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AUG 11 1941
US. ADM,
LIBRARY
fittattrial
COPYRIGHTED IN 1941 8Y WILLIAM 8. OAMA
\/ni
I JO.
VUL.
COMPANY. NEW YORK.
Issued Weekly 40 Oents a Copyr-
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si8.00 Per Year
ENTERED AS
SECOND-CLASS MATTER JUNE 23, 1B70, AT THE POST OFFICE AT NEW YORK,
AUGUST 9,1941
NEW YORK,
BROOKLYN TRUST
B A N K
•
COMPANY
NEW YORK, UNOER THE ACTOF MARCH 3,
Dana Co.. Publishers,
William B
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1878.
Mf)
QQ79
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St., New York City
CHASE
THE
NATIONAL
BANK
Chartered 1866
OF THE CITY OF NEWYORK
OF
George V. McLaughlin
President
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Bonds
"Guide to Railroad
Reorganization Securities"
Issue
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Containing all New Plans of Reorganiza¬
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PHILADELPHIA
CHICAGO
AND OTHEX PRINCIPAL CITIES
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61 Broadway
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Telephone—DIgby 4-4933
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The
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Members New York Stock Exchange
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Company
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$37,500,000
OTIS & CO.
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Street, NewYork
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BROADWAY
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Established 1899
NewYork
CLEVELAND
Chicago
AVENUE
MADISON
AND
40TH
STREET
R. H.JOHNSON &, CO.
LAMBORN & CO., INC.
99 Wall Street, N. Y. C.
sugar
INVESTMENT SECURITIES
64
Street
Export—Imports—Futures
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It
The Commercial & Financial Chronicle
Aug. 9,
1941
Dividends
This advertisement is neither
offer to sell nor
an
The offering is made
a
solicitation of an offer to buy
of these securities.
any
DIVIDEND
only by the Prospectus dated August 5, 1941.
ARMOUR
and
COMPANY
(ILLINOIS)
1,500,000 Share**
On July 24
share
per
Libby, McNeill & Libby
vertible
the
of
ber
the
of
close
outstanding and owned by Swift & Company
of
business
L.
been, and
may
hereafter be, effected. This
continue to be stabilized
statement
that the
or
transactions intended
5, 1941,
to
stabilize the
is
not an assurance
stabilizing
On
that the price of the above security will
be discontinued
may not
at any
and
of
time.
July 24
quarterly dividend
a
and
one
three-fourths
undersigned as
are
obtained in
any
cent
in
compliance with the securities law
such
in
October
1,
state.
1941 to stock¬
holders of record
on
the books
of the
Company at the close of
business September 10, 1941.
Glore, Forgan & Co.
Harriman Ripley & Co.
per
PC
share on the
Preferred Capital Stock of the
above corporation was declared
by the Board of Directors, pay¬
state in which this announcement is circulated from only such of the
registered dealers and are offering these securities
(1M%)
able
The Prospectus dated A ugusl 5,1941 may be
COMPANY
OF DELAWARE
the New York, Chicago and San Francisco Stock Exchanges have
on
on
DIVIDEND
offering, which is made only by Prospectus dated August
price of the Common Stock of the Company
the
Septem¬
LALUMIER, Secretary
share
ARMOUR
To facilitate the
the
on
Company at
10, 1941.
E.
per
was
by
shareholders of record
to
books
$5%
shares
corporation
the Board of Di¬
rectors, payable on Oct. 1, 1941
($7 Par Value)
Price
Preferred
Prior
above
declared
Common Stock
Issued and
the issued and out¬
standing $6.00 Cumulative Con¬
(A Maine Corporation)
*
dividend of $1.50
a
on
BJyth & Co., Inc.
E.
Dean Witter & Co.
L.
LALUMIER, Secretary
Incorporated
Stone & Webster and
Hornblower & Weeks
Blodget
Hemphill, Noyes & Co.
Incorporated
Bankamerica Company
f
SOCONY-VACUUM
Ladenburg, Thalmann & Co.
OIL COMPANY
INCORPORATED
August 5, 1941
Dividend
Aug. 5
No. 130
Notice
1941
The Board of Directors has this
day declared a dividend of
Twentyfive Cents (25^) per
share on the Capital Stock of
this
Corporation of the par
value of Fifteen Dollars ($ 15.00)
each, payable September 15,
1941, to stockholders of rec
ord at the close of business,
three o'clock P. M., August 21,
State Loan of
The
The
Kingdom of Hungary 1924
Dollar Tranche.
J,
46
Henry
Schroder
William
give
notice
Street,
that
Banking
New
the
EXPANDIT
Corporation,
York,
New
York,
due
August 1,
the bonds of the above-mentioned
issue held outside of Hungary which have
been enfaced in evidence of acceptance of
1941,
the
of
on
conditions
the
17th
published
28th
a
in
the
New
and
on
of
and
1937,
may
after
four
Binder
which
Times
not
was
on
8,
1941,
percent,
coupon
facement of
irrespective of the
the relative bond.
Attention
monthly
is
called
to
instalments
9
of
the
of
the
date
service
foregoing
obtained
the
for
under
aforesaid
and by
interest
from
drawing
the
on
payment
service
has
funds
on
The "Expandit" Binder ia so construc ted
will always open flat, whether it be
Bank
of
Suisun, National Association
Suisun, in the State of California is
closing its affairs.
All note holders and other
located at
creditors of the association are therefore
hereby
notified to present the notes and other claims
for payment.
its
to
capacity of six-inch expansi on,
whether It contains only one issue.
Its back Is adjustable to the size of t he
issues
It
of
contains,
theroby
number
JONES,
President
by
means
In
less
or
Dated July 9, 1941
of
than
time
Successive
The Winters National Bank located at
Winters,
in the State of California, is
closing its affairs.
All note holders and other creditors of the
hereby
notified
W.
STARK,
Cashier.
Dated July 8, 1941.
September 9, 1941.
Fifty
on
Cents
($.50)
Common
the
it
takes
be Inserted
tell about it,
can
to
pulling
strin.gs,
any way.
Intervening Issues may be In¬
the necessity of disturbing
other Issues.
You handle only the particu lar
copy that you desire to Insert or remo ve,
the others remain In their proper position.
or
-
on
Checks will be mailed.
H. C. Allan, Secretary and
Treasurer.
Philadelphia, July 18, 1941.
TEXAS
GULF SULPHUR COMPANY
The Board of Directors has declared
of 50
stock,
cents
per share
payable
on
a
H.
dividend
the Company's capital
15,
1941, to stock¬
September
holders of record at the close of business
ber 2, 1941.
without
F.
J.
Septem¬
KNOBLOCH, Treasurer.
J. I. Case
Company
Incorporated
to
present the notes and other claims for payment.
W.
wire holder, and
a
punching
holes,
mutilating the copies In
serted
therefore
of
holders of record at the close of business
eliminating all waste space and adding grea tly
to Its
appearance.
This Is sn exclusive
feature.
The magazines are held in phace
without
S.
Sur¬
Stock, payable September 30, 1941, to Stock¬
the Reserve fund.
F.
Accumulated.
share
per
that it
;
the
plus of the Company a divi¬
dend
The
are
The Directors have declared
from
been
or
association
THE ELECTRIC STORAGE BATTERY CO.
Magazines
hand
filled
1
your
and Periodicals.
August 8, 1941.
i
do
W. D. Bickham, Secretary
and'
Serviceable Binder]
en-
Memorandum
have not been received from the Hungarian
Government. The amount required to make
the
Practical
A
at
of
due
books
per
that
fact
transfer
close. Checks will be mailed.
the
be presented for
August
one-half
The
1941.
Memorandum
Presentation must be made within
of six years from the due date of
period
Clause
the
York
September, 1937,
rate
annum.
the
set out
September,
in
payment
the
coupons
Whether
Issue
be
thick
or
thin, (the
adjustable to/ Its
feature itbat
has proved of practical value and It aY olds
all that are objectionable.
'
an
"Expandit"
thickness.
It
Bindar
is
embodies
every
Racine, Wis., August 1, 1941.
dividend
A
of $1.75 per share upon the out¬
Preferred Stock of this Company has
been declared payable October 1, 1941, to holders
standing
of record at the close of business September 12th,
1941.
THEO.
In sizes up to 13x8 M inches
Price $2.00 each
Cotton Facts
TENNESSEE
Plus postage
61
Prices for larger sizes
Carry
your
message
these readers at
cost
through
columns.
our
a
to
on
moderate
advertising
application
Spruce St.,
New
Broadway, New York
August 8,1941.
f
»
The "EXPANDIT" Bind
25
JOHNSON, Secretary.
CORPORATION
er
Yo?k City
The Board of Directors of Tennessee Corpora¬
tion has this day declared a dividend of twentyfive (25c.)
cents per share on the issued and
outstanding capital stock
of the corporation,
payable September 29, 1941, to stockholders o!
record at the close of business on September 12,
1941.
*"
J.
B.
McGEE,
Treasurer.
ir*
* ■
-A,
+,
CONTENTS
Editorials
The Financial Situation
Confusion
A
on
the Potomac
.
_
Surprise Attack
Comment and Review
New
743
Capital Flotations in July...
Week
the European
on
Stock Exchanges..
..
Foreign Political and Economic Situation
732
732
Foreign Exchange Rates and Comment.........736 & 781
Course of the Bond Market...
742
Indications of Business Activity
748
Week
on
the New York Stock Exchange
730
Week
on
the New York Curb Exchange
780
News
Current Events and Discussions
760
Bank and Trust
779
General
Company Items
Corporation and Investment News
824
Dry Goods Trade
863
State and
864
Municipal Department.
Stocks and Bonds
Monthly Range of Prices on N. Y. Stock Exchange-__ 807
781
Foreign Stock Exchange Quotations
Bonds Called and Sinking
Fund Notices
Dividends Declared
781
.
785
.
780
Auction Sales
New York Stock
Exchange—Stock Quotations
♦New York Stock
New York Curb
__
Exchange—Stock Quotations
♦New York Curb
Other
792
Exchange—Bond Quotations.
792 & 802
808
.
Exchange—Bond Quotations
812
Exchanges—Stock and Bond Quotations
814
Canadian Markets—Stock and Bond Quotations
818
Over-the-Counter Securities—Stock & Bond Quotations.
820
Reports
Foreign Bank Statements
781
Course of Bank Clearings
781
.__730 & 790
Federal Reserve Bank Statements
General Corporation
and Investment News...
—
824
Commodities
The Commercial Markets and the
Crops
Cotton
Breads tuffs
*
on
Attention Is
directed to
.i
the
new
column Incorporated In our tables
New York Stock Exchange and New York Curb Exchange bond quota¬
tions pertaining to
bank eligibility and rating.
The Financial Situation
products within
them rise as
rapidly as may be. The insistence of these groups
upon provisions in the so-called price fixing bill
which would prevent the construction of a "ceiling"
over such
prices below relatively high levels, and
to hold the price of farm
to do so,
SOME ONE in a sit down andinfluencethe sundry
position of study in Wash¬
ington should
and policies now in force or definitely
programs
stocks the one in
the
on
look at the
careful
relation to the others—
step back a few feet and take a
other words,
in
picture
whole.
a
as
We
are
danger of building up, if
of the defense emergency
or
purpose
the
It Certainly Is, But—
single
unity to
general
even
been
there has of
If this bill passes
a
Administration.
has
been
Free enterprise
It
•
warrantably asserted that
government which at
and the same time,
any
more
control
out
labor and agriculture under
similar to that of
and the profit system can¬
nation with a controlled
in
The
unconcerned
about,
if
One great
Mr.
willing, not to say eager,
to have
further
substantially
rise
which
and
tent
to
is
have
quite
prices
not very
but is
increase
one
any
rise
bent
ously
upon
is
One
to
terials
the
any¬
thing is
certain.
We
of
and half price
controlled
Here and there other
inconsistencies
likely to
were
national policy,
effective
in
our
does not appear to be any dis¬
position in official quarters to do what is necessary
to
The trouble does not appear
confined to the
to those in the
They
ideas and
horses
are
by
to be
at any rate
any means
New Deal managers,
executive department
of government.
doubt harbor wholly inharmonious
without
patently engaged in
an
effort to ride
going in opposite directions, but the
record
of
Congress is likewise open to much the same type
of
criticism, and that record is not by any means
wholly of New Deal making.
cultural bloc, in
not
particular,
The so-called agri¬
appears
to be determined
only to prevent the Administration taking any
steps, even if it
in such
should presently show
a
disposition
the
from the banks but
circumstance
action
a
public-
that
as a
quantities
as
a
Congress.
done
or
or
a
being
program
burden of the load
position to demand goods in
to make price control efforts both
Both
measure
are
fully
as
a
tax bill
have been laid before
bad if not worse than
anticipated, while exactly nothing is being
is,
so
far
as
known, planned to rectify the
underlying causative factors cited last week.
taxes
took
dangerous.
price fixing
had been
we
were
During the week that has since elapsed
and
only
in large
consistent
result of the defense
bear their proportionate
futile and
no
that those whose income
way
and thus not be in
such
were
being taken to impose taxes
was
greatly increased
would
bring them into harmony.
of
notice
come
already coming from them, and
measure
conflicts
cost
consumed
prospective funds for the
subject to criticism, but it may well be
doubted whether there is any full appreciation of
fundamental
the
in
articles
the
defense program not
have been
and there certainly
commodities
enter
spite taxation actual and
free.
damage in its endeavor to
the
cotton, grain and
We cited the fact that de¬
likely to do grave
have its way.
as
by the American
not likely
are
higher prices of
other
which
place any sort of
labor which is obvi¬
getting what it can from
succeed in remaining half price
We called
such agricultural raw ma¬
the defense program, j
likely to succeed
respects
as
of reform.
effects of
danger of the measure to which
the efforts
of
governmental
attention to the inevitable
restraining hand upon
but which shudders to see
other
name
Coffee refers has its roots in
patent unwillingness
where in Washington to
con¬
wages
that he finds it difficult
the
policies,
labor relations and in the
(apparently destined to be successful in
large measure) on the part of the farm bloc
virtually to exempt agricultural prices and
agricultural prices
laid
restric¬
wages,
both
policies
apply such good sense and such admirable
forthrightness to national farm policies.
which is
increases,
price
we
labor union
hampering
to
edly determined to prevent
and
time
readers the facts
regarding
tive
B. Coffee, member of
Representatives on Aug. 4.
Coffee is a Democrat and a member of
Our only regret is
points and avow¬
at many
that
previous issues
our
their
encourage
At
before
fearful of national socialism than I am
Mr.
them, indeed with¬
are
the so-called farm bloc.
friendly to, rising costs
not
finger to
a
failing to lift several
rise.
the House of
is
low
mount
tov
lifting
fingers to
inflation.—Harry
of
factors
without
philosophies of these two
incompatible.
We must choose
between
them.
A controlled economy will
result
in
national socialism.
I am much
systems
relatively
at
cost
not exist in the same
repeatedly and
fix most
to
flationary and particularly
it will be the forerunner
will inevitably follow to
system of regimentation
economy.
one
our
Nazi Germany.
be termed, of
the
that
shackle industry,
price-cost policies, if such
may
bills
other
of
the
by outsiders, regarding
they
threat to
serious
ably Mr. Henderson's, the power to establish
a
controlled economy in this country.
comment, usually
formed
a
inherent
danger
attempts
levels while permitting in¬
system of free enterprise.
It would place in
the hands of a Government bureau, presum¬
considerable in¬
late been
introduced is
the probable futility
the
prices
control legislation that has just
This price
program.
To be sure,
pains to describe at some
length what seemed to us to be
in
to give a
or
Last week we were at
Regardless
and
inter-relationships of the
various activities under
way,
They Proceed
the trouble to study carefully the
taken
have
in point.
cases
are
tainly not one which
to
disposed of at prices which would in some degree
the titanic losses in store for the taxpayers
be
no
program,
when they might possibly
limit
well operated government, cer¬
undertakes to inject itself so
widely and so deeply into the life of the nation, can
possibly emerge from such a situation. Yet no one
in authority, and not very many elsewhere, appear
fense
throughout the duration
stock of cotton and wheat
successful de¬
No
elements.
contradictory
often
determined effort to "freeze" Government held
the
indeed we have
not already built up, a structure, if it can be termed
a structure, composed of ill-fitting, inconsistent and
in serious
but is doing all it can to help
reason,
proposed
have many defects,
The
but generally
speaking the heart of their infirmity lies in the fact
that
they undertake to raise the additional funds
u
■
'
:
•
'
i
Volume
'
for the most
for years
part from the very
that have
groups
past been taxed almost unto death.. Evi-
dentlv the President is not
fully satisfied with the
but the changes he desires would definitely
measure,
not meet the needs of the situation and in at least
would
practical matter, that price fix-
appear, as a
another, is
ing in some form and in one degree
politically inevitable, but at least
or
should be kept
There is little
as
limited
as
possible.
the
program
that smacks of moderation in the proposed measure,
He appears to
In the first place, the term of life of the program
incurably afraid some one, somewhere will earn
is left indefinite, the powers granted to terminate
not when, but one year after "declaration by the
respect would add to its defects.
one
be
a
729
The Commercial & Financial Chronicle
153
dollar from the defense program,
He
seems
now
will
earn
to be
defense program
business
or
does not appear
can
To the
surprise of
when only for
likely to continue in force
somewhat lower stratum of
a
cesses
as
these
this
seem
in
when
rates
such
of
rates
are
"simply" call
upon
but adds
severely to the burdens of those citizens in the
What with
already subject to taxation.
continually higher
repeatedly
and
rates
reduced
exemptions the recipients of heretofore taxable inin the lower
coines
brackets,
say
below $20,000, and
particularly below $10,000 are in danger of being
crushed
of
between
the
the nether mill-
and
upper
If the President is
stones.
seeking
a
"simple"
way
collecting taxes directly from low incomes, it
would
on
that he would suggest a direct tax
appear
employees paid by the employers and deducted
from
and salaries—in fine what the labor
wages
unions
the
term
deductible
as
"check-off"—with
seems
wise and
such
amounts
equitable from the in-
taxes due from those now
come
subject to the
reg-
ular income tax.
But the
now
in
greatest danger of such tax laws as those
proposed is to be observed only when considered
conjunction with other cost-raising factors and
the
price fixing program set forth in measure in-
troduced
Aug. 1.
on
If by one means or another
tlie Administration is to make a
vigorous effort to
hold most
prices to relatively low levels and at the
same
time
permit, not to say encourage, costs to rise,
many
a
smaller
business
particularly perhaps the
man,
enterprise, is likely to find himself in the
bankruptcy courts.
Precisely what the Administra-
tion will do if and when the
taken
to
the
or
bring this
program
a
Experience
granted, even
a
are very
great deal longer than
Heaven knows how it will be
measure
If we must have such
to an end.
it should at least
provide for
a
definite
date of discontinuance in order that affirmative
taxation, and particularly
called lower brackets does not
brackets
powers
action is
necessary
to prolong it.
sharply advanced in the so- ;j
heretofore tax-free income receivers to pay,
also
authority
Congress that would be necessary to
President
pro-
corresponding
without
made
a
originally expected.
to understand that reduction in
exemptions
alterations
"simple"
the
possible to get the affirmative action either by the
incomes, but neither
the others who advocate such
nor
of
definitely limited period,
to disturb him greatly,
he did suggest to Con-
many
schedules be reduced still further in order to reach
he
continuance
of the national defense and security."
that the exemptions granted in the income tax
gress
the Congress by concurrent resolution,
has amply demonstrated that
obviously determined to make what it can
while it
further
the
granted by this act is not necessary in the interest
That organized
man.
or
that
is under way—that is some busi-
organization
ness
labor is
President,
some one
activities while the
from other
dollar
a
but not only that,
greatly worried lest
statute book,
price fixing
no
one,
of
measure
course,
is
can
Some of Its Terms
If it is the intention of the Administration to confine itself largely if not solely to a few basic cornmodifies, why is it necessary to include a provision
which asserts that "the term 'commodity,' in addition to commodities, articles, products and inaterials, includes services rendered in connection with
the processing, distribution, storage, installation,
repair or negotiation of purchases or sales, or a cominodity, or in connection with the operation of any
service establishment: provided, that nothing in this
act shall be construed to,authorize the regulation
of (1) compensation paid by an employer to any of
his employees, or (2) rates charged by any common
carrier
or
other public utility,
Subsections (d) and (e) of Section 2 of Title I
deserve special attention. Here they are in full, j; ■
(d) Whenever in the judgment of the President
such action is necessary or proper in order to effectuate the purposes of this act, he may, by regulation or order, regulate or prohibit, with respect to
any commodity, speculative or manipulative practices, selling, marketing, or inventory practices (ineluding practices relating to changes in form or
quality), hoarding, or other practices, which in his
judgment are equivalent to or are likely to result
in price increases inconsistent with the purposes of
this act.
(e) Whenever in the judgment of the President
such action is necessary or proper in order to effectuate the purposes of this act, he may, on behalf
becomes law there would be very little which the
of the United States, without regard to any provision of law requiring competitive bidding, buy,
store, or use, or sell at public or private sale, any
commodity, upon such terms as he shall deem necessary to obtain the maximum necessary production
of marginal or high cost producers, or to prevent
price increases inconsistent with the purposes of
this act. The proceeds of any sale under this sub-
President and his subordinates could not do in the
section shall be used as a revolving fund for carry-
price field if they chose.
ing out the provisions of this subsection.
Evidently a good deal more than what is ordinarily thought of as price-fixing is contemplated,
Such provisions as these taken in conjunction with
say—probably not even the Administration itself,
Testimony educed during recent hearings was evi-
dently intended to give the impression that it would
be
very
granted.
moderate in the use of the powers to be
Such circumspection can, however, hardly
with assurance in light of the rec-
be counted upon
Be that
ord.
lire
In
as
it may it
is clear that if such
a meas-
existing circumstances, given the existing state
of the
public mind about "inflation," the hold that
the Administration has upon
Congress and the
peo-
pie, the lack of popular understanding of (the rather
involved
situation, the tendency to demand a cure
for all ills via
government control and all the rest, it
the severe and often (in civil actions) indeterminable
penalties, clearly place the measure in the forefront
of programs which have been and probably could be
The Commercial &
730
by such impractical individuals as
conceived only
that
require
construed to
of the provisos of the
that "nothing in this act shall be
states
measure
one
any
sell
person to
any com¬
accommodations for rent."
Although the law does not say so, it would be well
for the managers in Washington to remember that
nothing in the act or in any other act can be con¬
modity or to offer any
fewer
about
some new
weekly period ended Aug. 6.
moved
stocks of the country
record
all-time
circulation increased no less than
no
all
also
here
total of
levels
previous
an
Currency in
$22,682,000,000.
of
Gold
$9,000,000 to
up
$98,000,000, and
were
exceeded at
a
The gold acquisition had
$9,795,000,000.
the banking position, since the Treas¬
effect upon
itself through
deposits of gold certificates with the 12 Federal
again refrained from reimbursing
ury
Reserve
The
banks.
advance, however,
currency
tended to depress reserve
deposits of member banks
non-member
A sharp increase of
dollar for dollar.
occasioned
deposits with the regional institutions,
transfer of $100,000,000 to
British accounts as a part of the $425,000,000
Reconstruction Finance Corporation loan, also low¬
ered member bank accounts.
Excess reserves of
member banks over legal requirements declined
large part by the
in
circumstances,
in these
$140,000,000,
to $5,020,-
The quiet but effective demand for credit
accommodation which became a factor of importance
000,000.
The
condition statement
weekly reporting New York
City member banks,
last
of
continues.
autumn
combined,
cultural
shows commercial, industrial
loans
up
$2,337,000,000.
brokers
$19,000,000
Loans
dealers
and
on
for the
and agri¬
week,
in about the same
were
considerably greater than in June.
banks, combined,
were
Federal Re¬
lower by $2,002,000
Other cash of the regional
banks fell sharply, owing to the demand for handto-hand currency, and their total reserves fell $26,$20,300,531,000.
1,175 involving $16,213,000 in July, 1940.
All of the commercial and industrial groups into
which the bankruptcies are
in
605,000 to $20,585,431,000.
Federal Reserve notes
in
actual circulation
moved up $74,603,000 to
two
the
Total deposits with the regional
$110,355,000 to $15,656,082,000, with
account variations
member bank
reserve
consisting of a decrease of
balances by $145,513,000 to
$12,951,427,000; a decrease of the Treasury general
account by $81,741,000 to $839,314,000; an in¬
crease of foreign deposits by $57,622,000 to $1,201,653,000, and an increase of other deposits by $59,277,000 to $663,688,000. The reserve ratio remained
unchanged at 91.2%.
Discounts by the regional
banks increased $829,000 to $5,38$,000.
Industrial
advances were lower by $482,000 at $9,448,000,
while commitments to make such advances increased
$1,113,000 to $12,810,000.
There were no open
market operations during the weekly period, as
holdings of United States Treasury issues were
unchanged at $2,184,100,000.
Business
Failures
in
July
BUSINESS failures in July in which the another
dropped to figures
low for the period
new
have
been
compiled
January 1939.
on
the
five
of the
commercial
had
service
month of 1940 but
the construction and the
groups,
of in¬
greater number
a
The retail and wholesale
solvencies than in June.
divisions showed the most
marked improvement.
In
failures dropped to 570 with $3,579,000
from 738 with $5,964,000 in July 1940;
the former,
liabilities
wholesale casualties fell to 74
liabilities from
involving $1,573,000
116 involving $1,758,000
In the manufacturing
000
last
year.
division 165 firms failed for
$7,050,000 a year
$6,698,000 compared with 206 for
ago.
Construction failures numbered 59 with $1,072,liabilities compared with 65 involving $847,000
The commercial service division had 40
$500,000 liabilities compared with
last year.
insolvencies with
involving $594,000 in July 1940.
50
On
a
geographical basis, failures dropped off every¬
from July 1940 to July 1941,
where in the country
except in the
Minneapolis and Kansas City Federal
Compared with June, the im¬
Districts.
Reserve
general, increases being re¬
provement was not as
ported in the Kansas City and Minneapolis Dis¬
tricts and also in the Philadelphia, Cleveland and
Atlanta Districts.
The New York Stock
Market
York declines developed this
vol¬
SLOW but persistentstock market, and tradingweek
ume
present
basis—since
The number of insolvencies reported
the New
lessened almost from
investors
showed
once more
day to day as traders and
sought the sidelines. The market
signs throughout the week of
no
such occa¬
periods of activity and bullishness as marked
course of financial affairs in July.
The holiday
sional
the
now
other
is in full swing,
and this probably con¬
good deal to the prevailing dulness. But
matters also affected the markets adversely,
tributed
$6,903,785,000.
fell
divided had fewer failures
July than in the corresponding
season
banks
July's failures
involved $13,422,000 liabilities
with 970, involving $9,449,000 in
compares
on
at
908 and
the
$7,000,000 to $332,000,000.
Gold certificate holdings of the 12
serve
total current liabilities involved in July
amount as in March and
failures,
at
same banks to
securities collateral fell
by
to
of
June and
CREDIT and currency developmentsthe banking
again oc¬
casioned
high records in
statistics for the
In every
has been sharper than usual, amounting
25%.
In spite of the decline in number
drop
which
Federal Reserve Bank Statement
March.
1922 failures in July have numbered
than in the preceding March but this year the
since
year
numbered
oblige any person to remain in business.
strued to
1941
9,
Bradstreet has been dropping
monthly by Dun &
steadily each month since last
the New Deal managers.
Let it be observed
Aug.
Financial Chronicle
among
a
them the apprehensions of war developments
possible gains by the Nazis in
in the Far East and of
the
eastern
conflict.
European
The
warnings
against inflation expressed by price control
ties in
authori¬
Washington, as a method of bolstering senti¬
ment for the
price-control bill, produced a sobering
effect in financial
circles, which long have been pre¬
occupied with the question.
advanced
commodities
one-sided
Although agricultural
on the peculiarly
sharply
approach to the inflation problem, equi¬
move the other way.
As de¬
ties tended rather to
bates
on
the
proposed new tax bill proceeded in
Washington, and quarterly earnings reports con¬
tinue^ to relfect the incidence of the proposed levies,
trading dwindled
from
somewhat
on
the New York Stock Exchange
more
than
500,000
shares
in
the
early sessions of the week to less than that figure
in the later
There
dealings.
were
no
bright
sessions throughout the
week, the markets merely remaining steady when
Volume
The
153
No great amount of selling
they did not decline.
forced
The small offerings, however,
developed.
pressure
modestly downward in the
general levels
of
absence
steel, motor, airplane and other
from fractions to three
recessions ranging
showed
Leading
industrial stocks
sizable buying interest.
any
points at the close yesterday compared to quota¬
tions current a week earlier.
The railroad group
following, owing to the start of negotiations
lost its
exorbitant
the
on
demands of the railroad
was taken in the utility
wage
interest
Little
workers.
companies
might be squeezed badly between rigid rate ceilings
and rising costs, in the event of inflationary phe¬
stocks, since it is now apparent that such
defense
for
strikes
As
nomena.
again developed in vital
once
industries, such as shipyards, buying orders
Some specialties
stocks continued to dwindle.
demand, however, especially where in¬
in fair
were
"hedge" against
ventory positions are such that a
inflation is
presented by the shares.
listed bond market United States
In the
ury
issues slowly gave way, day after day,
Far East the
in the
crisis
obvious
in
losses
for the
Accumulated
long-term Treasury bonds began to
some
Japanese
but Australians were in fair
point, in some cases.
approach a full
drifted lower,
bonds
Treas¬
with the
reason
selling and the lack of buyers.
mild
inquiry owing to the indications of collaboration
Great Britain and the United States on
between
Far Eastern
were
Other foreign dollar bonds
problems.
speculative rail department of the
The
dull.
corporate list reflected
with
occasional buying orders,
flurry evident in Wabash Railway bonds as
a
the Interstate Commerce
Commission approved the
In the commodity markets
reorganization plan.
sharp advances took place among the agricultural
in
Congress will endeavor to freeze loan grain and loan
cotton, and try in other ways to stimulate that in¬
items, owing to indications that the farm bloc
which
flation
some
Administration
were
officials
are
The foreign exchanges
supposed to be combating.
York
New
the
touched
new
Stock
Exchange 132
stocks
high levels for the year the present
week, while 22 stocks touched new low levels.
On
the New York Curb Exchange 90 stocks: touched
levels and 19 stocks touched new low
high
new
Call loans
downward, the final
hour furnishing a breathing spell wherein about
one-half of the day's losses were recouped.
It was
the narrowest market in two
the New
York Stock Exchange the sales
on
'Monday 632,790
shares; on Tuseday, 641,720 shares; on Wednesday,
581,070 shares; on Thursday, 497,120 shares, and on
Friday, 553,080 shares.
On the New York Curb Exchange the sales
on
Monday, 140,490
shares; on Tuesday, 132,960 shares; on Wednesday,
103,320 shares; on Thursday, 132,200 shares, and on
within
a narrow
on
Saturday of last week moved
groove.
Trading volume was
session, and while firmness featured open¬
ing trades, buying displayed
terest in the first
aircrafts and
was
easier
affected
as
in
much selectivity.
In¬
hour centered chiefly in rayons,
low-priced railroad stocks.
the
second
The tone
hour as oils weakened,
they were by curfew regulations govern¬
ing the sale of oil and
trading
Initial
Tuesday again drifted in a narrow range as
singled out special issues for action.
interest
trades
firm in
were
quiet market, and values by
a
midday improved irregularly.
On the strength of a
proposed rise of one-half cent a gallon in
Eastern
the
on
gasoline
higher
fractionally
seaboard,
Aircraft and
motors presented an even tone and, in keeping with
the general market, finished irregularly lower fol¬
lowing early afternoon easiness.
Wednesday was
changes materialized in oil stocks.
session
slowest
the
for
in three weeks.
equities
Specialty issues were in fair demand and leaned
toward the
high side.
The opening was firm and
quiet and by the end of the first hour stocks re¬
vealed
Thereafter the morn¬
slightly lower changes.
ing period was given over to highly
selective trad¬
An advance in raw sugar prices caused equi¬
ing.
this
ties in
to bound forward to their best
group
levels since the start of the war.
By early afternoon
rails
Activity
heightened in the final hour and, barring rails,
specialty issues added to former gains, while
and
in
of
sections
levels.
best
list
the
Strength
amusement,
stocks.
was
was
closed
the
at
day's
especially pronounced
shipbuilding
motor,
Activity
down.
bogged
stocks
pivotal
most
colorless
on
and
sugar
Thursday
as
equities kept pretty much within the price range
prevalent most of the week.
traded in
was
The number of issues
slightly greater than the day before,
but sales volume suffered some
mixed.
Friday
was
prices
group
while rails sold
ended
a
this
contraction.
trifle lower and the list as a whole
Selective trading
rather lifeless affair.
a
again the rule, and after responding to
week,
r
In the
moderately higher,
were
The market wound up the week on
situations the list
special
completed the session practically
Declines marked the course of prices
as may
be seen by a comparison of final
Friday of this week with closing sales on
on
Friday of the previous week.
General
31%
Electric
closed
Friday at 31% against
Friday of last week; Consolidated Edison
on
Co. of New York at 18
N. J. at
at
against 19; Columbia Gas &
Service Corp. of
22% against 22%; International Harvester
54% against 55%; Sears, Roebuck & Co. at 70%
ex-div.
against 70%; Montgomery Ward
& Co. at
33% against 34%; Woolworth at 30 ex-div. against
gasoline.
154%.
The remainder of
,
Western
prac¬
tically unchanged from that obtaining in the previ¬
short
the other hand,
on
changes appeared
among rails, as they gave ground in late trading.
The general list closed firm and mixed.
Prices on
29%, and American Tel. & Tel. at 153% against
Friday, 125,610 shares.
market
stocks,
Fractional
upward.
pointed
Electric at 2% against 3; Public
Saturday were 70,255 shares; on
The stock
displayed signs of mild weakness,
while aircraft and motor
Saturday were 363,870 shares; on
ous
Steel issues
tiles.
Oil shares ex¬
weeks.
strength, with firmness characterizing tex¬
hibited
prices
unchanged at 1%.
mained
On
the New York Stock Exchange re¬
on
The trend on
mixed closing.
a
Monday was for the most part
unchanged.
levels.
.
reflected
list
the
industrial
idle.
On
731
Commercial & Financial Chronicle
28%
at
on
Union
closed
Friday
at
27% against
Friday of last week; Allied Chemical & Dye
162% against 162; E. I. du Pont de Nemours at
160% against 158%; National Cash Register at 14
against 14; National Dairy Products at 14% against
14%; National Biscuit at 17% against 17; Texas
Gulf Sulphur at
at
37%
38% against 37%; Continental Can
against 36%; Eastman
Kodak
at
139%
against 139%; Westinghouse Elec. & Mfg. at 93%
The Commercial & Financial Chronicle
732
against 92%; Standard Brands at 5% against 5%;
Canada Dry
15% against 14%, and National Distillers at
at
ers
at 14% against 14%; Schenley Distill-
22% against 21%.
the
In
rubber
Goodyear Tire & Rubber
group,
week; B. F. Goodrich at 18%
United States Rubber at
against 19%, and
23% against 24%.
Railroad stocks sold off the
present week.
Penn-
sylvania RR. closed Friday at 24% against 24% on
Friday of last week; Atchison Topeka & Santa Fe
New York
29%;
against
28%
at
Central
13
at
against 13% ; Union Pacific at 82 against 82%;
Southern Pacific at
13% against 14%; Southern Ry.
17% against 19, and Northern Pacific at 7%
at
silver in New York closed Friday at 34%c., the close
Friday of last week.
In the matter of foreign exchanges, cable transfers on London closed Friday at $4.03%, unchanged
from the close on Friday of last week.
on
Friday at 19% against 19% on Friday of last
closed
against 8%.
The steel shares turned lower this
United
week.
Aug. 9, 1941
Euronean Stock Markets
European Stock Markets
pvEALINGS were exceedingly modest this week
*-7 on stock exchanges in the leading European
financial centers, and price changes also were small.
Holiday influences were apparent in London, where
the August bank holiday was generally observed notwithstanding appeals by the authorities for avoidance of travel.
When trading was resumed on the
London market, Tuesday, gilt-edged issues eased
slightly, while industrial and home rail stocks improved.
The tone was steady to firm in subsequent
on
sessions, attention, centering more on South African
Friday of last week; Crucible Steel at 41 against
gold and diamond stocks than on domestic securities. Japanese bonds were marked lower on the
gathering tension in the Far East. The BerlinMoscow controversy as to the course of the war in
States Steel closed
Friday at 58% against 59%
42%; Bethlehem Steel at 72% against 76%, and
Youngstown Sheet & Tube at 38% against 39%.
In the motor group,
at
39% against 38%
ler at
General Motors closed Friday
Friday of last week; Chrys-
on
57% against 57%; Packard at 3% against
2%, and Studebaker at 6 against 6%.
Among the oil stocks, Standard Oil of N. J. closed
Friday at 41% against 43%
Shell
Union
Oil
at
15
on
Friday of last week;
against 15%, and Atlantic
Refining at 22 against 22%.
Among
closed
the
stocks,
copper
Anaconda
Friday at 28% against 28%
American
week;
Smelting
&
on
Copper
Friday of last
Refining
42%
at
against44%,and Phelps Dodge at 33% against 34%.
In the aviation group,
Curtiss-Wright closed Fri-
day at 8% against 9%
on
Friday of last week;
Boeing Aircraft at 17 %against 18%, and Douglas
Aircraft at 70
Trade
business
defense
Steel
week, 96.8%
time
last
operations
for
the week ended
week
month
ago,
and 90.5% at this
power
in
loadings of
Aug. 2
the
reported by Edison Elec-
was
preceding
week,
and
2,762,year,
freight for the week ended
revenue
reported by the Association of Amer-
were
ican Railroads at
883,065
cars,
a
decline from the
previous week of 14,334 cars, but an increase
the similar 1940 week
As
for
3,226,141,000 kwli., against 3,183,-
240,000 kwh. in the corresponding week of last
Car
; I 4HERE
*
indications this week of
were
and
new
farther reaching collaboration between the
vious experience suggests that the results
a
indicating the
by 165,138
course
over
of the commodity
mar-
pre-
quite
are
President Roosevelt began
beyond prediction.
a
brief cruise early in the week along the shores of
New England, in the Presidential yacht Potomac.
At the
same
time, it appeared that Prime Minister
Winston Churchill would be unable to attend highly
important debates in the House of Commons. The
conclusion rapidly
drawn that Mr. Churchill,
was
who rivals Mr. Roosevelt in his fondness for dramatic action,
visiting the President and inter-
was
rupting the "fishing" cruise
regarding international
cars.
of
American Aid
United States and British Governments, and
Aug. 2
trie Institute at
the
were
estimated by American Iron and
Production of electric
year.
925,000 kwh.
The irregular variations
significance in these circumstances.
98.3% of capacity against 99.6%
were
Steel Institute at
last
no
reflect the active
reports
being done in various lines because of the
program.
ending today
thin that small transactions caused changes at times
of 2 to 4 points.
against 74%.
industrial
and
Eastern Europe was interpreted in London as more
favorable to the Russians than the Germans, and a
degree of optimism prevailed with respect to that
conflict and its implications for the Western European struggle. The Amsterdam Bourse was quiet
throughout the week, but some inquiry developed for
Netherlands East Indies securities and other external issues.
The usual sizable swings on small
transactions were noted at Amsterdam, but they left
the market little changed for the week.
Business
on the Berlin Boerse was dull, with the market so
rnents
in
issued
witlj long conversations
Enigmatic
policy.
behalf
of
the
President
state-
tended
kets, the September option for wheat in Chicago
neither to confirm
closed
momentous meeting of the British and American
Friday at 112%e. against 106%c.
of last week.
September
corn at
on
Friday
Chicago closed Fri-
day at 78%c. against 75%c. the close
on
Friday of
last week.
at
September oats at Chicago closed Friday
42%c. against 38%c. the close on Friday of last
week'
The spot price for cotton here in New York closed
of last week.
The spot
dav at 22.75c.
of last week.
the close
on
Domestic copper
close
on
Friday
closed Friday at 12c.,
Friday of last week.
on
ounce
against 23%
was
pence
per
Friday of last week, and spot
accepted, however,
conclusive evidence that the reports
was
as
were
seems
British experts
quite reasonable to
not
almost
correct.
Military experts accompanied Mr. Roosevelt
on
suppose
his
that
accompanied Mr. Churchill in his
presumed airplane dash across the Atlantic.
While the mystery of the Roosevelt-Churchill in-
cident
was
under discussion, Washington vagaries
in the interntaional sphere
formal commitments
price of bar silver closed Friday at
7/16 pence per
the
Friday
price for rubber closed Fri-
against 23.00c. the close
In London the
ounce
on
The fact that Mr. Churchill
available in London
cruise, and it
Friday at 17.21c. against 16.88c. the close
23
heads of State.
to deny the reports of the
nor
Harry L. Hopkins,
were
of aid
as
to
illustrated
anew
by
Communist Russia.
the representative of Presi-
dent Roosevelt, remarked in London last week that
aid would be extended to Moscow.
The formal
corn-
Volume
annonced
mitments
nevertheless
assumed
The
153
such
that
at
Washington, last Monday,
something of
were
a
shock, since it was
bitterly aggressive and com¬
a
Russia would
hardly be singled out for American assistance. But
all possible material aid was promised to Russia in
an
exchange of notes between Acting Secretary of
pletely anti-democratic
country
Sumner Welles and
State
Constantine
Oumansky.
as
the Soviet Ambassador,
Harold L. Ickes, in his dis¬
turbing capacity of Petroleum Administrator,
clear
on
icans.
turned
to
over
Russia for transporting
gasoline, and hinted that the shortage of
in the Atlantic Coast
of tankers to British
services,
may
be duplicated by
The trade treaty
of tankers to Russia.
the
extended for
a
gasoline
States, occasioned by transfer
shortages on the Pacific Coast owing to the
was
made
Thursday what such aid will mean to Amer¬
He announced that four American tankers
be
would
year
733
Commercial & Financial Chronicle
transfer
with Russia
and promises of priority in
delivery of supplies were made to Soviet repre¬
regarding actual Japanese intentions, but arrange¬
ments
rapidly
Tues¬
recently be¬
tween Japanese and Russian forces on the border of
Manchukuo and Outer Mongolia.
This was denied
by Moscow as a "crude invention" of the Axis.
Anglo-American moves in the Far Eastern situa¬
day that
Tokio spokesmen declared on
tion
minor clash had occurred
a
were
and
numerous
varied.
that
the
to
powerful British naval squadron headed by
a
warship Warspite is in the Gulf of Siam, ready
action if the
take
Thailand.
aerial
forces
The
and
Japanese attempt to occupy
Large additions to the British land and
said.
at
made, it is
Singapore have been
heavy cruisers Northampton
American
Salt Lake
City put in at Brisbane, Australia,
Tuesday, and it would be idle to contend that
fortuitous
a
was
Cordell
a
virtual
warning to Japanj
declaring publicly that any Jap¬
by
into Thailand would be a matter
cern
were
sanctions
against Japan were tightened, while veiled
diplomatic threats were hurled back and forth by
Great Britain and the United States on one side,
and
Japan
the other.
on
The halt in trade and
financial relations between the
United States and
to
eign
Secretary, Anthony Eclen, announced
House of
Commons,
threatening the integrity or independence of Thai¬
a matter of concern to Great Britain,
especially
as a
threat to the security of Singapore.
in
circulated
Reports
rials
covering the export of American petroleum
which
supply of
aviation gasoline to Japan.
A few Japanese steam¬
ships hovering off the Pacific Coast made port, but
promptly sailed again after unloading silk and other
cargoes.
Some vessels on their way to the United
States were ordered by Tokio to turn about in mid-
event of
obviously were aimed at cutting off the
as
American
ship, to bq sent to Yokohama for the pur¬
ing of silk manufactures and much unemployment
silk centers such
as
Paterson and Philadelphia.
in
Ar¬
rangements were completed last Saturday, on the
other
dollar
hand, for continued debt service by Japan on
bonds floated in the United States, from
funds
frozen
on
which licenses were issued by the
Japanese military intentions were not disclosed
conjecture continued as to whether the next
move
of the aggressors
Indies,
all
Asia
Southern
ward
or
in the Far East will be to¬
and
the
Netherlands
the Maritime Provinces of Siberia.
appearances
The British intention,
Japanese attack.
a
reported Thursday from London, is to give mil¬
itary as well as diplomatic and
to
East
To
the Japanese intentionally set Re¬
similar
to take
disclaimed
measures.
any
land.
•
The Japanese
German and Russian Claims
OFFICIAL claims and counter-claims concerning
the
struggle in Eastern Europe differed
vast
widely, in this seventh week of the fighting,
passed and great victories achieved, while
armies have
has been
the
Russians stated that the German
been halted and
as
lack
disintegrating.
are
apart
as
tion of the battles
by foreign press correspondents,
pro'pagandistic reports given out in Berlin
Moscow necessarily have been viewed with sus¬
and the
and
picion.
Rather
more
fulsome statements than usual
this week in the German capital,
the claim was advanced on Wednesday that
made public
were
where
in either way.
Saigon and other ports of French
Indo-China, and a degree of diplomatic pressure was
land
by Tokio at Bangkok, the capital of Thai¬
(Slam).
The Siamese Government announced
recognition, Tuseday, of the Japanese puppet-regime
in Manchukuo.
Dispatches from Bangkok stated
that
Thailand
was
disposing its forces along the
border of Indo-China.
the
For
one
reason
or
another
Japanese suddenly changed their tune, Wednes¬
day, and expressed great indignation over all the
excitement.
No definite information was available
These reports,
the Poles, made glaringly obvious the
of reliable dispatches from competent indepen¬
observers.
Neither side has permitted observa¬
far
ments
might be interpreted
Men, equipment and supplies were
with the
the world that the turning point
Germans assuring
ports and rumors afoot which
exerted
yesterday
intention of moving against Thai¬
•:-"v;r;v-.>.yv:'/--; v:-''
the battle of Smolensk is over
landed all week at
economic assistance
Thailand, provided the United States is willing
dent
Treasury in Washington.
and
Bangkok, supplies of war mate¬
special
States, of course, among them a sudden halt¬
United
that parallel
allegedly being promised to Thailand in the
prob¬
The move has distinct repercussions in the
pose.
Washington
representations had been made by Great Britain and
the United States to
ably will be repatriated by means of some
in the
land would be
Japan apparently will be almost complete.
Presi¬
last week regulations
American citizens stranded in Japan
con¬
For¬
the same day, that any action
on
dent Roosevelt announced late
ocean.
of
Great Britain's
States.
United
the
this
State
of
Secretary
occurence.
issued
Hull
anese move
Far Eastern Tension
DANGERS of widening warfare in the Far East
undiminished, this week, as economic
from
Reports
Saigon, where the Japanese now hold sway, said
Wednesday,
sentatives.
made everywhere to meet all
were
contingencies.
impend.
enormous
and
and that fresh develop¬
The Reich Command asserted that
losses have been suffered by the Russians,
listed
some
of these
alleged losses.
Moscow
countered calmly with declarations to the effect that
the Soviet forces are
losses of the
class reservists and
being
holding
on
all fronts, with the
attacking Germans so heavy
that old
youths of 16 and 17 years are
thrown into the fray.
The reports agreed
only with respect to the general area of the fighting,
which continued on both sides of the western frontier
of Russia as
first
established in the period following the
World War.
The Commercial &
734
The
v
mere
possibility that the Germans may be
of additional gravity
Financial Chronicle
and Leningrad the objec¬
the Southern wing of the vast front the
mittedly still in
and the events
that might follow an early decision in favor of the
Reich.
There is, in all probability, a heavy ad¬
mixture of propaganda in the Berlin official state¬
ments, which emanated from Chancellor. Hitler's
tive.
conjectures regarding the conflict
front
line
land
But German reports on
headquarters.
operations have been reasonably accurate in
There were, con¬
stirrings in the Near East
previous campaigns of the war.
sequently,
and
some uneasy
and India.
in Afghanistan
even
possibly will
prophetic
prove
late last week,
of
issued inLondon,
was
by Secretary for India L. S. Amery,
Commons that the
who remarked in the House of
menace
A warning that
well may draw closer to India from
war
West in the next few months.
both the East and the
Diplomatic pressure was exerted on the Government
German and British representatives, with
of Iran by
respect to
an
alleged infiltration of Nazi "tourists."
The authorities at Teheran made it clear that they
desire to follow
a
In Turkey
strictly neutral policy.
and the Eastern Mediterranean discussion centered
on
the
possibility of
German flanking movement
a
against Suez and Egypt, in the event of a Reich
victory
in various
of the Russo-German war,
course
Russia easily can
far from certain that
picted the Germans
as
stalled
conclusion has been reached
a
The
imminent.
Moscow
some
action has been taken by
British
vaders.
London
advantages
Istanbul the
that
the
over
losses of
supplies already
Hints
were
a
war
has
In
troops.
by the Nazis, and in
was
current
material have been suf¬
British and American
effect
some
thrown out in
Northern Front
British.
from
now
war
said to be moving toward Russia,
are
possibly will have
that
Reich
European listening posts the report
enormous
fered by the Germans.
and
reported
were
circulated that close to 1,000,000
rumor
casualties have been suffered
some
and
sectors that offensive
convinced that the Red Army
as
strategic
progress,
the Soviet against the in¬
experts
war
de¬
bulletins
war
unable to make
as
completely in
so
any
These hints
the situation..
upon
London, early this week,
soon
were
be opened by the
may
taken
not
seriously by
military experts, owing to the inability of the British
to
find "soft spots" at
Kirkenes, Norway, and Petsamo
Finland, in the aerial assault from
Arctic, last week.
winter closes down count
in
maneuver
the
Far
probably is nothing
induce
the
a
carrier in the
The brief remaining weeks before
a
British
North, and the entire affair
more
dispatch
heavily against
of
than
Nazi
a
British attempt to
forces
Northern
to
A
in
special report
Berlin,
brings
the Russo-German
war
issued
said to be completely cleared of all
The Soviet
longer in possession of
certainly
a
leadership
was
manian, Hungarian and Slovakian units with great
Battle of Smolensk
great
allegedly ended, the state¬
bloody losses had been
claimed briefly that
ment
the
where
center,
was
inflected upon the
Summarizing results
Russians.
operations, the Reich statement claimed that
of all
895,000 prisoners had been taken, while the
wounded
the
of
number of
tough
"extremely
fighting opponent"
dead and
bitterly
and
said to be many times the
Material losses of the Russians,
were
prisoners.
according to the statement,
13,145 tanks, 10,388
were
pieces of artillery and 9,082 aircraft. German infantry
marched
than
more
1,000 kilometers into Russian
territory and the Nazis
stand ready, the report
now
concluded, to "continue with
tions in this destructive
a
What has been
letins"
phase of
a new
opera¬
battle, which has begun with
of the greatest victories."
sequence
was
aptly called the "battle of the bul¬
continued
more
actively by Moscow and
Berlin, after the special German report was issued.
stated early yesterday that claims
put forward by Berlin are "Arabian fairy tales/'and the
comment
was
added that fighting continues grimly on
entire front from the Baltic to the Black Sea.
the
forces
Russian
holding the Nazis everywhere,
are
according to Moscow.
It
pointed out in the
was
capital that the Germans neglected to supply
Soviet
figures
their
on
losses, and Moscow said that
own
1,500,000 casualties actually have been suffered by
the
Germany in
Smolensk front
against
campaign,
A second
Russian casualties.
was
in the
sians
more
were
said in Berlin dispatches to
indicated that Nazi losses in the Russian
be announced because information
Russians
might thus be disclosed.
held out, however,
in
a
have
cannot
war
helpful to the
Assurances
were
that the German losses have been
proportion to those of other European campaigns,
of
number
gained
be
than
alleged to have been employed
break-through of the Stalin line, which the Rus¬
now claim neveir existed.
Informed German
commentators
now
the
on
issued by the German High Com¬
of the tactics
resume
600,000
some
general report
mand/Thursday, but it contained little
was
considered.
effectives
that German losses
The
are
impression
held in Berlin to
actually far larger than in earlier battles of this
war,
but
relatively
modest.
The German
aerial
bombing of Moscow continued this week, whenever
weather conditions
little
damage
foreign
prove
permitted, but the Russians said
done and they conducted
was
newsmen
a
party
through vast automobile plants to
the point.
Battle of the Atlantic
reliable picture of the
ALTHOUGH official reports of shipissued by the
sinkings in
longer
being
^
the Atlantic
British
war
decided
turn
Germany.
been made available to
effective
Moscow by fulsome state¬
Operations south of Lake Peipus
were
de¬
no
Admiralty, it
situation, and the brevity of previous reports was
on the ground that information might have
the
In
achievements.
no
said to be
explained
ments.
Russian forces.
fighting the Germans credited Ru¬
In the southern
compels attention, since it
signify the approaching end of the campaign,
if accurate.
was
alleged: accountings of German
and Russian losses which almost
successes
would
to date
up
on
Wednesday,
between
Bessarabia
and the Dnieper Rivers.
Dniester
the
of
Norway at this critical time.
deep into the Stalin
line, and a turn southward by German forces
The Soviet regime
conflict.
Germany victoty in
be overdone, however, since it is
Apprehensions regarding
is
with the
and possibly will be
determined by the outcome of that
or
ways
On
progress,
Nazi statement claimed advances
Developments in the Japanese
Russia.
over
situation obviously connect
with the battle ad¬
scribed only in general terms,
correct in their claims gave a tone
to all
Aug. 9, 1941
for the
are
appears
better
quite obvious that
has
phase of the conflict between Great
Britain
German submarines probably
under
the
patrol
a
developed in this
system
are
and
less
developed
Washington, and numbers of these vessels
may
in
be
Volume
The
153
Air¬
being
by the Nazis from Atlantic ship lanes to
operating in the Baltic against the Russians.
planes
diverted
total
even
the
reports claim only a relatively mod¬
sinkings of British, allied and
recent
of
are
The result is that
conflict.
the Russian
official German
est
raiders evidently
surface
and
Such
neutral vessels.
sinkings for July, the German
totaled
407,600 tons, this being the smallest claim for any
month since last February.
Experience tables indi¬
announced last Tuesday,
High Command
usually have been almost
cate that German claims
double the admitted
and if this
that
the
a
sinkings of London authorities,
tendency still prevails it would appear
July losses
tons
miralty in London announced, last Sunday, that an
vast
a
by torpedoes, and
Italian cruiser had been hit twice
that two Axis
supply ships had been sunk in the
British
Mediterranean.
shelled Italian
aerial
Tuesday
on
bombing of the same ports promptly followed.
These attacks doubtless
cations
available,
are
are
significant, but no indi¬
yet, regarding British in¬
as
An incident of the conflict was the death
tentions.
in
destroyers
ports on the island of Sardinia, and
airplane crash, Thursday, of Bruno Mussolini,
an
second
of the Italian Premier.
son
lini, who
was
23
Captain Musso¬
old, was testing a new bomber
years
when the machine crashed.'
at a rate of perhaps 50,000
were
This is
week.
735
Commercial & Financial Chronicle
%■/
.
Fettered Europe
improvement as against
previous four months of this year, but the rate
MUCH unrestFrance and in allunoccupied and
prevails in both the countries
occupied
!•
of
sinkings remains perturbing, since the current
losses
7,000,000 tons of merchant shipping have been
sunk in the
of the
course
British aerial attacks
held
military objectives
on
on
Nazi-
on a
large
Germanv and
continued
scale, this week, despite periods of bad weather
modified
which
numbers of
man
bombing
on
Great
occasion.
was
particular
a
The German base
target
over
last
the
week-end, and the British fliers turned their atten¬
tion
German cities when
and southern
western
to
rain made shorter
flights advisable. Hanover, Mann¬
heim Frankfort and Karlsruhe
Berlin
heavy bombings.
was
were
singled out for
battered in a week-end
raiding party of between 260 and 300 planes, ac¬
The German air force
cording to London reports.
retaliated
feebly, which indicates that the situation
remains much
it has been
as
ever
Great
May 10.
on
Britain
manage
an
Nazis
since the
began to divert their aerial strength to
Europe
Eastern
The conviction is spreading in
;
the Nazis
that
will not be able to
invasion attempt this season, notwith¬
standing the warning by Prime Minister Churchill
of
dangerous days early in September.
The German
preoccupation with Russia has reassured the aver¬
age
Englishman to such
crowded
exists
over
the
a
degree that resorts were
August bank holiday, despite
ap¬
peals by the authorities for avoidance of travel.
Mediterranean Action
sive, this week, but
to
develop
a
as
resumption of heavy fighting
forces
Axis adversaries
are
Mediterranean.
For this
of individuals and
nence.
The
not
of the British
and
engaged, currently, in the
very
season
small units
gained
the exploits
more
In
since
the
began, last Sunday.
war
Norway matters reached a point making neces¬
German declaration of a state of emergency.
sary a
Sabotage
on
large scale has developed in Yugo¬
a
slavia, where the German conquerors are visiting
punishment
condign
"collaboration,"
full
con¬
delicacy, with the Germans still pressing
of extreme
for
communities
the
regulations of the conquerors
The French position remains one
being defied.
are
upon
In Greece all
cerned.
Henri
Marshal
while
Philippe Petain makes only those concessions which
Through Acting Secretary of
he finds unavoidable.
State Sumner
Welles, the Administration in Wash¬
criticized the Vichy regime, last
ington severely
Saturday, for making concessions to Japan in IndoGovernment
countered, Mon¬
day, with a dry statement to the
effect that a de¬
China.
fense
The French
against British aggression had proved possible
Syria, but that no opportunity seemed to exist
in
Indo-China, where
accordingly were
accepted.
No such situation prevails in any other
part of the French Empire, and especially not in
Africa, Vichy added.
These contentions were set
for
sending reinforcements to
Japanese "military precautions"
a
formal note to Washington,
Discount Rates of
Wednesday.
Foreign Central Banks
THEREdiscount rates of
have been no changes during the week in
the
of the foreign central
any
banks.
respectful distance,
sharp sortees by the British Empire units have
at
rates
Present
shown in the table which
v
Effect
Aug. 8
Country
leading
the
centers
are
follows:
■
v-
Rate in
promi¬
siege of Tobruk is being continued by
the Italians and Germans at a
since
first time
the
forth in
cooler weather returns to the
Main
Desert.
Western
Swedish
being sustained by the Nazis.
more
were
sure
good deal of perturbation?
dispatches reported dissatisfaction in the Reich for^
MILITARY incidents spectacularMediterranean
in the than conclu¬
region
is
a
respecting the outcome of current battles and
the losses
heavy bombers ranged nightly over Ger¬
ports and industrial centers.
Kiel
at
the
Within the Reich itself
war.
were
Nazis, according to
reports from listening posts in Europe.
numerous
than
-
top of British admissions that more
on
come
under the heels of the German
vious
Effective
Effect
Aug. 8
Country
Rale
Holland
1 1936
Pre¬
Rale in
Pre¬
Date
Dale
vious
Effective
Rate
2H
June 20 1941
3
4
Argentina..
3X
Mar.
Belgium...
2
Jan.
5 1940
~2~X
Hungary...
3
Oct.
Bulgaria
5
Dec.
1 1940
6
India
3
Nov. 28 1935
3X
Canada....
2X
Mar. 11 1935
4X
Chile
3
Dec. 16 1936
4
Japan
May 18 1930
Apr.
7 1930
3.65
18 1933
5
Java
«•
mm
...
Italy......
3.29
22 1940
3
Jan.
14 1937
15 1939
5
4
much
damage on the Axis forces.
Air¬
planes of American manufacture are said to have
been made available in numbers to British fliers in
the eastern
Mediterranean, and this has aided the
4
July
6
July
3
Jan.
1 1936
3X
Morocco...
6X
4
Jan.
2 1937
5
Norway
3
May 28 1935
May 13 1940
4
Oct.
16 1940
Poland
4X
Dec.
Erie...
3
June 30 1932
4H
3X
Portugal...
4
Mar. 31
1941
4X
England...
2
Oct.
26 1939
3
Rumania
3
4X
Oct.
1 1935
5
South Africa
Sept. 12 1940
May 15 1933
3X
Estonia
inflicted
4
Dec.
3 1934
4X
Spain
*4
Mar. 29 1939
5
1H
Mar. 17 1941
2
Sweden
3
May 29 1941
3X
Switzerland
IX
Nov. 26 1936
2
Yugoslavia.
5
Feb.
Colombia..
vakia
...
Danzig.
Denmark
Finland
..
...
France
attacks
against Axis forqes. German fliers, however,
engaged in long-range attacks against Suez and the
British
base
at
Alexandria,
and Berlin claimed the
on
Greece
*
Not
-.
3X
Apr.
6 1940
6
Germany
4
Jan.
4 1937
7
...
..
.....
3H
17 1937
1 1935
7
4X
4X
5
4X
6X
officially confirmed.
several occasions,
Foreign Money Rates
blocking of the Suez channel
through sinkings of ships.
British submarines
are
making exceedingly difficult the Italian problem of
supplying Axis troops in northern Africa.
Lithuania..
Czechoslo¬
The Ad¬
IN bills Friday market discount rates for1-32%
LONDON open 1 1-32%, against 1 short
on
on
were
Friday of last week,
as
and 1 1-32@1 1-16% for
The Commercial & Financial Chronicle
736
three months' bills, as against 1
Friday
Money
1-32%@1 1-16%
on
of
call at London
on
awards
were
annual
Friday of last week.
bank
on
1%.
was
at
0.106%
discount
THE Bank's note circulation again climbed week
record high of £667,024,000 for the to a
and 90
computed
average,
Call
basis.
loans
on
an
the
on
Exchange held at 1% for all trans¬
and time loans again
actions,
1K% for 60
were
days, and llA% for four to six months.
new
ended Aug. 6.
1941
$100,000,000 discount bills due in 91 days, and
New York Stock
Bank of England Statement
Aug. 9,
New York Money Rates
The current advance of £8,594,000
makes the total increase of notes in circulation since
Jan.
22
while
reserves
Gold holdings
£68,598,000.
registered
weeks, of £8,573,000.
a
rose
£20,703
loss, the tenth in
as many
Public deposits
£6,621,-
rose
000 while other
deposits declined £24,354,683. Other
deposits consists of "bankers' accounts" and "other
accounts," which fell off £23,230,859 and £1,123,824
respectively.
The proportion of reserves to liabilities
dropped to 8.4%, the lowest point since April 23,
when the record low mark of 5.0% was hit.
Govern¬
ment
other
security
holdings
£2,937,453 represented
and
vances
various
The discount
Below
comparisons
we
for
furnish
previous
'
BANK
OF ENGLAND'S
Aug. 6,
COMPARATIVE
lAug. 10,
Aug.
1938
11,
667,024,1)00
Public deposits
17,907,000
Other deposits
158,245,862
Bankers' accounts. 108,850,249
Other accounts
49.395,603
Govt, securities
156,117,838
Other securities
23,030.592
Disc't & advances.
Securities
Reserve notes <fc coin
Coin and bullion
Proportion of
3,607,934
19,422,658
14,948,000
1,971,751
19,242,525 31,845 568
19,315,370
19,036,046
162,664,936 117,583, 624 140,592,042 129,936,858
114,091,002 81,654 ,303 106,078,635 93,574,093
48,573,934 35,929, 321
34,513,407
36,363,765
157,327,838 114,831, 164 109,716,164 111,129,879
25,152,962 27,487, 467 30.781,966
26,246,632
3,128,441
5,954 915
9,238,359
5,907.100
22,024,521
21,532, 552 21,543,607
20,339,532
17,432,321
25,226, 534 37,555,462
29,760,537
1,103,655 247,103, 472 327,548,942 327,627,813
8.4%
2%
Gold val. ner fine oz_
9.5%
2%
168s.
168s;
Bank of
continued active this week.
been heavy
and the supply of
Ruling rates
The
paper
demand has
has been fairly
%@%% for all maturities.
are
Bankers' Acceptances
16.8%
2%
148s.
THE market for prime bankers' demand been
been
week.
The acceptances has
inactive this
good but only
available.
has
limited supply of bills has been
a very
Dealers' rates
reported by the Federal
as
ing 90 days
and includ¬
Yf/o bid and 7-16% asked; for bills
are
running for four months, 9-16% bid and Yi% asked;
613,671,334 521,876 ,938 489,993,480 407,867,276
reserve
to liabilities......
Bank rate..:
lj^% for four, to six months'
1937
£
Circulation
new
money
The market for prime commercial paper
maturities.
large.
time
Rates continued nominal at 1%%
quiet.
to 90 days and
has
for
Reserve Bank of New York for bills up to
STATEMENT
Aug. 9,
1939
Aug. 7,
1940
1941
continues
up
market
The
loss in discounts and ad¬
a
with
and renewals.
loans
£2,655,000 and
unchanged at 2%.
items
*
'
years:
was
ruling quotation all through the week for both
Of the latter amount,
£3,549,287 in securities.
rate remained
the
decreased
securities, £6,486,740.
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
6d.
23.4%
2%
84s.
19.90%
2%
11 M<1. 84s.
11 ^d
for five and six
The bill
is
months, %% bid and 9-16% asked.
buying rate of the New York Reserve Bank
y2% for bills running from 1 to 90 days.
Discount Rates of the Federal Reserve Banks
'"THERE have
1
been
recent advances
schedule of rates
THE Bank's statementshowed notes in circulation
as of July 31 compared
with that
July 15
of
of paper at
banks;
Governnent obligations are shown
on
in the footnote to
Germany Statement
changes this week in the
no
rediscount rates of the Federal Reserve
the table.
The
following is the
in effect for the various classes
now
the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
at
;16,030,612,000
marks,
the
highest
compared with 15,565,047,000 marks
and
ings
12,749,607,000 marks
a
210,000 marks to
rose
year
month
The
; -
77,654,000
Philadelphia
New York
proportion of gold and foreign exchange to note
a
on
record:
it was 0.61%.
Investments fell off 29,191,
marks, while other assets and other daily matur¬
year ago
000
ing
obligations
increased
294,968,000
162,820,000 marks respectively
the
....._
Cleveland
various
items
with
marks
.
_
.
Aug. 27, 1937
Sept.
.
.
comparisons
May
Aug. 27, 1937
■,",V
Aug. 21, 1937
+
*IX
*1X
:
Chicago
...
Aug. 21, 1937
...
...
Minneapolis
..
...
...
City
2, 1937
Aug. 24, 1937
Sept.
.
*1X
San Francisco..... u4
.
_....
Sept.
IX
i—
for
previous
July 31, 1941
July 31, 1940
July 31, 1939
Reichsmarks
Reichsmarks
Reichsmarks
Reichsmarks
77,654,000
77,574,000
76,721,000
+ 652,175,000 16,754,261,000 12,613,054,000 8,460,711,000
Silver and other coin..
al70,488,000
228,218,000
121,055,000
Advances
a20,368,000
28,459,000
36,170,000
Investments
b
—29Vl9L000
114,277,000
924,951,000
Other assets
+ 294,968,000
2,130,968,000
1,814,364,000 1,510,713,000
Liabilities—
Notes In circulation... + 589,164,000
16,030,612,000 12,749,607,000 8,989,006,000
Oth. dally matur. oblig. + 162,820,000
2,132,820,000
1,620,436,000 1,293,698,000
Other liabilities.
0378,278,000
452,762,000
424,558,000
Propor. of gold & for'n
curr. to note
Figures
as
circul'n.
—0.02%
of June 23, 1941.
0.48%
0.61%
Hardly
any
and rates alsp
on tendency toward
the New York
merely continued.
transactions develop from day to day
in bankers bills and commercial
paper.
ury
in Washington sold last Monday
1, iyay,
Course of Sterling Exchange
BUSINESSquiet. The freeexchange shows little
in the sterling pound market con¬
tinues
bankers'
The range
sight, compared with
transfers has been between
pared with
a
range
for sterling
$4.03% and $4.03% for
of between
a range
$4.03% and $4.03% last week.
The range for cable
$4.03% and $4.04,
com¬
of between $4.03% and $4.04
a
week ago.
Official rates quoted by the Bank
tinue
unchanged:
a
United
3.2280;
no
were
2
3, 1937
Advances on Government obligations bear a rate or 1%, enective sept.
per
expansion,
2
2
New
York,
of England
con¬
$4.02%@$4.03%;
Canada, 4.43-4.47 (Canadian official, 90.09c.@90.91c.
New York Money Market
money
2
.
:'v+-
0.85%
b Not available.
BUSINESS market this week
done showed
.
Chicago; Sept. 16, 1939. Atlanta, Kansas City and Dallas; Sept. 21, 1939, St. Louis.
deviation from official rates.
for Week
a
2
2
,
3, 1937
Aug. 31, 1937
:
2
2
Sept.
IX
........
...
Dallas
and
COMPARATIVE STATEMENT
+ 210,000
2
11, 1935
ix
;,*IH
.
Changes
Assets—
IX
IX
2
4, 1937
ix
.
this week has been between
Gold & for'n exchange.
Bills of excn. & checks.
1. 1939
Below we-furnish
.
years:
REICHSBANK'S
i
....
Richmond
*
Rate
Sept.
ix
_..
_
Atlanta
Kansas
dropped to 0.48%, the lowest
I'reviousi
■■
Established
8
1
8t. Louis
circulation
Aug.
Federal Reserve Banks
Boston
marks, while bills of exchange and checks expanded
652^175,000 marks to a total of 16,754,261,000 marks.
Date
Rate in Effect
ago
Gold hold¬
ago.
total of
a
record,
on
a
The Treas¬
further issue
New
States
dollar);
Zealand,
Australia,
3.22S0@3.2442.
commercial bank rates for official
at 4.02
In
Italy,
Since
3.2150@
American
sterling continue
buying and 4.04 selling.
London, exchange is not quoted
or
any
July 26 exchange
suspended by
on
Germany,
of the invaded European countries.
on
Japan and China has been
Government order.
In
New
York,
Volume
The Commercial & Financial Chronicle
153
exchange is not quoted
of the Continental
on any
labor is creating
737
a
serious coal problem.
*
The Gov-
European countries due to the June 14 Executive
eminent lias refrained from using compulsion to
freezing order.
Japan and China was
transfer former mine workers back to the coal pits,
July 26, but trading has been
but it is thought the gravity of the situation will
Exchange
similarly suspended
resumed in the
ury
on
Shanghai
license.
on
V'
The first
compel the Government to
under special Treas-
yuan,
Great Britain placed
,
use
an
its compulsory power,
economic embargo
on
was
Finland on Aug. 2, declaring all goods destined for
Finland liable to seizure and severing all corn-
paid by the Reconstruction Finance Corporation on
mercial and financial transactions between the two
$100,000,000 of the recently authorized
$425,000,000 loan to the British Government
•
New York Reserve Bank of British-owned securities
direct
and
Jones
made
against
Stock
the
that
stated
The
Administrator
disbursement
listed
Exchange,
ordered
prices, based
States
in
23
included
in
to
owners
turn
a
on
1929
as
100, stood
on
'
July 22 at
month ago, 98.1 a year ago, and 70.3 at the end
The "Financial News" index of 30
industrial stocks, based on July 1, 1935
as
1001,
reached the year's high of 75.4 on Aug. 3 against
of
issues
;
"Economist's" index of commodity
of August, 1939.
York
New
On Aug. 5 the British Treasury
British
United
the
on
London
105.4, compared with 105.2 two weeks earlier, 104.8
was
$145,000,000 market value of such
securities
deposited
Loan
Federal
assets.
Jesse
.-.V..;
countries.
The loan is secured by deposit with the
Aug. 1.
col-
74.5
Among the securities called
ago,
securities
the
a
week before, 72.7 a month earlier, 60 a year
United
the low record of 49.4 on June 26,1940, and the
high record of 124.9 on Nov. 11, 1936. The bond
index, based on 1928 as 100, was 129.8 on Aug. 3
against 129.8 a week earlier, the year's high of 130
<m July 11, 129.2 a month ago, 120.1 a year ago,
States efforts to curb inflation with keen interest,
the low record of 93.6 at the end of September, 1931,
in
and the high of 141.6 at the end of January, 1935.
The cost of Australia's military expenditure in
lateral for the RFC loan.
were
specified stocks and bonds of the Celanese Cor-
poration of Chicago, Pneumatic Tool, Cities Service,
W. R. Grace &
London
belief
the
Co., and Standard Oil of New Jersey,
circles
financial
that
are
vigorous
following
preventive action will
inure to the benefit of both countries.
have attacked the
tion,
The British
system of distribution
maintaining an army of 420,000 at home and overseas is expected soon to exceed in one year the total
Australian World War expenditure of £192,000,000.
The New Zealand budget presented to Parliament
on July 30 calls for a new war loan of £10,000,000,
with interest at 2^% for 5 years or at 3% on 10year bonds, to finance part of the cost of the war.
Of the country's total estimated war cost this year
equal basic rations for all and
«f £69,000,000, almost half is required abroad and
problem in various
borrowing surplus
savings,
ways
by taxa-
rationing indis-
pensable commodities, limiting the production
of
non-essentials,
In
view
of
the
salaries
felt
and
by extensive price fixing.
difficulty
of
controlling
and
wages
equitably under wartime conditions, it is
by London financial observers that the wisest
would be to devise
course
which would
thus
both
funds
ensure
reduce
available
While
a
spending
for
war
make
additional
^
purposes.
financial
London
and
opinion
the
approves
freezing of Japanese assets abroad, it is thought
that
will
effects
be
considerably delayed
Japan has had ample opportunity to prepare
for this
of
full
the
since
action,
as
indicated by the large purchases
strategic materials reflected in the heavy Jap-
import surplus.
anese
Misgivings
to the effectiveness of the
are
expressed
policy of economic
as
sane-
tions, owing to its disappointing results when
ap-
plied against Italy in the Ethiopian campaign.
An
outright embargo
it is
believed
in
all exports to Japan would,
on
these
circles,
prove
speedily effec-
Despite Japan's accumulated stocks of strategic
materials, London commodity traders assert that
application of the licensing system would
cripple Japanese
war
The British Ministry
of Economic Warfare is not prepared to
strict
a
followed
is still in
with
a
or
soon
metals, cotton and wool
required by the war machine.
whether
a
production because of Japan's
domestic deficiencies in the
v
liberal
indicate
licensing policy will be
respect to Japan, since the question
political phase, and until this aspect is
clarified, the effect of the licensing practice
international
on
commodity markets will remain
the
un-
TFR-300, on foreign-owned securities in the United
States is expected to be made to banks throughout
the country this week. The census of foreign assets
here was ordered when Continental European assets
were frozen by Executive order on June 14. Replies
are due on Aug. 30, and will be studied for evidence
of concealed Axis property.
The London money market continues easy. Call
money is available at 1%.
Bill rates are as follows: two-months bills, 11-32%, three-months bills
-1 1-32%, four-months bills 1 1-32% to 1 1-16%, and
six-months bills, 1 3-32%.
According to the Food Ministry, American food
supplies reaching Great Britain include lard and
pork products, cheese,
eggs,
milk products, dried
fruits, canned meats and canned salmon.
Fresh
produce from the United States will be used instead
Empire products because of the limited available
British
ist demand in the free market during the week,
reaching 89.12 on Thursday, the highest level since
November, 1939. Arthur S. Kleeman, president of
the Colonial Trust Co., who is the organizer and
head of the Credits for Canada Committee, stated
recently that the committee's aim is to stimulate
travel in Canada by United States residents, since
money spent by United States travelers plays a large
role in increasing Canada's supply of dollars, which
are used to buy war materials in this country. The
Canadian Exchange Control Board has decreed that
banks and business establishments in the Dominion
must allow a
certain.
of
this part is being provided by Great Britain,
Distribution of the Treasury questionnaire, Form
The Canadian dollar advanced on persistent tour-
five.
strict
.
refrigerator tonnage.
Shortage of mining
premium of 10%
on
United States
dollars,
The Newfoundland Foreign Exchange Control
Board has issued notice that from Sept. 1 it will
"°t accept unofficial 'Canadian dollars for benevolent and personal remittances from the United
States. Americans will have to buy Canadian doltars at the official rate of exchange.
;
The Commercial & Financial Chronicle
738
Montreal funds
ranged during the week between
discount of 11%% and a discount of
a
The amounts
follow
of
gold imports and exports which
United States Department of Commerce and
cover
the week ended July 30, 1941.
and
imports
gold
exports,
july
24
to
30,
inclusive
imports
buuLrulnd coinZIIIIIIIII
Refined
Exports
*4!859!so4
I...I
I
HZIIZ
$6 919354
Detail of Refined Bullion and
Nil
Coin imports
blocked United States accounts for limited trans-
ish Commonwealth, the Union of Soviet Socialist
Republics, the Netherlands East and West Indies,
Bie Belgian Congo and Ruanda-Urundi, Greenland,
and Iceland. The amended general license does not
apply to persons or firms whose names appear on
the recent United
States blacklist
4 743 382
' ie]54i
Peru, $965,779 Philippine islands.
Gold held under earmark at the Federal Reserve banks remained
production of strategic
$4.03:%;@$4.03% for bankers'
sight and $4.031/£@$4.03% for cable transfers.
Monday the
On
?4.03i,4@$4.03% for bankers'
sight and $4.03i/2@$4.03% for cable transfers. On
range was
Tuesday bankers' sight
cable transfers
bankers'sight
fers
Avas
$4.0314@$4.03% and
On Wednesday
f4.03%@$4.033/4 and cable trans-
$4.03%@$4.04.
were
$4.03l/4@$4.03%
was
was
.f4.Q3i/2@$4.04.
were
On Thursday the
bankers'
for
.$4.03y2@?4.04 for cable transfers.
|4.03i/2@|4.04 for cable transfers.
Friday
on
|4.03i/2
were
$4.03% for cable transfers.
finished at
quoted.
and
On Friday the
|4.08%@f4.03% for bankers' sight and
range was
tions
range
sight
Closing quota-
for
demand
and
Commercial sight bills
$4.00; GO- and 90-day bills
longer
are no
Continental and Other Foreign Exchange
A NNOUNCEMENT
States
the
ex-
a/ia
qn,n
of
full
immediate
military aid to Russia
was
in the increase in
priorities
same
on
war
United
made public
materials
as
circulation from
currency
123,000,000,000 francs in May, 1939 to present cirdilation
estimated
between
at
are
250,000,000,000 and
200,000,000,000 francs.
Aug. 4, promising "unlimited licenses" for exports
and
rq
net piofit of 58,800,000 marks,
a
an^ Pa^ taxes aggregating 213,000,000^ marks,
against 171,000,000 marks in 1939 and 125,000,000
marks in 1938.
Financial circles in Berlin point out that government agencies own about one-third of all industrial
shares issued in Germany and urge gradual liquidaHon of part of these holdings in order to satisfy
investment demand and check a potential price
boom due to the thin market,
The Hungarian National Bank on Aug. 1 suslanded quotations for the dollar and the pound, on
Hie ground that the American and British currencies
have ceased to have any value in European economy,
vi<-'hy government expenditures for 1941 are expected to reach 265,000,000,000 francs, including
125,000,000,000 francs for occupation costs. The inare seen
.
#
on
*
earned
flationary effects of the inevitable heavy borrowing
'
a'.
ix
in plant construction and
.
pansion,
mate-'
war
output substantially, invested
227,000,000 marks
Referring to day-to-day rates sterling exchange
was
financing
corporation in Germany, shows that the company,
which dominates
un-
changed during the week ended July 30 at $1,944,513,695.
Saturday last
to
The annual report for 1940 of the chemical trust,
rials' expanded its
on
or
not incidental to licensed trade transactions.
I. G. Furbenindustrie, the largest privately owned
1
CaSaKIngd<^m"~"""V—7
—-----—
MexicomilllllZZZIIIIIIZIIIIIIIIIIIIIIIIIIIIIIIIIIIIIZ
1941
actions with the Latin American republics, the Brit-
10%%.
taken from the weekly statement of the
are
Aug. 9,
♦—
granted to Great Britain and other countries resist-
I^XCHANGE on the Latin American countries is
E-i quiet. The United States Department of Com¬
ing aggression.
merce
lieved
to
frozen
Two days later Soviet orders, be-
total
under
about
foO,000,000, which had been
export control restrictions, were
re-
has been able to avert dislocation of the busi-
of United States importers and exporters by
ness
providing them with the
names
of approved agencies
leased, and export of materials is understood to
available to replace those on the
have
During the past 20
begun.
The trade
agreement between the United States
and the U.S.S.R.
5,
on
was
renewed for
a
year
most-favored-Nation basis.
a
from Aug.
While
Russia
agreed to buy $40,000,000 of American goods last
year, no amount is
specified for the present term,
but the Soviet ambassador said that Russia is seek-
ing all the supplies it
sian
requirements
can
are
get here.
The chief Rus-
reported to include machine
tools, metals and metal-working machinery, oil drilling and manufacturing equipment, planes, artillery,
ammunition,
and
various
types
of
scientific
ap-
paratus and industrial equipment.
Domestic Commerce has classified
and
since the
more
beginning of the
commodities
and
trading
be available
new
as
about 400
a
"Commerce Weekly."
According to
February
United
such
States
as
that
offsetting
purchases of Russian commodities,
manganese,
coal, platinum, industrial dia-
monds, will provide large additonal Russian credits
here.
Under
countries
Z
a
Treasury order of Aug. 6, citizens of
whose
United
by freezing orders
are
States
funds
are
permitted to draw
blocked
on
their
upon
in-
some
3,000
Inquiries
on
of
compiled and published in the
1939, and $86,934,124 in 1940. Foreign traders
place Russia's earmarked gold available for credits
expect
found
After investigation, lists
month.
concerns are
connections
and
firms
for United States agencies are received from resi-
American
$50,000,000,
mil-
dents of Latin American countries at the rate of
$69,691,498 in 1938, $56,638,-
at
a
has compiled
From these lists
agencies.
Russia
here
war
representatives have been suggested.
Jesse
951 in
than
vestigation by American foreign service officers to
Commerce
valued at
more
than 1,000 new lists covering Latin American
Commerce, United States exports and re-exports to
were
pro-Axis blacklist,
the Bureau of Foreign and
lion business firms by countries and commodities,
available
According to the United States Department of
years
Jones,
1,000
have
Secretary of
undesirable
been
severed
the basis of confidential
South
since
representa-
tions to importers and exporters in 4,050 cases,
Despite
the
loss
of
its
European
Brazil's trade in the first half of this
substantial gain
over
commerce,
year
showed
a
the 1940 period, accounted for
by higher prices for exports and reduced imports,
Brazilian imports of 1,761,684 tons in the first six
months of
1941
were
valued
against 2.236,325 tons valued
the first half of 1940.
at
at
2,764,432
contos,
2,663,840 contos in
Exports amounted to 1,580,-
Volume
237
The
153
1940
the
in
tons
period, valued at
2,681,282
the
the
between
vari¬
ous strategic materials,
Brazil gains an outlet for
export surplus materials, and Axis purchasing
steady supply of
agents are unable to acquire supplies, because
under
Government pur¬
chases the surplus of these materials remaining after
the regular market requirements of Brazil and the
pact the United States
Substantial shipments
United States have been met.
assured,
and shipments of industrial diamonds are expected
to reach $600,000 a month, while about 12,000 tons
of the anticipated 20,000 ton rubber crop will be
of
mica, rock crystal, and manganese are
The
Argentine
closed at 23.90
peso
free
The Brazilian milreis closed
Chilean exchange is nominally
quoted at 5.17 against 5.17.
is
or
against 23.85.
against 5.15.
Germany
Spain
63.667,000
x_
Netherlands
97,714,000
63,667,000
17,440,000
97,714,000
Nat. Belg__
Switzerland.
132,857,000
132,857,000
84.758,000
86,730,000
41,994,000
6,505,000
6,667,000
41,994,000
6,505,000
698,095,760
698.085,091
700,462,764
Italy
16,602,000
Sweden
Denmark
_
_
Norway
Total week.
Prev. week.
6,667,000
327,548,942
293,728,209
2,524,000
63,667,000
25,232,000
123,403,000
84,409,000
111,767,000
*141,367,896
328,601,484
3,828,550
63,667,000
23,400,000
96,117,000
96,600,000
98,448,000
34,222,000
6,555,000
6,666,000
29,236,000
6,539,000
7,442,000
against 15.75.
from
700.454,625
Europe has
in
war
of the countries shown in
many
*
1939, the Bank of'England
and Bank Notes Act,
Pursuant to the Currency
statements for March 1,
1939, and since have carried the gold hcldings of the Bank
cf the statement date, Instead of the statutory price
at the market value current as
which
was
ounce)
the
formerly the basis cf value.
Bank reported holdings of
On the market price basis (168s. per fine
£1,971,751, equivalent, however, to only
statutory rate (84s. ll>$d. per fine ounce), according to our
In order to make the current figure comparable with former periods
about £997,114 at the
calculations.
as
well
as
other countries In the
with the figures for
Bank of Germany as
Gold hcldings of the
tabulation, we show English
pounds.
holdings In the above in statutory
reported in 1939 and since Include
foreign currencies."
holdings have been revalued
several times In recent
one franc), insti¬
349 francs; prior
to March 7, 1940, there were about 2 96 francs per pound, and as recently as Septem¬
ber, 1936, as few as 125 francs were equivalent to the statutory pound.
For details
The Bank of France gold
y
basis of latest valuation (23.34 mg. gold 0.9 fine equals
tuted March 7, 1940, there are per British statutory pound about
years; on
this table in issue
of changes, see footnote to
Confusion
of July 20, 1940.
the Potomac
on
yen
is suspended under the United
ish
freezing orders of July 26.
Shanghai yuan
States and Brit¬
A fair volume of
was reported, at
transfers, when trading was resumed
Monday under special Treasury license,
on
5.47 when the
against
26.
freezing order was applied on July
The cable rate declined
5.25, below the year's previous low
of 5.26 on April
strongly last week as the only
vanced
for
some
Oriental transactions,
active at lower
available unit
remained moderately
quotations.
suspended
sailings to the United States. Documents covering
shipments ordered by traders arrive well in advance
Monday the Japanese Government
Last
would normally be presented
of the merchandise and
importers for payment this week.
protect importers of goods on
bidden
delivery,
ordered
Bank
the
that
In order to
which Japan has for¬
York Federal Reserve
drafts, letters of credit, and
New
similar documents may not
be accepted or paid ex¬
cept under special license in all cases involving the
interests of blocked nationals.
No provision has yet
been made for
from
other
So¬
jungle of capital¬
ist competition sounded like Hell, and they rose to
power, not on their ability to plan, but on their
ability to talk about how good it would be to plan,
if the country would only give them the necessary
power.
They tried to make us all 100% American
25 5-16
Friday
on
fans for
Now
the economic
at 49%
Manila closed on
against 49%; Singapore at 47%
against 47%; Bombay at 30.31 against 30.31; and
Calcutta at 30.31 against 30.31.
Gold Bullion in European Banks
THE following table indicates the amounts of gold
(converted into pounds sterling at the
84s. ll%d. per fine ounce)
in the principal European banks as of respective
dates of most recent statements, reported to us by
British statutory rate,
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
four years:
and where are
plans-to-have-plans, of
palpable and particular mess.
history was the opportunity for
The right wing opposi¬
long-term planning so large.
planning, once so useful to the Washington
idea-men as an excuse for the failures of their un¬
tion to
workable plans,
is
whole
Nation
needs
economic
and that the
nomic
agreed that the defense program
and close
planning
coordination,
inevitable coercion that goes
with eco¬
it is
In fact never was the need
large-scale, Nation-wide and long-term planning
necessary
for
The
is nil so far as defense goes.
planning must be accepted so far as
for defense.
And what have the planners
so
great.
A
defense
program
produced?
full of confusion, conflict of
authority, duplication of effort,
absence of central
direction, and general muddle.
"Associate"
to
Director
Hillman
switch 100,000 railroad
said
he
mechanics into
shipbuilding and aviation, and Transport Commis¬
sioner Budd said he didn't like it.
OPACS an¬
nounced it would cut
automobile output 50% begin¬
ning in November, and OPM
he
hadn't
ordinator
Carmody.
been
Director Knudsen said
consulted.
Palmer
had
Howling
a
Defense
Housing
Co¬
run-in with PWA Chief
Harold
Ickes,
number
one
troublemaker in the defense program, told a press
conference
bullion
a
Never in American
have been
Friday of last week.
the defense program,
plans, and the
In
yesterday?
OPM
Far Eastern centers which
plans.
comes
wanted
in transit owing to the Japanese
political theology the "Planned
In their
handling documents covering goods
situation.
The Shanghai yuan closed on Friday at 5.10.
The
Hongkong dollar closed on Friday at 25 5/16 against
held up
minds of the New
housestops by the scintillating
ciety" sounded like Heaven and the
and closed on Thursday at
22, when the Chinese Government withdrew support
from the market.
The Hongkong dollar, which ad¬
defense, the
planning" were shouted from
wonders of "economic
EXCHANGErestricted. Far Eastern the Japanese
on the Trading in countries is
severely
the
dead days before
the dear
Back in
The Mexican peso is quoted
Deal.
in
105,490,000
75,498,000
83,427,000
25,897,000
6,549,000
6,602,000
regular reports were net
war,
the
5.42c. for cable
2,489,200
87,323,000
25.232,000
made it impossible to obtain up-to-date reports
this tabulation. Even before the present
obtainable from Spain and Italy, figures for which
are as of April 30, 1938, and March 20, 1940, respectively.
The last report from
France was received June 7; Switzerland, Oct. 25; Belgium, May 24; Netherlands,
May 17; Sweden, May 24; Denmark, March 29; Norway, March 1 (all as of 1940)
and Germany, as of Aug. 8, 1941.
>.
Note—The
The Chilean export peso
Peru is nominal at
nominally at 20.70 against 20.70.
business
£
327,627,813
293,245,425
899,472,930 1,075,496,151 1,039,380,465
878,527,976 1,074,207,850 1,067,464,689
nominally quoted at 4.00.
15.75
to
*588,118
242,451,946
3,878,700
•deposits held abroad" and "reserves in
market peso
The Argentine official
unofficial
is pegged at 29.78.
at 5.15
£
•
x
sent to the United States.
1937
1938
£
"
*997,114
242,451,946
3,882,700
France y
agreement concluded
United States and Brazil on May 15,
two-year trade
the United States is assured a
the trade
£
1939
1940
£
England
contos this year.
Under
1941
Banks of—
1,605,832 tons valued at 3,085,509
contos, against
739
Commercial & Financial Chronicle
that
the Federal
power program was
Power Commission's
ill-advised and carelessly pre¬
pared and that as head of the Northwest Power Au¬
thority he would "ignore" it, and not content with
run-ins with both the FPC and the OPM in his role
as
utility magnate he
proceeded
in his role
as
petroleum czar to similar run-ins with the Maritime
740
.
Commercial & Financial Chronicle
Commission
and
the
lease-lend
authorities
tanker-diversion to Great Britain.
over
Our program of
"economic warfare" despite the recent
appointment
of
Vice-President
qualifaction
South
seems
Wallace
its
as
to be that he
America—is
once
hotbed
a
head—his
of
took
a
sole
trip to
tile
goods which did not happen to be those affected
twice after all.
civilian consumption after having failed to
jealousies and red tape, neatly illustrated last week
ings
asset-freezing rule, against Japan,
barely unfrozen in time to let the holders of
Japanese bonds get their interest.
craft
Board,
airplane
them
Our
program,
for
was
lease-lend
appropriation
of
com-
transports, by gasoline rationing and by
passenger-car output restriction—but there is no coordination about the matter.
system of industry committees is to be set up
in OPACS
duplicating that of OPM. There are two
OPACS, two in the Army and
are
two
over
the front
pages
of the
Though the Bland Ship Warrant Act
was
news-
certain
now
conferring with ship operators about the
sary
rules under this legislation,
one
Materials sections
in the Navy,
or
divisions
in
The Securities and Exchange Commission, in spite
Commission
for
pany
on
a
coming
on
turned down
large
the
shortages, has just
power
application by
an
new-money
large
a
power com-
bond offering registra-
ground that it won't work out to the
right kind of financial structure,
And
so on.
Consistent refusal of the Administration to make
reasonable move toward protecting industry
against the anti-trust laws in its defense activities
any
OPM, one in OPACS, and one under the Joint
Army and Navy Munitions Board. Procurement au-
gram.
thority is split between the Army and the Procure-
year
ment and Production Divisions of the OPM.
neces-
of horrendous warnings from the Federal Power
separate Construction authorities in the OPM, two
there
warn-
Eastern
for months.
tioii
A
and
Far
the
Congress in June, the Maritime Commission is just
mercial air
in
while
lays out specifications and finds
squeezed by tanker and coastwise ship diversion, by
impending shortage of railroad freight and pas-
by
all
threat
trade
to be passed from the time it was introduced into
an
cars,
from the silk
our
group
mysteriously upset by backstairs wire-pullers,
national transportation facilities are
being
senger
accumu-
stockpile of silk in the face of persistent
a
papers
The Joint Air-
excellent coordinating
an
Then the defense authorities sud-
denly froze all silk stocks and cut thein off from
late
was
1941
9,
by the order—and then the ceilings had to be lifted
jurisdictional
when the latest
Aug.
is
one
of the worst bottlenecks in the defense proBernard M. Barucli pointed out early this
the need of such adjustment.
It is particularly
There
important in view of the Supreme Court's Madison
priority controls, a priority
list, blanket priority ratings, project priority
ratings, individual preference rating certificates,
industrial collaboration affects prices, and if it affccts prices it is price-fixing, which by previous de-
are
industry-wide
critical
and
a
Defense
duplication
is
Supplies Rating Plan.
probably
necesary
duplication, but it cannot be all
wonder
no
that
business
the
is
not
necessary and it is
find
Washington
of the word.
to be leaders
seem
real
sense
men
merry-go-round in the dizziest
Many defense leaders
Some of this
or
a
only in
Calvin
word.
sense
Coolidge, pre-defense meaning of the
put it another way, they lead only in the
that leadership consists in not
getting run over
To
by public opinion.
has
been
Our economic warfare program
heretofore retarded and stultified
by red
tape, tradition, and excessive
conservatism at
pre-
cisely the points where these things are undesirable,
The wildest kind of
figures come out of the defense
agencies. We are told that defense will require
800,000,000 pounds of aluminum, then
1,200,000,000
pounds, then 2,000,000,000, then 3,000,000,000; that
it will
require 300,000 tons of rubber, then 75,000
tons; that it will need 125,000,000 tons of steelmaking capacity, then that there isn't enough
scrap
and
pig
even for the present steel
capacity; that it
require 2,000,000 tons of copper a year, while
the Germans
got along in the year before the war
will
on
375,000 tons.
And
so
on.
OPACS
has
par-
ticularly distinguished itself for ineptitude in its
fly-swatting program of price control. It threw
the hide market into confusion
by putting
a
lid
on
top-grade hides which jammed the prices of all the
lower grades
up against this
demand.
Its
"inexperienced
"stymied
ceiling and distorted
price
experts"
every move that has been proposed to
have
keep
an
ample supply of scrap flowing"
according to the
irate Institute of
Scrap Iron and Steel, and through
a
price-ceiling
gray
for
a
a
poorly chosen
group
of textile7
goods it stopped Worth Street in its tracks
solid month,
during which OPACS Chief
derson made
was
on
to
put a
Hen-,
speech explaining that the
purpose
lid on consumer prices for certain texa
Oil decision last
year,
in which the Court found that
cisions is in restraint of trade
and nobody short of Congress
and
can
so
is
a
crime,
grant immunity,
In this last finding it upheld Attorney General
Jackson, who has however turned round and indicated that he
can
now
grant such immunity.
But
this much is withheld from most industries,
Mr. Ickes, for instance, who high-pressured the oil
industry into crime during the NBA and then
even
quietly
refrained
from
taking
any
responsibility
when the industry was on trial, is now repeating
the performance, insisting that the oil companies
d-o this and do that in the way of pipe-line co'nstruction, gasoline rationing, &c., without so much as
Mr.
Jackson's
blessing. Meantime
the
asking
"Mother Hubbard"
case
still hangs
over
dustrv, accusing it of crimes against the
the oil inanti-trust
act, Clayton Act, Elkins Act, FTC Act, RobinsonPatinan Act, and a flock of others, and while it is
preparing to put in two huge pipe-lines to the At-
lantic Seaboard it is still under legal attack in the
three pipe-line cases in which the Attorney General
charges that dividends to a parent-company from a
wholly-owned pipe-line subsidiary are rebates violatElkins Act.
The Cole bill contains no
dig the
exemption from the anti-trust laws, and indeed the
bill
now in
Congress to lift these
plying to industrial cooperation for
laws from ap-
defense has
no
Administration support whatever,
To make a long story short, the defense program
Is being run without any principles as to price-con-
trol, industrial expansion, taxation, wages, labor
relations, or anti-trust attack. The great Fuehrer
I11 the White House
game,
and the
is playing the old quarter-back
only principle
through the defense
program is
that
seems
"politics
The most ironic thing about the
as
to
run
usual."
defense program,
perhaps, is that private large-scale economic planning, and large-scale economic planning by business
Volume
xmen—far
defense
likely to have produced
more
been
being consistently hamstrung by the
is
political planners
economic
would-be planners.
or
"The
shocker,
Managerial
Professor James Burnliam says
will inherit the earth and
file
effective
an
In a recent
Revolution,"
that the managers
things, but apparently
run
question remains unsettled as to who are com-
petent to be called "managers."
==========
A
a
incomes
Surprise Attack
severe
against 369 in the affirmative, gave the measure
approval
to send it to the
necessary
Senate, where it may receive something like genuinely
deliberative
the
next
four
Democratic
and
wives
as
the
units
for
of most careful deliberation and study" and based
Monday of this
compulsory joint returns by husand then, with only 40 negative
bands and wives,
formal
husbands
of the
on
pending bill to increase the Federal tax revenues,
votes
of
Federal taxation, it is impossible not to de-
consideration, perhaps beginning within
Representatives,
vote.of 242 to 160 eliminated from the
the provision for
the
the hard-working and responsible Committee. A
plan intended to supply an added annual revenue
of $3,529,200,000, upon the best possible estimates,
has been incontinently cut to about 90% of the predetermined aggregate and, as it will go to the Committee on Finance of the Senate, headed by Senator
Walter F, George, of Georgia, would probably pro¬
duce no more than $3,206,200,000. Whatever may
bb thought of the proposal to treat the combined
plore such uncompensated mutilation of an arduously
matured and systematized scheme of taxation. For
this change the President, although his interference
evoked latent and selfishly interested support that
without it must have been impotent, is solely and
exclusively responsible. He was suitably rebuked
by the majority of the Committee, in whose behalf
the Chairman wrote that he "was greatly surprised"
by criticisms received "after more than three months
The House of
week, by
741
Financial Chronicle
than the present one—has
program
still
and
The Commercial &
1S3
five
or
The
weeks.
defeat
majority of the Committee
Means and its industrious
on
Ways and
and devoted Chairman,
upon
objections that had already been given "our
most careful consideration," adding that after the
reconsideration granted in courtesy to the President,
all his belated recommendations had been rejected
plan which had been devised to meet the sharp exi"by decisive majorities."
gencies of the?present intense energy of govern- *
As to the course pursued by the President, it is
mental spending was accomplished with the aid
difficult to conceive any explanation which does not
of the President who, at the eleventh hour, saw fit
involve some sudden ebulition of discontent, quite
to make public a drastic attack upon vital features
possibly more restless and whimsical than otherof the tax proposals elaborated during the prolonged
wise, with the existence of an essential activity in
Robert
Representative
Carolina,
Doughton,
L.
and arduous labors of the Democrats
mittee.
minority
North
of
essential element of the coordinated
upon an
of the Com-
Naturally enough, most of the Republican
inclined to
were
at the gratuitous
grasp
opportunity to win a partisan victory which would
responsibility to senatorial shoulders
that 116 of them, all but 35
merely shift
and it is not surprising
of those
present and voting, went on
the Committee's program.
the "community
Of
record against
course
the votes of
property" States, in which Federal
heavily reduced by the tech-
taxation of incomes is
nically lawful expedient
of making half of every
husband's income returnable as though it were
earned
substantially unanimous against
single vote from California or
Texas, the most important of those States, was cast
by his wife,
was
the Committee; not a
Government normally carried out beyond the
of his constitutional interference
or
control.
range
Con-
tinued exercise of autocratic powers in the largest
affairs may undoubtedly engender an attitude of
unbending resistance to even the smallest assertions
of independence in any other quarter and even though
the authority which the President has recently been
permitted to exercise, in foreign relations as well as
in domestic affairs, may be regarded as something
less than autocratic, nevertheless, he has at intervals
displayed that resentment of important decisions
elsewhere undertaken
that is characteristic of all
This is at least a more plausible explanasudden and deep interest in fiscal
operations, which would be quite foreign to the
autocrats.
tion than
any
this
interests and inclinations of a President who, in 1913,
defection, the Democratic majority, so far as it could be considered as
disinterested, was preponderatingly in favor of taking the Committee's plan in its comprehensive entirety, which was obviously sensible unless at least
when just aspiring to participation in national
politics, was offered his choice of an assistant secretaryship in the Treasury Department, under William
Gibbs McAdoo, or identical rank in the Navy Department, under Josephus Daniels, and chose the
latter, on the specifically assigned ground that the
former held nothing in which he was in any degree
to
Except
recommendation.
its
sustain
for
self-serving and self-protective
such
revenue-reducing changes as the one adopted
to
were
be
compensated
by
revenue-producing
attempted. The net
therefore, of the surprise attack made
amendments, which was not
consequence,
from the White House upon
evolved through the
man
the Democratic
Doughton and his associates is that, after only
the briefest and most perfunctory
but
a
bald pretense
Representatives,
entrusted with the high consti-
gate, of originating
most
heavily
is not permitted to dele-
the Senate mutilated
not know the total of their separate or combined
incomes, that would be subject to taxation, but it
may be regarded as quite certain that neither of
meet the carefully
demands of the
them will receive a smaller income, from salaries,
publications in book form and contributions to the
the hopeful aspirations of
periodical press, radio broadcasts, and the lecture
all budget legislation, the greatest
burdening measure of Federal
taxation in all history goes to
and
admittedly inadequate to
formulated
and
clearly expressed
Treasury Department or
discussion and with
of deliberation in the House of
tutional function, which it
and
program
diligence and wisdom of Chair-
interested. Moreover, it happily excludes another
explanation considerably less pleasant in contemplation. It happens that there resides in the White
House, when their separate activities of inclination or
obligations of duty do not call them elsewhere, a
married couple of considerable possessions whose
incomes, earned and unearned, are very much above
the average even of those considered to be exceedingly
wealthy, according to American standards. We do
742
The Commercial & Financial Chronicle
*
platform, during the calendar year 1941, than $125,To married persons receiving separate incomes
in such aggregates the privilege of
making separate
tions and must otherwise be bolder, more decisive*
and more determined.
It was for such complete
functioning that the popular branch of Congress was
created and it is for them that it is maintained and
000.
for Federal income tax
returns
valuable
taxed,
is
purposes
a
very
With separate returns each would be
one.
to both normal tax and surtax, upon the
individual income; if the law, on the other
hand,
should require a combined return the
couple, on their
as
united
incomes, would pay a very much heavier total
The difference, readily
computed, at the
1940 rates, and on the basis of individual incomes of
exactly $125,000 each, with no deductions for dependents, would be between the sum of the separate
payments, of $61,116.40 each, making a total for
them both of $122,232.80, with separate
returns;
or a single
payment of $148,944.40, with a unified
surtax.
and combined return.
to
suggest that
cuniary saving
Of course, no one would wish
sordid
so
consideration
a
as
a
pe-
Aug. 9, 1941
supported by the people, as the agency closest to and
surely responsive to an aroused electorate,
As such it is entitled to deal with and to control
both sides of the Federal budget, and all the items
of both sides, expenditures and revenues alike.
It
is impracticable, as experience has abundantly
demonstrated, to accomplish either phase of control
while abandoning the other phase to the Executive
Department.
A Congress, or a House of Representatives, which attempts to abdicate its proper
control of expenditures while retaining the exercise
most
of its initiative and ultimate decision in matters of
taxation, will soon find that it has lo'st both.
far, the Seventy-Seventh Congress, like ail
So
its
its
of $26,615.60 or possibly much
year's taxes, could interest a millionaire
President who has spent public
money with more
evident contentment than any president or
potentate
in history, with
perhaps the single exception of
Napoleon III. ; However, this last-minute intrusion
has abjectly surrendered
outlays from the public purse to the
Executive Department.
Inevitably, after such surrender and subservience, the President and his
intimate advisers have demanded and expected
equivalent surrender on the side of revenue and
from the
taxation.
With a commendable,
although belated,
exhibition of independence, the Ways and Means
Committee, the organ and instrument in that behalf
of the House of Representatives, has just attempted
in
more,
it had
one
White House warrants the
balance
no
on
criticism that
the constructive side and
merely
destroyed a planned equilibrium arrived at laboriously
and under most difficult circumstances.
It justifies
the expressed opinion that what the President attempted
'"too little and too late" and that he
should either have accepted, from the
beginning
many months ago, a very much larger share of fiscal
leadership and responsibility, or should have conwas
tinued to leave the initiative
as well as the ultimate
decision in such matters where the Constitution has
placed them both, that is, in the Congress of the
United States, and primarily in the House of
Representatives.
The fate of the proposal for
compulsory joint returns may not be
very much affected by what has
happened.
The almost contemptuous disregard
which the President has exhibited of the
opinions
and labors of men who, as
legislators, have commonly
done his bidding, is not likely to have
any profound
influence upon the Committee on Finance of the
Senate presided over by Senator
George, whom the
New Dealers, only a few years
ago, brashly attempted to drive from public service because he
would not obey orders and vote to
undermine the
independence of the Jbedral judiciary, especially the
Supreme Court. Before the taxation measure is
brought forward for discussion
timp
time
in
in
Spnfpmhor
tend
Senate,
September, thp fnrnTnittPo will be
the Committee will
iormulate its
the
to
returns
in the
some-
to
views which may or
may not exrestoration of the provision for
sure
own
joint
summarily but temporarily excluded by the
ardinn nf +Rp TTrnicp
S
action Ol the House.
There are strong
a+imnla+oH
Stimulated
arguments to be advanced upon both sides of that
question and much ought to depend upon other
features
o
4.
of
r*
the
measure
*4-4-
Senate Committee.
a4.
finally approved by the
x
•
At any rate, it is
,i
now
,
,.
the obli-
gation of that Committee completely to review the
fiscal
situation
and
to
restore
in
some
projected symmetry in the required
tion
which
this
week
s
has
decision
form
the
legislamajority
revenue
of
the
seriously impaired.
Whether that is achieved
by restoration of the provision for combined returns
or
bv uuiei eauallv effective pxrwlipnts nre<3Pnt<a
oy other equally eneciive
expedients, presents
question,
or
a
of
series
determined by Senator
the Committee.
Meanwhile, there is
a
a
questions, initially to be
George and his colleagues of
to
a
Representatives, if
of
propriations.
The
defeat
of Monday might have
If, however, it rankles with
sufficient persistence to
inspire realization of the
important truth here outlined, or to support de-
been
anticipated.
termination
tinued
to
exercise
with
consistent
and
con-
independence the full legislative control
public purse provided for by the Constitution,
of the
the entire incident and all its ramifications may prove
to be largely in the public interest and
salutary in a
profound degree,
The Course of the Bond Market
...
..
..
■
_
.
.
,
levelsetWs weeka
high
Prices for
ally better.
issues.
■
.
e remained at the same
s
high-grade railroad issues have been fraction-
Medium-grade rails receded,
Among^the former, Reading Co.
-|u°
as
did speculative
4%s, 1997, declined
\te
1956,
dropped
%
point
to
62%.
Among defau'ted rail
enjoyed a brisk rally
llI?°n.the announcement that the Interstate Commerce Commission had approved a plan of reorganization.
The
Wabash om. div. 3%s,
1941, advanced 4% points to 20%,
while other issues of the company registered
issues the Wabash Railway
bonds
fractional
gains*
w^n^ivn111 higher and better-grade
negligible.
Advances have been
speculative issues
such
utility bonds have
recorded
Commercial
as
by certain
Mackay 4s, Associ-
ated Gas & Electric debentures, and Portland
General Electrl5. 4%s, 1960. Laclede Gas Light Co. issues have been less
rv>^merican Telephone & Telegraph
*^o. new convertible debentures have been active
changed.
and
New
financing plans
Power
been
been reported in
by Northern
progress
°f Minnesota an(1 Ualifornia-Oregon
Co°Wer
Little of importance
the list this week.
occurred
in the industrial
Perhaps the high-light
was a
SXSl®
a-,rpJjce
,70' registered
the
?
y ?s'«
steel company obligations
fractional
changes
was the greater
un-
announced
by
Co. and Virginia Public Service
Co.,
Florida Power & Light
aild discussions have
have
and
Gotham
Silk
showed mixbd
have been generally steadv as
the remainder of the
list.
Mod-
oils
part of
erate strength has been
company issues,
section of
drop of 4%
shown
and
the
by the lower-grade
C'hilds Co. 5s,
amuse-
1943, gained
Csf mi Lt onf^inT at g^national MercantlIe Marlne
With the
exception
of Jananese
irregularly lower, foreign
nSl
nf
r??avishlng
issues, which continued
bonds reflected better sentiment
hi?hs Comm°nwealth
and
a
it
retain its proper
position in the Federal structure
of government, must more
fully and suitably occupy
the whole field of its
predecessors,
to resume an
independence on the taxation side
which, to be fully effective, would have to be balanced by a similar assertion on the side of the ap-
v
lesson to be derived from the
cruel and unmerited humiliation of
the Committee
on
Ways and Means, and its able
leadership. As
we
conceive that
lesson, it is that the fiscal determinations of the Hon e of
is
recent
control
constitutionally assigned func-
among European
loans
Belgian
6%s, and short-term
Nor-
weVVian? ,have been stron^
are
gtaln in°tteUfo?lo^ng
tables
i'""1 ^ Tield
averages
Volume
MOODY'S BOND
(Based on Individual Closing Prices)
1941
Corporate by Groups
Corporate by Ratings *
U. 8.
Avge.
Daily
Govt.
rals *
8— 119.20
107.98
118.20
115.24
7— 119.33
107.98
118.20
115.24
1941
*
Corpo¬
Bonds
Aug.
Aaa
Aa
A
AVERAGES t
MOODY'S BOND YIELD
PRICES t
(Baaed on Average Yields)
Averages
743
Financial Chronicle
The Commercial &
153
P.
V.
!i1 'i'
R. R.
108.70
92.20
97.47
112.00
108.70
92.20
97.47
112.00
■
Average
115.24
115.24
Corporate by Groups
Corporate by Ratings
Avge.
i']"
Indus
Baa
rate
Aaa
Fad
A
Aa
R.
Indus.
P. U.
R
8.
3.28
2.74
2.89
3.24
4.26
3.91
3.06
2.89
7
Aug.
3.28
2.74
2.89
3.24
4.26
3.91
V 3.06
2.89
2.89
3.25
4.25
3.90
3.06
2.89
3.25
4.25
3.90
3.06
2.89
6— 119.48
107.98
118.20
115.24
108.52
92.35
97.62
112.00
115.24
6
3.28
5— 119.48
v.1
2.74
107.98
118.40
115.24
108.52
92.35
97.62
112.00
115.24
5
3.28
2.73
2.89
115.24
4
3.29
2.73
2.90
3.25
4.26
3.90
3.06
2.89
=
4.. 119.50
107.80
118.40
115.04
108.52
92.20
97.62
2— 119.54
■
112.00
107.98
118.40
115.24
108.52
92.20
97.62
112.00
115.24
2
3.28
2.73
2.89
3.25
4.26
3.90
3.06
2.89
108.52
92.06
97.47
112.00
115.24
1-
3.29
2.74
2.89
3.25
4.27
3.91
3.06
2.89
119.56
107.80
118.20
115.24
July 25.. 119.55
107.80
118.00
115.24
108.52
92.06
97.47
112.00
115,04
3.29
2.75
2.89
3.25
4.27
3.91
3.06
2.90
112.00
115.04
18
3.30
2.74
2.90
3.26
4.28
3.93
3.06
2.90
1.—
"
July 25————
18- 119.47
107.62
118.20
115.04
108.34
91.91
97.46
11
119.46
107.62
118.20
115.04
108.16
91.91
97.16
111.81
115.04
11
3.30
2.74
2.90
3.27
4.28
3.93
3.07
2.90
119.55
107.44
118.00
114.66
107.98
91.77
97.00
111.62
114.85
3
3.31
2.75
2.92
3.28
4.29
3.94
3.08
2.91
June 27
3.31
2.75
2.92
3.29
4.29
3.93
3.09
2.92
—
3
—
June 27— 119.45
107.44
118.00
114.66
107.80
91.77
97.16
114.44
114.66
20— 119.02
107.09
117.80
114.46
107.62
91.48
97.00
111.44
114.27
20———
3.33
2.76
2.93
3.30
4.31
3.94
3.09
2.94
114.08
107.44
91.48
97.00
111.25
113.89
13—
3.34
2.77
2.95
3.31
4.31
3.94
3.10
2.96
3.32
4.33
3.96
3.12
2.99
13— 118.97
106.92
117.60
6- 118.81
106.74
117.20
113.70
107.27
91.19
96.69
110.88
113.31
3.35
2.79
2.97
116.61
113.31
107.09
91.05
96.69
110.70
112.75
May 29
3.37
2.82
2.99
3 33
4.34
3.96
3.13
3.02
May 29.. 118.71
106.39
23
3.37
2.81
2.98
3.34
4.33
3.96
3.13
3.01
3.37
2.82
2.99
3.34
4.32
3.95
3.14
3.02
3.36
2.81
3.00
3.34
4.30
3.94
3.14
3.01
3.35
4.32
3.95
3.14
3.02
3.05
6—
118.35
106.39
116.80
113.50
106.92
91.19
96.69
110.70
112.93
16- 118.52
106.39
116.61
113.31
106.92
91.34
96.85
110.52
112.75
91.62
97.00
110.52
112.93
23..
9_. 118.45
106.56
116.80
113.12
106.92
9
3.37
106.39
117.00
112.93
106.74
91.34
96.85
110.52
112.75
Apr. 25.. 118.62
106.21
116.61
112.75
106.56
91.19
96.69
110.34
112.19
118.28
105.86
116.41
112.56
106.39
90.91
96.54
110.15
10-
117.36
105.69
116.41
112.19
106.21
90.77
96.54
109.79
111.81
io—
91.48
97.00
109.97
112.19
4.
4.. 117.55
106.04
116.80
112.37
106.21
Mar.28— 117.80
105.86
116.41
112.19
106.04
91.05
96.54
109.79
111.81
21— 117.85
106.21
117.00
112.93
106.56
90.77
96.54
110.15
112.75
3.36
4.33
3.96
3.15
2.83
3.03
3.37
4.35
3.97
3.16
3.06
3-41
j.
3.02
2.83
3.05
3.38
4.36
3.97
3.18
3.07
3.39
18-
112.00
2.82
3.40
18
Apr. 25—
2.80
3.38
2
118.66
2-.
3.01
2.81
3.04
3.38
4.31
3.94
3.17
3.05
3.40
2.83
3.05
3.39
4.34
3.97
3.18
3.07
21———
3.38
2.80
3.01
3.36
4.36
3.97
3.46
3.02
14
3.38
2.78
2.99
3.36
4.38
3.97
3.17
2.99
Mar. 28
-''■v.:'
117.77
106.21
117.40
113 31
106.56
90 48
96.54
109.97
113.31
106.39
90.20
96.23
109.97
113.12
7
3.39
2.78
2.99
3.37
4.40
3.00
113.31
3.17
106.04
117.40
3.99
7— 116.90
106.21
89.78
95.92
109.79
112.75
Feb. 28
3.40
2.79
3.01
3.38
4.43
4.01
3.18
3.02
3.39
4.45
4.03
3.19
3.02
14..
112.93
Feb. 28.. 116.93
105.86
117.20
21.. 116.06
105.52
117.00
112.75
106.04
89.52
95.62
109.60
112.75
21———
3.42
2.80
3.02
113.12
106.21
89.64
95.92
109.60
113.12
14
3.40
2.77
3.00
3.38
4.44
3.19
3.00
14— 116.24
117.60
4.01
105.86
7———
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
31--_—----
3.37
2.75
2.97
3.37
4.37
3.96
3.18
2.97
24————
3.36
2.77
2.96
3.36
4.36
3.93
3.17
2.98
3.36
2.74
2.96
3.36
4.38
3.96
3.16
2.96
3.36
2.74
2.94
3.36
4.39
3.96
3.16
3.37
2.73
2.93
3.37
4.43
4.01
3.16
2.03
7.. 116.52
Jan. 31
117.14
—
24- 117.64
106.21
117.80
113.31
106.39
90.20
95.54
109.79
113 31
106.39
118.00
113.70
106.39
90.48
96.85
109.79
113.70
106.56
90.77
97.16
109.97
113.50
106.56
117.60
113.89
Jan,
118.06
106.56
118.20
113.89
106.56
90.48
96 69
110.15
113.89
17.
10- 118.03
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
10
17
.
118.65
3
High 1941 119.62
—
■-'■■v.
—.
3
118.40
114.46
106.39
89.78
95.92
110.15
114.46
118.60
115.24
108.70
92.35
97.62
112.00
115.24
High 1941
3.42
2.84
3.06
3.39
4.47
4.03
3.20
3.08
107.98
109.42
111.62
Low 1941
3.28
2.72
2.89
3.24
4.25
3.90
3.06
2.89
Low 1941 115.89
105.52
116.22
112.00
106.04
89.23
95.62
High 1940 119.63
106.74
119.00
115.04
106.74
89.92
96.07
110.88
114.85
High 1940
99.04
112.19
109.60
99.52
79.37
86.38
105.52
106.56
Low 1940——
Low
1
1940 113.02
3.06
3.19
3.78
6.24
4.68
3.42
3.36
2.70
2.90
3.35
4.42
4.00
3.12
2.91
3.54
Year Ago-"
Aug. 8, 1940
Yr. Ago
103.47
116.02
112,75
85.59
103.30
91.91
109.00
110.88
2
2 Yrs.Ago
Aug. 8'39 117.00
2.85
3.02
3.55
4.74
4.28
3.22
3.12
2.91
3.07
3.79
4.79
4.36
3.39
101.97
114.85
111.81
84.94
99.36
90.77
level or the average movement of actual
3.17
3.63
Aug. 8, 1939
109.97
basis 01 one
typical" bond (3H% coupon, maturing in 25 years) and do
price quotations.
They merely serve to Illustrate in a more comprehensive way the
yield averages, the latter being the true picture of
t The latest complete list of bonds used in computing these
movement
106.04
Years Ago—
prices are computed Irom average vie ds on the
These
average
3.81
3.35
—
1
Aug. 8 '40 115.55
*
2.95
106.39
of
The
the bond naraet.
Indexes was published In the Issue of July 13,
not purport to show either the
relative levels and the relative
1940, page 160.
Capital Flotations in the United States During the Month
and for the Seven Months of the Calendar Year 1941
Private
Corporate security flotations in July dropped to a total of
only $130,037,550, the smallest of any month in over a year,
comparing with $203,857,159 in June and $292,281,400 in
SUMMARY OF CORPORATE
Below we present a tabulation of figures since January,
1939, showing the different monthly amounts of corporate
financing as revised to date. Further revisions of the 1941
figures will undoubtedly be necessary from time to time,
particularly as additional private financing
light in annual reports and other places.
FIGURES BY MONTHS,
Refunding
Total
New Capital
is brought to
1941, 1940 AND 1939
*1939
*1940
*1941
New Capital
$56,368,000 or 43%'
The proportion was greater than the
37.7% average in the first half of this year, which was the
highest for any six months since we started compiling private
sales separately, in 1937.
All of last month's utility obliga¬
tions were sold privately , and in addition issues were placed
in this manner by a railroad, a baking company, a finance
company and a theater.
It is apparent that the private field
is attracting all kinds of corporate entities.
The largest financing operation during the month was
carried out by the New York Electric & Gas Corp., which
placed $35,393,000 bonds privately and $12,000,000 preferred
stock, through a public offering.
McKesson & Bobbins,
which is reorganizing, sold publicly $13,700,000 debentures
and $5,600,000 preferred stock.
The only other financing
above $10,000,000 was the public offering of $15,000,000
debentures by Remington Rand, Inc.
Municipal financing in July was also at the lowest level of
the year, the month's aggregate of $53,889,329 comparing
with $84,977,018 in June and $81,307,912 in July, 1940.
of all security sales.
July, 1940. Our figures do not, however, include the $233,584,900 debenture issue, offered last month by the American
Telephone & Telegraph Co. to its stockholders for the reason
that we include offerings made through rights in the month
in which the rights expire, August in this instance.
Of the total funds raised by corporations last month in
the capital market, $43,569,170 was intended for new capital
purposes compared with more than twice that mount, $90466,785, in June and $49,833,450 in July, 1940.
However,
it should he noted that June's total in this classification was
the largest of the year; July makes a more favorable com¬
parison with earlier months.
Again Federal agencies, this time the Commodity Credit
Corp., overshadowed corporations in the new capital field.
The CCC last month sold $411,830,000 notes, and of the
total $209,277,000 was for new capital purposes, the balance
going to refund outstanding securities. Farm loan and Gov¬
ernment agency issues for new capital have aggregated in
the first seven months of this year no less than $1,252,600,000,
four times the amounted floated in the same period of 1940.
In the same seven months of this year, corporate new capital
issues have totaled $408,492,614, only about a third greater
than last year.
placements in July totaled
of July
Refunding
Total
New
Capital
Refunding
Total
$
173,464,550
257,345.640
135,326,541
5.926.032
23.833.072
10,386,300
136.115,000
58,179.191
48,688,660
16,312,332
159,948,072
106.867.851
453,135,463
666,136,731
87,938.295
195,189,960
283.128.255
59,175,210
89,787,130
9,771,328
192,497,442
84,280,300
251,672,652
174,067,430
111,247,808
78,200.042
259,969,392
21,740,443
31,241,064
181,769,350
161,502,000
251,798,424
283,039,488
January................
52,928,677
271,387,665
324,316,342
35,469.718
February..
.....
March.................
31,549,770
227,012,100
86,634,370
115,287.655
258,561,870
201,922,025
46,004,059
31,527,491
137.994,832
211,341,581
103,799,050
171,112,817
613,687,420
784,800,237
113,001,268
First quarter
...
April..................
39.469,665
107,180,735
146,650,400
May..
197,102,123
June...................
63,874,177
90,466,785
260,976,300
203,857,159
417,673,232
611,483,859
158.733,668
378,254,222
536,987,890
595,069,774
726,251,323
193,810,627
131,181.549
Second quarter........
1,396,284,096
271,734,936
831,389,685
1,103,124,621
219,119,844
790,259,734
1.009.379,678
364,923,444
1,031,360,652
43,569,170
86,468,380
130,037,550
49,833,450
242,447,950
292,281,400
112,893,538
65,594,785
180,831,672
133,601,250
49,703.366
25,894,844
180.669.959
67,938,134
230,373,325
343,357,485
96,214,160
...
......
Six months
...
July
August
68,006,465
September
Third quarter.........
Nine months
......
October
November
...........
December..............
Twelve months
101,476,480
16,019,150
317,462,641
80,195,000
183,242,443
185,778,049
420,936,273
606,714,322
91,617,360
578,327,600
669,944,960
457,512,985
1.252,325.958
1,709.838,943
310,737,204
1,368,587,334
1.679.324.538
47,728,100
168,943,139
62,198,558
345,346,770
393,074,870
262,885.785
396,778,240
20,297,396
21,640.375
30,778,057
157,474,063
90,834,833
195,817,158
112,475,208
226,595.215
93,942,646
334,579,682
177,771,459
278,869,797
....
Revised |
773,869.098
1,052,738,895
72.715.828
444,126,054
516,841,882
736.382.782
Fourth quarter....
*
113,390,374
2.026,195.056
2.762.577,838
383.453.032
1.812.713.388
2,196,166.420
The Commercial &
744
Treasury Financing in
Financial Chronicle
Aug. 9,
USE OF FUNDS
July
Type of
financing operations of the United States Treasury
Direct
in
July
Accepted
2
8
15
Jan.
22
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
The bill offers
bonds.
each for about $100,000,000,
were
Jan.
count
prices yielding,
The yield
basis, from 0.087% to 0.098%.
dis¬
on a
29
31
1
%% Treas. notes
U. S. Savings bonds
savings bonds
Feb.
were
in somewhat greater
19
26
Treas. bills
Treas. bills
Treas. bills
100,294,000
100,110,000
100,127,000
Mar. 15
than in
volume
totaling $353,510,582.
June,
It
the
was
Mar. 15
100,450,000
100,294,000
100,110,000
1,115,868,600
32,422,500
120,680,174
1
Feb.
third month that these bonds
were
on
whole
100,127,000
1,115,868,600
32,422,500
120,680,174
sale and during the
February
period $1,049,020,135 of these bonds have been sold.
5
Mar. 26
date.
120,680,174
99,316,000
99,113,000
200,284,000
101,204,000
100,272.000
100,413,000
91-day Treas. bills
100,968,000
200,317,000
200,167,000
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
Mar.
Mar. 12
1,549,272,100
1,669,952,274
tot al
Mar. 19
The first month's sales, $374,777,142, remain the largest to
824,331,233
501,836,000
100,450,000
2% Treas. bonds..
4% Treas. notes..
U. 8. Savings bonds
13
Feb.
635,055,400
189.275.833
1,326,167,233
91-day
90-day
91-day
91-day
5
Feb.
Sales of defense
101,298,000
Treas. bills
January total
slightly under that of the preceding month except for one
issue in June that went for 0.066%.
100,023,000
100,078,000
189,275,833
range was
Feb.
100,435.000
100,002,000
100,023,000
100,078,000
101,298,000
635,055,400
91-day Treas. bills
Jan.
Jan.
and they were taken up at average
Indebtedness
Refunding
100,435,000
100,002,000
90-day Treas. bHla
Jan.
Jan.
Jan.
New
Total Amount
Security
Dated
confined to weekly bill offerings to meet each
were
maturities and continuing sales of defense savings
week's
100,413,000
99,895,000
c526,213,750
f c526,213,750
The first of the 2% 12-year
announced
last
May,
were
1941
depository bonds, which
sold in July, and
were
total of
a
Mar. 31
2H% Treas. bonds
\
1
Mar. 15
H% Treas. notes
U. S. Savings bonds
1.
Mar.
d447,458,200
e28,940,200
32,639,300
d447,458*206
I
«...
e28,940,200
'
32,639*§00
131,961*202
131,961,202
$40,214,000 of these securities were sold during the month.
These bonds
are
issued in registered form only in the name
depositaries
and financial agents to
not transferable.
are
secure
which they
They
are
are
Apr.
other
as
collateral to
loan
crop
agency,
Apr.
30
Apr.
1
the Commodity Credit
May
May
sold $411,830,000
Corporation,
An aggregate of
made
were
only
on
\%% notes during July.
$5,156,536,000 subscriptions
the offering of the notes
to
a
9
16
--
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
U. S. Savings bonds
were
received
and, consequently, allotments
4% basis.
we
outline the Treasury's
financing activities in the current year:
Mar.15
*4 %Trea8. notes..
91-day Treas. bills
U. 8. Savings bonds
-
May 28
1.....
May total...
Amount
June
Due
Dated
Dec. 27 Jan.
2
90
4
3 Jan.
10 Jan.
8
15
91
days
Jan.
91
days
Jan.
17 Jan.
22
91
days
Jan.
24 Jan.
29
91
days
Jan.
23 Jan.
31
ZH yrs,
Jan 1-31 Jan.
1
10 years
5
91
13
90
14 Feb.
19
91
days
days
days
91 days
Feb. 21 Feb. 26
Feb. 25 Mar. 15
9 years
Feb. 25 Mar. 15
2 years
Feb 1-28 Feb.
Yield
a
Nil
a
Nil
a
100,002,000
100,023,000
100,078,000
101,298,000
635,055,400
189,275,833
NU
a
Nil
a
Nil
100
H%
*2.9%
75
Nil
a
100,294,000
b
b
100,110,000
99.998
100,127,000
258,063,000
1,115,868,600 1,115,868,600
32,422,500
32.422,500
99.989
*0.007%
*0.043%
2%
10 years
1
100
120,680,174
120,680,174
91-day Treas. bills
91-day Treas. bills
18
91-day Treas. bills
91-day Treas. bills
U. S. savings bonds
I.....
June total
2
July
July
July
16
July
23
91-day
91-day
91-day
91-day
July
30...
91-day Treas. bills
9
Treas. bills
Treas. bills
Treas. bills
Treas. bills
July
1
U. S. savings bonds
June
1
Depositary
bonds..
75
100
days
7 Mar. 12
91
days
452,601,000
Mar. 14 Mar. 19
91
Mar. 21 Mar. 26
91
days
days
442,380,000
308,808,000
C6144 786,150
Mar.
Mar. 19 Mar. 31
13 yrs.
Mar. 19 Mar. 15
2 yrs.
Mar 1-31 Mar.
10 yrs.
1
Cd78*7* 625*600
1,189,360,600
200,139,000
200,298,000
200,608,000
100,068,000
320,732,411
200,608,000
701,113,000
100,880,000
100,880,000
100,048,000
100,048,000
100,337,000
100,127,000
100,015,000
353,510,582
40,214,000
100,015,000
100,519,000
d924,000
C661,750,800
d
d
100,257,000
§74,777" 142
1,036,527,942
200,139,000
200,298,000
100,068,000
320,732,411
320,732,411
100,337,000
100,127,000
353,510,582
40,214,000
501,407,000
393,724,582
5,827,213,200
3,743,403,029
Public cash offering,
c
Investment accounts,
*
d Public exchange offering.
99.978
99.970
99.971
99.984
*0.086%
*0.120%
*0.117%
*0.065%
INTRAGOVERNMENT
2
%%
75
*2.9%
H%
FINANCING
W
Retired
s
%
Net Issued
49,800,000
38,460,000
29,300,000
26,829.000
88,260,000
total.
20,500,000
11.631,000
32,131,000
56,129,000
FebruaryCertifleates.
100
100
d447,458,200 d447,458,200
e28,940,200
e28,940,200
32,639,300
32,639,300
131,961,202
131,961,202
Allotted to Government
Issued
1941
January
e
g Sales through June 28.
Certificates..
200,284,000
200,317,000
200,167,000
100,413,000
c526,213,750
525,347,000
100,031,000
100,004,000
895,131,582
Notes
91
5
100,031,000
100,004,000
100,519,000
c661,750,800
d787,625,600
d924,000
100,257,000
374,777,142
61,967,535
501,270,000
9,570,616,229
%%
*2.90%
1,669,952.274
total...
Feb.
Feb. 28 Mar.
61,967,535
61,967,535
Total 7 mos.
Jan
;
100,069,000
July total...
100,450,000
312,345,000
227,631,000
209,830,000
11
June
1,326,167,233
Jan. 31 Feb.
Feb.
7 Feb.
Feb.
Price
100,435,000
263,061,000
2,756,463,500
189,275,833
total...
Jan.
June
1941
June
Accepted
648.182,000
560,547,000
398,849,000
303,957,000
days
DURING
Amount
Applied for
Date
Offered
Jan.
FINANCING
TREASURY
STATES
985,439,152
100,671,000
100,091,000
100,439,000
100,100,000
100.069,000
1,021,845,411
234% Treas. bonds.
June 25
UNITED
100,571,000
100,091,000
100,439,000
100,100,000
2,225,888,542
2>4% Treas. bonds.
2
May
In the tabulations which follow
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
7
14
May 21
June
2
June
882.954,500
563,237,635
April total...
purpose.
Federal
The
Apr.
Apr. 23
acceptable
deposits of Federal funds and may not be obtained
for any
2.......
Apr,
allotted, and they
of the Treasurer of the United States in trust for
1,868,393,652
March total.
113,000,000
113,000,000
Notes
1,195,000
x5.151.000
114,195,000
February total.
6,346,000
6.346,000
107,849,000
10,000,000
*10,000,000
March—
Mar.
total
1,868,393,652
«.
Certificates...
Notes
Mar. 28 Apr.
2
91
4 Apr.
9
16
91
days
91
days
91
days
Apr.
Apr. 11 Apr.
days
91 days
Apr. 18 Apr. 23
Apr. 25 Apr. 30
Aprl-30 Apr.
1
10 years
99.980
*0.055%
♦0.079%
99.976
*0.093%
100,100,000
99.975
100,069,000
61,967,535
75
*0.097%
*0.097%
*2.9%
99.976
563,237,535
total
April
99.986
100,571,000
100,091,000
100,439,000
290,755,000
208,941,000
252,594,000
247,429,000
301,690,000
61,967,535
91
2 May
May 9 May
May 16 May
May 22 June
May 22 June
May 22 Mar.
May 23 May
Mayl-31 May
315,843,000
100,031,000
374,651,000
100,004,000
91 days
100,519.000
301,533,000
17 yrs. C8268 254,250 c661,750,800
17 yrs.
d787,625,600 d787,625,600
2 yrs.
d924,000
d924,000
91 days
260,380,000
100,257,000
10-12 yrs.
374,777,142
374,777,142
May
91
March total.
99.983
99.982
*0.096%
*0.069%
*0.070%
Notes
May—
Certificates
Notes
100
100
100
99.983
■
■
v;
f
:
'.1
2M%
H%
*0.069%
f
May total
total...
May 30 June
2,225,888,542
4
91
334,889,000
6 June 11
91
June 13 June 18
91
439,503,000
398,064,000
June
June 20 June 26
J'nel-28 June
June
1 10-12 yrs.
3
11
July 18
July 25
Total
*
99.983
*0.107%
*0.100%
*0.103%
*0.066%
f
f
99.974
281,145,000
91
16
281,732,000
306,089,000
292,758,000
266,617,000
353,510,582
40,214,000
days
days
days
91 days
91
100,880,000
100,048,000
100.337,000
100,127,000
100,015,000
353,510,582
40,214,000
99.978
*0.097%
99.975
*0.097%
99.975
*0.098%
*0.094%
99.976
f
100
f
2%
895,131,582
mos.
9,570,616,229
Average rate on a bank discount basis,
a Slightly above par.
b Fractionally
c Public cash offering,
d Public exchange offering,
Governmfent Investment accounts,
f Comprised of three separate
under par; Infinitesimal yield,
e
Allotted
to
series, of which series E have 10-year maturity, are sold on a discount basis at 75,
and yield 2.90%; series F have a 12-year maturity, are Bold on a discount
basis,
at 74, and yield
bear 234%
Certificates
Notes.
*0.087%
99.976
2.53%: and series G have
interest.
a
12-year maturity, are sold at 100. and
159,056,000
171,612,000
22,556,000
149,056,000
65,000,000
1.049,000
15,250.000
49,750,000
26,547,000
*25,498.000
66,049,000
41,797,000
24,252,000
137,000,000
137,000,000
2,698,000
"12",5*5*3*666
*9,855,000
139,698,000
12,553,000
127,145,000
2,281,000,000
636,473,000
2,262,550,000
368,859,000
18,450,000
267,614,000
2,917,473,000
2,631,409,000
286,064,000
70,000,000
10,300,000
155,348,000
11,527,000
59,700,000
143,821,000
225,348,000
21,827,000
203,521,000
3,722,635,000
2,768,619,000
954,016,000
July—
Total 7 months
total...
7
99.973
99.975
July total
July 23
91 days
July 30
1 10-12 yrs.
Jly 1-31 July
12 years
1
Jly 1-31 June
Jujy
200,608,000
100,068,000
320,732,411
June total.
1,021,^45,411
91
July
July
200,139,000
200,298,000
267,792,000
320,732,411
total...
June 27 July
July
July
days
days
days
91 days
12,556.000
June—
Certificates.
Notes
May
17*1*,612*666
April—
Certificates
April total.
99.976
days
days
...
*
Comprises sales of special series certificates and notes; certificates sold
to
Adjusted Service Certificates Fund and Unemployed Trust Fund, and notes to
Federal Old Age and Survivors Insurance Trust Fund (formerly Old Age Reserve
Account), Railroad Retirement Account, Civil Service Retirement Fund, Foreign
Service Retirement Fund, Canal Zone Retirement Fund, Alaska Railroad Retire¬
ment Fund, Postal Savings System, Government Life Insurance Fund. National
Service Life Insurance Fund, Federal Deposit Insurance
Corporation, and Federal
Savings & Loan Insurance Corporation,
x Excess of retirements.
In the
comprehensive tables on the succeeding pages we
the seven months' figures with those
periods in the four years preceding,
thus affording a five-year comparison.
:
»
Following the full-page tables, we give complete details of
the capital flotations during July,
including every issue of
any kind brought out in that month.
* - :
-
compare the July and
for the corresponding
^
*
3
O
a
©
c
o
a
a
-
©
n
o
©
^
a*
fi}
£3
£3
A)
Cn
»«*•
-
61,3250 20 ,0 63,829064 14,521 0
Total
139,875 4 18,0 83,71951
Total
341,5908
Refundi g 21,35108 28,3"570 8,562,850
58,130528 29,0 6 7,628,30 94.758 2
20 ,0 0
Capitl 39,8 92 35.96,4 5,98,60
1937
81,74506 89,0 0 76,0912 246,83 257
Capitl
60 ,0
50 ,0 0
185,20831 236,70 46,75 80 469, .620
Total
$
Netv
Total
183,70
$
1,849,831
Capit l 127,8567
$
60 ,0 0
New
Total
174.261,0 9,0 .0 42,7602 4,352,15
$
Refundi g 13,87463 9,0 .0 37,852.496
Capit l 40, 357 4,907*04 4,352,15
271,603 15,720 1.35,40 3,60,0
29,8140 37,850 81,307912 71.47,312
257.350
Refundi g 24,1560 15,72 0 2, 50, 0
24, 7950 48,0 0 20,65972 31,507.2
Capit l 47,3840 "690,1050 1,350, 0
49,83 450 289,45 0 60,48.10 39. 590
MOFYJEUIAVNLRTSH
YFOJMTFEIUINAUVHARLCSRPGL
New
2,950, 0 27,6 0 5,0 ,0 3,712.892 356* 6 30 ,0 0
^
36.795,420 1",798-,0 43,21 570 162,850 12,9-57*168
24,12570 162,850 12",4*0",
2"0 ,0
39,8 92
"
60 .0
60 ,0 0
"16 ",0 1,849 31 5,*7496 14, 831 26,1 *56 85,60 0 4,107, 0 *16 ",0
cCoQn1
*648,3 1 1. 01*56
OK
1
..
127,856
60 ,0 0
12,4350 68,7140 3,0 0 85,0 0 1,287,0 3,52,0 174,260
9,0 ,0
9,0 ,0 38,250. 2,0 ,0 "062,"0 0 3,89,625 525,0 0
9.0 ,0
9,0 .0 37,852.496
51,0 0
3,475.0 13,87463
Refundi g 43,1670
2,14.63 85,0 0
*648,3 1 1, 01*56
1475, 37 1,236",0 " 50"6 40, 357
New
46, 532 5,-6",0 'I,6 ",0
-_
60 ,0
9,703,675 13,50. 0 19,5 0 85,0 0 107,0 0
58,130528
l",96* 6 23,8452 304,650 12*. 48*506 1,43750 "210", 0 2,1*69",76 41,5 14 2,950, 0 29,57 0 28,34528 304.650 16,*1392 1,437,50 350, 0 510, 0 2,169, 76 81,74506
20 ,0 0
5,4532
Capit l 12,4350 25,470
1939
f,96*0", 0 47,59 08 467,50 24",568 0 1,437,50 *21*0", 0 2,169, 76 78.350,74 2,950, 0 31,750 71,59 08 467,50 29,61*856 1,437,50^053 0, 510, 0 2,169, 76 139,875 4
20 .0 0
21,35.108
Refundi g 46,0532 5, 0 .6 4~,"O6 ".6
Total
49,703 6 20,530 65,32 43 317.59
$
537,108
183.7,0
New
180,695 74,05.0 17,925.47 27,645206
__
5,7490 13,50 25,01 0 85,0 0 4,107,0
Capit l
590,2.'
230,7325 276,03 83,24860
$
1939
1938
50 ,0 0
130,27506 216,450 43,07289 390,62795
1,849,831
Refundi g 1,798,0 19,0 0
New
5,4532 20,5 0 3,268,50 79,063.825
Refundi g 5.4532
$
1938
1937
^ 350,0 30,00 §16,3250 :o: : 20,00 O
2,950, 0 29,4750 24,0 0 4,250, 0
397, 04 2,0 ,0
0 0 1,849 31 9,703,675 14, 831
*100",
237.50
20,61 50 85,60 0 107,0
0 0 3,89,625 525,0 0
KC
10 .0
130,275.06
47,1235 12,4350 106,9420 2,0 0 2,6*6 7,139625 94,52 0 1,287.0 3,762,50 230,7 325
37,852496 81,"0946 2.14,63 94,0 0
"062,
oC/
PLnf
51,0 0
12,435.0 25,94 70 2,0 ,0 2~,60",6 5,01 62 52 ,0 1,236,0
237.50 9,25 829
3,475.0 180,69 5
287.50
49,703 6
15,20 0 128,690 30, .0 4,50. 0 60. ,0 829,0 0 32,0 0 271,603
1,725,0 14,0 0
15,72 0 1,05340 1,350 2,50, 0
4,95340 15.20, 0 129. ,40 31,50 8,750 74.0 ,0 829,0 32,0. 0 29,8140
829,0 0
Refundi g 18,36 0 27,850 3,50,0 60, 0 13",70 . 24,1560
1.725,0 14,0 0
15,72 0 "2 9*76 2,7,650
2,507.350 18,56 30 27,850 7,502,650 74,0 . 0 829,0 0 13,70 0 24, 7950
GFoevtedohranmgeafntl.cy FTSTUICSONHOAHRIPUREEDATE
ALFGONCOVRRPEDAMTE.'FIGNT,
notes. _ notes. notes. governmt. acis&_t,Posein. bSfiuatnocnleydidsse Notes— &cmanuftres manufctrig h&oldcing, Notes— &cmanuftres manufctrig h&oldcing, &cmanuftres manufctrig h&oldcing, &cmanuftres manufctrig &holdcing, securit
Total
$
$
1940
New
1941
OSUMFARY
Refundi g 75,930 l6,5~2 ",6
1940
Capit l 15.20, 0 10,532.40 2,150, 0 1,0 ,0
fraomny ONEFW
150,380
86.48,30 215, 30 14,0671 316,08.91
:
Capit l 30,70 9,825,6 3,07,10
ACHANRDTE
40 ,0 0
43,569170 21, 20 39,842.618 296,0378
"■
Jfc
Netv
18,50 0 47,38 40
823,70 1,350, 0 272,350
2,4 6,05 15,20 0 1.356,10 3,50 , 0 1,27 ,350
18,50. 0 49.83,450
2,852.0 39,7180 32,70 0
10,9 0 106,7 0
16.43,80 6",243",750
1. 90.6 23,86750 2,8520 56,1 80 38,943750
12,09" 0 130, 750
Refundi g 39,530 30",2 0
6", 6",0 75,930
6,0 ,0 4,675,380
10,675380 45,9360 34,875380
6,0 ,0 86,4830
2,8520 125,0 2,50,0
Capital
4,90 , 0 30,7 0
10,43 80 13,57608",
1, 96* 6 13,92170 2,852.0 10,58 0 4,068,370
6,09 ,0 43,569170
Nero
55427,6 0 3,8932 40 ,0 612,09 87 municpaltes GROUPING
130, 750
106,70 20,35"0 3,517,50
Total
Total
Total
1941
New
JOFULY Domestic— bLoonagn-ntderdsmShort-emPresftorcekd stockCandi— Lboonagn-tedrmsShort-emPrefstorcekd stock foreign— Lboonagn-tdersmShort-emPrefstorcekd stock corpate toal fdignuorets OFJULY LBonogan-Tdersm
aauRailroads tiles sccotopeerll,,,Equipment acensodri indaustril b&uildcngs, ttrraudsintg,,Miscelanous TBoeanrdmsRailroads utiles scctooepaellr,,,Equipment aacensordi indausntridl b&uildcngs, ttrraudsintg,,Miscelanous Railroads. utiles sccotoepaellr,,,Equipment aacensordi indausntrdl b&uicld_ngs, ttrraudsintg,,Miscelanous Railroads utiles sccotopeaelrl,,,Equipment aacensordi indaunstrdl &buildcngs, ttrraudsintg,,Miscelanous corpate
CGoavnerndmiant foreign LGooaanvndt, ♦Municpal—StSes,taes
Corpate—
MONTH
Com on
Com on Other
Com on Total
Grand
Other Farm
United
These
MONTH
Total
♦
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Short
Total
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Stocks—
Total
Public Iron, Motors Other Land,Rub er
Oil
Ship ingInv.
Total—
Total
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
3
s
o
o
*<!
a
a
fb
O
fb
*1
o
to
to
J-*,
to
o
R*
»-*
£3
S3
ft*
•fe.
vo
1.234,56 06,10 037S,2867 250,32967
1,92 86,19485,0 ,0 134,0 0281,340 640,5264
Refundi g 691,30.73620.8 3,920 1,76 87284,652941
1,0857,46985,0 ,0 134,0 0149,3140 137,5916
Capital 543,2576 45,27608156, 8 516,80 26
910,7 25 132,0 053,16 481
Total
$
1937
New
821,39656,0 ,0 29,62756.9S3.426
Total
62,50
Refundi g 368,0 1652,758,0 1.02 .S0
453,8 5303.24,0 28,93 256,983,426
Capital
New
62,50
417,50 481,279534,786,0
970,29638,250, 0
450, 0
Refundi g 945,3287523,750 10,5872 3,196, 42
%
1940
2t
49,8650 632,14.3211,625,0
1,395.406,21
CIapit 12,05 016,951 3013,50
$
New
Total
1,0738 ,65 18.257,0 264,32145 1.526,4109
1941
CORPATE,
SOUM FARY
COISRTUPNHAIEED
4,bo ",6 6 0, 197 31,50 , 0
Refundi g 96,524 18,01965102,46 275
S
Capitl'
New
690,380
325,638 3,672,53 61,9025 17,34 1
1,52631,46 1,8053,0 3,97 ,419
1,7829,03
4,0 ,od 52.9380 297.5 01
408,92614
GRONUEPFIW
36,04721,50,0
1,2560,
1,9723 ,0
323,0 0 3,24 .0
70,280 571,6430 13,50 3,90 , 0 51,269",20 185,0 06,140, 0 14,25 0 20,850 1,02671,50 9,50 , 0 2,0 ,0 5 0, 0 9,0 ,0
Refundi g 23,4 80 527,40321 94, 0 0 23,07 1614,60 2,759.0 12,75 0 5.2 5.0 831,672 9,50 , 0 2,0 ,0
1,0 2,50
3,091,425 1,048,92 29,6 87 862,50
10 ,0 01,234,520
37,08651 2,105 0461,5862015,30 92 89,412716,9250 7,30 ,50G45,0 0 f,i"o ".6 6,024,520 864, 8346
20,30
1,02 ,80 10, 0 289,5 265 757,0 0 18,579.40 21 ,0 05,127,0 45,0 0 2,587,30 371,8695
10 ,0 01,2 4,2 0
35,98 51 12,05 0172,043 5 14,5892 70,9187 16,751 0 2,173,50 1, 0 , 0 3,4 7.2 0 493,061 8
2.50 , 0 23,50. 12,8610 2,0 ,0 2",680", 6 5 . 053811,275,0 10 ,0 0213,90 4,7 1.02? 189,431 03 79, 08 0560,4 0 16,05. 03.90 . 0 2,680, 0106,74581 95,27 0 6,240, 0213.90 14,25 ",6 28,096,02
696
9.0 ,0
5 0, 0
Capit l 46,70 4,27109 8,60,0 3,90,0 28,42184 3,40 3,81,0 1.50,0 15,60 0 195,604.27
$
309,10
20,5 0 17.41,796
1,53 .571 19,26 47 32,9 80 64,8210694, 0 0 23, 61 150,6 0 2,759,0 12,75 .6 6,7 0,571 970,2963
otal
60434619.20, 6,2 0 26,5 ,250, 0 "579,630 081,0 07,301, 0 1,350, 0148,05. 0 5.0 .0 910, 0 1.825,0 14,0 0
13,0 0 34,750 80,4637101,935,0 5",40" ,0 47,359 2 1,40,0 1,0 ,0 37,83659 174,9172 196.20 50471,61062048.4090 0 0 0 0836.51529 905,8007,301,0 10,4000 0 01.350. 0198.43 659
1.395,40621
Refundi g
137.4560241.723,90 243,850. 28.70, 70. 0 6,571,30 46,17930 945,32875 5,0 ,0
1,725,0 14,0 0
3,0 .0 23,750 67, 809 1 1,306, 0 21,4 812
729,70
10 ,0 0
i
1940
1,85.729,30
6.250 5.400
1,000
14,25,107 104,78390 142,756025044243,850 "603,10 651.439812804,000 6,571,30 42030 7
8
1.073,8 05
63
480
398 126 000 000 000 540 000 700 000 000 000 622
Capit l 53,46039853.18,3972.705,0 6,250, 0 8,705,6 1,80. 0 1,350. 010,82.07 240, 56
910. 0
729.
1,40 ,1,090 1,350
204,50
7,50 . 0 21,754 0
190, 0
Refundi g 68, 0 57,210 62,40 03,498,0 86,9 5", 17 4,2 0 23,094 0 4,60 0 57,2 8 95 9 6,59241 5, 0 , 0 7,0 ,0
150, 0
5,241,965 18,0 1965 95.03 ,65 8,12 ,0
103,5465 74,368,0 670,94 65 69,40 03,498,0 95,231~,5l7 4,2 0 23,094,0 4,60 0 62,470,860 1, 7829,03
54,50
2, 58,035 3,672,53 18,4 8,540 53, 8324
7,2 7.827 79,254.691 17,42 0 97,2 15406,10 , 0 82,475107 ,9530 759,0 05.40 , 0 250, 0 3 ",906",9 7 408,92614
New
28, 2 8310,9530 759,0 05,40,0 250, 0 155,24 21", 325,6 38 1,360,5 0
13,52 195 61,59.324
7,2 7,827 182,40936 245,79 0 768,1 6 957 , 0 0 3.498.0 17,06 2485,17 0 23,853.0 50, 0 250, 0 96,37 ,827
notes. notes. notes. governmt acies&_tP,osein ifnucldse J3UL1Y Notes:— manufctrig 1 h&oldicng, —Notes manufctrig h&oldicng, manufctrig h&oldicng, manufctrig h&oldicng,
EJN3UDL1Y
l,5236231J,546'8i.
boands stock stock boanndds stock. stock.foreign— bonads stock stock corpateGovernmt Gaonvdt,♦Municpal—Stes, dnot MEONNDTHS LoBnoga-nTedrmsRailroads utiles &scctooepall,,,emanunfcttres andoiinduastnridl b&uildncgs, ttrruadsitng,M,iscelanous SBhoort-naTedmsRailroads utiles nanuf.tent aacensodri indausntridl b&uildncgs, Miscelanous Railroads utiles Equni.panu,fett aacensodriindaustridl bu&ildncgs, Miscelanous Railroads. utiles Equniapnuf.ett aacnesdorii,ndaustridl b&uildncgs, Miscelanous cosrepcuraitte
&scctoeopalle,,r, ttrruadsitng,, &scctooepalel,,r, ttrruadsitng,, &scctooepalle,,r, ttrraudsitng,,
Total
*
7
013.
135
250, 0
240,950 653,094 068,50 03,498,0 15,842.0 85,17 0 23,85 0 50, .0 81,650*,o5 1,32 57,80 5,0,0 1,50, 07,0 ,0
Total
1941
0 ,0 1,0 0 12.68,7291,935,0 4,"094*6 25,91450 1,40 , 0 1,0 ,0 23,1 .52 70.157,821 53.460,67,1 1. 4.640- 6,250, 4.094,34.719 1 ,80
10
New
CHAARNCTDER Capitl 17,420 7,3 0 6,10,0
DtCorp ae— omestic— Long-termShort-emPref redCom onCandi — Long-term Short-emPref red Com onOtherLong-term Short-em Pref red Com on TotalCan dianOfotrheiergnLoan USntiateeds Grtoanadl Tfihguersees
MONTHS
1,239.75,03
2,50 , 0 3,05 .0 5,468,304 2,0 ,0 2,680*6 05 ,196281 1,275,0 10 ,0 0 213.90 3,2 5.4 1 70,168936 46.7 0, 49.73 , 941 . 50, 3,90 , 0 2,680. 083,4 8 65 4 ,6150 3,481.0 213,90 f,5b "6 c21,3 5.4 1
268.23,10
New
23,544,021
1,32 57,80 21,7540 r©4,3752 18,034821
Total
8
2,0 ,0 6,0 ,0 3,091,4251,048,92 30,6712 7862,50
30,0 08 9,0 0
$
1939
1,68.73,596
321,56836 306. 80 38676, 921,625.0 97,542
6f
1,67 ,0 2,758,0
41,2031015,0 0 2,173,50 1,0 ,0 1,90,0 453,8 530 2,0 ,0
682
35.90,60 45.276,08 4,382,70 40, 7904304,65012,572,05316,2504934,59 73 2,49",490 ,264 32,198 1 217,420 91,4208 1,468541,40,65017,63 453209,5716 57,4 0736,902, 0 3,14,90 250, 0 123,596 2 910.7 ,25
750, 0 120, 0 21 ,0 0
890, 0
Refundi g 10, 0 2S9,5 265 17,456",90 5,127~,O6 45,0 0 368,0 165
1,39657,34
Capital 240, 56 10,010024,587 3245,70 89
New
"
2,105 0456,7 195 3,507 0 58,60 15,0 0 7,30 ,50 45,0 0 1,0 ,0 2,790, 0 821,3965 2,0 ,0 750, 0 150, 0 1, 0 , 0
7,000
1938
S2,056738bSotfamruiynFnoeiactGepdsdohgvldersnymal.FTMAOEHJVN3FURDOL1SYR
FGOOFLRVAEMERIFUGNINTMSNMACOEDHPTVN,RLDG
1,85.729,30 34,750 126.74,9048,76 31
otal
1
8
'I
Tot
1,847,325128,50894 2,96.17, 2
8.23,1029,50 638,14"0 681,36 8
$
New
1,60 , 0
1,234.56,0
New
FYIEVARS
J3FUYOILE1VARS
Capital 195.604,27 3,05.0 15,89607354,27 863
20,83920 84,05,69453,1509 162,850 53,156,468,10675 ,50 26,391859 306,420813 105,7820 53.89,31297,1 49162,8504,934,60 92,3 93415,4 76518,543.0 682,50 29,5 2,359
1,0857,469
3,914
309,10
Refundi g 768,172620,5 0 18,953 67 63,0 0
1939
1,5487,206
371,239 5,03 7,50 0 1,827 01,32?810,47280450, 0 951, 08
963.71,50 23.50 134,89.4054,81963 63,0 0
Total
80 ,0 0
60 ,0 0
650, 0
213,092 084,73 0240,8 9501,0,0 5,065.40 41,3021 12,897506,902,0 *250,60626,38450 543,25764 4,350. 02,76,08
Capital
3,0712584
1,524 8.634
864, 8346 69S.7350 5 .30S7814.786,0 2.1367S,12
493,06138
35.90", 0 6.10, 0 89,18,394 3,12 03467,50 12,572,053219,78109512,65 38 3,176*9 0 87,654,32i 628,1964 32, 40 645.81,394178,60. 31,567,502,572,053301,860 9527,90183 25,45,0 3,826,9 0 "25'0",0 0153.89,321
1.92,86194
Refundi g 104,32.0 450,19684 ,076,05 4,934",603S, 768 27,3480 IS,543.0 3,20 ,56 691,3076 1,450, 018,573920
1937
371,8695 281, 50 74,029. 8 72,10 93
$
1938
8054317.2,0 3, 3. 04,85.0 1, 0 , 0 10, 0 79,679,0 150,245 0 25,4 0 650, 0 *250",0 029,58,0 5,80 ,0 21,350 .60, 2,40 , 0
>1
Tot
Farm
7
Public Iron,Equipn Motors Other Land,Rub er
Oil
Ship ingInv.
Total
Public Iron,Equipn Motors Other Land,Rub er Ship ingInv.
Oil
Stocks—
Total.
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total—
Public Iron, Motors Other Land,Rub er Ship ingInv.
Oil
Total
Volume
The Commercial &
153
DETAILS OF NEW CAPITAL FLOTATIONS
1941
JULY,
LONG-TERM
AND
BONDS
NOTES
THAN
(ISSUES
$1,560,000 Associated Telephone Co., Ltd., 60,000 shares cum. pref
stock, $1.25 series (no par).
Purpose, liquidate bank loans,
.additions, &c.
Price, $26 per share.
Offered by Bonbright
& Co., Inc.; Paine, Webber & Co., and Mitchum, Tully & Co.
DURING;
.
*
,
MATURING LATER
2,748,800 Cincinnati & Suburban Bell Telephone Co. 54,976 shares
of capital stock (par $50).
Purpose, reimburse treasury for
expenditures for extensions, additions, &c.
Price, $50 per
share.
Offered
by company to stockholders; not under¬
FIVE YEARS)
RAILROADS
$9,387,000 Chicago Burlington & Quincy RR. 134% equipment trust
certificates, due 1942-48.
Purpose, purchase of equipment.
Priced to yield from 0.30% to 1.65%, according to maturity.
Offered by Salomon Bros. & Hutzler; Dick & Merle-Smith,
and 8troud & Co.,
RR.
2%
equipment
trust
OTHER
certificates,
& Electric Co, 1st mtge. 30-year
Purpose, refunding.
Price,
v':.
bonds, 3%% series, due 1971.
104%.
Sold privately.
*125,000 Inter-Mountain Telephone Co. 30-year 1st mtge. sinking
fund 3% bonds, due Dec. 1, 1966.
Purpose, add.tions, &c.
Price, 10034 and interest.
Sold privately through Alex.
Brown
&
•
Son.
$6,243,750
*35,393,000 New York State Electric & Gas Corp. 1st mtge. 3%%
bonds,
due
1971.
Purpose,
refunding.
Price,
104.015.
Placed privately with Equitable Life Assurance Society of the
MISCELLANEOUS
$1,190,000 Domestic Finance Corp. 40,000 shares of $2 div. cum.
preference stock (no par).
Purpose, additional capital for
expansion of operations.
Price, $29.75 per share.
Offered
by Smith, Burris & Co.; J. S. Barr & Co.; George D. B.
Bonbright & Co.; City Securities Corp.; Couper-Eckenbeck
Co., Inc.; Cummings Bros., Inc.; Fusz-Schmelzle & Co.;
R. H. Johnson & Co.; MacColl, Frazer & Co.; Mason, Moran
& Co.; Berwyn T. Moore & Co., Inc.; Polk-Peterson Corp.;
William N. Pope, Inc.; F. L. Putnam & Co., Inc.; Ray,
Johnson & Co.; Timberlake & Co., and J. L. Whalen Co.
United States.
Telephone Co. 1st 4%% bonds, series A, due
Purpose, refunding.
Sold privately to Providence Mutual Life Insurance Co.
Eil 1*700.000 Peoples
July 1, 1965.
>
k
W.
'\
$39,718,000
;
OTHER INDUSTRIAL
AND MANUFACTURING
*$4,000,000 Loose-Wiles Biscuit Co. 3% serial
Purpose, refunding.
Sold privately to
notes due 1644-56.
Prudential Insurance
Co. of America.
13,700,000 McKesson
C. Langley & Co.; Swiss American Corp.; Jackson &
Curtis; G. H. Walker & Co.; Merrill, Turben & Co.; Mitchum,
Tully & Co.; The Milwaukee Co.; Hayden, Miller & Co.;
R. S. Dickson & Co., Inc.; Adolph Lewisohn & Sons; R. W.
Pressprich & Co.; Schwabacher & Co.; Starkweather & Co.;
Auchincloss, Parker & Redpath; Farweli, Chapman & Co.;
Minsch, Monell & Co., Inc.; William R. Staats Co.; J. M.
Dain & Co.; Paul H. Davis & Co.; enight, Dickinson & Co.;
Moore, Leonard & Lynch; Newhard, Cook & Co • Piper,
Jaffray & Hopwood; Stein Bros. & Boyce; Harold E. Wood
& Co.; Johnson, Lane, Space & Co., Inc.; Arnold & S. Bleichroeder, Inc.; A. E. Masten & Co.; Beottcher & Co.; Clement
A. Evans & Co.,
Inc.; R. F.
Griggs Co.; Reinhoidt &
Gardner, and Stix & Co.
'
W.
UTILITIES
Gas
FARM LOAN AND
Inc., 15-year 324% simring fund
refunding;
due July 1, 1956.
Purpose, refunding ($11,200,000); working capital ($2,500,000).
Price, 104% and
interest.
Offered by Kidder, Peabody & Co.; Lazard freres
& Co.; F. S. Moseley & Co.; Harris, Hall & Co.
(Inc.);
White, Weld & Co.; W. E. Hutton & Co.; Honblower & Weeks;
Estabrook & Co.; W. C. Langley & Co.; Swiss American
:■■■'[
by
United
15,935,000 Federal
States
Treasury-Federal
Intermediate
ISSUES
r;
NOT
REPRESENTING NEW FINANCING
k
,
„
Corp. 10-year convertible subordinated
385,000 Perfection Stove Co. 10.000 shares of common stock (par
$25).
Price, $38.50 per share.
Offered by Merrill, Turben
Purpose, working capital.
by Jackson & Curtis; Battles
Grubbs, Scott & Co., and
& Co. and associates.
Wertheim & Co.
Offered
$10,900,000
STOCKS
(Preferred stocks of a stated par value are taken at par, while preferred
stocks of no par value and all classes of common stock are computed at
their offering prices.)
UTILITIES
$12,000,000 New York State Electric & Gas Corp. 120,000 shares of
5.10% cum. pref. stock (par $100).
Purpose, refunding
($6,000,000), construction ($6,000,000).
Price, $103.50 per
share and dividends.
Offered by The First Boston Corp.;
Glore, Forgan & Co.; Lehman Brothers; Goldman, Sachs &
Co.; Kidder, Peabody & Co.; Lazard Freres & Co.; Harris,
Hall & Co. (Inc.); E. H. Rollins & Sons, Inc.; W. C. Langley
& Co.; Union Securities Corp.; Coffin & Burr, Inc.; A. C.
Allyn & Co., Inc.; Blair & Co., Inc.; Graham, Parsons & Co.;
Whiting, Weeks & Stubbs, Inc.; Paine, Webber & Co.;
Bodell & Co., Inc.; Wells-Dickey Co.; Hemphill, Noyes &
Co.; Granbery, Marache & Lord; Hornblower & Weeks;
Riter & Co.; The Wisconsin Co.; Dean Witter & Co.; Stark¬
weather & Co.; Hayden, Miller & Co.: William R. Staats Co.;
First of Michigan Corp.; The Illinois Co. of Chicago: Newton,
Abbe & Co.; Pacific Co. of Calif.; Ballou, Adams & Co., Inc.;
J. M. Dain & Co., and 8age, Rutty & Co., Inc.
y. ■
>
8,488,825 San Diego Gas & Electric Co. 590,527 shares of common
stock (par $10).
Price, $14% per share.
Offered by Blyth
& Co., Inc.; Dean Witter & Co.; Smith,
Barney & Co;.
Harriman Ripley & Co., Inc.; Stone & Webster ana Blodget,
Inc.; Merrill Lynch, E. A. Pierce & Cassatt; H. M. Byllesby
& Co., Inc.; William R. Staats Co.;
Mitchum, Tully & Co.
Schwabacher & Co.; Bankamerica Co.; El worthy & Co.;
Weeden & Co.; Whiting, Weeks &
Stubbs, Inc.; Brush,
Slocumb & Co.; O'Melveny-Wagenseller & Durst; Pacific
Co. of Calif.; Sutro & Co.; Revel Miller & Co.; Miller, Hall
& Co.; Bateman, Eichler & Co.; Hill Richards & Co.; Lester
& Co.; Page, Hubbard & Asche; Stern,
Frank & Meyer;
Davis, Skaggs & Co.; Dewar & Co., and Roger K. Williams
& Co. i•
,
./
Murphy & Co. 5% debentures, due June 1, 1947.
Purpose, reduce bank debt.
Price, 100 and interest.
by Wells-Dickey & Co, and C. S. Ashmunn Co.
of America 5,000 shares of $3.50 1st conv.
Price, $5424 per share, Offered by
pref. stock (no par).
1,
'
750,000 Memphis Natural Gas Co. 150,000 shares of common stock
(par $5).
