000 Terra
Ceia Special Road and
Bridge District bonds.
NASSAU COUNTY (P. O.
Fernandina) Fla.—BOND ELECTION—It
js reported that ail election will be heid in
November in order to have the
voters pass on tne issuance of $60,000 hospital bonds.
VOTED—At a special election the voters
issue of $20,000 general obligation bonds, thus completing the
of the general
rental bonds
the project.
obligation bonds the city has passed an ordinance for sewer
totaling $48,008 to make up the amount needed to complete
METROPOLIS, III .—CERTIFICATES AUTHORIZED—City Council
passed an ordinance authorizing an
ficates of indebtedness.
issue of $168,000 electric light certi¬
lPOLO, 111.—BONDS
defeated
a
was
DEFEATED— At an election on Aug. 23 the voter8
proposal to issue $7,500 lighting system bonds.
sold
to
Lansford &
SOLD—An issue of $22,000 water revenue
Co. of Chicago, as 4s.
Denom. $1,000.
INDIANA
9°UiNTT!(J>* i?i" JBrader|ton),
Fla.—BOND OFFERING—
stated that sealed bisd will
be received until 10 a.
m. on Sept.
10, by
of
the purchase of the
the Board
MoI'RRR cou«ty road and bridge
}?5'?2R Manatee-Oneco Special
an
program for a system of sewers and a sewage disposal plant to be
constructed at a total cost of $258,915. The Works
Projects Administration
has given the city a grant of $190,907 for labor. In addition to the issuance
bonds
is
an election on Aug. 24
Dated Aug. 15, 1940 and
financing
FLORIDA
It
McHenry), 111.—BONDS SOLD—The
have been sold to Ballman & Main of
Chicago.
due $8,000 on Dec. 1 from 1942 to 1951 incl.
RUSHVILLE, III.—BONDS
County Commissioners, for
refunding bonds aggregating $1,875,950:
O.
$80,000 3% road improvement bonds authorized at
the
requests asked by the municipal officials.
The real estate tax, at
present
set at $1.75, would have to
bear the brunt of
any increased budget.
It has
been estimated that the
Commissioners would have to raise this tax to
$3
in order to take
care of
$13,953,545 which represents the increase of the new
budget estimates over the
appropriation for this year.
Commissioner
Hazen said he would
suggest, in the process of
reducing the budget of each
department that the department head
have a voice in the individual items
to
be reduced.
This procedure is now
followed by the school officials.
this instance, for
example, the Commissioners will
probably tell school
IlTLf'
thL;J f
FARMER CITY, 111.—BOND ELECTION—An election will be held
Oct. 1 on the question of
issuing $24,000 3M% sewer construction bonds.
Dated July 1, 1940. Due July 1 as follows:
$1,000 from 1941 to 1952 incl.
and $1,500 from 1953 to 1960 incl.
ANDERSON SCHOOL CITY,
Ind.—BOND
SALE—The issue of
$40,000 refunding bonds offered Aug. 27—V. 151, p. 880 was awarded
to Fletcher Trust Co. of
Indianapolis, as IKs, at par plus a premium of
$308, equal to 100.77. a basis of about 1.35%.
Dated Sept. 9, 1940
and due as follows:
$2,000, July 1,1941; $2,000, Jan. 1 and July 1 from 1942
to 1950 incl., and
$2,000, Jan. 1, 1951.
Second high bid of 100.272 for
lj^s was made by Raffensperger, Hughes & Co. of Indianapolis.
CLAY TOWNSHIP SCHOOL TOWNSHIP
(P. O. South Bend),
Ind.—BOND SALE—The $19,500 building bonds offered Aug. 26 were
Raffensperger, Hughes & Co. of Indianapolis, as 2s, at par plus
a premium of
$378.88, equal to 101.942, a basis of about 1.74%.
Dated
June 15, 1940.
Denoms. $1,000 and $300.
Due $1,300 on Dec. 1 from
1941 to 1954 incl. and $1,300 June 15, 1955.
Interest J-D.
Legal opinion
of Matson, Ross, McCord & Ice of
Indianapolis.
Other bids:
awarded to
Volume
The
151
2%
2 M%
Albert McGann Securities Co
SCHOOL
FRANKLIN
1
$35,000 school building bonds purchased
firm, as 2 Ms, at a price of 101.342, as noted here—
dated Aug. 1, 1940, and mature on Nov. 1 as follows:
$1,000 in 1941 to 1943, and $2,000 in 1944 to 1959. Coupon bonds in the
denom. of $1,000.
Interest payable M-N.
Aug. 12 by the
on
101.52
--2%
Fletcher Trust Co
BOND SALE DETAILS—The
Rate Bid
int. Rate
Bidder—
Browning, VanDuyn, Tischler & Co
101.302
100 348
same
V. 151, p. 1024—are
Randolph County, Ind.—
offered Aug. 28—V. 151,
TOWNSHIP,
BOND SALE—The $21,000 school building bonds
880—were awarded to the City Securities Corp. of Indianapolis.
Sept. 1, 1940 and due as follows: $700 July 1, 1941; $700 Jan. 1 and
from 1942 to 1954 incl.; $700 Jan. 1 and $1,400 July 1, 1955.
p.
KENTLAND, Ind.—BOND SALE DETAILS—The $10,000 3% bonds
Haffensperger, Hughes & Co. of Indianapolis—V. 151, p. 1171—
awarded at a price of 106.448, a basis of about 1.181%.
LINCOLN TOWNSHIP SCHOOL TOWNSHIP (P. O.
OFFERING—Arthur Bruchett, Trustee, will
Ind.—BOND
Rose Lawn),
receive sealed
school bonds.
from 1942 to
interest (J-J) payable at the Kentland Bank,
A certified check for $100, payable to order of the Trustee, is
incl.
Kentland.
Principal
and
required.
MARION TOWNSHIP SCHOOL TOWNSHIP (P. O.
Velpen), Ind
Kan .—BOND SALE— The $9,000 issue of 1M%
semi-annual street and alley improvement bonds offered for sale on Aug. 26
—V. 151, p. 1171—was awarded to the Baum, Bernheimer Co. of Kansas
City, paying a premium of $197.19, equal to 102.191, a basis of about 1.30%.
Dated Aug. 15, 1940.
Due $1,000 on Aug. 15 in 1941 to 1949 incl.
ARKANSAS
were
bids until 2 p. m. on Sept. 14 for the purchase of $5,000 3%
Dated Sept. 2, 1940.
Denom. $500.
Due $500 on Jan. 1
KANSAS
Dated
July 1
sold to
1951,
CITY,
offering $13,000 1M%
general investment at prices to
yield from 0.40% to 1.40%, according to maturity.
Dated Aug. 1, 1940.
Denom. $500.
Due Feb. 1, as follows: $1,500 in 1942 to 1949 and $1,000
in 1950.
Prin. and int. payable at the State Treasurer's office.
Legality
approved by Depew, Stanley, Weigand & Hook of Wichita.
These bonds
are offered subject to their rejection by the State School Fund.
public work relief bonds for
—
funding bonds.
Dated Aug. 1, 1940.
One bond for $532.43, others $500
each.
Due Jan. 1 as follows: $500 from 1942 to 1952 incl. and $532.43 in
1953.
Bidder to name a single rate of interest, expressed in a multiple of
14 of 1% and payable J-J.
The bonds are direct obligations of the school
township, payable out of ad valorem taxes to be levied and collected on
all of its taxable property.
Legal opinion of Matson, Ross, McCord & Ice
of Indianapolis will be furnished the successful bidder at the expense of the
township.
Ind.— WARRANT
SALE—The $95,000 general fund
premium of $40.
Dated as of date of delivery and due Dec. 30, 1940.
Haffensperger, Hughes & Co. of Indianapolis bid a premium of $27.89 for
0.75s and the bid of Bliss, Bowman & Co. of Toledo was t* premium of $17
$15,000 0.75s.
PRINCETON, Ind.—CORRECTED BOND SALE
KENTUCKY
OWENSBORO, Ky.—BONDS SOLD—It is stated
bonds have been purchased jointly by the Bankers
Bros. & Boyce, both of Louisville.
REPORT—The report
bonds to
informed
in—V. 151, p. 1171—of the sale of $500,000 3 M % water revenue
the City Securities Corp. of Indianapolis, was incorrect, as we are
was made to an account composed of Stranahan, Harris &
Co., Inc. of Toledo and Lewis, Pickett & Co., Inc. of Chicago.
These two
houses, together with Weil, Roth & Irving Co. of Cincinnati, subsequently
re-offered the bonds from a yield of 1.25% to a price of 102.
The issue was
approved by voters of the city at an election on May 3, 1940.
Of the pro¬
ceeds, $295,000 will be used in the purchase of the property of the privately
owned water company and the remainder will pay for various improvements
that the award
purchased recently by J. J. B.
Due $3,000 March and Sept. 1,
1945 to 1950, $5,000 March and
Sept. 1, 1951 to 1956, $6,000 March and Sept. 1. 1957 to 1960, $7,000
Marcn and Sept. 1, 1961 to 1964, $8,000 March and Sept. 1, 1965 to 1968,
$9,000 March and Sept. 1, 1969 to 1979, and $7,000 March and Sept, 1,
1980.
The bonds maturing in the years 1978 to 1980, shall be redeemable
at the option of the city in whole or in part in inverse numerical order on
30 days published notice, at 102 and accrued interest, on Sept. 1, 1941, or
any interest payment date thereafter.
The bonds due Sept. 1, 1972, and
all bonds due in the years 1973 to 1977, both inclusive, shall be redeemable
at tne option of the city on 30 days' publisned notice, in wnole or in part
in inverse numerical order, at 102 and accrued interest on Sept. 1, 1950,
or any interest payment date tnereafter.
Principal and interest payable
at tne Farmers National Bank, Princeton.
These bonds, in tne opinion of
Counsel, constitute valid and binding obligations of tne city, payable solely
from and constituting a first and prior lien on tne net revenues of tne water
works system of tne city, a sufficient amount of wnich are to be set aside
monthly into a special fund known as the "Water Works Bond Fund."
Tne bonds of this issue will also constitute a first charge and lien on the
property of the water works system, including all extensions and improve¬
ments that may hereafter be constructed or acquired. Legality approved by
Matson, Ross, McCord & Ice, of Indianapolis.
IOWA
Iowa—BOND OFFERING—Sealed bfds will be received
until 8 p. m. on Sept. 4, by Geo. H. Alexander, City Clerk, for the purchase
of $100,000 sewer bonds.
Dated as of Sept. 1, 1940. Due on Nov. 1 as fol¬
lows: $4,000 in 1941 to 1945; $5,000, 1946 to 1955; $6,000, 1956 to 1959 and
$6,000 on May 1, 1960. Bids snail specify the rate of interest at which the
bidder will take the bonds at par and accrued interest.
The bonds will
be sold subject to the opinion of Stipp, Perry, Bannister & Starzinger of
Des Moines. A certified check for 5% of the amount bid is required.
PENDLETON
COUNTY
Ky.—OPTION
mouth),
BROOKLYN, Iowa—BOND SALE DETAILS— The Town Clerk states
$122,000 electric light and power plant distribution system bonds
D. Beh Co. of Des Moines, as noted here—V. 151,
sold to the Carleton
1171—were purchased as 2Ms for a premium of $250, equal to 100,205,
and are due on Dec. 1 as follows: $6,000 in 1942 and 1943, $7,000 in 1944,
$8,000 in 1945 to 1947, $9,000 in 1948 to 1951; $10,000 in 1952 to 1955,
and $3,000 in 1956.
Bonds maturing on and after Dec. 1, 1953, are call¬
able on their inverse order on Dec. 1, 1945, or any interest payment date
p.
thereafter.
CLIVE INDEPENDENT SCHOOL
BOND SALE—It is stated by
the $3,000
DISTRICT (P. O. Clive), Iowa—
the Secretary of the Board of
for sale without success
by Jackley & Co. of Des
Due $500 on Dec. 1 in
3% semi-annual building bonds offered
noted here, have been purchased
Denom. $500.
Dated July 1, 1940.
1941 to 1946.
on
Directors that
June 25, as
Moines.
JACKSON COUNTY (P. O. Maquoketa)
It is stated by W. Schroeder,
Iowa—BOND OFFERING—
County Treasurer, that he will offer for sale
public auction on Sept. 4 at 2 p. in., an issue of $17,800 funding bonds.
Denom. $1,000, one for $800.
Dated Sept. 2, 1940. Due on Nov. 1 as
follows: $5,800 in 1946 and $6,000 in 1947 and 1948. The bonds are payable
from unlimited taxes against all taxable property in the county.
The ap¬
at
proving opinion of Chapman &
Cutler, of Chicago, will be furnished.
No
(P. O. Oskaloosa), Iowa—BONDS SOLD—A
fund bonds is said to have been purchased on Aug. 15
COUNTY
MAHASKA
$40,000 issue of poor
by Vieth, Duncan & Wood of Davenport, as 2lis, paying a premium
$56, equal to 100.14, a basis of about 2.24%. Due as follows: $10,000
1950 and $15,000 in 1951 and 1952.
MONTEZUMA, Iowa—BONDS SOLD—It is stated by
Hicks that $126,000 light and power plant bonds approved
recently, have been taken over by the contractor.
NEWARK
TOWNSHIP
building
Mayor Elmer
by the voters
TOWNSHIP (P. O. Vincent),
received until Aug. 30, at 1:30 p. m.,
SCHOOL
Iowa—BONDS OFFERED—Bids were
by the Secretary
of
in
of the Board of Directors,
for the purchase of $16,000
bonds.
OCHEYEDAN, Iowa—BOND OFFERING—It is stated by the Town
Clerk that he will receive bids until Sept. 3, at 2 p. m., for the purchase of
a $9,500 issue of 3% semi annual town hall bonds, approved by the voters
at an election held on Aug. 15.
Dated Sept. 1, 1940. Due on Nov. 1 as
follows:
$500 in 1942 to 1958 and $1,000 in 1659.
REN WICK,
Iowa—BOND OFFERING— It is reported that bids will be
by the Town Clerk, for the purchase
9, at 7:30 p. m.,
$2,000 electric light plant bonds.
received until Sept.
of
SCHLESWIG INDEPENDENT
if the
premium
shall be
1%.
WHITLEY
COUNTY (P. O. Williamsburgh),
VALIDATED—This county will be
ANCE FINALLY
wig) Iowa—BONDS SOLD—It is stated by H. A. Klotz, Secretary of the
Board of Directors, that $35,000 school building bonds were purchased on
Aug. 26 by the Iowa-Des Moines National
as 2J^s, paying a premium of $350, equal
Bank & Trust Co.
to 101.00.
of Des Moines,
Ky.—BOND ISSU¬
permitted to issue up
$372,000 bonds for refunding, according to a ruling by Judge H. Church
Ford of the Federal District Court at Lexington, Ky.
The county's finances
have been in litigation in State and Federal courts for eight years.
Under
to
plan approved by Judge Ford, Whitley County may issue
4% road and bridge refunding bonds and $131,000 of 3 Ms
$102,000 of outstanding non voted refunding bonds and to
interest accrued on the issue.
the
MAINE
$241,500 in
to refinance
pay
$29,000
.
PORTLAND, Me.—BOND SALE— The $85,000 coupon refunding bonds
offered Aug. 28—V. 151, p. 1171—were awarded to Halsey, Stuart & Co.,
Inc., New York, as 1M®, at a price of 100.468, a basis of about 1.45%.
Dated Sept. 1, 1940 and due Sept. 1, 1950.
Re-offered to yield 1.35%.
Other
bids:
t
Bank.
_
Co_.
Salomon Bros. & Hutzler
First of Michigan Corp__.___
Estabrook & Co
Harriman Ripley & Co., Inc
E. H. Rollins & Sons, Inc
Rate Bid
Int. Rate
1M%
Bidder—
Harris Trust & Savings
100.17
\Yl%
H. M. Payson &
1M%
a-
\Y\%
100.53
ISQfiL
1%.%
101.175
2%
MASSACHUSETTS
LONGMEADOW,
Mass.—NOTE OFFERING—Raymond A.
Denslow, Town Treasurer, will receive sealed bids until noon (DST) on
Sept. 3, for the purchase of $20,000 coupon sewer notes.
Dated Sept. 1,
1940.
Due $2,500 on Sept. 1 from 1941 to 1948, incl.
The notes will be
certified by the Director of Accounts, at Boston, showing them to be a
proper obligation of the town and executed by the proper officials.
EAST
Mass.—BOND SALE— The $390,000 coupon municipal relief
29 were awarded to Halsey, Stuart & Co., Inc., New
price of 100.046, a basis of about 1.24%. Dated Sept 1,
1940.
Denom. $1,000.
Registerable as to principal and interest.
Due
$39,000 on Sept. 1 from 1941 to 1950, incl.
Principal and interest (M-S)
payable at the First Nat. Bank of Boston, or at holder's option, at the City
Treasurer's office.
Legality approved by Storey, Thorndike, Palmer &
Dodge of Boston.
The successful bidder reoffered the bonds to yield from
0.20% to 1.40%. according to maturity.
Other bids, all for 1Mb, were as
LYNN,
bonds offered Aug.
York, as 1 Ms, at a
follows:
„
Bidder—
Ripley & Co., Inc.; Kidder,
Judge & Co
Tyler & Co
Harriman
Peabody & Co., and Bond,
-
Trust
Co
Curtis
First Boston Corp
First National Bank of Boston
Estabrook & Co
,
J
Rate Bid
i oi
-
Bank, and R. W. Pressprich & Co
Sachs & Co., and Mercantile-Commerce Bank &
Harris Trust ~&~Savings
O70
101.079
101.04
100.67
100.627
Jackson &
100.49
100.448
100.34
RANDOLPH, Ma**.—NOTE SALE— The Second National Bank of
Boston was awarded on Aug. 26 an issue of $50,000 notes at 0.279% dis¬
count.
Due Aug. 29, 1940.
The First National Bank of Boston bid a
rate
—
of 0.29%.
MICHIGAN
SCHOOL DISTRICT, Mich—BOND ELECTION—
At an election on Sept. 9 the voters will be asked to authorize an issue of
$30,000 locker and shower house bonds.
ARBOR
OFFERING
sealed
BENTON HARBOR SCHOOL DISTRICT, Mich.—BOND
Cook, Secretary of the Board of Education, will receive
(EST) on Sept. 26 for the purchase of
not
ceed 3% interest coupon or registered school bonds.
Dated Oct.
Denom $1,000.
Due Oct. 1 as follows: $3,000, 1942; $8,000
1944* $5,000, 1945; $6,000, 1946; $7,000, 1947; $8,000 in
in 1949.
Bonds are subject to tax limitations provisions
Constitution and no increase in millage has been voted.
—Helen C.
$50,000
to ex¬
1, 1940.
1943; $4 000,
1948 and $9,000
of the State
Principal and
interest (A-O) payable at the Benton Harbor State Bank, and the Farmers &
Merchants National Bank, Benton Harbor.
Bonds carry full faith and
credit of the district and the approving legal opinion of Miller, Canfield,
Paddock & Stone of Detroit.
Bidder to pay for printing of bonds. A
certified check for 2% must accompany each proposal.
DETROIT, Mich.—TENDERS WANTED—Donald Slutz, City Con¬
troller, will receive sealed tenders of callable refunding bonds, 1962-1963
maturities, in the amount of about $150,000, up to 10 a. m. (EST) on
Sept
4.
Tenders shall remain firm until 3 p. m. (EST) of the following
day and be made under the following conditions:
bids until 4 p.m.
bonds are offered at a premium:
When the interest rate is 4 M % or higher, the yielu
call date.
(b) When the interest rate is less than 4 M %»the yield
to the sixth call date.
if the bonds are offered at par or less than par:
Yield shall be computed to the date of maturity.
If callable
(a)
SCHOOL DISTRICT (P. O. Schles-
Fal
O.
with the
during the second five years from the date the premium shall be 3%,
redemption occurs during the third five years from the date the
shall be 2%, and if the redemption occurs thereafter the premium
ANN
deposit required.
(P.
CORPORATION
EXERCISED—In connection
$2,000 in 1942 to 1947, $3,000 in 1948, $2,000 in 1949, $3,000 in 1950,
$2,000 in 1951, $3,000 in 1952 to 1958, and $6,000 in 1959, subject to prior
redemption on any interest due date upon 30 days' notice, but only in the
inverse order of maturities at par, plus a premium of 4% plus accrued
interest if the redemption occurs during the first five years from May 1,
1940 and on similar terms thereafter except that if the redemption occurs
Goldman,
DAVENPORT,
Iowa—BOND REOFFERING
INDEFINITE—It is
by V. E. Hayward, Secretary of the Bridge Commission, that the
$1,100,000 not to exceed 2M% semi-annual bridge revenue refunding bonds
offered for sale without success on June 6, as noted here, may be reoffered
some time this fall, although nothing definite has been decided.
stated
BRIDGE
NOT
stated
ATLANTIC,
that the
DISTRICT (P. O. Owensboro), Ky.—
$43,000 high school building bonds were
Hilliard & Son of Louisville.
$50,000 3}4% semiannual first mortgage bonds for which a syndicate
headed by Stein Bros. & Boyce of Louisville, had been granted a 60 day
option to purchase at a price of 93.00, as noted here on June 22, It is
by R. A. Thompson, Secretary Treasurer, that the option has not been
exercised.
Dated May 1, 1940.
Denom. $1,000. Due May 1, as follows:
and extensions to the water system.
Dated Sept. 1, 1940.
Denom. $1,000.
1943 and 1944, $4,000 March and Sept. 1,
SCHOOL
OWENSBORO
that $15,000 hosptial
Bond Co., and Stein
BONDS SOLD—It is reported that
and
park fund warrants offered Aug. 24—V. 151, p. 1024—were awarded to
the Merchants National Bank of Muncie at 0.75% interest, at par plus a
for $80,000 Is and $12 for
OFFERED TO
(P. O. Oswego), Kan.—BONDS
LABETTE COUNTY
PUBLIC—The Ranson Davidson Co. of Wichita is
semi annual
BOND OFFERING—rCIaude Miller, Trustee, will receive sealed bids until
10 a. m. on Aug. 31 for the purchase of $6,032.43 not to exceed 4% interest
MUNCIE,
1309
Commercial & Financial Chronicle
to
*
the first
i
shall be computed
^
j
shall be computed
The Commercial & Financial Chronicle
1310
Tenders shall show the
purpose, the rate of interest, date of maturity, the dollar value and the yield.
Tenders will be accepted on the basis of the highest net yield to the city as
computed from the dollar price.
Only 1962-63 maturities of callable bonds
will he accepted.
The city reserves the right on bonds purchased which
are delivered subsequent to Sept. 11, 1940, to pay accrued interest up to
Ass't
that
Dist. Par Val.
All tenders shall be in writing and shall be sealed.
date
only,
FERNDALE SCHOOL
DISTRICT, Mich.—BOND SALE— The $500,26—V. 151, p. 1172—were
syndicate composed of Hood, Truettner & Thisted, of Detroit,
Ryan, Sutherland & Co., Toledo; Miller, Kenower & Co peninsular State
Co., both of Detroit; Siler, Roose& Co., Toledo; Walter, Woody & Heimerdinger; Fox, Kinhorn & Co., Inc.; Seasongood & Mayer, and Pohl & Co.,
Inc., all of Cincinnati, at par plus a premium of $519, equal to 100.103 due
$280,000 3Xa and $220,000 3Ms, or a net interest cost of about 3.3537%.
Dated Sept. 5, 1940.
The 3 Ms mature $25,000 from 1942 to 1945, incl.,
and $30,000 from 1946 to 1951, incl., the 3M» are due $30,000 from 1952 to
000 coupon refunding bonds of 1940 offered Aug.
awarded to
910
a
1957, incl. and $40,000 in 1958.
FERNDALE
Beasley,
DISTRICT,
Secretary,
Michigan—TENDERS
that the Board of
on Aug. 26 for the sale
announces
Education will receive sealed tenders up to 8 p. m,
to said school district oi "1935 refunding bonds," series C dated
Oct. 1,
1935, "refunding bonds"—series E, dated Oct. 1, 1936, and "certificates of
indebtedness," dated Oct. 1, 1935, issued by said school district.
Said
tenders shall be addressed to said Board of Education, 130 E. Nine Mile
Road,
Ferndale,
certificates
of
Mich.,
and
indebtedness."
marked
"tender
Interest
on
of bonds" or "tender of
bond or certificate of
each
1, 1939, at the office of said Board, in the Town¬
ship of Monroe at 11 o'clock a. m. (EST) on Sept. 20, 1940; said refunding
bonds being described as follows:
41
43
45
47
48
48
1,000
4,000
49
1,000
50
2,000
6.000
50
51
3,000
10,000
2,000
2,000
7,000
51
51
52
52
2,000
2,000
3,000
4.000
52
address stated
55
.53
54
purchase of "1935 refunding bonds," series C
56
12,000
3,000
is $1,000 and "refunding bonds" series E is $8,000 and for the purchase of
certificates of indebtedness dated Oct. 1, 1935, is $26,000.
56
4,000
57
2,000
57
4,000
1,000
The amount available for
GRATIOT TOWNSHIP (P. O. Detroit), Mich.—BOND SALE—The
$35,000 water supply system revenue bonds offered Aug. 5—V. 151, p.
730—were awarded to Siler, Roose & Co. of Detroit, as 4Ms, at a price of
86, a basis of about 5.80%.
Dated Aug. 1, 1940 and due Aug. 1 as follows:
$1,000 from 1943 to 1947, incl. and $2,000 from 1948 to 1962, inclusive.
MACOMB COUNTY (P. O. Mount Clemens), Mich.—BOND OFFER¬
ING—The Board of County Road Commissioners will receive sealed bids
until 2 p. m. on Sept. 16 for the purchase of $482,000 refunding bonds to
be issued for the purpose of refunding and paying a like amount of bonds
outstanding and heretofore issued under the provisions of Act No. 59
Act, against
following road districts and in the amounts and against
the units of government in said several assessment districts, as set forth in
the following table:
now
58
6,000
2,000
7,000
59
59
60
61
1942
1942
1941
H
1,000
48
49
1942
IX%
1X%
1X%
IX%
IX%
IX%
IX%
1 X%
IX%
1X%
IX%
1X%
1 X%
1X%
1 %%
1X%
1X%
1 %%
1X%
IX %
IX%
iy2%
ix%
1 X%
1X%
IX %
1 x%
IX %
1K%
1X%
12,000
5,000
2,000
3,000
47
55
his tender.
IX %
1,000
1,000
1,000
42
Rate of
Int.
Am't
Matur'g Ass't
May 1 Dist. Par Val.
1942 60
6,000
Rate of
Int.
Am't
$3,000
4,000
40
indebtedness, tender of which »s accepted, shall terminate at the expiration
of seven days after notice of acceptance has been deposited in the U. 8.
Post Office, enclosed in an envelope addressed to the owner thereof at the
„n
Board of Commissioners
highway refunding bonds
of the issue dated March
49
SCHOOL
CITY
WANTED—Elizabeth
Aug. 31, 1940
gan, 1932 First Extra Session, as amended, the
will receive, publicly open, and consider tenders of
61
3,000
4,000
1,000
1,000
1,000
3,000
1,000
1,000
2,000
5,000
2,000
4,000
4,000
1,000
3,000
2,000
1,000
3,000
1,000
2,000
2,000
3,000
2,000
1,000
4,000
2,000
1,000
3,000
1,000
62
62
1942
1943
1941
63
1942
64
1943
65
1941
65
1942
65
63
64
1943
67
1941
67
1942
68
1941
68
1942
68
1943
69
1941
69
1942
1942
69
70
70
1941
71
1941
71
1942
1942
72A
72A
72 A
1941
72B
1942
72B
1943
72B
1943
1941
Matur'g
May 1
1943
1X%
IX%
ix%
1X%
ix%
IX%
1 H%
\X%
IX%
IX%
ix%
1 x%
1H%
ix%
IX%
IX%
.
1942
1943
1941
1942
1942
1943
1942
1943
1941
1942
1943
1942
1943
1941
1942
1943
i
k%
1942
1943
1944
1H%
1 H%
1942
1943
1942
IX%
1X%
1943
1X%
1942
1H%
1943
2%
IX %
1 X%
1942
1H%
1943
1944
1941
1941
1942
$193,000
1942
All tenders shall be submitted in writing, sealed and marked "Tenders
of Bonds" and shall fully describe the bonds
tendered, stipulating the lowest
price at which the owners of such bonds will sell the same to the sinking
No tenders at prices above par and interest will be considered.
fund.