Price, $5 per share.
Offered by Van Alstyne,;
Noel & Co.; Schoellkopf, Hutton & Pomeroy, Inc., and
Whiting, Weeks & Stubbs, Inc.
272,500 Radio Corp.
PUBLIC
(par $10)
& Co.
247,900 Marshall Field & Co. 14,800 shares of common stock (no
par).
Price, $16% per share.
Offered by Glore, Forgan
F.
300,000 (A. A.)
24% consolidated
3,093,750 Indianapolis Water Co. 225,000 shares of class A common
stock (par $10.50).
Price, $23.75 per share.
Offered by
Drexel & Co.; A. G. Becker & Co., Inc.; Blyth & Co., Inc.;
City Securities Corp.; Collett & Co., Inc.; Paul H. Davis
& Co.; Harriman Ripley & Co., Inc.; Hemphill, Noyes & Co.;
J. J. B. Hilliard & Son; W. E. Hutton & Co.; Indianapolis
Bond & Share Corp.; Albert McGann Securities Co., Inc.;
Raffensperger, Hughes & Co., Inc.; Thomas D. Sheerin &
Co., and Stein Bros. & Boyce.
Keith Corp. 4%% mtge. & coll. trust bonds, due
1954.
Purpose, refunding.
Sold to Equitable Life
Assurance Society of the United States.
1^.
Banks,
636,000 Ideal Cement Co. 24,000 shares of common stock
Price, $26.50 per share.
Offered by F. Eberstadt
Reynolds & Co.
June
Credit
$910,575 Dow Chemical Co. 7,100 shares of common stock (no par).
Price, $127% per share.
Offered by Smith, Barney & Co.
& Co.
*6,000,000 B.
Reserve banks, fiscal
$427,765,000
L *$4,000,000 Capital Finance Corp. 10-year 3% sinking fund debentures
due 1951.
Purpose, additional working capital.
Sold priLi
vately to Equitable Life Assurance Society of the United
V
States.
5% debentures due July 1, 1951.
G5
dated Aug>
1; due Feb. 2, 1942.
Purpose,
$13,000,000 refunding; $2,935,000 new capital. Price, slight
premium above par.
Offered by Charles R. Dunn, New York,
fiscal agent.
MISCELLANEOUS
Price, 98 and interest.
Offered
& Co., Inc.; Boenning & Co.;
notes, series
debentures,
$32,700,000
600,000 General Acceptance
124%
agent.
Corp.;
15,000,000 Remington Rand Inc. 15-year 334% sinking fund deben¬
tures, due July 1, 1956.
Purpose, refunding.
Price, 103%
and interest.
Offered by Harriman Ripley & Co., Inc.;
Biyth & Co., Inc.; The First Boston Corp.; Lazard Freres &
Co.; Merrill Lynch, E. A. Pierce & Cassatt; Stone & Webster
and Blodget, Inc.; Drexel & Co.; Goldman, Sachs & Co.;
Union Securities Corp.; F. S. Moseley & Co.; Alex. Brown
& Sons; Baiter, Weeks & Harden, and Hornblower & Weeks.
Corporation
Feb. 15, 1945.
Purpose, $202,553,000
$209,277,000 new capital.
Price, 100.
Offered
dated July 21; mature
debentures,
Jackson & Curtis; G. H. Wabter & Co.; Merrill,
Turben & Co.; Mitchum, Tully & Co.; The Milwaukee Co.;
Hayden, Miller & Co.; R. S. Dicmson & Co., Inc.; Adolph
Lewisohn & Sons; R. W. Pressprich & Co.; Schwabacher &
Co.; Starkweather & Co.; Auchincloss, Paiker & Redpath;
Farweli, Chapman & Co.; Minsch, Monell & Co., Inc.;
William R. Staats Co.; J. M. Dain & Co.; Paul H. Davis
& Co.; Knight, Dickinson & Co.; Moore, Leonard & Lynch;
Newhard, Cook & Co.; Piper, Jaffray & Hopwood; Stein
Bros. & Boyce; Harold E. Wood & Co.; Johnson, Lane, Space
& Co., Inc.; Arnold & S. Bleichroeder, Inc.; A. E. Masten
& Co.; Boettcher & Co.; Clement A. Evans & Co., Inc.;
R. F. Griggs Co.; Reinhoidt & Gardner, and Stix & Co.
GOVERNMENT AGENCY ISSUES
Credit
$411,830,000 Commodity
& Robbins,
stock
Price,
5,600,000 McKesson & Robbins, Inc., 56,000 shares of 5J4% pref.
stock
(par $100).
Purpose, refunding ($4,525,000), new
capital ($1,075,000).
Price, $103 and dividends.
Offerod
by Kidder, Peabody & Co.; Lazard Freres & Co.; F. S.
Moseley & Co.; Harris, Hall & Co. (Inc.): White, Weld & Co.;
W. E. Hutton & Co.: Hornblower & Weeks; Estabrook & Co.;
$22,852,000
PUBLIC
MANUFACTURING
250,000 Haskelite Mfg. Corp. 25,000 shares of common stock (par $5).
Purpose, refunding ($150,3i0), working capital ($99,620).
Price, $10 per share.
Offered by Link, Gorman & Co., Inc.;
Brailsford, Rodger & Co.; Dempsey-Detmer & Co.; Mason
Brothers; MacNaughton, Greenwalt & Co.; Irving J. Rice
& Co.; Shillinglaw, Crowder & Co., Inc., and Bond & Goodwin
Inc. (of Illinois).
<
1
*2,650,000 Western Pacific RR. 1% % equipment trust certificates, due
1942-51.
Purpose, purchase of new equipment.
Awarded
to Harriman Ripley & Co., Inc., and Drexel & Co. on bid
of 98.938; not reoffered.
Counties
INDUSTRIAL AND
$393,750 Central Specialty Co. 75,000 shares of common
(par $2).
Purpose, plant addition, working capital.
$5.25 per share.
Offered by Van Grant & Co.
due semi-annually Sept. 1, 1941-March 1, 1951.
purchase of new equipment.
Priced to yield from
2.65%, according to maturity.
Offered by Halsey,
Stuart & Co., inc.; A. G. Becker & Co.* Inc.; Ladenburg,
Thalmann & Co.; Otis & Co., Inc.; Hallgarten & Co.; G.-M. P.
Murphy & Co.; Equitable Securities Corp.; First of Michigan
Corp.; Moore, Leonard &
Lynch; Schwabacher & Co.;
Edward Lowber Stokes & Co., and Walter Stokes & Co.
*$3,500,000 Coast
■
$16,433,800
2,175,000 Gulf Mobile & Ohio RR. 2.40% equipment trust certificates,
due Aug. 1, 1942-56.
Purpose, purchase of new equipment.
Awarded on bid of 100.046 and reoffered at prices to yield
from 0.40% to 2.75%, according to maturity.
Offered by
Harris, Hall & Co. (inc.); Alex. Brown & Sons; Gregory &
Son. Inc.; The Illinois Co. of Chicago, and The Milwaukee Co.
Central
'
written.' ■'
125,000 Inter-Mountain Telephone Co. 12,500 shares of common
stock (par $10).
Purpose, pay bank loans, additions, &c.
Price, $10 per share.
Offered for subscription to stock¬
holders, and underwritten by Alex. Brown & Sons.
Inc.
1,720,000 Clinchfield RR. series B 124% serial equipment trust cer¬
tificates
due
1942-51.
Purpose,
purchase of equipment.
Priced to yield from 0.35% to 2%, according to maturity.
Offered by Halsey, Stuart & Co., Inc.; Blair & Co., Inc.;
Ladenburg. Thalmann & Co., and Otis & Co. (Inc.).
6,920,000 Illinois
series V,
Purpose,
0.20% to
747
Financial Chronicle
...
265,625 Savage Arms Corp. 12,500 shares of common stock (par
Price, $21 % per share.
Offered by Blyth & Co., Inc.
$5)
•
82,500 Submarine Signal Co. 3,000 shares of common stock (par
$25).
Price, $27.50 per share.
Offered by Blyth & Co.,
Inc.. and Whiting, Weeks & Stubbs.
1,650,000 United
Corp. 16,500 shares of pref. stock
Price, $119.50 per share.
Offered by Harriman
States Steel
(par $100).
Ripley & Co., Inc., and associates.
$16,782,675
*
Indicates issues
placed privately.
The Commercial & Financial Chronicle
748
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
to Government advices.
A
fortnight of mostly
fainfall and continuously high temperatures in the
(mrn belt during the critical growth stage have resulted in
scanty
Business activity showed little change the past
week, with
"Journal of Commerce" latest weekly index figure at
the
compared
as
with
revised figure
a
of
123.7
for
iffore
less permanent damage to the corn
crop and re¬
considerably the recent outlook for excellent to
record-breaking yields in many areas.
Farmers were re¬
ported hauling water for domestic supply in several regions,
including southern Illinois and part of Missouri.
The Gov¬
the
record high, and steel operations gained 1.7
x>oints.
Car
loadings, bituminous coal production, petroleum runs-to-
rather
York
dangerous
New
and
The
quarter.
Jersey
added
shipyards
new
a
to
ernment
in
although
a
New
the
in
yield
New
list, which already includes tax uncertainties,
ceilings, unrelaxed tension in the Far East, and
claims
of
colossal
victories
by
Nazis.
the
securities market is regarded as
holding
The weather
in
sulted
and
of
expansion
further rise
a
July,
the
with
the
break of the
as
defense
economic
in
index
reaching 162 in July
national
activity during
of
the
program
Reserve
re¬
June
Board
of
for
the
week
in
1.3%
crease of
Edison
review
over
Electric
totaled
Institute.
a
an
comparable week in 1940.
'Substantial percentage increases
90 degrees.
■
over
a
In
the
generally clear
temperatures prevailing.
was warm as
temperatures ranged
Partly cloudy and warm
tonight and partly cloudy
Sunday will
be
and
warm
probably
-•
in¬
,
gain of 16.8%
year
ago
Further Advance in
were
Ended
the Central industrial region
following
increase of 21.7% over last year's.
A
production this week advanced a half point to
99.5%. The highest point on record was 100.5, reached in
the week beginning June 23.
A gain in operations at Pitts¬
burgh, in the Wheeling-Weirton district, and at Buffalo
than offset
1935-39
a
A rush to
Trends
in
acquire pig iron before September is
developing
"Iron
full
Age."
average
week
from
in
to
Management action in
priority control, according to
the
price
100.
for
decline in cotton
upward
last
week
to
new
high
for
a
rise
in
index.
higher.
The
preceding
period
loadings
ever
reported
by
1940,
the
the
former
$841,242,000,
are
annual
reported
record
for
the
volume.
45% higher than in
52
weeks
Private
the
32
a
retail
observed today in its weekly review.
Silk items were sub¬
to a stampede and
soft goods were
generally in
insistent demand.
Market events show that retailers are
ordering for autumn in an all-time record volume.
A
jected
tendency toward price increases in all types of
merchandise
is noted by Dun &
Bradstreet.
Wholesale purchasing is
said to be
heavy as trade show activity reached a
peak
in many
leading cities.
Early reports have been that sales
increases range from 25% to
50%
The
weather
ently high
country,
showers.
Plains
of
the
week
was
over
last year.
characterized bv
and
the
Scattered
usual
areas
reported maximum
summer
in
type
of
rainfall,
of
the
temperatures of 100 degrees or
every day of the week, and
they reached 100 degrees
locally in the Southeast on the last two
days of Julv, ac¬
to
average
A
further
were
change
was
was
the
'•
Foods
1941
1941
Year
A 00
Aug. 3,
1940
107.8
107.5
105.6
86.0
117.7
124.6
68.1
132.8
147.1
67.3
114.8
110.3
83.4
155.0
138.1
95.4
97.0
98.9
78.9
111.4
108.0
80.9
110.4
110.4
110.4
102.6
121.6
121.4
119.3
111.5
139.4
138.6
133.5
114.7
150.0
97.9
111.9
Fuels
Miscellaneous commodities
8.2
A oo
26, June 28,
117.5
Cotton..
10.8
Month
Julv
133.4
......wii.
Farm products
17.3
(1935-1939=100*)
Week
Aug. 2,
1941
PRICE INDEX
Preced'g
Week
:
Livestock
.
.
Textiles...
102.7
7.1
Metals
103.9
6.1
104.0
103.9
101.4
Building materials
118.5
116.2
115.6
102.7
1.3
Chemicals and drugs..
Fertilizer materials
105.7
105.3
.3
105.2
103.8
112.3
112.0
.3
105.5
100.1
Fertilizers
106.4
106.4r
.3
102.0
Farm machinery..
101.3
100.0
*
99.3
99.3
99.4
113.3
All groups combined:
99.3
113.0
110.9
95.1
Base period
Indexes
on
1940.74.1.
changed Jan. 4 from 1926-1928 average to 1935-1939
average as 100.
1926-1928 base were: Aug.
2, 1941,
r
88.3; July 26, 1941, 88.C; Aug. 3.
Revised.
Freight Car Loadings Up 165,138 Cars in Week Ended
Aug. 2
Loading of revenue freight for the week ended Aug. 2
totaled 883,065 cars, the Association of American Railroads
announced
on
Aug. 7.
This was an increase of 165,138
23.0% above the corresponding week in 1940, and
an increase of
226,512 cars or 34.5% above the same week
in 1939.
Loading of revenue freight for the week of Aug. 2
cars
or
a
week.
decrease of 14,334 cars or
1.6% below the preceding
The Association further
reports:
Miscellaneous freight loading totaled 364,292
local
the Central Vallevs and Great
index.
fractionally lower.
Grains
cars
below the preceding week
corresponding week in
but
an
a
decrease of 272
cars
cars
cars,
a
decrease of 3,680
increase of 84,987
cars
above
the
1940.
Loading of merchandise
higher
material
miscellaneous commodities
group
Group
23.0
was
persist¬
temperatures, especially in the interior
index of
other
Cottonseed oil
of
selling
The
only
Fats and oils
vehicles.
August has maintained, and in some
unusual level of business activity,
continues vigorous, Dun & Bradstreet
group
and
Latest
25.3
output of all United States and Canadian
automobile
plants for the 1941 model year at
5,590,000 cars and trucks.
The highest year in the
industry's history was 1929, when
United
States
and
Canadian
output reached
5,620,000
week
products
increase in sodium phosphate
an
of
instances^ exceeded, the
and
the food group
average
In the farm
building
Total Index
the
first
was
Each Group
Bears to the
public construction, $3,192,405,000, is 141% over
last year as a result of the
419% increase in Federal work.
Ward's Reports, Inc., estimated
today that car and truck
output this week, marked by changeover
operations in most
plants, would total 41,795 units. This compared with
62,146
last week and 11,635 at this
time last year.
Ward's placed
The
index, which
year
and
under
fractionally offset by a
The trend of textile prices continued
levels.
The price of Southern
pine ad¬
Per Cent
awards,
weeks
It
the
were
Compiled by the National Fertilizer Association,
"Engineering News-Record," and is
$3,987,243,000
rise in
years.
grains
WEEKLY WHOLESALE COMMODITY
This Is the third highest
weekly vol¬
206% greater than in the
corresponding 1940 week, and 35%
above a week ago.
The week's awards bring 1941 construc¬
tion to $4,033,647,000 for the
32-week period.
This total
exceeds
on
During the week 31 price series included in the index advanced and 20
declined; in the preceding week there were 35 advances and 17
declines;
in the second
preceding week there were 42 advances and 22 declines.
years.
Engineering construction awards, with defense
contracts,
particularly public buildings, showing the way, total
$238,-
581,'000 for the week.
slightly
metal
preceding week.
drug price average.
Cottonseed
phosphate rock price advances resulted in an incraese in
material
same
the
small
a
four
the chemical
also
of the 10
was
and
vanced, causing an upturn in the
advance in the price of
camphor and
the fertilizer
for the corresponding week
com¬
quotations.
sponding week in
average
in
a*year ago, based
Association's report,
The
the result
livestock
marked
meal and Florida
135.61% of
advance
to say:
on
today.; This was a decrease of 14,334 cars below
the preceding week this
year, 165,138 more than the corre¬
was
113.0 in
highest point recorded in
increases
public
This total
broad
foodstuff
responsible
1940, and 226,512 above the
the
prices were mixed during the week, with declines
butter, and potatoes offset by substantial increases in other im¬
meats,
Loading of revenue freight for the week ended
Aug. 2
totaled 883*005 cars, according to
reports filed by the rail¬
roads with the Association of American
Railroads and made
two years ago.
of
and 95.1
ago
as
portant commodities;
result of Office of Production
a
month
a
date of Aug. 4, went
"steel
placing this metal under
last
113.3
to
rose
110.9
was
slight decline in the rates in the Chicago,
areas.
"In several areas," "Iron
mills are operating below
capacity
because of the inability to obtain
scrap of the right grades."
reported,
continuation
index
Youngstown and Cleveland
Age"
Commodity Price Average in Week
According to National Fertilizer
2,
modity prices took the wholesale price index
compiled by
The National Fertilizer Association to
the highest point
reached since July, 1937.
In the week ended Aug. 2 this
Steel
more
Aug,
Association
gain of 22.9%,
closely with an
and
ago,
been
Milwaukee, 66 to 87; Charleston, 79 to 95; Savannah, 77
Dallas, 73 to 86; Kansas City, Mo., 74 to 94; Spring¬
field, 111., 70 to 97; Oklahoma City, 70 to 88; Salt Lake
City, 70 to 91, and Seattle, 57 to 84.
shown by all seven major geographic
regions, with the New
England district again leading the list with a
ume
has
the
over
as
warm
Friday
disappointing.
ivas
weather
to 98;
Output
3,226,141,000 kwh.,
the previous week and
on
areas
was 66 to 87 degrees;
Baltimore,
88; Portland, Me., 53 to 86; Chicago, 64 to 93; Cin¬
cinnati, 63 to 93; Cleveland, 57 to 86; Detroit, 64 to
88;
high
the
to
the
good
districts,
69 to
Electric power production in the week ended
Aug. 2 for
fourth consecutive week rose to a new
all-time
according
some
area
made
Overnight at Boston it
effort in May, 1940, according to the Federal
Reserve "Bul¬
letin," published today.
level,
about
fair.
inauguration of the defense
the
harvesting
northwestern
warmer on
Saturday. Prevailing winds are
light and mostly southwest.
Lowest thermometer readings
tonight are expected to touch 70 degrees in the city and 10
degrees lower in the suburbs, rising on Saturday to a high
compared with 104 before the out¬
and 115 before
war
Federal
wheat
and somewhat
of all this confusion and uncertainty.
ltapid
in
City
that
later-harvesting
between 68 degrees and 87 degrees.
and humid weather is looked for
However, the
well in the face
up
York
said
the
during the week, with
ever-
increasing
price
Bureau
progress
strikes in
worry
or
duced
previous week.
According to this source, electric power
production advanced for the fourth consecutive week to a
stilJs and automotive activity declined moderately.
The strike menace is again rearing- its
head, and
1941
cording
Friday Fight, Aug. 8, 1941.
123.5
Aug. 9,
less than carload lot freight totaled
155.724 cars,
below the preceding week but an increase of
5,438
above the corresponding week in 1940.
Volume
The Commercial
153
.* Coal loading amounted to
the preceding week
749
& Financial Chronicle
166,144 care, a decrease of 2,682 cars below
REVENUE
LOADED
FREIGHT
but an increase of 43,428 cars above the corresponding
AND
CONNECTIONS
RECEIVED FROM
(Number of Cars)
week in 1940.
Grain and grain products
loading totaled 46,142 cars, a decrease of 9,135
'
'
•
'
i
''
.1
'
preceding week but an increase of 5,452 cars above
the
below
corresponding week in
1940.
of 643 cars above the corresponding
the preceding week but an increase
In the Western districts alone loading of live stock for
week in 1940.
an
Forest
the
increase of 528 cars above the corresponding weetc in 1940.
3,203 cars
above the cor¬
products loading totaled 50,644 cars, an increase of
above the preceding
week and an increase of 14,034 cars
responding week in 1940.
X'/.'
V
Ore loading amounted to
Aug. 2
77,228
cars, a
decrease of 1,305 cars below the
preceding week but an increase of 8,681 cars above the
corresponding week
in 1940.
decrease of 188 cars below the
preceding week but an increase of 2,475 cars above the corresponding
Aug. 3
Aug. 2
1940
1941
Aug. 3
July 26
1941
1941
j 1940
5,217
18,766
8,529
Baltimore & Ohio RR
41,780
43,510
32,433
8,477
22,299
23,289
Chesapeake 6c Ohio Ry
28.930
29,338
24,715
14,249
14,757
Chicago Burl. & Quincy RR
Chicago M ilw. St. Pau 1 & Pac. Ry
19,001
19,948
14,537
10,046
10,311
23,584
23,910
19,406
10,026
10,209
11,291
7,161
7,001
Chicago & North Western Ry
22,453
13,343
13,306
9,934
22,647
18,636
24,158
23,051
19,374
3,361
2,815
2,957
2,021
1,981
International Great Northern RR
2,077
2,228
1,516
2,483
2,191
1,386
1,627
Missouri-Kansas-Texas
4,801
4,798
3,888
3,905
3,552
2,411
RR
Missouri Pacific RR
17,537
N. Y.
week
13,151
11,744
11,370
7,737
53,211
41,527
50,989
52,953
40,346
7,541
Chicago & St. Louis Ry
17,364
50,402
...
New York Central Lines
7,444
6,117
14,314
14,125
10,407
Norfolk 6c Western Ry
24,792
25,027
21,131
5,954
6,592
4,816
Pennsylvania RR--_
89,373
90,969
68,726
55,371
56,371
45,500
6,044
6,664
5,088
6,272
6,374
Pere
Coke loading amounted to 13,132 cars, a
July 26
1941
Gulf Coast Lines
of 21 cars below the preceding
week of Aug. 2 totaled 7,209 cars, a decrease
week but
Weeks Ended—
Atchison Topeka & Santa Fe Ry.
275 cars below
Live stock loading amounted to 9,759 cars, a decrease of
Received from. Connections
Weeks Ended—
Loaded on Own Lines
i.
the
corresponding week in 1940.
In the Western districts alone grain and grain
products loading for the week of Aug. 2 toraled 29,991 cars a decrease of
5,603 cars below the preceding week but an increase of 6,301 cars above the
care
Marquette Ry
Pittsburgh & Lake Erie RR
8,690
Wabash
7,452
9,497
29,907
12,597
12,336
6,662
5,851
10,805
4,984
9,915
35,583
6,062
Ry
8,657
36,922
Southern Pacific Lines
11,185
•
7,693
7,678
7,733
in 1940.
All districts reported
increases compared with the corresponding
weeks
415,997 425,337 336,412 264,392 269,346 201,688
Total
in 1940 and 1939.
v
• v
...
CONNECTIONS
TOTAL LOADINGS AND RECEIPTS FROM
1939
1940
1941
(Number of Cars)
4 weeks of January
2,740,095
2,557,735
2,288,730
4 weeks of February
2,824,188
3,817,918
2,488,879
3,123,916
2,495,212
2,282,866
5 weeks of March
4 weeks of
_
April
5 weeks of May
2,793,563
.
.....
2,225,188
2,926,408
2,563,953
883,065
2,896,953
2,822,450
717,927
24,142,920
20,454,912
4 weeks of June
Weeks Ended—
2,976,655
3,351,840
4,160,527
3,510,137
3,413,427
....
Week of Aug. 2
Total......
REVENUE
30,536
Illinois Central System-.
38,131
38,722
29,104
15.917
15,862
83,609
85,120
Total Revenue
Jl.
—
/■*
ii.i i- ^
compared with the
same
629
Arbor
613
658
1,105
1,556
1,125
693
7,053
271
238
13,663
2,600
9,439
2,037
"
Maine
1,559
from
1939
1940
Connections
1940
1941
1,369
*
Delaware & Hudson
Delaware Lackawanna 6c West
2,753
2,618
1,063
3,277
927
471
344
384
Richmond Fred. & Potomac...
449
338
303
4,643
14,723
600
Norfolk
21
102
47
1,175
2,916
1,918
7,591
10,541
5,688
4,202
6,619
Winston-Salem
399
412
128
1,264
365
207
240
1,558
3,831
12,736
3,276
11,935
16,137
Southern System
Southbound...
1,909
1,325
Northwestern
8,969
6,701
144
192
2,446
1,987
10,361
1,807
8,303
1,735
1,311
10,059
6,439
3,260
2,604
2,476
2,549
1,818
Monongahela
6,391
4,877
3,948
471
207
Chicago Milw. St. P. & Pac—
Chicago St. P. Minn. 6c Omaha
Duluth Missabe 6c Iron Range
Montour
2,469
2,211
34,760
51
53,774
12,357
1,344
7,444
N. Y. Chicago & St. Louis.
2,327
41,392
9,345
1,150
5,958
k
4u
955
1,639
Great
5,315
14,125
9,880
1,699
1,558
9,919
7,471
Pere Marquette
6,664
4,755
4,628
6,374
5,017
643
836
304
55
69
412
1,286
382
272
588
220
1,835
575
618
Wabash
6,662
5,847
5,181
2,359
1,243
11,185
Wheeling 6c Lake Erie
5,567
5,017
4,121
4.176
7,739
3,099
189,117
146,405
133,010
213,202
152,708
715
1,048
■
587
....
Western
Lake Superior & Ishpemlng....
Minneapolis & St. Louis
Minn. St. Paul &S.S.M
809
525
405
1,122
813
32,141
29,735
23,289
17,726
7,656
Northern
Pacific..-..
Cumberland & Pennsylvania..
Valley
Long Island
Penn-Reading Seashore Lines.
6,154
Union (Pittsburgh)
Maryland
..
Total..
4.832
2,338
2,416
18,848
8,529
5,227
3,042
2,998
2,026
496
661
109
19,948
16,124
14,742
10,311
6,989
2,638
14,432
1,769
11,455
912
726
10,123
8,026
Chicago 6c Eastern Illinois
Colorado & Southern
—...
2,886
2,255
1,455
11,069
2,336
573
783
3,217
1,598
2,466
804
Grande Western.
6c Salt Lake
3,484
2,569
2,033
3,858
2,956
698
307
278
43
1,280
1,935
966
1,063
1,019
759
1,720
1,737
1,491
2,197
1,408
807
486
Bingham 6c Garfield
Chicago Burlington 6c Quincy..
Chicago 6c Illinois Midland
40
39
Denver
63
58
40
25
Fort Worth 6c Denver
701
587
3,020
2,359
1,399
43,481
40
1,786
1,085
954
1,912
68,983
58,072
56,371
13,416
22,991
19,884
4,085
18,752
3,253
11,600
11,382
6,507
16,376
5,519
3,248
8,445
6,547
153,777
129,310
142,581
107,649
24,780
24,375
14,757
Chicago Rock Island 6c
Pacific.
Denver & Rio
City
j
Illinois Terminal
M issourl-Illinois
Nevada
,
North Western
19,949
6,592
4,500
3,966
1,794
48,290
23,143
17,062
321
Peoria 6c Pekin Union
!
!
Total
Southwestern
4,880
2,991
Midland
2,591
1,995
7,448
3,812
486
506
1,785
1,294
1,288
669
0
30,202
24,747
23,767
337
283
8,253
1,596
4,550
323
16,538
14,095
13,718
11,064
8,345
1,109
280
271
132
12
7
1,815
1,709
1,664
2,609
2,188
105,330
100,960
69,961
49,313
Missouri 6c Arkansas
213
321
345
267
187
201
144
484
334
Missouri-Kansas-Texas Lines..
Missouri Pacific
366
385
776
694
Quanah Acme &
36
23
31
83
55
1,387
1,197
911
2,123
1,682
2,636
1,981
1,315
1,742
1,769
1,619
St.
201
425
2,191
1,210
1,945
1,888
2,522
2,001
1,796
1,570
1,969
1,786
1,425
953
Pacific.......
Francisco
Louis Southwestern
360
284
556
536
396
4,014
xl,473
3,267
3,000
25,909
3,060
19,333
18,874
13,810
9,843
Orleans
Pacific
Wichita Falls 6c Southern
26,144
21,450
20,388
7,950
5,340
Weatherford M. W. & N. W—
190
149
113
733
140
121
379
279
291
1,241
407
427
283
158
179
178
396
218
3,552
11,370
2,434
186
* Previous figures,
430
x
231
Texas 6c New
Texas 6c
Total
Gulf Mobile & Northern only.
212
4,798
4,053
4,067
17,387
13,504
12,800
166
75
67
213
114
9,247
6,778
6,864
5,290
4,153
2,627
2,201
2,173
3,168
7,685
7,252
5,530
5,979
4,155
1,892
2,503
3,765
3,361
3,619
4,730
3,087/
176
112
210
107
17
19
23
45
21
45,137
44.659
30.306
517
revised.
649
837
Valley
St. Louis-San
176
151
2,428
2,228
218
—
316
...
236
171
2,815
2,712
& Gulf
Southern
Kansas Oklahoma
Kansas City
408
...
0
182
Litchfield & Madison
1.128
7,730
Note—Previous year's figures
9ft
—
—
International-Great Northern. _
Louisiana 6c Arkansas
4,589
Mississippi Central
525
23
District—
1,260
488
Savannah
110
573
129,824
1
1,675
1,144
6,112
3,955
1,571
751
Louisville 6c Nashville
133
932
99
1
Pacific
139
749
Illinois Central System
898
812
...
Pacific (Pacific)
Toledo Peoria 6c Western
Union Pacific System....
237
802
Gulf Mobile & Ohio
841
1,555
980
Southern
221
1,253
Georgia & Florida—
12
1,157
...
Pacific*
293
965
Georgia
1,317
1,153
50,214
81-
1,930
......
Northern
11,409
21,173
4,261
3,753
3,198
236
10,888
5,296
19,508
118
1,507
9,121
5,120
Gainsville Midland
9,039
70
608
307
Atlanta Birmingham 6c Coast..
Florida East Coast
9,384
91
3,629
258
Atl. & W, P.—W. RR. of Ala..
Columbus 6c Greenville..
Durham & Southern
2,552
District—
Santa Fe System.
.....
Gulf Coast Lines
Cli nchfleld
1,727
3,155
2,143
1,836
6,116
24,158
Central Western
Burlington-Rock Island
Central of Georgia
2,263
1,707
42,775
6,174
59,293
Atlantic Coast Line
3,630
6,810
61,062
544
Southern District—
Charleston 6c Western Carolina
559
105,198
6,537
4,928
Alabama Tennessee & Northern
3,111
741
119,750
8,411
29,338
25,027
Total.
4,833
607
144,457
6
Pocahontas District—
........
18,484
473
12,250
>—
T otal
Western
Norfolk & Western
179
21,481
347
15
911
144
1,489
5
210
531
414
14
60
,6,193
545
2,296
312
16,427
8,999
295
1,483
>
222
9,964
2,278
Utah
Chesapeake <fc Ohio
535
5,472
3,341
1,890
297
198,615
t
540
6,945
364
1,090
90,969
17,481
Pennsylvania System
956
265
1,740
......
Ligonier
4,328
-
258
668
Central RR. of New Jersey...
3,677
12,866
3,320
20,395
1,113
3,217
10,209
2,546
317
Cambria & Indiana
13,306
8,055
International
Spokane Portland & Seattle....
1,703
Buffalo Creek & Gauley
19,024
2,604
18,917
1,075
43,510
Bessemer & Lake Erie
18,980
2,457
18,352
2,698
Spokane
Alton..
Baltimore <fc Ohio
93,626
625
Moines & South.
Northern
Atch. Top. &
Alleghany District—
Akron Canton & Youngstown.
9,855
2,618
97,781
571
Green Bay &
9,146
395
Total
633
65,343
87,483
26,234
Ft. Dodge Des
5,429
.....
805
10,593
Elgin Jollet & Eastern
404
_.
160
955
Atlantic.
11,054
7,319
Pittsburgh & West Virginia..
Duluth South Shore 6c
39,300
487
,
.
17,182
2,316
8,653
Pittsburgh 6c Shawmut
Chicago Great Western
52,390
Pittsburgh & Lake Erie..
N. Y. Susquehanna & Western.
Pittsburgh Shawmut & North..
163
23,051
2,783
23,149
3,941
24,470
Chicago & North Western....
1,729
7,880
N.Y.N. H.& Hartford
891
District-
3,343
154
6,122
New York Ontario & Western..
431
119,128
Total
2,608
Lehigh & Hudson River...
New York Central Lines
20,559
466
148
—
11,575
2,892
Lehigh Valley
Maine Central..
V 8,351
545
4,280
2,619
16,269
Lehigh 6c New England
8,610
21,317
1,412
5,823
6,137
20,110
139
Detroit «fc Toledo Shore Line...
Grand Trunk Western
819
1,084
9,749
Tennessee Central
8,309
10,979
9,318
7,481
8,136
1,206
24,621
Seaboard Air Line
46
374
Erie
L.
Southern—
1,250
Detroit 6c Mackinac*
Detroit Toledo 6c Iron ton
3,140
3,615
1,286
Piedmont Northern
Nashville Chattanooga & St.
40
Macon Dublin &
Total Loads Received
Total Revenue
1,470
Central Indiana
Central Vermont
Virginian
year.
Freight Loaded
1941
7,242
1,838
963
9,049
Chicago Indianapolis & Louisv
Western
loadings
ended July 26,
increases when
Southern District—([Concl.)
Bangor & Aroostook
Co
week last
Railroads
Eastern District—
Reading
64,274
CARS)—WEEK ENDED JULY 26
1940
1941
1939
1940
11,938
'
following we undertake to show also the
In the
for separate roads and systems for the week
1941.
During this period 117 roads showed
from Connections
1941
....
.
Total Loads Received
Freight Loaded
>
23,232
FROM CONNECTIONS (NUMBER OF
FREIGHT LOADED AND RECEIVED
Railroads
Cornwall..
1940
29,561
18,452,589
The first 18 major railroads to report for the week ended
Aug. 2, 1941, loaded a total of 415,997 cars of revenue freight
on their own lines, compared with 425,337 cars in the preced¬
ing week and 336,412 cars in the seven days ended Aug. 3,
1940.
A comparative table follows:
Rutland.
3,
Chicago Rock Island & Pacific Ry.
2,532,236
656,553
Total
Boston &
Aug.
July 26, 1941
1941
St. Louis-San Francisco Ry---
4 weeks of July
Ann
2,
Aug.
56,965
44,781
64
The Commercial & Financial Chronicle
750
Railroads
Class
I
Have
railroads
conditioned
12,611 Air-Conditioned Cars in
Operation
and
passenger
according to
just
reports
Co. had 12,511 airoperation on July 1, 1&41,
received by the Association of
in
American Railroads and made public on Aug. 8.
This was an increase of 525 compared with the
air-conditioned passenger
of
1.3% due to higher prices for flour, oatmeal, corn meal and macaroni.
were also higher for canned milk, for fresh beef,
veal, lard, eggs, and
Prices
Pullman
the
cars
cars
number
an
the
total
number
of
such
July 1, this year, had 7,260,
Class
cars,
I
railroads
on
increase of 414, compared
The Pullman Co. on July 1,
this year, had 5,245 air-conditioned passenger cars in
opera¬
with the
tion,
date
same
or an
beans, pepper,
cocoa
raw
butter, apples, onions,
sugar, and tea.
and potatoes, for lamb,
dressed poultry, and for soy bean oil.
week ago,
a
as
coffee,
Lower prices were reported for
fresh pork,
mutton,
Grain prices were substantially
and cotton also advanced.
an
last year.
increase of 111 compared with July 1, 1040.
the other hand, declined by 1.3% on the average.
In industrial commodity markets there was an advance of
3.2% for crude
Fats and oils rose 1.9%, largely because of higher copra
in
were reported for most mixed fertilizers.
prices for industrial
ticking, tire fabric, toweling and
is over
30% higher than it
An advance of
cotton
The Bureau's index for cotton goods
yarn.
was at
Further advances
textiles, including duck, denim,
the beginning of the year.
1.4% for pig tin prices during the week
was
reflected in
metal.
The index for lumber rose 1.3%
highest level since the Spring of 1923, and is approximately 29%
above a year ago.
Prices were higher for gum, most types of yellow pine,
and for maple and oak flooring.
to
Moody's Commodity Index Advances
Moody's Daily Commodity Index advanced from 210.5 a
week ago to 213.4 this Friday.
The principal individual
changes were the gains for cotton and wheat.
as
prices.
Higher prices
occurred
higher quotations for babbitt
•+
The movement of the Index has been
and
higher
Livestock and poultry, on
rubber.
increase of 311 since Jan. 1, this year.
Of
canned salmon, for cottonseed oil, and for imported foods such
than
July 1, 1940, and
on
Aug. 9, 1941
follows:
the
Prices for copal gum, tung oil, rosin and turpentine again rose
sharply.
The following tables show (1) index numbers for the
principal groups of
commodities for the past 3 weeks, for July 5, 1941, and for
Aug. 3,
and (2) the percentage changes in subgroup indexes from
1940,
July 26 to Aug. 2,
1941.
Fri.
Sat.
1
Mon.
4-.
5
0
Aug.
Aug.
Aug.
Taes.
Aug.
Wed.
Aug.
Thurs. Aug.
Fri.
Aug.
.'210.5
Two weeks ago,
212.7
...213.1
July 25
212.9
212.7
1941 High—Aug. 7_
Low—Feb. 17
Low—Aug. 16
213.4
(1926=100)
150.5
171.8
149.3
213.6
1940 High—Dec. 31
213.6
7
8
211.8
205.0
Month ago, July 8
Year ago, Aug. 8
Aug.
Commodity Groups
July
July
July
26,
19,
5.
2,
171.6
1941
1941
1941
Aug.
3,
1941
Percentage Changes to
Aug. 2, 1941, from—
1940 July 26
July 5
Aug. 3
1941
Commodity Price Indexes of 10 Countries Compiled
by General Motors and Cornell University
General Motors Corp. and Cornell University, which
prior
to the European war had collaborated in the
publication of
a
world commodity price index, have resumed issuance of
international price statistics, but on a different basis than
before the war.
Instead of a composite index of world
prices, tlipse organizations now are publishing the informa¬
tion only as individual country indexes.
The index is built upon 40 basic commodities and the list
is the same for each country in so far as
possible.
Each
commodity is weighted uniformly for each country, accord¬
ing to its relative importance in world production.
The
actual
price data
overseas
All commodities
Farm products
list of other miscellaneous materials
newsprint, linseed oil, &c.)."
to
(rubber, hides, lumber,
Weights assigned in the index
the different
commodity groups are as follows: Grains,
20; livestock and livestock products, 19; vegetable fats and
other
foods, 9;
laneous, 18.
12;
textiles,
fuel,
11;
metals,
11;
1940
+0.5
+ 1.7
+•15.8
86.7
85.4
84.1
65.2
+0.6
83.8
84.1
69.1
+ 1.1
+ 1.7
+ 23.7
98.1
0.0
+0.8
+ 3.0
+ 11.8
+20.6
86.6
86.4
85.0
84.1
71.8
+0.2
79.4
79.3
79.0
71.7
0.0
98.6
98.6
98.4
94.9
0.0
+0.2
+3.9
103.3 102.7 102.6 101.7
92.8
+0.6
+ 1.6
+ 11.3
84.6
76.8
+0.6
+ 1.1
+ 11.3
85.5
Housefurnishing goods
85.0
95.5
95.8
85.0
95.4
+ 0.5
+ 10.7
Manufactured
other
+ 1.6
81.2
77.4
+0.6
+ 1.4
+6.3
84.9
69.4
+0.7
+2.5
+25.4
87.8
87.6
87.4
77.3
+0.8
90.5
90.0
89.4
80.8
+0.2
+ 1.3
+ 1.5
+ 14.5
90.7
+ 12.3
89.3
88.9
88.5
79.6
+0.4
+ 1.4
+ 12.7
90.2
products
commodities
farm products
All commodities
+0.3
81.7
85.5
88.5
articles-
90.0
81.8
86.4
89.7
Semi-manufactured
94.3
82.3
87.0
commodities.
materials
90.0
89.7
89.2
82.3
+0.2
+ 1.1
+9.
+6.4
than
other than
farm Products and foods.
_
PERCENTAGE CHANGES
JULY
26
IN
SUBGROUP
TO
AUG.
INDEXES
FROM
1941
2,
Increases
Fruits and vegetables
4.2
Paper and pulp.
Rubber, crude
3.2
Other miscellaneous
Grains
2.7
Furnishings
Mixed fertilizers
0.7
0.7
0.6
....
2.0
Other textile products
Oils and fats
1.9
Brick and tile—..
0.3
Other farm products
Other foods.
1.4
0.2
1.4
Dairy products
Hosiery and underwear
Cereal products
1.3
Bituminous coal
Lumber
1.3
Non-ferrous metals
0.9
0.9
Other building materials..
Chemicals
0.9
Furniture
.
Cotton goods
Paint and paint materials
Fertilizer materials
...
miscel¬
0.4
0.2
0.2
0.2
0.1
...
0.1
Woolen and worsted
Livestock and poultry--—.,.——.
0.2
a
goods--—
Decreases
The indexes, which are based on
prices expressed in the
currency of each country, were reported Aug. 4 as follows:
+-33.7
98.6
Chemicals & allied products.
Miscellaneous
+ 3.7
79.4
_
responsible agencies
available in each country, usually a
department."
The commodities involved in¬
clude "a comprehensive list of several
groups, including
grains, livestock and livestock products, miscellaneous foods
(coffee, cocoa, tea, sugar, &c.), textiles, fuels, metals and a
77.0
84.6
__
Building materials
collected weekly by General Motors
from sources described as "the most
government
87.7
87.2
Fuel and lighting materials.
All
88.3
85.5
Metals and metal products
Raw
88,8
109.7 109.7 109.6 108.8
Foods
Hides and leathers products.
Textile products-
are
operations
89.2
1941
1.3
0.1
"V.;..■
Cattle feed-—-—-—-—-—-- 0.6
(August, 1939=100)
July Department Store Sales Showed Less Than
*
Argen¬
Aus¬
Can¬
Eng¬
tina
tralia
ada
land
Mex¬
Java
ico
New
Swe¬
Zeal'd
den
Seasonal
Switz¬ United
erland
Decline
Governors
Stales
of
from
Federal
June,
Reserve
Reports
Usual
Board
of
System
The Board of Governors of the
1940—
May—
120.
118
120
143
116
113
112
131
132
112
June
118
118
120
144
116
113
114
131
136
109
July
118
118
120
145
115
112
114
132
140
109
August
118
119
120
150
115
111
120
132
144
109
September..
116
120
121
145
116
110
122
135
153
111
October
113
123
122
145
117
110
120
139
158
November-
113
125
124
146
118
111
118
142
164
118
December.
113
126
126
149
120
111
119
144
168
114
127
126
150
rl20
111
119
144
rl72
114
126
127
150
121
113
119
147
171
March
119
122
129
150
123
114
119
154
176
121
121
131
150
125
115
119
156
180
120
134
150
129
117
120
156
189
usual
seasonal
decline
from
June
to
adjusted index
rose from 104 to 113.
The index is shown below for the last three months and for
s
125
126
the
122
April
than
less
120
May
much
July and the Board
120
February...
on
118
January
Federal Reserve System
Aug. 7 that department store sales showed
announced
129
.
114
July,
1940.
1941—
1941—
DEPARTMENT
June 7
rl31
14—
121
129
121
135
rl51
136
151
130
133
118
119
120
120
154
155
192
193
SALES
a
100)
July 1941
June
1941 May
1941
July 1940
113
104
105
92
78
100
105
64
Without seasonal adjustment
.
STORE
(1923-25 Average
Adjusted for seasonal variation
Weeks end.:
June
'
INDEX OF
130
132
Change from Corresponding Period
June 21—
132
121
137
151
131
119
121
154
194
133
June 28..
134
139
151
132
120
121
154
194
133
rl33
Reserve
121
139
*152
134
*194
134
a
Year Ago (Percent)
Federal
121
District
July
5—
123
121
154
July
12—
133
121
141
*152
134
126
121
rl56
rl37
July
19—
133
121
141
*152
136
126
122
155
26
133
120
143
*154
138
124
124
*155
137
Four Weeks Ended
Year
rl36
July
One Week Ended
—
to
Aug. 2 July 26 July 19 July 12 Aug. 2 June28 MaySl Apr. 26 Aug. 2
Boston
Wholesale
Revised.
+28
+ 20
+ 21
+ 12
+ 25
+ 19
+ 13
+ 21
+ 10
+ 14
+ 20
+ 12
+ 32
+ 26
+ 28
+ 28
+ 15
+ 16
+ 36
+ 18
+ 21
+ 25
+ 28
+ 15
+ 16
+ 31
+ 18
Commodity
Week Ended Aug. 2
Statistics' Index
Prices
Advanced 0.6% During
According to Bureau of Labor
+28
+25
Cleveland
r
New York....
Philadelphia...
♦Preliminary,
+27
+ 38
+24
Richmond
week
changes in wholesale commodity markets during the
ended Aug. 2 were
principally for certain foodstuffs
and industrial
materials.
The Bureau
of
r+34
+ 32
+ 34
+ 26
+ 30
+ 36
+ 29
+ 30
+ 21
+ 19
+ 25
+ 18
+ 23
+ 23
+ 19
+ 22
+ 13
+ 16
+ 18
St.
+ 43
+ 25
+ 40
+ 17
+ 20
Seasonal
advances in prices for citrus fruits and
higher
dried apricots and canned vegetables
+ 16
+ 20
+ 37
+21
*
*
+ 17
+ 11
+ 12
+ 14
+ 15
+ 19
+ 11
Kansas City...
Dallas
+ 33
r+21
+ 23
+ 22
+ 25
+ 14
+ 15
+ 14
+ 14
+ 33
r
+ 28
+ 19
+ 28.
+ 27
+ 24
+ 24
+ 21
+ 17
San
+28
+ 25
+ 18
+ 16
+22
+ 17
+ 17
+ 21
+ 15
+ 27
+ 27
+ 23
+ 19
+ 24
+ 14
+ 16
+ 23
+ 16
Louis
*
Francisco.
r
*
+ 19
+ 31
+ 24
Revised.
*
Not shown separately but included in United States total,
Monthly indexes refer to daily average sales in calendar month; July,
figures estimated from weekly sales.
a
WEEKLY
INDEX,
brought
WITHOUT
SEASONAL
ADJUSTMENT,
1941,
1935-39=100
quotations for
average
prices of
Cereal products advanced
12
93
1940—July
13
19......
89
July
20
26
87
July
27.
69
Aug.
for foods, farm products, building
during the week.
+ 31
July
level.
bananas,
+ 15
July
materials, chemicals and allied products, and miscellaneous commodities
each rose by 0.6%.
Housefurnishing goods were up 0.3% and textile
products, 0.2%.
The indexes for hides and leather
products, fuel and
lighting materials, and metals and metal products remained at least week's
fruits and vegetables up 4.2%
+24
+ 24
1941—July
Mr. Hinrichs said.
The Bureau s announcement further
declared:
advance of 1.1%
+ 17
Labor Statistics
nearly 900 price series rose 0.5% to the highest
point since April 1930, Acting Commissioner Hinrichs re¬
ported on Aug. 7.
''The advance brought the general level
of wholesale
commodity prices to 89.2% of the 1926 average,
which is 1.7% over a month
ago and 15.8% over a year ago,"
an
+ 13
Chicago
index of
In addition to
+ 20
Atlanta
Minneapolis.
Price
r
2
103
Aug.
3
81
—
——
78
72
Electric Output for Week Ended Aug.
Gain of
16.8%
over
2, 1941, Shows
Year Ago
The Edison Electric Institute, in its current
weekly re¬
estimated that the production of electricity by the
electric light and power
industry of the United States for
port,
the week ended
Aug. 2, 1941,
was
3,226,141,000 kwh.
The
Volume
The Commercial &
153
output is 16.8% above the output of the cor¬
responding week of 1940, when production totaled 2,762,240,000 kwh.
The output for the week ended July 26, 1941,
was
estimated to be 3,183,925,000 kwh., an increase of
15.3% over the like week a year ago.
In New England during the
current week's
increase from previous year
percentage
751
Financial Chronicle
104,867,
were
as
four-week period ending July 12
compared witn
a
total of 86,570 cars during the
The amount of
June
cotton consumed
raw
102,727 bales,
was
baies in June,
as
by mills in New England during
Week
Ended
Aug. 2, 1941
Regions
Second (New
•
Week Ended
Week Ended
July 19, 1941
Ended
July 26. 1941
July 12, 1941
New England
22.9
22.3
2i .6
York) District
16.9
12.8
17.2
17.6
Central Industrial
21.7
19.2
22.8
25.0
West Central
14.6
Southern States
16.4
10.5
Rocky Mountain
17.4
19.7
21.0
10.3
5.4
11.5
16.2
:
11.3
4.1
x8.3
9.8
9.1
15.3
18.0
18.5
Total United States.
Percentage should be higher; data
index
of
trade advanced one
The month marked
the first year of the defense program and during this period the
18 points to the highest level since October, 1929, as is shown in
During June this bank's index of production and
under revision.
(thousands
weeks
recent
for
kilowatt-hours
rose
the accompanying diagram.
Percent
§
June and the group index
Change
Steel output,
of almost
from
-
83,000,000 tons
2.558.180
+ 10.7
2.238,719
2.688.380
+ 11.0
2,329.057
2,995.562
2.979.610
2.673.823
+ 12.0
2.660.962
+ 12.0
2.977.501
+ 13.1
2,972.566
2.958.855
2,632.555
2.616,111
2.564,670
2,342,328
2,340,339
2.327,192
+ 13.6
+15.4
2,314,859
2.297,117
2.967.576
2.546,816
+ 16.5
2.269.061
m
2.982,203
2.568,328
+ 16.1
2,293.582
2,553.109
2.550,000
+ 17.0
2.285.175
+ 16.3
2.275.658
2.258.221
mm
Jan.
18
mm
Jan.
25
Feb.
1
..
8
Feb.
again averaging around 98% of capacity, was at an annual rate
1940
r
2.985.304
11
Jan
.
2.831,052
4
Jan.
.
mm
Feb.
15.
Feb.
22
mm
mm
Mar.
1
Mar.
8
mm
2,986,470
Mar. 15
mm
2,964,817
m
2,286.494
aircraft,
2.236.074
record rate, seasonal
2.130.558
2.097,789
2,112,046
2,225,581
2,238.281
2,242,433
the
2.071.639
2.225,539
demand, passenger car
2.077.334
2.237.729
2.054.861
2.251.888
2.066.563
2.027.433
2.251.111
2.237.926
2.963,579
2.508.321
Mar. 29
mm
2,956,149
2.272.424
2.036.671
2.183,704
2,937.585
2,524.066
2.493.690
+ 17.1
mm
+ 17.8
2.243.986
2.050.101
2.218.798
2.882,319
2,529,908
+ 13.9
2,234.908
2.016.227
2.218.615
2.873.710
2.265.216
5
m
Apr.
19
mm
Apr. 26
mm
May
May
10
17
2.229.866
2.244.039
1,995.555
2.237,542
+ 16.4
2,224,723
1,992.161
2.225.194
2.515.515
+ 18.3
2,238,826
2.019.065
2.242.421
2.550,071
+ 17.0
2.249,305
2,588.821
2,477.689
2,598,812
+ 16.3
2.030.754
+ 18.0
2,234,592
2,277,749
2.186,394
2.023.830
3.011,754
1,936.597
2,251.995
2.176.399
+ 17.1
2,328,756
2.056.509
2,664,853
+ 15.1
2.340.571
2.051,006
2.260,771
2,653.788
+ 15.2
2.362.436
2,082.232
mm
2.659.825
+ 17.3
2,395,857
2.074.014
21
mm
mm
June 28
2,425,229
+ 18.2
2,145,033
1,937.486
3,141,158
2,651.626
+ 18.5
2,402.893
2,154.099
3,162,586
3,183,925
3,226,141
2,681.071
+ 18 0
2.377.902
2.152.779
2,760.935
+ 15.3
2,426,631
2,159,667
2,762.240
+ 16.8
2.399.805
2,193.750
2,139.281
2,358,438
2,321.531
2,312,104
2,341.103
mm
July
5
July
12
July
19
July
26
Aug.
mm
mm
2
and machinery,
and textile production
such s
at a
was
factors considered.
production during
and also in response to continued heavy consumer
production continued at the May level, although
Partly in anticipation of compulsory curtailment of
a
coming model year,
decline
was to
be expected at this time of
the year.
The output of con¬
although the year-to-year gain in this category was not
that in
1940,
nearly so great as
goods showed a consideraole increase over June,
sumers' nondurable
durable goods lines where the prospect of future
the consumers'
resulted in particularly sharp increases in operating rates.
Railway freight traffic increased further in June and reached the nighest
level since 1930.
There was a dip, however, in the volume of retail trade.
shortages
2.285,362
2,924,460
3.042,128
14
shipbuilding,
2.287,420
3.120.780
mm
coal output increased further, the steady
building up of working forces continued in vital defense industries
2.266.759
3,066,047
3,055.841
m-m
7
June
2.010.121
+ 17.1
2.982.715
mm
May 31
June
+ 13.6
2,503.899
2.926.445
mm
May 24
June
2.528.868
2,499,060
2,914.882
2.975.024
2,866,865
3
May
m
Bituminous
1940.
2,156,468
2,139,311
mm
12
June,
2,278.249
2,277,509
Mar. 22
Apr.
in
compared with a rate of a little under 69,000,000 tons
as
2,142,112
2,163,915
+ 18.1
Apr.
:
for this category advanced to the highest point
period covered by the index (1919 to date).
for the entire
1937
1938
1939
1941
1940
1941
;
•
-
continued to operate at high levels during
Producers' goods industries
Week Ended
Regarding produc¬
point further to 110% of estimated long term trend.
the end of
%
data
Aug. 1 observes that "while the summer is
characterized by marked curtailment of business
continued pressure of defense demands."
tion and trade in June the Bank says:
6.3
16.8
Pacific Coast
"Monthly
of
usually
activity, preliminary data for July this year indicate strong
resistance to seasonal influences in many lines, owing to the
20.1
Middle Atlantic.
Review"
60,488
compared with 104,170 bales in May and
1940.
The Federal Reserve Bank of New York in its
Week
Major Geographic
carloadings
correspond¬
ing period in 1940.
--
Sales of department store
Tne latter decrease was
usual
and mail order houses declined more than
fell off from the record level of May.
and retail sales of new passenger cars
apparently due more to the inability of dealers to
maintain sufficient stocks than to a
slackening of consumer demand.
(Adjusted for seasonal variations and estimated long-term
in dollars are also
trend; Series reoorted
adjusted for price changes)
June
Apr.
May
June
1940
1941
1941
1941
92
105
109p
1102?
87 r
i!9
123p
126p
95
Index of production and trade
109
119p
l21p
89
95 p
103p
i02
105 p
105p
98
106 p
1077?
io ep
104p
131
Production of:
Producers' durable goods
According to Horwath &
Horwath—Total June Sales Up 9% Over Year Ago
Trend of Business in Hotels,
hotel accounting, report
in their monthly bulletin for August that total sales were up
9% this June over last, the largest increase in almost two
years.
The firms explained that it was due mostly to the
sharp improvements of 13% each in food and beverages, the
room sales continuing a more moderate gain, with only 6%.
The occupancy at 66% is the best for June since 1929 but
the rise of 1 % in rates is less than the average for the year
to date.
Total sales for the year to date are 7% above 1940.
Horwath & Horwath, specialists in
tabulation follows:
The firm's
1941, COMPARED WITH
IN HOTELS IN JUNE,
OF BUSINESS
TREND
JUNE,
;.:'Cr.,7-^'.
1940
Producers' non-durable goods
Consumers' durable goods
97
Consumers' non durable goods
Primary distribution
91r
Distribution to consumer
96
104
Industrial Production—
1
-
,
111
123
127
Automobiles
93
90
121
Bituminous coal
93
19
122
Crude petroleum
88
86
86
100
107
llOp
lllp
104r
146
148
152
97
179r
97 T
Steel
Electric power
..
Cotton consumption—
or
Rate t
Occupancy
195
198p
126p
1347?
108
112
105
99
101
100
99
93
110
112
1157?
87
Meat
packing.
Tobacco products-..-
110
115
119p
Manufacturing Employment—
—
-
Bever¬
■■
■'
-•■■■
Total *
Rooms Restau¬
Food
ages
June
1941
June
Inc.
1940
-
(+)
or
Dec.
rant
Construction—
Residential building contracts.—
of
age
■■■'
87 7?
Room
(+
Decrease (—)
Total
125p
,
119
Shoes
Man-hours of employment—
Sales —Percentage of Increases
131
.
102
Wool consumption-
Employment
■
74r
.
(—)
48
51
59
67
Non-residential building & engineering contracts
54
76
94
881
99
/>-.
Primary Distribution—
loadings, mdse and miscell-.
carloadings, other
;
,——
102
103
93
80
117
117
114
116
117
82
93
96
85
Railway freight car
Railway freight
+ 13
65
67
—4
Exports
+ 18
+ 15
+ 22
+ 22
+ 24
70
64
+6
Imports
Chicago
Philadelphia
—23
—30
—18
—11
—28
57
53
—35
+ 16
+17
80
73
+ 11
—7
0
New York City
+6
% +9
+ 21
+ 7
+ 5
+ 10
+6
+20
68
68
+ 5
+ 13
+ 14
+ 13
+ 13
+ 13
69
59
—2
+ 22
60
53
+3
+ 19
Washington
Cleveland
Detroit
+ 16
—
+ 25
+ 27
Pacific Coast-------
+ 21
+ 16
Texas---—-------
+8
+ 5
+ 13
+ 12
+ 16
66
63
+ 1
All others
+9
+7
+ 11
+ 11
+ 11
67
64
+2
Total
+9
+6
+ 13
+ 13
+ 13
66
62
+ 1
+7
+6
+8
+7
+9
68
65
+2
Year to date.—
t The term
not to
.
■/
Distribution to Consumer—
90
101
97
100
99
102
106
110
109
100
107
112
108p
113
117
115
54
57
58
60
24
24
25
27
104
106
106
108p
115
118
120
12 lp
States)
sales
Mall-order house sales
New passenger car
-
sales
deposits, outside New York
100)
deposits, New York City
(1919-25 average — 100)
—
City (1919-25 average =
scheduled rates.
Cost of
of
demand
TAving and Wages*—
(1935-39 average= 100)—
(1926 average =100)
Cost of living
Summary of Business
Wage rates
Conditions in Federal
Reserve Districts
the various Federal Reserve
districts is indicated in the following extracts taken from
the "Monthly Review" of the Federal Reserve districts of
Boston, New York, Philadelphia, Cleveland, Richmond,
Atlanta, Chicago, St. Louis,
Minneapolis, Kansas City,
Dallas and San Francisco.
The effect of defense operations
on business is brought out in the various reports:
trend
The
of
Federal
Reserve
Bank
District
of
Boston reports
seasonal changes, and was substantially
which prevailed during June a year ago."
The
made for customary
"Review" goes on to say:
influence in the greater activity,
major lines of industry were more active, and
made further gains.
Consumers' goods are
moving more rapidly than in June last year, with the sales volume of 118
department stores and apparel shops exceeding June, 1940, by 11.3%.
The
building
industry was a large
although practically all the
employment
Revised (in the case of steel, the
and payrolls
series has been revised). * No
v
Third
The Federal Reserve
(Philadelphia) District
Bank of Philadelphia, in its "Business
that "expanding defense produc¬
increasing effect upon industrial, trade and
banking activity, with the result that the volume of in¬
dustrial production in the Third Federal Reserve District is
rising steadily to new high levels."
From the Bank's
Review" of Aug. 1, reports
tion is having an
Review we also quote:
in its
"Monthly Review" of Aug. 1 that "the level of general
business activity in New England during June continued to
rise and was higher than in May, after allowances had been
above that
p Preliminary, r
adjusted for trend.
business in
First (Boston)
The
997?
Velocity of DeposUs*—
Velocity of demand
sales per occupied room and
102
"r*"-; '■
99
92
Department store sales (United
Grocery chain store sales
Variety chain store
Velocity
"rates" wherever used refers to the average
* Rooms and resta irant only.
-
Industrial activity in this
level nearly
June to a
when the defense program
District increased 4% from May to
one-third above that of a year ago,
under way. The output of durable goods manufactured
the greatest advances. Production of coai has increased
of oil has risen somewhat more than seasonally; and the
production of electric power has expanded further to a new record.
Employment in trade and industry generally has increased further to
levels well above last year.
Factory employment is the largest since 1923
and is still expanding.
Increased overtime work and higher wage rates
have brougnt workers' income to the highest level on record.
Retail trade sales slackened somewhat in June from the unusually large
volumes of the preceding two months, but business improved again in July.
was
just getting
continues to show
sharply; output
The Commercial & Financial Chronicle
752
Buying at wholesale has been active, and problems of making scheduled
deliveries appear to be growing
in this
of bituminous
The movement of rail
freight
more acute.
Fourth
at mines
coat
Production of lumber
1940.
(Cleveland) District
output.
Steel ingot production
week in July, being affected
mid-July the rate advanced
and
a
users
most
instances, is not known definitely.
plate
glass
manufacturers,
Automotive parts and accessories
tire
lines, notably machine tools, defense work
some
the majority of current output, non-defense items
volume
during the first six months of the
were
June
produced in record
year
have increased greatly in recent months as industrial
employment and factory payrolls in various parts of this district have risen
all-time high
Fifth
volume
in
this
District declined
slightly from
the high
Each of
cities
adjusting for
advanced
of grain
bank debits at
(Richmond) District
of sales
seasonal
from
to terminals
the
in
clined
June
more
since
May ievel but
1929.
weie
purchasing
program the re¬
In comparison with
less than usual this year.
year ago,
all lines of trade and
ahead of last
Registrations of
new
consumer
in June,
purchasing
Wholesale
in 25
accounts
indirectly,
power
were
trade
in
ran
cities, both reflecting
A few sections of the
production.
last
District mills in June
month
was
33% above June,
the
point
over
period
a
of
and
years,
reduced
relief
The
the
June
Sixth
District
say
as
to conditions
department store sales
declined
slightly
more
than seasonally but were,
District
over
a
on
supplies, and practically all
in
District
was
plates
a
so
well
was
essential
in
ship
construction
and
rolling
of material and equipment for
stock
for
rapidly becoming
Automobile production is
so
change affecting it has
activity.
a
vital
a
on
Production during the first half of this
this
salesrooms and
year exceeded any
similar
as
well
as
defense
are
centralized,
locations.
proportions, with indications
pointing to
through ..he remainder
of the year.
income payments continue
consumer
aircraft,
defense
case
materials,
even
were
the
particularly
were
more
Ranges and
Francisco) District
ex¬
underlying
force of national defense
of its urgency, according to the Federal
The Bank under
continued
to
expand
date of
uninterruptedly, further
made to factory employment in June.
increase, and in
to
58% higher than
the
construction
field,
record proportions
case
in
to
a
year
the
Aggregate payrolls
the three Pacific Coast
earlier when the defense effort had
value
was
for
in recent months,
department
as
any
of
privately-financed residential
large in June
month
in
as
May when it
in recent years.
the most marked increases in sales have
handling
housefurnishings and
particularly the
Sales of silverware and
over
Affected by the same broad influences
as
a
year
jewelry
earlier
in
those contributing
the sharp recent increases in sales of household
appliances, sales of new
passenger automobiles in May were the largest for any
Available data indicate that
new
car
month
registrations in June
were
on
record.
well main¬
tained at the level of the preceding month.
Bank Debits for Week Ended
July 30, 1941,
a Year
Ago
higher rate of activity
in recent months, were in lines
notably
chemicals,
machinery,
glass, cement, explosives, ordnance, &c.
Activity in the food and textile industries continued at
a high rate, with the
former showing more than the usual
increase from May to June.
Output
some crops,
half of July
In certain localities where
rise, with resultant expansion in demand for
goods of all descriptions.
In many lines results obtained
during
national
were
recent months.
to
leather goods, engines,
during the first
departments have likewise shown sharp advances
Reflecting expansion in employment,
Most marked gains, as has been
the
Excessive
when the pattern was one of continued
with
been the
the first half of this
year were the best since the
similar period in 1929, and
in some instances reached
all-time high levels.
supplying
months
occurred
has reached approximate boom
an
conditions
major household appliances and radios.
virtually all lines of industry and trade
business
a
publicly-financed
in
been in effect during
The "Review" goes on to
say:
to the several
geographical
projects
for
stimulating retail trade.
Vaiue of department store sales in June de¬
clined less than seasonally and was 17%
higher than in June, 1940.
As has
sharply upward trends which have
to
this
substantial gains-of recent months in cash farm
income, have been factors
July 31 "Business Conditions" the Federal Reserve
improvement extended
in
Large and rising payrolls in industry and in building, together with the
Eighth District during June and the first half of
July continued
Tne
weather
industrial operations
attained
Bank of .St. Louis states that "after
making due allowances
for the
customary seasonal trends, general business in the
the
but
factory workers continued
In
sufficient for oniy one month's
requirements.
recent months."
awards
awarded
month earlier and
was well sustained in June and the first half
building begun in the District
industrial
Eighth (St. Louis) District
In its
in
contraction
a
Lumber production
a
barely entered its initial stages.
Despite this high volume, supplies in dealers'
warehouses are being depleted
rapidly, and field stocks by
were
the all time peak
near
considerably smaller during June than
Twelfth (San
States
one of priorities
District's
grains,
of
has been
period in the last 10 years.
the end of June
earlier for the first
year
The value of construction contracts
conductive to crop development and to farming operations.
livestock continued in good to excellent condition.
As
Seventh District industry that
bearing
a
was
July, with shipments and unfilled orders expanding sharply.
additions
dominating the priority list.
essentially
above that
July 29 continued in part:
railroads.
for the repair and maintenance of
necessary services,
The allocation of steel, however, is
within priorities and
urgency ratings
May.
was
demands losing none
Reserve Bank of San Francisco.
con¬
the canning industry,
as
made.
any
area
Pig iron production has been going fuli blast, and there
heavy curtailment of sheet in order to expand the production of
Emergency allocation
active and lumber sales in June
Petroleum refining
1940.
due chiefiy to
ago,
pansion,
locally.
has been
as
in the Detroit
scrap
August,
attained
recent
drawing
sumed
very
developments in the Twelfth Federal Reserve
District during June and July followed
closely that of other
Steel production, after falling off
during the short Fourth of July week,
rebounded to 100% of rated capacity the
following week.
The steel scrap
situation which was expected to become acute has not as
yet been a serious
handicap to production, although mills and foundries have been
heavily
a
Business
The Bank further reports:
year ago.
be
year ago.
harvesting and reduced prospective production of
of
Chicago, states that with the defense
program moving from the blueprint stage to the
production
line with its consequent increase in
employment and pay¬
rolls, .Seventh District industry has recorded notable in¬
creases
very
will
a year ago.
rainfall during June delayed cultivation of farm
crops, interfered with grain
July 29 "Business Conditions" report, the Federal
Bank
a
expanded further in June, and
time since
of
Reserve
double those of
are
Employment and payrolls increased from May to June and were sub¬
stantially higher than in June last year. The rate of petroleum production
projects.
Seventh (Chicago)
continue there
Farm income is running much above
A large
were well sustained in June,
after allowance for
factors, and buying at weekly reporting firms during
the first half of July exceeded that in the
corresponding
period of 1940 by 27%. In its "Monthly Business Review,"
dated Aug. 1, the Bank reported further:
declined somewhat in comparison with the
large totais of April and May.
and
construction contract awards
In its
assured and if rains
rain for
excellent.
District
year
month,
continues
(Eleventh (Dallas) District
nevertheless, at the highest level ever recorded
wholesale trade declined by about half the amount
it usually does in June: life insurance saies
increased, and business failures
were lower.
Industrial activity was maintained at a
high level. Coal output
increased substantially, and textile
operations were at a new high peak,
but pig iron production was
slightly off, and
for that
the moisture situation
seems
Wholesale and retail
Employment is rising.
seasonal
in the .Sixth Federal Reserve District:
Tn
metals, petroleum, coal, fiour, and
According to the Dallas Federal Reserve Bank consumer
purchases at reporting department stores in the Eleventh
,
following to
of feed
were a most
rolls
District
July 31 "Monthly Review" of the Federal Reserve
Bank of Atlanta has
as
over a year ago.
1940
substantially.
Sixth (Atlanta)
con¬
was
District—notably central Nebraska—need
Nearly all Kinds of construction
Business failures declined in both number and liabilities
from
All of this increased activity raised employment levels
highest
generally
large corn crop.
June, 1940 figures.
to
but
corn
1940 consumption by 45%, and shipments of
rayon yarn
to domestic consumers rose
24% in the same period.
Bituminous coal
States
packing is maning large gains
sales indicate that distribution is equally active.
exceeded June,
production in the United
District
City:
Production in such basic industries
meat
195 firms in
The
highest level
reported
by the Federal
amount,
field, cotton consumption by Fifth
the
at
was
average,
originated.
following regarding business and agricultural
Reserve Bank of Kansas
1941 in comparison with June, 1940.
In the textile
and
series
ditions in the Tenth Federal Reserve District
the July 31 "Monthly Review" issued
far
of
unchanged
121% of the 1936
1934 when the
in
45% and 22%, respectively,
rose
The indexes
were
All of the indexes
July, 1937.
The
31% above sales
passenger automobiles also
year's June registrations.
lines and debits to individual
many
last month
scores
month since
any
Tenth (Kansas City)
activity in June continued far higher in
industry." The "Review" likewise says:
day, and retail sales in 41 furniture
highest for
since
Department store sales in 79 Fifth District stores in June were
15%
above June, 1940 sales, although the 1941 month contained
one less business
in June last year.
May.
nevertheless at the highest
The index of Minnesota employment advanced to
resulting chiefly from the defense
a
in
Both miscellaneous and other carloadings de¬
Minnesota farm price index also advanced
consumer
one
of bank
than seasonally but were the largest June loadings since 1930.
the
were
the index
May level reflecting the heavier
forward orders in industry and higher
cessions
Variation,
June than
Bank of Richmond indicates that "some seasonal
recession
occurs in June in most
years, but on account of
business
substantially higher than
was
farming centers and country check clearings
declined from the
level for
Reserve
in business
power
District
of
from May but were at the highest June level since 1928.
"Monthly Review" of the Federal
month
a
was nevertheless the best June volume since 1929.
After
94
at
movement
levels.
The June 30
business
earlier.
debits
all types of goods
to
Reserve Bank
the Northwest business indexes for June
Consumer demand for
year.
Federal
May level but
for
accounts
month
a
respectively, than
Minneapolis reports that
"business activity during June, although lower than in
May,
was at the highest level for June since
1929."
The Bank
in its "Monthly Review" of July 28, further states:
makers, and, to some iesser
degree, steel companies, all prominent industries in this
district, are con¬
vitally in the amount by which 1942 model automobile
production
is to be cut initially.
While in
same as
June consumption of electricity
more,
year ago.
The
cerned
•
98% of capacity, the
Ninth (Minneapolis)
soon In some industries either under
Government
because of material scarcities, but the extent of such
reductions, in
suppliers,
to
general area slackened during
by the Independence Holiday, but
3% and 27%
was
well sustained dar¬
was
continuing well above current
at mills in this
earlier and comparing with 65% a year ago.
by industrial
19% greater than in June,
was
orders
new
1941
declined slightly during June as
area
the first
at.
Curtailment is expected
or
this
at mills in the District
ing June, with shipments and
"Non-defense work was being maintained at
extremely
high levels and defense activity was expanding during June
and early July, according to the^Cleveland Federal Reserve
Rank's "Monthly Business
Review" of July 31.
The
following is also from- the summary:
order
in
compared with the preceding month, but
is the heaviest since 1930.
area
Aug. 9,
Bank debits
,
28% Above
reported by banks in leading centers for
July 30 aggregated $9,564,000,000.
Total
debits during the 13 weeks ended July 30 amounted to
$132,653,000,000, or 24% above the total reported for the corre¬
sponding period a year ago.
At banks in New York City
there was an increase of 21 %
compared with the correspond¬
ing period a year ago, and at the other reporting centers there
was an increase of
27%.
These figures are as reported on
as
the week ended
The Commercial &
Volume 153
Aug. 4, 1941, by the Board of Governors of the Federal
Reserve System.
SUMMARY
BY
FEDERAL RESERVE
753
Financial Chronicle
DISTRICTS
Coal prices advanced 1.8% from June to July
in
July,
1940.
They
They cost 9.4%
(In Millions of Dollars)
more
compared with 113.0 in June.
13 Weeks Ended
July 31,
July 30,
1941
1940
1941
,
.......
$415
items in the
54,068
563
379
Cleveland
718
542
Richmond
384
299
Philadelphia
...
Atlanta
311
1,511
\Uv'/.:
220
3,214
15,592
Minneapolis
179
141
Kansas City
323
243
4,148
Dallas
235
170
3,315
San Francisco
783
645
10,554
2,172
3,457
2,625
8,584
$9,564
$132,653
$106,735
New York City ♦
3,380
$7,461
2,763
140 Other leading centers ♦
5,385
4,060
799
638
Total, 274 reporting centers
133 Other centers
•
Relative
7,349
4,245
19,922
4,374
2,423
St. Louis
'
Importance
4,055
5,200
1,134
298
7,541
9,535
5
234
Chicago
family budget for June and July, 1941, and the percentage
$5,850
44,824
5.665
$7,330
3,039
v-V-
Items
"■
!
40,676
56,966
9,094
11,261
Per Cent of
Indexes of the
Cost of
Increase (+) or
Living
Decrease
1923==100
'V •'!. in
Budget
to
'41 June '41
July
July 1941
33
86.2
85.5
+0.8
88.2
+0.2
73.8
73.6
+ 0.3
81.2
66.1
66.0
+ 0.2
87.8
86.7
+ 1.3
88.7
87.1
+ 1.8
85.9
Clothing
88.4
81.4
;
Housing
20
12
Food (a)
85.9
0
98.7
98.6
+0.1
Men's..
Women's
...
5
Fuel and light
Coal..
Gas and electricity (b)._.
30
Sundries
+0.2
Centers for which bank debits figures are available back to 1919.
88.9
Board
Reports Unemployment Decline in
2,636,000—Total Number Employed at
Record Figure of 53,120,000
June
to
a
Based
July 15,
on
Conference Board index of
The
88.5
+0.5
112.5
100
Weighted average of all items
Purchasing value of dollar
Conference
(—)
from June 1941
Family
3,350
49,059
72,333 ,ii
1941, was
indexes for the various
The following table shows the Conference Board's
July 31,
1940
changes:
1535
3,723
Boston........................
New York
July, 1929.
112.5, as
1941, 116.7 in July, 1940, and 99.7 cents in
dollar in July,
1923
July, 1929.
Federal Reserve District
July 30,
0.5% higher than in July, 1940.
than in June, 1933, and 0.3% less than in
The purchasing value of the
Week Ended
and were 6.2% higher than
0.8% lower than in July, 1929.
were
Sundries advanced 0.1% in July and were
113.0
—0.4
1941 and
food prices for June 13,
1941.
b Based upon
retail prices of 35 kilowatt hours of electricity,
natural gas or 2,000 cubic feet of
1,000 cubic feet of
manufactured gas.
F
Unemployment declined from 3,848,000 in May to 2,536,000 in June, according to the Division of Industrial
since June,
The Board indicated that
1930.
freater-than-seasonal gains new all-time high record of 53,in all fields of employment
rought the June total to
a
1,359,000 greater than the number
employed in May and 6,193,000 greater than the number
employed in June, 1940.
Under date of Aug. 8 the Con¬
120,000,
which
was
ference Board further stated:
The
numbex*
employed
more
contra-seasonal
than in June,
for the
time
which
more
since
were
May.
the
Paperboard Association, Chicago, 111., in relation
to activity in the paperboard industry.
The members of this Association represent 83% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
also a figure which indicates the activity of the mill based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
National
PRODUCTION,
REPORTS—ORDERS,
STATISTICAL
are
1930.
September,
ACTIVITY
MILL
Unfilled
employed in agriculture than
almost 500,000 more persons
There
included the armed forces.
than in June, 1940.
greater-than-seasonal gains from May to June in
also
\W.
minerals, 6,000.
The
number
number
unemployed in June,
unemployment in the 11
years
Orders
Tons
1940—Month
1941, was slightly greater than
the
the total labor force has
February
......
April
June
July
August
September
October
......
November
since June, 1930:
December
PRINCIPAL CHANGES IN UNEMPLOYMENT SINCE JUNE,
'
In Thousands
1930
Current
1941—Month
528,155
420,639
429,334
620,907
682,490
508,005
544,221
452,613
468,870
670,473
488,990
464,537
579.739
453,618
167,240
137,631
72
71
70
71
449,221
456,942
624,184
129,466
69
70
193,411
247,644
70
70
76
72
509,781
236.693
79
73
687.339
72
73
74
73
72
73
648,611
609,945
196,037
162,653
163,769
184,002
161,985
77
73
479,099
151,729
71
73
487,127
470,228
of-
73
79
January...
February...
v,
:
Activity
Cumulative
Tons
of—
January...
March......
Percent of
Remaining
Tons
May
amounted
The following table shows the principal changes
the Conference Board, the increase in
to about 6,500,000 persons.
v
1930, but since that month, according to
unemployed in June,
Production
Received
Period
The service industries now employ
the
following employment groups:
Trade, distribution and finance, 101,000,
transportation, 57,000, public utilities, 14,000, forestry and fishing, 8,000,
were
Orders
181,000 in the service industries, in
increase ot
an
was
than 12.000,000, which is almost 2,000,000 more
There
in
give herewith latest figures received by us from
We
The number employed on construction exceeded 3,000,000
There
in
a
Construction employed 333,000
in June than in May and almost a million more
persons
1940.
first
showed
manufacturing
in
increase of 200,000 from May to June.
Weekly Statistics of Paperboard Industry
The June total was
Economics of the Conference Board.
the smallest
673,446
629,863
202,417
75
608,521
548,579
261,650
81
—
mm
March
652.128
571.050
337,022
82
April
857,732
447,525
83
May.......
656,437
726,460
602,323
488,993
84
June
634,684
608,995
609,231
88
July
509,231
807,440
737,420
86
155,262
154,001
141,176
138,165
143,748
141,874
147,263
261,650
277,115
82
77
80
78
300,378
82
78
322,605
82
78
337,022
368,304
393,732
84
79
415,485
■
mm
■
Lows
Highs
Date.
2,331
1930
June,
14,762
March, 1933...
September,
-
-
-
5,066
1937..
Week Ended—
10,754
1938
1941
May,
m
1941—
2,536
"
Government's
The
June,
...
....
emergency
Mar.
labor force totaled 1,997,000 persons
in
compared with 2.116,000 in May.
Excluding the persons so em¬
(on WPA, CCC, and Out-of-School
NYA) from the unemployed,
slightly more than 500,000.
as
ployed
the total number of persons actually idle was
AND
UNEMPLOYMENT
EMPLOYMENT
1929
Mar.,
June,
April,
Avge.
1933
194U
1941
8
Mar. 22
168,701
167.430
Mar. 29
161.996
Mar. 15
Apr.
*
'+;•+
May,
1941
*
June
1941
5
12
Apr. 19
Apr.
Apr.
,>U.
(In. Thousands)
1
Mar.
June,
26.
May
3
May 10
May 17
May 24...........
May 31
June
TJnemnlovment total.
Employment
Agriculture
8,132
5,357
3,848
35,884
46,927
11,797
50,205
9,961
11,283
51,761
11,738
267
..........
4.
136
217
222
226
234
19,097
10,966
16,295
18,198
18,982
19,593
12,170
1.067
Transportation
industries
12,488
1,549
1,967
2,053
2,826
2,122
865
954
976
988
3,159
2,179
1,002
8,007
6,407
7,438
7,797
7,779
7,880
7,711
10,228
11,651
1,012
...
Miscell. Industries and services
764
12,288
2,580
9,003
Trade, distribution and finance..
758
12,119
2,173
1,167
......
470
10.461
941
2,465
....
Public utilities....
741
6,966
3,340
......
Construction
645
11,059
Extraction of minerals
Manufacturing
*
14,762
47,925
10.539
total..
Forestry and fishing....... iZi
V*
Total industry
Service
2,536
53,120
429
_
703
952
11,952
1,085
12,133
1,110
1,055
7
June 14..
183,264
181,778
160,769
166,338
165,583
170.436
161,295
168,875
155,831
156,188
158,821
168,561
151,114
149,197
150,259
134,853
83
79
85
80
78
80
80
84
147,582
431.869
147,188
148.381
447,525
83
466,064
84
149,884
472,782
84
152,410
151,648
144,481
489,915
488,993
500,252
85
80
1
80
80
81
84
81
84
81
156,439
504,786
88
81
153,364
88
74
77
82
129,019
July 12
147,365
131,531
542,738
168.431
182,603
156,989
160,609
92
81
July 19
26
550,902
572,532
92
82
July
572,635
83
2
159,272
93
Aug.
159,844
June 28
July
5...........
154,711
••
82
82
production, do
equal the unfilled orders at the close.
Compensation for delinquent
made for or filled from stock, and other Items made necessary adjust¬
Note—unfilled orders of the prior week
not necessarily
82
90
plus orders received, less
reports, orders
ments of unfilled orders.
v
+
Preliminary.
of
Cost
Rose 0.5% in July According to Con¬
Advanced' 3.7% Since Year
Living
Board—Has
ference
Ago
living of wage earners' families in the United
0.5% from June to July, according to the monthly
The cost of
States
rose
conducted by the Division of Industrial Economics
Conference Board.
Living costs have risen 3.7%
since July, 1940.
They are now 24% above the depres¬
sion low of April, 1933, but 11.4% below the July, 1929,
level.
The announcement, made Aug. 7, further declared:
survey
1
146,578
518,755
509,231
629,633
June 21
Report of Lumber
of
mm
the
Food costs in July were
July,
lower than in July,
Rents rose 0.2%
July,
1929.
They were 1.8% higher than in
from June to July.
1940, 41% higher than in January,
lower than in
1934, the low point, and 3.9%
July, 1929.
0.3% above those of June, and were 1%
21.6% above the depression low, and 24.5% below
Clothing prices in July rose
higher than a year ago,
those
9.9% higher than in
March, 1933, low point. They were,
0.8% higher than in June,
1940, and 41.1% above the
however, 20.8%
of July,
1929.
Movement Week Ended July
26, 1941
production during the week ended July 26, 1941,
was 0.8% less than in
the previous week; shipments were
9% less; new business 9% less, according to reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of representative hard¬
wood and softwood mills.
Shipments were 4% below pro¬
duction ; new orders 3% above production.
Compared with
the
corresponding week of 1940, production was 15%
Lumber
greater, and new business 4% less.
124% of the average of production
in the corresponding week of 1935-39 and 123% of average
1935-39 shipments in the same week.
The Association fur¬
greater, shipments 0%
industry stood at
The
ther reported:
Year-to-Date
Comparisons
for the 30 weeks of 1941 to date was 14% above
corresponding weeks of 1940; shipments were 17% above the shipments
and new orders were 22% above the orders of the 1940 period.
For the
30
weeks of 1941 to date new business was 12% above production and
Reported production
shipments were
6% above production.
754
The Commercial & Financial Chronicle
Supply and Demand Comparisons
The ratio of unfilled orders to gross stocks
compared with 22%
year
ago;
stocks
gross
were
on July 26, 1941,
76% greater than a
The average
15% less.
were
New
Softwoods and Hardwoods
Record for the current week ended
and
for
the
corresponding
week
York
world
price for
with
an
Softwoods
York.
New
For the first
;
1941
1941
Week
Week
1940
Week
last
371
Week
Production..
267.739
Snipments
255,349
Orders
100%
95%
102%
273,042
447
447
World
278.060
242,605
12,123
117%
267,472
251.928
«30%
286.435
298.958
this
year,
■
313.137
a>-
pound.
per
';AA /' AAA1/;' 7
The
-.
the
current
year
1.586c.
for the corresponding period
the
world
price
sugar
be
marketed
law.
'
for
'A'-''
.
consumption
in
the
United
A
•'
.
av.
294,296
13.393
June,
against
as
not
may
the
quota
AA AA.;/A
280,391
J
pound
per
sugars
under
468
10,321
a
year.
States
91
months of
seven
averaged 1.241c.
Previous
CRevised)
Mills
for
1.724c.
was
firm's announcement added:
and Hardwoods
1941
1941
Week
to
1.629c. per pound,
July, last year, according to Lamborn & Co.,
The July, 1941, average is the highest since
April, 1940, when the figure
Hardwoods
1.304c.
of
average
converted
sugar,
was
and 1.171c. for
AA-'"A
Softwoods
raw
basis, during July, 1941,
compared
July 26, 1941, for the previous week,
a
year
ago
follows in thousand
of
board feet;
1941
9
July Average World Price for Raw Sugar Was Highest
Since April 1940
46%
was
Unfilled orders
year ago,
a
Aug.
00%
Steps
Make
to
Increased
Sugar
Supplies
Available
Taken by Agriculture Department
■
Automobile Production in June
The
Factory sales of
automobiles
manufactured
in
the
United States, including complete units or vehicles
reported
as assembled in foreign countries from
parts made in the
United States, for June, 1941, consisted of 520,521
vehicles,
of which 418,983 were passenger cars and
101,538 com¬
mercial cars, trucks, or road
tractors, as compared with
518,748 vehicles in May, 1941; 344,636 vehicles in June, 1940,
and 309,738 vehicles in June, 1939. These statistics
comprise
increase
•
f
data
for
the
entire
industry
J. C. Capt, Bureau of the
Statistics for
manufacturers
cars
1941
in
63 making
and
issued
United
data
received
States, 20 making
commercial cars,
trucks,
from
69
road trac¬
tors (14 of the 20 passenger car manufacturers also
making
commercial cars, trucks, or road tractors).
It should be
noted that those making both
passenger cars and com¬
mercial cars, trucks, or road tractors have been
included in
the number shown as making
passenger cars and in the
number shown as making commercial
cars, trucks, or road
tractors,
respectively.
The
figures
for
and
funeral
needs.
This has been done in part by an increase
consumption determination from 7,627,563 short tons
to 8,006,836 tons, raw value.
The Department's announce¬
than
the
stocks
to explain:
on
Sugar
Division
6,736,000
in
take
tons*
The
of
figures
supplied
by
,V.AA
■
Figures for previous
July 5, page 29.
months
The
in
Dominion Bureau
appeared
in
our
(Factory Sales)
of
previous
although
virtually
un¬
1940.
which
areas
were
is
areas
ex¬
(Short Tons, Raw Value)
A
—AAA"; Ay
A'A
.
A'-
'
'A
Quotas
Quotas
J
; '
Cars
&c.
Total
Comm'l
senger
Trucks,
Present
of Mainland Cane
pected to Be
Consumption
Hawaiian
Estimate
ippine
1,768,996
1,856,957
1.925,499
479.562
503,408
d445,000
1,070,641
e993,522
10,176
1,123,878
956,075
10,682
11,076
8,200
al,060,023
bl,118,470
f 982,663
832,663
2,181,825
2,290,314
2,374,852
2,374,852
145,553
C147.052
282,859
198,520
8,006,836
8,006.836
7,769,621
:;A
Continental beet..
Mainland
cane
A a ~ Ai A»
-
-
vi
-
Puerto Rico.
Virgin
910,787
Islands
M ayA -a;A—«-
*518,748
-
June.
Total (6 mos.) end. June
2,995,823
26.585
9,840
25,753
8,538
17,215
2,427,602
568,221
152.871
65,199
87,672
_
Aj-
other than Cuba.--
May
391,215
325,676
65,539
21,277
12.677
June
344.636
8,600
286,040
58,596
17,930
8,739
9,191
2,428.528
2,027,430
"
"
401,098
110,912
1,925,499
445,000
993,522
991,36
991,365
.
a
72,286
-.
38,626
1939—
Quota of 1,175,428 tons less total of 115,405 tons reallotted to
foreign countries
on April II and June
27, 1941.
b Quota of
1,233,875 tons less total of 115,405 tons reallotted to foreign countries
on April 11 and June 27, 1941.
Base quota of 31,647 tons plus total of
115,405 tons reallotted from Philippine
other than Cuba
quota on April 11 and June 27, 1941.
d Quota of
503,408 tons less 58,408 tons reallotted to other domestic
areas
and
Cuba.'
aa- A.-;
aA'A'AaAA A. v.-..
A;
1,123,878 tons less 130,356 tons reallotted to other domestic areas
AaAAa-:aa 'A- A A .a-A a a./AA;'AAAAAa'aA/ 'A aaa A,,.-A a;AAA
Quota of 1,233,875 tons le3s 251,212 tons, representing duty-paying
portion o.
Quota of
e
'•
in 1941
other than Cuba
c
1940—
Total (6 inos.) end. June
Delivered
Deficits
Foreign countries
16,745
418,983
101,538
Sugar Ex¬
Phil¬
Trucks
417,698 *101.050
520,521
&
of
Philippine Islands.
Cars &
Cars
Under
Quotas Effective
After Peallotment
Quantity of
Under
'\\* %
A*'
•
.•
Area
Previous
Consumption
V.
Canada (Production)
Pas¬
Pas sender
Vehicles)
and Cuba.
f
•
quota, reallotted to foreign countries other than Cuba,
May.
297,542
15,706
11,585
309,738
237,870
246,704
59,672
June
63,034
14,515
10,585
3,930
1.961,989
1,582,151
379,838
93,759
69,968
23,791
Total (6 rnos.) end. June
4,121
Sugar Division officials also pointed out that the reallot¬
ment of any
Revised.
filling its
Deficit
Household washers shipped by the members of the Ameri¬
Washer and Ironer Manufacturers' Association in
June
can
totaled
188,365 compared to 112,134 in June 1940 and
206,030 in May, 1941 according to industry figures reported
to Joseph R. Bohnen, executive
secretary-treasurer, Chicago
by Ernst ancl Ernst, certified public accountants.
An an¬
nouncement
co
this effect continued:
Ironers shipped in the month totaled
20,283, consisting of 8,435 portables
11,848 cabinet models, compared to 8,571 a
year ago, 2,396 portable
and 6,175 cabinet models.
May shipments were 21,767, portables aggre¬
gating 10,088 and cabinet models, 11,679.
and
Washer shipments in the
half-year amounted to
pared to 777,576 in the
1,088,288 units,
com¬
period of 1940.
Ironers aggregated 122,483,
consisting of 59,658 portable and 62,825 cabinet, as
against 63,749, made
up of 16,590 portable and 47,159
cabinet, in the first half of 1940.
same
Java
Sugar Exports and Stocks Rise in May
Exports of sugar from Java during
May amounted to
106,722 short tons, an increase of 13,970
tons, or 15.1% from
month
same
a
W. Dyer
brokers.
Stocks of
year ago, according to advices received
& Co., New York, sugar economists and
The firm
sugar
an
as
of
increase
further
June
of
1
about
reports:
were
tons,
or
every
every
enced such
a
*Sugar deliveries of
increase in
time
one
was
experi¬
reported in
tliese columns
of
6,890,000
tons
"invisible" stocks
less
154,000
tons
representing esti¬
during 1940.
Record
pounds, according to figures compiled by the "Rayon Organon," published by the Textile Economics Bureau, Inc.,
New York.
The total established a new high record and
exceeded by 5% the previous
quarterly record of 106,200,000
pounds produced in the first quarter of 1941.
In the second
quarter
of
1940
output
totaled
97,500,000 pounds.
Under
date of Aug. 7 the Bureau further
reported:
During
duction
the
second
levels
divisions
the
ago.
Production during May was
larger than April, amounting to about 74,800
short tons.
Total production for the first
two months of the present
crop
was
approximately 87,500 short tons.
The latest estimate of total
pro¬
duction for this crop is
approximately 1,907,402 short tons.
It is anticipated that June
exports will amount to about 85,000 tons.
has
another.
or
Production of rayon filament yarn in the United States
during the second quarter of 1941 amounted to 112,000,000
192%
same
year.
.aa
of
for
were
the
yarn
rayon
quarter
made
of
1941,
in
both
industry.
But
continued
to
denier of rayon yarn spun
higher level of production.
Rayon staple fiber
of
1941
totaled
domestic
This
quarter
the
31,600,000
production
second
"available
quarter
and
total
pounds,
5,000,000
was
the
"Organon,"
viscose-cupra
even
was
for
the
states
the
exceed
average
the
from
the
Second Quarter Rayon Yarn Production
Approximates
112,000,000 pounds—Total Establishes New High
approximately 560,000
from
area
of
Puerto Rico,
except
area,
deficit at
previous revision
July 26, page 570.
mated
remainder
been
made,
they stated, in
since the sugar quota system started,
year
domestic
during the
have
The
demand
estimated at
368,000
and
area's deficit does not prevent such
entire quota
reallotments
virtually
Shipments of Washers and Ironers Show Marked Rise
in
year,
was
to the present revision, the quotas under the new
consump¬
estimate, the quotas after reallotment of the mainland cane, Hawaiian,
1941—
year
distribution
year sugar
Philippine deficits, and the quantity of sugar each of the
pected to deliver to the United States market in 1941.
of
issue
(INCLUDING CHASSIS)
Total
(AU
a
this
of
are
working
retailers, and
than
sugar
greater
and
effect prior
Cuba.
Month
date
of
months
tons
increased
wholesalers,
stocks
three
of
1940,
Estimate
the
Year and
tons,
and
in
following table shows the quotas for the various
Commonwealth
United States
short
larger
first
changed from the corresponding period of
Hawatt
NUMBER OF VEHICLES
B.
consumption
Administration
1,000,000
consumed
manufacturers,
carry
the
Adjustment
than
more
actually
and
are
Statistics.
the
in
are
7,627,563
duction
from
to
itself
during the second quarter of the
tion
cars
apparatus,
street
sweepers,
station
wagons,, and buses, but the number of such special
purpose
vehicles is very small and hence a
negligible factor in any
analysis for which the figures may be used.
Canadian pro¬
♦
refiners,
desire
manifested
Agricultural
tons
sugar
increased
fire
cars,
the
of
of
care
hands
the
housewives.
years
of
that the 7,769,621
expected to
The figures for commercial
cars,
tractors include those for
ambulances,
road
goes
pointed out
in¬
passenger
clude those for taxicabs.
trucks,
reallotment of deficits in the quotas of the main¬
in the
passenger
or
an
year
consumer
The
on
July 30
on
supplies for the calendar
sugar area and Hawaii, and in the
duty-paying
portion of the Philippine quota.
This series of actions is
expected to make available 7,769,621 tons of sugar to meet
ment
based
the sugar quota
cane
by Director
were
in
1941 and
land
Census, Department of Commerce.
are
the
and
Department of Agriculture announced
at
the
one
these
the
consumption"
composed
pounds
production
supply.
of
of
of
record
the
and
levels
increase
An
in
factors
responsible
in
second
the
26,600,000
imports
for
pro¬
acetate
the
the
for
quarter
pounds
of
consumption.
largest on record, exceeding the first
figure of 30,700,000 pounds by 3%.
Imports of staple fiber for
of 1941, however, are expected to be at a
very low level.
remainder
Volume
Domestic
rate
production
and
bushels,
the
1941
rayon yarn shipments have totaled 258,600,000 pounds as compared with
218,300,000 pounds in the corresponding period in 1940, an increase of
18%.
Stocks of rayon filament yarn in the hands of producers totaled
only 3,600,000 pounds at the end of July as against 4,600,000 pounds
held on June 30, this year.
•' 1'■ ■ ■ '!A<
in
Announced
Program
Loan
Tobacco
decrease
trading
29%;
of
by
an
24%.
wheat
month,
accounted for 340,540,000
36,939,000 bushels,
bushels, an increase of 52%; rye,
increase of 44%, and soybeans, 89,802,000 bushels,
.
"
"
V
;
26,652,000
contracts
aggregate
bushels,
52,114,000
contracts
■
last
oats,
wheat futures on July 31 were
during the month.
In corn open
in oats, 12,402,000
bushels, an increase of 59%; in rye, 13,161,000 bushels, an increase of
7%, and in soybeans, 11,381,000 bushels, a decrease of 10%.
During the month the price of the dominant wheat future—September—
showed a net advance of V^c., closing at 106 on July 31.
September corn
declined l%c., closing at 75; new contract oats declined l%c., closing
at 37%; new contract rye advanced 7%c., closing at 64%, and soybeans
(October futures) advanced l%c., closing at 139%.
The
♦
Flue-Cured
of
23,706,000 bushels,
a
For the first seven months of
1940.
July,
total
decrease of 14% compared with June; corn,
a
decrease
a
present
pounds
the
Of
at the approximate
the Bureau that this
July shipments of rayon filament yarn to domestic consumers amounted
39,400,000 pounds compared with 38,300,000 pounds in June and
32,100,000
755
& Financial Chronicle
was
is estimated by
it
increase to approximately 11,500,000 pounds in
contemplated capacity comes into operation.
will
rate
when
autumn
June
in
fiber
6taple
of
10,000,000 pounds,
of
monthly
to
The Commercial
IS3
were
an
in
open
increase of 31%
21,484,000
bushels,
increase of 4% ;
an
Agriculture Department
Aug. 1 announced a
for flue-cured
and loans to
producers at rates equal to 85% of parity. The authoriza¬
tion permits a total of 225,000,€00 pounds of tobacco to be
taken from the 1041 crop.
J. B. Hutson, President of COC,
said "the program is designed to support market prices for
producers and to bring about the continued movement of
Department of Agriculture
Tlie
Corporation
Credit
Commodity
existing
The Agriculture Department's an¬
export trade as far as
flue-cured tobacco into the
permit."
conditions will
explained the program as
nouncement
The
in
made.
The
3.20c.
1940
the
company
10,000,000
make for export to countries
will approximate 70% of the average purchases
these
British
of the purchase program,
pounds of leaf left over
but
requirements
1936-38.
COC may also buy a
from the 1939 crop for
have been
purchasing
to
Prices
and placed in storage.
payable on demand but not later
adopted to acquire and
from
.5
to
1.9
cents
per
pound
made
on
in its
epic struggle with the Nazi war machine, it was dis¬
closed in Washington by Petroleum Coordinator Ickes on
Present shipments of aviation gasoline are being
and recently Mr. Ickes announced that he
had recommended priorities for the manufacture of 10,000
additional 5-gallon drums for Russia.
While the transfer of the four oil tankers from the fleet
Thursday.
made in drums,
Loans to
Russia
Aug. 5 by the
pounds..
pounds.... — —
100-yard bundles..
Lard, pounds..
....
Cured and frozen,
Canned,
Casings,
Russia, he said, would go by way
In announcing
3,273,110
366,000
pounds..... 1,405,000
...
Dried eggs, pounds
Soy flour,
96,000
80,000
194,200
138,758
milk (spray), pounds
milk (roller), pounds
Evaporated milk, cases
Potatoes, bushels
Dry skim
Dry skim
gasoline in the United States unless refining capacity is
qdickly expanded to fill rising American military needs and
those of of Great Britain and her allies, including Russia.
While at the present time, the United States has sufficient
supplies to ship some abroad, the time has come "where we
must diligently refine more," the Petroleum Coordinator
stated.
He added that while some aviation gasoline is
Purchases
stored, the stocks are not
United States
Following these announcements at his press meeting, Mr.
was asked by a newspaperman why Russia, one of the
of the following
pounds..
Ickes
world's greatest
reply to this query, Mr. Ickes pointed out that Russia does
not have enough "cracking" machinery to refine aircraft
gasoline and has been trying for years to obtain such machin¬
ery in this country.
He added that s study is being carried
on
to determine what sort of cracking machinery can be
sent to Russia at this time.
In previous times, prior to the
500,000
Juice concentrate, gals.
Cracked wheat, pounds
supplies, the Department
explained, can be
domestic distribution to public aid families and
for free school lunches, to meet requirements for the Red
Gross for shipment to war refugee areas, for transfer to
other countries under the terms of the Lend-Lease Act, or
used for
the market when
this is desirable.
♦
Grain
Futures
Decreased 14% in July
from June
trading in grains on
the Chicago
Board of Trade
in July, a decrease of 14%
to the Aug. 4 Department of
Agriculture monthly statement by the Commodity Exchange
Administration.
The volume in July, this year, however,
was
4% higher than in July, 1940.
Soybeans were not
included in "the July, 1940, figure.
The Department's an¬
aggregated 517,630,000 bushels
compared with June, according
nouncement further
states:
oil producing nations needed to turn to the
supplies of aviation motor fuel. In his
United States for
4,474
Fresh plums, boxes
sufficient to alter the situation
greatly.
90,000
3,600,000
Raisins (natural condition), tons
16,100
Fresh peaches, bushels—;.—_
348,533
Orange
the shipment of aviation gasoline to Russia,
plans for the increasing of such shipments, Mr. Ickes
warned that there will be a shortage of 100 actane aviation
and
Quantity
bushels—5,317
5.082
Beets, bushels
9,893
Snap beans, bushels.
&»<■'■■■■
150
Peas, bushels...............
10,800
Tomatoes,
bushels
1,987
Canned fish (futures), cases..
19,000
Dried apricots, pounds.......
700,000
Shell eggs, cases.......---..-
of Vladivostok, Russian
Soviet Arctic port
Pacific port, and possibly by Archangel,
the Russo-Finnish border.
near
Carrots,
1,230,576
domestic shortage in that area,
much less severe than that suffered
may cause some
by the East Coast which has seen a large number of its oil
tankers transferred to British control under the terms of the
Administration's 'Tease-lend" bill.
Future shipments to
-
Oranges, boxes..
7,005,000
4,376,180
7,000
run
Mr. Ickes said, it will be
Commodity—
Quantity
•/
Commodity—
for release upon
Setup
tion of aviation motor fuel which Russia needs badly
ended Aug. 2:
Pork meat products—
These food
Officials
current
1941 production until
Agriculture of the purchase
during the week
pounds
Industry Watches
turn over
Great Britain under the
hold in storage part of the
Announcement was
Department of
Shortage—California
Coast oil companies will be called upon shortly to
four tankers to Soviet Russia for the transporta¬
West
than July 1, 1943.
of Agriculture Reports Food
During Week Ended Aug. 2
Department
Futures
advanced
Priority System for Industry—Daily Crude Output
improve.
in
futures
The October future closed at 123.5 on July 31, com¬
Pipeline to Canada—Federal
on
shipping difficulties will hamper trade generally, and
exports will doubtless remain low as long as the war continues.
In
of these
circumstances the loan and purchase program has been
Trading
various
Gasoline
lend-lease program,
American cheese,
with the
Japanese Ban—Coordinator Ickes Grants Priority
Mr. Hutson stated:
marketing year.
flue-cured tobacco is being shipped to
Frozen eggs,
one
Slumps
appreciable extent.
of the loan to any
use
food supplies
future—the
States Tankers—Coordinator Ickes Hints Aviation
the coming
conditions
reported to the
♦
domestic demand and exports is expected,
is still less favorable than before the
beginning of the war.
Production in 1940 under the marketing quota
program was 756,000,000 pounds, as compared with 1,159,000,000 pounds
in
1939, and considerable quantities of tobacco are being carried over
view
as
currently operating on the West Coast to a United States-
Regarding current conditions
total
future delivery,
Petroleum arid Its Products—Russia Gets Four United
Although some improvement in
flue-cured tobacco situation
While
the
of
during the month.
the
into
for
During July this year, the dominant wool top
producers with
make
contracts
largest amount of open contracts—was the December future.
It accounted
for 44% of the open contracts outstanding at the end of the month.
whom we have talked have indicated they would
like to have loans available in the event a bad market situation arises.
However, if the market situation is satisfactory, they probably will not
wish
open
increased 40,000 pounds during the
month to 5,880,000 pounds outstanding at the close of business on July 31.
The daily average of open contracts was 6,030,000 pounds, compared with
Mr. Hutson said:
Some
of
Exchange Administration,
Commodity
for
tobacco
graded, packed in hogsheads,
producers will be
Concerning details the Department said:
Aug. 4.
on
amount
The
•
the export trade will buy for the
CCC.
They will be given an option to purchase the tobacco from the
Corporation not later than July 1, 1943, at prices equaling costs of the
tobacco to the Corporation, plus all charges including interest.
The CCC
has the right, however, to cancel purchase options at any time prior to..
July 1, 1943.
Under this provision the Corporation will pay specified
costs borne by the company making the purchase.
Producers who Wish to obtain loans must have their tobacco in such a
condition that it will be accepted as collateral.
The tobacco must be
properly
ported
program.
V'v. "'-,yv
channels.
Companies
pared with July, 1910,, the Department of Agriculture re¬
Dealers from
bought the tobacco for
unable to deliver it through regular
Great Britain under the lend-lease
purchases will be made originally
to
increase
26% compared with June, but a decrease of 44% com¬
company can
made for export in the three years,
of
shipment
whom
war
provisions
maximum
of
pared with 121.6 on June 30, and 90.3 on July 31, 1940.
the
Under
trade
for 85% of parity, is
19.6c. per pound, which is
pound received by farmers
crop.
affected by the
now
Trading in wool top futures on tlie New York Wool Top
Exchange in July aggregated 5,565,000 pounds, an
5,285,000 in June and 9,616,000 in July, 1940.
its authorization
with
program,
maximum purchases any
The
the
new
support
to
Trading in Wool Top Futures Increases During July
be
prices at an average of
higher than the average of 16.4c. per
designed
follows:
made through export companies in the same
which purchases of tobacco from the 1939 and 1940 crops were
will
purchases
manner
for
on
program
purchases for export trade
tobacco authorizing
i
surprise attack by Nazi Germany upon its ertswhile ally,
Russia has been unable to obtain many supplies and machine
tools it had sought to purchase in this country.
The Aug. 1 order of President Roosevelt shutting off the
export of motor fuels and oils to nations outside the Western
Hemisphere, the British Empire, and unoccupied territories
of other nations resisting aggression, which obviously was
aimed at Japan, has brought to a point the question of
whether the West Coast oil industry would be able to sell in
the constantly expanding domestic market, the crude and
refined products it has been selling to Japan.
Under the
regulation, first to develop out of the recent "freezing"
order, shipments of all petroleum products and materials
which could be used directly or indirectly in aircraft were
embargoed.
All lower grades of motor fuels and oils may
be shipped to Japan only under licenses which will be granted
pro-rata on the basis of pre-1937 sales.
No sales of high grade aviation gasoline or lubricating oils
have been made to Japan for more than a year but Japan,
according to reports, has been processing the low-grade
756
The Commercial & Financial Chronicle
material
it could
buy with ethyl which converted it into
aviation gasoline, and had either been stored from
early
purchases in the United States or purchased elsewhere.
While no definite limits upon grades were set in the Presi¬
dential orders, one official said "we are
being vague" with
the implication that the embargo will be flexible.
Following
the order, the State Department cancelled all valid licenses
for export of all petroleum products to any countries outside
the-Western Hemisphere, the British Empire and to un¬
occupied nations resisting aggression.
Holders of such
licenses were told to resubmit applications for new licenses.
Exports of petroleum products from the West Coast to
Japan have been steadily declining during the past year or
so, due largely to the deal whereby Japan was
given a
service
elsewhere
may
be
completed
weather
Production
sections in Brooklyn and Queens, in
City, advanced prices of gasoline at service sta¬
by Yz cent a gallon on Aug. 5, saying that the increase
was necessary because of the loss in
gallonage through the
night closings.
Some oil men felt that the increase would
become general but were questioning the attitude of the
Office of Price Administration and Civilian Supply which
already has asked the industry itself not to advance prices
of either crude or refined petroleum without prior consulta¬
tion with it in Washington.
While some curtailment in consumption of gasoline in the
shortage-threatened East Coast area has been accomplished
by the night shutdowns, it is generally believed that Labor
Day will bring with it some form of compulsory
rationing
of gasoline since demand is still far in excess of indicated
supplies for the balance of the year.
Just what form the
rationing will assume is not certain as yet although it is
thought that the various motor vehicle bureaus in the States
affected by the shortage will be the means of
controlling
consumption through ration cards.
"The extent to which
Institute.
was
sharply below the 3,940,000-
higher ouput in llllinois, Louisiana and
Oklahoma.
There
crude oil price
Petroleum
of the
$2.75
Corning, Pa
1.31
__
Eastern Illinois
1,22
Illinois Basin..
1.37
Mld-Cont't, Okla., 40 and above..
Smaokover, Heavy
1,25
.....
PRODUCTS
—
WATCHED—HIGHER
.83
EAST
GAS
FIXES
PENN
are not
Aug. 5—Retail service station prices of gasoline
gallon in
LUBRICANT
$1.20
1.25
over....
NIGHT
IN
.95
x
Branded,
$.085
lifted
M cent
a
Other Cities—
Texas
.03
y
$.085
Shel 1 Eastern-
.
.
Chicago
$.06-.06Ji
Gulf Coast---
.085
.06-.06
M-.06H
Super.
y
Philadelphia
(Bayonue)
Baltimore
$.055
(Harbor)—
Diesel
C
;
FUEL
.041
Orleans.$.05H--Ort
Tulsa
Savannah, Bunker C-J1.30
$1.35
PhUa, Bunker C
i
1.35
Gulf Coast
S.85-.90
Halifax
1.60
2.00
Gas Oil, F.O.B. Refinery or Terminal
SHUTDOWN
BROOKLYN,
$.05251 New
North Texas
.0525
-
Fuel Oil, F.O.B. Refinery or Terminal
N. Y.
1.23
N. Y. (Bayonne)—
7 Plus
IChicago—
$.041
|Tulsa
28.30 D
$.053
S.03H-.03W
I
IN¬
DECLINE
Reports indicated that 95% of the stations affected
by the
In New York
City, there were scat¬
mainly among independent operators,
where stations closed down at 7
p. m. on Sunday and then
reopened shortly afterward because their
competitors had
failed to close.
All major companise
requested their dealers
to obey the Federal
request and this was done.
Several
up
were
Brooklyn and Queens in New York City.
New York—
Socony-Vac
Bunker
order closed down.
tered
instances,
set
sections of
1.29
CERTAIN—OPACS
PRICES—MOTOR
VENTORIES LOWER—REFINERY
OPERATIONS
States
some
New York—
1.12
The 7 p. m. to 7 a. m. shutdown
of service stations along
the East Coast, which affected
approximately 100,000 out¬
lets, went into effect upon Aug. 3 in accord with the
request
of Petroleum Coordinator
Ickes.
On the day prior to the
order becoming
effective, it was announced in Washington
by the office of the Petroleum Coordinator that stations
could remain open at
night to sell to commercial motor cars
—trucks, taxis, &c.—but there were to be no sales to
pleasure
cars after the 7
p. m. deadline.
papermen on
be
U. Si Gasoline (Above 65
Octane), Tank Car Lots, F.O.B. Refinery
New York—
shown)
Lance Creek, Wyo
Signal Hill. 30.9 and
SEEN
will
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
Rodessa, Ark., 40 and above
COAST
which
stocks,
Although refinery operations were off during the Aug. 2
period, production of gasoline was up 344,000 barrels to
13,204,000 barrels.
Refinery operations dipped 1.9 points
to 89.5% of
capacity, with daily average runs of crude drop¬
ping 75,000 barrels to 3,845,000 barrels.
Stocks of residual
fuel oil and gas oil and distillate showed seasonal
gains of
945,000 barrels and 1,236,000 barrels, respectively.
Price changes follow:
x
East Texas, Texas, 40 and over
Kettleman Hills, 37.9 and over
Peeos County, Texas
EAST
Coast
Oklahoma
PRICES POSTED
QUEENS—RATIONING FOR
East
closely in the Aug. 8 report to ascertain the effect
night shutdowns, were off 117,000 barrels, accounting
for most of the.decline.
changes.
(All gravities where A. P. I. degrees
REFINED
Institute.
watched
Prices of Typical Crude
per Barrel at Wells
Bradford, Pa
office
compliance.
These cases will be followed up."
Mr. Ickes
again hinted at further control acts, saying "in the mean¬
time, we are rapidly approaching a situation where, unless
there is voluntary curtailment of consumption of motor
fuels,
more drastic
steps will have to be taken."
Leading oil refiners producing Pennyslvania grade lubri¬
cants were asked on
Aug. 4 by Leon Henderson, Director of
the Office of Price Administration and Civilian
Supply to
base prices on 33 cents per
gallon for the dominant grade,
200 Pennsylvania neutral, 25 pour test, and to maintain
current price differentials for the other
grades of neutrals.
In recent months, prices have advanced from around 22
cents a gallon to better than 40 cents a
gallon.
It is be¬
lieved that sales at recent high prices have for the most
part
reflected inter-refinery transactions and will not be reflected
in prices which the final consumer is
charged for these lubri¬
cants.
Nevertheless, Mr.
Henderson
said,
since
no
appreciable addition to supplies of Pennsylvania neutral can
possibly result from higher prices, continued advances can
do nothing more than to stimulate inflation.
A decline of 166,000 barrels in stocks of
finished, unfinished
and aviation motor fuel cut
holdings to 86,779,000 barrels
during the week ended Aug. 2, according to the American
Tide Water OIL—
were no
our
very
was
dealers has, in the main, been enthusiastic.
It is true, as
was
to
be expected,' that there were instances of non¬
Management, Office of Price Administration
Supply and the Petroleum Coordinator.
Production
the recommendation of
by retailers generally
satisfying,"
Petroleum Coordinator Ickes said in commenting
upon the
night shutdowns.
"The reaction we have received from
The Chairman of the five
regional oil industry committees
and the Chairman of the four
idstrict functional committees
in each region have been summoned
to a meeting in Wash¬
barrel total recommended for
August by the U. S. Bureau of
Mines.
A drop of 196,050 barrels in
Texas production was
offset partially by
followed
was
before
ington on Aug. 11 by Deputy Petroleum Coordinator
Ralph K. Davies at which questions of procedure and other
problems will be discussed.
It will be the first
meeting of the
chairmen as a group since their
appointment and has been
called that they may advise and consult
with the Coordina¬
tor on matters
relating to the proper coordination of activities
of the petroleum
industry for national defense.
A sharp decline in Texas
production cut the Nation's
daily average flow of crude oil during the week ended
Aug. 2
174,600 barrels, with the total dropping to 3,695,250
barrels,
according to the mid-week report of the American Petroleum
closing hours could obtain supplies, when
tions
conditions hamper operations was announced in
Washington in mid-week by Petroleum Coordinator Ickes.
Upon the application of the office of the Petroleum Co¬
ordinator, the Office of Production Management changed
the priority rating for the line from A-2 to the
highest level
possible, because under the original rating it had been
impossible to obtain the necessary materials to complete the
jhpeline before bad weather set in.
With the signing of the Cole bill
by President Roosevelt
opening the way for an early start upon construction of the
necessary pipelines to relieve the shortage of
petroleum in
the East Coast area, the
industry is paying increased atten¬
tion to the supply situation.
Defense officials announced in
Washington on Aug. 7 that a coordinated program has been
developed for assisting the petroleum industry in obtaining
priority or preference ratings on essential materials and
equipment.
The plan was worked out by the Office of
and Civilian
9, 1941
New York
shipments of American petroleum to Japan
recently has been in Japanese bottoms.
Advancement of the oil pipeline over the 260-mile area
from Portland, Me., to
Montreal, Canada, to an A-l-A
rating, highest obtainable, in order that the pipeline which
jointly increases the flow of oil to Canada and releases
for
Aug.
Dealers in certain
All
tankers
the
needed.
larger share in oil produced in the Netherlands East Indies,
which recently was terminated.
Nearly 40,000 barrels,
however, of California's current output of 630,000 barrels
daily is destined for Japan. A good deal of such slack can
be taken up in meeting the
rising domestic demand, but a
complete, sudden shutoff of exports to Japan would certainly
entail some readjustment of the
California production
schedule.
Another important factor is that
Japan has been
keeping all of her ships, including tankers, out of American
harbors because of present tense relations with the United
States.
after
out
emergency stations whereby doctors, news¬
assignment and others whose work kept them
Daily Average Crude Oil Production for Week Ended
Aug. 2, 1941, Declines 174,700 Barrels
The
American
Petroleum
Institute
estimates
that
the
daily average crude oil production for the week ended
Aug. 2, 1941, was 3,695,250 barrels.
This was a loss of
174,700 barrels from the output of the previous week* ' The
current week's figures were below the 3,847,100 barrels
calculated by the U. S. Department of the Interior to be the
total of restrictions imposed by the various
oil-producing
States during July.
Daily average production for the four
weeks ended Aug. 2, 1941, is estimated at 3,778,000 barrels.
The daily average output for the week ended
Aug. 3, 1940,
totaled
3,493,550 barrels.
Further details
as
reported by
the Institute follow:
Imports of petroleum for domestic
use
and receipts in bond at principal
United States ports for the week ended Aug. 2 totaled 2,108,000
barrels,
a
daily
average
of301,143 barrels, compared withadaily average of213,143
barrels for the week ended July 26 and 248,964 barrels daily for the four
weeks
ended
Aug.
2.
These figures
include all
oil imported,
whether
Volume
bonded
ended
of
Receipts of California oil at Atlantic Coast ports during the week
gasoline received at the port of Philadelphia.
was
estimated
daily potential
DAILY
refining capacity of the United
CRUDE OIL PRODUCTION
AVERAGE
(Figures in Barrels)
> vv
r--;
'..
..
Actual Production
Four
B. of M.
Week
Week
Change
Weeks
lated
State
Ended
from
Ended
Ended
Require¬
Allow¬
Aug. 2,
Previous
Aug. 2,
Aug. 3,
ments
ables
1941
Week
Calcu¬
1940
1941U
(July)
Oklahoma
498,500
+400
417,100
410,000
237,400 b235,500
b5,050
—6,450
237,600
5,100
183,150
—50
80,750
Kansas..—.
415,000
225.300
—
-
+ 400
81,850
66,000
4,200
Nebraska....
b417,050 V
Panhandle Texas
100,550
84,750
29,650
+ 350
29,750
—44,450
243,350
28,250
182,600
242,350
+ 50
99,900
West Central Texas..
West Texas
East Central Texas..
Texas
Texas
Southwest
150
221,650
79,400
298,550
180,250
North Texas
East
sales
Coastal Texas
—4,900
82,000
—69,400
333,850
—37,200
197,350
72,950
374,850
174,700
—40,900
263,600
for
to- 120,557,700,000
amounted
month
the
increase of 10.6%.
Manufactured gas sales for domestic uses,
ail
ing, water heating, refrigeration, &c., were
for
4,538,000States
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 3,845,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 86,779,000 barrels of finished and un¬
finished gasoline.
The total amount of gasoline produced by all com¬
panies is estimated to have been 13,204,000 barrels during the week.
Reports received from refining companies owning 86.3% of the
barrel
utility
cubic feet,
statistics
Aug. 2 amounted to 80,000 barrels, a daily average of 11,429 barrels, all
which
757
Financial Chronicle
separation
for domestic use, but it is impossible to make the
or
in weekly
The Commercial &
153
Sales for commercial uses
May, 1940.
and industrial
32.8%.
increased
uses
Natural gas sales
for domestic purposes showed a decrease
6.2% for the month, while industrial sales gained 19.7%.
of
♦
Weekly Coal Production Statistics
The current coal report of the Bituminous
United States Department of the Interior,
Coal Division,
discloses that
the total production of soft coal in the week ended July 26
is estimated at 10,756,000 net tons, an increase of 128,000
tons, or 1.2%, over the preceding week.
Production in the
corresponding week of 1940 amounted to 8,090,000 tons.
Production of crude petroleum in the week ended July 26,
as indicated
by the figures of coal equivalent in the table,
is slightly above the corresponding level of 1940.
The
accumulated total for the year, however, is 1.6% below
'
that in 1940.
-
•
.
+
-
The United States Bureau of Mines reported
that anthra¬
Pennsylvania for the week ended July 26
1,265,000 tons, an increase of 15,000
tons over the output in the preceding week.
Production
in the corresponding week of 1940 amounted to 987,000 tons.
cite production in
wras
estimated at
185,800
ESTIMATED
UNITED
OF
PRODUCTION
STATES
COMPARABLE DATA
WITH
Calendar Year to Date
Week Ended
78,550
+ 150
76,800
+ 4,250
240,200
216,950
318,900
303,397
304,000
..
+ 4,400
317,000
280,100
19 July 27
July 26 July
1941
1941
Louisiana.
c
63,150
240,350
Louisiana...
Total
COAL
SOFT
PRODUCTION OF CRUDE PETROLEUM
ON
(In Thousands of Net Tons)
1,324,000 cl347 926 1,232,500 —196,050 1,332,300 1,169,900
Total Texas
North Louisiana
Coastal
such as cook¬
more than
decreased 1.6%
3.3%
1929 1
1940
1941
1940
Bittiminous Coal—a
Indiana.........
|
...
Eastern (not incl. Illi¬
nois and Indiana)..
72,400
—250
+ 1,000
46,000
11,750
343,200
—550
20,800
406,650
14,750
94,800
42,450
384,800
22,200
|
+ 17,000
b20,350
21,000
M Ississl po J* 1
-
73,300
b47,750
357,650
+ 4,350
+ 950
91,500
91,700
73,748
77,000
Arkansas..
Illinois
102,100
73,100
10,756
Daily average....
8,090 266,004 250,851 295,753
1,421
1,508
1,667
1,348
10,628
1,793
Total, including mine fuel..
1,771
Crude Petroleum—b
Coal
:
5,911 176,837 179,747 129,742
5,888
6,199
equivalent of weekly output.
historical comparison and statistical convenience the
Includes for purposes of
a
b Total barrels produced during the week converted to equiva¬
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound
petroleum products Is not directly com¬
Michigan.......
37,200
41,050
54,750
production of lignite,
Wyoming
88,400
82,600
+ 1,450
83,200
19,900
20,400
+ 1,000
19,650
69,300
18,750
lent coal, assuming
Montana....
Colorado.
New
4,000
+ 300
3,850
3,550
109,750
+ 2,700
108,700
105,050
5,100
..........
108,600
108,600
Mexico
Total East of Calif.
3,222,300
California ....i...~
624,800
d603,000
3,062,050 —169,800 3,140,150 2,891,150
601,600
637,850
—4,900
633,200
Note that most of the supply of
of coal.
PENNSYLVANIA
OF
PRODUCTION
ESTIMATED
ANTHRACITE
AND
BEEHIVE COKE
U+'U'U'U-
V'"'■".
.V;U
(In Net Tons)
3,695,250 —174,700 3,778,000 3,493,550
3,847,100
Calendar Year to Date
Week Ended
of the requirements of domestic crude
outlined in its detailed forecast for the month of July.
As requirements may be supplied eitner from stocks, or from new production, con¬
templated withdrawals from crude oil Inventories must be deducted from the Bureau's
estimated requirements to determine the amount of new crude to be produced.
These are Bureau of Mines' calculations
a
oil based upon certain premises
July 30.
a. m.
This Is the net basic
c
for week ended
Nebraska, Mississippi, Indiana figures are
b Oklahoma, Kansas,
7
702).
c Sum of 30 full weeks
30 weeks of 1940 and 1929.
petitive with coal ("Minerals Yearbook, 1939," page
ended July 26, 1941, and corresponding
31-day allowable as of July 1, but experience indicates that
comDleted, and If any unward revisions are made.
Panhandle shutdown days are July 5, 12, 19, 26 and 31; with a few exceptions the
rest of the State was ordered shut down on July 4, 5, 6, 12, 13, 16, 19, 20, 26, 27
indicated above do not Include any estimate of any oil
might have been surreptitiously produced.
STILLS, PRODUCTION OF GASOLINE AND
RUNS TO
CRUDE
AND UNFINISHED
OF FINISHED
•
Refin¬
Capacity
Produc'n
Fin¬
of
ished <fr
Gas
of Re¬
Unfin¬
Oil
sidual
tial
port¬
P.
Rale
ing
ished
and
Fuel
Dis¬
Oil
line
tillates
line
13,069
458
94.8
2.369
16,067
4,526
3,715
94.6
1.205
6,815
1,713
2,070
1,278
593
88.1
1,773
Appalachian..
Ind., 111., Ky.
166
83.8
137
98.6
752
84.4
602
413
80.7
315
505
461
Inland Texas.
263
63.2
124
74.7
558
2,058
411
Texas Gulf-
1,097
91.0
937
93.8
3.206
12,062
6,748
370
156
89.1
3,157
1,618
95
49.9
61
108.5
174
431
288
1,156
463
Mtn__
136
50.1
50
73.5
222
1,279
131
473
787
90.9
544
76.1
1,549
14,416
11,568
152 108.6
Alaska
■.
ii
..
A-
-
—'
-
-
-—-—
Colorado........
65,485
...
-»
Illinois
Indiana
Iowa
»i -
.
Calif.
1,734
.
4
2
2
308
232
244
-
21
41
107
66
56
1
f
A rye.
1923
e
*
f
323
389
64
12
120
1
-—- -
--
165
f
f
I
74
109
656
609
857
1,268
250
204
291
451
32
34
38
65
89
73
73
104
134
928
842
755
744
859
735
174
114
93
205
202
37
ii
372
194
—
31
140
31
21
22
43
2
2
3
2
15
17
61
45
41
38
51
41
25
—
-ii
950
412
20
16
23
48
52
--
..
-
...
4
31
Arkausas and Oklahoma
..
-ii
— -
ii- i- *
Kansas and Missouri
Kentucky—Eastern .....i .
.
.
_
■
.
California
1929
1939
1940
1941
343
_..
Georgia and North Carolina
7,595 G. Cst
1,702
3,454
No. La. & Ark
Rocky
19 July 12 July 20 July 22 July 20
1941
974
Inter'r
Kan.,
Louisiana Gulf
July
Alabama
9,989 E. Cst
21,438
3,091
673 100.0
Missouri
Julj
State
Gaso¬
Gaso¬
East Coast
Okla.,
Week Ended-
Incl.
Blended
ated
Aver.
based on railroad carloadlngs and river ship¬
from dis¬
Stocks b Stocks
a
Natural
C.
Oper¬
Daily
b Includes washery and
operations, c Excludes
subject to revision on receipt of monthly tonnage reports
annual returns from the operators).
tion
Re¬
ten¬
3,914,000
22,113
PRODUCTION OF COAL, BY STATES
(The current weekly estimates are
Avia¬
fineries
6,422
(In Thousands of Net Tons)
Stocks
Gasoline
to Stills
P. C.
Po¬
District
1,136,700
18,551
trict and State sources or of final
Crude Runs
a
3,823,600
Adjusted to comparable periods-In the three years,
and coal shipped by truck from authorized
ments and are
Stocks
a
colliery fuel.
ESTIMATED WEEKLY
at Re¬
Daily
24,467
Daily average..
59,400
9,900
121,700
20,283
146,800
United States total
STOCKS
of 42 Gallons Each)
1929
a
987,000 29,624,000 29,242,000 39,315,000
938,000 28,150,000 27,780,000 36,484,000
dredge coal,
which
OIL, WEEK ENDED AUG. 2, 1941
ing
1940
1941
Beehive Coke—
GASOLINE AND GAS AND FUEL
(Figures in Thousands of Barrels
1940
prod'n.c. 1,202,000 1,188,000
Comm'l
a
of California Oil Producers.
Recommendation of Conservation Committee
1941
Anthracite—
Pa.
and 31.
Note—The figures
July 27,
Total, incl. colliery
Fuel.b
1,265,000 1,250,000
it will increase as new wells are
d
July 19,
July 26,
1941
Western
Maryland..
.^......i—.. v.—-Montana...... ....—i - - .—- i
Michigan
.
87
42
-
86.3
Reported
Est.
3,505
80,814
40,533
93,275
7,318
5,965
900
1,525
355
2, *41
July 26, '41
*
41,433
94,800
7,673
86,945
40,197
93,855
7,542
12,860
dl 1,250
c3,485
2, '40
88,892
39,594 106,265
5,475
Included in finLshed and unfinished gasoline total, c July-Aug.
d This Is a week's production based on the U. 8. Bureau of
July-August 1940 daily average,
e Finished, 79,051,000 barrels; unfinished,
1940, daily average,
'
barrels.
Tennessee
Texas
...
.v
-
of
Gas
i
-
-
for Month of
004,100 in May, 1941, as compared with
$68,280,500 for the
Gas
natural
Association
gas
reported
corresponding month of 1940, an increase of 4.0%,
The manufactured gas industry reported revenues of $31,973,800 for the month, an increase of 2.7% from the same
month of the preceding year.
The natural gas utilities re¬
ported revenues
May, 1940.
Total
sales
of
of
$39,030,300,
manufactured
or
gas
5.1%
for
32,665,900,000 cubic feet, an increase of
-
-i
- i
143
122
109
104
9
8
12
18
21
48
47
34
57
87
375
268
260
225
239
28
25
25
2,061
1,826
836
774
562
-
'
113
23
38
37
1,777
1,979
1,519
551
677
866
76
87
115
.
-
Virginia—Southern a
_
b
-
Wyoming----.-.-- —-------—Other Western States.c--—- —
1
*
*
*
f3
f4
9,370
11,208
7,130
1,107
7,775
1,133
768
1,025
1,950
10,667
8,908
7,898
10,395
13,158
10,628
1,250
9,560
11,878
11,878
ceal
84
102
113
the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;
in Kanawha, Mason and Clay counties,
b Rest of State, includ¬
Panhandle District and Grant, Mineral and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania anthra¬
cite from published records of the Bureau of Mines,
e Average weekly rate for entire
month,
f Alaska, Georgia, North Carolina and South Dakota included with "other
Western States."
* Less than 1,000 tons.
a
Includes operations on
ing the
that manufac¬
amounted to $71,-
and
854
3,680
2,666
93
and on the B. & O.
utility revenues
American
The
tured
480
1,718
2,251
-
-i
Pennsylvania anthracite.d—..
Company Statistics
May 1941
391
2,078
36
—
Washington
Northern
444
2,438
385
.i—-ii i -
Total all coal
Summary
f 14
587
2,711
60
__
—
Total bituminous
:
flO
671
West
At refineries, bulk terminals, in transit
a
15
16
19
17
North and South Dakota
Utah.....
and in pipe lines. <b
7,728,000
-——- -
Virginia——
Estimated Bureau of Mines basis,
Mines
i-
-
Pennsylvania bituminous
13,204 e86,779
3,845
3,920
4,538
4,538
♦U.S. B. of M.
Aug.
_
Ohio
U.S.
♦Est. tot.
Aug.
11,884
1,320
89.5
340
unrep'ted
Mexico.—.
New
more
the
2.8%.
than for
month
were
Natural gas
Preliminary
Estimates of Production of
Month of July, 1941
Coal for
According to preliminary estimates made by the Bureau
and the Bituminous Coal Division of the United
of Mines
States
Department of the Interior, bituminous coal output
during the month
of July, 1941, amounted to 43,300,000
The Commercial & Financial Chronicle
758
net
tons, compared with 35,890,000 net tons in the corre¬
sponding month of 1940 and 42,774,000 tons in June, 1941.
Anthracite production during July 1941 totaled 4,623,000
net tons as against 4,534,000 tons a year ago and 4,891,000
tons in June 1941.
The consolidated statement of the two
aforementioned organizations follows:
Average per
of
Working
for
'Month
Working
(.Net Tone)
to
different customers at varying prices.
he added, a contract entered into before Aug. 5.
Cal. Year
to End
Day
(Net Tons)
Days
of
July
(Net Tons)
preference order.
general
The Metals Reserve Co., Mr.
Henderson pointed out, will be asked to
pay
highest possible level.
a
pound in order to keep production
He suggested that the Government agency
1 cent a pound above "out of pocket" cost to those companies whose
costs
in
were
of 11
excess
cents
a
pound in the first six months of 1941.
"Out of pocket" cost was defined as cost exclusive of depreciation, deple¬
tion, and amortization of deferred charges.
July 1941
(Preliminary)—
Bituminous
coal.
a
-
-
43,300.000
4,623,000
-
Anthracite-b
Beehive coke
June 1941
1,665,000
268,702,000
30,574,000
578,300
3,372,600
(Revised)—
Bituminous
Anthracite
by independent audit.
26
coal, a
*
.
w
v
-
42.774,000
-*
b
1,711,000
Anthracite
-
coal
b
a
_
Beehive coke....
„
.«,:
26
1,380,000
244,400
,
„
255,473,000
30,261,000
1,184,700
Total
soon,
he said.
production, including colliery fuel, washery and dredge coal and
coa
shipped by truck from authorized operations.
Note—All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year.
July totaled 99,912 tons, against 82,033 tons in June.
operators
sellers,
held to the
12-cent basis all week.
Small producers sold moderate tonnages at 12^
Sales
Large mine
Custom smelters
not
were
cents.
Lead
a
Includes for purposes of historical comparison and statistical convenience the
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania.
b
Negotiations between Gov¬
agencies and copper producers aimed at increasing production will
Domestic sales of copper for the week amounted to 19,468 tons,
35,890,000
4,534,000
-
_
_
bring in new high-cost mines if possible.
for
July 1940 (Revised)—
Bituminous
to
begin
4,891,000
564,100
Beehive coke
The cost would be determined
Mr. Henderson said the Government agencies are
seeking not only to continue all present domestic copper production, but
ernment
J
*..
How¬
1941, at between
12 and 12 Y% cents a pound may be completed if the contract is not disturbed
by allocations under the
buy high-cost copper at above 12 cents
Number
1941
9,
by the general preference order, he said, and will prevent the sale of coppe
allocated under this order
ever,
at the
Total
Aug.
The domestic industry sold 5,379 tons of common lead during the last
week, against 2,407 tons in the week previous.
Total sales, which would
include metal released by the Metals Reserve Co. out of its recent acquisi¬
tions,
substantially
were
higher.
Allocations
Government's purchasing agency will be
mafrb
of
August
metal
by
the
Demand for lead
soon.
was
active.
July Production and Shipments of Slab Zinc
The American Zinc Institute
Quotations continued at 5.85c., New York, which
Aug. 6 released the fol¬
lowing tabulation of slab zinc statistics:
SLAB
ZINC STATISTICS
on
settling basis of the American Smelting &
/•'
(ALL GRADES)—1929-1941
week.
tons,
(a)
Shipped
Retorts
A verage
Operat¬
Year
1931
Year
1932
End of
for
ing End
During
Period
Period
Export
of Period
Period
602,601
436,276
6.352
68,491
23,099
18,660
314,514
1933
324,705
Year
1934
1935
Year
1936
366,933
431,499
623,166
589.619
352,663
Year
456,990
538,198
395,654
598,972
Year
Year
1937
Year
1938
465,746
561,969
569.241
105,560
239
119,830
83,758
148
67,999
31,240
19,875
21,023
27,190
32,944
59
38,329
32,341
44,955
0
37,915
45,383
40,829
53,751
196
170
41
65,333
0
126.769
20
0
47,769
8,478
23,653
15,978
30.783
51,186
28,887
42,965
48,812
38,793
65,995
18,585
26,651
18,273
48,159
or
52,399
53.387
54,862
63,532
0
February
61,050
65,869
60
March
56,184
49,909
72,144
0
April
53,055
46,803
78,386
364
May
51,457
57,224
72,629
2,800
January
47,287
47,188
49,744
47,863
Tin
ington that point to
has been
times
a
ceiling
general slowing
a
on
tin prices for the
up of
Straits tin for future arrival
was as
49,805
49,524
September
October
52.125
51.750
51.625
52.375
52.000
51 750
51.625
52 375
52.000
51.750
51.625
45.326
*44,179
June
48,213
53,935
66,907
2,342
July
52,098
57,606
61,399
1,710
46,577
*41,834
47,545
*42,498
2,935/ 60,715
1 *44,427
4,023/ 53,164
I *47,705
280/ 53,979
1 *48,680
560/ 55,228
64,065
51,010
48,344
52,869
67,650
33,563
October
66,372
65,713
24,222
November....
56,459
62,295
18,386
...
'
Total for yr.
65,385
643,386
tin,
69,508
spot,
METALS ("E. &
116,420
126,120
125,132
J
Straits
Lead
63,272
New York
St. Louis
St. Louis
7.25
July 31
11.800
10 950
52.250
5.85
5.70
Allg.
1
11.800
10.950
52.750
5.85
5.70
7.25
Aug
2
11.775
10.950
52.750
5.85
5.70
7.25
Aug.
4
11.800
10.950
52.750
5.85
5.70
7.25
Aug.
5
11.800
10.950
52.125
5.85
5.70
7.25
Aug.
6
11.775
10.950
52.250
5.85
5.70
7.25
11.792
10.950
52.479
5.85
5.70
7.25
Average..
58,000
57,160
*51,754
1
0[
59,168
7,085
63,390
63,425
7,050
62,974
63,210
of
of
7,286
59,688
58,842
*53,416
56,227
March
*52,627
60,513
61,224
*54,543
64,696
63,604
8,327
1108,151
1
-
62,165
*58,608
65,540
*56,340
1,192
*59,439
66,876
67,989
*61,785
J
95,256
*60,077
68,292
*62.017
62,236
63,159
7,404
1,254/
July
66,419
64,086
9,737
730/
/
65 511
66,167
198,435
192,583
all production from foreign concentrates when shipped
Equivalent retorts computed on 24-hour basis,
for domestic consumption.
a
Export shipments included
In total shipments.
r
Non-Ferrous Metals—OPM Allocation of Copper Effec¬
tive Aug. 6; Price Ceiling of 12 Cents Named
"Metal and Mineral Markets" in its issue off Aug. 7
reported that though the copper industry was prepared for
a
price ceiling, actual imposition of the 12-cent basis on
deliveries to consumers, first notice of which appeared
in the daily press on Aug. 6, turned out to be a shock to many
in the trade.
There was no mention of price in the official
order placing copper under additional priority
control.
A ceiling on tin prices is expected shortly and action to arrest
the upward movement in quicksilver quotations also is being
considered.
Tin turned quiet after the excitement of the
preceding week.
The situation in zinc was unchanged.
The lead industry was concerned last week with allocations
from the Government's reserve.
The publication further
reported:
Copper
General preference order M-9-A, issued during the last week, places copper
under 100%
deliveries
priority control.
of
non-dutiable
The new order requires that, after Aug. 6,
refined
copper
can
be
made
except
upon
specific directions of the Priorities Division.
Late
on
Aug.
5,
Leon
Henderson,
ceiling price of 12 cents a pound.
Domestic copper
Price
markets,
the
based
basis of
on sales reported by producers and agencies.
They
cash, New York or St. Louis, as noted.
All prices
are
are
reduced
in cents
per pound.
Copper, lead and zinc auotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered
basis; that is,
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic
seaboard.
181,456
,181,456
Note—To reflect a true picture of the domestic slab zinc situation under e dating
conditions, the 1940 figures have been adjusted to eliminate some production from
foreign concentrates shipped for export, inadvertently included, and to include
no
are:
11.788c., export copper, f.o.b. refinery, 10.950c., Straits
tin, 53.292c., New York lead, 5.850c., St. Louis lead, 5.700c., St. Louis
zinc, 7.250c., and silver, 34.750c.
to
*59,410
June
*
2
The above quotations are "M. & M. M.'s" appraisal of the major United States
97,638
*53,995
*60,688
64.645
1121,020
*51,097
10,026
February
May
Zinc
New York
f.o.b. refinery,
60.414
April
50.875
51.000
50,174
' '■*
:V
1941
'
M. J." QUOTATIONS)
Tin
Average prices for calendar week ended Aug.
January..
125
was nominally as follows: July 31, 51.625c.'
52.125c., Aug. 4, 52.125c., Aug. 5, 51.500c.,
Dom.,Refy. Exp., Refy.
95,445
65,229
58,041
99%,
1, 52.125c., Aug. 2,
Electrolytic Copper
54,718
*49.438
*50,110
51.625
51.2,50
DAILY PRICES OF
63,552
*48,253
55,288
51
51.500
59,043
*42,884
52,444
*47.179
*50.008
51.275
52.125
63,726
48,991
•
51.500
51.750
52.000
...
Chinese
Aug.
12,823
696,497
53,616
avge.
6..
*42,216
Of
12,884
5
Aug.
November
Aug. 6, 51.625c.
47,231
I *50,169
59,883
4
Aug.
55,389
46,536
1
December....
2
*41,793
.
August
52.000
*44,665
49,197
*44,387
The result
follows:
52.375
Aug.
34,580
*44,936
48,989
future.
Aurust
47,496
49,513
near
business in the metal and quotations at
largely nominal.
were
July 31
Aug.
1
36 808
47,287
Shipments during the last
undelivered contracts amounted
Discussions have been going on at the request of authorities in Wash¬
78,626
1940
Monthly
backlog
Prime Western zinc continued at 7He., St. Louis.
Aug,
Year 1939
September.
80,121 tons.
48,339
34,683
39,333
143,618
129,842
124,856
zinc for the week ended Aug. 2 amounted to 5,246
against 3,491 tons in the week previous.
End of
Period
During
218,517
344,001
developments in the zinc industry during the last
to
631,601
504,463
300.738
213,531
1930
Year
new
common
Orders
Stock at
75,430
no
Retorts
Shipped
Period
1929
were
Sales of
week totaled 4,739 tons and the
During
Year
Zinc
Unfilled
Produced
5.70c.,
at
.
UU'/v.
There
(Tons of 2,000 Pounds)
also the contract
was
Refining Co., and
St. Louis.
Administrator, announced
a
Imposition of a ceiling is made necessary
De¬
livered prices in New England average 0.225c. per pound above the
refinery oasis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
On foreign business, owing to the European War, most sellers are
restricting offerings to f .a.s. transactions, dollar basis.
Quotations, for the present,
reflect this change in method of doing business.
A total of 0.05c. is deducted from
f.ajs. basis (lighterage, &c.) to arrive at the f.o.b. refinery quotation.
Due to the European war thle usual table of
daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: July 31, spot, £256%,
three months, £259%; Aug. 1, spot, 256%, three months
£259%; Aug, 5, spot, £256%, three months, £259%; and
Aug. 6, spot, £256%, three months, £259%.
♦
July Pig Iron Output, at 97.3%, Sets New Record
The "Iron
Age" in its issue of Aug. 7 reported that produc¬
tion of coke pig iron in July totaled 4,770,778 net
tons, a
new peak,
compared with 4,553,165 tons in June. Output
on a
daily basis last month showed
a
gain of 1.4%
over
that
in June
or from 151,772 tons to
153,896 tons a day in July.
The operating rate for the industry was
97.3% of capacity
in July, compared with 95.9% in June.
There were 211 furnaces in blast on Aug. 1 which were
producing at the rate of 153,190 tons a day. compared with
the production rate on July 1 of 153,600 tons.
United
States Steel Corp. took one furnace off blast,
independent
producers blew in two furnaces and one merchant furnace
was
taken off.
The
two
furnaces
\
blown in
t
BMhlehem Steel
Co., and one Aliquippa, Jones & LaughW Steel Corp.
Furnaces blown out include one Carrie, Carnegie-Illinois
Steel Corp., and one Woodward Iron Co.
were:
one,
Volume
material is
The seriousness
of the deficiency in scrap supplies was highlighted by reports on Tuesday
from
Lukene Steel Co., operating largely upon defense
work, that the
company was facing a complete shutdown unless the flow of scrap to its
steel
some
DAILY RATE—NET TONS
MERCHANT IRON MADE.
spreading,
1937
1941
March
...
...
1939
1938
16,475
18.039
9,916
9,547
18,496
11,760
13,656
11,875
10,793
10,025
11.911
23,069
February
1940
20,812
21,254
January
9,529
7,883
8,527
9,404
9,266
7,203
6,020
6,154
7,408
April..
20,434
May
14,773
21,235
21,933
June
16,521
13,662
16,619
21,957
July
August
September
17,395
11,225
12,648
16,409
16,642
17,571
18,694
October
November...
22,792
19,779
...
December
18,432
16,259
21,821
17,774
21,962
19.971
22,473
21,224
17,541
12,280
12,550
12.095
14,793
10,266
16,912
yards
COKE
OF
AND FERROMANGANESE
IRON
PIG
NET TONS
Washington
tons.
22,500
tons
22,000 tons
39,475
1940
1941
1940
1941
11994343067807
of
overgrading
that
New
outstanding
scrap
\
for
week,
a
War
from
shipments
tone
11,100
Lake
a
jumped
office building
last
tons from
swelled by
soared
at Washington,
week.
peak
in
for the season to Aug. 1
like period in history.
is
iron
reached
ore
The total
AGE"
to
advanced to 25,250
steel projects,
volume well above
THE "IRON
for
reinforcing
Superior
tons.
gross
tons,
gross
Department
of
11,390,488
new
18,400 tons in
the Bonneville
37,000 tons from
including
line towers
projects
awards
steel
while
almost double the 14,200-ton
are
lettings
transmission
for
structural
Reinforcing
last
26,700 tons
of
with
Oregon
tons
40,216,408
Ferromanganese y
and
.15,700
at
reported
awards
week,
Administration.
July
Pig Iron x
steel
last
Vessel
is
result being the exceeding of ceiling prices.
immediately increased.
was
of
it
centers
a
Structural
total
to
PRODUCTION
759
& Financial Chronicle
The Commercial
153
new
a
any
COMPOSITE PRICES
Finished Steel
Aug. 5. 1941, 2.261c. a Lb.
/Based on steel bars, beams, tank plates,
4,663,695
4,197,872
4,032,022
February
4,704,135
3,270,499
35,337
33.627
55.460
43,240
38,720
46,260
One week ago
March
April
4,334,267
One year ago
4,599,966
4,553,165
56,871
58.578
43,384
May
3,137,019
3,513,683
3,818.897
53,854
44,973
44,631
1941
Jan.
7
2.261c.
Jan.
1940
Jan.
2
2.211c.
Apr.
1939
Jan.
3
2.236c.
May 10
January
June
3,311,480
2.261c.j
2.261c.(
wire, rails, black pipe, sheets and hot
rolledstrips. These products represent
2.261o./
One month ago—
85% of the United States output.
Low
Hioh
7
10
27,053,100
21,083,600
293,727
261,208
1938
2.211c,
Oct.
18
4,053,945
57,710
43,341
37.003
May 17
4,770,778
Hall year
1937
Mar.
9
2.249c,
Jan.
4
1936
Dec. 28
2.016c,
Mar. 10
33,024
1935
Oct.
1
2.056c,
Jan.
1934
Apr. 24
Oct.
3
1.945c.
Jan.
2
1933
1.792c.
May
2
1932
Sept.
1.870c.
Mar. 15
iLw™..
July
August
September
October.
4,238,041
4,176,527
4,445,961
November
4,403,230
December
4,547,602
32,270
31,155
35,666
46,948,906
473,667
*
8
1931
Year
These totals do not include charcoal pig Iron,
x
Included in pig iron figures.
y
OF COKE PIG IRON
DAILY AVERAGE PRODUCTION
Jan.
6
13
1.883c.
Dec. 29
1930
Jan.
7
1.962c.
Dec.
9
1929
May 28
2.192c.
Oct.
29
Pig Iron
Aug. 5, 1941, $23.61 a Gross Ton
One month ago
Net
%
%
Tons
February
—
—
Capacity
Tons
Capacity
150,441
149,924
January..
95.5
130,061
85.8
114,189
75.1
105,500
104,567
68.9
86,516
68.6
95.2
March
151,745
96.9
April
144,475
91.8
May..
148,386
151,772
93.8
149,465
June
Hall year
113,345
127,297
74.8
76,764
62,052
83.9
79,089
94.5
115,844
76.1
77,486
86.3
130,772
136.711
97.3
J
185,130
96,096
90.4
107,466
139,218
October
November
December
92.2
143,418
146,774
146,697
—
94.8
131,061
97.1
138,877
97.2
136,146
;
96,760
84.6
128,276
—
99%%—Pig Iron Priorities Set
Steel Production at
Age," in its issue of Aug. 7, reported that first
effect of the OPM Priority Division's action in placing pig
control, a long awaited step in¬
tended to regulate distribution of the metal to steel plants
and foundries holding vital defense orders, was to stimulate
efforts of consumers to get iron prior to Sept. 1 and to
full
under
iron
priority
The
pig
producers to submit to the priorities division by the
of each month a proposed schedule of shipments for
ratings for their requirements.
obtain higher priority
order, known as general preference order M-17, directs
iron
15th
buyers of pig iron to
order on special forms approved by OPM.
The "Iron Age"
further reported:
the
following month and
instructs
degree an estimated
5,000,000-ton shortage of that material for 1941, stipulates that "defense
orders shall
be accepted even if acceptance will render impossible, or
The pig iron control order,
result
deferment
in
destined to offset to
non-defense
under
deliveries
of,
a
orders
previously
At the same time the OPM order establishes a pool arrange¬
under which all producers, during each month beginning with Septem¬
accepted."
ment
ber, must set aside a quantity of pig iron to be specified by the director
of
during
to meet emergency needs
priorities and to be allocated by him
priority action is expected soon on steel.
Production of coke pig iron in July did, however, reach a new high level
the
following month.
Similar
4,770,778 net tone, compared with 4,553,165 tons in June, according to
at
"Iron
an
Age"
Output
survey.
a
on
daily
basis last
month
showed
a
above June, or from 151,772 tons in June to 153.896 tons
in July.
The blast furnace operating rate last month was 97.3%, against
95.9% in the preceding month.
On Aug. 1 a total of 211 blast furnaces
gain of 1.4%
melting
was
The
153,190
in
latest
daily.
net tons
series of steel
a
industry plant expansions, announced this
provides for the building of two new blast furnaces at the Edgar
Thompson works of Carnegie-Illinois Steel Corp. at Braddock, Pa.
This
week,
which
project,
than
more
bessemer
lift
will
850.000
The
Edgar
met
by the
annually,
tons
with
converters,
Pittsburgh
the
a
includes
pig
capacity by
iron
construction
two
new
yearly steel-making capacity of 600,000
tons.
expansion
Thomson
district's
Government and
of
will cost $32,000,000, the expense being
the plants being operated under lease by
Carnegie-Illinois.
Steel
$23.61
last
week,
100.5%
with
advance
district
104.5%
several
areas
average
still
June
at Pittsburgh, a similar
91%, and a rebound in
88%
and Cleveland
town
In
to
from
operating
the week beginning
reached in
one-point
Weirton
to
the
last
areas
steel
week.
Steel
a
The gain is due to a
the Wheeling-
23.
increase in
the Buffalo
plants
the
in
operating rate
Chicago,
Youngs-
operating this week at slightly lower
are
plants
are
operating
below
capacity
levels.
because
of
Meanwhile
of
scrap
Justice
violation.
a
showdown is
industry
would
Such
developing this week between the OPACS and
following announcement Monday that the
investigate
a
step
that
might
industry
conceivably
for
lay
alleged
the
Department
anti-trust
groundwork
attempt to hold the scrap trade responsible for any closing of steel
due
to
about
shortage of scrap material,
method
of
enforcing
the
and
OPACS
could also develop into a
price ceiling on scrap.
law
for
an
plants
round¬
From
2
$23.45
Jan.
Dec. 23
22.61
Jan.
Sept. 19
20.61
Sept. 12
23.25
1938...
Mar. 20
23.45
June 21
19.61
July
6
16
23.25
19.74
i
2
9
20.25
Feb.
Nov. 24
18.73
Aug. 17
17.83
Mar.
17.90
May
5
1
16.90
May 14
Jan. 27
1933
16.90
Deo.
5
13.56
Jan.
1932
14.81
Jan.
5
13.56
Dec.
6
1931
15.90
Jan.
6
14.79
Dec.
15
1930..
18.21
Jan.
7
15.90
Deo.
16
18.71
May 14
18.21
Dec.
17
1935.................*^-..—^.^:. 18.84
Nov.
1929...
3
Steel Scrap
1
heavy melting stee
Aug. 5, 1941, $19.17 a Gross Ton
fBased on No.
$19.17
quotations at Pittsburgh, Philadelphia,
One week ago.
19.17
18.17
One year ago
and Chicago.
Low
High
Apr.
10
21.83
Deo. 30
16.04
Apr.
9
22.50
Oct.
3
14.08
15.00
Nov. 22
11.00
May 16
June
7
$22.00
Jan.
7
$19.17
21.92
Mar. 30
12.92
Nov. 10
1936
17.75
Dec. 21
12.67
June
1935
13.42
Dec.
10
10.33
Apr.
1934
13.00
Mar. 13
9.50
1933.
12.25
Aug.
3
29
8ept.29
Jan.
5
8.50
Jan.
8
12
6.75
1932.
6.43
July
3
1931.
11.33
Jan.
6
8.60
Dec. 25
1930.
15.00
Feb.
18
11.25
Deo.
9
1929.
17.58
Jan.
29
14.08
Deo.
3
American
The
Iron
and
Steel
Institute
Aug. 5
on
an¬
nounced that telegraphic reports which it had received indi¬
cated that operating rate of steel companies having 91 % of
the steel capacity of the industry will be 98.3% of capacity
for the week
beginning Aug. 4 compared with 99.6% one
week ago, 96.8% one month ago, and 90.5% one year ago.
This represents a decrease of 1.3 points, or 1.3%, from the
preceding week.
Weekly indicated rates of steel operations
since July 1, 1940, follow:
1940—
1940—
74.2%
86.4%
86.8%
88.2%
90.4%
90.5%
89.6%
89.7%
91.3%
82.6%
July
1
July
8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept.
2
Sept.
9
Sept. 16
Sept. 23
Sept. 30
Oct.
7
"Steel" of
markets,
on
1941—
1941—
Oct.
14
94.4%
Jan.
20
96.5%
May
6
96.8%
Oct.
21
94 9%
Jan.
27
May 12
99.2%
Oct.
28
95.7%
96.0%
Feb.
3
Feb.
May 19
May 26
99.9%
98.0%
June
10
97.1%
96.9%
97.1%
Feb.
17
94.6%
Nov. 18-
96.1%
96.6%
Feb.
24
90.3%
June
Nov. 25
96.6%
Mar
3
97.5%
June
Nov.
4
Nov. 11
2
99.2%
9.
98.6%
10
Dec.
2
Mar. 10
9
Mar. 17
98.8%
99.4%
June 23
Dec.
96.9%
96.0%
99.0%
99.9%
June 30
93.7%
Dec. 18
96.8%
Mar. 24
99.8%
80.8%
95.9%
Mar. 31
99.2%
July
July
96.8%
97 2%
Apr.
7
Apr. 14
99.3%
Apr. 21
Apr. 28
96.0%
94.3%
91.9% Dec. 23
92.9% Dec. 30
1941—
92.6%
6
92.6% Jan.
94.2% Jan. 13
97.2%
98.5%
Cleveland, in its
Aug. 4 stated:
Frequent revisions
98.3%
summary
7
14
97.9%
99.6%
98.3%
21
July 28
July
Aug.
4
of the iron and steel
in rolling schedules, made necessary by the great
growth of priority ratings, have become one of the great handicaps of steel
manufacturers—that and lack of raw materials, notably scrap.
Makers
barely get launched on one course of action when a new ruling by a Govern¬
body, or a flood of new priorities, causes revisions of order books and
schedules and makes for loss of time.
As
the
one
case
However, it is recognized that this
in view of the rapid changing of the world situation.
is unavoidable
example of uneconomical rolling practices of the past week was
of 17 inch strip being rolled on a 43 inch mill, whereas 30 inch strip
would have been the
more
logical.
Moreover,
the recent
hot
spell has
interfered with orderly production, the number of heat prostrations among
steelmakers having been exceptionally large,
despite the modern precau¬
tions of salt tablets, shower baths and generally better working conditions.
New priority
inability to obtain scrap of the right grades.
the
and
Low
22.61
ment
99.5% from 99%
point below the peak of
production this week advanced a half point to
Valley,
Buffalo,
Southern iron at Cincinnati.
1939
The "Iron
for basic Iron at Valley
fnnnrlrv Irnn at. Clhleacn.
foundry iron at Chicago,
Hioh
One month ago
Year
on average
fnrna.ee and
furnace and
Philadelphia,
22.61
1941
78,596
82,407
95.9
153.896
July
August
September
.
One year ago...................
1939
Net
/Based
S23 611
$23.61
23.61
B
One week aero
ago
1940
1941
was one
rulings and regulations
yet to receive
each week, typical of which
There
obviously entitled to priority ratings, who are
them.
The industry expects
scrap.
come out
listing hospitals as among the favored in getting priorities.
still remain users of steel,
further cuts in production because of shortage of
Drastic measures will be taken to collect scrap, among the possi¬
"jallopies" and perhaps a public collection
bilities being scrapping of more
of ferrous materials
in the style of aluminum collections.
The latter
ma
The Commercial & Financial Chronicle
760
prove lees practical than aluminum because of the greater bulk per value
for iron and steel.
a
Many In the steel trade
steel
to
task.
onerous
It
is par¬
ticularly distressing to refuse old customers merely because they do not
possess priority ratings.
.
New
unexpected
demands for steel from
unsettling of production schedules.
Great
Britain
contribute
t°
Last week another inquiry for 1,000.000
tons of semi finished steel arrived here and is
being studied at Washington
Advances
were as follows:
87, Buffalo 24
to 904.
Unchanged
from Duluth passed Detroit
eastern end of the New York
on way to
Buffalo.
barge canal has
gone
Again
from the
scrap
through Buffalo for ship¬
Canada.
Unofficial
"Steel's"
three
composite price groups
for last week
of public scrap
collections
have
been
made
in
few
a
Employees of the American Rolling Mill Co. at Middletown, O.,
collected 260 tons of scrap in 48 hours.
Shortage of
scrap
last week
was a
contributing factor in causing at least
two Mid-western open
hearth furnaces to be retired for repairs earlier than
would otherwise be the
unchanged:
were
$56.60 and steelworkB scrap at
,
Steel ingot production for the week ended Aug. 4, is
placed at 98lA% of capacity, according to the "Wall Street
Journal" of Aug. 7. This compares with 98% in the previous
week and 97% two weeks ago.
The "Journal" further
reported:
■
U.
tests
instances.
Pittsburgh at
ingham at 90, St. Louis at 98 and Youngstown at 98.
,
unusual
Though Detroit has been loud in complaint of
shortage, cargoes from there have been shipped to Buffalo.
Moreover,
ment to
the following:
were
$19.16.
scrap
Detroit declined 1 point to
100, eastern Pennsylvania at 954, Wheeling at 93. Cleveland at 96, Birm¬
past 30 days.
Cross movements in steel scrap are wide and varied, reflecting the
1A points to
Chicago 1 point to 101%, New England
3 points to 88 and Cincinnati 6 points to 91 A.
iron and steel at $38.15, finished steel at
situation in that market.
1941
9,
62,146, down 43,489,
The general operating rate for the country has increased
98 A %.
for allocation, this being in addition to a like quantity ordered within the
■
was
seasonal decline, comparing with 17,373 for the corresponding 1940 week.
desire for governmental allocations of
express
relieve steelmakers themselves of this
Aug.
Scheduled automobile production for last week
96%
S.
Steel is estimated at 95%, against 97%
two weeks
Leading independents
ago.
in the week before and
credited with 994%,
compared with 984% in the preceding week and 974% two weeks ago.
are
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
case.
approximate changes, in points, from the week immediately preceding:
Purchasing of locomotives continues brisk, with at least 36 bought last
week, of which 20 were for the Southern Ry. and subsidiaries.
One of the
South
Portland, Me., in connection with the
or
six oil storage tanks at
line from there to
oil
new
Montreal.
Makers of
refractory bricks
liveries for four
new
are quoting prices and naming possible de¬
proposed blast furnaces in connection with the program
for expanding pig iron capacity.
However, refractory makers
are
booking
orders faster than production or shipments and the supply is tight.
On top of heavy exports of tin plate and canned goods come
reports of
record crops in this country which will cause higher than normal
1940
98 4
98 A
1939
60
40
4-2
84
—1
1937
+
+3
1936
72 A
-t-
47 /.>'
track bolts
on
have been issued following the recent raise in price.
decreased
arose
$146,000,000.
from increases of $98,000,000 in money
Treasury cash, and $116,000,deposits and other Federal Reserve ac¬
counts and a decrease of $14,000,000 in Reserve Bank
credit,
offset in part by a decrease of $82,000,000 in
Treasury de¬
posits with Federal Reserve Banks, and increases of $9,000,000 in gold stock and $6,000,000 in Treasury currency.
Excess reserves of member banks on Aug. 6 were estimated
to be approximately $5,020,000,000, a decrease of $140,000,000 for the week.
The statement in full for the week ended
Aug. 6 will be
790 and 791.
Changes in member bank reserves balances and related
items during the week and year ended Aug. 6, 1941, follows
pages
Increase
(+)
or
Decrease (—)
Since
Aug. 6, 1941
Bills discounted
July 30,1941
$
$
Aug. 7,1940
$
5.000.000
+2,000,000
2,179,000,000
5,000,000
—260,000,000
-
U. S. Govt, direct obligations
U. S. Govt, guaranteed obligations.
—2,000,000
Industrial advs.(not incl. $12,000,000
commitments, Aug. 6)-.—Other Reserve Bank credit
9,000,000
currency...
reserve
....
balances
Money In circulation
Treasury cash..i
Treasury deposits with F. R. banks.
Non-member
deposits
and
other
F. R. accounts
Returns of
—14,000,000
—14,000,000
22,682,000,000
Gold stock
Member bank
+9,000,000
3,169,000,000
+ 6,000,000
12,951,000,000 —146,000,000
9,795,000,000
+ 98,000,000
2,345,000,000
+15,000,000
839,000,000
—82,000,000
2,152,000,000 +116,000,000
Member Banks in
Chicago—Brokers*
New
York
+19,000,000
—240,000,000
+2,114,000,000
+144,000,000
—335,000,000
+1,866,000,000
+ 69,000,000
—84,000,000
+ 503,000,000
City and
banks and also for the
Chicago member banks for the
current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
;
New York City
Aug. 6
Assets—
July 30
Aug. 7
Aug. 6
1941
14
32
+ 1
+ 14
75
+ i
1
—
+2
4
—
58
13
144
>2
4-1
30
+ 1
—2
62 4
—2
51
—2
93
—1
97
—1
90
—1
1928
75
+ 3
80
+4
72
+3
66
+
69
-1-1
63
....
Commercial,
Industrial
agricultural loans..
1941
1940
1941
Chicago
July 30 Aug. 7
Aug. 7
Aug. 6
July SO
1941
1940
1941
1941
$
$
Demand deposits—adjusted
Time deposits
carrying securities
1941
Capital accounts
Complete
Returns
494
495
508
16
35
100
100
94
3,827
3,624
1,010
1,015
995
597
629,
8
8
7
282
280
*16
"*18
"*12
1,518
1,508
1,495
274
272
255
of
Member
Banks
the
of
Federal
System for the Preceding Week
As explained above, the statement of the New York
and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of
being held until the
following Monday, before which time the statistics covering
the entire body of
reporting member banks in 101 cities
cannot be
In the
compiled.
following will be found the
comments of the Board
of Governors of the Federal Reserve
returns of the entire
body of
System respecting the
reporting member banks of
Federal Reserve System for the week ended with the
close of business
July 30:
The condition statement of
weekly reporting member banks in 101
leading cities shows the following principal changes for the week ended
July 30: Increases of $36,000,000 in commercial, industrial and
agricultural
loans, $62,000,000 in "Other securities," and
$163,000,000 in demand
deposits—adjusted.
Commercial, industrial and agricultural loans increased $18,000,000 in
New York City and $36,000,000 at all
reporting member banks.
Loans
to brokers and dealers in securities
increased $10,000,000 in the Cleveland
district and $17,000,000 at all
reporting member banks.
Holdings of "other securities"
increased $53,000,000 in New York
City and $62,000,000 at all reportin
member banks.
Demand
.+•/
deposits—adjusted increased $89,000,000 in the Philadelphia
in the Chicago district, and
$163,000,000 at all re¬
district, $27,000,000
porting member banks.
Deposits credited to domestic banks declined
$37,000,000
A summary of the
principal assets and liabilities of re¬
porting member banks, together with changes, for the week
and the year ended
July 30, 1941, follows:
Increase
(+)
or
Decrease
(—)
Since
873
873
608
Loans and Investments—total-
649
647
432
Loans—total
89
84
28
28
20
332
339
275
33
34
25
Assets—
S
—
.28,771,000,000
165
64
53
60
112
123
21
21
18
32
30
loans
for
381
88
90
342
382
320
123
160
United States bonds
3,216
2,637
823
824
733
Other loans
144
Treasury bills
Treasury notes.
United Stattes bonds
1,391
1,359
368
370
355
5,589
6,380
1,143
1,128
1,151
88
95
80
41
41
41
82
84
79
264
267
253
332
336
331
44
42
44
+1,606,000,000
+17,000,000
+ 59,000,000
439,000,000
1,253,000,000
Loans to banks
3,195
5,360
+ 36,000,000
—2,000,000
+1,000,000
+ 6,000,000
+10,000,000
—7,000,000
+ 2,000,000
—35,000,000
carrying securities
Obligations
+97,000,000
or
Real estate loans
121
Reserve with Fed. Res. banks..
+2,055,000,000
6,047,000,000
388,000,000
purchasing
341
1,846
+ 68,000,000
dealers in
securities.
1,055
1,845
1,392
$
478,000,000
Loans to brokers and
591
the
$
+125,000,000 +4,793,000,000
M
_
1,434
United States Government...
Other securities
July 31, 1940
10,572,000,000
cultural loans
Other
53
July 23, 1941
Commercial, industrial and agri¬
Open market paper
162
161
and guaranteed obligations declined
$5,000,000 at all reporting member banks.
625
Balances with domestio banks..
Other assets—net...
700
Reserve
1,432
Cash In vault
1,938
757
....
.......
1,708
159
2,303
272
........
2,766
1,369
S
2,276
July 30,1941
2,320
31
by
:
9,634
587
Treasury bills..
Treasury notes
guaranteed
Aug. 7
1940
>
39
Foreign banks..
Borrowings.........
Other liabilities
2,318
453
'
3,778
' 3,505
451
%
11,100
1940
112
Other loans
s
•
763
Domestic banks
3,512
2,733
161
Loans to banks
5
10,906
U. 8. Government deposits
9.527
2,686
•
Inter-bank deposits;
11,983
88
Real estate loans
Chicago
July 30
Liabilities—
2,337
Loans to brokers and dealers..
Other loans for purchasing or
4
1941
12,001
and
Open market paper
34
-1
56
1930
$$$$$$
Loans and Investments—total..
Loans—total
84 4
52 A
26
4
51
1932..
1931
Holdings of U. S. Government direct
Loans
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
Obligations
4
+ 14
—
+3,4
the
—1,000,000
32,000,000
2,231,000,000
-
Total Reserve Bank credit
Treasury
■*.. 47
New York City
member bank reserve
Reductions in member
in circulation, $15,000,000 in
on
—
67 4
40
4-4
—3
Aug. 6
6
000 in nonmember
found
A
25
The Week with the Federal Reserve Banks
During the week ended Aug.
reserves
+
+ 1
88
63 4
1927
Prices of wrought washers are higher again and new extras
bank
4
83
A
55
-
+2
4-..
32
26
1933
99 4
92
+ 1
1934
Independents
—2
53 4
—14
1935..-.-.
Steel
.
95
A
1929
consump¬
tion of plate.
balances
U. S
Industry
1941
1938
larger pending plate tonnages involves 3,600 tons
'
guaranteed
43,000,000
1,924,000,000
1,074,000,000
2,253,000,000
7,952,000,000
by
United States Government
Other securities
Reserve with Fed. Reserve
+43,000 000
+ 3,000 000
+282,000,000
+283,000 000
+154,000 000
—7,000,000 +1,385,000,000
the
3,309,000,000
3,611,000,000
banks. 10,835,000,000
+ 7,000,000
+ 62,000,000
+ 891,000 000
+ 25,000 000
—20,000,000
—614,000 000
Volume
The Commercial & Financial Chronicle
153
Increase
(+)
(—)
Decrease
or
Since
July 30, 1941
Assets—
'
•
Cashlnvalut
S
$
561,000,000
__
Balances with domestic banks
July 31, 1940
July 23, 1941
$
'
+ 83,000,000
+ 13,000,000
—15,000,000
3,481,000,000
+ 341,000,000
deposits—adjusted
24,544,000,000
5,42u,000,000
Time deposits
United States Government deposits
Interbank deposits:
+6,000,000
+3,560,000,000
+100,000,000
-37,000,000
+5,000,000
+ 839,000,000
—17,000,000
+ 163,000,000
494,000,000
Domestic banks...
republics
Foreign banks
659,000,000
Borrowings
1,000,000
—1,000.000
The
States
the
on
the
tion
an
constitutes
agreement
It
on
therefore
gives
behalf
my
taking of
frontier
in
761
and
pleasure
me
that of the
on
step which will
a
atmosphere
harmony and
of
President Roosevelt at tlie
and
Japan
of
Defense
for
French Indo-China
France and Japan
formally signed
July 29
on
a
military
The
signing took place at Vichy with Admiral Francois Darlan,
Vice Premier for France, and Sotamatsu Kato, the
Japanese
Ambassador, acting for their respective countries.
The
following is the text of the agreement, entitled "A protocol
between France and the Japanese Empire concerning the
common defense
of French Indo-China," according to an
Associated Press Vichy dispatch:
-
The
of
that
announcement
hostilities justifies
time addressed President
same
Peru
Ecuador
and
Recognize that in
a
where the security
case
of French
menaced, Japan will have the right to consider the
Eastern Asia and her
Renewing
to respect
own
by France not to contract
understanding
with
agree on the
so
far
third
a
military cooperation of
They
Indo-China be
general tranquillity in
the
one
hand by Japan
Union, and,
on
the other hand,
Indo-China is concerned any accord or
as
presupposing
power
political,
economic
or
Japan directly or indirectly,
common
following dispositions:
defense of French Indo-China.
2—Measures to be taken in view of this cooperation will be the object
special arrangements.
Peruvian
of
cir¬
cumstances which caused their adoption continue.
States securities which
$425,000,000
are
your
personal welfare and that
appreciation to Your Excellency for
to reestablish
of Your
your courteous
the occasion of the suspension of frontier hostilities be¬
on
Peru and Ecuador.
tween
The Peruvian Government will omit
effort
atmosphere of
an
Excellency to accept
my
peace
and cooperation.
I beg
fervent wishes for the happiness of the
American people and for your personal welfare.
Welles
the
sent
following
message
the
Foreign
that I
learned of
to
Minister of Ecuador:
It
the
with
is
a
sense
which
agreement
ties
between
Ecuador
standing part
both
the
the
the
most
been
profound satisfaction
reached
and
Peru.
I
you
which
share
of
has
played
in
conviction
frontier region
is
that
regarding the cessation of
wish
to
congratulate
achieving
this
this
restoration
result.
of
for
you
hostili¬
the out¬
know
I
that
peaceful conditions
guarantee that further discussions of the points
a
issue between the two governments will be carried out in that atmos¬
phere of goodwill and mutual understanding which has come to characterize
at
the
relations
It
gives
the
two
the
American
the
me
A
to
republics
among
all
and
the
the
the
for
situation
countries
satisfaction
greatest
agreement
terminated
the
of
themselves.
Foreign Minister of Peru Mr. Welles stated:
was
American
further
may
to
hostilities
source
a
republics
consideration
is
of
thus,
all
of
I
Excellency
between
legitimate
am
Peru
and
profound
and
confident,
pending questions
now
between
accordance with those principles of
proceed in
now
Your
congratulate
of
cessation
which
peaceful discussion and mutual understanding which the American republics
hope may always prevail in this hemisphere.
Finance
Corp.
loan
to
Odd-Lot Trading
New York Stock Exchange During
on
Week Ended Aug. 2
owners
necessary to
notified that the securities
were
longer required to
serve
as
acquire them outright
in which case payment
are
to be released "when no
collateral unless the Treasury should decide it
or
in the event of
a
default
for them would be made in sterling
on
on
the loan,
the basis of
the market price at the time."
Following is
a
list of the securities involved:
American Association, Inc.,
5% B income debentures and capital stock
shares. $5,
The
Securities and Exchange Commission on Aug. 8
public a summary for the week ended Aug. 2, 1941,
of complete figures showing the daily volume of stock trans¬
made
actions for
the
odd-lot
specialists.
TRANSACTIONS
FOR
ODD-LOT ACCOUNT
THE
Week Ended Aug.
OF
...
-—
17,533
...
-
—
Climax Molybdenum Co., common stock,
common
Total
for Week
Odd-lot sales by dealers (customers' purchases):
Number of orders
Cities Service Co., 5% gold debentures, 1950,
487,508
■
Number of shares
stock,
Dividend Shares, Inc., capital stock,
....
Dollar value....
16,423,410
-
W. R. Grace & Co., 8% cumulative class A and 8% non-cumulative class
preferred and
common,
Northern
Ore
Iron
ODD-LOT
EXCHANGE
2, 1941
V
common,
Chicago Pneumatic Tool Co., $3 cumulative convertible preferred,
Congoleum Nairn, Inc.,
of all odd-lot dealers and
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK
Celanese Corp. of America, 7% cumulative prior preferred and first par¬
ticipation preferred and
account
specialists who handle odd lots on the New York Stock
Exchanges, continuing a series of current figures being pub¬
lished by the Commission.
The figures are based upon
reports filed with the Commission by the odd-lot dealers and
STOCK
American Thread Co., 5% cumulative preferred shares, $5 par,
Great
no
normality in its relations with the Ecuadorean Government
to be included in the collateral for
Reconstruction
Reporting this, Associated Press advices of that date from
London, continued:
B
oppor¬
occasion
auspicious
I
Britain.
The
for
take this
I
this
upon
people.
I wish to express my
congratulations
concern
The British Treasury on Aug. 5 formally ordered British
owners to turn over a selected list of 23 issues of United
best wishes
very
all adhere.
we
Excellency
never
which have been
processes
former's message:
Ecuador.
Sequester 23 United States Security Issues Held
by Nationals to Be Pledged for RFC Loan
cessation
upon
continent will
telegram was addressed on Aug. 7 to
President Roosevelt by President Prado in answer to the
upon
British
agreed
of this
following
To the
•
3—The present dispositions will remain in effect only so long as the
the
my
to which
Your
congratulating
The
in
1—The two governments engaged themselves to cooperate militarily for
the
the
of
and
purpose
expressing
we
a nature to oppose
the
of
of
Mi*.
on
Indo-China and the sovereign rights of
all parts of the Indo-Chinese
over
for
and
the rights and interests of France in the Far East, and notably
the territorial integrity of French
France
devised
security endangered,
this occasion engagements taken
on
have
the confidence which is shared by all the American
and to maintain them in
The French Government and the Imperial Government of Japan
solu¬
eventual
goodwill.
Manuel Prado y Ugarteclie of Peru as follows:
tunity
agreement for the joint defense of French Indo-China.
people of the United
the continuing discussion
ensure
again be reconciled except through the peaceful
Agreement
Sign
Your
congratulate
to
between Ecuador and Peru and its
question
republics that differences between the nations
France
those
for
triumph
notable
a
and continental solidarity to which all of the American
peace
adhere.
Excellency both
—32,000,000
9,078,000,000
countries.
principles of
of
Liabilities—
Demand
two
Properties,
trustees certificates of beneficial
Odd-lot purchases by dealers (customers' sales):
Number of orders:
308
Customers' short sales.......................................
interest.
18,075
Customers' other sales.a
Also, International Paper & Power Co., 5% cumulative convertible pre¬
Customers' total sales
ferred stock,
John Morrell &
Co., Maine, capital stock,
Pure Oil Co., 5%
cumulative convertible preferred stock,
Customers' short sales
Singer Manufacturing Co., capital stock,
Standard Oil Co.
18,383
-
Number of shares:
5,975
472,017
Customers' other sales .a—
(New Jersey), capital stock,
Customers' total sales
United States & International Securities Corp., $5 cumulative first pre¬
ferred stock,
477,992
14,230,718
Dollar value..
Virginian Corp., collateral trust serial notes, series M, 1952,
Round-lot sales by dealers:
Number of shares:
Peru
and
Ecuador
End
Border
Short
Hostilities—Agree to
Have Dispute Mediated—President Roosevelt Con¬
gratulates Heads of Countries
Hostilities between Peru and Ecuador in their three-week
border
were
war
ended
for
peaceful
on
July
discussion
31
by
an
agreement
pro¬
pending questions.
The cessation of hostilities had been sought by representa¬
tives of Argentina, Brazil and the United States.
Several
weeks
ago
these
three governments offered their good
viding
of
all
offices to facilitate
a peaceful solution of the boundary dis¬
which has existed between the two South American
republics ror more than 100 years. It is reported that both
countries have accepted the mediation efforts.
dents
of
Ecuador
agreement
for
and
on
Aug. 1 sent messages to the Presi¬
Peru
cessation
of
congratulating them
hostilities.
on
their
Sumner
Welles,
Acting Secretary of State, also sent congratulatory mes¬
sages to the Foreign Ministers of the two countries.
President Roosevelt's message to President Carlos Arroyo
del Rio of Ecuador, made public Aug. 1, follows:
I
have just
been informed of the agreement which has been reached by
the governments
recurrence
of
of Ecuador and Peru to take measures which will prevent
the
recent
hostilities
in
the
frontier
region
between
the
30
-
—
106,430
Other sales.b
Total sales
Round-lot purchases by
106,460
—
dealers:
Number of shares
a
121,100
—
...
Sales marked "short exempt" are reported with "other sales."
b Sales to offset customers
odd-lot orders, and sales to liquidate a long position
with "other sales.'
which Is less than a round lot are reported
Member
pute,
President Roosevelt
-
sales
Trading
on
New York Stock and
New York
Curb Exchanges During Week Ended July 26
Securities and Exchange Commission made public
Aug. 8 figures showing the volume of total round-lot
stock sales on the New York Stock Exchange and the New
York Curb Exchange for the account of all members of these
exchanges in the week ended July 26, continuing a series of
current figures being published weekly by the Commission.
Short sales are shown separately from other sales in these
The
on
figures.
Trading on the Stock Exchange for the account of mem¬
bers during the week ended July 26 (in round-lot trans¬
actions) totaled 917,101 shares, which amount was 18.69%
The Commercial & Financial Chronicle
762
transactions
of total
This
the Exchange of 4,952,890 shares.
on
with member trading during the previous
week ended July 19 of 563,585 shares or 17.63% of total
trading of 3,184,790 shares.
On the New York Curb Ex¬
change, member trading during the week ended July 26
amounted to 136,495 shares, or 17.46% of the total volume
on that Exchange of
692,375 shares; during the preceding
week trading for the account of Curb members of 97,110
shares was 16.70 of total trading of 515,185 shares.
The Commission made available the following data for
The data published are based upon weekly reports filed with the
New
York Stock Exchange and the New York Curb Exchange by their respec¬
These reports are classified as follows:
New York
v,'
I
Total number of reports received
Interest
—
Curb
1,061
190
............
1.
Reports showing transactions as specialists
2.
772
98
228
City of Rio de Janeiro (Federal District of the United
Brazil) has remitted funds to White, Weld & Co.
and Brown Brothers Harriman & Co., special agents
Bondholders will receive
payment upon presentation of their coupons
beginning Aug. 1 at the New York offices of the special agents, at the rate
of $4,330,625 per
$32.50
bondholders.
30
268
87
528
floor.
Reports showing no transactions
565
Exchange, odd-lot transactions
are
for its
1953, for
payment of the Feb. 1, 1939 interest coupons at the rate of
13.325% of their dollar face amount.
The announcement
further explained:
in full satisfaction according to the notice
coupon
Unpaid
maturing Aug. 1, 1931 to Feb. 1, 1934
coupons
adjustment under the decree.
This payment is being made in accordance with
3. Reports showing other transactions initiated off the
Note—On the New York Curb
1939 Coupons of
(Brazil) 6^% Bonds
must remain attached to the bonds for future
floor
City
Feb. 1,
on
States of
to
Reports showing other transactions Initiated on the
4.
Payment
of Rio de Janeiro
New York
Exchange
;
■„
■
Stock
Exchange
:
sales."
Sales marked "short exempt" are Included with "other
c
6lA% external sinking fund bonds due Feb. 1,
the week ended July 26:
tive members.
from restriction by the Commission
rules are included with "other sales."
compares
"■ "•1
Aug. 9, 1941
b Round-lot short sales which are exempted
dential Decree 23829 dated Feb. 5,
as
the provisions of Presi¬
1934, of the United States of Brazil,
re-enacted and modified March 8, 1940 by Decree Law 2085.
handled eoiely
by specialists In the stocks In which they are registered and the round-lot transactions
of
specialists resulting from such odd-lot transactions are not segregated from the
other round-lot trades.
On the New York 8tock Exchange, on the
ail but a fraction of the odd-lot transactions are effected by dealers
engaged solely in the odd-iot business.
As a result, the round-lot transactions of
specialists In stocks in which they are registered are not directly comparable on the
specialists'
New York Stock
Exchange Member Firms' Borrowings
July 31 Totaled $404,472,541—Decrease of
$11,721,479 from June 30
other band,
Announcement
two exchanges.
The number of reports in the various classifications may total more than
the number of reports received because a single report may carry entries
in
more
TOTAL
than one classification.
STOCK
ROUND-LOT
SALES
ON
THE
NEW
YORK
STOCK
EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF MEMBERS * (SHARES)
Week Ended July 26, 1941
Total for
Week
-
,
A.
Total sales
Aug. 4 by the New York
borrowed
money
as
as
re¬
of the close of
business
July 31 aggregated $404,472,541, a decrease of
$11,721,479 as compared with the June 30 total of $416,194,020.
The Exchange's announcement follows:
lenders In tne United States, excluding borrowings from other mem¬
bers of National securities exchanges reported by New York Ftock
a
Exchange member firms as of the close of business July 31,
1941,
aggregated
...5404,472,541
The total of money borrowed, compiled on the same basis, as of the
close of business June 30, 1941, was
416,194,020
4,952,890
Round lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
1. Transactions of specialists in stocks in which
Short sales
......
.....
-
with
70,400
414,340
Short sales
that
......
......
3. Other transactions initiated off the floor—Total purchases
Short sales
280,481
5.86
150,826
Total sales..
......
3.06
151,880
....
4. Total—Total purchases.........
....
Other sales.b............
...
York
Stock
Stock
Exchange announced
on
Aug. 6
1941, there
New
York
Stock Exchange,
with
a
were
listed
total market
value of $41,654,256,215.
This compares with 1,232 stock
issues aggregating 1,462,904,205 shares listed on the Ex¬
on
July 31, 1940.
member total
net
1941, New York Stock Exchange
borrowings amounted to $404,472,541.
The ratio
of
these member borrowings to the market value of all listed stocks on that
109,820
807,281
date
18.69
917,101
sales
York
of the close of business July 31,
As of the close of business July 31,
934,035
Short sales
on
New
on
$41,654,256,215, Compared
June 30—Classification of
on June 30 with a total market value of $39,607,836,569, and with 1,233 stock issues aggregating 1,453,818,425 shares with a total market value of $39,991,865,997
134,680
Other sales.b
31
change
17,200
.........
the
on
258,261
.......
Total sales
July
Stocks
New
as
Listed
Stocks
1,229 stock issues aggregating 1,463,496,170 shares
22,220
Other sales.b
The
9.77
299,600
of
on
$39,607,836,569
Listed
484,740
Total sales
2. Other transactions Initiated on the floor—Total purchases
Total
Exchange
483,610
Other sales.b
Value
Market
they are
registered—Total purchases..
•
on
ported by Stock Exchange member firms
130,040
4,822,850
Other sales.b
made
was
that the total of
The total of money borrowed from banks, trust companies and otner
Per
Cera
Stock Exchange
Total round-lot sales:
Short sales
li.
of
as
was,
therefore,
0.97%.
As
the above figure includes
all types
of
member borrowings, these ratios will ordinarily exceed the precise relation¬
ship between borrowings on listed shares and their total market value.
TOTAL
ROUND-LOT
AND
CHANGE
BERS *
STOCK
STOCK
SALES
ON
NEW
THE
TRANSACTIONS
FOR
YORK
CURB
ACCOUNT OF
EX¬
MEM¬
(SHARES)
Week Ended July 26, 1941
Per
Total for
Week
A.
Short sales
a
9,883
682,490
....
Other sales.b
Total sales....
B.
Cent
Total round-lot sales:
..........
692,375
In making
public the figures for July 31 the Exchange said:
New York Stock Exchange member
total net borrowings amounted to $416,194,020.
The ratio
of these member borrowings to the market value of all listed
stocks on this date was, therefore, 1.05%.
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and
average price for each:
As of June 30, 1941,
Round-lot transactions for the account of members:
July 31, 1941
1. Transactions of specialists In stocks in which they are
registered—Total purchases
Short sales...
Market
Total sales..
...
Short sales
.......
Other sales.b
11.00
Amusements
Building
Business and office equipmentChemicals
300
Farm machinery
Financial
-
-
Short sales
21,415
,
Foods...
.f.
Garments
Leather
33,320
Total sales
37,095
4. Total—Total purchases.......
Short sales
.....
Total sales
4.23
;
Railroad
....
...
136,495
Rubber....
17.46
Customers' short sales
0
Customers' other sales.c..
44,188
Total purchases
27,232
Includes
all
Exchange members,
their firms and their
partners, Including special partners.
as
per
cent of twice
calculating these percentages, the total of members'
with
of
transactions
wice the total round-lot volume
on
members' transactions Includes both
volume includes only sales
total round-lot volume*
1,345,469,935
638,968,119
798,178,744
2,640,142,391
42,439,658
17,150,497
193,938,661
1,521,934,744
1,576,559,312
419,284,502
4,469,193,018
3,150,577,506
2,197,401,291
359,409,935
106,207,023
9,273,573
2,346,311,441
273,617,599
1,379,374,231
12.81
24.93
$
19.08
21.82
25.10
61.31
34.28
48.75
15.52
28.12
25.33
3.53
253.756,862
2,870,757,047
556,705,567
441,424,613
276.856,101
5.512,652,591
1,350,978.338
590,757,801
758,966,565
2,507,085,212
38,778,646
15,054.470
11.82
24.00
17.57
20.27
23.67
58.29
34.42
45.07
14.75
26.47
23.14
3.10
23.13
181,878.436
21.63
22.67
21.26
18.95
1,427,296,594
1,474,660,565
392.864,992
23.25
4.048,729,553
21.06
27.67
3,004,686,745
26 40
30.04
2,114,068,578
327,962,961
99,809,104
28.88
24.78
5.05
7,512,778
4.09
36.16
44.51
20.64
26.67
33.87
51.59
2,205,780,727
244,482,901
1.350,004,998
1,960,630,612
993,198,626
3,384,403,869
21.28
1,901,733,41 5
84,520,166
10.76
494,543,884
704,262,549
17.40
117,780,740
...
Tobacco
20.06
23.49
24.94
17.74
30.91
23.29
20.98
50.49
Utilities:
Gas and electric (operating)
Gas and electric (holding)
44,188
Total sales..
In
Ship building and operating
Shipping services
Steel, iron and coke
Textiles
C. Odd-lot transactions for the account of specialists:
"members"
....
Retail merchandising
9,085
127,410
,
Machinery and metals
Mining (excluding iron)
Paper and publishing
Petroleum
105,215
Other sales.b
...
Land and realty
3.775
Other sales.b
mempers'
Price
5,787,722,275
Electrical equipment
2.23
16,780
3. Other transactions initiated off the floor—Total purchases
Shares in
Value
274,502,224
2,993,668,902
604.878,485
475,122,558
293,589,145
Automobile
Aviation
14,060
16,480
Total sales
a
Aver.
Price
$
82,620
...
2. Other transactions initiated on the floor—Total purchases
The term
Market
77,610
Other sales.b
•
Aver.
Value
5,010
.....
June 30, 1941
Group
69,740
......
Communications
Miscellaneous
U
S. companies operating abroad
Foreign companies
Miscellaneous businesses
AM listed stocks
41,654,256,215
10.37
962.538.585
10.05
82.22
3,397,021,287
76,669.561
451,495,748
649,795,374
115,569,854
82.53
28.46 39,607,836.569
27.07
15.02
9.76
13.71
16.05
19.69
transactions Is compared
the Exchange for the reason that tbe tota
purchases and sales, while the Exchange
We
give below
a
two-year compilation of the total market
value and the average
price of stocks listed on the Exchange:
Volume
The Commercial &
153
Market
Average
Market
Average
Value
Price
Value
Price
$40,673,320,779
43.229.587.173
41,004.995,092
44,751,599,352
41,652,664,710
47,440,476,682
47,373,972,773
45.505,228.611
$28.51
$38,775,241,138
39,991,865,997
40,706,241,811
41,491,698,705
42,673,890,518
41,848,246,961
41,890,646,959
$26.74
46,467,616,372
May 31
June 30
31
July
Aug. 31
Sept.30
Oct.
31
Nov. 30
32.37
Jan.
31
27.68
Feb.
28
45,636,655,548
46,058.132,499
46,694,763,128
46,769,244,271
36.546,583,208
31.68
Mar. 31
40,279,504.457
39,398,228,749
39,696,269,155
37,710,958,708
37,815.306.034
39,607,836,569
41,654,256,215
25.84
30
Dec.
June 29
30.29
July
28.70
Aug. 31
31.31
Sept. 30....
29.12
Oct.
33.15
Nov. 30-...
33.11
Dec. 31
31
Feb.
with
29
Mar. 30....
Apr. 30
May 31
31
31
28.00
28.56
29.38
28.72
28.80
31.96
Apr. 30
32.34
32.35
May 31
June 30
25.26
July
31.i..
27.08
27.24
25.78
27.07
28.46
Approve Amend¬
Administrative Ma¬
Members of New York Stock Exchange
ments
Further
Modernizing
chinery
on
approved
Constitution of the
designed further to modernize the
Aug. 6 the general amendments to the
Exchange which are
administrative machinery
of the Exchange, and which were
approved by the Board of Governors and submitted to the
membership on July 23.
The amended Constitution will
become effective on Sept. 30.
The total vote cast was 807.
The amendments provide (1) that the membership of the
Board of Governors be reduced from 32 to 25, (2) that all
standing committees of the Exchange be abolished, (3) that
the rule-making powers now vested in such committees be
transferred to the Board of Governors, and (4) change the
Nominating Committee.
of the amendments says the announce¬
Exchange may be summarized as follows:
method of electing a
The broad purposes
ment of the
To establish the Board
of Governors as the Exchange's sole
policy-making
body,
to
$163,584,000
Exchange Commission announced on
securities effectively registered under the
Securities Act of 1933 during the first six months of 1941
aggregated $1,384,726,000, as compared with $898,471,000
during the same period of 1940, according to an analysis
prepared by the Research and Statistics Subdivision of the
Trading and Exchange Division.
Of the total securities
registered, $1,061,156,000 were proposed for sale by issuers,
an increase of 59% over the $667,191,000 proposed for sale
by issuers during the period Jan. 1 to June 30, 1940.
The
more important aspects of the comparative results for the
July
31
that
first six months of 1940 and 1941 respectively are
by the Commission
as
To provide
administrative authority in the President,
the registration of holding and
responsible
Financial and investment companies—third in importance
of volume of registrations—accounted for
from the standpoint
the six-months' registrations, as compared with
$154,350,000 of face amount instalment certificates by Investors
of America, Inc. in January,
approval of these amendments and a letter
of explanation appeared in these columns July 26, page 466.
actions in Listed and
The Securities
Unlisted Securities
and Exchange Commission
announced on
under the Investment Com¬
pany Act of 1940 setting up certain standards to be followed
by registered management investment companies which
maintain in their own custody their portfolio securities and
similar investments.
Rule N-17F-2, as it is designated, in
substance codifies certain accepted practices more or less
generally followed at present in the management of securi¬
ties. The rule becomes effective Aug. 15,1941.
The SEC also announced on July 31 the adoption of an
amendment to Rule X-12F-5 of the General Rules and Regu¬
lations adopted under the Securities Exchange Act of 1934.
This rule requires national securities exchanges to differ¬
entiate on the ticker between quotations and transactions
in listed securities and securities admitted to unlisted trad¬
ing privileges.
The rule formerly provided that the differ¬
entiation must be made by adding the letter "L" to the
report of each quotation or transaction in listed securities.
The rule as amended provides that the differentiation may
be made by either adding the letter "L" to the report of
each quotation or transaction in listed securities or by
adding the letter "U" to the report of each quotation or
transaction in
securities admitted to unlisted trading
July 31 the adoption of a rule
privileges.
■
SEC Adopts New
■■
Simplified Form to Be Used for Re¬
porting Transactions Effected
in Stabilizing Activities
The Securities and
by Persons Engaged
Exchange Commission
announced on
of a new simplified form to be used
for reporting transactions effected by persons engaged in
stabilizing activities.
The form is to be used in reporting
certain information with
respect to stabilizing activities
conducted to facilitate offerings of securities registered
under the Securities Act of 1933, as well as offerings of
listed securities at the market.
It simplifies the reporting
procedure in that only one form need be filed on and after
Sept. 10, 1941, as contrasted with three forms presently
required.
The Commission further explained:
The design of the new form
makes it "self-proving," because if the
transactions required by Schedules I and II of the form are correctly
shown and are applied to the
position of the reporting person at the
opening of the day (to be shown in the summary), his position at the
close of that day
(also to be shown in the summary) should coincide
with his actual closing position.
The form was circulated to representative
underwriters for suggestion and comment prior to its adoption.
Printed
copies of the new form—X-17A-1—will be available at the
Publications Unit of the Commission, Washington, D. C., or at any of
the Commission's regional offices, on or after Sept. 1, 1941.
Duplicated
July 29 the adoption
copies of the form, for informational purposes only, may
Publications Unit of the Commission, Washington,
the
of the regional
offices on or after Aug. 4,
1941.
be secured from
D. C., or from
Snydicate
1941.
Securities of the fixed interest-bearing type accounted for
2.
the registrations for
1941.
This represented
a
decline from 72.2%
The two components of this group,
however, moved in opposite directions.
in the 1940 period
six months of 1941 to 54.8%.
Un¬
total registrations in the
six months of 1941.
stock also declined, the former from
Preferred and
11.3% to 8.7% and the latter
Certificates of participation remained in
12.8% to 4.4%.
of
in the first half of 1940.
Secured bonds, which accounted for 44.5% of registrations
increased their proportion in the first
common
68.6% of
sale by issuers of all types in the first six months
the same
Another type of security, the
face amount instalment certificates of Investors Snydicate of America, Inc.,
which had not been among the registrations of the 1940 period, appeared
proportion in both periods, namely, 3.7%.
in 1941 and accounted for 14.6% of the
Custody of Securities Maintained
by Management Investment Companies—Amends
Rule on Differentiation of Ticker Between Trans¬
SEC Adopts Rule on
20.1% of
9.0% In the like 1940 period.
accounted for by the registration of
The entire increase in this group was
from
The Board's
any
in exceptionally high propor¬
issues of iron and steel companies, which were
first half of 1940 to 13.8% in the first
the constitutional framework for a competent,
representative government of the Exchange.
of 1941, as
This increase was
operating-holding
groups which had declined in 1940 from 1939.
Registrations of manufac¬
turing companies declined to 26.9% from 46.9% for the first six months of
last year.
This was accounted for chiefly by a decline in registrations of
tion in 1940.
3.
In the proposed uses of net
payment of indebtedness
volume ot all types.
proceeds, the relative importance of re¬
and retirement of stock declined from 77.7% in
Again re¬
the first six months of 1940 to 68.1% in the same period of 1941,
flecting the; Investors Snydicate of America, Inc. issue of face amount'
instalment certificates, net proceeds intended to be used for the purchase
of other securities increased
in the first half of 1941.
to
be used for
new
19.0%
intended
from 6.1% in the first half of 1940 to
The relative importance of net proceeds
money purposes,
mainly for plant, equipment and
working capital, declined from 15.8% in the
first six months of 1940 to
net proceeds
All other intended uses ot
accounted for only 0.4% in both six-month periods.
12.5 in the like
1941 period.
declined
period of
1941.
The proportion to be offered through agents increased from 10.0%
to 22.4% and that directly by issuers from 4.6% to 16.3%.
4.
The proportion of issues to be
from 85.4% in the first
offered through underwriters
six months of 1940 to 61.3% in the same
had the following to
registrations during June:
The Commission,
tive
During the month of June,
say
regarding effec¬
1941 there were 21 statements
registered covering 29 issues amounting to $163,584,000.
with 28 issues in 20 statements effectively registered in
of
1940
amounting to $82,577,000.
effectively
This compares
the same month
Of the total registrations,
$216,000
represented substitute securities (voting trust certificates and certificates
ot deposit) and $11,838,000 were registered for the account of others.
Of
this latter amount $11,381,000 were
intended to be offered for sale by the
owners.
The balance of
$151,530,000 registered for the account
of issuers included
the conversion ot outstanding securities hav¬
ing convertible features, the remainder, amounting to $149,233,000 (of
which only $1,178,000 represented issues of new enterprises) was to be
offered for sale, which was an increase over $56,240,000 for June, 1940.
Electric, gas and water companies registered $113,340,000, or 76.0%
of all securities registered in June, 1941 and intended to be offered for sale
for issuers.
Next in importance were issues of transportation and com¬
munication companies amounting to $16,451,000, or 11.0% with pipe line
companies accounting for all of this except $125,000.
Manufacturing
companies ranked third with $12,713,000, or 8.5%.
Financial and invest¬
ment companies with issues aggregating $5,260,000, or 3.5%. and extractive
companies with $1,469,000. or 1.0%, accounted for the remainder.
Fixed interest-bearing securities were again the predominant type of
issue intended to be offered for sale by issuers.
Bonds represented $112,480,000, or 75.4% of the total.
Preferred stock issues ranked second in
importance with $21,980,000, or 14.7%.
Common stock issues amounted
to $9,513,000, or 6.4%,
while certificates of participation or beneficial
interest accounted for the balance of $5,260,000 or 3.5%.
After deducting compensation to be paid to underwriters and agents,
amounting to $2,726,000, or 1.8% of gross proceeds, and other distributing
expenses of $1,055,000, or 0.7%, the issuers expected to receive net pro¬
ceeds amounting to $145,452,000.
Issuers intended to apply $122,391,000, or 84.2% of the net proceeds,
to the repayment of indebtedness and retirement of stock, of which $113,247,000, or 77.9% of total net proceeds, was for the repayment of funded
debt, $6,598,000, or 4.5%, was for the retirement of preferred stock, and
$2,546,000, or 1.8% , was for the repayment of other indebtedness.
Like¬
wise $17,493,000, or 12.0% was to be used for new money purposes, with
plant and equipment taking $11,706,000, or 8.0%, and working capital
$5,787,000, or 4.0%.
Issuers intended to purchase securities for invest¬
ment with $4,853,000, or 3.3%, leaving only one-half of 1% of the net
$2,297,000 to be reserved for
proceeds to be used for all other purposes.
The methods of distribution intended for
the securities effectively regis¬
Offerings through underwriters
accounted for $99,163,000, or 66.4% of the total proposed for sale for the
issuers, offerings directly by the issuers aggregated $44,919,000, or 30.1%,
and through agents, $5,151,000, or 3.5%.
Securities to be offered to the
general public amounted to $104,704,000, or 70.1%. while $42,934,000
tered during
:
utility companies accounted for
compared with 32.0% in the first six months of 1940.
June, 1941 were as follows:
Vir
mmm
summarized
43.3% of the total proposed for sale by issuers in the first half
accounted for mainly by
,
follows:
Securities of electric, gas and water
secured bonds declined trom a 27.7% proportion of
To centralize
and
$898,471,000 in Same Period of 1940
Covered 29 Issues Amounting
The Securities and
1.
The members of the New York Stock Exchange
Total of
—June Registrations
27.51
1941—
31.79
1940—
Jan.
SEC Reports Effective Security Registrations in First
Half of 1940 Aggregated $1,384,726,000—Compares
1940—
1939—
Apr. 29
763
Financial Chronicle
Wii
T/ze Commercial & Financial Chronicle
764
28.8%,
or
be sold to large investors such as insurance companies.
were to
of $1,595,000, or 1.1%, was to be initially offered
The remaining amount
stockholders.
to
serial
trust
together with
notes,
390,290
capital stock, without par value (stated value $7.25),
registered $35,393,000 3H%
bonds, due 1971, and 120,000 shares of 5.10% cumu¬
series first mortgage
lative preferred stock, $100 par value.
EFFECTIVE REGISTRATIONS UNDER THE SECURITIES ACT OF 1933
BY TYPES OF SECURITIES—JUNE, 1941
mm
m
Totals Less Securities
Reserved for Conversion
or Substitution
Total Securities
Effectively Registered
Type of Security
June,
June«
Amount
Amount
1941
1940
*
$
%
%
111,480,498
69.2
75.6
1,000,000
0.6
5
111,480,498
1,000,000
21,980,000
21,980,000
13.6
"2*9
12
23,408,293
21,111,418
13.1
8.9
4
5,260,000
239,475
6,260,000
3.3
12.6
239,475
0.2
0.0
No. of
Issues
4
Secured bonds
Unsecured bonds
1
■
Preferred stock
Common stock
Certificates
-
of
participation,
beneficial interest, <fcc
Warrants or rights
1
(v.
hardship on the
producers of cotton by denying them a full and free market
for their products is expressed by the committee.
J. G.
Mehl, Chief of the CEA, in a letter to the commodity ex¬
changes on July 11 had urged the contract markets to adopt
more uniform standards applicable to speculative trades in
all commodities.
The Cotton Exchange committee stated
that it was in accord with two of the CEA suggestions,
since they are already incorporated in the Exchange's rules,
but could not agree in the case of uniform percentage of
initial margins on futures contracts.
The reply of the
Exchange to the OEA follows, in part:
The liquidity of a contract is dominated by the general broad interest
a
2
215,822
29
Grand total
163,584,088
and far overseas,
Exchange, which represents only about 1/120,OOOths of our domestic
annual
100.0
argued
contract, representing a commodity produced in relatively
is comparable in liquidity with a contract
pepper
volume
our
on
100.0
161,071,391
It could not reasonably be
in which it is traded.
market
the
that
t.
fundamentals underly¬
that such a re¬
contracts, regardless of the
futures
ing the respective contracts."
The belief
quirement would in the end work a great
small
ctfs. and ctfs. of deposit)..
under date of
York Cotton Exchange a response,
July 31, in which the committee states that it "regrets that
it cannot agree with your thesis that a uniform percentage
of initial margins should be required on all commodity
in
■„
;
securities
Substitute
'
(or sale) price on all commodity
brought from a special committee of
the purchase
of
futures contracts has
the New
•<
W\% collateral trust sinking fund bonds and
collateral
2H%
common
and the New York State Electric & Gas Corp.
SM:
••
1941 which were the most outstanding
view of size were by two companies: The Philadelphia
Co. registered $48,000,000
$12,000,000
shares of
U't:''-
'V
''
.
Registrations effective in June,
from the point of
15%
Aug. 0, 1041
Neither could it be reasonably contended that a margin
production.
$200, which would be 15% of a No. 4 sugar contract trading at 1.20c.,
would be in consonance with a cotton margin of $1,275, which would be
of
Securities Proposed for
Sale by Issuers
of
No.
15%
Issues
Type of Securities
June,
1941
1940
Amount
contract trading at 17c.
our
on
$
:
1,000,000
importance, than that of the mere percentage of price
value.
%0
74.7
0.7
69.3
Ctfs. of participation,
21,980,000
14.7
2.4
6.4
11.1
cised that its
4
6,260,000
3.5
17.2
beneficial int., &c__.
is
1
2
certificates of deposit)
'
...
...
furnish
to
which
conduct
100.0
149,233,094
29
..
enables
them to
their
cotton,
Substitute securities (voting trust ctfs. and
Grand total
the entire world cotton trade.
Great care should be exer¬
legitimate functions not be impaired.
Its primary function
price insurance to legitimate handlers and producers of
ing place for
9,512,596
rights
all commodity futures exchanges, and is the meet¬
is the largest of
Ours
"
5
■
_
Common stock.
or
111,480,498
12
Preferred stock
Warrants
%
4
1
Secured bonds
marginal requirements, there are many other factors,
reasonable and proper
and of far greater
Unsecured bonds
strongly that in determining what are fair,
The committee believes very
June,
business
with
with banks,
finance readily
of
minimum
a
and
expense
and
risk,
thereby
which
and
certainly reacts to the benefit of both the producer and consumer.
100.0
The
harvests
farmer
his
of approximately
period
a
over
crop
three
months, yet this
New
York
Curb
30 Regional
Groups in Campaign to Show Place of Exchange
Exchange
Organizes
Markets for Securities
crop is in process of consumption over a period of
Someone must carry it, and accept the risk thereof, during
months.
This
interim.
is
done
the
through
mitted that excessive and undue
market.
futures
readily
It is
12
the
ad¬
speculation is bad for any exchange-—and
However, to adopt some arbitrary plan that
speculation is against the interest of the producer
general.
bad, too, for the speculator.
The New York Curb Exchange announced on Aug. 4 that
it has embarked upon a program designed to have a
ing effect
whole securities industry
the
on
vitaliz¬
experience has shown that
such a
nation-wide
project is best handled by local units, the
Public Relations Committee of the Exchange has organized
Believing
30 regional groups to aid in carrying on the work.
Location of the groups, says the announcement, has been
governed partly by the heed for organization in cities which
now produce a substantial amount of exchange business and
partly by the need for educational work in sections where
it is felt business ought to be materially increased.
In all
the
cases
leading
represent
groups
regular
holding
firms
associate membership in the Curb Exchange.
From the
announcement issued by the Exchange we also quote:
or
The
undertaking
been
has
welcomed
warmly
It
and to spread
understanding of exchange markets in general and of the
Curb Exchange
in particular through every part of the
country.
will smother reasonable
and the cotton trade
George
everywhere.
P.
that busy
to
but the moet telling evidence of
coast,
bankers and brokers in key cities
are
support is the fact
devoting their own time
the work.
to
Leaders
in
the
felt for some time that better business
required readjustment both in point of view and in business methods on
the
The Curb Exchange has met
of producers in exchange houses.
part
need
this
industry have
by
customers'
partners,
brokers, and others, and to help local houses and branch ofifces
with
material.
sales
sending
representative
a
work
This
address
to
been
has
meetings
enthusiastically received and
number pi the permanent regional groups have been
trading
plan
locality.
for
the
discussion
not
a
consideration
jority of
support
for
did
as
developed out of the
matter
to
by
the
of
dealers
this
approach
getting
the
as
although
give
to
large
a
ma¬
As
project of
a
the regional
groups,
however,
the
offering of the plan for comment and criticism, is part of the drive of the
Curb
Exchange to stimulate the securities industry of the country toward
efforts
concrete
to
for
better
conditions
circumstances.
Toward
the
in cotton
of
for
adjustment
an
of
methods
in their various districts.
place of exchange markets for securities in the American system
private
enterprise
and
character
the
of
the
Curb
Exchange
as
a
national market.
Regional
but
have been
organized
in
Albany
(New York), Altanta,
Boston,
Chicago, Cincinnati, Cleveland, Columbus, Dallas, Dayton, Denver,
Detroit, Fort Worth, Houston, Los Angeles, Louisville, Milwaukee, Minneapolis-St. Paul, New Orleans, Philadelphia, Pittsburgh, Portland (Ore.),
Richmond
Seattle,
to
At
(Va.),
Rochester
(N.
Syracuse, Washington,
Y.),
and
St.
Louis,
San
Wilmington.
excessive
buying
prices
present
with
to
an
$10
advance of
Francisco,
by the United
goods
of cotton
would
we
day's trading
bale
from
world
been
States Govern¬
turbulence
witnessed
It
is
like
well
as
firm
rules
times
and
to
this
and
con¬
trade
our
that
the
which
has
hampered
less
our
market
is
by
the greater will be the safety offered
in its transactions,
and to the cotton farmer in a free
products of his labor.
present marginal
current
unsettlement
economic
conditions,
requirements
and
this
is
are
proven
in keeping with the
by the record of
our
recent trying years;
We are confident that
considering the foregoing and giving due weight to our record you
upon
of
In
years..
requirements,
Exchange during the
will
domestic
as
conviction
or
and open market for the
We believe
bale,
per
already existing.
that during the past 14 years the
point out
during these 14
our
the cotton
to
$7.50
are
pound will be automatically increased
per
with rules
accordance
in our market has not reflected a fluctuation of $10 per
previous day's close, and this notwithstanding all of the
the
unreasonable
to
marginal requirements
our
less than lc.
bale, in
per
nection
in
concur
this
many
these views,
committee
well
as
with
cooperate
for
we can assure you
the
of
as
fully and
you
undue
an
farmer.'
.
'
glad to confer with
entire
freely
hardship
.
It is added that the
on
it is the sincere desire
membership of
Exchange
our
possible
the cotton trade
in
every
way
or
we
can
the cotton
..
.
of the committee will be
members
Mehl "in person at such time as
you may designate and that suits your convenience."
In
Mr.
noting that Mr. Mehl had addressed his communica¬
tion to the
Presidents of 18 markets under his supervision,
suggesting that uniform cash margins of at least 15% be
required on commodity futures contracts, Associated Press
from
Washington, July 16, said:
The effect of Mr.
on
many
from
Mehl's
important
be
affected
Mehl
said
The CEA.
would
lesser
a
complaints
as
cotton,
lard,
butter
and
eggs,
extent.
been received
had
that trading had
shifted
lard because of lower margin requirements for
to
he said,
such
Other commodities, principally in the grain group,
to
from cottonseed oil
which
proposal would be to raise margin requirements
commodities
50% to 300%.
would
Mr.
groups
This certainly could
the recent advances
contracts.
open
prices have not been due to excesive speculation on our Exchange,
accounts
*
address an informa¬
The aim of this campaign is to
of
ment itself.
general public the regional groups will
tional campaign
show the
and
-
19%
only
represented
not be deemed excessive; in fact, everyone knows that
members who have expressed their opinions indicate strong
group
for the plan.
inflexible marginal
an
last Friday indicated that the speculative
Reports of clearing members
interest
brokers of each
of propaganda
securities industry
of methods,
improvement
and
fixing
for their products.
market
matter
a
that
great hardship on the producers of cotton by denying them a full and free
which does not work
requested to present the Curb Exchange
have been
groups
but
plan
practical
groups
proposal
The
a
that sponsored such meetings.
temporary committees
Recently the
of
committee
this
of
requirement of 15% would have this result, and in the end would work a
Rea, President of the Curb Exchange, has received expressions of approval
from coast
belief
the
is
in
"collapse
lard.
anxious to prevent "an unsound price structure"
was
as
soon
as
the
pressure
of speculative support is
^ m
removed.".
Scran ton,
, v
Work of National
Association of Securities Dealers in
a
Enforcing
f
New
York
Cotton
Exchange
Sees
Disadvantages
CEA Proposal for Uniform Margins of 15%
on
in
All
Commodity Futures Contracts—Contends Move De¬
signed to Curb Speculative Trading Would Work
Hardship on Cotton Producers
*
The
tion
suggestion by the Commodity Exchange Administra¬
the minimum required initial margins applicable
that
to all
speculative trades of
any
customer
be not less than
Government
Chairman
R.
W.
Baird
Regulations
and
Outlined
Executive
by
Director
W. H. Fulton
Calling
upon
securities dealers throughout the country to
support an aggressive self-policing program being sponsored
by members of the National Association of Securities Dealers,
Robert
W.
Baird,
Chairman
and
Executive Director of the Association
Wallace H. Fulton,
on Aug. 5 reported
to members of the Association of San Francisco on enforce-
■If:
Volume
The Commercial
153
ment work undertaken
in the Palace Hotel
Biard said:
this year.
is
a
They spoke at a meeting
In his remarks Mr.
in San Francisco.
;
•■■■
The Association is intensifying its
valuable
There is no room is our business for
minority who abuse the trust placed in them by the public and
in the business.
It is to our own self-interest to so regulate our
to obviate the
This
policing and enforcement work.
responsibility of the Association and at the same t%me a
vital
services to the securities business.
need of any additional forms
the
sharp acceleration of the general upward
a
have taken place, not as an
equivalent rise.
workers in 90 manufacturing industries rose
21.0%, while the cost of living, as
ings of
weekly
earnings
National City Bank of New York See# Growing' Threat
of Inflation—Would Restrict Purchasing Power at
Disposal of Public by Reducing Government NonDefense Spending and Levying Taxes Over Broader
Base
NASD's
has been to "adopt administer and enforce rules
for the prevention of fraudulent and manipulative acts and
practices as well as to promote just and equitable principles
protection of investors." The Association
3 000 members.
"District Business Conduct Committees have handled over
discussing the threat of inflation the
In
purpose
evidence unfolds of the vast
has nearly
rearmament
100 complaints against members this year " Mr. Fulton re¬
ported.
In 15% of the cases he said drastic action was
taken against respondent members involving either cancella¬
tion of membership, long suspension from the Association
or substantial fines.
As a part of the. Association's program
for strict enforcement of its rules and regulations, member
the country, Mr. Fulton said,
be made of their books and
records by Association representatives.
The objective, Mr. Baird explained, is avoidance by mem¬
bers of irregularities and infractions of Association rules as
well as detection of abuses which would require disciplinary
action by the Association.
groups in several sections of
have requested that studies
Guaranty Trust Co. Warns Against War-Time
Spiral—Factor Important If Price Stability
Wage
Is To
Be Maintained
»'';V
reasonable degree of price
a
tained it must be recognized
stability is to be main¬
that the wage problem lies
at
Guaranty Trust
of New York in discussing the state of employment and
defense program in the issue of "The Guaranty Survey,"
monthly review of business conditions, published on
the heart of the
Co.
the
its
price problem, states the
July 28.
"It is doubtful whether
either the laboring population or
sufficiently aware of the disastrous
spiral, or the danger
that sharply rising wage rates will prove to be the starting
point of such a movement," says "The Survey," which con¬
public as a whole is
the
nature of
a
war-time wage and price
tinues :
this
If
danger
materializes not only will the defense program face a
yet encountered, but labor itself will,
formidable obstacle than it has
more
subsequent reaction, ultimately lose
in the
far more than it can gain
by
advances during the present emergency.
The vital part that labor must play in national
wage
defense has been brought
last few months. That the
transition from a peace-time
labor problems was, of course,
vast
relief by the developments of the
industrial readjustments required in the
to a
war-time economy
into sharp
would involve some
recognized from the beginning.
The experience of the World War period
gave sufficient evidence that this would be the case.
But the habits of
thought engendered by the persistent large-scale unemployment of the last
decade prevented a full appreciation of the difficulties to be overcome.
To
a
nation that had been struggling for years against an unprecedented
volume
unemployment
of
serioys and widespread
it was difficult to
conceive the possibility of
labor shortages within a brief time.
The gradually
accumulating evidence since the beginning of the year has shown, however,
that the attainment and maintenance of maximum industrial efficiency may
encounter
more
formidable obstacles from the labor side
than were gen¬
erally anticipated at the commencement of the defense program.
Current estimates indicate that the aggregate demand for labor
already
country's history and that this
the emergency industrial effort
reaches its peak.
.
The Department of Labor estimates that nonagricultural employment in May reached an all-time record. The National
Industrial Conference Board estimates that total employment in the same
month attained a record figure and that unemployment was 4,773,000 less
than a year ago and the lowest since September, 1930.
With emergency
Government workers deducted, the members of the labor force without any
form of employment are placed at less than two million.
Government officials predicted last month that four million additional
workers would be required in defense industries during the next 12 months,,
and early this year the Twentieth Century Fund forecast, on
the basis
of 1940 appropriations, an increase in employment of six millions between
not quite, the greatest in the
demand will become much greater before
is almost, if
the autumn of 1940
The
actual size
and the autumn of 1942.
of the reserve labor force
is a matter of some doubt.
year's census resulted in an enumeration, of 5,110,000 unemployed,
and private estimates indicate a sharp drop in unemployment since the
census date.
The census figure, moreover, includes emergency Government
Last
workers, many of whom are employable by
But it seems clear that if the current
private industry.
estimates of labor supply and
in various lines are substantially correct shortages
will be encountered in some strategic trades long before the industrial
expansion now planned is completed. . , .
The likelihood
of further swift expansion in employment has been
enhanced by the Tecent pressure for full utilization of existing productive
equipment.
President Roosevelt has asked that the country's limited supply
of machine tools be operated 24 hours a day and seven days a week.
prospective
The
aspect of the labor
problem that hag forced itself most frequently
public attention is the
key
industries, the Department of Labor reported that average hourly
in manufacturing industries were at the highest level on record.
sweeping wage advances of recent weeks have undoubtedly resulted
earnings
The
When
last
the
dimensions of the program of
which the country is
program
first got under
the country was
year,
embarked."
■Mama
The
way,
after the collapse of France
thinking in terms of a
$10,000,000,000 plan.
this year, when the President presented his budget to
Congress, the sights had been lifted to $28,000,000,000.
By March, when
the lend-lease bill was adopted, the program had grown to around $40,January
By
of
000,000,000, including aid to Great Britain.
President has
the
requested
Now, within the past month,
additional $4,700,000,000 for the Army
an
and
Commission, which, if approved
$3,300,000,000 for the Navy and Maritime
by Congress, will push the total to nearly $50,000,000,000.
The foregoing figures represent the aggregate cost,
as now
projected,
long-range national defense plan.
Of course such vast expendi¬
must be spread over a period of years.
In the fiscal year just
the
of
tures
closed actual
cash outlays,
including lend-lease, amounted to a
little over
$6,000,000,000.
disappointingly small reduc¬
tion, so that total spending for the year was raised to $12,700,000,000—
an
all-time high for any fiscal year save 1919.
Although revenues ex¬
panded more than $2,000,000,000 to a new peak of $7,600,000,000, under
the combined influence of tax increases and the rise in business activity
and incomes promoted by Government expenditures, the year closed with
Last
non-defense expenditures showed
year
$5,000,000,000.
the deficit over
Reference is made by the
to
Government
strengthen
the
viz.: the
bank to the steps taken by
the
public finances,
twice in the past year and the lowering
personal exemptions on the income tax; the promo¬
tion of sales of defense bonds, and the pending tax bill to
further increase "the already high Federal tax rates."
In
raising of taxes
of the
part, the bank continues:
The foregoing program reflects both a realization of
danger and a
vigorous attempt by the Government to meet it.
Much of the program
unquestionably is good and should have general support. ...
But with all this;
is the program adequate?
Will it really do the
job
preventing inflation ?
of
reassuring on this score ; and
The recent action of the markets
analysis of the program reveals some
is not
serious
weaknesses.
In
place, the program lacks the proper
the first
coordination, and is, in
fact, definitely conflicting at some points.
While Mr.
has been endeavoring to prevent a run-away price
Henderson's division
rise by establishing
"ceilings'* for various important products, Congress has taken an
opposite tack in enacting 85% parity loans for farmers. . . .
Still another inconsistency is the failure of price-control efforts to
include wages, although Mr. Henderson admits that wage increases, along
with farm parity loans and ocean freight rates, have been the real costincrease items.
Without control of such basic factors in production and
price
living costs as farm prices and wages, how can any
inflation through price-fixing be successful?
In the second place, the program, as so far revealed,
fundamental defect of failing to
which
the
is
By all means,
have
to
of
to
to be bought.
therefore, let us increase production to
the fullest extent
be done in this sector, we are still
program is so great, our ability to
"guns and butter" is limited.
Ilence the alternative must be
in some degree the supply of purchasing power at the disposal
both
restrict
the
has the still more
the market in excess of the
Yet, despite all that can
recognize that, where the
possible.
forced
attempt to control
attack the evil of inflation at its source—
putting of purchasing power into
supply of goods
public.
could be done in three
This
reduce
First,
Government
principal ways:
non-defense spending.
Now is the time for
Federal and local, to carefully review all spending projects
determine what can be put off, not only in the interest of present de¬
all governments,
to
fense
but
needs,
to
create
a
reserve
of such projects when the
defense
~
is completed. ...
Second, sell more bonds to individual
program
is
investors. Already the Treasury,
accomplishing much along these lines in its sale of defense savings
bonds.
.
.
Unless
.
way
a
can
be found to reach more
broadly people who otherwise
savings bonds as an anti-
their money, the effectiveness of
device will tend to be limited. . . .
spend
would
inflation
the third principal inflation preventive—
levying of taxes it is important to consider
what kinds of taxes are appropriate to the situation.
For taxes, to be
effective for the purpose desired, must cut across the stream of spending;
in
other words, they must be levied over a broad base and reach the
We
are
thus thrown
taxation.
However,
bulk
great
income
demand
strike record of recent months. . . . Successful
operation of the defense industries must rest not upon the attempted com¬
pulsion of labor but upon its free and willing cooperation.
Quite as important as the strike problem is the question of labor costs.
Even before the recent advances in wage rates in the steel, coal and other
on
upon
bank in its comments says:
.
.
National City
"Monthly Bank Letter," issued
Aug. 1, points out that "with every passing month fresh
Bank of New York, in its
of trade for the
If
9.1% and average
calculated by the
Board, advanced 2.6% during the same period.
Conference
Chairman in
January, said that since its creation two years ago,
movement. These increases
of living but well
offset to the rise in the cost
During the 12 months ended May, 1941,
according to the figures of the Department of Labor, average hourly earn¬
in advance of any
affairs as
of governmental regulation.
NASD, Mr. Baird, who was elected
as
in
by others
Pointing out that an amendment to the Securities Exchange
Act of 1934 authorized formation of national Associations
such
765.
& Financial Chronicle
of
back
consumer
tax system
upon
in the
incomes.
This is precisely what our Federal
at present does not do.
$100,Bills—$100,232,000 Accepted at Average Rate of 0.106%
Henry Morgenthau Jr., Secretary!of the Treasury, an¬
nounced on Aug. 4 that the tenders to the offering last week
of $100,000,000, or thereabouts, of 91-day Treasury bills
totaled $293,242,000, of which $100,232,000 was accepted
at an average rate of 0.106%.
The Treasury bills are dated
Aug. 6, 1941, and will mature on Nov. 5, 1941, and reference
to the offering thereof was made in our issue of Aug. 2,
Tenders of
$293,242,000 Received to Offering of
000,000 of 91-Day Treasury
page
625.
.:■<'Vv
Chronicle
The Commercial & Financial
766
In his announcement of
the
following to
offering:
Total accepted, $100,232,000.
$293.242.000.
Total applied for,
Range of accepted bids—
100.
High.
99.970 Equivalent rate approximately 0.119%.
Low,,.
Average
price"**99.973
It
Aug. 4 Secretary Morgenthau had
regarding the accepted bids for the
say
'
Equivalent rate approximately 0.106%.
(56% of the amount bid for at the low price was accepted).
New Offering of $100,000,000 of 91-Day Treasury
To Be Dated Aug. 13, 1941
Bills—
Aug. 9, 1941
explained by the State Department that the ex¬
of notes will insure the continuance during the
was
change
emergency period of this country's established
relations with the Soviet Union on the basis
commercial agreement.
This
commercial
of the 1937
renewal of the trade
one-year
agreement between the two countries differs from last year's
agreement in that Russia is not committed to buy any
specific amount of American goods.
Last year Russia agreed
to buy at least $40,000,000 worth of goods in return for
"most favored
nation" treatment (referred to in these
columns Aug.
The reason
10, 1940,
for
page
783).
clause,
of this
omission
the
the State
offering of 91-day Treasury bills to the
Department said, is that it is expected that the character
and amount of United States trade with Russia "will be
of $100,000,000, or thereabouts, to be sold on a
discount basis under competitive bidding, were invited on
governed largely by the defense needs of the United States
and of the Soviet Union and other countries struggling
Aug. 8, by Secretary of the Treasury Morgenthau.
will be received at the Federal Reserve banks,
Nov. 12,
against the forces of armed aggression."
In the year beginning Aug. 1, 1940, Russia bought $57,481,000 worth of goods in this country, compared with
$73,636,000 in the previous agreement year.
The State Department made public the following exchange
of notes between Mr. Welles and Mr. Oumansky:
amount of
Constantine A. Oumansky,
Tenders to
a new
amount
Tenders
and
the
branches thereof, up to 2 p. m. (EST) Aug. 11, but will not
be received at the Treasury Department, Washington.
The
13 and will mature on
1941, and on the maturity date the face amount of
the bills will be payable without interest.
There is a ma¬
turity of a previous issue of Treasury bills on Aug. 13 in
Treasury bills will be dated Aug.
$100,004,000.
Morgenthau in his announcement
Mr.
of the offering
Aug. 2, 1941.
His Excellency,
Ambassador Extraordinary and Plenipotentiary of the
Socialist Republics.
further said:
Union of the Soviet
'
.
(
My Dear Mr. Ambassador:
They (the bills) will be issued in bearer form only, and in
of
$1,000,
$5,000,
$500,000,
$100,000,
$10,000,
and
denominations
$1,000,000
(ma¬
Each tender must be for an even multiple of $1,000, and
turity value).
the price offered must be expressed on
three decimals, e. g., 99,925.
the basis of 100, with not more than
Fractions may not be used.
incorporated banks and
Tenders will be received without deposit from
companies and from responsible and recognized dealers in investment
trust
Tenders from others must be accompanied by payment of 10%
securities.
of the face amount of Treasury bills
I
pleased to inform you that the Government of the United States has
am
decided
give all
to
economic
practicable for the purpose of
assistance
strengthening the Soviet Union in its struggle against armed aggression.
This decision has been prompted by
the conviction of the Government of the
United States that the strengthening of the armed resistance of the
Union
to
the
predatory attack of an aggressor
Soviet
who is threatening the
security and independence not only of the Soviet Union but also of all other
nations is in the interest of the national defense of the United States.
T i
applied for, unless the tenders are ac¬
In accordance with this decision of the Government of the United States
companied by an express guaranty of payment by an incorporated bank or
and in order to implement the policy enunciated above, the Government
trust company.
of the United States is giving the most friendly consideration to requests
Immediately after the closing hour, tenders will be opened at the Federal
from the government, institutions, or
agencies of the Soviet Union relative
Reserve Banks and Branches, following which public announcement will be
to the
made by the Secretary of the Treasury
required for the needs of the national defense of the Soviet Union and, for
Those submitting tenders will be advised of the acceptance
accepted bids.
or
rejection thereof.
right to accept
in any such
or
The Secretary of the Treasury expressly reserves the
reject any
or
cash
other immediately
or
all tenders, in whole or in part, and his action
respect shall be final.
prices offered must be made
Payment of accepted tenders at the
available funds on Aug. 13, 1941.
or
or
other disposition of Treasury bills shall not
have any special treatment, as such, under
Federal tax Acts
now or
The bills shall be subject to estate, inheritance,
enacted.
placing in this country of orders for articles and materials urgently
of promoting
purpose
the speedy completion and
delivery of such
articles and materials, is extending to these orders priority assistance upon
the
principles
applicable
the
to
of countries
orders
struggling
against
aggression.
In order to facilitate the extension of economic assistance to the Soviet
Union, the Department of State is also issuing unlimited licenses permitting
bills, whether interest or gain from
other disposition of the bills, shall not have any exemption, as
such, and loss from the sale
the
completed at the Federal Reserve Bank in
or
The income derived from Treasury
the sale
of the amount and price range of
hereafter
the export to the Soviet Union of a wide variety of articles and materials
needed for the
as are
gift, or other
excise taxes, whether Federal or State, but shall be exempt from all taxation
strengthening of the defense of that country, in accordance
with the principles applicable to the furnishing of such articles and materials
needed for the
same
by other countries resisting aggression.
purpose
The appropriate authorities of the Government of the United States, in
pursuance of the decision to
which I have above referred,
are
also giving
now or
hereafter imposed on the principal or interest thereof by any State,
their
or
of the possessions of the United States, or by any local taxing au¬
American shipping facilities for the purpose of expediting the shipment to the
any
thority.
sury
bills
For purposes of taxation the amount of discount at which Trea¬
are
originally sold by the United States shall be considered to be
favorable
consideration
to
requests
for the extension
of available
Soviet Union of articles and materials needed for the national defense of that
country.
interest.
I am, my dear Mr. Oumansky,
Treasury Department Circular No. 418,
as
amended, and this notice,
Very sincerely yours,
prescribe the terms of the Treasury bills and govern the conditions of their
SUMNER
issue.
WELLES,
Acting Secretary.
;;;v: Vj'O-A
.y,y-Y
Aug. 2, 1941.
The Honorable Sumner Welles,
United States Pledges Full Economic
War Aid to Russia
—Acting Secretary Welles and Soviet Ambassador
Oumansky Exchange Notes—Trade Pact Extended
My Dear Mr. Acting Secretary:
Another Year—President Roosevelt Praises Soviet
date in which you informed me that the Government of the United States
give "all
economic assistance practicable for the purpose of strength¬
ening the Soviet Union in its struggle against armed
aggression."
This was disclosed on Aug. 4 by the State
Department in making public notes exchanged on Aug. 2,
by Sumner Welles, Acting Secretary of State, and Con¬
stantino A. Oumansky, Soviet Ambassador.
Mr. Welles
indicated that this decision is prompted by the Government's
conviction that "the strengthening of the armed resistance
of the Soviet Union to the predatory attack of an aggressor
who is threatening the security and independence, not only
Union, but also of all other nations, is in the
interest of the national defense of the United States."
In
accordance with
this decision and in order to implement
policy, Mr. Welles said certain steps were being taken.
These the United Press advices from Washington on Aug. 4
this
summarized
as
I
am
pleased to take notice of the contents of your communication of this
has decided to give all economic assistance practicable for the purpose of
Resistance
The United States Government has decided to
of the Soviet
Acting Secretary of State.
follows:
strengthening the Soviet Union in its struggle against armed aggression.
You add that
The United States promised to give Russia priority in delivery of essential
materials, "most friendly consideration" to the placing of Russian war
orders, consideration to extension of available shipping facilities for delivery
of such aid, and pledged removal of all export controls and the issuance of
decision
has been prompted
by the conviction of the
sistance of the Soviet Union to the predatory attack of an aggressor who is
threatening the security and independence not only of the Soviet Union but
also
of all
other nations is in the interest of the national defense
of the
United States.
On behalf of my Government I wish to emphasize the correctness of the
view
that
the
aggressor
who
has
treacherously
threatening the security and independence
or
of those nations.
ment
of the
My Government has directed
United
Government
of the
invaded my country is
all freedom-loving nations, and
that this threat naturally creates a community of
interest of national defense
me to express to
the Govern¬
States its gratitude for the friendly decision of the
United
States
and
its confidence
that the economic
assistance you refer to in your note will be of such scope and carried out with
such expedition as to correspond to
in
the magnitude of the military operations
which the Soviet Union is engaging, in offering armed resistance to the
aggressor—a
resistance which,
as
so
you
justly observed, is also in the
interest of the national defense of the United States.
I
war
this
Government of the United States that the strengthening of the armed re¬
am
pleased to note
your statement
that:
(Here Mr. Oumansky repeated verbatim the last three paragraphs of Mr.
Welles's note.—Ed.)
I am, my
dear Mr. Welles,
Very sincerely yours,
'
CONSTANTINE
general licenses, to permit unlimited exports of needed materials.
In substance the exchange means that Russia will share United States
war
aid with Great Britain and
China, provided shipping facilities can be
found, but not under terms of the Lend-Lease Act which covers assistance
to Britain and China.
Russia will pay cash or earmark gold for all materials
bought.
For its part the Soviet Union pledged that its resistance to
Germany will
"correspond in magnitude" to the economic assistance thus received.
At his
A.
OUMANSKY.
President Roosevelt
said that Russia's "magnificent" resistance has been better
than German military experts had anticipated. He author¬
ized the direct quotation, according to the United Press:
press
conference
on
Aug.
1
"It is magnificent and frankly better than any
military expert in Germany
thought it would be."
In his
reply Mr. Oumansky, largely reiterating the senti¬
expressed by Mr. Welles, emphasized on behalf of
his Government, the "correctness
of the view" that the
aggressor "is threatening the security and independence of
all freedom-loving nations and that this threat naturally
creates a community of interest of national defense of those
nations."
He also expressed Russia's gratitude for the
friendly decision of the United States.
ments
President Roosevelt Tightens Petroleum Export
Policy
^
—Bars
Shipments to Japan
The White House announced
on
Aug. 1 that President
Roosevelt has directed the Administrator of Export Contro
to initiate further
regulation in respect to the export o
petroleum products in the interest of the national defense
:
Volume
The Commercial & Financial Chronicle
153
According to the White House
two immediate
effects,
as
statement the action will have
follows:
It will prohibit the exportation of motor fuels and oils suitable for use
in aircraft and of certain
to
stocks from which such products are
raw
destinations other than the Western Hemisphere,
and
the
unoccupied
aggression.
territories
of
other
countries
derived
the British Empire
engaged
resisting
in
It will also limit the exportation of other petroleum products,
except to the destinations referred to
above, to usual
and provide for the pro rata issuance of licenses
This ban
or pre-war
quantities
that basis.
on
exports of motor fuel and aviation gasoline
is reported to be aimed principally at Japan, although that
country was not mentioned in the order.
on
The State Department promptly made the order effective
by revoking all outstanding petroleum export licenses except
to the destinations referred to
by the President.
The
Department's order supplementing the President's action
follows:
could be established for any
agricultural commodity below
(1) 110% of parity, or (2) at less than the market price pre¬
vailing on July 29, 1941.
The legislation empowers the
President to set ceiling prices on any commodities on the basis
of prices prevailing on July 29, 1941.
No provision is con¬
tained in the bill to limit wages or to curb instalment buying,
although the President, in his message to Congress on July 30,
said the legislation should include power "to deal more ex¬
tensively with excesses in the field of instalment credit.
At
that same time the President emphasized that "there cannot
be price stability if labor costs rise abnormally.
(This was
reported in our issue of Aug. 2, page 628).
Regarding the introduction of the bill, Associated Press,
Washington advices on Aug. 1, said:
Representative Steagall said he regarded it
to preserve
a
There have been revoked today all valid licenses authorizing the exporta¬
tion of petroluem products to countries other than the following:
of the Western
Countries
Hemisphere, the British Empire, and the unoccupied terri¬
tories and other countries resisting aggression.
have been informed
these applications
The holders of these licenses
767
lation."
It
as
of "paramount importance
for agriculture the benefits of existing legislation and I favor
reasonable latitude above
parity prices in the application of this legis¬
V ■' Y;
was
reported the Administration originally proposed that
be regulated omy if
insisted
on
farm prices
they went above parity, but Mr. Steagall said he had
the 110% provision.
that, if they wish to resubmit applications for licenses,
Representative Steagall disclosed that the bill contained no provision
would be promptly considered in accordance with the
for control of instalment buying, although there had been persistent reports
policy set forth in the statement issued by the President today concerning
that efforts to agree on some provision of that sort had delayed
the exportation of petroleum products.
of the legislation.
Pending applications for licenses to export petroleum products to countries
other than those referred to above
same
were
returned to the applicants
with the
Secretary of State on June 20,
on
any
coast of the
United States except the Atlantic coast of certain pertoleum products,
been revoked in respect to shipments to countries other than
above.
Exports
to such countries will be
permitted
upon
has
those referred
the issuance of
individual licenses in accordance with the policy set forth in the
President's
statement.
The President's
previous statement
on
oil
was
given in
these columns June 21, page 3905.
In
High¬
House Sustains It
President
Roosevelt
Aug.
on
4 vetoed
a
$320,000,000
defense highway construction bill.
His principal objection
to the measure was the provision authorizing $125,000,000
for "correcting critical deficiencies in the strategic network
of
highways " the amount to be apportioned among the
in accordance with the population and other dis¬
tributions of the existing Federal Aid-Road Act.
The Senate on Aug. 6 voted 57 to 19 to override the
President's veto (more than the necessary two-thirds major¬
ity) but the House on Aug. 7 sustained the veto by a vote
of 251 to 128 just two votes short of the required two-thirds.
The House Roads Committee yesterday (Aug. 8) decided
States
that it would introduce
The President's
a new
bill sometime in the Fall.
principal objection to the bill was given as
follows in his veto message:
1
.
One of the major provisions of this bill involves authorization of $125,000,-
000 to correct deficiencies in lines of strategic network of highways and
bridges with the further provision that these funds are to be apportioned
among
the several states in accordance with the existing Federal-aid Act.
The critical deficiencies in highways and bridges that may
correction in the interest of
lated to
the
our
require prompt
national defense cannot be reasonably re¬
population of states
or
the other factors
which enter into
The result, therefore, is the necessity for the
ordinary apportionment.
appropriation of a far larger sum of money to meet immediate requirements
than would be necessary
if these funds
were
applied to critical deficiencies
In fact, it is quite possible that the
without the apportionment method.
most critical deficiencies in some areas may not
sum
authorized in this bill.
I
am
be corrected even with the
unable to approve this method of ex¬
pending money for the immediate national defense and for which I recom¬
mended
a
total of $25,000,000 without apportionment.
The President also
objected to the provision for Federally
damages resulting from army maneuvers.
provided the following appropriations:
$125,000,000 for the construction of so-called strategic roads
to be apportioned among the several States; $150,000,000 for
access roads
to Army and Navy reservations and defense
plants and sites; $25,000,000 for repair of damages to State
roads; $10,000,000 for construction of experimental airway
strips and $10,000,000 for surveys and plans for future high¬
way development.
The bill had originally passed the Senate
on June 16 and the House on July 21 with both the Senate
and the House adopting a conference report on July 24:
noted in these columns of Aug. 2 page 629.
^—.—
Levels
Price
as
Base and
—Controls
Instalment
Control
Bill—Sets
July
29
Fixes Minimum Farm Ceilings
Rents in Defense
Areas—No Curbs
on
to Draft Sub¬
Henderson Foresees
Buying—Republicans
stitute—Price
Administrator
Inflation
The Administration's
price control bill, giving President
to establish price ceilings on com¬
modities and to control rents in defense areas, was intro¬
Roosevlet
authority
The measure sponsored by
Representative Steagall of Alabama, Chairman of the
House Banking and Currency Committee, and by Senator
Glass, of Virginia, Acting Chairman of the Senate Banking
and Currency Committee, contains two limitations on the
extent to wnich farm prices could be regulated.
No ceiling
duced in Congress on Aug.
1.
credit, Mr.
Steagall said Senator Glass
course,
be required to give consideration to the prices of
introduction
permitted
the
of controlling
(D., Va.) had
agreed with him."
those commodities on or
about July 29, this year, and then adjust the base price
such
for relevant factors
speculative fluctuations, and general increases or decreases in
as
The bill stipulates that its provisions and all regulations
after
one year
a
price,
under it would
declaration by the President or by concurrent reso¬
lution of the Senate and House.
A special emergency court
of appeals, to consist of three or more judges
designated by the Chief Justice of the United States, would be created
appeals from decisions made under the bill.
Announcement was made on Aug. 3 of the formation of a
special Republican price control committee which will draft a
substitute measure.
Headed by Representative Wolcott of
Michigan, ranking minority member of the House Banking
Committee, this special group will study the question of
price controls and may embody in its bill the anti-inflation
suggestions of the Board of Governors of the Federal Reserve
System made last January, including authority to regulate
private credit.
On Aug. 2, Senator Smith of South Carolina, Chairman of
the Senate Agriculture and Forestry Committee, said that
his group was opposed to any price fixing of farm com¬
modities that did not fix a floor as well as a ceiling. He added
fight to have the floor included
proposed bill.
The House Banking Committee on Aug. 5 opened hearings
on the Price Controll Bill, with Leon Henderson, head of the
Office of Price Administration and Civilian Supply testifying
as the first witness.
Warning that "we are on the very brink
of inflation," Mr. Henderson said that the Nation faces a
sharp increase in the cost of living no matter how rapidly the
bill becomes law. Regarding his testimony, Associated Press,
Washington advices of April 5 said:
that this committee would
the
in
Mr. Henderson declared that a backlog of
been built up which had not yet been
increased wholesale prices had
reflected in retail prices but which
made it certain that American consumers soon
many
would have to pay more for
commodities.
For instance,
he said, the wholesale price of butter had
since the European war began
36%.
increased 50%
only
but its retail price thus far had risen
Coffee presented a much more glaring discrepancy, he
said,having
jumped 52% wholesale, but only 2.7% retail.
inflation," Mr. Henderson
He told the Committee that we
take the risk of
do w hat other countries are doing, and take
Declaring that the Nation is on the "brink of
easily ignore what is going on at present and
could very
tragic deflation later, or "we can
steps to control
For
almost
Committee
The bill would have
Receives
have
urged passage of the Price Control Bill.
financed off-street parking facilities and to the authorization
of $25,000,000 to reimburse local communities for highway
Congress
would
eliminated
fixing ceilings for other than farm commodities, the President would
to handle
Construction Bill—Senate Overrides Veto But
was
objected to that provision and that "I, of
to be
President Roosevelt Vetoes $320,000,000 Defense
which
invocation of the Emergency Banking Act of 1933 as a means
expire
way
provision
transfers of bank
suggestion.
General license No. GEH, isssued by the
authorizing the exportation from those ports located
to
Another
a
it."
two
hours without interruption,
and the effect that the
He used
a
variegated series of charts to show the trend
Touching only lightly on the
were
situation
will have.
of prices of some of
articles.
question it was significant that Britain and
effort to keep prices
resorting to subsidies to producers in an
down and thus, indirectly,
minimizing the need for wage increases.
In that connection, too,
he said that wages are a "volatile
and that unless prices are
factor"
Henderson gave the
$50,000,000,000 defense program has and
the most urgently needed
Canada
Mr.
statistics-crammed picture of the Nation's economic
and dynamic
controlled, wage scales may get out
of
hand.
Reviewing developments since the war
price levels in this country had
began, Mr. Henderson said that
remained relatively steady in the
early
"overwhelmingly
evident" that something more than the voluntary controls in use up to this
time would be necessary. He had, he said, so advised President Roosevelt.
The situation was such, he said, that even if Congress enacted the pending
months
but that in
bill today,
the last few weeks it had become
the Government would be under an "enormous load"
from entering an inflationary stage.
to prevent
controls had been marked successful as
far as they
the Nation s economy
He said the voluntary
went.
Among 28 basic commodities
he asserted, which
needed tor defense
there were some,
had increased 50%, but others showed only small rises.
Appearing before the Committee again on Aug. 6, Mr.
Henderson stated that the Government must have control of
instalment
buying
as
a means
of curbing inflation.
reported-
Asso¬
ciated Press advices on that date
Mr. Henderson
power,
expressed belief that the Federal Reserve Board had the
under the 1933 Emergency Banking Act, to control instalment credit.
that," he said, "some such authority should be
"If there is any doubt of
written into this bill."
Mr. Henderson did not go into
his
details on that phase of the question but
suggestion found immediate favor with several committee
members.
The Commercial & Financial Chronicle
768
of whom have contended that private credit was one of the principal
many
of inflation.
sources
(Rep., Mich.) senior minority member, asserted
Representative Wolrott
that
an
order by the Federal Reserve
Board increasing rediscount rates
of instalment
would tend to lower the volume
skyrocketing of prices during the last
war and
who had been associated with
Mr. Henderson replied that most persons
"great damage" had been done by letting
1917-18 situation agreed
prices rise while lengthy discussions were carried on in efforts to find
lutions acceptable to everyonel
•
so¬
- v.
Congress Receives Proposals for Amending Securities
Acts—SEC and
Industry Are in Agreement on
Various Revisions
various proposed amendments to the Securities
prepared by the Securities and Exchange Commission
and by representatives of the securities business, were sub¬
mitted to the House Committee on Foreign and Interstate
of
Legislation authorizing President Roosevelt to extend the
military service of selectees, National Guardsmen, reservists
and regular enlisted Army men 18 months beyond their
present terms was passed by the Senate on Aug. 7 by a vote
of 45 to 30. This action came after the Senate, by a vote of
39 to 34, increased the pay of regulars and draftees
by $10
for each month in excess of their first year of service.
The
Senate
Currency Committee
Aug. 7 for consideration.
The reports, which are the
result of a year's study, contain 86 proposals of which the
SEC and the industry agreed on 55.
Chairman Lea of the
House Committee said that public hearings on the proposed
legislation will probably start early in September.
According to Washington advices of Aug. 7 to the New'
York "Times," the following are the chief points of agree¬
ment and disagreement on the reports:
for
requirement
registration
of large
which
offerings
bought
policy holders, thus
or
"private placements" with insurance
companies need not be registered.
3.
Extension of the application of the present proxy rules to all corpora¬
with
than 300 shareholders and more
more
The
Extension of injunctions to allow the SEC to restrain persons from
acts done
well
as
as
being done.
In the past courts occasionally have
The resolution,
national
a
a
compromise between Ad¬
they be released
of training.
which asserts unequivocally that "the national interest
is imperiled," now goes to the House where floor consideration
may
begin
Leaders believe it will be approved early next week.
tomorrow.
The resolution also:
Eliminates the 900,000 limitation
1.
by in service at
one
on
the number of selectees who may
time.
Provides that the Secretary of War may, at his discretion,
discharge
over 28 years of age who have made written
application for dis¬
charge.
Authorizes the Secretary of War to review "hardship cases" and dis¬
3.
charge selectees whose retention would
the law.
an
so
that
a
gave
cause
them serious inconvenience.
major victory to the Administration in
a
indefinite extension of service.
a
battle that
mustered out
,
He warned that if the citizen soldiers
the Army would disintegrate and United States Atlantic
and Pacific outposts would be endangered.
President
Roosevelt's
retention of the soldiers
26,
Modification of provisions for extension of credit
vote
began in July when Gen. George C. Marshall, Army Chief of Staff, called
for
re¬
fused to grant injunctions on the ground that violators had stopped breaking
5.
year-and-a-half extension represented
at the end of their first year
were
than $3,000,000 in gross capitalization.
4.
of
of the emergency, and demands of non-interventionists that
Marked simplification of registration statements.
commerce
"existence
ministration demands that the citizen soldiers be retained for the duration
The
2.
tions in interstate
the
was
selectees
security
by institutions handling the funds of depositors
ending the condition under
declares
requested by the President, and
imperiled" in accordance
with the Selective Training and Service Act of 1940.
The
measure, which now goes to the House, had been under
debate in the Senate since July 30, during which time
various restrictive proposals were defeated.
Concerning the
Senate's action on Aug. 7, United Press advices said:
2.
Points of agreement were:
A
resolution
emergency," which
Commerce and the Senate Banking and
on
1.
Army Service Extension of 18 MonthsHolding of Men For 23^ Years—Pay Raise
$10 Monthly Approved
'
also that the "national interest is
Act of 1933 and the Securities Exchange Act of 1934, which
were
Senate Votes
the
Representative Williams (Dem., Mo.) why the present situation could not
be handled in the same manner without the proposed legislation.
on
.
Permits
steps that were taken to control it, the Price Administrator was asked by
Reports
.V;7, W'v-'-
report.
merchandise.
While reviewing the
the
July 26, page 475, we referred to Repre¬
sentative Lea's request for early submission of the SEC
buying because, in most
retaileis would be required by their banks to get larger down pay¬
cases,
ments on their
Aug. 9, 1941
In these columns
message to Congress urging thewas*g§ven in these columns of July
469.
page
dealer who
has participated in an offering may extend credit on such securities to his
customers four
6.
Senate
days instead of six months after the sale.
Extension to the officers, directors and principal shareholders of com¬
transactions in equity securities.
Main points of disagreement or partial
1.
disagreement
were:
A proposal by the industry to increase the number of SEC members
to nine.
2.
A proposal by the industry to exempt successful competitive bidders
from certain restrictions
on
underwriters,
on
the ground that the condi¬
tions of competitive bidding make thorough
knowledge of a security im¬
'
possible.
3.
.
A proposal by the industry that securities of public utility holding com¬
panies and their subsidiaries be exempt from registration
as are
rail securi¬
ties.
4.
for
A proposal by the industry to permit the SEC to set aside requirements
use
of
a
prospectus after a security has been listed for some time on an
exchange.
5.
A proposal by the Commission that
must have a prospectus
6.
A proposal
segregate broker and dealer functions
7.
A proposal
a
buyer of newly issued securities
in his hands for 24 hours before being asked to buy.
by the industry to end the
on
power
of the Commission to
the floor of
an
exchange.
by the industry to abolish that portion of the rule
trading by insiders which
allows recovery suits
on
on
profits taken within
six months.
8.
with
A proposal
by the SEC extending its
exchange rules, expel
and
officers and postpone or suspend
suspend
new
powers
members, supervise election
of
Robert
McLean
in connection
Stewart, of the Investment Bankers
a joint SEC-industry press conference
Congress
(Aug. 8)
was
with
saying:
as
about 49 cents
wide that the agreements overshadow the
From the
same
advices
we
area
of agreement
disagreements.
quote:
Stock Exchange and the New York Curb
Exchange.
eluded representatives of 13 regional stock
Other conferees in
exchanges, life insurance
tives, and officials of
some
"If
Commission membership from five to nine.
On the other hand, the Commission contended
some
industry proposals
"serious threats to the protection of the investing public" and meant
"retrogression toward evils which impelled the enactment of these statutes
were
in 1933 and 1934."
to
Industry representatives countered that their suggestions were designed
"fully safeguard investors (without unnecessarily impeding the conduct
of honest business" and added:
adequate
But they will do much to aid business."
In submitting the reports to the Senate Banking Committee and the
House Interstate Commerce Committee the negotiators made plain that the
recommendations
which
would
be
were
the
offered
principal negotiators.
demand,
a
or
we
Board
Washington advices of Aug. 4
once
and considered
the supplies
we
now
will be sorry," said the Secretary of the Trea¬
"I know something about it.
I
was
chairman of the Cotton Control
myself fortunate in being finally able to liquidate
inherited."
Mr. Morgenthau suggested that the cotton could be sold without disturb¬
ing the market by turning it
Army
or
a
over
to contractors who
are
working for the
Navy.
kept fluid
demand," he continued.
we
so
that it could be sold when there
"They tell
have had in years.
me
the cotton
To freeze it at such
a
crop
is
one
was
of the
time is wicked.
"If we do it we certainly won't be able to control prices, and we will
have prices going up while the cotton is frozen in the warehouses."
Secretary of Treasury Morgenthau Urges Lower Income
Tax Base—Tells Senate Committee Plan Will
Prices
Down
Keep
*
Secretary of the Treasury Morgenthau yesterday (Aug. 8)
urged that Congress tax additional millions of persons by a
"substantial lowering" of personal income tax exemptions
and called for stiffer taxes on married couples, corporations
and others.
Advocating an "all-out" defense tax program,
Mr. Morgenthau told the Senate Finance Committee, at its
opening hearing on the tax bill, that it was of the "utmost
necessity that all exemptions from taxation be reduced to
the absolute minimum," in this way providing additional
revenue
"The representatives of the industry believe that the
proposals would in
weaken the basic provisions of either the Securities Act of 1933 or
of the Securities Exchange Act of 1934, nor deprive investors of
no sense
protection.
bushel.
don't make it possible to sell government-controlled cotton
we
when there is
execu¬
sections, increasing SEC authority over stock exchanges and expanding the
a
a
the New York "Times" in its
said:
corporations which have issued securities.
Industry suggestions approved by the Commission were aimed at eliminat¬
ing red tape in securities registration, easing restrictions on investment
bankers, brokers and dealers, tightening loopholes in investor protection
and
the freezing of some 7,000,000 bales of
cotton, Secretary of the Treasury Morgenthau on Aug. 4
called such a proposal "wicked."
Regarding his remarks
shortest
In addition to Mr. Stewart's organization, principal
negotiators with the
SEC were the National Association of Securities Dealers, the New York
Cotton
With respect to
"The cotton should be
The impressive thing about the two reports was that the
was so
on
now goes to the House, was
adopted by the Senate on
July 29 as a rider to House-approved legislation dealing with
wheat-marketing quotas; referred to in these columns of
Aug. 2, page 628.
A joint Senate-House conference com¬
mittee reported the measure on Aug. 5 after House members
had agreed to the major Senate amendments, with some
minor changes.
The wheat provision permits farmers who
grow wheat in excess of production allotments to feed it to
stock on their own farm without incurring the
penalty of
transmittal of the recommendations to
reported in Associated Press advices yesterday
Report
which
sury.
Assn., commenting at
Conference
The Senate on Aug. 6 approved the conference
report on
the legislation freezing Government loan stocks of cotton
and wheat during the present European war.
The measure,
to enforce compliance
exchange rules.
Approves
Wheat Freezing Bill—Secretary Morgenthau Calls
Cotton Freezing "Wicked"
panies described in No. 3 above of the responsibility of reporting all their
a
and giving "millions of Americans an opportunity—•
welcome
opportunity—to make a direct contribution
through taxes to the defense of their country."
Concerning the Secretary's views on lowering the income
tax rate, the Associated Press reported:
Mr. Morgenthau declared that Congress should not abstain from
heavy
with any idea of leaving families more income to spend.
He cited
only amendments to the existing legislation
taxes
supported
statistics intended to show that the rise in prices of things people
by the
Commission and the four
last
year
already had reduced the purchasing
power
buy in the
of their income
as-
Volume
much
as
The Commercial & Financial Chronicle
153
the proposed tax bill would take money away from them
On the other hand, he said,
the
directly.
that is raised through taxes,
more money
the less the defense program will have a tendency to cause prices to
"It is clear that rising prices tax the
family income just
as
surely
rise.
as
do
income taxes," he said.
"If, in
surely
as
as a
the incomes of
as
if
result the cost of
we
had levied
living rises,
we
our
we
hold down
we
shall still have the
inflated costs of defense to pay later from taxes."
President
Roosevelt
Committee
to
lower
United Press advices said:
.
,
Other salient recommendations
Imposition of
a more
effective
excess
profits tax
Requirement that husbands and wives file
a
corporations.
on
natural resources,
by certain
concerns
extracting
engaged in
He said they have been granted unjustifiably
Removal of Federal tax exemptions from new State and local securities.
revenue
from estate and
a rate
personal
Sullivan, Assistant Secretary of the Treasury, urged the com¬
version starts surtaxes at 5% on
higher surtaxes.
what he estimated would yield
The House
the first taxable dollar.
wages.
.
Defense—Provision for Joint
Returns
Married Persons Dropped—President Roose¬
velt's Request for Changes Fails of Approval
by
a
vote of 369 to 30, the House on Aug. 4 passed the
tax bill designed to raise $3,206,200,000 to help
revenue or
defense costs.
The yield through the new measure,
previously placed at $3,529,200,000, was reduced by $323,000,000 as a result of the action of the House on Aug. 4 in
dropping from the bill by a vote of 242 to 160 the provision
calling for the filing of joint income tax returns by married
couples.
The 242 votes for rejection of the provision were
cast by 126 Democrats and 116 Republicans, while the 160
votes in favor of the retention of the provision were those of
121 Democrats, 35 Republicans, 1 American Laborite and
3 Progressives.
Before the adoption of the bill by the House
on Aug. 4, suggestions for several changes in the legislation
were made by President Roosevelt in a letter to Chairman
Doughton of the House Ways and Means Committee under
date or July 31; the modification of the requirement in the
case of joint return by married
persons was asked by the
President, who also suggested that "some way ought to be
found by which the exemption of a single person should be
reduced [from $800] to $750, with a provision for a straight
simple payment of some small contribution to the national
tax income through some simple agency and on some simple
form."
"In the same way," said the President, "I think
that the married exemption should be reduced from $2,000to $1,500, again with a simple method of paying the tax
through a simple agency and on a simple form."
A third
proposal by the President had to do with a change in the
application of the excess profits tax to certain types of cor¬
porations.
As to this the President said:
meet
their equity
the cost
great defense program far more heavily this year than last year or
the year before.
But just because they happened to have made equally
large profits in recent years, they are called on to contribute no more to the
national defense under the proposed bill than they did before.
That seems
These
capital.
of
corporations
It is
my
may
be making 20 or 30 or 50%
on
definite opinion that they ought to contribute to
our
to me
clearly
a
discrimination in their favor.
of Secretary of the Treasury
said:
I
am sure
approve
that I make it clear that the Treasury
Department does not
of mandatory joint tax returns except on the condition
earned income of the husbnad and wife.
substantial relief to
heartily concur.
But the committee draft leaves out the
of granting
In this I
proviso altogether.
his reply to the President on Aug. 2
receipt of the latter's letter, he had called
a special
meeting of the Ways and Means Committee on
Aug. 2 and had submitted to them the letter.
Mr. Doughton
Chairman Doughton in
stated that with the
added:
so
reduced the
income levies that surtaxes far in
excess
yield
of the
As to this, Associated Press
subjected to taxation.
Carl Vinson (D.f Ga.) and about which the
the rigid
mentioned by you were again discussed.
viously taken with respect to
Then,
reaffirm the action pre¬
each of them and instructed me to so advise
by additional exchanges
over a
provision
requiring joint tax returns by married couples.
were
now
excempt from the income tax.
new sources
.
.
.
"With the country
of revenue, why should these organizations
be exempt part of their assets," he
said.
Mr. Vinson did not make plain whether he would tax
just the income from them.
or
the assets them¬
Under the so-called "closed rule"
has given no indication of doing so.
brought before the House on July 26 by the
and Means Committee, debate begun by
July 30 and limited to three days, was re¬
stricted by the Rules Committee (and agreed to by the House)
permitting a vote on the floor only on the joint return pro¬
vision, aside from amendments sanctioned by the Ways and
Means Committee.
Reference to this was made in our Aug.
2 issue, page 629.
Chairman George of the Senate Finance Committee pre¬
dicted, on Aug. 5, as he received the House bill, that in¬
dividual income taxes may be raised and personal exemptions
reduced as a result of the reduced revenue through the elimi¬
House
the
Secretary Morgenthau and
given in full elsewhere in this issue today.
Chairman Doughton announced after the special meeting
of the committee that no plan would be offered to make up
for the loss of $323,000,000 in revenue in the event that the
Mr. Doughton are
mandatory joint tax provision was defeated
in the House.
In
pointing out that that provision was the only one in contro¬
was
Ways
House
on
nation
by the House of the joint return provision.
Washington "Post" said:
Senator George
come
The
said he thought the joint return revenue loss could be over¬
by adopting the President's suggestions for lowering individual single
person
exemptions to $750 and exceptions of married couples to $1,500.
Coupled with that, he said, may be needed some further upward ad¬
justments in individual surtaxes, which ghe House proposed to start at
5%
the first dollar of taxable income.
on
Under
of Aug.
date
7, Associated
Press accounts from
Washington said:
A billion dollar increase in the
House-approved $3,206,200 tax bill
was
suggested today by Senator Connally, Democrat, of Texas.
try to write
Senate should
He said that the
taxes in an effort to offset
should
that much in additional
further the mounting cost of national defense.
have agreed that their group
Senate finance committeemen generally
the tax measure as to make up $323,000,000 in revenue
so revamp
recommendation of its
lost when the House voted down a
committee that husbands and wives be required to
both had incomes.
however,
ways
and means
file joint returns when
..c'
Senator Connally, a member
terview,
that the
since the Ways and Means
of the finance committee, said in an in¬
cost
of defense had increased considerably
Committee set out to raise $3,500,000,000 of
extra money.
Summarizing the features of the bill as passed by the House
on
Aug. 4, the Associated Press said:
As it
surtaxes
up to
and middle income groups by
taxable income and ranging
incomes of $5,000,000 and over.
starting at 5% on the first dollar of
75% (the present maximum) on
These surtaxes
which
triple the taxes of persons
levying a graduated system of
passed the House the bill would virtually
in the lower
would be in the present normal income tax rate of 4%
continued.
was
having no dependents
with his present tax
,
But even at that a married man earning $2,500 and
would pay $38.50 under the new plan, compared
of $11.
yield from individual income taxes was
expected to be in the
neighborhood of $829,000,000.
Approximately $1,322,900,000 would be
raised from corporations through
and a drastically revised method of
computing them.
Surtaxes would start at 5% on profits up to $25,000 and
rise to 6% on any amount in excess of that.
Excess profits tax rates which
now range from 25 to ,50% would be boosted to run from 35 to 60%.
Corporations would be required to compute their excess profits before
deducting their normal taxes, reversing existing law.
Responsible officials expect the nation's total revenues this fiscal year
to approximate $12,500,000,000, including the $3,206,200,000 estimated
yield from the pending tax bill.
Spending, however, is scheduled to be
in excess of $22,269,000,000, for a deficit of nearly $10,000,000,000.
The
same sources forecast a national debt of $57,850,000,000 by June 30, 1942,
surtaxes,
stiffer excess profits taxes
the end of the fiscal year.
In the first
was
•
19 days of the fiscal year,
the Treasury said Government
$1,018,609,659—roughly one-third of the annual revenue
increased levies set up in the pending
expected to be added by the new
measure.
It
with the reasons therefor.
The letters of the President,
House could do nothing under
parliamentary procedure, the third and last day of oratory before
spending
Each of the three items
by decisive majorities the committee voted to
you
new
advices said:
The new
Morgenthau on
the excess profits taxes as expressed in a letter to the President
were submitted to Mr. Doughton by the President, who also
The views
proposed
original Treasury recommendations would have had to have been levied.
The bill
consideration Mr. Sullivan's
House Passes Tax Bill Planned to Yield $3,206,200,000
By
To extend this benefit to all the States would have
from the
offered from the floor except by the Ways and Means Committee and it
plea for the higher surtax rate, which, he said, would serve to curb inflation
v
by Representative
bill to provide
more.
Finance
proposal
a
Dingell (D., Mich.) to give all taxpayers the benefits accorded
from $800,000,000 to $1,000,000,000 more
The Secretary's estimates did not take into
To
The Committee considered and defeated
John D.
procedure governing consideration of the bill no such amendment could be
than the House total—jumping the total to approximately $4,000,000,000
resulting from higher
(Aug. 4), the United
those in the nine community-property States, where a family income may
be divided in half and one share each reported by husband and wife.
selves
Mr. Morgenthau offered a program to revise the House
slightly
Committee action that day
sorely pressed for
of 11% on the first taxable dollar.
mittee to rewrite the bill to provide for the
or
As to
Representative Vinson began the day's debate by asserting labor unions
gift taxes.
The Administration also renewed its appeal for stiff surtaxes on
John L.
The joint return proposal is the only
in controversy.
one
next week's final vote was marked
large allowances for depletion.
More
mandatory joint provision and three minor committee
Aside from this labor tax proposal, which was made by Representative
escape
notably oil.
income, beginning at
the
the tax bill, possibly late today.
unions be
The
single joint return.
$323,000,000 annually.
of tax
on
During the debate on the bill on Aug. 1 the House heard a
proposal from the Democratic side that the assets of labor
by Mr. Morgenthau:
House had defeated this provision, which had been expected to raise about
Elimination
The vote
amendments will be the only ones permitted before final action is taken
Press said:
suggested to the House Ways and
personal exemptions but the
group rejected the idea; this is noted in a separate item in
these columns today.
The House-approved bill is also
referred to elsewhere in today's issue.
Regarding some of Mr. Morgenthau's other testimony,
Means
Aug. 4
on
said:
shall have taxed them just
them directly—and
on
people,
United Press accounts from Washington
versy,
on
an attempt to protect
taxes and
769
was
also noted in Associated Press accounts
ington Aug. 4 that:
.
.
from Wash¬
.:
last year, you need
pay no tax this year unless you've had a raise or your tax status otherwise
has changed.
If you pay any income tax at all. a surtax of at least 5%
will be imposed on your whole taxable income (without any deductions for
earned income).
The surtax ranges from 5% up to 75% on income over
$5,000,000.
This is in addition to the regular income tax, which remains
4%, and a "supertax" amounting to 10% of your whole tax bill.
Your
Generally speaking, if you filed no income tax return
The Commercial & Financial Chronicle
770
Aug. 9,
1941
wife
Further, I am convinced that the overwhelming majority of our citizens
President Roosevelt's Request for Changes in Tax Bill
that most of
it through a general
sales tax or through a multiplication of what we have known as nuisance
taxes.
In other words, most Americans who are in the lowest income
personal credit and allowance for dependents is unchanged.
has
If
your
contribute
to
want
separate income, she may continue to file a separate return.
a
them would rather
House Committee-—Had Asked for
Return, Broader Base and Treas¬
by
Rejected
Modified
Joint
2,
Aug.
President
rejected
Roosevelt's
meeting
a
request
on
three
for
major changes in the tax bill designed to raise $3,529,000,000
to
help
defense
meet
The failure
costs.
of
House
the
to
are
small
very
thought:
other
in
Perhaps
letter
the
administer
to
oath.
necessary
Very sincerely yours,
FRANKLIN
to
Representative Doughton of North Carolina,
Chairman of the committee, had asked on July 31 for (1)
modification of the provision calling for joint income tax
returns for husbands and wives; (2) adoption of the Treas¬
ury's plan for excess profits taxes, and (3) broadening of
the income tax base by reducing a single person's exemption
to $750 and a married person's
exemption to $1,500.
In a
on
for
sons
reaffirming the action previously
each of the three items.
As to
spect to
joint tax
returns,
taken
with
re¬
the mandatory
President said he concurred in the
the
Treasury Department's position approving it in principle on
the condition of granting substantial relief to earned in¬
of the husband and wife.
This Treasury qualification
incorporated in the committee's bill, Mr. Doughton
explained, because the group "was unable to see any logic
in favoring a family in which both
spouses earned the
come
not
was
income
entire
the
against
as
family where
a
one
earned
spouse
the
for the support of the family."
However,
considering the bill on Aug. 4, voted by a
margin to eliminate the mandatory joint tax re¬
amount
House,
decisive
turns
in
provision.
In
profits tax problem, Mr. Roose¬
excess
velt said that the committee's bill did not
apply the tax
"to certain types of corporations"
making profits in excess
of a reasonable return on invested
capital.
He asserted
that it was his "definite opinion that
they ought to con¬
tribute to the cost of our great defense
program far more
than
year
last
the year before."
In
his reply to the President Mr. Doughton said his
committee
year
House
by studies and witnesses' testimony "of the
undesirability and inequity of measuring excess profits by
the sole standard of invested
capital."
Referring to broadening the tax base by reducing the per¬
sonal
exemption
allowed single
and married persons from
$800 to $750 and $2,000 to $1,500, respectively, the President
said:
*<■•/;:
.
Furthermore,
citizens
want
of
most
rather
tax
In
brackets
are
individual
that
the
something
do
it
through
or
taxes."
income
their
convinced
am
contribute
would
sales
"nuisance
lower
I
to
them
general
a
as
.
with
words,
than
open
what
have
Americans
who
to
chip
directly
small
in
terms
Committee
are
known
in
in
the
of
if
even
dollars.
Washington, D. C., Aug. 2, 1941.
letter
of
which
July
cussed
in
After
of
this
to
me
the
family
enjoying
equal
been
to
the
the
and
several
members
of
the
Doughton
committee
that
he
inclined
to
on
broadening the tax base, but that the
Treasury's representatives "were strenuously opposed to any
reduction in personal
exemptions" and that this position
undoubtedly "had some influence upon our action."
In
conclusion,
Chairman
Doughton
the letter "is intended
apology for the action which
explanation,
the
defense
a
President
or
an
that you and
so
of the reasons for
some
told
as
have taken, but only as an
we
the country may understand
conclusions."
our
It
the
My dear Bob:
oped
in
some
Because of
provisions
regard
Committee,
I
think
the
to
in
the
both
such
salary.
this
accomplished if
letter
to
sure
of
approve
the
against
of
You
relief
and
raised
from
measuring
the
in
its
to
certain
30
earned
their
I
Cooper have talked
types
their
These
equity capital.
than last
made
year
or
equally
the
In
this
That
of
application of this
corporations
It
is
may
be making
definite opinion that
my
great defense program far
year
large
bill
before.
profits
in
But
more
just because they
recent
is
other subject
one
years,
they
are
the national defense under the proposed
to me clearly a discrimination In
seems
It relates
very
to
few tax
ought to
be
to
the
on
same
experts
and
on
a
agree
a
with
provision
to the national
chance
to
talk
with
me,
but
I
of
still
a
think
single
that
person
for
tax
a straight simple payment
income through some simple
simple form.
I think that the married exemption should be reduced
a simple method of
paying the tax through a simple
$1,500, again with
agency
a
by which the exemption
$750, with
some
way
did not have
lowering the exemptions in the lower brackets.
found
small contribution
and
which I
simple form.
family in
family
a
in
surprised
be
if
which the husband
family where the wife also draws
what the
qualification
a
The
Treasury
especially pronounced
remove
loopholes of
of the most glaring income-tax
some
are
$300,000,000, which,
with
source
in
the community-property
in
burden
This
tax
enacted last
was
this
question
the
committee
our
discussed before
by the Committee
and the
the
on
Ways
was
It
Congress.
urged
Treasury
flor
the proper base
thoroughly
was
year
Finance,
on
when
year,
letter,
to
as
be
hardship.
or
your
of opinion
differences
are
rev¬
could not
judgment,
our
little
so
profits.
conference with Mr.
the
committee.
discussion
our
leagues,
the
proposal.
again
proposal
same
Cooper and myself, I again brought the matter
After
with
committee
cai*efully
which
you,
overwhelmingly
again
corporation's
a
from
return
invested
on
inequity
of
capital.
The
capital
excess
experience
profits
even
that
no
capital
may
difficulty
the
has convinced
by
method
for
distributed
secure
the
the
as
its
the
of
the
that
World
War
does
company
which
compared with
of taxation
form
inclined to favor
clude that the
profits
give
what the
on
recognition
committee
on
the
It
would
old
Our
bill
put
ventures
is
the
amount
of
tax
an
con¬
excess
to
of
personal
excess
only
these
method,
brains,
was
inequities
would
or
finance
energy,
as
existed under
prevent
such
an
a
excess-
To punish
pay.
over-capitalized corporations
and reward stock
and
enterprise,
and
watering.
confirm
monopolies.
believes
that
which
could
was
well
as
it
the basis of ability to
corporation
on
Yet
but other
which
on
efficiency
profits.
in favor of the heavy
penalty
fairest
Or to
corporation have realized
in
not
their
committee
excess-profits
Or to favor
earnings.
in a year of high values,
of low values.
a year
Or not to
of
conservative
a
such
capital
that
in
a
corporation
permitted the Government to
on
demonstrated
corporation
punish
23
pages
corporation which had
factors
profits tax from operating fairly
would
its
the
original shareholders paid for their stock.
to
measure
invested-capatal
the small
and
determine
not
set forth
are
incorporated
was
organized in
present shareholders of
determining the
straight
company
and thereby
and surtaxes
normal
by chance
a
of
invested
of
last
it
testimony
undesirability and
standard
sole
has
excess
reasonably well.
this
earnings
individual
in
experience
measuring
overwhelming
us
the
in
6how
is that
base
proper
and
retained its earnings over a long period of time, as against the
which
large
seem
report.
would be
one
a
profits
countries
committee
our
not
of this
foreign
The major objections to
feel
Treasury
it does not follow that such a corpo¬
The
studies
committee
our
measuring
by
is
Our
cases.
of
profits.
excess
invested
many
of
the
rejected
col¬
to our
us
in the case of a business, which
true
humble beginning,
a
realized
witnesses before
24
the light
subject in
the
fully reported by
%
'
in
reviewing
was
instances, and this is especially
profits
of granting
wife.
problem of the excess-profits
the
of the
to
would
I
had permitted it to be incorporated in our bill.
before
our
that
some
In
in
to the cost of our
they did before.
way
agency
to
the
over
of corporations.
on
have
should be reduced
of
and
income.
of penalizing the
recent
of
excessiveness
husband
relief
earned-in come
the
to
Congress had decisively rejected in 1940, and extensive hearings
abandonment
the
the controlling reason
was
were
again held on this subject.
Following the hearings our committee
again refused to adopt this proposal of the Treasury.
As a result of your
I
year
about.
know
6ome
of
of
favor.
There
you
examples
Treasury Department does not
spouses
earned the entire
spouse
one
That
have
other
discussed
the
returns except on the condition
income
to contribute no more to
on
showing
family.
committee
the
in which both
family
a
family where
a
favor
Means, the Committee
fully
and
50%
or
than
that
the condition that
upon
would
than
any
excess-profits taxes under the bill.
relationship to the omission
heavily this
happened to
called
clear
joint returns
mandatory
qualification,
Treasury
favoring
the
exactly
we
excess-profits
and
I
they ought to contribute
bill
it
occasions without qualifica¬
to
qualified
was
special
favor
is
excess
which the
But the committee draft leaves out the
proviso altogether.
Jere
tax
or
to
concur.
tax
20
make
appendix
and mandatory joint returns
many
approval
the
contributed
which
more
that
an
the income belonged
This has been recognized
States, but it will also result in the Government securing additional
has
escape
of
inequities and close
existing law,
shown
also
largely
mandatory joint tax
substantial
heartily
that I
and
me
ca£e
mandatory joint-return proposal of the pending bill will not only
ration
the Treasury Department for a
clarifying letter, and
fair to send this to you.
I enclose a copy of Secretary
is only
Morgenthau's
am
as
of
extending
spouses
Yet
has grown
I asked
it
corporations which would
I
to
two married couples
one
years,
on
belated
approval
the 6ole breadwinner in
is
hjave devel¬
seem
many
logic in
any
as
would be in
anyone
Treasury Department in regard to
reported out by the Ways and Means
the
of
bill
tax
Washington, July 31, 1941.
uncertainties which
some
position
for
gave
support
against
was
which
While
House,
in
and
permits a
upon
why the committee almost unanimously rejected the Treasury qualification.
some
White
because
standpoint
tax
a
The existing law
taxes
inequitable feature of existing law as to earned income.
see
income
for
amount
The President's letter follows:
The
evil
consideration
to
After
look with favor"
that nothing in
from
basis
avoidance.
tax
Referring to the excess-pvofits-tax proposal of
said
"were
of
merely
an
as
equitable
an
and in the other to both.
Treasury
careful
unable
earned the
these lowest brackets.
Mr.
again
were
to reaffirm
pleased to learn that you, as $?ell
principle.
Our whole desire was to
suggested by the Treasury
continue this
was
you
voted
we are
in
it
levying different
incomes
pending bill,
After
by
committee
for
the contents
it
remedy this situation.
While
we
mentioned
items
three
dis¬
matters
committee
before
laid
I
time
majorities the
of
evil
in
one spouse
by the Treasury
in
upon
discrimination
have
the
approve
the admitted
remove
tion
of
that
at
The
the
of
meeting
a
previously taken with respect to each of them and instructed
with the reasons therefor.
Treasury,
place
and
study.
bill,
than
tax
more
most careful consideration.
our
called
I
mandatory joint returns,
the
rank
letter
decisive
by
and
deliberation
advise you
so
As to
as
Each
Then
action
recently reported to the House after
morning,
letter.
your
pending
the
of
features
certain
careful
your
greatly surprised to receive your
very
was
have all received
letter
your
discussed.
the
has
most
receiving
o'clock
10
of
months
I
criticizing
committee
our
three
31,
recognized that there
Answering this suggestion,
Ways and Means, House of Representatives,
on
President:
My dear Mr.
enue
in
are
that
do it through
we
proud
most
our
and
very
are
all, the majority of all Americans
eyes
majority of
defense
our
and
willing
contributions
their
to
multiplication of
a
other
overwhelming
directly
of Representatives, Washington, D. C.
Following is the text of Representative Doughton's reply:
or
convinced
was
ROOSEVELT.
D.
DOUGHTON,
Chairman, Ways and Means Committee,
wholly to
regard to the
heavily this
ROBERT L.
HON.
letter
announcing the committee's decision, Mr. Doughton
Aug. 2 explained to the President the committee's rea¬
it worth while
will think
committee
your
the filing of low-income returns
study
the President's proposals in adopting the bill on
Aug. 4 is noted in another item in this issue.
The President,
a
After all, the majority
dollars.
of
terms
through the machinery of the
post offices.
This will undoubtedly save a good deal of the cost of collec¬
tion under the present system.
These simple returns could be sworn to
before the local postmaster, who, of course, would have to be authorized
to
accept
in
defense, and
our
in these lowest brackets.
all Americans are
One
Ways and Means Committee, at
to
it with their eyes open than do
willing and proud to chip in directly, even if their individual
are
contributions
of
ury's Excess Profits Plan
The House
brackets
directly
something
do
the
estimated
$1,026,400,000.
An
be
to
excess-profits tax
devised.
Under
yield for the
additional
plan in
the
calendar
amount
of
the pending
existing law,
year
1941
$1,198,300,000
the
the
is
Volume
estimated
The Commercial &
153
this
from
under
source
the
bill,
making
yield
total
a
of
excess-profits tax.
When it is considered that
this is the first year in which the defense program has been in full opera¬
tion, it is believed that we have provided a very effective excess-profits
$2,224,700,000
for
tax
retention of unseasonable profits from the defense
preventing the
In
program.
if we had followed the original recommendations of
would have secured only $400,000,000 additional xevenue
fact,
the Treasury,
from
the
from
we
excess-profits tax, and if we had followed their revised
the
proposal,
$716,800,000 from the excess-profits tax.
would have secured only
we
there were several members of the
who were inclined to look with favor on
broadening the tax base by reducing the personal exemptions allowed single
and
married
persons.
However, the Treasury representatives
in their
appearance before our committee were strenuously opposed to any reduc¬
tion in personal exemptions, citing the rising cost of living and the burden
of hidden taxes on persons in the low-income groups to justify their view.
Undoubtedly, this position of the Treasury had some influence upon our
action.
I am surprised to learn that your views are antagonistic to those
In
regard
expressed
personal exemptions,
to
The
at
committee
found
times
it
during the
impossible
bill
your
nearly conforms to
more
committee levy $1,248,900,000 from
by our committee, recommends only
Treasury recommended that the
The
this
of
to that part
respect
bill,
The
source.
reported
as
other miscellaneous sources, and
be termed or classed as a
$880,100,000 be collected from excises and
that amount
$160,200,000 of
hidden
in
can
way
no
tax.
well as
desire to
cooperate with you and the representatives of your administration to the
fullest extent consistent with
the proper discharge of our solemn obli¬
submit
I
that
of
Mr. President, the record of our committee,
to you,
myself,
the
for
eight
past
evidence
as
years
of
as
our
gations.
Nothing
in this letter is intended as a defense of or an apology for
the action which we have taken, hut only as an explanation, so that you
and
the
country may
With
understand
some
of the reasons for
I am
great respect,
The
'*
our
conclusions.
r. l.
m; w
during
under
the
which
D.
it
A
continue
can
large
to
Thus
White House.
•
beverages
of
25% of its
profits and
taxed
were
July 30,
President clarifying
certain tax provisions follows:
Secretary Morgenthau's letter to the
Secretary of the Treasury, Washington, July 31, 1941.
The
dear
My
by the Treasury Department during the consideration of the present
bill with regard to (1) the mandatory joint-tax-returns provision, and
taken
tax
1.
Committee
that substantial relief is simultaneously granted
both husband and wife.
No substantial relief is
such under the 1918 act are free from
earned
of
income
by the provisions of the pending bill from the resulting increased
in those cases where husband and wife contribute through their labor
afforded
tax
Therefore, in this important respect
inconsistent with the Treasury's suggestion.
the
to
bill
family
is
2.
income.
Excess-profits
tax:
has
Treasury
The
consistently
House
the
on
President to
fense.
As
Aug. 5 passed by a 241 to 136 vote the
property bill, empowering
requisition certain articles needed for de¬
The
contained
measure
and
1939
base
(the
reasonable normal
the
earned
average
profits far
Nevertheless, the pending bill
in excess of a
exempts all such
profits
average
important respect the
another
clearly announced purpose.
Some of the reasons for the Treasury's position are:
ury's
well-established corporation which has been
its invested capital has a greater ability
taxes than a corporation which has been earning only 3, 4, or 5%
on
its invested capital, even though the dollar incomes of the two cpmpanies are the same.
Congress has established the principle of taxation
in accordance with ability to pay so far as individual income, estate, and
(a) The highly prosperous,
making 30,
40,
50%
or more
on
to pay
taxes are concerned
gift
The Treasury advocates the application of this
principle to corporations as well as to individuals.
in
tions
accordance
with
ability
of those corporations
invested capital.
profits
to
pay
calls
for
Taxation of corpora¬
higher
taxes
on
the
which have the higher rates of return on
are
given
their
a
newer
corporation which
much greater rate of return free of excess-profits tax than are
competitors.
The effect is to confirm monopolies and to pro¬
well-established
tect
prosperous
businesses against competition.
all classes of society, including laborers and
of the emergency period and not to press
for every possible dollar of advantage, they must be convinced that bur¬
dens are being distributed according to ability to bear them and that no
one is making unreasonably large profits.
The imposition and enforcement
of a true excess-profits tax will thus help to prevent inflation.
(c) If
farmers,
we
to
are
expect
to accept the sacrifices
Faithfully
requisitioned after other
requisitioning
Committee said
Secretary of the Treasury.
The
of
"any
The
White
he did not
see
"some little machine from the
The following is the
appendix referred to by the President
which Secretary Morgenthau cited
tions avoiding
excess
Examples of Corporations Escaping
actual
A.
corpora¬
Excess-Profits Taxes
which the present law and the committee's tentative plan
exempt large amounts of excess profits is illustrated by the following
The
leave
examples of
profits taxes:
way
in
all taxes an automobile company made during the base-
1939 approximately 25%.
Practically all
(95%) of this apiount can be earned and yet be free from excess-profits
tax under the present law and under the committee plan.
In 1940 the
years
of
measure
House Military
how members could oppose taking over
Army officials have charged that second-hand dealers in particular have
boosted prices on
needed articles.
Two minor amendments attached to the bill
by Mr. May provide that
without allowance for prospective profits, shall
"fair market value,"
Another prevents seizure of firearms
paid for requisitional material.
needed for personal protection or sport,
citing the constitutional right to
keep and bear arms.
♦
Hearings Concluded by House Committee
on St. Law¬
Projects—Committee Acts to Inl
elude Legislation in Omnibus Flood Control BilAs
Favored
by President
Roosevelt—Secretary
rence
Seaway
Wickard
Seaway—Lake
Approves
Carriers
and
Others Voice Objections
Hearing before the House Rivers and Harbors Committee
the proposed St. Lawrence Seaway and Power Project
concluded this week; at the concluding day's hearing on
on
were
Aug. 6 it was made known by the chairman of the committee,
Representative Mansfield that he had received from President
Roosevelt a letter advising the chairman that he (the Presi¬
dent) had no objection to provision for the construction of the
waterway in the pending omnibus flood control bill.
In
advices on Aug. 6 from Washington to the New York
"Journal of Commerce" it was stated:
of the seaway project have conceded that It would
tied in with the
Many supporters
have little chance of passage in the House unless it were
omnibus bill.
The latter contains several projects of local interest to several
sections of the country and
The seaway measure
authorizes the expenditure of some $281,000,000.
would add $285,000,000 to this amount.
Republicans have objected to the seaway project because of the cost and
it would take for its completion and many Democrats
have asserted that they will not vote
are
of the Connecticut River,
Tombigbee
River
for it until local projects in which they
These projects are for the improvement
interested have been cleared.
the East River channel, the Savannah River, the
(Alabama), the Illinois Waterway and the Columbia
River.
The committee in acting on
the President's letter yesterday
(Aug. 8) approved the $285,000,000 St. Lawrence seaway
and the $160,000,000 Florida ship canal for inclusion in the
omnibus measure, according to Associated Press advices from
Washington which said:
Committeemen reported that the vote on
the controversial seaway, advo¬
Roosevelt as a national defense project, was 17 to 8 and
the Florida ship canal 14 to 10.
cated by President
but rejected
provision calling for tolls on the Florida canal
suggestions that tolls be provided for in the seaway develop¬
ment.
said that under treaties with
requiring tolls on the St. Law¬
waterway.
Two witnesses were heard
by the committee at the final
public hearing, said an account from Washington Aug. 6 to
the New York "Times," from which we quote:
They were Leon Henderson, Administrator of the Office of Price Admin¬
istration and Civilian Supply, who favored it, and Dr.
director of the Bureau of
Julius H. Parmelee,
Railway Economics of the Association of American
Railroads, who was in opposition.
examples:
After paying
period
approved
the
junkyard" needed for defense, after drafting
Canada Congress could not enact legislation
House.
The
for service.
rence
in
property."
Chairman May of
Chairman Mansfield, Democrat, of Texas,
President,
of obtaining them
1, 1943.
The committee adopted a
MORGENTHAU JR.,
means
As submitted by the War Department it originally
limits powers to July
on
yours,
HENRY
naval equipment, supplies,
machinery, or articles needed in their servicing and operation.
or
the length of time
has been making a high rate of return in
the period from 1936 to 1939 is given, by the existing law, a competitive
advantage over newly organized concepis or those struggling to establish
themselves.
The older corporations which have been earning high profits
(b) The
amendments from the
approved, the bill authorizes the President to take over for defense
1936
excess-profits taxation unless they are more than 95% of
earned in the 1936 to 1939 period.
Therefore, in
pending bill is inconsistent with the Treas¬
from
earnings
period)
return.
some
"fair and reasonable" terms any military or
on
the pending
between
plan.
Senate-approved bill thus requiring a conference for ad¬
justments.
A Senate-House committee on Aug. 7 agreed
on
a compromise
bill after eliminating a House-approved
prohibition against removal of machinery or equipment from
a manufacturing plant
when its use was necessary to the
operation of the plant.
Passage of a similar bill by the Senate on July 21 was
reported in these columns July 26 page 472.
Regarding
the House measure the Washington "Post" of Aug. 6 said:
adhered to the
in excess of a
position that the excess-profits tax should apply to profits
reasonable return on invested capital.
Many corporations
and the committee
law
1941.
returns, the condition being
to
of
free
Administration's modified draft
be
joint-tax returns:
The Treasury indicated to the Ways
its conditional approval of mandatory joint-tax
Mandatory
Means
and
earn
Senate Measure
the
(2) the excess-profits-tax provision.
to
House Passes Bill to Requisition Property for Defense—
Goes to Conference for Approval of Changes from
men
You have asked me to indicate the position
President:
Mr.
tax.
continue
can
of profits which are commonly defined
as
excess-profits tax under the present
Managing the bill to passage,
the Treasury's position on
18% of invested
free
reported equity capital.
1940
large amounts of the kind
excess
be
of excess-profits
free
earn
manufacturer
excess-profits tax over
as
amount will
which
and the committee's tentative
have been exhausted.
President,
The
manufacturer of tractors with nearly $50,000,000
a
law
present
authorized
The
the present law.
averaged, after all taxes, approximately
1936-39,
The materials could be
dougiiton.
approximately
after the payment of taxes, will be
of excess-profits tax
plan.
O. Similarly, a company which has practically a monopoly on one of
the important defense materials had earnings, after taxes, during the base
period years averaging approximately 19% of its 1940 invested capital,
capital
munitions
'
Sincerely yours,
..
earnings of
of invested capital
The
letter relating to hidden taxes, the
the views expressed by you than
recommendation made by the Treasury Department to our committee.
With
committee
the
B.
the administration.
senting
concern,
26% of its invested capital under
reconcile the testimony of different officials repre¬
of its hearings to
course
representative of the
the Treasury as the
emphatically by
so
administration.
earnings of this
myself,
including
committee,
771
Financial Chronicle
1936 through
Mr. Henderson said completion of the seaway was
Nation's race of production with
both consumer and
increases are
Hitler."
"a vital part of the
He said increased production of
defense goods would be aided by its completion.
These
"absolutely necessary to the Nation's security," he said.
.
.
The Commercial & Financial Chronicle
772
Dr. Parmelee told the committee that completion of the
seaway would
cause railway revenues to decline at least $105,000,000 a
year due to direct
traffic diversion and the drop of coal tonnage shipped by rail.
he explained,
is based
traffic which will
Such
upon
move
the proponents' estimate of the
the waterway.
on
This figure,
.
.
director
Richard Maize of Harrisburg, Pa.,
An item
.
large decrease in railroad revenues, he continued, would deprive
railroad labor of about $45,000,000 a year in wages and would lessen
the
a
ability of the carriers to buy the products of industry to the extent of $30,a year.
He said the annual tax loss would be $10,000,000, which he
issue, page
of its cost of
as one
element
Net railway earnings, used to pay interest, rentals and other fixed
charges,
by $17,000,000 a year, Dr. Parmelee asserted.
The testimony of Secretary Stimson,
have preceded me here,
Secretary Knox, and others, who
has made it clear that the St.
would measurably advance our defense efforts.
Lawrence project
They have testified that
the transportation facilities, the electric power, and the
ities which would
be made available
ship-building facil¬
by construction of this project are
badly needed and that these facilities
would
make it
possible for
expand
our production of defense materials.
I accept their
this point, and I am sure that American farmers do likewise.
We
facing at this time
are
a
we are not
to
on
serious prospect of insufficient transportation
capacity to meet all the needs of agriculture.
tation f acilities
us
judgment
going to
be
Without increased transpor¬
able to
move our
increased defense
production of both industrial and farm goods without delay and
difficulty.
The burden on the railroads has been further increased
by the shift of ships
in coastal and intercoastal runs to trans-Atlantic
Intercoastal
runs.
by way of the Panama Canal has been materially reduced and this
added demand
on
shipping
means an
transcontinental freight carrier.
All of this adds up to a very real
danger that we may soon be unable to
transportation needs of agriculture.
The Department oi Agricul¬
meet the
is taking steps to minimize the effects of such
shipping shortages.
Ever-normal granary supplies of wheat and corn are
being moved into the
ture
East
for future
As supplies
use.
are
used
for
feeding,
Such
portation capacity to meet the needs of the years to
In my opinion, construction of the St. Lawrence
come.
.
.
.
seaway is one important
method of relieving the pressure on railroad and other
transport services in
The seaway would be a useful
the future.
auxiliary form of transportation
in time of crisis, and linking our whole inland
waterway system, embracing
by Resistance
formal statement commenting on the
a
French-Japanese
covering French Indo-China
Acting Secretary of State Sumner Welles said on Aug. 2
that efforts to find justification for the pact on the
ground
that Japanese "assistance" is needed cannot be discovered
and warned that future relations with the
Vichy Government
by the United States will depend on their effectiveness in
protecting their territories "from domination and control
by those powers which are seeking to extend their rule by
force and conquest, or by the threat thereof."
Saying that
the agreement virtually turns over to Japan an
important
part of the French Empire Mr. Welles declared that the
French action in permitting Japanese occupation of bases for
military operation "presents a situation which has a direct
bearing upon the vital problem of American security." Mr.
Welles also recalled that the Vichy Government had re¬
peatedly assured the United States of its determination
"to
resist
all
territories."
issued
encroachments
a
July 24 that "there is
on
the sovereignty of its
upon
He also reiterated
view made in
a
statement
threat to French Indo-
no
China unless it lies in the expansionist aims of the
Japanese
Government; this previous statement appeared in
of July 26, page 476.
issue
our
In another item in these columns
today we refer to the
French-Japanese pact for the "joint defense" of French
Indo-China.
Mr. Welles's statement follows:
measures
expansion of trans¬
Defense of
That United
on
Be Governed
"common defense" agreement
Eastern storage
stocks will be replenished to maintain available
reserves.
cannot be regarded, however, as substitutes for needed
Will
Axis Power Demands for Territories
to
In
Relations
Aug. 2
our
Action of French
on
Acceding to Japan
Indo-China—Warns Vichy
French
States
would also be lowered
Secretary of Agriculture Claude E. Wickard in a statement
on Aug. 4
supported the project and stated
that "the farmers of this country have two main interests in
the Great Lakes-St. Lawrence seaway and
power project"
"Farmers need more adequate and cheaper
transportation,"
he said, "and farmers are vitally concerned with national
security." In part Secretary Wickard added:
Pennsylvania.
bearing on the hearings appeared in
631.
Government in
operation."
to the committee
and
Secretary of the Depart¬
Acting Secretary of State Welles
000.000
maintained "should be charged against the waterway project
Aug. 9, 1941
Tennessee Manufacturers Association
ment of Mines of
of
amount
the
of
The French Government at
Vichy has given repeated assurances to the
Government ot the United States that it would not
cooperate with the Axis
powers
beyond the obligations imposed
would defend the
on
on it by the armistice, and that it
territory under its control against any aggressive action
the part oi third powers.
This
Government
has
now
received
information
the Mississippi, the Ohio, the Illinois, the
Tennessee and other rivers, and
the Louisiana-Texas intro-coastal
waterway, will bring the benefit of cheaper
so-called "common defense" of French Indo-China.
transportation to practically all American farmers.
of
the
of
terms
the
ment
Alvin W. Vogtle, of Birmingham,
Ala., President of the
National Association of Shippers'
Advisory Board described
Aug. 4 as "fantastic in peace-time and madness
in war."
The proposed St. Lawrence
seaway "has every
element of preponderance of evil rather than
good for the
American people as a whole," it was stated
by J. G. Luhrsen,
executive secretary of the Railway Labor Executive
Associa¬
tion, on Aug. 4, according to the New York "Journal of
Commerce" which also quoted him in
part as follows:
the
project
"The
on
project," Mr. Luhrsen said, "will
defeat the
avenue
of decentralization when the
emergency is over.
danger of foreign entanglements which
resources.
defense
we
The
Five
concentrate and centralize and
It will harm
one
can
of the most
be obviated if
important
we
arms
It invites
utilize
our own
of inland national
have today—the railroads.
same
witnesses
representing the
International
Longshoremen's Union,
testified in opposition to the seaway plan as
being inimical to their interests
and that of the nation at large.
Representatives Halleck of Indiana repre¬
senting the Indiana Chamber
of
Commerce, and W. D. Johnson, Wash¬
ington, D. C., vice-president of the Order of Railway
Conductors, also
opposed the bill.
J. M. Hood, President of the American Short Line
RR.
Association opposed the project on
Aug. 5, as did H. A.
Stansbury, managing director of the West Virginia Chamber
of
Commerce; Herbert S. Salmon, representing the Associated
Industries of Alabama and several others.
Under date of Aug. 1 in its advices from
New York "Times" said:
Washington the
.
.
.
construc¬
tion of the seaway needs
merely
Congress
He
was
argued
a
not in accordance to
that
the
agreement
majority approval of both Houses of
the Constitution.
provides
between the nations and thus constituted
cation
by the Senate.
proposal
was
It
was
a
for
"political
cooperation"
treaty needing two-thirds ratifi¬
in the form of such
a
treaty that the seaway
beaten in the Senate several
years ago.
Governments covering the
In
effect, this agree¬
"assistance"
is needed
because
of some menace
there is
to
the territorial in¬
The Government of the
United States is unable to accept this explanation.
As I stated
on July 24,
question of any threat to French Indo-China, unless it. lies in
Government.
no
the expansionist aims of the Japanese
The turning over of bases for military
operations and of territorial
rights under pretext of "common defense" to a power whose territorial
aspirations
the
upon
apparent, here presents a situation which has
are
vital
problem
of
American
security;
For
beyond the scope of any known agreement, France has
a
direct bearing
reasons
now
which
are
decided to per¬
mit
foreign troops to enter an integral part of its empire, to occupy bases
therein, and to prepare operations within French territory which
may be
directed against other people friendly to the people of France.
The French Government at
Vichy has repeatedly declared its determina¬
to
resist
all
encroachments upon the
sovereignty of its territories.
However, when German and Italian forces availed themselves of certain
facilities in Syria to carry on operations directed
against the British, the
French Government, although this was a plain encroachment on
territory
under French control, did not resist.
But when the British
undertook
defense operations in the
territory
of Syria, the French Government did
resist.
"5-■V■,
v/
Under these circumstances this Government is
impelled to question
whether the French Government at
Vichy in fact proposes to maintain its
declared policy to preserve for the French
people the territories
both at home
and abroad which have
long been under French sovereignty.
This
Government, mindful of its traditional friendship for France, has
deeply sympathized with the desire of the French people to maintain their
territories and to preserve thein intact.
at
In its relations with the French
Vichy and with the local French authorities in French
territories, the United States will be governed by the manifest effectiveness
which
those
authorities
endeavor
to
protect
these
territories
from
domination and control by those powers which
rule
by force and conquest,
or
are seeking to extend their
by the threat thereof.
Secretary of State Hull revealed on Aug. 7 that the Vichy
Government had sent an official note stating in general terms
its position
regarding the defense of her empire. This was in
reply to Mr. Welles's statement of Aug. 1. When asked at
his
press
conference whether
satisfactory,
would
be
Mr.
Hull
watched
stated
before
any
the
French
that
assurances
further
were
developments
decision is reached
on
the
subject.
♦
Ml Other witnesses opposed to the sesway who were heard
today included
John T. Corbett, national
legislative representative of the Brotherhood of
Locomotive Engineers, Samuel H.
Williams, secretary of the Joint Executive
Transportation Committee of Philadelphia Commercial
Organizations, and
James A. Nesbitt, secretary-treasurer of
the International
Railway Asso¬
ciation.
It
ese
with
Gilbert S. Johnson, counsel for the carriers'
association, asserted that the
Administration's contention that the agreement with Canada
for
Japanese
tegrity of French Indo China by other powers.
Government
A. T. Wood, President of the Lake Carriers
Association, said that navi¬
gation phases of the St. Lawrence seaway could not aid the national
defense
ship construction program at this time, as
shipbuilding facilities on the
lakes had been "overestimated."
French and
virtually turns over to Japan an important part of the French Empire.
Effort has been made to justify this agreement on the
ground that Japan¬
tion
advices said:
between the
agreement
Secretary
of
State
There is World
In
Statement
Sees
Hull
Says
Movement of
Issued
Successful
Upon
Resistance
Recent
Events
Prove
Conquest by Force—
Return
by
After
Illness
Remaining
Free
Peoples
was
contended
on
July 31 by E. H. Thornton, general
of the New Orleans Joint Traffic Bureau, that New
Orleans and the steamship lines
operating from that port
would be adversely affected
manager
by the development of the pro¬
posed project. Others voicing objections "Journal of Com¬
merce" reported on that
day were Stephen C. Lush, Deputy
President of the Brotherhood of Railroad
Trainmen; C. E.
Widell, of Nashville, Tenn., transportation adviser
Southern
States
Industrial
Council
and
of the
transportation
Upon his return to his official duties on Aug. 4 after an
absence of nearly two months due to ill health,
Secretary
of State Cordell Hull declared that recent
developments have
given the "most clinching demonstration" that "there is a
world movement of conquest by force,
accompanied by
methods of governing the conquered peoples that are rooted
mainly in savagery and barbarism." In a formal statement,
Mr. Hull said the situation calls for
tion for
our
National defense and
"ever-increasing prepara¬
ever-increasing production
The Commercial &
Volume 153
of
Financial Chronicle
military supplies both for ourselves' and those "resisting
conquerors."
He added his belief that
the would-be world
"a successful resistance
to the present
The text of the
no
Secretary's statement
my
given of what
of
some
was as
for
some years
have insisted
was
that
Notes
•
accompanied
rooted mainly in
are
and barbarism.
savagery
fense and
ever-increasing preparations for
our
are
resisting the would-be world
conquerors.
On these
points there should be absolute unity among the American people, in the
first place, and among the other
-V '
quered,.-.'
free peoples who have not yet been con¬
p. i-V
v
With full effort and
P
'•
ever-increasing production and preparation for de¬
fense, whenever and wherever such defense is most effective, a successful
resistance to the present world movement of invasion and destruction can be
made, and in my judgment undoubtedly wiU be made.
I feel very
strongly that, with unity of purpose, maximum effort and firm
determination, the remaining free peoples of the world will win, and that
those who
are at
present the victims of the forces of barbarism can hope
for the restoration of their human rights and liberties.
Defense
Savings Bond Sales Pass $1,000,000,000 Mark
Three Months—July Sales Amounted to
$342,132,000—Secretary Morgenthau Praises Re¬
First
in
sponse
Secretary of the Treasury Morgenthau announced on
Aug. 1 that the sale of defense savings bonds passed the
$1,000,000,000 mark on July 31. In the three months since
the defense savings program has been in operation bond sales
amounted to $1,006,477,000, onsisting of the following items,
with figures rounded to even thousands (cost price):
In
sold
on
commenting on the results of the sales so far Mr.
said that they "are ringing proof that we
unite in defense of
can
of the Secretary's statement is as
Scries
E,
Series F,
$348,373,000,
our
liberties."
Cash
$94,052,000,
and
G,
acceptable in payment of Federal income taxes is
These notes, which
were placed on sale Aug. 1 at the Treasury and the at Federal
Reserve banks, with local banks permitted to take orders
for their customers, are of two series, Series A, for smaller
taxpayers providing a return of 1.92% a year, and series B,
for the larger corporate and individual taxpayers, earning
about 0.48% a year.
A full description of these tax notes
was given in these columns of Aug. 2, page 625.
According to the Treasury statement for Aug. 4 the sale
of these notes in the first four days was over $51,000,000.
Mr. Morgenthau revealed on Aug. 4 that one corporation
has purchased $17,000,000 of the Series B-1943 tax notes.
In order to meet
over
$1,000,000,000
of yesterday, July 31.
as
I congratulate all those
This is great and good
news.
whose united cooperation has made it possible.
congratulate especially the multitude of patriotic Americans
who
I
have
begun to invest their savings for their country's freedom.
has been raised in the American way, by cooperation
The first billion
rather than compulsion.
raised in the
same
I am especially
I
confident that the second billion can be
am
democratic way yet still more speedily.
glad to see that the sales of the Series E. bonds, "the
people's bonds," were 37% greater in July than in June.
When it is
remem¬
bered that nobody may buy more than $5,000 of these bonds in any one
year,
it
among
seems
plain to me that the good habit of thrift is spreading fast
the American people.
the
the workers themselves.
Defense savings stamps are now being sold by more
than 30,000 retail stores in addition to 16,000 postofficesand 10,000 com¬
mercial and savings banks and savings and loan associations, and we intend
in the next few weeks to double and redouble the number of these outlets.
Just
savings
three
months
bond,
when the President
ago,
he spoke of it as a
Government and all the prople.
of the
bought the first defense
"token of partnership" between the
Today I had the honor of selling to the
tax anticipation notes which
the first
easier for
taxpayers to carry their share of the cost of national defense.
new
Both the tax notes and the savings bonds are tangible evidences of partner¬
ship and of participation by the citizen in the defense effort.
The result
so
far
are
defense of our liberties.
ringing proof that we Americans can unite in
a
And
we
cor¬
original plan these notes
to be issued in denomina¬
$10,000 and $100,000.
were
OPM Orders
Processing of Raw Silk Stopped—OPACS
Rayon Producers to Allot 10% of Their
Supplies for Silk Mills—Program Launched to Get
Silk Industry Back to Normal
Directs
The Office of Production Management
that all processing of raw silk be
Edward
conserve
R.
ordered
on
Aug. 1
stopped at midnight, Aug. 2,
all present
supplies for defense needs.
Stettinius Jr.,
Director of Priorities of the
OPM, issued the order after being informed by the Army
and Navy that the total reserves of silk in the country were
needed to fill the Nation's minimum military requirements
for parachutes and silk powder bags for the next two years.
This order, which freezes all stocks of raw silk in processing
mills, is an amendment to the order issued by Mr. Stettinius
on July 26 which froze only stocks in warehouses and per¬
mitted the processing to be continued at the levels prevailing
during that week, as referred to in our issue of Aug. 2, page
633.
Mr. Stettinius's order of
Aug. 1, said:
No person shall after 12 o'clock midnight on Saturday,
throw, spin
or
Director
the
otherwise
process raw
Aug. 2, 1941,
silk, unless specifically authorized by
of Priorities.
A mill which possesses any thrown silk—silk
in the semi-processed state,
ready for weaving or knitting—may use up the stocks which It possesses."
Aside from that, and from such mills as may
operate in order to
fill Army
or
obtain specific permission to
Navy contracts, there can be no furthe
silk manufacture under present conditions.
will make it
President
unexpectedly heavy demand by
tions of $100, $500, $1,000,
Systematic savings plans are now in operation in hundreds of factories
and offices from coast to coast, in every case with the willing approval of
an
porations for the notes, the Secretary revealed on Aug. 7
that the Treasury has decided to issue the Series B-1943
notes in denominations of $500,000 and $1,000,000.
Under
in order to
in May.
Cash deposits at the Treasury from the sale of defense savings bonds went
The amount of Series A
notes
$564,-
receipts for July were $342,132,000, compared with $268,965,000
in June and $438,230,000
in his executive offices, the President
ceremony
limited to $1,200 in any one tax year.
The text
Series
a
of the cost of national defense.
follows:
053,000.
was
brought 12 of the $100 tax Series A-1943 notes, which are
designed to make it easier for taxpayers too carry their share
Morgenthau
Americans
tax-anticipation notes
Aug. 1 to President Roosevelt by Secretary Morgen¬
At
national de¬
ever-increasing production of military supplies both for ourselves
and for those who
Added
The first of the Treasury's new
thau.
That situation calls for
Purchases
Roosevelt
being planned.
That is, that there is a world movement of conquest by force,
by methods of governing the conquered peoples that
referred to in these
was
$1,200 of New TaxAnticipation Notes—First Four Days Sale Over
$51,000,000—Two New Denominations for Series B
follows:
absence the most clinching demonstration has been
us
filling stations
632.
page
♦
President
rational person needs any agrument to convince him
during the weeks of
for
Aug. 2,
world movement of
invasion and destruction" will be made.
I think that
The curfew
columns
773
The action,
expected to force the silk industry to shut down
and throw 175,000 employees out of work, was caused by
the unsettled conditions in the Far East due to the break in
States and Japan.
complete dislocation of the silk
economic relations between the United
have only just begun.
In
an
effort
"to
avert
hosiery and civilian silk weaving industry," the Office of
Price Administration and Civilian Supply on Aug. 2 ordered
Compulsory Plan to Conserve Gasoline orTEast Coast
Seen in Near Future as Sales Again Increase—
Four American Tankers to be Transferred to Russia
—Oil CoordinatorIckes Warns of Aviation Gasoline
Shortage
Defense Petroleum Coordinator Harold L. Ickes
on Aug. 4
expressed satisfaction with the first results of compliance
with his recommendation that filling stations in the Atlantic
Coast States close from 7 p. m. to 7 a. m.
Mr. Ickes added
that unless the motoring public fully realizes the fact that if
voluntary curtailment in the consumption of motor fuels fails
"more drastic steps will have to be taken."
However on Aug. 7 he expressed disappointment with the
results to his appeals for a voluntary cut of one-third in the
use of motor fuel, revealing that deliveries to gasoline filling
stations during the week ended Aug. 1 in the Atlantic sea¬
board States increased almost 1%.
The filling station cur¬
few went into effect on Aug. 3.
He also disclosed on Aug. 7
that he had two or three plans for mandatory rationing under
consideration but hoped that such a program would not be
necessary.
At the
same
time Mr. Ickes announced that four American
tankers would be transferred to Russia from the West Coast
fleet to haul aviation
might contribute to
but would
not
be
a
as
He said that the transfer
slight shortage in West Coast areas
and stocks for allocation among silk users.
The OPACS emergency program
yarn
severe
as
that in the Eastern States
Great Britain.
Mr. Ickes also predicted on Aug. 7 that there would be a
shortage of aviation gasoline in the United States unless the
refining capacity for producing this fuel was expanded im¬
mediately to take care of foreign and domestic requirements.
will require rayon producers to set aside
of the types adaptable to manufacture of hosiery and
other products
While 10% of total rayon production and stocks will
earmarked, only 70% of this will be made available immediately to
normally made of silk.
be
hosiery mills.
had
The remaining 30% will be held for other manufacturers who
undue hardship which may result for
been using silk and to relieve
present customers
of the rayon industry.
6 the details of a broad program designed to
reestablish the silk industry, to maintain employment of silk
workers and to assure the Nation of an adequate supply of
On Aug.
hosiery and other articles formerly made of silk were an¬
nounced by OPM Associate Director Sidney Ilillman, Price
Administrator Henderson and OPM Purchasing Director
Donald M. Nelson.
Regarding this plan United Press ad¬
vices stated:
gasoline.
caused by the transfer of 50 tankers to
producers to set aside 10% of their production
Leon Henderson,
head of OPACS, also on Aug. 2 issued a schedule of ceiling
prices for the principal grades of raw silk and silk waste,
based on a maximum price of $3 /08 per pound for the basic
grade of raw silk known as D grade, 13-15 denier.
Regarding the rayon program, the Associated Press re¬
ported:
y:Jyp—^P'.r' ypp'Pt
rayon yarn
A special
joint commodity section on silk was established, headed by
Rosenwald of Philadelphia, retired Chairman of the Board of
Roebuck & Co.
section will study methods of maintaining opestions in the silk
Lessing J.
Sears,
The
industry by the use of substitutes,
conversion of hosiery and "throwing"
allocation of rayon yarn to the
capacity to the use of substitute fibres and
industry.
"We
as
are
going to try to get the industry as nearly back to a normal basis
possible," the three defense officials said in a joint statement.
774
The Commercial & Financial Chronicle
OPACS Revises Ceilings on Superfine Combed Cotton
Yarns—Other Prices to Be Continued
Leon
Henderson, Administrator
Administration
and
of
the
Office
of
Civilian
Supply, announced
that combed cotton yarn ceiling prices established
schedule No. 7, as amended, would be continued
present, except as applied to superfine yarns (86s and
which are being adjusted upward from XI to 24
pound by a new amendment to the general schedule.
ing this action, Washington advices to the New York
Tribune" of Aug. 1 saia:
Price
Aug. 1
in price
for
the
higher),
cents
Regard¬
"Herald
He requested that normal trading operations continue at present
prices,
adding that this was the only basis that would make it possible for OPACS
to avoid placing ceiling prices for combed cotton
yarn on a permanent and
nonadjustable basis.
On the superfine yarns the new schedule prices a pound are as follows:
868—single, $1,2-ply, $1.12. 90S—single, $1.08,2-ply, $1.20. 1008—single,
$1.28, 2-ply. $1.42. 110S—2-ply, $1.64. 1208—2-ply, $1.88.
Mr. Henderson pointed to the generally favorable
earnings in the
and to the fact that the original ceilings allowed for
increases in raw material costs.
Moreover, he said,
state of the cotton market does not
justment of the ceiling.
to make
provide
Stocks of cotton
adjustments which
based
are
are
on
a
the
a
industry
cushion
present
on
unsettled
stable basis for upward ad¬
large and it
seems
unnecessary
continuous rise of cotton
prices,
he declared.
Previous
revision
of
the
combed
reported in these columns July 26,
was
Rubber
Reserve
facturing
Federal
Co.
Sell
to
Industry
Loan
Administrator
page
Crude
22^
at
cotton
Jesse
yarn
schedule
478.
Jones
Manu¬
to
Pound
a
as was
announced
on
noted in these columns of June 28,
page 4055. It was explained that the price of 22 l/z cents per
pound is necessary to cover the over-all cost of rubber and is
concurred in by Price Administrator Leon Henderson. This
action is in accordance
June of
steps to
with Mr.
Jone's announcement in
the available rubber supply for
defense and commercial requirements.
conserve
Pig Iron and Copper Under Full Priority
Control—OPACS Sets Price Ceiling for
Copper and
Fir Plywood
The
Office
copper
tons.
With
respect to the third and final order covering copper,
deliveries may be made without specific authorization of
the OPM.
All manufacturers of copper will, after
no
Aug. 6,
have to apply to the Priorities Division for allocation
tificates.
The copper "emergency pool" for
cer¬
urgent defense
needs provided in an order issued May 31
by which the
industry was required to set aside 20% of its production is
abandoned under the new order.
The prior order was dis¬
cussed in these columns of June 7, page 3583.
On Aug. 5, Price Administrator Henderson announced
ceiling for
a
fixing the maximum price at 12 cents per
pound.
This was to conform with the OPM priority order
to prevent sales to different consumers at different
prices.
Mr. Henderson had previously
(Aug. 1) announced the
establishment of ceiling prices for Douglas fir
plywood, and
the logs from which the plywood is made.
The schedule,
effective Aug. 5, fixes price levels at those
prevailing last
May 1, thus eliminating a 6% price advance which went into
effect May 15.
It was explained that efforts to obtain
voluntary cooperation from plywood producers had been
"frustrated by the refusal of certain members of the
industry
to join in such a program."
copper,
Puts
Chlorine
Priority
and
Calcium-Silicon
Control—Eases
Rubber
Under
Order
for
demands.
Mr.
Stettinius said, but is insufficient
Full
placed under full priority
control on July 28 by general
preference orders issued by
Edward R. Stettinius, Jr., Director of Priorities of the
Office
of Production Management.
The principal defense uses for
chlorine are in the making of smokeless
powder, gases and
were
smoke-screen materials while calcium-silicon is used for the
treatment of certain high-grade steels needed for defense
production.
Regarding the control of chlorine, Associated
Press Washington advices
July 28 said:
Chlorine is used not only to bleach
paper but also to make
materials, anti-freeze compounds and premium gasoline.
that certain civilian
uses
of
drycleaning
Mr. Stettinius said
chlorine, however, would be exempted from
priority control.
The publishing industry, which
has
screen
materials.
„';Vl
V
Mr. Stettinius
rubber
over
About 247
\
•
July 28 also modified the priority control
prevent hardships on small processors.
on
to
firms, which consumed less than 10
tons
month
a
during the 12-month base period ended March, 1941, were
informed that they will not be
required to cut consumption
in August, provided not more than 10 tons are used.
Special
adjustments for 86 other firms, most of which are engaged
in defense work, were given for
August, but 144 large proces¬
sors, representing 90% of total consumption, were told that
no changes are
being Imade in their cases, and that they must
comply with the terms of the order, requiring August pro¬
duction to be limited to
94% of base period use.
The Government on June 21 halted
private imports of
rubber from the Far East and at the same time announced
formula for reducing civilian rubber
reported in
OPACS
consumption; this
issue of June 28, page 4055.
our
Permits
Paperboard Price Rise of $2.50
of Rocky Mountains
An agreement
by $2.50
a
was
Ton
a
increasing the base prices of paperboard
ton east of the Rocky Mountains has been reached
office of Price Administration and Civilian
a
the
Supply and leading paperboard producers, it was announced
Aug. 4 by Leon Henderson, OPACS Administrator. The
was permitted, it was
explained, in order to conform to
increases in the price of waste
paper, the principal raw
on
rise
material.
Associated Press
further reported:
The
Washington advices of Aug. 4
voluntary agreement, effective
until
Oct.
1, fixes
manufacturers'
price at not more than $45 a ton for chipboard, $60 a ton for
single manilalined board and $75 a ton for white
patent coated news board.
A schedule
of customary price differentials based on
quantity, weight, and special
quirements
The
June 12 and
re¬
also fixed.
was
initial
agreement
was
based
stabilizing
paperboard
prices
the price of waste paper as of
on
was
worked
May 29.
out
Waste
paper prices rose $3 to $4 a ton in the weeks
they
immediately following, UDtil
recently stabilized by an agreement by OPACS with members
were
of that trade.
agreement
brings prices of that
with current prices on the three low
Mr.
to
Henderson said
report
commodity into line
grades of waste paper.
members of the
paperboard
him any instances of infractions of
to
Railroads
Reject
Wage
industry
were
urged
the prices established-
Demand—Unions
Strike
about 25% of the chlorine output,
on
its consumption.
Call
For
Vote
The American
railroads, on Aug. 5, rejected demands of
"big five" operating brotherhoods for a 30% increase in
wages.
The carriers' conference committee also rejected de¬
the
mand
of
the
14
non-operating unions for increases of
hour in wages and a 70-cent
Fred G. Gurley, speaking for the
cents
an
an
30
hour minimum.
committee, said the nego¬
tiations, called the "30% case", should more properly be
40% case, as the demands would add more than
40% to railroad wage costs.
called the
"It is conceded," he said, "that there is
with
an increase in railroad
business,
resulting increase in net income, due almost solely to additional
No one knows how long these conditions will
continue,
some
defense business.
and
what the additional costs of operation will be in
handling this addi¬
or
tional
business,
or
how high taxes will
mount.
"Earnings of American railroad workers
are
now
the highest they have
been, in spite of the struggle the railroad industry has had to survive."
He said average annual compensation of Class I
railway employes in 1940
ever
was
$1821, compared with $1791 in
1939, $1688 in 1937, $1348 in 1933,
$1659 in 1929 and $1787 in 1920.
Representatives of 19 railroad labor brotherhoods,
meeting in Chicago,
voted to take immediate strike votes
among their 1,200,000 members after
the carrier managements had
rejected their demands for higher wages.
It
was said that results would be known
within a week.
Decision to take the
vote
was
quickly
interpreted
as
as a move by labor to
bring the issue to a head as
possible. ,The strike ballots will be based on the unions' demands
for higher pay and counter proposals for
changes in working rules
as
pre¬
sented by the carriers.
Calling for
strike is
method whereby the dispute can be
brought to
mediation before the National Board of Mediation—a
Federal
a
a
agency which
has
a
next to
perfect record in preventing actual railway strikes.
The dispute on which the agency will sit in
judgment is this:
The unions representing the men who run the
trains are
asking a 30%
The non-operating unions (maintenance
men,
etc.) want rises ranging from about 40% up to
a
top of 95%.
Strike at Timken Roller
Bearing Plant
Employees in the carburizing department of the Timken
Roller Bearing Co. plant in Canton, Ohio went on
strike for
higher wages on Aug. 7.
Reporting this Associated Press
Canton advices of Aug. 7 continued:
Company officials said that 27 employees left their jobs
mands for
a
wage increase and that 73
carburizing workers
The paper in¬
to enforce
on
de¬
three other
shifts had joined the work stoppage.
Other departments, employing a total of about
7,000, were not affected
immediately,
connection
company officials said.
with
a
Congress
Organizing Committee strike
of
at
They declared the walkout had
Industrial
the
Organizations-Steel
company's
no
Workers
Columbus, Ohio, plant,
where the S. W. O. C. asks the reinstatement of five
dismissed employees.
Carburizing workers, affiliated with the S. W. O. C. were
reported to
have asked
uses
agreed to voluntary restrictions
for all civilian
Between 30 and 50% of the output is now believed to be
going
Small
Processors
Chlorine and calcium-silicon
the full
of 10%, which
into defense orders, where it is used for smokeless powder, gases and smoke¬
:ncrease in basic wage rates.
OPM
initial cut
an
of
Production Management has placed
pig
under full priority control,
Edward R.
Stettinius Jr., OPM Priorities Director, signed an order on
Aug. 1 directing all pig iron producers to set aside each
month, beginning in September, a certain quantity for an
emergency pool, from which OPM will make allocations for
emergency needs.
All shipments to customers must be
approved by the defense agency. The indicated shortage of
pig iron this year, it is stated is more than 5,000,000 short
and
to
difference of about 5% in the shadings of paper.
The annual production of chlorine, estimated at 700,000
tons, is ample
The paperboard
OPM Places
iron
Stettinius said,
a
being studied.
are
for defense needs,
between
Aug. 6 that the Rubber Reserve Co. will make crude rubber
available to the manufacturing industry, at the dock or
warehouse, New York City at 22^ cents per pound for
No. IX ribbed smoked sheets, with appropriate differentials
for other types and grades.
The Rubber Reserve Co., a
subsidiary of the Reconstruction Finance Corporation,
became on June 23 the sole buyer of crude rubber
imported
from the Far East
expected to result in
1941
9,
East
Rubber
Cents
is
a
.
at present
dustry has agreed, Mr,
Further reductions
Aug.
a 5-cent
hourly increase in wages ranging from 72H to 82
Company spokesmen said that a 10-cent hourly rise was granted
workers under
a
new
contract
on
April 1.
cents.
to
all
Volume
United
The Commercial
153
Gypsum Strike
States
775
& Financial Chronicle
Certified to Mediation
Board
We strongly believe that the labor
policy of this company is not only in
conformity with the law of the land, but is also democratic and American
in character.
The strike which has closed 17
plants of the United States
Gypsum Co. since June 26 was certified by the Department
of Labor to the National Defense Mediation Board on Aug. 6.
advices of that
Reporting this Associated Press Washington
date continued:
Officials said that
about 3,000 members of the
Gas Byproducts, Coke
of the United Mine Workers, Congress
Organizations were on strike in a demand for a
by the department.
dustrial
of In¬
master wage agree¬
.v;V
producing building materials for ordnance plants.
Details were not released
The company has
been
Strike at Kearny, N.
Defense
J., Shipyards—Ties Up $450,000,000
By Navy Dept. Hinted—
Orders—Action
Company Statement
midnight August 6 at the Kearny, New
A strike started at
Jersey, yards of the Federal Shipbuilding & Drydock Co.,
where 16,000 workers were engaged on defense contracts
estimated at $450,000,000. The strike was called by local 16
of the Industrial Union of Marine and Shipbuilding Workers
(C. I. O.).
Acting Secretary of the Navy Ralph A. Bard,
in Washington on the strike on August 8, said,
the New York "Sun" of that date:
of America
see
that the
shall not be interfered with.
It is hoped that the strike can be settled at once, but if management and
labor cannot arrive at a settlement, steps must be taken which will in one
way or another put this huge shipbuilding plant back into production at
continued:
pointed out that the light
"Times" of August 7 said
The New York
regarding the
strike:
The strike began
officially when 3,000 men of the night
shift left the
their night's work. Three thousand others, scheduled to
replace them, failed to report at their jobs.
Union picket captains, who threw a line of 250 marching men in front of
the main gate of the yard, on Route 1, said none of the workmen entered.
In the plant, they said, there remained only a skeleton crew of 100 mantenance men, manning pumps and boilers, and a handful of Navy in¬
yards at the end of
spectors.
shortly before 9 o'clock last night by the
Board of the union, after a meeting at union headquarters at
call was issued
strike
West
and
Communipaw
Under its terms
from the yards at 7:30
Side Avenues, Jersey City.
day shift were to stay away
this morning, while 3,000 who left work last
10,000 men on the
midnight are to stay
when the evening shift starts this afternoon.
According to union claims, all but 1,000 employes
away
of the plant would
walkout which, they asserted, would be the most ex¬
the shipbuilding industry since President Roosevelt proclaimed
participate in the
tensive in
a
of America's largest and most important shipyards, with 18,000
one
employees—a shipyard which to date has established an enviable record
through I ts successful performance for national defense.
Propeller Plant of Curtis Wright Struck by Machinists
About 300 machinists at the Caldwell, N. J., propeller
plant of Curtis Wright went on strike Aug. 8, jeopardizing,
it was said, over $100,000,000 in defense orders.
The New
York "World-Telegram" of that date, said with reference to
the strike:
In
issued August 7
President, Federal Shipbuilding & Dry
called at midnight
the public interest, as it interrupts the
performance of a vital part of the national defense program.
Nothing is
more important at this time than the prompt enlargement of our Navy and
Merchant Marine.
This company has one of the largest shipyards on the
Atlantic Coast, which, with the exception of three oil tankers now under
construction, is solely engaged in the building of destroyers and cruisers
for the U.S. Navy and merchant vessels for the U.S. Maritime Commission.
The calling of this strike is a clear and unjustified breach by the In¬
dustrial Union of Marine and Shipbuilding Workers of America of its
solemn agreement, made on June 23, 1941, by which the union agreed that
there would be no strikes in the shipbuilding industry on the Atlantic
Coast prior to June 23, 1943.
This obligation by the union was contained
in the Atlantic Coast Zone Standards, agreed to by both this Company
A strike at our
Wednesday.
shipyard at Kearny, New Jersey, was
This seriously affects
which wages were increased
and the union, under
12% and other adjust¬
of establishing industrial peace in this
important Atlantic Coast industry for a period of two years.
These
Atlantic Coast Zone Standards were made effective as of June 23, 1941, by
action of the Secretary of the Navy, the Chairman of the United States
made, all for the sole purpose
most
Commission, and the Director
General of the Office
General and the Associate Director
Wages have since been
of Production Management.
paid at the increased rates.
Now, six weeks
after the conclusion
of this contract, the union, in entire
has called a strike against us—and also against
the national defense program.
This strike is not because of a disagreement
on wages or dissatisfaction with labor conditions, but because this company
is unwilling to consent to the union's demand that we shall contract that
the continued employment by this company of any employee who is now
or in the future may become a member of the union shall be dependent
disregard of its agreement,
member of the union in good standing. In plain
language, this means that this company shall be obligated to discharge
any employee simply because for reasons of his own he sees fit to withdraw
from the union or to discontinue paying union dues.
This constitutes the
upon
his remaining a
only issue of importance
called.
..
were
in
the
said, imperiled the entire production.
The welders and steel blade workers walked out, it was
had
been
authorized.
charged, without
Yesterday the union lost a Labor Board election
1094 to 526, to Propeller Craft, an independent union.
management's explanation of the strike was given to Mr. Knudsen
by Guy L. Vaughan, President, who said:
"These 300 men walked out simply because
A company
official said the steel blade stoppage will stop all other work,
the welders putting the steel plates
performing
they did not win yesterday's
That's the only real reason."
bargaining election.
most
together but the steel blade workers
other processes which
of the
are
needed
in propeller
manufacture.
"
.
in the dispute over
Want Double Time
'V"/v.-
of this company is that
shall not be dependent upon
ization, and
gain collectively through
dictation, coercion or
arrived at through
representatives freely chosen by them without
Under this policy a labor contract
in effect during the past
intimidation.
collective bargaining has been
three years.
munitions plants in the St. Louis area,
At two government
small arms ammunition plant and the
$34,000,000 TNT plant at Weldon Springs, construction
employees failed to report for work Saturday, Aug. 2, because
the War Dept. ordered that for Saturday and Sunday work
time-and-a-half be paid instead of double time as had been
the
$89,000,000
paid previously.
The layoff involved
at both
St. Louis advices of Aug. 2 to the Asso¬
said:
ciated Press
about 5,600 American Federation of Labor workers
plants.
At the TNT plant an
officer of the Fraser-Brace Construction Co., said
J. P.
Construction Co., said that
3,200 bricklayers and laborers did not report alhtough union heads had
that only 600
men out
of a normal shift of 3,000 were working.
Marshall, personnel director for the Fruco
ordered them on the job.
Mr. Marshall described the
work stoppage as "just a misunderstanding
that will be worked out in short
order."
Among those not working were
machinists, carpenters, steamfitters, iron
workers and lead burners.
.
tied up last week-end by a strike of
Work at the small arms plant was
2,700 building laborers because of the
discharge of two ice haulers.
They
returned to work Tuesday night.
At
a
$10,000,000 munitions plant near Kansas
laborers remained off the job due to a
Spokesmen for the Building
work
City, 5,500 A. F. of L.
similar overtime "misunderstanding."
Trades Council said the men would be back at
Monday.
Strike Ended at Plant of
At
halted
Newcomerstown
Ohio
work of 1 700 men on
Heller Bros. Co.
month-old dispute which
files and tools for ordnance
a
equipment at Heller Bros. Co. was ended Aug. 8 by a con¬
tract granting 5 cents hourly wage increases.
The striking
Committee for Industrial Organizations steel workers ac¬
cepted the contract although they
originally demanded a
10-cent rise.
Strike Ended at
The six-day
Sandusky, Ohio, Munitions Plant
strike of 658 American
Federation of Labor
carpenters on a $32,000,000 high explosives plant at San¬
dusky, Ohio, was ended Aug. 8 by an agreement reached at
a
conference of Army officers and representatives of the
strikers.
The carpenters agreed to resume
consideration of demands for 25-cent hourly
wage increases by the Quartermaster Construction Corps in
Washington. On Aug. 1 it was announced that about 2,000
of the 4,000 construction workers on the plant would strike
for their wage demands concerning which Associated Press
advices of Aug. 2 from Sandusky said:
contractors and
work pending
of L. iron and steel workers, electricians, steamfitters
the ground that pay for Saturday, Sunday
and holiday work had been cut from double time to time-and-a-half. R.E.
McCurdy, resident manager for the contractors, E. B. Badger and Sons
Co., said he expected an early settlement of this issue.
Another 600 A. F. of L. union carpenters voted to strike for $1.3714
Nearly 1,400 A. F.
and
plumbers called a strike on
hourly instead of
being paid at
Alcoa
the current $1,121^.
They said the higher wage rate was
the Iiavena, Ohio, ordnance
Plant
Operations
which the strike has been
the right to work in our shipyard
membership or non membership in any organ¬
that this company recognizes the right of its employees to bar¬
The policy
St. Louis Munitions Plants Refuse to Work
on
Saturdays and Sundays for Time and a Half Wage—
Following is the full text of a statement
by L. H. Korndorff,
Dock Company:
Maritime
polishers locals
and metal
machinists
two
walkout which, the management
limited national emergency.
ments
-
Caldwell,
been
worth of Government work.
o'clock
itely
day of national peril, public opinion should be effective in pre¬
strike of such an unjustified character from closing down indefin¬
a
Workers
cruiser Atlanta, which was to have
weeks because of the
strike and that more than 200,000 man hours of work are being lost each
day the 16,000 strikers are away from their jobs.
While discussions between representatives of the company and of the
C. I. O. Industrial Union of Marine and Shipbuilding Workers, the striking
organization, continued in Washington with OPM officials, another de¬
fense strike began at Caldwell, N. J.
Several hundred A. F. of L. workers
walked out of the Curtiss-Wright propellor plant, halting some $100,000,000
Executive
venting
take the water for two
launched tomorrow, cannot
The
highest wages, hourly and weekly, ever paid in the history of the
possible moment.
The "Sun" item
He
Our employees will
additional if the strike is successful. Today they are receiving
American shipbuilding industry.