(P. O. New Buffalo), Mich.—BOATDS
$42,000 not to exceed 4% interest
Aug. 26—V. 151. p.
NEW BUFFALO TOWNSHIP
sale
of the Public Acts of 1915, as amended, known as the Covert
REOFFERED—Date
assessments on the
Michiana Shores waterworks bonds, originally set for
Dist. No.
Date
Maturity
May 1,1959
May 1,1959
May 1,1959
District
25,000
$64,000
18,000
50,000
$5,000
149,000
145,000
$51,000
Oct. 1, 1940
Oct. 1, 1940
Oct. 1. 1940
93
Township
$132,000
$299,000
County
$17,000
9,000
These bonds are to be callable at various dates as set up in the refunding
plan heretofore adopted by the Board of County Road Commissioners and
Board of Supervisors of Macomb County.
Complete schedules of said
callable dates, maturity dates, and other information relating to said pro¬
posed bond issue may be had at the office of said Board of County Road
Commissioners in Mount Clemens, or will be furnished interested parties
by mail upon request to said Board.
Said refunding plan provides that
the interest rate be fixed by competitive bids at such sale, and said rates
shall be at least X of 1% less than the rate carried by the present outstand¬
ing bonds.
Said bonds are to be dated Oct. 1, 1940. with interest payable
on the first day of May and November of each
year thereafter, and to
mature on May first of the years hereinbefore set forth.
These bonds are secured by the assessments heretofore levied on the
divers assessment districts in accordance with the statures authorizing is¬
suance of said bonds,
and are further secured by the provisions of law
requiring the county general fund to advance money for their payment.
In addition thereto, funds received from the State under the provisions of
the Horton Act, so called, will in the opinion of this Commission be sufficient
in amount to cover the major portion of the outstanding assessments, and
in the opinion of the Board of County Road Commissioners will be sufficient
in amount to
payment of these bonds and the interest thereon when
accordance with said refunding plan.
Bids must be
sealed, marked "Proposal for Purchase of Bonds," and accompanied by a
due
or
assure
before,
certified
or
in
cashier's check in the amount of 2%
guarantee carrying out of said proposal, if
of the bid, said check to
accepted by the Board of County
Road Commissioners.
Approving legal opinion of Miller, Canfield, Paddock & Stone, of De¬
troit, and printed.bonds will be furnished by the seller.
Said bonds and
coupons will be payable at the office of the County Treasurer.
Bids will be received for all of said bonds
separate bids may be made
applicable to the entire issue for each district.
or
; MICHIGAN
(State of)—TENDERS WANTED— State Highway Com¬
missioner Murray D. Van Wagoner of Michigan will receive sealed tenders
of assessment district highway
refunding bonds until Sept. 9, at 2 p.m., for
the following issues:
Dist.
Estimated
No.
294
418
449
451
462
463
467
471
Obligation of—
Funds
Counties, townships and district
Counties, townships and district
Counties, townships and district
Counties, townships and district
Counties, townships and districtCounties, townships and district-.
Counties, townships and district
Townships portion
Wayne County, 4M% dated May 1, 1933
473
473
Assessment district portion
473A Assessment district portion
474
Oakland County portion
474
Townships portion
474
475
481
481
481
484
491
492
492
501
„
.
_
-
__
Assessment district portion
Macomb County portion
Assessment district portion
Macomb County portion
Townships portion
475
—
-
-
""
"
~
I
___
Ill
-
-----
Assessment district portion...
Counties, townships and district
I—...I_II
..
__
..
Counties, townships and district
Oakland County portion.
Asssessment district portionCounties, townships and district
townships and district
_
...
1120 Counties,
$5,000
15,000
8,000
3,000
14,000
19,000
3,000
2,000
18,000
17,000
4,000
9,000
4,000
11,000
4,000
7,000
6,000
2,000
21,000
9,000
19,000
22,000
30,000
1,000
6,000
1025—was postponed
Township Clerk.
$259,000
—....
price at which the
1
stipulate the lowest
such bonds with Nov. 1, 1940 and sub¬
No tenders above par can be considered.
owner will sell
sequent coupons attached.
i^kC^X9A1l^T^TE COLLEGE
(P*
°-
The $270,000 3% series B
OF
AGRICULTURE
AND
AP-
Lansing),
power
Mich.—BOND SALE DETAILS—
plant bonds sold to the First of Michigan
?i°n^fi?etro1it'As.reported in v$10,000 Dec
P. 1172, mature $9,000 June and
1. 1941, $11,000 June and $10,000 Dec. 1, 1942, $10,000
11.000 Dec. 1, 1943, $11,000 June and Dec. 1, 1944, and 1945,
IJMRR June an^PSFaJ- 1946- *11.000 June and $12,000 Dec. 1, 1947,
fHA00P,iuJBland *12.°00 °ec. 1, 1948, $12,000 June and $13,000 Dec. 1,
19i9i,$H&0(i June an£ Dec- L 1950' *14,000 and $13,000 Dec. 1, 1951,
and
$14,000 June and $1,000 Dec. 1, 1952, callable in whole
inverse numerical order on June 1, 1941, and
any interest
thereafter
or
in part in
payment date
upon 30 days' published notice at 102 and accrued interest.
Principal and interest payable at the Ann Arbor Trust Co.
Legality
approved by Miller, Canfield, Paddock & Stone of Detroit,
MONROE COUNTY
—F.
E.
(P. O. Monroe), Mich.—TENDERS WANTED
Gillespie, Clerk of the Board of County Road Commissioners,
that, pursuant to Section 8 of Act No. 13, Public Acts of Michi¬
announces
of
Sept.
to
the
3,
according
to Frederick W.
Schrader,
NORTHVILLE, Mich.—BOND SALE— The $113,550 coupon refund¬
ing bonds offered Aug. 26—151, p. 1172—were awarded to H. Y. Sattley
& Co.
and Charles A. Parcells & Co., both of Detroit jointly, at a price
of 100.096 for $73,550 2s and $40,000 2Ms, or a net interest cost of about
2.117%.
Dated Sept. 1, 1940.
The 2s mature $12,550 in 1943; $11,000,
$11,000, 1944; $10,000 from 1945 to 1949, incl.; the 2Ms are due $10,000
each year from 1950 to 1953, inclusive.
O. Pontiac), Mich.—BOND OFFERING—
Road Commissioners,
purchase of $831,000 highway
improvement refunding bonds.
Denom. $1,000.
Due May 1, 1958.
The bonds shall bear interest at a rate or rates not exceeding 3X% to
Nov. 1, 1943, not exceeding 4% to maturity.
Principal and interest
(M-N) payable at the Detroit Trust Co., Detroit.
The bonds are issued
to refund a like amount of bonds dated Nov. 1, 1935, now outstanding
for the purpose of reducing interest, and represent the townships' and
cities* share of the obligation being refunded and are payable from special
assessments but are also the general obligations of these townships and
cities.
In addition to the special assessments to be spread there shall
also be spread a general tax whenever the collection of the special assess¬
ment is insufficient to pay bonds and interest when due.
OAKLAND
Lee O.
COUNTY (P.
Brooks, Chairman of the Board of County
will receive sealed bids until Sept. 5 for the
PONTIAC TOWNSHIP SCHOOL DISTRICT NO. 1
(P. O. Auburn
Heights), Mich.—BOND OFFERING—C. L. Arft, Secretary of the School
Board, will receive seaied bids until 8 p. m. (EST) on Sept. 10 for the pur¬
chase of $50,000refunding bonds.
Dated Sept. 20,1940.
Denom. $1,000.
Due $2,000 on April 15 from 1941 to 1965, incl.
Interest rates must not
exceed 3% to April 15, 1942; 4% thereafter to April 15, 1947, and 4M%
thereafter to final maturity.
The bonds carry full
district and are not subject to any tax limitation.
faith and credit of the
Principal and interest
(A-O) payable at the Union Guardian Trust Co., Detroit.
Legality ap¬
proved by Claude H. Stevens of Berry & Stevens of Detroit.
A certified
check for $1,000 must accompany each proposal.
COUNTY
SANILAC
(P.
O. Sandusky),
Mich.—BOND SALE—The
$28,850 Black ltiver Drain District bonds offered Aug. 20—V. 151, p.
1025—were awarded to Braun, Bosworth & Co. of Toledo, as 4s, at par
plus a premium of $44, equal to 100.152, a basis of about 3.94%.
Dated
Sept. 1, 1940 and due May 1 as follows: $4,850 in 1941; and $6,000 from
1942 to 1945 incl.
SAULT STE. MARIE SCHOOL DISTRICT (P. O. Sault Ste. Marie).
Mich.—BOND SALE—The $45,000 coupon school bonds offered Aug.
22
151, p. 1025—were awarded to Crouse & Co. of Detroit at a price of
100.034 for $36,000 Is, due $9,000 annually on July 1 from 1941 to 1944
—V.
incl., and $9,000 lMs, due July 1, 1945, a net interest cost of about 1.072%.
Bonds are dated July 1, 1940.
First of Michigan Corp. of Detroit, second
high bidder, made an offer of 100.015 for $27,000 lMs and $18,000 Is.
WILLIAMSTON,
Mich.—BOND
OFFERING—D.
Howard
Gorsline,
Village Clerk, will receive sealed bids until 7:30 p. m. (EST) on Sept. 3
for the purchase of $44,000 coupon refunding bonds.
Dated Oct. 1, 1940.
Denom. $1,000.
Due $2,000 April 1, 1941 to 1962.
Interest rate is not
to exceed 3X % on or before April 1, 1952, and 3 X% on or after April 1.
1953, to maturity.
The bonds will be awarded to the bidder whose bid
produces the lowest interest cost to the village.
Interest payable April
and Oct. 1.
The bonds are issued for the purpose of refunding a like
amount of bonds dated April 1, 1937, and now outstanding.
The village
must levy a tax each year the collection of which will be sufficient to pay
interest when due and to mature bonds as due.
Full faith and credit of
village
are
Paddock
pledged.
&
Stone
of
Printed bonds and legal opinion of Miller, Canfield,
Detroit to be paid for by purchaser.
Enclose a
certified check for $1,000.
BOND SALE POSTPONED— Harry
nounced that the above sale had
Love, Village President, later an¬
been indefinitely postponed.
MINNESOTA
COUNTY
(P.
O. Anoka), Minn.—BOND OFFERING—
bids will be received until 10 a. m. on Sept. 7 by E. A. Carlson,
ANOKA
Sealed
Tota1--
All tenders shall specify the road assessment district
number, the bond
numbers, the obligor (whether township portion, county portion or assess¬
ment district portion on individual
issues) and shall
of
County Auditor, for the purchase of a $50,000 issue of IX% semi-annual
public welfare bonds.
Denom. $1,000.
Dated Aug. 1, 1940.
Due on
Feb. 1, 1942.
No oral bids will be received.
The county will furnish the
blank bonds and the approving
opinion of Fletcher, Dorsey, Barker,
Colman & Barber of Minneapolis.
Prin. and int. payable at the North¬
western National Bank & Trust Co., Minneapolis.
A certified check for
$500, payable to the County Treasurer, must accompany the bid.
ARGYLE,
received until
Minn.—BONDS OFFERED—It is reported that bids were
10 a. m. on Aug. 29 by D. E. Laurin, Village Recorder, for
$38,000 refunding bonds.
the purchase of
DODGE
COUNTY
INDEPENDENT
SCHOOL DISTRICT NO.
28
(P. O. Mantorville), Minn.—BOND SALE— The $5,000 refunding bonds
for sale on Aug. 23—V.
151, p. 1172—were purchased by the
Kasson State Bank of Kasson, as 3s at par, according to the District Clerk.
offered
No other bid
was
received.
Dated Aug. 15,1940.
Due $1,000
on
Aug. 15
in 1941 to 1945.
DULTH, Minn.—CERTIFICATE SALE—The $931,500 issue of sewage
disposal revenue refunding certificates offered for sale on Aug. 23—V. 151,
p. 1025—was awarded to Kalman & Co. of St. Paul, and associates as 2Ms
at par, according to the City Treasurer.
Dated Oct. 1, 1940.
Denom.
$1,000, one for $500.
Due Oct. 1 as follows:
$27,000 in 1941, $40,000
in 1942 and 1943, $50,000 in 1944 to 1948, $55,000 in 1949 to 1951, $60,000
in 1952 to 1954, $65,000 in 1955 to 157, and $34,500 in 1958.
Certificates
Volume
The Commercial &
151
maturing after Oct. 1, 1949, will be redeemable at par and accrued interest
on Oct.
1, 1949, and on any interest date thereafter, in inverse order of
serial numbers, at par and accrued interest upon 30 days' notice.
ELMIRA (P. O. Chatfield, R. F. D.), Minn.—BOND SALE—The
foUowing bonds aggregating $2$,000, offered for sale on Aug. 23—V. 151,
p. 1026—were awarded at public auction to the Thrall West Co. of Min-
?^R2llSl as 28 • Paying a premium of $320, equal to 101.142, a basis of about
1.86%:
$14,000 road and bridge bonds.
Due $1,000 from Jan. 1,1943 to 1956, incl.
14.000 funding bonds.
Due $1,000 from Jan. 1, 1943 to 1956, incl.
NORTH
BRANCH,
Minn.—BONDS
received until 7:30 p. m. on Aug. 30 by A.
OFFERED—Sealed bids were
M. Bullis, Village Clerk, for the
purchase of $27,000 not to exceed 5% semi annual municipal light and
power plant bonds.
Dated Sept. 16, 1940.
Denom. $1,000 and $500.
Due Sept. 16 as follows:
$1,000 in 1943 to 1945. $2,000 in 1946 to 1951,
$2,500 in 1952 to 1955, and $2,000 in 1956.
All of the bonds maturing
subsequent to Sept. 16, 1948, shall be callable in inverse order as to
number and maturity upon any interest payment date on or after Sept. 16,
1948, at par and accrued interest upon 30 days' notice.
on
or
PINE
COUNTY
SCHOOL
DISTRICT
NO.
5
(P.
O.
Sandstone)
^in"-~B0ATD SALE DETAILS—It is reported by the District Clerk that
3% semi-ann. improvement bonds sold to the State, as noted
151, p. 1026—were purchased at par and mature $1,000 annually
the $9,000
here—V
July 1 in 1946
on
to
1951
date for sale of the bonds is Oct. 10.
PERTH AMBOY, N. J.—BOND
OFFERING—Joseph E. Hornsby, City
for the
bonds,
Treasurer, will receive sealed bids until 10 a. m. (DST) on Sept. 4
purchase of $189,000 not to exceed 6% interest coupon or registered
divided
follows:
as
$150,000 poor relief bonds. Due $30,000 on Aug. 1 from 1941 to 1945 incl.
15,000 series A water bonds of 1940. Due $1,000 on Aug. 1 from 1941 to
1955 incl.
24,000 series B water bonds of 1940.
Due $1,000 on Aug. 1 from 1941
to 1964 incl.
All of the bonds will be dated Aug. 1, 1940.
be sold
as
combined issue, to mature on
a
Denom. $1,000. Bonds will
as follows: $32,000 from
Aug. 1
1941 to 1945 incl.; $2,000 from 1946 to 1955 incl. and $1,000 from 1956
1964 incl.
Bidder to name one rate of interest, expressed in a multiple
incl.
ST. LOUIS PARK, Minn.—CERTIFICATE SALE— The
on
$10,000 poor
Aug. 26—V. 151, p. 1026
Security National Bank of Hopkins, at 2%, accord¬
ing to the Village Recorder.
Dated Sept. 1, 1940<
Due on Jan. 15, 1941.
awarded to the
TODD COUNTY SCHOOL DISTRICT NO. 13 (P. O. Grey Eagle),
Minn.—BONDS SOLD—The District Clerk reports that $6,000 3% semi¬
annual construction bonds approved by
the voters on Aug. 20, have been
l-10th of 1%.
or
follows:
as
$258,000 general refunding bonds.
Due $4,000 in 1941 and 1942; $5,000»
1943 and 1944; $7,000, 1945; $10,000, 1946; $12,000, 1947 and
1948; $13,000, 1949 and 1950; $15,000, 1951 and 1952; $16,000,
1953 and 1954; $17,000, 1955 and 1956; $18,000, 1957 and 1958;
$20,000 in 1959 and $21,000 in 1960.
144,000 water refunding bonds.
Due $3,000 in 1941; $4,000, 1942 and
1943; $5,000, 1944 to 1947, incl.; $6,000, 1948 and 1949; $7,000,
1950 and 1951; $8,000, 1952 and 1953; $9,000, 1954 and 1955;
$10,000, 1956 and 1957, and $11,000 from 1958 to 1960, incl.
All of the bonds will be dated Oct. 1, 1940.
WEEHAWKEN TOWNSHIP, Hudson
UNDERWOOD INDEPENDENT SCHOOL DISTRICT NO. 5 (P. O.
Minn.—BONDS SOLD—The District Clerk reports that
the $14,000 refunding bonds offered for sale without success on June 3,
when no bids were received, as noted here—V. 151, p. 3698—have been
purchased by the State as 3s, at par.
Dated July 1, 1940.
Due on July 1
in 1945 to 1958 incl.
YORK (P. O. Lime Springs, R.
connection with the
151, p. 1173, of the borough's intention to issue $402,000 re¬
funding bonds, we learn that the securities would be issued as 4s and mature
report in V.
purchased by the State.
Underwood),
to
of
Principal and interest (F-A) payable at the City
Treasurer's office.
All of the bonds will be general obligations of the city,
payable from unlimited taxes. A certified check for 2 % of the bonds offered,
payable to order of the City Treasurer, is required. Legal opinion of Cald¬
well & Raymond of New York City will be furnished the successful bidder.
M
WALDWICK, N. 3.—BOND ISSUE DETAILS— In
relief certificates of indebtedness offered for sale
were
PASSAIC VALLEY WATER COMMISSION (P. O. Paterson), N. J.—
Clifton on
Aug. 22 took under advisement a plan of the Water Commission to issue
$687,760 bonds in order to avert a 35% increase in water rates. Tentative
PROPOSED BOND ISSUE—The cities of Paterson, Passaic and
1954 incl.
RUSH CITY, Minn.—BOND SALE—The $10,000 refunding bonds offor sale at public auction on Aug. 23—V. 151, p. 1172—were awarded
to Marsi, Shaughnessy & Co. of St. Paul, as 2Ms, for a price of 101.00, a
basis of about 2.07%.
Dated Sept. 1, 1940.
Due $1,000 on Jan. 1 in
_
1942 to
1311
Financial Chronicle
County, N. J .—BOND CALL—
Carroll, Township Clerk, reports that the township has exercised
right to redeem, on Oct. 1, 1940, at par and accrued interest, the $100,000
general funding bonds, dated April 1, 1938 and due $50,000 April 1 in 1947
and 1948.
Payment will be made at the Merchants Trust Co., Union City,
upon presentation and surrender of the bonds with all unmatured coupons
attached.
Denom. $1,000.
First of a total issue of $550,000.
Leo P.
its
F. D.), Minn.—BOND OFFERING—
by Hugh M. Jones,
Sealed bids will be received until 8 p. m. on Sept. 13,
Clerk, for the purchase of $7,500 road and bridge bonds.
Dated
Sept. 1, 1940.
Denom. $1,000, one for $500.
The town will furnish the
printed bonds and the approving opinion of Fletcher, Dorsey, Barker,
Colman & Barber of Minneapolis, both to be paid for by the purchaser at
a cost of $60.
Principal and interest (J-J) payable at any suitable bank
Town
Tilney & Company
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
HATTIESBURG, Miss.—BONDS TO BE ISSUED—Bonds of $185,000
will be issued by city to provide sponsor's share of school construction and
improvement project jointly with Works Projects Administration.
Pro¬
posed issue was approved at a special election, 912 to 187.
Miss.—BONDS
SOLD—An
issue of $191,830 special
Speed Co. of Jackson, and the First National Bank of Memphis, as 2s,
paying a premium of $1,925, equal to 101.003, a net interest cost of about
1.78%. Dated Sept. 1. 1940. Due on Sept. 1 as follows: $10,830 in 1941;
$25,000 in 1942; $28,000, 1943; $27,000, 1944; $30,000, 1945; $19,000, 1946;
$15,000, 1947 to 1949. and $7,000 in 1950.
It was stated subsequently that $89,510 of the bonds are designated as
street intersection of 1940; $83,070 as special street improvement of 1940,
of 1940 bonds.
at the Chase National Bank
Prin. and int. (M-S) payable
of New York.
NEW HOPE CONSOLIDATED SCHOOL DISTRICT (P. O. Columbus), Miss.—BONDS SOLD—The District Secretary states that $10,000
Dated July 1, 1940.
4Vi% refunding bonds have been sold.
(P. O. Greenville) Miss.—BOND ELEC¬
TION—The voters will pass on the issuance of $30,000 airport bonds at an
election scheduled for Sept. 24, according to report.
WASHINGTON
COUNTY
v
MISSOURI
KENNETT, Mo.—BONDS NOT SOLD—It is stated by S. G. Fisher,
Due on March 1 in 1941 to 1954, incl.
1934.
BABYLON COMMON SCHOOL
DISTRICT NO. 7 (P. O. Deer Park),
SALE—The $44,000 coupon or registered school bonds
28—V. 151, p. 1173—were awarded to Gordon Graves & Co.
price of 100.131, a basis of about 1.88 % .
Dated
Sept. 1, 1940, and due March 1 as follows: $2,000 in 1941 and $3,000 from
1942 to 1955, incl.
Other bids:
Y.—BOND
N.
offered Aug.
of New York, as 1.90s, at a
Bidder—
C. F. Chiids & Co.. and
Sherwood & Co
Brown, Bennett & Johnson
Roosevelt & Weigoid, Inc.
Int. Rate
2%
2%
2%
--
2%
2.10%
2.10%
Oystermen's Bank & Trust Co. of Sayville
Allyn & Co., Inc
Manufacturers & Traders Trust Co
A. C.
R. D. White &
2.20%
Co...
coupon or
MISSOULA, Mont .—BOND OFFERING—It is stated by J. I. Mc¬
Donald, City Clerk, that he will receive sealed bids until 10 a. m. on Sept.
12, for the purchase of $105,696.77 not to exceed 6% semi-ann. refunding
bonds. Dated Jan. 1, 1941. Amortization bonds will be the first choice and
serial bonds will be the second choice of the Council. If amortization bonds
are sold the entire issue may be put into one single bond or divided into
several bonds, as the Council may determine upon at the time of sale, both
principal and interest to be payable in semi-annual instalments during a
period of 15 years from tne date of issue. If serial bonds are issued and sold
tney will be in the amount of $1,000 each, except the last bond which will
be in the amount of $696.77; the sum of $7,000 of said serial bonds will
become due and payable on Jan. 1, 1942, and a like amount on the same day
each year thereafter until all such bonds are paid, except that the last
instalment will be in the amount of $7,696.77. The bonds, whether amorti¬
zation or serial bonds, will be redeemable after five years from date.
The
bonds will be sold for not less than their par value with accrued interest to
date of delivery and all bidders must state the lowest rate of interest at
which they will purchase the bonds at par.
Enclose a certified check for
$500, payable to the City Clerk.
100.409
100.311
100.201
100.127
100.323
100.299
100.31
DIS¬
registered building bonds offered Aug. 29—V.151, 0 . 1173—were
Co. of Buffalo and R. D. White & Co. of
awarded to the Marine Trust
2.08%.
1941
1944,
1956, incl and $4,500
York, jointly, as 2.10s, at a price of 100.20, a basis of about
Dated Sept. 1. 1940 and due Sept. 1 as follows:
$3,000 from
to
incl.; $3,500, 1945 to 1950, incl.; $4,000 from 1951 to
from 1957 to 1970, incl.
Other bids:
Int. Rate
Mfiripr
Peabody & Co.
Sons, Inc., and A.
Kidder
E. H. Rollins &
MONTANA
Rate Bid
BETHLEHEM AND NEW SCOTLAND CENTRAL SCHOOL
TRICT NO. 6 (P. O. Delmar), N. Y.—BOND SALE—The $120,000
New
City Clerk, that an issue of $107,000 4% semi-annual electric light plant
bonds was offered on Aug. 27 but was not sold.
Denom. $1,000.
Dated
March 1,
YORK
NEW
im¬
provement bonds is said to have been purchased by a syndicate composed
of the Union Planters National Bank & Trust Co. of Memphis, the Leland
and $19,250 as water works
NEW YORK, N. Y.
76 BEAVER STREET
MISSISSIPPI
JACKSON,
Government Bonds
-
Honsiog Authority Bonds
Enclose a certified check for $300.
trust company.
or
Muicipal Bonds
Union
100 64
^ ^
Securities Cofp."."and Roosevelt & Weigold,
100.154
g g
100 32
2 Yi%
&" Co"," Inc "and Bacon, Stevenson & Co._._
Manufacturers & Traders Trust Co., and George B.
Blair
100.321
1nn.n
Gibbons & Co
*
National Commercial
Rate Bid
2.10%
.
C. Allyn & Co.,
Iq
2.40%
Bank & Trust Co., Albany..
iuu«iu
100.21
SCHOOL DISTRICT NO. 7 (P. Of
Dexter), N. Y.—OTHER BIDS—The $60,000 coupon or registered school
bonds awarded Aug. 9 to the Marine Trust Co. of Buffalo as 1.70s, at par
plus a premium of $175.28, equal to 100.292, a basis of about 1.65%—
BROWNSVILLE UNION FREE
^
BidLP-882~Were alS° Wd ^ ^ fOU°WS:
Manufacturers &
E.H. Rollins &
Traders Trust Co
Sons, Inc
Inf. Rate
1.75%
1-80%
Blair & Co., Inc
Premium
$131.40
127.00
108.00
0%
^0.00
} -§0 %
35.40
1^90%
181.00
Sherwood & Co..
2%
100.00
BUCHANANTN. Y.—BOND OFFERING—Walter M. Hawkes, Village
Clerk, will receive sealed bids until 3 p. m. (DST) on Sept. 4 for the pur¬
George B.
Union
Gibbons & Co
Securities Corp
Roosevelt & Weigold,
Inc
-
*
NEBRASKA
CHAMBERS SCHOOL DISTRICT NO. 137
(P. O. Chambers), Neb.
—MATURITY—The Secretary of the Board of Education states that the
$22,000 building bonds sold to two banks in O'Neill as 3Ms, at a price of
101.363, as noted here—V. 151, p. 1026—mature Oct. 1 as follows: $1,000
in 1941 and 1942, $1,500 in 1943. $1,000 in 1944, $1,500 in 1945, $1,000 in
1946, $1,500 in
1947, $1,000 in 1948, $1,500 in 1949 to 1955, and $2,000
in 1956.
NEW
HAMPSHIRE
MANCHESTER, N. H.—BOND OFFERING—F. D. McLaughlin, City
Treasurer, will receive sealed bids until 2 p. m. (DST) on Sept. 5 for the
Eurchase of $120,000 coupon municipal improvement and equipment bonds,
lated July 1, 1940.
Denom. $1,000.
Due $12,000 on July 1 from 1941
of interest in a multiple of M of 1 %.
the First National Bank of Boston.
The bonds are general obligations of the city and all its taxable property
will be subject to the levy of unlimited ad valorem taxes to pay both prin¬
cipal and interest.
They will be engraved under the supervision of an
authenticated as to their genuineness by the First National Bank of Boston.
This bank will further certify that the legality of this issue has been ap¬
proved by Messrs. Ropes, Gray, Best, Coolidge & Rugg, of Boston, a copy
of whose opinion will accompany the bonds when delivered, without charge
1950, incl.
Bidder to name one rate
Principal and interest (J-J) payable at
to
to the
purchaser.
NEW
JERSEY
PURCHASED—In connection
Aug. 27 of general refunding bonds, the Burling¬
ton County Trust Co., of Moorestown. fiscal agent, reports that the town¬
ship purchased $11,000 bonds at prices ranging from 80.80 to 82.00.
CHESTER TOWNSHIP, N. J.—BONDS
with the call for tenders on
chase
of $6,500 not to exceed
1940 (paving) bonds.