The
settle labor disputes. It is its job to
production of combatant ships absolutely necessary for the
Navy and its defense program
the earliest
union through the extension of
Eastern shipyards.
making specific demands on the company, and the company said no strike
commenting
according to
function of the Navy to
It is not the
obtain nothing
the
In these
and Chemical Workers Union
ment.
The aim of this strike is to strengthen the
the principles of the closed shop to
plant.
Threatened by Union Dues
Check Up
Production
delays
were
threatened at the Newburgh,
Ohio, plant of the Aluminum Co.
and succeeding days this week
of America when on Aug. 5
the Congress of Industrial
Organizations Die Casters Union
up" at the factory.
on this action said:
conducted
a
dues "check
United Press advices of Aug. 6 bearing
The Commercial & Financial Chronicle
776
A force of
deputy sheriffs had been called to maintain
Newburgh, Ohio, plant amid
charges that
company
peace at Alcoa's
than 700 workers
more
Name
had been prevented from entering the plant since Tuesday.
A company spokesman said the compressor
vital in maintaining production on defense contracts.
It was under¬
was
stood the Federal Bureau of Investigation had been asked to conduct
an
inquiry.
About
150 pickets said they were turning away non-union employees,
some American Federation of Labor unions and members of
members of
their own union who were
only
delinquent in dues
The pickets said
payments.
few of the plant's 5,500 workers had been denied entrance.
a
voted
on
merce
and
July 24 to change the organization's name to Com¬
Industry Association of New York, at a member¬
ship meeting held in The Association's Assembly Room at
233 Broadway.
In a vote of over 50% of the membership,
in person and by proxy, John Lowry, The Association's
President, was authorized to file an amended certificate of
incorporation embracing the new name. The new name will
become effective at
War
to Change
Industry Association of
and
The members of The Merchants Association of New York
damaged.
was
Commerce
to
York Votes
New
York
New
The company also charged that a giant air compressor used to operate
forging hammers
Aug. 9, 1941
Merchants Association of
a
later date.
The announcement by the
May Cost Japan Much of Her World Trade in
Cotton, According to Report of Agriculture De¬
Association
partment
present name by carrying the subtitle "Established in 1897
Much
of
Japan's
export
in
trade
textiles—the
cotton
world's greatest in "bulk lines" until about five years ago—
be lost regardless of the
may
States
Department
of
war's outcome,
United
The members also voted to preserve the trade and historic value of the
chants' Association of New York"
matter.
30
July
on
in
a
group
in India are
A
from Japan
In
view of
textile
its
It is added:
these
industry
developments, the report points out that the Japanese
is
likely
former volume of
have
to
less
than
an
export trade after the
chance
even
regaining
war.
Last year the Japanese cotton textile output—which
the
of
normally constitutes
largest item in Japanese export trade and provides a considerable part
industral employment—was more than 50% below that of
of
Japanese
1936
and
1937.
since
the
middle
diificultiea
Japanese
of
with
1940
of
exports
as
belligerent
result
a
piecegoods
of
have
hostilities
in
declined
sharply
Europe and trade
countries.
Low labor costs, coupled with
development of mass production and skilful
merchandizing, enabled Japan in the interval between 1914 and the middle
1930'e io take over the greater part of the world's
export trade in the
"bulk
lines" of cotton goods.
,
also
increased
on
British India,
the
of
its
bulk
Oriental
In
the
same
Japan produces
greatly.
depended
domestic
consumption
cotton, and
the
industry
the United States, China and Peru for
finished goods were sold in nearby
Brazil,
requirements.
period
raw
no
the
beginning of the China incident in July, 1937, however, the
long upward trend in cotton textile output and exports has been sharply
reversed.
The
mainland
in
the
loss
and
of
use
difficulties,
of
cotton
shortage
of
by
cotton
transportation,
;
textile
and
market
costs,
population,
rising
the
on
enforced
Asiatic
foreign exchange
prices
of
raw
cotton
Charles
the Japanese Cotton Textile Industry,"
on
H.
Agriculture."
Barber, appears in the July issue of "Foreign
It shows that the loss of markets for Japanese cotton tex¬
tiles
and
at
home
abroad has greatly reduced the demand for American
Because of low prices of competitive grades of Brazilian
during the current season, the Japanese have shifted as much of
purchases to Brazil as available shipping permits.
As a result,
cotton in
cotton
their
Japan's
Japan.
imports
of
American
cotton
in
1940-41
(August-July) may not
bales, compared with 896,000 in 1939-40 and a pre-war
average (1932-33 to 1936-37) of about 1,700,000 bales.
Japanese imports of raw cotton during the current season are believed
exceed
100,000
have
to
been
that
are
or
from
of
considerably less than that consumed by mills.
stocks
is suffifient
have
for less
six to
cotton
been
than
reduced
nine months
piecegoods,
equivalent to
if
are
low
current
level
longer period
effect
on
since
the
of
than
Feb.
1,
on
1938,
domestic
and export
and
a
are
abnormally high
square
the export
demand
if released
would
strict
Indications
approximately 300,000
only domestic needs
however,
more
to
three months'
unofficially at about 1,500,000,000
was
Under the
new
bales,
considered.
and
which
requirements,
were
Stocks
estimated
yards at the end of 1940.
requirements for
fill
ration
domestic
basis.
one
needs
Mixing
year
for
This
at the
a
much
regulations in
require that
domestic market contain at
of service to the community and its members.
an
active hand in matters of importance to the
as to
the entire country.
Commerce and Industry Association of New York, the
name
proposed change in
July 8, page 43.
name was
referred to in
our
issue
Original Copy of First Credits for Canada Committee
Pledge
yy
Signed by President Roosevelt's Mother
as
Presented to Prime Minister Mackenzie King
Presentation to Prime Minister Mackenzie King of Canada
of the original copy of the first Credits for Canada Committee
pledge as signed by Mrs. James Roosevelt/the President's
mother, was made in Ottawa, Canada, on Aug. 6 by Arthur
S. Kleeman, organizer and National Chairman of the Com¬
mittee and President of the Colonial Trust
Co., New York
Participating in the ceremonies with the Prime Min¬
ister was the Honorable Joseph Thorson, Minister of National
War Service.
During the presentation, Mr. Kleeman re¬
ported to his hosts the progress of the campaign being made
by the Credits for Canada Committee, at the same time
presenting the first of the thousands of pledges being signed
by citizens of the United States promising that they will
endeavor to visit Canada during part of their vacations.
City.
Travel in Canada Aids Hemisphere Defense, According
to
A. S. Kleeman—Head of Credits for Canada
Committee Says Dollars Spent by American Trav¬
elers Are Used
practically all cotton goods
least 30% rayon staple fiber..
sold
How
United
the
Credits
Chamber of
Commerce
lation of Insurance to National
Members of Insurance Committee
to
Buy War Materials in This Country
States travelers
into Canada are materially
aiding in the defense of the Western Hemisphere was re¬
cently discussed by Arthur S. Kleeman, President of the
Colonial Trust Co., New York, in explaining the purpose
of
for Canada
Committee
which
he
organized
recently.
It is pointed out that the aim of the committee,
consisting of business, industrial and banking executives in
cities and towns throughout the United States, is to further
stimulate
least
interest
in
Canadian
doubling in the next
travel
year
the Dominion from this country.
To the
the
to
economist and
United States
the
the
from the United States,
in
Canada
since
the
expert
at
to
dollars
he
exchanged
a
that
travelers
our
Canada,
average
is contributing
or
Britain"
person.
Every
person
not, who has spent money
movement
in
this
country
patriotic duty because most of the United States
Canadian
materials manufactured
mean
in
Hemisphere is simple enough, but just how
whether he knows it
for
a
in foreign exchange the way in which
"aid-to-Great
began has been doing
war
the
view
to
traveler, by spending money
defense of the Western
with
the number of visitors
Mr. Kleeman stated:
thing is done is not always clear to the
in
dollars
the United
furnish
all
of
were
States.
the
used
by
Canada
to
buy
Of course that does not
dollar
credits
However,
for
money spent in Canada by our visitors plays a large
increasing Canada's supply of dollars, which is the very reason
should play
a much
larger part in strengthening the defense
hemisphere.
>7:''.;...... /v.-.
■>..
Canada.
role
why
in
it
of
the
trying to make it plain that the dollars which
the
....
The
States
years
well
plans to materially enlarge its membership according to Mr. Lowry.
and expanded program of activities is in preparation.
committee
United
United
as
The
of
reductions
.
"Impact of War
report,
its
by the civilian
bring about the current serious crisis in the Japanese
industry.
The
prepared
of
increasing production
textiles
have all combined to
textile
much
elsewhere,
".V'..y
Most
markets.
Since
The Mer¬
as
all literature, letterheads and printed
-vy.
During its 44
City of New York
already has declined in virtually all the Orien¬
tal markets.
on
'7
■.
The Association has taken
report in "Foreign Agriculture," monthly publication of the
Office of Foreign Agricultural Relations.
It is noted by the
Department in its announcement that cotton manufacturers
rapidly expanding their mill capacity and tex¬
tile export trade, and that British cotton textile
industry
has been reorganized to offer strong post-war
competition.
In addition, war-time expansion of the Continental Euro¬
pean rayon industries is likely to result in greatly increased
post-war competition with cotton textiles.
Competition
•
Today one of the largest in numerical strength, the organization was a
pioneer of the modern type of service chamber of commerce in the United
States.
said
Agriculture
the
July 24 likewise stated:
on
Emphasizes. Re¬
Defense—Names
States
spends in Canada comes back in large part to the
that, after all, he is doing a double duty—that of aiding
important neighbor, and at the same time aiding his own
.</
,\-:7v
7-../
'77 v
United States,
our
most
country.
is
traveler
so
The relation of insurance to national defense is
emphasized
in the program of the Insurance
Department of the Chamber
of Commerce of the United States for the
year,
as
coming Chamber
disclosed in
Washington, Aug. 7, by Albert W.
Hawkes, Chamber President, in announcing the personnel
of this year's Insurance Committee.'John L.
Train, President
of the Utica Mutual Insurance
Co., Utica, N. Y., was
named
Chairman
of
the
Committee
which
serves
as
announcement, said:
Insurance for many years has been given an
important place in the general
Since the underlying membership of the Chamber
work of the Chamber.
predominantly of buyers of insurance, the insurance
program is
upon the principle of the
policyholders' interest.
Through its underlying membership of 700,000
corporations, firms and
Individuals, the Chamber is in a position to enlist the cooperation of a
large
and important group of
policyholders in a program designed to improve the
built
fundamentally
service of the insitution of insurance in all its
branches.
Insurance, Mr. Hawkes points out in his
announcement, has a definite
place in the defense program.
surance
activities, will center
and health conservation.
on
City_
^
The National Domestic and Linen Show was held
the
past week at the Hotel New Yorker, New York City, from
Aug. 3 to 8. More than 100 of the leading firms in the in¬
dustry participated in the show.
an
advisory body in directing the Chamber's insurance activities.
The Chamber of
Commerce, in summarizing Mr. Hawkes
consists
National Domestic and Linen Show Held Past Week in
New York
For that reason, the Chamber, in its in¬
conservation in the field of fire prevention
Course
in
Home
Wharton
Building
School
in
Method
to
Be
Given
at
Philadelphia Aug. 18-30
The Home Builders Institute of
America, professional
branch of the National Association of Real Estate
Boards,
will give a two weeks course in home
building at the Wharton
School of Finance and Commerce, Philadelphia, from
Aug.
18 to 30.
The course, which was developed by the Institute
with the cooperation of officials of the Federal
Housing
Administration, will he given, in cooperation with the Uni¬
versity of Pennsylvania, to anyone qualified to benefit.
The purpose of the course is to aid
private builders to supply
dwellings needs occasioned by the defense program and to
help them meet requirements that may be ahead as to priori¬
ties for defense housing.
Volume
Wash¬
W. Lee O'Daniel Takes Oath As United States Senator—
Part of Decentrali¬
Texas Governor Was Victor in Special Election For
Forest Service to Transfer Regional Office from
ington to Upper Darby, Pa.,
as
Seat of Late Senator Morris Sheppard
zation Move
W. Lee O'Daniel, Governor of Texas, on Aug. 4 took the
oath of office as United States Senator from the Lone Star
Eastern
Region (Region 7) will be transferred from Washington,
D. C., to Upper Darby, Pa., as part of the Department of
Agriculture's program of further decentralization to relieve
congestion in the national capital, Secretary of Agriculture
Wickard announced on July 30.
The Region 7 office is
regional headquarters for the Department's forestry work
in New England,
New York, New Jersey, Pennsylvania,
Delaware, Maryland, Virginia, West Virginia, and Kenturcy, including administration of the White Mountain,
Green Mountain, Allegheny, George Washington, Jefferson,
Monongahela, and Cumberland National Forests.
Regional
Forester R. M. Evans is in charge.
Affecting a total of 128
Forest Service employees, the transfer probably will take
place about Nov. 15. The announcement also states:
The Forest Service regional headquarters for the
The
Eastern
maintained
Missoula,
by
Region
the
San
Francisco,
Juneau,
is
office
one
Colo.;
10
regional administrative
that
Mr.
The Forest Service has long
of these
regional
having occurred in December,
(then called district) offices
were
1908, when
As
h<ot March, 1941, only 3% of the total number of Forest Service employees
were
assigned to the headquarters office.
Practically all of the work of
administering 160 national forests, cooperative work with the States, and
forestry research is conducted through field offices.
The Forest Service
Timber Management Division, for example, which supervises the cutting
of some 2,000,000,000 board feet of national forest timber per year and
carries out a reforestation program involving the annual planting of some
has only
150,000,000
trees,
The
Management
of
Range
26,000 permits
Had
Served
for the grazing
M. Lumpkin of South Carolina—
Two Weeks in Congress—
of South Carolina,
Mr.
Ga., of
a
The
was
He served in the South
assistant
general
He
was
new
was
special
Priorities
1926 and 1934.
In the
a
a
was
graduated
short period of
Commission's Pro¬
When the Reorganization
of 1938, Mr. Riger was made Super¬
summer
of
Copper
and
Zinc
Industries
This committee
was
dis-
committee formed to supersede it. The
function of this committee will be to advise OPM and other
new
agencies with respect to the problems of the
copper
and zinc industries arising out of the defense program.
Wichita, Kan.
Two
International
and
Clinics
City Aug.
to
be
Held
in
New
13-14
Banks in Manhattan and the Bronx,
and in Brooklyn,
urged by Association officers to recommend to any of their
manufacturing customers who may have metal working
facilities attendance at the two Defense Production Clinics
to be
held at the Hotel Astor
on
Aug. 13, and at the Hotel
George, Brooklyn, on Aug. 14.
The purpose of the
Clinics, which are being sponsored by the New York State
Division of Commerce, is to help in the farming out of de¬
St.
a
fense work
requiring metal working equipment. About 50
prime contractors and around 1,000 manufacturers who may
assist in handling such orders on a sub-contract basis, will be
early years of the Roosevelt Administration he served as Kay
County Administrator of the Federal Emergency Relief Administration.
At the time of his deatn Mr. Johnson was President of the Kay County
Federal Savings and Loan Association, a
Production
Queens, Long Island and Staten Island, which are members
of the New York State Bankers Association, on Aug. 8,
the Board of Governors of the American
Past District Governor of Rotary
Defense
York
College of Emporia, Emporia. Kan.
of the Mortgage
1934.
Committee of OPM.
solved, and the
.
Johnson, President Federal Land Bank
past member of
Title Association,
After
Advisory Committee of the Copper and Zinc Industries, a
division of the Office of Production Management. The ap¬
pointment was announced by Sidney J. Weinberg, Chief of
the Bureau of Defense Industry Advisory Committees.
Previous to his new appointment, Mr. Erlicher was the in¬
dustrial user's representative of the Nonferrous Metals
post, said the advices from which we quote, which added:
trustee of the
created in the
Committee
Roy S. Johnson, President of the Federal Land Bank of
Wichita, Kan., died on July 27.
He was 51 years of age.
Mr. Johnson graduated from the University of Oklahoma
in 1912, and shortly after, said advices July 27 from Newkirk, Okla., to the "Oklahoman," he became affiliated with
the Albright Title and Trust Co. here and was named its
President in 1930 to succeed his father, who died.
He
remained with the bank until his election to the Wichita
was a
He
Columbia Law School, where he
Erlicher Named Member of Newly-Formed OPM
defense
He also
born in New York City in 1910.
Harry L. Erlicher, Vice-President of the General Electric
Co., and also in charge of that company's purchasing ac¬
tivities, has been named a member of the Defense Industries
Judge for the Eastern and Western Districts of South Carolina.
of
was
♦
appointed by President Roosevelt May 22,1939, as United States
Death of Roy S.
director
editor-in-chief of the Columbia Law Review.
L.
H.
1918 to 1920, and was acting associate
justice of the South Carolina Supreme Court in
Riger has been Assistant Director of the Reorganization Division
Division
■
as
head of the Office of Price Adminis¬
became Assistant Director.
University of South Carolina Law
Carolina Legislature from 1911 to 1915,
State attorney
as
visory Attorney, in which capacity he acted until a year later when he
the
vV?;"'.
V
Member of Commission
tective Committee Study in November,
family that has furnished many dis¬
1908 after graduation from the
School.
as
practice in New York City, he joined the staff of the
tinguished jurists and legislators to the State and Nation, Senator Lumpkin
moved to Columbia at an early age and was admitted to the South Carolina
bar in
a
Appointed Director of Reorganization
Succeeding Edmund Burke Jr.—
from Cornell University in 1931 and from
Washington "Post" of Aug. 2 had the following to say re¬
garding his career:
Milledgeville,
at
for the past two years.
special election which had been scheduled for the latter part
of this month.
Mr. Lumpkin had resigned a Federal Dis¬
trict Judgship in South Carolina to accept the Senate post.
On Aug. 6 Roger C. Peace, publisher of Greenville, S. C.,
was administered the oath of office as Senator from South
Carolina to succeed Senator Lumpkin.
Mr. Peace will
Born in
Senate seat
tration and Civilian Supply.
In its announcement of the appointment of Mr. Riger as
Director of the Reorganization Division, the SEC said:
(on July 22) died on Aug. 1 in George Washington University
Hospital Washington, where he had been taken on July 30
after having been stricken with a gastric hemorrhage.
Senator Lumpkin, who was 54 years old, had been ap¬
pointed to the Senate by Governor Burnet R. Maybank of
South Carolina a month ago to replace James F. Byrnes
after the latter was appointed an Associate Justice of the
United States Supreme Court, and pending the results of a
it is stated, until Oct. 15, 1941.
on the death of Senator Lumpkin,
Texas
of SEC
full time to his duties
who had taken the oath of office less than two weeks before
In commenting
the
to
June 28 to choose Senator Sheppard's
on
Commission announced on
Aug. 1 the appointment of Martin Riger as Director of the
Reorganization Division to succeed Edmund Burke Jr., who
that day was administered the oath of office as a member of
the Commission. Mr. Burke, who had received the approval
of the Senate on July 17 (as noted in these columns of July 26,
page 491) succeeds Leon Henderson as a member of the SEC;
Mr. Henderson had resigned on July 9 in order to devote his
Roger C. Peace Takes Oath as Successor
serve,
auto¬
The Securities and Exchange
Less Than
Senator Alva M. Lumpkin, Democrat,
Riger
Division
only two men in Washington.
Death of Senator A.
elected
was
Latter Takes Oath
in its Washington headquarters.
persons
O'Daniel
Martin
13,000,000 head of livestock on national forest ranges,
approximately
with
four
Division handles
was
The State Canvassing Board of Texas announced
July 14 that Mr. O'Daniel had won the election by an
official plurality of 1,311 votes.
The new Senator's closest
opponents in the contest were United States Representative
Lyndon Johnson (who had President Roosevelt's backing)
174,279 votes; Attorney-General Gerald C. Mann, 140,807
votes, and United States Representative Martin Dies, head
of the Congressional Committee investigating un-American
activities, 80,653 votes.
The death of Senator Sheppard on April 9 was noted in
our issue of April
12, page 2328.
Following the death of
Senator Sheppard, Andrew Jackson Houston, son of the
famous General Sam Houston, was choosen by Governor
O'Daniel to fill the vacancy and to serve until the special
June 28 election.
Senator Houston, however, died on June
26, at the age of 87, as noted in our June 28 issue, page 4060.
office*
established.
Governor
as
on
been highly decentralized, Secretary Wickard
the major decentralization
most
term
successor.
Alaska.
said,
his
laws
Texas
special election held
N. Mex.; Ogden, Utah;
Atlanta, Ga.; Milwaukee, Wis.,
Ore.;
under
matically terminated and that he would be succeeded in
that post by Lieutenant Governor Coke R. Stevenson.
Albuquerque,
Portland,
Calif.;
of
State, to fill the unexpired term of the late Senator Morris
Sheppard, ending Jan. 1, 1943. The new Senator explained
Service, other regional offices being located at
Forest
Denver,
Mont.;
and
777
The Commercial & Financial Chronicle
153
member of the Board of Governors
present.
Bankers Association and Vice-Chairman of the Wichita
community chest.
Federal Savings and Loan Advisory Council for 1941-42
Named
Death of Former Representative H. F. Niedringhaus—
Served
Three
Terms
in
House
Representing
Missouri
Henry F. Niedringhaus, former Representative to Con¬
The names of 18 leaders of the thrift and
home-financing
industry who will form the Federal Savings and Loan Ad•
visory
Council
for
the
1941-42
year
were
announced
on
gress
Aug. 2 at the offices of the Federal Home Loan Bank Board.
Six members were appointed by the Board, while 12 were
died in St. Louis
elected by the
from the old Tenth Missouri Congressional District,
on Aug. 3.
He was 76 years of age. Mr.
Niedringhaus served three terms in the House having been
first elected in 1926.
12 Federal Home Loan banks.
As provided
in 1935, the Council mepts at least twice a
consulting with the Board on general business con-
by Congresss
year,
The Commercial & Financial Chronicle
778
ditions
and
Home
Loan
subjects pertaining to the Federal
System, and the Federal Savings and
Corxjoration. • Members api>ointed by the
special
on
Bank
Loan
Insurance
Board
are:
Lucius
Hoot
New
Eastman,
York
W.
City;
Waverly Taylor,
ton, D. C.; Richard Priest Deitzmun, Louisville, Ky.;
Washing¬
Henry G. Zander Jr.,
Chicago; Charles B. Robbins, Chicago, and Ben A. Perham, Yakima, Wash.
Each year the Board appoints representatives for six dif¬
ferent Federal Home Loan Bank districts, and this year
will
members
the
represent,
respectively.
New
York,
Cincinnati, Chicago, Des Moines and Port¬
Winston-Salem,
land
districts.
The following are members of- the Council elected by the
12 Federal
Home Loan banks;
W.
Boston—Sumner
Newburgh,
Pellett,
New
York—LeGrand
Pittsburgh—James
;
J.
Winston-Salem—George
W.
West,
Cincinnati—Herman F. Cellarius, Cincinnati
Indianapolis—Fermor S.
Cannon, Indianapolis;
Chicago—
(reelected) ; Des Moines—John F. Scott,
(reelected);
.
E.
Hodnett, Lincoln, 111.
St. Paul; Little Rock—I.
ment we also
(reelected)
Friedlander, Houston, Tex.
record
lending activity of the savings
month.
A fraction
meeting of the
Council will be held early in
new
the fall.
over
loan institutions
and
during the
73% of their dollar volume is now being diverted
into the two main channels of residential real estate financing,
struction and home purchase.
new
May saw a new high for the past 11
in the volume lent for purchase of
con¬
years
existing homes, $6,400,000 more than in
previous month.
Steadily since the first of the
to home-owners and
seen
of the previous year.
month
year
the tide of savings and loan lending
builders has been swelling, and this is the 30th con¬
secutive month w.,ich has
a
larger volume of advances than the like
The result of the steady upward climb in
activity is, Mr. Bodfish pointed out that today both volume of construction
loans and of home purchase are double what they were
In both Ohio and California the
construction went
new
over
three
years ago.
savings and loan suppiy of financing for
the $5,000,000 mark in May.
In New York
and Illinois the construction loans from savings and loan sources were over
Definite relation
$2,000,000.
The first
in employ¬
payrolls, real estate activity, and home building, account for the
ment,
Topeka—
;
(reelected) ; Portland—Ben H. Hazen,
Portland, Ore.; Los Angeles—Harold A. Noble, Stockton, Calif.
George E. McKinnis, Shawnee, Okla.
quote:
Seasonal influences coupled with all along the line increases
W.
O'Malley,
1941
July 12 by the United States Savings and Loan League,
Chicago.
This makes the second month in a row in which
these institutions' lending activity has reached new high
ground, according to Morton Bodfish, Executive VicePresident.
The gain over May of 1940 was 14.32% and over
April of this year was 8.5%.
From the League's announce¬
any
Me.;
Portland,
(reelected)
(reelected) ;
Ga.
Atlanta,
Y.
(reelected);
Pa.
Wilkes-Barre,
William
Johnson,
N.
Aug. 9,
of the
May
building loans
home
Defense program is seen in the location of the bulk of the loans.
to
the
Savings
and loan institutions are operating under special urgings on the part of their
leaders to make all possible home loans in Defense areas, Mr. Bodfish ex¬
FHLBB Reports Urban Home Financing in
of 1940 Above $2,000,000,000 Mark
Urban
dollar
home
in
mark
months of
financing
United
the
above
well
rose
States
First Half
home
announced
was
during
on
recorded on urban property aggregating
$2,217,865,000 during the first half of the year by all types
of mortgage lenders.
This was 13% in number and 17.5%
mortgages
1940 when
there
associations, the largest group of home mortgage lend¬
accounted for approximately one-third of this urban
Savings and loan
the
in
home
financing with 268,325 mortgages amounting to $707,517,000 during
first
the
country,
half
the present
of
year
with
compared
as
238,672
mortgages
$598,766,000 in the first half of 1940.
This increase for
savings and loan associations equaled 10% in number and 18% in amount,
amounting to
Banks
and
of
amount
trust
companies
mortgages
individuals who lend
recorded
1941,
money
individuals
reported
-
were:
groups
$184,569,000;
in
to
up
and
total
in
group
number
the
by
made
Banks and trust companies
purposes.
any
$368,-
to
.r;
insurance companies,
group
amounting
mortgages
called
37,355
home
financing
in value
$20,000 each
compilation
was
V-v-
Statistics.■
amounting
mortgages
all non-farm
reported by counties
made by the Board's
-'..'.rv
mortgage
Division
;
of
Research
;V*
'
$12,500,000 in
Its Investment in Home Loan Bank
He cited this return to the
its support of the reserve credit system for
home finance institutions in making public the dividends
on
declared for the half-year ending June 30.
ment continues:
was
announce-
$793,941, of which $583,054 went to the Re¬
Finance Corporation,
which
recently acquired the
ment stock in the banks from the United States
was
The
•
The six months total
$210,886
Treasury.
Govern¬
The balance of
Two of the 12 banks
proportion
their
to
opened in
aggregating $16,198,990.
October,
8.21
are not represented
1932,
the
banks
have
paid dividends
This figure is broken down in the table below:
District
To Member
To
District
To Member
To
Bank
Institutions
Government
Bank
Institutions
Government
$
$
%
%
of this year.
Loan Bank of New York Reports Out¬
standing Advances June 30 Totaled $17,407,557—
Resources Given at $28,021,500
Reporting that its member savings and loan associations
providing millions of dollars each month for the financing
of needed homes in
areas
of defense industries, the Federal
Home Loan Bank of New York announced recently that its
outstanding advances at the end of June stood at $17,407,557.
Ample additional funds are available for any home building
prdgrams that defense activities may demand, according to
Nugent Fallon, President of the New York bank, which
serves the States of New
Jersey and New York, and Porto
Rico and the Virgin Islands.
Advances of the home loan bank to its member institutions,
Mr. Fallon explained, represent only a small part of the loan
funds of the associations, which come mostly from the savings
of investors in their communities.
He added:
Because of increased payrolls in the defense industries and their wide¬
spread effect, member institutions report
ment funds from the
In further
an
an
upturn in the inflow of invest
public.
explanation of its financial condition
by the bank said:
New York
Pittsburgh
Winston-Salem
Cincinnati
Indianapolis..
Chicago..
274,802.09
970,142.11
453,707.52 1,875,116.75
213,803.49 1,057,037.39
267,570.16
787,989.29
863,395.13 t,866,929.67
295,499.75
805,195.59
492.689.58 1,909,730.70
Moines.
207,846.96
Little Rock..
158,401.85
Topeka
103,782.20
79,293.71
183,803.74
Des
Portland
Los
Angeles.
865,403.96
770,614.62
the
same
amounted
to
date,
resources
$28,02i,500,
of the Home Loan Bank of New York
of which
securities of, or guaranteed by,
$10,530,082
consisted
Banks
$124,741,000.
was
as
follows:
ship of the $23,958,725 capital stock of the bank
was
institutions,
by member institutions
to meet unusual withdrawal or
investors
building of homes.
as
well
as
to
follows:
repurchase demands
finance
the purchase
and
Cumulative advances by the New York Bank to its
institutions
since
the
Federal
Home
Loan
700,850.61
Bank
System
was
follows at the end of June:
RFC,
Govern¬
lending of $130,953,000 by the savings, building and
of the country during May, the record
volume for any post-depression month, was
reported on
and
$62,271,630.
Savings, Building and Loan Associations Had Record
Volume of Loans in May—Investments
22% Above
May, 1940
associations
savers
organized in 1932 reached $79,679,187 on June 30.
1937.
The
their
member
By
States,
outstanding
advances
New Jersey
Repayments totaled
of the
bank
stood
as
$9,758,373
7,649,184
New York
Membership of the bank consists of 389 savings and loan associations,
holding
assets
ment's interest, when the stock will be held
entirely by the memoer insti¬
tutions.
The Government has made no investments in the banks since
loan
as
Advances by the Federal Home Loan Bank of New York may be used
498,790.88
$46,542,200;
gradual retirement of the
divided
and
Owner¬
Member institutions, $4,995,525, United States Government $18,963,200.
Total..... 3,594,596.18 12,604,394.13
Member
The law provides for
of cash
the United States Government.
496,592.56
On June 30 the ownership of the $171,283,000 capital stock of the Home
Loan
June 30,
on
announcement
from
Boston
4.53
Made by all associations In the United States.
On
(Pittsburgh and Winston-Salem)
in the tabulation since they declare dividends only on Dec. 31.
they
14.13
1C,761,OOU
purposes
41.84
18,506,000
'
.
Savings, building and loan associations and cooperative
banks received 21.8% more money from savers and investors
in May of this year than they did during the same month of
1940, Paul Endicott, President of the League pointed out
on July 19.
He said that the League has estimated an intake
of $91,675,000 for the month.
This May dollar volume
topped that of all except three months of 1940.
Mr. Endi¬
cott said that the margin of gain over the same month of last
year was considerably larger in May than it was in April
and that the net gain after normal withdrawals from the
savings and investment accounts in the institutions rep¬
resented a larger margin over 1940 than any previous month
paid to the member savings, building and loan associations,
savings banks and insurance companies, in
ownership of the stoc*c in the banks.
Since
.
are
jiassed the $12,500,000 figure, it was
July 19 by James Twohy, Governor of the Fed¬
Government
*
and
eral Home Loan Bank System.
mutual
5,930,000
54,781,000
purchase
$130,953,000
>>
.
Banks since 1932 have
on
of Total
31.29
Federal Home
System Since 1932
construction
Other
Pet.
$40,975,000
Refinancing
recordings
Dividends received by the United States Government on
its investments in stock of the 12 district Federal Home Loan
reported
Estimated Loans
Repair and modernization
Home
throughout the Nation
Federal Government Has Received Over
on
made, and
''others,'* meaning those not classi¬
includes
♦
Dividends
were
25,155 mortgages valued at $95,-
other groups, 92,630 mortgages amounting to $308,436,000.
urban
the
190,549
;■
mutual savings banks,
the varied
705,000, and
This
the
169,717 mortgages aggregating $552,735,000 in the first half of
while
Other
fied
largest
next
trailed
but
for such
903,000.
to
the
formed
recorded
*
Construction
the same period
689,338 mortgages amounting to
were
The FHLBB announcement added:
$1,886,998,000.
ers
''■"y ■ Purpose '; w;]/:•■ \'■V,',
above urban home financing in
in amount
of
Analysis of the May loans and purpose for which they
percentage for each purpose follows:
two billion
the first six
the
Aug. 2 by economists
of the Federal Home Loan Bank Board.
There were 778,731
1941, it
plained.
gross assets of $476,357,000, as compared with $463,894,000 in
the beginning of the year.
Federal Home Loan Bank of Chicago Reports Mortgage
Loans in May Reached New Record
For the third consecutive month Illinois and Wisconsin
families in May established a new 11-year record of money
borrowed for homes, the Federal Home Loan Bank of
Chicago reported
all
types
of
on
Aug. 2.
Home mortgages recorded by
including individuals, increased to
lenders,
$41,307,000, largely because of
an
increase of $2,223,000 in
the
The
153
Volume
area
borrowings.
April was 2.3% and
non-metropolitan
volume
dollar
over
gages
at 54th
The advance in
the margin over
There were 12,330 separate
409&.
May, 1940, reached
mort¬
of the bank, and
who
Condition of Canadian Banks
the condition of the Canadian
1941, with the figures for May 31,1941,
Chemical Bank & Trust Co. also announces
OF THE DOMINION
OF CANADA
June 30, 1941 May 31,
Assets
1941
June 29,
that Clifford
Manager of the Columbus
Circle branch, has been promoted to the position of Manager
of that branch, and that Cyril M. Wilson has been given
the
title
of
Assistant Manager of the Waldorf-Astoria
D.
CONDITION OF THE BANKS
OF
& Trust
11 West 51st
on Tuesday,
President of Chemical Bank
Aug. 12.
29,1940: I
FTATEMENT
Miss Caroline Olney as Assistant Manager,
the same title at the Waldorf-Astoria
held
Frank Iv. Houston,
In the following we compare
and June
formerly
Co., stated on Aug. 3 that the new branch at
Street will be formally opened for business
Comparative Figures of
banks for June 30,
transferred
branch.
♦
>>:
which will be
William J. Wittman, formerly Manager
of the Columbus Circle branch, and now Assistant Secretary
of which more than half were outside of
Milwaukee Counties, according to A. R. Gardner,
of the Chicago bank.
f
President
Street and Fifth Avenue,
to the new location;
recorded,
Cook and
779
Commercial & Financial Chronicle
1940
Wooster, formerly Assistant
branch.
*
$
subsidiary coin—
Current gold and
5,903,195
2,999,015
4,496,763
4,209,926
8,902,210
8,706,689
75,463,359
238,788,992
3,025,417
29,817,122
120,686,988
58,606,414
208,526,944
3,911,370
26,482,347
119,887,590
5,933,938
3,219,110
In Canada....*...................
Elsewhere......
Central Hanover Bank and Trust
9,153,048
Total.
Assistant
Assistant
Dominion notes......................
Notes of Bank of Canada...
Deposits with Bank of
81,874,431
200,348,146
3,700,122
30,968,046
150,383,395
Canada
banks
United States & other foreign currencies
Notes of other
other banks
banks In Canada, secured,
Including bills rediscounted
___•
Deposits made with and balance due
from other banks In Canada
Due from banks and banking correspond¬
ents In the United Kingdom
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
Cheques on
is
2,336,938
Government
and Provincial
Government securities
3,027,910
151,816,202
Bonbright was former President and Chairman of the
Bonbright & Co., Inc., investment bankers.
A
native of Philadelphia, Mr. Bonbright started in the invest¬
ment banking business as a young man and became a member
155,259,783
,560,747,981
,312,954,685
securities and Brit¬
colonial public se¬
curities other than Canadian
Railway and other bonds, debs. <fc stocks
Call and short (not exceeding 30 days)
loans in Canada on stocks, deben¬
tures, bonds and other securities of
a
sufficient marketable value to
of the firm of William
brother
153,219,886
94,452,476
154,529,988
97,139,927
32,766,256
44,621,745
Canada
1,191,085,437
current loans & discts. in Canada.
29,456,579
41,948,599
.031,765,466
134,335,039
cover...
Elsewhere than In
Other
Elsewhere.
135,960,282
.....—.....
.
Loans
Loans
and school
5,501,168
6,555,092
6,835,783
3,566,019
7,947,601
70,331,352
70,559,799]
71,881,743
94,250,398
87,331,030
64,341,057
4,928,770
11,035,073
4,846,948
11,089,807
5,203,160
11,147,299
1,868,663
2,008,322
3,581,478
Minister of Finance
note circulation
controlled cos
Other assets not Included under the fore¬
going heads.......................
the
for the security of
Total assets......*..............
84,144,726
public, payable after
In Canada...
Deposits elsewhere than In Canada
Loans
from
other banks In Canada,
secured, including bills rediscounted..
Deposits made by and balances due to
by
the
202,962,399
92,Oil", 177
73* 346,649
984,330,908 1,105,175,452
mand in Canada.
97,286,050
162,676,171
62,631~,421
Dominion Govt, after de¬
ducting adv. for credits, pay-lists, <fec.
Advances under the Finance Act
Balance due to Provincial governments.
Deposits by the public, payable on de¬
83,282,285
660,902,477
circulation
Balance due to
Deposits
821,224,527
449,392,800
434,098,620
437,375,757
12,633,191
10,796,656
10,701,088
21,910,715
20,532,749
19,125,384
28,125,630
30,369,303
28,761,165
7,110
7,110
66,318
87,331,030
5,016,266
2,272,430
64,341,057
Canada
and banking correspond¬
ents in the United Kingdom
Elsewhere than in Canada and the
United Kingdom.................
Bills payable
Acceptances and letters of credit out¬
other banks In
Due to banks
94,250,398
standing
5,016,962
1,517,381
133,750,000
145,500,000
foregoing heads
unpaid
Liabilities not incl. under
Dividends declared and
fund
Capital paid up
4,176,760
1,446,296
133,750,000
145,500,000
4,051,049,894i3,998,000,419 3,648,926,922
Total liabilities^
Note—Owing to the omission
the above do not
133,750,000
145,500,000
offlciahreports, the footings
totals given.
of the cents In the
exactly agree with the
In
TRUST COMPANIES, &c.
Arrangements were made on Aug. 6 for the transfer of a
New York Stock Exchange membership at $35,000, un¬
changed from the previous transaction on July 31, 1941.
ITEMS
ABOUT
founder and director of the Capitol
York City (which was later merged with
the Manufacturers Trust Co. of New York) died on Aug. 2
in Doctors' Hospital, New York City, following a heart
attack.
Mr. Eisemann, who was 78 years old, retired from
Emil Eisemann,
BANKS,
At a meeting
of the Board of
York, held on Aug.
Rydstrom were
Directors of Bankers Trust
5, H. A. Watkins and A. G.
elected Assistant
Vice-Presidents, and E. F.
elected Assistant Manager of the bank's London
office.
Mr. Watkins, who will serve in the banking depart¬
ment, had been for the past seven years a partner of
Morgan et Cie. in Paris.
Previous to that he was associ¬
Bray was
strom
P. Morgan & Co. in New York from
graduation from Williams College in 1926.
was
formerly an Assistant Treasurer of
Trust
Co., and
ated with J.
of his
Mr. Bray an
the time
Mr. Ryd¬
Bankers
Assistant Auditor.
$
Bank & Trust Co. of New York announces the
Claudius D. Duncan as Vice-President to be in
charge of its new branch at 11 West 51st Street.
Mr. Dun¬
can
has previously been Assistant Vice-President of the
Chemical
Prior to his retirement he
& Co. manufacturers of
feathers; the Vulcan Insurance Co. and the Smith
active business several years ago.
had had interests in E. Eisemann
ostrich
Eisemann Corp.
of America.
Alexander Grant, President of
the Commonwealth Savings
Bank, of New York City, until its merger in 1934 with the
Harlem Savings Bank, died at his home^ in this city on
Aug. 7. He was 77 years old and was a native of Grantownon-Spey, Scotland.
Mr. Grant, who came to the United
entered the construction business in 1905, and
firm, the Alexander Grant Con¬
struction Co.
In 1922 he became President of the Common¬
wealth Savings Bank, (of which he had previously been a
director), retiring in 1934 after the merger of its business
with the Harlem Savings Bank.
States in 1888,
1910 formed his own
The Brooklyn Trust Co., Brooklyn, N. Y., has received
approval from the State Banking Department to change the
location of its branch office at 3044 Coney Island Ave. to
618 Brighton Beach Ave., it is learned from the Department's
"Weekly Bulletin" dated Aug. 1.
>
Joseph L. Daly, President of the Flushing Savings Bank,
Queens, N. Y., died on Aug. 6 in the Manhattan
Eye and Ear Hospital, New York City, where he underwent
a throat operation a month ago.
He was 59 years old and was
also head of Joseph L. Daly, Inc., Chevrolet dealers, Flush¬
of Flushing,
of the
in
ing. Mr. Daly had served for many years as a trustee
Flushing Savings Bank when he was elected President
1936 succeeding Charles S. Colden, who became County
Judge.
He was reelected
President of the institution in
1939.
Norwood, Norwood, N. Y., has become
Federal Reserve System according to an¬
nouncement made on Aug. 7 by the Federal Reserve Bank
of New York.
This is the 27th bank in the Second (New
York) District to be admitted to membership in the Reserve
System thus far this year, and the 35th since the present
increase in membership began last September.
The new
member bank, of which Edward E. Wright is President, re¬
ported assets at the mid-year in excess of $930,000.
The State Bank of
a
Co. of New
a
National Bank, New
in
,466,936,129 1,695,182,121 1,608,863,422
notice or on a fixed day
Rest or reserve
7,603,728
3,938,365
4,067,926,723 4,014,529,154 3,665,981,750
Liabilities
Notes In
of Bonbright &
2,380,971
6,813,710
Shares of and loans to
his
and Chair¬
Bonbright & Co., of which
Later he was President
16,339~906
114,939,801
vided for
with
141,300,424
12,154"057
Real estate other than
Deposit
39,028,457
40,057,306
935,847,848
87,676,943
estimated loss pro¬
credit as per contra
P.
the founder.
years ago.
86,494,717
bank premises...
Mortgages on real estate sold by bank..
Bank premises at not more than cost
less amounts (If any) written off
Liabilities of customers under letters of
was
Co., Inc., from which he retired several
Mr. Bonbright was a director in various industrial
firms, including the Mexican Utilities Co., G-uanajato Elec¬
tric Power and Light Co., the American Power & Light Co.,
the Lehigh Power Securities Corp., Electric Investors, Inc.,
Illuminating and Power Securities Corp., Noranda Mines,
Ltd., Light and Power Securities and the Public Utilities Co.
man
114,820,663
14,743,151
districts
Non-current loans,
155,249,309
.........
of Canada...
to Provincial governments
to cities, towns, municipalities
Loans to the Government
the
Trust Department at
Board of
154,687,178
and
foreign
Personal
Mr.
Canadian municipal
ish,
the
in
♦
36,590,272
1,440,785,181
United Kingdom
Dominion
3,684,906
39,796,472
located
office, 70 Broadway.
Irving Wayland Bonbright, retired New York investment
banker and public utilities director, died on Aug. 1 at his
summer home at Fishers Island, N. Y.
He was 70 years old.
Loans to other
42,035,560
now
main
Co. of New York an¬
appointment of Montrose S. Graham Jr., as an
Secretary.
Mr. Graham, who was formerly
Manager of the Broad St. office of the company,
the
nounces
member of the
The Puritan
Bank & Trust Co,,
of Meriden, Conn., has
membership in the Federal Reserve System,
effective Aug. 1, according to announcements made that day
by the Federal Reserve Bank of Boston and the Board of
Governors of the Federal Reserve System.
been admitted to
election of
bank
and
Manager
Manager,
of
its
Waldorf-Astoria branch.
His
branch will be William J. Driscoll as
who is at present Manager of the bank's branch
associates at the new
The
Bloomfield Savings
celebrated recently the
On the opening day the bank had 13 de¬
deposits approximating $2,000, while on July
July 24, 1871.
positors with
Institution, Bloomfield, N. J.,
opening on
70th anniversary of its
The Commercial & Financial Chronicle
780
1 the institution
Aug. 9,
1941
reported that depositors numbered 35,150
with deposits in excess of $14,000,000. Willard W. Miller is
Co. of North America, and R. Hoe & Co. A.
Public utilities were down and a number of new lows for the
President of the bank and other officers include Charles J.
recorded in this section. Shipbuilding stocks were
generally unchanged and the paper and cardboard shares
registered fractional advances. Prominent among the gains
were Electric Bond & Share
6% pref., 4 points to 60; Singer
Manufacturing Co., 3 points to 128; and Universal Pictures,
2% points to 19.
Lower prices prevailed during much of the trading on
Wednesday. There were some modest gains but the market,
as a whole, was lower in both
prices and turnover.
The
transfers totaled 103,745 against 134,370 during the preced¬
ing session.
There were occasional new peaks among the
industrial shares but the changes were largely fractional.
Paper and cardboard issues were stronger, St. Regis Paper
pref. moving up 1% points to 101%; while Brown Company
pref. gained % point to its 1941 top at 23.
Singer Manu¬
facturing was the outstanding strong stock as it advanced
7 points to 135; while Quaker Oats
pref. 6, forged ahead 2
points to 152.
The market was fairly steady on Thursday, and while
prices were mixed at the close, there were a number of out¬
standing changes on the side of the advance. Singer Manu¬
facturing Company was particularly noteworthy as it forged
ahead 13% points to a new top for 1941 at
148%. Mont¬
gomery Ward A was also in the forefront as it climbed up¬
ward 1% points to 170.
Paper and cardboard shares were
stronger, St. Regis Paper, Preferred, moving into a new
high ground for the year with a gain of 2% points to 104.
Public utility stocks were
slightly lower, although occasional
gains were registered during the early trading. Todd Ship¬
yards was the bright spot in the shipbuilding group as it
moved upward 1 point to 110.
Aircraft stocks were gener¬
ally down or unchanged and most of the active shares in the
oil section were off on the
day. The transfers were higher,
the volume of sales working
up to 132,415 against 103,745
during the preceding session. Prominent among the stocks
closing on the side of the advance were Corroon & Reynolds
preferred (5%) 2 points to 84%, North American Light &
Power 3% points to 96, and
Pennsylvania Sugar 2% points
Murray, Vice-President; Otto Billo, Vice-President and
Trust Officer; Graham Nash, Vice-President and
Comp¬
troller, and John D. Edgerley, Secretary and Treasurer.
John Randolph Gait, Chairman of the Board
and former
President of the Hawaiian Trust Co.,
Ltd., Honolulu, died
on Aug. 3 of a heart ailment in the
Orange Memorial
Orange, N. J., following
Hospital,
a
brief illness.
He
was
Mr. Gait had made his home in East
N. J., since his retirement five
74 years old.
Orange and Montclair,
from the Presidency
Trust Co.
The following
bearing on his
career is from
Orange, N. J., advices of Aug. 3, special to the
New York "Times" of Aug. 4:
,
i
years ago
of the Hawaiian
Mr.
Gait
was
born
on
June
5,
1867, in Newburgh,
N.
Y., attended
Siglars Academy there and received an A. B,
degree from Yale in 1889.
The next year he entered the slate business
with Gait Brothers & Co. in
Seattle, Wash., where he served from 1893 to 1896 as
Hawaiian consul.
Later he joined the Pope
Manufacturing Co. of Hartford, Conn.
In 1899 he went to Honolulu and
spent the next 36 years
of the Hawaiian Trust
Co., first as
as an
official
Secretary to the President
as
Chairman of the
Social
Service
Board.
Bureau,
United Welfare Fund,
Mr.
Gait
President in
was
and finally
Honolulu of the
Palama Settlement,
Honorary I*resident of the
Chairman of the Territorial Tax
Board, 1929-32;
President of the Bureau of Governmental
Research and President of the
Chamber of Commerce.
.
During the World War he served
and later
as
as
captain in the Quartermaster
Corps
disbursing officer in the Omaha
area.
George Bain Everitt, Chairman of the Board of the Mer¬
chandise National Bank,
Chicago, 111., died on Aug. 2 of a
heart attack in Winnetka,
111., where he lievd. Mr. Everitt,
who was 56 years old,
began his business career as an ac¬
countant and became an executive of
many corporations,
said
Chicago advices, Aug. 2, to the New York "Times" of
Aug. 3, in summarizing his career. The advices added:
Born in Mitchell, S.
I)., Mr.
man
Everitt went to New York when a
young
and six years later became
system manager of the National Cloak and
Suit Co.
From 1916 to 1918, he was
general manager of the
nica
Corp., and from 1918
to 1919 assistant to the
of the American International
After two
Encyclopedia Britan-
operating vice-president
Corp.
Insurance
year were
..
to 16.
Mixed
prices and a declining market were the features of
trading on the New York Curb Exchange on Friday.
The transfers dropped to 126,000
against 132,415 on Thurs¬
day. Aircraft stocks were unsettled, Bellanca & Brewster
registering fractional gains, while Bell declined and Beech
and Cessna were
unchanged.
Shipbuilding shares were
quiet, cardboard and paper stocks were down and the oil
the
years as
Secretary and Treasurer of the European Textile
Corp.
Mr. Everitt joined the executive staff of
Montgomery Ward & Co. in 1921.
He was
successively Assistant to the President,
operating Vice-President,
Vice-President and General
Manager, before being named President in
1926, a post he held for six years.
,
Arthur J. Van Pelt, Assistant Cashier
of the Los Angeles
branch of the Bank of America N. T. &
S. A., and
formerly
Vice-President of the New York branch of the
institution,
died at his home in
Beverly Hills,
Calif.,
on
Aug. 6.
He
was
57 years old.
Mr. Van Pelt had been Vice-President of
the
New York branch of the Bank of
America until its merger
with the National
City Bank of New York in 1931. He had
also been associated at various
times with the
Bowery and
East River Savings
Banks, both of New York.
issues
were unsettled.
As compared with Friday
week prices were lower, American
Cyanamid B
of last
closing last
night at 40% against 41% on Friday a week ago, Carrier
Corporation 8% against 8%; Cities Service, 5% against 5%;
Creole Petroleum, 17%
against 18%; Glen Alden Coal Co.,
13% against 14%; Gulf Oil Corporation, 36% against
38%;
Sherwin Williams Co.,
79% against 80% and United Shoe
Machinery 60% against 61%.
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
Slocks
THE
CURB
MARKET
were
moderately firm during the forepart of
irregular and eased off on Tuesday.
of the week but turned
Rayon
shares
were
particularly active on Saturday, the
being due in part to the order of the
Office of Production
Management terminating all processing
of raw silk.
Industrials were higher and a number
of new
flurry in this
group
tops were registered in this section.
inclined to sell off
Public utilities
of
Aug. 8, 1941
Shares)
Saturday
Monday..
Tuesday
On
Monday the market
was
fairly firm, particularly in
gains ranging
to
point or more and there was
provement apparent in the aircraft stocks
as
up
a
some
im¬
nearly every
registered gains ranging from fractions
to a point or more.
Paper and cardboard shares were
moderately higher and there was very little
activity among
the shipbuilding issues.
Noteworthy among the advances
were Brown Co.
pref., 2% points to22%; Cities Service
pref.,
3% points to 70%; and Electric Bond & Share
pref. (6),
issues in the group
1% points to 56.
Irregular price movements in both the industrial and
public
utility sections were the features of the Curb Market
dealings
on
Tuesday. New tops were registered by several of the
speculative favorites including Driver
Harris, Humble Oil,
4,000
570,000
24,000
4,000
577,000
586,000
1,072,000
20,000
11,000
5, 00
611,000
7,000
125,610
1,184,000
13,000
1,090,000
1,197,000
704,835
$4,356,000
$80,000
$30,000
$4,466,000
Week Ended Aug. 8
Exchange
1941
Stocks—No. of shares.
1941
1940
704,835
347,535
16,059,537
28,939,727
$4,356,000
.
$196,523,000
$3,271,000
$156,870,000
80,000
48,000
2.518.000
1,456,000
30,000
52,000
1,721,000
4,408,000
$4,466,000
Foreign government.
Foreign corporate
$3,371,000
$161,109,000
$202,387,000
.
Total
AUCTION
The
$421,000
Jan. 1 to Aug. 8
1940
Bonds
Domestic..
following securities
were
SALES
sold at auction
on
Wednesday
of the current week:
By R. L. Day & Co., Boston:
Shares
the industrial section which attracted
considerable speculative
attention through the session.
Oil issues were
stronger, the
$12",666
549,000
$10,000
New York Curb
Rayon A, 1 %
points to 23%.
554,000
132,200
ward and while
there were some
exceptions, many of the
trading favorites were lower at the close. The advances in¬
cluded among others Benson &
Hedges, 3% points to 30%;
Celluloid pref., 2 % points to
51%; Singer Manufacturing
Co., 1 point to 125; and North American
Total
$411,000
103,320
Sales at
group.
Foreign
Corporate
Government
140,490
132.960
Total
although there
Foreign
Domestic
70,255
Wednesday.
Thursday._________
Friday
were
were some exceptions in the
Aircraft stocks moved
irregularly higher
and the paper and cardboard issues
were unsettled.
Industrial stocks were
again in demand during much of
the abbreviated session on
Saturday.
The activity was
especially noticeable among the Rayon
shares, the gains
ranging up to 2 or more points. Oil issues were somewhat
irregular, the gains and losses in this section
being about
evenly divided. Public utilities were inclined to work down¬
preferred
EXCHANGE
Value)
(Number
Week Ended
Curb stocks
CURB
Bonds (Par
Stocks
J"
$ per Share
$1,000 Detroit Railway & Harbor Terminals Co.,
7% certificate of deposit;
17 The Bank of United States with
17 Bankers Corp., par $25; 10 Intercoast
Utilities, Inc., preferred A; 100 Intercoast Utilities,
Inc., class A, par $1;
68-100
Massachusetts
preferred,
par
Investors Trust; 15 Massachusetts
Security Corp..
$10; 3 Massachusetts Security Corp., common; 69-70 United
Founders Corp
583 Mount Auburn Cemetery
Corp., Auburn, Me, par $25
5 United Mattress
Machinery Co., Inc., common
$6 lot
.
5
2
59Hupp Motor Car Corp.,
common, par $1; 10 First National Copper Co.,
par $5; 50 Lincoln Mortage
Co., common, par $l_i
$215 lot
275 State Street
Exchange, par $100..
1
95c
Bonds—
$100 All America Corp., income
4s, April
Percent
1, 1969 series B
...89 flat
reg
By Barnes & Lofland, Philadelphia:
Shares
Stocks
20
Philadelphia National Bank, par
33 Irving Worsted
Co., common, no
14 Irving Worsted Co.,
common, no
16 John B. Stetson Co., common, no
% per Share
$20
103?*
-
par
8
par
par
8J£
5
.
100 Philadelphia Transportation
Co., pref. vot. trust, ctfs., par $20—...
Bonds—
$5,000 Levin Corporation, first 6s extended to Nov.
1, 1942
3%
Percent
25% F
,
Volume
The Commercial & Financial Chronicle
153
FOREIGN
EXCHANGE
REDEMPTION
RATES
781
CALLS AND
FUND
SINKING
NOTICES
Pursuant to the requirements
Act
of
of Section 522 of the Tariff
1930, the Federal Reserve Bank is
certifying
now
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below
FOREIGN
EXCHANGE
BANK
We
record for the week just passed:
a
RATES
CERTIFIED
TREASURY
TO
AUG. 2,
UNDER
BY
1941, TO AUG. 8,
the
RESERVE
FEDERAL
TARIFF
1930
OF
ACT
York
$
Europe—
Belgium, belga
Bulgaria, lev
a
a
a
a
+
'
a
a
a
a
.
a
krone
$
a
a
a
a
a
a
a
Aug. 8
S
$
a
a
;v>"
a
Denmark,
Aug. 7
Aug. 6
$
$
.
a
a*
Czechoslov'la, koruna
Aug. 5
Aug. 4
■
a
a
Engl'd, pound sterl'g
Official
4.035000
4.035000
4.035000
4.035000
4.035000
4.035000
Free
4.032500
4.032500
4.033125
4.032857
4.032857
4.032500
Finland, Markka
a
a
France, franc
a
a
Germany, relchsmark
a
Greece, drachma
a
Hungary,
Italy, lira
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
■j.r
'.!y
a
a
a
a
a
a
a
a
a
a
a
pengo
Netherlands, guilder.
a
a
a
a
a
-
a
a
a
a
a
a
Poland, zloty
a
a
a
a
a
a'
Portugal, escudo
Rumania, leu
c',;'
c
c
c
c
c
a
a
a
a
Spain, peseta
Sweden, krona
a
a
a
a
c
c
c
c
Switzerland, franc...
c
C
c
C
Yugoslavia,
a
a
a
a
a
a
a
a
a
a
a
a
a
c
c
c
c
c
c
krone
Norway,
a
a
a
■
c
c
c
c
c
a
a
•
dinar...
Y+
':
Asia—
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol
Shanghai (yuan) dol
Tientsin (yuan) dol
Hongkong, dollar-
a
a
.251875
.251281
.251281
.301300
India (British) rupee.
Japan, yen
.301300
.301300
a
a
a
...
i-
.471600
Straits Settlem'ts, dol
a
a
a
2
Sept.
1
Film.
..Sept.
4%% bonds (1938)
Sept. 1
4j}|% bonds (1950)
...Sept. 1
Chicago Union Station Co., 3% % bonds
Sept. 1
Coast Counties Gas & Electric Co. 4% bonds, series B. .Sept.
1
Colon Development Co., Ltd. 6% pref. stock
..Aug. 27
685
684
•
Connecticut Light & Power Co. 3%% debs
Consolidated Aircraft Corp. $3 pref. stock
Driver-Harris Co. 7% preferred stock
Durez Plastics & Chemicals, Inc., 4%% debs
East Tennessee Light & Power Co. 6% refunding
Federal Light & Traction Co. 5% bonds
Sept. 1
Aug. 30
Aug. 11
Aug. 18
bonds .Nov. 1
Sept.
Oct.
1
Sept.
Illinois-Iowa Power Co. 6% bonds
International Paper Co. 6% bonds
Iowa Power & Light Co. 1st mtge. bonds
Keith Memorial Theatre Corp. 1st mtge.
1
1
Sept. 1
Nov. 1
Aug. 20
Aug. 15
Sept. 5
Aug. 20
Sept. 1
Oct.
1
Sept. 1
Sept. 1
Nov. 1
Aug. 15
Sept. 1
bonds
Lehigh Valley Coal Co. 6% notes
Loew's, Inc., 3%% bonds
*
Lukens Steel Co. 8% bonds
*
Melville Shoe Corp. 5% pref. stock
*
Mengel Co. 1st mtge. bonds
National Battery Co. preferred stock
National Distillers Products Corp. 3% % debentures
National Oil Products Co. 3%% debs
Nebraska Light & Power Co. 1st mtge. 6s
New Mexico Power Co. 87 pref. stock
Pennsylvania Water & Power Co. 3% % bonds
*
Peoples Gas Light & Coke Co.—
First mortgage 1942 series B
First mortgage 1942 series D
-
.251125
685
96
239
686
687
*3965
*4121
394
*2550
*3805
693
694
*3028
101
399
399
841
842
842
556
696
697
*3032
*3819
700
846
..Sept.
Sept.
846
.301300
.301300
.301300
Prior lien 5s
First consolidated 5s
.471600
Australia, pound—
Official
3.228000
3.228000
3.228000
3.228000
3.228000
3.228000
Free
3.213333
3.213333
3.213958
3.213958
3.213958
3.213333
New Zealand, pound. 3.225958
Africa—
3.225958
3.226625
3.226625
3.226625
3.980000
3.980000
3.980000
3.980000
3.980000
Southern Corp
.909090
.909090
.909090
Official
.909090
Free
.885546
.886171
.887968
.889218
.889687
*1586
.205300*
.205425*
.205425*
.205425*
.909090
.909090
.909090
.909090
.909090
.882968
.883750
.885468
.886718
.887343
.887031
1
Sept.
1
*3827
852
256
709
V. 152.
.205425*
.909090
Announcements this week
Sept.
.889375
.205425*
702
Oct.
I
Aug. 26
Warner Co. 1st mtge. 6s
:
Winslow Bros. & Smith Co, 5H % debs.
Wlckwire Spencer Steel 6% notes
•
107
701
.
Adjustment mtge. bonds
*
Canada, dollar—
*3355
Sept.
Sept.
Oct.
Philadelphia Co. 5% bonds
Remington Rand, Inc. 20-year 4%% bonds
Safeway Stores, Inc. 5% pref. stock
Southeastern Power & Light Co.—See Commonwealth &
3.225958
*3355
*3355
Nov.
Nov.
Nov.
First consolidated 4s
a
.471600
.471600
*3355
-—Nov.
4% debentures
v'a
.909090
1
680
680
*1591
681
*4115
.250656
Australasia—
South Africa, pound. 3.980000
North America—
Sept.
Copper Mining Co. 4>4 % debentures
Central States Edison, Inc. 15-year bonds..
Champion Paper & Fibre Co.—
.250656
.471600
Page
Date
,
Peoria Water Works Co—
a
.471600
^
Aug. 11
Oct.
1
Anaconda
Unit.
Aug. 2
Chronicle."
Company and Issue—
Alabama Gas Co. 4% % bonds
Allentown Bethlehem Gas Co. 1st mtge. bonds
American I. G. Chemical Corp.—See General Aniline &
American Wire Fabrics Corp. 7% bonds
1941, INCLUSIVE
Noon Buyino Rate for Cable Transfers in New
Value in United States Money
Country and Monetary
Below will be found a list of corporate bonds, notes, and
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details were give in
Mexico, peso
Newfoundl'd, dollarOfficial
Free......
-
.909090
Course of Bank Clearings
Bank
South America—
Argentina, peso—
Official
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Free...
.237044*
.237044*
.237044*
.237044*
.237044*
.237044*
.060575*
.060575*
.060575*
,060575*
,060575*
.060575*
.050625*
.050625*
.050625*
.050666*
.050625*
x
a
compared with
based upon
advices from the chief cities of the country*
clearings this week show an increase
year ago.
Preliminary figures compiled by us,
.050625*
Brazil, mllieis—
Official
Free
Official
c
c
c
c
c
c
Y'C
c
c
c
c
c
Export
•
•
.569825*
.569825*
peso
.569825*
.569825*
.569825*
.569825*
Uruguay, peso—
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
Non-controlled
.437500*
.437500*
.437500*
.437500*
.437500*
.437500*
*
Nominal rate,
No rates available,
a
Temporarily omitted.
c
is
possible to obtain weekly clearings will be
LONDON
day of the past week:
Aug. 6
Thurs.,
Aug. 7
36/-
36/-
36/-
•Cable & W
Wed.,
£61%
£11%
(ord)
Mlp & Invest..
£62
£63
£11%
£11%
38/9
30/9
39/3
30/9
£8%
Distillers Co
65/6
Electric & Musical Ind.
1213
21/9
27 /6
65/9
12/3
21/9
27/6
67/12/-
Bank
108/9
108/9
108/9
Holiday
£15%
£15
£14%
Ford Ltd
Hudsons Bay Co
Closed
Imp Tob A G B A I...
♦London Mid Ry
Metal Box...
£6
as
80/49/6
26/16/6
80/49/6
26/16/6
80/48/9
26/16/9
Wltwaterarand
£4%
£4»i«
£4#i«
£4%
value.
ENGLISH
FINANCIAL
MARKET—PER
CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Sliver, per oz-d
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Aug. 2
Gold, p. fine oz
Aug. 4
Aug. 5
Aug. 6
Aug. 7
Aug. 8
Closed
Closed
23 %d.
237i«d.
168s.
168s.
168s.
168s.
237i«d.
168s.
237ud.
168s.
Closed
Closed
£81%
£81%
£81%
£81%
Closed
Closed
£104%
£105%
£105%
£105%
Closed
Consols, 2%s._
Closed
£113%
£114
£114%
British 3%s
War Loan
British 4s
1960-90
The
States
Bar N.
price of
on
the
Y.(For)
silver
same
34%
per
£113%
ounce
(in cents) in the United
days has been:
34%
34%
34%
34%
34%
71.11
71.11
71.11
U. S. Treasury
(newly mined)
71.11
71.11
...
Pittsburgh
Detroit——.......—.....—-----
Cleveland
Baltimore
Eleven cities,
-
71.11
-
five days
Total all cities, five days-....-
Total all cities for week
_.....
$2,504,806,834
303,606,948
$2,186,223,208
+ 14.6
220,290,310
+37.8
423,000,000
214,790,438
108,826,301
95,100,000
143,966,000
138,056,955
136,928,692
114,589,020
76,977,440
316.000,000
+ 38.0
162,217,538
75.608,807
+ 32.4
+43.9
65,400,000
+45.4
+0.1
+31.2
92,707,763
+47.7
77.706,432
+47.5-
53,277,603
+44.5
$3,498,489,025
869,894,365
-
_.
£7
£6
Vlckers
The
Louis
San Francisco
All cities, one day..
£7
United Molasses
-
St
—
^.
1940
$4,260,648,628
—
Boston.
Kansas City
....
..
...
_
£14%
75/6
£6
Shell Transport..
Per £100 par
Per
Cent
1941
Other cities, five days
£7
80/49/6
25 /6
16/6
Areas
Chicago
Philadelphia
12/21/9
27/108/9
£7
.....
Rolls Royce
•
75/6
39/3
30/6
£7%
68/-
£6
Rand Mines
Rio Tlnto
West
21/9
27/-
75/6
75/6
....
36/85/7
£11%
£8%
£8%
De Beers
Fri„
Aug. 8
£62
38/9
30/9
Cons Goldflelde of 8 A.
Courtaulds S A Co
86/3
85/6
85/6
British Amer Tobacco.
Central
for the week follows:
Clearings—Returns by Telegraph
Week Ending Aug. 9
New York
Tues.,
Aug. 5
Mon.,
Aug. 4
'
Boots Pure Drugs
corresponding week last year.
STOCK EXCHANGE
Quotations of representative stocks as received by cable
Sat.,
Aug. 2
22.9% above
Our preliminary
total stands at $6,156,651,591, against $5,008,624,048 for
the same week in 1940.
At this center there is a gain for
the week ended Friday of 14.6%.
Our comparative sum¬
those for the
mary
THE
ach
from which it
clearings from all cities of the United States
Chile, peso—
Colombia,
telegraphic
indicate that for the week ended today (Saturday, Aug. 9)
709,466,330
+21.0
+22.6
$5,130,542,993
1,026,108,598
$4,207,955,355
800,668,693
+21.9
+28.2
$6,156,651,591
$5,008,624,048
+22.0
143,850,000
105,207,364
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
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
for the week previous—the week ended Aug. 2.
For that week there was an increase of 23.3%, the aggregate
of clearings for the whole country having amounted to
results
$6,963,870,753, against $5,646,347,514 in the same week of
1940.
Outside of this city there was an increase of 30.7%,
the bank clearings at this center having recorded a gain of
16.7%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that
this city) the
in the New York Reserve District
(including
totals record an improvement of 17.3%, in the
Boston Reserve District of 21.1% and in the Philadelphia
Reserve District of 32.4%.
In the Cleveland Reserve Dis¬
trict the totals register an expansion of 34.0%, in the Rich¬
mond Reserve District of 29.5% and in the Atlanta Reserve
The Commercial & Financial Chronicle
782
District
37.5%.
In the Chicago Reserve District the
totals show an improvement of 33.8%, in the St. Louis Re¬
serve District of 37.0% and in the
Minneapolis Reserve Dis¬
trict of 25.0%.
In the Kansas City Reserve District the
gain is 29.5%, in the Dallas and San Francisco Reserve Dis¬
tricts 20.3%.
In the following we furnish a
summary by Federal Reserve
Month of July
1941
Stock, number of shares.
Reserve
1st
$
The
$
Diets.
12 cities
Boston
1940
308,680,712
Dec.
1939
1938
S
%
254,835,471 +21.1
3,076,729,384 +17.3
17,872,807
1941
134,271,635
$174,588,000
11,932,000
2,598,000
$82,680,000 $1,179,553,000
$779,137,000
7,304,820
$
volume
of
13,309,00U
94,349,000
2,131,000
12,401,000
135,616,000
27,791,000
$98,120,000 $1,286,303,000
$942,544,000
transactions
in
share
New York Stock
Exchange for the
1941 is indicated in the following:
to
254,840,249
New York.. 12
"
3,608,464.802
3,736,326,254
2,772.555,786
3d
PhiladelphlalO
"
568,577,424
429,364,729
+32.4
456,678,149
358,967,880
4th
Cleveland..
7
"
444,987,478
332,117,421
+34.0
289,317.801
250,881,438
5th
Richmond..
6
"
205,334,380
158,534,321
+29.5
137,517,192
+37.5
+33.8
+37.0
101,432,071 +25.0
137,353,272 +29.5
67,578,632 +20.3
256,875,649 +20.3
properties on the
months of 1938
seven
224,983,784
2d
1940
81,593,609
$189,118,000
Total
Inc.or
.1941
1940
Bonds
Railroad & miscell. bonds
Foreign governm't bonds
U. S. Government bonds.
SUMMARY OP BANK CLEARINGS
Week Ended Aug. 2, 1941
Seven Months
Description
districts.
Federal
Aug. 9, 1941
of
Atlanta
10
"
218,084,244
7th
Chicago
18
••
714,954,231
8th
St
Louis...
4
"
189,900,413
9th
Minneapolis
6th
7
"
126,788,040
10th Kansas City 10
11th Delias
6
"
177,855,009
"
81,285,069
12th San Fran... 10
"
318,958,951
113 cities
Total
Outside N. Y. City
3,489,069,198
32 cities
Canada
6,963,870,753
354,535,925
1941
132,457,200
158,638,229
150,689,613
474,359,964
423,065,360
138,600,819
134,469,818
99,685,092
96,258,975
56,570,358
241,561,484
234,964,009
+23.3
2,669,112,390 +30.7
6,171,651,275
4,945,364,479
2,544,111,000
2,272,527,159
+24.8
341,407,809
382,435,084
5,646,347,514
284,047,307
No. Shares
13,312,960
March..
129,322,655
61,193.676
1938
No. Shares
15.990,665
13,470,755
25,182,350
8,969,195
10,124,024
16.270,368
24,563,174
24,151,931
14,526,094
22,995,770
61,673,795
February........
123,642,388
135,011,983
1939
No. Shares
Month of January
141,694,596
534,287,516
1940
No. Shares
.....
First quarter.
13,878,323
32,406,179
45,731,788
63,618,847
April............
11,185,760
26,695,690
20,246,238
17.119,104
May
9,667,050
10,461,813
38,964,712
15,574,625
12,935,210
11,963,790
14.004,244
24,368,040
June
■:
Second
r-"
.■
quarter
31,314,623
81,235,027
45.145.238
55,491,388
63,270,802
126,966,815
108,764,085
117,165,183
17,872,807
Six months
7.304,820
18,067,920
38,773,575
We also furnish
today a summary of the clearings for the
July.
For that month there was an increase
for the entire body of clearing houses of
24.3%, the 1941
aggregate of clearings being $31,584,854,520 and the 1940
aggregate $25,406,626,228.
In the New York Reserve Dis¬
trict the totals show an improvement of
18.4%, in the
Boston Reserve District of 24.5% and in the
Philadelphia
Reserve District of 28.8%.
The Cleveland Reserve Dis¬
trict enjoys a gain of 34.6%, the Richmond Reserve District
of 29.0% and the Atlanta Reserve District of
37.4%.
In
the Chicago Reserve District the totals are
larger by 36.3%,
month
Month of July
of
The
?$'$■
July,
Inc.or
July,
1941
Dec.
1939
Reserve
1941
1940
..
1st qu. 84,598,807,456 75,542,080,291 + 12.0 41,665,854,165 35,780,298,705 + 16.4
■^5
V
29,966,393,318 26,019,263,367 + 15.2 14,734,009,046 12,081,333,799 +22.0
30,565,884,719 26,843,722,036 + 13.9 15,430,371,542 12,690,472,567 +21.6
31,052,928,493 24,240,996,435 +28.1 15,570,039,232 11,906,779,189 + 30.8
«
1
>-j
»
»
S
»
2d qu. 91,585,206,530
1938
6
Federal
Clearings Outside New York
1940
$
$
S
$
%
%
Jan... 29,012,860,736 26,669,685,192
+8:8 14,327,760,692 12,602,870,251 + 13.7
Feb.— 25,157,545,945 22,819,303,158 + 10.2 12,545,969,841 11,013,661,150 + 13.9
Mar
30,428,400,775 26,053,092,241 + 16.8 14,792,123,632 12,163,767,304 +21.6
July,
1940
'+X.+ -V +
MONTHLY CLEARINGS
Month
the St. Louis Reserve District by
36.9% and in the
Minneapolis Reserve District by 27.2%.
In the Kansas
City Reserve District there is an increase of 24.5%, in the
Dallas Reserve District of 33.9% and in the San Francisco
Reserve District of 24.9%.
1941
the clearings by month
covers
Clearingt, Total All
in
July,
following compilation
1, 1941 and 1940:
since Jan.
77,103,981,838 + 18.8 45,734,419,820 36,678,585,555 + 24.7
176184,013,986 152646,062,129 + 15.4 87,400,273,985 72,458,884,260 +20.6
in OS.
Dlstg.
1st
Boston
1,440,961,014
1,157,404,300
New York..14
1,053,236,548
"
15,951,103,478
13,469,705,367
+24.5
+18.4
1,087,243,664
2d
13,102,572,593
3d
13,927,401,540
Phlladelphlal7
"
2,412,053,287
1,873,216,600
+28.8
1,651,005,322
1,559,896,151
"
+34.6
+29.0
+37.4
+38.3
+36.9
+27.2
+24.5
+33.9
+24.9
1,278,244,690
1,151,866,620
591,575,715
633,216,093
700,248,244
604,931,635
1,997,076,833
1,867,060,701
4th
14 cities
Cleveland.. 18
2,007,375,755
1,491,172,754
6th
Richmond..
9
"
899,378,654
697,422,889
6th
Atlanta
16
"
1,060,378,400
771,597,325
7th
Chicago
31
"
3,029,973,£82
2,223,061,329
8th
8t. Louis...
7
"
886,434,856
647,583,826
9th
Mlnneapollsl6
"
629,513,792
494,788,314
10th Kansas City 18
•*
1,055,884,708
847,767,213
11th Dallas
11
"
706,452,975
627,540,660
12th San Fran...19
"
1,505,343,719
1,205,365.651
1
594,132,116
The
four years
793,621,391
503,600,914
clearings at leading cities of the country
July and since Jan. 1 in each of the last
is shown in the subjoined statement:
BANK CLEARINGS AT
(000,000
omitted)
462,345.430
1,056,404,480
of bank
course
for the month of
431,154,279
833,483,729
31,584,854,520 25,406,626,228 + 24.3 16,249,575,464 12.429,466,537 + 30.8
..
b36,367,746
453,264,908
July
1941
1,032,480,070
$
New York
Total...
191 cities
31,584,854,520
+24.3
23,848,853,208
12,429,466,537
+30.8
11,197,200,633
10,486,481,050
1,795,671,002
1,428,432,776
+25.7
1,360,840,083
1,358,091,548
$
$
CITIES
1,742
1,220
Boston..
IN
1941
S
JULY
1 to July 31
Jan.
1938
$
$
1938
1939
1940
15,325 12,977
Chicago
23,955,578,204
16,259,575,464
Outside N. Y. City
25,406,626,228
LEADING
Month of July
1940
1939
*
$
93,164
96,421
93,720
9,636
12,652 13,469 104,109
1,333
1,230
1,199
11,225
8,588
8,320
977
922
883
8,016
6,731
6,508
1,771
1,562
1,467
403
370
339
11,106
2,532
449
14,833
3,351
5,049
12,203
530
783
588
492
3,309
5,895
10,204
2,386
3,174
San Francisco.
814
668
594
598
5,066
4,382
4,059
3,966
Baltimore
472
358
290
266
3,003
2,373
1,986
1,861
Cincinnati
355
274
245
227
2,250
Kansas
578
455
458
427
3,387
1,847
2,822
1,667
2,646
2,537
686
487
409
356
4,166
3,146
281
275
2,406
Philadelphia...... 2,289
Canada ........32 cities
St. Louis....
Pittsburgh...
We append another table showing the
clearings by Federal
Reserve districts for the seven months for four
years:
City
Cleveland....
7 Months,
1941
Federal
Reserve
Dists.
1st
Boston
2d
New York.. 14
3d
$
14 cities
Phlladelphlal7
7 Months,
1940
7,953,143,060
96,569,533,463
"
16,594,903,545
Cleveland.. 18
"
12,632,012,272
6th
Richmond..
9
"
5,789,888,663
6th
Atlanta
16
"
7,058,760,712
7th
Chicago
31
"
19,389,559,504
8th
St. Louis
1939
S
+ 18.8
+ 11.9
6,974,582,490
99,638,176,283
96,943,647,926
12,858,082,766
+21.3
+27.9
+25.3
5,510,167,026 +23.1
15,716,229,346 +23.4
4,502,278,262 +27.7
11,613,745,065
10,793,198,717
9,873,708,889
8,581,310,120
8,020,774,218
4,098,211,033
3,844,799,489
+ 12.4
2,982,432,769
2,238,365,134
4,003,590,400
3,758.938,701
4,943,685,430
4,433,467,124
13,793,410,913
12,981,227,075
7
M
5.750,159,217
MInneapoIlsl6
10th Kansas Cltyl8
"
3,803,559,016
"
6,360,470,668
5,425,102,201
+17.2
11th Dallas
5,133,954,616
11
••
4,522,535,403
3,792,919,294
3,216,984,001
"
9,393,186,776
7,847,316,306
+ 19.2
+19.7
3,475,151,081
12th San Fran... 19
7,152,135,846
6,892,945,863
9th
Total...
191 cities 207,768,368,506 178,052,688,377
84,888,350,797
+16.7 173,138,366,493 165,627,320,151
+22.1 76,716,866,899 171,906,189,532
11,979,090,018
10,529,420,507
+ 13.8
32 cities
.
4,928,379,413
103,659,849,449
Outside N. Y. City
Canada.
3,384,855,252
9,696,811,507
9,476,164,014
Our usual monthly detailed statement of transactions on
the New York Stock
Exchange is appended.
The results
for July and the seven months of 1941 and 1940 follow:
New Orleans......
246
167
164
139
1,525
1,232
Detroit
798
492
401
338
5,009
3,357
229
155
145
129
1,456
Omaha
$
7,622,562,937
4,619,352,492
1,595
2,708
1,861
1,140
2,782
Louisville....
7 Months,
1938
Months,
%
9,446,116 976
4th
7
Dec.
S
108,027,715,754
"
Inc.or
2,748
3,914
162
135
128
125
1,045
1,080
905
1,003
874
919
819
69
53
46
52
437
344
306
302
Minneapolis......
409
Providence
Milwaukee
309
107
Buffalo
95
93
81
714
668
1,277
1,050
924
881
920
819
730
705
1,037
899
853
806
158
130
140
120
112
101
Denver...........
170
133
128
122
Indianapolis
2,435
125
204
St. Paul
......
2,136
2,402
1,777
1,043
596
570
119
92
91
80
726
606
554
502
Richmond...
227
178
168
146
1.470
1,204
1,100
1,029
Memphis
118
81
73
62
882
621
517
496
Seattle
251
183
153
144
1,551
1,171
1,004
957
83
70
64
55
537
465
427
387
60
61
49
49
412
365
332
324
.28,186 22,763 21,450 21,703
3,399
2,644
2,399
2,253
185,859
159,888
156,533
150,012
21,910
18,165
16,605
15,615
all.......31,585 25,407 23,849 23,956 207,769 178,053 173,138
Outside N.Y. City.16,260 12,429 11,197 10,487
103,660
84,888
76,717
165,627
—
Salt Lake City
Hartford
Total...
Other cities...
Total
We
now
add
our
71,906
detailed statement showing the figures
for each city separately for
July and since Jan. 1 for two
years and for the week ended Aug. 2 for four cars:
CLEARINGS FOR JULY, SINCE JANUARY
1, AND FOR WEEK ENDING AUG. 2
Month of July
Seven Months Ended July 31
Clearings at—
Inc.
or
Week Ended Aug. 2
Inc.
or
Inc.
or
1941
Maine—Bangor
Mass.—Boston
Holyoke
Springfield
Worcester
_
New Haven
Water bury
R.I.—Providence
N. H.—Manchester
Dec.
1941
1940
Dec.
1939
%
$
S
%
$
$
%
$
$
652,005
+9.8
701,568
665,187
District— Boston—
2.834,322
8,647,674
976,725,590
2,974,901
1,653,881
1,616,639
+ 16.7
+ 19.3
3,481,606
3,182,522
14,468,268
10,136,858
51,188,199
21,251,911
6,617,400
52,932,600
3,173,535
1,440,961,014
1,157,404,300
1,794,400
Lowell
New Bedford
Total (14 cities)
194C
1,220,302,725
3,753,759
Fall River
Conn.—Hartford
1941
$
3,308,251
12,287,322
Portland
^
ve
Dec.
S
First Federal Reser
1940
1,723,845
3,796,659
16,420,334
12,174,317
60,049,759
24,595,137
7,679,100
69,233,600
+ 24.9
20,774,426
70,885,576
8,016,006,302
+26.2
24,962,804
+ 8.5
12,648,695
13,077,000
24,506,030
+21.1
55,197,700
436,542,100
18,898,272
17,578,107
58,150,780
6,730,514,361
20,548,511
11,435.468
12,416,760
20,893,828
100,963,854
64,829,137
365,303,250
138,9592,86
49,682,500
343,669,600
18,564,018
+24.5
9,446,116,976
7,953,143,060
+ 42.1
+ 6.6
+ 13.5
+20.1
+ 17.3
+ 15.7
+ 16.0
+ 30.8
108,013,951
75,778,363
412,489,722
156,336,035
+ 18.2
+21.9
+ 19.0
+22.0
716,164
2,768,180
259,307,666
774,437
1938
1,953,384
+41.7
2,405,321
1,895,114
213,670,788
+21.4
216,270,940
664,030
+ 16.6
603,786
191,997,384
606,860
+ 10.6
"
+5.3
"339" 393
316*317
+7.3
"348",473
+ 17.3
877,388
622,250
+4.1
666,207
672,964
+ 7.0
3,699,706
2,988,266
+23.8
3,084.800
+ 16.9
2,550,946
2,005,390
+27.2
1,672,094
+ 12.9
14,785,606
12,252,781
5,541,979
11,098,940
5,263,823
+24.2
—12.8
+ 5.3
4,957,975
2,740,745
1,814,945
9,966,423
4,260,029
+27.0
+ 1.8
16,633" 100
14,267,900
+ 16.6
11,279,800
9,55+966
686,147
522,378
+ 31.4
596,504
494,486
+ 18.8
308,680,712
254,835,471
+21.1
254,840,249
224,983,784
31+747
+ 11.1
Volume
783
The Commercial & Financial Chronicle
153
CLEARINGS (Continued)
Month of
Seven Months
July
Week Ended Aug. 2
Ended July 31
Clearings at—
Inc.
1941
1940
$
Second Federal Res
36,517,172
-1-70.4
6,760,522
204,355,859
3,327,103
4,571,951
Buffalo-.—.--——
Elmira
— —
Jamestown..-—
5,215,126
+ 29.6
24,721,877
5,594,836
29,535,299
2,007,237
100,206,970
132,837,549
3,185,711
Conn.—Stamford
Newark
——
Northern N. J
Oranges.--
(14 cities)
——
Federal Rese
Third
District
rve
+ 42.0
8,140,025
6,216,885
—8.3
+40.6
28,900,000
+ 41.6
1,653,248
32,100.000
532,021
+ 17.1
746,358
+ 29.7
1,276 ,688,290
1,050 419,704
+ 21.5
46,400,000
+ 40.9
21 687,548
15 953,558
+ 35.9
671,402
3,6i6,698
+ 264
99
,609,977
25 364,832
+ 16.7
955,741
816,267
+ 18.1 104,109 ,014,057
+ 11.7
+ 32.2
291 ,506,375
93,164 337,560
254 340,672
21,245,349
4,709,818
26,137,296
2.085.2C4
86,331.960
108,583,818
+ 16.4
167 ,474,097
149 186,001
+ 12.3
,703,182
,121,742
27 664,017
+ 19.0
2,969,349
33
+ 13.0
169
—4.4
449,076
479,224
—6.3
487,477
532,374
+ 14.1
24,565,275
18,903,863
+ 29.9
21,168,897
19,657,163
+ 22.3
844 .667,473
764 266,942
+ 10.5
20,506,256
+ 45.6
26,276,498
25,229,019
+7.3
22 ,182,960
21 ,129,525
+ 5.0
+ 184 108,02. ,715,754
96,569,533,463
+ 11.9
+ 85.7
527,492
*565,500
482,372
822,334
465,102
+ 21.6
399,814
400,266
1,529*392
1,257*967
+21*6
1,301*834
f,199~80l
+21.6
552,000,000
+ 5.3
2,470,809
2,354,572
+ 12.2
1,385,614
1,869,032
414,000,000
1,980,435
2,227,500
1,736,492
1,621,761
+ 33.3
+ 16.4
12,754,812
6,625,421
2,940,288
11,006,572
5,567.352
+ 15.9
78, 027,398
67 254,403
+ 19.0
45 ,5i>3,889
39 078,649
+ 16.6
2,250,776
+ 30.6
17 886,894
14 967,158
+ 19.5
2,372,002
+ 23.6
15 ,363,263
12 377,822
+ 24.1
1,771,000,000
7,081,333
+ 29.2
14,833 ,000,000
9,351,793
12,171,949
5,986,074
7,676,765
1,234,207
+ 32
53 355,243
10,874,946
+ 11.9
78 ,188,700
5,063,250
4-18.2
36 467,272
12,203 600,000
45 ,822,801
74 ,261,277
32 483,341
6,329,451
1,267,079
+ 21.3
48 344,616
39 ,451,988
+ 22.5
—2.6
8 ,503,620
8 .068,965
610,978
+ 19.4
2,670,507
15,546,506
+ 11.4
—
25,015,100
+ 11.0
(17 cities).....
2,412,053,2S7
1,873,216,600
-r28.8
+ 32
4
4 684,406
,571,005
Mansfield
Youngstown
130 ,575,850
+ 12.7
4,216,400
4,617,500
+9.0
3,023,900
3,787,800
+21.3
568,577,424
429,364,729
+ 32.4
456,678,149
358,967,880
2,744,248
74,375,937
152,788,807
12,530,700
2,121,219
60,404,254
112,420,879
+ 29.4
1,969,851
1,542,742
+23.1
53,276,245
96,309,187
46,678,064
+ 36.0
10,014,800
+25.1
10,426,500
9,863,800
66
,825,392
+ 38.0
1,846 ,945,752
+ 21.8
+ 32.1
382 650,200
3,145 ,905,973
324 ,178,100
19 425,394
15 ,912,750
+ 22.1
6 ,582,444
+ 17.1
+46.0
92 188,878
+ 29.6
+ 40.8
2,250 332,992
4,165 660.539
+ 22.9
+ 31.9
184 154,032
141, ,120,151
7 896.540
7, ,120,916
+ 25.0
3
2 ,746,557
+ 22.8
743,255
+ 51.8
587,891,086
8,181,012
+ 33.2
—
-
Ky.—Lexington
W. Va.—Wheeling
.
2,007,375,755
District
i
3,524,914
W. Va.—Huntington..
17,968,000
226,942,288
8,049,215
Va.—Norfolk
Richmond
8. C.—Charleston
«■'_
12,476,523
6,464,579
Greenville
472,494,882
2,319,597
M d.—Baltimore
Frederick
149,138,656
D. C.—Washington...
Total
Sixth
Federal
899,378,654
(9 cities)
Rese
Tenn.—Knoxville.
rve
Ga.—Atlanta
Augusta
Columbus.
—
.
i
—
Fla.—Jacksonville
Tampa
—
Ala.—Birmingham
7
,706,324
+ 18.0
+ 38.9
67 783,692
53, ,776,900
+26.0
2,273,078
1,410,112
104 750,484
83, ,137,500
+ 26.0
2,907,934
1,512,380
2,432,677
+ 50.3
+22.6
+ 19.5
2,220,806
1,334,350
2,289,114
+ 23.3
48 ,252,558
39 ,539,626
+ 22.0
+ 30.5
197,366,774
143,211,212
+37.8
123,705,100
105,366,635
+ 34.0
289,317,801
250,881,488
+43
+ 10.9
4, ,733,225
+ 42.2
3,914 ,037,089
+29.0
51, ,615,699
+ 20.8
11,175,774
5,807,472
6,979,220
+29.6
,373,698
6 ,731,003
5,048 ,588,101
62, 342,683
75 984,501
75 ,818,761
+ 0.2
+ 14.9
50 642,426
48, 894,190
+ 19.7
53 548,227
44
1,491,172,754
+ 34.6
12,632,012,272
+ 29.5
+ 3.6
,817,864
+ 19.5
9,873,708,889
+ 27.9
444,987,478
332,117,421
880,487
3,992,000
56,579,920
1,608,300
642,733
+37.0
410,523
315,490
2,699,000
38,030,017
1,300,065
+47.9
2,432,000
+48.8
38,899,497
+23.7
1,312,594
2,249,000
35,839,863
1,098,766
69,130,063
Richmond—
2,469,848
13,987,000
177,660,402
5,751,476
8.964,200
4,484,891
358,453,425
2,118,154
123,533.493
697,422.889
+42.7
23,382,516
16, 413,948
+42.5
+ 28.5
117,678,000
85, 499,000
+ 30.6
+ 22,1
+ 34.1
67, 823,765
+28.2
+ 20.7
979,435,375
33, 878,706
2,373, 172,752
11, 967,732
1787, 007,677
+27.6
-t-9.5
1,470,098,380
52,556,110
86,979,695
43,232,858
3,003,245,847
13,279,882
1,204, 410,946
39, 177,966
+ 27.7
+ 40.0
+ 39.2
+44
+ 31.8
+29.0
5,789,888,663
4,619,352,492
+ 26.5
89,826,364
+25.5
72,479,532
29*,524*706
26,036*142
+*1*3*4
2l",983*046
23,824*018
132,457,200
+ 24.5
+ 25 3
205,334,380
158,534,321
+29.5
137,517,192
4,825,613
24,405,502
77,200,000
+31.4
+ 30.3
+ 15.6
+23.8
3,885,589
19,104,792
56,000,000
1,335,880
+26*7
"*886*609
+ 26.4
165 ,239,491
136,318,968
+ 21.2
+ 35.7
729 003,226
2,452 834.000
+20.7
46 572.484
587,925,094
1.882,700,000
40,280,948
+ 24.0
+ 33.0
1,347,970
3,673,453
18,107,813
56,200,000
1,089,243
4,644,484
+54.9
48 ,962,142
33.436,606
+ 46 4
4,262,126
+ 17.7
+32.9
43 ,365,989
+ 55.3
1,24*8,479
*985*743
858 222.521
+ 32.5
22,953,000
15,903,000
+44.3
15,511,000
13,995,000
6,393.349
95,926,073
+22.0
52 772,444
27,923,003
647,870,986
45,678,515
23*1*59*61*2
+26 T
21,1*8*3*299
16,355*883
9,142,502
1,861,554
+ 58.4
1,894,058
1,510,424
84.912,540
+41.1
863 918,418
674.644,162
2,954,546
133,324
150,081
—11.2
168,640
152,244
53,811,218
37,507,730
+65.5
30,719,746
41,480,626
+28.1
218,084,244
158,638,229
+37.5
150,689,613
141,694,596
245,286
—13.5
360,401
373,674
+28.5
16 108,284
—4.4
+47.6
4 969.522
1,524 603,634
1,060,378,400
771,597,325
+37.4
7,058,760,712
5,510,167,026
La.—New Orleans
63 767,636
74 488.000
850,049
*7*66*249
+ 28.1
+ 16.4
79 200.894
34 732,027
49,500,000
29",2C)4"592
1,895.881
681,780
166,767,626
—
Vicksburg.
+36.5
+ 17.3
4,569,236
4,563,000 + 125.7
+34.8
+ 37.4
+ 15.3
8.120,144
Jackson..
3,511,812
13,572,309
18,554,894
85,886,316
269,600,000
5,67 7,375
10,298,000
9,447,948
2,435,486
652,093
246,084,706
5,358,973
Montgomery
M iss.—Hattiesburg
(16 cities)
112,748,967
+ 11.0
+ 26.2
62,770,722
+ 20.1
28,915,564
34,502.000 + 116.8
+ 12.7
56,574,795
+ 19.2
13,508,102
+ 4.3
4,766,897
+23.7
1,232,350,664
Mobile
Meridian.
+ 22.7
83,806,783
District— Atlanta—
23,449,964
116,517,249
358,600,000
6,852,929
7,195,861
5,016,652
112,862,212
7,801,733
135,327,966
12,476,628
-—.
Nashville—-------
1,310,141
1,564,057
12,858,082.766
390,702
.
Erie
1,663,243
156,900
147
+23.9
Toledo
Pittsburgh
+ 15.2
15,594,903,545
20,132,761
1,012,152
Newark
Greensburg ------
1,152,819
—2.4
1,128,058
783,037,894
10,595,311
14,486,980
6,672,821
8,356,882
-
1,552,985
2,133,755
—20.2
+ 18.6
488,296
Hamilton
2,249,327
+ 18.4
7,650,435
Columbus
346,000,000
1,794,220
+ 5.7
17 052,674
/
28,804,814
1,253,646
Cleveland
444,000,000
+24.8
126 ,182,894
19 ,216,859
149 .420,667
10,218,461
274,261,037
487,116,136
46,808,200
2,239,287
1,045,206
7,874,369
13,094,307
6,202,317
14,921,812
355,323,397
685,914,623
57,507,800
2,954,206
1,282,070
10,940,327
16,056,383
Cincinnati---
531,203
District —Cleveland—
erve
Ohio—Canton
635,638
+ 5.4
729,679
Columbia
—3.2
+ 16.0
2,976,186
20,540,173
27,762,200
Fifth Federal Reser
+ 17.3 3,736,326,254 2,772,555,786
615,485
1,526,799
609,321
+21.6
+ 20.1
Du Bold.---—-
(18 cities)
3,608,464,802 3,076,729,384
+69.3
Hazleton
Oil City..
29,860,275
Philadelphia
12 383,717
Del.—Wilmington
Franklin
4","ill",751
4*.258" 187
14 120,628
16 716,375
York
Pa.—Beaver County.
4,974,517
+7*3
573 598,564
13 720,446
Pottsville--------.
Lorain
+ 22.1
13 ,499,167
16, 679,016
...
Fourth Federal Res
643,067
7,830,422
4,210,718
8,448,751
654 ,289,310
14, 875,976
Wilkes-Barre
N. J.—Trenton
5",290*042
5*678*840
+ 23.9
—3.7
2,289,000,000
Scranton.
534,648
+ 16.7 3,627,540,275 2,672,837,320
+ 16.1
28, 302,227
—-.
Phiiadelphia
Reading.------
3,474,801,555 2,977,235,124
7,769,188
9,623,694
4,609,963
5,630,162
1,852,419
+21.8
142 080,248
+ 18.8
+ 14.6
+ 25.8
Norrlstown
Total
5,603,680
1,871,636
4-48 5
Tvebanon
Macon.
7,957,146
+ 9.1
+ 53.4
Lancaster
Total
+ 7.2
37 783,611
2,649,389
1,709,805
2,538,568
——
Harrisburg
Total
329 287,601
41
2,201,554
2,770,484
4,063,000
—
Chester
19^8
,211,307
2,360,659
15,951,103,478 13,469,705,367
——.
Bethlehem
1939
353 055,269
2,931,688
Pa.—Altoona.
Dec.
%
%
157,581,231
York---—- 15,325,279,056 12,977,159,691
Rochester
——
35,191,996
46,506,110
N. J.—Montclair
Inc. or
1940
1941
Dec.
2,041,575
33,000,000
474,202
New
Syracuse.--—----Utica
1940
1941
%
62,213.398
Bingham ton
Total
Dec.
or
District —New York—
erve
N. Y.—Albany.
Inc.
or
w
f
Seventh Federal Re
serve
Mich.—Ann Arbor
Detroit---—-
-----
Flint-.—
Grand Rapids—
—
Jackson
Lansing.---.--—
Muskegon
—
Bay City
1
lnd.—Ft. Wayne—...
Gary
IndianapolisSouth Bend-
Terre Haute—
Wis.—Madison—
Milwaukee
Oshkosh
—...
1,848,623
Iowa—Cedar Rapids.
_
6,435,698
47,253,697
Des Moines.-
City
Ames-.------,--.—
— ...
20,517,341
974,522
2,605,842
1,835,318
Bloomington
Decatur,
—
Peoria-
—
.
Springfield
Sterling
Total(31 cities).
—
1,644,930
492,301,796
6,181,459
13,425,535
2,203,483
6,662,167
2,698,718
2,675,295
8,635,709
16,281,389
92,170,683
9,114,370
25,971,683
6,351,236
94,772.200
1,423,828
3,264,391
465,465
1,360,816
5,050,313
41,594,206
16,294,038
800,190
2,056,427
1,564.244
1,332,507.774
4,406,494
18,328,419
6,147,529
+28.
14
12,733,363
3,356,708,037
+ 49.2
+ 11.0
40 ,994,596
31,820,377
118 ,607,992
98.062,699
+21.0
+ 57.6
21 ,141,329
15,553,166
+ 35.9
+44.6
63 ,517,506
50,291,825
+ 26.3
+51.7
26 ,198,774
v
>
si
' —n
+ 38.3
+21.5
68 ,238,087
18,943,315
18,531,252
54,607,024
+ 30.7
133 ,333,618
108,068,842
725 ,564,259
606,288,157
61,294,914
173,836,866
43,260,670
667.571,828
10,534,638
20,883,234
3,243,035
9,411.938
35,335,092
296,514,981
+ 50.6
111,452,272
91,878,351
3,495,390
+27*8
3*, 310+31*
3,530,995
2*.4*5*0*,771
+ 19.7
152,673,088
4*,46*6*,390
l",82*4*263
+ 34*3
2,086*564
1,51*3*433
+
+ 23.4
+29.0
+44.9
22 ,933,715
+60.2
83 ,156,139
+ 17.1
196 ,295,326
+22.2
51 287,917
+ 13.1
714 ,269,622
J-37.4
12 ,526,819
+ 13.2
23 ,707,068
+ 39.4
4 ,004.684
+35.8
+ 13.6
,124,777
089,489
328 503,754
+26.9
127 383,715
+27.4
11
42
+21.8
6 789,018
+26.7
17 722,066
+23.8
2,209,542
1,657,767
3*3*3
1,005,203
"951*592
24*.489*666
19*.049*,000
+28*6
18*,503*666
16*.607",000
2,684,662
6,571,725
2,102,433
5,720,068
+ 27.7
1,360,970
+ 14.9
4,716,187
1,090,962
3,922,211
22*,4*67^999
20*,*733",566
+8*4
21*.41*2*438
19,022^646
+ 19 1
1,290,91(1
11,093,694
1,056,016
10,496,283
+ 22.2
+ 10.8
+ 5.7
1,099,813
11,049,739
1,187,985
10,694,889
111,455,507
6,518,090
14,358,451
+ 14.3
4,616,062
3,557,326
+29.8
3,444,740
3,293,814
+ 25.0
+ 35.7
+ 12.9
+ 18.6
+ 7.0
+ 18.9
+ 13.5
+23.5
+ 18.2
+ 4.2
+
23.4
+ 17.3
13 595,684
11,476,487
+ 18.5
-f-30.8
11,225 048.208
+ 16.5
+20.0
39 597,082
7,065,7V 3
+ 3.9
47, 743,552
640,769
+27.2
6, 139,481
3,029,973,882
2,223,061,329
+36.3
19,389,559,504
15,716,229,346
212,235
229,937,718
'
+28.8
+35.1
+62.0
7,340,232
814,964
5,287,831
21,410,766
9,595,055
+ 13.8
,485,186
5,009 ,124,257
9,636,175,455
31,127,877
124,635,794
40,574,726
41,946,358
4,465,348
1,742.329,287
Chicago
Rock ford.
1,956,507
648,758
Watcrtown
Manitowoc
Oil.—Aurora—
2,117,682
797,712,325
5,749,516
18,132,692
3,472,553
9,632,013
4,092,934
3,877,364
10,491,467
21,272,081
118,931,473
14,603,996
30,413,658
7,762,738
107,163,136
3,693,813
Sheboygan
Sioux
District —Chicago—
+ 16.8
139 831,745
+ 56.1
55, 604,044
+27.2
409,973
392,232,136
1,126,062
4,412,283
+ 16.8
348,889
425,346
303,649,780
+ 29.2
287,425,091
871,408
+29.2
969,082
+ 14.0
3,275,355
261,818,772
994,163
3,417,363
351,052
+ 37.0
2,699,421
1,332,650
+ 13.8
3,872,053
1,448,778
1,483,959
+ 86.3
1,583,648
+ 6.7
1,207,439
1,046,484
1,295,680
714,954,231
534,287,516
+ 33.8
474,359,964
423,065,360
+ 12.2
1
+ 15.1
+23.4
The Commercial & Financial Chronicle
784
Aug. 9, 1941
CLEARINGS (Concluded)
Month of July
Seven Months Ended July 31
Clearings at—
Inc.
or
1941
Eighth Federal Res
Dec.
$
$
3,351,277,092
4,526,313
622,046
+ 38.1
1,456,326,729
81,460,858
+45.2
881,845,964
375,984
2,711,000
+ 15.5
886,434,866
647,583,826
District
rve
Minn.—Duluth-—---
18,281,831
Minneapolis
Rochester-———-—
408,583,955
2,075,740
140,210,670
1,788,493
452,328
13,027,597
1,252,000
—
St. Paul..
Winona...-------Fergus Falls---.
N. D.—Fargo
Grand Forks
Minot.
Sioux Falls
Huron
Great Falls.
—
Lewistown-
Total (16 cities)
rve
District
Neb.—Fremont
Lincoln
Kan.—Kansas City—
Manhattan
Parsons.
—
Topeka
—
Wichita.-.-
Mo.—Joplin
Kansas City
St. Joseph
Carthage
Okla.—Tulsa.
Colo.—Coio. Springs-Denver--.Pueblo
Wyo.—Casper
Total (18 cities)
—
Eleventh Federal R
Texas—Austin
eserve
El Pasco
Fort Worth
Port Arthur
Wichita Falls
Texarkana
La.—Shreveport
Total (11 cities)
Twelfth Federal Re
...
Wash.—Bellingham
-----—
Idaho—Boise
-
Oregon—Eugene—
Utah—Ogden
Halt Lake City—
Ariz.—Phoenix—...
Calif.—Bakersfield.
Long Beach
—
..-—.
—
—-.
Francisco
San Jose
Santa Barbara
123,642,388
3,071,965
+32.2
2,405,834,991
64,771,736
+ 27.3
64,011,471
+ 3.7
2,655,249
63,071,287
13,161,866
+ 16.9
31,51+718
26",596",742
+ 18.5
25,520,073
24,336,361
2",7li~535
2",289",349
+ 18.4
2,462*281
2,"l47"6i5
+ 9.1
919,990,352
11,836,945
—31.1
3,325,665
+22.9
+4.3
+ 12.3
+ 3.5
—17.6
+28.8
102,636,027
+ 7.9
2,052,237
2,084,159
—1.5
+27.2
3,803,559,016
3,384,855,252
+22.8
+ 1.5
+20.6
3,287,958
4,672,494
85,924,382
1,045,486,193
+22.4
151.468,739
126,542,224
+ 19.7
+26.4
6,048,430
5,066,304
4,752,103
6,478,656
+27.3
—23.9
72,102,732
114,518,072
70,360,996
+2.5
1* 83+040
93,629,545
+ 22.3
4,821,681
16,376,483
2,821.900,101
+ 18.0
+21.2
+27.6
+24.6
+ 5.0
+41.9
+21.4
+ 11.9
+ 12.0
+24.5
"
+ 13.6
"837+47
1,05+752
774*070
+2+9
"857",312
+ 30.1
+9.2
"
+ 14.4
1,03+052
77+542
+ 33.3
"74+290
"74+292
3,86+577
3,580,499
+8~.i
3,095*942
2*,4*45*459
+ 12.4
126,788,040
101,432,071
+25.0
99,685,092
96,258,975
3,051,212
+7.8
134,677
+ 33.0
3,916,327
86,907,487
904,846,298
+ 10.9
80,673
139,212
163,127
—1.1
2,762,149
101,229
131,921
2.730,732
+ 1.2
3,002,657
2,616,947
+ 15.5
35,063,120
27,449,357
+27.6
28,827,464
29,157,788
l",66+064
+10.3
2,45+652
2,16+610
3,091,067
+56.0
3,290,123
3,524,425
94,9)2,657
+ 12.7
+ 8.1
+ 19.3
146,264
103,721
—7.5
+20.0
128,70+893
+ 9.6
19,328,744
3,386,974,873
104,047,849
98",05+847
+ 31.3
93,097,138
92",743",009
+ 11.8
87,399*746
3,727,574
+ 14.3
3,094,187
+20.5
4,639,527
3,240,589
3,969,269
+ 16.9
2,908,680
+ 16.4
266,835,028
242,760,571
+ 9.9
+ 17.0
17,546.608
899,208,056
395*819
—7+8
+ 15.3
20,701,731
10,057,396
+ 12.3
+ 10.8
18,212,213
1,037,095,522
23,240,888
11,520,720
847,767,213
+24.5
6,360,470,668
5.425,102,201
+ 14.6
52,959,135
34,366,699
2,016,887,906
198,959,918
237,200,503
73,282,000
1,732,751,630
14,682,073
35,049,020
56 090,927
30 155,938
1,687 918,000
148 036,680
+ 14.0
+27.0
"
+ 27.2
+ 10.4
231,033,000
+ 30.7
+34.3
+41.6
+ 34.3
+ 32.7
+ 35.2
19,909,718
28,753,351
9,830,000
204,114,244
1,926,822
4,965,657
1,107,600
Franci
64+049
+ 17.2
177,855,009
—5.6
1,427,188
64",72+776
+ 19.5
"573",*169
137,353,272
+29.5
135,011,983
129,322,655
1,638,191
—12.9
1,625,854
1,368,001
54,39+005
+ 18.9
47,256,755
42,447,133
+ 19.0
8",166",625
5",59+334
+46.0
6,936,143
+ 47.3
+817*993
2,015,027
2,063,000
—2.3
1,874,000
1,938,000
11,275,697
+ 33.9
4,522,535,403
3,792,919,294
+ 19.2
17,341,724
1,551,447,558
34,280,329
43,041,870
12,134,000
1,335,813,453
23,104,510
536,904,925
106,690,390
56,298,088
81,589,953
136,691,383
30,252,880
108,658,535
15,267,319
1,171,376,660
31,025,832
37,691,598
+ 13.6
+ 14.9
+ 37.2
4,773,567
5,757,341
1,414,000
+ 16.0
+21.7
+47.2
167,807,016
2,890,806
70,131,541
13,874,831
—49.0
7,801,076
9,651,103
+ 52.9
+29.0
+41.3
+ 18.6
+28.5
+ 39.7
4,300,063
+26.7
13,307,893
3,273,336
667,545,000
13,651,266
5,955,705
11,417,354
+27.1
+ 19.7
1,383" 809
97+614
+41.7
804,514
"957", 756
+ 15.7
3",567*644
2,907+88
+ 22.7
2*.696*410
3,041~475
81,285,069
67,578,632
+20.3
61,193,676
56,570,358
53,145*445
41,"023",364
+2+5
36",15+786
3+66+698
1,164,517
944,251
+ 23.3
986,198
898,010
44",37+843
36",48+064
+21.6
29*.60+704
27,21+987
18",398+28
14,20+647
+ 2+5
14",63+649
13,67+699
4",0*8+271
+ 4.7
"
"
+ 10.9
+ 27.7
+ 32.4
+ 10.5
•
+ 14.2
8,785,000
1,040,858,311
19,297,906
464,613,062
105,850,312
54,504,390
62,313,758
116,539,650
+ 17.3
24,984,487
94,650,538
+ 14.8
+ 27.1
29,760,567
+ 22.0
6,065,655,111
93,590,537
46,681,069
83,249,894
9,393,186,776
+ 38.1
+ 28.3
+ 19.7
+ 15.6
+ 0.8
+ 3.3
+ 30.9
+ 20.6
+ 22.7
+ 24.9
5", 213*446
3","546",798
+ 47.0
4,32+304
3",656*985
+943*815
+2+8
3",594* 183
3*."755",385
+ 15.6
185,313"919
145,76+006
143",89+666
2,985,117
1,410,202
2,923,141
+ 6.3
2,696,210
151,27+000
2,840,920
1,368,681
2,238,109
+22" 5
+ 16.3
+8.0
+ 18.3
23,414,560
4,382,104,224
80,443,066
43,238,208
70,357,425
+ 20.2
7.-1'
+ 21.1
+ 28.7
1,205,365,651
597*848
+ 34.4
199 300,802
69 970,000
SCO
16,534,801
708*442
—14" 8
+ 14.6
115,120,822
182,956,868
'
"549,021
+ 15.9
2,322,084
"63+756
~
"
+ 51.8
+20.4
527,540,660
-San
"11+590
+ 3.8
1,447 479,241
14 021,740
31, 596,011
8, 826,529
99, 523,426
+ 8.2
14,412,310
706,452,975
1,505,343,719
+20.5
2,096,341
2,345,553
318,958,951
256,875,649
+ 20.3
241,561,484
234,964,069
3,642,070
1,454,307
+ 28.2
1,496,265
+ 19.7
+ 16.7
6,963,870,753 5,646,347,514
+23.3 6,171,651,275 4,945,364,479
+ 30.8 103,659,849,449
16,259,575,464 12,429,466,537
7,847,316,306
+ 24.3 207,768,868,506 178,052,688,357
Grand total (190 cities) 31,584,854,520
25,406,626,228
Outside New York
134,469,818
+ 60.5
2,534,490
133,301,141
3,245,735
1,545,723
13,726,419
Total (19 cities)
+ 37.0
2,576,456
35,986,664
7,307,275
Stockton
138,600,819
4,135,311
82,461,095
X
515,044
14,753,729
23,099,286
5,447,426
16,912,841
4,211,741
814,217,412
16,458,143
Pasadena-.-...-.
Riverside.
189,900,413
+5.9
+ 12.6
14,613,372
+ 12.3
14,765,294
10,025,412
Berkeley-.--
609,000
+27.7
2,478,417
454,795,324
2,082,000
216,507,746
4,085,603
83,161,788
7,091,909
Portland-.--
531,000
98,246,384
2,136,129,443
12,623,459
818,984,691
11,436,318
4,037,839
72,322,674
7,149,000
5,704,728
23,931,088
44,024,109
5,507,922
23,901.041
23,799,740
15,681,867
2,668,853
251,099,226
5,810,015
6,676,895
Seattle
+ 3.6
4,502,278.262
Distric t—]Dallas—
District
31,75+065
15,679,753
29",52+016
+ 58.9
103,994,520
+ 18.1
7,453,636
4,034,322
serve
+ 53.5
15,803,879
5,750,159,217
11,089,079
276,015,297
2,085,509
5,978,571
1,681,887
16,708,240
—
32* 111*940
+ 15.6
814,124
946,344
38,579,824
13,044,000
Galveston———.
25,113,181
78,900,000
+ 31.3
+ 11.9
134,633,327
28,200,484
Houston..
49",2"77", 232
+41.9
86,500,000
+23.7
+44.3
310,343,906
Dallas
-+34.8
$
+ 27.6
685,000
+ 18.2
8,540,614
5,274,643
—
90,000,000
1938
7*0.000
+48.5
423,919
557,409
13,298,208
13,503,694
162,413,185
26,021,253
1,028,968
720,559
11,639,515
22,113,171
3,008,858
577,740,311
16,176,165
688,894
41,905,776
2,964,476
169,547,980
3,589,135
1,711,940
Beaumont
114,800,000
80,962,889
8,008,000
7,104,941
27,182,788
57,291,482
6,013,868
27,331,546
26,830,909
494,788,314
1,055,884,708
Omaha
1
+ 12.8
Kansas City-
620,447
694,381
Hastings--
%
21,255,104
629,513,792
—
Tenth Federal Rese
$
+23.2
902,467
3,691,920
3,449,452
15,619,999
355,811
383,876
—
-
1939
J
2,628,635
20,286.000
6,467,581
4,444,026
17,476,706
----- -- -
-
Dec.
%
v;.:
1940
3,659,805
1,080,325,134
621,443,296
2,341,121
17,986,000
10,600,309
1,033,000
1,004,454
3,622,412
1,067,107
4,358,492
Mont.—Billings
Helena-
656,505
+ 14.8
or
1941
+ 36.9
Minneapolis—
14,777,603
309,033,656
2.000,789
119,933,292
1,639,064
1,281,529
6,227,893
9,601,,549
S. D.—Aberdeen,.—
Inc.
Dec.
2,'/47,996,202
28,526.704
32,989,350
4,805,447
+47.8
434,284
Total (7 cities) —
Ninth Federal Rese
San
+31.4
3,339,000
.
or
Louis
154,791,350
Quincy
Modesto
1940
5
403.096,276
859,348
111.—Jacksonville.
Yakima
1941
228,802,131
118,272,641
—
J
-St.
629,632,117
6,195,335
Cape Glarardcau
Independence---,—
Ky. Louisville-----Tenn.—Memphis--
Week Ended Aug. 2
Inc.
%
District
erve
Mo.—St. I-OUifl
1940
+ 22.1
3,489,069,198 2,669,112,390
+ 30.7 2,544,111,000 2,272,527,159
84.888,350,797
CANADIAN CLEARINGS FOR
JULY, SINCE JANUARY 1, AND FOR WEEK ENDING JULY 31
Month of July
Seven Months Ended July 31
Clearings atInc.
1941
Canada—
1940
-
411,970,126
412,785,119
194,879,521
76,771,582
122,172,536
20,895,148
13,718,259
25,824,193
21,207,404
9,297,037
7,974,012
11,096,052
17,467,712
17,728,814
1,634,157
1,908,711
5,871,683
2,308,588
482,028 002
Winnipeg
270,614, 342
Vancouver
89,243, 812
Ottawa
193,421, 638
24,269, 943
Quebec
Halifax
15,632, 773
31,327, 862
27,982, 764
9,309,,557
Hamilton
Calgary
St. John
Victoria
Edmonton
...
Brandon
Lethbrldge
1,872 ,646
2,313 ,015
6,628 ,964
Moose Jaw
2,971 ,010
4,834 ,915
Brantford
Fort William
3,961 ,246
1,613 ,588
Medicine Hat
Peterborough
3,179 ,929
Sherbrooke
Kitchener
+ 31.9
102,531,520
201,502,736
+25.3
+ 25.0
+ 10.8
+ 31.0
+ 14.9
+ 14.6
+ 21.2
+ 12.9
+ 28.7
+ 16.6
Kingston
Sarnia
Sudbury
(32 cities)..-.
Estimated,
x
374,067
337,995
+ 10.7
495,381
381,775
1,420,258
+ 29.8
1,472,276
+ 19.4
+ 27.9
20,367,417
6,509,817
17,689,667
23,966,310
4,841,174
+ 10.2
+ 37.7
33,846,389
85,439,752
9,673,246
24,305,464
18,100,205
18,675,352
13,112,872
30,615,615
10.529,420.507
1,964,177
+ 8.2
4,660,332
+ 4.8
1,795,671,002
1,428,432,776
+25.7
11,979,090,018
No figures available,
y
Calculated
+ 4.4
on
S
+ 8.9
19,454,820
+ 22.0
1939
%
+ 13.7
+ 18.1
+ 10.7
or
Dec.
+ 18.0
11,401,854
1,456,307
4,108,588
3,071,211
2,581,583
3,399 551
3,150 ,091
2,124 .967
Chatham
1940
9,333,422
+ 12.9
+ 31.4
%
+ 9.2
Inc.
1941
13,639,776
39,129,310
15,842,875
28,367,224
22,009,728
8,961,094
+ 11.6
Dec.
+ 24.0
23,452,016
+76.4
+ 0.1
or
3,275,692,235
3,018,725,744
1,468,758,670
518,344,936
833.601.149
145,358,785
92,630,948
172,186,659
147,732,337
67,285,302
53,169,270
78,436,175
19,704,706
107.169.150
26,328,304
35,361,197
107,343,602
11,379,562
26,167,039
20,698,096
19,428,049
14,182,737
32,082,928
1,913 ,175
4,290 ,994
Moncton
*
+ 14.0
+ 21.3
4,881 ,738
Prince Albert
1940
2,816,884
3,837,535
4,532 ,267
5,336 ,617
15,699 ,657
Windsor
Total
+ 16.2
189,248,043
67,178,684
55,701,115
81,051,037
142,083,332
132,885,696
11,017,396
15,507,550
42,601,837
18,915,103
30,300,132
30,973,693
4,146,763
4,953 ,567
New Westminster
+ 58.3
3,143,105,468
1,390,191,400
551,630,343
1,693,084,264
157,955,997
914,597
12,298,,848
22,891 ,144
20,364 ,797
Saskatoon—..
+ 16.2
3,576,785,228
3,951,880
3,169,237
8,899 ,927
London
+ 23.7
+ 16.8
+ 38.9
Week Ended July 31
Inc.
1941
%
509,727 656
Montreal
Reglna
Dec.
S
Toronto..
or
the basis of weekly figures.
+ 4.1
106,356,841
79,377,765
88,849,685
30,165,955
+ 34.0
1938
S
+ 10.0
111,107,244
110,008,381
137,375,211
133,488,956
+65.5
+ 6.4
97,704,345
49,934,006
19,787,867
41,291,538
25,824,204
30,258,154
17,522,453
24,955,912
+ 12.9
+ 103.
4,723,464
+ 2.0
+ 15.0
19,519,712
15,895,130
4,875,373
2,430,497
5.033,869
4,291,649
1,792,111
1,853,895
2,445,434
3,576,227
3,287,160
380,919
439,423
1,397,573
543,453
843,453
19,050,549
24,128,296
5,582,692
2,845,013
4,595,787
3,001,179
2,013,028
1,894,600
—5.3
+ 8.7
4,818,899
+ 10.7
3,213,995
2,795,420
+ 17.0
6,123,094
+ 28.1
5,792,944
1,825,430
1,774,408
2,227,035
5,181,149
4,733,720
1.689.224
1,667,641
1,969,057
3,658,996
3.223.225
—0.2
+ 4.8
+ 3.3
+ 18.7
4,588,043
3,947,024
+ 21.3
+ 18.2
+ 22.4
+ 8.1
+ 6.4
+ 13.1
+ 25.5
+ 22.5
+3.7
2,388,360
3,591,117
3,099,878
398.638
437,885
1,555,134
583.777
571,154
446,573
+6.8
913,092
1,061,141
742,885
773,485
+22.9
+ 40.7
+ 37.2
799,019
+ 15.1
957,072
691,036
+ 38.5
+ 37.7
701,194
727.639
228,700
615,756
+ 47.1
221,544
605,960
202,562
867,104
1,083,127
+ 16.2
—4.3
+ 25.6
336,518
691,751
1,007,380
1,036,558
3,296,058
2,375,524
+ 38.8
+ 17.6
444,504
+ 34.5
+ 29.0
780,770
+6.6
601,450
582,103
+ 21
488,40,4
382,435,084
+ 10.0
+ 9.9
+ 4.5
+ 34.1
625,017
720,552
578,713
777,835
1,148,453
2,622,714
332,596
2,365,040
323,797
+ 7.7
898,234
+ 14.8
636,547
330,551
696,333
597,013
+ 4.0
545,507
450.484
+8.2
359,837
1,135,205
—10.6
+ 4.6
321,524
1,125,076
—0.9
471,982
395,112
993,422
+13.8
354,535,925
284,047,307
+24.8
341,407,809
Note—Westchester Clearing House discontinued.
824,894
988,200
703,075
449,039
944,462
Volume
The Commercial
153
785
& Financial Chronicle
NATIONAL BANKS
from the office
of the Comptroller of the Currency, Treasury
Amount
CONSOLIDATION
Name of
is
Department:
50c
Extra
25c
25c
-
t$lM
1918, as
(A.) & Co. 7% pref
Hecla Mining Co
Homestake Mining Co. (monthly)
25c
37 He
International Nickel Co. of Canada—
Common (payable in U. S. funds)
National Bank
of La Verne"
(Charter No. 9599;, with common capital stock of
$50,000, divided into 500 shares of the par value of $100 each, and a
International Safety Razor Corp. class
Interstate Hosiery Mills, Inc
surplus of $30,000.
Keystone Custodian Fund, series B-4
amended,
under the charter and title of "The First
Dividends
are
Then
current week.
show
the
In the
announced the
we
the dividends
all
follow with
second table in which
a
previously announced, but which
Further details and record of past
dividends
have not yet been paid.
dividend payments in many cases are
pany
News
given under the com¬
name in our "General Corporation and Investment
Department" in the week when declared.
The dividends announced this week are:
Share
Name of Company
50c
Aetna Standard Engineering Co. (resumed)
Alabama & Vicksburg Ry. Co. (s.-a.)
.
%
Allis-Chalmers Mfg. Co
___.
—
Aluminum Industries, Inc. (quar.)
American Investment Co. of Illinois (quar.)
American Investment Securities Co
American Laundry Machinery, com.
Extra
(quar.)
$3
50c
15c
25c
10c
20c
—
80c
—
Holders
When
Payable of Record
Aug. 25 Aug.
Oct.
1 Sept.
Sept. 30 Sept.
Sept. 15 Aug.
Sept. 2 Aug.
Aug. 15 July
Sept. 1 Aug.
Sept. 1 Aug.
15
8
8
30
15
25
20
20
American Locker Co., Inc.—
$1.50 non-cum. class A (quar.)
American News Co. (bi-monthly)
25c
American Wringer Co., Inc
15c
30c
J15c
Anglo-Canadian Telephone Co., class A (quar.).
Anglo-National Corp. $2 class A (liquidating)
Archer-Daniels-Midland Co
Atlas Powder Co. (increased)
Bankers National Investing Corp. common
6% preferred (quar.)
Barlow & SeeligMfg. Co., $1.50 class A (quar.).
Beau Brummell Ties (irregular)
Bessemer Limestone & Cement Co. 6% pref
Bird& Son, Inc., 5% pref. (quar.)
Blue Ridge Corp. $3 conv. pref. (quar.).
Optional div. l-32d sh. of com. stk. or cash.
Boss Manufacturing Co
Bristol-Myers Co. (quar.)
Brown Shoe Co., Inc. (quar.)
$3
50c
$1
6Mc
7Hc
30c
10c
t$lH
$1M
75c
$3
60c
50c
50c
Brunswick-Balke-Collender Co., common
$1H
$5preferred (quar.)
Bullock's, Inc. (Los Angeles) (quar.)
Canada Dry Ginger Ale Co. (quar.)
Canadian Industries, Ltd., class A.
ClassB
...
......
50c
15c
t$lH
JS1H
t«l«
.......
...—
7% preferred (quar.)
—
50c
Carman & Co., Inc., $2 class A (quar.)
Class
25c
B
Central Arkansas Public Service
$1 M
7% pf. (qu.)—
$6 prer.
t$lH
t$lH
Central Illinois Public Service Co.
6% preferred
Sept. 30
Sept. 15
Aug. 15
Sept. 2
Aug. 15
Sept. 1
Sept. 10
Sept.30
Sept. 30
Sept. 1
Sept. 2
Aug. 15
Sept.
1
Sept. 2
Sept. 20
Sept. 5
Aug.
2
Aug. 15
Aug.
9
Aug. 21
Aug. 29
Sept. 3
Sept. 3
Aug. 16
Aug. 12
Aug.
5
Aug. 20
Aug. 14
Aug. 25 Aug.
Sept. 1 Aug.
Sept. 2 Aug.
Sept. 15 Sept.
Oct.
1 Sept.
Aug. 30 Aug.
Sept. 24 Sept.
Oct.
13
15
20
5
20
11
10
31 Sept. 30
Oct.
31 Sept. 30
15 Sept. 30
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Sept. 2 | Aug. 15
Sept. 15 Aug. 20
Sept. 15 Aug. 20
Oct.
Central Surety & Ins. Corp. (Kan. City, Mo.)—
40c
Quarterly
Chicago Corp. $3preferred
Cleary Hill Mines Co. (quar.)
Cleveland Worsted Mills (irreg.)
Coca-Cola Bottling Co. of Los Ang. (irreg.)
t50c
5c
50c
60c
75c
Coca-Cola Co
Coca-Cola International Corp. (irreg.)
Collateral Trustee Shares of New York series A.
Collins & Aikman
/
Corp., common
5% conv. pref. (quar.)
$5.65
121sc
.
25c
$1M
...
Columbia Broadcasting System Inc., class A
Class B
45c
Consolidated Amusement Co., Ltd. (irreg.)
50c
Cook Paint & Varnish Co. (quar.)
20c
45c
$1
$4 preferred (quar.)
Coon (W. B.) Co., common (quar.)..
15c
SIM
7% preferred (quar.)
Crown Cork & Seal Co,, Inc., $2.25 pref. (qu.)..
Crum & Foster Ins. Shares Corp. class A (quar.).
Class B (quar.)
Dayton Power & Light
56 He
30c
30c
SIM
7% preferred (quar.)
Cushman's Sons, Inc., 7% pref.
Co. 4M% pref. (quar.)..
tSIM
SIM
Aug. 15 July
Sept. 1 Aug.
Sept. 1 Aug.
Aug.
1 July
Aug. 16 Aug.
Oct.
1 Sept.
Oct.
1 Sept.
Aug. 31 July
Sept. 2 Aug.
Sept. 2 Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Sept.
Sept.
31
15
$14
50c
Distillers Co., Ltd.—
Amer. deposit rets, for ord. reg.
El Paso Electric Co. (Del.)
7% pref. A (quar.)..
7% pref. (quar.)
Faber, Coe & Gregg, Inc. (quar.)
Fajardo Sugar Co. of Porto Rico.
Includes div. declared by Fajardo Sugar Grow¬
ers Assn., an affiliate.
Federal Light & Traction Co., $6 pref. (quar.)..
Ferry Cap & Set Screw Co.——_
Firestone Tire & Rubber Co- 6% pref. A (quar.).
Fishman (M. II.) Co., Inc. (quar.)
Flintaote Co., common
$4.50 preferred (quar J
Frankenmuth Brewing Co., extra
Gaylord Container Corp. common (quar.)
50c
SIM
S1H
SIM
50c
50c
SIM
$1
$1
7 July
Aug. 30 Aug.
Sept. 2 Aug.
Aug. 15 Aug.
Oct. 15 Sept.
Oct. 15 Sept.
Sept. 1 Aug.
Aug. 15 Aug.
Sept. 2 Aug.
Sept. 2 Aug.
12Hc
SI
SIM
Nov.
25c
SIM
15c
25c
SIM
5c
12Mc
(irreg.)
$5 preferred (quar.)
Goodall Securities Corp. (quar.)
Gosnold Mills Corp., 6% preferred.
Co.—
$1
tSIM
Gossard (H. W.) Co
Great Atlantic & Pacific Tea Co. of Amer. com..
—
25c
SIM
SIM
SIM
*15c
25c
10c
$1M
$1M
25c
$1M
17 5c
Sept.
...
_
Soule Mill (quar.)
Power Co., 7% pref
...
Pipe Line Co
i
Standard Accident Ins. Co. (Detroit) (quar.)...
Standard Oil Co. of Indiana (quar.)
Extra
(quar.)
(quar.)... —
_
-
7% preferred (monthly)
(monthly)
(monthly)..
ord. reg. (interim)...
Troy & Bennington RR. Co. (s.-a.) —
.—
Trustee Standard Oil Shares series B
Trusteed New York Bank Shares coupon shares.
Tyer Rubber Co. 6% preferred (quar.)
Union Elec. Co. of Missouri $4 50 pref. (initial).
Union Tank Car Co. (quar.)
United Biscuit Co. of America common...
5% preferred (quar.)
-U. S. Envelope Co., common
7% preferred (s.-a.) — ...
U. S. Printing & Lithograph Co
Universal Winding Co. 7% pref. (quar.).......
Upper Canada Mines, Ltd
Utica & Mohawk Cotton Mills..
5% preferred
Trinidad Leaseholds, Ltd.,
Inc., common..
preferred
Extra...
1
—^
Co. (year-end)
Hydro-Electric Corp., Ltd.—
preferred (quar.)
July
Aug.
Aug.
Aug.
Aug.
Aug.
July
Sept.
Aug.
Sept.
Sept.
25c
Aug.
20c
Sept.
35c
Sept.
75c
Sept.
58 l-3c Sept.
50c
Sept.
Aug.
Aug.
41 2-3c Sept.
5
July
Aug.
Aug.
Aug.
5
5
1
18
15
30
15
15
23
19
21*
1
30
15*
25
15
15
25
18
25
25
20
15
15
15
Aug.
Aug.
Aug.
Aug.
July 11
Aug.
10 4-5c Sept.
2 2-5c Aug.
July
July
21
31
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
July
July
"31
$1H
$1M
50c
25c
$1M
$2
$3H
t$lH
Oct.
f4c
Aug.
Aug.
50c
50c
Aug.
Sept.
Sept.
Sept.
Sept.
$2H
Oct.
$2H
Oct.
$1H
Sept.
Sept.
Sept.
Sept.
Aug.
40c
$1M
110c
40c
120c
37 He
Co., 6% pref. (quar.)"
$1H
Corp. 5% pref. (s.-a.)
t37Hc
Western Public Service Co. $1.50 pref. A
Wheeling Electric Co. 6% pref. (quar.)
**** $1 "
Whitehall Apartments Corp. (irreg.)__,
~~
West Coast Telephone
West Indies Sugar
Aug.
Aug.
Aug.
25c
10c
....
Welch Grape Juice
$0-80 participating
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
50c
Vicksburg Shreveport & Pacific Ry. com. (s.-a.)
5% preferred (s.-a.)
:
Virginia Electric & Power Co., $6 pref. (quar.)..
"Walgreen Co. common (quar.)
4 M % preferred (quar.)
_
. . Waite Amulet Mines, Ltd. (interim)
West Canadian
9
30
31
21
20
6
15
19
19
15
18
Aug.
July
Aug.
Aug.
Aug.
Aug.
Sept.
25c
62 He
25c
$1M
(quar.j
(quar
... —
1 July 20
Sept.
Aug.
Sept.
Sept.
25c
$1.40 conv. preferred (quar.).
Timken Roller Bearing Co
7% 1st
8
20
20
19
30
15
15
30
8
Aug.
Aug.
Aug.
May
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
.....
Southern
Van Raalte Co.,
Aug. 22
Sept.
Sept.
Oct.
"—.—
Vick Chemical Co-
Aug. 15
Oct.
Pen (quar.)
Sylvania Industrial Corp.
Tilo Roofing Co
|Aug. 22
Aug.
Aug.
July
Sept.
Sept.
Aug.
Aug.
Sept.
Southern Colorado
15
Aug.
Aug.
Aug.
Sept.
Ltd
Morgan) & Co. (quar.).
Socony Vacuum Oil Co., Inc
15
Aug.
Aug.
Aug.
Sept.
Sept.
(qu.)
Steel Co. (irreg.)
Toledo Edison Co.
Sept.
Sept.
Sept.
Sept.
Aug. 15
Aug. 15
July 31
%
Improvement Co. (mthly.)
Smith (S.
Sun Oil Co.
June
1
Sept.
S1.27M Sept. 1 Aug. 8
Sept.17 Sept. 5
Sept.15 Aug. 20
Sept. 2 Aug. 15
5
$2
Aug. 15 Aug.
Sept. 2 (Aug.
5
$1M
...
__...
1 July 31
2 Aug. 22
Sept.
Aug.
Aug.
Amer. $2.50 conv. 1st pref.
Simonds Saw &
8
15
20
8
30
30
15
6
Sept. 2 Aug. 14
Aug. 30 Aug. 15
Aug. 30 Aug. 15
Sept. 2 Aug. 15
Sept. 3 Aug. 15
Oct.
1 Sept. 20
S2s1
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
$5 preferred B (quar.)
Rutland & Whitehall RR. Co
5
Aug.
1 July 28
Aug. 15 Aug.
5
$3M
$3 preferred (quar.)
12
6
50c
Purity Bakeries Corp
Quinte Milk Products, Ltd
2 Aug. 18*
15 Aug.
8
1 Aug. 15
1 Oct.
6c
Pressed Metals of America, Inc
Sheaffer (W. A.)
Extra..
27
27
13
21
20
20
Aug. 29
Sept. 3
July 26
Aug.
9
Aug. 30
Aug. 15
Aug. 15
Aug.
Aug.
Aug.
July
Aug.
Sept.
Oct.
1 Sept. 18
Aug. 30 Aug. 18
Oct.
1 Sept. 18
40c
(quar.)
Secord (Laura) Candy Shops,
Seeman Brothers, Inc
31
Aug. 15
Aug. 15
Sept. 30 Sept. 20
Pilgrim Mills
Pleasant Valley Wine Co
Prentice Hall, Inc., common (quar.)
San Gabriel River
[July
Aug. 30 Aug. 20
t$2M
5.10% pref. (initial/ (quar.)
Niagara Share Corp .of Maryland 6% pf."A"(qu.)
Noranda Mines Ltd. (interim) (quar.)
Northeastern Water & Eiec. Corp. $4 pref. (qu.)
Norfolk & Wash. Steamboat Co. (s.-a.)
Ohio Power Co. 434 % pref. (quar.)
Pacific Power & Water Co., Ltd.—
6% prior preferred (quar.)
Paracale Gumans Consol. Mining Co., Inc.Common (monthly)
Peoples Industrial Bank (N. Y.) (s.-a.)
Peoples Telephone Corp. 6% pref. (quar.)
Pfaudler Co. 6% pref. (quar.) —
Phila Germantown & Norristown RR. Co., com
12
12
1 Aug. 15
1.5 Sept. 10
15 Sept. 10
15 Aug.
9
15 Aug. 30
15 Aug. 30
15 Aug. 30
15 Aug. 18
15 Aug.
5
12 Aug. 14
Sept.
$2M
(irreg.)
Coated Paper Co. (quar.)..
National Linen Service Corp. $7 pref. (s.-a.)
$5 preferred (s.-a.)
Common (resumed)
National Tool Co. common (initial)
Nebraska Power Co., 6% preferred (quar.)
7% preferred (quar.)
Neisner Brothers, Inc. (quar.)
Newmarket Manufacturing Co. (irreg.)
.....
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
July
Aug.
Sept.
Sept.
Sept.
July
Sept.
Sept.
Sept.
Sept.
Sept. 2
Aug. 18
Aug. 30
July 31
$1
...
Nashua Gummed &
Extra.
Sept.
Sept.
Sept.
Aug.
July
Aug.
Aug.
15
15
15
15
12
25
15
20
$1
pref. (quar.)—
New York State Electric & Gas
Aug.
June 30
Aug.
Aug.
Aug.
Aug.
$1M
Motor Wheel Corp. (quar.)
Mullins Mfg. Corp. $7 pref
Murphy (G. C.) Co.
Sept.
Aug.
7% preferred A (quar.)..
6% preferred B (quar
Monarch Life Ins. Co. (Springfield, Mass.)—
Morse Twist Drill & Machine Co.
Aug.
t$5
Corp.—
Semi-annual
Moran Towing Corp. 7% partic.
Extra
July
Sept.
Sept.
Sept.
Sept.
Aug.
25c
Common
Sept. 12 Aug. 30
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
68 Mc
25c
5M % preferred (quar.)
General Cigar Co., Inc. (quar.)
General Industries Co
tSIM
12Mc
Extra
Haloid Co
25c
30c
ExolonCo
7% preferred (quar.)
Hajoca Corp. 6% pref. (quar.)
HallnorMines, Ltd. (quar.)
4c
25c
13c
6% preferred
6% pref. B (quar.)
General Motors Corp. common
2 Aug.
15c
18Mc
(quar.)
7% preferred (quar.) (increased)
Minneapolis-Honeywell Regulator—
4% preferred B (quar.)
Mississippi Valley Public Service Co.—
12
29*
15
15
15
Aug. 18
Aug. 20
19 1-10c Aug.
(final)
Dominguez Oil Fields Co. (monthly)
Dominion Foundries & Steel. Ltd., 6% pref. qu.)
Eastern Utilities Associates (quar.)
El Paso Natural Gas Co.
Sept.
$1
$1
$1
(monthly)
..
Aug. 19
Aug. 19
July
July
Aug.
Aug.
Aug.
Aug.
10c
15c
$5.50preferred B (quar.)
Mercantile Acceptance Corp. of California—
5% preference (quar.)
Merrimack Manufacturing Co. 5% pref
Radio Corp. of
19
25c
—.....—
...
Mead Corp. $6 pref. A
20
25
8
31
$1M
Magnin (I.) & Co. (quar.)
Manufacturers Trading Corp. common
$0 75conv. preferred (quar.)
May, McEwen, Kaiser & Co., common (quar.)..
McKenzie Red Lake Gold Mines, Ltd. (quar.)
19
5 |Aug. 22
5 Aug. 22
1 July 19
1
1
1
1
15
30
30
30
2
2
35c
70c
tflM
Monthly
Monthly
Des Moines Joint Stock Land Bank—
Second liquidating
Diamond Alkali Co
...
Lionel Corp. (quar.)
Lock-Joint Pipe Co. common
Metal & Thermit
Per
25c
-
Extra
grouped in two separate tables.
bring together
we
60c
A (quar.)
Key West Electric Co. 7% preferred A
—
Lake Superior District Power Co. 5% pref. (qu.)
Lane-Wells Co. (quar.)
DIVIDENDS
first
50c
Series K-l
1941.
The consolidation became effective close of business July 26,
we
50c
25c
Harris
50,000
the provisions of the Act of Nov. 7,
2.03605c
(quar.)
Harbauer Co
July 26—The Farmers and Merchants Bank of La Verne, La Verne,
Calif
Colo.)—
Hancock Oil Co. of Calif., class A
Extra...
Class B
Holders
Payable of Record
Share
Company
Hamilton Trust Shares (Denver,
Beneficial interest
$25,000
July 26—Tne First National Bank of La Yerne, La Verne, Caiif-.
Consolidated tod^ay under
When
Per
following information regarding National banks
The
31
Aug. 15
Aug. 14
Aug. 14
Aug. 15
Aug. 15
Sept. 19
July 31
Aug. 15
Aug.
1
Aug.
18
Aug. 18
Aug. 15
Aug. 15
Sept. 8
Sept. 8
Aug. 29
Aug. 20
Aug.
15
Aug. 18
Aug. 11
Aug.
Sept.
Aug.
Sept.
Sept. 30 Sept.
Sept. 2 Aug.
Sept. 2 Aug.
Aug. 15 Aug.
20
20
15
12
5
5
The Commercial & Financial Chronicle
786
Aug. 9,
Per
Per
Name of
Holders
o
Name of
Share
Company
Oct.
1
75c
Oct.
1 Sept.20
25c
25c
Aug. 15 Aug.
Aug. 15 Aug.
50c
$0.75 preferred (quar.)
Youngstown Steel Door Co. (correction)
Payable Sept. 15 not Sept. 9 as reported
Sept. 15 Aug. 30
Sept. 20
5
5
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
we
SIM
7% preferred (quar.)
Bigelow-Sanford Carpet Co., Inc., common
6% preferred (quar.)
Blauner's $3 preferred (quar.)
Bliss (E. W.) Co. of Del.—
Representing 6 mos. div. (6% conv. pref.)
Representing 6 mos. div. (5% conv. pref.)
Bloch Bros. Tobacco Co., com. (quar.)
6% preferred (quar.)
Blue Diamond Corp. (irreg.)
Borden Co. (interim)
Boston Fund (quar.)
Boston Woven Hose & Rubber Co., com
Special
Bourjois, Inc.. $2.75 pref. (quar.)
Bower Roller Bearing Co
Brager Eisenberg. Inc. (quar.)__
Brooidyn Edison Co., Inc. (quar.)
Brooklyn Telegraph & Messenger Co. (quar.)
Buckeye Pipe Line
Per
Share
Company
Acme Steel Co. (quar.)
$1
50c
-
Apmp Wirp rjn
Aetna Ball Bearing Mfg.
Co."(quar.)
Agnew-Surpass Shoe Stores,
Extra.
common
35c
J40c
(s.-a.)
-
t20c
-
7% preferred (quarterly)..
Agricultural Nat 1 Bank (Pittsfield, Mass.)
ttlH
(Quarterly)
Alleghany Ludlum Steel Corp., common
7% preferred (quar.)
All*ntown-Bethlehem Gas, 7% pref. (quar.)
$2
50c
—
SI M
87 Mc
Allied Kid Co. (quar.)..
Allied Laboratories, Inc. (quar.)
Allied Products Corp., common (quar.)
Extra
25c
15c
25c
50c
Class A (quar.)
Allied Stores Corp., 5% pref. (quar.)
Alpha Portland Cement Co
43 Mc
$1M
25c
Aluminium, Ltd., common
6% preferred (quar.) (payablein U. 8. funds).
Aluminum Manufacturers, Inc. (quar.)
Quarterly
7% preferred (quar.)
7% preferred (quar.)
Amalgamated Electric Corp., Ltd. (interim)
—
I $2
$1 M
50c
50c
$1M
$1M
J25c
American Arch Co......
American Automobile Ins. Co. (St. L.) (auar.)-American Bank Note Co., common
25c
10c
6% preferred (quar.)
American Box Board Co., 7% preferred (quar.).
17Mc
...
—
American Can Co. (quar.)
25c
75c
$1
7% preferred (quar.)
(resumed)
$iri
Accumulated (clearing up all previous undis¬
tributed earnings applic. to the preferred)
American Chain & Cable Co., Inc.com
$2.04
American Car &
7%
non-cum.
Foundry Co.
common
preferred (quar.)
$1 M
_
_
5% preferred (quar.)
American Chicle Co. (quar.)
40c
"it
American Colortype Co., common
Common
15c
15c
When
Holders
Payable of Record
Sept. 12 Aug.
Aug. 15 July
Sept. 15 Sept.
Sept. 2 Aug.
8ept. 2 Aug.
Oct.
Sept.
Oct.
15
31
1
15
15
15
15 Oct.
10
Sept. 30 Sept.10
8ept. 2 Aug. 15
9 July 31
Aug.
Aug. 15 Aug.
8
Oct.
1 Sept.15
1 Sept. 12
Oct.
Oct.
1 Sept.12
1 Sept. 12
Oct.
Oct.
1 Sept.16
Sept. 25 Sept. 2
Sept. 5 Aug. 15
Sept. 1 Aug.
8
Sept. 30 Sept. 15
$1
$1M
75c
-
75c
62 Mc
37Mc
SIM
10c
30c
16c
Dec. 31 Dec. 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Aug. 30 Aug. 15
Aug. 30 Aug. 19
Sept. 15 Sept. 1
1 Sept. 11*
1 Sept.11*
Sept. 2 Aug. 19
Aug. 15 July 24
Oct,
1 Sept. 17
Oct.
1 Sept. 24*
Oct.
1 Sept. 24*
Oct.
Oct.
Aug. 29 Aug. 22*
Sept.15 Sept. 3
Sept. 15 Sept.
8ept. 15 Sept.
Sept. 15 Sept.
Dec.
3
2
5
5
15 Dec.
American Envelope Co., 7% pref. A (quar.)
$1M
Sept.
7% preferred A (quar.)
American Export Lines, Inc. 5% pref.
(quar.).
American & Foreign Power Co. $6 pref
$7 preferred
American Furniture Co., Inc
1 Aug. 25
$1 M
Dec.
1 Nov. 25
$1M
Aug.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept,
American General Corp. $3 pref. (quar.)
t35c
3c
75c
$2.50 preferred (quar.)
$2 preferred (quar.)
American Home Products Corp. (monthly)
American Indemnity Co. (Bait.)
American Insurance Co.
Extra
t30c
62&c
20c
$1M
(Newark) (s.-a.)
25c
5c
American Meter Co.
American Metal Co., Ltd., common
75c
25c
6% preferred (quar.)
American Nat. Bank & Tr. Co. (Chicago) (quar.)
American Nat'l Bank (Nashville, Tenn.) (quar.)
American Paper Co., 7% preferred (quar.)
7% preferred (quar.)
American Pulley Co
Amer. Radiator & Standard Sanitary
Corp.—
7% preferred (quar.)
M
"M
American Smelting & Refining Co., com
50c
75c
Armstrong Cork Co., 4%
Atchison
SIM
SIM
SIM
t$3
$3M
15 Dec.
5
Aug. 11 Aug.
1
Sept.
Aug.
Sept.
Aug. 25
Aug.
5
Aug. 15
Oct.
Sept.15
Aug.
2
Aug.
1
Aug. 30
Sept. 5*
Aug.
9
Aug.
9
July 29*
Aug.
Aug.
Sept.
Oct.
Sept.
Sept.
Aug.
Oct.
Oct.
50c
SeDt.
15c
Aug.
Sept. 2
Aug.
5
Sept.19
Aug. 26
-
-
Extra
T$3$4
SIM
t56c
__
10c
10c
i
im
tS2
'
~(qu.)
______
15c
25c
(interim)
Beaunit Mills, Inc
$1.50 conv. preferred (quar.).
Belden Manufacturing Co.
t25c
37Mc
25c
37Mc
(irr
(irregular)
Belding Heminway Co. (quar.)
Bendix Aviation Corp
Bendix Home Appliance class A
Berkshire Fine Spinning
Associates, Inc.—
J4c
$1.05
15c
-
Bankers & Shippers Ins. Co. of N. Y.
(quar.)
Best & Co. common
S4M
10c
40c
w
$5 conv. preferred
$ 7 preferred
Bertram (John~)*& Sons"CoT,"Ltdl
_
Extra
-----
8% preferred (quar.)
Capital Wire Cloth & Mfg. Co.. Ltd.—
$1.50 conv. preference (quar.)
Carolina Telephone & Telegraph Co. (quar.)
Case (J. I.) Co. 7% preferred (quar.).
Castle (A. M.) & Co. (quar.)
20c
$1
t30c
t$3M
t$4.55
"(Initial) 111111
_
25c
25c
62 Mc
37 Mc
37Mc
50c
10c
J37Mc
i37 Mc
;37Mc
j$l
|50c
t$l %
t$2
J50c
t$3 M
J76c
j50c
J12Mc
tl2Mc
*$2
t38c
$2
—
Extra
$1M
25c
25c
Caterpillar Tractor Co. (quar.)
50c
Cedar Rapids Manufacturing & Power Co.
(qu.)
Central Eureka Mining Co. (bi-monthly)
Central Cold Storage Co. (quar.)
75c
Central Ohio Light & Power Co., $6 pref. (quar.)
Central Vermont Public Service Corp.—
$1M
$6 preferred (quar.)
Century Ribbon Mills, 7% pref. (quar.)
Chambersburg Engineering Co. (irreg.)
Champion Paper & Fibre, common
6% preferred (quar.)
Charis Corporation
Chartered Investors, Inc., $5 pref. (quar.)
Chesterville Larder Lake Gold Mining Co., Ltd.
Common (irreg.)
Chicago Yellow Cab Co., Inc. (quar.)
Chile Copper Co
Cincinnati New Orleans & Texas Pac. Ry. Co.
5% pref.(quar.)
Citizens National Bank & Trust Co. (Englewood, N. J.) (quar.)
Citizens & Southern Nat. Bank (Savannah, Ga.)
Citizens Utilities Co
City Nat'l Bank & Trust Co. (Chicago) (quar.).
Cleveland & Pittsburgh RR. reg. stock (quar.)__
Special guaranteed (quar.)
Colgate-Palmolive-Peet Co.,
8c
25c
$1
50c
25c
$1M
J 5c
$1M
±5c
25c
50c
$1M
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
15c
40c
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
15
Aug. 18
Aug. 15
Aug. 15
Aug.
1
Aug.
1
July 31
Aug. 20
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
31
15
15
Aug.
11
21
11
11
8
15
16
31
31
15
15
4
4
Sept. 15
15
June
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
31
15
15
18
1
2
12
Sept. 2 Aug. 23
Sept. 2 Aug. 23
Aug. 15 Aug.
1
Aug. 15 July 25
2 Aug. 11
1 Sept.
5
2 Aug. 15
2 Aug. 15
Aug. 15 Aug.
1
Sept.
Sept.
Sept.
Aug. 15
Aug.
Sept.
Aug.
Aug,
July
Aug.
Aug.
Aug.
Sept.
8
25
5
15
31
15
15
1
9
Aug. 20
Aug. 30 Aug.
8
Sept. 2 Aug. 21
Sept. 15 Aug. 22
Sept. 2 Aug. 11
Sept.
Aug. 25
Dec.
Nov. 24
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug. 15
Aug. 15
July 28
Aug.
6
Aug.
6
Aug, 16
Aug.
Aug.
Aug.
Aug.
Aug.
15 July
15 July
15
15
15
Sept. 15
Aug. 28
Sept. 2
Sept. 15
July
July
July
Aug.
Aug.
31
31
31
31
31
29
15
Aug. 15
Sept.
1
15 Dec.
1
Dec
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Sept. 15 Aug. 31
Oct.
1 Sept.15
Sept. 15 Sept. 8
Aug. 15 Aug.
8
Oct.
1 Sepo.13
Sept. 2 July 23
Aug. 15 Aug.
1
Aug. 15 Aug.
1
Oct.
1
Sept.
Oct.
Oct.
Sept.20
1 Aug. 12
1;Sept. 24
1 Sept. 12
10 July 30
10 July 30
30 Aug. 15
15 July 31
Aug.
Aug.
Aug.
Aug.
Aug. 15 July 31
8ept. 15 Sept. 5
Sept.
1 Aug. 16
Aug. 15 July 31
Sept. 2 Aug. 20
Aug. 15 Aug.
5
Sept. 15 Aug. 30
1 Sept.15
Aug. 15 Aug.
4
1
Sept. 2 Aug.
Oct.
Aug. 20 Aug.
5
Sept. 2 Aug. 20
Aug. 26 Aug.
8
Sept.
2 Aug. 15
$1
Oct.
1 Sept. 30
Oct.
1 Sept. 15
15c
Aug. 10 Aug.
$1
87 Mc
50c
common
5% preferred A (quar.)
Colorado Fuel & Iron Co
1 Oct.
Sept.
Sept.
2 Aug. 11
2 Aug. 11
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Columbia Gas & Electric, 6% pref. A (quar.)
5% preferred (quar.)
5% preference (quar.)
Columbia Pictures Corp., $2 75 conv. pf. (quar.)
—
28 Aug. 14
15 July 19
15 July 19
15 July 19
15
29
15
30
Oct.
Aug.
Aug.
July
Aug.
1 Sept.
Dec.
6M% preferred "C" (quar.)-Community Public Service Co
1
(qu.)_
Quarterly
Nov. 14
DJC.
31
Dec.
Sept. 15 Sept.
Oct.
1 Sept.
Sept.
1 Aug.
Sept. 2 Aug.
Sept. 2 Aug.
Aug. 30
Connecticut Light & Power, common (quar.)
5M% preferred (guar.)
Connecticut Power Co. (quar.)
Connecticut River Power Co., 6% pref. (quar.)
Consolidated Aircraft Corp. $3 conv. pref. (final)
Consolidated Ciear Corp. 7% pref. (quar.)
Consolidated Edison Co. of N. Y., Inc. (reduced)
Consolidated Investment Trust (quar.)
Sept.
Sept.
Sept.
Sept.
Aug.
14
2
15
15
15
15
2 Aug. 15
15
15
15
15
Aug.
Sept.
Special
;
8
Sept. 2
Sept. 2
July 15
2 Aug. 21
Oct.
1 Sept
Consolidated Retail Stores—
8% preferred (quar.)
Consumers Gas (Reading, Pa.) (irreg.)
Container Corp. of America
Continental Cushion Spring Co. (irreg.)
1
15
15
15
15
Aug. 15 July 25
Aug. 15 July 31
Sept 30 8ept. 25
Congoleum-Nairn, Inc. (quar.)
Consolidated Oil Corp. (quar.)
Consolidated Paper Co. (quar.)
1
21
Nov.
12 Mc
Aug. 15 July 22
S1.06M Sept. 30 Sept. 9
25c
Sept.
1 Aug. 20
62 Mc
Sept.
1 Aug. 20
(quar.)
$4.25 preferred (quar.)
Colonial Stores, Inc., common (quar.)
$2
35c
25c
4Mc
Continental Oil Co
25c
Corporate Investors, Ltd., class A (quar.)
J5c
Extra
i3c
Corrugated Paper Box Co., Ltd., 7% pf. (accum) t$lM
Cosmos Imperial Mills, Ltd. (quar.)
t30c
Courtauld's, Ltd., ord. reg. (interim)
a2M%
Amer. dep. rec. for ord. reg. (interim).
fl2M%
Crane Company, 5% conv. preferred
(quar.)
SIM
Creameries of America, common (quar.)
12Mc
$3-50 convertible preferred (quar.)
87Mc
Cresson Consol. Gold Mining & Milling Co.—
Common (quar.)
2c
Crown Cork & Seal Co., Inc
25c
Crown Cork & Seal Co., Ltd. (quar.)
150c
Crown Drug Co. 7% conv. pref. (quar.)
43 Mc
Crown Zellerbach Corp. $5 conv. pref.
(quar.)__
$1M
Crum & Forster 8% pref. (quar.)
$2
Culver & Port Clinton RR. Co. (extra)
10c
Extra
1 Aug. 15
Sept.
1
Aug. 15
Sept. 30
Aug. 15
Sept. 2
Aug. 20
Aug. 25
Aug. 25
Aug. 15
Sept. 20
Sept. 2
20c
Common
Concord Gas Co., 7% preferred
Confederation Life Association (Toronto)
SIM
50c
Baldwin Locomotive Works 7% preferred
(s.-a.)
Baltimore American Insurance Co.
(s.-a.)
_
-
Aug.
25c
15c
75c
Bayuk Cigars, Inc. (quar.)
_
37Mc
Commoil, Ltd
Commonwealth International Corp., Ltd. (qu.)_
Commonwealth Utilities Corp. 6M% pref. (qu.)6% pref. (quar.)
25c
-
Barnsdall Oil Co
Bath Iron Works Corp
Bathurst Pow. & Paper Co., Ltd., cl. A
15c
(quar.)
Byers (A. M.) Co., 7% pref. (accumulated)
Div. of $2.0417, representing the quarterly
div. of $1.75 due May 1, 1938, and interest
thereon to Sept. 1, 1941.
Byron Jackson Co. (resumed)
California Packing Corp., common
5% preferred (quar.)
California Water Service Co. 6 % pref. A (quar.)
6% preferred B (quar.)
California-Western States Life Ins. Co. (s.-a.)
Callite Tungsten Corp
Canada & Dominion Sugar Co., Ltd. (quar.)
Canada Foundries & Forgings. class A (quar.)
Class A (quar.)
Canada Wire & Cable Co., Ltd.. class A (quar.)
Class B (interim)
6M % preferred (quar.)
Canadian Foreign Investment Corp., Ltd.—
V8% preferred (quar.)
Canada Starch Co., Ltd. (irregular)
7% preferred (s.-a.)
Canadian Breweries, Ltd., $3 pref. (accum.)—
Canadian Internat. Invest. & Tr., Ltd. (accum.)
Canadian Oil Cos., Ltd. (quar.)
Mar. 31
25c
Banque Canadienne Nationale (Montreal)
15c
common
conv. preferred
Aug. 22
Sept.10
Sept.10
Sept. 1
Aug.
4
Sept.15
$1
.-
Atlas
Bank of Montreal (quar.)
Bank of Toronto (quar.)
5%
Oct.
SIM
t$lM
$1
48c
Atlantic Refining Co. (quar.)
(quar.)
Butler Brothers
25c
SI M
$1 M
35c
68 Mc
-
Sept.
Topeka & Sante Fe Ry Co.—
Common (irregular)
Baltimore Radio Show,
Inc., com. (quar.)
6% preferred (quar.)
Bandini Petroleum Co.
15
$1
Bunker Hill & Sullivan Min. & Concent. Co.(qu)
Bunte Brothers 5% preferred (quar.)
Oct.
Sept.
Atlanta & Charlotte Air Line
Ry. (s.-a.)
Corp. common
6% preferred
Atlas Drop Forge Co
Aunor Gold Mines, Ltd
21
SIM
30c
t75c
Common (interim)
Art Metal Works, Inc
Artloom Corp. 7% preferred (quar.)
Asbestos Mfg. Co. $1.40 convertible preferred-Associated Dry Goods Corp., 7% 2d
pref
6% 1st preferred (quar.)
Associated Tel. & Tel. Co., 7% 1st pref
$6 1st preferred
1
3
3
27
75c
50c
$2
UH
pref. (quar.)
prer.
14*
Dec.
American Steel Foundries (year-end)
American 8ugar Refining Co. 7% pref. (quar.)__
American Tobaceo Co. common (quar.)
$5 preferred (quar.)
Anheuser-Busch, Inc. (quar.)
A. P. W. Properties, Inc., class B
;
Arden Farms Co. $3 preferred
Armour & Co. (Del.) 7% preferred (quar.)
Armour & Co. (111.) $6 prior preferred
14
_
15 Oct.
15
15
15
1 M
75c
35c
Class B (quar.)
21
Oct.
_
8
29
29
13
Sept. 30 8ept.20
Sept. 15 Sept. 5
40c
American Woolen Co., Inc., 7% pref
Amsterdam City Nat. Bank (N. Y.) (quar.)-__
Anaconda Copper Mining Co
Anchor Hocking Gftiss Corp., common
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Oct.
Sept.
Oct.
Sept.
Sept. 16 Aug.
Sept.
Aug.
Sept.
Aug.
15c
$1^
American Re-Insurance Co. (N. Y.) (quar.)
American Rolling Mill Co., common
4M% convertible preferred (quar.)..
American Ship Building Co
15
15
15
15
50c
$2M
68Mc
-
5% Preferred (quar.)
Burlington Mills Corp. common
$2.75 conv. preferred (quar.)
Burroughs Adding Machine Co
Sept.
Oct.
$1 M
-
Name of
Holders
Payable of Record
Record
$1M
.
Williams (J. B.) Co., common (quar.)
Below
Payable
Bethlehem Steel Corp., common
WIeboldt Stores, Inc., $5 prior pref. (quar.)
6% preferred (quar.)
When
Share
Company
1941
When
10c
Sept. 15
Aug. 20
Aug. 15
Sept. 29
Aug. 15
Aug. 15
Sept. 2
Aug. 15
Aug. 27
Sept. 3
Sept. 15
Sept. 15
Sept.
1
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
5
July 31
Sept. 8
July 29
July 29
Aug. 15
July 31
Juiy 24
July 29
Sept. 1
Aug. 25
Aug. 11
15 July
12 July
Oct.
31
28*
8
6
1 Aug. 13
30 Sept. 16
1 Sept. 28
Dec.
1 Nov. 22
15 Aug.
15 Aug.
Volume
The Commercial
153
When
Share
Payable
of Company
50c
Sept.
35c
Sept.
Sept.
2 Aug. 15
3 Aug.20
$1*4
Dec.
•
$1*4
30c
S2
35c
35c
Class B
$14
37 He
75c
(semi-annual)
Dictaphone Corp., common
8% preferred (quar.)
Diem & Wing Paper Co., 5% pref. (quar.)
Di-Noc Mfg. Co. 6% con v. pref. )quar.)
Preferred
50c
$14
$14
25c
Dodge Manufacturing Corp. (Ind.)
Dominion & Anglo Investment Corp., Ltd.
5% preferred (quar.)
Dominion Bridge Co., Ltd. (quar.)
Dominion-Scottish Investments, Ltd.—
J30c
Sept.
Oct.
$14
$6 preferred (quar.)
Duplan Silk Corp., common
$14
30c
10c
50c
(reduced)
Ltd
Eastern Shore Pub. Serv. Co., $6.50 pref.
East Malartic Mines,
(qu.)
Extra
—
——
Federal Mining & Smelting
Ferro Enamel Corp
40c
50c
15c
10c
.—
$5 pref. (quar.)—
Connell Dredge & Dock Co.—
Common
L
1
Fitzsimmons Stores, Ltd. 7% pref. (quar.)—
7% preferred (quar.)
Florida Power Corp., 7% pref. A (quar.)
7% preferred.
-——
Francoeur Gold Mines Ltd. (irreg.)
Freeport Sulphur Co. (quar.)
Fruehauf Trailer Co. common (quar.)
5% conv. preferred (quar.)
Fitz Simmons &
7% pref. (quar.)
(Atlanta, Ga.) (quar.) —
Gamewell Co., common (irreg.)
$6 convertible preferred (quar.)
Fuller Biush Co..
Fulton National Bank
General Acceptance Corp.—
7% conv. pref. (quar.)
$1.50 series preference (quar.)
General Cigar 7% pref. (quar.)
General Electric Co., Ltd. (Great Britain)—
Amer. dep. rets, ordinary registered
$2.50 preferred (quar.)
Gibraltar First National Ins. Co.
_ -
Extra
7% pref. (qu.)Co. (quar.)
Golden Cycle Corp
pref. (quar.)
Goodyear Tire & Rubber Co., common---——
$5 conv. preferred (quar.)
Gorham Manufacturing Co. (irreg.)
Goodrich (B. F.) Co. $5
preferred-Bank (N. Y.) (s.-a.)
Gorham. Inc.. $3
Granby Consol. Min. Smelting & Pow. Co., Ltd.
Payable in U. S. dollars.
Subject to approval
of Canadian Foreign Control Board, less
15% Canadian dividend tax.
Knight Co., 7% preferred
& Dock Co. (quar.)
Co.—
Great Lakes Dredge
Great Lakes Towing
(irreg.)
Co., preferred
Co. (Houston, Tex.)—
Quarterly
25c
Nov.
314c
Nov.
25c
Sept.
Sept.
Aug. 22
174c
17 Vic
Dec.
Nov. 20
$14
874c
Uc
Sept.
Sept.
Aug. 29
Sept. 2
Sept. 2
Sept. 2
Aug. 15
Aug. 15
Aug. 14
Aug. 15
Aug. 20
Aug. 20
Sept. 22
Sept. 30
Sept. 5
Sept. 5
50c
35c
$14
SIM
$14
50c
$14
JS1M
40c
62M,co
20c
SIM
Oct.
Oct.
Aug
1
1
Sept. 15
Sept. 15
20
25c
*Tt
t$2
$3
15c
t$14
25c
6% preferred (quar.)
(M. A.) Co., $5 pref. (quar.)
Harrisburg Gas Co., 7% preferred (quar.)
—
.
Class B
(Increased)
-
original capital
Little Miami RR..
Sept. 24 Sept.
Aug. 20 Aug.
Sept. 15 Sept.
Oct.
Sept.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
Oct.
Sept.
Sept. 10 Aug.
Sept. 30 Sept.
Sept. 15 Aug.
Sept. 15 Aug.
Sept. 15 Sept.
Aug. 15 Aug.
Sept. 1 Aug.
Sept. 2 Aug.
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
Loblaw Groceterias Co., Ltd., class
Class B (quar.)
_
30
23
15
15
2
1
25
15
Aug. 15 July 15
1
Aug. 15 Aug.
1
Aug. 15 Aug.
Loew's, Inc. $6.50
$2
50c
Aug. 15 Aug.
35c
Oct.
Oct.
—
A (quar.)—
preferred (quar.)
Cement Corp.—
partic. pref. (quar.)
partic pref. (partic. div.)
partic pref. (quar.)
partic pref. (partic. div.)-Lone Star Gas Corp
—
Louisiana Land <fc Exploration Co
Louisville Henderson & St. L. Ry., com.
Lone Star
Sept.
8 Sept.
2
Sept.
15
20
16
15
29
Sept.
1 Aug.
1 Sept.
30 Sept.
2 Aug.
15 Aug.
2 Auk.
1 Aug.
Oct.
15 Sept. 30
43 Mc
25c
25c
SIM
SIM
SIM
Oct.
Sept.
Sept.
Sept.
(s.-a.)
—
Sept.
15
15
_
5
Aug. 15 Aug.
Oct
1 Sept. 13 I
Aug. 15 July 31
Sept. 15 Aug. 29
Aug. 30 Aug. 25
Aug.
1
Sept.
Aug.
1
Sept.
Aug. 15
Sept.
Aug. 15
Sept.
Oct.
15 Oct.
6
1 Oct.
25
Nov.
2
Aug. 18 Aug.
8
Sept. 2 Aug.
Oct.