5% interest coupon or
registered public
Denom. $250. Due
1944, incl., and $750 from 1945 to
of interest, expressed in a multiple
interest (F-A) payable at the Na¬
are general obligations of the
village, payable from unlimited taxes.
A certified check for $200, payable
to order of the village, must accompany each proposal.
Approving legal
opinion of Dillon, Vandewater & Moore of New York City will be furnished
works of
Dated Aug. 1, 1940.
Aug. 1 as follows: $500 from 1941 to
1950, incl.
Bidder to name a single rate
of Vi. of 1-10th of 1%.
Principal and
tional Citv Bank of New York.
The bonds
the
successful bidder.
Y.—BOND SALE— The $25,000 coupon or registered
reconstruction bonds offered Aug. 22—V. 151, p. 1027—were
CHAMPLAIN. N.
street
as
the First National Bank
$1,250 on Aug. 1 from 1941
2 lis to
and due
FALLSBURGH,
BONDS
N.
of Ghateaugay.
to 1960 incl.
awarded
Dated Aug. 1, 1940
SEWER DISTRICT
Supervisor, will receive
Y.-SOUTH FALLSBURGH
OFFERED—Mortimer Michaels, Town
5for tbepurchaseof S25 «00not to
bonds of 1940. Dated Sept. l,
1940.
Denom. $1,000.
Due $1,000 on Sept. 1 from 1941 to 1965 incl.
Bidder to name a single rate of interest, expressed in a multiple of £or
l-10th of 1 %. Principal and interest (M-S) payable at the South Fallsburg
National Bank
with New York exchange.
The bonds will be valid and
leeally binding obligations of the town, payable in the first instance from a
levy upon the propmy in the sewer district, but if not so paid .Payable
ultimately from ad valorem taxes, which may be levied on all the taxable
property within the town without limitation as to rate or amount.
The
Spinton of Hawkins. Delafield & Longfellow, Esqs.. of'New.York to thto
effect will be furnished the purchaser.
Enclose a certified check for $500,
sealed bids until 2 p. m. (DST) on Sept.
exceed 6% interest coupon or registered sewer
payable to the town.
The Commercial & Financial
1312
FREEPORT, N. Y.—BOND SALE—The $143,000 coupon or registered
29—V. 151, p. 1173—were awarded to Halsey Stuart
Co., Inc., New York, as 1.70s, at a price of 100.199, a basis of about
1.66%.
Sale consisted of:
bonds offered Aug.
&
$48,000 series E sewer bonds.
Due Sept. 1 as follows: $3,000 from 1941
to 1952, inch and $4,000 from 1953 to 1955, incl.
95,000 series A general improvement bonds.„ Due Sept. 1 as follows:
$13,000 in 1941 and 1942; $18,000 from 1943 to 1945, incl. and
$3,000 from 1946 to 1950. inclusive.
All of the bonds will be dated Sept. 1. 1940.
Re^ffered by the pur¬
according to maturity. Other bids:
Int. Raie
/tate Bid
Co .Inc., and K.H.Rollins & Sons,
chasers to yield
Bidder—
A. C.
Allyn &
from 0.30% to 2%,
innil1
1.711%
McEntee &
Co
-
100.096
1.75%
and Estabrook & Co----Manufacturers & Traders Trust Co., and Adams,
luu.m
1.70%
Inc
Bacon, Stevenson & Co.,
100.179
and First of Michigan Corp.
1.75 %
D. White & Co.
C. F. Childs & Co., and Sherwood & Co....—1.80%
Kidder, Pea body & Co
1-90%
Roosevelt & Weigold, Inc....
—
1 -90%
H. L. Allen & Co., and F. W. Reichard & Co
1.90%
Brown, Bennett & Johnson, and Tilney & Co__...
1.90%
Goldman, Sachs & Co., and George B, Gibbons &
100.05
Union Securities Corp..
Marine Trust Co. of Buffalo and R.
Co.,
JW'H
100.28
JR949
J00.15
First National Bank & Trust Co.,
Freeport2M%
Par
SALE—The
offered Aug. 26—V.
151, p. 1027—were awarded to
E. H. Rollins & Sons,
Inc., New York, as 2.60s, at 100.527, a basis of about 2.55%.
Dated
Sept. 1, 1940 and due Sept. 1 as follows: $2,000 from 1941 to 1950, incl.,
and $3,000 from 1951 to 1960, incl.
Other bids:
Rate Bid
Int. Rate
Bidder—
Inc—_—2.60%
A. C-Allyn & Co,, Inc.......
2M%
George B. Gibbons & Co., Inc..2M%
Brown, Bennett & Johnson.,
—2.90%
100.35^
Roosevelt & Weigold,
100.289
100.157
100.352
2.90%
Rye National Bank.
—
—
100.302
3.40%
R. D. White & Co
100.075
HERKIMER, N. Y.—BOND SALE—The $232,000 coupon or registered
electric system bonds offered Aug. 27—V. 151, p. 1173—were awarded to
the Manufacturers & Traders Trust Co. of Buffalo and Adams, McEntee
& Co., Inc., New York, jointly, as lj^s, at 100.299, a basis of about 1.46%,
Dated Aug. 1, 1940 and due Aug. 1 as follows: $12,000 from 1941 to 1945,
incl.; $15,000 from 1946 to 1949, incl., and $16,000 from 1950 to 1956, incl.
Reoffered by the purchasers to yield from 0.20% to 1.50%, according to
Other
maturity.
bids:
Int. Rate
Rate Bid
Halsey, Stuart & Co., Inc
1.60%
100.197
Blair & Co., Inc
1.60%
1.70%
1.75%
100.051
100.239
100.08
Bidder—
Harris Tr. & Savs. Bank and F. W. Reichard & Co..
Goldman, Sachs & Co. and George B. Gibbons & Co.
Kidder, Peabody & Co. and Mercantile-Commerce
Bank & Trust Co
1.75%
100.079
1.80%
100.198
1.80%
1.80%
100.151
100.134
1.80%
......
100.06
E. H. Rollins & Sons, Inc., A. C. Allyn & Co., Inc.,
Marine Trust Co. of Buffalo and R.D.White & Co.
First of Mich. Corp
LAKE
GEORGE, N. Y.—BOND SALE—'The $105,000 coupon or
registered waterworks bonds offered Aug. 29—V. 151, p. 1174—were
awarded to C. F. Childs & Co. and Sherwood & Co., both of New York,
jointly, as 2.20s, at a price of 100.70, a basis of about 2.15%.
Dated
Sept. 1, 1940 and due Sept. 1 as follows:
$3,000 from 1941 to 1955, incl.
and $4,000 from 1956 to 1970, incl.
Other bids:
Int. Rate
Bidder—
Marine Trust Co. of Buffalo, and R. D. White &
Co.
E. H. Rollins & Sons, Inc., and A. C. Allyn & Co ,
Rate Bid
2.30%
100.453
100.229
2.60%
2.60%
2.60%
Traders Trust Co...
Inc., and George B. Gibbons
100.23
2.40%
2lA%
Inc........
Manufacturers &
only principal and interest (M-S, payable in legal tender in New York
City; general obligations; unlimited tax; delivery on or about Sept. 18,
at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
Each bid may name one rate
maturities), and another rate for
6% per annum in multiples of X of 1%.
for part of the bonds (having the earliest
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 interest
cost to the town, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and accrued
interest will be entertained.
Bids are required on forms to be furnished with additional information
and each bid must be accompanied by a certified check upon an incorporated
the balance,
or
trust company,
for
Treasurer
.
,
payable unconditionally to the order of the State
$300.
The approving opinion of
will be furnished the purchaser.
Masslich and Mitchell,
New York City,
N. C.—BOND SALE—The $100,000 street improvement
sale on Aug. 27—V. 151, p. 1174—were awarded
Dickson & Co. of Charlotte, and Juran, Moody & Rice of
St
Paul, paying a price of 100.30525, a net interest cost of about 4.62%,
divided as follows: $60,000 as 4 Ms, due $20,000 on March 1 in 1956 to
1958, the remaining $40,000 as 4Ms, due $20,000 on March 1 in 1959 and
refunding bonds offered for
jointly to R. S.
1960.
OXFORD, N. C.—BOND
Secretary of the Local
OFFERING—It is stated by W. E. Easterling,
Government Commission, that he will receive sealed
(EST), on Sept. 3, at his office in Raleigh for the pur¬
chase of the following bonds, dated Sept. 1, 1940 and maturing as follows,
without option of prior payment:
bids until 11 a.m.
$3,000 refunding water bonds, maturing March 1, 1953.
$14 000 general refunding bonds, maturing annually, March
1953; $6,000, 1954, and $6,000, 1955.
1, $2,000,
principal and interest (M-S), payable in New York City
in legal tender; general obligations; unlimited tax; coupon bonds registerable
as to principal alone; delivery on or about Sept. 18, at place of purchaser's
choice.
There will be no auction.
A separate bid for each 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 of M of 1%; each bid may name 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 pur¬
chase the bonds at the lowest interest cost to the town, such cost to be
determined by deducting the total amount of the premium bid from the
aggregate amount of interest upon all of the bonds until their respective
Denom. $1,000;
maturities.
and B. J. Van Ingen & Co., Inc..
C. F. Childs & Co. and Sherwood & Co..
Union Securities Corp. and
Dated July 1, 1940.
July 1 in 1941 to 1948 incl.
AIRY, N. C.—BOND OFFERING—It is stated by W. E.
Easterling, Secretary of the Local Government Commission, that he will
receive sealed bids until 11 a.m. (EST) on Sept. 3. at his office in Raleigh,
for the purchase of $15,000 refunding street improvement bonds.
Dated
Sept 1,1940.
Due $5,000 on March 1 in 1948,1949 and 1951.
There will
be no auction.
Denom. $1,000; coupon bonds registerable as to principal
NEW BERN,
2 (P. O. Harrison), N. Y.—
$50,000 coupon or registered water extension bonds
HARRISON WATER DISTRICT NO.
BOND
1940
31,
MOUNT
bank
100.068
100.33
Co., Inc..
100.328, a basis of about 3.92%.
$13 13. equal to
Due $500 on
Aug.
Inc. of Greenville, as 4s, paying a premium of
,
100.089
1.90%
Inc
B. J. Van Ingen &
Chronicle
McAlister, Smith & Pate,
required on forms to be furnished with additional
accompanied by a certified check upon an
payable unconditionally to the order
Treasurer for $340.
The approving opinion of Masslich
New York City, will be furnished the purchaser.
Bids
are
and each bid must be
bank
or
trust company,
Bacon, Stevenson & Co
Blair & Co
Inc..
,
&
Mitchell,
SEABOARD, N. C.—BONDS SOLD TO RFC—It is reported that$36,500
4% semi-ann. water and sewer bonds
Reconstruction Finance Corporation.
have been purchased at par by the
STATESVILLE, N. C.—BOND SALE—The $114,000 issue of refunding
offered for sale on Aug. 27—V. 151, p. 1174—was awarded to a
bonds
syndicate composed of the Interstate Securities Corp, of Charlotte, the
Wells-Dickey Co. of Minneapolis, and Hamilton & Co. of Chester, paying
a premium of $114, equal to 100.10, a net interest cost of about 2.56%,
on the bonds divided as follows:
$60,000 as 2%s, due $10,000 on March 1
in 1942 to 1947; the remaining $54,000 as 2Hs, due on March 1 as follows:
100.61
$10,000 in 1948, and $11,000 in
Roosevelt & Weigold,
& Co
information,
incorporated
of the State
100.319
100.20
1949 to 1952.
WILMINGTON, N. C.—NOTES SOLD—It is reported that $77,000
bond anticipation notes have been purchased by Kirchofer & Arnold of
Raleigh, at 0.75%, plus a premium of $34.15.
Due in six months.
LARCHMONT, N. Y.—BOND OFFERING—Hugh E. Cailler, Village
Treasurer, will receive sealed bids until 3:30 p. m. (DST) on Sept. 10, for
the purchase of $56,250 not to exceed 5% interest coupon or registered
incinerator bonds.
Dated Sept. 15, 1940.
Denoms. $1,000 and $500, and
one for $250.
Due Sept. 15 as follows:
$3,000 from 1941 to 1946, incl.;
$3,250, 1947; $4,000 in 1948 and 1949, and $4,500 from 1950 to 1955, incl.
Bidder to name one rate of interest, expressed in a multiple of M or l-10th
of 1%.
Principal and interest (M-8) payable at the Central Hanover
Bank & Trust Co., New York City,
The bonds are general obligations of
the village, payable from unlimited taxes.
A certified check for $1,125,
payable to order of the village, is required.
Legal opinion of Dillon,
Vandewater & Moore of New York City will be furnished the successful
The $167,271.77 issue of not to exceed 4M%
offered on Aug. 27—V. 151. p. 1028—was not
bidder.
debtedness
Bowbells), N. Dak.—BONDS NOT SOLD—
semi-annual refunding bonds
sold as no bids were received,
the County Auditor.
Dated Sept. 1, 1940.
Due on July 1
according to
in 1944 to 1963; optional prior to maturity.
N. Dak .—CERTIFICATES NOT TO
the $100,000 certificates of in¬
June 7, as noted here at
reoffering is contemplated.
WARD COUNTY (P. O. Minot),
BE
connection
REOFFERED—In
the time, it is
coupon or
stated that no
1.90s at
a
price of 100.13, a basis of about 1.88%.
Dated Sept. 1, 1940 and due
Sept. 1 as follows: $2,000 from 1941 to 1952, incl.; $2,500 in 1953 and $3,000
in 1954 and 1955,
Other bids:
Bidder—
Rate Bid
Int. Rate
Tilney &
Co
Roosevelt
&
100.112
100.40
100.234
100.41
100.28
1.90%
Weigold,
Inc_„..
C. F. Childs & Co. and Sherwood & Co
2%
2%
2.10%
2.20%
2.20%
2M%
C-_
A. C.
Allyn & Co., Inc
George B. Gibbons & Co., Inc
Bacon, Stevenson & Co
R. D. White & Co
Gordon Graves &
Co_„.__
100.21
100.194
100.511
2.40%
SAUGERTIES, N. Y.-—BOND SALE—The $60,000 coupon or registered
municipal building bonds offered Aug. 30—V. 151, p. 1174—were awarded
Co., both of New York, jointly, as
I.70s, at a price of 100.33, a basis of about 1.65%.