1 Sept. 15
Sept. 10 Aug. 25
10 Nov. 24
Sept. 10 Aug. 25
10 Nov. 24
2 Aug. 11
2 Aug. 11
Aug. 15 July 29
Sept.
Sept.
1 Aug. 20
1 Aug. 20
1 Nov. 20
1 Nov. 20
Co
preferred (quar.)
-
McGraw-Hill Publishing Co
Mclntyre Porcupine Mines, Ltd. (quar.)
Macy (R. H.) & Co
—
Madison Square Garden Corp
Marshall & Ilsley Bank (Milwaukee) (s.-a.)
Oct.
July 22
Sept. 2*
Aug.
1
Aug.
1
July 28
Aug.
5
20
1 Sept.
1-2-42 Dec. 23
Extra
6% preferred, second series (quar.)
May McEwen Kaiser Co., $4 pref. (quar.)
McOlatchey Newspaper, 7% preferred (quar.)
Aug. 22
Sept. 15
Aug. 15
Aug. 15
Aug. 27
Aug. 15
5
Aug. 15 Aug.
Aug. 15 Aug. 11
Shirt Co——,
———————
Manufacturers Casualty Ins. Co. (Phila.) (quar.)
preferred (quar.)
Aug.
Dec.
6M% preference (quar.)
6M % preferred (quar.)
Lynch Corp
—
Macmillan Co. common (quar.)
Managed Investments, Inc. (quar.)
7%
9
9
Sept.15
Sept.15
Oct.
Dec.
5% non-cum. preferred (s.-a.)
Louisville & Nashville RR. (irreg.)
Lunkenheimer Co
Marshall Fieid & Co., 6%
3
15
20
20
Sept.
Sept.
5%
5%
5%
5%
Marathon Paper Mills
1
5
15
3
Aug.
Sept.
Sept.
Dec.
Extra
1 Sept.
10 Oct.
lo Dec
Dec.
—
Manhattan
SIM
(quar.)
Co. (quar.)
pref. (quar.) —
Nov. 15 Nov.
15
15
15
20
30
_
Oct.
$2.50 preferred (quar.)__
64% preferred (quar.)
Aug. 15 Aug.
75c
Co.—
50c
10c
$1H
(quar.)
Lincoln National Bank & Trust Co. (Syracuse,
N. Y.) quarterly
— —
Lincoln
National Life Insurance Co.
(Fort
Wayne, Ind.) (quar.)
Lindsay Light & Chemical Co
—
_
SIM
Dec.
Leath & Co., common
Link-Belt Co. common (quar.)
4
Sept. 6
Aug.
6
Aug. 15
Aug. 20
Aug.
Sept.
Sept 12 Sept.
Dec. 12 Dec.
Aug. 15 Aug.
Aug. 30 Aug.
Aug. 15 July
July 29
July 29
July 28
Aug.
5
July 31
Aug. 5
Nov. 15 Nov.
01
25
Aug.
Sept. 19
9
Aug. 20 Aug.
Sept. 2 Aug. 16
Sept. 15 Sept. 5
Oct.
Inc. (quar.) —
Libby-Owens-Ford Glass Co
Liberty Finance Co., participating pref. (qu.)—
Life Savers Corp. (quar.)
Special
—
•*
Liggett & Myers Tobacco Co., com. (quar.) —
4
4
15
15
15
15
July
1 Nov. 20
Dec.
5
Aug. 15 Aug.
5
Aug. 15 Aug.
Sept. 1 Aug. 15
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
12
12
26
26
13
Sept. 1 Aug. 10
Sept. 30 Aug. 29
Sept. 30 Aug. 29
1
Aug. 20 Aug.
7
Aug. 28 Aug.
8
Aug. 22 Aug.
1
Aug. 15 Aug.
Sept. 15 Sept. 5
Oct.
1 Sept. 20
Aug. 20 July 31
Sept. 12 Aug. 29
Aug.
8
Sept.
Oct. 17
Nov.
Co., Ltd., 7 % Pf.(qu)
Landis Machine Co., 7% preferred (quar.)
7% preferred (quar.)
Lane Bryant, Inc. (quar.)
Langley s, Ltd., 7% conv. pref
7% conv. preferred
—
Lansing Co. (quar.)
Lanston Monotype Machine Co
Lawrence Portland Cement Co
—
Le Tourneau (R. G.), Inc.—
$4.50 conv. pref. (initial quar.)
(Increased) (quar.)
D.) Mercantile
12
1 Nov.
31
15
20
15
15
Sept. 2
6% preferred (quar.).
Lehigh Portland Cement Co. 4%
Leitch Gold Mines, Ltd. (quar.)
16
29
29
12
15 Dec.
Aug.
Aug.
Sept.
Aug.
Aug.
Lake of the Woods Milling
Lee (H.
Dec.
Aug.
July
July
Sept.
Sept. 30 Sept.
Aug. 30 Aug.
Aug. 15 July
Aug. 15 July
Sept. 2 Aug.
Dec.
Kinney (G. R.) Co., Inc., $5 prior pref. (accum.)
Kinner Motors (irregular)
Kingsburg Cotton Oil Co
Klein (D. Emil) Co. common
Knickerbocker Fund
Kresge (S. S.) Co. (quar.)
Kroger Grocery & Baking Co. common (quar.).
7% preferred (quar.).
La Sahe Wines & Champagne,
34 Mc
Copper Co
54% conv. preferred (quar.)
Gulf Power Co. $6 preferred (quar.)
Hackensack Water Co., 7% pref. A
Hale Bros. Stores, Inc. (quar.)
Hamilton Watch Co. common
I Sept. 26
1 Oct. 20
1 Oct. 20
lc
Grand view Mines
Hanna
Oct.
25c
Globe-Democrat Publishing Co.,
Griesedieck Western Brewery
Sept. 30
$1
SIM
SIM
(s-a)
1 Sept. 30
June
4
Oct.
$1
$1
(quar.)_—
Oct.
1 Sept.
Oct.
25c
(quar.).
20
1 Sept. 20
10 Sept. 30
Oct.
50c
(quar
General Refactoiies_
General Steel Wares, Ltd., 7% pref.
General Telephone Corp. (quar.)
Oct.
5
31
15
15
25
$2
124c
Preferred
Sept.
July
Sept.
Sept.
1 Sept.
$2
olO%
a74%
A—-
Inspiration Consolidated Copper
International Business Machines (quar.)
International Harvester Co. 7% pref. (quar,) —
International Ocean Telegraph Co. (quar.)
Internat. Rys. of Central Amer. 5% preferred—
International Silver Co. (resumed)
Iron Fireman Mfg. Co. (quar.)
———
Quarterly
Jantzen Knitting Mills, 5% preferred (quar.).
Jersey Insurance Co. of N. Y. (s.-a.)
Jewel Tea Co., Inc. (quar.)
K. W. Battery Co. (quar.).
Kable Bros. Co. 6% preferred (quar.).,
Kemper-Thomas Co., 7% special pref. (quar.)—
7% special preferred (quar.)
—
Kendall Co., $6 partic. preferred A (quar.)
Kennecott Copper Co
Special
Kentucky Utilities Co. 7% junior pref. (quar.)—
Kerr-Addison Gold Mines, Ltd. (interim)
Jan2'42 Dec. 26
Oct.
35c
Bonus
General Industries Co
General Metals Corp. (s.-a.)
General Outdoor Advertising, class
Class A.
Ingersoll-Rand Co
Aug. 29
Sept.19
Sept. 20
Aug. 15
Sept. 30
Sept. 30
Oct.
—
General Foods Corp. (quar.)
Greene Cananea
35c
Aug. 15
2
2
12
12
15
1-2-42 Dec. 31
Inland Steel Co. (quar.)
Sept. 30 Sept. 15
Oct.
1 Sept. 20
29
Sept. 26 Sept. 16
15 July 24
3
10 Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Sept.
5
Aug. 15 Aug.
Oct.
1 Sept.12*
Oct.
1 Sept. 15
4
Sept. 2 Aug.
8ept. 2 Aug. 15
Sept. 22 Sept. 5
Oct. 10 Sept. 22
5
Sept. 2 Aug.
Oct.
1 Sept.30
5
Aug. 15 Aug.
Sept. 1 Aug. 12*
9
Sept. 2 Aug.
_
1 Sept. 30
1 Sept. 10
Oct.
(Springfield, 111.) (quar.)
Indianapolis Water Co. 5% pref. series A (quar.)
Industrial Bank & Trust Co. (St. Louis), quar.).
15
15
15
15
15
Sept. 2 Aug. 15
Sept. 2 Aug. 15
5
Aug. 15 Aug.
5
Aug. 15 Aug.
Aug. 21 Aug.
9
Sept. 1 Aug. 15
Oct.
1 Sept. 24
Oct.
1 Sept. 30
Imperial Life Assurance Co. of Canada (quar.)—
Quarterly
Indiana Steel Products Co
20
18 Dec.
Oct.
25c
(North Easton, Mass.) (quar.)
Bank (Pittsburgh) (quar.)
First Nat. Bank & Trust Co. (Lexington, Ky.)
(Quarterly)
First Nat. Trust & Savs. Bank (San Diego) (qu.)
5% preferred (quar.)
Illinois National Bank
Aug. 15 July 31
Oct.
1 Sept. 12
Oct.
1 Sept. 12
Oct.
1 Sept. 12
9
Sept. 2 Aug.
Aug. 30 Aug. 16
Aug. 30 Aug. 16
Oct.
1 Sept. 16
Sept. 30 Sept. 15
$14
$24
Common (quar.)_
Life Ins.
25c
$1
$1
First Nat. Bank
Y.) 5% pref. (quar.) —
C.) Co.—
7% non-cum. prior participating pref. (qu.)__
6% non-cum. 2nd participating pref. (qu.)__
Huston (Tom) Peanut Co. common (quar.)
$3 conv. preferred (quar.)
Idaho-Maryland Mines (monthly)
Illinois Municipal Water Co. 6% pref. (quar.) —
Horn (A.
Sept. 30 Sept. 16
Nov.
1 Oct. 25
Dec.
50c
Horn & Hardart Co. (N.
Aug. 25 Aug.
Sept. 30 Sept.
Sept.22 Sept.
25c
First National
Great Southern
$2 4
$34
$14
$14
Quarterly
First National Bank (Atlanta, Ga.) (quar.)
First National Bank (Hartford) (quar.)
First Nat. Bank (Hazleton, Pa.) (guar.)
First National Bank (Mt. Vernon, N. Y.'
7% non-cum. pref.
$14
$14
$14
$1
25c
Co
Fidelity-Philadelphia Trust Co. (quar.)
Field (Marshall) & Co., 6% pref. (quar.)
6% preferred (2d series) (quar.)
Fifth-Third Union Trust Co. (Cin.) (quar.)
Great Northern Ry.
1 Oct.
$1H
$14
$14
$5 preferred (quar.)
Farmers Deposit National Bank (Pitts.) (qu.)
Farmers & Traders Life Insurance (quar.)
Federal Bake Shops, Inc. (quar.)
Federal Insurance Co. of New Jersey (quar.) —
Graton &
Nov.
40c
3c
Fansteel Metallurgical Corp.
Grace National
Oct.
60c
Preferred (semi-ann.)
Gold & Stock Telegraph
Oct.
30c
(irreg.)
Hormel (Geo. A.) & Co. common
6% preferred (quar.)
Aug. 15 July 31
1
Aug. 30 Aug.
9
Sept. 1 Aug.
9
Sept.
1 Aug.
$1
$1.14
60c
$14
(quar.) —
Common
1
Aug. 15 Aug.
1
Aug. 15 Aug.
Aug. 30 Aug. 15
Sept. 10 Aug. 22
Oct.
1 Sept. 25
$14
25c
60c
(quar.)
Quarterly
Hooker Electrochemical Co., 6% pref.
5
9
6
1 Sept. 20
1 Sept. 20
75c
50c
Co. (quar.)
Elgin National Watch Co
Elizabeth & Trenton RR. Co., com. (s.-a.)
5% preferred (s.-a.)
Elmira & Williamsport RR. Co. (s.-a.)
.
El Paso Natural Gas Co. (quar.)
Employers Casualty Co. (Dallas) (quar.)
Employers Reinsurance Corp. (quar.)
Engineers Public Service Co., $6 pref. (quar.)_
$5.50 preferred (quar.)__
$5 preferred (quar.)
Fairbanks, Morse & Co
—
Falstaff Brewing Corp. (quar.)
Electric Storage Battery
Preferred
noc
$14
$1H
$6 preferred (quar.)
Eaton Manufacturing Co
Home Insurance (Hawaii)
1 Sept. 30
5% preferred (quar.)
Doyle Machine & Tool (initial)
Dim & Bradstreet, Inc., com. (quar.)
20c
30c
374c
J 5c
t5c
Extra
1
Oct.
Aug.
Aug.
Aug.
Aug.
Aug.
$1
E.) Co
Aug. 15
Aug. 15
Aug.
7
Aug.
5
July 31
Sept. 5
Aug. 15
Sept. 12*
July
2
Aug.
4
July 25
July 25
Aug. 19
2
1
Sept. 2
Aug. 15
Aug. 15
Sept.15
Aug. 25
15c
Co. class A (quar.)
Hollinger Consol. Gold Mines (monthly)
1 Aug. 20
$3
75c
RR. Co. (s.-a.)
Dow Chemical Co., common
$1
15c
—
Hobart Mfg.
Sept.
1 Aug. 15
Aug. 25 July 31
t50c
45c
$14
t2c
6
20 Oct.
Sept.
Sept.
t75c
Hilton-Davis Chemical Co
Hires (Chas
Oct.
25c
(quar.)
Hedley Mascot Gold Mines, Ltd. (quar.)
Hercules Powder Co. 6% pref. (quar.)
Hershey Chocolate Corp. common (quar.)
$4 conv. pref. (quar.)
Hibbard, Spencer, Bartlett & Co. (monthly)
Monthly
Higgens Industries (initial)
2 Aug. 12
Sept.
i2m
pref—.
(qaur.)
Hazel Atlas Glass Co.
15
31
21
25
Oct.
1 Sept.10
5
Aug. 15 Aug.
t$14
5% preferred (accum.)
Dover & Rockaway
Hawaiian Electric Co., Ltd.
Hawaiian Pineapple Co
2.<
Sept. 2 Aug.
Aug. 15 July
Sept. 2 Aug.
Oct. 15 Sept.
62 He
25c
J
$2.50 class A (quar.)
28
tit*-
(qu.)
Corp
Havana Electric & Utilities Co., 6% 1st
Sept. 2 Aug. 15
1-5-42 Dec. 20
Sept.15 Aug. 29
Sept. 15 Aug. 29
Sept. 15 Aug. 29
Sept. 2 Aug. 12
Sept.
2 Aug. 12
Sept. 2 Aug. 15
$2
Dixie-Vortex Co., common
>ee.
Harvill Aircraft Die Casting
Haskelite Mfg. Corp. (quar.)
I
1 ..)«•!
2 Nov. 20
»ct
75c
$5 convertible preferred (quar.)
Diamond Match Co. (irreg.)
Harshaw Chemical Co., 4M% conv., pref.
Hart-Carter Co., $2 conv. pref. (quar.)
2 Aug. 15
75c
(irreg.)
7% preferred (quar.)
Dentists' Supply Co. of New York (quar.)
7% pref. (quar.)
Quarterly
_
7% preferred (quar.)
Detroit Gasket & Mfg. Co., 6% pref. (quar.)__
Detroit blillsdale & Southwestern KH. (s.-a.)
Dewey & Almy Chemical Co., common
Deere & Co.. common
374c
$14
$14
50c
6% preferred (quar.)
1 Aug. 29
Oct.
75c
Payable of Record
Share
Company
Harbison-Walker Refractories Co., common—
2
Sept. 15 Sept.
$14
Cuneo Press, Inc., 44% preferred (quar.)
Curtis Publishing Co. prior pref. (quar.) _
Name of
Holders
Wtien
far
Hulaers
Per
Name
787
& Financial Chronicle
_
Aug.
Sept.
Aug.
Aug.
Aqg.
Aug.
Sept.
15
2
15
15
10
Aug.
1
Aug. 11
Aug.
1
Aug.
1
July 31
July 31
Sept. 15
Sept. 15
10
30
Sept. 30
9
Sept.
1 Aug.
Aug. 30 Aug. 29
Nov. 29 Nov. 28
Sept.
Sept.
2 Aug. 19
1
2 Aug.
8
2 Aug.
Aug. 29 Aug. 15
Sept.
Dec.
27 Dec. 20
The Commercial & Financial Chronicle
788
When
Per
Name of
Share
Company
Sept.
Aug. 15
Aug. 15 July 31
Aug. 15 Aug.
1
Sept.
Aug. 30
—
Participating
Michigan Sugar Co. 6% preferred....;
Mid-City National Bank of Chicago, com
5
Nov. 15 Nov.
Dec.
1
Class A
Aug. 30
Dec.
1
Sept.
Sept.
Sept.
Aug. 12
Aug. 20
Aug. 20
Oct.
Aug. 20
Aug.
1
Sept. 20
Aug. 25
Sept. 15
Sept.
Sept.
Aug. 20
Aug. 11
Dec.
Dec.
Dec.
Nov. 10
Nov. 10
Nov. 10
Oct.
Middlesex Water Co. (quar.)
Mddvale Co. (irreg.)
Sept.
_
$4.50 preferred A (semi-annual)
$4.50 preferred B (semi-annual)
$4 preferred C (semi-annual)
Montreal Loan & Mortgage Co. (quar.)__
*31 Mc Sept. 15 Aug. 31
Moody's Investors Service, Inc.—
$3 participating preferred (quar.)
Moore (W. R.) Dry Goods Co. (quar.)
75c
tlA
tlA
Quarterly
Motor Finance Corp. (quar.).I
Mt. Diablo Oil, Mining & Development Co.—
Common (quar.)
Munson Line, Inc. $4 preferred A (irreg.)
25c
lc
_
$1
Muskogee Co., 6% preferred (quar.)
Muskegon Motor Specialties $2 class A (quar.)..
$1^
50c
Aug. 15 Aug.
Oct.
1
Oct.
1
1-1-42 Dec.
31
Aug. 30 Aug. 16
Sept.
Sept.
Sept.
Sept.
Aug. 15
Aug. 15
Aug.
9
Aug. 20
Mutual Chemical Co. of America—
6% preferred (quar.)
6% preferred (quar.)
—
SIX
$1^
Sept. 27 Sept. 18
Dec. 27 Dec.
18
2
Nashawena Mills (irreg.)
50c
National Acme Co
50c
Aug. 15 Aug.
Aug. 20 Aug.
15c
Sept.
55c
Oct.
Oct.
6
Nat. Automotive Fibres, Inc.—
6% convertible preferred (quar.)
National Battery Co., $2.20conv. pref. (quar.).
National Biscuit Co.
40c
com
7% preferred (quar.)
National City Lines, Inc., com. (quar.)
Class A (quar.)
$IH
25c
$3 convertible preferred, (quar.)
....
National Credit Co. (Baltimore), class A (quar.)
National Electric Welding Machine Co (quar.).
National Gypsum Co., $4.50 pref. (quar.)
National Lead Co., common (quar.)
50c
75c
lXc
2c
$1X
12Ac
7% preferred A (quar.)
6% preferred B (quar.)
National Liberty Ins. Co. of America (s.-a.)
10c
Extra
10c
50c
25c
tix
5% pref. ts-a.)
National Power & Light (quar.)...
15c
National Rubber
25c
Machinery Co. (resumed)
Nat'l State Capital Bank (Concord, N. H.) (qu.)
National Union Fire Ins. Co. (s.-a.)
Extra
%2V2
tix
11
31
Oct.
20
30 Oct.
Sept. 2 Aug. 14
Sept. 30 Sept. 12
Sept. 15 Aug. 29
Aug.
Aug.
Sept.
Aug.
Aug.
Sept.
Aug.
Oct.
50c
Sept.
$1
...
1 Oct.
17
15 July
15 July
6 Aug.
15 July
15 July
2 Aug.
15 Aug.
1 Sept.
2 Aug.
2 Aug.
1 Aug.
30 Sept.
31
31
22*
31
31
2
1
23
11
11
20
20
50c
Dec. 31 Dec. 20
$2
25c
$1^
$1
Aug. 15 Aug.
1
Sept. 2 Aug.
1
Sept. 2 Aug. 11
Sept. 2 Aug. 11
Sept. 2 Aug. 11
Sept. 10 Aug. 20
$2
tlX
$IX
Sept.
Sept.
45c
25c
Class B.
7% preferred (quar.).
New Jersey Zinc Co.
i
New York & Queens Electric Light & Power Co.
Common (quar.)
$5 non-cum. pref. (quar.)..
alt
Newberry (J. J.) Realty 5% pref. A (quar.)
Newport News Shipbuilding & Dry Dock Co.—
Sept. 13 Aug. 22
2 Aug.
8
1 Aug. 16
Corp., class A (quar.)
(s.-a.)
_
.
(quar.).
5% preferred (quar.)
Privateer Mine, Ltd. (quar.)
Ki
15c
75c
.....
SIX
$1
Extra
Northwestern Public Service Co. 7 % pref. (qu.)
*1
6% preferred (quar.)
O'Connor Moffat & Co. $1.50 class AA
Occidental Insurance Co. (quar.)
Ohio River Sand Co. 7% preferred
t37&
i
Ohio Seamless Tube Co., common
43
—
Okonite Co. 6% preferred (quar.)
Omaha National Bank (Nebraska) (quar.)
Owens-Illinois Glass Co
Oxford Paper Co., $5 preference
$1
tlA
}50c
_
Omar, Inc., 6% preferred (quar.)
Ontario Steel Products Co., Ltd., com. (interim)
7% preferred (quar.)
Oshkosh B'Gosh, Inc., common (quar.)
$2 convertible preferred (quar.)
Oswego & Syracuse RR. Co. (s.-a.)
Otis Elevator Co., common
6% preferred (quar.)
Otis Steel Co.. $5.50 conv. 1st preferred
Outboard Marine & Mfg. Co. (irreg.)
„
XtlX
10c
50c
$2X
20c
$1A
nlk
50c
itlX
tlA
Pacific Fire Insurance Co. (quar.)
Pacific Gas & Electric Co.—
Nov. 15 Nov.
1
Parker Pen Co
34 jH
37 h
Aug. 15 July 31
Aug. 15 July 31
3lXc
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
75c
25c
Extra
25c
(quar.)
25c
25c
Parkersburg Rig & Reel Co. $5.50pref. (quar.)__
Paton Manufacturing Co., Ltd., common (qu.)_
7% preferred (quar.)
Peninsular Grinding Wheel Co
Peninsular Telephone (quar.)...
Quarterly
Preferred A (quar.)
Preferred A (quar.)
Preferred A-(quar.)
Penmans, Ltd., common (quar.)
Pennsylvania Salt Mfg. Co. (irreg.)
Pennsylvania Water & Power Co., com. (quar.)
$5 preferred (quarO
Peoples Nat. Bk. of Wash. (Seattle.Wash.) (qu.)
Peoria <& Bureau Valley RR. Co. (irreg.)
Pepperell Manufacturing Co. (irregular)
Perron Gold Mines, Ltd. (quar.)
...
Extra
Phelps Dodge Corp. (increased)
Philadelphia Co., 5% non-cum. pref. (s.-a.)___
15
15
1
1
30
tix
*50c
ttix
30
Sept. 2
Sept. 15
Sept. 15
10c
Aug. 15
50c
Oct.
1
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
July
31
19
15
15
11
11
20
31
31
25
Sept. 15
50c
1-5-42 Dec.
15
35c
Aug. 15 Aug.
5
35c
35c
Nov. 15 Nov.
5
*75c
5-15-42
Oct.
Oct.
$3
$4
14c
he
50c
25c
5-5-42
Aug. 15 Aug.
5
Sept. 15 Aug. 29
Sept.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
1 Sept. 15
1 Sept. 15
30 Sept. 25
9 July 21
15 Aug.
7
22 Aug. 30
22 Aug. 30
10 Aug. 15
2 Aug. 11
1 Aug. 20*
15 Oct.
10
Aug.
Sept.
Aug.
tlx
Dec.
Dec.
15
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
15
July
July
25
July
25*
37 Ac
SI A
37 Ac
50c
5
Sept. 15
15
15
15
25
5
Aug.
8ept. 20
July 15
Oct.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
29
15
15
15
15
Oct.
Sept. 15
25c
Sept.
Sept.
Aug.
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
July
Aug.
75c
Extra
tlA
*25c
__
25c
4 shs.
%2A
37Ac
Raybestos-Manhattan, Inc. (quar.)
Rayonier, Inc., common
preferred (quar.)
Reading Co. common (quar.)
4% non-cum. 1st preferred (quar.).
2nd preferred (quar.)
Reece Folding Machine Co. (irreg.)
Reed-Prentice Corp. 7% pref. (quar.)
Regent Knitting Mills pref. (quar.)
Preferred (quar.)
Reliance Grain Co., Ltd.—
OA % preferred (accumulated)
Reliance Steel Corp., $1.50 com. pref. (quar.)
Remington Rand, Inc., common (interim)
$4.50preferred (quar.)
Republic Insurance Co. of Texas (quar.)
Republic Investors Fund, Inc., 6% pref. A (qu.)
6% preferred B (quar.)
Republic Petroleum Co. common (resumed)
22
1
22
29
Nov.
Aug. 29
Aug. 15
Oct.
Sept.
50c
Aug.
Sept.
50c
Oct.
Oct.
July
Aug.
Sept.
July
Sept.
Sept.
Dec.
Aug. io
Nov. 15
50c
25c
60c
87Ac
40c
40c
XtlX
Aug.
16
17
21
18
22
17
30c
Sept. 15 Aug.
Sept. 2 Aug.
1 Sept.
Oct.
1 Sept.
Aug. 25 Aug.
15c
Nov.
1 Oct.
15
15c
Nov.
1 Oct.
15
37 Ac
2&c
tlX
3c
3c
on common
68 Xc
50c
50c
5A% preferred A (quar.)
Reynolds (R. J.) Tobacco (quar. interim)
Common B (qu. interim)
Risdon Manufacturing Co. (irreg.)
22
Sept.
Sept.
25c
50c
Oct.
31
22
10
10
11
Sept. 20 Sept. 10
Dec.
20 Dec.
10
Aug. 15 Aug.
5
Aug. 15 July 25
Aug. 15 July 25
5
Aug. 15 Aug.
Rochester Button Co—-
$1.50
conv.
37Ac
preferred (quar.)
Sept.
1 Aug. 20
Rochester Gas & Electric Corp.—
6% preferred C (quar.)_
6% preferred D (quar.)
5% preferred E (quar.)
Rolland Paper Co., Ltd., common (quar.).
6% preferred (quar.)
Sept. 1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
Aug. 15 Aug.
Sept. 2 Aug.
_
Rolls-Royce, Ltd., Amer. dep.
rec.
a20%
Corp.
i$2
15c
common
$2.50 conv. preferred (quar.)
Saco-Lowell Shops common
$1
conv.
14
14
14
5
15
ord. reg.
.
62 Ac
25c
25c
preferred (quar.)
Sept.
Sept.
Sept.
Aug.
Aug.
July 29
2 July 31
2 Aug. 15
2 Aug. 15
20 Aug. 11
15 Aug. 11
St. Louis Union Trust Co. (Mo.), common—
50c
(Quarterly)
Sept.30 Sept. 24
50c
Dec. 26 Dec. 20
San Francisco Remedial Loan Assn. Ltd. (quar.)
75c
Savage Arms Corp. (new initial).
75c
Sept. 30 Sept. 15
Aug. 18 Aug. 8
Schumacher Wall Board Corp.—
$2 participating, preferred
mx
Aug. 15 Aug.
5
45c
Sept.15 Sept.
Is*
(Quarterly)
Scott Paper Co.—
Common (quar.)
$4.50 preferred (quar.)
$4 preferred (quar.)
$1X
$1
Scotten Dillon Co. (irregular)..
Seaboard Oil Co. (Del.) (quar.)
25c
Sears Roebuck & Co.
(quar.)..
(Houston, Texas) (quar.)
Second Nat. Bank (Nashua, N. H.) (quar.)....
75c
Servel, Inc
Shattuck (Frank G.) Co. (quar.)
Shawinigan Water & Power (quar.)
Shenango Valley Water Co., 6% pref. (quar.)..
25c
$1
Second Nat. Bank
....
$2
Nov.
Nov.
Nov.
10c
*23c
$ IX
1 Oct.
20*
1 Oct.
20*"
Aug. 15 Aug.
6
Sept. 15 Sept. 2
Sept. 10 Aug. 11
Oct.
1 Sept. 30
1 Oct.
29
Sept. 1
Sept.22
Aug. 25
Sept. 1
Aug. 14
Sept. 2
July 24
Aug. 20
Aug. 15
Aug. 15
Sept. 2
Aug. 11
Aug. 11
Aug. 11
Aug. 11
Sept.15
July
July
Aug.
July
July
Sherwin-Williams Co.—
75c
Common (quar.)
Extra
75c
$1X
5% preferred, AAA (quar.)
Silex
Sioux
Co.
(quar.)
30c
—
City Gas & Elec. Co., 7% pref. (quar.)..
Common (quar.)
Extra
Sisco Gold Mines, Ltd
Snider
10c
—
12c
mx
A
25c
Packing Corp
Sonotone Corp., common
60c. prior preferred (quar.)..
Soundview Pulp Co., common
5c
15c
Oct.
Aug. 25
Aug. 25
Aug. 30
Aug. 30
75c
(quar.)
Extra.
$1
South Carolina Power Co. $6pref. (quar.)
Southern California Edison Co., Ltd.—
tlA
6% preferred B (quar.)
Southern California Water Co. 6 % pref. (quar.).
Southeastern Greyhound Lines (quar.)
Preferred
30c
37^c
30c
30c
6% conv. preferred (quar.)
Southern California Edison Co., Ltd.—
(Quarterly) common
Southern Canada Power Co., Ltd., com. (quar.)
Southwestern Life Ins. Co. (Dallas) (quar.)
Sovereign Investors. Inc. (quar.)
Spiegel Incorp. $4.50 conv. pref. (quar.)
Stamford Water Co. (quar.)..
Standard Cap & Seal Corp. $1.60 conv. pf. (qu.)
Standard Brands, Inc.. $4.50 pref. (quar.)
Standard Oil Co. of California (quar.)
__
Extra
37Xc
37 Ac
37 Ac
30c
(quar.)
Conv. preferred (quar.)
Southeastern Greyhound Lines, Inc. com. (qu.).
6% non-cum. preferred (quar.)
Standard Products Co. (quar.)
Sept.15
Sept.15
Sept.25
50c
SIX
6% preferred (quar.)
South Bend Lathe Works
SIX
25c
Sloane-Blabon Corp. 6% preferred class
5A% preferred (quar.)
6% preferred (quar.)
5% preferred ($25 par) amount is pro-rated
from date of purchase to payment date.
Pacific Lighting Corp. (quar.)
1 Sept. 15
Sept.
50c
Rustless Iron & Steel
Aug. 15 Aug.
1
Aug. 14 July 29
Sept. 19 Aug. 30
Aug. 19 July 31
Sept. 30 Sept. 21
Aug. 20 Aug.
7
8
Aug. 18 Aug.
8
Aug. 18 Aug.
Sept. 2 Aug. 20
Sept. 2 Aug. 20
Aug. 15 July 29
Aug. 15 Aug.
5
Sept. 1 Aug. 15
Sept. 15 Sept. 5
Sept. 20 Sept. 10
Sept. 2 Aug. 14
Sept. 30 Sept. 15
Sept. 10 Sept. 25
Aug. 15 Aug.
5
Aug. 15 Aug.
5
Sept. 2 Aug. 20
Sept. 2 Aug. 20
Aug. 20 Aug.
8
Sept. 20 Aug. 26
Sept. 20 Aug. 26
Sept. 15 Aug. 30
Aug. 15 Aug.
4
Aug. 15 July 30
Sept. 1 Aug. 15
Aug. 9 Aug.
1
Oct.
SIX
SIX
HP
50c
Quaker Oats Co.. 6% pref. (quar.)
Quebec Power Co. (guar.)
Quaker State Oil Refining Corp. (irreg.)
Rand Mines, Ltd., ord bearer (interim)
Rath Packing Co. 5% pref. (semi-annual)
Additional
Aug. 15
2-1-42 1-15-42
Sept.
Aug. 15
Aug. 15 Aug.
5
Sept.
Aug. 19
Sept.
Aug. 15
Sept.
Aug. 14
Aug. 20 Aug.
1
Oct.
tlX
Royal Bank of Canada (Montreal) (quar.).
50c
'X
$2
1 Oct.
Class B
10c
75c
55c
Common
8% preferred (quar.).
7 % preferred (quar
$5 preferred (quar.)
6 % preferred (monthly)
6% preferred (monthly)
Pullman, Inc. (quar.)
2 Aug. 16
1
25c
*20c
Sept.
16
*50c
50c
Procter & Gamble Co. (quar.)
Provincial Transport Co. (s.-a.)
Public Nat. Bank & Trust Co. (N.Y.) (quar.).
Public Service of N. J. 6% pref.
(monthly)
Nov.
Aug. 15 Aug.
Nov.
lie
50c
60c
2 He
*3c
Extra
$2
2Ac
Oct.
Sept. 10
Aug. 15 Aug.
1
Sept.
Aug. 11*
Aug. 30 Aug.
1
Sept.
Aug. 15
_
Potomac Electric Power Co., 6% pref.
tlX
Nonqultt Mills (irreg.)
Norfolk & Western Ry. Co., com. (quar.)
Adj. preferred (quar.)
Norma-II Bearing Corp. (quar.)
North American Aviatisn, Inc..
Northern Insurance Co. (N. Y.) (s.-a.)
—
Pillsbury Flour Mills Co. (quar.)
Pitney-Bowes Postage Meter Co. (quar.)
Pittsburgh Bessemer & Lake Erie RR. Co.—
Common (quar.)
Pittsburgh Coke & Iron Co., $5 conv. pf. (qu.)..
Pittsburgh National Bank (Pa.) (quar.).....;
Pittsburgh Suburban Water Service Co.—
$5.50 preferred (quar.)
Pollock Paper & Box Co., 7% pref. (quar.)
7% preferred (quar.)
Poor & Co., $1.50 class A preference (quar.)
Accumul ated
50c
25c
t\A
50c
•87 Ac
Phoenix Hosiery Co., 7% 1st pref
Photo Engravers & Electrotypers, Ltd.
Final
Common
$5 convertible preferred (quar.)
1900 Corp., class A (quar.)
Class A (quar.)
1 Oct.
Sept.
Sept.
Sept.
Neptune Meter Co., 8% preferred (quar.).
New Amsterdam Casualty Co. (s.-a.)
New Bedford Cordage Co., common.
Parker Rust Proof Co.
Extra
Nov.
Aug. 15 July
nx
Neiman-Marcus Co. 5% preferred (quar.)
7% preferred (quar.)
_
Aug. 30 Aug. 15
Sept. 15 Aug. 30
Nov. 1 Oct. 11
Nov.
National Malleable & Steel Casting Co. (irreg.).
National Paper & Typo Co
-
Nekoosa-Edwards Paper Co. common
Common
Aug.
9
Aug. 15
15 Sept. 16
(quar.)
Phoenix Acceptance
Payable of Record
2Xc
2Ac
12 Ac
Class B
Dec.
Holders
Share
Company
Philadelphia Electric Power 8% pref. (quar.)—
Philadelphia Insulated Wire (Increased s-a)
Philadelphia Suburban Water Co. 6% pref. (qu.)
Phillips Petroleum Co. (quar.)
Phillips Pump & Tank Co. class A (extra).
ClassA (quar.)
Sept.
—
Midwest Rubber Reclaiming Co. $4 pref. (qu.)
Monsanto Chemical Co., common (quar.)
Name of
Dec.
Aug. 15 July 31
Aug. 15
Sept.
When
Per
Holders
Payable of Record
Aug. 15 Aug.
Magnin (I.) & Co. pref. (quar.)
6% preferred (quar.)
May Department Stores (quar.)
—
Meadville Telephone Co. (quar.)
Meier & Frank Co., Inc. (quar.)
Mercantile Acceptance Corp. 5% pref. (quar.)
5% preferred (quar.*
6% preferred (quar.
6% preferred (quar..
Mercantile Stores Co,, Inc., 7% pref. (quar.)—
Merritt-Chapman <fc Scott Corp., 6X% pref. A
Metal Textile Corp.
Common (irreg.)
$3-25 partic. preference (quar.)
Aug. 9, 1941
37 Ac
120c
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Dec.
Dec.
Dec.
1
1
31
31
15
31
31
July 31
July 31
Aug. 16
Sept. 1
Sept. 5
Sept. 4
Sept. 4
Aug. 15
Aug. 15
Aug. 15
Aug. 15
Sept. 15
Aug.
Aug.
Aug.
Aug.
20
15
20
20
Aug. 20
Nov. 20Nov. 20
Nov. 20
Aug. 15 July 19
Aug. 15 July 31
35c
Oct.
10c
Aug. 20 July 30
Sept.15 Aug. 30
Aug. 15 Aug.
5
Sept. 2 Aug. 15
Sept. 15 Sept. 2
Sept. 15 Aug. 15
Sept.15 Aug. 15
1
Aug. 15iAug
tlX
40c
40c
tlX
25c
10c
25c
15 Oct.
12
Volume
789
The Commercial & Financial Chronicle
153
Condition of the Federal Reserve Bank of
When
Per
Name
Share
of Company
Standard Silica Corp. (irreg.)
20c
Stanley Works (The) 5% preferred (quar.)
Wholesale Phosphate <fc Acid Works,
Inc. (quar.)
Stecher-Traung Lithograph Corp.—
5% preferred (quar.)
5% preferred (quar.)
Stein (A.) & Co. (quar.)
Sterling Products Inc. (quar.)
Stonega Coke & Coal Co
Strawbridge& Clothier 6% prior pref. A (quar.).
Stromberg-Carlson Telephone Mfg. Co.—
6Yi% preferred (quar.)
Struthers Wells-Titusville, $1.25 conv. pref—
Stuart (D. A.) Oil Co. class A partic. pref. (qu.).
Sullivan Machinery Co. (resumed)
Swan-Finch Oil Corp., common (irreg.)
6% preferred (quar.)
Swift & Co. (quar.)
Swift International Co., Ltd., dep. ctfs. (quar.)_
3lHc
Holders
The
following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 6, 1941,
in comparison with the previous week and the corresponding
5
Aug. 15 Aug.
Aug. 15 July 31
Standard
40c
Dec. 31 Dec.
Sept.
Aug. 7,1940
$
$
hand and due from
on
8,606,225,000 8,775,382,000 8,879,523,000
1,035,000
1,656,000
1,388,000
100,111,000
69,813,000
63,855,000
Redemption fund—F. R. notes
Other Cash f
Total reserves
8,671,468,000 8,846,851,000 8,980,669,000
Bills discounted:
Secured
by
U.
S.
Govt,
obligations
1
1
Sept.10
Aug. 15
Aug. 15
Sept.15
Sept. 2
Sept. 2
Aug. 15
Aug. 25
Sept. 15
Sept.
Aug. 15 Aug.
Sept. 2 Aug.
Aug.
Sept.
Aug. 22 July
Aug. 22 July
Aug. 15 Aug.
Sept.
Aug.
Sept.15 Sept.
Sept.15 Sept.
Aug. 15 July
Aug. 15 July
Sept. 15 Aug.
Extra
10c
25c
t75c
*38c
50c
3
11
940.000
485,000
2,271,000
385,000
4,141,000
1,184,000
3,211,000
1,533,000
1,810,000
Bonds
384,113,000
231,036,000
384,113,000
231,036,000
404,294,000
Notes
615,149,000
749,605,000
620,474,000
18,000
2,481,000
208,811,000
10,088,000
12,747,000
619,893,000
752,285,000
direct and guaranteed
Other bills discounted
Total bills discounted.
Industrial advances
870,000
anteed:
345,311,000
4
Nov. 15 Nov.
1,170,000
2,971,000
615,149,000
Oct.
$6 1st preferred (quar.)
Truax-TraerCoalCo. 6% pref. (quar.),
5H% preferred (quar.)
Union Electric Co. of Missouri $5 pref. (quar.)_
$4.50 pref. (Initial quarterly)
Union Gas Co. of Canada, Ltd. (quar.)
Union Market Nat. Bank (Watertown, Mass.)—
(qu.)_
9
5
Aug. 15
Aug. 14
Aug. 29
Aug. 15
Sept. 2
Aug. 15
Aug. 26
Aug.
1
Aug.
1
Sept. 2
Aug. 21
Aug. 11
July 31
Aug. 15
Sept, 1
Aug.
_
1
Aug. 25
Sept.15
Sept. 2
Trane Co., common
United Corp. Ltd. $1.50 class A (quar.)
United Engineering & Foundry Co., com.
Gold certificates
Aug. 15 Aug.
Sept.
July 30,1941
$
United States Treasury.!
(quar.)
Extra
Aug. 6, 1941
Assets—
4 Aug. 22
1 Aug. 15
Sept.
Sept.
Extra
Toburn Gold Mines, Ltd. (quar.)
Union Oil Co. of California (quar.)
date last year:
15
1
Aug. 15 Aug.
Sept. 2 Aug. 15*
Tampa Electric Co., common
Preferred A (quar.)
Texas Gulf Sulphur Co
Texas New Mex. Utilities Co., 7% pref. (quar.)_
Texas Pacific Coal & Oil Co. (auar.)
Thatcher Manufacturing Co. $3.60 pref. (quar.)
Thew Shovel Co., common (irreg.)
7% preferred (quar.)
Third Nat. Bank & Trust Co. (Scranton, Pa.)Quarterly
Quarterly
United Chemicals, Inc., $3 preferred
5
Sept. 15 Sept.
Sept. 30 Sept. 15
Talon. Inc
Tide Water Associated Oil Co.
New York
Payable of Record
Total bills and securities.
Due from foreign banks
11
22
22
1
23
5
5
31
31
20
Uncollected items.
Bank premises...
Other assets..
Total assets.
18,000
1,750,000
140,673,000
9,785,000
16,763,000
9,526,087,000 9,711,765,000 9,901,943,000
Liabilities—
Deposits—Member bank
Oct.
reserve
1,820,012,000 1,807,570,000 1,410,742,000
6,124,094,000 6,349,879,000 7,117,328,000
364,580,000
271,072,000
313,931,000
366,217,000
460,834,000
432,769,000
390,986,000
477,505,000
545,344,000
acc't.
Foreign
Aug.
Other deposits.
Sept. 26
July 10
Sept. 1 Aug. 11
Aug. 15 July 31
Aug. 12 Aug.
1
Aug. 12 Aug.
1
18,000
2,318,000
219,910,000
10,107,000
12,668,000
Total deposits
7,401.344,000 7,574,084,000 8,239,111,000
127,605,000
175,560,000
200,864,000
491,000
644,000
575,000
Unit
*75c
t$2K
6% class A preference (quar.)
United Gas Corp., $7 preferred
United Gas Improvement Co., common
$5 preferred (quar.)
United Light & Railways 7% pref. (monthly)
7% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
United N. J. RR. & Canal (quar.)
United Specialities Co. (quar.)
20c
$1J*
—
581-3 c
58 l-3c
53c
53c
50c
50c
85c
Extra
U. S. Electric Light & Power Shares, series
U. S. Freight Co. (interim)
United States Pipe & Foundry Co., (quar.)
B_.
3c
25c
50c
50c
Quarterly
5Cc
U. S. Playing Card Co. (quar.)
U. S. Plywood Corp. $1.50 conv. pref.
(quar.)..
United States Steel Corp. common
— -
7% preferred (quar.)
—
$1H
$1H
Upper Michigan Power & Light Co. 6% pf. (qu.)
6% pref. (quar.)
Upressit Metal Cap Corp., 8% preferred
-$1
Vanadium-Alloys Steel Co. (irreg.)
SI H
Vapor Car Heating Co., pref. (quar.)
SI H
Preferred (quar.)
Virginia Coal & Iron Co. (irreg.)
20c
Vogt Manufacturing Corp
$1H
Vulcan Detinning Co. common (quar.)
7% preferred (quar.)
Walker (H.) Gooderham & Worts, Ltd.—
tS 1
Common (quar.)
t25c
$1 preferred (quar.)
—
Warner Bros. Pictures, Inc., $3-85 preferred— t96Kc
50c
Warren Foundry & Pipe Corp
$1V*
Washington Gas Light Co. $4.50 cum. pref. (qu.)
Washington Ry. & Electric Co.—
%
Common.
$10
--—
.
25c
Participating units
5% preferred (quar.)_
5% preferred
%XH
$1X
(quar.)
conv^pref. (quar.) ...
(yr.-end)
$4 conv. preferred (quar.)
West Michigan Steel Foundry Co.—
Wentworth Mfg. Co. $1
Wesson Oil & Snowdrift Co., Inc. com.
$1.75 conv. preference (quar.)
West Penn Electric Co., 7% preferred
—
(quar.)
—
lc
SJ Dental Mfg. Co. (increased)
(William) Co. Inc. 7% pref. (quar.)_
Co., Inc—
Wilson & Co.. Inc., $6 preferred
Wilson Line, Inc., 5% 1st pref. (s.-a.)
Winsted Hosiery Co. (quar.)
—
Extra
preferred (quar.)„_
(interim)
Co. (monthly)
(Rudolph) Co. (The)
Yale & Towne Mfg. Co
York Knitting Mills, Ltd.—
Common (interim)
7% 1st preferred (s.-a.)
7% 2nd preferred (s.-a.)
xoungstown Sheet & Tube Co., common
5H% preferred A (quar.)
Youngs town Steel Door Co
—■■—Zion'8 Cooperative Mercantile Institution (qu.)_
Quarterly
——
Wurlitzer
Dec.
20 Nov. 29*
Oct.
1 Sept. 13
Aug. 31 Aug. 15
20
Aug. 20 Aug.
1
Sept. 2 Aug. 15
Oct.
1 Sept. 28
Dec.
10 Dec.
Sept. 4
Sept. 2
Sept. 20
Oct. 20
■■/.-
over from
Oct.
the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being
Aug.
July
July
Aug.
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Aug.
July
Sept.
Sept.
Aug.
Sept.
Aug.
Aug.
Aug.
15
18
18
1
31
9
15
12
12
MEMBERS
OF
ASSOCIATION AT
CLOSE
13
Oct.
Sept. 20
Aug. 20
Sept. 10
8
15
1
Irving Trust Co
Continental Bk & Tr Co.
Chase National Bank...
50c
50c
Dec.
$1 %
50c
this dividend,
t On account of accumulated dividends.
1 Pavable in Canadian funds, tax deductible at the source.
ax
effective April 30 1941 increased from 5% to 15%.
•emains at 2%.
a Less British income tax.
Time
Deposits,
Deposits,
Average
Average
14,294,300
Guaranty Trust Co
Manufacturers Trust Co
243,843,000
615,632,000
a2,655,408,000
842,806,000
62,302,069,000
783,426,000
Cl,187,006,000
333,854,000
814,015,000
744,539,000
80,332,000
d3,361,319,000
59,913,000
cl,206,107,000
17,267,000
147,846,000
459,963,000
146,032,000
97,705,000
17,490,000
37,984,000
166,025,000
10,604,000
87,968,000
106,424,000
81,731,000
27,561,000
784,000
5,089,000
1,411,000
47,820,000
4,312,000
78,946,000
2,283,000
3,106,000
42,001,000
1,647,000
53,398,000
960,480,800 16,099,082,000
100,270,000
Chem Bank & Trust Co.
Corn Exch Bank Tr Co.
First National Bank....
776,584,000
27,221,000
82,100,800
58,357,100
187,600,900
40,986,600
75,642,700
20,287,000
109,849,400
53,896,700
4,531,200
137,453,100
4,267,300
84,931,100
1,168,100
10,151,100
28,067,600
8,916,500
15 Dec.
500,000
25,000,000
6,000,000
5,000,000
12,500,000
7,000,000
7,000,000
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co
Public Nat Bk A Tr Co.
*
10,758,300
518,361,200
Totals
As per official reports:
National, June 30, 1941; State, June 30, 1941; trust
companies, June 30, 1941.
in foreign branches: a $281,621,000 (latest available date);
(latest available date); c $3,274,000 (Aug. 7); d $88,152,000 (latest
(July 31).
Includes deposits
6 $65,328,000
available date); e $23,206,000
Stock and
July 15
Aug. 20
Aug. 15 Aug.
8
Aug. 15 Aug.
8
Aug. 15 Aug.
8
Sept. 15 Aug. 23
Oct.
Sept. 13
Sept. 15 Aug. 30
Sept. 15 Sept. 5
75c
1941
Net Demand
15
15
15
15
1
Oct.
Oct.
HOUSE
AUG. 7,
Undivided
Capital
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
41,591,200
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
Bank of Manhattan Co.
Aug. 18
Aug. 11
15c
CLEARING
YORK
Surplus and
Members
Comm'l Nat Bk & Tr Co
Sept.
Sept.
Aug.
Sept.
t20c
X%3Y
t$3X
NEW
BUSINESS THURSDAY,
Profits
*
Clearing House
New York Trust Co
Nov
Aug.
OF THE
OF
*
15
27
25
M
10c
the extent of the
Weekly Return of the New York City
Clearing House
25
Aug.
Sept.
Aug.
25c
25c
worth less to
STATEMENT
10
tsi^
$2^
Nov.
bank's own Federal
the United States Treasury for the gold taken
Oct.
Oct.
Oct.
Oct.
Aug.
a
•)
The weekly statement issued by the New York City
Clearing House on Friday afternoon is given in full below:
Aug. 15 Aug.
1
Aug. 27 Aug.
8
Sept. 1 Aug. 15
Sept.
Aug.
93.1%
751,000
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
National City Bank
Sept.
v
These are certificates given by
x
Bank of New York..
Aug.
Aug.
Aug.
94.3%
1,528,000
Aug. 22
Aug. 15
Sept. 10
1 Nov. 15
Sept.
Aug.
Aug.
9,711,765,000 9,901,943,000
t "Other cash" does not include Federal reserve notes or
Reserve bank notes.
Dec.
50c
a20%
7,109,000
12,471,000
1.526,000
Aug. 30 Aug. 15
Aug. 30 Aug. 15
Sept. 2 Aug. 15
Oct.
%\%
51,088,000
53,326,000
94.0%
1
Sept.15 Aug. 22
Sept.15 Aug. 22
Sept. 1 Aug.
8
Sept. 2 Aug. 15
Aug. 11 July 31
Aug.
10c
13,431,000
vances.
1-2-42 Dec. 29
1 Sept. 15
25c
%\H
7.070,000
Total liabilities and capital accounts. 9.526,087,000
Oct.
Below
are
the
Bond
daily closing
Averages
averages
of representative
Stock Exchange
stocks and bonds listed on the New York
as
compiled by Dow, Jones & Co.:
Stocks
••••I
■■
r
■
Bonds
10
•
10
30
20
15
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
4u
trials
Date
roads
ties
Stocks
trials
Rails
Rails
ties
Bond*
5
Totat
Aug.S.¬
Aug. 7-.
*Transfer books not closed for
Surplus (Section 7)
Surplus (Section 13-b).......
Other capital accounts..--..........,
Sept. 2 Aug. 15
Sept. 10 Aug. 30
$1
75c
40c
(F. W.) Co. (reduced).
Woolworth & Co., Ltd. Amer. dep.rets,
26 Aug. 12
26 Aug. 12
15 July 31
4 Aug. 21
20 Aug. 30
Sept.
Aug.
30c
Will & Baumer Candle
Aug.
Aug.
Aug.
Sept.
Sept.
25c
$1
$1
Whitman
Wrigley (Wm.) Jr.
Monthly
$1^
UY
$1^
51,646,000
56,447,000
7,070,000
13,440,000
51,648.000
56,447,000
......
Cnt Hanover BkATr Co
43Jic
$ih
7% preferred (quar.)
White (S.
Wool worth
$1
25c
Wheeling Steel Corp. (resumed)
Whitaker Paper Co., common (quar.)
Wolverine Tube Co., 7%
25c
%\Y*
—
6% preferred (quar.)
West Virginia Pulp & Paper Co., 6% pf. (quar.)
Western Cartridge Co.. 6% pref. (quar.)
Westgate Greenland Oil Co. (monthly)—
Westinghouse Air Brake Co
Westinghouse Electric & Mfg. Co. common
7% participating preferred
—
Westmoreland Coal Co. (irreg.)- —------Westmoreland, Inc. (quar.)
Weston Electrical Instrument
2 Aug. 15
Oct.
1 Sept.15
Sept. 2 Aug. 15
Oct.
1 Sept. 15
Oct. 10 Sept. 20
9,397,491,000 9,583,162,000 9,777,949,000
Capital Accounts—
Capital paid In
Sept.
37m Sept.20 Aug.
25c
Universal Insurance Co. (quar.)
1 Sept. 20
Oct.
Sept. 2 Aug.
8
Sept. 30 Aug. 29
Sept. 30 Aug. 29
Sept. 2 Aug. 15
Oct.
1 Sept. 15
Non-resident
Resident tax
127.48
30.13
18.65
43.19
107.81
94.32
52.80
109.86
128.09
30.18
18.72
43.36
107.80
94.30
52.90
109.90
Aug.6—
Aug. 5..
Aug.4—
128.10
30.18
18.74
43.37
107.69
94.40
53.20
109.99
91.32
128.14
30.42
18.73
43.45
107.71
94.49
53.65
109.93
91.44
128.17
30.60
18.60
43.48
107.79
94.36
53.99
109.91
91.51
Aug. 2--
128.21
30.76
18.58
43.53
107.84
94.80
53.89
109.94
91.63
91.20
91.23
The Commercial &
790
Financial Chronicle
Aug.
1941
9,
Weekly Return of the Member Banks of the Federal Reserve System
of the Federal Reserve System, giving the principal
leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
the Federal Reserve System upon 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,
Following is the weekly statement issued by the Board of Governors
items of
resources
and liabilities of the reporting member banks in 101
DISTRICTS ON JULY 30, 1941
WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY
(In Millions of Dollars)
ASSETS AND LIABILITIES OF
Minne¬
s
ASSETS
Francisco
Dallas
S
%
%
12,955
1,334
2,227
785
733
4,121
848
458
789
620
2,489
762
3,910
557
872
315
377
1,338
403
233
379
328
1,098
419
2,468
297
410
148
191
878
232
118
222
219
445
388
82
103
41
20
14
5
46
20
3
28
3
23
3
7
40
4
1
3
3
10
61
12
6
10
14
Open .market paper
Loans to brokers and dealers In secure
v
478
il
344
29
24
439
16
208
30
20
13
1,253
81
196
51
184
49
43
4
32
carrying
securities
Real estate loans
...
Loans to banks
San
City
St. Louis
1,412
Commercial, Indus, and agrlcul. loans
Other loans for purchasing or
Chicago
0,047
Loans—total
...
138
1
213
124
15
74
23
386
"66
"196
33
82
1
1
3
87
""90
60
"l75
37
1
9
39
,
1,924
149
559
""109
1,074
23
615
——
2,253
7,952
3,309
3,611
10,835
39
1,474
3,460
1,972
181
84
47
216
34
22
47
34
50
389
730
218
114
1,257
219
122
112
121
822
93
181
99
72
365
80
38
111
47
177
342
Other loans
Treasury bills
Treasury notes....
United States bonds
Obligations guar, by U. 8. Govt
388
74
2
2
31
6
3
1
383
8
126
1,524
270
261
67
115
562
111
40
134
59
533
5,756
553
778
280
178
1,534
240
118
203
146
561
151
120
25
54
27
17
84
14
8
19
13
29
3,481
205
242
237
388
277
256
616
201
123
320
304
312
1,180
68
402
78
91
42
51
74
21
15
20
30
288
24,544
1,448
11,864
1,241
1,808
658
533
3,478
590
361
618
575
1,370
5,420
securities
230
1,123
260
745
209
191
998
190
111
141
133
1,089
494
14
44
17
42
33
49
137
22
2
14
37
83
9,078
382
3,922
468
529
367
349
1,364
419
177
466
271
364
—
Reserve with Federal Reserve Bank..
Cash In vault
Balances with domestic banks..
Other assets—net..
0^5
%
S
Atlanta
28,771
10,572
Loans and Investments—total..
Other
%
Cleveland Richmond
delphia
Kansas
apolis
Philar-
New York
Boston
Total
Federal Reserve Districts—
...
LIABILITIES
Demand deposits—adjusted.........
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestlo banks.....——.......
516
599
6
1
2
9
1
19
1
1
703
24
"""289
"rr17
""~20
41
"13
"""24
3
5
""§14
3,869
249
1,634
218
393
103
98
419
109
91
395
21
659
Foreign banks
Borrowings
Other liabilities
Capital accounts
1
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Aug. 7,
was
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The Federal
The second table shows the resources and liabilities separately for each of the 12 banks.
week last year.
Reserve note statement (third table following)
Reserve agents
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
for the System as a
gives details regarding transactions in Federal Reserve notes between the
The comments of the Board of Governors of the Federal Reserve System upon the
and the Federal Reserve banks.
week appear in our department of "Current Events and Discussions."
returns for the latest
COMBINED RESOURCES AND LIABILITIES
OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
Aug. 6,
(000) Omitted
July 30,
July 23,
1941
1941
1941
J
%
S
%
%
ASSETS
June
July 2,
1941
July 16,
1941
July 9,
1941
Three Ciphers
25,
June
18,
AUG. 6, 194!
June
11,
1941
1941
1941
I
,
1
*
Aug. 7,
1940
$
18,273,975
287.750
20,313,731
10,945
289,010
20,608,379
20,610,989
20,613,686
18,645,750
1,365
1,143
1,421
1,119
1,358
1,237
592
687
619
1,999
3,357
2,508
2,013
1,800
1,977
3,236
9,352
9,273
9,088
8,906
8,774
8,602
1,363,800
1,363,800
820,300
1,363,800
820,300
1,363,800
820,300
1,363,800
820,300
1,363,800
820,300
1,319,196
820,300
2,184,100
2,196,681
2,184,100
2,196,203
2,184,100
2,196,809
2,184,100
2,195,881
2,184,100
2,195,201
2,184,100
2,194,812
2,184,100
2,194,851
2,445,928
47
47
47
47
47
47
47
29,911
936,334
40,429
.30,130
27,222
890,276
26,825
22,794
1,132,033
889,067
614,038
40,246
40,035
41,407
45,896
40,175
45,283
40,215
46,641
23,779
979,078
40,162
44,641
24,918
1,120,507
29,503
895,591
43,329
42,412
53,799
57,523
23,806,433
23,861,917
24,036,227
23,780,771
23,845,752
23,804,669
24,045,457
23,818,310
21,839,325
6,903,785
12,951,427
6,829,182
13,096,940
6,797,124
12,971,077
6,787,914
13,125,376
836,852
1,201,653
1,144,031
604,411
1,208,225
663,688
611,503
650,690
624,714
6,542,175
13,312,189
940,973
1,226,526
582,106
5,280,926
13,285,861
1,038,545
1,191,575
564,481
6,633,192
12,985,110
1,081,125
1,240,276
6,573,156
13,130,642
921,055
6,771,077
13,117,089
954,398
1,165,141
593,544
6,774,078
839,314
15,656,082
848,354
2,704
15,766,437
835,032
3,033
15,830,172
885,278
2,658
15,864,719
15,765,678
843,364
2,229
15,781,956
901,936
1,747
15,957,201
836,114
6,086
16,009,057
1,085,664
5,610
16,061,794
835.205
15,595,609
1,022,766
2,115
7,133
601,048
2,460
23,410,925
23,433,684
23,489,185
23,663,678
23,408,395
23,473,553
23,432,593
23,673,437
23,446,307
21,480,043
140,469
157,065
26,785
140,376
140.324
140.331
137,543
157,065
26,785
157,065
157,065
26,785
26,785
151,720
26,839
20.300,531
16,657
268,243
20,302,533
16,271
293,232
20,302,531
20,307,532
20,310,531
20,313,731
10,553
9,508
9,508
293,072
12,186
283,282
20,312,231
8,853
20,313,730
16,271
252,279
241,080
285,141
20,585,431
20,612,030
20,611,874
20,603,000
20,573,363
20,562,164
1,748
3,641
1,622
2,938
905
930
1.823
1,366
1,868
1,489
5,389
4,560
2,728
2,296
9,448
9,930
9,853
9,807
1,363,800
1,363,800
820,300
1,363,800
820,300
820,300
2,184,100
2,198,937
2,184,100
2,198,590
47
47
30,090
880,4*3
40,417
48,189
26,338
881,425
40,296
47,601
23,783,594
Deposits—Member banks' re erve account...
United States Treasurer—General account-
Gold ctfs. on band and due from U. S. Treas.x.
Redemptlon fund (Federal Reserve notes)....
Otner cash
Total reserves
...........
12,853
358,922
Bills discounted:
U
S. Government obligations,
direct and guaranteed..
Other b 11b discounted...—...............
Secured
by
Total bills discounted.
Industrial advances
U
8
......
Govt, securities, direct and
Bonds
guaranteed:
.................................
Notes................................
Total
U. S.
Govt, securities,
guaranteed
........................
Total bills and securities.................
Due from foreign banks
.....—..
Federal Reserve notes of other banks......
Uncollected
Bank
.
Items
premises...—.................
Other assets..............................
Total
1,126,732
direct and
assets.
v
40,444
2,457,766
47
LIABILITIES
Federal Reserve notes In actual circulation..
Foreign
Other
...........—.....
deposits..........................
Total
deposits
.......—.......
Deferred availability Items
Other liabilities, incl. accrued
dividends
Total liabilities
13,223,032
849,372
1,185,116
607,199
1,023,809
1,229,892
923,394
893,557
492,797
CAPITAL ACCOUNTS
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b)
.........
140,911
140.894
140,889
140,797
140,578
—
157,065
157,065
26,785
157,065
157,065
26,785
47,908
...........
48,005
157,065
26,785
47,993
47,902
26,785
47,948
47,880
47,850
47,796
47,822
43,180
23,783,594
23,806,433
23,861,917
24,030,227
23,780,771
23,845,752
23,804,669
24,045,457
23,818,310
21,839,325
91.2%
12,810
91.2%
91.2%
91.0%
91.2%
91.1%
92.1%
89.3%
11,393
11,950
12,432
12,590
13,072
91,3%
11,814
91.2%
11,697
11,629
8,431
3,783
1,950
1,482
1,208
1,384
1,719
26,785
....
.........
Other capital accounts..
Total liabilities and capital acoounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined....
Commitments to make Industrial advances...
Maturity Distribution of Bills and
Short-Term Securities—
3,477
2,236
1,732
2,870
16-30 days bills discounted...........
118
94
20
122
122
142
54
51
91
107
31-60 days bills d soounted
551
276
93
42
81
100
152
193
185
446
61-90 days bills discounted
776
477
143
105
20
26
81
87
77
523
Over 90 days bills discounted
161
266
236
295
264
290
244
267
240
441
5,389
4,560
2,728
2,296
3,357
2,508
2,013
1,806
1,977
3,236
1,929
2,283
1,575
1-15 days bills discounted...
...
...
Total bills discounted
2,072
1,515
1,524
1,525
1,522
1,273
1,442
16 30 days Industrial advances..
323
325
309
754
696
321
284
292
284
102
31 60 days industrial advances...
301
278
228
181
193
526
567
569
555
320
938
1,124
839
589
754
407
161
5,920
1,386
5,971
977
5,957
1,225
6,019
5,962
6,062
6,126
6,018
6,086
6,444
9,448
9,930
9,853!
9,8071
9,352
9,273
9,088
8,906
8,774
8,602
1-15 days industrial advances
61-90 days industrial advances
......
Over 90 days industrial advances
Total Industrial
advances
...
Volume
The Commercial & Financial Chronicle
153
Weekly Return of the Board of Governors of the Federal Reserve System (iConcluded)
Three Ciphers (000) Omitted
Maturity Distribution of BiUs and Short-Term
Securities (Concludedi
U. S. Govt, securities, direct and
1-15 days
16-30 days..
31-60 days
guaranteed:
<—
—
—
61-90 days
-
Over 90 days
Total U. S. Government securities, direct
and guaranteed
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
VC..-i
.
.
;•
•
;•»
,
••
.
.
.
v.,-'--.
By eligible paper
7,372,000
4,711
7,305,500
3,937
7,305,500
2,204
7,293,500
1,801
7,243,500
3,037
7,184,000
2,198
7,063,000
1,739
7,033,000
1,475
7,011.000
1,693
5,682,500
1,834
Total collateral
7,376.711
>'7,209,437
7,307,704
7,295,301
7,246,537
7,186,198
7,064,739
7,034,475
7,012.693
5,684,334
Gold ctfs.
•
hand and due from U.S. Treasury
on
''Other cash" does not include Federal Reserve notes.
These
*
cents
on
certificates given by the United States Treasury for the
are
gold taken over from the Reserve banks when the dollar was devalued from 100 cents
Jan. 31, 1934, these certificates being worth less to the extent of the
to 59.00
difference, the difference itself having been appropriated as profit by the Treasury under pro¬
visions of the Gold Reserve Act of 1934,
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
Three Ciphers (000)
Minne¬
Phila¬
Omitted
Federal Reserve Agent at—
Cleveland Richmond
delphia
Boston
CLOSE OF BUSINESS AUG. 6, 1941
Atlanta
St. Louis
Chicago
San
Kansas
apolis
City
Francisco
Dallas
ASSETS
Gold
certificates
on
hand
and
due
from United States Treasury
Redemption fund—Fed. Res. notes._
Other cash *
Total
reserves
—
...
Bills discounted:
Secured by U. S. Govt, obligations,
direct and guaranteed
Other bills discounted.-
Total bills discounted.
Industrial advances
;
U. S. Govt, securities, direct & guar
Bonds
Notes
Total U.S. Govt, securities,
direct and guaranteed
Total bills and securities
Due from foreign banks
Fed
Res. notes of other banks..
Uncollected Items.————
Bank
premises
Other
assets
Total assets.
LIABILITIES
F. R. notes In actual circulation
Deposits:
Member bank reserve account
U
S
Treasurer—General account.
Foreign- *
-
...i.
_
—,
Other deposits
Total deposits.
Deferred
Other
availability items
liabilities, incl. accrued dlvs.
Total liabilities
-
CAPITAL ACCOUNTS
Capital paid in——
Surplus (Section 7)
Surplus (Section 13-b)
—
Other capital accounts
Total liabilities and capital acc'ts.
Commitments to make Indus
advs
•"Other cash" does not include Federal Reserve notes,
a
Less than $500
FEDERAL
Three Ciphers (000)
RESERVE
NOTE STATEMENT
phita-
Omitted
Total
Federal Reserve Bank of—
telphia
Boston
Cleveland
•lichrond
t\
tlanta
Dallas
Minneap
Chicago
San Fran
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank.—.
In actual circulation..
Collateral
for
by agent as security
held
notes
Issued to
Gold certificates on
banks:
hand and due
from United States Treasury
Eligible paper
Total collateral
United States Treasury
Rates
quoted
are
Quotations for
Bills—Friday, Aug. 8
U. S. Treasury Notes—Friday, Aug. 8
Figures after decimal point represent one or more
for discount at purchase.
Bid
0.13%
0.13%
0.13%
Aug. 13 1941
Aug. 20 1941
Aug
27 1941
Bid
Asked
Treasury Bills
Asked
15 1941
—
IH%
102.5
102.7
Msr
15 1942--.
IH%
102.11
102 13
Mar. 15
Sept. 15 1942—
Dec. 16 1942...
2%
103 11
103.13
June
15 1944
IH%
103 4
103 6
Sept
15 1944.
JMar. 15 1943..
15 1943
H%
IH%
1%
101.2
101.5
Mar
16 1945
102.3
102.5
101.31
Oct.
15 1941
22 1941
0.13%
29 1941
0.13%
June
5 1941
0.13%
Sept. 16 1943—
3 1941
0.13%
0.13%
Oct.
Sept. 17 1941
0.13%
Nov.
—
Maturity
Dec.
15 1943.
—
United
States
Government
Securities
Exchange—See following page.
on
the
New
point.
Asked
Bid
1944...
—
1H%
102 10
1%
102.2
H%
1%
H%
101
JSept. 15,1944
J Dec. 15. 1945
York Stock
a
Nat. Defense Nts
101.29
Rate
Maturity
8 1941
Sept. 10 1941
Rate
Bid
Dec.
Oct.
Oct
Sept.
Asked
0.13%
0.13%
0.13%
0.13%
Sept.24 1941
Oct.
1 1941
32ds of
Int
Int.
Transactions
at
the
New
York
Daily, Weekly and Yearly—See page
H%
H%
Stock
807.
12
102 12
102.4
101.14
102.4
102 6
101.14
101.16
100.14
100.16
100.12
100.14
Exchange,
Aug. 9, 1941
792
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the
in computing the range for the year.
day.
No
account Is taken of such sales
United States Government Securities
Below
furnish
on
the New York Stock Exchange
,
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation coupon bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32d of a point.
we
a
Aug. 2
Daily Record of XJ. S. Bond Prices
Aug. 0
Aug. 5
Aug. 4
Daily Record of U. 8. Bond Prices
Aug. 8
119.14
119.19
119.10
119.14
119.19
119.16
119.14
5
1
5
119.19
119.19
119.19
(Close
119.19
Total sa es in 11,000 units...
*3
4 Mb, 1947-52
Aug. 7
119.10
(High
| Low.
Treasury
Treasury
Aug. 6
Aug. 7
Aug, 8
(Low.
2 Ms, 1948
(Close
Total
saies in
$1,000 units...
(High
108.5
108.8
107.29
107.30
—.Low.
I Close
108.5
108.2
107.29
107.30
108.5
108.2
107.29
(High
1 Low.
(Close
4S. 1944-54
Aug. 5
Aug. 4
Aug. 2
(High
2H8,1949-53
Total sales in *1,000 units...
Total sales in $1,000 units...
( High
(High
108.16
Low.
108.16
( Low.
3^8, 1940-50
2^8.1950-52
(Close
(Low.
8Kb. 1943-47
V
•
Low.
'
■
'
*
'
'
Total sales in $1,000 units.-
100.20
106.18
Low.
106.20
106.18
(Close
3Mb, 1943-45
"V*
-•
10
106
_
mm mm
•
V*
m
Low.
105.5
105.3
104.31
105.5
105.3
28
104.23
104.31
26
-
m'mrn
\mm'
106.21
100.20
106.18
J Low.
(Close
Total sales in $1,000 units...
1
2
Total sales in $1,000 units...
107.22
..
•
15
I06.ll
106.21
.
.
.
I06.ll
.
....
....
2
(High
107.22
107.21
(Close
107.22
107.21
2
....
Close
2
104.23
I06.ll
.
1
(High
(Low.
107.22
Total sales in $1,000 units...
104.23
19
(High
2Mb, 1951-53
106
6
105.3
106.21
•
mm
19
105.3
•
108.5
108.5
•
105.6
Total sales in $1,000 units...
(High
-
106
(High
2Mb, 1956-58...
Low.
-
m
Close
(
I
*
„
106.10
Total sales in $1,000 units...
(High
"
-
■
106.16
Close
(Close:
Total sales in $1,000 units...
8Hs. 1941
106.16
(High
2Mb, 1952-54
'
1
Total sales in $1,000 units..
(High
10
108.5
108.16
Close
Total sales in $1,000 units...
107.30
*2
2
Total sales in $1,000 units...
3^8. 1944-40
(High
111
Low.
111
111.3
(Close
111
Low.
2^8.1954-56
111.3
3Hs. 1940-49
111.3
(High
(Low.
(Close
2s,1947
Total sales in $1,000 units...
Total sales in $1,000 units...
■
(High
8Mb. 1949-62
(High
Low.
-
2s, March 1948-1950
(Low.
(Close
Close
Total sales in $1,000 units...
Total sales in $1,000 units
(High
3s. 1940-48
/High
Low.
2s, Deo. 1948-50
Close
Total sales in $1,000 units...
(Low.
(Close
Total sales in $1,000 units...
(High
(High
1 Low.
3s, 1951-55
(Low.
(Close
2s. 1953-55
(Close
Total sales in $1,000 units...
Total sales in $1,000 units...
(High
111.19
111.10
111.1
110.29
Low.
111.13
111.16
111.1
110.29
Close
111.13
111.10
111.1
110.29
Total sales in $1,000 units...
10
5
2%b, 1955-00
1
(High
*1
Low.
•
107.1
Close
107.1
*2
Total sales in $1,000 units...
108.15
(Close
107.1
(High
3Mb. 1944-04..
108.15
(Low.
2Mb, 1945-47
Federal Farm Mortgage
(High
3s. 1944-49
Low.
108.15
Close
Totcu sales in $1,000 units...
1.
Tola sales in $1,000 units...
(High
109.23
( Low.
(High
109.23
Low.
101.28
Close
108.23
Close
101.28
Total sales in $1,000 units...
1
Total sales in $1,000 units...
2^s. 1948-51
r
i
3s, 1942-47..
(High
2 fis, 1951-54
101.28
1
2Mb, 1942-47
j Low.
■
Home Owners'Loan
(Close
3s. series A, 1944-52....
Total sales in $1,000 units..
x
x
106.24
106.23
106.24
106.24
2
Close
106.24
106.24
1
4
Total sales in
110.27
110.6
Total sales in$1,009 units...
Low.
110.24
110.6
110.24
(High
102.2
Close
■
110.6
(Low.
102.2
(Close
102.2
(High
110.26
110.12
Low.
110.20
110.10
Close
110.26
110.12
3
34
Total sales in $1,000 units...
Total sales in $1,000 units...
[Close
111.13
111
Low.
111.13
110.27
(Close
Total sales in
111.13
110.30
1
58
fl.OOOnuit.s..
Total sales in $1,000 units...
*
>gh
2Mb. 1945
1
(High
(Low.
1Mb, 1945-47..
(High
2Hb, 1900-05
2MB. 1942-44
2
$1,000 units..
2^8. 1958-03
x
106.24
100.23
Low.
(High
2Mb, 1950-59
x
106.24
(High
Odd lot sale3.
t Deferred delivery sale.
J Cash sale,
No transactions.
x
Note—Transactions in registered bonds were:
..-{Low.
(Close
1
Treasury 4^s, 1947-52...
—
119.8 to 119.8
— —
Total sales in $1.000 units...
New York Stock Record
LOW
AND
HIGH
RALE
PRICES—PER
Monday
Aug. 4
Aug. 5
$ per share
$ per share
$ per share
*5312
*119
5378
120
*46
47i2
53io
*119
54
53i2
120
47l2
Tuesday
.
*50M
21
7i8
21l2
7's
2278
714
23i2
*13
133a
*13i8
4314
13ii
43i2
12
44
44
4i2
J2
834
2414
878
778
19l2
24l2
*85„
834
734
*18
43g
*2
8i2
4778
*50i4
7U
5078
2312
*13
4334
714
2312
1314
4334
*38
73g
*18i2
24i8
858
414
43a
®16
916
834
7i2
8i2
7i2
191.1
2438
18i2
834
7i2
18i2
24i4
834
161
16H2
13
*12
13
30
*20
#
1*4
*16
$ per share
54
*45
50i4
7's
2378
1314
43i8
42
8*8
4612
*684
714
18
4178
4612
67s
13i8
433s
200
4314
7i«
*3g
75
5g
200
43g
4%
438
*2
%
h
438
h
412
h
8
8
878
734
83g
714
9i8
5,200
8
3,400
21l2
24
2,500
3,100
*7
*17
2378
*8i2
7i2
18i2
24
8
712
18i2
*24
20
2414
20
1338
*1338
778
1334
8334
8334
8334
84
84
29l2
2078
13s
2914
29&s
29
2934
21
21
21
21
*16
18
*16
18
*16
6OI4
lSi4
4178
918
*45i2
*612
6OI4
6038
*1734
60!2
*60i8
I8i2
42i4
*1734
95s
95g
46i4
7
30
138
21
1%
177S
60i2
I8I4
60"'8
61
IS
4238
878
4178
18l2
4178
46'2
4512
9
678
Bid and asked prices:
914
45i2
678
no
sales
on
10
43g
h
1314
778
*83i8
29-%
2034
*1'8
8'8
3,600
75
1334
8i8
83i2
29i2
1314
778
8312
29i8
400
*38
75
*12
133e
13's
433g
13
*20
834
4619
2,000
*12
*16
1834
423g
4,800
I6H4 162
H4
18iS
6012
507s
7I8
2334
7is
24
1314
4312
1278
21
1'4
*50i8
7is
2334
7i8
16114 1613,!
*20
*16
5034
5058
4378
150
85g
8
18U
42
8i8
*1'4
938
4178
9i2
4619
46i4
7
*0i2
this day,
812
8
13s
133g
Par
Abbott Laboratories...No
60
50
2334
*13
1,200
5378
*45i8
5014
73«
I3I4
Lowest
Shares
50
24i4
6,700
.
4,000
900
1,900
13
13l2
778
8
*li8
13g
*1,600
7,100
4J^%
No par
44
3
Apr 22
Allen Industries Inc...
Allied Chemical A Dye.No
Allied Kid Co
Allied Mills Co Inc....No
Allied Stores Corp
No
5% preferred
600
600
Amalgam Leather Co Inc
0%
1,300
Am
457g
6I4
6I4
200
Def. delivery.
n
4914
share $
Dec
Highest
per
70i4
share
Feb
Jan
110
May
4778 Aug
51'4 Jan
30
May
4012
3478
4U
10i8
121*
30i2
May
May
June
9
Jan
27i2
Apr
734 Jan
24U Aug
1578 Jan
45
July 28
h J*'» 14
75
19i2 Jan
58>s Jan
78 Mar
Mar
7
Jan
Jan
Jan
534 June
4«4 May
li8
145a
1212
Apr
7
24
38 June
Jan
Jan
May
15i2 May
034 June
Jan
16712 July 28
1134 July 24
14»4 Apr 24
135i2 June
87g May
10
June
8'4 July 31
84
July 16
55
37
2134 May
21
Nov
77
4
Jau
IH4
Apr
May
6
5g Jan
10&8
9U
2H2
2538
June
«8 May
60
60
Feb
May
Aug
5
June
147
Jan
4
July 23
5
13g Aug
4i2 May
May
Jan
Jan
Dec
20i2 May
1234 Apr
182
Apr
14
Jan
10»4
93g
Apr
79
Dec
417s
Jan
Jan
11
June
18
May
May
18
Apr
May
58i2
Apr
May
21
Jan
Jan
Nov
Feb 19
58's Jan
2
75
Apr
512 Apr 22
934 Aug
8
0
June
1234
Apr
42i2June 19
5i8May 29
Mar
6
35
June
50
Jan
814 Jan
2
..10
Note
New stock,
per
10
AgrlcChem (Del)..No par
6% preferred
American Bosch
\
li8
9i2
381*
1218
4134
No par
Am Airlines Inc
American Bank
54i2 Aug
120
Feb 20
634May 20
5i2June 6
15
par
May 27
par
18'4 Apr 21
I
734 May 22
par rl44ijMar
0
5
10U Feb 1
par
1134 Feb 3
par
5i4 Apr 21
100
713sMay 14
par
2538May 28
par
14i2 Mar 13
1
"i« Apr 25
50
Amerada Corp
5,500
8g
6
8
share
50
conv preferred
5,700
350
Aug
334 July
10
Allls-Chalmers Mfg
No
Alpha Portland Cem..No
"MOO
75
Allegheny Corp
No par
5M% pf A with $30 war.100
&M% pf A without war.100
Alghny Lud Stl Corp..No
per
3* Apr24
par
100
$2.50 prior conv pref.No
Apr
5'8 Apr 22
19ij Feb 20
12
May 15
35'4 Apr 23
No par
Way El Appliance..No
934
46
a
38
.25
Air Reduction Inc
I8i2
t In receivership,
Feb 21
Mar 21
Ala & Vlcksburg Ry Co
Alaska Juneau Gold Min
4178
41
40
10
Lowest
Highest
$
share
115
Address-Multigr Corp
Air
per
par
Adams Express.......No par
Adams-Mlllls Corp.
No par
300
7,000
$
100
conv preferred
Abraham & Straus
Acme Steel Co...
18
6078
Range for Previous
Year 1940
Lots
EXCHANGE
120
*12
8334
H4
*45i8
*5278
*118
13
*83i8
2934
18
53
120
161l2 162
S334
3018
21
4912
53
*118
*12
133u
8
5412
120
2378
8's
8's
162i2 16319
838
1334
8is
60l2] 60io
*18
24
834
163
8
Range Since Jan. 1
On Basis of 100--Share
Aug. 8
$ per share
7ie
»J6
163
*8318
STOCKS
Friday
$ per share
120
438
*12
1334
CENT
PER
Thursday
Aug. 7
75
4-%
NOT
Aug, 6
120
4778
l2
51
7's
Wednesday
5412
120
47l2
51
*50
SHARE,
NEW YORK STOCK
Saturday
Aug. 2
Corn
r
1
Casb sale,
10
Apr 12
4H2 Feb 14
143g Feb 28
40
x
Ex-dlv.
y
18
July 28
63i2 July 22
1878 July 26
47
5'g June
2%
Jan
93s May
Ex-rtghts. ^ Called for redemption.
Volume
New York Stock Record—Continued—Page 2
153
793
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT
Sales
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
CENT
PER
STOCKS
for
LOW
EXCHANGE
Saturday
Aug. 2
Monday
Aug. 4
Tuesday
Aug. 5
Wednesday
Aug. &
Thursday
Aug. 7
Friday
Aug. 8
Week
$ per share
$ per share
S per share
$ per share
$ per share
S per share
Shares
*36
*3612
37i2
*129i4 130
234
88i4
*176
*76li
21U
88
883s
8838
77
7714
21%
21
31%
18i2
*9314
778
*7%
'7%
714
*67g
7
1812
18%
1834
94
94
94
1%
*1%
1%
612
>i%
*5
*5
61"
78
%
*.a4
•
180
'1%
*5
7%
*6%
7
1834
18%
19%
94%
19%
94%
1%
19
95
*93%
94%
*1834
*93%
1%
*1%
6%
*5
1% >.
1%
*5
22%
2234
22%
3%
3%
*3%
23
23%
3%
3%
15%
1%
3%
6%
*5
"16
23%
"le
34
23%
%
23%
3%
3%
19%
18
18%
*18
I884
18%
19%
*18%
37
36
36
*35%
36
35%
35%
35%
334
4
4%
*31
33%
*50
51%
37g
33%
*50
4
33%
51
334
*32
33%
*32
4
33%
*50
50%
1%
1%
*31%
50%
1%
*2334
24%
24%
*3%
4
1%
24%
1%
1%
*1%
50%
134
*23%
*23%
24%
4%
1034
4
*4
1034
*1034
24%
4%
11
*1034
10%
*10%
11%
*1034
*46%
4878
48%
1438
93%
*463t
48%
*47
48%
*47
1%
*23%
4%
*4
14%
14%
*4634
14-%
*93%
9334
93%
*12%
*5
19%
12%
1234
5%
19%
4%
19%
26
26%
1%
1%
1%
33%
33%
3334
3034
30
*3014
634
634
678
164
164
*163
12%
5
1934
*110% 116
*110% 116
*26
50%
26
1%
3334
30%
6%
164
4
4%
19%
*110%
*26
1%
33%
29%
6%
164
10%
*9%
10%
37%
5%
*149
6%
6%
6%
6%
6%
684
634
165
*164
165
*164% 165
164% *164
15
15%
15%
15%
15%
15% I
15%
68
68
*5
5%
68
68%
5%
*9%
5%
*9%
10%
150
'149
2434
11%
12
24%
*139
150
*11
19%
19%
1934
91%
91%
90%
19%
19%
19%
1%
1%
1%
1%2
1%
*70%
71%
*70%
71%
*70
70%
71%
72
155%
72
x7l
7134
28%
478
4%
478
*85
89
*85
155% *15314
6
5%
29%
5
88
2734
4%
*85
6
28%
5%
88
1%
2734
434
*86
534
28
27%
4%
4%
88
*86
27%
28
434
4%
88
*86
8%
7%
7%
*7%
7%
7%
7%
7%
734
8%
*70%
7034
6%
7034
7034
70%
70%
70%
73-%
73%
7734
76
6%
6%
6%
6%
0%
6%
6%
6%
6
6%
55
55
*54%
2834
29
28%
3434
34%
*33%
*15
*15
1578
56%
29
34%
15%
*54
56%
*54
7%;
56
*54
56
*54
11%
*10%
*1%
1%
30%
30%
30%
3034
*30%
3034
3034
*1%
*29%
31
'*110% 111% *110% 111% *111% 111%
4%
5
4%
65%
66
66%
661;
4%
70
70
*67
72
67
67
*28%
29
29
29
28%
28%
88
9%
*87
*87
9%
104%'*t00
*100
31
*111
434
66%
*67
28%
31
111% *111
434
5
*6534
66%
72
*65
2834
28%
112
4'%
65%
72
*65
29
28%
9
9%
9
9%
9%
9%
*8%
5%
*5
534
*5
5%
5
5
*5%
9084
*89
9034
*89
9034
*89
9%
88
9%
87
934
87
104% *100% 103%
27
27
28
9%
*86
9%
9%
88
*86
102% 102% *100
*89
9%
9%
72
9%
5%
39
6
Feb 14
155
Feb 17
Apr 21
11% July 12
13% Jan 14
American Sugar Refining..100
13
Feb 19
100
81
Jan
Preferred
Am Sumatra Tobacco. .No par
Amer Telep A
Teleg Co...100
1,000
May 28
62
May 27
100
10
Am Type Founders Inc
25,900
American Viscose Corp.....14
7,100
Am Water Wks A Elec.No par
$6 1st preferred
No
American Woolen
8,800
Andes
500
Feb 14
5
Apr 18
46%May 13
22% Feb 14
25% Apr 21
11% Apr 25
Feb 24
1
May 14
Feb 20
6
No par
__.__100
7% preferred..
1,000
Arnold
No
Constable Corp
"2,300
88
No par
Corp
100
Associated Dry Goods
1
6% 1st preferred
7% 2d preferred
100
100
par
6
7% preferred
102
110%June 30
9
Armstrong Cork Co
*86
5%Mny 19
26
$6 conv prior pref
Art 100m
100
100
Jan 20
23
May 28
6% Apr 18
4%May 22
89
87
28
*25%
28
100
Assoc Investments Co..No par
26
86%
86%
150
30
29%
30
29
29%
28%
65%
65%
60%
66%
65%
28%
65%
65%
65%
1,400
26%
27%
2534
25%
261.4
25%
26%
25%
24%
25%
9,900
Atlantic Coast Line RR...100
29%
28%
26%
28%
29%
65%
25%
12,300
66
29
66
29%
65%
5% preferred.....
.100
Atch Topeka A Santa Fe..l00
5% preferred
100
85
2934
*85%
28%
27%
27%
40
*27%
28-%
*27%
28%
27%
27%
500
*39
40
*38
40%
2234
108%
7
7
*49
49%
*68
69%
*117
123
39
22%
'106
7
*49
69
'117
40
22%
108
*38%
49%
69%
123
*67
69
-67
69
*67
69
*67
69
*117
123
*117
123
*117
123
*117
9%
2%
*9%
2%
19%
19%
3%
15%
19%
9%
9ii
9%
9%
9%
2%
2%
2%
*2%
*17%
1834
1734
1734
*17%
2%
19
2%
1834
3%
3%
3%
15%
5%
15%
3%
15%
15%
5%
5%
4%
5%
4%
4%
4%
8%
834
8
8%
7%
8
7%
7%
834
7%
7%
734
7%
7%
7
7
31%
9%
31%
9%
30%
30%
9%
2934
5-%
*9%
334
3%
15%
9%
*834
9%
934
934
*9%
33%
33%
*32iZ
33%
3234
934
30
9%
934
33
9%
22%
10
22%
22%
28
2.8
28
28
27%
*26
*26%
27
*26%
26%
26%
*10334 105
*10334 105
*10334 105
*29
31
*29%
32
*29%
31
9%
22%
9%
22%
*113% 115
7%
*12
734
15
38%
38%
*15%
1534
934
22%
27%
*113% 115
7%
*12
7%
*12
115
7%
15
28
28
*26%
27
*103-% 105
*12
37%
74%
121% 121% *121% 122
30
30%
31
30%
8%
8%
8%
15%
*15%
*14%
15%
95
*14%
'84%
pref series A...100
Atlas Corp
-.5
6% preferred
60
Atlas Powder.........No var
22%
22%
8%
15%
16
90
834
*15%
*14%
*84%
22%
834
15%
16
90
Bid and asked price": no sales on
*27%
26%
23
28
26%
*103-% 105
"566
1,900
4%
4%
14,400
7%
7%
7%
29%
15%
*51
15
38
15%
*12
37% I
15%
53%
*51
32%
75
*32
*121% 122
74%
122
15
37%
15%
29%
1,400
9%
22%
2,800
Barnsdall OH Co
4,800
Bath Iron Works
a;9%
21%
*27%
26%
28
26%
37%
Bayuk Cigars Ino
200
Beatrice Creamery
J5 preferred w w
15%
*51
74%
*72%
30%
100
700
122% 122%
15%
15%
15%
15%
90
*15
31%
31%
22%
500
8%
1,300
200
*14%
*85%
90
t In receivership,
d Def. delivery,
/
3
May
3% Mar 3
4% Feb 15
Apr 23
23%June
New stock,
28
4
Apr 23
Feb
14%
Apr
May
17%
12% May
70% Dec
23%
Jan
Feb
9% May
11
11% May
145
66%
May
93
Feb
18
Mar
175% Mar
89%
Apr
Dec
91%
Apr
June
153%
Oct
Dec
2% May
6% Nov
29% Aug
7%
99%
5% May
12%
Jan 11
83% June
101%
Apr
12
Apr
61%
Dec
6
May
8% Aug
8
77% Aug
7
26% May
4
4% May
8
Jan
Jan 10
Jan
8% Nov
56% July 14
30
July 22
35
June
64%
Dec
18
May
32
Apr
35% July 29
16
July 26
20
May
41%
Apr
113
4
107
7
Jan 17
6
23
Mar
12% Jan
2%
31
5%
70
34%
Aug
Jan 25
Aug
2
Jan 10
9% Aug 5
6% Jan 10
90
12% May
Jan 14
8
June
May
22% Mar
113% Aug
15% Nov
4%
Apr
June
35%
97% June
4
May
111%
Feb
Dec
1% June
35
58%
May
Jan
7%
Apr
64%
Apr
68
Apr
43%
Apr
11
Apr
22% May
6% May
3% May
96% Jan
102
4% May
9
9%
Jan
July
Jan
Aug
84
Dec
49% May
95
Dec
45
Mar
65
29% June
100% Mar
25%
Jan
8
39% May
64%
Deo
28% July 22
31% July 7
9% May
23%
Jan
8% June
22%
Apr
9% June
22%
Apr
70%May
41% July 7
24% Jan 2
110% Jan 2
7% July 10
60%June 3
72% Jan 9
118% Jan 4
18% May
102
June
7
May
43% June
67
6% Mar
10
May
32% Mar
4
Aug
1%
Jan
6
Jan
2
12% May
5% July 31
2% May
8% July 31
8% July 28
34
July 25
10%
Jan 10
Jan
8% Mar
Jan 11
6%
Feb
80% May
124%
Feb
4
19
Dec
9% Mar
61
May
9% July 28
2% Jan 11
20%
May
112%June
27% May
111
3% May
8%
Apr
19% May
6%
Jan
8
Jan
4%
Dec
14%
24%
Deo
52%
Jan
8% May
16%
Apr
Jan
4
May
8%
Jan
Jan 20
33%June 22
10% July 22
20
Dec
No var
3
6
24% Mar 17
31% Mar 24
27% July 22
104% July 3
25
22
Feb 17
103
MarlO
r Cash sale,
Deo
70
152% May
33% Jan
9% July 31
7% Feb 19
28% Feb 17
108
155%
8
No par
7% preferred...
100
Blgelow-Sanf Carp Ino .No par
Black A Decker Mfg Co No par
Blaw-Knox Co
No par
Bliss A Laughlin Inc..
6
Bloomlngdale Brothers .No par
Blumenthal A Co pref..—.100
n
6
2% Apr 17
12% Apr21
18% Feb
—.60
20
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
Bendlx Aviation
5
Beneficial Indus Loan. .No par
Pr pfd $2.60 dlvser'38No par
Best A Co
No par
Bethlehem Steel (Del) -No par
1,600
16%
16
8%
4
25%May
Beech-Nut Packing Co
300
8%
this day.
32
2,900
8,700
15%
*85%
53
73%
*22
*14%
1,800
4",900
2
Apr 22
......6
1
Beech Creek RR
100
15
37%
15%
Corp
400
*103% 105
*12
60
Jan
Deo
May
19% May
136
Jan
May
May
6% Jan
5%% preferred
139
31% July 22
Jan
Barker
140
122
May
7
9%
Apr
13
Feb
6
54
82
l%May
13
Dec
30% May
96% Mar 12
Barber Asphalt
33%
31%
16
90
preferred100
Corp
10
Brothers......No par
Conv 5%
320
33 4
22%
8%
*14%
100
4% preferred
Bangor A Aroostook—.....60
100
31%
*84%
Baltimore
1,700
22
8%
No par
(The)..3
C..13
A Ohio—
.100
$5 prior A
Aviation Corp of Del
Baldwin Loco Works v t
9%
53%
32%
122
6
9%
*9%
31%
22%
8%
31%
22%
Corp....—No par
Austin Nichols......—No par
41%
9
May
6% Feb 14
47% Feb 14
61
May 16
Atlas Tack
Feb
May
68%
74% Jan
7
11%
23
Apr 23
Feb 19
Jan 2
13% Feb 14
13% Feb 15
16% JaD 2
19%June 6
107
May 29
111
4,700
*7
18
preferred....-100
210
5,400
conv
6
l%July 22
73% Jan 7
159
May
10% July 31
87% July 22
102% Aug 6
35% Jan 23
60%
conv
5%
37,100
*29%
32
*29%
32
32
*115
118
*113% 118
118
7%
7%
7%
7%
7%
7%
32%
*15%
200
*29%
75
*22
23
,
*113%
32%
23
•
934
22%
74%
29%
9%
9%
32%
*22
9%
34
9%
15%
*29
30%
9%
*9%
52
32%
75
30%
*33%
9%
15%
74%
15%
9%
52
*32
15%
33%
9%
23%
15%
5334
54%
18
3%
18%
3%
4%
7%
7%
30%
7%
9%
2%
15%
*9%
15%
32%
3%
15%
33%
37%
*32
*84%
9%
38%
*52
38%
-30
38
*52
7434
76
*121% 122
7%
15
115
3%
*9%
*2%
9%
2%
9%
16
300
26
Atlantic Refining
4%
"2",500
100
5% preferred
200
3,700
123
2%
8%
39
'
7%
*9%
15%
*38
40
22
22
22%
22%
22%
22%
22%
108%
108% *106
108% *106
108% *106
xd %
7
7
7%
7%
7%
7%
7%
50
50
*48%
49%
*49%
50
49%
4934
22%
*106
May 16
6% Feb 19
79% Mar 8
85%
22%
6
68' July 29
60
87
*39%
Jan
3
47% Jan
28
1
19% Aug
111% Jan 16
87
Atl G A W I SS Lines
Mar 27
109% Mar 24
4
May
5
*25%
*106
8
Mldl'd.No par
1,200
200
July
20
5
Armour A Co of Illinois
200
May 20
61
No par
Mining
Co Inc...
Copper
Archer Daniels
600
4
82
8
1
ArmourACo(Del)pf7% gtd 100
"moo
4% Apr 21
27% Aug
25
15 prior conv pref
100
146% Apr 26
100
Amer Zinc Lead A Smelt
2,900
par
No par
Preferred
6,400
6
62
25
6% preferred
93
12% Mar
6
49%
Jan 21
20% Aug
168%
26
Common class B
1,000
ll%May 27
148%May
1732 Aug
Rights.
American Tobacco
300
2,300
2
54
Jan
3
9%May 29
May 26
87
*28
74% Nov
19
10
Jan
48% May
6% Dec
Jan 13
Amer Steel Foundries..No par
No par
Jan
Mar
4
7
150% Jan 10
28% Jan 10
No par
10%
163
Jan
73%
164
American Stove Co
June
18% Nov
45% July 28
American Stores
135
Jan
Jan
9% May
Apr 18
87
*25%
Mar
6
34
86%
I
5
Feb 14
86%
» *27
Mar
26
4% May
Jan 10
30
86%
29
7%
10% July 31
40% July 29
86%
*27
121
May
164% Aug
15% Jan
May 12
90%
9%
5
145
103% *100
88
July
2
138% Mar 13
37
Apr 25
15 dlv preferred
29%
Jan
Mar
20% June
26
...100
A P W Paper
4%
66
Jan
3%
25
90
July 24
100
*111% '111«4
4%
66
1% May
12% May
6% preferred
Preferred
11%
30-%
5% July 10
20% July 31
121
Apr 4
American Snuff
*113
*10%
Deo
1478
20
100
15%
*113
Jan
92
May
200
15%
1%
*89
Amer Smelting A Refg.No par
Anchor Hock Glass Corp 12.50
11%
9034
9%
4,500
400
*1%
*89
""346
*15
*10%
22%
May
May
61% Apr 23
4% July 2
7%May 23
Seating Co..No par
Amer Ship Building Co.No par
Anaconda Copper Mining..50
*113
May
10
25
100
American
Anaconda W A Cable..No par
1%
10
38
6
Jan
5
conv preferred
W7o
American Safety Razor..18.60
280
11%
9
4
690
800
16,900
*1%
5%
5,100
33
*10%
Jan 10
May
11% Feb 19
2834
*113
13% Aug
Apr
95%June21
30
25
33
1134
1%
Jan
67
3% Jan 13
46% Jan 13
Rolling Mill
281-1
*1%
*834
American
333.1
15%
*10%
5%
230
29
*112%
9
10,400
33%
178
41% May
64
28%
15%
12% Sept
8
28% May
34
15%
Apr
Apr
Mar
6%
13% Jan 27
Jan 13
$5 preferred
No par
Am Rad A Stand San'y .No par
Preferred
100
3.100
29
*15
4
June
35
34% May
34
*15
Mar
111
3
38
66%
37g
$6 preferred
28%
1134
*5%
56.
2
18
Dec
May
Apr
Apr
6%
1,700
Light
34%
....
5
6%
6
1%
24% July 29
4% Jan 8
15% Apr 24
29
*1%
66%
8%
3%June
10% July
May
45% M ay
Jan
60% May
5%
63%
88
77
Feb 14
May
23
4
8
May
3
1% Mar 29
17%
33%
*10%
*47g
27%
4%
51% Aug
13%
28%
'112%
*66
70%
71%
33% Aug
3
1% Feb 20
23
26
20%
91%
19%
70%
*71%
19% Aug 6
38% Jan 4
4% Jan 10
24%
Jan 24
12
157
155% 155% *154
*5%
5%
534
534
155% 155%
534
1%
Jan
Jan
9% May
Apr 21
20% ""4,106
800
91%
1,900
19%
9,300
153% 154
1%
1®32 148,300
7134
2% May
3%
I
91%
19%
Jan 13
28%
7%
%
23%
20%
19%
Jan
10% May
No par
No par
900
15334 154%
2%
6
No par
1,800
1%
71
5%
150
Apr
Deo
23% Aug
3% June
American News Co
20
153% 154
72
*139
6%
3
10% Apr23
2% Feb 15
100
1% May
15% Apr
91% Mar
3% Mar
Amer Power A
11%
71
*153%
68%
5%
10
6% preferred
Feb
13
Jan
Mar 26
1%
100
No par
Jan
Nov
140% May
Jan
Sept
Jan
Locomotive .No par
23%
Apr
May
50
50
Nov
65
115
8%
8
May 15
20
Deo
33% May
9%
75
5
2
Feb 14
27
Jan
185
4% May
6
19% Aug
2% July
116%
5% May
94% July 28
1% Jan 6
7
11% Apr 15
29
July 25
8% Jan 23
7% July 25
47% July 29
10% Apr 21
79
Apr 23
preferred
Preferred
20
24%.
70%
57S
5
Jan
13% May
May
June
135
4,900
24%
71
578
Invest Co of
conv
American
500
1,000
11%
*11%
71
*153i4 155
V.666
11%
12
71
1%
5%
*91
19%
153% 154%
150
*70
1%
No par
I11...1
non-cum
American
200
24%
*11%
20%
91
19%
100
Amer Internat Corp
3,000
11%
12
19%
154%
6734
68%
5%
Jan
44%June
No par
pref
"
24%
24%
11%
*11%
92
19%
60
Products... 1
Amer Metal Co Ltd
10%
154%
6%
200
Home
1,200
2434
19%
conv preferred
2,100
11%
12
19%
6%
American
American Ice
484
12%
12%
12%
12%
434
434
434
5
19%
1934
1934 1 19%
*110% 116
*110% 116
*110% 116
116
*26
*26
*26
26%
26%
26%
26%
1%
1%
1%
1%
1%
1%
1%
32%
33%
33%
33%
33%
33%
33%
29%
30%
2934
29%
30%
30%
30%
May
2%June 20
1934
25%
154% 154%
10
American Hide A Leather... 1
434
19%
11%
19%
Amer Hawaiian SS Co
12%
25%
*91
No par
4%
11%
*11%
16 preferred
100
4
*9%
10
10
*38
39
38%
39%
38%
38%
37%
37%
43
42%
42%
43%
43%
42%
43%
43%
152%
152% *150% 152% *151
152% 152% *150
43
43
*43
*43
44
*43
43%
44%
*9%
No par
$7 2d preferred A..-No par
700
1034
48%
9
14
v
%May 27
14% Feb 15
2% Apr 16
12%
20
25%
1978
1034
May
l%May 14
Amer Mach A Fdy Co .No par
Amer Mach A Metals..No par
25%
9234
4
*47
112
3%
93%
121.4
*11%
19%
4%
11%
48%
1%
3
78
Encaustic Tiling.. 1
European Sees ..No par
600
-
24%
13%
67
91
24%
93
15
*11%
24%
Jan
9% Feb 19
10
100
$7 preferred
900
33
51%
1334
5%
12
1%
51
1%
93
15%
*11%
3%
*32%
51%'
121
American
4,000
3%
14
68%
150
3% |
33 I
z98%May 29
Amer A For'n Power...No par
1,500
1834
36
93%
5%
149
18%
35
14
15
149
19%|
35%
34
100
4% Feb 17
2,800
May
May
Jan 21
Amer
3%
93%
68
*139
3%
18
79% July 11
23% Jan 7
9% Mar 27
4,800
164
115
6
6% Apr 23
6% 1st preferred
7
Oct
Dec
May
Apr 22
18%June
107
10
American Crystal Sugar
May
1%
85%
34% July 22
Jan
Highest
share $ per share
45% Jan
May
128
Jan 10
185
Corp..20
20
400
2
Apr 19
Feb 15
56
par
No par
Am Comm'l Alcohol
per
28
7
Aug
95%
American Colortype Co
2,800
Mar
3
Am Coal Co of Allegh Co NJ25
900
"'""866
14%
5%
37%
22
23
100
American Chicle.,.
"""166
»16
14%
*12%
"""366
preferred
conv
130
Mar 18
78%May 29
171%May 28
100
Am Chain A Cable Ino.No
5%
2234
*%
*92%
15%
43%
43%
44%
152%
*14978 152% *150
44
44
*43
44%
%
2334
3%
14%
68%
39
900
1,400
15%
7%
7
19
94%
1%
6%
93%
*5
44%
634
14%
15%
39
4
4%
*7%
93%
68
*9%
*13
*7%
6%
6%
%
*13
15%
7%
6%
7
29% Apr 14
1
$
$ per share
39 June 18
...100 zl22% Apr 14
American Car A Fdy_.No par
Preferred
100
5,400
31%
pref
Preferred
100
180
31%
76%
2034
*12%
*7%
7%
3%
1834
*176
32
1,200
76%
77
76%
21
2034
2034
21
109%
109% *108
109% *108
110
110
*108% 110
10984 10934
7634
1578
7%
2278
*36
88%
180
3134
76%
3134
conv
Amer Cable A Radio Corp__l
American Can
25
28,600
2%
88
87%
5X%
220
130
2%
Year 1940
Lowest
Highest
$ per share
Am Brake Shoe <fe Fdy. No par
500
3734
*129
2%
88%
180
31%
37
37%
130
2%
21
110
*6%
18%
*9314
78
130
234
88%
Par
109% *108
108
*7%
6i2
32%
77%
21
10912
109% *108
'108
11012 11012 *10978 HI
*13
*12%
16
*12l2
16
*108
*176
180
*77
21
2114
32i4
37%
130
2%
88%
88%
*176
180
32
32%
7712
130
278
2%
37%
37%
3734
*129% 130
3
278
*176
180
32l2
*36
37i2
129U 130
3
SSI4
Lowest
Range for Previous
June 25
32
126
Apr 28
Jan
6
8% July 29
May
30%
7% June
23% Dec
13%
Jan
25%
Dec
20% May
36%
Apr
35%
Apr
Apr
18% May
May
112%
29% May
32%
105
102
May
127
Oct
Jan
7% June
9%
Apr
Nov
67%
Apr
36%
Apr
7% Feb 19
10% Jan 14
14
July 28
10
32% Apr 21
40
July 30
24% May
Jan 10
2
17% May
22% Mar
49% June
56%
15%May 23
20%
52
57
July 25
26%May 12
68% Apr 22
121% Feb 20
23% Apr 18
16% Apr 19
6% Apr 18
13%June
II
80
4
Apr 29
Jan
7
x Ex-dlv.
May
34% July 23
89% Jan 3
131% Jan 28
31% Aug 8
23
July 23
22% May
63% May
39
109% May
134
May
34%
Jan
15
May
22%
11%
Apr
Jan
4
534 May
18%
Jan
8
15% Aug
1
13% May
11
May
Mar 13
y Ex-rights,
Jan
Nov
14
10%
90
Jan
93% Nov
54
June
Jan
23%
Jan
16
Apr
95
Nov
f Called for redemption
New York Stock Record—Continued—Page 3
794
SALE PRICES—PER
HIGH
AND
$ per share
18
19
18%
*3012
*97%
*44%
Auy. 4
18%
31
Aug. 5
Auy. 6
$ per share
$ per share
$ per share
5 per share
Shares
20
20
19%
98
*97%
*45
19%
3
3
\
3
3
33%
*4
18%
*30%
45%
19%
33%
|
19%
45%
22%
*33
*4
4%
33
33%
4%
33
*4
20
4%
10%
19%
32%
41%
2%
6%
11%
35
20
10%
10%
10%
19%
19%
31
*32%
32%
41%
2%
6%
12%
35
31
19%
*30%
*20%
20%
*30%
*2%
6%
*12
11%
4%
74%
7%
*26%
*32%
20%
*2%
6%
11%
*32%
20%
11%
11%
I
116
*113
*40%
*113
*40%
6%
12
6%
35
20%
11%
116
10%
*113
7%
7%
7%
26%
20%
*55%
*26
32%
56%
9
9
8%
8%
3
3%
21
2%
3
*19%
6%
*22%
*3%
11%
*95%
*10
22%
*51
*19%
6%
6%
23%
21
6%
11%
23
3%
11%
99
4
11%
99
11%
*10
22
22%
11%
11
11
99
99
*10
12
22%
*51
54
54
20%
56%
8%
3%
21
6%
22%
3%
*2%
*19%
£6%
£22%
3%
99
*22%
3%
32%
19%
56%
8%
22%
*51
2%
33%
*2%
*32%
*4%
4%
100
10%
10%
19%
4,500
33
33
4%
1%
*33
41%
41%
*40%
2%
2%
*2%
6%
6%
*11%
*32%
20
11%
35
*11%
*33%
20%
20%
*20
10%
10%
114
4%
73
7%
26%
33
4%
72%
7%
*26
*32%
19%
19%
56%
8%
2%
19%
6%
56%
8%
2%
19%
6%
22%
3%
*10%
23
3%
11
10%
112
73%
7%
26%
26
33%
20%
56%
*33
2?8
3
*55
20%
6%
*22%
3%
*10%
98%
11%
*10
1%
92
91
92%
*27
29
*2%
80%
*27
3
2%
80%
120
120
48
28%
80%
*120
48
29%
*111
10%
*3%
39%
91
*91
91%
28%
28%
2%
80%
122%
9
9
*66%
68%
17%
17%
2%
17%
*2%
111
111%
4%
*39
48% 48%
28%
29%
119% 120%
119% 119%
*9
9%
*66
68%
17%
2%
40
4%
4%
10%
10%
*3
3%
2%
111
4%
11
4
*2%
26
56%
10%
*24
571,1
10%
104
104
*
43
56%
10%
*103
*
1,700
478
36%
3%
36%
39
39
39
47g
*27
32
80
18
104%
21%
*13%
334
37%
100%
1%
5%
3
100
1,900
54
1%
7
"moo
67g
11%
800
1
434
*3%
*37%
91%
*27%
*278
3,200
4,400
210
18,700
478
36%
3%
90
40
80
92
28%
3
""566
2,500
80
1,800
11,400
27%
28%
11934 120
*8%
9
*66% 6884
18
18%
3
2%
500
1,100
10
2,000
2,400
850
32
33%
32%
18
17%
104% *104% 104%
21%
21%
21%
14
13%
13%
334
3*4
334
500
18
20
500
200
11,900
6,400
37%
37%
37%
100% *100% 101
1%
1%
1%
5
5%
5%
3
3
2%
3.500
600
1.600
7,900
8%
9%
5,600
6*4
18*4
*40%
634
19%
684
18%
634
800
18%
8,000
41%
*40%
41%
100
200
51%
51%
*%
732
*%
732
100
*%
*8
*%
%
200
*%
7J2
*%
7J2
9%
"""400
*12%
13
12%
1%
2
*1%
12%
2
2,500
9
934
300
1,500
*38
*38
*74 lo
76
~
114
76
*74%
113% 113%
3%
76
*74%
104% 104%
104
*38
10
360
104
*38
3%
*38
43
3*4
39%
*38
76
*73
60
Callahan Zinc-Lead
334
334
39%
*38
76
*73
"l~,700
3%
39%
500
*28
*101%
*83%
2912
87%
*48%
*39%
*28%
*101%
29
*84
86"
39%
39%
37%
37%
37%
37%
*143% 145% *143% 145%
94
94
93%
93%
61
61
*60%
*60%
1%
21%'.21
21
112
112
3
1%
17%
17%
1%
31.1
3%
2%
16%
16%
*15%
15%
*15%
2%
3
3
39%
36%
2%
3
29
2i,i
16%
16%
113% *113
29%
*101%
86
"
52
39%
*84%
80"
*48%
39%
*28%
13%
*720
"l4""
102% 102%
21
21
111% 111%
17%
17%
1%
3%
2%
16
*15%
2%
3%
1%
3%
2%
16%
16%
3%
13%
29
29%
'so
*101%
*84%
*48%
*84%
*48*
39%
39%
36%
"39%
.....No par
Preferred-
100
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7% prior preferred
Celotex Corp
100
No par
100
13%
29%
700
2,100
10
96
95
95
90C
61
*60%
61
10C
*720
14%
¥,500
14
101% 101% *101% 102% *101% 102%
21
21
21%
*21%
2134
21%
200
1,200
90
111% 111% *111% 113% *111% 113%
*17%
*17
177g
18
*17%
17%
*1%
1%
1%
*1%
1%
1%
3
3
*2%
2%
2%
*2%
*2%
2%
*1%
2%
2%
2%
16
*15%
16%
16
16%
1534
15%
15%
15%
15%
1534
15%
3
278
*77%
78
77
77
*76
78
76
76
2%
*75%
76%
2%
*75%
68
*64
68
*65
68
*64
68
*64
68
*64
82
1,980
430
2,600
700
17,600
68
*79%
320
3
76%
*64
200
6
6%
80%
6
80%
6%
*80%
6%
*24%
24%
27
27
*24%
24%
24%
24%
104% *103
104% *103
31
31%
31%'
30%
*24%
24%
*103
*104
108
10%
10%
%
%6
*58%
26%
26%
59%
82%
81%
81%
6%
6%
6%
27
*26%
27
81
6%
*26%
24%
2%
81
6%
27
*79%
81
6%
*26%
24%
6%
27
24%
24%
24%
24%
24%
104% *103
1043g *103
104%
104% *103
30
30%
2978
30%
30%
29%
30%
*104
*105
108
108
*105% 108
*105% 108
*105% 108
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
%6
%6
%
%
716
%
716
38
%
716
59
59
59%
59%
59% 59%
60
59%
60
59%
26%
26%
26% 26%
2578 263s
25%
25%
25%
26%
63* Bid and asked prices;
no
sales on this day.
J In receivership,
a
200
2,500
"2,700
"
3", 700
~6~606
48,700
2,200
10,600
Def. delivery,
39% Jan 6
4% July 15
12% Jan 2
26
51%
Dec
12% May
% Dec
May
4%
70% Mar
25%
May
Jau
2*4 Jan
38*4 Nov
7
Mar
13*4
Apr
Dec
8
Apr
25% Jan
6
13% May
26*4 Nov
Jan
8
27
May
41% Nov
May
41
44% Jan 13
2% Jan 13
38
3
Jan
4% Nov
14
21
6% Jan 14
14% Jan 13
*5% Nov
24*4 Sept
1234
25%
Jan 16
33% July 28
23% Mar 21
27
11
14
14
15
6
15
3
8
1
1
12% Jan
"
6
7
13
27
20
26
25
43
23
28
Feb 14
112
Mar 18
40
Apr 14
18%May 26
H6%Marl9
Jan
2
l%June 11
4% Feb
3
Apr
Jan
14% May
37% Apr
29% Apr
6% May
12% Nov
May
97
3
May
21
May
72*4 Nov
3% May
8% Nov
8% July 22
34% Jan
33% Mar
6
7
20% July 28
56% July 29
9% July 24
334 Jan 10
23
2
Dec
53*4
Jan 17
19%May 29
3
Apr 16
7% Apr 21
76% Feb 14
7% Apr 29
16% Feb 20
61
Mar 11
%June
1%
5% Jan 9
76
July 29
118
23% Jan 27
109%June 10
6% July 29
Dec
May 119
20
Jan
17% May
12% May
6%
36
Jan
Oct
35% Nov
21% Jan
12%
Jan
May
5%
Apr
5% May
16*4
""7%
Dec
2
Oct
4% May
7%
Jan
17% May
2% May
6% May
23%
Apr
5
Sept
39
May
82
9
May
15%
22% July 29
14
May
53
50% July
26% Feb
52% Mar
Aug
6
4
11% Jan 9
100
July 28
4% Jan
12
Jan
6
Jan 24
1% Jan
7% Jan
6
6
14% Jan 10
1
15% July 11
11%
34
5% Aug
39% Apr
2
3
3% July 31
41
Jan 17
92%May 20
30% Jan 14
3% Jan 29
82
Aug 7
125
2934 July 28
120*4
Jan 29
10%June 10
73%
Jan 14
22% Mar
3% July
115% Jan
4% Aug
12% July
4
25
24
29
1
28
Jau
8%
Feb
Feb
19%
Apr
De
231o
July
23s May
29% May
2% Dec
36% Aug
75% June
22% May
2
May
39% May
100
Jan
50% July 15
Jau
Nov
May
May
4% May
11
40
Jan
13*4
June
42% May
20
May
105% May
5
May
48
June
17
Aug
1% May
106
June
1%
4
Dec
May
1%
O
Aim
Apr
6% Mar
40%
Jan
6
Apr
45
May
92%
Der
32*4 May
3% Nov
75
Jan
126
Der
56%
35%
121
Jan
Apr
Der
12%
72
26%
3*8
Feb
May
Apr
Jan
114% Mar
5%
Apr
11*4 May
6
Mar
100
41%
Apr
Jan
15% May
83s
38*4
Der
15
May
22
Oct
99% June
106
May
2% Feb 19
86%June 13
97
27
Feb 19
34% July 12
Oct
Sept
22% May
1
2%May23
5% Jan 13
3% May
100
37% Jan 14
21% Jan 4
106% Feb 10
par
22% Apr 21
15%May
1
100 July 8
17% Feb 15
2134 July 22
17% May
30*4
5
12% Apr 22
18
2
10% June
29% Mar
No par
3% July 26
2% Oct
30% May
44
Der
84% June
101
Der
Chic A East 111 RR Co.No par
Class A
40
2%May 23
34%May 19
93%June 2
s8 Mar 3
l%Mar 12
Chic Great West RR Co...50
»»Mar 20
Products
6% prior preferred
Chain Belt Co
No par
Cham Pap A Fib
Co 6 % pf. 100
Common
No
Checker Cab Mfg
JChesapeake Corp
Chesapeake A Ohio Ry
25
Preferred series A
100
5% preferred
50
Chicago Mall Order Co
5
Chicago Pneumat Tool.No par
$3
preferred
No par
Pr pf ($2.50) cum div No par
IChlc Rock Isl A Paclfio..lOO
conv
7% preferred
3% Mar 20
5
Chlckasha Cotton Oil
10
Childs Co
No par
Chile Copper Co
25
Chrysler Corp.
.........5
City Ice A Fuel.
..No par
preferred
City Investing Co
643 %
100
100
City Stores
5
Clark Equipment
No par
100
100
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The). 1
...100
50
Climax Molybdenum..No par
Cluett Peabody A Co.-No par
Preferred
100
Coca-Cola Co (The)
Class A
No par
No par
Colgate-Palmollve-PeetNo par
$4.25 preferred
No par
Collins A Alkman
No par
5% conv preferred
B
2.50
Cash sale,
x
10% July 22
6%May
8% May
12%
15%
Der
23% May
44%
Der
54
41
51% Dec
8%
Jan 10
July 24
*11 Feb
May
Jan
38
Jan
*4
A pr
%eJuly 25
8%May 22
10% Feb 7
l%June 17
% Jan 18
%i Dec
%
Jan
9% Jan 29
14%June 24
2% Jan 27
7% May
22 June 2
55 July 21
8% Apr 21
95
Jan
3
42 July 25
2% Mar 7
30%June 6
139
Apr 26
73
Apr23
110
Feb 14
24%June 9
98
May 23
82 May 28
48% July 9
27
Feb 14
28% Feb 18
143
Jan 22
87
Feb
60
Mar
740 July
11% Feb
100% Feb
18%May
19
17
16
14
15
5
27
Jan 27
9
May
1% Aug
20
72% Jan
2
10% Feb
5
104% Aug
6
85
46% Feb 20
Aug
44
53% May
5% Mar
34
91%
Nov
Apr
14%
Jan
98
Feb
Sept
*60
Oct
Jan
3% Aug
6
2
May
4%
Apr
40% Aug
2
24
May
40%
Apr
139
Apr 26
124
July
85
Jan 15
56
June
114
Jan 24
108
May
33% Jan 10
26
May
43% Mar
74
May
83%
101% July 24
83%June 27
50
Mar 11
4034 Aug
8
3734 July 29
147
106
June 17
2
Jan
62% Jan 7
740
July 16
48
41%
25% May
131
Dec
Mar
Apr
Apr
145
Der
99%May
56
May
141
Mar
63
Feb
20
Feb
10% May
103% Apr
2
94
9
16% May
June 102%
3
Apr 18
% Jan 2
20
Jan 10
12% May
Jan 13
•i« Dec
1%
45%
Jan
May
8
Jan
Nov
7434 Nov
25% May
14% July
30%
133
114%
46% May
Mar 19
Jan
11% Mar
16% Apr
Sept
8%
114
108
May
35%
112%
24
4*4
Dec
Apr
Feb
May
Apr
Apr
Apr
5
3% Aug
4
1
Feb 18
l4%June 24
2% Aug
5
2134 Jan
6
16
May
26% Mar
14%June
21
6
16
May
2614 Mar
9
82% Jan 25
4% May
67% May
93%
72
2
59
June
79
Jan
July 11
71
May
98*4
Apr
1% Feb
9
100
r
Apr
Apr
%i Dec
2%May 20
73 May 24
62%July 17
Columbian Carbon Co.No par
69% Apr 29
Columbia Pictures
No par
4%May 16
$2.75 conv pref erred. No par
21% Apr 17
Commercial Credit.
10
21%May20
44i % conv preferred
100
99% Apr 8
Comm'l Invest Trust..No par
28%May 20
$4.25 conv pf ser '35.No par rl02%June
9
Commercial Solvents..No par
8% Feb 15
Commonw'lth A Sou..No par
%»May 19
$6 preferred series
No par
49
Jan 30
Commonwealth Edison Co-25
24%May 26
n New stock,
4%
Feb
19% July 21
44t2 Jan 9
8
Jan
Columbia Gas A Elec..No par
6% preferred series A... 100
preferred
44% Jan 13
102% Feb 3
1% July 21
634 July 22
3
July 31
2%
88
%i Dec
14
Class
Jan
2
6
110
100
Apr
38 Jan 17
%
100
4% 1st preferred
July 28
4
%« Jan
Colo Fuel A Iron Corp.No par
Colorado A Southern
100
4% 2d pref erred..
100
Columb Br'd Sys Inc cl A.2.50
Apr 28
9% Feb 19
37% Apr 22
49
Apr 8
100
6% preferred
100
Chicago Yellow Cab...No par
5%
""360
24% Mar
% pref.,100
Coca-Cola Intern Corp.No par
"
14
June
^Central RR of New Jersey 100
Central Violeta Sugar Co
Special gtd 4% stock
3,400
17
Central 111 Lt 4H
Clev A Pitts RR Co 7% gtd.50
86
Jan
20% Jan 10
20% July 10
3% July 30
66 June 11
rl5%June 27
1% Apr 22
5% pref
39%
Apr
Nov
29%
Jan 18
54
15% Jan 2
4% Feb 17
7
123%
share
May
Central Aguirre Assoc -No par
Central Foundry Co
1
5% preferred
34
19
36 May
3% Feb
34 May
2%May
37%May
86% Feb
22
Apr
2% Apr
Capital Admin class A
$3 preferred A
per
283$
23% July 11
Canada Southern
Ry Co.-100
Canadian Pacific Ry
25
12*4 Aug
19% May
99
May
111% Jan 23
5% Feb 19
10%May 16
10%June 3
.
5% preferred
30
40%
36»4
37%
36%
145%
145% *144
*720
~14
76
113%
113% *113
*101%
37
37% *36%
145% 145% *144
14534 *144
94% 94%
94%
*95
94%
61
61
61
*60%
*60%
1%
3%
16%
29
*720
*720
13%
13%
13% "l3"%
103
*102
1*101% 103
*20%
*84
*48%
*48%
*111% 113%
*17%
18%
29
*101%
39%
*720
*74%
113% 113% *113
!
19% Apr 24
9
Apr 21
,_1
CCC A St. Louis Ry Co
*113
'
Jan
Calumet A Hecla Cons Cop. 5
Campbell W A C Fdy..No par
Canada Dry Ginger Ale
5
Certain-teed
10%
3%
No par
1,800
10%
40
..No par
334
3%
10%
*3%
Byron Jackson Co
California Packing
Cerro de Pasco Copper.No par
*10%
39
Byers Co (A M)
No par
Participating preferred.. 100
1,200
10%
104% 10438
31s
39%
-.5
32%
12,600
*39
30
Preferred.............100
58%
3%
10
5% conv preferred
Butte Copper A Zlne
Century Ribbon Mills.No par
25
40%
Butler Bros
Aug
19
18
19
8
23
19
22
23
18
_
Bldgdep7% pf 100
19
35
29
26
...100 2109 June
No par
3% Feb
100
61
Feb
Budd Wheel
No par
5% Apr
Bullard Co
No par
23%June
Bulova Watch
No par
27% Feb
Burlington Mills Corp
1
15%May
Conv pref $2.75 ser..No par
49 May
Burroughs Add Mach..No par
*7%May
Bush Terminal
1
2%May
Bush Term
Highest
$ per share $
share
9
(E G) Mfg
7% preferred
10
57%
3%
5
per
22
7% preferred
8,500
25
40%
Bucyrus-Erle Co....
$
21
Budd
12%
334
43
No par
Bruns-Balke-Collender.No par
3%
87%
58%
43
5
*3
26
43
Bristol-Myers Co
11
*86%
32%
58%
104%
Bridgeport Brass Co
No par
Briggs Manufacturing-No par
Brlggs <fc Stratton
No par
30
*24%
*103g
5
Brewing Corp. of America...3
1,500
26
5878
10%
Co
4
*3%
57%
58%
10%
10%
104% 104%
57%
Bower Roller Bearing
111
111
*24
*24%
5
1
10
Carolina Clinch A Ohio Ry 100
Carpenter Steel Co
5
Carriers A General Corp
1
Case (J I) Co
100
57%
26
15
100
Cannon Mills
9%
*9%
(The)
100
79
80%
122% 122%
47%
48
87%
32%
53
Co
...1
Inc....
Stores
500
9%
53
Bond
5% preferred
11%
1%
7
*91%
*86%
1.000
11
36%
*3%
3%
11%
26
43
*3%
378
14%
*3%
*24
300
37
334
32%
31%
98%
3
87%
32
450
2,700
14%
3%
3%
3%
3%
3%
3%
3%
32
33
34
32% 33%
32%
33
32%
18%
18%
18% *18
*18%
18%
*18%
18%
104% *103% 104l3
*103% 104% *103% 104% *104
21
21
21%
21%
*21% 21%
*21%
21%
*13%
14
13%
13%
*13%
14%
*13%
13%
*3%
3%
*3%
3%
3%
3%
*3%
3%
38
38
37% 38
38%
37%
38%
38%
*100% 102
100% 100%
*100% 102
*100% 102
*1%
1%
1%
1%
*1%
1%
1%
1%
5%
5%
5%
5%
5%
5%
5%
5%
3
3
3
3
3
2%
2%
2%
9%
9%
9%
9%
9%
9%
9%
6%
*6%
67«
6%
7%
6%
6%
17%
17%
17%
18%
17%
17%
17%
17%
41% 41% *40% 4178
41%
*39% 42% *40
*51%
54
*51%
53
*51%
54
*51%
54
*lji
732
%
*%
*%
732
16
"16
8
*%
;
*%
%
*%
7
*i8
*%
*%
(I
Q
*9
9^
*8%
9%
*9%
9
*12%
13
*12%
13
12%
12%
*12%
13
1%
1%
2
*1%
1%
1%
1%
1%
32
*86%
31%
1,800
5,400
23 r
37
32%
*31%
87%
31%
*22%
378
10%
37%
32%
87%
600
56%
878
3%
22%
12
14%
*86%
94
200
63/1
6%
23
3%
11
91%
91% *91%
28%
*27%
28%
3
2%
2%
*2%
80
82
79%
81%
*79% 80%
120
120
*120% 122% *120% 122%
48
48
48%
48%
49
48%
28
28%
28%
28%
28%
28%
120
119
120
120 I
119% 120
9
9
8%
8%
8%
68%
68%
*66% 68%
*66%
68%
18
17%
18%
18%
17%
18%
3
2%
2%
234
2%
2%
*111
111
111
111% *111
111%
4
4
4
4%
4%
*334
12
10%
11
10%
12%
12%
*3
4
*3
*3
3%
3%
*27
300
2,900
*51
36%
39
1,600
33%
54
87%
*87%
21
21
460
20%
22
5
4%
60
4,100
*/6%
22
1%
7
*3%
2,600
7%
*51
12
*36
""900
73
53%
6%
900
35
20%
10%
22%
12
100
*98% 100
10%
10%
21*4 22
*37
*39
1978
56%
8%
2%
200
6%
11%
7%
*32%
14%
40
72%
*26
19%
1,700
112% 114%
4%
4%
73%
7%
37
*39
10%
I
4%
14%
5%
11
19
113
4%
98%
21%
2,100
41%
2%
6%
11%
*33%
37
36%
3%
400
12
35
6%
14%
5
3378
20
*2%
37%
5%
36%
3%
36%
3%
Borg-Warner Corp
Boston & Maine RR
41%
2%
6%
*40%
14%
3%
Borden
3,300
31
37%
4%
36%
*3%
5%
4,900
19%
2%
*30%
14%
38
20
31
37%
5
20
19%
31
14
*3%
1,400
4%
10%
19%
37%
*36%
10
2278
4%
10%
19%
5
..No par
Class B
45%
31%
•*31
5
Brass
Bon Ami Co class A.^.No par
22%
10%
19%
*4
10%
19%
*51
6%
12
30
19%
2%
14%
*1%
6%
11%
1%
Brown Shoe Co
20%
19%
37
12%
6%
12%
Bklyn-Manh Translt_.No par
Brooklyn Union Gas_.No par
20
19%
2%
14%
6%
*12
Brooklyn A Queens Tt.No par
20%
19%
37
12%
1%
1%
6%
1,100
20
2%
$ per share
4,300
22
1%
6%
*11%
14%
1%
6%
*45
Bohn Aluminum &
Lowest
Highest
12% Apr
25% Apr
90 May
38
Apr
17% Apr
18% Feb
16
Apr
% Feb
30
Apr
3% Apr
8% Apr
18% Apr
30 July
38
Apr
2% Jan
5% Feb
10
Apr
Boeing Airplane Co
900
22
*97%
Par
Year 1940
100-Share Lois
Lowest
27,500
18%
30%
98
*45
98%
53
30%
*97%
21%
*10
22%
17%
18%
30%
98
45%
21%
*97%
*45
114
73%
27%
33%
20>2
33%
116
4%
73%
*26%
7%
28
33%
20%
11%
*32%
19%
4%
73%
7%
4%
74%
2%
4%
73%
4%
56%
*56
41%
2%
18%
30%
18%
31%
98
45%
18%
30%
98
45%
22
20
19%
3
10%
*40%
19
31
21%
19%
19%
2%
22%
10%
19%
•10%
19%
On Basis of
Week,
30%
*97%
45%
22%
19%
98
22%
30%
EXCHANGE
Friday
Auy. 8
Wednesday
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Thursday
Auy. 7
Tuesday
Monday
$ per share
SHARE,
Sales
for
WW
Saturday
Auy. 2
Aug. 9, 1941
Ex-div.
y
Jan
4% Jan
83
6%
Apr
Jan
6
1%
1%
Dec
Oct
3% May
5*4
5
7%
Apr
Apr
8% Mar
26
2634 July 22
1434 May
31
Mar
7
27%June
104
Jan
6
95
June
108%
Feb
37% Jan 10
32
June
56
Apr
June
113
Mar
110
15
97
11% July 28
8
**i«
Jan
Jan
2
65% July
2
30%
Jan 11
Ex-rlghts.
May
%
42
Dec
May
25%June
48
16%
Der
Jar
Apr
1*4 Junr
73%
Jan
33
Apr
t Called for redemption.
Volume
795
New York Stock Record—Continued—Page 4
153
2
Aug
Thursday
Aug. 7
Aug. 8
Week
$ per share
S per share
$ per share
Shares
1
share
per
3%
3%
16%
3%
*3%
16%
1634
36%
36%
13
1234
9134
92
92
9534
73r
7%
7%
13
12%
9134
92
*91%
96
70
96
96
180
96
7%
7%
2:18%
18%
100% 100%
%
%
9%
9%
2 34
*2%
19
1834
100% 100%
78
*34
100
100%
78
*34
934
934
10
*934
234 J *2%
96
96
73g
7%
73g
19
18%
200
*12%
96
96
73s
19
19
18%
100%
100% *100
1
%
*34
*34
10
9%
9%
*9%
234
*2%
234
*2%
19
*100
123g
Conde Nast Pub Inc
500
13%
*92
334
31,100
93
13%
92%
3834
*95
9534
39%
334
17%
40%
*3%
17%
3834
*3%
17
38%
*123s
1234
9134
*94%
7%
17%
334
17%
39%
1634
3834
*12%
92%
36%
*12%
96
17
1634
36%
13i«
«16
9%
9%
*2%
2 34
6%
6
6
6%
6
6%
9,700
3%
3%
3%
3%
3%
3%
3%
2%
634
6%
6%
6%
6%
6%
2%
6%
1,800
1,600
30
30
6%
*281'
2%
6%
2%
7
16
4%
4%
102
8%
83s
*8%
834
44%
44%
3%
25%
25%
*1934
2034
16%
1634
*53%
1634
*16%
54
54
*5338
42%
*42%
44
42%
5234
52%
53%
52%
179
179
25%
*83g
8%
44%
4478
44%
3%
25%
3%
3%
4434
3%
26%
*19%
2534
*19%
16%
16%
*53%
*42%
433g
42%
21
*4%
4%
*4%
4%
*4%
43g
%
17%
•%
*%
34
1734
%
%
*%
34
1734
*99% 101
*16%
*8%
*2234
*40%
14%
*87
42%
8884
7%
7%
98%
17
8%
23%
42%
14%
88%
423s
8884
7%
73»
17%
10034 10034
17
*16%
8%
8%
2334
23%
*40% 4134
i
7
7%
98%
*98
14
22
42%
89%
1
13%
*21%
1%
36%
*31
36%
*30
30%
30
30%
93s
28
1984
*4
*16%
9%
27%
47%
1934
4%
17%
8
8
*112
113
*44
\
28
30
*2934
30
16
*15%
16
1334
6%
14
13%
1334
6%
6%
%
*3u
%
20%
20%
20%
20%
22
200
1
1
5,600
*31
36
*31
36
100
33
33
30
30
63s
28%
44
*43
19
19
19
*4%
4l«
*16%
17%
8%
2934
16
13
133s
6
63«
%
20%
1934
1734
25%
37%
20
17%
17%
17%
17%
25
25
25%
25%
37%
3734
37%
834
*8%
834
834
16%
15%
1534
1534
37%
878
1534
71
71
71
71
71
9%
*8%
35
35
*1734
*35%
18
*17%
9%
36%
18
87g
36%
1778
878
361'
J8
*43g
*17
8%
*17
20
12%
6,400
5%
23,500
%
19%
17%
25%
19%
17%
*8%
18
16%
163s
163s
16%
74
7234
73
6
18%
600
37%
834
700
8%
16%
1634
2,200
9
16%
7034
9%
108
158% 15834
16
159
159% 160%
*125% 126
15834 159%
126
160
*33%
34
17
*16
16%
2834
15%
15%
*"16
%
110
126
4,200
300
30
2
*172
176
10
33
33
2,300
15%
16%
2834
1534
28%
29
29
29
3,700
16%
16
15%
5,100
*34
*17g
%
15%
84
28%
15%
»16
600
2834
29%
1534
*U16
15%
15%
1578
%
ui«
%
2
I7?,
2
176
2
2
2
%
34%
*34
34%
3478
35%
35
35%
3434
3434
*31
32%
31%
32%
31%
32 %
31%
31%
*30%
31
31
31
3034
31%
*31%
31 a4
*30%
32
*30
32
*30%
32
*3034
32
*3034
46%
*45%
47%
47%
*46
48
45%
45%
47%
4
4
4
4
4%
78
*76
78
*76
77%
83
83
*83
85
*83
84%
89%
89%
89%
%
*%
1%
134
17?
734
%
9
*88
3
700
*83
84%
83
83
200
*88
89%
89
89
%
%
%
*14
1%
8%
1%
134
8%
1%
1%
"lh "l34
1%
834
134
6 34
6
61'
~*i% "l34
1%
1«4
1%
1%
1'%
134
134
8%
134
7%
634
73g
17*
6%
634
6%
9
*3%
78"
3%
7%
7%
28%
28%
*%
%
1%
134
36%
*73"
37%
*73
*3%
*7%
*28
9%
134
36
36%
8%
8%
1%
134
35
*73
78
*73
78
3534
*3
*134
35%
134
*3
3%
5,200
78
*3
■'mm
734
*7%
734
734
7%
7%
28%
27%
27%
27%
27%
27%
27%
*5H
%
*%6
%
*3g
%
*3g
%
40%
40%
*40
40%
40%
41
21%
22%
10%
*10%
10%
22%
10%
22%
*10%
*95
98%
*95
98%
26
3%
*7%
28
3%
-
—
-
*
100
3%
40%
734
3,300
33,100
1,800
343S
*73
78
27,300
134
33 %
1%
34%
*73
78
3%
7%
3%
29
2,400
4,100
%
1%
7%
134
40
%
1*4
%
2
1,000
800
'
*40
21%
40%
21%
*10%
10%
%
*S16
40
40
21%
21%
21%
*10%
10%
*10%
40%
21%
1078
*95
98%
*94%
98l£
*94%
*25%
26%
*25%
98%
26%
*123)}
13
12%
12%
384
334
334
*89
100
98%
mmtmmmm
26
26%
*25%
26
*25%
12%
12%
*12%
13
12%
12%
*25%
*123g
*3%
3%
*3%
3%
3%
3%
%«
%
%
%
24%
24%
24%
*89
10%
*95
*25%
%
93%
22%
94
*89
2434
93%
334
*3%
*89
500
334
600
%
1,200
1,200
%6
%
%
*%
24%
*23%
24%
*23%
24
93%
*90
94
*90
94
7i«
24
13
14%
14%
14%
14%
*14
14%
14%
14%
14%
14%
14%
14%
4334
44
44
44%
44
44%
43%
44%
44%
44%
4434
45
•
+
1,100
4,400
'
24%
%
*24
22%
mm~mm
Bid and asked prices; no
sales on this day.
* In receivership,
600
3,200
a Def. delivery,
31
June
29'4 Dec
6% July
21% May
3434 Feb 10
9»4 Jan 9
29% Jan 10
4734 Mar 29
20
July 14
42
8
3
478 Aug
Sept
14% May
May
1178 May
8% May
2% Dec
...20
10
100
Delaware Lack 4 Western..50
Apr 30
14%June 26
9
Feb 19
2% Feb 19
JDenv 4 R G West 6% pf.100
*u Jan
20
4
1934 Aug
Detroit Edison
A ..No par
Diamond Match...
No var
Devoe 4 Raynolds
25
6% partlc preferred
Diamond T Motor Car Co—2
Distil Corp-Seagr's Ltd
No par
13
6
Apr 21
21% Apr 29
3434June 12
67g Apr21
12% May 12
68%May 22
7 May 3
No par
34
Doehler Die Casting Co No par
17
Class A
Dresser Mtg Co
Dunhlll
International
Duplan 811k —
1
No par
100
8% preferred
Du P de Nem
(E I) 4 Co...20
No var
$4.50 preferred
Duquesne Light 5% 1st
Eastern Airlines Inc...
pf.100
Apr
8
6%
Eaton
14
Jan
107
684 Aug
1
7
19% July 24
29% Jan 11
41
Jan
12% May
2578 May
32
3
May
484 May
10% Jan 10
18% Jan 11
Jan
86
12% May
56% May
6
9
Jan 30
9
Jan
37
14
23% Jan 28
17% July 14
79
Jan
Jan
4
23%June 24
6%
Jan
9
113
16434 Jan
7
146% May
114
May
112% May
126%June 11
118 May
2
29
Inc......2
Auto-Lite (The)
5
Boat
—.3
Electric
shares...
Apr 29
7
June
14% Feb 14
25
Apr 21
12% Feb 14
»8 Jan 4
Light.No par
l%May 31
preferred
..No par
preferred
No par
Storage Battery...No par
27% Feb 19
23% Feb 19
28
May 27
...3
Corp.... .50
Service
.......-No
$554 preferred
No
$6 preferred
No
Equitable Office Bldg.-No
X Erie Railroad
Engineers Public
$5 preferred
25*4 June
2
May
117
June
9
367g Jan 10
155
June
22
May
1634 Aug
Jan 10
17%
Jan
6
7g Aug 5
4% Jan 11
37% Apr
3
3438july 9
34% Jan 13
33
July 7
47% Aug 6
11134june 18
25
May
10% May
% Dec
3
May
18% May
15% May
z24% June
26
May
May
May
35
102
100
1
par
par
par
65
Feb 26
80% Apr
4
63
70
Feb 14
83% July 17
89% July 24
66
3%May
5
75% Feb 14
Jan 11
7
*32June 28
% Feb 20
734 Aug 4
78 Feb 15
6
Aug 8
% Mar
1
17g Aug
33% Aug
8
5% May
May
May
Dec
77
%
Dec
9% Aug
37% Aug
5% pref series A w i
Co
Eureka Vacuum Cleaner
Evans Products Co..
Ex-Cell-O Corp
10% May
7
337g
100
4% 2d preferred
-100
..100
100
60
5
-.5
3
Corp-.No par
4 Co.No par
Fajardo Bug Co of Pr Rico..20
Federal Light 4 Traction... 15
$6 preferred
No par
Federal Min 4 Smelt Co
2
Federal-Mogul Corp
5
Federal Motor Truck..No par
Federal Water Serv A..No par
Federated Dept Stores.No par
4M% conv preferred
100
Ferro Enamel Corp..
1
Fidel Phen Fire Ins N Y_$2.50
Exchange Buffet
Fairbanks Morse
stock,
3
4
Jan
108
int w i..No par
Erie 4 Pitts RR
Oct
Jan 23
par
1st preferred
n New
June 27
Jan
5%
No par
Common w 1
Ctfs of benef
26% Apr 29
39% Feb 14
May
9% June
Jan
-.100
preferred
127% Nov
1484 Jan
5
8
IO34 July 29
117
Manufacturing Co....4
cum
May
11% May
65% July
9
141^4
Dec
30% May
8
182% Jan
27g July
June
%i Dec
*i« Feb 26
160
24
June
23% Apr
34
Elec 4 Mus Ind Am
4%
3% May
7
Jan 24
142
Electric
$6
9
884 Aug
1
120%May 26
Edison Bros Stores
$7
111% July
13'4 May
1734 Jan 10
114
May 14
1
Mills
6
Eastman Kodak (N J).No par
Eastern Rolling
5% preferred
"2,700
4
77%
19% June
1% Oct
9
2
Endlcott Johnson
111
6
Jan
July 31
Delaware <fe Hudson
El Paso Natural Gas
4
2
Jan
183g
Preferred
Dlesel-Wemmer-Gllbert
100
77%
Jan
17g
21
400
*110
8
7
2,100
4%
Aug
30% Aug
47%
7734
3% Aug
May
45% Dec
978 May
60
July 28
27
31
89%
*88
89%
%
111
May
Oct
I84 May
13% May
31%
4
75%
2634 July 22
Elec
*76
6
18% Feb 19
Electric Power 4
84%
77%
May
25
..No par
Deere & Co
31
*45%
May
3
14%May 26
6U Apr 18
109% July 2
2,900
2,000
1,500
2
12
75
Jan
...5
Conv 5% preferred
...25
Davison Chemical Co (The).l
Dayton Pow & Lt 4
% pf. 100
Davega Stores Corp
34%
31%
3134
31
4%
*83
*87%
*1%
34%
800
77%
4
4
*75
*110
111
*110
111
*110
111
*110
111
*110
46
1,600
33%
1634
29%
1%
500
1634
*33
31%
3134
31%
*31
5,200
16%
32%
*34%
mm-
~
33%
*172
7U Feb 14
24l2 Apr 22
42% Feb 4
15
Apr 18
3
Apr 21
17% Feb 18
4
Apr 21
6%June 5
105
Aug 4
138 May
1
1207g Feb 14
300
~
9
7
16% Jan 25
No par
1,500
mm
16%
176
No par
June
Dec
3% May
18% June
36
July
7% Aug 2
8
July 28
May 31
14%May 31
33%
*172
28%
29
1%
*16
1
Class A
June
98% Jan
63% Feb 19
120
May 26
16%
33%
34%
No par
Prior preferred...
Curtlss-Wrlght
13
Jan 16
45
No par
108% Deo
19% Apr
17%
47%
6
Apr
Jan
5% Nov
2384 Nov
May
TuSept
75
4
July 15
25
ll%May
8%
2%
Apr
May
4
92
9
Apr
May
May
Dec
165
27% Jan 10
No par
■
Jan
45% Jan
15% Jan
Dome Mines Ltd
33%
174
174
176
*174
176
34%
9
Douglas Aircraft......No par
Dow Chemical Co..
No var
400
126
126
126
126%
*12534 126% *126
111% 111% *111% 11178 *111% 11178 *111% 111% *111% 111%
27
27%
27%
27%
27%
27%
27%
27%
27%
27
27%
27%
4
*3%
4%
*3%
4%
4%
4%
334
4%
4%
4%
4%
139% 13934
139% 139%
139% 139%
139% 139%
140% 141
140% 140%
*16
6
l%May 6
3% Feb 15
72
40%
Jan 16
7gJune 23
33
Aug 6
28
July 2
5% pref. with warrants.. 100
1,100
*111% 112
*174
Apr
41
19
2,000
160%
126
82
47
107
19%May 28
39% July 7
lligMay 1
82%May 2
35i2 Apr 14
Jan
10%
4%
May
8
19% Jan 10
7
7
2,700
18%
16%
71%
18%
70
14%June
4% Jan
197g July 15
Dlxle-Vortex Co......No par
190
158
934
Curtis Pub Co (The)
Preferred
100
37
108
5%
Cuneo Press Inc
500
9%
*8%
158%
*9%
21
*1327g 135
700
71
*69
37
37
158
20%
135
135
8,800
25%
*25
134% 135%
20
20
1934
19%
19%
20%
6
6
6
*514
*5%
5%
*5%
*5%
*9
9%
*834
934
*8%
934
*834
934
113
113
*108
113
*108
*108
107
107
5%
10%
100
1
20
105
20%
200
15%
37%
18%
18%
16%
16%
72 34
7214
*133% 137
*19%
19%
16%
73%
30
480
38
*36
7434
*5%
3,500
1,100
26%
*%
16%
7034
9%
16%
136
.
«
«
5%
*834
37
7334
136
«
2,800
12%
25%
8%
16%
20%
"i.
834
%
*37
38
74
*131% 13734
'
19%
*8%
96%May
5
No par
Cudahy Packing Co
2
53% July 28
182% Jan 16
47g Jan 4
7g Jan 14
Mar 31
Apr
1%
16% June
18% May
15% Mar
Jan 24
52% Jan
68
*1834
*112
56
104
Cutler-Hammer Inc
700
Feb 18
Feo 15
Cushraan's Sons $8 prefNo par
4%
Apr 21
417g Feb 20
120
4%
13
3% Apr 23
i2 Jan 7
13
Apr 18
Feb
May
52
170
978
32%
June
8
July 22
Aug 5
Jan 2
July 22
Jan 14
187g Jan 2
40i4May 5
42% Apr 21
Deo
4% May
2778 May
100
30
900
5%
17%
177g
25%
10
...100
19%
19%
20
Sugar
preferred
45
*%
3i«
6
16%
108
27%
27%
conv
*43
19%
4%
19%
834
5%
127g
74
*10%
27%
2534
29%
15%
30
70%
177g
38,900
3,200
26%
30%
1534
12%
♦153s
1534
16
*8%
600
9%
m-mm-
2534
30
16
*36
29%
8%
12%
257g
70
878
29%
45
*112
"16
*318
18
16
*29«4
1534
12%
5%
3834
*8%
27%
28
25
*70
9
29%
9%
29%
93g
43%
18
*8%
9%
28
25
*37%
1,800
1434
*21
*8%
8%
8%
112% 112% *112
25%
25%
25%
2934
*15%
634
*'x#
6H%
1
17%
*2934
*15%
900
14%
14%
100
Preferred
68
22
47%
*44
Cuban-American
110
67
67%
preferred..... 100
Cuba RR 6% preferred
104
1
*16%
25%
7%
conv
104
*21
17%
25%
1,070
21,600
6%
6%
7%
5%
1%
4%
26
1,800
conv
Crucible Steel of Amer.No par
14%
4%
8%
14%
5,900
88%
$5
30
88
104
67%
3,800
42
w
Crown Zellerbacb Corp
21%
*4%
112%
66
14%
No par
w..No par
5
preferred...No par
$2.25 conv pref
500
88
preferred
conv
Crown Cork «fe Seal
3,200
41
8
7%
104
101
100
*87
7%
6%
778
7%
1
19%
4%
8%
6%
101
100
(The) .2
Crosley Corp (The)....No par
5%
Cream of Wheat Corp
13%
19%
*16%
7
14
25
Crane Co
200
21%
19%
*112
88%
42%
88%
1,400
5,000
43
*42%
1
...1
Coty Inc
Coty Internat Corp
22
19%
2534
W
9%
2734
47%
4134
30%
*29
9%
88
36%
*33
*33
28
*89
14%
88
1%
1
9%
8%
..100
Preferred
70
14
14
14
22
*8
24%
42%
14%
66
65
65
65
*21
1
41%
89
6%
6%
7%
7%
73g
7%
104% *100% 10334
*64
230
42%
4134
42%
89
89
101% 101%
17
*1634
*8
8%
24
24%
89
14
*8734
42
2,700
89%
14%
87%
5
50
5% series
Corn Products Refining....25
14%
14%
Conv pref
Corn Exch Bank Trust Co. .20
23%
87%
Copperweld Steel Co
260
42%
14
900
70
33
9%
45%
4%
2634
23%
17% Feb 24
15% Apr 25
5
Continental Steel Corp.No par
■mmmmrn'm
24
2378
*4178
...1
Continental Oil of Del
54
42%
8%
24%
42%
12.60
July 21
40% Jan
3
6
3
3514 Feb 14
2%May 26
6% Feb
Continental Motors
500
30
106% Jan 22
16% July 22
5% Aug 7
105% Aug 8
31%June
100
16%
16%
54
4234
52%
Jan
20
43
8%
41%
20
79
100
Continental Insurance
12,100
5,800
334
25%
3%
2
Apr
Dec
110% Mar
5% May
78 Dec
2% May
884 May
93% May
978 May
3% Aug 1
7% July 31
4^ July 21
42
167g
23%
3,600
8% preferred
4
16
100
% Aug
5% May
2% May
6%May 21
15
Jan
Feb
Apr
99%
Jan
4% May
21% May
97% May
3% Jan 13
15
July
7%
7
July 10
11
1212 Feb 15
Continental Diamond Flbre.5
Continental Can Inc
100
20
101% 102
17
*1684
101%
*8%
45
preferred
*53%
167g
90
*21
*44
101
3,700
25%
16%
1678
14
*1378
"is
17%
17%
1734
16%
*87
70
*63
17
10034 101
4,700
37%
8%
*83g
4434
conv
52%
52%
52%
181
18034 18034 *180
4%
4%
4%
4%
%
%
%
%
17
1734
17%
17%
52%
43s
Continental Bak Co....No par
21
*5338
4234
180
180
179
*4%
32,600
26
16%
54
52%
52%
52%
179
179
179
S34
54
*20
*8%
2034
16%
3%
3%
26
21
5%
37%
37%
3%
257g
44%
42%
38
37%
38
Consumers Pow $4.50 pfNo par
Container Corp of Amerloa.25
10434 105%
103% 104
1023s 103%'
15U Feb
100
400
5
5%
834
45%
*8%
4434
3%
*53
5
5%
400
300
14
2
14
6%
24%
31%
May
17% June
1% July
2
99
6% pf.100
2% May
14
8% July 10
23% Jan 13
107% Jan 9
2
7% Apr
2%June
z5% Apr
«4 Feb
2% Feb
Consolidation Coal Co.....25
15%
15%
37%
37
44%
3%
2578
*19%
16%
5%
Consol RR of Cuba
103
May 26
i2 Jan
28%
28
15%
*1534
May
17%June
102% 102%
102
102
478
5%
6%
29
*28%
10134 10134
157S
*15%
102% 102%'
37%
3634
3634
C
29
*28%
16
1534
4%
102% 102%
102%
36%
30
*101% 102
5%
434
6%
*29
30
*101% 102
16
*15%
*101% 102
16
6
6%
May
75
95
$2 partlc preferred...No par
6%
63
Jan 15
100
5
Consol Laundries Corp
6
Consol Oil Corp
No par
•■'
7
Jan 10
Feb 8
Aug 8
Jan 16
Jan 28
90
400
3
4
18%
40%
157g
9734
82
'
6%
Feb 19
10%May 26
May 20
May 23
5*4 Apr 21
No par
$5 preferred—
234
6%
*2%
Highest
share $ per share
Apr 25
No par
Consol Film Industries
1
600
$ per
share
per
3
Consol Coppermlnes Corp
Consol Edison of N Y..No par
12,500
1,700
$
share
22% Feb 19
—...100
7% preferred
6H% prior pref
6,000
7%
18%
7%
Consolidated Cigar
per
14
No par
Congoleum-Nalrn Inc.No par
Consol Aircraft Corp
1
6,000
100% 100%
18
$
Lowest
Highest
Lowest
Par
*3%
334
*3%
17
37
Range for Previous
Year 1940
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Wednesday
Aug. 6
$ per share
4
Aug
$
STOCKS
NEW YORK STOCK
the
CENT
Friday
Tuesday
Aug. 5
Monday
3 per share
SHARE, NOT PER
SALE PRICES—PER
HIGH
Sales
for
AND
LOW
Saturday
r Cash sale,
%
2
Jan 30
Aug
5
% May
84
17g Aug
Dec
3%
Jan
1%
Apr
7% Aug
% Mayi
278 Apr 23
5% Feb 19
884 Jan
2
8
67% Aug
2% Dec
5
May
23% Apr 30
30'4 Jan
6
20%
75
Feb 28
%«June 17
34
May 17
16%June 24
10
May 29
90
May 2
21% Feb 15
107g Apr 18
2% Apr 16
3g Apr 18
18% Jan
3
90%June 30
11% Apr 29
34% Feb 19
x Ex-div.
Feb 28
75
3%
Jan
7
3
247g Mar 10
38
% Jan
45%
Jan
Jan
Oct
29% June
17% May
13
Mar 17
11
May
100
Jan 27
85
June
2634 July 24
16
July
14%
4%
Jan 14
Jan
7
84 Apr
1
2434 July 31
97% Jan 15
14% Mar 14
45
Aug 8
y Ex-rights.
12% Aug
2% May
TaMay
15
May
79
June
10
May
27% May
Called for redempclon.
New York Stock
796
±
LOW
AND
HWU
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Record—Continued—Page 5
Monday
Aug. 4
Tuesday
$ per share
*18
18%
$ per share
18
$ per share
*21%
*6%
6%
*30i2
15
14%
2914
22i2
3178
30
♦10
»29J4
18
17%
17%
129
*121
29
18
103
103
38%
15
29
*31
*29
22%
6!%
32%
65
*21
15
29%
22%
6%
6%
31
31
*29%
2934
29%
29%
10434 105
*10434 105
17
17%
17%
17%
*121
129
*121
$ per share
$ per share
Shares
129
*29
*6%
29%
22%
634
31
127
127
5
46
39%
21%
40
21%
39%
39%
39%
*207g
2034
2034
20%
*98
98
98
99
99
2%
98%
2J2
2%
2%
2%
2%
23s
*2%
2%
*10%
1058
*103g
10-%
*10%
2%
2%
10%
*2%
2%
10%
*20
21
*2%
434
21
434
*7
7%
*11%
12
*50
52%
21
11%
*50
43i
7%
11%
*7
*50
21%
434
7%
11%
52%
5%
105
5234
434
11%
*5%
4%
*43
39%
21
52%
434
*7
5%
46
29
2834
*213s
6%
3934
21
93
21%
98%
4%
*43
*1434
22
29
*21%
♦126
5
*43
434
15
6%
*6%
*29%
*29% 31
2934 2934
29%
29%
10134 105
*10434 105
16%
I634
*16% 17
4(5
434
*43
5%
46
39%
*20
39
*50
16%
126
21%
*98
*22%
98%
*2%
23%
9834
1,400
2%
2%
400
3,100
10%
130
10,000
1,500
*7
11%
11
11%
*934
4%
*50%
127
32%
395S
*126
31%
39%
127
127
127
31%
32%
39%
39%
39%
11734
*8338
132
3834
*127
*43%
*3%
*67„
*107
*%
*1434
*100
%
*22%
*22%
*10%
*126
127
*126
00
127
"MOO
2,600
800
26,500
39%
127%
44
*75
*8334
*130%
76
9i«
*75
84%
75%
84
*8334
*130%
....
39
127
*41%
*3%
-
105
*100
%
105
2234
%
*22%
23
*22
*100
23
23
1034
105
103
%
%
*22%
2234
2234
2234
10%
*10%
7i34
22%
13%
10%
73
mm
73%
*22%
2234
*22%
2234
13%
*19%
13%
13%
*103
105
103% 103%
3,200
13%
338
8%
*71
200
2C0
*44
45
1%
1%
*2%
23
1934
*83
1%
28%
197g
85
1%
30
72
72
610
23
23%
13%
7234
24
13%
81%
*81
81 %
19
19%
19
19%
70
70%
84
84
1%
28%
1%
28%
19%
5
1134
10%
10%
*24
2434
*24
Ho
10%
17%
17%
28%
35%
17%
27%
27%
2734
*27% 28
142% 142%
143
*50
*50
*34%
13%
*11
17%
2%
52
347g
13&8
11%
17%
27g
34%
10
35%
35%
27%
*27
27%
143
52
2434
17%
27%
17%
27%
2%
81%
19
3,100
2,900
200
70%
70
70
19%
20
84%
8434
84%
85%
1%
1%
32
2
32
1%
1S16
32%
1134
*10%
*10%
*9%
*35%
11
10%
1034
10
9%
35%
9%
35%
24%
1.8
17%
26%
27%
1784
27%
27%
143
143
*50
52
52
*24
52
26a4
27%
35%
24%
18
27
27%
131«
%
*10%
10%
*9%
35%
*24
17%
2634
2734
70
12,100
2,300
7,000
1,100
1,400
31,900
900
1134
10%
10
35%
24%
17%
27%
27%
100
900
.8,500
2,200
*143
150
*143
150
60
*50
60
130
34%
35
35%
35%
35%
35%
13%
35%
13%
35%
13%
13%
13%
13
11%
11%
11%
1734
17
17%
11%
17%
11%
17%
234
*11%
17%
13%
11%
13
11
17%
16%
35%
13%
11%
16%
3
2%
34%
2%
34%
4,300
3%
334
11,300
4,200
2%
3434
*27
341«
4
4%
4
20%
20
21%
2%
33
*30
4%
3
34%
4%
20%
3%
35
2%
34%
3434
4
4
*334
4
1,500
9,500
9,800
160
20,
29
*28%
29
29
36
*28%
291
*32
19%
*28%
20%
*28%
1934
*28%
1934
29
*32
36
*32
36
*33
36
*33
36
*33
36
*13%
14
*13%
14
*13%
100
13
13
13
*13
300
*1378
*1234
14%
13
13%
*12%
131"
*13%
14
13
*125g
13%
*107
108
*107
107%
*103
105
*102
105
*101
20
20
20
20
1934
*146
1487g *146
148%
5%
*5%
5%
99% *92% 99%
25g
2%
2%
234
107
*88
9C
8
*73
*162
14
*76
128
7%
74%
165
*1734
24%
*9%
16%
*33%
12%
52
165
*92%
7
74%
165
7%
74%
*160%
14%
13%
76%
16
18%
2534
9%
16%
49%
34%
12%
52
2%
7%
78
129
94
*73%
*76%
*127
5%
90
*13%
128
146
2%
*89
14
*110%
49
*73
90
20%
*5%
78%
52
*49%
*104% 105
*14%
*89
105
146
*5%
*92
107% *107
*127
107%
104% 104%
20%
20%
*145
148%
*5%
534
94
2%
*92%
2%
*89%
7%
129
2 34
*89%
*73
*160%
1334
76%
*75%
129
*%
*3%
*19%
334
*%
*
*34
%
3%
20%
334
7i«
7%
*73
*160%
_.
1234
*12%
76%
76%
76%
129
*127
7%
74%
...
13%
77
129
52
*51
52
*51
52
*51
*3%
20
3%
34%
%
3%
2C%
3%
34%
34%
*33%
34%
4%
34%
**i»
%
*%6
%
*%
334
*3%
3%
3%
*3%
1984
*3%
%
%
%
20
20
Bid and asked prices: no sales
52
108% 108%
on
this day
334
20
%
35
*51
5184
108% 108%
4%
*33%
lo
*%
4%
35
%
3%
3%
3%
20%
20%
3%
3%
20%
3%
%
19
%8
%
i In receivership,
a
No par\
101
June
5
46*4 Apr 21
$5
conv
preferred
6% Jan 6
15% Jan 10
4% May
11% Jan
29% Apr
89% Nov
120
June 18
112% Jan
% Jan
38
8
2
91
8
86
Apr 10
36%May 6
12334 Mar 19
48% Jan
3% July
2
5%June 30
105%May 12
109
4
Jan
Jan
1734May 22
24
7
22
June 20
1684 May
7% May
13% May
11
Apr 21
18% Apr 16
102
Mar 17
10
Apr 28
2%May 13
34%May 24
5% Feb 14
60
Feb 21
Apr 22
10
28% Apr 22
23
Green Bay A West RR
Green (H L) Co Inc....
Greyhound Corp (The) .No
Aug
16% Jan
22
7% preferred class
Hall Printing Co
1
1% Feb
13
var
28
25
33
preferred
9
Jan
May
65
Nov
May
May
1934
Jan
6
Dec
Dec
4%
Apr
3%
Apr
Sept
77
July
90
10
May
20«4
45
May
69% Mar
70% Aug
90
52
97%
Feb
Dec
4%
Feb
May
71%
1%
Jan
9%
Apr
13s
25
29
11
6
7
9% June
6
6% June
2
10
16
26
May
May
21% May
113s May
15% May
183g May
22
30
zl23
100
55
Jan
35% Aug
7
23
Apr
3%
35%
4%
21%
35%
1734
12
Jan
1434 June
13s Aug
July 28
July 28
May
9% May
9
May
13% Aug 1
11% Apr 22
17% Jan 9
25%
Apr
11
May
2
Jan
7
29% June
14% Nov
34% Apr
30
37
Jan
20%
Feb
17
Jan
Mar 28
May
July 16
Jan 16
25% Jan 10
.1
149% Feb 11
4%June 26
93%June 20
6% Jan 23
June 12
June
101
Feb 10
3% Jan
1% Apr 21
76
2
Apr 25
Feb 7
95
Jan
80% July 29
July 29
5634 Jan 18
115
16
Mining
Houdallle-Hershey cl A.No
Apr
Jan
Jan
167
Dec
12% May
69
Dec
126%
50
Aug
June
9% July 24
19
May
4% July
8
May
May
May
52% Jan
32%May 28
39
10
par
13% Jan
6
64
9
Apr 22
48%May 27
107%Jube 18
5% preferred
100
Houston Oil of Texas v t C..25
Howe Sound Co
5
Hudson A Manhattan
100
3% Feb 14
26% Apr 22
111
Jan 15
5
July 22
37% Jan
8
100
2%June 20
% Jan 22
3% Jan 6
Hud Bay Mln A Sm LtdNo par
Hudson Motor Car
No par
JHupp Motor Car Corp
1
15%May 26
234june 2
2038 Aug 8
4% Jan 13
preferred
r
Cash sale,
%June 20
8
Jan 27
Jan
*i«June 23
t
Ex-div.
y
34
Jan
Apr
110
12% July
42% Apr 21
Class B......No par
Household Finance
No par
104
June
103
12.50
Apr
Jan
21%
Apr
Apr
100%
133%
Jan
67%
115%
18'4
Apr
Jan
Jan
9
Jan 10
16% Aug
Apr
9%
Apr
5
9
Jan
138
4%
100 xl07% Apr 14 xl07% Apr 14
preferred
Dec
28%
113%
11%
Jan 14
17% July
106
Aug
94% May
30%
Feb 14
2
Jan
106%
89% June
6% Dec
8
Jan
15%May 23
5
83% June
155
129
May
5% May
July 11
23
No par
130
168
9
June
16% May
86
10
4
95
Jan 13
10
May 28
6% Apr 12
7
8% July 31
10
14^4 Feb
6
100% June
.
96
16% Jan
Apr 22
3% Apr
30% Apr
2% Nov
Aug
4
108
106%
Jan
1% Dec
8% Nov
Aug
Feb 25
Jan
Jan
Feb
27% July
9% May
140
1
Nov
29%
6
10% May
Apr 14
30
142
8
17
14% Jan
12% Deo
1634 Apr
3634 Apr
25% July
18% Jan
June
Jan 24
104
Jan
Aug
Holland Furnace
New stock,
June
Apr
% May
43g May
29
28% July 22
Hlnde A Dauch Paper Co
Hires Co (C E) The
n
69
Apr
24%
15
6% cum preferred
100 zl23%May
1
Hershey Chocolate....No par
48%May 28
$4 conv preferred
No par
99%June 17
5%
12% May
Jan 27
2% July
40% July
1% Jan
63g Jan
1384 Jan
13% Jan
12'4 Jan
36% Jan
25% Jan
18% July
38
10% Apr 21
Homestake
7
20% July 30
33
66
7%
May
Jan 10
July 30
16% Jan
158
Holly Sugar Corp
2
91
9
103% Apr 21
2
(Del)
Hollander A Sons (A)
1'4
1134 Apr 19
100
Preferred
634 Mar
51% Mar
20
Feb 18
July
Jan
23%
Oct
12%June 19
par
6% preferred
Hat Corp of Amer otass A
3
Feb 14
9
..25
A
4
Jan
1% Feb 19
Apr
May
Sept
4% May
Jan 15
Mar 26
Jan
13%
23%
106
43
July 29
100
Def. delivery,
3
3034
2% Jan 25
2% Jan
28
No par
100
Feb
10% May
3% Jan 13
143
No par
1,800
98
47% July 30
8% Aug 6
73
July 31
2
29%May 27
934May 5
10%June 27
1284 Apr 23
10
No
Jan
42
Grumman Aircraft Corp
1
Guantanamo Sugar
No par
8% preferred
100
Gulf Mobile A Ohio RR No
par
$5 preferred
Hackensack Water
Feb 14
19%
Hercules Motors
1,600
5,400
6
lll%June 13
14% July 31
138% Mar 26
par
preferred
Mar 12
13% Feb 18
100
conv
June 24
9% Apr 15
9
par
Jan
65% Nov
2434 Mar
10
...100
Apr
May
20
Preferred
Dec
»i»
14
% Apr 17
Great Northern pref...No
par
Great Western Sugar. .No
106%
77% July 21
4% Apr 14
par
Jan
Dec
984 June
Apr
1
Prop..No
Jan
143S
June 10
preferred
Jan
Jan
1%
19%
% Nov
18%
6
Gr Nor Iron Ore
Apr
3334
June 20
No par
7%
10
110
July
1
dlv ctfs.No par
No par
Apr
Deo
60
May
Granby Consol MSA P
w
56%
127% Mar
10
25
Without dlv ctfs
Dec
13% July
Graham-Paige Motors
Grand Union
131
20
100
Granite City Steel
Grant (W T) Co
Jan
Apr
29% Jan 11
11% Jan 10
No par
Preferred
Jan
%
44
101
9%May 5
46% Jan 30
Hercules Powder
100
June
23% July 24
Jan
300
100
100
16% Apr 16
20% Apr 21
8
1,100
300
3
%
6
3,400
May
32% June
3% June
6% May
86%
70
2,300
May
% July 24
1
100
Jan
2
•it
25
'2*466
Jan
Apr
118%
37% May
7% Jan 15
Feb
Dec
493s
116
7
4% Jan
Nov
41
% Jan 27
16% Jan 10
106% Jan 15
Helme (G W)
500
6
Mar
22
120
118
1273s Aug 4
48
"MOO
3,600
2
132% Jan 28
Feb 14
40
Jan
May
3384 Dec
111% May
% May
28
Sept
77% May
Mar 19
Jan
145
26% May
102
"liMar 17
6
Jan
126
1184 May
48% Feb
1284 May
96%July 8
20% July 8
130% Apr 7
36% Jan 14
40
July 30
117% Aug 6
78% July
2% Feb 13
81% Aug 1
11% Apr 19
68%May 20
16
May 16
79% Apr 18
No par
Gotham Silk Hose
Jan
4% Sept
11
par
Jan
8%
I84 May
May
30
par
Deo
67%
Mar 20
118
Jan
6% preferred
...No
Goodyear Tire A Rubb.No
105
6
25
800
June
3584 May
538 May
June
6H7o
100
8
3% Jan 6
3% Apr 22
Hazel-Atlas Glass Co
Hecker Products Corp
400
6
Jan
Apr
July 14
Hayes Mfg Corp
10
Jan
7%
May
7%
144
21*500
10
65
Apr
14%
61
6
134% Jan
1% Apr 23
Harbison-Walk Refrac.No par
10
94
102%May 10
2-5% June 19
17
2,200
300
45% June
3% May
46
""""90
600
3%
*3%
20
334
4%
...No par
10
Hamilton Watch Co...No
par
6% preferred
100
Hanna (M A) Co $5 pf.No
90
51
*49%
52
51
*49%
55
*50%
53
*4938
53
10434 10434
104% 105
*103% 106
*103% 106% *103% 106%
*14%
16
*145g
16
*14%
16
*14%
15%
*14%
15%
*18
*1734
18%
*18
18%
18%
*18%
18%
*1§% 18%
2534 2534
*24%
2534
25%
25%
*24% 25% *24% 25%
9%
9%
*9%
9%
9
9
9%
9%
*8%
9
163s
16%
16%
16%
16%
16%
16%
16%
16%
16%
*110%
*110%
*110%
*112%
*112%
49% 49%
49
49%
493h
49
49%
49%
48%
49%
*33% 34%
33%
33%
*33%
34%
*33%
34%
*33%
34%
12
12%
12%
12%
12%
12%
12%
12%
12%
12%
*51
35
7%
74%
1234
*127
*108% 109% *108% 110% *108% 110% *1CS%
109%
*4%
45S
4%
4%
43g
4%
4%
4%
*34
7%
2%
Apr 16
12% Feb 24
94
*92
3
90
7%
74%
*12%
*127
94
2%
*89%
...: *160%
13%
76%
*92
90
*73
29%
14
13%
*107
107% *107
107%
*104% 106
*104% 106
20
20%
20%
20-%
*145
148% *145
148%
5%
5%
53s
5%
13
Brothers
800
*28%
1934
4
Sept
Mar 21
12% July 29
53%May 8
5% July 29
40% Feb 25
30
13%
284
No par
preferred..
5%
"4,656
11
17%
47% Jan 21
Apr
20
5% Mar 21
8
Apr 23
2
Jan 28
No par
400
400
*50
....
June
22
4H% conv preferred.
50
Gobel (Adolf)
1
Ooebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No var
140
434
preferred
conv
1,800
2%
20%
$5
$6
900
81%
19%
General Tire A Rubber Co...6
Gillette Safety Razor. .No oar
Glldden Co (The)
200
2%
Telephone Corp
20
Gen Theatre Eq Corp. .No par
Gen Time Instru Corp .No par
6% preferred
100
Glmbel
700
18%
General
7,100
134
*77
No par
General Shoe Corp
Gen Steel Cast $6 pref..No par
700
44%
19%
32
1,500
*1%
70%
%
4%
10%
*24
i6
"MOO
15%
44%
19%
4%
143
4
213g
2%
81%
4%
4%
35%
*24
17%
28
2
33%
%
*30
*1%
*11
4%
10%
10%
9%
2434
19%
84%
1
%
4%
*30
21
2%
19%
84%
*1%
2838
1%
69%
85
5
10
*44
*80%
*1%
2%
16%
44%
134
8
6
10% July
11% Apr 12
98%June 25
72%
16%
May
5
June
No par
72
233s
13%
1834
12
17
200
General Refractories
23%
13%
1834
3% Sept
5%
% Apr
Railway Signal
Dec
Dec
No par
30
Apr
Dec
39%
1% May
Gen
500
24«4 May
Dec
6%
41
2
Gen Public Service
100
®16
July 31
23% July 29
May
1
700
100
81%
19%
70%
1934
*10%
*10%
47g
1
...No par
300
1%
11%
11%
10
35%
...No par
Printing Ink
preferred
10%
2%
*107g
*105g
*934
*35%
$6
22%
1%
1
Common
General
20
22%
44
>%«
General Motors Corp.
10
$5 preferred
...No par
Gen Outdoor Adv A...No par
*22%
44
1%
28%
100
*10%
71%
2%
13lg
preferred
*22
134
34
47g
5%
No par
118
2% Aug
20
7
10% Aug
33% Feb 15
$6 conv pref series A .No par
Apr
7% Apr 16
No par
General Mills
21%
1
General Foods Corp
No par
Gen Gas A Electric A..No par
Apr
9% May
61
May
7
28%May 29
preferred
Jan
107%
5
No par
$4.50
Nov
35
Aug
General Electric Co
10%
44%
19%
100
8% Nov
32
2%June
2% Jan
17% Apr 25
23
*%
2
10% Apr 21
73% Feb 19
preferred
Jan
38% Mar
25% Apr
June
5% July 28
46
99
Aug
100
22%
*44
*83%
No par
103g
2%
70
7%
7
Jan
102
Jan
1% Feb 4
1% Apr 10
No par
cum preferred
General Cigar Inc
*22
45
19
Class A
7%
par
*2134
*44%
69%
No
10%
16%
81%
Corp
22%
2234
16
69%
6
*22
16%
81%
19%
General Bronze Corp
General Cable
*10%
*16
19
No par
6% preferred..
...100
Gen Realty & Utilities
1
$6 pref opt dlv series.No par
16
69%
81%
6
916
16
*1%
*2%
No par
6
Baking
preferred
132
3% Apr 19
*%
13%
13%
13%
20
19%
*19
19% *19
20
*19
20
*108% 111
*108% 111
*109
111
*108% 111
*109
111
13%
13%
13%
13%
13%
13%
13%
13
13%
13%
13%
33«
3%
3%
3%
3%
*3%
3%
3%
3%
3%
3%
471.1
46% 46% *45
46
46%
46%
45
46% 46%
45%
858
8%
8%
8%
8%
8%
8%
8%
8%
8%
834
73
*71
7234 *70
73
*71
73
*71
73
*71% 73
16%
Gen Am Transportation
7
7
98
Gen Amer Investors...No par
General
107% Jan
20% Jan
Sept
18% June
41
Gar Wood Industries Inc...
6% preferred
...10
Caylord Container Corp....6
5)4% conv preferred
60
500
900
var
»ie
*%
22%
2134
*16
No
22
July 21
2
May 21
32%May 31
20% Aug 6
.20
Gamewell Co (The)
110
*108% 111
*46%
1
100
6% preferred
10
300
Jan
Jan
2% Feb 17
36
Gabriel Co (The) cl A ..No par
Galr Co Inc (Robert)
1
22%
13%
%
7334
103
105
No par
70
39%
39%
89%
39%
40
3934
40
39%
39%
127% *12634 127% *127
127% *127
127% *127
127%
42
43
*42%
43 *42
42
42%
*41%
42%
3%
3%
3%
3%
3%
3%
*3%
3%
*3%
3%
7
6%
6%
6%
6%
6%
6%
6%
6%
6%
6%
109
*107
109
*107
109
*107
109
107
107
107% 107%
%
*%
%
*3g
%«
%
%
5l#
516
3g
15%
*1434
15%
*1434
15%
14%
14 34
*14% 15
*14%
1434
82
84%
132
21
S7 conv preferred....No par
200
100
68a Sept
Apr 21
Feb 19
conv pref—
Apr
8
13
5%
Jan
21%
4
10
Fruehauf Trailer Co
46
4
7
Jan
106
33% Jan
8
share
per
21%
May
25% Apr
32
Sulphur Co.......10
84
26%June 16
21% July 23
3%June 17
31
Fee port
Highest
share $
per
12% May
Jan 10
16% July
May 31
7% pf.100
$
32% May
10% May
2484 June
19
May
June 17
Francisco Sugar Co
share
42% Jan 13
June 23
preferred
Year 1940
Lowest
18% Jan 10
105
24
conv
Foeter-Wheeler
400
100
per
104
18
14*566
$
100
10
100
conv preferred
Machinery Corp
4)4%
$6 preferred...
"2*666
20,600
2,300
10%
72%
73
127
J
3134
32%
31%
32
31%
31%
39% 39%
39%
39%
39%
3934
117% 117% *116% 118
♦117
118
%
*%
9l«
%
%
*75
75
75
75% *75
75%
*8334 84%
84%
84%
8384
84
131
*130% .... 131
130% 130%
*116% 118% *117.
118% *117
*%
9ie
*%
9ie
%
*75
*126
31%
6%
Food
590
52%
1
3134
39%
No par
Follansbee Steel Corp...... 10
3CC
2
*5%
55»
5%
5%
*5%
5%
5%
5%
5%
5%
►102% 105
*102% 105
*102%
102% 105
*102% 105
*102% 105
*52%
53
52%
53
5234
5234
5234
51%
52
50%
5134
6
6%
6%
6%
6%
6%
6%
6%
6%
6%
6%
6%
*132% 139% *132% 13934 *132% 139
*132% 138% *132% 138% *132% 138%
4%
4%
37g
434
434
5
434
5
4%
5
4%
4%
5
5
5
5
5
<.
5
5
5
*4%
*434
5%
5%
*14
14%
14% *14%
1434
143.J *14
14
14
14%
*13
14%
90%
90% *90%
91
91
91
90% 90%
*89
*90
91
9134
*19
21
*19
*20
207g
*20
20%
20
20
20%
*19% 20%
*120
Florence Stove Co
par
Fk'nSlmon&Co lno
"i'soo
20%
434
7%
52%
No
40
4,400
39%
*20
52%
Fllntkote Co (The)
Florebelm Shoe class A .No par
39%
20%
434
7%
7%
400
"""300
46
20%
434
11%
*50%
2,000
126
2%
10%
434
First National Stores..No par
2,400
2%
10
7%
11%
900
16%
2%
10%
15% Apr 23
100
2%
share
101% June 27
31%May 12
12% Apr 22
150
2%
per
6% preferred series A... 100
700
4%
f
Firestone Tire & Rubber... 10
29%
434
Par
.
Range for Previous
Highest
100
105%
29%
105
*43
39%
23%
98%
2834
22
634
Lowest
600
31
*27
5%
46
15
2%
434
11%
129%
4%
*43
2034
*7
Range Since Jan. 1
On Basis of lOO-SAare Lots
Week
15
1941
EXCHANGE
Aug. 7
15
*21
STOCKS
NEW YORK STOCK
the
Friday
Aug. 8
17%
18
*17%
18
17%
17%
*102% 103% *J023s 1033s *102% 103%
38%
38%
38% 38%
3834
3834
39
15
15%
*21
'
105
105
$ per share
18
*102t2 103% *1027g 103%
*38%
39
3834 38?8
*14%
Thursday
Aug. 5
Wednesday
Aug. 6
Sales
for
Saturday
Aug. 2
Aug. 9,
6
35
28
May
8% May
54% May
101
June
33g May
35% Apr
934 Nov
16%
110
60%
3884
16%
Apr
Mar
Jan
Dec
Apr
71%
112
Aug
% Dec
2% May
1%
7%
Apr
Dec
Jan
6%
60%
28
12
3
Feb
Feb
Feb
May
May
27
6%
Feb
% May
1
Jan
Jan
Ex-rlght. ^ Called for redemption.
Volume
797
New York Stock Record—Continued—Page 6
153
AND
SALE PRICES—PER
HIGH
Tuesday
$ per share
$ per share
$ per share
10
2384
10%
2334
Aug
5
.
10
10
10%
9%
*23%
23%
22%
*4134
23%
42
413g
*4134
434
*19%
434
434
434
*4%
4%
19%
193g
19%
19%
19%
8
*8%
8%
2934
8%
29%
8%
29%
29
28*8 29%
104i2 104i2 *102% 105
*153%
81
»•
—
¥l
*12%
12%
*6%
7%
*24*8
25
*110% 110l2
5%
5%
*9
9%
1%
1%
*41
42
*153%
80%
12%
*6%
25
105
*153%
80%
80%
12%
12%
7
684
25
*24%
5%
9
1?8
42
9%
9%
22%
934
9%
22%
*22%
Range for Previous
;
•
9%
9%
Par
11,900
21%
22
1,300
*41%
42
110
41%
4%
19%
*41.4
4%
*4%
4%
*19%
1934
19%
19%
800
8
8
8
8
77g
778
700
-
29
29%
105% *105
2834
2834
5,300
107
106% 106%
600
28%
*153%
80%
80
12%
12
634
25
9%
87g
*134
43
Shares
$ per share
67g
*24%
*153%
80%
8034
12%
12%
67g
634
25
25
1%
43
158%
158% *1573« 158% *157
5478
55
55
5434
5434 55%
*157
834
1%
42%
158
54%
9
i3.i
42%
158%
55
42
29
170
12%
*634
54%
55
Inspiration Cons Copper—.20
Insuranshares Ctfs Inc
1
300
Interchemical
140
3,700
2,900
Internat Agricultural..No par
600
300
54%
166
166
*165
166
*165
16934 *164% 1693.1 *164% 16934 *165
1%
1%
1%
*1%
*1%
1%
*1%
1%
1%
1%
1%
8
8
8%
V 8%
8%
77g
734
734
734
734
778
77g
4
4
334
4
4
4
3%
3%
*334
334
*3%
*3%
27
27
27%
27
2634
26%
27%
27%
267g 26'8
2634
27%
129
129
129
129
129
*128
132
*128
131
129
*128% 133
18
18
1778
1734
1734
17%
18%
18
1734
1734
18%
1734
66%
6634
67%
68%
67%
67%
68
67%
*6734
6778
68%
67%
2%
2%
*2%
2%
2%
*2%
*2%
23g
2%
2%
2%
*23g
38
38
39
37
*37%
£40
40
40
£40
39
*37% 39
46
46
467g
*44 lo
*4578
*4410
45% 45%
46%
46% *44% 46%
29%
*2834
*29
29%
*2834 29%
29%
29%
29%
29%
29%
29%
*42
42
4334
42L
43%
42
43%
*42
43% 43%
42%
43%
3,100
*101% 107
*101% 107
*101% 107
*101% 107
107
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
*2%
*2%
2%
*2%
2%
117«
1134
*11%
117g
1134
1134
1134
*11%
1134
1134
7.7C0
400
7,700
400
17,000
1,600
400
25g
2%
11%
*93i2
*83g
32%
97
87g
32%
*95
97
*83g
*32
87g
*8%
33%
87g
33
*95
97
*95
3334
87g
*33
97
*95
87g
3334
*8%
*33
97
87g
34%
97
*95
26
800
IOC
*10i4
*393$
10"%
40
*133%
10%
*39%
*134
10%
39%
10%
40
66
6534 6 534 *65
*12534 128% *12534 1281?
26l2
2634l
26%
64%
128
26%
25%
6434
6434
6334
6334
85
84
85%
400
134% 134%
10%
10%
1,100
*32%
9%
*120
534
2234
*1414
120
*120
6~
2234
14%
5%
*14%
*120
120
-
—
5%
5%
22 ?g
15
5%
22%
5%
*19%
22
15
*14%
1434
*14%
*120
*120
*7
*101
383g
16
7%
102
38%
16
16
7
16
157g
*67g
7
*101
102
*101
1534
7%
3834
38%
38%
38%
14%
32%
14%
14%
14%
*30%
32%
3%
*3078
*14U
14%
*14%
32
*30%
157g
7%
*7
*101
102
383g
*30
102
5%
200
)*157g
: j 7%
7%
£100% 100%
3778
14%
*14%
31
*3%
*3734
38%
3%
38%
3%
38%
3%
3834
3%
39
38%
*37%
25%
25%
25%
25%
25%
25%
25%
*4
133s
12%
*25U
*23%
5
28
11*8
*23
*1314
22*g
2812
55s
*34
*4
5
28
*27%
14%
*13%
14%
37%
40%
39
15%
40%
*36
13%
133s
13%
*13%
12
*11%
3934
13%
12%
1334
*35%
36%
1338
5
178
1134
23%
26
25%
*25%
25
*24
24% 2434
*114% 116
*114% 115
5
434
4%
47g
11%
178
11%
23%
23%
23%
*13%
227g
I384
1334
2234
2234
534
17g
1%
97g
17g
14
35
27%
28
13%
*11%
12%
1134
25%
22-"%
2834
283g
4%
1%
1378
*1334
57g
534
57g
87%
*86
13%
38%
14%
31
5
28
*13%
28%
287g
534
28%
29%
57g
57g
3434
87%
88%
21
*1934
26%
27
180
21
27%
35
£34
34
*13
13
13
*1234
15%
13%
15%
13%
1538
15%
15%
28r,s
29%
28%
29%
28%
29%
28%
15%
29%
13%
15%
29%
34%
3378
337g
110
44*8
4434
*3i8
3%
1634
16%
18'%
*157
*21
183g
160
33%
110
*108
45
45
45
3%
1634
18%
21
21%
69%
*6834
257g
*25
*135
31
30%
*28
283g
*13
1378
*13
*2 912
3034
*29%
312
*7
*14>4
*114
3%
7%
16
13g
3
17
1634
*1634
34
110
3%
17%
28%
33g
*7
*14%
*1%
m
-
—
-
—
16
*14%
*1%
1%
-
-
16
1%
16
16
4%
7%
4%
*7%
7%
4%
7%
16%
16%
16%
16%
2914
29%
29%
29%
29%
9%
29%
9%
23%
29%
9%
23%
9%
23%
9%
*23%
9%
2334
23%
*5434
55%
*23g
2%
*23'%
24
*103% 107
1234
155g
1234
15%
*10578 107
20%
20%
*83g
*35%
143g
•
834
1,800
4%
2934
*173
55
21*
23%
43g
8
30
176
2934
*173
55
55
2%
2%
23%
*23%
103
103% 103%
12%
1234
1534
1534
*106
107
20
*12%
27
*32%
12%
15%
27%
3334
44%
1534
20
*8%
36
35%
I43g
14
35%
14%
20
834
9%
23
9%
23%
29%
9%
23%
30
30
176
20
87g
35%
35%
14%
14%
55%
55%
2%
*23%
2%
103
12%
24
103
55
*2%
*23%
5,700
700
17%
700
2,000
•
—
«.
m
1,000
200
500
"2~500
2,400
2,600
200
7,800
100
12%
1534
Market St Ry 0% pr
6,700
2234
2234
*2%
1,800
80
5478
2%
*23%
23%
*102% 104
*12%
13
1534
1534
1534
15%
157g
*106
107
106% 106% *106% 107
20
19%
19%
19%
19%
1934
9
9
9
*8%
*8%
*8%
*35
35%
35%
*3434
35%
35%
14%
14
137g
14%
137g
14%
t In receivership,
600
30
176
800
300
100
80
900
1.4C0
IOC
1,200
300
400
4,500
d Def. delivery,
297«
Feb
22ls Aug
23% May
4
May
8% May
29i2
34%
Apr
16% July 15
45i2 July 15
13% July 24
13
Aug 1
2734 July 22
25>4 Jan 9
II6I2 Jan 4
5
Aug 2
218 July 25
1278 July 25
24
July 31
14
July 31
24
Jan 13
45%
Jan
117g
Dec
3'4 May
1638 May
15'g May
100U June
13g May
712 Nov
Jan
3584
25
Dec
1107g
Dec
4
Jan
1*8
Jan
Dec
May
484 Nov
15i4 May
247g Nov
i2
2
14
29
30
June
5338
Jan
7% Jan 23
5
May
914
Apr
Jan 18
33
May
39
45
May
109
87
May
109'2
Apr
June
1883g
Dec
21
30
May
8
Jan
4
Jan 14
13% July 30
37%
2312
3034
Apr
Dec
May
41
Apr
9
May
16
May
Mar
18% Mar
417g
Jan 6
July 24
2012 May
3
May
10912
June
40i2
APt
Jan
3
2
May
4U
Apr
13*2 June
17% Dec
25'8
Apr
138i2 May
10312
Dec
15ig May
May
2112
3% Jan
17'8 Aug
8
19% Jan 15
162
Jan
2
21% July 21
7334 July 22
31% Jan 21
138
Jan 21
Jan 10
38
2534 May
128
Sept
17
May
235s Apr 21
333*
2234May 20
2834 Aug
1
Feb 17
147g Aug
6
87s June
July 28
21% May
U2 Aug
li2 Feb
9
4
Jan
3
12% Apr 17
31
4% July 28
7% Aug 8
16
July 28
20i2 May
4
May
ID2 May
\ Jan 14
z4
l%May 20
84 May
June 13
5i4 Jan 14
III4 Jan 8
1678 July 11
3% May
27s May
6
7ig Aug
37*8 Mar
97
1
May 15
534
8% May
1834
65
35
3134
31
1234
38
4*8
1384
7
May 20
12'4
Jan
0
6
6ig May
May 28
28i2
Jan 13
2134 June
407g
5
June 13
Apr 23
2'4Junel7
233g Aug 4
103
5
Aug
123g July 18
12%May 20
30i2 July 22
Aug
7
176
56i2 July 28
2'g Jan 14
s
1578 Aug
36t2 July 11
15ig July 24
v
Jan
Feb
Apr
10i2 May
10
May
25'2 Jan 11
Ex-dlv
30'g
9012 June
3
1278 July 19
2U May
May
5
18%June 3
7i4 Feb 19
Feb
Apr
Dec
53i2
6
8
11 Hu Jan 30
31
3234
June
1033s Feb 20
9*8 July 18
Ex-rights.
Apr
Apr
Jan
173 >2
l4%May
107
Jan
Oct
Dec
June
June
20
Apr
Jan
Apr
36% May
21
100
8
28
Apr
Mar
10i2 Nov
19
45
Jan
Dec
112 May
514
1
No par
MasonlteCorp
No par
Mathleson Alkali Wks.No par
7% preferred — ...—-100
May Department Stores..'.. 10
Maytag Co
....No par
$3 preferred
No par
$0 1st cum pref
...No par
McCall Corp
No par
McCrory Stores Corp
1
6 % conv preferred
100
McGraw EiecCo
1
McGraw-Hill Pub Co..No par
Mclntyre Porcupine Mines..5
McKesson A Bobbins, Inc..18
24i8May
Jan
Nov
778 Mar
16U
47a4
1434
3034 Jan
Jan
136i2 May
2634 June
171
Apr
29
Feb 18
May
23% Apr
Apr
10'8 May
22U July
34%
2
11
143s
x
4
45i2 July 28
June
133
18% May
27
Jan
16-h
110
4
Apr 21
17
Apr
2938 Aug
Apr 20
June
June 25
87
Feb 14
Cash sale
Apr
109
13i2 Jan 17
r
Jan
3
23
New stock
Feb
9i2 May
18'g May
9
Marshall Field A Co..-No par
n
Jac
9% Jan
2H2 Sept
16% Jan
2
25
Martin-Parry Corp
297g
4
8
Jan 10
4% July 21
28% Aug
3
60
Martin (Glenn L) Co
4,800
934
Feb
Jan
150
5
pref.. 100
29
Jan
Apr
26
Jan
212 Apr 12
133, Jan 30
Corp
Marine Midland
284
31»4
1912 May
2
May
Jan 13
26>k
98
lS^May 14
No par
25
Maracalbo Oil Exi lo-atlon... 1
28
960
Apr
96% Jan
35
—
5,800
547«
12%
5,700
Jan
15% Nov
40*8
189
105
10
1
8
2%
24
4%
May
Apr
Dec
May 26
19i2 Apr 21
28
May 22
No par
Co Inc..-No par
Garden...No par
Shirt.
10
387g
June 16
9% Apr 15
100
16%
176
Feb 19
38
978
105
1812 Mar 11
Mandel Bros
Manhattan
434 May
87% June
24ig May
2078 Apr 21
...No par
No par
Corp No par
Long Bell Lumber A...No par
Loose-Wiles Biscuit
25
Lorlllard (P) Co
10
7% preferred
100
Louisville Gas A El A—No par
Louisville A Nashville
100
MacAndrews A Forbes
10
Magma Copper
Manati Sugar Co
4
Mar 26
Jan
Apr
I87g Nov
80
Lone Star Cement
Macy (R H)
Madison Sq
8% Jan
3934 uly 22
148g July 30
109
Jan
Dec
174
100
Loews Inc
6% preferred
Mack Trucks Inc
3
33i8May 27
78'4May 22
$0.50 preferred
—
8
9%
Apr 18
6
27.900
16%
55%
*102% 104
12%
4%
8
176
Bid and asked orlces; no sales on thl« dav.
29
4%
16%
30
*106% 107
834
23
2934
77g
21
26i2June
28%
300
4%
6
No par
13
1%
16%
1
z29
"l,400
2
% Feb 13
No par
Co...No par
337g
3
is4 Jan
Lion Oil Refining
45
8
Jan
2178 Apr 14
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
1
3
3
17%
7
1,300
110
*108
lD4May
1,200
*1%
4%
3
Feb 15
6U Feb 14
17% Jan 2
Lily Tulip Cup Corp...No par
Lima Locomotive Wks.No par
Link Belt Co
8'2 May
H2 May
17i2 May
13
100
Jan
2
33g July 25
278 Feb 15
Gl.No par
Libby McNeill A Llbby
7
Life Savers Corp
5
Liggett A Myers Tobacco. .25
Series B
25
—
95
Jan
40% July 29
Feb 14
24
Libbey Owens Ford
Preferred...
U2 Apr 18
12
2784 May
15%
34
1%
176
1234
1534
1,000
*1%
30
24
100
300
*173
103
500
1534
30
2%
'
21
26%
-»
£1534
176
55
»
16%
77g
16%
9
2978
88%
"
*15%
1%
1%
16%
176
31,200
m*
8
297g
57g
3434
87%
*1934
3
17%
28%
180
-
16%
*173
3
*167g
45%
8734
Lerner Stores Corp
18
18
18
18
18%
*177g
18%
18%
*155% 160
*155% 160
*155% 160
*157% 160
21%
21%
21%
21%
21%
21%
21%
21%
21%
*68
68%
68%
68%
*68%
68%
68%
68%
69%
25%
25% 25%
25%
25%
25%
25%
25%
25%
*135
*135%
*135% 'm
*135%
30
30
30
30
30 ~
30%
2934
30%
30%
28
28%
28% 28% £28%
27%
28%
28%
28%
147g
1434
14%
14%
1434
1434
14%
137g
1334
*30
3034
30
30
3034
3Q34
3034
*29%
3034
37g
3%
3%
3%
3%
3%
334
378
334
*7
7%
*7
*7
7»4
7%
7%
714
7%
*738
4%
45%
110
*86%
*177
Lehn
900
3,300
14
18%
16%
4-'%
*108
45
034
*3334
200
23%
*157% 160
*25
31
44%
3
3
3%
*16%
33%
*108
110
45
*69
*135
3378
33%
337S
*108
15%
2834
337g
23%
15i2
Jan 10
4
2ig Feb 14
197g Apr 12
11% Feb 1
23%
178% 178%
Feb 14
60
1378
Dec
106
Feb 14
19l4 Apr 12
109i2June 4
(The)
A Fink Prod Corp
May
7
1«4 Jan 21
100
6% conv preferred
92
23i4 Feb 15
No par
No par
5
Lehman Corp
Jan 27
8
15%
10412
Aug
Apr
2014 Nov
May
18
8
7*8
9
Apr 22
x22i8 Mar
Jan
2
Aug
22
132
14i2 Jan 10
9
Lehigh Portland Cement—.25
4% conv preferred....-.100
$Lehigh Valley RR
60
Lehigh Valley Coal
No par
1,900
122% May
Apr
104t4
Lee Rubber A Tire
9,500
Feb 11
An
Mar
Apr 16
300
11%
23%
77i2
June
10
Mar 19
12
(SH)&Co
No par
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
5% preferred
44
9
2234 Aug
9
25i2June
Kress
Lane Bryant
Mar
121
Apr 16
31
10
1
Lambert Co (The)
52
3'g May
11
May
512 Apr 23
98i2 Feb 21
Kinney (GR) Co
$5 prior preferred—No par
Kresge (SS)Co
Jan
3484 May
97g June
13
No par
Kimberly-Clark
17
117*8 May
97
Keystone Steel & W Co No par
130
May
2
7
1
Dec
June
9
Jan 10
100
pf A-No par
No par
Dec
122
7
Aug
12
Kennecott Copper
33
8
Jan 16
6
400
23%
88%
1534 Jan
100
1
5% conv preferred
..100
Kayser (J) & Co..
5
Keith-Albee-Orpheum pf-.lOO
Kelsey Hayes Wh'l conv cl A
4% preferred
Class B
Jan
12%
24%
6,000
Jan
12l»2Mar 12
City P & L pf ser BNo par xll6%June 12
334 Apr 23
Southern.No par
Kansas City
25%
4,200
1«4 May
65l2 July 30
8638 July 31
25
4%
1%
9
27i2 July 31
24%
1%
Jan
Dec
Jan
128
12412 Mar 26
25*8 Aug 6
Steel-No par
*11%
1034
*86%
Preferred......
.600
4%
Jan
47g
69i2July
39%
13%
121.1
40
484
10r>8
6412 Apr 19
No par
..... 100
*13%
115
Dec
17g May
44
*35%
115
Nov
4% May
14
13<4
160
Jan
30
Jan 10
134i2 Aug
3834
300
3618
109
Jan
9«4 Apr 21
32
Apr 23
Jewel Tea Co Inc...—No par
Johns-Manvllle
Mar 21
124
1
1
860
23%
*177
27% Apr 21
1
$6 preferred
1,300
11%
87%
88%
2,400
Feb
85g
1334
11
*85%
28%
Jan
Dec
514 May
2018 May
Island Creek Coal
Kendall Co $6 pt
Apr
5%
8?g July 24
3334 Aug 5
Kresge Dept Stores
5
277g
73
6614
395s
Feb 14
27%
*33%
*108
*4
130
2114 May
7
Jarvls (W B) Co
Jones & Laughlin
Jan
Jan
92>8
13%
29
*33%
*3
May
Jan
387a
133
74i2 June
27%
12
*34
200
31
25
13'2 May
9712 Jan
Mar 26
Apr
7
July 14
277g
1334
13
34
14%
*30%
10
400
153g
*33%
14%
7,700
1,400
1,400
34
13%
38%
3%
38%
13
34
400
3778
25%
153g
*3318
7%
634
*98% 105
38%
23
27
2,100
25%
3%
23%
137g
23%
*1934
10
16
25%
23%
1378
88
97
1534
11
57s
1,700
97
23%
35
50
9
39
*1134
20
26
*25%
24%
24%
24%
114% *114li 115
434
41t
4%
134
1%
1%
*34
35
*34
35
114%
10%
23%
227g
29%
28%
2834
5%
*34
11
*25%
*24
23%
*86
86%
87%
86%
87 34
88%
88%
88%
8734
178%
*17334 178% *175
178% *175
21
*1934 21
*1934 21
*1934
27%
*27% 28%
27%
2734
*267g
*85
*4
27%
15
1334
24%
5
28
28
12%
26
2734
28
27%
12%
*4
5
277g
27%
28
*11414 116
434
*134
*4
2734
27%
16
834
2078 May
Jan
1412
97
Kaufmann Dept Stores
103
103
7
June
53s
3
1
23%
1434
is4 May
37
Jan
Dec
173
3i«
6
5%
40% May
1
Dec
1178 July 29
8
*14%
10% May
Dec
6284
Feb 24
9i4 Aug
*29%
June
212
44
19H2 Mar
87
8234 Aug
5%
109
Mar
5'8 Nov
127g Jan
..No par
Intertype Corp
Kan
4
Apr
113
100
62l4 Aug
10
3% May
19*8 June
3H4 Jan 30
1
5% pref series A———100
5% pref series B conv ..100
-
1% Dec
6i4 May
4334 July 30
2
Kalamazoo Stove & Furn—10
15
3834
31
•
6
Jan 13
102
5i4 Feb 19
Stores. No par
500
1,200
May
238 Aug
3
178May
DaMay
No par
Jan
1,000
23%
25%
*2734
27i2
12%
*3514
50
6,700
5%
*2514
3%
10,700
*19%
*14%
*3%
*3834
3%
2G0
6,200
*102% 104
*102% 103%
*102% 104
*102% 104
*102% 104
7% ;;:vv 8
7%
*7%
8%
7%
7'4
7%
7%
7%
101
*97
101
*97
*97% 101
*941? 101
*94% 101
16
2C
3934
3934
65
65
65%
65%
65%
65%
*12534 128
*12534 128
*12534 128
2534
25%
257g
253g
25% 2534
64
62%
62%
62%
62%
6234 63%
83
83%
82 34
8234
83%
84
8234
10
10
*9%
*9li 1 9%
*9%
9%
22%
578
*22%
*39%
26i.i
9%
934
*9%
41
10%
40%
64%
83
9'4
*133%
10%
*10%
128
63
85
*133%
*10%
1034
39%
*3934
*>*'*•
145
Jan
Jan 10
2812 Apr
May 20
95
Foreign share ctfs...No par
Interstate Dept
'
*133%
May
9% Jan 4
July 26
25i4 Feb 15
50
100
Preferred
._■!
38
Aug
No par
.
2,600
July 22
46
International Silver..
May
June
100
7 % preferred
_
Inter Telep & Teleg
1
18's May
136
July 31
International Shoe
June
Jan 10
40
700
23,300
Jan 16
Jan
July 22
7378June 10
No par
Nov
2»4 July
0i2 May
19
Salt
5% preferred
94
91
2
3
1078 Feb 19
67i2 Feb 19
li8 Apr 16
International
1,000
Jan
131
5% cony preferred
InternatRys of Cent Am No par
Apr
1578
15
100
Inter Paper A Power Co
Jan
158
7% Nov
47'8 Mar
8
May
300
87S
3334
*8%
125
-...100
Preferred
Jan
118
May
60i2 May
9
6
4
Apr 24
233s Feb 19
Int Nickel of Canada._No par
29
May
140
4% June
2>g
6is Apr 21
3
Apr
7i2 May
170
Apr 15
1
Nov
9a4
72
49
June 10
Corp
1038 May
Jan
23
2114 Aug
57
Internat'l Mining
6I2
1
5
Int Mercantile Marine.No par
Dec
2%
Jan 10
43% May
1
Apr
Dec
16712
150
43i2
May
1
100
Jan
June
6
May
class A. 25
Int. Hydro-Elec Sys
Jan
31
lli4
2is
32i2May 23
38i4 Feb 21
150
*101ii 10312 *101%
212
1112
140
No par
Internat'l Harvester
Apr 21
li4 Apr 10
3018 Apr 23
100
Int. Business Machines.No par
Preferred
200
*1
7
—No par
Prior preferred
Feb 25
3i8 Feb 17
No par
Interlake Iron
159
54%
.
Intercont'l Rubber
share
1338
25i2 Jan 14
113i4 Jan 28
538 July 22
918 Apr 22
6
per
24'8
20
90i2 Jan
13i2 Jan
678 Aug
Highest
May
Jan 27
161
1912 Apr 16
107
July 5
No par
100
Corp
6% preferred
1,500
*166
2l2
No par
5% May
11H2 Jan 22
15612 Feb 10
6914 Apr 21
100
share $
9% July 21
2978 July 28
2034May 27
93%May 5
No par
per
12
Aug
2D4
Feb 13
5
No var
800
*24%
110%
110% *110
5%
5%
5%
9
834
8%
*134
17g
1%
1%
43
41%
*41%
41%
*157
Indianapolis P & L Co .No var
Indian Refining
10
4,400
5%
834
158
100
Industrial Rayon
Ingersoll-Rand..
Feb 18
6
2% Jan 2
18%May 19
1000
Inland Steel Co
25
25
4
1
45%May 22
4®4 Aug 2
24
345s Jan
1,300
110
158
Leased lines 4%
RR Sec ctfs series A
12%
7%
11%
67g
13
%
share
per
10% Aug
01a Feb 15
100
8034
80%
$
share
per
6% preferred series A.—100
6% preferred
*153%
8034
Illinois Central RR Co
$
Year 1940
Lowest
Highest
Lowest
Week.
8
.
Range Since Jan. 1
On Basis of 1W-Share Lots
4%
19%
:
17g
43%
9%
23
Aug
STOCKS
EXCHANGE
42
110% 110% *110% 110%
5%
5%
5%
5%
110% 110%
5%
-
~
S per share
105
105
'<*
$ per share
.
Friday
NEW YORK STOCK
the
CENT
NOT PER
Thursday
Aug 7
41%
42
418g
8
SHARE,
Wednesday
Aug. 6
Monday
Aug. 4
Sales
for
JUT
LOW
Saturday
Aug. 2
4ig
105
16U
177g
Mar
Jan
Apr
May lll»it Dec
29
Apr
17'g May
5
June
9U Apr
93
26
June
47i2
Called for redemption
Jan
New York Stock Record—Continued—Page 7
798
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
On Basis of IWhShare Lots
the
EXCHANGE
Saturday
Aug, 2
Monday
A ug. 4
Tuesday
Wednesday
Aug. 6
Thursday
Aug. 7
Friday
Aug. 5
Aug. 8
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
*7%
7%
*714
7J2
714
7i2
73#
73#
•1055s 107?# *1055# 1077# *1055# 1077# *1055# 1077#
•85#
87#
834
9
*812
9
S34
834
*81
*81
82
82
81
81
*7934 80
71 >2
*70i2
30%
*47g
*265#
*23%
*3214
*734
17l2
*2812
5 '
207#
247#
33
77#
17%
30
110
110
70l2
30i2
47#
207#
*3914
*70
70'2
30i2
47#
27
24%
30%
*2314
5
313}
784
17i2
29
*2812
1712
*2812
*110
118
4034
4212
4
*1091.4
37#
37#
*109
37«
75
75
143#
143#
h
3i
3'4
117
417#
77
1334
7#
*74
714
1,000
800
241#
*75#
1,200
400
27i2
2412
32%
75#
1012
*28!2
47#
271*
29
117
*116
37#
334
37#
76
*74
133}
141#
34
7#
*10914
*37#
77
1334
14
3l
16%
28l2
34
314
3
33#
314
33#
3
3% i
3
31#
27#
17
171#
17
17
1734
17'#
I6l2 10i2
16%
90
*8812 90'2
9012
91%
90
91%
9114 9114
*1171# 118
*1171# 118
*1171# 118
*1171# 118
*1171# 118
117%
120
120
*11934 123
11934 11934
1201# 1201#!*122
*120
123
*110
1101
11012 *110
*11014 110lo *1J012 11112 *1101* 111
*110%
34
341# 3412
343#
34%
3434
34i2
3434
34% 345#
33%
*40
41
*40
41
*397#
41
41
41
42
*40i2 41
30
29l2
295#
295#
3014
3012
30
2934
301}
30
30%
85#
85#
8i2
8i2
*8%
812
8%
*8
«i4
8%
8%
*14'%
145#
1434
145#
1412
14lo
*14%
145#
*14%
14%
145#
23
23
23
2234
2234
231}
*2314
2312
23% 2334
*22%
43#
412
*4>i
43#
414
4i4
*414
43#
4%
4%
*414
7C
70
*70
70
70
71%
70
701# *70
70
70%
*12
13% *12
133#
133#
133#
13%
137#
135#
135# *12%
*7112 72
*715#
72
*715#
72
*715# 72
71% 72
*71%
*11134 112
*11134 112
*11134 112
112
112
*112
'111%112
6%
0»4
6
0i«
6%
0
014
6
0
0%
57#
*44
45i2 *44
4512 *44
4512
45% 453# *44% 45% *44
51#
514
51}
514
5's
514
5
5i#
5i#
47#
51#
*21
2214
22%
*20
2214
*21
22
22%
20% 20%
20%
205# 205#
20>4
20
20l2 a-1934 20
2012
20% .20%
20%
*534
0
*534
0
*534
0
57#
57#
01#
03#
6%
71o
93#
171#
171#
173
*101#
10%
*80
83
*10
1712
734
14
105#
143#
7M
*9
183#
712
014
171#
9%
173#
IOI4
10
1414
07#
07#
*9
'172
91.}
171#
173
*80
10%
82i4
100
4,900
Mission Corp
34
1,500
16%
5,100
1,300
1,200
Mohawk
90%
117%
20
$4.50 preferred
123
70
Preferred series B
3
*15%
17
7%
*15%
7%
712
137#
143#
14
14
14%
10l2
14i2
10%
101*
10%
14%
14%
1412
67#
7
*9
2212
*171*
18i2
22%
*17%
*171}
200
1,030
85#
900
145#
23%
400
1,000
4%
500
70
1334
30
40
2,900
2,300
800
9%
17%
173
600
*80
10%
82%
*1534
17
75#
*7%
14%
10%
14%
14
14
10%
14%
10%
14%
7,200
67#
07#
500
*9
2234
18%
"""466
1,700
1,200
900
22%
18%
07#
07#
034
034
6%
O7#
67#
034
034
81
*7912 81
*7912 80
7834 79%
7834 7834
*78%
79%
18
18
177#
18>4
177#
18i2
18%
18%
185#
1834
185#
19
*x73
174
174
175i2 *1727# 175
175
175
*174
170
*174% 176
*144
14512 145% 145lo *144
145l2 *144
145% *144
145% *144
145%
*23
2334
*227#
2314
£27#
23
2234
23%
*22% 23
22% 22%
*30
32
32
32
32
32
*31%
32% *32
32%
31%
3134
0
534
57#
57#
6
55#
5%
55#
51#
53#
55#
558i
5534 50I4I *55i2 50
56
56
*5634
56%
55% 5534
55%
5534
75#
734
75#
734
7i2
75#
7%
7%
7%
034
7%
7%
15
I6I4
15
1514
15
1514
145#
1434
*14%
15% *14% 15
*04
00
*6334
65
*6334 65
*63
64%
64
64%
03% 63%
*07
09
6812
08l2
6712
67%
66 34
*06%
68
67% *66% 68
*4
*4
*4
4l2
4
4
4i2
4
4
4%
4
4
97# y 97#
10
97#
10
10
10
*97#
10
10
10
10
9
9
91#
91#
9%
9%
9
*9%
91.1
9
9
9%
*16
10to
*16
*16
101?
1012
17
16%
17
16%
*16%
*10%
*091} 7012 *691,}
7012
7012
70l2
70%
70V}
*70%
701}
70%
70%
*393# 3934 *393# 3934
*40
42
42
3934
3934
*397#
397#
40
*108
109
109
109
*1071* 110
*10712 110
*107% 110
*107% 110
*30
3034 *30
3034 *30
30
3034
30
29%
30
30%
30
IOI4
1012
IOI4
103#
101#
105#
10%
115#
11%
117#
1034
115#
203# 263#
20i4
201*
2034
267#
265#
26
27%
2634 2634
205#
114
*39l2
1334
18%
14
183}
47%
173#
*514
*1114
"110
*110
*198
*40
41
1
14
43%
45
43%
17
17
17
17
45
*i7
60
100
2,300
110
4,300
133#
732
1
32
553#
55
55
10l2
103#
17
973# *965# 9712
8
8I4
77#
81#
*11H4 112
*1113# 112
914
914
914
9I4
2i2
*24i2
12
212
27i2
2i2
*24i2
*1H2
12
912
95#
2012
014
20%
*70
*47#
10
01}
77
5
10
.*145
77#
40
912
20
0'8
76
*434
15%
*145
"¥
112
834
9
*39
40
2l4
2714
121*
9i2
95#
*1912
205#
01.1
*70
77
*434
5
734
56
56
*201#
21
*20%
55
*53
55
*53
*117
03#
16
56
....
56
10i4
934
251#
25%
3G3,i
3034
ISI4
18%
3634
18%
prices:
19%
*6
6%
77
*77
5
7%
20
195#
6%
4612
11%
334
17%
7%
no sales on
47
47
11%
11%
73.4
77^
35#
*16
*7%
*95#
25%
36%
18
this day
18%
3%
*16%
77#
*7li
934
47%
111#
334
18
7%
Feb 19
47# Apr 23
8% Jan 11
51% Jan 27
41
5% July 28
227# July 29
11
16
$2
5^% prior preferred
6% prior preferred
110
700
1,100
1,300
200
60
conv
200
36,200
2,700
400
25%
*36%
365#
3634
18%
195#
19%
Jan
Jan
9
9
7
16%
Jan
2
14%May 21
634May 27
ll%May 20
834 Apr 1
125#June 6
47# Feb 15
7% Feb 14
7% June
12%
Dec
Jan
86
Nov
6
Jan 15
15%
934 Apr 28
14% July 31
11
Jan 15
24%
12
Jan 30
3
May
5% May
18%June 20
8% Jan 13
937# Jan 10
May 12
$5
conv
Jan 11
17
66
500
10
19,000
300
700
20
1,500
5,700
780
60
Apr 22
9
Apr 30
Feb 19
13
Feb 17
1
preferred
No par
No par
100
series A
100
NYC Omnibus Corp._No
par
New
York Dock......No
5% preferred
No
par
par
N Y A Harlem RR
Co
300
253#
2534
3634
1934
2,200
600
5,600
delivery,
69% July 25
38
Apr 28
106
June 12
22% Apr 28
5% Apr 23
2034 Feb 14
106% Mar 8
31% Apr 24
113# Apr 22
1134 Feb 19
Feb 14
25
157# May 15
4%May 16
8
Apr 12
50
109
60
110
N Y Lack A West
Ry Co.. 100
47
non-cum pref
tNYNHA Hartford
Conv preferred
July 28
45
Jan
15%
Jan 10
18% Aug
47% Aug
24% Jan
634
6
Jan
14% Aug
434 May
112
Jan
104
June 18
115
Feb 24
110
Apr
Jan
4
60
5
45
June
6
•i»
Jan
3
<11
Jan
2
24% Feb 14
2438May
7
Aug
% Jan 13
3234 Jan
8
50
50% Apr 29
50% Apr 29
par
50
__Aro par
No par
6% preferred
Otis Steel Co
100
....No par
1st pref..No par
Outboard Marine A Mfg... 5
Outlet Co
No var
conv
Preferred
100
Owens-Illlnols Glass Co. 12.50
Pacific Amer Fisheries Inc...5
Pacific Coast Co
10
1st preferred
No par
..No par
Pacific Finance Corp
(Call). 10
Pacific Gas A Electric......25
Pacific Ltg Corp.
No
Pacific Mills...
.....No
May
12% Apr 21
July 2
96
534 Feb 14
110
May
7%June
34
7
3
Jan 15
l%May 17
Apr 25
23
ll%June 3
634 Feb 19
1334 Feb 19
17% Jan 10
5834 Jan 6
57%
17%
97%
8%
113%
10%
40
234
Jan 20
Jan 10
Apr 16
Aug
Feb
%
1
1
Oct
%i
Dec
Jan
20
May
May
May
14% May
47% May
47% May
15
May
84% June
4% May
101
May
175
105
Mar 31
June
5
27
May
Jan 11
2% May
27% July 30
I3a4 Feb 7
25% Aug
10
11
Dec
53# Junei
July 24
233#.iuly 11
6
10% May
7% May
73
June 10
104% Jan
7
95
3
Feb 19
57# July
9
2% May
14%May 29
1734 Jan
8
11% June
Jan 11
12434 June
434May 23
140
16
Jan
10% Jan 10
7
4
Mar 26
38%May
21
May
6
19
June
Jan 17
47
May
120
Mar 26
9
11% Aug
115% May
134 Apr 23
28
24
3
334 July
19
July
8% July
11% Jan
287# Jan
5
40
42
5
May
3
4% Apr 17
9% June 19
22%June
32%May
var
11
Feb 19
x-dlv,
May
7
57% Aug
26% Jan
50% July 16
7% Apr
10
May
55
June
48%June
120
10
150
June
6% Apr 23
40% Apr 16
par
Cash sale.
7
Dec
13%
6
2
May
'i§
1% Feb 6
% Jan 10
33% Aug
12
pf No par
87# May
15
May
20% May
3% May
Jan
100
30% May
9% May
2
Jan 25
No par
r
116
117
Otis Elevator
New stock,
6% May
23% Nov
10534 Nov
215
OppenheJm Collins
n
20% July
7
Feb 25
Oliver Farm
Equip....No par
Omnibus Corp (The)
6
8% preferred A
100
2d preferred
8
2
May 31
1
May
June
31*4 Jan
109
50
July
36
117# Aug
2734 Jan
188
60
72
100
Jan 17
10
Northwest Air Lines...No
Northwestern Telegraph
...
79% Feb 10
45% Jan 16
110
100
6% preferred series
Aug
3% Jan
7% May
8% Oct
14
May
6
100
6*4 pref series
North Amer Aviation
Northern Central Ry Co...
Northern Pacific Ry
North States Pow $5
Feb
Jan
100
tN Y Ontario A Western.. 100
Corp partfitk_.l
5
10% Jan 4
97# Apr 18
17
July 21
4
Mar
100
NY Shipbldg
310
934
May
8
No par
$5.50
8
3
Preferred
50
Norwich Pharmacal Co. .2.50
80
May
4% May
No par
New York Central
Ohio Oil Co
48
26% May
Norwalk Tire 4 Rubber No
par
100
8% Feb 19
Dec
5% May
68% Jan 6
77# July 31
15% July 30
34
600
2,400
4% Apr 23
June
13% May
y28%
July 10
""166
9,500
3
June
132
July 11
32% July 23
7% Mar 20
July 31
N Y Air Brake
400
13,000
7
5% Aug
49
June
14% May
May
zl60
69
Norfolk A Western
Ry
Adjust 4% preferred
North American Co
12,400
Feb 19
June
7% June
5% May
65
N Y Chic & St Louis
Co
6% preferred
May
Oct
934 May
6
May
117# June
145# July 28
7% July 31
97# July 22
Apr 26
78
Dec
June
Feb 24
17
5% Apr 21
June
155
Feb 19
Noblltt-Sparks Indus Inc... 5
40
"7% "Moo
Def
107#
18%
175%
13%
88%
17%
13% Jan
5% July
Feb 14
100
*9%
a
6
43
Nelsner Bros Inc..
10%
*117
3634
18%
Jan
No par
No par
Nehl Corp
7,100
200
7
8
9
100
National Tea Co
Natomas Co
N'port News Ship <fc Dry Dock 1
55
*3%
2
7% Jan
41
7,900
2034
*16
23% Jan
Feb 17
7% Apr21
15%May 26
1607#May 27
10
Aug
1
8134June 11
40
20,900
50
800
1,200
47%
11%
334
18%
7%
Apr 18
100
4*4% convserlal pref... 100
Newberry Co (J J)
No par
5% pref serle6 A
100
Newmont Mining Corp
10
Newport Industries
1
300
*53
47%
107#
preferred.
June
7
National Steel Corp...
25
National Supply (The) Pa..10
700
June
3% May
47#june 30
1,500
6,700
200
May
97% May
4
May
43% July 3
334 Apr 21
14% Jan 3
33,700
-
May
8% May
56
Jan 15
*191*
receivership,
112
20
July 29
10934June 25
2% May
24
900
25%
: In
72
154
57
734
93}
251*
934
9%May 2
617# Apr 17
9
*146
57
Feb 19
46
16% Apr 21
6%
77
15%
...
May
26
900
15%
47%
107#
May
15
142
200
204
16%
*117
12
100
12~ 800
5
55
4
6% preferred B
300
32%
24%
*47#
...
17% Jan
24% Jan 13
4-% July 21
74
July 21
137# Aug 6
Nat Mall A St I Cast Co No
par
National OH Products Co
4
National Pow & Lt....No par
800
30
47#
*146
33% May
21%June
87# May
2
9,400
3,500
157#
16%
6
3134 May
8
201.4
6%
781
Jan
Jan
%
1%
%
47#
K117
95#
Bid and asked
6%
77
*45#
16%
19%
*53
934
251*
*
19%
*19%. 2034
35#
I8I.1
44%
17
*111% 11234 *111% 11234 *111% 112%
9
9
*8%
91*
9%
9%
39
39 "
*38
39
*38%
39
*2
2 u
*2%
2%
*2i#
2%
*24% 27% *24% 27% *24% 27%
12
12
*11%
12%
11%
11%'
9%
9%
9%
9%
9%
9%'
55
1714
71#
*36
40%
13%
1634
113% 113%
127#
13%
*.54%
55%
54%
54%
15%
15%
*96%
98
75#
20V#
1734
734
I8I4
98
*53
1734
734
*95#
2514
30
7%
55
334
3534
181#
*965#
8
2034
46l2
1034
1034
98
*23
204
734
*117
46
7%
57%"
334
*25
205
7%
46%
105#
934
2512
*24
*201
57%
35#
S
243.)
203
57%
107#
8
*%«
315#
"734
47
*914
%
32 34
245#
*1
734
*563}
20%
7%
57
103.4
35#
18
*%6
32 %
146
"
47
*17
%
33%
1
12
Aug
200
61
%
1
*97
2014
*1634
534
13%
1
81#
*146
431}
*56
907#
112
16%
%
734
56
2014
i*117
;
553#
17
*55
*54%
55
*52
32
*112
13i2
5
81#
7
16%
907#
13U
77
1534
*24
112
*2412
*1H2
61#
*11 n
32%
61
*56
117% *112
114%
127#
13%
1234
13
55
55
551.4
55%
54%
55%
*545#
553#
x
10
153.4
1534
1534
2712
1212
....
734
14
21}
934
61
32
20012 200l2 *200
2i2
20
7
1
25
55
*39
60
732
*3.2
55
40
60
5
19
100
25
55
55#
13%
30% Aug
176
1,000
313#
*547#
1014
*905#
55#
12%
4
14% Apr 22
168%May 29
2,600
732
112
55#
12%
12
Jan
100
6%
14
131#
♦5%
13
10
May
113% May
7% preferred A...
14%
3H.1
2534
203
National Lead Co
40
10934 10934
10934 10934 *1093.4 112
117% *110
117% *110
117%*110
1171}
12lj
*'»]« 1
133#
553#
*39
55#
*39%
10
Nat Distillers Prod
No par
Nat Enam & Stamping No par
Nat Gypsum Co
1
$4.50 conv preferred.No par
200
116
110
60
11H2 11112 *11U« 117l2
1314
*51#
110
*1#
307#
*200
17i2
*12
*243#
201
46
13%
17
437#
11714 *110
2534
31
17%
13%
*103.}
12
6
*113
No par
National Cylinder Gas Co
1
Nat Dairy Products...No par
Nat Dept Stores
No par
"
40
13%
17
11512
732
15]
40
40%
13%
40%
13">«
17i2
5s#
*58'4
723
116
1312
173#
12
00
*113
17
471}
118% *110
116
14
40
123#
*113
185#
173#
*5'#
*%2
31
114
11
11512 *110
7n
l—y
114
135#
175#
173#
57#
*5712
*25
114
*40
n
47
114
10
6% preferred
"4,300
.
*113
5% pref series A
..100
Nat Bond <Sr Share Corp No par
National Can Corp
Nat Cash Register
93}
22%
*17%
5
10
Nov
110
23
10
7% preferred
100
Nat Bond & Invest Co.No par
400
7%
conv preferred
Nat Aviation Corp
National Biscuit Co
3,800
4,500
173
*10%
0%
1% Dec
9% May
z79
July
39% Jan
43% Jan 23
Nat Automotive Fibres Inc-.l
7%
9%
2
112
1834May 6
234May 15
5
•si Dec
6
1
Nash-Kelvlnator Corp
9,900
May
7% May
June
1
No par
2% May
38
31% Apr 30
67#May 29
14%June 3
Munelngwear Tnc_.
No par
Murphy Co (G C)
No par
5% preferred..
100
Murray Corp of America.. 10
Myers (F & E) Bro
No par
100
5
Essex...
June
26
118% Aug
120% Aug
6
May
33% May
95
Jan 11
6
1087#June
No par
50
$7 preferred
3,900
207#
Mar
Mueller Brass Co
700
0
Mar 27
115
Mulllns Mfg Co class B
500
45%
112
103
Jan 16
33# Aug
1734 Aug
91% Aug
Feb 14
Motor Products Corp..#© par
Motor Wheel Corp
5
80
72
113
1% Jan
13% Feb 15
No par
11% May
23% May
Jan 14
4%
Aug
May
6% May
14% Aug 1
1
July 16
4
77
10
24
6
797# July 28
3
No par
Morrell (J) & Co
Morris &
6
10
Jan
45% Jan 10
Feb 14
9% Feb
% Jan
20
6%
634
*22
2%June
Feb
2% May
11% May
177# July 24
38% Jan 9
110
66
Feb
53%
24% May
Jan 15
9%
6
4
100
Mills
$4 pref ser C
No par
Montg Ward & Co. Inc.No par
13,400
30
7%
*9
95#
22%
18%
07#
34%
42
Carpet
Monsanto Chemical Co
111
10%
821.}
17
7
93!
23
07#
*9
2212
183#
*80
7% preferred series A
37
125
No par
$6.50 preferred
Feb 14
June
64
70% Aug 4
33% Jan 10
5% July 24
28% July 29
3034 Apr 2
26% Apr 21
10534 Apr 21
3734June 4
No par
10
Mo-Kan-Texas RR
20%
75#
173
10%
Minn-Honeywell Regu.No par
4% conv pref series B
100
Minn Moline Power Inopt.-.l
17%
17%
174
5,200
90
9
July 15
82
8
Mar
9
95# July
107
..100
Nashv Chatt & St Louis.-.100
National Acme Co
1
9%
1714
*101#
7l2
103#
934
2212
183#
07#
9%
171#
X7h
9%
10
73#
*133)
137#
103#
143#
.
75#
10l2
82i4
*80
75#
103#
*7%
934
*101#
1014
10>4
75#
137#
7i2
173#
*!7112 175
101}
8214
*80
934
22l2
223#
*1714
034
*79i2
9I4
17U
*17110 175
173
*73#
1334
*10%
14%
*034
71o
1st pref
cum
14
•
75#
9
8%
78
89%
*7%
14
13
2,200
37#
18
89J2
Midland Steel Prod....No par
30
"
*74lt
1334
34
141#
*5#
300
May
Highest
5
May
May
7% May
7% July 11
109% Jan
27%May 23
6% Apr 21
Mld-Contlnent Petroleum. .10
|
Feb 15
65
.5
2,200
4234
35#
33#
*17
Miami Copper...
;
% per share
27%May 29
3% Feb 15
2184 Feb 15
50
300
.
% per share
share
May 21
70% Mar 19
Merch <fe M'n Trans Co.No par
Mesta Machine Co
6
*10914
77
*74
1H#
..
1st pref
conv
900
117
4
6
Year 1940
Lowest
7
1
500
75#!
4212
....
5%
(The)
25
28
117
43%
300
Co
3H2
I6I4
117
43
Mengel
per
Range for Previous
Highest
101% Apr 30
par
16 preferred series A.No par
307#
171#
100
No
J5.50 pref ser B w w.No par
Melville Shoe Corp
1
73
3012
*45#
271#
*23i2
3H2
75#
47#
27i2
247#
323#
75#
17
29l2
$
1
preferred
conv
30
*6912
301*
43%
7#
0%
Mead Corp
300
70
30i2
47#
17
*28'2
McLeUan Stores Co
50
27%
2434
3212
734
*31
117
141#
71#
1055# 1055# *101
1077#
87#
87#
*812
834
*80
*79i2 86
86
70
42%
*10914
37#
7>2
Par
3012
47#
423}
*10914
*74
7i2
Lowest
70
*30%
47#
27i2
2414
3134
*75#
77#
175#
295#
*110
5
27
*23%
32
*734
40
70
30i2
207#
32
175#
73
303#
Aug. 9, 1941
y
28
28
24
2
May
8
May
33# M ay
9% May
25% May
Jan
8
33
1934 Aug
8
8
Ex-rlghts.
June
434 June
.
May
May
H Called for redemption.
New York Stock Record—Continued—Page 8
Volume 153
799
AND
SALE PRICES—PER
HIGH
Monday
Aug. 4
$ per share
$ per share
Tuesday
116% *114
116io
159
159
162
3%
93g
2%
3%
Thursday
Aug. 7
Aug. 8
Week
$ per share
$ per share
$ per share
S per share
Shares
*115
334
938
334
115
334
93s
33g
3U
160
160
334
*834
3i8
*115
161
117
3%
14
1334
33s
14
1334
14
135g
334
334
9%
9
*9
10
10
10
10
10
1,100
33
9
3%
3's
14
314
13
10
1434
1434
15i4
10%
10
600
65,000
21,800
10
3*8
300
15g
4,900
31
*29
31
*29
*29%
3034 *29i4
3058
305s
3034
*10012 102
*100% 102
*100l2 102
*100% 10134 *100% 102
*100l2 102
14
13
13
1414
1318
13l8
1278
131.1
1314
14%
135s
14
104
105
105
103
103
103
103
102
102l2
10278 10334 104
12
12 34
127g
1234
II84
12
113,
13%
H7S
1134
117g
127g
*1534
17
*1534
17
*1534
17
*1534
17
*1534
17
*1534
17
134
134
134
I84
134
I84
*134
178
*134
178
134
178
*29
2938
293g
29l8
29i8
29% 29i2
293s
2918
293g
29%
29%
19
19
20
20
19
*1834
19l2
19l2
19%
*19l4
20
19%
*34
*34
78
*13I6
*1*1#
13ie
7g
%
%
*34
78
78
100
138
H2
1^8
15s
H2
134
H2
112
15s
15s
134
32
*29
-
14
14
14
52
51
51
84i2
85
*50i4
51%
51
51
83 >8
83%
83%
*25s
2%
*49i2
278
278
2i2
50
8334
278
2%
8434
27g
49
49
16%
*1534
*109
110
25S
*109
24%
2478
24
24
*44l2
*2
2434
258
110
24%
2434
24
24
700
48%
4912
49
49
2,200
*2
275s
2i2
28
*2
2712
2l2
28
27l2
10
10
*9i2
10
*9i2
55%
28%
1034
5612
56%
353s
36
3514
56%
35%
1034
56%
*22%
24
*22l2
*6%
*83
*74%
4512
*212
*46
17
17
*6
*7U
*70%
7
*634
7
3438
46i2
8812
103g
335g
3378
*1014
83
8I4
*74t2
45%
*2%
*46
*7%
1378
3
88%
10%
83i2
10%
83%
17
*6
1034
♦88U
107s
89
1078
1,200
85
85
8514
8534
800
51
48
48
17
1678
17
1,200
6
*36
*73s
6*4
39
734
*558
72
72
*71
72i2
60
12
12
*11*4
12
17534 17534
200
39
*36
7%
*175
7l2
7212
12i8
*55g
6*8
39
*36*4
7%
72i2
12ig
*175
GSg
6%
758
758
5912
3434
*61%
60%
36
65
13
1312
75g
6%
*738
59i2
*175
60
60
3434
35i2
35i2
1314
1314
13
111.1
*11
115s
37
*1078
115g
3678
*9912 100
*113
*113
114
114
143
*142
143
11
11
1034
1034
107g
*1034
*34l2
1114
*1078
IH4
1H8
IH4
36%
*35
36
5934
119l2
*113% 114
28%
28%
934
978
*102i2 104
*95
9614
12
*1112
12
54
458
54
3%
2858
934
3l2
95
95
95
12ig
12
43s
12
12%
12
12ig
*11%
414
3i2
52
52
*19i4
20
177g
29
183g
18%
27
27
*23
24
*9%
*9
*12
175s
293g
18
*2714
2314
178
33%
12
93g
13
9%
1%
33g
*5H2
28
*95s
*ll2
12
*27
*878
*12
13
97g
10
623s
6234
57%
623g
*5734
178
5834
9%
2134
*108
914
22
2178
11378 *108
71
71
1434
1434
1458
*7i2
9434
75g
32%
323s
*52
914
*8%
93g
*434
5
"18
323g
93g
*27
24
*15s
*27
30
*958
12
9i2
5
912
*12
13
97g
6234
*62
63
575s
*57i2
1«4
58i2
1?8
1934
934
9*4
*22
5
71
14*4
145s
94
*52
53
*914
9i2
*9
9*2
912
*45g
5
912
*45g
5
1334
47
1*8
35*2
3512
3558
3J1
332
*332
*5g
1%
37
%
'8
%
#*
%
38
2%
%
#5
25g
2%
2%
5%
53g
43%
4314
IIOI4 HOI4
207g
*5
205s
♦31
%
*516
i«
5%
110i2 110i2
2078
205s
2078
Bid and asked prices: no sales on
183S
58
*2
234
538
53g
43*p
43*8
110*2 110*2
205s
2034
this day.
13*2
*46
*58
6ie
183s
14'g
4714
Us
3558
18
*18
1334
*46
*58
35
*331
l4
*2
278
*5
512
4314
4312
110*2 110*2
Xl97s
20
*14
*2
*4
43*2
958
18*2
14*4
47*4
1 *8
35*2
*8
h
278
5*2
435s
110*4 110*2
19*4
1978
t In receivership,
32i2May 15
60'gMay
1778May
2
May
5
100
9
22*8 Mar 12
Hosiery
Silk
1
11
Preferred
21
Jan
7
1*8 Apr
200
1,800
600
800
230
70
10
1
Jan
3i2 July 29
238 May
73,
Dec
413,
678
Jan
Feb
Feb
July 15
36
May
66
23*2 Jan 11
734 Jan 2
22
May
287g
52
46*2 Jan
884 Jan
2
2
3*2 May
16
May
6*4 May
Apr
49
Apr
7% Nov
46%
Dec
978 Nov
84
Jan 30
64'4 May
85%
15
Jan
8
13*2 Nov
16% Nov
Feb
1
7*s Jan 6
958 Jan 10
65
Jan
43*4 Jan
75*2 Jan
8
8
134 July 25
July 28
83,
Jan
2
Jan 10
408,
Jan
6
6
2
60*4 July 26
120
July 24
29*2 Jan
9
167
June
4% May
5
178
Deo
Oct
8%
Jan
May
11
Jan
16% May
10
May
57
Dec
19
May
7
Ma.
151% July
%
15
Feb
4184 Nov
73% Deo
16% Apr
151% July
1*4 Mar
2284
Feb
Jan
20%
Dec
5*2 May
434 Oct
1234
Jan
8
July
6*2 May
6% May
21
May
1478
Jan
May
12%
53
June
112% May
283,
Dec
May
1434 Jan
45% Nov
7is4 Apr
118% Jan
43% Apr
115% Jan
5Vi%
June
733, May
June
9
9*2 Sept
4% May
Jan
11*2 May
97*2 May
89
May
15% Feb
15%
7*4
Feb
Apr
48% May
2% Nov
69
334
Deo
34
June
Ao
43*2
Dec
15*2 May
23
Apr
13*2 May
297g May
37% May
17% Apr
24
May
978 May
1934 June
27
17
23
May
184 May
Oct
Jan
4%
Feb
June
13
Jan
Feb 13
12% Jan 7
10*4 Mar 10
67*4 Jan 23
61
2
2234
3
7*4 May
24
Jan
2
17% July
70
June
Jan
8
153, July 28
July
1
10*8
Jan
6
34*4
Jan
7
Jan 13
100
Southwestern...100
5% preferred
100
Jan
4
6% preferred—
1*2 July 17
4
July 17
tst Louis
8% May
6% May
30*2
52
Dec
May
6
14*4 Aug 8
4834 Jan 14
1
Aug 2
3934 July 16
14 Feb 8
i2 Apr 15
3%
12%
45*2
3g
26
De0
Feb
44
May
66
Oct
Dec
Oct
Dec
June
Feb
Apr
15% Nov
48*2 Nov
1%
42
88
%
Oct
78
3
Jan
Dec
Jan 13
34
May
96
May
5
Feb
Jan
Dec
2
Jan
12
22%
*n
5
Apr 29
May
Aug
11*2 May
June 19
y
15%
96% Apr
11% Nov
7*2
45
Ex-div
74%
434 May
113
t
Jan
Apr
Nov
Jan 27
Jan 16
Apr 19
35
117
Dec
9*4 Nov
10978 Feb 17
123gjune 3
No par
30%
578 May
183s Aug
8
May
39
75% Mar
97*2
1434
8
10*2 July
6
Apr
10534 Sept
70% May
60
May
Jan
534
Jan
2
24% Nov
Jan 13
9%
69
May
11
73
Feb
May
53%
i8
Jan
Dec
1
Jan 17
7
10*2
63%
14
Feb 15
5
May
6
Jan
Apr 17
Jan
6
x3784 June
13%
July 30
113% July 10
*j»
Aug
97
95
884 Nov
8
May
7
Apr 21
283gMay
6% May
50
Apr
101% Feb 10
4*2June 27
l434May
1
934 Feb 15
42% Mar 1
7tiMar 11
Francisco...100
* Cash sale,
84
Oct
6
7*4 Feb 14
6
Apr 15
preferred.No par
^Rutland RR 7% pref
100
St
Joseph Lead
10
New stock
684
32%
9*2 July 16
38
9
5
28i8May 29
52.50 conv
n
2*2 July 29
10
preferred
Metals Co...No par
5% preferred
100
Savage Arms Corp new.—.5
Jan 13
60
100
100
Safeway Stores
24
97
—10
conv
tst Louis-San
18*2 July 25
27*2 Aug 6
9934 June 18
82*8 A or 21
738 Apr 19
17 May
6
6% conv preferred
100
6% conv prior pref ser A. 100
A Brass..—5
Revere Copper
5*i°^
21*4 July 25
18*2 July 28
2938 Aug 4
1678 May
12% July 22
84 Apr 10
1634 Feb 14
Reynolds
10*4 July 22
10412 July 28
95*4 Aug 8
1238 Aug 6
12'4 July 16
47, Jan 4
62*2 Jan 2
3*4 Jan 2
52*2June27
114%
Apr 22
57i4May 23
100
...1
Steel Corp—.lVo par
7% preferred
29*4 July 22
Mar
Reo Motors v t c._
Class A
Jan
100
55
51
Republic
Jan 11
Dec
Rensselaer A Sara RR Co..
900
d Def. delivery.
27% May
65g Mar 26
9i2 Apr 30
7*2 Apr 21
Preferred with warrants..25
190
13,900
3% May
30
July 31
25
10
No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
Rustless Iron A Steel Corp— 1
90
7
July 29
97*8 May
July 29
7
1st pref.. 100
Reliable Stores Corp ...No par
Common
4,100
Aug
77
13>, Jan
131, Jan
Richfield OH Corp
100
9
68
46
12*2 July 28
8/366
""ioo
87*2 Dec
14% Nov
17
52
9*2
5
3
81*2May
6*4May
"
Deo
May
21
preferred... 100
Reynolds Spring
1
Reynolds (R J) Tob class B.10
900
June
113,
5
June
3,000
734
3234
53
9*2
*914
*458
Real
Reis (Robt) A Co
95
7*2
32*2
*52
53
*9
*18
*94
70
Mar 31
...25
...50
60
.-50
Remington-Rand
9412
Jan
91
July 15
23i4May 28
1238 Feb 14
23U Jan 8
Reliance Mfg Co
9i2
9i2
135g
43%
4314
11012 11012
100
1,500
75g
1S38
6
12*4
97s
3234
4614
*5g
4312
12*4
978
75s
18%
13%
*534
*4212
foo
323g
46
25g
93s
734
13
%
25s
12
32i2
95
S3 preferred
*834
75g
Feb
Jan
47
9*s Apr 21
9i2 Apr 21
Rayhestos Manh8ttan.lVo par
Rayonler Inc
......—1
*958
32i2
10%
40%
37% May
Jan
9i2
12*2
10
95
Apr
Apr
87g Nov
Apr
12
734
32!2
Dec
118
30
430
584
Dec
Oct
2
30
310
24
May
Apr
*134
*27
2,500
29%
15
Mar
200
160
11*2 May
145
300
1,200
Apr
17% May
13*4
4684
165
24
22
Jan
5*2 May
128
*23
22
Nov
4%
May
2314
110*2 1105g
69*2 69*2
14*2 1458
Nov
43
June
4% 1st preferred
4% 2d preferred
390
23
May
143
Reading Company
300
May
1*2 June
126
200
1,600
15
23
2578 Nov
4
2,800
9l2
*22
22*2
110*2 110*2
*68
70i2
i412
J.434
May
137
2734
86
Jan
15
158*4 Feb 11
117*4 Jan 25
17*8
*914
Deo
6% May
25*2 June
6*2 Apr 22
484 Feb 14
par
Feb
778 Jan 23
3578 Jan 2
4758 July 14
15
•iiMay
5
50
4
46%
16%
1107, May
29
1958
197S
100*4 100*4
*8434
87*4
9*s
9*4
30*4 July 11
lll2May 6
603gJuly 8
38 May 10
24*4 July 5
738 Apr 4
984 June
110
17*8
200
112% Mar 1
25*4 Apr 4
24% Jan 27
1% May
1184 May
Jan
96% May
4*a Jan
123% Jan 15
29
10
2
164
97*2May 26
No par
100 zl08 May 14
100 12134June 9
.100 13834June 17
Pub Ser El A Gas pf 95.No par
114*8 July 17
Pullman Inc
No par
2212 Feb 14
7
Feb 14
Pure OH (The)
No par
6% preferred
100 2-94 Mar 7
8384 Feb 15
5% conv preferred
100
97gMay 2
Purity Bakeries
No par
8*4 Apr 1
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer-.-M) par
3i2June 7
S3 50 conv 1st pref..lVo par
47i2June 9
Radio-Keith Orphenm
1
2i2 Apr21
38*2 Mar 14
6% conv preferred
100
*2738
2
Aug
62%
$5 preferred
17*2
11,700
16,500
46
36
900
16
1% May
6% preferred
7% preferred
8% preferred-
2734
17g
18%
Us
17*2
30
13%
4714
37
17*4
58*2
13
*%
29
100
63
*45
*36
1712
200
5,500
*57*2
134
131S
1
11,200
20
*62
4714
365g
3&8
52*2
20
58
86
5
*8%
600
2,500
63
9!4
2234
71
*52
SCO
68
871,
110*2 110*2
1434
9,500
800
1«4
178
1978 2OI4
IOOI4 IOOI4 *100l4 1 00*2
*86
40
"4"666
5434
20i8
934
23
120
*62
938
9l2
I7I4
2314
2
97g
53
9i2
*9
29
27%
'9%
*12
10
29%
175g
*15s
*27%
*95s
12
17*2
100
300
June
Mar 31
16
1
No
Dec
71
14*4 Apr 21
Postal Teleg* b Inc pref .Wo par
Procter A Gamble
43
2
9*4 Feb 19
June 24
5434
33s
*23
6384 Apr 29
164
June 14
553g
*51*2
17%
2712
45*2 Feb 14
27
May
"
par
Pressed Steel Car Co Inc
May
21
22,300
35s
*29
6
115
438
20
17i2
484 Apr 26
.5
No
Mar
5% pf (ser of Feb 1 *29). 100
4*8
5212
17%
174
No par
Plymouth OH Co.....
5
Jan
181
93| Apr 22
Pub Serv Corp of N J ..No par
4*4
95
7%
*52
53
9%
12
35g
*18
1
*
95
75g
32%
*4%
3658
%
2034
94
75g
323g
55
*18
183S
1278
*45
94
*.2
53
914
1412
1434
55
418
95*2
12
*5112
112
1137g *110
71
*6712
71
71
*9312
9i2
2278
978
22i2
*11*2
4%
534May 27
Apr 23
69
120
10*8
103*2 103*2
95*8
95*4
12
12*4
*11*2
12
*i934
2334
2
3,100
934
3%
2
1®4
178
1934
20lg
1934
20
IOOI4 IOOI4 *10014 100l2
867g
8678
8678
867g
912
12
28*8
28
June 10
4,000
144
20
13
97g
978
*95
12
4%
28ig
Pittston Co (The)
5% conv 1st pref
5% conv 2d pref...
*11378 118
52i2
18
20
36
3%
30
*9%
912
03s
*1934
2734
2334
*1
*51%
2914
5834
178
178
20
20%
*10014 100%
*867g
87i2
*56%
3l2
11*4
1012
52
1734
*271g
*1934
1712
*11%
55
183s
2734
23%
17g
28
*9
55
29%
I8I4
*117g
978
55
20
1734
2914
6234
*61l4
28%
978
*9434
52
*28
934
12
412
5434
35g
*7
*142
143
28l4
10
103l2 103% *102*2 10414
2818
95
43g
5434
I8I4
*33
*11378 1X8
12
20
17S
143
143
95
*1934
29
142
*113% 118
28i4
28%
9%
97g
97g
*10312 104
*102i2 104
28ig
*51i2
17i8
143
*11418 118
400
5912
597g
59*2
59l2
59l2 60%
*117
119
119l2 119l2 *117*2 119
2234
23
2234
227g
2278
23l2
*995s 100
997g
9978
*9912 100
113
113l2 112*4 112U *111*2 114
12478
12414 12414 *124
125l8 *124
*11%
*1134
412
143
143
*11418 118
_
11%
*12312 1255s *123l2 1255S *1227g 12558
*114% 118
*ns
1534
l5s
16i8
712
11%
2234
23%
*995g 100
6112
13
....
3,400
3,600
11
11
59
430
7°7( pref class B
100
5% pref class A
100
5H% 1st ser conv pr pf.100
Pittsburgh A West Va
100
Pit Youngs Asht Ry 7% pf 100
11*2
107g
11
11
11%
119
61
3434
190
6112
35«4 Feb 20
234 Mar 18
z387g Feb 14
No par
Poor A Co class B
11*8
60
Pittsburgh Steel Co
Aug
3i8June 12
3*8 Jan 2
5234 July 16
23g Mar
110i8 July 30
4'4May 2
51*4May 23
..100
Pitts Coke & Iron Corp No par
15 conv preferred
No par
Pittsburgh Forglngs Co
1
600
51
87
4
4*4 Apr 22
30
Apr 22
3,800
103g May
Mar 28
15
Pgh Ft Wayne A C 7% pref 100
Pitts Screw A Bolt
.No par
12% Mar
5*4 June
July 21
12i2 Jan 10
86*2 July 12
72«4 Feb
100
734
1234
*163
Feb 20
Plllsbury Flour Mills......25
900
11
119l2
2234
23
*99% 100
100
712
Ills
60
5
712
1734
*7%
*119
par
1
Feb 15
105
100
7*2
1734
7%
2278
No
July
8*2May 17
No par
*17*2
183s
60
70
Feb
84 May
1
79
Pond Creek Pocahontas No par
*714
Ills
1034
*1034
120
500
Dec
18
63g May
7
25">8May 5
40i2 Feb 18
10
300
*17%
19
25
1,700
7%
115S
60
par
Preferred
Dec
Nov
11*8
4
2% Aug
z5*2 Apr 17
6
May 19
Philadelphia Co 6% pref...50
$6 preferred
No par
Phllco Corp
3
7% preferred
Phillips Petroleum
Phoenix Hosiery..
6
49*2 Aug
20U Feb 14
21
Jan 31
5
Phillips Jones Corp
13g May
2
42*4 Feb 15
100
Philip Morris & Co Ltd
Jan
7
138Mar24
3684 Jan
No par
'""366
75S
1112
7
1*4
183S
36
22
16
18'4
7i2
*32l2
1
100
100
1*4
*17%
16
Pepsi-Cola Co
*1578
134
16i2
18
*1%
Feb 14
Tl2
16i2
18
i2234
I6I4
21
16*8
1812
15s
1658
*35
138
16lg
Peoples Drug Stores Inc
5
Peoples G L & C C (Chic) 100
JPeorla A Eastern Ry Co..100
6i8
65
*163
Feb 14
734
13
*6H2
65
Feb 19
2
34*2 Apr 23
6% preferred
7i2
*58*4
3434
134 Feb 15
22
6
73g
3434
*61%
*163
*1%
73s
712
5912
43*4 Mar 4
7434 Feb 20
50
No
1078
99
10*4 July 28
July 30
Co
Dec
23*8 Nov
1
109
Phelps-Dodge Corp
Jan
Apr
105%
1414 July 30
Jan 30
Pfelffer Brewing
May
6*4 May
15
May
June
1
13% May
May 27
12
Petroleum Corp of Amer
64
10
45*2
203s Jan
Jan
2
Pittsburgh Coal of Pa
38l2
738
"Vis
6
638
1%
*35%
30
7,200
17
'6
16%
7l2
"2",100
7
7
7
16*8 July 23
Aug
13*8 Aug
No par
100
5% preferred
261, June
99
Sept
4% May
14*4 Aug
1
6*8 Apr 21
pref ser A...No par
Marquette Ry Co
5% prior preferred
Jan
*2 May
Dec
par
Pere
May
6s4
29*4
No par
5% preferred
Pennsylvania RR._
12
Jan 11
105
»4 Feb 21
Preferred 4M.% series...100
*46
12%
1378
220
17
*163
*13g
8812
1038
51
7334
65
88*2
*1678
*12ig
*6212
13i2
47%
*46
*71
36
300
5134
6I4
7%
734
7,200
47
*46
84
84
600
7
3378
*46
60
1212
61
*10l4
7
33l8
"i'ooo
17
*36
355s
*88
638
1
7*2May
No
conv
6
30% Jan 10
Penn Coal & Coke Corp
10
Penn-Dlxle Cement
No par
17
6
17
Penney (J C) Co
Penn G1 Sand Corp
Deo
7% Jan
87S Nov
4*8 Mar
25% Apr
2% Nov
44% Apr
2.50
Penlck <fc Ford
Pet Milk Co
24
*109
114
*109
*109
114
114
i"10834 114
9
9
8i2
8%
*8l4
8i2
9
812
74
*69
74
74i2
7412 *69
'74l2
74%
45*2
45U 4534
45%
4578
455g
45i8
4534
*2l4
3
*2l4
3
*2i4
3
*2U
3
*46%
*163
163
*88%
74
*59
65
4578
47
39
*70
*1334
8%
80
*46%
5134
17%
6%
*6
*12%
1234
175i2 175i2 *174
6%
6%
6I4
75s
75s
758
36%
6U
7
734
73%
61
638
3334
46i2
*37
3534
*61%
638
34%
*12%
61
6l2
34ig
39
*38
*2212
345s
17
6%
510
630
5534
3414
24
*634
500
55i2
*22%
34
"1V9OO
34
34i2
24
3414
4634
88I4
103g
2778
1038
33
56
*614
4634
212
54i2
56
6%
83
4534
3
5178
3512
34
*22i2
573s
24
*6%
*634
*108i2 114
80
35
*22%
24
*24
6%
7
88
84
IV366
48
2714
*108i2 114
110
*2
1034
10%
100
4712
2S38
89
700
200
1634
*24
1034
10%
300
Mar
160
9
1*2 Feb 19
25*4May 29
No par
Co
106
14»4 Apr
1
Parker Rust Proof Co
300
51
24l2
1
Inc
JaD
Jan 21
17g July 29
37*4 Jan 10
FeD
139
June
5*2 Oct
2*4 May
10
95*2 Feb 14
978May 27
Pathe Film Corp.i...
1
Patlno Mines <fe Enterprises. 10
*47
243g
10
1
10
May
144
1
16
share
per
115
7
Jan
7
12 Feb 15
Par melee Trans porta'n.lVo par
2%
28
*88
24%
2*2 Apr 30
Apr 21
7U
Highest
share 9
per
27„ June
934 Aug
33g Jan
10
....100
Aug
9
4% Jan 10
May 31
xnc
6% 1st preferred
6% 2d preferred
3,300
3
99
400
2434
V 47%
1034
5634
*46i2
243s
2434
2434
Paramount Pictures
<fe
Mar
100
conv preferred
9,300
8,600
*16
*109
161
Apr 22
Davis
*2
28i2
7
3434
475s
243g
110
126
8
27
Park
25g
7
No par
1,100
1,20c
47
1034
684
*109
110
*2i2
Parafflne Co Inc
Utah Consol Mines
85i4
27g
*25g
Aug
6*2 Feb 18
5
share
Jan 27
per
147*2 Apr
No par
Pan Amer Airways Corp
& TUford
51
85
Packard Motor Car
5
share
per
Pan-Amer Petrol & Transp__5
Panhandle Prod & Ref
1
Park
*24
27%
34i2
*1534
3
Park
4612
*2
612
2%
5134
16%
*49
16l2
Pacific Tin Consol'd Corp..
Paclflo Western OH Corp...10
Teoo
2l2
46%
212
*6i4
*1534
109
2478
212
258
278
50
50
1612
51
1
*25g
115
6% preferred
3,700
7,700
2434
*24
47
*1534
*109
110
245g
934
53" 900
1014
84l2
278
5112
8318
16
97g
*5012
8412
*258
*2i2
*5014
4934
10
978
978
14
100
100
Pacific Telep & Teleg
4%
137g
934
934
16
1334
978
978
*25s
2%
*49%
14
137g
141S
934
1334
934
14%
1378
5
60
*10
13%
Par
Lowest
Highest
Lowest
40
*161
334
*834
334
914
*9
3%
115
161
116ig *115i8 llOig
1595s 1595s
Range for Previous
Year 1940
Range Since Jan. 1
On Basis of \W-Share Lots
EXCHANGE
Friday
Wednesday
Aug. 6
9%
334
*9
9%
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
Aug. 5
116
*159
SHARE,
Sales
for
LOW
Saturday
Aug. 2
Jan
Jan
May
434 May
53
Mar
111% Dec
21% July 29
Ex-rights. UTlailed for redemption
New York Stock Record—Continued—Page 9
800
Aug.
SALE PRICES—PER
SHARE,
Monday
Tuesday
Wednesday
Aug. 2
Aug. 4
Aug. 5
$ per share
14
14
$ per share
$ per share
*85%
37%
*113
'
87*4
*37
113^4
♦110U 112%
*4
'4
%
16%
3%
70»4
*15%
*3»4
70%
8i2
8<2
13%
*13
*66
69%
5%
57l2
5 >8
*55
614
6%
*36%
15%
37
15%
484
20%
*4%
20%
*1%
134
*2612
27
3212
14%
*85%
14%
87%
8 per share
104
104
*113
25
25%
Shares
14%
5
6%
*36%
15%
*4%
*19%
*1%
*26%
*65
5%
57%
*55
57%
15%
*55%
6%
*36%
15%
4%
6%
37
15%
4%
*6
6%
37
15%
484
20
1%
27
33
66
66
15%
15%
20
1%
27
104
113
*113
24 %
25
...
24%
*15%
214
15%
10
2%
15%
9%
2%
9%
*2%
*17%
1734
17%
17%
*56
36%
36%
36%
15%
*4%
19%
15%
4%
20
15%
*1%
1%
27
6
5%
32
32
104
104
*13
15%
17%
17%
18%
19
18%
18%
31%
*31%
1%
*5%
32
30%
31%
*32
34
*1%
1%
*5%
5%
*1934
19%
1,000
1%
*26%
32%
27
32%
21%
*37%
*55
21
21
37%
38%
56%
37%
37%
6
6
61
61
40%'
40%
*37
37%
15%
700
9%
25,400
2%
2%
2%
934
2%
17%
17%
*716
%
2 34
16%
234
*15%
19
*17%
2378
33%
2334
33
4334
48%
43%
48%
40
*38
62%
62%
7%
7%
5
5
8
6%
6%
59%
*58
*123% 124%
8%
19%
2%
8%
19
%
16
18%
24
18%
23%
33%
33%
43%
46%
*38%
59%
7%
5%
7%
6%
33
43%: 44%
4734 48%
*38
61%
7%
478
778
6%
*58
39%
61%
7%
5%
8
6%
59
123% 123%
8%
8%
19%
19%
2
5%
23%
22%
7%
6%
23%
22%
7%
6%
6%
6%
*4%
4%
*4%
5
*35%
36
23
*35%
36
3
9%
*27g
3
43%
3%
42%
3%
*37%
7%
38%
7%
38
*5%
13%
578
14
8%
*27(5
9%
43%
*8
41
*35
3%
*278
49
*46
9%
3%
7%
5%
9%
43%
3%
38%
7-%
5%
4,600
%
1%
*15%
30
*32%
4478
4%
12%
3278
44?g
438
12%
10
10
327g
45
33%
45%
4%
4%
12%
*9%
12%
1%
10
1%
*70
71
18
18
17%
17%
23%
24
23%
24
33%
3378
33%
44
46%
43%
*45%
44
41%
45%
34%
4334
4534
39
*38
44%
43%
48%
46
39%
*38
61
17
V 17%
16%
*19%
6
*5
23%
22%
7%
6%
*4%
*35%
*2%
a9%
24
22%
7%
6%
434
36
3%
24
24%
24%
247g
2434
*2214
22%
22%
22%
22%
43%
44%
3%
334
37%
38
7%
7%
9%
5%
*13
5%
*34%
538
37
3
*3%
29%
3%
4
29%
1%
1
15%
11
97
33
46
4%
13%
9%
1%
69%
6%
13%
7%
20%
7%
7%
8
*20%
20%
20
1%
23
8%
*ll4
22%
1%
1%
1%
22%
22%
23%
37%
1178
78%
37%
8%
37%
1134
12
8%
78%
*115
—
*108% 108%
*15
15%
82%
*82%
*11%
82%
*30
31
83%
12
4l3g
41%
11%
11%
*13%
14
*111% 113%
*47
48%
*18%
20%
.
*16
23%
*
23%
*8
17
20%
*5
20%
6%
13%
17
17g
*37
11%
37%
11%
77%
79%
77% 78%
115% *115
11534
108% 108% 10834 10834
15%
15%
15%
15%
82
82
82% 82
82% 82%
83% 83%
11%
11%
*11% 12
*30
30
30
30%
40% 4138
40% 41%
11%
11%
11%
11%
*115
7%
7
7
*6%
6%
4%
35%
6%
434
6%
434
*35%
38%
7%
3%
5%
5%
12%
7%
39
47
5%
45%
4%
12%
9%
1%
*69%
6%
*11%
7%
20%
*1%
22%
7%
36%
11%
77%
115
4
29%
1616
15%
*83
36
*4%
*35%
*27g
9%
44%
3%
9%
42%
9%
4312
3%
3%
383{j
7%
5%
12%
7%
38
5%
13
*96
10%
*2%
46
4
1%
15
11
3%
*3%
*28
/%
14
*10%
on
No par
No par
Standard Oil of Calif..No par
Standard Oil of Indiana
25
45%
32%
4534
12%
12%
438
12%
10
10
10
*934
1%
71
6%
12%
1%
70%
6%
*11%
1%
63g
12
8
8%
21
21%
22%
7%
*1%
22%
*77g
1%
22%
37
37
37
11%
11%
11%
77%
78
109
15%
81%
l3g
109
1% May
17% May
8
33
Aug
4
112
Jan
6
67
May
114
Jan 27
105
May
25% July 31
12% June
10% May
14%June 12
5
May
15% July 28
10% July 22
14
Dec
2% July 25
17% Aug 4
7% May
1% July
10
May
21
Mar 10
16
Aug
150
Mar 31
128
May
28% Jan
3
12% July 11
1434 Aug 1
19% July 31
23% May
684 May
29
Apr 21
27% Apr 25
54% Aug 5
Apr 21
2
3
Jan
6»2 July 28
July 31
09
22
July 21
39% July 22
8
May
1% May
3% June
6078
Oct
14% May
33
May
38% July 28
19
May
59
June
45% May
6% Jan
434 May
57% Jan
40
40% Aug
117
6%
Jan
112
.
113% July 16
i% Jan
May
267, May
Aug
6
Dec
5
May
98
June
1
May
4% Mar 20
2% May
21% Mar 21
978 Mey
22% Mar 21
12% M^x
24%
34%
45%
48%
2034 May
297, June
July 22
July 29
July 2")
Aug 2
16%
O t
4
23
May
Jan 11
66
May
700
Stokely Bros <fc Co Inc
Stone A
"""20O
12,000
1,300
800
No par
Webster
Sun Oil Co
30
2,200
3,500
1,800
1,700
No par
Class A pref
25
Swift International Ltd
Symington-Gould Corp w w.l
Talcott Inc (James)
1,400
3,700
5
200
100
1,200
400
8
27",600
21
1,500
l5g
200
22%
22%
420
700
7%
7%
3634
11%
77%
3634
1,000
11%
78%
*113% 115
3,100
6,600
70
330
4,300
1,600
400
100
700
10,000
3,700
400
25"366
5,700
Def. delivery,
126
21
21
27
2% July 11
18% July 31
14
21
28
9
Jan
Jan 10
23% Jan
5% Aug
2
4
8
6
25
4
2334 July 29
7% July 10
Feb 15
7
Aug
July 10
2% Feb 14
31% Apr 22
38% July 29
Texas Pacific Coal & Oil._.10
Texas Pacific Land Trust... 1
3% Feb 18
5% Mar
8%
Therm old Co
6
Jan
4
32
June
4
2% Mar
3
May 21
38
Feb
1
1
4
$3 div conv preferred
10
Third Avenue Ry
___100
30
Thompson (J R)
25
Thompson Prods Inc..No par
3%June 30
25% Apr 30
Tompson-Starrett
$3.50
cum
Co.No
CorpNo
United Biscuit Co
6
Mar
0
17
19
17
26
15
25
n
New stock,
r
1% Jan 18
18
Jan
9
11% July 31
9934 Jan
6
34% Jan
6
51% Jan 2
5% Jan 13
17% Jan 2
10% July 28
Apr 16
2
Jan
9
75
Jan
9
6 May 23
16%May 20
6% July 30
lO%June 14
8% Aug 7
21% Aug 7
1
par
1% July 31
24
Jan 10
9% Jan 13
37% July 26
12% Jan 4
79% July 22
7% May
12% May
1% Oct
9% May
20
May
3
May
xl7% May
16%
Aug
434 May
3% May
4% May
28% May
278 Dec
4% May
33
May
2% May
2078 May
5% Oct
334 July
5
May
7
Dec
38
Dec
2% June
30
June
3
May
20
June
2%
4
Feb
Jan
2534 May
1
8
May
May
884 May
81
18
May
May
35% May
4% May
10% May
4% May
1% May
64
Aug
3% May
6% May
5
May
14
May
l%May
137, May
6% May
21%June
9% May
697, June
105
May
7
12
75% Mar 28
857g Jan 10
71
May
May
80
25
85%
70
June
13
Dec
12% Jan
Mar
2
4
ll%May 26
25% Feb 19
34% Apr 19
9%May 15
5
No par
115
Jan 15
109
6
Aug
1534 Aug
Jan 13
13% Jan 2
31
July 28
44% Jan
17% Jan
228,
Jan
9
31% July
9
12
May
ll%May 27
May 1
14% July 24
113% Feb 6
12% May
1087, Nov
40%May 2
16% Apr 23
%June
3
18% Apr 21
50% Jan 10
20% Jan 15
42% May
12
May
1% Jan 7
30% Jan 10
26
109
No par
No par
Cash sale.
Jan
Jan 10
July 3
4
Feb 19
9% Jan 30
l
100
$3 preferred
34
62
No par
Corporation
5% July 30
6
Mar
Feb
Feb
4%May
9%May
07, Mar
United-Carr Fast Corp .No par
United
July 18
6
ll%May 14
100
4% preferred
100
Union Prem Food Stores,Inc. 1
Union Tank Car
No par
United Aircraft Corp.
5
United Carbon Co
50
6
9%
96
27%
39
par
Un Air Lines Transport
Apr 22
4% Jan
Mar 25
7% preferred
__.100
10% Feb20
Twin Coach Co
1
0%May 22
Under Elliott Fisher Co No
par
30
FeD 14
Union Bag & Paper
No par
9% Feb 14
Union Carbide A Carb. No
par
60
Feb 14
Union EI Co of Mo $5 pfNo
par xl 11% Jan 30
Pref $4.50 series
No par
108% Aug 6
Union OH of California
Union Pacific RR Co
3
38%June
% Apr 10
No par
City Rapid Tran.No
40% Jan 21
Jan 17
par
10
$1.50 preferred
Twin
6% Aug 8
July 22
10% Jan 23
14
2% Apr 23
preferred.No par
Truscon Steel Co
20th Cen Fox Film
7% July 28
4
5%May 19
No par
100
Preferred
Jan
463* Aug
July 10
7% Apr 23
5% preferred
"""600
60% July 23
2
22
2%June30
$4.50 conv pref
No par
Tlmken Detroit Axle
10
Timken Roller Bearlng.No par
*l3g
May
534 May
34% Feb 19
32
Tide Water Associated Oil.. 10
7%
20%
Dec
5
8% Jan
5
Tennessee Corp
Texas Corp. (The)
300
3,100
4
.25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur...No par
5
5,900
130
5% July 28
8% July 23
5% July 24
36% July 18
3% Jan 16
9% July 28
44% July 31
4%May 12
60
50
1,400
5
3%May 10
9
5)4 % partlc pref
The Fair
"MOO
4% May
5% Feb 14
1
Telautograph Corp
11,300
1,800
3,100
7% Apr
15
Apr
1% Feb
11% Apr
18%June
4
Feb
19%May
17% Mar
Superheater Co (The)..No par
Without warrants
8% Jan 10
Apr 14
117%June
100
Superior Oil Corp
1
Superior Steel Corp__.____ 100
Sutherland Paper Co
10
Sweets Co. of Amer (The)..50
"""lo
"l,300
BO
(4t4% cum) 100
Swift & Co
4
5% Apr 23
4%May26
1
Sunshine Mining Co
1,700
12
a
12% May
2% Jan 20
Jan
6%
*11%
t In reoelvershlp.
21% Jan 10
28% July
66
Trl-Continental Corp
1
$6 preferrred
...No par
Truax-Traer Corp
No par
82
2
3% May
40
Transue A Williams St'l No par
82
Jan
May
7% June
Apr 16
700
15%
Feb 19
June 6
Aug 1
22%May 8
10%May 16
34
4
Feb 14
1,900
109
2
6% Mar
3%May
5
1
10%
1%
15%
1% Jan
Jan
52
70
109
3
Jan 30
15% July 21
5
May
34
Corp
Transamerica Corp
2
Transcont'l & West Air Inc..5
1534
8% Mar
34% Feb 19
.10
4%
12%
82
^
Jan
40
3
40% Aug
4»4 May
Sterling Products Inc
2,700
3,100
3,600
2,000
6%
Feb 6
14% Feb 19
July 16
Starrett Co (The) L S._No par
70
8%
*113% 115
14
10%
323g
45%
4%
70%
1
112
5% July 22
6%June 26
100
37
4
67
2,400
3%
3%
Feb 27
Standard Oil of New Jersey.25
Standard Oil of Ohio
...25
$3 60 conv pref.___.No par
96
45%
4%
this day.
$7 cum
prior pref
prior pref
200
*83
83
83
83%
12
*11%
12
*1134
*11%
12
30%
30
30%
3012
30%
3038
38% 40%
38%
39%
38% 38%
11%
11
11%
11%
11%
1134
13
13
*13%
14
*12%
13
13
*12%
12%
13
*111% 113% *111% 113% *111% 112% *112
113% *112
113%
*47
47% *47
48%
47% 47%
47%
47%
47%
47%
*18% 20%
*18% 18% *18%
19%
*18%
19%
*18%
19%
*16
1
*16
%
»x«
%
9i«
%
23% 24
23% 24
2378 24
2334 24
23% 2334
Bid and asked prices; no sales
cum
600
96
12%
15%
82%
83%
$6
8
29%
32%
78
Standard Gas & El Co.No par
$4 preferred
..No par
Texas & Pacific Ry Co
100
Thatcher Mfg
No par
5%
*34%
3234
46
4%
115
par
No par
800
47
*5
96%
32%
1%
No
Brands.
$4.50 preferred
38
*7%
3%
46%
5%
37
7%
6%
8% June
8% May
61% Aug
44%May31
31% Feb 19
lll%June 2
5% Apr26
108 June 19
% Mar 21
2% Feb 16
10% Feb 19
12% Feb 14
17% Mar 4
25% Mar 6
33
Feb 14
1
13
38
29%
*14
38 38
xlh
38
*3%
*28%
15%
8%
21
Standard
700
3%
3%
*7g
36
3%
3%
11
97
108% 109
82
*5
*34%
3%
151S
*27g
46%
37
*3%
32%
*37
3%
*5
10%
*278
9%
43%
3%
38%
7%
534
8
*2%
96%
*4%
13
7%
*14%
25
22%
*7
*73g
*28%
6
7
37%
*34%
3%
1634
20%
6%
9%
44
13
2
78% Jan 2
10% Jan 21
Oct
May
1% Sept
61% May
14% July 22
1% Mar 28
23%June 4
18% Feb 19
95
Feb 15
5
100
7,900 t Studebaker Corp (The)
*19%
3%
No par
6
6
*2%
*9%
43%
3%
No par
Square D Co
5% conv preferred
600
10,100
13,200
17,400
11
Spiegel Inc
2
Conv $4.50 pref____No par
6%
20%
35%
Splcer Mfg Co
$3 conv pref A
5%
734
*5
7
Spencer Kellogg & Sons No par
Sperry Corp (The) v t c
5%
*7%
2
7
71% Jan 17
1 May 5
3 May 9
60 Mar 6
zl7%May 22
par
1
No par
5%
77g
*19%
6%
*4%
No
Stewart-Warner
2
17
Wlthlngton
4,500
0,700
3,800
6
21
1%
1178
17
2
Sparks
7%
*5
*19%
197g
*37%
2
3'j July
17% Nov
7
6
% May
%
11
9
7%
6%
3
July 28
3278May
1,400
7%
Jan
%July 31
17
May
Feb 19
Apr 23
3%June 28
l6%June 6
8
%
34
107% June
101% June
Apr 23
4% Feb 19
35% Apr 19
10% Jan 21
13
xl3
120
July 15
23% Mar 13
38
6%
6
112
7% May
64% July
13% May
61%
6
5
2
38
7%
7
Aug
Highest
share
per
Aug
61%
6%
15% Aug
88
38% Mar 28
116% Mar 27
$
32
39
5%
7%
V.
Apr 29
Apr 22
share
100
61%
*5
7%
f,%
46%
2%
16
per
11% Feb 16
19% Feb 14
61%
7%
5%
8
13%
6%
60%
7
6%
*11%
7%
22%
59%
7%
69%
6%
*11%
7%
*11
1,500
1,700
33%
2
15%
10%
*96%
32%
45%
4%
*12%
*9%
97
716
23%
2%
10
No par
5% preferred
300
71«
%
2%
16%
8,800
23%
33%
2
15%
11
M#
578
113%
578
24%
33%
»i«
11
700
180
5%
*2%
*16
120
39%
....
112% 112% *112
%
200
39%
58
58% 59
58%
57%
57%
56%
5634
123% 123% *123% 124% *123% 124% *123% 124%
8%
8%
834
884
*8%
8%
85g
834
19
19
19
19%
19%
19%
19%
19%
1%
*96
53
*51
■;
*116%
2%
*46
4%
5%
53
3934
117
10%
18%
48
5%
37%
3%
4%
117
258
*46
3%
97
6%
%
*51%
3934
16%
18%
49
*29
—
2%
*46
3%
51%
16%
18%
*37
11
71
578
41
3%
137g
*96%
*69
57g
*35%
*2%
5%
1%
230
5%
41
*34%
11
56%
5%
*35%
*278
37%
3%
4%
30
1%
15%
*15%
56%
6
8%
*34%
1
37
56%
37%
56%
37
56
5%
13%
8%
8
5%
4%
*29%
37
56
8
*13
5%
3%
37
2%
2%
15%
1778
*20%
7%
3,300
%
%«
234
*15%
*17%
23%
5%
22%
100
30%
-
21%
18%
21%
51%
Southern Natural Gas Co.7.50
Southern Ry.__.____.No par
Spear A Co.$5.50 preferred
36%
51
5%
113%
"""700
*20%
40
40
39% 39%
116% 117
*116%
534
5%
5%
5%
111% 112
*112% 112%
25
Southern Pacific Co
Jan 20
Mar 3
8% Aug
10%
01
3%
61%
Year 1940
Lowest
Mobile & Ohio stk tr ctfslOO
36%
-
Southern Calif Edison
14,500
21
50%
51%
40%
5,000
1,300
43,800
22,600
___100
8% preferred.
$
9
15
8
13% Feb 28
So Porto Rico Sugar__.No par
36%
*3634
5%
% Jan
%
12%
1%
87%
9
S'eastern Greyhound Lines..5
*20%
6
_.
1%
578
10
Smith & Cor Type v t c.No par
Snider Packing Corp...No par
20
*57
«
Smith (A O) Corp
35
1%
*5%
No par
$6 preferred
900
21
55
*39
1%
6
10
2,300
37%
5%
*50%
*32
23
12
9
14
Socony Vacuum Oil Co Inc. 15
South Am Gold & Platinum_1
36%
54%
5%
18
*20
*20%
35
Petroleum
3,000
19
30
17%
100
37%
37%
6
2%
177g
21
5%
23%
2278
7%
2%
1%
5%
17%
2934
*31%
1%
*5%
*57
55
*
8
1%
*5%
*57
6
113% *112
*112
*37
1,800
15%
35
55
*116%
534
*116%
5%
37%
25%
9%
*32
21
*20
30
15%
30
1%
00
9%
29
5%
Shelly Oil Co
15
Sloss Sheffield Steel & Iron. 100
*15%
17%
69
2,000
104
Slmonds Saw «t Steel-_No par
13
17%
No par
Simmons Co
Simms
13
*1778
Coalition Mines. 6
100
32%
18%
17%
128% 128%
227g
23%
12%
12%
13%
1334
17%
17%
28% 29%
15
Shell Union Oil
Silver King
800
134
27
13%
35
1%
*5%
Sheaffer (W A) Pen Co-No par
*13
31
*32
220
17%
2%
17%
No par
No par
$5 conv preferred
Sharpe <fe Dohme
$3.50 conv pref ser A.No par
800
8% Apr
79 Jane
33%June
109%June
108
Feb
1
No par
Shattuck (Frank G).._No par
8,300
*112%
2434
100
Range for Previous
Highest
% per share
par
1,900
4%
*101
par
par
MOO
"
15%
25
par
Servel Inc
30
37
104
Co.
Scott Paper
Sharon Steel Corp
4%
19%
*102
18%
*62
*57
37%
17%
29%
14,000
4,000
2%
9%
2%
Seagrave Corp.......-No par
Sears Roebuck & Co
No par
13%
15%
9%
15%
10
2%
100
15
31
5
100
Seaboard Oil Co of Del.No par
37
*1%
Corp
5)4% preferred
300
5%
27
Schenley Distillers
300
7,000
4%
19%
1%
Par
No
$4.50 preferred
No
$4 preferred
No
$ Seaboard Air Llne__.No
4-2% preferred
30
5
57%
Lowest
500
700
10
00
57g
18
17%
17%
17%
17%
17%
18
17%
17%
17%
*125
*122% 129
130
*122% 128
121% 12114 *122% 129
23
23%
23%
23%
23%
23%
23%
23%
23%
23%
12%
12%
12%
12%
12%
12%
*12%
12%
12%
12%
13%
14%
13%
14%
14%
14%
14%
1434
13%
13%
*21
22,000
36%
15%
4%
*112%
24%
2434
*24%
14
1534
5
57%
6%
24%
*13
5%
*56
5
57%
*64
112% 113
*102
32% 32%
*102% 104
3234
1534
9?8
*60
15%
._._
66
26%
20
*1%
27
13%
33
1%
534
15%
*64
66
5
5%
*4%
*13
10
5 per share
66
14
*13
$ per share
___
113
32%
Week
*87
89
*87
89
*87
90
87% 88
37%
37% 37% *37% 38%
37%
37%
3734
3734
*113
11334 *112% 11334 *11234 113%
113% *113
11334 II334
110% 110% 110% 110% *110% 113
*110%
*110%
7«2
%«
%
>4
%
%
'
%
%
%
K
%
%
%
*34
%
*%
%
*34
13 j g
*15
15%
15%
15%
15% *15
1534
1534
15%
15%
3%
*3%
3%
3%
*3%
3%
*3%
3%
*3%
3%
70
71
70%
70%
70%
70%
71%
70%
71% 170%
"
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
*13
*13
*13
*13
13%
13%
13% *13%
13%
^
13%
*55
Range Since Jan. 1
On Basis of 100-Share Lots
1941
EXCHANGE
Aug. 8
*37
66
STOCKS
NEW YORK STOCK
the
CENT
Thursday
Aug. 7
Friday
Aug. 6
14%
14%
NOT PER
Sales
for
HIGH
AND
WW
Saturday
9,
*
Ex-div.
y
Ex-rights.
1%
Dec
Dec
5 Called for redemption.
I
Volume
LOW
AND
New York Stock
153
HIGH
SALE
Record—Concluded—Page 10
801
PRICES—PER
Tuesday
Aug. 2
Monday
Aug. 4
$ per share
$ per share
$ per share
4%
4%
*2
2%
*25
27
*5
4%
*2
Aug. 5
4%
5
5
5
5
5
5
39%
72%
3834
3834
73%
38%
7%
7%
72%
7%
108
12
4
7%
*10712 1083.1
11%
11%
4
*3i2
4
1534
93
12is
1214
1538
7%
11%
4
12%
12% *11%
62
61
6212
60%
6134
*17514 178
*175% 178
*175%
*8
8
8
8'8
*7%
:
United Drug Ino
5
United Dyewood Corp
Preferred
United Fruit Co
7:
8,800
United Gas lmprov*t
108
700
13%
4%
12%
4%
11,500
1,700
2,700
..No par
No
par
15 preferred
No par
United Mer <fc Manu Ino v 10 1
United Paperboard
10
U. 8. 4 Foreign Secur__.No par
$6 first preferred-...No par
4
4
4
*88
93
*15%
15%
15%
15%
*11%
12
11%
12
1,100
U S Dlstrib Corp conv
U 8 Freight Co
59%
60
1,600
U 8 Gypsum Co
15%
15%
11%
12
61%
61%
60%
*175% 178
178
*7%
7%
7%
3%
3%
93
*88
60%
61%
177% 177%
*7%
8
*42';,
43
178
178
30
400
7%
7%
t
"""250
pref.100
42
42
42
42
42
31
30
30%
29%
30%
29%
30%
30%
31%
31%
32%
9,700
43S
*334
4%
4%
4%
4%
4%
800
834
834
9
9%
9%
*85%
9%
89
30%
5.400
400
U 8
500
43
*42
43$
*4
9
9J8
8%
9
9
*S5
87
*85
31%
33
*32
33
*32
33
25%
25
25
*24%
1%
25
*83
85
85%
9%
85%
3134
*32ls
3178
3334
253s
1%
24%
93l2
G3%
74
31%
31%
333.1
3334
25
25
*25
1%
2414
9312
*6234
*7114
5834
313s
32%
31%
1%
24%
1%
1%
9434
95
62
62
61
61
*61%
74
*71%
58%
*71%
58%
*73%
74
120
*27l2
28l8
28
28
46i2
4012
n2
1
5834
58%
120
58%
*27%
46%
*46
47
*46%
*1%
47%
1%
46%
1%
1%
1
1
1
1
*1%
*»%«
*50
53
*50
53
*50%
53
*50
♦14
145«
*14
1434
56%
*14
1434
58
*14
*54%
58
*54%
*151
*151
154l2 *150
154% *151
151
lo
22
*
*._
72
*25
26
*1%
*42%
44
72
*117
27
500
1
1,900
lo
lo
21
*19%
2l"
*19%
26%
*25%
26%
25%
13%
14
*13%
23%
*114
13%
24
6
4,300
25%
%
1,100
%
50
21
600
13%
24
24
1,600
115
115
60
U 8 Steel Corp
preferred
No par
116
380
...6
25%
2
26
26%
118% *117
26
26
118
*117
20
20
*19%
20%
*36
38
*36
38
100
*32
32%
32%
300
25%
25%
400
1%
800
Va-^arollna Chem
6% div partlc preferred. 100
Va El 4 Pow 56 pref
No par
Va Iron Coal 4 Coke
20
141
10
Preferred.... 1.100
*20%
2078
*98% 10C
5%
*29%
5%
3012
*14
14%
*4%
*
5^
34
19
5
5%
72
*70
1%
20%
"99
19
5%
30%
30%
*29%
30%
*29%
30%
30%
*14
4%
14
14%
14
14
4U
14
4%
*4%
"16
4%
"is
*%
%
%
18%
*18%
19%
*18%
5
1%
5
5%
72
*69
*1%
17%
1%
18%
20%
*15%
16
16
*15%
15%
16
15%
15%
3%
3%
5%
1%
17%
*32
32%
*20%
21
16
16
15%
15%
*77
17%
*32%
*20%
*15%
15%
3
3
*77
1%
•»
-
1,900
5% preferred A
100
100
400
Waldorf System..
No par
9
20%
400
20%
100
100
100
5%
5%
5,200
*30%
500
*14
30%
14%
5
200
5
%
%
19
5%
5%
1,700
%
%
5%
30%
19
72
*70
5%
71%
1%
*4%
*%
*18%
434
18%
19%
32%
2,290
21
*20%
*15%
15%
*2%
100
21
16
15%
3%
3%
*77
'
-
-
No par
2,400
*15%
15%
*2%
200
16
1,700
3
1,000
*77
100
5
Warner Bros Pictures
2
65% Apr 4
76% Jan 29
7034 Jan 6
Jan 13
130
33% Jan 13
Jan
4
1% Jan
1% Jan
7
4
48
Jan 10
60
16% Jan 10
59% Jan 15
157
Jan 21
160%June 26
"i# Aug
•11 Jan
20% Aug
8
1% Apr 14
19% Apr 22
116% Feb 17
12
Apr
100
2% Jan
2
2834July
8
118% July 23
23% July 26
June 21
8%
834
*"l6
a4
28
130
31%
31%
34
34
*110% 112
*55
65
*99
8
"is
"i«
*%
34
27%
27%
27%
27%
*%
27%
28
8,000
22%
23
23
23
23
23
23
23
2234
23
2,900
92%
93%
93%
94%
94
94%
*129
133
*129
*31
31%
34%
34%
110% 110%
*55
*99
129
133
*31
31%
34%
34%
110% 110%
*55
65
100
99
129
31
31
*33%
*95%
99
*33%
34%
31
34%
65
99
29%
*69
70
*69
71
*69
70
16%
15%
*15%
16%
*15%
15%
99
*69
*15%
15%
29-%
7
7
7
7
15%
6%
4%
4%
4%
4%
*4%
15%
15%
*52
58
*26
26%
#9
2%
2
1%
4%
6%
4%
6%
"
*52
25%
2%
*25
2
2%
2
2%
4%
5
4%
6%
,5
6%
143
125
*66%
68
29%
23%
6%
*73
74
*113%
70
*14
15%
15%
4%
*52
25%
2
2
4%
2%
434
2
4%
2
4%
23%
23%
*113%
27%
29%
*23
»
-
*113%
-
6%
-
*
-
-
6%
4%
6
18,100
9,000
74
*113%
27%
*27%
28%
*27%
30
30%
z30
30%
23%
23%
23%
23
22%
.
9,900
1,700
*138.
144
*138
144
138
138
*120
138
20
123
*115
131
*115
130
*115
130
*115
130
10
68
*66%
*69%
116
67%
71
118
*66%
*69%
*110
67%
71
*66%
*69%
115
116
67%
*66%
67%
71
*68
71
115
*110
115
*67%
67%
67%
67%
21%
21%
21%
21%
15%
14%
15%
15%
15%
*117
118% *117
118%
118
118
118% *117
10%
10%
10%
10%
10%
10% *10%
*10%
39
38
38%
38%
38%
38%
38%
38%
*67
68
68
*66
68
21
21
*21%
21%
21%
15
14%
15
15
15%
*117
118
68
15%
*117
118
10%
10%
38%
39
38%
39
94
94
94
94
16
16
13
13%
15%
*12%
#2
2%
*10%
""400
28%
30%
140
68
10%
200
140
21%
*21%
13,500
123
*66%
15
*66
100
2%
4%
*73
74
""200
2
2
*90
21%
*90
95
95
95
15%
15%
16
15%
13%
12%
12%
12%
15%
12%
2
2
2
2
2
Bid and asked prices; no sales on
this day.
95
*90
95
15%
1534
1534
12%
1234
*12%
*2
2%
2
{ In receivership,
1534
12%
2
30
200
700
20,800
50
400
5,300
300
1,100
700
800
d Def. delivery
%
Apr
Western
»i« Jan 17
Jan
17% Apr 22
96%June 27
4
May
25%May 31
»i»June
4
13% Apr 19
2% Feb 19
80
94
112
7
Mar 31
May
5
May
Apr
Oct
31% Mar
4%
31%
120
15%
Jan
Jan
Nov
Apr
120
June
Jan
%
Oct
1%
Jan
»u
Deo
2%
Jan
89
June
3
May
9% Nov
23% May
104%
Deo
6% Nov
6% Jan
30% Jan
18% May
35%
Jan
14% July 21
10
June
16%
Feb
3% Deo
% May
13% Aug
9%
Jan
Jan
Jan
Feb
Dec
Sept
Sept
Nov
Feb
Apr
5% Jan
l%June
21% July 10
5% Aug
72
July 31
1% July 31
19% Aug
2
May
30
May
% May
3% May
July 23
23% Jan 13
22
May
20
May
17% July 22
20% Jan 6
4% Jan 7
13% May
33
Feb
6
117% Jan
3
14
May
2% May
80
Dec
15% May
6884 Aug
1%
25%
4%
60%
2%
12%
34%
28%
20%
24
4%
80
29%
Jan
Feb
Deo
Apr
75
Jan
110%
Apr
115
Apr
June
198
Jan
108% May
120
91
June
96% May
80
11
May
Oct
25% May
15% Feb 19
104% Apr 26
105% Feb 10
3
29% July 22
100
234 Apr 28
4% July 31
2% May
5
Jan
100
6
July 31
4% May
% Dec
8%
Apr
Maryland
23% Mar
Jan
5
Western Pacific
%i Feb
Western Union
18% Feb 13
17% Apr 22
86 May 31
120%May 2
27%June 6
27% Apr 17
6% pref...100
Telegraph-100
Westinghouse Air BrakeNo par
Westlnghouse El 4 Mfg
50
1st preferred
60
Weston Elec Instruraent.12.60
Westvaco Cblor
Prod-.No par
1
$4,50 preferred..—No par
105
Apr 16
100
100
65
July 23
92
Apr 28
5J^%conv pf
Wheeling Steel Corp...No par
$5 conv prior pref—No par
White Dental Mfg(Tbe 88)-20
1
White Motor Co
White Rock Mln Spr C0N0 par
White Sewing Mach
Corp__.l
14% May
15% May
40%
Apr
1
Jan
28%
Jan
28%
Jan
2
76
May
118
Jan
Mar 22
110
May
140
Nov
34% Jan 10
26
Jan
36%July 14
110% July 31
65
July 23
108
Dec
50
May
80
Oct
2
85
May
103
Nov
106
Jan
141
100
Jan
27% May
37% May
38% Feb
109% Dec
18% May
35%
51
74% Nov
Apr
21% Apr 18
64 May 19
30% July 31
10% Jan 7
12% Feb 14
4
Apr 21
15% July 25
17% Jan 9
7% May
17% Dec
8% July 11
5% Jan 10
4% Mar
3% May
11%
4
Feb 14
41
Feb 15
Jan 14
76
7%
May
Aug
11%
Apr
Apr
7% May
Jan
67% Mar
14% May
24% May
38
1%
Oct
3%
Jan
1
1% Apr 16
2% Jan 11
1%
Jan
3%
3% Apr 18
5% Jan 13
3
Jan
6%
Apr
Apr
20% Feb 14
l%May
No par
4% Apr 24
—No par
Wisconsin El Pow 6% preflOO
Woodward Iron Co..
10
Woolworth (F W) Co
10
Worth! ngt'n P4M(Del)No par
7% preferred A..
100
6% preferred B 100
Prior pref 414% series...100
Prior pf 4 }4% conv serleslOO
Wright Aeronautical ...No par
Wrlgley (Wm) Jr (Del) .No par
Yale 4 Towne Mfg Co
25
Yellow Truck 4 Coach cl B..1
Preferred
100
Young Spring 4 Wire..No par
Youngstown 8 4 T
No par
514% preferred ser A—100
Youngst'n Steel Door..No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
65% Feb 15
$6 preferred
New stock
June
Apr
3
par
5
Willys-Overland Motors
Wilson 4 Co Inc
l%May 13
29% July 22
24% July 22
21
105
54%June 28
26% July 31
2% May 12
---20
6% conv preferred
9
100% May
10
No
preferred
Wilcox Oil 4 Gas Co
»
109
16% May
25% July 31
74% Jan 18
16% Mar
65% Mar
1% May
14
May
5% May
9% Apr
22% Jan
105% Jan
80
Feb
19
Jan
May
...100
Supply Co...10
4% 2d preferred.
Prior
39% Mar
117%
Co No par
West Va Pulp 4 Pap
Western Auto
Feb
20% July 15
$4 conv preferred
55%
*25
2%
6
23
2,000
3,300
25%
*73
27%
7%
57%
6%
30
3,800
4%
*2
73%
:V
""loo
7
*25
6%
29%
5,200
4%
*52
73%
27%
15%
2%
2%
6%
28
10
28%
55%
25%
*2
74%
29%
*69
71
70%
123% *118% 124
*68
*114
4%
*69
15%
15%
7%
6%
4%
58
*113%
*27%
*123
6%
*2
30
*140
6%
4%
*25
27%
23%
7
28
.
Wheeling 4 L Erie Ry Co.
99
*95%
70
15%
*52
29%
23%
-
15%
58
27%
'
15%
4 io
190
65
2934
15%
16
25%
2%
25%
74
*113%
28%
*2
*52
74%
*73
29%
600
34%
*55
65
*55
16%
29%
341 i
1,600
110% 110% *110% 112
70
29
210
31
*30
*30
110% 110%
*55
65
2,700
94%
93%
94%
94%
128% 129% *129% 132
*15
29%
200
"is
27%
*69
29%
400
734
34
"16
%
*95%
29%
100
734
8
*7%
8%
*7%
27%
27%
93
22%
8
8%
pf
6% preferred...
28
28%
23%
*92%
130
8%
*"l6
No par
22%June
July
112
% Jan 10
% Apr 15
»i» Jan
8
Jan 18
1,300
«u Nov
Jan
Jan
143
107%
"3",000
Dec
June
May
Mar 27
July
400
Jan
128
69
135
135
100
100
100
330
70
159
45
Nov
7% preferred
6% preferred...
104
May
134% June
35
West Penn Pow Co 4
103
12% May
63% Dec
18% Nov
48
180
103
June
110
June 13
160
101
96
Apr
41
36%June
102
97
*96
97
97
96%
96%
96% 97
96%
96%
116
116
116%
116% *116
116% 116% *116% 116% 116
*20
20
20
1934
19%
1934
20%
20%
19%
*19%
*19% 20%
10634
*104% 106% *104% 106% *104% 106% *105
106% *105
*104% 106%
29
29
2834
29%
29%
29%
29%
29%
29%
29%
29%
29%
4
4
3%
334
*3%
3%
3%
4%
4%
4%
4%
4%
101
101
96
2%
28% May
71
May
Feb 15
Jan 10
$4 oonv preferred
116% 116%
May
Jan
42
89
115
101
Apr
1
33% Feb
37% Aug
31% Mar 29
July 31
22%
*70
*100
2%
62
100
7234
100
Deo
1%
56%
106% Jan 25
23%
*70
100
Dec
Nov
Mar 26
May 31
z23
25%
24%
25%
*70
72%
72%
100%
100% *100
103
*102% 104
Apr
50
49% May
8
97
*70
39%
35% May
Aug
Wesson Oil 4 Snowdrift No par
24%
73
130
42% June
July 30
West Penn El class A..No par
25%
100% 100% *100
103% May
29% Dec
45
70
*70
100
24%
May
Jan
67% Nov
z73% Dec
76% Nov
116
5~800
25
73
100
May
42
Jan
Apr
39%June
23%
7234
100%
104% 104%
25
*70
60
1%
41%
117
Aug
113
53
Jan 2
$3,85 preferred.....No par
% Mar 11
{Warren Bros Co.
No par f;
6
Feb
4
$3 preferred
...No par
26
Feb 19
Warren Fdy 4 Pipe
No par
18%June 3
Washington Gas Lt Co-No par
14 May 14
Waukesha Motor Co........6
15% Aug 7
Wayne Pump Co
1
2%May
Webster Elsenlohr
No par
7% preferred
"
June
3%May 13
49,800
*20%
% Apr 28
44% Apr 25
12
May 10
zl2% Feb 13
7% preferred
200
May 10
pref.....No par
Dlv redeem
Class B
20
1
Ward Baking Co cl A,.No par
200
16%
*77
Walk(H)Good 4 W Ltd No par
400
21
15%
...No par
19%
32%
32%
15%
4H% pref with warrants 100
Walworth Co
1%
18
32%
No par
Walgreen Co
"is
1%
32%
1%
200
J Wabash Railway Co
19%
5%
70%
70
1%
18%
*3
*
20%
100
*4%
19
5
*70
72
*14
4%
%
%6
%6
*884
9
14%
5%
*20%
3%
*99
5%
17%
■V
21
100
5%
32%
20%
3%
*20%
*8%
*20%
5%
*32
*77
9
*99
100
316
n,
*lJ6
%
9
5%
3234
20%
*32
9
2034
*"l«
5%
*70%
1%
18%
834
31«
SS2
%
18%
4%
*18%
s.
% May
May
68% May
39% May
2% July 23
July 11
July 11
26% July 15
*97% 102
16
15
98
4
Mar 13
141
*57.2
23
»i»June
17% Feb 14
80% Feb 15
55% Mar 13
69% Apr 25
20
No par
102
#11
Nov
6
Victor Chemical Works
1%
*97
a
Jan
Apr
24
57
*138
11
39
Dec
Mar 26
142
1 c
38%
22
57
102
11,
'1#
21% June
27% June
100
*97
*8%
9
2034 2034
*98% 100
31% Aug
34% Feb
25% Jan
July 10
...100
*138
%
26% Apr 26
29%May 6
18% Apr 12
Apr
74
28
7% 1st preferred.,
142
*ie
Aug
Apr 10
6
Van Raalte Co Inc
102
9
48
Apr
May
Van Norman Mach Tool..2.50
*95
%
85% Aug
Apr
12%
19
"138
3i«
May
Deo
7%
43% May
149
9
6
28
May
May
2
141
958 Aug
35
14
June
*25%
32%
5% Apr 24
54% Feb 24
25% July
8
12
2
21
37%
32%
3% May
June 12
25
25%
*19%
4% Jan
6
Vlcks Shreve 4 Pao Ry
*32
3238 Aug
2
72
*3534
43
Apr 22
Aug
*
21
6% Mar
Mar 17
72
3734
3234
182% May
15
100
3234
May
2% May
34% Jan
100
*19%
*3534
165
22
*138
3734
3234
Jan 14
Apr 21
102
20%
*3534
*32%
June
Apr 18
149
3234
Jan
50
12
*97
20%
3714
Nov
89
8
69% Jan
15
*138
20.
3714
*32%
Deo
11
23
*-
80
May
12%
100
Preferred
5% pf 100
Virginian Ry Co
...25
6% preferred
25
Vulcan Detlnning CO.....100
20
97
Vanadium Corp. of Am .No par
72
500
5% May
Feo 10
Jan 17
Vick Chemical Co
26
Jan
May
Apr 18
May 20
44
118%
Dec
5
3
48
*43%
26%
3%
80
13% Mar
7% Apr
7% Jan
33
133
44
*117
May
20
140
2
26%
Oot
June
9%June 27
100
*42%
.
Jan
118
3
183
No par
44
—
Jan
15
6
July 19
Universal Pictures 1st pref.100
Vadsco Sales
...—No par
8% preferred
Deo
85%
Deo
7
13
22% Apr30
42
Mar 27
6
41
May
4% July 15
4
July 28
July 23
July 22
No par
United Stockyards Corp
United Stores class A
Apr
Mar
6
107% June
Ji,n22
13% Aug
7%
65% Mar
5% Jan
25% May
9%
19
4% Feb 17
Dec
60
93
8% Mar
Sept
2% May
8
4
Mar
49% Apr 21
25
1
2
9% Feb 19
84
115%Junel 2
7% preferred
conv
8% Apr 25
2% Apr 10
2% Feb 19
100
U 8 Tobacco Co
$6
117
No par
Preferred
Universal Leaf Tob
60
24
U 8 Smelting Ref 4 Mln
Unlversal-Cyclop6 Steel Corp 1
20
114
10
100
50
100
200
14
No par
8% 1st preferred
100
56
55%
1
53
14%
*49%
*13%
160
55%
20
10
Playing Card Co
*25%
1/18
*117
100
151
*
2
26%
118
200
*54
*42%
26
2
2
*26%
27
118
26
25%
1,200
*153
114
44
72
2
14
*23
*22% 23%
*112% 114
'25%
2
*20i4
*42%
14
100
Preferred
19,100
*147
25%
13%
700
151
*19%
14
14%
Prior preferred
U 8 Pipe 4 Foundry
{U 8 Realty 4 Imp
160
26%
13%
22
50
A ...No par
U 8 Rubber Co
1,000
1%
is,.
1
conv cl
1,700
160
20%
114
*1%
Partlc 4
..No par
3% May
5% July 24
Jan
Highest
share $ per share
per
26%
Jan 11
73% Aug 6
10% Jan 15
Apr 23
5H% conv preferred
U 8 Industrial Alcohol.No par
U S Leather Co...
8,000
*148
26%
14
1%
1%
1%
56
20%
2034
62
*1%6
151
26%
113
61
50
56
21%
24
1%
1
151
26%
1153s 11538
*42% 44I4
62%
*31%
2484
154% 154%
%
i. 1,
....
154%
%
%
%
*20%
22
*117
'
26M
14i8
22
*2018
14i8
2334
94%
1,600
32%
25
1%
24%
94%
53
%
%
1%
24%
94%
100
*71%
74
*71%
74
58%
58%
58%
59
120% 120% *120% 120%
28
28
*27-%
28%
*45%
47
*45%
47
28
1%
151
62%
74
59
28
Ho
*5412
1%
120% *120% 12034
*27%
30
62
95
1«4
30%
24%
94%
24%
94%
2434
95%
24%
94%
89
30%
31%
24%
120
*150
*86
*2434
1%
24%
59%
12012
120
88
100
43
42
170
5
50
U 8 Plywood Corp
*42
43s
5
May 29
6%May 9
105
May 3
100
7% preferred
$
5% Aug 6
3% Jan 11
32
55
U 8 Hoffman Mach Corp
30
412
3
4
May 14
No par
Year 1940
Lowest
share
per
l%May 6
20%May 16
3% Apr 21
20
42
412
$
share
2%June
Range for Previous
Highest
60
2,400
7%
per
33%May
1,100
73
600
10
..100
%
United Electric Coal Cos....5
United Eng & Fdy...
6
4%
39%
4%
4%
4
10
73
13%
11%
29,500
Par
39%
*106
108
5
2%
27
Lowest
93
*3%
15%
12
*2
*23%
7%
*106
4%
*89
93
73
12
4
4
3%
15%
*23%
107
113-i
4%
*88
1534
107
108
11%
4
*89
418
93
15i2
107
72%
7%
4%
5
2%
27
5
39%
73%
*4%
*38%
71%
7%
39%
72
*4
4%
*2
2%
25
39%
*90
Shares
25
5*8
*3%
$ per share
27
3978
•1134
Week
$ per share
5%
Aug. 8
*25
7134
7%
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Friday
27
7134
108
4%
*2
•
STOCKS
NEW YORK STOCK
the
CENT
NOT PER
Thursday
Aug. 7
S per share
5
2%
4%
*2
2%
SHARE,
Wednesday
Aug. 6
i
*25
*39U
7%
■
Sales
for
Saturday
r Cash sale.
112% July 15
25% Apr 21
26%May 26
16% Feb 19
93
85
Mar 15
Jan 30
54% Feb 17
68
Feb 13
86
Apr 23
62%May 28
17% Apr 24
11% Apr 21
114
Feb 25
9% Feb 19
30% Apr 18
83
Apr 26
6% July 22
45
June
116
Jan
7
7
30
33% Jan
34% Jan
25% July 22
145
July 30
130
July 30
67
July 28
71% July 22
122
July 24
Jan 11
80
22% Jan 8
17% Jan 10
120
Jan 10
May
13% May
65
June
95
Oct
June
58
Nov
June
65%
91
June
129
Apr
73
May
93
Apr
25
Jan
July
15% May
9% May
98
May
26% June
80
Aug
Jan
10% May 16
15% Apr
2% Jan
y Ex-rlghts.
Apr
Mar
39
6
42% Jan
95
7%
70
121% Mar
34% Nov
42% Apr
24% May
102% Oct
29
60
6% June
18%
* Ex -dlv
16% May
12% Jan 11
13% Apr 16
1% Apr 23
3% May
9
June 16
76% July
114
19%
Oct
Jan
126% Sept
14
Apr
48%
an
May
99%
Deo
12% May
28%
Jan
8% May
17%
Apr
Apr
2
Mar
4%
5 Called for redemption
802
Aug- 9> 1941
Bond Record—New York Stock
Exchange
FRIDAY, WEEKLY AND YEARLY
'~~rr
NOTICE—Price*
"and Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly
range are shown In a footnote
in the week In which they occur.
No account Is taken of such 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.
are
Friday
Week's
BONDS
Last
Ranye or
Range
BONDS
N. Y. STOCK EXCHANGE
Sale
Friday's
Since
N. Y. STOCK EXCHANGE
Week Ended Aug. 8
Price
Jan. 1
Week Ended Aug. 8
Treasury
......1947-1962 A O
.......1944-1964 J D
3M»
1946-1956 M 8
D
3MS--—1943-1947
O
3 Ma..
1943-1945
O
3Ma
1944-1946
3 Ms
1946-1949
3 Ma
1949-1962
3b
—1946-1948
3b
1951-1955 M 8
2Mb..
....-1955-1960 Af S
2Ma
1945-1947 M 8
2mb
1948-1951 M 8
2 Ma
1951-1954 J D
2mb
1956-1959 M 8
2548......——1958-1963 J D
2Mb
1960-1965 J D
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
2 Ms
2mb
2Ma...
2 Ma
2 Ma
2 Ma
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
...
—
J
M
M
Low
*113.6
High
119.4
121.26
113.15
Jan 1961
107.25
107.21
107.22
107.21109.9
111
111.3
110.11112.12
*113.1
113.10
112.15114.9
*110.11 110.20
109.24111.21
*112.17 112.26
110.4
108.15
108.15
109.23
1
110.9
108
110.6
110.27
37
111.13
9
110.18
107.1
"~4
110.26
110.27
108.1
109.24
107.27110 9
107.2
110.10
110.6
ill
113.9
107.14111.25
1
109.23
111.2
106.31110.31
107.8
108.9
111.24
107.22108.14
Oct
1961
Jan
1901
*106.7
106.16
104.28106.28
Af 8
J
D
*106.11
8
el07.1
Copenhagen (City) 5s
Af
el07.l
106.26107.28
101.28
J
8
106.28108
101.28103.3
101.28
*101.23 102
f 7s series C._
D
D
105 H
103
101.29103.2
105M
105M
123
27 H
27
..
v-'':
100
105m
23
♦External
s f
7s 1st series
21m
sec s
"~9M
7m
7m
7 m
f 7s 2d series. 1957
sec s
f 7s 3d series. 1957
Antwerp (City) external 6s
9m
9M
7m
9m
6m
9
9
1958
*12
With declaration
....
Argentine (National Government)—
8 f external 4M8.
1948 M N
1972 F
1972 A
/
1957 M 8
Af N
External 5s of 1927
4mb of 1928
65
1957 J
9
7
9
17X
14
17m
.....
89m
74
78
30
65
74
46
58m
65
ser
f 6s
1950 A
90
♦Frankfort (City of)
64 m
66
20
~
-
3
15
93m
O
5m
5m
12
66
♦7s (Central Ry)
1952 / D
A
1950 J D
1962 J D
26
93m
f4M-4 Ma
1976
External readj 4M-4M«—...1976
External s f 4M-4M»~—
1975
3% external a f $ bonds..
Bulgaria (Kingdom of)—
f 7s
1984
A
O
N
♦Stabilization loan 7 Ms
Canada (Dom of) 30-yr 4s.....1960 A
6s
O
1952 Af N
Aug. 15 1945 F
A
1961 J
1944 J
—.1967 J
30-year 3s
30-year 3s...
♦Carlsbad (City) 8s
8
8m
8
26m
26
20 x
17
26m
26
20 m
17 x
55
17 X
27
17m
19m
17 X
46
18
18m
16
15m
15m
16m
68
2
52 X
68
61m
i
52 m
57
65"
6
—
5
17m
65
6m
5m
68
59 m
57 M
52 Y,
60
27
1949 J
8
45
52 m
♦Sink fund secured 6s
♦6s part paid.
*5l"
8M
8M
*80
D
51
51
8
27
26 M
63
93 m
1965 J
1968 F
D
7
6 X
93
67
*6
44
6M
8M
9
*6M
O
7
70
5
15
9M
'~9m '12m
*7m
A
9m
25
14m
22 m
26
26
J
30
26
27
♦7s secured
s
f g
46
7
47
53 m
Irish Free State extl
32 m
38
♦Italy (Kingdom of) extl 7s
♦Italian Cred Consortium 7s
5
8
67
88 M
100 X
101m
102 m
97
43
97
102 m
79
89
8
98
34
79 M
92
88
87 m
87 m
88
8
76 m
88 m
88 m
7
7
76 m
7
88 m
8 %
5
50
49 m
52 m
6
4m
J
5H
6
4x
6m
6m
Af N
*5M
*5M
6
5
J
Af N
6
6
5
With declaration
5
4m
Hungary 7Ma ext at 4Mb to... 1979
a
f 5s
F
A
11
*74
1960 MN
1951 J
ser
D
20
B'47 Af S
♦Italian Public Utility extl 78..1952 J
J
Japanese Govt 30-yr s f 6 Ma—1954 F A
Extl sinking fund 5 Ms
1965 Af N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s
1947
♦Lower Austria (Province) 7 Ma 1950
76
20
20
15
23m
65
4
*15
"3
42 M
15
75
20
16
"l5m
4m
X
15
45
"4I"
3m
F
D
*6M
1954 J
D
8M
1954 J
D
*70 x
5
A
J
28
6
35
3M
19m
92
97 m
J
O
*5M
1946 J
♦Hungarian Land M Inst 7M8-1961
♦Sinking fund 7 Ms ser B
1961
30
7
11
66
O
52 m
53
100m
6m
38 X
1946 A
54m
With declaration
45m
100
8
55
ext 7 Ms 1950 J
Helslngfors (City) extl 6 mb
1960 A
Hungarian Cons Municipal Loan—
♦7 Ms secured s f g
1945 J
♦Hamburg (State 6s)
19
7m
26 m
*8
8
♦Heidelberg (German)
53
5X
14m
9m
O
51m
7m
8m
A..1952 A
ser
"56
39
26 M
93
64 M
...1968
50 X
53 m
9
60" "55"
1949
♦5 Mb of 1930 stamped
♦Haiti (Republic) s f 6s
58 m
93
50 m
50 m
J
88m
J
1960 A
7
8m
*8X
♦6s assented
1960 A
♦Extl sinking fund 6s...Feb 1961 F
♦6s assented
Feb 1961 F
O
8%
8m
97
98
9m
24
26m
25
♦Medellln (Colombia) 6 Ms
Mendoza (Prov) 4s readj..
Mexican Irrigation—
♦4Ms stamped assented
1943 MN
♦Mexico (US) extl 5s of 1899 £.1945 Q
♦Assenting 5s of 1899
1945 Q
14
12X
12M
*14
12M
12 M
15
12M
*14
"mi
12M
26m
♦Assenting 4s of 1904
♦Assenting 4a of 1910
9
14
1954 J
8m
*8m
A
A
3
14
O
807.
68
92
...1942 M N
dree
85
96
1942 M N
♦External sinking fund 6s
52 x
21 m
90 x
97 m
1950 M S
♦Farm Loan s f 6s.-July 15 1960 J
J
♦6s July coupon on
1960
♦Farm Loan s f 6a...Oct 15 1960 A O
♦6s Oct coupon on....
1960
♦7s assented
60
52
"51"
75m
8m
*5 X
♦Cent Agrlc Bank (Ger) 7e
f 7s
52 M
58
8m
♦(Cons Agrlc Loan) 6Ms
1958 J D
♦Greek Government 8 f ser 7S..1964 MN
♦7s part paid
1964
97
1968 M N
1954 /
52 M
59 m
60
67
57 M
60
52
57 M
55 M
*57 M
58
.;
Freach Republic 7s stamped
m
31
59 M
70
German Prov & Communal Bks
*5m
J
25-year 3Ms
7-year 2MB
55M
59 M
*55
f 6Ms._-1953 Af N
90
*36
100 X
102 M
55
With declaration
52 X
52 m
/ J
1968 M AI
51 m
65
27 M
10
84 X
91
55 x
69 x
24
49 x
48 m
*55
...1967
31x
38 m
55 M
*5
43 m
*5 X
J
8m
55 M
*9
1
65
50 m
73
29 x
33 M
J
"i
75m
*60m
50 X
62 M
J
90
5m
8
8
47
8
91
(Prov of)—
1977
s
96
49 m
8m
With declaration
75
.........
Af
Af
P
A
Af
J
2
19 m
1967 J
♦5 Ms unstamped
1965
♦5 Ms stamp (Canadian
Holder)'65
♦German Rep extl 7s stampede. 1949 A
♦7s unstamped...
1949
16m
1958 P
"il
12m
62
101
99 m
93 m
1945 M
7s unstamped
German Govt international—
68
"i§"
144
F~A
..1948 J
5m
43 m
*8M
1957 Af 8
6
67 m
107
47
62 M
8m
27
27
15m
17M
101X
12M
91
20 M
14m
100m
2
*11M
43 m
43 X
*72X
8X
87 x
102 X
93 H
1942 J J
♦El Salvador 8s ctfs of dep
♦Estonia (Republic of) 7s
72
90 m
35
72
(City) external 7s... 1945 MN
72
J
Brisbane (City) 8 f 5s
...1961
♦Dresden
65
93
21m
101X
66 M
Customs Admin 5Ms 2d ser.. 1961 M 8
5 Mb 1st series
1969 A O
5 Ms 2d series
1969 A O
53 m
5m
21
35
55 M
58 m
13
23%
16M
Dominican Rep Cust Ad 5Ms.. 1942 Af "s
{♦1st ser 5Ms of 1926
1940 A O
{♦2d series sink fund 5 mb. ..1940 A O
53 m
47
*5m
27
25m
28
37m
24M
21m
23x
87 m
102 M
102
Apr 15 1962 A O
11
14
♦6s stamped
External 8 f 4m-4mb
23
22 m
102
A
External g 4Mb
With declaration
18
16
1941 J D
♦Externals f6Ms of 1926
1957 A O
♦External s f 6Ms of 1927...1957 A O
With declaration
22 m
"28"
28
*101M
1949 F
...1955
41
....
♦Brazil (U 8 of) external 8s
♦Budapest (City of) 6s
37 x
29m
25
26 %
30
*15 X
External gold 5Ms
With declaration
72
1—-D
Sinking fund gold 5s
20-year s f 6s
29
1944 Af S
Denmark 20-year extl. 6s
With declaration
72
♦External sinking fund 68—1958
/
With declaration
37m
30
36 X
35
1949
65
I----
With declaration
30
31
36 X
23 X
1977
69
!
♦Berlln (Germany) s f 6Ms
57
107
36 M
36 M
29
85
Sinking fund 5MS—-Jan 15 1953
♦Public wks 5Ms---June 30 1945
♦Czechoslovakia (Rep of) 8s_..1951
♦Sinking fund 8s ser B
1952
69
1955 J D
With declaration
26 M
*25M
Y'j
90
J
1955
With declaration
11m
8M
8
1951 M N
A
External loan 4mb
4mb external debt
64 m
----
External 30-year s f 7s
17 X
65
A
E
17
73
„
1949 M
With declaration
/
64 m
5m
With declaration...
External 5s of 1914
72
/
1945 F
Belgium 25-yr extl 6 Ma
8M
*25M
28
.....
♦Costa Rica (Rep of) 7s
Cuba (Republic) 5s of 1904
11m
11 Yi
*25M
29 m
1953 Af N
With declaration
Cordoba (Prov) Argentina 7s.. 1942
*72"
With declaration
♦Bavaria (Free State) 6 Ms
*ee
25-year gold 4 Ms
Finland (Republic) ext 6s
With declaration
1956
♦Austrian (Govt) * f 7s
6m
9
73
O
1955 J
4s Apr
Australia Com'wealth 5s
A
9m
9m
9M
89 x
1971 MAT
8 f external 4 Ms
8 f extl conv loan 4s Feb
26
9M
*8M
*8M
1957
♦External
27
m
1945
♦External
26 m
22 m
*21
1945
For foot-note*
D
13m
11m
12m
13m
12m
13m
12M
13m
12m
11
102.15103
f 7s series B__—1945
f 7s series D
s
...1952 /
14
21K
Municipal
s
♦Chile (Rep)—Extl
O
12%
11X
36 m
36 m
1970 A
8m
8m
10
14m
13
14M
13
14m
*8
D
104.12106.21
*106.24 107.1
1948 A
10-year 2 Ms
8
9m
8m
"12M
With declaration
M
*25M
s
1960 M
1951 J
♦Colombia Mtge Bank 0Ms__.1947 A O
♦Sinking fund 7s of 1926
1946 M N
♦Sinking fund 7s of 1927
1947 F A
100.24 104.4
106.20
104.20 104.29
*25 M
♦Secured
8
101.24105.3
103.20 103.29
D
J
8H
*11M
♦6s of 1927
A
s
1960 M
♦6s of 1928
O
Af 8
♦Antloqula (Dept) coll 7s A—1945 A
J
Refunding
*11M
3s external sf $ bonds
103.5
1980 J
s
nx
*13 X
106.27
106.16
Akerebus (King of Norway) 4s. 1968
Buenos Aires
12M
1962 Af N
107.1
*106.7
Agricultural Mtge Bank (Colombia)
♦Gtd sink hind 6s
1947 F
s
O
1962 MN
♦6s assented
106.16
1
External
1961 A
♦68 assented
♦Guar sink fund 6s
105.6
Now York City
External g
8m
10m
102.8
Transit Unification Issue—
conv loan
10
12 M
103.5
106.17107.20
8 f extl
13M
103.1
D
8m
13 X
12 M
3
102.2
♦External
"nvs
13M
25
102.2
♦External
9m
13M
88
D
9m
*11X
105.6
106.24
♦Gtd sink fund 6s
11m
"mi
12X
O
106.16
106.23
s
*14
D
106.6
J
9
D
106
J
8m
10m
"12%
1961
S
106.21
8m
"12H
*12M
♦Cologne (City) Germany 6 Ms-1950 Af 8
Colombia (Republic of)—
106.11
11
1961
108.16
104.25 104.23
High
10m
..1961
♦6mb assented
♦Guar sink fund 6s
105.4
D
Low
10M
11M
11
*102.25 103.2
♦External
♦Sink fund 6Ms of 1926
7
*14
D
108.16
102.2
&
12X
1957
108.5
M S
Jan. 1
*13M
♦Chinese (Hukuang Ry) 5s
1945-1947 J
Govt.
12 M
D
108.9
1944-1952 Af N
J
1942-1944 J
Foreign
14
1957 J
107.16109.22
J
No.
Since
33
High
*12M
1963 VN
105.2
1Mb series M
3% Corporate stock
♦6s assented
♦Chile Mtge Bank 6 Mb..
♦6 Ms assented
15
109.16
Range
Is
Asked
A
*14
♦External sinking fund 0s...1902 A O
♦6s assented
...1962 A O
♦External sinking fund 6s
1963 VN
108.8
*109.7
Corp—
A
12«
108.5
2mb series G
series
Bid
14
107.30 107.29
1942-1947 /
3s
Price
Low
♦6s assented
106.1
106.18108.6
*110
Friday's
♦Extl sinking fund 6s..8ept 1961 M 8
♦6s assented
Sept 1961 M 8
106.7
16
Ranee or
Sale
Jan 1961
106.20
111.19
Week's
Last
Foreign Govt. & Mun. (Cont.)
♦Ryextl.sf6s
106.18
110.29 110.29
Friday
Chile (Rep)—Concluded—
111.19113 18
113.3 115.7
*106
107.21
*1
N».
8
D
38
1942-1947
No.
Hioh
119.19
*111.16 111.25
1944-1949 Af N
.Loan
Asked
5
♦Chilean Cons Munlc 7s
♦7s assented
38
2MB
A
109.14 119.14
1945 J D
1948 M S
....1949-1953
1950-1952
1952-1954
1956-1958
Treasury 2mb
1951-1953
Treasury 2Mb
1954-1956
Treasury 2s
-.—--1947
Treasury 2s-.--.Mar 15 1948-1950
Treasury 2s
...Dec 15 1948-1950
Treasury 2s
..1953-1955
Federal Farm Mortgage Corp—
3MS
1944-1964
Home Owners'
Bid,
Low
(J. S. Government
Treasury 4Mb
Treasury 4s
Treasury
Treasury
Treasury
„
14
{♦Treas 6a of *13
1933 /
10 m
8m
10
9
10m
"mi
9
14
13m
14m
13m
14
12m
assent
D
J
♦Milan (City. Italy) extl
6Ms—1952 A O
Mlnas Geraes (State)—
♦Sec extl s f 6 Mb
1958 Af S
♦Sec extl s f 6 Ms
1959 M 8
♦Montevideo (City) 7s
♦6s series
A
72
6m
61
6
3m
*5m
5m
5M
5m
5Vs
3m
3m
3m
6M
4m
9m
73
5x
.....
5m
*5m
*5m
*13m
10 m
10 x
14
10M
10M
8
8m
D.
*42
60
54
MN|
*42
50
53
1952 J
1959
8M
*5m
J
J
1945
8
-
6
6
6
30
11
11
62 m
60
Volume
New York Bond Record—Continued—Page 2
153
Last
BONDS
N.
Y.
STOCK
Price
Low
Foreign Govt. & Mun. (Concl.)
1957
-
Norway 20-year extl 6s.
f
a
76
Apr 1958
1943
New So Wales (State) extl 5s
External s f 5s
a
o
75
f
a
No. Low
External
8
1956
High
56X
77
7
54 x
75
60
51X
60
73
52
73
AO
*32
x
%
44
32 x
42 x
f extl loan
f
.1963
With declaration
32 x
J
D
x
bbb2
1960
1965
34%
40%
Il970 }"d
*30 x
29
F
v
27 %
"A
~~9%
31%
28
1952
9%
1
8
27
M 8
27
27
30 x
57
23
46
1958
m N
26 %
26 x
29x
13
26 x
43 X
Oslo (City) sf 4%s—With declaration
1955
A
25%
24%
33
30
27 %
33
♦Panama (Rep) extls f 5s aerA
1963
AfN
♦Stamped assented 5s
1963
AfN
►
O
_33~"
Stamp mot 3%s e t to
Ext sec ref 3%s ser B
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s
1994
-
j
D
57
52
53%
53%
63
90%
54%
"63"
81
51
58%
103% 104
8%
6%
*102 x
103 x
"s%
8x
8%
0%
6x
6x
6x
27
"ox
6%
OX
6x
31
0
7%
7%
1940
6x
*7X
7
7
1958
*4%
1947
*5X
1968
*5X
1967
M S
1947
Af
S
1959
m
♦Nat Loan extl
8
f 6s 1st ser
1960
J
D
♦Nat Loan extl
s
f 6s 2d ser
1961
A
0
|*Poland (Rep of) gold 6s
♦4%s assented
8
f 7s
♦4%s assented
8
7
"l~8
5
.....
1950
j
J
ox
1963
♦4%s assented
J
j
6
3%
3%
4%
ox
With declaration
1961
-
*9X
9x
11
j
m N
*8%
11
1951
♦Prague (Greater City) 7%s
♦Prussia (Free State) extl 6 Ha
D
j
1952
♦Extl loan 7%s
j
1966
♦Porto Alegre (City of) 8s
m
8
8X
9%
9%
8
x
x
x
aa
J
J
Trans-Con Short L 1st 4s__1958
Cal-Arlz 1st A ref 4%s A-1962 Af S
Atl Knox A Nor 1st g 5s —1946 J D
J
Atl A Char! A L 1st 4%a A..1944 J
x
bbb2
x
bbb2
x
bbb2
4%
1952
A
a
O
1947
f
a
1950
m
8
1946
a
5%
10 x
10 %
J D y bb
General unified 4%s A
1964
10-year coll tr 5a..May 1 1945 AfN y bb
MN y bb
LAN coll gold 4s
Oct 1962
J
J y b
Atl A Dan 1st g 4s
—1948
J y b
Second mortgage 4s
1948 J
J y b
Atl Gulf A W ISS coll tr 53-1959 J
M S x aa
Atlantic
Refining deb 3s
1953
f
a
27
67 X
68
5
99
59
68
27
"10%
~~7
7x
8%
8%
32
0%
x
1st mtge gold 4s.—.July 1948 A
A
4s registered
1948
A
O
j
D
12x
12%
♦78 municipal loan
♦Rome (City) extl 6%s
--
10%
Feb 1
1960
F
1950
A
10X
9
1951 J
Cod ref 4s
J
4s stamped...
1951
Battle Cr A Stur 1st gu 3s—1989 J
Beech Creek ext 1st g 3%s.. 1951 A
10%
7%
8x
10%
UX
11
8
11
Belvidere Del
15%
32
22 %
25 X
63
Beneficial Indus Loan 2%s..1950 J
J
♦Berlin
O
j
j
M 8
1952
1957
54San Paulo 8s extl loan of 1921...
j
"dm
♦Sao Paulo (City of, Brazil) 8s
2
9%
12%
12
16
22%
61%
23
12%
¥N
1936
*
Af N
—
15%
60%
13
12
54%
9%
12
5
8%
32%
6
7
46%
y
ccc3
35%
35%
37
55
33
47
z
cccl
32%
34%
14%
34%
51%
51%
53
41
51
61%
3
44
44
46%
33
43
50%
52
53%
10
50
2
2
85%
86
7
84
58%
92%
11
43
2
21
43
55%
44%
48
83
85
j
d
22%
26 X
j
D
26 x
26%
f
Sydney (City) s f 5%s
f
a
3%
Taiwan Elec Pow s f 5%s..
1971
j
1952
m
a
External s f 5%s guar....
♦Uruguay (Republic) extl 8s
61
*30
35
30
18x 25
1961
C
1946
F
A
*48
♦External
s
f 6s.
1960
AfN
*48
♦External
s
f 6s
1964
AfN
1979
j
d
43 x
1978
4-4%-4%s extl readj
3%s extl readjustment
AfN
1978
—
AfN
■m
m
z
m
rn
z
f
a
46%
*40%
1984
/
j
1952
•Venetian Prov Mtge Bank 7s
a
O
1952
f
a
1958
f
a
47
44
45
47 x
z
mm
z
4x
30%
With declaration
2
25
41 %
30%
17%
4
2%
4x
28
12%
4X
Elig. A
Rating
Last
See a
BONDS
4%
Price
30
Sale
100%
Y.
STOCK
mm
m
m
Bid
A
mm
a
2
2
2
A
x
bbb2
S y bb
3
3
3
3
-V-
1947
Coll trust 4s of 1907
D
ccct
bb
D
bb
1
bb
1
55
50 x
1
J
10-year deb 4%b stamped. 1946
*101%
101%
102
102
106
io'o"
43% 57%
99% 102%
100% 103%
106%
106%
aa
3
*106%
aa
3
20
*108%
cccl
*40
54
54
cccl
*46%
54%
41
1946
bbbl
3Xs registered
1946
Alleghany Corp coll trust 53.1944
bbbl
Alb & Susq 1st guar
3%s
"91%
80
79
104%
104%
106%
106%
i6i»«
170
462
71%
4
1012732
4
104
2
79%
63%
71
1
aa
77%
58%
62%
92%
104%
11
1012532
bbb2
'm 0
*
A
x
bbbl
x
a
x
110%
mm
D ybb
A
x
aa
x
aa
3
*103
108% 111%
6
109
m
105
94%
105%
35
112%
112%
0m
93%
m'm'fim
11.2%
43%
26
40%
39
3%
6%
78%
7%
6%
78%
38
1
3%
66%
51%
53
20
41%
8%
7
78%
54%
66
78%
cc
1
6%
O y bb
J
y
A
O y
3
ccc2
bb 1
O
x
a
O
"52%
x
bbb2
J
x
aa
x
aa
2
O
x
aa
2
F
A
x
aa
2
"*83%
2
J
J
D
F
A
77
108
2
83%
106
rnmmmmm
104%
106
3
103
2
m'm
m
-
mm
103
102 X
100%
102%
20
100%
109%
61%
102
38
aa
2
S
x
aa
2
J
x
aa
2
J
J
x
bbb2
02
x
bbb2
89
89
2
105
105
aa
J
x
J
z
b
1
M
S
x
a
3
MN y b
Cart A Adlr 1st gu gold
4s—1981
F
A y
A x
3s
conv
Am Type
;
deb w i
2
F
A
z
J
D
z
cccl
102
J
z
cc
18%
18
17%
17%
z
cccl
x
a
0
D
x
aa
A
1956 M S
x
aa
110
110% 1068
110
F
A y b
107%
108%
103%
30%
101% 108
108% 111
102% 106
For footnotes see page 807.
1
bb
"~60"
bbb3
x
bbb2
x
bbb2
58
100%
105%
106%
60
100%
105%
106
106%
106%
111
cccl
A y bbbl
O y bbbl
y
111
cccl
F
x
15
z
A
26
7
37
5
42
6
AfN y b
M S y b
3
2
2
2
8
*14
z
Cent Pac 1st ref gu gold 4s...
59
15%
19
111
mm~mm*
43
4%
15%
"74
4%
4%
4%
....
1
5
65%
20%
19%
18%
64%
------
mmmmm
rnmmmmm
108%
71%
73
57
18
20
....
109
71%
*60
"53%
53%
*75
"86%
88%
-
-
-
-
-
11
107
73%
55%
96
77%
88
59
88
97
17%
32%
55
5%
1%
1%
5%
5%
16%
5%
5
16%
15%
108% 111%
56
66%
13
22
11%
19%
11%
19%
12%
19
106% 109%
65% 76%
63%
75%
42% 58%
51% 79%
82%
91%
Champion Paper A Fibre—
26%
35
M S
x
bbb2
106%
106%
1
49
60
M
x
bbb2
103%
103%
3
105% 106%
103% 104%
98% 100%
105
53
97% 100
28%
15%
15
19
Central n Y Power 3%s—.
♦Anglo-Chilean Nitrate deb—1967
JAnn Arbor 1st g 4s
1995 Q J
Ark A Mem Br A Term 5s.—1964 M S
Armour A Co. (Del) 4s B
1955 F A
1st s f 4s ser C (Del)
1957 J J
m
10
54
cccl
106% 110
106% 109%
103%
mm
30
84
104% 108
99% 103%
49
6
aaa3
101*16 104*ii
2
51
96
b
1
6
95%
z
44
ccc2
46
04
z
100
y
78%
41
100
j"j
112%
64%
103%
x
109%
~~~3
69%
50
99%
J
101%
88
5
15
107%
J
108%
108%
Jan
m'm
m
106
15
107%
O
101*18
108%
103%
30%
mm
94
81%
*40
A
108%
108%
110%
*106
4%
93% 105%
93% 106
92% 103
90% 102%
90% 102
102% 110
52
64%
76
89%
101% 105%
76%
81%
76%
J
"63%
16
90% 102
105%
30
10125„104
106% 108%
55
89
*48
1
2
62%
51
cc
104%
18
110
103%
99%
95%
z
100% 104%
99% 103
J y bb
107%
O
16
A m Wat Wks A Elec 6s ser A. 1975 MN y bb
Anaconda Cop Mln deb 4%sl950 A O x aa
m
A
101%
J
m
73
aa
Founders conv deb.1950
m
63%
25
109
mm
69
aa
J
w
mmmmmm
x
1966
81%
ccc2
-.
x
20-year sinking fund 5%s.l943 MN
3%b debentures--1961 A O
mrn
1
2
a
D ybb 2
D z cccl
American Telep A Teleg—
3%a debentures
b
J
.
rn
bbb2
J
rn'mrn
bbb2
J
Collateral trust 4 %s
x
x
16
101%
x
M
J
7
8
105%
2 J'm
D
21
83%
102
104%
mm
48
105% 108%
80
89%
104%
aa
J
....
105%
x
J
\;y.
108
101
102
m'm
"is"
25
---_
*72
1
102%
113
108% 112%
6%
cc
102%
111
41%
cccl
102
113%
95%
41%
z
101%
5
90
103% 107%
*110%
z
102%
14
------
O
101%
104
4
MN
1
b
104
mmmmm
109%
A
bbb2
35%
9%
21%
107% 110%
110%
86
"52*
•
22
74%
18%
109
94
3
D
bbb2
mm
22
78
66%
110%
2
x
mm
/
12
75
....
109
2
A
97%
156
73
3
110%
bbb2
85%
72%
46%
63%
11
110%
aaa3
z
196(
1 Central of Georgia Ry—
108%
....
110%
x
'J
♦Cent Branch U P 1st g 4s
61%
m'
75%
-
71%
rnmrnm
1951
84
108%
mm
42
64%
63%
m
185
J ybb
A
Consolidated 5s
Bush Term BIdgs 5s gu.
80
1
99% 102
79%
81%
90
'■
^
17
107
100
104*%
102% 106%
107% 109
-
35%
J
2
.
-
71%
F
a
17
13
:.