Dated July 1, 1940 and
due $4,000 on July 1 from 1941 to 1955, incl.
Among other bids were the
following, both being for 1.70s:
Marine Trust Co. of Buffalo, 100.26;
to C. F. Childs & Co. and Sherwood &
R.
D.
White
&
Co., 100.134.
SCHENECTADY, N. Y.—PROPOSED REFUNDING—The City Council
g^.^ug. 19 voted to petition the State Comptroller for permission to refund
$540,000 of bonds maturing in 1941.
TARRYTOWN,
issue
N. Y.—PROPOSED BOND ISSUE— A proposal to
$50,000 pumping plant bonds is being considered by the Board of
Trustees.
WHITE
that the
PLAINS,
N. Y .—PROPOSED REF UNDING—It
city plans to issue $328,000 refunding bonds.
NORTH
FRANKLIN
is
reported
CAROLINA
_E.
(P. O. Louisburg), N. C.—BOND SALE—The
Aug. 27—V. 151, p. 1174—
J. Prescott & Co. of Minneapolis, paying a premium
a
net interest
cost
of about 2.14%,
divided as
follows:
$16,000school building bonds, of which $14,000
are
2Ms, due $2,000 on
Fe,b- i.in 1943 to 1949, and $2,000 are 2s, due on Feb. 1, 1950.
10,000 refunding road and bridge bonds; of which $7,000 are 2 Ms, due
$1,000 on Feb. 1 in 1943 to 1949, and $3,000 are 2s, due $1,000 on
Feb.
1
in
1950 to 1952.
GRANITE FALLS, N. C.—BOND SALE—The $4,000 street and water
bonds offered for sale on Aug.-27—V. 151, p. 1174—were awarded to
refunding bonds:
Type 1, 1934, Nos. 87069 to 87594, $526,000.
Dated July 1, 1935.
Oct. 1, 1941 to 1949.
Part of an original issue of $584,360.
Type 1, 1935, Nos. 89897 to 90392, $496,000.
Dated Oct. 1,
Due Oct. 1, 1941 to 1949.
Part of an original issue of $551,460.
Due
1935.
Nos. 87674 to 88089, $276,400.
Dated July 1,1935.
Part of an original issue of $307,753.38.
Nos. 90821 to 91044, $129,340.
Dated July 1, 1935.
Due Oct. 1, 1941 to 1949.
Part of an original issue of $143,570.
Type 2, 1934, Nos. 91304 to 19434, $127,260.
Dated July 1, 1935.
Due Oct. 1, 1941 to 1949.
Part of an original issue of $141,162.
Type 2, 1935, Nos. 91672 to 92182, $511,000.
Dated Oct. 1, 1935.
Due Oct. 1, 1941 to 1949.
Part of an original issue of $567,086.38.
Type 4, 1934, Nos. 88163 to 88757, $521,100.
Dated July 1. 1935.
Due Oct. 1, 1941 to 1949.
Part of an original issue of $579,184.27.
Type 4, 1934, Nos. 91085 to 91289, $149,800.
Dated July 1, 1935.
Due Oct. 1, 1941 to 1949.
Part of an original issue of $166,066.62.
Type 4, 1934, Nos. 91454 to 91614, $157,100.
Dated July 1, 1935.
Due Oct. 1, 1941 to 1949.
Part of an original issue of $175,200.
Type 4, 1935, Nos. 92273 to 92279, 92362 to 92369, 92451 to 92458,
92541 to 92548, 92631 to 92650, 92721 to 92727, 92811 to 92814, 92901
to 92904, 92991 to 93002, $78,000.
Dated Oct. 1, 1935.
Due Oct. 1,
1941 to 1949.
Part of an original issue of $897,920.
Unmatured coupons must be attached to said bonds and will be paid
Type 2.
1934,
Due Oct. 1, 1941 to 1949.
Type 2,
1934,
at the office of the finance director.
ALLIANCE,
Ohio—BONDS AUTHORIZED—'The
City
Council has
$94,000 5% refunding bonds.
Dated Sept. 15,
Due Oct. 15 as follows: $15,000 in 1942 to 1943
and $16,000 from 1944 to 1947 incl.
authorized
an
issue
of
Denom. $1,000.
BOND
COUNTY
equal to'100.20,
AKRON, Ohio—BOND CALL—F. W. Ferguson. Director of Finance,
has called for payment on Oct. 1, 1940, the following described 4M%
1940.
bonds aggregating $26,000, offered for sale on
were awarded to
of $52,
OHIO
registered schoolbonds of 1940, offered Aug. 27—V. 151, p. 1027
awarded to Brown, Bennett & Johnson of New York as
with
off red for sale without success on
OYSTER BAY AND HUNTINGTON COMMON SCHOOL DISTRICT
No. 11 (P. O. Cold Spring Harbor), N. Y.—BOND SALE—The $32,500
—were
DAKOTA
NORTH
BURKE COUNTY (P. O.
CALL—Harry D. Wilcoxon, City Clerk, announces the call for
payment on Oct. 15, at par and accrued interest, of $94,000 5% series A,
1934 refunding bonds.
Dated Oct. 15, 1934.
Denom. $1,000.
Due
Oct. 15, as follows: $13,000 in 1941 to 1944 and $14,000 in 1945 to 1947.
Unmatured
coupons
must
be attached to
said
bonds.
Payable at the
City Treasurer's office.
BELLAIRE,
Ohio—BOND
ISSUE
DETAILS—The
$50,000
bonds
awarded Aug. 19 as 1 Ms to Ryan, Sutherland & Co. of Toledo—Y. 151, p.
1174—were sold at par plus a premium of $214, equal to 100.428, a basis
of about 1.66%.
CUYAHOGA FALLS SCHOOL DISTRICT, Ohio—BOND
—A
ELECTION
proposal to issue $197,000 construction bonds will be considered by the
voters at the Nov. 5 election.
Volume
DAYTON, Ohio—BONDS AUTHORIZED—'The
authorized the issuance of $53,644 5% improvement
City Commission
bonds as follows:
Ohio—CONDITIONAL BID
composed of Harri-
REJECTED—AWARD MADE—The bid of an account
Ripley & Co., Inc., and Fahey, Clark & Co. of Cleveland, for purchase
of an isssue of $246,500 building bonds as 2 Ms, at 101.67 was rejected, as it
man
of legality of the bonds by Squire, Sanders &
Dempsey of Cleveland—V. 151, p. 1175.
Award was subsequently made to
a group consisting of Ryan, Sutherland & Co. of Toledo, Hawley, Huller &
Co. and Hayden, Miller & Co., both of Cleveland, on their offer of 101.56
for 2Ms, a basis of about 2.09%.
Bonds mature as follows: $6,500 April 1
and $6,000 Oct. 1 from 1942 to 1954, incl.; $6,000 April 1 and Oct. 1 from
subject to approval
was
1955 to 1961, inclusive.
EAST
own
Ohio—BONDS SOLD—City purchased for its
city's portion park: and playground
Dated May 1, 1940 and due $3,000 on
Oct. 1 from 1941 to
1956, inclusive.
FAIRVIEW, Ohio—NO TENDERS ACCEPTED—Reuben C. Wright,
Village Clerk, reported the rejection on Aug. 19 of tenders of refunding
bonds for sale at prices of 68, 77.95, 78 and 81.60.
TOWNSHIP
CONSOLIDATED
SCHOOL DISTRICT
(P. O. Jackson), Ohio—BOND ELECTION—An issue of $28,000 building
the voters at the November general election.
bonds will be considered by
HURON
SCHOOL
Ohio—BOND ELECTION—At the
the voters will be asked to authorize an issue of
DISTRICT,
November general election
$339,000
VINITA,
building
COMPANY
Okla.—UTILITY
PLATED—Public Service Co. of
CONTEM¬
PURCHASE
Oklahoma in the next 45 days
will pre¬
inventory of its Vinita property.
After this report is submitted
Oct. 5, three appraisers will be appointed and the City Council will there¬
after decide whether to purchase the company's system or proceed with
construction of a competitive system for which the current would be pur¬
chased from the Grand River Dam Authority, operating $24,000,000
pare an
hydro-electric
plant
authorized at recent
on
River.
Grand
Sale of a $160,000
special election, will be delayed until
The bond issue was defeated at
has reached a decision.
bond issue,
the City Council
two elections.
OREGON
reported that sealed
for the purchase of
GRANTS PASS, Ore—BOND OFFERING—It is
bids will be received until Sept. 5, by the City Auditor,
LANE
issue of $48,000 4%
an
FRANKLIN
GUTHRIE, Ok I a.—BONDS DEFEATED—'The City Clerk states that
the voters turned down the proposal to issue $30,000 in swimming pool and
construction bonds at an election held on Aug. 20.
$25,750 street and sewer bonds.
CLEVELAND,
account
bonds at par.
OKLAHOMA
has
$15,969.21 alley paving and water main bonds.
One bond for $969.21»
others $1,000 each.
Due Sept. 1 as follows: $3,969.21 in 1941
and $3,000 from 1942 to 1945, incl.
37,674.79 sidewalk, curb and gutter bonds.
One bond for $674.79, others
$1,000 each.
Due Sept. 1 as follows: $12,674.79 in 1941;
$12,000 in 1942 and $13,000 in 1943.
All of the bonds will be dated Sept. 1,1940.
DEFIANCE CITY SCHOOL DISTRICT,
1313
Commercial & Financial Chronicle
The
151
COUNTY SCHOOL
District Clerk, for the purchase of $100,000
bonds, approved by the voters at the election held on July 23.
MULTNOMAH COUNTY
SCHOOL DISTRICT NO. 5 (P.
building
O. Collins
View) Ore.—BOND OFFERING—Sealed bids will be received until 1p.m.
on Sept. 5, by Edith L. Scott, District Clerk, for the purchase of $5,000 not
to exceed 4% semi-ann. school bonds.
Dated Sept. 1, 1940. Denom. $500.
Due $500 Sept. 1, 1941 to 1950.
Prin. and int. payable at the County
Treasurer's office.
The approving opinion of Teal, Winfree, McCulloch,
Shuter & Keliey, of Portland, will be furnished.
Enclose a certified check
for $100.
PRINEVILLE,
bonds.
DISTRICT NO. 15 (P. O. Springfield),
reported that sealed bids will be received
Ore.—BOND OFFERING— It is
until Oct. 15, by the
Ore.—BONDS OFFERED— Sealed
bids were received
m. on Aug. 30, by J. E. Adamson, City Recorder, for the
purchase of $55,000 not to exceed 5% semi-ann. sewer bonds. Dated July 15,
1940. Denom. $500. Due July 15, as follows: $1,500 in 1943 to 1945, $2,000
in 1946 to 1952, $2,500 in 1953 to 1957, and $3,000 in 1958 to 1965.
Prin.
and int. payable at the City Treasurer's office.
The approving opinion of
Teal, Winfree, McCulloch, Shuler & Keliey, of Portland, will be furnished.
(This notice supersedes the offering report given in our issue of Aug. 24—
until 7:30 p.
IRONTON, Ohio—BOND SALE DETAILS—P. E. Kline, Tnc.; Katz &
O'Brien; Walter, Woody & Heimerdinger, and Edward Brockhaus & Co.,
all of Cincinnati, were associated with Fox, Einhorn & Co., Inc. in the pur¬
chase
on
Aug.
22 of $185,000 flood prevention bonds as 2Ms, at
basis of about 2.46%—V.
LUCAS COUNTY (P.
100.47, a
151, P. 1175.
O. Toledo), Ohio—BOND
county home bonds offered Aug. 29—V.
Stranahan, Harris & Co., Inc., Toledo, as
SALE— The $20,000
Dated Sept. 10, 1940 and due
Second high bid of 100,063 for
by Braun, Bosworth & Co. and Ryan, Sutherland & Co.
equal to 100.16, a basis of about 1.47%.
$2,000 on Sept. 10 from 1941 to 1950, incl.
lMs was made
V. 151, p. 1175.)
151, p. 1028—were awarded to
1 Ms, par plus a premium of $32,
STAYTON, Ore.—BOND
of about
1947,
Ohio—BOND OFFERING
—R. Allan Parker, District Clerk-Treasurer, will receive sealed bids until
noon
on
Sept. 16 for the purchase of $55,160.28 3% judgment bonds.
Dated Aug. 1, 1940.
One bond for $160.28, others $1,000 each.. Due
Aug. 1 as follows: $11,000 from 1943 to 1946 incl. and $11,160.28 in 1947.
Bidder may name a different rate of interest provided that fractional rates
are expressed in a multiple of M of 1%.
Interest F-A.
A certified check
for $560, payable to order of the Board of Education, must accompany
OAK WOOD
OHIO
STATE
BRIDGE COMMISSION (P. O. Columbus),
$3,150,000 bridge revenue refunding bonds
SALE—The
Ohio—
offered
Aug. 29—V. 151, p. 884—were awarded to a syndicate composed of Stranahain, Harris, & Co., Inc., Toledo, A. C. Allyn & Co., Inc., John Nuveen
&
Co., both of Chicago, Hayden, Miller & Co., Cleveland; Eldredge& Co.,
Weil, Roth & Irving Co., Cincinnati; Ryan, Sutherland & Co.
New York;
Toledo; First Cleveland Corp.,
Cleveland; John W. Clarke, Inc., Chicago;
& Holzman, Magnus & Co., Pohl &
Fox, Einhorn & Co., Inc., Widmann
Co., Inc., Nelson, Browning & Co., Seasongood & Mayer,
Hinsch & Co., Inc., all of Cincinnati.
This account bid a
and Charles A.
price of 100.36
basis of about 1.70%. The sale consisted of $1,200,000 bridge
revenue refunding bonds,
Steubenville-Weirton Bridge, due $90,000 an¬
nually from 1941 to 1948 incl. and $480,000in 1950; also$1,950,000 bridge
revenue refunding bonds,
East Liverpool-Chester Bridge, due $125,000
annually from 1941 to 1948 incl. and $950,000 in 1953.
Successful group
re-offered the bonds from a yield of 0.40% to a dollar price of 100.50.
Further details of the bonds, including provisions for redemption of the
obligations prior to stated maturity dates, will be found in—V. 151, p. 884.
for
lMs,
a
with the award, it was reported that an offer of 100.40
rejected because of a technicality in the bid.
This tender was
submitted by a group composed of Banc Ohio Securities Co., White, Weld
& Co., Otis & Co., Braun, Bosworth & Co., Hill & Co., VanLahr, Doll &
Isphording, E. H. Rollins & Sons, Inc., Merrill, Turben & Co., Fullerton
& Co., Assel, Goetz & Moerlein, and Edward Lowber Stokes & Co.
A
group embraching Harris, Hall & Co., Stone & Webster & Blodget, Inc.,
Field, Richards & Co., Hawley, Huller & Co., Milwaukee Co., Paul H.
Davis & Co., Fahey, Clark & Co., Lowry, Sweney, Inc., and Martin,
Burns & Corbett, bid 100.39 for $1,950,000 2s and $1,200,000 lMs.
An¬
other offer of 100.0499 for $1,950,000 2s and $1,200,000 2 Ms, was made on
behalf of Lazard Freres & Co., Lehman Bros., B, J. Van Ingen & Co., Inc.,
McDonald-Coolidge & Co., R. W. Pressprich & Co., First of Michigan
Corp., Paine, Webber & Co., Schwabacher & Co., J. ,J. B. Hillard & Son,
William J. Mericka & Co., Alfred O'Gara & Co. and V. P. Oatis & Co.
In
connection
for 1 Ms was
PERKINS TOWNSHIP RURAL
dusky),
SCHOOL DISTRICT (P. O. San¬
Ohio—BOND ELECTION—At the November general election
authorize an issue of $78,000 building bonds.
the voters will be asked to
SUMMIT COUNTY (P. O. Akron),
Ohio—BOND OFFERING—W. B
Wynne, Clerk of the Board of County Commissioners, will receive sealed
bids until noon (EST) on Sept. 13, for the purchase of $425,000 not to
exceed 6% interest refunding bonds.
Dated Oct. 1, 1940.
Denoms, as
specified by County Auditor.
Due $85,000 annually on Oct. 1 from 1945
to 1949, incl.
Principal and interest (A-O) payable at the County Treas¬
urer's office.
Final approving opinion will be furnished at 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, must accompany
1.92%.
inclusive.
PENNSYLVANIA
Pa.—BONDS AUTHORIZED—Borough Council is
reported to have authorized the issuance of $120,000 bonds, as follows:
$75,000 street and sewers; $40,000 park and playground equipment and
$5,000 park and playground purchase.
ALIQUIPPA,
each proposal.
TOLEDO, Ohio—BOND OFFERING—Rudy Klein, City Auditor, will
until noon on Spet. 10, for the purchase of $958,619
BUTLER, Pa.—BOND OFFERING—Philip O. Miller,
until 10 a. m. (EST) on Sept. 10 for
receive sealed bids
each proposal.
CONEMAUGH
TOWNSHIP (P. O. R. D. 2, Hollsopple), Pa.—BOND
$28,000 refunding bonds offered June 17—V. 151, p.
SALE— The issue of
3701—was awarded to Phillips, Schmertz
Dated July 1,1940 and due $2,000 on July 1
in whole or in part on any
(Above issue is in addition to the $37,000
10, as reported in—V. 151, p. 1175.)
park bonds also to be sold on
Sept.
OFFERING
required.
is
FINDLAY TOWNSHIP
SCHOOL DISTRICT (P.
UNIVERSITY HEIGHTS
(P. O. South Euclid), Ohio—BOND
OFFERING—W. A. Horky, Village Clerk, will receive sealed bids until
noon (EST) on Sept. 13, for the purchase of $436,500 3M% series 1940-A
refunding bonds.
Dated Oct. 1, 1940 and due Oct. 1 as follows: $54,000
$55,000,1943; $54,000,1944; $55,000,1945;
$54,000.1946; $55,000,
a different
1947; $54,000 in 1948 and $55,500 in 1949.
Bidder may name
of interest provided that fractional rates are expressed in
rate
a multiple
less than 4%.
supervision of Squire, Sanders
& Dempsey of Cleveland, whose approving poinion may be obtained by the
purchaser at his own expense.
A certified check for 2% of the issue must
accompany each proposal.
Conditional bids will not be accepted.
Issue
of M of 1 %.
These bonds can only be sold at
The proceedings have been taken under the
certain bonds which will mature
O. Imperial), Pa.
D. Wilson, Supervising Principal, reports that
building bonds was authorized by the voters at an
—BONDS VOTED—Arthur
an
issue
of $70,000
election on Aug. 27.
HARMONY
Pa.—BOND OFFERING
sealed bids until 7 p. m.
TOWNSHIP (P. O. Ambridge),
Roy Kerr, Township Secretary, will receive
(EST) on Sept. 11, for the purchase of $16,000 coupon
Dated Sept. 1, 1940.
Denom. $1,000.
Due Sept. 1 as
from 1945 to 1950, incl.;$2,000in 1951 and$4,000in
—C.
township bonds.
follows: $1,000
1952and 1953. Bidder
to name a single rate of interest, expressed in a multiple of M of 1 %.
Sale
of bonds is subject to approval of the Pennsylvania Department of Internal
Affairs.
A certified check for $500, payable to order of the township, is
required.
The approving legal opinion of Burgwin, Scully & Churchill of
Pittsburgh will be
furnished the successful bidder.
HUGHESVILLE,
Pa .—BOND
OFFERING—C. E. Stohler, Borough
7, for the pur¬
will receive sealed bids until 10 a. m. on Sept.
3% borough bonds. Dated Sept. 3, 1940.
Callable within one year from date of issue.
No bid will
less than par and accrued interest.
Secretary,
chase of $7,500
Denom. $100.
be accepted at
Large), Pa.
will receive
of $100,000
$1,000. Due
JEFFERSON TOWNSHIP SCHOOL DISTRICT (P. O.
OFFERING—W. Russell Bragg, District Secretary,
m. (EST) on Sept. 10, for the purchase
coupon building bonds.
Dated June 1, 1940.
Denom.
$5,000 on Dec. 1 from 1942 to 1961, incl . Bidder to name a
interest, expressed in a multiple of M of 1%.
Sale of
to
approval of the Pennsylvania Department of Internal
certified check for $2,000, payable to order of the district, must
each proposal.
The approving legal opinion of Burgwin,
single rate of
the bonds is subject
Affairs. A
accompany
Scully & Chur¬
chill of Pittsburgh will be furnished the successful bidder.
PORTER TOWNSHIP SCHOOL DISTRICT (P. O. R. D. No. 2,
Jersey Shore), Pa .—BOND ISSUE DETAILS—The $12,000 building
bonds awarded in July to E. H. Rollins & Sons, Inc., as 3s,, at a price of
100 go—V. 151, p. 589—mature July 1 as follows: $1,000 from 1943 to
1945, incl.; 1948 to 1950, incl.; 1953 to 1955, incl., and from 1958 to 1960,
inclusive.
$645,000 BONDS—The City Auditor
has made arrangements with Stranahan, Harris & Co., Inc. of Toledo and
associates to refund at a lower rate a total of $645,000 bonds maturing in
1940 and bearing an average rate Of 3.21%.
The bonds are being ex¬
changed and will not be offered.
ACCEPTS EXCHANGE OFFER ON
will refund
Callable
2:30 p. mr
and improvement
follows:
incl. Bidder
1 % and
payable M-S.
Sale of bonds is subject to approval of the Pennsylvania
Department of Internal Affairs.
Purchaser to pay for legal opinion of
Burgwin, Scully & Churchill of Pittsburgh, or other counsel satisfactory
to the borough.
A certified check for $500, payable to order of the borough,
sealed bids until 7 p.
the Treasury.
July 1, 1945.
DEEMSTON (P. O. Fredericktown, R. D. 1), Pa.—BOND
Jr., Borough Secretary , will receive sealed bids until
(EST) on Sept. 7, for the purchase of $17,000 refunding
bonds.
Dated Sept. 1, 1940.
Denom. $1,000.
Due Sept. 1 as
$3,000from 1941 to 1943, incl. and $2,000 from 1944 to 1947,
to name one rate of interest, expressed in a multiple of MJth of
—BOND
the proper authorization of this issue will be taken under the direction
of a bond attorney whose opinion as to the legality of the bonds may be
procured by the purchaser at his expense.
Enclose a certified check for
1 % of the amount of bonds bid for, payable to order of the Commissioner of
& Co. of Pittsburgh, as 2Ms.
from 1941 to 1954 incl.
interest date on or after
—Otto Keys
3% coupon or registered deficiency bonds.
Dated Sept. 1, 1940. Denom.
$1,000, except one for $619.
Due Sept. 1, as follows: $192,619 in 1947,
$192,000 in 1948 and 1949, and $191,000 in 1950 and 1951.
Bidders may
bid for a different rate of interest in a multiple of M of 1 %.
Principal and
interest payable at the Chemical Bank & Trust Co., New York.
No bids
for less than par and accrued interest to the day of delivery will be accepted.
Bonds to be delivered to the purchaser at Toledo.
All proceedings incident
to
City Clerk, will
the purchase of
city bonds. Dated Sept. 1,1940.
$10,000 in 1950; $20,000, 1951;
$30,000, 1952, $40,000 in 1953 and $21,000 in 1954.
Registerable as to
principal only. Bidder to name one rate of interest, expressed in a multiple
of M of 1% and payable M-S.
Bonds will be sold subject to approval of
proceedings by the Pennsylvania Department of Internal Affairs.
Pur¬
chaser will be furnished with the opinion of Burgwin. Scuily & Churchill
of Pittsburgh that the bonds are valid and binding obligations of the city.
A certified check for $2,000, payable to order of the city, must accompany
$121,000 not to exceed 4% interest coupon
Denom. $1,000.
Due Sept. 1 as follows:
receive sealed bids
in 1942;
refunding
CITY SCHOOL DISTRICT,
each proposal.
BOND
SALE—The $10,500 semi-annual
26—V. 151, p. 1175—were awarded to the
Portland, as 2s, paying a price of 100.31, a basis
Dated Oct. 1, 1940.
Due $1,500 on Oct. 1 in 1941 to
bonds offered for sale on Aug,
First National Bank of
an interest rate
by call on Oct. 1, 1940.
SUNBURY, Pa.—BOND OFFERING— MaryE. Holsapple,
sealed bids until 1:30 p. m. (EST) on Sept. 17 for the
will receive
City Clerk,
purchase of
registerable as to
$73,000 1, 1M, 1^. 1M. 2, 2M, 2M, 2M or 3% coupon,
nrinciDaly only, refunding and improvement bonds.
Dated Oct.
Denom $1,000.
Due Oct. 1 as follows: $5,000 from 1941 to 1954
$3 000 in 1955. Bidder to name one rate of interest,
check for 2% of the bonds bid for, payable to order of the City
required.
Bonds will be issued subject to the
Townsend, Elliott & Munson of Philadelphia.
1, 1940.
incl. and
payable A-O. A certified
Treasurer, is
favorable legal opinion of
OFFERING—E. H. Baker, City Clerk, will
on Sept. 10 for the purchase of $80,000
Dated Nov. 1, 1940. Denom. $1,000.
Due $8,000 on Nov. 1 from 1941 to 1950 incl. Bidder to name a single rate
of interest, expressed in a multiple of M of 1%. A certified check for $1,000,
UNIONTOWN, Pa.—BOND
receive sealed bids until 7 p. m. (EST)
coupon revenue deficiency bonds.
the city, must accompany each proposal. The approving
Burgwin, Scully & Churchill of Pittsburgh will be furnished
navable to order of
legal opinion of
the
successful bidder.
The Commercial & Financial Chronicle
1314
WEST POTTSGROVE TOWNSHIP SCHOOL DISTRICT <P. O.
Stowe), Pa.—BOND SALE—The issue of $22,500 building bonds offered
Aug. 22-—V. 151, p. 733—was awarded to Mackey, Dunn & Co. of Phila¬
delphia, as 2 Ms, atpar plus a premuim of $152.78, equal to 100.678, a basis
of about 2.18%.
Dated Sept. 1, 1940 and due Sept. 1 as follows: $1,000
from 1941 to 1961 incl. and $1,500 in 1962. Second high bid of 100.756 for
2*4* was made by Phillips, Schmertz & Co. of
RHODE
Pittsburgh.
ISLAND
CRANSTON, R. I.—NOTE OFFERING—William M. Lee, City Treas¬
will receive sealed bids until 2 p. m. (DST) on Sept. 5 for the purchase
at discount of $100,000 notes, dated Sept, 6, 1940 and due Sept. 5, 1951.
Denoms. $25,000, $10,000 and $5,000.
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.
Payable at the
Boston bank or at holder's option at the Rhode Island Hospital Trust Co.,
urer,
Providence.
accrued interest will be considered.
The approving
opinion of Chapman & Cutler of Chicago will be furnished.
These are
the bonds authorized at the election held on July 16.
Enclose a certified
check for $2,500, payable to the above President,
for less than par and
PHILLIPS INDEPENDENT SCHOOL DISTRICT (P. O. Phillips),
Texas—BONDS OFFERED—Sealed bids were received until 2 p.
ROCHELLE SCHOOL DISTRICT (P. O. Rochelle), Texas—BONDS
SOLD—The Superintendent of Schools states that $26,000 construction
bonds approved by
CAROLINA
DAKOTA
bonds offered on July 22—V. 151, p. 286—were not sold, according
City Secretary.
The bonds are being offered for private sale.
Due
1959 inclusive.
bonds offered for sale on Aug. 23—V. 151, p. 1029—was awarded at public
auction to the First National Bank of Aberdeen, as 2s, paying a price of
Dated Sept. 1,1940.
VERMONT
SHELBURNE (P. O. Shelburne), Vt.—
—The $28,000
BO
coupon water bonds offered Aug. 27—V., 151, P. 1030—were awarded to
the Central Hanover Bank & Trust Co., New York, as 2s at par plus a pre¬
mium of $28, equal to 100.10, a basisofabout 1.99%.
Dated Sept. 1, 1940
and due Sept. 1 as follows: $1,000 from 1942 to 1959, incl. and $10,000 in
1960. Other
ABERDEEN INDEPENDENT SCHOOL DISTRICT (P. O. Aberdeen)
S. Dak.—BOND SALE—The $100,000 issue of coupon semi-aim. building
100.176, a basis of about 1.98%.
1941 to 1953.
the voters in March, have been sold.