77 X
rnm'm
103
33%
*14%
59
b
*
15%
105% 107
"71%
A
1955
-
79
194
mmmmm
90
7
♦Certificates of deposit
Bush Terminal 1st 4s
79
90
78%
1
bb
—.1950
1998
Allegh Val gen guar g 4a
1942 % S
Allied Stores Corp 4%s debs.1951 F A
A Ills-Chalmers Mfg conv 4s. 1952 M S
♦AIplne-Montan Steel 7s
1955 M S
Am A Foreign Pow deb 5s—2030 Af S
Amer IG Chem conv 5 Hs—1949 AfN
J
Am Internat Corp conv 5 %s. 1949 J
Allegh & West 1st gu 4s
2
b
♦5s stamped.—
2
b
1949
Coll & conv 5s
80
*75
80
bb
27
15%
8
76
1
25
108% 110%
106% 107%
Albany Perfor Wrap Pap 6a_1948
6s with warr assented.—-1948
26%
25%
17
.
12
107
88
1
100% 107%
*15
1952
Ala Gt Sou 1st cons A 5s.--.1943
1st cons 48 series B
1943
♦Adriatic Elec Co extl 7s
...
77%
cc
Jan. 1
56%
-
_
m
•mmmmm
z
Can Pac Ry 4% deb stk perpet—.
J
mm
m'm
106%
*107%
*101%
-
m
106%
106%
aa
m
104%
a
x
O
COMPANIES
M S
.'mm
mmmm-
;mm
x
A
57%
RAILROAD and INDUSTRIAL
||*AbItlbl Pow <fe Pap 1st 58.1953
Adams Express coll tr g 4s—1948
26%
10%
*8%
'mmmmm
'AfN y b
Since
Asked
27
25%
m-
M.S
EXCHANGE
Week Ended Aug. 8
8
26%
15
J
N.
3
Pgh Ry—
Stamped modified (Interest
Range
Friday's
97
3
....
Buffalo Rochester A
Guaranteed gold 5s.
Range or
mm
x
F
4%
4%
Week's
Friday
99%
9%
9
m
A
A
Bank
99%
m
-
AfN
7
48
44%
3
38
113%
137%
'
J
¥'d
1961
Yokohama (City) extl 6s
mm
m'm
A
F
54%
47X
4x
4%
4x
4%
m
D
J
44
45
*6%
4%
110
130
mmmmrnm
A
AfN
59
35%
35%
43 x
15
20
9%
AfN
39%
.....
m N
1958
—
♦Warsaw (City) external 7s
♦4 %s assented
46%
111
133%
mm.mm'm*
1
55
"'mmmmm
MN
54
48
*43
mm mm
MN y cec2
33%
F A z cccl jJm+mrn-
Bklyn Un Gas 1st cons g 5s.
55
1979
♦Vienna (City of) 6s
a
z
J
External conversion
-
110%
132%
132%
x
J
5%
39 x
54%
87
110%
2
aaa2
AfN y bb
A O y bb
*47
3%s-4-4%s ($ bonds of '37)
external readjustment
3%-4-4%s ($ bonds of 1937)—
3%-4%-4*u extl conv
2
aa
x
D
M
1st M 5s series II
50%
18%
x
18x
aa
x
F
Boston A Maine 1st 5s A c-.
71
*18
~
-
*103%
x
J
26%
70
"l8x
*
F
5%
"68"
A
49%
«
D
F
OX
*3%
J
Tokyo City 5s loan of 1912..
i-»
-
J
mmmm
8%
0%
8%
V
4%
3%
3%
20x
13
-
49%
50
*45%
-
'
6
70
49
49
-
J
With declaration
4
a
1955
m
2
1946
1947
49 X
49
a
1945
1958
m':m
-
Serbs Croats & Slovenes (Kingdom)
♦4%s assented
W
-
mmmm
City El Co deb 6 %s. 1951
60
♦Sileslan Landowners Assn 6s
W
»
x
43 X
"*3%
52
2
O
3%s..._.1943
With declaration
691
32%
2
D y b
2
O x bbb3
Bell Teiep of Pa 5s series B..1948 J
A
1st A ref 5s series C
—I960
J
cons
19%
19
D
53%
38
33
J
15%
55 x
d
73%
47%
50
J
19%
54 x
J
63
33%
79
106%
106%
55 x
y
160
37%
bbb2
O
1958
5
37%
41%
x
a
With declaration
64%
(
35%
O
1940
♦Silesia (Prov. of) extl 7s
68
39%
A
4
73%
65%
39%
mm
1968
4%
61%
35%
•
9
4%
56
ccc3
z
19 x
"*4%
30% 34%
75%
99%
103% 106%
y
z
19 %
MN
3
64%
35
O
j
Af N
67
64%
62%
...
A
j
AfN
11
-----
35
20X
19
.1962
—
20
20%
.1962
6'2%
------
16
20
extl
3
104%
------
10%
j
With declaration
105
2
m.
O
8
♦8s secured extl
14
mrnm
A
/
♦Sinking fund g 6%s
99
mm
♦Debenture 6s
m
§ ♦Secured s f 7s
♦Saxon State Mtge Inst 7a
38
99
36%
2
2
34
1956
♦6s extl dollar loan
33
20
1950
20
92%
75
23
12%
13%
--
♦8s external
♦7s extl water loan..
68%
F
11%
32%
19%
j
43
31%
71%
37%
31%
♦Deb sinking fund 6%S—-195
With declaration
—
♦6 %s extl secured a f
69
77
71%
36%
97% 100%
99% 102%
73%
80%
J y b
J
10 X
a
61%
48
2
2
1
J y bb
J y b
Toledo Cln DIv ref 4s A.. 1959 J
Bangor A Aroostook 1st 5s.. 1943
*10%
15%
1964
115
91%
101%
....
J y b
J y b
J
*10%
1953
65%
90%
71%
D y ccc3
(lnt at 1%
M S
Sept 1 1946) due..2000
Ref A gen ser F (lnt at 1 %
to Sept 1 1946) due.. 1996 Af S
D
1952
63
*111%
100%
...
D y ccc3
to
MN
•Saarbruecken (City) 6s.
111
80
2
(lnt at 1%
J
1946) due...1995
Ref A ger ser C(lot at 11-5%
to Dec 1 1946) due... 1995 J
j
Santa Fe extl sf4s
111%
90%
100%
Ret A gen ser A
1966
1968
f g
♦7s extl loan of 1926
109
111
63
1st mtge g (lnt at 4% to
Oct 1 1946) due July 1948 AO ybb
12%
10%
1946
15
80
2
2
1967
♦8s extl loan of 1921
____
2
2
O ybb
O y bb
to Jan 1 1947) due
Rio Grande do Sul (State of)—
'
16
'mmmmm
111
m'mm
mm*
2
S'west Dlv 1st M(lnt at 3 % %
27
87
"id"
8
mm
m
103%
94%
100%
97% 101
95% 96%
103% 105
100% 102%
111
112%
Stamped modified bonds—
27
20
98
97
7
Baltimore A Ohio RR—
♦Conv due
9
27
13
97 x
98
O
1953
♦Rio de Janeiro (City of) 8s
♦Extl sec 6%s
13
O
1941
6s
sec
aa
16
Queensland (State) extl s f 7s
25-year external 6s
♦Rhine-Main-Danube 7a A__
♦7s series B
x
m
«
88
2
111%
113%
100%
101%
80%
aaal
x
*111%
1
40
mmmmm
mmfmmmm
_
Pgh L E A W Va System
Ref g 4s extended to.. 1951 MN ybb
8
declaration
2
High
106% 111%
88%
93%
Ref A gen ser D
8%
9%
100
aaal
x
-
91%
bbb2
J
-
-
bbb2
D
1948
to Dec 1
5
3%
4%
With declaration
♦External sink fund g 8s
4%
13%
4
13
"~6x
8
D
J
J
1st 30-year 5s series B
1944 J
Atl Coast 1st cons 4s.July 1952 M S
43%
32
f 5s
s
33
J
J
-
120
90%
91%
100%
100%
100%
*96%
103%
103%
*102%
Rocky Mtn DIv 1st 4s
1953
s
1955
Conv gold 4s of 1909
Conv 4s of 1905
Conv gold 4s of 1910
Conv deb 4%s
Oriental Devel guar 6s._
Extl debt 5%s
*68 extl
100
34 %
♦Nuremburg (City) extl 6s
s f
1955
bbb2
44
With declaration
♦External
bbb3
Since
Jan. 1
NO. Low
High
111
110%
90%
91%
bbb3
28%
16
Low
110%
aaal
Bonds Sold
Asked
&
x
31%
34 X
29%
42%
Bid
x
2
a
Price
x
Range
Range or
Friday's
Sale
See a
x
27
„
Rating
D
61
36 X
Last
Elig. &
J
——1995
70%
35
41
44
With declaration
With
Railroad & Indus. Cos. (Cont.)
Atchison Top A Santa Fe—
General 4s
1995 A O
Adjustment gold 4s
1995 Nov
MN
Stamped 4s
51
ats
1965
-
Inter st. Period
stock EXCHANGE
51X
f 4%s
♦Stabilization loan
y.
Week Ended Aug. 8
12
¥"a
1944
Municipal Bank extl
1
75
declaration
External sink fund 4 Ha
With declaration
s
Jan.
77
70 %
*54
71
20-year external 6s
4s
Asked
High
74
With declaration
With
&
N.
Since
Friday's
Bid
BONDS
Range
Range or
Sale
EXCHANGE
Week Ended Aug. 8
803
Week's
Friday
Bank
Week's
Friday
106%
105% 106%
Attention Is directed to the column incorporated In this tabulation pertaining to bank eligibility and rating of bonds.
See t.
New York Bond
804
Bank
Fliff. A
BONDS
Y. STOCK
N.
Friday
Last
EXCHANGE
Set
Bid
Railroad & Indue. Co*. (Conf.)
4s—-.—1989
1949 A
Chic Burl A Q—111 Dlv 3%s 1949 J
3 Ms registered
1949 Illinois Division 4s.
1949 J
4s registered..—
1949 ——
2d consol gold
132 %
133 M
26
104%
44
104%
105
23
♦
x
a
92 %
x
a
x
a
17%
x
a
x
bbb3
73 M
bbb3
82%
81%
J
z
cccl
Chicago A Erie 1st gold 6«—1982 MN
x
a
J
Chicago Gt West 1st 4s ser. A.1988
♦Gen Inc mtge 4 Ms
2038 J
J
J
1947
♦
1st A gen 6s series A
1960
♦
1st A gen 6s ser B.-May 1966
Chic Ind A Sou 50-year 4s..1956
{Chic Milwaukee A St Paul—
♦Gen 4s series A—May 1 1989
♦Gen g 3Ms ser B.May 1 1989
♦Gen 4 Ms series D-May
} } J89
♦Gen 4Mb series E.May 1 1989
♦Gen 4Mb series F.May 1 1989
{Chic Mllw St Paul A Pac RR—
♦Mtge g 5s series A.
-.1975
♦Conv adj 5s
Jnn 1 2000
tChicago A North Western Ry—
Refunding 4s series C
♦General g 3 Ms
z
1
87%
36%
33 %
*30%
z
cc
1
11M
J
z
cc
1
11M
J
J ybb
1
38
35
11%
11%
40
11
41
42
127
41
42
MN
41%
42
85
12%
3
2%
47
501
I
29
14
28
21
16
29
10
16%
27%
28%
29%
"28%
cccl
*29% "\7
t
Ch St L A New Orleans 5s..1951
1%
22%
22%
44
23%
146
*20%
22%
19%
13%
22%
19%
"2
14
379
14%
1%
15%
2%
101
74%
75
13M
14 M
l
%
bb
21
June 16 1951 J D y bb
1951 J
D
y
y
bb
6s.—Dec 1 1960 M 8
50%
69%
bb
y
5
46
2
52
52
~50%
70
7
52%
13
109%
103%
95%
98%
43%
151
Chicago Union Station—
1st mtge
Jx aaa2
1963 J
1963 J
E
3Ms series F
1st mtge 3%s series
aaa2
x
Chic A West Indiana con 4a. 1952 J
2
a
2
97 %
y
-
a
occ2
43 H
17
J ♦Choctaw Ok A Gulf con 58.1952 MN y ccc2
Cincinnati Gas A Elec 3MB--1966 F A x aaa3
™
1st mtge 3Ms
---1967 J D x aaa3
Cln Leb A Nor 1st con gu 4s.1942 MN
Cln Un Term 1st gu 3 Mb D..1971 MN
Clearfield A Mah lBt gu
1969 F
58—1943 J
103 %
x
%s series D—1962 M S
Chllds Co deb 5s
1943 A O
1st mtge gu 3 Ms ser E
108 M
x
1st A ref M 4
A
x
16%
19%
10%
95
x
aaa3
108%
102%
95
97%
41%
17
110%
111%
aaal
x
General g 4s..—.————1993 J
1993 J
Ref A Impt
4 Ms series E—1977
J
19
24
35
18
28
20
109 M
J y bbbl
Cln Wab A M Dlv 1st 48—1991 J
x
bbb2
D
x
bbb2
J ybb
J ybb
J
2
St L Dlv 1st coll tr g 4s—.1990 MN y bb 2
J x aaa3
Cleveland Elec Ilium 3s
1970 J
Cleveland A Pittsburgh RR—
Gen 4Mb series B
1942 A
1942 A
1942 J
Series B 3 Ma guar
Series A 4Mb guar
O
x
x
x
1948 MJV
Series C 3 Ms guar
Series D 3 Mb guar
1950 F A
A
1977
J
Gen A ref 4Mb series B
1981
Cleve Short Line 1st gu 4 Ms. 1961
O
O
Cleve Union Term gu 5 Ms—1972
O
1st s f 5s series B guar
1973
Gen 4 Ms series A
1st
3
109%
113%
*95%
109%
113%
98%
4 Ms series C
x
109%
aa
x
a
bbb2
bbb2
x
bbb2
x
aa
x
bbb2
♦6s Income mtge
1970 A O y bb
Colo A South 4Mb series A..1980 MN y b
x
2
1
2
bbb2
13%
12%
7%
7%
M
73
1st mtge 3 Mb series I
Conv debs 3Ms
24
2%
78
46%
55%
44%
51%
70
54%
98% 104
89%
95%
91%
98%
27% 43%
19
9%
Stamped guar 4 Ms
81%
22%
Conn Rlv Pow
Consol Edison
s
103%
103%
f
3%s A
aa
3
x
aa
2
x
aa
1948
.—.1956
x
aa
1958
x
79
104% 109%
x
aa
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s. 1956
105% 105%
xbbb2
3
102% 103%
109
108
107%
108%
107% 107%
19
...i
"79% "88%
90
79%
73
85%
26
103%
103%
103%
109%
103%
103%
103%
33
7
23
113
109%
"16
109%
104% 106%
103%
103%
103%
114%
104%
113
54
109%
111%
239
23
96
34%
106
106
105%
114%
109%
113%
54
107% 110%
109% 119%
101
101
119
119
109%
*109%
109%
109% 109%
108% 110%
104%
106%
105%
104%
103% 105%
104% 107%
103% 107%
106% 109%
106%
105%
106%
109
109
105%
Attei^jijsdirected
104%
104%
13
19
bbb2
*150
D
x
a
3
x
aa
101%
105%
2
O y bb
1
1
66%
.——....1965
y
bb
4s prior 1996
Prior 4s registered
1996
z
bbb2
z
cccl
""l2
102% 106%
24
16%
105% 109
108
{♦Erie RR 1st
cons g
101%
13
105%
7
67
5
♦Gen
conv
57
«
56
»
57
cccl
40%
42
60
cccl
54%
55%
71
36
cccl
55
55%
9
36
z
cccl
*53
55%
55%
z
MN
60%
z
1953
cc
1
1
z
cc
cons M
x
1st
cons
84
30%
30%
101%
bbb3
4%s ser A w 1..1957 J
38
-
30%
34%
279
30%
34%
222
102%
83%
44
101%
1995 J
x
bbb3
83
82
y
b
51
51
54
z
bbb2
95%
95%
97
z
bbb2
116%
116%
79
x
a
2
115%
*103%
z
a
1
16%
27
♦Genessee River 1st
53%
34%
34%
101% 102%
82
83%
16%
237
♦Erie A Jersey 1st s f 68—1955 J
1
s
f 68.1957 J
♦N Y A Erie RR ext 1st 4s. 1947 MN
♦3d mtge 4%s
1938 M S
♦Ernesto Breda 7s
{♦Fla Cent A Pennln 5s
1943 J
♦1st A ref 5s series A—
2
(Amended) 1st cons 2-4s„1982
{♦Proof of claim filed by owner. MJV
♦Certificates of deposit
106%
a
106%
101%
100
43
70
64%
7%
6%
1
1
Francisco Sugar coll trust 68.1956 MJV
y
ccc3
Gas A El of Berg Co cons g 5s 1949 J
D
x
aaa3
J
z
2%
2%
59%
2%
1%
2%
1%
60%
19
*120
z
121
z
1948 MN
9%
With declaration
*11%
......
18
Gen Steel Cast 5 %s w w
{♦Georgia A Ala Ry 5s.Oct 1
{{♦Ga Caro A Nor 1st ext 6s.
♦Good Hope Steel A Ir sec 7s.
1949 J
13
1945 J
J y bb 1
J z cccl
J
z
1945 A
O
z
1956 J
Gotham Silk Hoe deb 5s w w
Gouv A Oswegatchie 1st 5s.
Grays Point Term 1st gu 5s.
Gt Cons El Pow (Japan) 7s..
D
x
c
1947 J
106%
70
11
106"
69
J y
39
12
35%
95
84%
14%
10
14%
24
18
23%
21
33
15%
106%
95
3
107
x
bbb3
105
bbb3
x
bbb3
bbb3
bbb3
90%
101%
x
bbb3
97%
Gen mtge 3%s series I
1967
x bbb3
♦Green Bay A West deb ctfs A
Feb y bb
1
♦Debentures ctfs B
Feb z cccl
Gulf Mob A Nor 1st 5%s B..1950 A O
y bb
3
1st mtge 5s series C.
1950 A O ybb 3
Gulf Mobile A Ohio 4s ser B 1975 J
J ybb 2
♦Gen mtge lnc 5s ser A
J y b
2015 J
1
Gulf A Ship Island RR—
O
31
19
91%
91
102%
98%
82
83
62
82%
'""9%
62
9%
*90
87%
9%
87%
72%
47%
48
*91%
104%
"110%
bbb2
2
4
{{♦Housatonlc Ry cons
Houston Oil 4%s debs
J
g 6s. 1937 MN
8 f 5s ser
1954 MN
A. 1962 J
D
aaa3
bb
1
bb
2
Hudson Co Gas 1st g 5s
1949 MJV
aaa3
Hudson A Manhat 1st 5s A..1957 F A
y b
3
♦Adj Income 5s
Febl957 A O z cccl
to the column Incorporated In this tabulation
pertaining
I
132"
63%
2
cc
132%
"63%
2
b
to bank eligibility
99
103%
"38"~
37%
123
"43%
11%
and
43%
11%
rating
80
105% 109
103% 108%
97% 104%
89%
95%
52
89
45
100
102
95
21
1
95%
105%
99%
80
87%
62%
64
35
93
72
ccc2
a
14
105%
5
9%
87
93
""3
79
90
3
62
73%
19
36
60
89
90%
103% 105%
108% 111%
104%
111%
J
g 4%s_1999 J
Hoe (R) A Co 1st
mtge
1944 A
92
90%
101%
97%
107%
96
73%
61%
100
x
1949 J
100%
95
66
x
1st A ref Term M 5s
J
stpd..1952 J
Gulf States Steel s f
4%s
1961 A O
Gulf States Utll 3%s ser D._ 1969 MN
96%
104% 107
74%
81%
70
*98%
x
General 4 %s series D
1976
General 4 %s series E
.1977
General mtge 4s series G..1946
Gen mtge 4s series H
1946
36
59%
J x a
J
121
13
A y
1952 J
2%
3
60%
35
*100
D y bbb2
1944 F
1973
♦Harpen Mining 6s
Hocking Val 1st cons
14%
*21
*
bbb2
1946 M S ybb 2
1942 J D yb
2
ser A..1961 J
General 5%s series B
General 5s series C
93
94%
14%
2
1950 J
1st A gen s f 6%s
11%
10%
35
1934 J
Goodrich (B F) 1st 4%s
75
35%
z
deb 6s
102%
43%
cccl
c
4%s
36% 36%
104% 107
101%
9%
c
Great Northern
106%
9%
z
s f
103
49%
c
D
99
101
*67%
cc
z
54
118%
*46
z
z
1945 J
....
51
82%
103
....
z
♦Certificates of deposit..
{Fonda Johns A Glover RR—
256
30
D y bb
J z bb
1974 M S
♦Gen Elec (Germany) 7s
56
115
1st
ser B w
70
55%
80%
61
95%
90%
60%
♦IRef A impt 5s of 1930—1975 A
M 4s
-
92%
z
1953
4s aeries D
67
90%
150
98
101 %
103% 106%
z
♦1st consol gen lien g 4s—1996
Gen 4s registered
1996
♦Conv 4s series A
1953
♦Series B..
*59
91%
108%
100%
93
150
bbb2
z
17
99%
104%
108%
106
33
152
30
102
101
1
108%
106
46
27
96
13
21
99
aaa3
43
"4
*108
3
aa
x
Hudson Coal 1st
15
104%
108%
x
♦20-year
13
z
Consol Oil conv deb 3 Ms—.1951
105%
aa
x
{♦Sinking fund deb 6%s_. 1940 J
*117
aa
75
109%
*113%
2
aa
106
112%
102% 107 %
2
96%
103%
7%
77
112
109
28
27
103%
16
3%
110%
107%
96%
103%
2%
72%
108%
4
*23
2
3
1
35
CCC2
aa
16
16
6%
7%
112""
bbb2
J
5s stamped
65
46
Ed El III (N Y) 1st cons g 58.1995 J
1965 A
14%
46
East T Va A Ga Dlv 1st 5S..1956 MN
58
77
108%
110%
*100%
3 Mb debentures
page 807
51%
4
108%
110%
3 Ms debentures
see
80
161
51%
3M« debentures
For footnotes
61
23%
53%
109%
bbb2
1961
91
54
81%
1
x
.....1946
72
85
22%
*110
of New York—
3%s debentures
78%
57%
55%
81%
cc
x
1951
D
Detroit Term A Tunnel 4 %s. 1961 MN
Dow Chemical deb 2%s
1950 M S
107
b
{Florida East Coast 1st 4 %s_ 1959 J D yb
110%
113%
98%
104%
z
x
Conn A Pasump Rlv 1st 4s_.1943
Conn Ry A L 1st A ref 4 Ms. 1951
♦Second gold 4s..—.....-1995 J
107'
aa
D
7%
7%
1%
"l5
*81
111%
110%
aa
x
104%
aaa3
2
Detroit A Mac 1st lien g 4s. .1995 J
2%
1 %
13%
*5%
112
aa
Gen A ref mtge 3 %s ser G. 1966 M S
D
Gen A ref 3s ser H—.——1970
46%
57%
108%
103% 106
106
108%
67
15
1%
14%
99%
103% 109
262
15
20
20
105
....
107%
*1%
2
cc
106
14
b
z
O
D
67%
x
3
J
M S
Fairbanks Morse deb 4s
1956 J
Federal Lt A Trac 6s ser B..1954 J
43
aa
a
cccl
1965 A
F
1
2
1
O
{♦Des M A Ft Dodge 4s ctfa.1935
{♦Des Plains Val 1st gu 4%s.l947
cc
16%
96
344
1
A
♦Assented (subj to plan)
♦Ref A Impt 5s eer B.Apr 1978
cc
107% 110%
109
111%
104% 106
68
x
aa
A*z
21%
19%
15%
9
57
15
25
24
15
99
108
z
84%
74%
aaa2
x
2
16%
16
5
107
cccl
23
16%
4
15
19%
55
*105%
107%
14%
13%
20%
10
21
cccl
z
A
3
bbb2
x
aa
J
J
1954 F
29
bbb2
1958
2
99
15%
14%
24
24%
92%
46
Gen mtge inc 4 %s ser A w i 2015 J
106% 109%
86%
75%
x
1968
aa
J
♦{Ref A impt 5s cf 1927—1967
"81%
74%
67%
67%
*105%
x
Commonwealth Edison Co—
J
23
20
107
97% 102
21
22%
108
104
10
107
55
2
1969
ser
108
1
aa
cone g 4a..1936
{♦Consol gold 4%a
1936
{♦Denv A R G W gen 5s. Aug 1955
20%
22%
20%
14
15%
85%
74%
♦Commercial Mackay Corp—
w_..Apr 1 1989 May
aaa2
bb
J
{{♦Den A R G 1st
11%
81%
86
x
3
1st mortgage 4 %s
2
105% 109%
107
111%
1
22
99
18%
*19%
*18%
98%
......
99
a
J
—
84%
106
108%
107% 111
108% 111%
3
3
21%
19%
24%
22%
Elgin Jollet A East Ry 3%s.l970 M S
*105
bbb2
Y~b
1946
to
Elec Auto-Lite 2%s debs.... 1950
92
*108%
x
1
extended
EI Paso A S W 1st 5s
109
*105
O
w
75%
109%
aa
x
1
series B
♦Deposit receipts
49
89
aa
A
Income deb
55
a
D
Debenture 6s
Jan 15 1961 J
J
Columbus A H V 1st ext g 4s. 1948 A O
Columbus A Sou Ohio El 3Ms 1970 M S
Columbus A Tol 1st ext 4s—1955 F A
55
x
1977
Columbia G A E deb Ss.May 1952 MN
Debenture 6s..—.Apr 15 1952 A O
77%
*88%
x
x
cc
cc
♦6s
38%
14%
111
*104%
*103%
*101%
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron gen s f 5s..1943
8 f
55%
aa
J
78
~55~~
aa
O
1
108
110%
*104
aaa3
D
cc
♦Deposit receipts
—
36
Cleve Cln Chic A St Louis Ry—
General 6a serlea B
—
27
27%
75%
12
109%
106%
101 %
......
21%
20%
20%
2%
....
bb
D
Memphis Dlv 1st g 4s
18
25
108
109%
106%
1
O
1
44
cccl
Chic TIIA So'eastern 1st 58.1960 J
ccc2
ccc2
cc
East Ry Minn Nor Dlv 1st 4s 1948 A
121
2
2M
cccl
y
j"j
j"f>
ccc2
2%
1
z cccl
/ D
1952
♦Deposit receipts
aaa3
10%
19
58
108
-
-
♦7%a serlea A extended to 1946
J
49
19
-
22%
19%
1
J
11
20%
19M
19%
to
106%
1
O
59
20 M
1
1
1
1
27%
p»
27%
17%
2
107%
110%
111%
Hioh
18
4
21
cc
cc
Dul Miss A Ir Range Ry 3 %8 1962 A
7U
1
1
z cc
1942 J
♦Deposit receipts
{{♦Dul Son Shore A Atl g 58.1937 J
Duquesne Light 1st M 3 %s.. 1965 J
21%
20%
20%
cc
Low
1
....
26%
98
22
35
cc
z cc
bbb2
30%
28%
28%
cc
ic
101
18
28%
34
z
-
28%
35
z
registered—..1988 —
{♦Refunding gold 4s
1934 A O
{♦Secured 4Ms series A—1952 M S
♦Conv g 4Mb
.—.—I960 MN
2
O
—
15
cccl
4s ctfs
12%
3%
15
cccl
cccl
42%
16
z cccl
J
42
4%
14%
27 M
♦Certificates of deposit
41%
41%
42
17
28 %
F
/
J
a
aa
Del A Hudson 1st A ref 4s__1943 MN
177
cccl
c
1
Del Power A Light 1st 4%s„1971 J
1st A ref 4 %s
1969
28%
26%
cccl
J Dz
J D z
MN z
2
aa
J
2%s—1948
Dayton P A L 1st mtge 3s—1970 J
26%
27%
28%
z
cccl
aa
D
conv
12
27%
z
MA|z
1966 MN
1969 MN
1st mtge 3%s...
1st mtge 3%a
Continental Oil
72
28
-
MN
40%
51
MN
Jan. 1
No.
26%
26
84
110%
110%
aa
D
27%
MJV
- ...
M z
J Dz
aa
31%
12%
362
cccl
MN z
aa
1967 MN
1970 MN
♦Cuba Nor Ry 1st 5%s.
26%
MJVi cccl
<§
03
Hioh
100
May 1 1965 MN
Detroit Edison 4s
cccl
1987
Range
Since
Asked
84
1st mtge 3%s
72
29%
28%
30%
30%
30%
63
42%
11%
3
84
1st mtge 3%s
1st mtge 3%s
18%
6%
6%
27
39 M
11H
cccl
ccc2
Curtis Publishing Co 3s deb. 1955 AO
55
41M
c
1956
5s—.1960
a f
35
34%
"7
41 M
cccl
cccl
69
*31%
ccc2
z
♦Debenture 4a
Consolidation Coal
A
26%
*23%
26%
cccl
1955
80
30%
21%
11
ccc2
cc
non-conv deb 4a 1954
D
88
64
72
42 M
Bid
Railroad & Indu*. Cos. (Coni.)
♦Debenture 4a
.3
or
Friday's
Price
a
Low
Crane Co 2 %s s f debs
1950 A
Crucible Steel 3%s a f debs—1955 J
22%
30%
109% 114%
18
ccc2
MJV
1987
♦Stpd 4s n p Fed lnc tax.1987
♦Gen 4Mb stpd Fed lnc tax 1987
4Mb registered
1987
♦Gen 5s stpd Fed lnc tax..1987
♦4 Ms stamped
1987
{♦Secured 6%s———-1936
♦iBtrefgSs
May 1 2037
♦
1st A ref 4 Ms stpd May 1 2037
♦
1st A ref 4Mb C-May 1 2037
♦Conv 4Ms series A
1949
J {♦Chicago Railways 1st 6s Btpd
Aug 1940 25% part pd._1927
{♦Chic RIA Pac Ry gen 48-1988
4s registered
1988
Income guar
72
40%
39%
ccc2
Range
Sale
Rating
See
♦Cuba RR 1st 5a g
11%
11%
41M
Last
Eliff. A
EXCHANGE
88%
71%
78%
40
29%
114%
67%
37%
2
z
registered
Gold 3 Ms
80
48
97
20
M N
ccc2
100%
93%
"56
74%
83%
33%
ccc2
z
93%
96
ccc2
1987 MN
registered
29%
114%
67%
J
J£87
♦General 4s
88
81%
ccc2
J
J
29 M
3
J y b
{•Chic Ind A Louisv ref 6s.. 1947 J
♦Refunding g 5s series B—1947 J
80
2
J ybb
48
120% 122%
112
119%
8%
18%
91
94%
81
73%
x
1st A ref 6s series A
Chicago A Eastern 111 RR—
♦Gen mtgelnc (conv)
1997 /
High
{♦Consol Ry
"38
97%
*80%
*81*
STOCK
Week Ended Aug. 8
128% 134 ■*
102% 106
102% 105%
90
*97"
a
100
93%
*
*97"
1977 F A
1971 F A
series B
1st A ref 4
3 Ms
119
.—1958 M S
General 4s
4b
123
111%
17%
92%
17 M
Y.
1941
Week's
Consumers Power Co—
122
aaa2
x
No. Low
Hioh
104
ccc2
N.
Jan. 1
104 M
104 M
z
BONDS
Since
Asked
132%
x
♦Chic A Alton RR ref 3s
♦
A
Low
Chesapeake A Ohio Ry—
General gold 4%s
1992 M 8 *aaa3
Ref A Impt mtge 3%s D—1996 MiViaa
x aa
Ref A Impt M 3 %s f>er E—1996
x aa
Potts Creek Br 1st 4s
1946
x aaa2
R A A Dlv 1st con g 4fl—1989
Range
Friday'8
Price
a
Aug. 9,
Friday
Bank
Range or
Sale
Rating
Week Ended Aug. 8
Record—Continued—Page 3
Week's
132%
99%
56
64%
103%
39%
7
123
2
1
124
6
45%
235
11%
140
of bonds. 8ee
127% 132%
85% 99%
56
65%
101% 103%
26%
39%
121% 127
43%
48%
9%
13%
4
Volume
805
New York Bond Record—Continued—Page 4
153
Bank
Week Ended Aug.
8
Week's
Last
Range or
Sale
Friday's
Bid
A
Asked
See
1st
Price
a
Telep2%sser A.1981
J
/
x
x
1035*
aaa3
1035*
bbb3
41
4s
1951
4s registered
1951
1st gold 3%s
1951
Extended 1st gold 3%s—1951
1st gold
gold 3s sterling
1951
Collateral trust gold 4s.— 1952
1st
Refunding 4s—
1955
Purchased lines 3 %8
1952
1953
1955
Collateral trust gold 4s
Refunding 5s
88
bbb3
bbb3
♦90
M S y bbbl
*30
O y b
MiV y b
A
433*
445*
84
435*
433*
385*
455*
Manila Elec RR A Lt 8 f
435*
44
28
39
465*
Manila RR (South
53
533*
30
170
Marlon Steam Shovel s f
*
83
61?*
bb
3
58
59
y
b
2
y
bb
45
455*
10
435*
47
49
y
bb
465*
485*
31
46
515*
44
515*
*
*
bb
x
bbb2
*60
635*
y
bb
2
bb
2
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1005*
1%
A.July 1952
z cccl
165*
♦
1 fit 58 series B
1956
z cccl
165*
♦1st g 5s series C
1956
37
y b
2
Internat Hydro El deb 6s—1944
88%
y ccc3
Int Merc Marine s f 6s
1941
y bb
2
Internat Paper 5s ser A A B.1947
M S'y b
2 'iom
Ref s f 6s series A..——1955
MNiybb 2
Int Rys Cent Amer 1st 5s B.1972
F Alybb 3
1st Hen A ref 6 5*s
1947
J
41%
Jjy cccl
IntTelep A Teleg deb g 4 5*s 1952 W
l„
445*
Debenture 68
1955 F A y cccl
{♦Iowa Cent Ry 1st A ref 4s.1951 M Sic
1
A
73
78
2
106?*
175*
cc
33
108
100
1065*
3
4s. 1952
z
2
5s—1953
Jack Lans A Sag 35*8
48
25
2
233*
233*
108
aaa2
x
375*
mm
m
m
73
73
cccl
x
2
bb
D.1968
55*8.-1950
{{♦Met W Side El (Chic) 4a.l938
♦Miag Mill Mach 1st 8 f 78-1956
51
72
153*'
bbbl
z
a
y
Metrop Wat Sew A D
60
405*
445*
425*
z
y
58
475*
48
bb
y
*615*
x
Michigan Central—
139
49
86
110
z
f ♦Market St Ry 7a ser A Apr 1940
A
(Stamp mod) ext 58
1945
M S
Mead Corp 1st mtge 45*3.-.1955
65
1105* 112
835*
90
1085* HI
111
86
*1095*
O
Lines) 4s. 1959
1st gold 35*s-
Z>jybb
D
6s._—-.1948 F A
Ind 111 A Iowa 1st g 4s
1950 J J
{♦Ind A Louisville 1st gu 4s 1956 J
J
M S
Ind Union Ry 35*8 series B.1986
A O
Inland Steel 1st mtge 3s ser F1961
60
----
3
D
Metrop Ed 1st 45*3 series
95
61
y
♦Adjustment 6s ser
435*
50
y
Interlake Iron conv
58
443*
1951
Kanawha A Mich
64
615*
4
a
A
Stamped
825*
59J*
1
613*
4s—.1951
Jones A
78
'mim
bbb2
High
A
6s—1947
"45 %
bbb3
a
x
x
1
No. Low
J
F
35*81941
473*
55
49
{{♦Man G B A N W 1st
455*
475*
355*
475*
39
6
bbb2
♦Ilseder Steel Corp
James
"38" "485*
y
J
McCrory Stores deb
Maine Central RR 4s ser A.
x
L A N O—
J
1st ref 5s series A—1963
ref 4 5*8 series C
1963;J
5*8.1944
35*s._.1955
1945
Gen mtge 454s series A—-I960
Manatl Sugar 4s a f...Feb 1 1957
♦Lower Aust Hydro EI 6
-
«
43 %
*583*
Inspiration Cons Copper
935*
935*
-
-
29
III Cent and Chic St
1st A
70
"43 H
MN y b
2
F A y ccc2
registered
1951
Springfield Dlv 1st g 3%s.l951
registered
895*
453*
2
2
x
90
895*
*110 5*
3
x
Since
Jan.
High
Low
M S
Range
Friday's
A
Asked
Bid
Price
4
Indus. Cos.
443*
2
J y b
J
88
mm
mm
(Conl.)
Louisville A Nashville RR (Concl)
Mob A Montg 1st g 4 548—1945
&
J
J
South Ry Joint Monon 4s.1952
MN
Atl Knox A Cine Dlv 4s..1955
mm
-
-
See
Range or
Sale
Rating
EXCHANGE
45
2
MJV y b
3 %s
Western Lines 1st g
l"
♦9C
x
STOCK
Railroad
97
91
.
88
88
bbb3
x
1 1966
1950
Litchfield Dlv 1st gold 3s—1951
Loulsv Dlv A Term g 3 Ha. 1953
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3a—1951
Gold 3%s.
1951
Joint
96?*
x
40-year 4%s
Aug
Cairo Bridge gold 4s
48
♦90
High
1005* 104
Illinois Central RR—
Y.
Week Ended Aug. 8
Jan. 1
No. Low
104
N
Since
Last
EUg. A
BONDS
Range
IoB nds1Sold
High
Low
(Com.)
Railroad & Indus. Cos.
Illinois Bell
Frlda y
Rating
| §1
8TOCK EXCHANGE
Y.
Elig. A
£;
BONDS
N.
Week's
Friday
Bank
"995*
'l"02"
17
65%
585*
-
39
94
■
101%
102
-
21
95%
98% 102%
88
t
Fo
foe notes see page
807
Attention Is directed to the
column Incorporated in this
tabulation pertaining to bank eligibility and rating of bonds.
See k.
New York
806
bank
Elig. A
Rating
N.
Y.
EXCHANGE
STOCK
Last
See a
BONDS
Friday
Price
Week Ended Aug. 8
Railroad
&
Cony 6%
Range
Sale
A
1961
y
b
2
y
b
1
x
aaa3
63
62 H
73 H
109 H
x
aaa3
110H
x
aaa3
x
aaa3
♦Non conv deb 4s..
O
x
aaal
M
S
x
aa
26%
66%
100% 105%
49%
57
53% 59%
95
101%
'".32
50
59
7
10
92
z
20 H
19
z
cccl
*24
27
cccl
26
♦Non-con* debenture 4s..1956 J
z
cccl
*25 H
26
17%
17%
18%
18%
cccl
♦Cony debenture 3%«—1956 J
J
z
cccl
♦Cony debenture 0a
J
z
"28 %
J
1948 J
1940 A O
cccl
♦Debenture 4a
"45 %
1957 M N
"45H
z
cc
1
6%
32
cccl
z
31
27
28%
z
^Collateral trust 0a—
26 H
6%
0s
1948 J
registered
♦1st A ref 4 Ha aer of 1927.1907
D
z
cccl
z
20 H
*24
cccl
t*Harlem R A Pt Cb let 4s 1954 M N
20 H
z
28
1955 J
D
c
O y b
2
29H
z
N Y Queens El Lt A Pow 3 H» '06 M N
N Y Rya prior lien 0a stamp. 1968 J
6H
"60%
60 H
x
aa
108
111
108
J
z
cccl
1937 F
.1940 F
A
z
cc
1
z
cc
1
13 H
N Y Trap Rock 1st 0a
*
cccl
ti»Norf South 1st A ref 6a..1901 F
110
110%
c
1
x
aaa2
110%
110%
x
a
3
109 H
110
b
1
103%
cc
1
26
isation manager) 5s
1941
Debenture 3%s
b
z
Norf A W Ry 1st cons g 4s—1996
North Amer Co deb 8 Ha.—1949
1
cc
20
127 H
a
3
*104%
*103%
x
a
x
a
aa
117
aa
6
10
20
1946 A
O
z
ccc2
♦1st mtge g 5a (stamped can¬
cellation of guarantee). 1946 A
♦Certificates of deposit
O
z
z
x
a
J
x
a
F
3s Registered
.....2047 Q A
Ref A Impt 4 Ha series A—.2047
J
Ref A Impt 0a aeriea B
J
2047
y
bbbl
y
Ref A Impt 6s series C
2047 J
Ref A Impt 5a series D
2047 J
bb
2
y
bb
2
J y bb
J y bb
"52 %
3
3
x
bbb2
ti'Og A L Cham 1st gu g 4a. 1948
J
Ohio Connecting Ry 1st 4a.. 1943 M S
Ohio Edison lat mtge 4a
1906 M N
1st mtge 4a........
.1967 M S
1st mtge 3%a
J
,197 V
Oklahoma Gas A Elec 3%s_. 1966
4s debentures
1940 J
Ontario Power N F lat g 5s.. 1943 F
108
111%
*100%
7%
aaa2
*100%
a
3
106%
106%
a
3
109%
a
3
'no% 110%
a
3
106%
106%
bbb3
*103%
D
D
A
aa
2
Ontario Transmission 1st 6a. 1946 A/N
aa
103"
2
Oregon RR A Nav
aaal
4s.. 1946 J
con g
D
Ore Short Line 1st cons g 5a. 1940
Guar stpd cons 5s
1940
Ore Wash RR A Nay 4a
1' 61
Otis Steel
aa
1st mtge A 4Ha.. 1902
bb
x
x
111
1966
aa
106
16
83%
36
113% 117%
113% 117%
105% 107%
78%
89%
78%
7
112%
110%
36
110»»i»113%
43
109% 111%
108% 111
104% 106%
83%
91
111
8
106%
89%
5
60
78%
3
104
104%
103%
57
95%
96%
11
57
96%
80
52%
104%
12
52
57
94
96 %
53
5
87
2
*105
a
3
68
*103%
2
2
O
a
2
J
a
a
2
A
bbb3
aa
104%
104%
*104
110%
110%
112%
105%
112%
109
2
aa
aa
*112
aa
"96%
aa
123%
105%
96%
123%
105%
111%
"92%
92%
a
General 5s series B
1968
a
Debenture g 4 Ha
General 4 Ha aeries D
Gen mtge 4Ha series E
1970
bbb3
1981
a
3
1984
a
3
Cony deb 3Ha
1962
bbb3
102%
104% 105%
107%
106%
4
106
9
104%
"14
103% 107
105
105%
104%
110%
109%
105%
112%
112%
"56
6
14
5
"77
123%
105%
111%
93
11
124
105
106
108
111
100% 110%
105% 107%
111% 115%
111% 114%
93
104% 108%
110
90
103%
46
31
75
98
120% 125%
47
103
89%
103
71
102%
89%
110
105
102
"89%
55
82
103% 104%
107
*105
2
A
106%
107%
106%
41%
120% 126
116
97%
1
z
cc
106
b
aaa3
J
x
aaa3
D
x
x
aa
87%
119%
2
F
x
bbb2
x
bbb2
A
;r;:
5
107
97%
38
5%
2%
87
5%
....
109% 111%
....
78
84%
82%
10
78%
84
104%
104%
104%
99%
22
102% 104%
3
103% 105%
4
103
99%
......
19
z
*!_.—
——
z
29%
......
F
1953
A
*1-1.I
z
z
....
A
s f
7s
O
x
F
..1955
A
H'Rlo Gr June 1st
gu 5s...1939 J
t|*Rlo Gr West 1st
g 4s...1939 J
♦1st
"l7"
-
D
z
{♦Rut-Oanadlan 4s stmp.._194P J
t#Rutland RR 4%s
stmp.._194l J
b
1
1
cccl
aa
2
aa
2
x
aa
2
110
cccl
15
c
c
40
35
x
aa
93%
2
4
3%
7%
14
4%
93%
J y b
2
*64
O y b
2
7
94%
.
b
2
b
2
z
cccl
39%
M 8 y b
2
J y ccc2
79%
J
74
"94"
74
75%
74%
40%
79%
12
67%
41%
81%
10
39
"14%
46%
14%
14
z
cccl
"14%
14%
14%
14%
15
z
cccl
15
14%
15%
z
cccl
14%
14%
10
14%
15%
cccl
15%
*Ctfs
J St
1978 A/ 8
of deposit
stamped
Louis-Southwestern
♦1st 4s bond ctfs
cccl
cccl
8 A A Ar Pass 1st
gu g 4s
J y bb 2
1943 J
8anta Fe Pres A Phen
1st 5s. 1942 M 5 x aa 2
Scioto V A N E 1st
gu 4s__ "l989 MN x aaa3
t8eaboard Air Line
Ry—
(♦lstg 4s unstamped.
A
O
—.1950 A
stamped
O
z
A
z
d
0
z
cccl
♦Adjustment 5s
Oct 1949
^Refunding 4s
1959
♦Certificates of deposit.
♦1st
cons
F
A
....
6s series
A......1945 M
♦Certificates
li*AtlABlrm
of
147
9%
9
15
57
9%
16%
6
9%
16
434
9%
154
9%
16%
15%
78%
78%
79%
62
62%
8
38
39%
20%
31
20
19%
*80
*4
deposit.
-
..
1st gu 4s.._1933 M
S
-
S
z
10%
111%
95%
.
.
-
-
.
123%
cccl
cccl
2
z
cccl
z
cc
I
z
cc
1
z
cccl
95%
*104
1%
5%
4%
8
7
16%
95%
106%
123%
15
7
41%
9%
22%
11
14%
1%
16%
79%
35%
17%
78
....
112
13%
1%
5%
4%
7%
69
4%
11%
111% 114%
56
1
81
5%
24
7
64%
2%
....
10%
14%
13%
32
92
4%
15%
23
62%
.
£§*8t
g
25
Ry—
1989 MN y bbbl
♦2d 4s Inc bond
J z b
1
ctfs..Noy 1989 J
IMst term A
1
unifying 5s..1952 J J z b
*060 A ref g 5s
J z cccl
series A... 1990 J
8t Paul A Dul
1st con g 4s.. 1968 J D x bbb2
t*8t Paul E Gr Trk
J z cccl
1st 4 %s. 1947 J
P A K C Sb L gu 4 Hs.1941 F A z cccl
8t Paul un
Dep 5s guar
J x aaal
1972 J
l*4s
75%
74%
46%
z
♦Con M 4 %s series
A
70
61
39%
79%
J
z
112
46%
....
deposit
9%
95%
64%
64%
34
♦Prior lien 5s series
B.....1950 J
z
9
00
22
73%
J
deposit
110
....
15
of
85
...
31
60
J
of
10%
*64
J
110
110%
16%
""7%
7
A
z
15%
131
107
40
*109
z
45%
48
110
8
15%
J
g 4s...1933 A/N
deposit
9
^
109% 109%
...
iio "
J
♦Certificates
7
131
.
14%
......
bbb2
♦Certificates
124
131
.....
107
6%
"~6%
2
x
of
5
34
110
2
z
J
J*8t L Peor A N W 1st
gu 5s 194*
St L Pub Serv 1st
mtge 5s...1959
8t L Rocky Mt A P
5s stpd.. 1955
{♦St L-San Fr pr lien
4s A... 1950
....
31
z
26%
105
z
J
J
J
8
—
10%
*
x
17%
45%
46%
15%
*109%
*109%
z
26%
*8%
14
2
aa
15
9%
45%
45%
15
x
x
—
14%
17%
.
106
46%
Saguenay Pow Ltd 1st M
4%s *00 A O
8t Joe A Grand
Island 1st 4s. 1947
8t Lawr A Adlr
1st g 5s
1996
2d gold 0s
I99fl
8t Louis Iron Mtn
A Southern—
♦|Rly A Q Dly 1st
"22
45%
b
z
Gen mtge
3%s series H...1967 M S
Gen mtge 3%s
M S
series I
1967
Gen mtge 3 %s
series J
1909 A/ 8
l»*R I Ark A Louis 1st 4
Af 8
%s. 1934
♦Ruhr Chemical s f
6s
194* A O
*!-...
......
z
J
A coll trust 4s
A.. 1949 A O
Roch Gas A El
4%s ser D...1977 M S
——
....
*105%
......
bbb2
z
con
♦Certificates
15
......
z
A/ 8
1955
debentures....195V
♦Rlma 8teel 1st
27
22
....
♦Cons mtge 0s of 1930
Richfield Oil Corp—
f cony
20%
14%
8%
....
.....
s
33
17
z
♦Cons mtge 6s of
1928
With declaration
4s
11
——
"25"
28%
—...
----
-
♦Direct mtge
With declaration
70%
106%
96% 101
4
z
......
106
65%
104%
z
104
76
bbb3
J
2
16
83%
x
z
108% 110%
104%
104%
104%
J
9
82%
......
J
152
218% 222
....
68
a
194* J
142
....
110%
104%
82%
bbb2
7s
110
93%
67%
82%
82%
1
7
2
96%
...
...—
bbb2
J
110
...
77% "85%
105% 107%
....._
bbb2
x
x
1
*111%
*145%
*221%
109%
104%
104%
—
3
J
130
*75
aaa3
O
5%
*85%
106%
109%
95%
......
3
x
J
"84%
70%
96
104% 100%
121% 124%
2
9
15
16
8%
14%
16
6%
5%
6
21
%
3%
5%
8%
21
2%
218
7%
45
4%
3%
8%
7%
16%
12
10%
17%
99% 105
100
100
117
106%
—...
1
y
J
85%
1
aaa3
x
J y bb
EI Pr 7s. 1950 MN
6s
....1952 A/N
101% 104%
1
S y bbbl
J y a
J
x
s f
65
2
♦Rhine-Westphalia
105%
65
124
*83
aa
aa
106% 110
aa
51%
*100
x
26
*102%
*117%
D
x
_.
*120
aa
90
2
2
J
♦3%s assented
I94t
♦Rhine-Ruhr Water Serv 0s. 195? J
107% 110%
1974 F
107%
100% 104%
101% 103%
108% 112%
9
1969
807
"14
"5
110%
1981
cons g 4s..1943 A/N
Consol gold 4s
1948 A/N
4s sterl stpd dollar
May 1 *48 A/N
Gen mtge 3Ha series
C...1970 A O
ConBol sinking fund
4Ha..1960
General 4 Ha series A
1965
nage
104
117%
109%
106% 109%
104
100%
110
Pa Ohio A Det 1st A ref
4
4 Ha series B
set-
3
104
2
2
bbb2
Pennsylvania RR
31
105
107%
105% 108%
107% 110%
108% 11*%
109%
110%
aa
a
28-year 4s
—1903 F A
Pennsyl Glass Sand 3Hs. .1960
D
debentures
6
65
64%
♦Rheinelbe Union
106
"34
52
52
2
3%s 1900
9
104
...a3
x
x
Pennsylvania Company—
4 Ha
3%
aaa3
Pat A Passaic G A E cons
fla. 1949 M S x aaa3
s f 7s
1942 M S y b
1
Ha A *77
19
8%
5
28
ser B '61
Pur mon 1st
M.conv 5%s.l954 M N
Gen mtge 4 %s series
C-.. 195? A/N
Revere Copper A
M N
Brass
110%
109% 111%
88
*87
♦Paullsta Ry 1st
Lt 3 Ha
Republic Steel Corp 4 %s
108
*86%
Corp—
A
43
62%
aa
AOybb
'51
105%
100%
99
106% 106%
62%
aa
Gen A ref 4 %s series
A... 1997 J
Gen A ref 4%s series
J
B...1997
62
bb
4%S—1956
Guar 3%g trust ctfs C
D
1942
Guar 3 Ha trust ctfs D
D
1944
Guar 4s ser E trust ctfs.—1952 A/N
Reading Co Jersey Cent coll 4s
62
bb
1st M s f g 3s loan ctfs
1955 h A y b
2
Paramount Pictures 3%s deb '47 M S x bbb2
Parmelee Trans deb 6s...1944 A O
y ccc2
Pow
109%
111%
55
54%
102
13
"63"
x
Public Service El A Gaa
3%s 1961: J
1st A ref mtge 5s
J
2037
1st A ref mtge 8s
J
2037
Pub Serv of Nor III
A
3%i
196*
Purity Bakeries a f deb 5i___194* J
44%
x
Panhandle East P L 3s B...1960
Paramount Broadway
Penna
4
11
23
61%
61%
60%
x
J
1950
120%
119%
109% 113%
109% 113%
60%
2
aa
117
....
A
{♦Providence See guar deb 4s 1957 A/N
{♦Providence Term 1st 4s___195f M S
70
58%
58%
2
117
7
.
80%
76%
47%
62%
x
....
110%
110%
*107
2
....
104%
100%
100
D
M
1st 5s extended to
45
160
D
104
100
2
bb
y
11C
2
2
J
1974
Potomac EI Pow 1st M
3%s.l98« J
Pressed Steel Car deb 5s
J
1951
58%
2
112%
109%
110%
2
a
113
110% 112
110
111%
....
109%
J
52%
z
Pacific Tel A Tel 3Ha ser
B..1966
Ref mtge 3 H a series C
6f g
112%
109%
aa
aa
a
x
J
J
123
39
114
82%
*118
2
113%
109
111
....
....
*119%
2
a
F
1st gen 5s series C
103
z
1938
Paducah A 111 1st
83
2
aa
x
O
J
28
70%
1
78
aa
x
x
of Mo 1st ext g 4s. 1938
2
aa
x
D y bb
M N x aa
111
41%
114
107
x
D
A
92%
102% 104%
105% 106%
108% 110%
109
x
1904 A/N
4 %s
2
aa
J
97
71
114
107
b
y
1st A ref mtge 3 H" aer I...1966
1st A ref mtge 3s ser J
1970
|*2d ext gold 6s
2
A
x
O
50%
107%
109%
110%
106%
A
A
73%
109
99% 105%
101% 104%
....
*112%
*112%
*112%
A
20
114
2
aa
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G.1904
1st A ref mtge 3%sser H..1901
5*Pac RR
2
aa
103
*103%
109%
2
J
83
91
2
*109
2
aa
15%
~16
2
c
2
aa
16%
68
108
aa
x
40
52%
58%
aa
x
x
J
115
42
58%
aa
A
D
D y bb
O y bb
70
70%
43%
60
eons guar
107
113
42%
*41%
52%
66
Series J
54%
107%
70%
42H
2
x
3
100
117
13
104
*102»i«
*104%
*104%
......
A/N
195*
F
106
75
2
F
103% 107
80
*104
110
108
108% 110%
16%
28%
3%
7%
4%
8%
3%
7%
93
8%
7%
105%
104%
105
J
Series G 4s guar
7%
103
119
2
x
7%
103%
73%
Northern States Power Co—
(Minn) 1st A ref M 3Ha..1967 F A
(Wise) 1st mtge3%s
1904 M 8
Northwestern Teleg 4 Ha ext 1944 J
J
80
45
bbbl
y
29%
46%
1
Gen lien ry A Id g 3a Jan.—2047 Q
bbb2
2
104
*65
1
"j
x
3
28
105
6%
8
7%
105
2
120%
115%
108
2
28
74
74
106%
107%
116%
113%
....
110
83%
64
10
110%
9%
110
71%
62%
21
123
6%
7%
;
4%
106
26
114%
27
2
125% 127%
ccc2
North Pacific prior Hen 4s... 1997 Q
4s Registered
—1997 Q
3
aa
12
ccc2
♦lstgtdg6s
aa
aa
77
16
127%
104%
♦113%
{Northern Ohio Ry—
x
1
aa
104
104
x
x
J
A
108% 110%
102% 104%
28
12%
28
12%
*102%
aaa3
x
—1964
1
x
109
3
20
26
x
Debenture 4s
1959
North Cent gen A ref 5s..—1974 M 8
Gen A ref 4 Ha series A—1974 A/ S
4
10
26
26
1
1
d
8
Pittsburgh Cine Chi A St Louis
95% 101%
2%
6%
170
'■>
104
20
♦Ctfs of dep (Issued by reorgan
z
d
z
x
92
10
4%
103 %
25H
26
1
104
4
4H
cc
cc
z
M 8
108% 111%
1
101
z
lzatlon manager) 6a.... 1901
♦Ctfs of dep (Issued by reorgan¬
9
96 H
z
y
z
J
9%
9%
01%
12
1
2
z
ccc2
2
6%
*118%
114%
109%
110%
114%
109%
110%
27%
6%
aaa3
z
....
105% 108%
90
b
A
♦Certificates of deposit
a
x
26
y
"j
||*N Y West A Bost 1st 4 Ha 1946
Niagara Falls Power 3 Ha—1960 M S
Nlag Lock A O Pow 1st 6a A. 1966 A O
Niagara Share (Mo) deb 5 Ha 1960 A/N
x
J
x
104%
"13 %
90
—1946
D
J
108% 111%
108%
37
x aaa3
D y b
2
1940 J
08 stamped
2
1981 J
105
106 %
108 %
*16"
A
z
2
O
48%
108
J
♦Terminal 1st gold 5a——1943 A/N
N Y Telep 3Ha aer B
J
...1907
2
a
M N
2
105 H
N Y Steam Corp let 3 Ha—1903 J
|*2d gold 4 Ha
!♦ General gold 5a
a
x
A/N
4%
1%
~50 %
*106
105 H
tl*N Y Suaq A W 1st ref 60.1937 J
3
x
J
28
99
bbb3
bbb2
aaa2
A
47%
7H
110H
x
x
x
F
J
F
6 %
2
aaa3
x
J
N Y A Rlchm Gas 1st 0a A.-1961 A/N
MN
General 5s series B
General g 4 %s series C
General 4 %s series D
20
68
2
O y b
♦General 4s
t»N Y Prov A Boston 4a
65%
107%
33%
3%
26
84
38
2
a
78
7H
27%
1
1942 A
N Y A Putnam let con gu 4a. 1993 A
20%
-47" "48
*83
1
cc
186
30%
72%
63%
65%
107%
107%
2
x
♦Certificates of deposit
Phillips
Petrol l%s debs.,1961 J
27%
26%
30%
18
71%
62%
64%
107%
107%
71%
62%
2
D
22
cccl
l*N Y Ont A West ref g 4s—1992 M S
26
18
48
6%
J
M S
20%
27
108
3
116%
47
2
J
27%
26%
107
J y bb
M 8 y bb
98
z
z
J y bb
J
High
107% 111
114% 118%
44%
54%
....
108
bbb2
Since
Jan. 1
No. Low
High
109
116%
1
cc
Range
2
c
ao<l
Ask
*106%
2
z
x
A
J
1st 4s series B.
100
88
.1947 M 8
cccl
Apr
F
M S
98
95H
■
95 K
A
116%
1
O y b
A
Peoria A Pekln Un
a
or
Friday's
Bid
Low
A
75
10
101H
Range
Sale
Price
Railroad & Indus. Cos. (Com.)
113% 118%
17
Week's
Last
A
Rating
See a
120% 125%
58%
Elig
2 fe
63%
13
55
♦Non-cony debenture 4e..l956 A/N
EXCHANGE
Friday
55
26
62
*90
8TOCK
100% 110%
107% 110%
♦Non-con* debenture 3 Ha 1947 M S
1964 A O
J
Aug. 9, 1941
Rank
60
4
104H
101H
JN Y New Hav A Hart RR—
High
22
62
55 H
Y.
Week Ended Aug. 8
122 H
116
*103 H
59
N.
110%
110H
U5H
•NYLEAW Coal A RR 5 %s'42 A/N y bb
•N Y L E A W Dk A Impt 6s 1943 J
J y b
N Y A Long Branch gen 4s.. 1941 M S
y bb
Low
11
74
122 H
Purchase money gold 4a...1949
122 H
116
109 %
No
63
110H
N Y Gaa El Lt H A Pow g 50.1948
♦Non-con* deb 3 He
5
s ~
p ^
fc V*
V ®
BONDS
Since
Jan. 1
High
N Y Edison 3%s Ber D
1965
1st Hen A ref 3%s ser E—1906
N Y A Erie—See Erie RR
|»N Y A Greenwood Lake 6el940 A/N z cccl
N Y A Harlem gold 3%s
2000 A/N x aa 1
N Y Lack A Weet 4a ser A—.1973 A/N yb
4 Ha series B
-.197' A/N y b
Record—Continued—Page
Range
Asked
Low
1947
notee
or
Friday's
Bid
Indue. Co*. (Com.)
N Y Dock let gold 4a
Bond
Week's
104%
91%
Attention is directed to the
column incorporated In this
tabulation pertaining to bank
eligibility and rating of bonds
1
See
t
1%
Volume
New York bond
153
Bank
BONDS
N.
Y.
STOCK
Friday
Elig. A
EXCHANGE
Lasi
Rating
Range
Sale
See k
Price
Week Ended Aug. 8
A
z
c
A
z
c
Shell Union Oil
2%s
f debs
s
A
Low
♦6aSeries B certificates.-. 1935 F
98%
x
a
2
98%
x
a
2
89 %
99%
No
Low
24
2%
2%
94%
10
100
43
97
High
4
4
35%
3
40
2
*9
y
29%
*43
z
Virginian Ry 8%a series A
{Wabash RR Co.—
bbb2
Skelly Oil 3a debs
1950
x
bbb2
Hooony-Vacuum Oil 3s debs. 1964
x
x
a
South Bell Tel A Tel 3
Ms—1962
x
aaa2
1979
x
104%
104%
12
106
106%
29
119%
108%
108%
104%
119%
108 %
108%
11
103%
104
aaa2
x
103%
aaa3
South A Nor Ala ER gu 6s.. 1963
bbb2
45%
(♦1st gold 5s
27
3
13
101% 104%
103% 107%
Southern Colo Power 6s A..1947
108%
119
120
106% 109%
2
103
Pac coll)
1949
4s registered,.
J
D y b
1949
1st 4Mb (Oregon Lines) A. 1977
Gold 4 Ms
10-year secured 3%b.—1946 J
1950 A
San Fran Term 1st 4s
1955
Mem
1st g 5s
b
52%
51%
y
b
51%
y
b
51%
52%
51%
51%
51%
69
69
x
x
bbb2
104
106
1
"l2
x
aa
2
29
54%
65%
84%
90
65
74
106% 109%
386
44
68%
517
13
28
11
•
30
54
52%
74%
24%
5
25
12
98
7%
2
1968
J
aaa3
78
111
108 %
aaa3
104%
104%
J
...1953
J
x
aaa3
105
105
Studebaker Corp cony deb 6s 1945
Superior Oil 3%s debs
...I960
J
z
b
2
107
107
2
102
101%
102%
cccl
x
aa
86%
99%
96%
32%
2
351
229
172
17
39%
48%
55%
55%
55%
72
71
88
108%
34%
61
75
40
81%
78%
111%
94%
65%
84%
79
89
5
78
72
debentures
Warner Bros Plot 6s debs
{♦Warren Bros Co deb 6s
130
57
1948
10
5
75
109%
80
112
104% 109
26% 34%
3
103% 106%
103
105%
100% 109
99% 102%
100% 102%
3
123% 128%
105%
105%
107%
31
102
10
65
10
{♦Western Pac 1st 5s
Western Union Teleg g
25-year gold 5s
106%
6
102% 106%
Wheeling A L E RR 4s
Wheeling Steel 1st 3%s
107%
31
102% 107%
Wilson A Co 1st M 4s A
2
1977
x
*84
bbb2
103%
x
bbb2
"67"
1980
Gen A ref 5s series D
x
bbb2
67
x
bbb2
lex Pao Mo Pao Ter 5 Ms A. 1964 M 8
Third Are Ry 1st ref 4s
♦Ad] Income 5s
1960 /
Jan 1960 A
1937 J
|*Thlrd Ats RE lBt g 5s
J y ccc2
O
z
cccl
J y bb
3
78
95
103%
7
75%
62%
62%
75
68
37
66
67%
30
102%
5
55%
55
17%
16%
*99%
.....
94%
108%
62%
66%
102%
103
23
65%
1979
Gen A ref 6s series C
103%
55%
32
17%
130
101
74%
96% 104%
48% 65
14%
24
99% 101%
1953 /
1st 6s dollar series
D y
30
x
Tol 8t Louis A West 1st 4s..1950 A O
Tol W V A Ohio 4s series C—1942 M S
Toronto Bam A Buff 1st g 4s. 1946 J D
Trenton O A El 1st g 5s
1949 M 8
y
bb
x
aaa2
x
a
x
aaa3
J y bb
Trl-Cont Corp 5s cony deb A. 1953 J
♦Tyrol Hydro-EI Pow 7 Mb—1955 HfN z
.1952 F
♦Guar seo a f 75
A
2
80
~
27
92
5
99%
*120
m"
106
100%
122%
10
*8
x
aa
3
O
z
cc
Union Oil of Calif 6s series A.1942 F
A
X
aaa3
1959 F
A
x
aa
{(♦Union Kiev Ry (ChlC) 5s. 1946 A
3s debentures
59%
112%
112%
1
*
2
...
1947 J
J
aaa2
59%
1
112%
12
7%
103»i«l03>*i«
"2
106%
aaa2
1947
4s registered...
112%
1970 A~0
84-year 3M« deb
86-year 3 Ms debenture... 1971 M N
Ref mtge 3 Ms ser A
1980 J D
united Biscuit 3M* debs... 1956 A O
aa
2
aaa2
a
107
2
b
United Cigar-Whelan 8ta 5s. 1962 A O
1953 M S
United Drug Co (Del) 6s
98%
3
bb
3
1944 M S
106%
8
112%
57
98%
98%
99%
99
"5
106%
107
106%
38
Noy 1 1941 MN
.May 1 1942 MN
Noy 1 1942 MN
111%
*106
*72%
88%
aaa3
aaal
U N J RR A Canal gen 4s
87%
48
74
86
8
27
15
16
"51%
"51%
48%
48%
114%
94%
105%
*103%
*114%
114%
95%
108
106%
6
41%
42%
50
51%
2381
114%
94%
105%
1949
ser
B1966
1956
1947
.
25
1
2
103
*
115
27
z
cc
"13"
13%
105
X
cc
12%
20
x
aa
110
12%
110%
x
a
110
110
2
103
10
102%
34
3
43%
26%
41
J
{♦Wor A Conn East 1st 4 %■_ 1943 J
Youngs town Sheet A Tube—
104
114
O
Wisconsin Elec Power 3%s.„1968 A
Wise Public Service 3
%s
1971 J
60% 56%
46% 52
112% 115
92% 96%
105% 107%
42%
13%
7
12%
7%
108% 111%
106% 110
*45%
JjZ cc
Conv deb 4s
—..—.1948 M Sxbbb2
1st mtge s f 3%s ser D
2
1960 MNx a
102%
102%
101% 103%
96% 103%
93% 100%
59%
90
88
88%
27
51
.....
*99%
Deferred
delivery
sale,
d Ex-Interest,
e
Odd-lot
sale,
n
Under-the-rule
sale
Cash sale.
8
103»iel07
101% 106%
I
Negotiability Impaired by maturity,
tion per 200-pound unit of bonds.
t The price represented is the dollar quota¬
Accrued Interest payable at the exohange rate
of
$4.8484
75%
*107%
r
112% 112%
8
*110
2
aa
73%
70%
81%
104% 104%
.
1st A land grant 4s
85%
46
_
2361
Conv deb 3%s
a
rriigawa Elec Power s f 7s...1945 M
M
Union Eiec Co of Mo 3%s—1971 M N
71%
105% 107%
8% 20%
13%
15
106
*9
z
8 y
43
97%
80
29%
85%
85%
Winston-Salem S B 1st 4s...1960
{♦Wis Cent 60-yr 1st gen 4s. 1949
♦Certificates of deposit.
(♦Su A Du dlv A tor 1st 4S.1936 AfN
♦Certificates of deposit
48%
1
*103%
3
1
34
94
80
bbb2
J
32%
94
30
D
8Mb '60
....
Registered
Tokyo Elec Light Co Ltd—
To) A Ohio Cent ref A Imp
30%
15
90%
12%
106%
3
15
85
*8
91%
106%
94%
107
34
Bl Power 68.1963
91%
106%
107%
88
95%
104%
105
84
aaa3
11
100
9
84
25%
With declaration
West Shore lit 4s guar
108% 112
17
104
1900
*
101% 104%
105%
26%
26%
25%
30-year 6s
aaa3
a
71%
106% 108%
82
86%
85%
bbb2
"li
111
*110%
...1951
x
109% 113%
.....
4%s.l950
x
x
65
124% 128%
107% 110%
111% 114
109% 111%
U2~~
..1946
x
J y bb
126
112
A..1946
ser
♦5b assented
Texarkana A Ft 8 gu 5Ms A. 1960
5S..2000
79
....
110%
126
103%
105%
Texas Corp 3s deb.
3s debentures
gold 6s_._. 1943 J
38%
32
*U0%
103%
111
Texas A Pacific 1st gold
Gen A ref 5s series B
96
51%
1
93%
111%
qo
87
99%
92%
77%
5
104%
1953
1965 >AfN
72%
92%
3
...1959
105%
91
235
79
93%
aa
*111
62
18
17%
17
17%
50
Western Maryland 1st 4s.... 1952
1st A ref 5 %s series A
1977
West N Y A Pa gen gold 4s..1943
aaa3
Gen refund s f g 4s
103
24
99%
104%
x
Term Assn St L 1st cons 5S..1944
123%
38%
87
104%
x
Tenn Coal Iron A EE gen
aaa2
78%
6
104%
West Va Pulp A Paper 3s...1954
102%
124%
112%
111%
_
7%
21
86
15
6s
104%
86%
99%
95%
70%
38%
Westchester Ltg 6s stpd gtd.1960
Gen mtge 8%s
1967
West Penn Power 1st 6s E..1963
1®t mtge 3%b series 1
1966
D
1961 JfN
J
6s. 195 J
1955
.1955
Walworth Co 1st M 4s
70%
1961
Swift A Co 2Mb debs
104%
57%
108%
O y bb
1946
89%
{♦Spokane Internet 1st g 5s. 1955
2Mb debenture
40%
39%
7%
581
1980i
(Hiram) G A W—
Convertible deb 4%s
99
82
78
_
44%
201
48%
67%
658
507
Walker
44
87%
81%
82%
87%
81%
aaa3
Standard Oil N J deb 3s
275
53%
91%
63%
83%
2
bbb2
bb
37%
34%
66%
2
J
bbb2
1st A ref 3s series C
102
91
62
J
Union Pac RR—
bb
4x1
65%
65%
'91%
62
D
1st g 4s
con
bbbl
y
High
108% 112
9
1941
Warren RR 1st ref gu g 3%s.2000
Washington Cent 1st gold 4s. 1948
Wash Term 1st gu
3%s
1945
1st 40-year guar 4s
1946
2
1951
Texas A N O
1
.
45%
7%
7%
83%
a
Ho'western Bell Tel 8Mb B..1964
St Louis DIt
Jan. 1
♦Ref A gen 5s series B
1976
♦Ref A gen4%sserlesC—.1978
54%
53%
53%
53%
71%
83%
o
1956
1956
1996
gen 6s
Dlv
y
O y bb
o
bb
Derel A gen 4s series A...1956
Devel A
bb
50%
b
J y bb
O
J
1st cons g 5s..1994
Derel A gen 6 Mb
%
y
J y bbbl
J y bbbl
1st ref guar 4s...1955
1st 4s stamped
49
y
M~S
1968 M S
1969 M N
1981 MJV
-
Ms
Southern Ry
2
ccc2i
♦Omaha Dlv lBt g 3%s.._194l
(♦Toledo A Chic Dlv g 4a. 1941
{♦Wabash Ry ref A gen 5 %s A '75
109
9
105
1
southern Pacific Co—
Ho Pac EE
1939
Since
^
aa
i*2d gold 5s
1939
♦1st lien g term 4s
..1954
♦Det A Chic Ext 1st 5s
1941.
(♦Des Moines Dlv 1st4s_.1936 .
85
35%
102 H 104%
cq
y
•
54
Range
a
I gS
NO. Low
.
29%
.
Asked
A
♦Ref A gen 5s series D
3s debentures
Gold 4
1966
Bid
.
x
Gold 4 Ms
1968
...
14
z
Simmons Co deb 4s........1952
4s (Cent
6s
Range or
Friday's
,
j
y
■
cons
Price
x
Va Iron Coal A Coke 1st
g 58.1949
Va A Southwest 1st
gu 5a...2003.
1st
Last
Sale
See k
Railroad & Indus. Cos. iConcl.)
Va Elec A Pow 3%s ser B...1968:
99%
100
Rating
Elig. A
45
29%
y
Jan. 1
3%
3%
BONDS
Y. STOCK EXCHANGE
Week Ended Aug. 8
N.
Since
3%
*3%
J
Bhlnyetsu El Pow 1st 6 %s
1952 J D
♦Siemens A Halake deb 6%f_1951 M S
•Silesia Elec Corp 6Ms
1946 F A
{(♦dileslan-Am Corp ooll tr 7s.41
Range
or
Asked
Hiah
J
2%s debs...1954
1961
807
Week's
Friday
Bank
Friday's
Bia
Railroad & Indus. Cos. (Cont.)
{♦Seaboard All Fla 6s A ctfs.1935 F
Record—Concluded—Page 6
Week's
110% 114%
110
112%
96
100%
96% 101 %
102% 107%
104% 107%
65%
76%
82%
90%
107% 108%
100%
{
Companies reported
as
being In bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by
*
Friday's bid and asked price.
♦
under
such companies.
Bonds selling flat.
No sales transacted during current week.
United Stares Steel Corp—
Serial debentures—
.625e
.75s
,875a
1 008
May
Nov
1.125s
1.26s
1 3768
1 608
1.626s
...May
Nov
May
—Nov
k Bank
aaal
*100
aaal
1 1943 MN
1 1943 MN
aaal
aaal
1 1944 MN
aaal
1 1944 MN
1 1945 MN
aaal
*101
aaal
*101 %
100% 101
100% 101
1 1946 MN
aaal
*100%
100
100
101%
100% 102
102
102
100
101%
100% 102
100
100
*100%
ioo%
100%
*100%
*100%
100% 100%
1 1946 MN
aaal
1 1946 MN
aaal
1 86s
May
1 1947 MN
aaal
*101%
*101%
*101%
1 90s
Nov
1 1947 MN
aaal
*101%
1.96a
May
1 1948 MN
1 1948 MN
aaal
1 1949 MN
1 1949 MN
aaal
*101%
aaal
aaal
1 1950 MN
aaal
*101%
*101%
*101%
*101%
102
1 1960 MN
1.80s
2.00a
Nov
2 05s
May
2.10s
Nov
2.15s
May
Nov
2.20s
*101%
aaal
102
eligible for bank investment.
y
Indicates those bonds we believe are not bank eligible due either to rating status
provision In the bond tending to make it speculative.
or some
May
Nov
1 768
Eligibility and Rating Column—x Indicates those bonds which we believe
*100
100%
102%
100% 102%
100
103%
100
102%
100% 103
102
102
"
100
102%
102%
100
z
of reorganization.
Indicates Issues in default. In bankruptcy, or In process
the ratings assigned to each bond
by the three rating agencies
The letters Indicate the quality and the numeral Immedi¬
ately following shows the number of agencies so rating the bonds.
In all cases the symbols
will represent the rating given by the majority.
Where all three agencies rate a bond
differently, then the highest single rating Is shown.
The rating symbols In this column are based on
A great
majority of the issues bearing symbol
ccc or
lower are In default.
All Issues
bearing ddd or lower are In default.
103%
103%
May
Nov
1 1951 MN
aaal
2.30a
1 1951 MN
aaal
*101%
2 36a
May
1 1952 MN
aaal
*101
102%
102%
2.40a
Nov
1 1952 MN
aaal
*101%
102%
100
2.46s
May
aaal
*101
103
100
2 50a
Nov
1 1953 MN
1 1963 MN
aaal
*102
102%
100% 104%
2 65s
May
Nov
1 1954 MN
aaal
*101%
102%
101
2.60a
1 1954 MN
aaal
*101%
2.65s
May
1 1955 MN
aaal
102%
2.268
♦Un Steel Wks Corp5 Mb A.. 1951 J
D
100% 104%
100% 104
100% 104
Transactions
102%
103%
103%
100% 104%
102
104%
20% 33
102%
30
♦3MB assented A
♦Sec s f 6Mb series C
1951
33
36%
20
1961
31%
95
20%
13%
21%
91%
Exchange,
Stock
United
Total
Week Ended
Number of
Miscell.
MunicivoJ
States
Bond
Shares
Bonds
For'n Bonds
Bonis
State
Railroad A
Stocke
Sales
25
♦3assented C
York
New
Aug. 8, 1941
33%
1951
the
at
Daily, Weekly and Yearly
♦Sink fund deb 6 Mb aer A. 1947
1947
♦3MB assented) A
*11%
bbb2
United Stockyds 4Mb w w_. 1951
94
Utah Lt A Trac 1st A ref 5s
1944
a
1
102%
Utah Power A Light lBt 5s.
1944
bbb2
102%
Vandalla cons g 4e series A..1955 F A
Cons a f 4a series B
...1957 MN
100%
99%
4
102%
64
102%
$51,000
51,000
$3,111,000
5,343,000
495,000
18,000
384,000
24,000
47,000
6,244.000
5,531,000
422,000
62,000
8,049,000
$253,000
$35,279,000
$181,000
363,870
52,879,000
632,790
4,922.000
370,000
641,720
Saturday....
231
Monday
33
Tuesday.
97
Wednesday
581,070
104%
Thursday
497,120
5,731,000
5,123,000
6,532,000
105%
100
33%
Friday.—.
553,080
7,679,000
308,000
3,269,650
132,866,000
$2,160,000
x
aaal
*110%
110
111
x
aaal
*110%
109
—
—
.
7,001,000
110%
Total
-
Jan. 1 to Aug. 8
Week Ended Aug. 8
Sales at
New York Stock
1941
Exchange
Bonds
Government
State and foreign
Total.
1941
1940
1,450,470
85,542,249
136,345,535
5253,000
$572,000
2,137,000
14,802,000
$12,705,000
97,040.000
1,218.898,000
800,150,000
$17,511,000
$1,328,643,000
$967,251,000
.
—
——
Railroad and industrial—.
Attention »s directed to the column incorporated in this tabulation pertaining to
1940
3,269,650
Stocks—No. cf shares
2,160.000
32.866,0001
$35,279,000
bank eligibility and rating of bonds
See note k above
$28,469,000
138,632,000
New York Curb
808
Exchange—Weekly and Yearly Record
Aug. 9,
1941
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the only transactions of the week, and when selling outside
the regular weekly range are shown In a footnote In the week In which they occur.
No account Is taken of such sales In computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange
beginning on Saturday last (Aug. 2, 1941) and ending the present Friday
(Aug. 8, 1941).
It is
compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
stock or bond, in which any dealings have occurred during the current year.
for the week
Friday
saies
Last
Pat
STOCKS
Week's Range
of Prices
Week
Price
Acme Wire Co commou-10
1934
Low
High
1934
68
534
6
Alnswortb Mfg common..6
434
434
9 34
Class B
Air Associates Inc
Air Investors new
pref
Warrants...
(N J)--l
com—2
*
9
1034
Mar
Feb
23
July
1,600
200
4
July
300
834
— *
(Mich)..10
Jan
Jan
Feb
134
2534
Jan
Mar
'll
Apr
10
7534
10334
Jan
80
10
99
"~ix """134 " ij4
19 34
Ltd common.*
34
Mar
134
Aug
Blue Ridge Corp 00m
1,100
Jan
May
May
July
155
Jan
400
110
July
110
Jan
400
12
Mar
"723/2 "72"
"73"
"350
65
27
27
28
534
100
100
26
*
Jan
7% 1st preferred
Jan
$5 2d preferred
7534
Apr
Brazilian Tr Lt A Pow
Apr
Breeze Corp common
34
Jan
Brewster
1
1
Jan
634
July
134
May
Brill Corp class A
35
Aeronautical
Preferred
Mar
Jan
934
May
1134
Mar
Apr
6834
Jan
63
Amer Centrifugal Corp—1
*18
»x» June
*is
Jan
Jan
Amer Cities Power & Lt—
Class A new
Class B
34
40 34
1934
"2434
100
109 %
Amer General Corp com 10c
1
"28~"
2234
1334
27
25
34
200
100
2434
25
1,600
10934 110
3
334
28
225
2834
100
25
*32
4,500
"~4k "434"
Feb
4234
2034
July
July
*18
Jan
Apr
1334
July
May
May
3034
11334
Jan
Feb
334
Jan
29 34
"206
50
♦
*
334
34
1
1
100
preferred
*
com
134
10
7%
Arkansas P A L $7 pref—*
Aro Equipment Corp
1
Art Metal Works com
6
8834
0% preferred
Ashland OU&RefCo
734
Brown Rubber Co
Jan
Bruce (EL) Co common.. 6
Brack Silk Mills Ltd
*
Feb
Aug
Buckeye Pipe Line
Feb
2234
1534
Apr
2834
June
Apr
24J4
Aug
Mar
Jan
34
June
3234
Jan
66
Jan
Apr
84
Burma Corp Am dep rets..
Burry Biscuit Corp..12 34c
834
Apr
334
Jan
Feb
34
Jan
July
234
134
Mar
July
Apr
1
Jan
July
12
Jan
Jan
103
June
1
300
Apr
134 June
634
Apr
10634
2
Aug
July
234
July
834
Jan
Mar
1134
Aug
6 34
6 34
300
534
Jan
034
June
534
100
4 34
Apr
534
Jan
June
1134
May
Capital City Products
Mar
Carib Syndicate
Carman A Co class A
Class B
332
July
Jan
34
Jan
*18
Jan
34
Jan
34
July
134
Jan
Jan
2
Jan
2,100
134
8
1634
Automatic Voting Mach..*
334
134
434
4 34
400
1,300
3
17
8 34
3 34
134
334
34
800
200
434
500
4 34
500
May
July
Apr
334
2934
July
July
Jan
434
July
May
nu
Jan
634
*
Jan
13 34
200
1,400
1,300
72
10934
Jan
234
50
100
17
May
May
19
1
Mar
2
May
234
834
434
July
July
Mar
234
334
Mar
Feb
434
434
July
15
15
75
1234
May
1734
Jan
15
"434
15
50
15
16
Jan
Warrants
Jan
34
Aug
May
34
Jan
July
36 34
Apr
Feb
534
July
Feb
3234
July
Apr
Tobacco—
10
29
Ayrshire Patoka Collieries 1
334
*
3034
3134
1,800
534
3534
534
36
1,600
25
Baldwin Locomotive—
534
100
Baldwin Rubber Co oom.l
Refractories Inc
1
Baumann—See "Ludwlg"
Beau Brummell Ties Inc.-l
734
3734
Mar
634
Jan
»i8
Jan
234
May
234
234
500
134
134
1,200
934
834
9
934
150
834
4,900
634
Jan
300
434
Mar
200
434
Mar
350
12 34
Jan
5
'
Beaunlt Mills Inc com..10
$1.60 conv pref......20
FeD
Apr
32
134
1
Barlow A Seellg Mfg—
$1.20 conv A com
..6
334
534
36
22 34
For footnotes see page 813.
834
4*4
634
2134
5
634
22J4
July
Feb
534
Feb
7 34
Apr
2334
July
"134 "l34"
""800
500
34
Apr
30
30
Jan
Feb
41
June
Feb
334
34
5234
July
Jan
51
200
3534
June
12
12
400
1134
May
Jan
31
1134
"ilk
Jan
Apr
134
50
51
July
134
34
""lOO
34
l
Jan
Jan
100
.....
"3"
1134
1034
July
12J4
10
"lOO
34
July
July
1234 June
Jan
Apr
June
1634
Jan
July
23
Aug
200
June
134 May
400
7
10
15
"22*4"
2
"10
934
334
334
23
2,150
2
2034
10
334
1,200
134
134
12*4
500
"45
34
Feb
1334
134
z2434
600
12 34
1234
May
Mar
Mar
34 June
234
Jan
Jan
334
50
134
July
July
Mar
Jan
13
Apr
46"
""200 '~3034~Feb
46
Aug
1,300
June
1934
9934
May
12 34
Mar
Feb
Mar
1134
1634 June
1634
1734
92 34
93 34
100
1134
"53 34"
12
300
934
200
»u
34
*"34"
34
92
June
Jan
1
34
34
Feb
34
34
2C0
•u
June
May
34
Feb
Feb
34
34
Jan
54
1,400
34
Feb
Apr
34
Feb
34
9
Apr
Aug
134
11
Jan
Jan
May
834
400
2
500
I34
134
May
334
Jan
334
Jan
1434
Apr
1834
Jan
16
25
16
200
July
May
14
534
Mar
2
Aug
5
Jan
Jan
15
Mar
134
134
Apr
May
2
Aug
Feb
Mar
121
834 June
234
234 May
11434
234
9
x%
134 June
13
300
*
134
Jan
Canadian Industries Ltd—
7% preferred
Canadian
100
Marconi
H
1
E200
3834
600
34
June
July
34
Aug
Mar
•
*
Carrier Corp oommon
1
Carter (J W) Co common. 1
Casco Products
*
7
3834
Cherry-Burrell common..6
Cheeebrough Mfg
25
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach...4
Chief Consol Mining
1
Chllda Co preferred
100
Cities Service common.. 10
5
Aug
$0
preferred
...»
July
60c preferred B
$0 preferred BB
r__*
8
Jan
105
834
634
1,400
834
100
Aug
734
Apr
634 June
534
17
900
725
634
1,300
5134
534
50
334
126 34
334
125
6
400
108
110
260
9
9
100
"80 34 "82 34"
81
834
\
834
834
"i'90
ICO
34
4
134
Jan
Jan
July
June
Jan
634
5134
July
Feb
90
Jan
11634
Mar
9
July
Apr
1334
10634
Apr
8034
8
~"l"66
*ii
Apr
Jan
2034
Jan
Feb
4
3534
1,000
"34 """"34
734
June
234
107
Aug
May
Apr
110
34
May
Apr
100
Aug
Jan
95
Jan
10
Feb
11634
Jan
134
8
-----
734
....
134
834
34
34
Aug
Jan
*11
Feb
May
34 May
34 May
*i« July
34
234
34
54
34
200
10,600
Jan
*>1
preferred....... 100
Strip Co
5
Charls Corp oommon... 10
Feb
40
634
100
Conv preferred
100
Conv pref opt ser '29.100
Cessna Aircraft Co
1
Chamberlin Metal Weather
Apr
11034
1034
034
105 34
334
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 50c
Cent States Elec 00m
1
39
113
7c
834
126 34
1st partlc pref
•
Cent Hud G A E com
•
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Feb
111
105
7% 1st partlc pref...100
Celluloid Corp common. 16
$7 dlv. preferred
*
JaD
35
10934 June
110
Castle (A M) common
10
Catalln Corp of Amer
1
Celanese Corp of America
preferred
34
34
Carnation Co common...*
Carolina P A L $7 pref...*
$0 preferred
*
0%
7%
6,500
34
*
26c
Aug
Aug
400
234
134
1
834
634
2234
1134
234
11
•
90
Jan
Barbon Corp
Class A voting
Class B non vot
June
June
Apr
334
634
1034
1134
334
1,500
Fdy Ltd—
7% partlc preferred...26
Can Colonial Airways
1
Canadian Dredg A Dock.*
Canadian Indus JUoohol—
734
05
Barium Stainless Steel...1
Calllte Tungsten Corp
7934
134
Atlas Drop Forge com...6
Atlas Plywood Corp.....*
Jan
6
Canadian Car A
334
334
60
34
34
4,600
Calamba Sugar Estate..20
California Elec Power... 10
100
34
July
1034
Canada Cement Co Ltd..*
1,700
34
June
Camden Fire Insur Assn..6
«*!•
734
-
234
34
50
34% pref she £1
'""260
108
30
Am dep 6
Jan
2,000
4
34
July
Cables A Wireless Ltd—
Feb
134
134
2834
Apr
534
1034
534
Cable Elec Prod 00m...60c
Vot trust ctfs
60c
8
100
com.
*
1134
4
34
500
1034
26
May
Feb
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..1
—
$1.60 preferred
$6 1st preferred..
90
3 34
2834
July
Buff Niagara A East Pow—
60
Assoc Tel A Tel class A..*
334
Jan
734
10
Bunker Hill A Sullivan 2.60
*18
1
38 34
Feb
1034
60
June
234
Atlantic Coast Line Co..50
35
Mar
534
10
1
com
88
134
34
234
May
"loo
•
Apr
90
'16
$5 preferred
*
Assoc Laundries of Amer *
Babcock A Wilcox Co
preferred
1034
........1
..1
Class A common
$0
Jan
{Associated Gas A Eleo—
Avery (BF)4 Sons com.5
6% preferred w w
25
0% preferred x-w
25
BrownForman Distillers.!
Mar
£1
Auburn Central Mfg.....*
Automatic Products new.l
*
July
Associated Elec Industries
Atlantic Rayon Corp
Atlas Corp warrants
Class A preferred
534
~~6H
734
34
234
Brown Fence A Wire com. 1
May
Assoc Breweries of Can..*
Atlanta Birmingham A
Coast RR Co pref
100
1134
1
Amer dep rets reg
{Brown Co 0% pref
334
10634
134
134
80
35
734
Jan
33
634
234
34
Apex Eleo Mfg Co com...*
Common cl A non-vot-.*
33
1834
33
33
"7 34
34
23
Appalachian Elec Power106
Jan
July
July
Mar
1
Apr
100
"234 "234
Angostura-Wupperman ..1
Apr
834
834
American Thread 6% pf..6
Anchor Post Fence
2
34
3834
834
234
July
Feb
60
100
Jan
Feb
34
May
Apr
Apr
Apr
3434 June
5?4 May
700
British Col Power cl A... •
Apr
Mar
Jan
4
2034
Am dep rets ord reg.. 10s
4234
34
Am Superpower Corp com *
1st $6 preferred
734
334
100
900
Mar
834
6
34
2834
1,900
31
62
7
8*4
834
Jan
8
1734
600
31
7
,
Amer Seal-Kap common. .2
$6 series preferred
34
34
300
Jan
Jan
13*4
4034
Am dep rets ord reg...£l
25
200
34
3634
Aug
34
Am dep rets ord bearer £1
1634
1134
3,100
54
36 34
8
3034
British Celanese Ltd—
1534
MOO
34
36 34
Apr
634 June
334 July
1334
Feb
Jan
Jan
British Amer Tobacoo—
28
50
24
61
*
Amer Potash A Chemical.*
10
Jan
10534
234 May
2534 June
300
3034 3034
I.....
2034
2234
1334
1334
2734
2734
34
1
Republics
Jan
38 34
23
100
Amer Meter Co
Feb
34
Jan
1534
34
934
2,000
*16
1 334
24
Amer Mfg Co common. 100
Amer Maracalbo Co
2634
May
31
.....
Amer Laundry Mach—20
Amer Lt A Trao com
26
Preferred.
*
Co
June
4",666
1934
1^600
Class A
*
~40k
*18
700
"1734"
Brillo Mfg Co oommon...*
7934
$2.50 conv preferred...1
Amer Hard Rubber Co..50
preferred
100
Feb
100
13 34
American Gas A Eleo—10
$2 conv preferred
1834
*18
Amer Fork & Hoe com—*
preferred
"39"
.8
May
May
Aug
Apr
30 34
preferred
2834
35
10
n-v
7%
May
.
Amer Export Lines com._l
Amer Foreign Pow warr...
100
16 34
34
*
1034
34
—
"16
*
1634
A..10
1234
34
1034
37
100
Class B
British Amer Oil
25
..25
1
Conv class A
734
Bridgeport Gas Light Co.*
Bridgeport Machine
•
May
34
—*
-*
734
»
9934
*18
$ 3 preferred
15.50 prior pref
1234
»
Apr
4
1234
100
July
434
32
•
com
7 34
10c
Bourjois Inc
Bowman-Biltmore
1834
Fe
10c
Basic
7% 1st preferred
Co
Borne Bcrymser
Jan
34
2434
60
534
•
May
93
100
1
1
*
2234
434
1834
634
10
"moo
Bohack (H C) Co com...*
11234
1 3 34
3034
•
oommon
Apr
"650
114
Blauner's
Bliss (E W) common
Aug
2
2234
Apr
3034
80
*
1934
May
Feb
14
$2.60 preferred
Birds boro Steel Foundry
A Machine Co com....*
$3 opt conv pref
Blumenthal (S) A Co
Common class B
Purch warrants for
Blckfords Inc common...*
May
Mar
105
._.*
234
Class A common
7% preferred
Conv preferred
103
American Capital—
Axton-Flsher
34
103
Benson A Hedges com...*
Jan
117^ 11834
1334
100
Class A
Jan
100
Berkey A Gay Furniture. 1
May
4
Amer Box Board Co cora.l
Amer Cynamld class
111
Jan
Apr
50
oom..l
American Book Co
10
1,100
9434
100
6% preferred
Common
534
2034
334
2,400
334
Mar
88
600
113
Mfg--.*
American Beverage
434%
2434
1934
334
*n
Aluminum Industries com-*
Arkansas Nat Gas
May
234 May
90
May
23J4 Mar
1934
1
11134
1 9 34
2234
11734
—100
6% preferred
American
1134
46,300
Jan
134
"ivy*
Aluminum Co common—*
6%
High
Apr
11 34
Bell Tel of Canada
12 34
♦
Altorfer Bros com
434%
Low
Shares
9 34
Jan
Apr
400
99
Class A conv com.....25
Class B
Range Since Jan. 1, 1941
for
Week
1034
Bellanca Aircraft com
Allied Intl Investing—
Aluminium
Price
Range
J
Jan
July
34
Beech Aircraft Corp
234
10734
*
com...*
Alllancelnvestment
*
July
8734
8734
10734 109
34
pf-*
16 preferred
5
2234
634
634
A lies A Fisher Inc
Aluminum Goods
of Prices
Low
High
Par
20
........
Alabama Power Co 17
$3 conv pref
Week's
Sale
High
1
Alabama Ot 8outbern_.56
Allied Products
Last
Bell Aircraft Corp com—1
1
—1
Class A
conv
Low
Shares
STOCKS
CContinued)
Mfg—
Aero Supply
new
Range Since Jan. 1, 1941
2134
1934
Sales
Friday
for
Sale
334
Apr
Jan
Jan
Mar
Jan
834
Aug
334
.....
""*100
Feb
434
Mar
4 34
Mar
534
1434
11034
Jan
1134 May
Jan
"9834 "9834
""lOO
87
""Too
5734 July
734 June
7334
"834 "~8H
"9834
Jan
34
July
June
*i«
934
534
73
834
5
934
534
""950
7,800
534 June
334 July
69
74
1,600
48
63 34
65
30
48
•
434
Jan
Jan
Jan
10
10
Jan
654
July
8334
July
June
734
July
Feb
72 %
Aug
Feb
Volume
New York Curb
153
Friday
STOCKS
Week's Range
Last
(Continued)
Sale
Par
Price
Cities Serv P A L %7 pre!.*
SO
of Prices
High
Low
Range Since Jan. 1, 1941
for
97
97 %
50
96
96 %
20
6
6%
400
"l6% ~i6X
Claude Neon Lights Ino..l
*i»
K
*39% "40 %
*
Cleveland Tractor com
Par
Mar
104
Mar
Feb
89
102
Mar
289%
5%
Mar
6%
Jan
Jan
6%
Feb
""~50
15% June
% May
1,100
Clayton A Lambert Mfg..4
Cleveland Eleo Ilium
*
4 %
4%
35
300
Jan
17
%
8%
Jan
5%
""150
4%
May
5%
2%
Jan
4
Club Alum Utensil Co
1
*
June
6% oonv preferred
Jan
2%
2
54%
2
hi
1,200
70%
Apr
82%
51
June
60%
1
Feb
Mar
K
18%
*t§
2
"20% ~20% ""150
July
June
24%
%
1
11%
11%
400
UN
10
Jan
Jan
13%
Jan
Mar
%
33%
Mar
♦
preferred
July
K June
K July
30%
1%
IK
1K
2,100
Rights (expire Sept2)...
hi
1l«
hi
4,500
IK
IK
Consul Biscuit Co
1
Consol O E L P Bait com.*
4 *4% series B pref
4% pref series C
58%
100
100
IK
Consol Min A Smelt Ltd..5
27%
1
Consol Retail Stores
100
21%
21%
50
July
May
Mar
Jan
2
he
July
1
27 %
2%
Feb
Jan
73
Jan
Jan
Apr
13
20%
3%
28%
3%
Jan
Mar
1% May
21% Mar
Jan
500
2
400
2%
7% May
2%
Apr
10 %
Falrchlld Eng A Airplane. 1
9%
3%
4%
Jan
5%
May
July
19%
May
Falstaff Brewing
Fanny Farmer Candy
1
♦
9,600
1
Metallurgical
7%
Aug
Jan
20%
100
7%
7%
7K
7%
600
200
6
Apr
7
May
7%
25%
10%
8%
July
35
Jan
July
19
June
19
June
Jan
Jan
58%
107%
•
June
35
20%
Fedders
104
108
1,025
Apr
z96%
July
May
1%
Jan
11%
Apr
72% July
134% June
Ford Motor Co Ltd—
Am dep rets ord reg...£1
1%
1%
600
1
11%
11%
700
9%
Apr
May
1%
21% June
28%
July
IK
"""166
1%
Feb
1%
2,800
5%
Feb
8%
July
7K
8%
93%
92K
93 K
-1
*
40
Cornucopia Gold Mines 5c
~6H
IK
Aug
K
K
300
9
18%
350
100
18
62
50
34
"44%
44%
45
125
28
50
Mar
90
Jan
18%
Gamewell Co S8 oonv pf.
Gatlneau Power Co—
4
July
105
Apr
General Alloys Co
95%
5% preferred..
95%
10
K
1 %
"i%
1
14
June
May
8%
Jan
May
11
Apr
Feb
4%
h* June
37
7
33
100
30
8
OK
1,050
IK
1.900
%
%
4%
1 %
Jan
Mar
Jan
70
2,300
Jan
July
Jan
1
10
14 %
IK
13
500
84 K
IK
IK
Jan
6%
86%
June
Jan
1%
July
Feb
14%
Aug
CourtauldsLtd—
£1
12%
"266
%
%
"266
Gen Outdoor Adv 6% pflOO
Gen Pub Serv $8 pref
*
27%
27%
30
Gen Rayon Co A stock...*
1%
1%
%
Common
%
.....1
SO conv preferred
*
53
53
55
104
100
July
2%
Feb
104
300
19%
July
July
Georgia Power S6 pref—.*
he
ht
1,000
Crowley, Mllner A Co...*
Crown Cent Petrol (Md)
1
3i«
%
Jan
1
1
1,200
1%
Feb
2%
1,300
K
1%
May
2%
May
2%
May
Crown Cork Internet A—*
5
5
100
4%
Jan
5%
Crown Drug Co com
26c
1
1
100
Apr
July
Apr
7% conv preferred
26
1%
22%
.6
Cuban Atlantic Sugar
Cuban Tobacco oom
-
K
K
K
*
1
~io~K "u
I54OO
1
100
1
July
Jan
11
Aug
Mar
1%
1
Mar
10
36
Mar
Jan
25
28%
Jan
1%
IK
IK
500
60
Feb
35
2
2 K
400
Jan
99%
100
Derby Oil A Ref Corp com*
A conv preferred
♦
Feb
Jan
1
2%
53%
112
Mar
July
June
2%
1
20
Mar
49
Aug
9
100
8%
Apr
10
Jan
17%
Jan
18%
July
100
1%
Feb
100
1%
Jan
1%
2%
Apr
1
"it
hi
300
%
De Vllblss Co common.. 10
preferred
»ie May
May
UK
UK
50
1%
Dlvco-Twln Truck com._l
7K
7K
7K
300
Dobeckmun Co eommon.l
3
3
3
100
Dominion Bridge Co Ltd.*
Dominion Steel A Coal B 25
preferred....
5K
*
10
Driver Harris Co
5%
50
69
33
100
69
33
34%
250
100
5%
3
74%
200
2%
72%
"360
K
%
Duro-Test Corp eommon.l
Duval Texas Sulphur
4%% Drlor pref
0% preferred
56
Aug
7%
5%
Jan
16%
July
Feb
6
76
34%
Jan
Jan
Aug
111
Jan
Apr
3
Jan
Apr
76%
Jan
June
nit
July
June
6%
Mar
1%
7%
Jan
7%
May
10%
Jan
2
1,500
1%
May
3%
Jan
June
58%
May
42
350
48
30
75
11
K
100
.
Apr
he
Jan
Apr
S6 preferred series B_
12%
2%
11%
Apr
*
K
2K
200
2%
2%
55
61%
10,500
2
Economy Grocery Stores
Elec Bond A Share corn._6
15
preferred
S6
preferred
•
Elec P A L 2d pref A
2K
*
52
51%
57
55%
2
May
May
Apr
Jan
Aug
16%
16%
3%
July
July
13
June
Jan
2,400
47%
July
4%
65%
9,000
52
July
70
7
Jan
17%
Apr
*
300
30%
4
For footnotes see page
5%
813
30%
25
4%
5%
2,100
100
4% June
6%
Aug
4
4
4
100
3% June
6%
100%
175
14%
Jan
25% June
"""% "
25
40
39
%
i~5~466
40
150
10
1,700
Apr
105
127% June
Jan
%
132
97
35
Corp
6% conv preferred
Hecla Mining Co
25
1%
400
36%
36%
38%
2,700
......
7% June
1%
Mar
Mar
July
Jau
5
4%
23
200
"i% "Ik
'4~600
4%
22%
300
Apr
%
Apr
42
Jan
10%
1%
%
Apr
Jan
Mar
29
Mar
39
Aug
Mar
111
July
Jan
115
Jan
Mar
2%
Mar
4% May
8%
25%
Jan
20
Feb
54
22%
Feb
109
111%
2%
U4% 114%
Jan
25
1
"Ik
June
1
..*
50
"17%
6%
»
10%
w w
1%
4%
17%
2%
4%
600
4
June
18%
200
17
May
2%
200
29
30
6
250
1%
Feb
20
4%
Apr
6%
2,700
10%
10%
100
9
10%
200
9% June
May
7%
2
"23"
26
65
Jan
"23"
"~~~5<j
23
May
Aug
Jan
Jan
1%
1%
July
Mar
6%
26%
Jan
Jan
3%
July
30
Aug
6%
12
Aug
Jan
10%
9
Jan
Mar
26%
Feb
26
Jan
5
Feb
26
26
Henry Holt A Co part A
Hewitt Rubber oommon..5
10
Apr
13%
Jan
65
Feb
85%
June
Feb
16%
9%
Aug
Preferred
ex-warr
4%
82
83
Hoe (R) A Co class A—.10
16%
15%
1,400
Bollinger Consol G M
28%
8%
16%
16%
8%
16%
100
10
6
Holophane Co oommon..*
75
300
Co common.. 1
Apr
May
8
11%
Jan
16%
Apr
Aug
Apr
13
Apr
31%
Hormel (Geo A) A Co com*
Horn (A C)
8%
Apr
33%
Feb
2%
Mar
2%
Feb
24% June
113%
Feb
31 %
Jan
114%
Apr
13
*
Horder's, Ino
2%
2%
2%
300
*28""
25
Horn A Hardart Baking
Horn A Hardart—
5%
preferred
100
Apr
Humble Oil A Ref
*
Apr
Hummel-Ross Fibre Corp
5
13
Jan
May
Mar
Feb
5%
July
64%
64%
6%
June
18
Jan
Apr
May
65
Aug
8
•
1,900
62%
7%
1,900
5%
5%
200
65
Huyler'e com
27%
6
Hussmann-Ligonler Co.
1%
12%
32%
Feb
Feb
16
6% May
Hubbell (Harvey) Inc
May
"28~
*
Jan
Jan
Mar
10
*
Heller Co oommon
Preferred
"30
25c
Class A
100
% May
Apr
1%
1%
1
Helena Rubensteln
June
2
June
hi
B non-vot common
Haseltlne
*ii
9
Jan
5%
Hearn Dept Stores oom__5
11%
7K
warrants
Electrographlc Corp
Elgin Nat Watch Co.... 16
35%
5%
%
1% June
29% July
Hat Corp of America—
Feb
July
100
500
Jan
Mar
preferred
Mar
1,000
52%
36
17%
he
1%
Gulf States Util S5.50 pf.*
1%
12%
Easy Washing Mach B
Gulf Oil Corp
Mar
9%
51%
35%
200
300
100
Hartford Rayon rlfl
Harvard Brewing Co
17
K
36
Aug
July
X16
{Guardian Investors...
Hartford Eleo Light
57 preferred series A.._*
Eastern States Corp
7% 1st preferred
Gt Northern Paper
Hammermlll Paper..... 10
9%
17%
100
100
Eastern Malleable Iron..25
Aug
8%
1%
Greater N Y Brewery..
Hey den Chemical
*
30%
100
X16
100
Hall Lamp Co
East Gas A Fuel Assoc—
Common
30
Gypsum Llme&Alabastlne*
IK
9K
100
Mar
1%
stock...
Jan
7
•
10
Eagle Plcher Lead
com
Jan
July
200
Durham Hosiery cl B com »
Non-vot
JaD
June
2%
1,400
5,100
6%
Great Atl A Pac Tea—
Apr
61
74%
100
10
U
May
2%
Mar
5%
21
Aug
21%
150
8%
Mfg common..10
12%
16%
4%
109
Dublller Condenser Corp.l
Duke Power Co
10
14%
30%
preferred
Gorham
May
Apr
11K
-.2%
Draper Corp
Jan
......
10
Diamond Shoe common..*
S3
13%
1%
29%
17
Mar
Mar
1%
20
10
100%
Grocery Sts Prod com..25c
49
300
8 Detroit Paper Prod
Mai
9%
18%
1%
2K
Detroit Steel Prod
110
Jan
9%
18%
1%
2 K
w
43
Jan
*
Det Mich Stove Co com_.l
Detroit Gray Iron Fdy.._l
May
98
Greenfield Tap A Die
47
Apr
40
July
9
49
10%
"25
100
*
Gray Mfg Co
8% debenture
July
May
50
Grand Rapids Varnish.
June
Mar
Jan
108 >
175
30
preferred
Goldfleld Consol Mines. .1
24
July
13%
*
S7
140
3%
Mar
"41*
7%
July
8
61
90
Class B
9
Jan
Detroit Gasket A Mfg
Godchaux Sugars olass A
12
Feb
Apr
June
4% July
7% June
15% July
20
2%
1%
%
45
Jan
Feb
5%
Mar
Jan
7% June
Feb
8%
Feb
19%
4% May
94
May
Aug
100
he
Jan
23%
May
700
July
Gladding McBean A Co..*
Glen Alden Coal
*
8
8
3K
1%
Gilchrist Co
13
3K
Jan
49
Goodman Mfg Co
7K
31
%
Jan
Gorham Inc class A
3 %
83
May
July
July
Apr
July
"7%
60
July
23
Jan
Mar
he
5
May
Stores
1
Dennlson Mfg cl A com..5
Dejay
Jan
May
%
52%
45
225
24 K
July
16%
91
105%
_,--*
450
3%
6%
Jan
Jan
105
._.._*
preferred
Preferred
15
8K
Jan
9%
"
105
Gilbert (A C) common...*
10%
K
Apr
~41~
»
2%
7%
Decca Reoords common. .1
56 prior pref
55
preferred
10
8
1
100
Jan
May
S3
13
Davenport Hosiery Mills.*
Class A conv
July
10%
7
Darby Petroleum oom—5
Dayton Rubber Mfg
%
Feb
1
-
.5
Apr
Apr
5
5%
V
10%
Feb
he
"""266
Curtis Light'g Inc oom 2.50
Curtis Mfg Co (Mo)
»u
20%
*
10
6
Crystal Oil Ref oom
S6 preferred
:
Aug
May
12% May
40 rl01%
Gen Water G A E com...1
Mar
May
Croft Brewing Co
55%
1%
1%
General Tire A Rubber—
3%
7%
he
Feb
General ShareholdlngsCorp
12%
1%
July
June
%
95% May
72%
preferred
800
6
July
200
$6
1,600
17 K
July
67
600
%
6%
6
July
47
4
18%
17%
*
65
40
General Investment oom.l
6% preferred A
...5
Crocker Wheeler Eleo
Feb
Feb
May
Gen Electric Co Ltd—
Gen Flreprooflng com...
100
Mar
Mar
Jan
%
Gen Gas A El $6 pref B.
600
%
9%
20%
1
.*
Mar
7K
%
49%
100
Mar
98
Jan
8% May
600
12%
Gellman Mfg Co com
Jan
%
8
84 K
50
Adrs ord reg stock
July
23 %
..100
Feb
7 K
_
1
5% conv preferred
conv pref erred.
%
OK
33
.
»
Coeden Petroleum com..
....*
Jan
85
8
7%
*
Reynolds
11%
Apr
Amer dep rets ord reg.£l
V
'T,
com...*
preferred A
Feb
19
8K
15
conv stock
Mar
100
10
62
Conv partlc pref
Feb
3
25
50
"""%
Fuller (Geo A) Co com..
4%
100
11
23%
8%
Common
Jan
1%
11
23%
Froedtert Grain A Malt—
110%
4
7%
S3 prior preference
*
11%
Fox (Peter) Brewing Co..6
Franklin Co Distilling
1
Feb
150
27K
*
Copper Range Co
*
S3
IK
10
Cont Roll A Steel
Class A non-vot..
Jan
4
...100
Emerson Eleo Mfg.
Mar
%
3%
119%
1,200
Continental Oil of Mex._.l
Option
8
Apr
9%
May
Continental Gas A Elec Co
7%
he
3
115
100
preferred
Consol Royalty Oil
Consolidated Steel Corp
Llauors
July
22%
1
105
1
Consol Gas Utilities
1%
55%
600
5ij% 59
100
Distilled
138
2%
Class B voting
%
Conn Telep A Eleo Coro.-l
7%
Jan
2%
Florida P4LS7 pref
June
•
...
6% preferred w
72
1
Jan
Conn Gas A Coke Secur—
Creole Petroleum
July
150
1,500
Feb
Jan
!(«
130
20%
Mfg Co
5
Fed Compress A W'h'se 25
Flat Amer dep rots
Fire Association (Phllai.10
June
2
July
122
Feb
19%
Jan
Jan
July
Feb
68
20%
Esquire Ino
July
120
Ford Motor of Canada—
V t c ext to 1946
So
127%
Feb
94%
70
1
July
Compo Shoe Mach—
Corroon A
125
67%
1,600
preferred
conv
High
Apr
30
*16
4%
be June
20 %
Community Pub Service 25
Community Water Serv.. J
Cooper-Bessemer
S3
Low
1,425
%
4%
34,600
Warrants
120
%
May
May
60
1H
x««
1
107% 110
common.. 10c
Fansteel
53
100
7% prior pref
Equity Corp
Fairchlld Aviation
„
200
115
Eureka Pipe Line com..50
Eversharp Inc com
...1
2
Range Since Jan. 1, 1941
21%
Apr
6% May
Mar
250
111
125
100
Mar
Commonwealth A Southern
8%
preferred
1%
Commonw Distribution-. 1
S3
8%
9
1,000
77
105
115%
4%
2%
75
75
for
Week
Shares
High
110
100
..100
Jan
Gas A Eleo—
Columbia Oil A Gas
Common.
107%
Jan
£1
Patent Fire Arms.25
6% preferred
...100
%
600
IK
Colorado Fuel A Iron warr.
Columbia
6% preferred
6 %% preferred
7% preferred
'"~8~~
Colon Development ord—
Range
of Prices
Ems00 Derrick A Equip..6
Cooksbutt Plow Co com..*
Cohn A Roeenberger Inc.*
>.
Empire Power part stock.*
Jan
July
2%
Week's
Low
80
Jan
Apr
Price
Sales
Empire Dlst El 6% pf 100
Empire Gas A Fuel Co—
Jan
July
41
3%
Cllnchfleld Coal Corp._100
Coif
Sale
High
5%
1
Co
Last
(Continued)
Low
City A Suburban Homes 10
Clark Controller
STOCKS
Week
Shares
*
City Auto Stamping..
809
Friday
*
preferred
Exchange—Continued—Page 2
Sales
Vtcfor 1st pref
%
..1
4
7%
Feb
June
Aug
%
7
Aug
July
Jan
New York Curb Exchange—Continued—Page 3
810
Sales
Friday
STOCKS
Last
Week's Range
Sale
of Prices
Friday
for
{Continued)
Week
Par
Low
Price
Range Since Jan. 1,1941
Low
Hydro-Electric Securities
»n
Hygrade Food Prod—-.6
Hygrade flylvanla Corp..*
Illinois Iowa Power Co—*
43*
60
30 X
6% cony preferred
39
4 3*
100
13*
30
31 3*
3,000
243*
33*
93*
Div arrear otto
4%
Zinc Co
Illinois
5
12?*
1,000
700
133*
Feb
23*
393*
33*
Jan
July
May
35
73*
133*
5?*
Jan
May
Feb
0?*
63*
63*
1,400
ex
6?*
6?*
200
6
W
83*
800
7H
Imperial Tobacco of Can.6
Imperial Tobacco of Great
I Ireland....£1
7
Indiana Pipe Line
73*
Indianapolis Power & Light
43*
100
8% pf-100
5?*% preferred
7%
115
300
4A
1143* 115
27
25?*
26
150
273*
26 3*
..100
preferred
Participating preferred. ♦
29
13?*
14?*
50
Apr
Apr
Metal Textile Corp
Partlc preferred
9
Apr
Jan
7%
100
preferred
10 %
80
81
16 J*
*
10 A
80
Insurance Co of No Am. 10
16?*
17 X
Aug
Mlcromatlo Hone Corp
Aug
July
July
X
X
203*
July
$2
3* June
123*
Pref 13.60 series——60
43*
1H
200
43*
1?*
43*
2
1,800
7
7
150
33* May
13* June
23*
43*
Feb
7
"~2X
23*
2X
5,100
13*
10 3*
9?*
103*
4,200
83*
Jan
international Products...*
"I 3*
"IX "~43*
"400
33*
Feb
3*
May
7?*
Apr
*
._*
Internet Paper
k Pow
warr
Registered shares
9
Mar
Internat Safety Razor B.*
International Utility—
Class A
_....*
Class B
$2
2?*
$3.60 prior pref
Mar
63*
May
vh
200
hi
Jan
hi
Jan
12 J*
13 H
250
10J*
14?*
31
Mar
May
Apr
Jan
Aug
50
28
Vitamin...1
Home
200
Interstate Hosiery Mills..*
Apr
73*
103*
Aug
10
May
12
Interstate Power $7 pref.*
Investors Royalty
1
Irving Air Chute
*
Jan
?*
Jan
Feb
183*
Mar
93*
Apr
14
1
Jeannette Glass Co
*
343* x'i4 3*
7 3*
7%
200
14 J*
143*
IX
143*
6% preferred D
50
95
July
1043*
Apr
Jan
102
Aug
110
Jan
3,600
3*
"16
900
7
Feb
9?*
July
July
575
3
Feb
43*
July
3
1,600
600
Kingston
Products..
Klrby Petroleum
107
1
22
June
1
64
23?*
1
250
Feb
1?*
hi
Ktrkl'd Lake G M Co Ltd. 1
.1
Kobacker Stores Inc.....*
16
2%
K
23*
83*
300
100
23*
Koppers Co 6% pref—.lOO
Mar
Apr
37
4?*
293*
550
93*
Corp of Del
53*
9,500
1,000
6
Lane Bryant 7% pref..100
Lane Wells Co common.
27
Jan
103* July
33* May
K
Feb
983*
Jan
73* June
63*
Lefcourt
200
B
•
Realty
1
com
93*
53*
Conv preferred
*
Lehigh Coal 4 Nav
•
Leonard
11
8
2C0
113*
63*
23*
Line Material Co
17
103*
preferred
17
250
103*
11
*
"2X "~2K ~~2~ys
1
...6
13*
600
2,100
Lone Star Gas Corp.....*
88
...»
97
100
102
7% pref class A
6% pref class B
89
97
93*
4%
Mangel Stores
$6 oonv preferred
23*
"14"
4?*
100
"
"~l"6
64
23*
400
"lV~
v
20
"23 3*
"23 3*
"ixT 43*
Aug
Feb
Jan
24
Jan
,sn
July
Mar
3
July
50
July
103*
For footnotes see page 813,
33*
46
11
33*
3*"
Jan
Jan
10
Jan
Feb
6
Apr
Feb
23*
hi
23*
33
Apr
Jan
Jan
50
700
600
1
53*
Apr
June
Jan
Jan
63*
Aug
9?*
Mar
83*
Jan
Mar
X
July
2?*
113*
Mar
3*
"356
15
Feb
Apr
May
Jan
X
43* July
23* June
Jan
53*
"""SO
174
Jan
Jan
Jan
183*
26
Jan
Jan
3*
July
14
2?*
5?*
14
3,100
900
43*
Aug
200
10?*
10?*
11
""£66
preferred
693*
2?*
10?*
Jan
July
July
June
9?* May
5?* Mar
67
Jan
10
x
Apr
JaD
Apr
153*
140
Jan
Mar
12?*
173*
Mar
JaD
7
Apr
71
May
11?*
June
X
May
17?*
May
May
May
15
Aug
44 3*
Mar
June
123*
1,500
14 3*
15
42
42
100
113*
11?*
300
113*
11
113*
1,700
103*
May
12?*
Jan
43*
97
700
23*
Feb
43*
Aug
Feb
1003*
July
4
July
700
4
93?*
33*
93?*
735
87
23*
May
43*
20 3*
Jan
Mar
7?*
Apr
63*
July
53*
25?*
9?*
Jan
8?*
93*
800
July
'l2%
""360
"43*
33*
43*
1,900
Vs
123*
1,200
123*
X
123*
"l2~
100
Feb
83*
July
Mar
Mar
Jan
103*
23* May
123*
July
Jan
X
Apr
Feb
12}*
1093* May
9
1163*
Aug
Mar
3*
93*
43*
'""33* July
1?*
9?*
13*
363*
36 3*
10
900
5
Feb
10
1?*
500
53*
3*
"383*
"525
3?*
323*
120~
-
53*
-
16
120""
""36
6
900
300
69 3*
23*
163*
70
1,050
13*
23*
5,900
Aug
Jan
Aug
Jan
1?*
Apr
June
63*
563*
Feb
Mar
183*
Feb
1103* May
3?* July
Feb
133*
1293*
Jan
6
Aug
14
-
61J* May
1
Jan
293*
33*
Aug
Jan
16?*
Aug
703*
July
23*
293*
Aug
Apr
Jan
33*
July
6
Mar
43* June
Rosarfo
Jan
JaD
113*
100'
Merchandise
8
63*
123*
38?*
103*
Warrants
N Y A Honduras
10
250
N Y Auction Co
com....*
N Y City Omnibus—
N Y
113* June
1303* May
3 3*
63*
'ii May
Jersey Zinc
26
New Mex A Ariz Land...!
New Process Co
*
Apr
15
Apr
193*
Jan
200
7
Feb
7x
July
40
107
Apr
1163*
Jan
983* June
1053*
Jan
293*
Mar
83*
July
10
73*
10
73*
112
112
102
102
10
Shipbuilding Corp—
293*
293*
400
6
Common
6% 1st preferred
5% 2d preferred
10
;Il00
Nineteen Hundred Corp
Nipissing Mines
Noma Electric
Apr
Jan
26?* June
23*
70
2?*
23*
69?*
9,500
75
70
583*
100
Class A opt warrants
Class B opt warrants....
Niagara ShareClass B common..... 5
Class A preferred
223*
6?*
1
N
60
20
42
Jan
Apr
3 3*
Jan
May
56?* May
79?*
Jan
053*
23*
61
Jan
hn
h2g
400
hit
Feb
hi
Jan
X
3*
200
3*
Apr
hi
Feb
3?*
200
33*
Jan
4
Feb
92
92
130
883*
July
92
Apr
493*
493*
100
453* June
8
July
3?*
100
*
b" 1
3*
200
33*
33*
100
S31
J32
1,000
92 3*
96?*
22?*
223*
233*
233*
3*
6
»
X
3
Feb
May
603*
Jan
10 3*
Jan
3*
Jan
X
Jan
4
Jan
Nor Amer Lt A Power-
Common
$6 preferred....
675
hi May
70
Feb
97
800
173* May
233*
700
18?*
Apr
23 3*
50
503*
Feb
523*
Jan
No Am Utility Securities. •
Nor Central Texas Oil.. 6
3*
Jan
3*
33*
Tan
Jan
May
1
_•
North Amer Rayon cl
A..*
Class b common
*
6%
553*
116?*
14
preferred
Nlles-Bement-Pond.
Apr
Aug
Jan
Mar
363*
156
Y Water Serv
6% pf.100
Niagara Hudson Power-
253*
May
553*
93
Apr
230
(Herman) Corp...5
Aug
hi May
Aug
293* May
14?*
243*
Jan
Aug
?*
July
53*
Jan
*
July
Feb
23*
93*
13*
45?*
10?*
3?*
100
July
Jan
7
500
*
33*
26
3?*
13*
*
com
53*
32?*
27?*
Jan
Feb
May
1?* June
113* Mar
1683* 171
1
com
Founders Shares
New York Transit Co...
Aug
June
27
Dredging...*
Nachman-Sprlng filled
Nat Bellas Hess
National Breweries
National Candy Co
N Y
Mar
1H
38
t 0....1
Massey Harris common..*
Master Electric Co
_l
May McEwen Kaiser Co^—
$4 preferred
McCord Rad 4 Mfg B___*
McWUllams
hi
453*
1,500
30
~123*~i2?*
Muskegon Piston Ring.23*
Muskogee Co common
*
6% preferred
100
Jan
Mar
"160
96 3*
325
1,100
1683*
•
July
Aug
23*
96
15
JaD
500
N Y Pr A Lt 7%
pref.. 100
$6 preferred
•
1093*
1?*
June
24
Margay Oil Corp
•
Marlon Steam Shovel....•
8
Feb
7?*
63*
6?*
30
*
common
Murray Ohio Mfg Co
Jan
Feb
1?*
213*
"ico
Mapes Consol Mfg Co...*
Marconi Intl Marine
Communication Co Ltd.
Mass Utll Assoc
3*
353*
93*
•
14
103*
2C0
18
l
Apr
*16 June
"Hi "lX
Manlsohewltz(The B) Co.*
1?*
Jan
15?* June
21X June
193* July
Jan
13*
Feb
43*
1063*
Apr
Lynch Corp common....6
Manatl Sugar opt warr
19
Feb
10
25
"64"
Conv 7% 1st pfvto.100
FeD
Aug
Mar
1
133*
83*
30
*
Fteb
zl33*
63*
73*
6?*
New
Jan
Aug
Jan
102 3*
Louisiana Land 4 Explor. 1
Louisiana P 4 L $6 pref..*
Ludwlg Bauman 4 Co oom*
Conv 7% 1st pref
100
7
100
54
6
10
Aug
*16
z343*
83*
75
100
Loudon Packing
5?*
Jan
63* June
July
Moore
New England Tel A Tel 100
New Haven Clock Co
»
New Idea Inc common
*
Feb
Feb
143*
"
Long Island LightingCommon
Jan
Jan
135
8C0
Montreal Lt Ht A Pow..»
Moody Investors part pf.*
(Tom) Dlst Stmp.l
Mtge Bank of Col Amshs..
18
Apr
Apr
7?*
1
•
July
X
8
700
26
Lit Brothers common
Locke Steel Chain
A
July
300
Montana Dakota Utll___10
Montgomery Ward A
$2
hi
...6
Llpton (Thos J) Ino—
Jan
Jan
Mar
13*
150
13*
15
533*
2.60
Monroe Loan 80c
Jan
233*
G) Ino..l
17
Monogram Pictures com.l
Nelson
"""J*" July
8
112
1
Monarch Machine Tool..*
6%
15
Oil Develop...26
Le Tourneau (R
6%
83*
4?*
73*
Apr
50
83?*
Molybdenum Corp
Neptune Meter olass A
*
Nestle Le Mur Co ol A...*
New Engl Pow Assoc
*
Langendorf Utd BakeriesClass A
Aug
hi
15
Missouri Pub Serv com..*
Mock Jud Voehrlnger—
Navarro Oil Co
•
Nebraska Pow 7% pref. 100
Nehl Corp 1st preferred..*
1,000
Lakey Foundry 4 Mach..l
Aug
"11
63*
15?*
7
16?*
10
Transit
12.60
Nat Tunnel A Mines
*
Nat Union Radio
30c
11?*
Apr
43* June
500
43*
6?*
4?*
13*
7?*
National
43*
Jan
1083*
17
60c
National Sugar Refining.*
National Tea 6 3* % pref. 10
Apr
50
43*
Jan
Mar
Apr
1,200
1,300
National Refining com...*
Nat Rubber Mach
*
National Steel Car Ltd...*
July
33* June
10
X
63*
13*
H
Apr
4?* May
100
"i«
7
div shares. *
Nat Mfg A Stores com...*
National P A L $6 pref...*
94
Lackawanna RR (N J). 100
Lake Shores Mines Ltd_._l
Class
non cum
Jan
July
Kresge Dept Stores—
4% oonv 1st pref
100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
4
X
4?*
....
*
May
12
23
Knott Corp common
Lamson
preferred
National City Lines com.l
$3 conv preferred
60
National Container (Del).l
National Fuel Gas
•
July
200
Kelln (D Emll) Co com..*
KlelnertU B) Rubber Co. 10
Feb
July
473*
20
IK
1X
233*
119
675
108
2 3*
4
1
100
Mountain Sts Tel A Tel 100
100
29
July
53 3*
Aug
53*
29
July
8
100
fMountaln States Power—
200
100
7?*
Feb
Jan
13*
115?* June
Kimberly-Clark 6% pf.100
Kings Co Ltg 7% pf B.100
Jan
5
33*
May
97?*
34?*
32?*
3j*
33*
73*
8
23*
13*
32
2,400
73*
8
.....
53*
14?*
9
3*
3* May
4?*
Apr
3*
Feb
Mountain City Cop com.6c
Jan
Kansas G 4 E 7% pref. 100
Kennedy's Ino
_._.6
Ken-Rad Tube 4 Lamp A •
3,100
3,000
Mountain Producers
8M
8K
com.
h«
Jan
100
14?*
Apr
5?*
13*
Feb
Aug
3*
112
H
3*
>u May
88
7% preferred
100
Johnson Publishing Co..10
Kokenge
100
10,800
1?*
53*% preferred..... 100
6% preferred
100
4
73*
5?*
73*
4%
4%
Jersey Central Pow 4 Lt—
Julian
Mar
33*
153*
1
Italian Superpower A
Jan
Feb
3*
*
Jacobs (F L) Co
53*
Apr
...1
Iron Fireman Mfg v t c
343*
33*
"ok "oji
Equip.. 1
Jan
Aug
106
40
13*
Minnesota Mln A Mfg
*
Minnesota P A L 7% pf 100
Mississippi River Power—
6% preferred
100
Jan
31
•
International
Interstate
t 0
Common
♦
Apr
Apr
5?*
Midwest Piping A Hup
*
Mining Corp of Canada..•
11
May
10?* May
43*
Feb
?* Mar
1
Midwest Oil Co
Jan
Jan
43*
12 J*
Aug
2
July
h«
Midvale Co.
Aug
3*
1
...
$1.76 preferred...
July
13*
July
Midland Steel Products—
Jan
Aug
Jan
International Petroleum
Coupon si)ares
conv
v
Mid-West Abrasive
Internet Metal Indus A.
10
106
Apr
Apr
73*
3*
1033*
13*
7X
Class B v t c—
..1
Middle West Corp oom..5
Midland Oil Corp—
Jan
Jan
Internet Hydro Elec—
Internet Industries Ino—1
FeD
Apr
43*
29?*
H May
13* June
24,100
July
Middle States Petroleum-
81
400
Mar
78
100
13*
Jan
53*
20
5?*
10
273*
29
153*
60
1,200
Feb
33?*
106
Jan
»3* June
93* Mar
643*
Feb
.
33*
25c
Preferred
Aug
3*
148
Feb
28
50
1,500
...15
Jan
Industrial Finance—
1
13*
Michigan Bumper Corp..l
Michigan Steel Tube..2.50
Michigan Sugar Co
*
Class A
H
H
International Cigar Mach
63*
993* 101
1
Metropolitan Edison—
$6 preferred
June
115
283*
7
H
73*
9
800
High
124?* May
4
Apr
153* Mar
33* Mar
Warrants
7
6
110?* June
190
B............
V t c common
283*
6?*
Mesabl Iron Co
Apr
Low
170
*
oom
2?* May
May
2?*
1
Non-voting class A
5
1303*
53*
Range Since Jan. 1,1941
Shares
Merchants A Mfg cl A...1
Indian Ter Ilium Oil—
Class
130
Merritt Chapman A Scott
Aug
Mar
--*
Indiana Service
♦
Mercantile Stores
Jan
Apr
Price
Gas oom..6
Memphis Nat
Jan
July
23*
Imperial Oil (Can) coup..*
Britain
Week
63*% A preferred... 100
£1
Registered
for
of Prices
Low
High
Mead Johnson A Co
Feb
July
July
13*
Imperial Chemical Indus—
Am dep rets regis
Week's Range
Sale
Par
Feb
13*
31
1.50
38?*
4?*
Last
High
Jan
1941
Sales
STOCKS
{Continued)
Shares
High
Aug. 9,
prior preferred
963*
100
5
July
Jan
Jan
Volume
New York Curb Exchange—Continued—Page 4
153
Friday
STOCKS
Sales
Week's Range
Last
Salt
{Continued)
Par
of Prices
High
Low
Price
Nor Ind Pub Ser 6%
pf-100
7% preferred
100
Northern Pipe Line
10
105
114
114
101% June
50
110
T%"
22
100
3
2%
1,400
19
19
150
115
115
150
115
115
10
Ohio Oil 6% preferred-.100
Ohio P 8 7% 1st pref—100
us
1% 1st preferred
100
Oilstoeks Ltd common...6
preferred..
S5 % oonv prior
20
July
2%
,18
Apr
9%
9%
23%
Apr
110%
Jan
115
6
19
19
60
pref—*
*
51
200
50
51
160
115
115
250
Jan
18
Apr
48
May
*
Russeks Fifth Ave
Omar lnc
2%
2%
200
3
Apr
Jan
Jan
Jan
July
Jan
33 %
33
106%
106
5%% 1st preferred...26
30%
Pacific Lighting $5 pref.
Pacific P A L7%
33 %
pref..100
1,000
30%
106%
100
84%
40
83%
40
*
Pacific Public Service
"l6%
*
Page-Hereey Tubes...— *
Pan tepee Oil of Venezuela-
16%
16%
'""266
4%
61.30 1st preferred
4%
4%
19,900
Mar
3
Aug
SculUn Steel Co
Mar
Jan
Jan
67%
Jan
2%
Feb
Jan
4%
3%
Aug
Apr
10
11
6%
6%
100
Patohoguo-PlymouthMllls*
Peninsular Telephone com*
61.40 preferred A
26
Apr
5%
Mar
Mar
30
30% June
13
Jan
60c
%
Aug
2%
Apr
Jan
2%
8% May
3%
Aug
14%
Jan
31
1
3%
10%
Penn Cent Airlines com.l
3%
10%
3%
10%
22,000
1,200
Apr
Apr
37
37
75
64%
36%
*
»ib
*
*
60
Penn Water A Power Co
100
Perfect Circle Co
Phlla Eleo Pow
8% pref.26
Phillips Packing Co
*
Phoenix SecuritiesCommon...
.....1
A. 10
Mar
01%
July
40
July
May
Mar
%
Jan
Potero
Sugar common
Pratt A Lambert Co
*
Premier Gold Mining
182
Jan
16
Aug
Apr
53
350
57%
Mar
98
52%
£93
13%
49%
100
79
May
98
Aug
June
28
Jan
"206
500
5
May
July
4%
5%
170
113
July
118%
30% June
2%
Feb
31 %
Jan
4%
July
9
5%
114
113
30%
30%
50
4%
200
8%
42%
8%
44
2,600
14
2%
6%
Jan
Mar
Jan
Feb
18%
Jan
Boss Mfg com
Feb
1%
Jan
6
100
70
""380
—1
1
4
1%
4%
Jan
6%
45% May
Feb
70
Jan
Mar
16%
Apr
June
96%
Jan
5% original preferred.25
6% preferred B
25
5%% pref series C...25
Jan
100
112
2%
May
Aug
July
4
10%
12%
Jan
July
%
%
Feb
»ie
Apr
1%
Mar
500
113%
22%
%
200
23
%
%
38
38
Mar
4%
Jan
3%
Mar
Feb
10
17%
%
7
7%
400
%
4%
June
Jan
"23%" Jan
Jan
Aug
6% June
1,000
8
38
106
%
38
Jan
Aug
7% preferred
2%
Jan
Stahl-Meyer
Feb
May
May
9%
Jan
105%
113%
Jan
Mar
350
95%
Jan
450
45
Jan
850
94
May
109%
51%
55%
18
4,325
100
....
"Too
%
80
%
6%
37%
14%
8%
115%
6%
Feb
Feb
Mar
Mar
108% June
116
June
Apr
Apr
102% June
1% June
130%
July
67%
July
112
Jan
102
Conv preferred...
10
Standard Dredging Corp—
Common..
1
$1.60 oonv preferred ..20
Standard Oil (Ky).
2%
%
2%
2%
2%
%
2
3%
1
2%
5% preferred
Standard Pow A Lt
100
Preferred
June
Jan
Standard Silver Lead
8%
July
Standard Steel Spring
Standard Tube clB
1
6
6%
100
Apr
Apr
4
Jan
%
1
June
Jan
2%
3%
2%
2%
400
42
2% June
Feb
1
Apr
30 %
Jan
May
40%
Feb
May
May
31%
29%
%
Jan
Jan
Fen
30
30%
700
29
29%
100
28
Jan
149%" July
300
4%
6%
Jan
Mar
1%
7%
169%
Jan
Steel Co of Canada
9%
Jan
Stein (A) A Co common..*
7%
Jan
he
Jan
17%
18
500
13
Jan
18%
46
30
44
Jan
50
1,200
»u
Jan
100
7ie
Feb
17%
3%
%
Feb
3% May
Jan
hi
'"206
he
800
"3% ""3%
7,200
ha
Reliance Elec A EnglnTg 5
3%
1
'"206
"l"
15%
3%
11%
July
Apr
4%
1%
July
T_*
6% 1st preferred
50
5% 2d preferred..
20
Sterling Aluminum Prod.l
Sterling Brewers lnc
1
Jan
21
Jan
July
16%
Jan
Feb
5%
14%
Jan
Jan
July
4%
JaD
1%
Richmond Radiator..... 1
Mar
1%
Jan
Jan
hi
Jan
7
Rio Grande Valley Gas Co-
Voting trust ctfs
Rochester GAE10% pfClOO
he
100
103% 103%
*i8
200
com...6
Roosevelt Field Ino—.
100
104
107
Feb
May
114
May
12
Roeser A Pendleton Ino
102% July
101% June
114
"50
Rochester Tel 0%% prflOO
Feb
13%
Jan
Apr
10%
Jan
2%
Jan
8%
1%
2%
2%
13%
2%
2%
13%
500
1
20
200
4%
4
332
332
800
he
1
2%
813.
Mar
Jan
Jan
July
Feb
2% June
13% Aug
Jan
%
105
Jan
6
Apr
Jan
8
6%
1
"2%
1%
'"500
3
Jan
Feb
25
May
5
Jan
6%
%
Apr
May
1%
8%
Jan
July
2%
1%
July
400
"2% "2%
July
4%
1,000
6%
5%
5
1
Feb
July
July
Mar
Apr
hi
Jan
*i»
5%
17
1,900
3%
Mar
5%
150
12%
Feb
17%
Jan
July
Apr
16%
16%
2%
13%
2%
2%
600
1%
2%
July
13%
13%
200
12%
Jan
14%
Jan
19
19%
700
17%
Apr
20%
Jan
110
110%
175
107%
he
Jan
Feb
hi
Apr
110
he
1 16
"28% "29"
300
""Too
Co.......1
1
5%% conv pref..—.50
Superior Oil Co (Calif)..25
Superior Port Cement—
Class B common......*
Sunray Oil. ........
Swan Finch OH Corp—.15
Taggart Corp com
1
Tampa Electric Co com...*
Technicolor Ino common.*
Texas P A L 7% pref—100
Texon Oil A Land Co....2
Thew Shovel Co com....6
Tllo Roofing Ino
1
Tishman Realty A Constr *
Tobacco A Allied Stocks..*
Tobacco Prod Exports...*
Tobacco Sec Tr Co Ltd—
Am dep rights def reg 5s
Todd Shipyards Corp....•
19
Jan
7%
18
%
Apr
Apr
"l2% *13%
""150
To"
'""50
6%
6%
100
1
1
100
10% May
2%
Jan
38%
Feb
7
Jan
6% May
%
Feb
1%
Feb
Apr
Feb
"5%
""To
*15%
""50
11
May
14%
""5%
1,200
11
Apr
2%
%
15%
"14%
Jan
600
To"
6%
July
»he
"16
44
5%
July
Jan
800
14
10
"2T266
"T%
"m
"35
"33% '35"
8%
"21%
9%
8%
2%
21%
9%
3
'"300
8%
100
2%
21%
9%
100
3
400
3,000
300
18%
6%
18%
150
6%
6%
%
500
%
Jan
1%
37%
22%
Jan
9%
.....
8
4%
98% 101
100
130
Jan
July
July
July
hi July
16
July
14%
10%
2
July
Jan
June
35
Aug
12
June
May
May
June
%
Jan
Mar
3%
Mar
July
82
Mar
Aug
8%
1%
1%
5%
Apr
%
4%
10
July
July
Mar
Apr
43
Apr
13%
5%
40%
July
19% June
103%
2%
14%
5%
44
Jan
44%
Apr
5%
Apr
2% June
100
Jan
»3J
1%
5%
Jan
July
9% May
27%
2%
300
5
hi
hi
30
Jan
300
2%
2%
%
111% June
Apr
hi
"12%
Feb
20%
20
20
Sun Ray Drug
6
Mar
Mar
Stetson (J B) Co com....*
Stinnes (Hugo) Corp
5
Stroock (8) Co
*
Sullivan Maehlnery......*
7a» June
July
20
%
Mar
Jan
Jan
July
43
%
Starrett (The) Corp v t o.l
Feb
July
Apr
36%
29%
30%
2%
Jan
5
Jan
104
38
1
105
Aug
Aug
Mar
1%
Standard Products Co—1
%
2%
23
1
Feb
Feb
149%"
Jan
July
600
600
2
...*
Apr
%
Jan
23%
1%
800
2,200
400
2%
41%
10
8%
46
2%
%
Belter Foster Oil Corp.60c
Jan
"6%"~Feb ""7% ""Feb
%
67%
18%
147
13
"Too
May
Feb
5,800
"~5% "5%
For footnotes see page
Jan
Ino
Standard Cap A Seal com. 1
8% June
0%
Jan
69
July
*i«
Reeves (Daniel) oommon
0% preferred D
109
"
1
6% June
340
73%
74
151% 152
*
Republic Aviation
Rheem Mfg Co
Rice Stlx Dry Goods
50
100
Standard Brewing Co
129% 129%
64%
65%
18
*
Reed Roller Bit Co
Aug
690
Sterling lnc
Red Bank Oil Co
Jan
80%
2%
*
Spencer Shoe Corp——*
July
7%
10
Spalding (A G) A Bros..
1st preferred
*18
100
106
.....
17%
Jan
Apr
25
5%
8%
105
-----
Jan
4%
11
65
100
Preferred A
May
4
Raymond Concrete Pile—
Raytheon Mfg oom
Feb
Standard OH (Ohio)—
10
Feb
7
"750
South New Engl Tel
100
Southern Phosphate Co. 10
Feb
lie
900
i%
151%
Feb
%
3
"566
Southern Union Gas..—*
Feb
800
%
4%
55%
Mar
%
Apr
149%
125
139
Southern Pipe Line.....10
3%
Railway A Utll Invest A.l
*
50
Feb
Jan
Southern Calif Edison—
Sterchl Bros Stores......*
*
60c
Mar
4% June
22%
1%
Southland Royalty Co...5
warrants..—..
preferred
July
Jan
Southern Colo Pow cl A.25
5%
1,700
—*
Common
%
1%
400
Southwest Pa Pipe Line. 10
Jan
63
Radio-Keith-Orphuem—
Roesla International
Mfg Co
2%
1%
Quaker Oats common...
pref
4
Common class B......*
60 preferred—..._...*
3
50
8% May
South Coast Corp oom...1
South Penn Oil
25
1%
8%
Pyle-Natlonal Co com...6
Pyrcne Manufacturing.. 10
Jan
%
Jan
Apr
Jan
42
Skinner Organ
.......5
Smith (H) Paper Mills.
12
2,300
10
Puget Sound Pulp A Tim *
conv
100
100
1%
12%
109
Aug
4%
Amer dep rots ord reg.£l
Sioux City G A E 7% pf 100
Solar
73
65%
;..*
Jan
Aug
Singer Mfg Co Ltd—
Sonotone Corp
Puget Sound P A L—
61.20
Singer Mfg Co
July
Feb
Public Service of Indiana—
Railway A Light Sec—
New voting com..
50
Simplicity Pattern oom__l
Simpson's Ltd B stock...*
July
800
*
"ie
5%
10
FeD
41
*
47%
4%
250
0% 1st preferred—.100
7% 1st preferred.—100
60 preferred
S3 oonv pref
Feb
*
0% preferred
%
1%
100
350
11
31
8
Root Petroleum Co
500
common
300
1,000
7%
Jan
Jan
% Mar
37% May
Simmons-Boar dm an Pub—
Jan
""25
Public Service of Colorado
Rome Cable Corp
2%
46%
45%
Jan
0%
May
16
15%
Providence Gas
oonv
%
2%
45%
45%
4
5% cum pref ser AAA 100
Sllex Co
80%
3
38
Mar
2%
Apr
7% June
Sherwin-Williams of Can
2%
23
1%
7ie June
2,300
8,500
100
"79% "79% "80%
Jan
15%
Prosperity Co class B...
63
10
"3 % '"3% "3%
Apr
79
Producers Corp ofNev.._l
Option
%
5%
5
Shawlnlgan Wat A Pow..*
Shattuck Denn Mining
113
15%
Pressed Metals of Am—1
Quebec Power Co
5
100
"4
115
79
1
Prentice-Hall lnc com...*
Jan
14%
Apr
%
45%
4%
115
Apr
%
deprcts ord reg...1
Aug
6% 1st preferred....100
66 prior preferred
45%
..
Am
Aug
Canada..*
67 prior preferred
15.60 prior stock
25
Allotment certificates.
98
6
.26c
6
Prudential Investors
73% June
50
Jan
Selected Industries Ino—
103
69%
3
Jan
Feb
22
400
10
1,130
1%
*
60
13%
29%
115%
Jan
Apr
36
5%
1,500
14
Powdrell A Alexander...6
Power Corp. of
85%
*18
Selberling Rubber oom...*
Selby Shoe Co
107%
Pltney-Bowes Postage
Pittsburgh A Lake Erie.60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..26
Pleasant Valley wine Co. 1
Plough lnc oom
7.60
Pneumatic Scale oom...10
Jan
Mar
he
Solar Aircraft Co...
8%
42%
"le
9
1
109%
4%
30%
July
July
July
24
9
Sentry Safety Control
1
Serrlck Corp class B.....1
"""3% "4"
5%
113%
Pierce Governor common.*
Polaris Mining Co
Mar
Jan
% June
25%
%
14%
Selfrldge Provlno'l Sts Ltd-
22
52%
93%
Pioneer Gold Mines Ltd..l
Meter
300
%
98
"iff
1
Pitts BessALERR
27%
82
83
162
99%
*
Pharls Tire A Rubber
Philadelphia Co common.*
Pblla Elec Co 66 pref
*
Conv 63 pref series
750
27%
Jan
Feb
Aug
3%
% May
*
oom
103
104
Pennsylvania bugar com 20
Pepperell Mfg Co
12
2,100
Sherwin-Williams com..25
*
*
Pennsylvania Qas A Eleo—
62.80 series pref
Penn Halt Mfg Co
100
June
14%
%
11%
Seton Leather common...*
66 series pref
pref
22
%
10%
...........
Mar
Apr
Pennsylvania Edison Co—
60 preferred
Scranton Spring Brook
Water Service $6 pref..*
1
2%
10
Jan
104
17% May
5
Penn Traffic Co
Penn Pr A Lt $7
10%
27%
Convertible stock
Penn-Mex Fuel
common
25
Common.
Jan
100
25
114
%
July
35%
32%
%
2%
Feb
2% May
% Mar
2,000
%
.1
Mar
6%
33
Aug
Apr
July
Feb
1%
1%
14%
_*
Warrants..
Securities Corp general
Seeman Bros Ino
18%
5
2%
2%
70
325
3%
%
Scranton Elec $0 pref
*
Scran ton Lace common..*
Feb
May
59% June
3%
Feb
May
25
25
Mar
3
Parkersburg Rig A Reel.-l
Class A
Mfg
87%
4
Apr
Feb
Mar
1% May
4,200
5
May
Jan
Jan
2%
%
..._....*
Conv preferred
Scovlll
2%
104
100
1
Corp com.l
Banford Mills
2%
Segal Lock A Hardware..1
Paramount Motors Corp.
Pennroad Corp oom
Samson United
May
July
3
1
2%
100
84%
31%
108%
67%
American shares
Parker Pen Co
7% preferred
Salt Dome Oil Co..
Savoy Oil Co
6%
May
Mar
2% June
pref..50
Bchlff Co common...
Schulte (D A) com
July
28%
101%
78%
3%
14%
oonv
Jan
6
30% May
Class A S2
St Regis Paper com... ..5
Jan
54
Pacific Can Co common..*
Pacific QdcE 6% 1st pf.25
52
50
100
%
Aug
118%
110%
7%
21%
High
500
5
2%
116%
Jan
54%
3%
3%
4%
•
Apr
May
3%
Ryerson & Haynes oom
1
St Lawrence Corp Ltd...*
July
1%
54%
2%
Ryan Aeronautical Co...1
Ryan Consol Petrol
107%
5%
Overseas Securities new..
Low
Shares
Jan
5
Oliver Utd FUters B
High
Jan
3%
May
Mar
Royal Typewriter
Jan
Range Since Jan. 1,1941
for
Week
of Prices
Low
Price
*
Mar
30
109%
113%
105% June
Oklahoma Nat Qas com.15
$3
June
107
.♦
Ohio Edison <6 pref
Apr
4%
Royallte Oil Co Ltd
Jan
119
Apr
7%
22
*
Jan
110
"""200
Sale
Par
High
30
"5%
5%
Ogden Corp oom
4
Ohio Brass Co el B com..*
Low
Week's Range
Last
STOCKS
(ContinuedI)
....
Northern fits Pow cl A..26
Novadel-Agene Corp
Friday
Range Since Jan. 1,1941
for
Week
Shares
105
811
Sales
JaD
Jan
8%
3%
Aug
Jan
25
Jan
10
July
114%
Mar
3%
Apr
Jan
19%
8%
%
Jan
Jan
4%
July
%
July
53
Jan
104% June
Last
Sale
Par
Toledo Edison 6% pref
Price
Week't
Range
of Prices
High
Lovo
for
105%
10c
108%
Jan
114
Jan
'ti
1
%
10
Trans Lux Corp.—
3 %
Trl-Contlnental warrants
hi
Jan
600
%
July
1,300
2%
Jan
3%
July
500
%
Mar
%
Jan
104
11", 166
48%
900
*16
*
Truuz Inc
8%
Tublse Cbatlllon Corp..
9
0
1
Class A
47 %
46%
1 Vs
7%
7%
3%
3 %
3%
Tung-Sol Lamp Works—1
80c conv
preferred——•
1
Udylite Corp
lUien A Co ser A pref
Jan
*4
3%
%
H
3%
Jan
8%
Jan
Apr
10%
Aug
Aug
2%
Jan
100
6%
May
Feb
July
48%
100
32%
1%
7%
Jan
500
2% June
4%
Jan
1%
Jan
5
♦
Jan
%
*
Unexoelled Mfg Co—...10
1
%
Jan
Series B pref
Union Gas of Canada
♦Ext
7%
A
%7
8
June
27
Jan
8
June
16
May
Ja
6%
19
8%
1,000
3,000
7
Jan
♦Parana (State) 7s
Apr
17
$20
♦Rio de Janeiro 0%s_1969
$8%
%
A
1921
9%
600
Apr
11%
Jan
♦Santiago 7s
60%
Aug
60%
A
H
2,500
%
June
%
hi
Apr
*11
Jan
7%
6,300
% June
*hi
116% U7A
300
Jan
Jan
July
25
July
Feb
13
July
Feb
43% June
June
43% June
»i«
%
13
Mar
16
6%
9%
July
33,660
19
Aug
Mar
9
July
lsie June
Ti» May
*11 June
5,000
"is June
Jan
7%
u>«
25
Apr
Jan
A
$10%
Mar
Aug
Un Clgar-Whelan 8te„10c
United Corp warrants
%
—1949
♦6%s—
Apr
""loo
20.000
19
19
1958
Govt 6%s..l919
60 A
Jan
22%
27
With declaration...
9
8%
Jan
Feb
9%
23%
9%
30%
25
$11
♦Mtge Bk of Chile 6s. 1931
Mtge Bk of Denmark 5s '72
60 A
6%
14%
13%
32%
25
$25
♦Issue of Oct 1927
»
Feb
Feb
Mar
5%
t5%
$13
8%
3%
~~7%"june "l6%"
18
16%
1968
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
♦Russian
~8%
12
Jan
1958
♦6%s stamped
♦Maranbao 7s
3
U n Stk Yds of Omaha—100
Jan
27
%7
♦Medellin 7s stamped. 1951
7% May
Feb
7
27
Apr
Lima (City) Peru—
100
4%
Jan
July
13%
X7
200
July
7
11
♦Hanover (City) 7s
1939
♦Hanover (Prov) 6%s. 1949
7A
Juno
High
5
VA
\7
1947
3
7
*
Low
I
18
1952
6%s stmp
♦Secured 6a.
VA
4
*
Union Investment com
Range Since Jan. 1, 1941
for
Week
Danxlg Port A Waterways
♦German Con Munlc 7s '47
Tono pah-Bel mont Dev.
Trans wee tern Oil Co
of Prices
High
Low
Price
High
Apr
July
111
100
100
Tenopah Mining of Nev.l
preferred
Sale
(Continued)
Low
Week't Range
Last
BONDS
Range Since Jan. 1.1941
Week,
Shares
1941
Sales
Friday
Sales
Friday
STOCKS
{Concluded)
7%
Aug. 9,
New York Curb Exchange—Continued—Page 5
812
United Aircraft Prod
1
United Chemicals com
♦
S3
A part pref
cum
9
•
United Elastic Corp
1
17 pref. non-voting.*
United Gas Corp com
1st
A
ne%
Option warrants
106%
hi
Feb
119
hi
July
Hank
United Gas A Elec Co—
80
ht
United Lt A Pow com A—*
Common class B
*
A
1,700
"22
24 A
2.H00
76
10
United Profit Bharlng—25c
60 A
60 A
61A
U S Radiator
'
6A
1,500
59
2
bb
2
1950
x
—I960
1970
x
x
Feb
7%
4% May
7% June
Feb
%
6,300
27 %
27%
28%
250
"3 A
"3 A
""206
1%
2%
IA
1A
io|
Universal Cooler class A—*
»
Universal Corp v I o
Universal Insurance
8
7 A
29%
Universal Pictures
1
19
1
corn
6
13%
2%
Utah Pow A Lt 97 pref.—*
64%
Universal Products Co—.*
Utah-Idaho Sugar
Utah Radio Products
Utility Equities corn
'"a
10c
8
9,500
94
oonv
com
92
7% preferred...
z
d
7%
Jan
1
Apr
1%
Jan
Apr
5%
Jan
Jan
Feb
1
Jan
8
Aug
Jan
Jan
29%
Aug
Jan
21%
Aug
July
v
17%
Jan
Jan
%
July
3
Apr
Mar
49
Jan
Jan
'11
July
1%
Feb
1%
Apr
May
%
85%
Jan
Feb
7% June
3*500
5%
700
May
3%
Walker Mining Co
%
14
200
2%
VA
Western Air Lines, Inc
4
1
2%
100
2%
Went worth Mfg
1.26
West Texas Utll 96 pref—*
West Va Coal A Coke
6
3%
2,300
"1%
T"
6,200
4%
700
4
20
oom
20
85
$101
b
2
116
116
117%
11,000
109% 127%
aa
2
109%
108% 109%
34,000
1960
x
aa
2
111
111%
2,000
105% 111%
106% 112%
1998
x
a
2
151
151%
3,000
149
Birmingham Elec 4%s —1968
x
bbb2
xaaa
102% 103%
104%
103% 103%
80
80%
21,000
Boston Edison 2%s
5s series
C
Bethlehem Steel 6s
1970
3
102%
104
2
104
x
bbb2
107
107
x
a
3
108
108
Cent States Eleo 5s
Apr
Jan
%
15
Jan
June
3%s
y cc
1964
y cc
1953
y
bb
...1927
z
bb
43%
—1962
y
bb
95
0« series B
16%
17% 102,000
16%
16% 109,000
99% 100% 28,000
93
98%
43%
94%
98%
93
12
31
100%
14,000
37%
49
I 95,000
86%
95
1,000
98%
2,000
90%
83%
80%
44%
98%
93
95
109%
30%
12%
91% 213,000
1968 y b
89%
45,000
80
91%
90%
1969 y b
89%
41,000
79
90%
b
98%
67,000
88
99%
1949 y b
98%
19,000
88%
Debenture 5s
July
107
105
90%
Jan
6%
105%
5,000
1966 y b
Aug
Jan
87
3,000
1950 y b
2%
5%
69%
107
108
86%
Conv deb 6s
3%
Feb
1,000
10,000
156
101% 103%
103% 104%
102% 106
73%
81%
93
Cities Service 6s
Apr
July
16%
100
1?,000
20,000
85
1965 y bb
Cincinnati St Ry 5%s A
Mar
5
17
1948
5%S
Cent States PAL 5%s
Debenture 6s
102
104%
102
x
1968
%
100
100
z
1st 5s series B_
t 111 Pub Serv
6%
107% 109%
1957
1950
Convertible 0s
Ce
Feb
17
69
108%
Bell Telephone of Canada—
Cities Serv PALS %s
1952
y
89%
90%
98%
98%
98% 99%
102% 103
93
Community Pr A Lt 5s
1967
y
bb
Conn Lt A Pr 7s A
1951
x
aaa3
131% 131%
7,000
99%
98% 103%
127% 131%
x
aaa3
5,000
107% 111%
x
aaa3
110% 110%
$108% 109%
x
aaa3
104% 104%
2,666
x
aaa3
y
bb
5%S
102%
85
July
15% June
20
Jan
25
13
Jan
21
25
11%
Jan
14%
68%
(Bait) 3%sser N
1st ref mtge 3s ser P
1971
1969
1st ref M 2%s ser Q
1976
Westmoreland Inc
10
11%
"5%
*5%
100
6%
Feb
7%
7%
100
4%
Mar
8
July
Cudahy Packing 3%s
1965
x
bbb2
Jan
3
Mar
Eastern Gas A Fuel 4a
1956
x
bbb3
July
Elec Power A Light 5e
1
6
Wichita River Oil Corp..lu
Williams (R C) A Co
♦
Williams Oil-O-Mat Ht_.»
Wilson Products Inc
1
7
6%
July
Feb
July
Jan
Consolidated Gas (Bait City)—
Gen mtge 4%s
1954
Cont'l Gas A El 5s
Cuban Tobacco
...1958
3
1944 y ccc2
5s
7%
8
5%
5%
300
"5 A
"900
Feb
114
Wolverine Portl Cement.10
7
Mar
Mar
4%
12%
8%
117
5%
2030
y
b
3
Jan
Elmlra Wat Lt A RR 58—1956
x
a
Jan
Empire Dist El 6s
1952
♦Eroole Marelll Eleo Mfg—
6 %s series A
1953
x
a
1
Erie Lighting 5s
1967
x
a
y
b
4%
4%
Wright Hargreaves Ltd..*
3
2%
4%
3%
100
3,700
1961
y
1966
x
bbb2
1964
x
bbb2
89
2
4%
Apr
6%
Jan
Jan
5%
July
4
62
102%
2
1954
Jan
4%
1
Wool worth (F W) Ltd—
Amer dep rets
6s
"98%
3
Federal Wat Serv 5%s
Mar
10%
8
Wisconsin PAL 7% pf 100
2
Jan
1
*
Petroleum
2,000
1947 y b
20%
11%
Woodley
109% 109%
6s without warrants
20%
com
106
Baldwin Locomotive Works—
20
Wolverine Tube
11,000
104%
104%
Westmoreland Coal
Co
108%
Cent 111 El A Gas 3 %s
Feb
*
Wilson-Jones
108
$101
Jan
Western Tablet A Statlon'y
Weyenberg Shoe Mfg
63
8,000
Consol Gas El Lt A Power—
85
100
Common
11%
12%
12,000
1947 y b
May
Apr
Apr
3% May
3%
Jan
18,000
6s with warrants
11
Jan
Feb
17
Avery A Sons (B F)—
103
July
17% 223,000
13
1,000
66%
85%
July
12%
12%
14%
'"80""
9%
95% June
13
106% 108%
66
bbb2
5%
2%
i'd'i
.
bbb3
8%
1%
1%
.
x
Feb
Aug
.
1
A.—1955 yb
Atlanta Gas Lt 4%s
1955 x bbb2
Atlantic City Eleo 3%s.„1904 x aa 3
x
Western Maryland Ry—
7% 1st preferred
1977
Registered.......
♦Conv deb 6%s
1942
1964
Apr
»i«
13%
1963
Apr
12
1
Broad River Pow 5s......1954 y bb
A
%
d
Canadian Pao Ry 0s
4%
12
z
AssocT AT deb 5%b
|*Chlo Rys 5s Ctfs
1
13%
Canada Northern Pr 5s
7%
Wayne Knitting Mills...6
Wellington Oil Co
1
13%
1
Jan
3
100
1
d
1968
July
4%
♦
d
z
Jan
1%
22
100
Class B
z
♦Debenture 6s
Aug
*11
%
5%
1949
♦Conv deb 6s
Jan
Mar
*u July
130
'
.1950
♦Conv deb 4%s
4%
%
"7%
§ Associated Gas A El Co—
♦Conv deb 4%s
1948
2%
Jan
July
Waltt A Bond class A...*
Western Grocer
Jan
1%
5%
17%
17%
17%
15%
29%
83%
♦
12%
2
July
""7%
*
Wagner Baking v t c
17
17% 282,000
17% 145,000
b
July
80
12%
y
1%
94
11,000
1963
%
13%
7% pref.. 100
17
Associated Elec 4 As
Feb
hi
Vogt Manufacturing.....*
Vultee Aircraft Co
1
14
5%
July
1%
3,200
51
1
107% 108
62%
3%
43
bbb2
100
3%
49% 112,000
130
x
8,300
1
131
47%
bbb2
1956
2%
65%
1,300
109
128
x
Arkansas Pr A Lt 5s
14%
13%
1%
106
Appalachian Elec Pow 3%s 1970
Appalac Power Deb 6s ....2024
100
"166
8,000
3,000
7,000
Jan
550
"A
106% 108
108% 108%
.2016 y bb
Jan
14%
6
Waco Aircraft Co
June
23
1%
Petroleum...1
Va Pub Serv
8%
July
44
7
preferred
Venezuelan
Am Pow A Lt deb 6s.
hi
Utility A Ind Corp oom..6
Valspar Corp
July
100
1
Conv preferred...
6%
29%
21%
1
95.60 priority stock
13%
3%s s f debs
3%
2
Class B
3%s s f debs
3%
400
1,600
Aug
July
Jan
%
7A
A
July
47
July
Mar
Feb
27%
he
"(LOOO
....—
Jan
5%
7A
1,000
6,000
$103% 103%
103% 104
101%
101% 101%
•
American Gas A Elec Co—
2%s a f debs..
61%
bbb2
%
3
5A
60c
Jan
Mar
x
jx bbb2
61%
June
5H
*
107 A 107%
I 103% 103%
a
49
J
pref
conv
bb
y
100
CO
United Stores common.60c
1st 97
y
1967
Apr
6A
U S Rubber Reclaiming..*
United Wall Paper
105% 108%
106% 110%
100% 109%
1968
1st A ref 4 %s
20
U 8 Stores common
10,000
123,000
x
•
oorn
108% 108%
1956
Mar
64
•
U S Plywood—
81.50 conv pref
9,000
a
1st A ref 6s
49%
1,100
6
U S Lines pref
103% 106%
a
Aug
43%
13 A
1
5,000
1961
76
»ii
Since
Jan.
%
High
20,000
1946
1st A ref 6s
Apr
5%
Range
for
Week
of Prices
Low
104% 104%
106% 106%
1st 6s
70
Mar
j
105% 108
103% 103%
102% 105%
103
105%
101% 103%
bbb2
Mar
Mar
May
j Week's Rangt
Co—
29%
200
47
12 A
U S and Int'l Securities..*
95 1st pref with warr
Power
25
Feb
1,125
47
"12 A
26
U 8 Graphite com
Jan
Alabama
June
19%
%
4%
10
Preferred
*i»
Sale
Jan
1st A ref 6s
A
"76
•
United N J RR A Canal 100
United Specialties com—.1
U SFoll Co class B
1
*ii
Apr
hi
93 partlc pref
United Shoe Macb oom.25
July
Price
Jan
85
22
24
Milk Products.—*
10% preferred
Mar
hi
•
16 1st preferred
United
See s
BONDS
100
7% preferred
Last
June
Sales
Friday
Elig. <6
Rating
Jan
11
Jan
8%
Apr
5%
Jan
2% June
4%
Jan
Finland Residential
ser
105
$123% 127
97%
98% 178,000
60%
88%
89%
93
93%
$124% 125
105
$13
z
7,000
62
4,000
102% 102%
105
82,000
89%
78%
95
119% 126
"
6,660
104
106
44
45
—
104
105%
86
69,000
$108% 110
104
101
122% 128%
89% 98%
53%
62
101
102%
108% 110%
2,000
101% 104
Mtge
Banks 6s-5s stpd
Florida Power 4s
......
105% 111
C
Florida Power A Lt 5s
$25
45
$107
103%
108
103
103%
51,000
41% 48
104% 107%
102% 106%
Gary Electric A Gas—
1944
y
bb
2
100% 100%
3,000
100
101%
x
bbb2
75
84%
b
82%
82%
102
$100
9,000
y
Gen Pub Utll 6%s A
y
bbbl
'lC2%
♦General Rayon 6s A
Gen Wat Wks A El 5s
1943
x
bbb2
101%
102% 102%
$63
101% 102%
10",000
Week
1966
1948
$
AND
Gatlneau Power 3%s A—-1969
General Pub Serv 5s
1963
for
FOREIGN
Georgia Pow A Lt 5s—
1978
y
b
3
y
bb
2
5s ex-warr stamped
GOVERNMENT
MUNICIPALITIES-
Sales
BONDS
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1046
21%
Jan
25%
Aug
♦Gesfruel 6s
25%
July
Glen Alden Coal 4s
1905
Mar
26%
85%
86%
$9%
10,000
—1961
25%
$25%
$7
Bogota (see Mtge Bank of)
Valley 7s
1948
$8%
14
6%
$7
25
9
July
27
1952
$7
30
22
Feb
22
87%
3,000
75
75
52
Jan
97
July
68
May
73
May
Ext 6s....————I953
$29
25
Mar
29
June
Jan 1947
♦Cauca
25%
28
"87%
4L000
9% June
Cent Bk of German State A
♦Prov Banks 6s B..1951
♦6 series A...
Danish
514 s
With declaration
For footnotes see page 813
44"
1,000
Attention is directed to the
new
Jan
column in this tabulation pertaining to bank
65
99% 102%
72
86%
18%
Feb
1955
♦20-year 7s
♦Baden 7s
98% 103
65
12*6O6
17%
87
98% 102
Jan
Apr
z
1953
22%
17%
Jan
30
1
eligibility and rating o i bonds.
23
80%
88%
Volume
New York Curb Exchange—Concluded—Page 6
153
bank
Friday
Elig. &
Rating
(Concluded)
See a
Week's Range
Last
bonds!