RO&ERS, Texas—BONDS NOT SOLD—The $17,000 water system
in 1941 to
CHARLESTON, S. C.—BOND CALI^-It is reported that a total of
$2,500,000 port and terminal utility bonds are being called for payment as
of Jan. 1, 1942, at the Bankers Trust Co., New York City.
Dated Jan. 1,
1922. Due on Jan. 1, 1962; callable on Jan. 1. 1942.
SOUTH
Due on Sept. 1 in
bids:
PULASKI, Tenn.—BOND SALE—The $30,000 funding bonds offered
on Aug. 29—V, 151, p. 885—were awarded to Webster & Gibson
of Nashville, as 2Ms, paying a premium of $230, equal to 100.766, a basis
of about 2.66%.
Dated July 1, 1940.
Due $2,000 on July 1 in 1943
1957 incl.
SPRINGFIELD, Tenn.—BOND OFFERING—It is stated by C. Wells
City Clerk, that he will receive sealed auction bids on Sept, 16,
at 2 p. m., for the purchase of $10,000 4% coupon semi-ann. city bonds,
Burr,
Denom. $1,000.
Dated Oct. 1, 1940.
Due $1,000 on Oct, 1 in 1941 to
1950 incl.
No bid is to be for less than par and accrued Interest.
A
certified check for 5% of the bid is required.
TEXAS
BEAUMONT, Texas—BOND ELECTION—The City Commission has
set Sept. 10 as the date for an election to vote on the proposal to issue
$1,700,000 of revenue bonds to finance the construction of a municipallyowned gas distributing plant.
BIG SANDY INDEPENDENT SCHOOL DISTRICT (P. O.
Big
Sandy), Texas—BONDS SOLD— It is reported that $25,000 4% semischool building bonds have been purchased at par by the J. R. Phillips
Investment Co of Houston.
Due on April 10 in 1941 to 1950.
ann.
CALALLEN INDEPENDENT SCHOOL DISTRICT (P. O. Calallen)
Texas—BONDS SOLD—'The Superintendent of Schools states that $30,000
4% semi-ann. construction bonds approved by the voters at an election
held on June 8, have been purchased at par by Rauscher, Pierce & Co. of
San Antonio.
CORPUS CHRIST! INDEPENDENT SCHOOL DISTRICT (P. O.
Corpus Christ!), Texas—CONDITIONAL BOND SALE—It is stated by
C. L. Cunningham, Business Manager of the Board of Education, that
$200,000 junior college bonds approved by the voters at the election held
on Aug, 22, have been purchased
by Moroney & Co. of Houston, subject
to waiver by the State Board of Education, as 2Ms, at a price of 100.05.
It was stated subsequently that Charles B. White & Co. or Houston, were
associated with the above-named firm in the purchase. Dated Sept. 1,1940.
Due Sept. 1, as follows: $16,000 in 1941, $17,000 in 1942, $18,000 in 1943,
$19,000 in 1944. $20,000 in 1945 and 1946, $21,000in 1947, $22,000 in 1948,
$23,000 in 1949, and $24,000 in 1950. Prin. and int. payable at the State
Treasurer's office. Legality approved by the Attorney General and W. P.
Dumas, of Dallas.
FORT BEND COUNTY ROAD DISTRICT NO. 4 (P. O. Richmond)
Texas—BOND SALE—The $500,000 issue of improvement bonds offered
for sale on Aug. 19—V. 151, p. 1030—was awarded to McClung & Knicker¬
bocker of Houston, and associates, as
paying a premium of $1,537,
equal to 100.307, a basis of about 1.69%. Due $50,000 on Sept. 1 in 1941
exceed 25 years.
^."ARIUS COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT
were
NO. 3 (P. O. Houston) Texas—BONDS OFFERED— Sealed
received until Aug. 30, at 8 P. m., by John C. Preston, Secretary
of the Board of
revenue
lo'tu
Directors, for the purchase of $250,000 combination tax and
bonds. Denom. $1,000. Dated Sept. 1,1940.
Due on March 1 in
uO iy/u.
HARRISON
COUNTY
COMMON
SCHOOL
O; Marshall) Texas—BONDS SOLD—The
schools states that
DISTRICT
NO.
6
County Superintendent of
$6,500 construction bonds approved by the voters on
May 15, have been purchased by the County Permanent School Fund.
ROAD DISTRICT NO. 5 (P. O. Hilisboro) Texas—
on Aug, 12—V. 151.
b°ND SALE—The $1,250 road bonds offered for sale
-were purchased by M. T. Davis of Covington,
101.00, according to the County Auditor.
?Ai
as
100.062
101.55
101.33
101.13
2tt%
2M%
100.542
100.603
$57,000 in 1953 to 1961 and $59,000 in 1962.
The
Bidders are required to bid
in lawful money at the Chase
National Bank, N. Y. City.
The approving opinion of Reed, Hoyt,
Washburn & Clay, of New York, will be furnished the purchaser.
The
bonds will be delivered on or about Sept. 16 at place of purchaser's choice
in New York City or Norfolk.
Enclose a certified check for $10,000,
payable to the City Treasurer.
The $572,000 or general refunding bonds now being offered are issued
pursuant to Section 86 of the Norfolk Charter of 1918 and Chapter 158 of
the Acts of 1940 of Virginia, and Chapter 267 of the Acts of 1936 of Vir¬
ginia, and ordinances and resolutions duly adopted by the Council of the
City of Norfolk, to refund a portion of $858,000 of bonds created and issued
before April 1, 1916, and maturing in 1940.
The balance of $286,000 of
bonds not covered by this refunding were held in the sinking funds and
Due June 1 as follows:
bonds are registerable as to principal only.
for all of the bonds.
Prin. and int. payable
listv© Idooii canceled.
These general refunding bonds will, In the opinion of the bond attorneys,
valid and legally binding obligations of the city, payable as to both
principal and interest from unlimited ad valorem taxes upon all the taxable
property within the city.
The issuance of these bonds will automatically impose upon the city
the mandatory duty to conduct its fiscal affairs pertaining to the annual
operating receipts and expenditures on a true cash basis.
By the ordi¬
nances and resolutions under which these bonds are being issued, the City
of Norfolk contracts with the bondholders to make up its annual budgets
on a "cash basis" instead of on an accrual basis as has been the practice
heretofore.
In effect this new budgetary procedure prevents the city from
estimating the amount of receipts from miscellaneous revenues for the
ensuing year in amounts greater than the actual cash receipts of the pre¬
ceding year from these sources, and also receipts from current and de¬
linquent tax collections must be estimated at no higher a percentage of
collection than was actually experienced in the preceding year.
The cash
appropriations in the budget must be within the cash receipts as so esti¬
be
mated.
WASH INGTON
GOLDENDALE, V/aeh.—PURCHASERS—It is now reported that the
$75,000 3M% semi-ann. water system and sewerage revenue bonds sold at
par, as noted here—V, 151, p. 1176—were purchased jointly by Paine,
Rice & Co. of Spokane, and E. M. Adams & Co. of Portland. Due in 15
years,
optional after 10
years.
WEST VIRGINIA
OHIO COUNTY <P. O. Wheeling') W. Va.—BOND SALE—The
$1,500,000 issue of 2H % semi-ann. school bonds offered for sale on Aug. 23
—V. 151, p. 886—was awarded to a syndicate composed of Stranahan,
Harris & Co., Inc. of Toledo, McGregor, Irvine & Co., H. K. Hastings &
Co., both of Wheeling, Young, Moore & Co., Charleston, F. W. Craigie &
Co. of Richomond, and Widmann & Holzman of Cincinnati, for a premium
Of $750, equal to 100.05, a basis of about 2.495%. to final maturity. Dated
July 1, 1940. Due July 1, as follows: $28,000 in 1942, $29,000 in 1943,
$30,000 in 1944, $31,000 in 1945, $32,000 in 1946, $33,000 in 1947 and 1948,
$34,000 in 1949, $35,000 in 1950, $36,000 in 1951, $37,000 in 1952, $38,000
in 1953, $39,000 in 1954, $40,000 in 1955. $41,000 in 1956, $42,000 in 1957,
$43,000 in 1958, $44,000 in 1959. $45,000 in 1960, $47,000 in 1961, $49,000 in
1962, $50,000 in 1963, $52,000 in 1964, $53,000 in 1965, $55,000 in 1966,
$56,000 in 1967. $58,000 in 1968, $60,000 in 1969, $62,000 in 1970, $64,000
in 1971, $66,000 in 1972, $68,000 in 1973, and $70,000 in 1974.
Denom. $1,000.
Bonds maturing on or after July 1, 1946, are redeem¬
able subsequent to July 1, 1945, or on any interest payment date there¬
after prior to maturity at the option of the County Board of Education
upon the payment of the principal sum, plus any other unpaid interest there¬
on upon terms of par of the principal sum after notice as provided in a reso¬
lution of the Board dated July 11.
WISCONSIN
semi-ann, court house improvement bonds offered for sale
on
£;u8'of
24—V. 151,
Co.
p. 734—were purchased at par by the Van H. Howard
San Antonio, according to the
County Judge,
MESQUITE, Texas—BOYD
2M%
2M%
5s at a price of
®KRJn5!VifcLEN.COlJNTY (P* °* Tilden) Texas—BOND SALE—The
$5,000 5%
—
Va.—BOND OFFERING—It is stated by Charles B.
Borland, City Manager, that sealed bids will be received until noon on
Sept. 10 for the purchase of a $572,000 issue of 3% semi-annual general
renindlng of 1940 coupon bonds.
Dated June 1, 1940.
Denom. $1,000.
,
COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 1 (P. O. Dickinson), Texa*—PRE-ELECTION SALE—
It is reported that $25,000 6% semi-annual tax and revenue bonds have
been purchased by Louis Pauls & Co. of Galveston, at
par, subject to an
election to be held on Sept. 21,
Denom. $500.
Due serially in not to
100.299
NORFOLK,
to 1950. incl.
PURCHASERS—It was reported subsequently that Eliott & Eubank,
of Waco, James Stayart & Davis, of Dallas, R. K. Dunbar & Co.
of Austin,
and Mahan, Dittmar & Co., of San Antonio, were associated with the
above named in the purchase of the bonds.
Rate Bid
2H%
2H%
VIRGINIA
for sale
bids
Int. Rate
2H%
Bidder—
R. K. Webster & Co
R. L. Day & Co
First Boston Corp
Vermont Securities, Inc—*—
E. H. Rollins & Sons, Inc—
Ballou, Adams & Co
__
—
Howard National Bank & Trust Co—-—
TENNESSEE
^
on
revenue
,
SOUTH
m.
Aug. 31 by A. O. Pickens, President of the Board of Trustees, for the
purchase of $120,000 3H% coupon semi-annual building bonds.
Dated
Sept. 1, 1940.
Denom. $1,D00.
Due Dec. 31, as follows: $10,000 in
1941 to 1944 and $8,000 in 1945 to 1954, optional Dec. 31, 1945.
These
bonds were authorized at an election held on July 31.
Payable at the
Amarillo National Bank, Amarillo.
Purchaser to furnish legal opinion.
to the
to
Aug, 31, 1940
v
CHILTON, Wis.—PURCHASER—The City Clerk
DISPOSAL REPORT—It is stated by the
City Secretary that the $35,000 water works and sewer revenue bonds
offered for sale without success on June
7, as noted here, are now being sold
through Garrett & Co. of Dallas.
now reports
that the
$65,000 sewerage system mortgage revenue bonds sold as 3Ms, at par, as
noted here on June 22, were purchased by Gillespie & Wouters of Green Bay.
CANADA
CANADA
(Dominion
of)—NEW
WAR
LOAN
OF
8300,000,000—
MATURITY TO BE REFUNDED—The Dominion will float its second war
NACOGDOCHES,Texas—BOND SALE DETAILS—The City Secretary-
loan for from $250,000,000 to $3ot ,000,000 on Sept. 9.
Terms of the loan
have, not been announced, but the rate of interest is not likely to exceed
purchased at-a
the 3M% paid on the loan issued last January.
In January only $200,000,000 was asked, but it was oversubscribed so overwhelmingly that sub¬
Treasurer states that the $15,000
airport bonds sold to R, K. Dunbar &
as notec* here—V,
151, p. 1176—were
2
99%
100 10' and
$1,000 in 1941 to 1955, giving a basis of about
Texas—BONDS SOLD—The
$100,000 3 % semi-ann. water system bonds
101
City Secretary states that
were offered for sale on Aug. 27
auscher» Pierce & Co. of Dallas, paying
289r0 aWa
Dated Sept. 1,1940.
Due serially in 20
a price of
years.
ORANGE INDEPENDENT SCHOOL DISTRICT
(P. O. Orange),
-BOAfD OFFERING—Sealed bids will be
received until 3 p. m. on
Sept. 5 by Hunter Beaty, President of the Board of Trustees, for the pur-
£w?AA
fl'000.
A
school bonds. Dated Sept. 1, 1940.
DueMarch 1 as follows: $3,000 in 1941 to 1964.
™
Denomination
$6,000 in 1965,
$8,000 in 1966, $9,000 in 1967 and $10,000 in 1968 to 1970.
The district
will pay all expenses incident to the issuance of the
bonds.
Bidders will
be required to name the rate of interest in
multiples of H of 1% and if
split rates are proposed, not more than two rates shall be named.
No bid
scriptions
were
rationed.
No difficulty is expected in raising
$300,000,000
now.
Canada is paying a larger percentage of its war costs out of
than it did 25 years ago, but with war commitments for the present
taxes
fiscal
already exceeding $900,000,000, a Winter loan may be required as well
as the issue in September.
'
In addition to the new money being raised in September, J. L. Hsley.
Minister of Finance, will refund a $75,000,000 4H% loan which will mature
year
.
on
Sept.
■
„
1.
HAMILTON, Ont.—NOTE SALE—An issue of $200,000 1M % Treasury
& Co. of Toronto.
Dated Aug. 7, 1940 and
payable Nov. 7,1940.
Bankers previously purchased $300,000 at the same
rate, dated July 26,1940 and due April 15,1941.—V. 151, p. 886.
notes was sold to Harrison
JOLIETTE, Que.—BOND OFFERING— The City Treasurer will receive
for the purchase of $74,500 3M % or 4% improve¬
sealed bids until Sept. 3
ment bonds, due serially
in 20 years.
@FedFRASER