Price
Sale
x
a
1950
3%a—1963
Grocery Store Prod 6a
1945
x
aa
1
bbb2
Gr Nor Pow 5a
atpd
Green Mount Pow
x
Guantanamo A West 6a_— 1958 y
{♦Guardian Investors 5a—1948
1935
♦Hamburg El Underground
A 8t Ry 5 %s
1938
Houston Lt A Pr 3%s
1966
110
2
22,000
17%
38%
22
19,000
15
29%
18
18
111
y
ccc2
y
z
1953
y
ccc2
aa 2
bbb2
III Pr A Lt 1st 6a ser A
111
1954
y
y
£79
82
~3~666
106% 107
26,000
107% 110%
106% 108
105% 105%
20,000
105
105%
41,000
104% 107
101% 101%
9,000
1,000
100% 102
8 t deb 6%s—May
1957 ybb 2
1958 ybb 1
102"
102
102
98% 103
1
81%
81%
84%
19,000
72%
84%
1
79%
79%
83%
31,000
71%
84
89
90
6,000
75
92%
109
109
3,00q
105
109%
2
a
109
dd
1
£12
16
z
dd
1
£11
18
1941 coupon) 1957
z
dd
1
8
11
1952
z
dd
1
£13
18
10
10
79%
80% 128,000
1941 coupon) 1952
Iowa Pow A Lt 4%B
1957
1952
1958
♦laarco Hydro Eleo 7a
♦Italian Superpower 6a
1952
1963
Debenture 6s
2
ccc2
aa 2
b
y
y
x
79%
38%
39%
107% 108
38%
108
6s stamped
1942
3%s_1965
Tooo
63,000
2,000
z
12%
12%
1,000
y
15
15%
4,000
50%
51
1966
2022
1969
Lake 8up Diet Pow 3 %s.. 1966
♦I^onard Tlets 7%a
1946
Long Island Ltg 6s.
1946
Louisiana Pow A Lt 5s -—1957
b
z
a
x
bbb2
Kansas Gas A E ec 6s
3%s
109
2
108% 109%
£109
110%
8,000
23,000
106% 108%
26
12%
Debenture 5s
8,000
102% 106%
107
109%
25
1st 68
Penn Electric
4b F__
6b series H
Penn Pub Serv 6s C
y
b
2
85
87%
3,000
77
90
101% 103%
4,000
4,000
8,000
x
96
96%
95% 100
105% 109%
107
110%
100
~i3~666
x a
30,000
50%
104
59%
a
1949
*
26
x
bbb2
3,000
105% 109%
105% 107
2,000
107% 109
1,000
150
162
25,000
100
104
18,000
109%
106% 106%
bbb2
1969
f debs 4s
Pub Serv of Indiana 4s
x a
108
108
108
bb
2
2
102%
153% 153%
102% 103
1950 y bb
2
103
102% 103%
25,000
98% 105
102%
101% 102%
23,000
98% 102%
Publlo Service of New Jersey
6% perpetual certificates.
Puget Sound PAL 6%B
1949
1st A ret 5b
ser
C
y aa
y
1st A ref 4%s ser D
i960 y bb
Queens Boro Gas A Eleo—
82
90%
1953
6%s series A
♦Ruhr Gas Corp 6%s
♦Ruhr Housing 8%s
z
£9%
17%
28%
z
£9
14
aa
x
aa
£135
£7
cc
£40
15
20
36%
40
84
"84
84
10,000
75%
16,000
84
87%
93%
5,000
85
"4§"
bbb3
89
88%
89
x
bbb3
88%
88%
88%
y
b
1957
x
bbb2
1965
x
"105%
25,000
58
105% 108%
3.000
101
34%
46
69
92%
88%
54,000
69%
88%
36,000
69%
92%
92%
37.000
70
92%
5,000
1948 yb
88%
1951
b
88%
88
Deo 1 1968 yb
...1957 yb
6s gold debs
88%
88
88%
13,000
70
92%
87%
88%
62,000
68%
22%
22%
1,000
20
92%
25%
26
32%
45
45
2,000
43
56%
88
88%
1957 y b
1950 z cccl
Corp Ino 5s
110%
56,000
41
88
y
60
50%
6,000
88%
88%
...1948 y b
Conv 6s (stamped)
Debentures 6s...
102% 105%
110% 110%
41
Spalding (A G) 5s
1989 y b
Standard Gas A Electric—
Debenture 6s
eo'ooo
107% 107%
'noli
Southwestern Pow A Lt 6s.2022 y bb
(stamped)
99
105%
103
£104% 105%
105
105%
58
93%
93
2,000
98%
aa
16%
106% 109%
133
138%
"77666
137
x
1947
♦Starrett
6,000
108% 108%
108%
x
Sheridan Wyo Coal 6s
Sou Carolina Pow 5s
6s
87
86%
86%
1952 y bb
7-4s2d...
1946
...
_
1946
Certificates of deposit
♦Ternl Hydro El 6%8
1963
z
Texas Eleo Servloe 6s
1960
x
bbb2
106%
.1956
x
bbb2
108.%
Texas Power A Lt 6s
6s series A
z
1979 y bb
106
108%
103% 105%
102% 106%
Twin City Rap Tr 6%s...l962 y b
18
106% 107
108% 108%
28.000
£118% 119
98%
99%
2022 y bb
Tide Water Power 5s.
26%
13%
£13%
z
~3~6Q6
106% 107%
107
108%
19,000
118
121%
96
100%
Tietx (L) see Leonard—
109
112
96% 104
100% 102%
105% 109
18
26
Toledo Edison 3 %s
1968
Conv 6s 4th stp
United Eleo N J 4s
1949
♦United El Service 7s
Debenture 6%s
66%
68%
56
66%
106% 109%
87% 97%
91% 100
104
2,000
102
106
106
2,000
101% 106%
107% 109%
105%
I
106% 109%
4,000
29,000
aaa3
116%
116
11
116%
58%
62%
£13
£10%
11%
114
6,000
118%
15%
18
30
£13
7
20
20
25
30%
14
30
85
100
88
100%
United Light A Pow Co-
124
56%
x
♦United Industrial 8%s_..1941
♦1st s f 6a
1945
111%
56%
£9%
1956
114%
109%
99%
88%
117% 121%
107% 108
61
61%
_
1950
Debenture 6a
106
x
{♦Ulen A Co—
107
104
27,000
1
I
99
x
bbb2
104
104
104
5,GOO
103% 108%
..1952
y
bb
2
101
100
101
32,000
93% 101%
United Light A Rys (Mel¬
ds series A
1952
x
bbb2
1st Hen A
1975
cons
y bb
..1974 ybb
5%s__. ..1959
Un Lt A Rys (Del) 6%s
Deb 6s series A
..1973 y bb
Utah Power A Light Co—
1st Hen A gen 4 %a
Deb 6s series A
1944
x
2
99%
9,000
9,000
98%
1,000
98%
98% 100
110
49,000
100
25.000
95
100
103"
7,000
5,000
83% 100
98% 102
109
95
101% 102%
102% 103%
100% 102
103
103%
101
101%
4,000
4
1946 yb
121
117
118% 119%
102% 102%
1946 y bb
1950 y bb
Deb s f 6s
99
99%
1
bbb2
..2022 ybb
Va Pub Servloe 5% A
98%
4%
52.000
4
109% 109%
1,000
108
Waldorf-Astoria Hotel—
*111% 112%
£106%
103
£24
115
38
35
106%
114
£115
45
♦5s Income
deb
....1954
1951
Wash Ry A Elec 4s
z
c
x
aa
1
3
4
109%
Washington Water Pow 3%s'64 x aa
West Penn Elec 5s..
2030 x bbb2
West Penn Traction
5S-..1960
£106% 107%
2
x
a
1944
y
1966
x
1
bbb2
117
5,000
117
5%
109%
105% 110
105
108%
£109% 110
116% 119
Western Newspaper Union—
x
x
y
3
2
102% 102%
105
2
105
4,000
102% 103%
2,000
104
105%
2
109% 109%
5,000
3,000
3
a
2
bbb2
bb 3
109% 109%
12,000
49%
64%
109% 113%
106
109%
110
110%
27,000
108% 108%
6,000
101% 101%
5,000
{♦York Rys Co 5s stmp._.1937 z bbbl
♦Stamped 5s.....
1947 ybb
11,000
69%
104%
104% 104%
12,000
97%
99% 100
x aa 2
1942 x aaa3
1956 y bbbl
1964 y cccl
1977 x a
1
1979 x a
1
1971 x a
2
..1962 x a
2
1947 x a
2
108%
53%
"moo
£103% 104%
101%
£33
106"
105% 106
106% 106%
£106% 106%
109
103
70
59
108% 109
108% 108%
£107% 107%
...1970
Peoples Gas Light A Coke—
£110
34^666
101%
38
104% 106
"I'.OOO
105% 107%
104% 106%
107% 110
5,000
106% 109%
"moo
107% 109%
106% 110
1,000
111
106% 109%
102
1981 * a
1961 x a
197? t aa
"99%
106%
95
34
35
£97%
104% 107%
96%
99%
98% 100%
101% 104%
35~666
Wise Pow A Light 4s
b
106% 109
103
106%
£102% 103%
101
101%
6s unstamped
108% 111%
53%
3%s
i
76%
10
109
2
1964
103% 107%
102% 105%
3
110
4s series D
1st mtge 3%s.._
1st ref 5s series B
110
Phlla Elec Pow 5%8
69
10
Publlo Service Co of Colo—
7-4s 3d stamped
Pennsyl Wat A Pow 3%s._1964
4s series B
100
60
75
£8%
Stinnes (Hugo) Corp—
...1954 x a
6s series D
98%
110%
86%
£73%
Soutnem Indiana Ry 4s—.1951 y bb
S'western Gas A El 3%s.„1970 x aa
108% 108%
1962
Okla Nat Gas 3%s B
1965
Okla Power A Water 5s.—1948
Paclflo Gas A Electric Co—
1st 6s series B
1941
Penn Cent LAP 4%b
£88
1
a
51
108%
Ohio Public Serv 4s
Park Lexington 3s..
ccc2
42
105% 109%
3
—1956 y bb
No Boat Ltg Prop 3%S—1947 x aa
Nor Cout'l Utll 6%fl
1948 yb
Ogden Gas 1st 5b
...
1945 y bb
Ohio Pow 1st mtge3%B-.—1968 x aa
...
z
99
96
1954
Southern Cal Edison 3s
a
6%b series A
Paclflo Pow A Ltg 6s
108% 112%
35%
North American Lt A Power—
Paclflo Ltg A Pow 6s
32,000
Potrero Sua 7s stamped... 1947
110%
95
14
1951 x a
2
1964 x a
3
2004 x aaa3
1964 x aa 3
1953 y
Nippon El Pow 6%8
108%
43
Penn A Ohio—
Ltg 4a
108%
24%
x
1964 y bb
New Orleans Public Service—
♦Income 6s series A
1949 y bb
N Y A Westch'r
3
Shawlnigan WAP 4%s_—1967
1st 4%s series D
1970
12,000
1967
1978
stamped
N Y State E A G 3%S
a
80%
103%
Debenture 6%b
York
x
66%
bbb2
.
♦Ext 4%s
...1961
£97%
96
1951 y ccc2
106% 109%
1 107% 107
19,000
107%
bbb2
5,000
104% 105
1st A rel 6s
—1955 x bbb2, 107%
2,000
107% 107%
Mississippi Power 5s
1955 y bb 2 105% 105% 105%
5,000
Miss Power A Lt 5a—-—1967 x bbb2
104
104%
14,000
Miss River Pow 1st 6s
1951 x aaal
8,000
111%
111% 111%
Missouri Pub Serv 5s——1960 y bb 3
14,000
103%
103% 104
Nassau A Suffolk Ltg 6s
1945 x bbb2
2,000
101% 101%
Nat Pow A Lt 5s B
2030 x bbb2 106%
3,000
106% 106%
19
3,000
20%
{♦Nat Pub Serv 5s otfa... 1978 z d
1
Nebraska Power 4%a
1981 x aa 2
£110% 114
6s series A—
...2022 x a
2
119
119% io'ooo
Nelsner Bros Realty 6s ——1948 x bbb2
4,000
109% 109%
Nevada-Calif Eleo 6s._.—1966 y bb 2
98%
99% 131,000
New Amsterdam Gas 6s...1948 x aa 2
£109% 110%
N E Gas A El Assn 5a
1947 y b
2
61%
62% 9o"o"6o
6a
1948 yb
2
61%
62% 10,000
Conv deb 5s
1960 y b
2
61%
62
82,000
New Eng Power 3%b
1961 x aaa2
1,000
108% 108%
New Eng Pow Assn 5b
1948 y bb 2
92%
92% 59,000
New
109
Soullin Steel Inc 3b
x
-1965 x aa 2 109%
109% 109%
1945 ybb 1
£101% 102%
1943 ybb 2,
57%
58
4%b
52,000
15
£10
40
103% 103%
,
Minn PAL 4%S
106% 108%
10
3
1.
£102% 104%
100
100
Mengel Co oonv 4%8——1947 ybb 3
Metropolitan Ed 4a E
1971 x aa 2 106% 106% 107
Mllw Gas Light
15,000
106%
Standard Pow A Lt 6s
1948
Midland Valley RR 6a
96%
3
z
128%
112%
Memphis Comml Appeal—
Deb 4%s
1952 x a
Middle States Pet 6%B
1
a
z
McCord Radiator A Mfg—
4s series Q
bb
Power Corp (Can) 4% sB... 1959 y
1
93% 100%
bb
1951
25
29%
26%
z
1937
109%
35
12%
22%
1,000
12%
30
z
♦Schulte Real Est 6s
112
£10
1
102% 106
z
♦Saxon Pub Wks 6a
123
a
1,000
1950
15%
106
3
Since
Jan.
$
1956
24
£111% 112%
£109
110%
a
xaa
1941
6s stamped
..1940
6s stamped extended..
25%
8
MIn A Smelt—
♦7s mtgesf
♦58 stamped
Potomac Edison 5s E
21
£126% 128
3%s
Kansas Eleo Pow
Kansas Pow A Lt
Mansfeld
z
12%
£7
Range
for
Week
105% 105%
105 %
15
2,000
Range
of Prices
High
Low
♦Pledm't Hydro El 6%s__1960
♦Pomeranian Eleo 6s
1953
1968
Safe Harbor Water 4 %a... 1979
San Joaquin L A P 6s B
1952
Jacksonville Gas—
Jersey Cent Pow A Lt
1962 y bb
15%
z
Interstate Power 5a...
Phlla Rapid Transit 6s
11
{International Power Sec—
♦6%s series C
1955
♦7s series E
1957
♦7s (July
108
89%
♦Indianapolis Gas 5s A
1952 z
Indianapolis Pow A T.t 3%sl970 x
♦7s (Aug
80%
110% 110%
105
♦7s series F
81
107
105%
1950 y bb
1963 ybb
70%
1,000
110%
1956
1st lien A ref 5s
14%
18%
109% 111
70%
78%
78%
1st A ret. 6a ser C
Indiana Servloe 5s
Price
♦Prussian Electric 6s
bbb2
bbb2
Eleo 5s
9,000
13
1st A ref 6%s ser B
Indiana Hydro
Sale
See a
Portland Gas A Coke Co—
64
38%
£11
x aa
z
Idaho Power 3%s
58
21
x
7%8,—1963
1949
6s series B
75%
85
107% 110
103% 106%
Rating
4%s series F
-—1967
Hygrade Food 6a A
5,000
2,000
£11
z
1949
♦Hungarian Ital Bk
1
35%
21 %
I
c
y
110
£103 % 106%
63
£62
Week's
Last
EUg. &
bonds
(Concluded)
Since
Jan,
3
84
110
i
ccc2
ccc2
y
♦Hamburg Eleo 7s
84
Range
for
Week
Low
2
1950
Grand Trunk West 4s
of Prices
High
<
813
Sales
Friday
Rank
Sales
105
102% 105
113%
113% 113%
5,000
109
115
♦
No par value.
n
Under-the rule sale,
a
Deferred delivery sale.
r
Cash sale,
X Friday's bid and asked price.
♦
x
d Ex-interest.
e
Odd-lot sale.
Ex-dlvidend.
No sales being transacted during current
week,
Bonds being traded flat.
{ Reported in receivership.
Abbreviations
Used
*'cum," cumulative,
*'v t c," voting trust
Above—"cod," certificates of deposit; "cons." consolidated
"conv," convertible; "M," mortgage; "n-v," non-voting stock
certificates; "w i," when Issued; "w w." with warrants; "x w,'
without warrants.
A
Bank Eligibility
believe eligible
and Rating Column—x
Indicates those bonds wnlch we
for bank Investment.
Indicates those bonds we believe are not bank eligible due either
status or some provision In the bond tending to make It speculative,
y
z
Indicates Issues In default, In bankruptcy, or In process
The
rating symbols In this column
are
to rating
of reorganization.
based on the ratings assigned to each
bond by the three rating agencies.
The letters indicate the quality and the numeral
immediately following shows the number of agencies so rating the bond.
In all
cases
given by the majority.
Where all three
differently, then the highest single rating Is shown.
the symbols will represent the rating
agencies rate a bond
A great
majority of the Issues bearing symbols ccc or lower are
or lower are in default
bearing ddd
Attention is directed to the new column
in thit tabulation pertaining to bank
eleglblllty and rating of bonds.
See note A above.
In default.
Issues
The Commercial & Financial Chronicle
814
Aug. 9, 1941
Other Stock Exchanges
Sales
V
Baltimore Stock
Sales
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Week
Price
17
Arundel Corp
*
Bait Transit Co com v t c •
Consol Gas EI
"69 %
100
Eastern Sugars As corn vtcl
50c
1,349
59%
117% 117%
8%
834
300
Fidelity & Guar Fire
26
27c May
Feb
Mar
Jan
Apr
131
Aug
May
May
5%
73
34 %
Aug
71%
118%
10%
27%
56
195
10
July
114
27
Finance Co of Am A com.5
5uc
3.35
5
Jan
17
113%
35
50
29
Jan
£ 9
9
1
9
July
9%
15%
Feb
35%
Jan
Mar
July
9
May
15
May
Georgia Soil & Fla—
15
Mercantile Trust Co-...50
7% pf25
36
245
Jan
25
81
15
Feb
40
27%
Apr
2.25
Feb
3.25
28%
2.50
2
19%
4,295
53%
34%
167
49%
438
21
53
52
24%
2
24%
16% May
July
Mar
Apr
Apr
Jan
19%
Aug
57
Apr
May
Mar
27% June
Bonds-
5%
Certificates of lndebt
88%
200
88%
84
Jan
88%
Mar
fiatl975
40%
41
Mar
41 %
June
A 5s flat
1976
48%
49%
4.800
40
Jan
49%
Aug
B 6s
1976
101% 101%
1,500
100
July
.
35,000
33%
Co
Amer Tel A Tel
102
Feb
Exchange
Par
Stocks—
Week
Low
153%
1732
—*
Bird A Son Inc
92
Boston Edison Co (new).25
27
Boston Elevated...
A
Boston
100
-
-
------
168%
Aug
1%
May
July
9%
26%
44%
18%
Boston Herald Traveller..*
May
17 32
5
8%
May
10 %
Jan
336
Mar
97%
34%
Jan
46
302
87%
26%
41%
19
185
18
2,523
May
Jan
Apr
50%
Feb
Jan
20%
Apr
Maine-
Common
100
std..
100
Pref std
Prior preferred
-
Class A 1st pref std.. 100
100
------
------
3%
3%
July
Feb
1%
Aug
880
5%
Mar
10%
Aug
436
Jan
Jan
3%
3%
Aug
50
1%
1%
230
1%
Jan
1 %
Jan
3%
3%
Aug
50
Aug
3%
3%
3%
3%
3%
100
.100
Class D 1st pref
Jan
%
20
2% May
157
10%
3%
3%
3%
3%
Class B 1st pref std..100
Class C 1st pref
%
50
3%
1%
9%
Class C 1st pref std.. 100
Class A 1st pref
218
2%
1%
-
9%
3%
loo
—
-
-
3%
3%
Boston Per Prop Trusts..*
12%
3%
12%
Boston A Providence... 100
23
23
oaiumet A Hecla
Copper Range
10
12%
7%
240
6%
294
3%
Feb
Anr
4%
FeD
Aug
Aug
23%
7%
6%
June
5%
Aug
3%
12%
JaD
11
6%
7%
*
......
90
5%
.......5
1%
Apr
July
Apr
July
East Fuel A Gas As—
Common
*
—
4%% prior pref
6% pref
100
100
1%
2
78
50%
50%
52
------
1%
May
3%
Jan
143
47% June
58%
Jan
------
35%
36%
179
30%
Apr
41%
Jan
100
1%
1%
1%
110
75c
Jan
1%
July
1st preferred
100
-------
Feb
100
74% June
10
May
87%
Preferred cl B
14%
Jan
Eastern Mass 8t Ry—
Common
Adjustment
"
Employers Group....
Razor....»
13%
6%
-
-
*
-
-
500
1% June
3
Aug
7%
6%
24%
670
3%
Feb
8%
Apr
May
May
25%
Jan
3%
Jan
151
21
295
2
25
3%
-
5
10
3
2%
*
Gillette safety
80
13%
100
Eastern HH Lines
80
3
3%
Hathaway Bakeries—
Preferred
*
__
Helvetia Oil Cote
Isle Royale Copper Co.. 15
Lamson Corp (Del) com..6
Loew's Theatres
Maine Central
(Boat) .25
100
com
5% cum pref....
100
Mass Utll A88 vtc
300
6%
15
6%
------
20
------
------
England Tel A Tel 100
North RR (New Hamp) 100
12c
24%
5%
3%
3%
120
121%
5%
120
%
1%
May
12%
Feb
July
July
18%
May
4%
JaD
25c
2%
1,433
>i«
26
Jan
6%
Apr
3%
Aug
ht
,
Feb
129
Jan
20c July
88
June
47
94
May
May
110
5
Jan
52c
May
30
371
Jan
21
350
380
Apr
Jan
5c
*i«
94
------
2
13%
6%
Feb
12%
20c
22c
12c May
2
July
Apr
4
200
3i«
------
2.50
North Butte..
60
24
5%
3%
Feb
117
Jan
38
Aug
5c
120
21
lie
------
arraKarmett Rac« Asa ill nc 1
\e»
1%
1%
13%
13
------
25
300
1%
------
National Tun A Mines...*
140
,
10c
1%
------
1
NYNHA Hart RR-.100
30
10c
Linotype..*
Mergenthaler
v
25
.1
Jan
45c June
94
Aug
8c
8c
8c
*
19%
491
11%
Feb
60
24%
17%
24%
19%
Pennsylvania RR
24%
602
22
Feb
19%
25%
June
Qulncy Mining Co
25
------
1%
1%
145
%
May
1%
June
9%
5%
Apr
Old Colony
Pacific Mills Co
100
Sbawmut Ass'n T C
Stone A
Webster
28%
28
5
Union Twist Drill Co
------
37
10%
7%
28%
37%
United Fruit Co..,......*
United Shoe Mach Corp.25
6%
10
*
»
........
Torrlngton Co (The)
cum pref
.25
Utab Metal A Ton Co
1
Waldorf System
7%
7%
73%
60%
71%
73%
60%
61%
46
46
46
1,250
8c May
70
101
340
25c
Mar
Aug
11
Jan
Apr
8%
Jan
Apr
Feb
25
30%
Jan
35
33%
1,029
June
40
Mar
73%
Aug
61%
July
May
46%
July
45c
4,350
30c
July
52c
Mar
8%
*
Apr
210
59%
49%
43%
36c
45c
9%
92
7%
Apr
9%
Apr
603
ttonda
Boston A Maine 4%s_1970
34%
35%
19
Jan
35%
Associates Invest com....*
July
Bell System
Trading Dept. OGO. 406-406
10
La
S.
Salle
to
Last
Sale
Price
Week's Range
of Prices
High
for
i%
100
7
May
300
;• V
1%
1"« July
29
Apr
Jan
29%
3%
Aug
Apr
%
5%
Aug
100
26
Apr
437
28%
Aug
800
3
%
250
3%
3,250
Jan
Aug
2%
35%
Jan
29%
2%
%
Aug
5%
11
2
Jan
Jan
10
12
May
445
32%
39%
July
Bendlx Aviation com
3%
6
6
38%
Jan
Apr
Jan
Apr
Bergboff Brewing Corp.._l
7%
7%
150
Apr
8%
Bethlehem Steel Corp com*
c74%
515
74%
Aug
75%
Aug
5%
75%
5%
50
4%
Feb
5%
July
15%
15%
200
13% June
18%
Jan
19%
19%
1,135
16
20%
July
16%
2%
9%
16%
50
16
2%
10%
300
1 % June
*
800
7
6
Blnks Mfg Co cap
1
Bliss & Laughlln Inc com.5
Borg
6
Jan
Warner Corp—
6
Brach A Sons (E J) cap
19%
*
...
Brown Fence A Wire com.l
Class A pref
Bruce Co (E L) com
Apr
June
18
Jan
2%
10%
13%
June
Jan
Aug
12%
12%
800
10%
Jan
1
3%
3%
200
6%
6%
710
30
x22 %
250
2%
4%
19%
July
10
82
May
95%
Jan
Jan
6%
Aug
Burd Piston Ring com
pref
cum conv
23
86%
86%
86%
160
6%
6%
6%
200
%
*ie
1,500
42%
109%
43%
40
4
Feb
23
Jan
Mar
Jan
6%
July
Aug
Central 111 Sec—
5%
Central A 8 W—
Common
__50c
109
*
*
Cent States Pow A Lt pfd.*
7%
7%
*
17%
17%
l
%
30%
30%
Chicago Flex Shaft com..5
58
58
Chrysler Corp
56%
5%
1
Chain Belt Co
com
Chicago Corp common
Convertible preferred..*
common. .6
Cities Service Co
10
com
Club Alum Utensil
*
com
30
%
103
Jan
June
30% June
4%
%
47
July
8%
21%
50
May
% June
27%
Feb
50
57
58%
570
55
5%
900
3%
1
100
1
1
30
150
950
16
Jan
112% May
1
,
31%
Aug
73
July
Jan
JaD
Jan
Jan
July
Jan
72%
Jan
Feb
6%
July
July
2%
Jan
Commonwealth Edison—
Capital
25
v
25%
24%
26%
9,650
6
5%
6%
1,525
6%
May
Feb
30
•
t c pref.50
6
6
6
220
4%
Jan
6
2%
2%
10
1%
Jan
2%
Mar
1%
1%
50
%
Feb
1%
Mar
16%
July
Consolidated Oil Corp
Consumers Co
Com part sh v t c A
50
Com partsh vt cB
*
Container Corp of America
Common
T%
15%
20
6%
12%
Feb
17%
17%
169
13
Apr
19%
93
94
200
80%
Jan
96
30
14
14%
300
14
Aug
Cunningham Drg Strs. .2 %
Curtlss-Wright
1
17
17
50
15
May
9
Aug
Crane Co
25
com
Cudaby Packing 7% prflOO
Common..
93%
9
15%
25
10%
9%
10%
1,700
Dayton Rubber Mfg com.l
Deere A Co
*
25%
25%
155
Diamond T Mtr Car com.2
8%
8%
8%
130
8%
100
13%
13%
ca26% a26%
50
com
Dixie-Vortex Co
j Dodge Mfg Corp
Eastern
Airlines
*
com
com
*
Inc
1
13%
Eddy Paper Corp (The)..*
Eler Household Utll Corp 6
Elgin National Watch Col5
Eversharp Inc
Fairbanks Morse
20
General Am Transp com.5
General Electric Co
*
15%
16
250
52%
53
31%
1%
39%
39
40
"31%
39%
11
Apr
14
Jan
13%
Apr
20
July
Jan
Jan
Jan
3%
Feb
28% June
2
May
4%
Apr
33%
Feb
3
Jan
75
34%
May
45%
150
18%
3%
May
24
May
5
Jan
15%
46%
July
19
Jan
25
Jan
32%
755
31 %
Aug
1%
600
39%
146
1% July
33%
Feb
36% May
3% July
2% May
55%
32%
2%
40%
43%
200
2,450
Feb
Jan
Aug
48%
Aug
Jan
July
Jan
442
16
May
20%
July
9%
400
8
May
Jan
14%
2,750
14
June
10%
17%
133%
9%
50
Apr
16%
Jan
50
7
Jan
9%
July
8%
9%
50
6%
Jan
8%
July
13%
9%
8%
9%
8%
12
10
2%
Illinois Central RR com 100
9%
19%
•
"8%
International Harvest com*
%
2%
9%
19%
3%
80%
ca8%
54%
1%
10%
Interstate Power $6 pref..*
Jarvls (W B) Co cap
1
Katz Drug Co com
July
130
9%
14%
1
*
26%
9%
9%
100
6%
»
inland Steel Co cap
Inter lake Iron
9%
11%
Aug
8% May
19%
Feb
7
May
7% May
3%
19%
10
Indianaoolls Pr A Lt com.*
Indiana Steel Prod com__1
Jan
Jan
3%
6%
19%
9%
Helleman Brewing cap
1
Hein Werner Motor Parts 3
Illinois Brick Co cap
Jan
Aug
3%
19%
14%
Houdallle-Hershey cl B
Hupp Motor Car com
19
Jan
3%
3%
"9%
com.
50
4%
15%
•
Harnischfeger Corp
3
40%
Hall Printing Co com...10
Hamilton Mfg cl A pt pfdlO
com
1,350
1,200
3%
24
Gillette Safety Razor com *
Goldblatt Bros Tnccom..*
Great Lakes D A D
31
23%
—
Goodyear T A Rub com..*
Gossard Co (H W) com...*
50
30
40%
General Finance Corp coml
General Foods com
•
Gen Motors Corp com.. 10
General Outdoor Adv com *
20
14%
Jan
May
4
24
*
com
Fox (Petei) Brewing com.5
Fuller Mfg Co com
1
Gardner Denver Co com..*
3%
50
3
3%
30%
1
com
1
5%
100
50
6%
11%
May
8% June
4%
Jan
3%
July
8
Jan
Mar
150
7
May
9%
9%
July
8%
12%
290
10
Apr
13%
Jan
%
200
Mar
%
Jan
2%
100
10%
19%
1,800
3%
81%
9%
100
300
55
497
585
105
20
iff
2%
Feb
7% June
18%
3
May
June
69%
9
Apr
Jan
3% June
10% Aug
21%
4
Jan
Apr
90%
Jan
Aug
43%
1
9%
Aug
May
56%
2%
July
1%
10%
153
9%
Apr
5%
400
4
Jan
7
May
May
14
Feb
Jan
5%
July
July
Kellogg Switchboard—
jr
9
*
cum
pref
50
46
10
8%
corn'/
5%
com
pref
*
*
5%
Apr
5
Feb
Jan
1
Feb
6%
9%
Apr
13%
13% May
1%
Feb
16%
100
85
3%
17%
1,200
35
50
120
20
Jan
9
Jan
34
July
Jan
8% June
7%
21
Jan
May
1%
8
Jan
Apr
3%
19
July
Jan
Aug
July
37%
Jan
16%
16
c29%
1
Aug
6
15%
35
5
16
7%
12%
16
Jan
20
15%
35
Jan
3%
50
7%
12%
*
9%
50%
106%
7,200
12%
com *
July
July
5%
200
3
44%
99
8%
20
17
com
100
1%
*
Field
4%
1%
*
Martin (Glenn L) Co
Merchants A Mfrs sec—
70
240
"lYs
*
com
com
8%
20
*
50
46
103%
4%
*
com
9
45
102
100
McQuay-Norris Mfg
2,510
13%
Jan
16'%
July
29%
100
29%
Aug
29%
Aug
Mar
Apr
Range Since Jan. 1, 1941
Low
High
700
3%
Mickelberrys Food Pr coml
Week
Shares
Aug
4
28
28
c28%
McCordRadA MfgclA—*
Sales
Low
Aug
28%
600
Loudon Packing com
Chicago Stock Exchange
Par
1%»
1,950
12
10
Lion Oil Refg Co cap
Aug. 8, both inclusive, compiled from official sales lists
Stocks-
18,100
11%
37%
Marshall
Friday
Jan
12
Class A com
Aug. 2
168%
Belden Mfg Co com
Liquid Carbonic
St., CHICAGO
May
19%
Lindsay Lt A Chem
Teletype
Municipal Dept. OGO. 631
149%
%
Jan
2%
Apr
16% May
LlbbyMcNelllALlbby
Principal Exchanges
1,670
Jan
150
Le Rol Co
Pasrl H.Davis &<90
Aug
18
Leatb A Co
Unlisted
Jan
7
18
3
Common
SECURITIES
94
Aug
18
Aviation Corp (Del)
Lincoln Printing
Common
Members
.
May
June
85
Aug
Bastlan-Blesslng Co com.*
6% preferred
Listed and
.
2%
i
Jan
Jan
6%
50
505
ii
1%
Feb
682
5
4%
High
May \ 12%
13
Feb
18%
36%
20C
7
153% 154%
1»«
1732
29
28%
11
11
Athey Truss Wheel cap. .4
Ky Utll
CHICAGO
10%
14%
25%
(
Atch Top & S Fe Ry comlOO
Prior lien preferred
93%
27%
92
Albany
148%
IOC
1
Preferred
High
2,626
1»32
9%
100
tioston A
Low
36,993
153% 154%
1#32
—
Range Since Jan. 1,1941
Shares
High
IOC
86%
(
Conv pref...—
for
of Prices
Price
Amer Tel A Tel..——-100
Rights W I
Week's Range
Sale
11%
c6%
(
Cent 111 Pub Ser $6 pref..*
bales
Last
11%
86%
i
Rights (Wl)
5%
Aug. 2 to Aug. 8, both inclusive, compiled from official sales lists
Friday
11
29%
-
Anaconda Copper Ming. 50
Armour A Co common
6
Asbestos Mfg Co com
30C
.
Co cap. 100
Aro Equipment Co com._l
11%
uh
-
•
100
Low
Shares
19%
29%
-
Amer Rad & Stand San—*
Butler Brothers
Boston Stock
.
High
19%
11%
i
Allied Laboratories com..*
Common
Atlantic Coast Line Conn—
Halt Traslt Co. 4a
Low
Automatic Washer com..3
245
2.50
Penna Water & Power corn*
Feb
22%
255%
39%
29%
18%
19 a
Mew Amsterdam Casualt,y2
...
250
24%
28%
M Vern-WoodMilLs corn 100
U 8 Fidelity A Guar
118
22
245
Mcrch & MinersTransp__*
Monon W Penn PS
15
21%
100
1st pref
Houston OP pref—.. 100
Aetna Ball Bearing com._l
Alltf-Chalmen? Mfg
Aug
Jan
1.65
Week
Par
Amer Pub Serv pref
17%
for
of Prices
Allied Products Corp com 1
High
May
135
130% 131
20
14%
452
3.35
~27~~
1
Preferred vtc
Fidelity & Deposit
Low
360
60c
4 Pow
%% pref cl B
Shares
17 H
3.20
preferred v t C...100
1st
4
16 %
Range Since Jan. 1,1941
Stocks (Continued)
Week's Range
Sale
Aug. 2 to Aug. 8, both inclusive, compiled from official sales lists
Friday
Range Since Jan. 1, 1941
Last
Exchange
4%
4%
4%
550
4%
July
4%
5%
Middle West Corp cap
6
Midland Utd conv pref ..*
Midland Utll—
4%
4%
4%
650
4%
May
6%
Jan
6
6
600
3%
Feb
7
Apr
Apr
15
6% prior lien
7% prior lien
7% pref cl A
3%
....1
3%
Feb
100
15
14%
15
300
3
100
15%
14
15%
350
3
Jan
15%
Aug
%
800
%
Apr
%
Aug
1%
150
%
May
5%
June
6%
July
May
May
27%
Jan
39%
Jan
..100
%
V tc common stock.—.1
1%
Aug
Miller A Hart—
Abbott
Laboratories
Acme Steel Co
Adams (J D)
com
com
*
53
25
Mfg com...*
"Io%
Advanced Alum Castings.5
For footnote.-
set
pa*<
817.
53
54
455
46
50%
10%
2%
50%
10%
2%
130
43%
10
8%
Mar
300
2%
May
Feb
54
Aug
Apr
51 %
Jan
11
Jan
3%
Jan
§1 prior pref
Modlne Mfg
Montgomery
10
Ward
6%
6%
6%
600
24%
'§4%
34%
24%
34%
866
*
com
com
•
50
23
31%
1% June
Volume
The Commercial & Financial Chronicle
153
sales
Friday
Range Since Jan. 1, 1941
Last
Nachman
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Week
Springfilled com*
Nash-Kelvlnator Corp
Low
Price
Par
100
625
5
Nat'l Bond & Invest com.*
*l"6%
10%
Natl Cylinder Gas com.._l
10%
10%
26
*
13
13
Noblltt-8parks Ind cap..5
24
24
Northern 111 Finance com.*
10%
Aug
13
Apr
11
Jan
300
3
Aug
400
24
May
32
Jan
13
Aug
14
Aug
24%
305
24
July
32%
6%
800
8%
8%
9%
12%
63
68%
14%
16
Prior lien pref
100
...100
7% pref
com.
15
9%
.2%
10%
Mar
Feb
July
9%
Cleveland
CLEV. 565 8c 566
AT&T
OHerry 5050
Aug
Friday
Aug
Last
Week's Range
for
June
Sale
of Prices
Low
High
Shares
68%
16
10%
<:
Telephone
Jan
14
May
6
70
Union Cimmerci Bidding,
Feb
10%
Apr
54%
90
220
9%
May
June
10
150
RUSSELL co.
GILLIS
Jan
Mar
8
7%
125
12%
May
8
100
9%
Northwest Bancorp com..*
North West Util—
4%
Aug
5%
Northwest Airlines com..*
Nunn-Bush Shoe
Members Cleveland Stock Exchange
Mar
8%
1,100
5%
5%
Aug
200
14
3
North American Car com20
Aug
5%
1,070
10%
10%
3%
26%
Natl Pressure Cooper com 2
National Standard com.. 10
11%
9%
5%
Feb
Aug
11%
c5
Ohio Listed and Unlisted Securities
High
Low
Shares
High
10%
10%
5
New York Central
815
Stocks
(Concluded)
Par
Cliffs Corp com.....
.5
13
14%
5,100
12%
Aug
14%
1H
15%
1%
15%
500
%
Jan
1 %
June
13%
June
60
24%
24%
330
22
Feb
25%
July
49%
945
36%
Jan
49%
Aug
c
Firestone T & R com..10
Perfect Circle (The) Co...*
46%
23%
23%
150
22%
June
Jan
c
General Electric com...*
.1
%
%
600
%
Jan
1
200
9%
Feb
Price
Range Since Jan. 1, 194f
Week
High
Low
Aug
Peabody Coal Co B com..5
Penn Elec Switch cl A —10
Sales
Paramount Pictures Inc-.l
Penn RR capital
13%
49 %
Peoples O Lt&Coke cap 100
Potter Co (The) com
P reused Steel Car com
50
Jan
16
27
%
June
13
Jan
11%
a 28%
133
28%
Aug
28%
Aug
1,000
9%
Aug
10%
Aug
74
110
71
July
105
Jan
152
110
148
July
160
Jan
Lamson & Sessions
c4%
Radio Corp of Amer
*
Rath Packing com..
10
700
4%
Aug
4%
350
4%
50
49
50
Aug
41%
May
57%
Jan
1
July
Murray Ohio Mfg
1%
July
National Acme
3
5
Mfg Co com___10
12
12
100
9%
19 %
19%
20%
1,150
19%
2%
7%
3
7%
200
2%
Apr
200
6%
June
z70%
69%
71%
566
67%
Apr
4%
June
*
Republic Steel Corp
3%
1%
Rollins Hosiery Mills com 4
cap__l
Sears Roebuck A Co cap.
350
1%
600
Jan
%
Apr
Natl Refining pr pref
Aug
20%
Aug
National Tile
4%
Jan
Nestle LeMur cl A
9%
Jan
c
78%
Jan
Ohio Confection cl A
Republic Steel com.
Richman Bros
Preferred
—
—
—
.
...
4%
1,100
1%
29%
37
20
28%
Mar
30
Jan
300
29%
Mar
37
Aug
100
.30
36 %
%
Apr
Southrn Colo Pwr A com25
*64%
64%
5%
*
Spiegel Inc com
Standard Brands
c5%
2
2%
13%
20
Preferred
June
4%
Apr
6%
Jan
600
5%
Aug
5%
Aug
550
1%
12%
Apr
2%
14%
13%
Mar
34%
43%
Aug
44%
13%
100
10%
June
13%
7%
1.150
6%
Apr
8%
1,110
6%
Aug
6%
34
34%
450
29
22%
22%
262
17%
Mar
6,250
19%
May
25
34%
Feb
44%
50
3%
June
6%
9
June
44%
_
_
_
.
4
10%
"10%
77%
Union Carb A Carbon cap •
"II
11
*24
10%
79%
11%
c24
60%
62%
24%
58%
59%
119% 120%
com...20
10(;
pref
Common
300
Feb
449
61%
Feb
328
9%
May
114
53%
May
282
24
Aug
1,300
49%
Apr
100
115%
June
Convertible pref
hi
%
1,800
1%
1%
1%
700
20%
5
7
10
June
12%
Mar
12%
38
Jan
95
a 12%
a20%
10
16
Apr
23%
Jan
45%
%
1%
66
26
Mar
46%
1%
July
a
400
11%
"16%
a58%
a58% a59%
Weinberger Drug Stores..*
36
Jan
23%
July
515
12
17
Jan
Aug
Aug. 2 to Aug. 8, both inclusive,
130
Last
Week's Range
for
of Prices
Low
High
%•
Mar
1%
Feb
%
Shares
1%
24
Aug
Price
Par
Stocks—
Sales
92%
27%
93%
137
85%
June
104%
Jan
2%
2%
300
1
Jan
3%
Mar
5%
6
500
4%
Mar
6
Aug
3%
3%
15(J
3%
May
5
Jan
Continental Motors com.l
3%
67%
68%
*
1%
3%
4%
5%
*
Wrlgley (Wm Jr) Co cap
3%
5
132
45(
3%
79%
Jan
Crowley Milner com
5%
Jan
15%
550
14%
Aug
15%
Aug
500
10%
May
15%
Anr
Cincinnati Stock Exchange
Aug. 8, both inclusive, compiled from official sales lists
Week's Range
Last
High
Low
for
Graham-Paige
High
Low
Shares
com
—
—
22%
19%
23
1,719
16%
Feb
94
94
94
20
94
Aug
102
Mar
corn_.l
Hall Lamp com
.....*
Houdallle-Hershey cl B—*
*
30
30
30
20
20
Feb
30
Aug
Hudson Motor Car com..*
*
5
4
5
23
3
June
5
Aug
Hurd Lock & Mfg
Jan
3
Aug
Kingston Products com
107%
Feb
Aug
Masco Screw Prod
•'
.
-.50
3%
85%
%
1,109
2%
July
4
Jan
202
79%
June
99
Jan
Michigan Die Casting
Aug
Jan
3%
85
9%
10%
155
9%
14%
Jan
8%
8%
8%
100
4%
Jan
8 %
July
w
9%
9%
65
7%
Apr
10%
Jan
%
%
75
%
Jan
58%
60%
654
50%
May
*
20
20
200
20
Feb
*
3
3
35
3
Aug
4
Aug
105
*
Cin Union Stockyards.
*
...
--10
±
„
*-
*
National Pumps
*
P & G
Randall cl A
B
60
105
Sabin Robbins pref... .100
— ..
33%
..10
*
U S Printing
4}4
—
Preferred
50
...
„
-.10
Wurlitzer
^_
4%
37
7
105
33%
20
40
4%
386
37%
201
7
88
.100
95%
95%
37
25
Preferred....
14%
10%
15%
10%
210
July
105
29%
Apr
1 %
Jan
i
60%
July
95
*
City Ice.
10%
—
107
11%
Feb
July
Jan
97% June
July
Apr
10%
Feb
2% May
36% May
4%
Jan
48%
Jan
8%
10
39%
*
Timken R Bearings
Formica Insulation...
.
*
19%
*
Kroger
113
38%
40%
605
45%
105
41%
May
51% May
19%
19%
20
18
May
23
Mar
26
Columbia Gas
General Motors..
3
85
25
June
29
Jan
24% Jure
30
Jan
2%
27%
273%
27%
660
Cleveland Stock Exchange
inclusive, compiled from official sales lists
Aug. 2 to Aug. 8, both
Sales
Friday
Last
Sale
Par
Stocks-
Price
Week's Range
of Prices
High
Low
Reo Motor com
2
corn..*
Sheller Mfg com
...1
Standard Tube cl B com__l
Stearns (Fred'k) pref..100
Tlvcli Brewing com
..1
Union Investment com...*
United Shirt Dist com.. .*
River Ralson Paper
Specialties—...-1
U S Radiator corn
.1
Universal Cooler cl B..._*
Warner Aircraft com..
1
City Ice & Fuel—.._—*
Preferred
100
Cl Cliffs Iron pref..
..*
Cleveland Railway
"~79~
100
-ee
uage
3%
817
4%
53%
alO% a 10%
104% 104%
78%
79
200
10
355
70
26%
377
25%
26%
42
14
115
91c June
1.25
Mar
80c
180
68c
Jan
94c
Mar
—
53
8%
1%
Jan
2%
200
10c May
45c
21
4%
39%
2%
4%
39%
2%
96c
150
5
5
130
12
12
95
May
Apr
175
48%
4% June
Mar
36c
mm*
mm
Jan
57c
July
4% June
Jan
May
7%
13%
10%
Jan
3
Apr
4%
36c
38c
400
30c June
45c
Jan
1%
1%
100
1
1%
Apr
Mar
*
*
1%
1%
May
1%
21c
16c
Jan
25c
1%
1,350
1%
Apr
1%
1,050
60c
Jan
7%
7%
1,430
8
«
14%
+
100
4,906
1%
i
•
1%
22c
8
^„
2
100
%
5%
14%
14%
6
6%
3%
29%
'i» u.
•
2%
Jan
May
4,940
Aug
May
Jan
Jan
Jan
Jan
Feb
110
6% May
7
1%
529
75c
Apr
1%
July
2
Apr
July
2%
100
2
2
200
3%
300
2%
2%
3,415
1%
,
Apr
2%
2%
3
Apr
4%
Jan
1
Jan
Aug
2%
Aug
%
93%
93%
10
1%
1 %
1,050
3
240
3
4%
4%
100
4% June
13
July
3%
30%
3
4%
7%
8
7
1%
2%
93%
1%
Mar
17%
8%
25
497
Jan
June
2
Aug
Apr
5
Mar
1.25
2% May
470
3%
^
mm*
4
257
245
14%
Apr
.
Jari
2
1%
—
8
.
Jan
175
1%
•
22c
„
Jan
2%
1.00
Mar
30c
3%
2
2
»
.
.
Jan
3%
~
-
Jan
22%
60c June
4,430
55c
Jan
2%
2%
300
75c
55c
17%
3%
Apr
36% May
807
'L
Jan
May
17
845
.«:
Apr
1% May
15
1,160
13
1% May
Aug
July
99%
Jan
1%
3%
Mar
5
Jan
Jan
125
8
Apr
14%
July
312
1 %
Mar
2%
Jan
57c
»
m
400
July
1%
Jan
1%
3%
3,170
1
Feb
1%
Jan
800
2
Jan
5%
•
60c
1
3
;»
1 %
57c
1%
-
1 %
5%
300
4% May
3% May
5% May
Sales
Friday
Range
Par
Aircraft Accessories
Apr
10%
Bandini Petroleum
Jan
50c
Co...l
Barnhart-Morrow Cons..l
104%
Aug
Apr
79%
July
Blue Diamond Corp
May
32%
Mar
Bol Chica Oil new
2
comSl 10
Week's
Sale
Feb
Apr
423
18c
Los Angeles Stock Exchange
both inclusive, compiled from official sales lists
4% June
53% Aug
Apr
23
3,058
2%
Aug. 2 to Aug. 8,
High
July
Jan
20%
21
*m'm
May
July
4
18c
100
4%
-
20
1.00
2%
Last
Low
4%
alO%
1%
100
Wayne Screw Prod com..4
Wolverine Tube com.....2
Week
Shares
53%
.100
Canfield Oil-
1%
2
United
Stocks—
Brewing Corp of Amer. ..3
May
15
Rickel (H W) com
Range Since Jan. 1, 1941
for
Mar
2%
7
45%
*
60c
605
*
5
July
Jan
300
29
Pfeiffer Brewing com
68
215
90c
3%
.*
Aug
34
15%
May
Jan
58%
Parke Davis com.
6%
Feb
55%
20c
3%
Packard Motor Car com..*
43%
9%
Feb
.5
..10
Murray Corp corn
July
2
Micromatic Hone com—1
Motor Wheel com
9%
Jan
Jan
6% June
10
Preferred
May
Jan
22%
Unlisted—
Am Rolling Mill
-
*
Michigan Sugar com
7%
3
Feb
25
— _ .
Aug
461
il- ,1-Vw-
*
~
—1
3%
97
117
1%
15
com__.l
2
com___l
McClanahan Oil com
1
147
3
98%
118
118
Cin Telephone.—.... ..50
1
Aug
85%
97
97
.100
100
3
3
...5
22%
Jan
*,'■
LaSalle Wines com
118
20
100
U S Playing Card.
«.
*
1
100
Eagle-Picher
„
'iii
-
.3
10
General Motors corn
Grand Valley Brew
Cin Street
m
Goebel Brewing com...._l
Week
of Prices
Sale
Range Since Jan. 1, 1941
im
-
Fruehauf Trailer com—. 1
Gar Wood Ind com
Sales
75c
20
2%
-
Detroit Steel Corp com...5
Frankenmuth Brew com.. 1
13c
1,100
80c
Det-Michigan Stove com.l
com..l
725
1%
8%
8%
80c
com._.10
Detroit Edison com.... 100
Detroit Paper Prod
Price
1%
Det & Clev Nav
13%
Friday
-
-
1
May
12^
•
v--
5
Consumers Steel com
July
13c
1%
8%
«.
.
Chrysler Corp com
May
63
15
15
Yellow Truck & Coach B.l
com...5
1
1
Burroughs Add Machine.*
Atlas Drop Forge
5%
8%
Jan
July
58%
WestnghsEI A Mfg com.50
2
High
Low
350
8%
100
Brown McLaren com....
Williams OlI-O-Matic com *
Range Since Jan. 1, 1941
Week
13c
Auto City Brew com
July
_.
Jan
Jan
May
Mar
C'NO&TP pref
Jan
Exchange
Friday
18%
CIn Gas & Elec pref.
Jan
10%
42%
compiled from official sales lists
Jan
Jan
70%
29%
—
Jan
Aug
DETROIT
Stock
Detroit
Jan
69%
25
Feb
Churngold
9
July
Apr
—
3% May
Apr
8%
Apr
30%
Jan
79%
19
Mach
Jan
70%
6%
Telephone: Randolph 5530
15%
Carthage Mills
18%
New York Curb Associate
Building
17%
Baldwin pref
May
Chicago Stock Exchange
115
Par
Aug
Members
,
Exchange
Stock
289
Stocks—
Jan
48%
May
25
Stock Exchange
York
Detroit
350
Radio Corn com
35%
Feb
Watling, Lerchen fit Co.
New
\o%
Yates-Amer Mach cap
Apr
34%
4%
a37% a39
•
20%
com
30
Apr
449
Jan
16%
22%
49%
9
Jan
Mar
12
Feb
57
9
Aug
1%
16
6
7%
Mar
15%
May
35
7
5%
......
15%
Woodall Indust
7
111
6
.*
27%
Wise Bankshares com
Jan
Apr
%
96
100
7
105
20%
Western Un Teleg com
May
%
220
13%
359
1
rotituore*
Aug
Feb
19% a.20%
32%
33
33
*
rur
July
20
33
045% a48%
16%
16%
al9%
Walgreen Co com
.
24
Jan
45
265
Wayne Pump Co cap
.
Feb
7
a
Apr
Crcsley Corp
17
7
Util & Ind Corp—
Cin Ball Crank..
Mar
Sale
United States Steel com..*
Am Laundry
4%
3%
100
a!3%
1
.
Ford
4
Thompson (J R) com...
Aug. 2 to
Jan
Jan
268
2,715
1%
*
Jan
25
Zenith
43%
20
a20
25
July
23%
43
cum
29%
Aug
365
25
7%
...*
Aug
43
10
Aug
May
June
Jan
6%
26
US Rubber Co
Aug
20%
40
24
a
*
cU S Steel com._—...*
July
25
25
5
100
345
12
a'20~
Union Metal Mfg
Aug
12%
V 7
22%
United Air Lines Tr cap..5
Jan
July
25%
344
Texas Corp caoltal
U S Gypsum Co
Jan
956
Swift 4 Co
com
50
34
44%
*34
Swift International cap. .16
July
July
Jan
32%
7%
Studebaker Corp (The)
1
Sunstrand Mach I"l com.6
35%
20%
20%
34%
Youngstown Sheet & Tube*
43%
b
Stewart Warner
Feb
2%
Feb
24
12
N Y Central RR com—*
Standard Oil of Ohio
May
18%
4%
34%
%
1%
c
6%
July
c6%
Stein <fe Co (A) com.....
780
45%
Van Dorn Iron Works
63%
125
43%
"34
26
25
5
4%
_*
U pson-W alton
10
6%
5%
12%
Standard Oil of Tnd
Standard Oil of N J
16
6%.*
Jan
"
Common
(The)
Jan
64%
Standard Dredging—
Trane Co
%
70
2%
2
St Louis Nat'l Stkyds cap *
93
4%
*
3%
Feb
Signode Steel Strap—
South Bend Lathe Wks cap 5
43
*
29%
36%
4
Serrlck Corp cl B com...
174
Apr
15%
28% May
Apr
11%
a28% a29%
42
42%
42%
.1
Aug
Feb
a\9% a20
.*
.
12
Jan
9
25
*
.
13
Aug
a!8%
5
Jan
17%
June
10
McKee (A G) cl B
*
Medusa Portland Cement *
4
Jan
50c
Common
6% preferred
10
6%
a3\% a32%
a28%
Miller Wholesale Drug...*
Raytheon Mfg Co—
580
Apr
a\8% al9%
Industrial Rayon com..*
Interlake Steamship
..*
150
10
6%
a31%
c
74
12%
al8
Goodyear Tire & Rubber *
Harbauer Co..
.._...*
10%
947
~~6%
*
c9%
Quaker Oats Co common
Preferred
100
Schwitzer Cummins
Goodrich (B F)
16%
10
1
;
Commercial Bookbinding *
10%
9%
Pure Oil Co (The) com...*
Reliance
Colonial Finance
ca28%
10%
*
Pullman Inc
<
16%
16%
of Prices
Low
High
Price
Jan. 1,1941
High
Low
1.20
May
2%
Jan
612
2%
Jpd
3%
Jan
10c
1,000
2%
2%
97%c 97%c
1,730
1%
Jan
962
90c
July
2%
97%c
July
3%
3%
10c
Range Sin
500
1%
2%
Shares
2
3%
2
97%C
for
Week
10c
July
The Commercial & Financial Chronicle
816
Friday
Rale*
Friday
Last
Par
Byron Jackson Co
Week's Range
for
Rale
Stocks (.Concluded)
0J Prices
Week
Price
...»
alOH
22%
Calif Packing Corp com..*
Central Invest Corp...100
19
7%
Chapman's Ice Cream Co.*
Chrysler Corp
5
Consolidated Oil Corp
*
High
160
332
8
970
Low
•8
Apr
11%
Jan.
Feb
17%
Jan
9%
3% May
22%
Aug
20
8
JJ28
1,900
*1#
»ie
100
*16
May
*
20 %
20%
415
a72%
.10
a72% a72%
9
7
.*
a7H
8%
a! 9%
31%
9%
.
Gladding McBean & Co..*
Goodyear Tire & Rub Co.*
Hancock Oil Co cl A com.*
1
Lane-Wells Co
a7%
8%
019%
31%
9%
160
7
21c
100
17
40
5% May
9%
434
45c
42c
45c
569
1%
9%
1%
9%
25%
29%
2
17% May
29% June
Pacific Lighting com
*
Pacific Pub Service com
1st pref
.*
.
—*
Republic Petroleum com.l
Rice Ranch Oil Co...
1
Richfield Oil Corp com
Week's Range
for
Sale
of Prices
Mar
June
40
Jan
Blaw-Knox Co
Mar
4%
17%
Jan
Byers (AM).
Jan
Columbia Gas & Elec Co.*
2%
July
22% June
30% May
Apr
Jan
Allegheny Lud Steel com. *
Apr
Arkansas Nat Gas pref. 100
Aug
Auto
Apr
15c
Feb
15c
Feb
7%
Feb
10%
July
160
Duquesne Brewing Co
5
Fort Pitt Brewing
...1
9%
Jan
11
Aug
Harbison Walker Ref
Aug
Jeannette Glass pref
1,385
5%
5%
23
23
5%
23%
40
490
1,317
May
2%
29
4%
June
38
Jan
2% June
5
July
4
Jan
22%
Feb
6%
May
May
28
30%
Jan
29%
Mar
Jan
30%
30%
29
28%
30%
29
266
29
621
28%
May
33%
13%
23%
33%
13%
23%
33%
234
31%
May
34%
Jan
14%
24
467
Jan
14%
859
18
Feb
24%
Aug
July
Superior Oil Co (The)...25
Taylor Milling Corp.....*
Transamerica Corp..
..2
34
34
34
100
25
Feb
34
Aug
Transcon& Western Air..5
ol2%
15%
7%
7%
6%% pref cl C
25
6% pref A. .25
Southern
Pacific Co
•
Standard Oil Co of Oalif.
»
9%
4%
Union Oil of Calif......26
Universal Coasol Oil
10
9%
4%
9%
4%
al2% al2%
15
15%
7%
7%
7%
7%
100
2,326
8%
8% May
4% May
9% June
Jan
6%
36
1,520
200
13
Jan
1, 1941
Range Since Jan
Shares
Low
High
"l"5%"
Aug
200
6%
7%
9%
3,145
4%
7%
7%
210
4%
Apr
8%
Jan
2%
2%
200
1%
Apr
2%
Jan
1%
1%
300
1.30
Apr
1%
Jan
lc
lc
lc
3,000
lc
Mar
3c
06%
06 %
06%
115
a42%
—.
53
18%
7%
350
6%
Mar
7%
Jan
60c
165
60c
July
60c
July
100
6%
7%
Apr
Mar
10%
10%
July
.5
8%
10%
2%
10%
16%
10%
737
700
25
3
508
60
20%
20%
1%
20%
..7
47
47
47
100
96%
96%
989
1%
com *
—
Koppers Co pref
95
47
105
65c
65c
8
30
79%
1%
79%
.100
July
Jan
1%
7% May
Jan
31%
Apr
1
1%
50
80%
164
6%
156
4%
5
100
3
May
6
July
35
45
1
San Toy Mining Co
July
27%
5
6
Pittsburgh Steel Fdry com*
Renner Co
55c
8
155
Jan
Jan
5
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
Preferred
10%
6%
400
30
.5
Pittsburgh Oil & Gas
Jan
8%
Apr
5% May
8
30
July
Apr
1,092
Pittsburgh Brewing pref..*
July
July
Apr
5%
Natl Radiation Corp....10
Jan
1%
20%
35
5%
Nat Fireproofing Corp...*
Jan
17%
94%
Mountain Fuel Sup Co.. 10
...
Jan
Jan
12
10
8%
com.
Jan
5
2% May
13%
Apr
9%
Apr
1%
Jan
17%
Apr
42
*
96%
8%
Lone Star Gas Co
25
Apr
45
70
29
June
45
July
40c May
55
40c
Jan
Jan
7%
40c
1,100
2c
2%
Jan
1%
96%
Apr
2c
1,000
2%
2%
305
2
May
3
July
40
_
Shamrock Oil & Gas com.l
1%
Jan
72% June
lc
Mar
3c
Feb
23%
July
Jan
Jan
May
Amer Rad & Std Sani Cor.*
Amer Smelting & Refining.
Copper weld Steel..
24%
7%
10
10
1,400
4,000
High
16%
1%
83
9%
3%
Low
8%
10%
a15c
4%
32%
Aug
60c
7%
Financing Co com__l
9%
2%
Aug
Jan
11%
28%
34%
43%
a15c
4%
32%
100%
Jan
Sales
24
*
June
Price
*
4
15
3
So Calif Gas
Par
Stocks—
20
4%
32%
Apr
Aug
Week
20
Ryan Ae'onautieal Co...l
26
Last
Aug
224
11
0% pref B
Fridays
Mar
ol6% al6%
2%
2%
11
Sontag Chain Stores Co..*
80 Calif Edison Co Ltd..26
Jan
46c
29%
2%
1% May
9% July
37%
33%
17
20%
Jan
Pittsburgh Stock Exchange
Jan
20c
Jan
Jan
Aug. 2 to Aug. 8, both inclusive, compiled from official sales lists
Feb
a35% a36%
a3%
c3%
11
110%
33%
10%
June
20
225
10
44
100
Apr
8
255
Roberts Public Markets..2
Secur Co Units of Ben Int..
8% June
20% July
1956
43%
9%
Solar Aircraft C0........I
110% 110%
6.996
30%
10%
117%
i—
w
3s
246
223
50
7%
Jan
%
Bonds—
American Tel & Tel
43%
2%
15c
a
..*
.
9% June
Jan
47%
7% July
9%
25%
32%
200
12
20%
19%
Apr
6% May
104% May
10% June
Jan
13%
107% 108%
.20
32%
25%
32%
43%
036%
a3%
al6%
25
Pacific Indemnity Co...10
1,725
Feb
6%
8,522
29%
6% 1st pref
Jan
15
29 %
Pacific Gas « Elec com..26
Feb
232
12
7%
..10
Westmoreland Coal
24
%
1
Apr
20%
United Gas Improve com.*
v Preferred—....._._.*
Westmoreland Inc
23%
7%
Feb
'128
Jan
Apr
Jan
25C
776
Lincoln Petroleum Co.. 10c
Jan
7%
40%
a7%
8%
cl9%
31%
60
Mar
410%
7% Apr
37% May
237
Jan
20%
72%
9%
Jan
105
127
Jan
Apr
15c
388
8%
Lockheed Aircraft Corp._l
Menasoo Mtg Co
1
Pacific Finance Corp com 10
Feb
Feb
68%
8% May
6% May
3,400
395
8%
39
7
9
20c
39%
Mar
*18 June
180
8
8%
10c
July
*i6
Apr
*18
6%
Fltzfilmrnons Stores Ltd-.l
3%
38%
60%
June
50%
*128
Apr
395
33%
29
United Corp com........*
Preferred..
-._._*
Feb
;
40
58%
Transit Invest Corp pref 25
6%
7
37%
56%
May
5%
20c
37%
1.25 May
140
395
High
Feb
68%
215
Emsco Derrick & Equip..6
Tonopah Belmont
37%
56%
Low
2%
Jan
6
Exeter Oil Co cl A com...l
*
*
100
July
7%
Farmers & Merchs NatllOO
Scott Paper
Sun Oil
3
95c
6
9
3
1
Range Since Jan. 1, 1941
Shares
55%
7%
20
Price
100
6
Electrical Products Corp.4
General Paint Corp com
Aug
Salt Dome Oil Corp
for
Week
308
TVs
Douglas Aircraft Co
Genera) Motors com
Jan
Par
of Prices
Low
High
1.15
*
_.
Stocks (Concluded)
High
Week's Range
Sale
*
Consolidated Steel Corp
Preferred
Sales
Last
58%
1.15
58
45
20
7%
1.15
58
Range Since Jan. 1, 1941
Shares
al0% alO%
22%
22%
20
1
Cessna Aircraft Co
Low
Aug. 9, 1941
Van de Kamp's H D Bak *
Vega Airplane C0.....IH1
Vultee Aircraft Inc
..1
Wellington Oil Co of Del.
9
7%
2%
1%
1
Yosemite Port Cem pref 10
9
Apr
July
Apr
9
Jan
9
Jan
9%
Vanadium Alloys
Steel.*.*
Westinghouse Air Brake. _*
Aug
*.
»
~
»
22%
37
37
125
36
22%
22%
263
17%
3%
3%
93
Apr
Feb
Unlisted—
Pennroad Corp vtc
1
—
.
2
CO
Jan
July
Mining Stocks—
Calumet Geld Mines Co 10c
Unlisted—
Amer Tel A Tel
Co.
Rites (W I)
Anaconda Copper..
..100 al53%
1 ®32
60
Armour & Co. (Ill)
fl28%
a42% a43
a
60
153% 0154%
Vtt
18»2
a28% 029%
May
6.550
l%i
Aug
116
22%
4%
Feb
5
5
5
150
29
29
29
175
Bendix Aviation Corp
Bethlehem SteelCorp
5
Columbia Gas & Elec
al5%
*
a37V*
a 74%
*
a3
Continental MotorsCorp.l
Curtis-Wright Corp
1
General Electric Co
•
3%
3%
3%
al5% 015%
037% a38%
a74% a75%
a2%
a3%
3%
3%
9%
9%
a31% a32%
a39% o39%
39% May
149%
5
3%
Apr
400
Atchison Top & San Fe .100
Aviation Corp (The) (Del)3
Baldwin Locomo Wks v t c.
6
335
20
Feb
Jan
7
1 M*»
29% July
Jan
5%
30% May
4%
14
Feb
18%
Jan
45
35
15
76
Jan
Mar
40
July
83%
4%
335
2%
May
3%
July
al9
al9
%
a26%
02%
038%
033%
a34%
13%
16%
012%
%
%
o26% o27%
a2%
a2%
a38% a38%
a33% a33%
100
%
Apr
158
27%
July
140
30%
a34% a34%
13%
14
100
35
855
11% July
12%
Apr
12% June
New York Central
RR.._f
North American Aviation.1
North American Co
*
Ohio Oil Co...
*
a9
Packard Motor Car Co...*
3%
Paramount Pictures Inc..l
Pennsylvania RR
13
,.5(J
a24%
*
9%
Radio Corp of America...•
4 V*
Republic Steel Corp
*
Seaboard Oil Co of Del...*
Sears Roebuck & Co
»
al9%
al5%
Pure Oil Co
a71
Socony-Vacuum Oil Co..16
Southern RyCo
Standard Brands Inc
*
al7%
*
5%
a43%
Standard Oil Co (N J).. .25
Superior Oil Corp (Del)-.l
Swift & Co
25
Texas Corp (The)
26
Tide Water Assoc Oil... 10
Union Carbide & Carbon.*
United Air Lines Trans
United Aircraft Corp
U S Rubber Co
...
o2
a24%
042%
oll%
077%
all%
a41%
24%
a58%
5
5
.10
U S Steel Corp
Warner Bros Pictures Inc 5
4%
Westinghouse E. & Mfg_50
Willys-Overland Motors..!
a93%
2 y*
a9
3
13
243
7%
Feb
28%
35%
May
34%
Jan
Mar
36%
13
65
25
110
155
30
1,160
Feb
11%
2
Jan
9%
19%
9%
9%
4%
Aug
Aug
Mar
39%
July
Feb
34
Aug
Friday
Last
Aug
33%
Jan
39
Jan
Sale
15
Jan
Feb
6%
2% May
July
10%
May
July
580
a43% a44%
188
fl2
158
13
45
July
50
Feb
22
100
22
Aug
28
Mar
22%
22%
Aug
27
Falstaff Brew com....._l
Jan
Hussmann-Lig pf ser '36.50
Huttig S & D com
5
5
8
70%
May
72%
Apr
8%
Apr
July
10%
July
July
Jan
42%
Jan
July
International Shoe
37
July
Jan
'23
Feb
40
9%
Mar
41%
10%
22
64%
Feb
78%
25
July
13%
Feb
Feb
38%
May
Feb
24%
90
12%
36%
21%
50%
Apr
68%
Aug
Jan
1,125
2%
Feb
5%
2%
Apr
Jan
6%
July
8
Aug
17%
10
17%
Aug
25
49
20
49
Aug
50
8
25
29
"5%
Midwest Pipg & Sply com *
Mo Port Cement com...20
Natl Candy com,
21 %
245
com *
22 %
50
195
Jan
13%
49
1.25
*
com
100
5
8
Aug
8
"49"
Hydraulic Pr Brick pref 100
Laclede-Christy C Pr
10%
8
17%
Griesedieck-West Br com.*
Jan
35
5%
6
June
7% May
Jan
Feb
8%
Mar
July
1.25
10
May
1.60
29%
242
26
May
31%
5%
150
5
Apr
7
Jan
13%
13%
Feb
Feb
15
Aug
15
15
100
15%
16
40
1.00
,.....*
8%
8
8%
465
5%
June
Rice-Stix Dry Goods com.*
fit LBk Bldg Equip com..*
6%
6%
7%
60
4%
Mar
2%
2%
50
2%
1
3
3
148
1
Apr
*
11
11
70
9
June
Jan
16% June
8% Aug
7% July
3
Feb
3
Aug
Aug
185
100
July
July
July
85
2%
10%
46%
4%
251
a93% a94
2%
10%
22%
34
1, 1941
High
22
June
5% May
Low
46%
17% May
10
5%
Range Since Jan.
Shares
..*
Cocoa-Cola Bottling com.l
Emerson Electric com .1. .4
12%
17%
6%
Week
__1
Burkart Mfg com
25
14
for
of Prices
Low
High
.50
Aug
Jan
128
Price
Sales
Week's Range
5% pref.....
3%
Feb
274
Exchange
American Inv com
Jan
July
Feb
280
Par
9%
8%
3%
180
Stocks—
17%
10%
246
o2
A.T.T. Teletype STL 593
Jan
17%
22%
4%
St. Louis Stook
2%
109
al9% 020%
a23% a24%
a42% a43%
all% all %
o77% 078%
all% all%
a40% a41%
24%
24%
058% 058%
4%
5%
Postal Long Distance
Aug. 2 to Aug. 8, both inclusive, compiled front official sales lists
Apr
108
al5% al5%
a70% a71
a9% alO%
017% al8%
5%
CEntral 7600
Chicago Board of Trade
Associate Member Chicago Mercantile Exchange
New York Curb Exchange Associate
Aug
%
28
312
a24% 024%
Phone
St. Louis Stock Exchange
Chicago Stock Exch.
Mar
174
25
a9%
3%
New York Stock Exchange
Jan
453
al9
16%
16%
012% 013%
Members
Jan
2%
*
Montgomery Ward & Co.*
Established 1922
Boatmen's Bank Building, ST. LOUIS
July
146
Goodrich (B F) Co
Graham-Paige Motors
Kennecott Copper Corp..*
Loews Inc
*
Edward D. Jones & Co.
Jan
9%
031%
a39%
*
July
Apr
*
Intl Tel & Tel Corp
St. Louis Listed and Unlisted Securities
Apr
18%
2%
General Foods Corp.
1
Intl Nickel Co of Canada.»
Jan
40% June
158
600
St Louis P S cl A
Scullin Steel
com
com
Warrants
70C
Securities Inv pref
Vardaman Shoe com
Wagner Electric
100
.
com.
<....
.
1
99
99
1.07
...15
1.07
25%
70c
80
99
1.07
26
10
Aug
60c June
98
July
100
1.00 June
200
23% May
14%
Jan
1.55
Jan
101
1.15
Jan
Mar
28
Jan
Bonds—
1% May
2%
Aug
StLPSlstmtge5s ...1959
25-year
......
79%
79%
79%
SI,000
1964
conv inc
Scullin Steel 3s
Philadelphia Stock Exchange
25
25
25
13,000
1941
84
84
84
3.500
68%
Jan
11%
79
Jan
May
80% June
26% June
86%
Jan
Aug. 2 to Aug. 8, both inclusive, compiled from official sales lists
Friday
Last
Sale
Stocks-
Par
Price
Week's Range
for
of Prices
Week
Low
High
...»
Rights wi
11%
11%
Budd (E G) Mfg Co.....*
Shares
Low
5
....
11%
632
16,822
'«32
Aug
"32
Aug
4%
7%
4%
50
8
July
58%
*
56%
58%
267
1%
31%
40%
5%
628
55
Jan
Alaska Juneau Gold Min 10
Jan
Philco Ccrp
3
Reading RR
50
<>tu>
817
June
112%
Feb
Apr
1.75
Jan
2
Calif Art Tile cl A
*
7
7
700
5
^
30c
30c
200
30c June
25%
182%
Apr
12
12%
200
7
21%
22%
965
Apr
25
Jan
Bishop Oil Co
163
177%
2%
2%
113% 114%
31
30%
10%
10%
17%
18%
Mar
6%
Aug
14
177
"2%
4%
290
Mar
Feb
*
600
8
July
22
2 %
4%
7%
5%
5%
7%
3%
1,785
com
4%
9%
5%
8%
Feb
July
Phila Elec of Pa $5 pref
7
Atlas Imp Diesel Engine. .5
Bank of California N A..80
2
Penn Traffic
3%
520
Assoc Ins Fund Inc
21,168
Phila Elec Pow pref
July
170
8%
Jan
Jan
25
Feb
4%
8%
4%
Jan
Aug
24%
4%
4%
48%
1%
50
Jan
July
June
4%
May
5%
.50
2.10
May
160
Pennsylvania RR
High
May
36%
925
Penna Salt Mfg
Low
1.05
27%
5%
3%
1,250
569
6
3%
24%
2.00
1,231
3,010
5%
"3%
1.90
Anglo Calif Natl Bank..20
4%
1
Range Since Jan. 1, 1941
Week
1%
34%
4%
_.*
Shares
Price
50c
71%
4%
Natl Power & Light
Pennroad Corp vtc._
39
Aircraft Accessories
Par
May
5
30%
Stocks—
i»i» June
'31%
39%
for
of Prices
Low
High
July
50
2% May
Feb
5%
7%
7%
15h
"4%
Week's Range
Sale
July
Lehigh Coal & Navigation *
Lehigh Valley
50
i.iotnntft*
Sales
Friday
Feb
1
Electric Storage BatterylOO
General Motors
10
-or
Francisco Stock Exchange
Aug. 2 to Aug. 8, both inclusive, compiled from official sales lists
High
9%
1932
Budd Wheel Co.....___.*
com
11%
205
__
Curtis Pub Co
Range Since Jan. 1, 1941
Last
American Stores.
Chrysler Corp
San
Rales
100
2%
2% May
2%
Aug
Feb
Jan
34
113%
Apr
153
29%
Mar
121
8%
June
12%
Jan
188
12%
Feb
18%
Aug
118
Jan
31% June
10
Cl&ss B
Calif Cotton Mills com.100
Calif Packing Corp com..*
Preferred
107
1.60
com.
40
100
104
1.15
Jan
7
Jan
30c June
May
13%
Aug
3
-
Feb
51
May
40
25%
May
22%
55%
27%
Aug
10
26%
10c
-
17
53
26%
.*
Central Eureka Min com.l
1.60
53
21%
.50
Calif Water Service pref.25
Carson Hill Gold Min cap. 1
Caterpillar Tractor
108
Jan
July
10c
1,500
10c June
17c
Jan
48%
48%
251
40%
Apr
50%
July
500
2.50
May
4.00
Jan
3
3
Jan
Jan
Volume
The Commercial &
153
Sales
Friday
Range Since Jan. 1, 1941
Last
(Concluded)
Week's Range
for
SaU
Stocks
of Prices
Week
Low
Price
Par
817
Financial Chronicle
High
Canadian Markets
High
Low
Shares
(Continued from page 819)
10
37
37
198
32
June
4294
Feb
Cons Aircraft Corp com—1
Consol Chem Ind cl A
*
37
37
300
27
Mar
37
Aug
24
24
May
Clorox Chemical Co
Crown Zellerbach
Preferred
*
-
DI Giorgio Fruit com
«» *
10
Preferred
"m
-
-
m
*
.
-
-
92
Feb
15
284
6
Jan
2134
276
18
Feb
43
145
4l
Feb
22
20
15
2194
4434
2734
11034
Aug
1.05
100
1.05
May
1.30
May
48 34
Jan
794
July
40
1,082
37
200
7
Reno Gold
Aug
Jan
Jan
5
Jan
834
1054
645
594
Feb
834
Aug
1054
211
834
13
150
10
1134
1334
July
13
Jan
May
31
31
100
31
Apr
3234
Feb
1634
1634
861
1434 June
1734
July
7
"""834
834
"
*
1634
••••
July
50c
50c
800
47c
Apr
55c
Mar
4434
39 34
Mar
44 94
Aug
14
4434
1434
10
14
480
Apr
Honolulu Plantation Co.20
1134
1134
1134
20
1194
934
10
1.70
1.25
1.80
4,400
48c
Feb
1.80
Aug
__10
534
434
534
2,565
1.90
Feb
594
Aug
1
Holly Development
Hone F & M Ins Co cap. 10
Honolulu Oil Corp cap
*
-
Hunt Brothers com
Preferred
—
LeTourneau (R G) Inc. —1
"
m mm
Lyons-Magnus clB
Magnavox Co Ltd
28
Feb
4394
3434
Aug
534
7,846
Feb
May
2934
729
5
1994
110
800
80c
263
734
6% pfd.100
North American Oil ConslO
.»
»
Occidental Insurance Co. 10
*
2.35
Jan
694
Jan
934
Apr
1734 June
1034
Aug
2234
Jan
1.50
1,245
1034
2134
530
834
2934
300
794
5
Apr
934
Jan
20
26 34
Jan
200
394
Mar
29J4
534
July
525
5
5
......
Mar
i-i 00 *
1534
100
634
10
Mar
Feb
May
970
1.90
10
Aug
Mar
9
June
17
534
1034
50c
July
1.90
«•
Aug
1.15
Jan
834
Jan
Jan
2934
35c May
50c
834
2934
W U
*-
7
Apr
1.05
2134
'mm
mm
"
*
Oliver Utd Filters cl B
594
June
2494
1634
17
■
1
"634
N Amer Invest
34 May
36
125
110
834
""834
National Auto Fibres com 1
Natomas Co
4
213
3434
1.05
—„
March Calcul Machine.-.5
Menasco Mfg Co com
434
3934
50c
*
1
*
Magnin & Co (I) com
434
3934
3434
534
-
'mm
m*
mm
534
Libby McNeill & Libby-7
Lockheed Aircraft Corp.. 1
Jan
734
Apr
1134
1034 June
Aug
Range Since Jan. 1, 1941
for
Week
Price
Par
Roche
__1
(LL)
Royal Bank
12c
1
100
.
434c
Royallte
Russell Ind
High
10c June
3,200
434c
4c
1,500
3c June
5c
148
Aug
16634
2434
246
18
May
1594
2434
16
180
14
Jan
12
145
160
100
1334c
9
153
23
100
Preferred--
Low
Shares
12c
1134c
152
*
160
Feb
24
Jan
Jan
Jan
July
1634 June
160
Aug
1
8c
8c
500
734c
July
14 34c
Jan
_*
St Anthony
St Lawrence Corp..,
San Antonio
1.95
1.95
25
1.75
Mar
2.15
Feb
2.03
Feb
2 65
Jan
3c June
734c
Jan
i
Senator-Rouyn
2.50
2,10C
4c
4c
4c
1,500
1
—
Shawinigan
Sheep Creek.——
2,43
1
Sand River
2.47
45c
47c
5,000
45c
13
*
_
1434 Aug
1334 May
28
Langdendorf Utd Bk cl B. *
Leslie Salt Co
10
(.Concluded)
of Prices
Low
High
Mar
June
3834
Stocks
Week's Range
Sale
Jan
24 34
32
Sales
Last
Aug
310
39%
Exchange
Friday
Aug
200
1.05
Toronto Stock
Jan
Jan
394
2934
2934
Hancock Oil Co of Cal A.. *
Hawaiian Pine Co Ltd
Apr
1.40
10934 11034
"11034
.*
-
82 34
600
2194 June
96 94
Feb
*
com
240
334
22
_
Gladding McBean A Co.-*
Greyhound Corp
8834
21
General Paint Corp com—*
Golden State Co Ltd
Apr
4254
43
10
com
Jan
634
1534
14
Food Machine Corp com 10
Foster & Kleiser com
2 34
General Motors
26
594 June
11H May
334
4.
.
Preferred (ww)
50
Ewa Plantation Co cap.-20
Firemen's Fund Ins Co..25
2034
1,009
8734
•»'
15"
100
Em porlum Capwell com
m ««
-
200
875
1434
554
534
5
com
534
14
Creameries of Amer com.-l
1
June
73c May
59c
17
Jan
Jan
95c
Aug
1
Sllverwoods
88c
14,622
61o June
88o
7.20
62
7.10 June
8.00
Jan
634
July
9
6
*
6
634
■_*
Preferred
100
84c
87c
Sigma--
35c June
12
95c
95c
95c
Sherritt-Gordon
25
13
7.20
50c
634
611
3
Feb
534 May
91
Aug
634 June
Mar
100
1
55c
52c 55 34c
12,645
Apr
51c June
1
Simpsons pref
30c
24c
S lade n-M alart ic
.
.
30c
5,200
17c June
43c
634c May
134c Mar
1934c
Feb
4c
May
Slave Lake
1
South End Petroleum
*
South West Petroleum
734c
834c
18,100
134c
734c
*
Standard Chemical
41
97
97
100
Slscoe Gold
134c
4,000
11
15c
July
20
15c
15c
11
1
9
May
2,925
234
July
1,000
69c
30c
Mar
Jan
Feb
12 34c June
334
July
*
3 54
20
20
20
10
June
25
•
65
65
65
130
5934
Mar
70
..25
Standard Radio
69
69
6934
58
6634
July
7334
Jan
81c
Mar
1.95
Aug
2c June
434c
Mar
...*
Stedman
Steel of Canada
Preferred
334
394
Steep Rock Iron Mines
•
1.65
1.65
1.95
45.90C
Straw Lake
*
234c
234c
234c
18
8,100
16c
16c
16c
24c
Apr
1.50
1.66
1,850
1.10
Apr
1.66
Aug
4c
*
4c
4,000
294 c
July
534c
Jan
1
Sudbury Contact
13c June
Jan
1.50
Sturgeon R_._...1
Sudbury Basin
Jan
500
Sullivan
*
Paci flc Can Co com
3234
5
25
$5 div.
—
*
-
*
"
116
Pig'n Whistle pref
*
REARCo Ltd com
100
------
""28"
1
*
-
-
J
_
Rheem Manufacturing Co 1
2834
May
3194
Jan
3654
270
33
June
106 34
82
3994
10794
Feb
448
1834
Jan
mm
126
Jan
40
148
Mar
160
Jan
300
160
3034
27
May
28
30
10
1.00
5
1,699
5
Feb
28
14 34
1134 May
100
1.25
1434
355
12
934
2,275
454
2234
1,653
20
2134
1,450
1334
1494
3,106
3634
36 34
150
Spring Valley Co Ltd
*
standard Oil Co of CaUf..*
834
104
8
1,378
Jan
1834
July
Apr
2.30
Aug
Mar
14 34
July
794
Feb
1034
July
234
May
494
2334
Aug
1734 May
100
Apr
8 34
102
Jan
Feb
1594
Aug
39
Jan
3294 May
July
Apr
18
934
Mar
Feb
6
24 34
July
24
*
2334
734
40
594
Apr
10
1134
209
9 34
Jan
734
1134
July
7,374
434
13
May
534
Jan
Jan
1534
Aug
Jan
1394
July
May
Stone A Webster Inc.
2334
734
.
2
4 34
434
1134
454
Union Oil Co of Calif
25
1534
1534
1534
1,758
Union Sugar com
25
13
1334
900
1134
1134
285
14
14
com
Tran8amerlca Corp
1134
United Air lines Corp..._5
Victor Equip Co pref.
5
734
.1
Vultee Aircraft
2634
Western Pipe A Steel Co 10
27
1934
27
Waialua Agricultural Co.20
1934
Unlisted—
-~m.~mm'mm
■
1»«4
a654
1732
29
Anaconda Copper Min._50
334
Angle Nat'l Corp cl A com*
1434
Jan
Aug
1534
66c
6,300
66c
Aug
2.58
2.58
500
2.40
Apr
2.90
Jan
Tamblyn
com
*
1034
1034
120
10
Feb
1194
Jan
Hughes
1
2.75
2.75
2,370
2.65
July
3.75
1.65
1.65
100
1.48
July
1.80
Teck
Feb
894
Toronto Gen Trusts
52
2234
1734
Feb
2834
2234
394
a634
154
1932
29
634
50
994
14
6
Feb
,
14994
May
27,104
134
July
l»»i
Feb
2934
634
280
110
2.50
2.50
200
al 34
25
22
3 94
Aug
44c
6,300
934c
934c
934c
1134
933
25
3394
334
1194
3394
3 34
*
4c
4c
1,000
50
Class B pref
United Oils
United Steel
1
1.84
1.84
1.90
15,035
4.50
4.50
4.50
200
4.60
1,605
Waite-Amulet
*
4.60
4.40
Walkers
•
42 34
4234
42
20
20
•
Preferred
July
Western Can Flour pref
1934
Jan
294
Apr
3134
5
July
Jan
1,883
50c
May
200
9 94
May
12 34
534
534
334 June
594
July
6
6
150
534
Feb
934
368
734
160
2734
Feb
Mar
634 May
Jan
994
34
Aug
Feb
107
Aug
107
Fibre Board Prod pr preflOO
*
3134
Corp..l
534
General Electric Co com.
Idaho Mary Mines
—
....
Mountain City Copper..5c
North American Aviation. 1
Packard M9tor Co com
...
"a2434
-
+
6% pref
25
Standard Brands Inc
fm
mm
Standard Oil Co of N J. .25
1
Studebaker Corp com
mm
mm
mm
«
-
mm
mm
»
-
^
•
-
mm'mm
m
-
-
mm
mm
mm
mm
US Petroleum Co
1
1.25
United States Steel com.
»
a5834
234
Utah-Idaho Sugar Co com 5
5
Warner Bros Pictures
mm
mm
mm
Preferred
_
mm*.
lie
1
5
207
1,075
162
Feb
Feb
6c
334
C2434 a25
634
234
39
.
«
-
No par value,
privileges,
year,
x
a
Ex-divldend.
The Wahl Co. to
Odd lot sales,
v
Ex-rlghts.
Eversharp, Inc.
Jan
4.50
Aug
4.60
Aug
3.10 June
37
May
48
Jan
1934
July
2034
Jan
5,000
16c
May
26c
Jan
134
335
1
Apr
14
June
June
12
Feb
98
Apr
194 c
July
Feb
1.00
Jan
July
734
Jan
5c May
9c
Jan
7.00
Jan
9
5
90
12
94
194c
194c
500
lc
85c
85c
41
75c
5
6
80
4
7c
8c
4.05
3.95
4.05
7,500
8,075
934
SI ,500
Jan
July
May
30
11
94
7c
Jan
194
2534
111
3.65
July
40
June
Aug
Jan
9
Exchange—Curb Section
Toronto Stock
compiled from official sales lists
15c
July
Jan
May
1794
Stocks—
...
Apr
Jan
3 34
2534
Apr
4 94
5
342
50
Jan
Jan
Jan
794 June
Jan
994
Aug
28
June
3334
July
5
594
634
33
534
2334
534
25
June
7
2394
210
2294 May
28
Jan
30
3034
652
29
31
2834 June
2994
Jan
33
3334
Mar
May
Jan
29
181
33
33
60
a534
a6
95
44
44
200
6
6
100
494
May
8 34
Jan
al9
5
1734
Feb
1894
May
*
*
1
...1
*
27
Mar
5
34c
1,000
2,375
—
...
lc
2,000
15
534c
534c
500
40c June
70C
Apr
34c May
2934
JaD
lc
Feb
2034
1.20
Apr
lc
2.10
Jan
Aug
2134 Aug
494c May
Jan
lc
Aug
20
Jan
894c
Jan
No par value
3594
Apr
Aug
534 May
35
Apr
634
44
Jan
Aug
Montreal
of
Bank
Sown
Reports
Crops in
"Light to heavy rains over many districts of the Prairie
of Canada have proved beneficial to late-sown
and pastures but large areas in Saskatchewan and
light yields or virtual failures," the
Bank of Montreal states in its latest crop report. The report,
crops
Alberta will show very
dated Aug. 7, goes on to say:
generally good in Manitoba and Southeastern Saskatchewan.
and the Peace River District crop prospects re¬
favorable.
Harvesting operations are under way in many areas but
Crops are
In
Southwestern Alberta
main
will not be
Sawfly and grasshopper damage is re¬
Saskatchewan and Alberta. The sugar beet crop is de¬
general for some days.
ported in parts of
veloping satisfactorily.
4234
Jan
1.00
Jan
1.35
July
215
4934
Apr
7094
Feb
134
Jan
234
July
In
3
Feb
594
Aug
Fall wheat is turning out
6c
Feb
15c
July
505
70c
Feb
1.40
40
634
Jan
7
July
June
ft Ex-stock dividend,
e Admitted to unlisted
i Cash sale—not Included in range for
t Listed,
t In default.
J Title changed from
Rains Beneficial to Late-
Canadian Prairie Provinces
Provinces
245
634
June
21 34
1,150
1.15
21 34
1,500
lc
1.25
634
Jan
5
69c
2134
3834
300
4
1
Supertest ord
Feb
Feb
*
Temisk Min...
Jan
494
2 34
1.74
lc
..
Robb Montbr
134c
90
34c
1.65
High
Low
94c May
394
Apr
1,989
1.65
1
Pend Oreille
5,000
334
22
22
*
1.20
11c
65c
69c
.
24
24
24
*
—-
Montreal Power
334
394
Shares
434
434
•
—
Dominion Bridge
Foothills.
34c
34c
1
3834
11c
Wee I
Price
a5834 a5854
234
254
5
594
1,050
for
of Prices
Low
High
—
Consolidated Paper
June
850
Week's Range
Sale
Jan
May
320
Range Since Jan. 1, 1941
Last
Jan
14
2 34
7
Sales
Friday
Par
Feb
84
Jau
334
2294
394
954
Jan
3934
230
a4
a Deferred delivery,
2.28
1.27
107
6
Jan
4
Feb
2.95 May
5
.100
Uchi
In the
Province of Quebec crops continue to make satisfactory progress
under favorable
conditions.
Rainfall would be beneficial in some sections.
Ontario harvesting operations are
be below average.
will
well advanced in most sections and
fairly well but Spring grain yields on the whole
Corn roots and tomatoes continue to make good
and tobacco crop prospects are favorable.
the maritime provinces weather conditions continue favorable and
progress
In
♦
trading
Jan
July
Jan
485
934
Jan
3234
Apr
234 June
1,500
254
1.15
mm
Westates Petroleum com.l
West Coast Life Insur
10c
3434
234
3194
3494
al9
*.
Title Guaranty Co pref...*
United Aircraft Corp cap.5
10c
3434
234
2834 May
434 May
29
29
*
So Calif Gas
»
3034
25
25
6% pref
534% Pref
45
106
Jan
33
534
*
26
100
150
7
934
*
Preferred
So Calif Edison oom
594
234
a4
Riverside Cement Co cl A *
Schumacher Wall Bd com *
Shasta Water Co com
554
3 34
*
Pennsylvania RR Co
50
Radio Corp of America...*
40
525
al534 al654
10c
.1
Montgomery Ward A Co.*
3234
234
KenDecott Copper com...*
M JAM AM Cons
107
a38 34 a3854
*
Intl Tel A Tel Co com
3134
Mar
234 c June
294 Mar
Bonds—
Jan
151
34
434c
Apr
514
*
Wright Hargreaves
Canada Bud Brew
74
934
Jan
Jan
294
234
34
1
Wood-Cadillac
Jan
100
3334
Jan
3834
594
60
"il
*
Wlltsey-Coghlan. —
---1
Winnipeg Elec cl B ——Winnipeg Electric pref.100
Feb
1.00
34
Jan
39c
23
—.100
Preferred
134
1134
1
50c
1434
6c
111
134
100
Westons
3.00
72c
*
Aug
May
20c May
23
"23
100
West Grocers pref
Feb
134
1154
Domlnguez Oil Co
Jan
1834c
1094 June
3034 June
111
Western Canada Flour...*
Aug
73c
6
July
Jan
Feb
80
23c
21c
21c
1
Wendigo
July
1134
*
25
770
4
334
4
•
...
Jan
.1
Co com.. 10
25
_*
Upper Canada
Ventures
Jan
Bunker Hill A Sullivan.234
Cur ties Wright Corp
40c
40c
July
9c
1,000
1194
United Fuel cl A pref
2.10 May
354
354
63
900
•
*
Uchi Gold-.
Union Gas.......
Jan
1.35
Cities Service
18c
-.1
Transcontinental Res
Brett-Tretheway
a2954 a2934
3
734
168
549
«134
100
38
68
16c
16c
1
Towagmac.
Mar
Apr
825
2.50
Consolidated Oil Corp
68
100
Jan
al34
Blair A Co Inc cap
2.71
1
Toburn
50c May
Jan
6 34
204
.5
Aviation Corp of Del
8
Aug
625
Ark Nat Gas Corp cl A...*
A 'ehlsonTopASantaFe.
58c
2.55
'
154
Rights (w i).
Argonaut Mining Co
~~65c
1
Aug. 2 to Aug. 8, both inclusive,
"'■■'yy
Am Rati A St Sntry..
*
American Tel A Tel Co. 100
794
1
Sylvanlte Gold
Aug
263
889
834
Tide Water Assd Oil
Jan
2.30
1334
vtc
1.05 May
Jan
10134 10134
434
Jan
90c
934
434
10134
Jan
35
3
1434
m.
3734
Feb
1794
3634
com
29
28
A
Co
Pacific
May
May
100
Southern
Sperry Corp
14
2.30
Soundvlew Pulp Co com ..5
—.100
10134 May
Jan
11534
294
1734
m
934
.*
Ryan Aeronautical Co.-.l
Preferred
200
1.30
2634
»
-
_
tm^mmmm
.
.
3034
5
Republic Petroleum com.l
Richfield Oil Corp com
Jan
1.00
*
Preferred
3434
30
Philippine L Dlst Tel.PlOO
Rayonier Incorp com
Jan
May
33
2934
* mH+fmimmmmm.
com...
2834
3094
2554
159
100
Paraffine Cos
2294 June
1,399
520
106
.*
Pacific Tel A Tel com..100
Preferred
1,951
1634
1634
11534 11634
2534
25
Pac Pub Ser 1st pref-.:
Jan
100
1.45
3634
25
6% 1st preferred
—
1.65
1334
2534
3234
3034
-
Pac G A E Co com
Pacific Light Corp com.
Mar
1334
«.
-
-
1134
1.40
-
Pacific Coast Aggregates.6
34% 1st pref
1334
Aug
July
1054
Pacific Amer Fishers com .5
crops are
has
In British Columbia threshing of wheat
grain crops is indicated. Roots
make satisfactory progress. Damage from codling moth in the
making good progress.
commenced and an average yield of
continue to
Okanagan Valley is
reported to be serious.
The Commercial & Financial Chronicle
818
Aug. 9. 1941
Canadian Markets
LISTED
Industrial and Public
AND
UNLISTED
Utility Bonds
Montreal Stock Exchange
Closing bid and asked quotations, Friday, Aug. 8
Sales
Friday
(American Dollar Prices)
Last
Week's Range
fit
Sale
Bid
Abltlbl PAP ctfs 6s..1953
Ask
54
56
Alberta Pao Grain 6a.. 1940
70
72%
Oen Steel Wares 4%b.1952
Gt Lakes Pap Co 1st 6s '65
72
Algoma Steel 6s
Bid
Ask
70
71
British Col Pow 4%s.l960
70
72
73%
75
71
73
Canadian Vlckers Co 6s '47
45
75
72%
74
51
52
59
62
1966
73
60
Power Corp of Can 4%s '69
Prloe Brothers 1st 6S..1967
Quebec Power 4s
Famous Players 4%8..1951
70
72
Federal Grain 6s
69
71
1949
72
1966
73
75
11948
1 1956
Oct
July
4%s
Oct
fie
5s
Oct
6a
Sept
1 1942
4 Hi
72
75
Jan
4%s
Ask
102 % 103
103%
102% 104%
*
1 1959
1 1962
94%
15 1965
Mar
97
Feb
2 1950
1 1958
4%s
May
11961
95
*
1,655
1,555
11%
U%
65
42
42
96
81%
84
*
87
95%
-Mar
11960
96
98
June 15 1943
Nov
15 1946
64
1 1951
"2%
"21%
100
July
50
Jan
June
16%
j an
May
25
Jan
34
35
893
29% June
36%
Jan
13%
14%
350
125
13%
2%
Mar
2%
Feb
15%
3%
Jan
80
July
87%
Jan
86
60
16
685
12
4%
3
315
4%
22
Canadian Pacific Ry—
13%
6
.*
Power Corp of Canada...*
4s perpetual debentures.
61%
62%
4
Sept
16 1942
85
86%
fie........Deo
1 1954
88%
81%
6s
July
1 1944
105
105%
4%s
1 1960
76 %
He
Sept
11946
July
89
81%
76%
Jan
Mar
16
71
15
May
51
25
290
19
May
25
35
Mar
27%
38%
Jan
36%
25
31
Feb
38
Jan
19
5
19
55
55%
21
13%
5%
13%
49
5
5
320
25
1,019
440
Jan
June
25%
Jan
49% May
67%
Jan
18
21%
Jan
31
13%
Aug
16
Feb
75
6
5%
Aug
10
Jan
Jan
49
Jan
5%
12%
14%
Jan
May
49
4%
10%
10%
11%
10%
1,200
3%
3%
80
3
June
5
30
103
July
July
107
17
Jan
40%
Jan
11
105
...»
Class A pref
2.00
1.80
15%
16
420
13
June
36
36
60
31
July
11
9%
•
65%
65
*
3%
100
50
*
31
2%
2,420
11
25
9%
25
65%
243
Jan
Jan
Jan
17
10%
Jan
Mar
70
Jan
Feb
4
Aug
Aug
60
Apr
July
Mar
10
50
5
24
Feb
31
20
15
May
18
31
14%
14%
90
90
224
80c
80C
9
4%
5%
Aug
8% June
69%
175
*
100
11
Jan
Feb
2%
4
*
*
1.25
50
Winnipeg Electric A
Preferred
3% May
8% July
9% June
16
50
Co of Canada
100
105
5%
65
2%
75c
Apr
70c May
Jan
1.15
1:00
Jan
Jan
July
4%
7
Jan
Jan
Banks—
100
143
143
Commerce
100
147
147
Montreal
Bonds
Jan
Jan
29
38
Canadlenne
Dominion Government Guaranteed
2
May
3% June
20% June
Jan
Feb
*
B
6s
Jan
*
Wabasso Cotton
Canadian Pacific Ry—
408
2,073
Wllsils Ltd
Ask
4%
49
*
United Steel Corp
Viau Biscuit pref
Bid
;
Jan
Jan
10%
6%
3%
5%
25
Southern Canada Power..*
Ask
113
May
20%
•
100
Shawinigan Wat A Pow..*
Bid
Apr
9
Jan
16
110
H)
10%
2%
4%
21%
Feb
1
70
111
10%
19
55%
St Lawrence Paper pref 100
(American Dollar Pricee)
86
36
*
8t Lawrence Corp
Closing bid and asked quotations, Friday, Aug. 8
Jan
13
16
38
*
Railway Bonds
Jan
15%
Aug
38
"25"
*
25
Noagara Wire Weaving..*
Nor an da Mines Ltd
•
Steel
Jan
14
39
10
4%
*
Quebec Power
65
Oct
Aug
10%
Feb
22
14%
*
90
67
28%
Feb
11%
11%
195
*
89
70
6%s._
4%s
Jan
870
111
Saguenay Power pref-.100
5s
94
100
24
16
"l6%
.3
Price Bros A Co Ltd
Prov of Saskatchewan—
16 1952
"86"
....
96%
Jan
Jan
14%
13%
100
Ogllvle Flour Mills
9
Jan
13
14%
2%
"34%
100
Ottawa Electric Rys
May
22% May
5
13%
14
*
Preferred
214 May
24
*
25
*
87
87
153
9%
Regent Knitting
75
9
4
12%
Penmans
4s...
72
84%
Sept
6s
335
"28%
Montreal L H A P Cons..*
Provlnoe of Quebeo—
2 1969
28%
3%
12%
McColl-Frontenac Oil
90
16 1960
15 1961
27%
Ottawa L H & Power
94
Provlnoe of Nova Scotia—
4%s
May
June
4%s
88
Prov of New Brunswick
Apr
Apr
97
Natl Steel Car Corp
15 1943
4s
92
1 1953
Dec
90
Montreal Tramways
46%
Provlnoe of Manitoba—
6s
99
National Breweries
48
12 1949
6a........June 16 1954
99
Lindsay (C W)
Massey-Harris
Bid
6s...
fie
Feb
Preferred
Municipal Issues
Prov of British Columbia—
May
11
Lake of the Woods
Ask
46%
45%
12
1,300
Laura Secord...
Provlnoe of Ontario—
4%s
270
14
Int Power pref
74
(American Dollar Prices)
fie........Jan
12%
International Power
Saguenay Power—
Province o! Alberta—
12%
12%
lot) Nickel of Canada....*
Intl Petroleum Co Ltd...*
71
Closing bid and asked quotations, Friday, Aug. 8
Bid
12%
12%
International Bronze
75
1962
4%s series B
Provincial and
73
High
*
Preferred
69%
Low
6
4
Industrial Alcohol Corp..*
Intercolonial Coal
100
75
58%
Range Since Jan. 1, 1941
for
Shares
Imperial Tobacco of Can.5
68
McCoU-Front Oil 4%a 1949
Paper Co—
4%s
66%
N Scotia Stl A Coal 3 %s '63
Donnacona
Massey-Harris 4%s.._1954
High
*
Howard8mithPaper prefiOO
Hudson Bay Mining.....*
Imperial Oil Ltd
•
77
1961
Low
Holllnger Gold Mines
47
Dom Steel A Coal 6 %b 1965
Dom Tar A Chem 4%s 1951
6%s
Price
Howard Smith Paper
73
Lake St John Pr A Pap Co
Canada Cement 4%s.l951
Canada SS Lines 6s... 1957
Par
We»lr
rr CW
Hamilton Bridge
72
74
1948
Stocks {Concluded)
Tariff'b
fJJ rT%CG3
100
182
182
Royal
100
153
153%
153%
140
June
146
9
143
May
162
40
2
171
Mar
193
Jan
156
150
Feb
166
Jan
V
Jan
Closing bid and asked quotations, Friday, Aug. 8
(American Dollar Prices;
Bid
Canadian National Ry1 1951
4%s... ...Sept
4%S„. ...June 15 1955
1956
4%s._. ...Feb
4KB... ...July
1967
6S
1969
July
6s..... ....Oct
1969
6s
1970
,
Montreal Curb Market
Ask
Bid
101%<102
Canadian Northern Ry—
0*s
July 1
1946
103% 104
101% 102 %
1013* 102%
Grand Trunk Pacific Ry—
4s
Jan
1
1962
3s
105% 106
105% 106
105% 106
Jan
1
Ask
Aug. 2 to Aug. 8, both inclusive, compiled from official sales lists
1962
97
85
Stocks—
Par
cum
cum
pref
Sales
Week's Range
Sale
Stocks—
Par
Price
of Prices
Low
High
for
100
Price
&
"l03
2.00
Week
4%
17
Low
High
CanNorPow7%
Algoma Steel
Asbestos Corp
*
*
»
Batnurst Pow A Paper A.*
Bell
Telephone...
9*
18%
145% 146
"~7%
TVs
24
5%
TVs
55
14
14
14%
17%
18
5%
96%
5%
Canada Steamship (new).*
6% preferred
...60
Cndn Car & Foundry.
*
Cndn Car & Fdry pref._25
Celanese
Preferred
7%._
*
5%
Pacific Ry
Cockshutt Plow
23%
23
28%
118
22%
812
1,120
295
535
270
45
3
280
2%
2%
325
7%
9,111
Dominion Bridge..
Dominion Coal pref
Dominion Glass..
Preferred
A
*
5
Preferred..
_*
5% pref
Rights
Preferred-.
_
... .
*
Gypsum Lime & Alabas..*
5
20%
18%
110
22%
2
1.85
4%
Canadian Vickers Ltd....*
25c
5%
5%
90
Jan
Jan
23
Feb
7% cum pref..
Fairchild Aircraft Ltd
Fleet Aircraft Ltd
100
124
Feb
3
Jan
Ford Motor of Can A
3%
3%
.
... .
2%
Aug
Fraser Cos Ltd
Aug
.
"
7 %
5%
40
Feb
20%
Jan
July
Jan
Mar
Jan
Jan
3%
5%
Mar
Int Utilities Corp cl A
Class B
3%
Lake St John PAP
Feb
25
35
150
June
207
175
6
160
June
175%
jan
Jan
25c
500
25c
Aug
30c
Aug
90c
90c
200
65c May
2
Jan
90c
Aug
2
105
4
4
180
2
Feb
20
85
10
May
2%
3%
17
Jan
Jan
July
July
10c
Feb
1.95
Mar
Jan
Massey-H 5%
cum
10
Jan
McColl-Fr OI16%cumprflOO
Mar
Jan
Mar
2 %
Feb
Page-Hersey Tubes Ltd..*
Feb
13%
9%
July
Feb
July
80%
Feb
Apr
1.25
Jan
Jan
Feb
6%
Jan
June
93 %
Jan
Ma
r
3%
Aug
4
Jan
60c
Apr
1.00
2%
JuJy
5%
Jan
4
4%
985
2% June
5%
Jan
10
"
10
76
5%
Feb
10
Jan
Aug
215
1.50 May
3.00
5%
16%
990
3% June
5%
Jan
10
10
10
_
2%
16
2%
11%
2%
4%
15
Jan
16%
Aug
21
6
Feb
8%
July
1,035
7
July
11%
15c
8%
8%
2
80c
80c
100
25%
—
5
15c
-
Jan
230
5
5
25%
10
6%
Jan
7
725
15c
Jan
25c
7
June
50c May
11
90c
Aug
May
Jan
Jan
May
Feb
15%
15
Apr
16%
Jan
16%
16%
100
16
July
16%
Aug
44
100
27
Jan
44%
July
88
88
53
88
Aug
96%
2.00
45
1.25
Jan
2.00
20c
88
—
25
11
44
2.00
—
Ap*
100
15%
44
-
25
15
15%
-
5
15
Melchers Distilleries Ltd. *
Mitchell Robert Co Ltd..*
2
May
400
2,002
pref 100
5%
8,909
70c
Maritime Teleg A Telep.10
cum pref
3%
4%
.
*
7%
3%
70c
Lake Sulphite Pulp Co...*
Loblaw Grocetrs Co cl A..*
MacLaren Pow A Paper..*
82
2%
Jail
22
158
4%
.
1
155
25
Aug
4%
*
Jan
4%
Jan
Jan
1
4%
...
Fraser Companies vot tr..*
Feb
9%
87
235
Feb
158
2
*
Feb
11
24%
July
20
2
......
*
May
410
95%
70c
25c
5
4
5%
27
85
175
—
•
Apr
May
75c
20% June
150
550
Jan
70
25c
24%
350
1.00
Apr
June
10%
7%
1.00
Jan
8
6%
70
Feb
18%
Aug
150
10
Jan
102%
June
7%
2%
35
10
12%
June
15
33
115
110
90
24%
Consol Div Sec pref
2.50
Consolidated Paper Corp.*
Cub Aircraft Corp Ltd...*
1,055
7%
73
Apr
100
7
Feb
7%
10
3
7
Jan
Mar
70
4
6
155
85
355
100
Apr
119
150
17
10
100
15c
Apr
2
Jan
5
May
13%
Jan
Apr
5
1.50
108
13%
2%
10%
60
145
2
"13%
Mar
110
10
5%
3% May
200
25
74
6%
10c
146
153
190
245
5%
113
5
150
9%
4%
1.75
146
74
2.25
4
10c
113
151
2.00
Jan
5%
Feb
28
"5%
Jan
1.75
Aug
May
27%
"74
115
Commercial Alcohols Ltd.*
Commercial Alcohols pref 5
May
May
275
98% June
1% June
Eastern Dairies Ltd—
May
265
165
Claude Neon Gen Adv...*
Jan
May
4
104
Jan
Jan
May
714
Apr
7%
Apr
Mar
10%
4
4
11
23%
-
.100
27%
28%
32
7%
cum pref
Apr
19
TVs
7%
May
87
CndnPAPInv5%cumpfd*
Jan
Aug
Feb
8
23%
;
—
m.
Cndn Intntnl Inv Trst...*
Cndn Marconi Co
_.l
July
Jan
4
25
16%
100
May
25
17%
_
85c
830
87
m
*
cum pref
High
Feb
10
87
Donnacona Pap Co Ltd A *
Donnacona Paper cl B...*
1,131
150
7%
Jan
21%
146
Preferred
Cndn Industries Ltd B...*
Aug
115
20
Aug
8%
5%
380
19%
July
23%
25
100
100
July
23
__
General Steel Wares
5
3% June
Feb
17%
25
Enamel & Heating Prods.*
Foundation Co of Can....*
Gatineau
__*
100
94% June
22
100
Dry den Paper.
6%
23
25
*
5
19
39%
Dominion Tar & Chemical*
Dominion Textile
15%
8%
6
38%
100
Dominion Steel A Coal B 25
26%
39
*
100
6%
Feb
5%
22% May
Feb
4%
39
175
25
Jan
96%
2%
Mining A Smeltingb
Distillers Seagrams
*
160
Feb
*
uousol
May
Feb
....*
Class B
Jan
May
1,263
22%
13
4%
5%
27,%
May
13%
4%
23%
7%
23%
Jan
10%
137
14%
4%
117'
19%
17%
580
6%
28%
10
Jan
Jan
200
22%
100
Feb
405
4%
6%
7
1414
14%
5%
23%
7%
Rights
Cndn Ind Alcohol..
420
345
6
17%
96
370
209
24
*
Canada Cement pref.._100
Can North Power Corp..*
Gatlneau
55
5
CCanada Cement
Canadian
185
.....*
Bulolo
Canadian
1,425
17%
12%
12
12%
Brit Col Power Corp cl A.*
Bruck Silk Mills
*
Building Products A
9%
18%
17
100
Braslllan Tr Lt A Power.*
8%
18%
6%
Low
55c
10
23%
*
cum prflOO
Canadian Breweries Ltd..*
Assoc Breweries
1,000
10
CalgaryPwr6% cum pref 100 ~l66"
Canada A Dom Sugar Co
Shares
85c
9%
--■j.
Brews A Distillers of Vanc5
Brit Amer Ob Co Ltd
•
Range Since Jan. 1, 1941
Shares
103
-i-
British Columbia Packers *
Range Since Jan. 1. 1941
80c
6%
._.*
Bathurst PAP class B_._*
Beauharnois Power Corp.*
Exchange
Aug. 2 to Aug. 8, both inclusive, compiled from official sales lists
Last
Week
100
pref
Aluminium Ltd
Friday
for
of Prices
Low
High
Abitibi Pwr A Paper Co..*
6%
Montreal Stock
Week's Range
Sale
95
Last
7%
...Feb
Sales
Friday
109% 110 *
20c
15
7%
Feb
11
Aug
25
98%
Apr
106
Aug
30
76
July
106
106
6% cum 1st pref
100
Provincial Transport Co..*
Quebec Tel A Pwr Corp A *
79
80
Sou CndnPwr 6% cum pf 100
98%
106
Apr
Jan
Feb
Jan
Power Corp of Canada—
•
No par value
r
6%
6%
4
4
Canadian market
98%
98
Jan
5% June
7
Mar
50
4
Jan
4
Jan
62
98
May
104
Jan
125
Volume
Unlisted
Canadian Markets—Listed and
Last
of Prices
Low
High
Price
Range Since Jan.
for
Week
Week's Range
Sale
Stocks (Continued)
Par
_ .
;
,
_
2,400
8c June
9c
8c
9c
6,500
4c
Mar
9C
Aug
2c
2c
500
lo
Jan
2c
Aug
6c
6o
6c
1,000
5c
Mar
7c
Jan
10
21H
24 H
May
Dorval-Siscoe
Duquesne Mining....... 1
Dom Scottish Inv
2.90
1,500
30c June
52c
Jan
3.55
100
Feb
3.55
Aug
47c
49c
400
Jan
East Malartlc
,*
1
lHe
36c May
lc May
55c
2c
2c
Aug
Eastern Steel
*
4.65
4.65
Aug
Eldorado
15
15 J*
50
4.45
Lamaque
100
50c
3.55
4.75
800
3.85
2c
1
1
2.35
49c
1
Jollet-Quebec Mines
Kerr-Addison Gold
Lake Shore Mines Ltd
15
3.85
300
5,000
.....
1
1
Macassa Mines Ltd
Malartic Goldfields
Mining Corp ol
Aug
21
Aug
4.75
Aug
3.50
Feb
4.30
Jan
87c May
1.30
July
Fanny Farmer
Aug
Federal Kirkland.——*—1
1*42
70c
Apr
1.30
24c
Aug
28c
Aug
Fernland
35c
Feb
56c
July
1,325
1.97
Feb
22 H
395
21H
3Hc
4c
1,500
3 He
May
Mar
lHc 11 He
5H
4%
16H
1,500
..*
»
A
1.65
Jan
Francoeur
49c
11,200
100
73 H
73 H
70
Jan
Gatineau Power
20
July
2.70
73 H
70
June
Jan
Gatineau Power pref...100
20
1.65
73 H
May
50
13,200
3c June
12,600
21c June
1.28
Aug
200
2.75
Feb
3.40
100
2.50
Feb
2.40 June
July
Gillies Lake..
Mar
God's Lake
lc
lc
300
lHe May
87c
87c
1,300
61c May
87c
Aug
Goldale—*
52c
56c
3,950
52c June
69c
Mar
Golden Gate
600
20c
Apr
33c
Feb
1.20
1.53
1.53
60c
66c
60
9c
4.00
4.00
1.63
Aug
Aug
9C
Aug
Goodyear T & R pref
Graham-Bousquet
c:
"'V:;/::'/;
July
7.00
Jan
East Crest Oil Co.
_.
Home Oil Co Ltd
Jan
..1
Jan
Halcrow-Sway
Aug
Aug
2.20
2.35
3,475
1.58
May
2.55
Jan
Hallnor Mines
...
6H
6H
*
1,500
■';.;%50
3.75
3.75
200
~3%
3H
3H
25
1.00
1.00
100
65c June
79c
82c
17,550
67c May
3Hc
3Hc
500
12 H
12H
2,176
605
5
12 H
12H
2.30
2.20
2.32
1 He
lHc
16
lHc
21c
*
28 H
850
10c
165
75c May
1.25
Feb
July
17Hc
Aug
International Metals A
Feb
5c
5c
1,000
Feb
5 He
Jan
International Utilities cl Bl
"l'so
1.80
1.85
2,034
1.50
June
2.45
Jan
Island Mountain
Jan
182
1
171
193
Jan
Jacola
245
5
240
June
250
Jan
20
16
Apr
22
Apr
J M
Aug
14c
4c May
Mar
7c
17,600
12H
1.08
147
...1
12 H
10
10H June
10c
12c
12,700
6c June
1.07
1.08
2,900
145 H 146 H
n He
Bldgood Kirkland
125
9c 10Hc
10HC
*
28,000
7H
75
7H
-
30
Blue Ribbon
"50
...1
........
*30*"
34
64
30
30
50
7 He
51c
1
BonetaJ..
#
—
-
B C Power clA
—-*
Broulan-Porcupine
7 He
7,818
May
7c May
7 H
July
5H
Apr
Aug
30
6c
5,700
52c
1.00 May
137
470
11
'.111
9H
5
8
695
17
1,516
15
June
35
23
Apr
Feb
76c
81c
28,135
7 He
71c
500
3c
3He
2,000
14H
14 H
55
13 H
3c
3c
3c
*
1.33
1.45
...1
22c
22c
2,000
Calgary & Edmonton
*
Canada Cement
5H
5H
20
100
II60
Canada Steamships
Preferred...
-50
Cndn Bakeries pref
Lake Woods
13HC
Jan
Canadian Bank of Com .100
Cndn Canners class B..
Jan
59c
July
11
Apr
26
1.10
6H
17H
54c
0H
20
—
■
9H
1.85
1
23 H
250
29
385
117
50
17H
7 H
55c
7H ? 7,887
495
2.40
200
1.76
1.85
3,500
18c
1,000
Commercial Petroleum. ._*
1.30
Conlaurum
*
*
1.30
500
38 H
—6
38 H
120
121
100
1.30
13
"II
Delnite Mines
-
•—1
Distillers Seagram
Dome—....—
Feb
♦i
628
28
100
39
July
July
McColl-Frontenac
Preferred-_.........100
Mclntyre-Porcupine
5
McKenzle
...........1
Jan
May
87 H
Jan
McWatters
Mercury Mills
Mining Corp
Aug
29
Apr
Jan
Moore Corp..
Murphy-
Jan
Newbec
Jan
Noranaa
21H
Mar
Mar
3
Jan
0H June
9
Mar
47c
58c
Norgold
5
.........
—
Northern Canada
Okalta Oils
.....
Apr
20 H
Jan
Omega..
2.91
Jan
Pacalta
Feb
1.95
Jan
Page-Hersey
Feb
21c
May
40c May
12c
Feb
64c
July
1.04
Jan
5H
Aug
25c
July
1.55
Jan
May
June
14
Jan
40 H
1.05
July
. ..
1
Paymaster
—-1
.1
Pioneer
1
Porto Rico pref..—... 100
Powell-Rouyn
.1
Power Corp
.. —.—. 1 *
Perron
Pickle-Crow
75c
July
1.25
Jan
7c
4 He
7c
15,500
2 He
Feb
7c
Aug
22 H
22 H
23
270
18 H
May
22 H
24
450
21H
May
28 H
24 H
Jan
22 H
Jan
44 H
215
4H
334
90 H
10
50
4H
.
-
-
—-.1
*
Preston E Dome——, 1
Real Estate Loan
100
*
No par
2H
Apr
May
2
Jan
25
3H June
85
June
May
50 H
237
46 H
1.08
1.10
6c
2,400
2,600
1.01
00
12c
14c
2,700
12c
Aug
3H
July
3H
3H
15
*1*32
1.12
1.43
30,550
15 He
15 He
500
33 He 33 He
1,125
"44%
44H
186
45
Apr
4c May
60c
Feb
15c June
30c
July
Feb
41
"*27c
3Hc
4c
9,800
2c
Feb
25 H
3 He
25 H
10
24 H
July
27c 103,700
500
21c
July
24c
60c
60c
2c
2c
5,000
3Cc
56c
200
1.00
Feb
301
49 H
500
2 He
Feb
July
65c 69He
30c
30c
10,640
1,500
26c
Mar
30c
Aug
1.06
5$c
1.65 103,700
56c May
1,028
1,028
35c May
57c
14
13
*3c
3c
3c
9,500
5
105
105
1*07
lc June
1.30
55
3c
1.41
60c May
55 H
3c
1.30
"55 H
1.01
1.10
3Hc
3He
4,660
1,000
10c
June
2Hc
Apr
95 H
Apr
98c June
3c
July
3c
2 He
3c
7,500
2He June
19c
18c
22c
15,050
15c June
3,650
3,760
1,770
2 25
May
1.96
May
10
95 H
Jan
1.56
1.50
1.60
3.10
3.05
3.10
2.35
2.25
2.35
96
96
1.27
May
75c
80c
2,6.50
52 He June
4H
4Vs
25
3H May
— —
Pressed Metals _
1,000
2H
2%
1.50 May
1 He June
1.09
"50
Pandora-Cadillac....... .1
Partanen-Malartic ...... 1
Premier
75c
-—*
*
Pamour
Jan
July
1
*
—1
Oils.....——.—*
Jan
145
75c
Apr
75
1,250
1,115
43
1
*
*
Normetal
2.10 June
3H June
5H
2Hc
90 H
2%
44
2c
Mines
Apr
17c
-
.——1
..1
.... .
Aug
7
1
pref.. .20
—
O'Brien.
12c May
m
........ .
Ni pissing
Jan
2,600
J*
.
National Grocers
29
15Hc 15Hc
•
1
28
505
H
4
15Hc
_*
*
Moneta
Jan
1.00
2%
2 He
4H
He June
12c
Jan
6
23 H
123
50c
May
6c
-
Jan
136
Apr
31H
22 H
4H
McVittie
May
111
Mar
1,210
2H
*
Preferred
Malargo..............
Massey-Harris
*
Massey-Harris pref.. _ _ 100
Jan
25
Cub Aricraft'w
39 H
121
24
23 H
Fen
19 H
June
Apr
291
23 H
May
20 H
9
1.60
1.90
26 H
87c
UOH May
1.13 June
500
1.90
25 H
1.91
9,000
70c
70c
*
95
13
5,800
Feb
15,975
Naybob
Mar
May
He
2H
Negus Mines
20c
48c
lc
45c
1.25
22c
24c
47c
Apr
9
4,000
He
Jan
24c
1 He
1.20
Jan
235
~*47c
10
1.22
32c
1,450
270
10
Feb
Jan
1.74
1,000
Mar
FeD
Mar
5H
6He
May
May
73c
19,700
50c
15c
22c
11c
1.49
1.10
72c
Mar
7 He
July
3.45
500
5H
4.25
5,600
6,710
72c
12
2.175
18c
22c
100
814
3,483
1.50
*
100
4.75
71c
Jan
9c
85c
14H
3.90
Jan
100,600
July
14 H
75c
2.02
Jan
1.65
467
68C
10 H
Feb
15H
1.91
10
4H
July
14 H
July
3.85
163
18
Feb
67c
68c
May
Feb
3.05
6,900
1.91
4H
June
11,940
76c
3.85
8H May
2
4.70
70c
1
Mar
25c
100
25
14
4.55
r
26
....
Mar
1.49
Mar
May
He
35c June
1
14c
-.1
Davies Petroleum
7,400
20
—
Smelters
50
Apr
1,500
Madsen Red Lake
1.45
Chromium
Consolidated Bakeries.
35
6,50
b. 3
60c
7,015
McL Cockshutt
18c
..I
July
2,700
lc
Jan
15c
-.1
He
1 He
37He 38Hc
B.*........
Macassa Mines
July
1.50
-.1
Consumers Gas
80
360
2.40
*"l
Cochenour
27 H
2H
55c
.25
Chesterville
23
7H
*
147
:;v7
117
-
Feb
20
143
9H
3
Chemical Research
5
28
7
146
July
Feb
22
17 H
lc
Apr
23 H
A
Loblaw
Model Oils
210
23 H
Central Porcupine
2H
17
1,600
.
Central Patricia
361
1.00
Canadian Locomotive.. ._*
Cariboo--.--
470
24 H
28 H
*
June
4H
23H
90c
*
C P R
120
4H
24 H
Canadian Ind A1 A..—
Canadian Wirebound—
June
9
125
76
i"66
*
Preferred-
4
80
22 H
28
89H June
24 H
100
Canadian Dredge
5H
80
125
.25
Preferred-
Canadian Celanese—
2c
Feb
Aug
-
May
Jan
8H
18H
May
5H
1
Leitch
.........1
Little Long Lao
»
.
Maple Leaf Milling
5
7H
Mar
12c
lHo
10
Laura Secord (new)
Lebel-Oro
Apr
14c May
4H
Jan
Aug
9Hc
Lapa-Cadillac
15H
Aug
1.05 May
95
Jan
Mar
32
*
85c
23,000 V
85c
*
June
50
*
200
22c
4.50
..... ......
1
40
Canadian Car
10c
1.00
14 H
Lamaque Gold
Mar
70c
*
260
"
*
300
4 .55
*
Lake Sulphite.
Jan
Malartic (GF)
33
—*
Preferred.:
-
Jan
Manitoba & Eastern.
96
4H
23 H
.100
Canadian Breweries
.
1.20
160H
8H
29H June
13 H Mar
915
15c
"
14H
Jan
32 H
'125
♦
.
Lake Shore
Apr
95 H
6H
80
—*
-
Can Permanent Mtge.
.
Kirkland Lake
90
33
Canada Packers
— -
325
5H
1
1
60
96
100
Preferred..
Canada Malting__...
Cockshutt..
20c
100
Canada Bread class A_ ,100
37 He
.
Jan
6
Feb
14H
lc
1
Feb
37 H
lie
Jan
Feb
93
He
.1
..........
Consi.—1
15c
13
lHe
1.45
3,500
4,100
*
.
Canda Northern Power
14C
6c June
2 He
— .
_
Mar
24 H
7H
Buffalo-Canada
Calmont
Feb
16H
7 He
81c
Brown Oil
.
July
47c June
24H
7H
17
*
*
British American Oil—
7c
51c
11
11
...
Canadian Malartic
Mar
8c
20c
6H
176
15c
15c
50c
Kerr-Addison
2,500
1,500
1.00
14
Jason Mines
17
16 H
11c
1
34 H
•
Jack Waite
182
6c
30c
20C
245
5Hc
605
1
International Petroleum
"1
25c
12 H
May
11H
Feb
8H
2,986
1,315
International Nickel
90
.100
Feb
9H
35
Jan
Apr
...
.......
12 H
9H
12H
34 H
14
9H
810
Jan
Apr
Co
Mar
192
Preferred-100
Feb
10H
8
2
5
46c
245
23H June
35
10 H
7
■
820
9
99
3Hc
3Hc
Feb
Mar
21c May
10
9,600
1
1 He
14
99
74,800
Apr
July
May
196
25c
9c
26
1.59
*
...
July
9
"~9 H
Inspiration
18,050
64c
-X' *
Exploration
Beattle Gold
-.
Imperial Tobacco ord
14c
-
Bathurst Power class A
Building Products
Feb
9H
*
Bunker Hill
18c
60c
.50
—
Brazil Trac
Imperial Oil Co
20c
Apr
3c
8H
12
3,800
28 H
28H
Apr
July
July
196
100
*
5
Imperial Bank
Jan
8
1
Bralorne
Jan
6 He
100
_
8
11 He
1.00
5c
3
10
-
23c
2lC
9
20% dref.100
Huron & Erie
64c
8
.100
Bank of Toronto
Biltmore
4c July
Jan
8Hc
Bankfield
Bank of Montreal
Bell Telephone
Feb
4
350
500
90c
lc
3.95
3,000
16
1
Howey——ii
Homestead......—
July
4H
11,350
1
...
Base Metals
'79c
——*
Hollinger..
Home Oil Co
14c
*16 He
Gold Mines—. ...1
Deniscn
626
.5c
95c
*
Ashley
Barkers pref—
Mar
2H June
3H
5c
95c
12 H
1.00
*
Grain.
Anglo-Canadian
Arntfield.......*....
Preferred..
6H
6Hc
-
Alberta Pacific
Cons
Hinde & Dauch
16Hc
1
AjaxO&G
Bobjo
Low
55c
6Hc
100
6%
Aldermac........... ...*
"*
Algoma Steel....
Bear
.
650
23c June
3H
Honey Dew... ........
High
Mar
lHe
"95c
Hudson Bay
Acme Gas.
Aunor
official sales lists
Range Since Jan. 1, 1941
Shares
85c
75c
80c
Abitibi pref
Harker
Week
Price
52H June
*
1
-.1
.1
*
Halliwell
Hard Rock
Sales
for
Feb
June
__1
.
Hamilton Bridge
Exchange
of Prices
Low
High
2
12
10
1
..1
Gypsum....
26c
Week's Range
4,000
3H
1.38
Sale
2Hc
2,000
Feb
Last
54
2HC
28c
Feb
Friday
Abitibi
54
250
25c
3Hc
May
75
100
1.12
1,000
Mar
67 H
5
75
17 H
100
3Hc
Mar
5c
2Ho May
17
400
both inclusive, compiled from
Par
1,000
21,800
*
27c
Toronto Stock
Stocks—
6c
3H
1.29
3Mc
Feb
llHc
2,500
7Hc
4 He
3
Hamilton Theatres
Aug. 2 to Aug. 9,
13c
7 He
4Hc
Great Lakes vot pref
3Kc
2.35
12C
7HC
*
27c
*
*
»
41c
Great Lakes vot trust
1.29
Dalhousie Oil Co
36c
208
Gunnar..........
Oil--
Oalgary & Edmonton.
36He
4H
.1
*
50
1
Goodyear
66c
3.80
100
Mar
May
6,300
7c
5H
7 He
■
34He June
1
5c
5,700
7c
5H
...1
Gold Eagle
50o May
100
66c
5H
*
1
*
General Steel Wares
46c
49c
_*
2c
25c
14 H
8Hc
300
25c
lHe June
3H May
Feb
310
1,311
16
16
Apr
1.56
?
Tjic
...1
July
500
3.45
18c
3c
2,500
2.55
1.54
"56c
6,700
3.50
22 H
60c
29,300
4 He
2.50
11 He May
18c
3.20
22H
2.45 May
1.65
4c
3.45
July
3.40
Fleet Aircraft-
2.50
Feb
23
25
27
July
30c June
1
100
2.55
2.50
2.05
12,000
50c
27
2 He May
10
10
._*
Falconbridge
Ford
8 He June
3,500
8,750
2.36
11
English Electric class A___*
Extension Oil
._*
200
71c
4,000
3Hc
2.30
11
Mar
July
6H
lHe
noH 120,065
45o
4.50
9,500
28
26
May
2c
3c
15
1.10
"26
*
O'Brien Gold..—...—-.1
Pandora-Cadillac Gold...l
Pato Cons Gold Dredging 1
Perron Gold
1
Preston-East Dome
1
San Antonio Gold
1
Shawkey Gold Mining—1
Sherritt-Gordon Mines...1
Slscoe Gold
1
Sladen-Malartic Mines
1
Sudbury Basin Mines. — *
Sullivan Cons Mines
1
Wood-Cadillac Mines
1
Wrlght-Har greaves
*
Nor metal Mining
May
4
50
2.30
4.75
Jan
6H
250
11
.1
71c
1.30
1.30
Canada..*
Naybob
East Crest
185
5H
V 7
9
10 H
22H June
8
7H
5
20
Apr
4,200
1.23
1.20
1.23
90
1
3.50
100
Mar
22 H
7
2.35
2.00
Feb
105
5H
*
Jan
23
17
10
Dominion Woollens pref .20
Jan
2.18 May
23
23
100
18H
8
25
Dominion Steel cl B
Dominion Stores
June
3
19
pref.-50
19c
183
191
19
18 H
22 H
15c
Low
190
19
*
18c
*
Arntfield Gold Mines
1
Cartler-Malartic Gold
1
Central Cadillac Gold
1
Dome Mines Ltd..:
*
East Malartlc Mines
1
Eldorado Gold
-—-1
Falconbridge Nickel
*
Francoeur Gold
*
Aldermac Copper Corp
"■
a
...100
Preferred
Aug
19c
Week
Shares
High
Low
100
Dominion Foundry
Mtaes—
of Prices
Price
Range Since Jan.
for
Week's Range
Sale
High
Low
Shares
Last
1, 1941
Dominion Bank
•
Sales
Friday
Friday
Par
Exchange
Toronto Stock
Montreal Curb Market
Stocks (Concluded)
819
Commercial & Financial Chronicle
The
153
4%
93c
8
3.40
91c
7H
93c
8
3.25
3.40
26
1,150
7H
July
2.70
Feb
26
4
value.
(Concluded
on page
89c June
140
15,760
817)
24
Jan
1,1941
820
The Commercial & Financial Chronicle
Quotations
Bid
<l2%« July
a'iin
15
1969
Jan
City Bonds
Chicago & San Francisco Banks
Ask
Bid
103
103%
104% 105%
1977.
Over-the-Counter Securities—Friday Aug. 8
on
New York
a4%e Mar
1
1
Par
1964.
a4%s Apr
Ask
1966.
124% 125%
124% 125%
125% 126%
American National Bank
A Trust
100
120% 127%
June
a3%s
a3%B
a3%s
a3%s
July
1976.
May
Nov
Mar
1954.
112
1954.
I960.
112% 113%
113
114
1976
113
114
1957.
117 H 118%
a4 %b May
1957.
118%
118%
122 H
123%
119%
119%
o4%8 Nov
a4%s Mar
1957.
124
1963.
123%
a4 %s June
1965.
127% 128%
128% 129%
129% 130%
a3 Ha Jan
a 4s
16
May
a 4a
Nov
May
1959.
a4s
May
1977.
a4e
Oct
1980.
aiHe Bept
113
1962.
1
a4%e Jan
a4%sNov
o4%» Mar
124%
127% 128%
127% 128%
128% 129%
129% 130%
1977.
16
1978.
1981.
a4%8 July
122% 123%
123% 124%
1960.
ai%s Mar
15 1972.
a4%s Apr
1 1974.
a4%s June
16 1976.
a4%s Feb
108% 109H
1968.
a4a
105% 105 %
a4 %s Dee
1
Bid
3s 1981
135%
Bid
139
140% 142%
Canal A Highway—
fie Jan A Mar 1964 to'71
Highway Imp 4%s Sept '63
142
4%s April 1941 to 1949.
Highway Improvement—
mmm
Barge C T 4%s Jan 1 1946.
Bid
4th ser Deo
1'76
15 '76
3a
105
Ask
106
62.65
98%
61.50
2.60%
1945-1962
rev
102% 103%
Ask
109
6s
Apr
1955.
Feb
1952
108% 110%
4%s July 1952
5e
July 1948 opt 1943.
Hawaii—
112
D 8 conversion 3s 1946....
Conversion 3s 1947
115
Ask
85
Chase National..... 13.56
Commercial National.. 100
Bank of New
York
100
Bankers
10
15%
iAJ
3s 1956 opt 1946
3s 1966 opt 1946
JAJ
MAN
Atlanta %B. l%s
3%s 1966 opt 1945..MAN
35
100
30%
32%
187
181
Burlington
108%
110% 111
111% 112%
4fl
Chicago
1944
JAJ
JAJ
10915i6
First
100
First New Orleans—
Is. l%s
99
First Texas
%s, 2%s.
First Trust Chicago—
Is, 1 % B ,■
Bid
32
Sterling Nat Bank A Tr 26
26
28
17
53%
Fulton....,;.,........,
Kings County
Lawyers
38
60
210
287
292
11
Irving
102
10
Ask
190
10
Guaranty
IS
73%
99
Bid
100
100
55%
15
68%
47%
...
Companies
Pai
344
12
100 1550
—26
Manufacturers
1600
28
20
31
38%
51%
20
Preferred
New York
40%
53%
97% 100%
25
12
Title Guarantee A Tr. —12
15
13%
41%
45%
Trade Bank A Trust.. —10
3%
19
21
Underwriters
85
95
42%
48%
United States
.100
100 1360
4%
1410
Telephone and Telegraph Stocks
Pai
Am Diet
Teleg (N J) com.»
6% preferred
100
Bid
Ask
104
110
Par
109
112
Pao A
Atl
Telegraph
Peninsular Telep com
Emp A Bay State Tel.. 100
28
16%
18%
*
32%
34%
26
30%
32%
49%
100
int Ocean Telegraph... 100
—
80%
New York Mutual Tel
17
Rochester Telephone—
$6.50 1st pref
100
So A Atl Telegraph
84%
.
A si
Bid
26
Preferred A
112
26
18
20
Sou New Eng Telep... 100
.26
149
152
mmm
Par
*
Bid
Ask
Par
B/G FoodsInccommon..*
1%
1
Bohack (H C) common
7% preferred
•
2
2%
98
100
32
Flshman (M H) Co Inc..*
—
Kresa (S H) 6% pref
%
Bid
Ask
12%
13%
21%
22%
U nlted Cigar-Wbelan Stores
35
7%
10
$5 preferred
*
8%
■
99% 100
r41
..
Pennsylvania 1 %s
82
50
30
Ask
336
88
;
Oregon-W ashl ngton
99
Fletcher %s, l%s._
Fremont 4%s, 6%s
14
45
150
34
Ask
96
New York 5e___
North Carolina %8, Is
Montgomery—
3%s
1
10
50
17%
Peoples National...
94
99
First
15
110*ie
99
Lincoln 5%s
Carolina—
28%
12
Chain Store Stocks
Bid
99%
l%e, 2s
Penn Exchange
1515
45%
60
Bank Bonds
Lincoln 5e
r%
Denver l%s. 3s
Ask
1964 opt 1944
Lafayette l%s, 2s
Lincoln 4%s
rll
50
27%
12%
12%
710
Clinton
121
107
109'u 109si«
110>,« 110>i6
te 1946 opt
Ask
99
Ask
46
Ask
118
Bid
Joint Stock Land
Bid
Bid
50
National City
Franklin Telegraph
Ask
1089ie 10S"l6
1097,6 1091116
1101!# 110*16
Bronx
National Safety
—
,
38 1966 opt 1946
Pai
National
17%
Central Hanover...
20
Chemical Bank A Trust. 10
127%
Federal Land Bank Bonds
Bid
39
Govt of Puerto Rloo—
100% 102
fifl
4%s Oot 1966 Apr '46..
126
109
107
Bid
60
Empire
Bid
D 8 Panama 3a June 11961
107
37
100
FRANCISCO—
Bk of AmerNT AS A 12%
42
26
Continental Bank A Tr.10
Corn Exch Bk A Tr
20
,«,
United States Insular Bonds
Philippine Government—
4%s Oct
1969
4%s July 1962
Pai
Colonial
103%
100% 101%
Bid
272
New York Trust
'
•
269
Bank of Manhattan Co. 10
Bank of Yorktown__66 2-3
140%
111%
2%s aerial
103% 104
100% 101%
535
SAN
140
1980
3s serial rev 1963-1976..
Aug 15 '77
6th series...1976
520
92
New York Bank Stocks
Bronx County
Brooklyn
Trlborough Bridge—
3%ss f revenue
ser
100
Ask
327
Public National
109 % 110%
3%8 2ndaer May
71rst National
Bid
317
Northern Trust Co
240
88%
Fifth Avenue..
..100
670
First National of NY.. 100 1475
Merc uttatB
100
130
60.90
Bid
Pennsylvania Turnpike—
3 %s August
1968
General A Refunding—
235
1-3
Par
Ask
Port of New York—
3%s5tb
33
Authority Bonds
Ban Francteco-Oakland—
3b
Sept 1968 to '67
Canal Imp 48 JAJ '60 to '67
California Toll Bridge1976
147
mm m
150
Public
4fl
149%
4a Mar A
61.95
Ask
Canal Imp 4%s Jan 1964..
61.80
3%s Mar 1970
4s Mar 1961
A Trust
Bensonhurst National
134
Can A High Imp 4%s 1965
World War Bonus—
---
Par
Harris Trust A Savings. 100
130% 131%
1979.
Ask
104 % 104 %
61.75
ae AM/4
Bank
125
New York State Bonds
2s July 1944
Ask
123% 124%
1967.
16 1971.
o4 %b Dee
Bid
Continental Illinois Natl
aSa
1980.
Aug. 9, 1941
SPECIALIZING
99%
99%
8t.
r24
San Antonio %s, 2s
Southern Minnesota...
99
Illinois Midwest 4%s, 4%s
Iowa 4%b. 4%s
Louis.............
99%
715%
93%
Southwest (Ark) 5a
100
Union Detroit 2%s_...
Virginian Is
98
F.H.A. INSURED MORTGAGES
26
The beet
17'
Circular
Bid
Ask
J
'xi'
on
request
100
STORMS AND CO.
99
Commonwealth Building
Joint Stock Land Bank Stocks
Par
"Hedge'* security for Banks and Insurance Co's.
PITTSBURGH, PA.
Phone Atlantic 1170
Par
Bid
100
10
Ask
Atlanta
100
100
110
Dallas
100
85
90
New
York
Denver
100
3
7
100
80
90
North Carolina
100
130
140
100
55
62
Pennsylvania
100
57
Dea Moines
Lincoln....
14
FHA Insured
Bid
First Carollnas
Fremont.
.
_
100
.
.
.
25
100
4
30
San Antonio
1 Virginia
100
5
Federal Intermediate Credit Bank
Dated
1%%
1%%
1%%
%%
%%
%%
%%
%%
1%%
Due
.12-2-40
.
.
.
7-1-41
.10-1-40
.
1-2-41
.11-1-40
.
.
2-1-41
5-1-41
Ask
9-2-41 0.25%
3-1-41
6-2-41
Bid
9-2-41
%%
XH%
J%%
t%%
t%%
t%%
0.25%
9-2-41 0.25%
10-1-41 0.25%
10-1-41
Dated
0.25%
10-1-41 0.25%
11-1-41 0.25%
%%
t%%
1%%
11-1-41 0.25%
11-1-41 0.30%
.12-2-40
-
-
.
-
.
-
.
-
.
-
.
-
.
-
.
-
.
145
3%
155
4
Due
Bid
Ask
2-1-41
7-1-41
5-1-41
....
Asked
102
Louisiana 4%s
102
New Mexico 4%s
N Y (Metrop area)
...
104
101% 102%
101% 102%
4%s..
4%s
102
A
servicing fee from
103%
102
103
Pennsylvania 4%s
Rhode Island 4%s
103
102% 103%
102
103%
102
103
101% 103
Texas 4%s
Insured Farm Mtges 4 %s
101% 102%
102% 103%
101% 102%
101
102%
101% 103%
103%
Virginia 4%s
West Virginia 4%s
4-1-42 0.40%
5-1-42 0.40%
103%
102
South Carolina 4%s
Tennessee 4%s
103
.....
Asked
102% 103%
New York State 4%s.....
North Carolina 4%s
103%
102
New Jersey 4%s—
5s
101% 102%
Maryland 4 %a__
Massachusetts 4%s
Michigan 4%s
Minnesota 4%s
0.30%
0.35%
1-2-42 0.35%
2-2-42 0.30%
2-2 -42 0.35%
3-2-42 0.40%
Bid
101% 102%
101% 103
102
103%
101% 102%
102
103%
101
102%
101% 102%
101% 102%
Indiana 4%s
1-2-42
6-2-41
Delaware 4%s_
District of Columbia 4%b.
Florida 4%s...
Georgia 4 %s
Illinois 4%s
12-1-41 0.25%
12-1-41
3-1-41
8-1-41
.
5s
Debentures
6-2-41
4-1-41
Alabama 4 %s
Arkansas 4%s
Mortgages
102
%% to %% must be deducted from Interest rate.
Obligations of Governmental Agencies
Bid
%%
May
1 1943 100.23 100.25
*1%%..Feb 15 1945
w
I 100.30 101
%s
Apr 15 1942 100.8
100.11
2s
Apr
I 1943 102.17 102.21
Federal Natl Mtge Assn—
2s May 16 1943—
16 '41 at
100% 101.8
101.11
l%s Jan 3 1944—
Jan 3 1942 at
101
Bid
101.18 101.21
Ask
Reconstruction Finance
Corp—
%%
%%
1%..
Federal Home Loan Banks
Call Nov
♦No par value
Ask
Commodity Credit Corp—
1%
Nov 15 1941 100.25 100.27
t%%
11%%
lis.
U 8
Nov
f Flat price
maturities,
x
n
a
Interchangeable.
Nominal
quotation,
wi When Issued
Now listed
w-s
6 Basis
r In
price,
receivorship.
With stock,
x
d Coupon.
«
Ex interest.
Quotation shown Is for all
Ex-dlvldend,
New York Stock Exchange.
1 1941 100.24 100.26
15 1942 100.23 100.25
1 1942 100.30 101
y Now selling on New York Curb Exchange.
Oct
15 1942 100.24 100.26
♦
July
15 1943 101.4
101.6
15 1944 100.23 100.25
X These bonds
Jan
July
Apr
Housing Authority—
%% notes Nov 1 1941.. 100.1 1100.3
1%% notes Feb 11944.. 102.10:102.12
Quotation
on
not
furnished by sponsor or Issuer.
are
subject to all Federal taxes.
5 Chase National Bank announced that on
and after June 27
be paid at the rate of $40 on each
$1,000 original
ments were $77.50 Dec.
a
distribution will
principal amount.
Previous pay¬
31, 1940, 5% July 7, 1939, and 5% % on Sept. 25, 1939.
■
Volume
The Commercial & Financial Chronicle
15j
Quotations
821
Over-the-Counter Securities—Friday Aug. 8—Continued
on
Railroad Reorganization Securities
Guaranteed Railroad Stocks
(When Issued)
3oscpb Walkers Sons
tHmU Jirw Y*rk St<xh
Bear, Stearns & Co.
Extktmg*
Members N&o York Stock Exchange
Dulcnia
120 Broadway
Tel. RE ctor
New
GUARANTEED
NEW YORK
York
.
Chicago
;
2-6600
STOCKS
.Since1855-
Reorganization Rail Issues
r
\
(When,
as,
and If Issued)
Guaranteed Railroad Stocks
Stocks—
Dividend
Alabama 4 Vlcksburg (Illinois Central)
Albany 4 Susquehanna (Delaware 4 Hudson)
100
10.50
Allegheny 4 Western (Buff Roch 4 Pitts)
Beech Creek (New York Central)
1(H)
6.00
Boston 4 Albany (New York Central)
100
74 m
98 k
6.00
100
Asked
Bid
Par in Dollars
77 M
29
%
31m
8.75
91m
8.60
22
94 m
25
.100
3.00
36
39 m
Carolina Cllnchfleld 4 Ohio oom (L 4 N-A C L)__ .100
6.00
91
Boston 4 Providence (New Haven)
Cleve Cln Chicago 4 8t Louis pret
Cleveland 4 Pittsburgh
28
49
51
14
15
...
11m
75
83
86
Norfolk & Southern RR—
51
Common (no par)
Ctfs of beneficial interest In J L Roper Lumber Co.
Wabash Ry 4M% pref ($100 par)
2.00
48m
26
2.00
48
50
5.50
64m
67 m
Fort Wayne 4 Jackson pref (N Y Central)
1(H)
4.00
100
Lackawanna RR of N J (Del Lack 4 Western)
60.00
Mlohigan Central (New York Central)
45m
48 m
...
.100
60
62
49
98
4.50
96 m
45
,50
1.50
45
47
60
3.00
89
94
Northern Central (Pennsylvania)
Oswego 4 Syracuse (Del Lack 4 Western)
Pittsburgh Bessemer 4 Lake Erie (U H Steel)
Preferred
71
oo
.2014
CO~-<
85
m
General mortgage
.2039
r-4
.1989
69
70
27m
lncone convertible B4Ms
42m
33
Chicago & North Western Ry—
First general mortgage
2M-4s
Second mortgage convertible income 4Ms
178m
170
Missouri Pacific RR 1st 4s
.1990
174 h
165
57
61
6.00
140
144
3.00
68
73
137
142
249m
253 m
61
6.00
69
.1989
27
6.64
Tunnel RR St Louis (Terminal RR)
.1988
First mortgage 4s_____..........
84 m
7.00
Second preferred
'
Bonds—
Akron Canton 4 Youngstown 4 Ma
.1969
7.00
1(H)
22
.1999
.100
Hudson)
Louis Bridge 1st pref (Terminal RR)
Rensselaer 4 Saratoga (Delaware 4
47
20 m
Des Plaine3 Valley 4a.*..._______
Pittsburgh Youngstown 4 Ashtabula pref (Penna). .100
Pittsburgh Fort Wayne 4 Chicago (Penna) pref
5m
42
General mortgage Income A 4Ms
31m
29m
6.00
4.00
Morris 4 Essex (Del Lack 4 Western)
York Lackawanna 4 Western (D L 4 W)
New
8m
<'
5
Chicago Milwaukee St Paul 4 Pacific RR—
750
600
3.875
-.50
7m
Second preferred
150
143
9.00
.100
Georgia RR 4 Banking (L 4 N-A CL)
5
4%
18m
4m
17 m
Prior preferred
93 m
78
1(H)
12m
4m
Common (no par)
Missouri Pacific RR common..
5.00
Betterment stock
5
4m
...
Chicago & North Western Ry—
5% preferred (par $100)
3.60
(N Y Central). .100
(Pennsylvania)
Delaware (Pennsylvania)
St
26 m
5% preferred (par $100)
Chicago Milwaukee St Paul 4 Pacific RR—
Common (no par)
84
81
Akron Canton 4 Youngstown com (no par)
5% preferred (par $100)
104
2.00
Canada Southern (New York Central)
Asked
Bid
(Guarantor in Parentheses)
65 m
67""
Income 4s series A
.2005
35 m
37
Income
.2015
24m
26
.1998
74
4Ms aeries B
Norfolk Southern Ry—
First mortgage 4mb
General mortgage convertible income 5s
Sioux City 4 Pacific 4s..................
Wabash Ry 1st mortgage 4s_._
i.
.100
10.00
.100
6.00
58
.100
5.00
64
69
vlcksburg Shreveport 4 Pacific (Illinois Central). .100
6.00
62 m
65 m
Income 4s ser A-~
.100
6.00
67
71
Income 4mb ser B
3.50
29
3.00
58 m
61
.2014
75
24
/23m
m
31
United New Jersey RR 4 Canal (Pennsylvania)
Utlca Chenango 4 Susquehanna
(D L 4 W)
Valley (Delaware Lackawanna 4 Western)
Preferred..
.
Warren RR of N J (Del Lack
4 Western)
..60
West Jersey 4 Seashore (Penn-Readtng)
Railroad
Ask
Alabama
2Msand2Ms
Atiautlo Coast lane 2?4s--
Baltlmore A Ohio 4 Ms
d1.75
1.50
62.10
1.70
61.75
.....
1.25
Despatch—
Amer Bemberg
Pan Amer Matoh Corp..26
....1
cm
61.70
1.25
2s-2Mb and 3ma
&
Nash Chat A St Louis 2Ms
New York Central 4 Ma
1.70
62.25
1.90
61.70
1.35
62.15
1.90
Amer Distilling Co 5%
American Enka Corp
Permutlt Co
American Hardware
13m
Petroleum
.....10
10
12m
13
Petroleum Heat 4 Power. *
series
series
23m
Products...*
17 m
American Mfg 5% pref 100
Arden Farms com v t C...1
79m
1 V»
*
100
43 m
63 75
2.75
N Y Chic A St Louis 4s...
62.25
1.90
62.15
1.80
Amer
61.75
1.40
63.50
2.50
1.50
$3 partlc preferred
Arlington Mills
61.90
1.60
61.90
1.50
63.75
3.25
1.10
61.60
1.25
Northern Pacific 2M»-2Mb
No W Refr Line 3 Ms-4s
Chic Mllw A St Paul 5s...
62.10
1.15
Chic Mllw St Paul &
.
.
.
Pennsylvania 4s series E..
Pkc—
62.50
2.00
61.60
1.25
Cllnchfleld 2Ma
62.00
1.80
Del Lack 4 Western 4s
62.40
61.85
1.75
2Ms,3Msand3Ms
Chic a Northwestern 4mb.
2Ms series Q A H
Pere Marquette—
pflO
•
Pilgrim
5%
51m
19m
83m
2%
45m
Singer Manufacturing.. 100
Skenandoa Rayon Corp..*
Standard Screw
20
28m
1.43
39m
42
43m
Stanley Works Ino
44m
40 m
Art Metal Construction. 10
40m
15m
17m
10
15m
16m
Stromberg-Cartson
Sylvama Indus Corp
Maize
com..
2
Botany Worsted Mills cl A6
...10
4
Brown 4 Sharpe Mfg...60
172
2m
1.35
61.80
1.50
Buokeye Steel Castings..*
21
22m
100
46
50
$1.25 preferred
5
■
1.50
St Louis-San Fran 4s-4 Ms.
61.70
1.40
St Louis S'western 4 Ms.-__
61.75
1.40
Chic Burl 4 Qulncy
61.85
1.50
Cbllton Co common....10
5m
6m
61.60
1.20
Shippers Car Line 6s
Southern Pacific 4 Ms
61.75
1.40
6m
7
62.50
2.00
63.50
2.50
Great Northern Ry 2s
61.60
1.25
Southern Ry 4s and 4 Ms._
61.60
1.25
Illinois Central 3s
62.25
1.85
Texas <k Pacific 4s-4Ms
61.60
1.25
City 4 Suburban Homes 10
Cooa Cola Bottling (N Y) *
Columbia Baking oom
*
$1 partlc preferred
*
Union Pacific 2Mb..
61.70
1.40
Croweli-Collier
Cuban-Amer
Grand Trunk Western 6s
>_
2Ms
62.35
1.85
Lehigh 4 New Engl 4Ma..
61.65
1.25
Western Maryland 2s
61.85
1.60
Long Island 4Ma and 6s..
61.75
1.35
Western Pacific 6e
62.00
Louisiana 4 Ark
61.90
1.50
West Fruit Exp 4MS-4M8.
61.75
1.35
62.00
1.50
Wbeellng A Lake Erie 2Mb
61-75
1.40
3s..
3Ma
Maine Central 5s
Ask
1958
6s
Ohio Valley Water 5s. 1954
Ohio Water Service 4s. 1964
107
105
Oregon-Wash Water Serv5e
1957
100
Atlantic County Water—
1958
5a
Community
108 M
109X
Water Service
86 H
90 M
1946
5Ms aeries B
6s aeries A
1946
Pittsburgh Sub Water—
5s
.1951
6
•
15m
17m
32 m
34 h
17m
Triumph
Explosives
2
3m
4M
Manganese.2
7m
8m
United Artists Theat com. •
1M
47
10
Devoe 4 Raynolds B com *
Dictaphone Corp
.*
Dixon (Joe) Crucible... 100
oom...
92 M
19
30 m
40 m
43 m
27
29 K
Veeder-Root Ino oom....*
71m
Warner 4 Swasey
33 m
pf. •
35m
Welch Grape Juloe com
Farnsworth Telev 4 Rad. 1
1st 6s
77
105 M 107
Kankakee Water 4Mb. 1959
103
1951
Water 5s
1958
Scranton-Sprlng Brook
104 H
100 M
4Mb
105M
1967
100 M
1950
5s
30 m
12 M
14 m
1956
101
1965
1956
A..
1951
5 Ma
West
105 M
108 M
105
1961
1961
6Ms series A
1961
100
1st 5 Ms series
98
102
1st 5s series B
1st conv 5s
New York Water Service—
1951
A
99 M
99M
deb 6s extended
1950
1950
Steel. 10
Wilcox 4 Glbbs com
6t>
10<
Worcester Salt
103
...1951
99
M
53 m
50 m
20 m
21 M
17m
19 m
108
5m
8M
43
3M
49
6M
10 M
49
4%
52
82 m
85 m
A..1946
.194*
Deep Rock Oil deb 6s. 1952
/58m
59 m
95 m
88 M
97 %
80 M
2M
3M
97 m
97 m
8%
7014
Firestone Tire & Rub 3s '71
McKesson 4 Robblns—
44
39
41 m
15
16 H
Harrisburg Steel Corp
6
Interstate Bakeries com..*
•
preferred
1
25m
IK
27m
Minn 4 Ont Pap 5s...
1960
102M 103 m
74 m
75m
Monon Coal 6s
1956
/20
1956
3 Ms---
T NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '4*
3.m
23
3m
Remington Rand 3 Ms 1956
7M
8%
75 m
102 %
105% 106M
19m
15m
21M
8covlll Mfg3Ms deb..1960
17m
Western Auto Supp
—*
25
preferred
100
MaUory (P R) 4 Co
♦
Marlin Rockwell Corp.__l
94
97
77 m
103
26
Clark__25
100
$5
6%
preferred
100
Ring.2M
National Casket........*
13 m
57
14M
59
3Ms '56
Akron
Canton
&
Youngs¬
town—
31 m
5Ms ser B, triple stamp..
Bait & Ohio 4% notes. 1944
62 m
65m
57 %
58m
10 m
ii%
Cuba RR 5s
1960
23 m
12M
14m
Denv & Salt Lake 6s. .1960
55
57 m
85m
Hoboken Ferry 5s.... 1946
50
52
Monongahela Ry 3 Ms. 1960
N Y & Hob Ferry 5s.. 1946
104
1957
57
*
80 M
24 m
3m
7%
4
27 m
Tenn Ala 4 Ga 4s.
Vlcksburg Bridge 4-6s. 1968
For footnotes see page
820
99M 100
Railroad Bonds—
30 m
118
com._.l
preferred
....50
National Radiator......10
Nat Papei 4 Type
100
1950
2
Oa..x961
Carrier Corp 4Ms..
7m
5%
104 M
102
6m
m
1m
Industrial Bonds—
Brown Co 5Ms ser
66 m
Preferred
106 M 108
'
1(X
7% preferred
*
41 m
Muskegon Piston
Va Water Service—
1st 4s
10T
100
Merck 4 Co com........1
Western N Y Water Co—
New Rochelle Water—
5s series B
77
Springfield City Water—
4e
Muncie Water Works—
os.
1
Humor Corp
Lawrence PortI Cement
Onion Water Service—
102 M
*
2M
preferred
Amer Writ Paper
ioiys
Wat Supply
5S
99 H
Monongahela Valley Water
1965
«•
28m
2
Long Bell Lumber
75
1%
8m
'
15 %
King Seeley Corp oom—I
103M
1st 4 ref 5s A
Spring Brook
53
m
54m
$5
South Bay Cons Water—
105 M
Monmouth Consol Water—
1960
m
5
Great Lakes 88 Co com..*
101M
Shenango Val 4s ser B. 1961
Kokomo Water Works—
5Mb
'•
14m
Landers Frary 4
6s
4
52 m
Preferred..
Water Service 5b. 1961
106M 108
Joplin Water Works—
1st 5s series A
1957
1958
27m
10(
Preferred
Wlckwlre Spenoer
14
Extinguisher._.*
Fire
Graton 4 Knight oom
Scranton Gas 4 Water Co
Indianapolis Water—
1st 5s series A
30
2m
1m
12
Great Northern Paper..26
74
..1948
1966
*
Oarlock Packings com...*
Good
106
Rochester 4 Lake Ontario
1st mtge 3Ma
Bake Shops
United Piece Dye Works.*
7%
7M
5m
Class B
17
28
Gen Machinery Corp oom ♦
Richmond Water Works—
1957
*
67 m
cum
Machine Tool
1st 5s series A
Common.
Class A
50
Glddlngs 4 Lewis
88%
Gulf Coast Water—
Tokhelm Oil Tank 4 Pump
Trtco Products Corp
14m
York Ice Machinery
103 M
55
19m
Foundation Co Amer she •
103
4
3m
53
119m 124
*
Pub
Dentists Supply
Gen
Calif Water Service 4s 1961
•
Thompson Auto Arms—1
*
12m
26
Preferred
108 M
105 M
4
3m
HM
United Drill 4 Tool-
Federal
Ashtabula Water Works—
43
•
Tennessee Products
•
Bid
6M
21M
64 m
Draper Corp
Ask
5k
19 m
40
,
23 m
Dun 4 Bradstreet com...*
Bid
8M
0om
12m
Domestic Finance
Water Bonds
7m
1
Inc com
Steel common
Time Ino.......
1.50
Kansas City Southern
•
1.39
Taylor Wharton Iron 4
179
62.00
4s, 4mb and 4Ma
26
*
Talon Inc cum..........6
Tarn pax
61.70
Erie 4Mb
Express—
5
52
26M
Denv 4 Rio Gr West 4Mb.
Growers
Remington Arms oom
Manufacturing..26
Reading Co 4 Ms
Fruit
Pollak
Soovlll
Autocar Co
2Ms-2Ms and 4 Ms
9tt
25
Canadian Pacific 4mb..;.
61.40
3
8%
4m
1
Safety Car Htg 4 Ltg...5b
2.75
Chic Burl A Qulncy 2Mb..
2M
58 m
63.75
2m
1
Exploration
13
4%
55m
21m
Canadian National 4Ms-5e
7%
1m
Manufacturing...*
12 m
1.25
1.50
Chesapeake A Ohio 4Ha..
.
30c
13c
1
12m
62.00
Central of Georgia 4s
Conversion..
6% conv pref 1st ser..10
2d
10M
11M
10m
American Cyanamid—
3d
46
9
Ohio Match Co
19
62.10
N Y N H A Hartford 3s...
*
35
1.30
2Ms
3m
Ask
44
*
17
61.75
2Mb and
New Britain Machine
4
Bid
Par
Ask
32
61.50
2mb
31
*
Ma & 6s
Missouri Paclflo 4Mb-5s._-
2 Ms, 4
40
29 m
A com...*
Boston A Maine 6s
Bessemer A Lake Erie
Bid
_•
Mills Inc
American Arch
Merchants
Atch Top & Sante Fe—
38
Industrial Stocks and Bonds
Par
Bid
Ask
71
.1991
-
86
69
.1981
—.......
85
.1971
-
Equipment Bonds
Bid
.1969
.....
40
81 m
-
-
-
-
-
-
42
•
83 m
The Commercial & Financial Chronicle
822
Quotations
Public
Over-the-Counter Securities—Friday Aug. 8—Continued
on
Investing Companies
Utility Preferred Stocks"
Sold
.
A Sl
Bid
Pat
Securities.. 1
7.38
8.02
134
2.43
2.66
Corp. 10
1334
1434
Affiliated Fund lnc
Quoted
•
Bid
Par
.X,-.;
Aeronautical
Bought
1941
Aug. 9,
All
Keystone Custodian Funds
Series B-l
28.61
31.37
Series B-2
23.32
25.57
2.75
3.02
Series B-3
14.57
16.03
Inv't InclOc
6.98
7.69
Series B-4
7.20
Assoc Stand Oil Shares...2
434
534
Series K-l
14.51
15.94
Aviation Capital Inc-.--l
18.C5
19.62
Series K-2
13.48
14.88
Axe-Houghton Fund Inc.l
10,66
11.46
Series 8-2
11.89
13.08
♦Amerex Holding
Amer
Jackson & Curtis
ESTABLISHED 1879
Members
♦Common..
.......
lnc
Boston Fund
British
Tel.
BArclay 7-1600
Teletype N. T. 1-1600
1
4
Type Invest A
13.69
.
14.72
S7 pref..*
0% pref_25
Pr A Lt 7% pf—*
Alabama Power
10734 10934
6 34
Amer Utll Berv
Arkansas
8834
0% pref.*
122 34
Birmingham Elec 17 pref.*
88)4
734
9034
Atlantic City El
Par
National Gas A El Corp. 10
New Eng G A E
634% Pf-»
New Eng Pr Assn 6% pf 100
91
17
*0
52)4
55
17
*
10934 11134
7% pf 100
Cent Indian Pow
12034 12334
9934 10134
100
100
106 34 111 H
S0
Community Pow A Lt_.10
Connecticut Lt A Pow—*
Consol Eleo A Gas $0 pref.*
Consumers Power 85 pref.*
Continental Gas A Eleo—
934
preferred
preferred
8)4
4034
4234
9)4
1134
10534 10734
100
9234
Derby Gas A El 87 pref..*
6634
7%
preferred
9534
0834
Hartford
5)4% pf-100
114
Jamaica Water
Jer Cent P A L
Supply—*
7% pf-100
7%
5734
115
2034
2234
26
29
10134 10334
6134
82
Pow
A
0%
7%
•
...100
pref,..
3134
6734
100
preferred
100
7% pref—100
Okla G A E
7% pf„100
Eastern
734
72
7434
116
U734 11934
8334
*
8634
6334
Penn Pow A Lt 17 pref...*
Peoples Lt A Pr S3 pref.25
Philadelphia Co—
S5 cum preferred
•
Pub Serv Co of Indiana—
*
8434
preferred
105
106
1534
8534
13034
100
1934
2134
2
6% preferred D
1634
534
634
100
8'western G A E 5% pf.100
Texas Pow A Lt 7% pf-100
partlc pref. .60
27
28
82
10334 10534
2034
2134
10334 106
conv
92
9434
Mississippi P A L 80 pref_*
6534
6734
Missouri Kan Pipe Line,_5
634
734
2834
10934 11134
*
preferred
16
7% pref
1334
Mountain States Power--*
6%
60
T A T 100,
preferred
Mountain States
4334
131
*
21.34
23
•
2334
2534
6434
6634
...
Participating
units
1334
West Penn Power com...*
5534
-
-
-
1434
2334
2434
9934 10134
2734
—
-
-
-
29
27
118
Bid
3234
113
6434
65
Amer Utility Berv 0s.-1904
94 %
52
9634
Associated Electric 6s_190I
Assoc Gas A Elec
Kentucky Utll 4s
1
16.34
Delaware Fund
Income deb 3J4s—.1978
Income deb 4s
1978
Income deb 4>4fl—1978
18
1956
1834
5s.
1968
334s
1966
Conv deb 4s
1973
6534
/28
Conv deb 4«s
1973
Michigan Pub Serv 4s. 1966
1973
/29
/30
/30
/70
31
Conv deb 6s
32
Montana-Dakota
1973
8s without warrants 1940
32
16.66
95
1961
9734
10634 10734
Narragansett Elec 334s
06
New Eng G A E Assn 6s '62
Cons ref deb 4)4s—1958
/12
Sink fund lnc 4)4s._1983
/10
1983
m
1986
Sink fund lnc 6-08..1980
/10
101
11034 111
6134
64
106
Cent Ark Pub Serv 5s. 1948
10534 10634
f 10
Calif Wat A Tel 4s...1909
10634 10734
75
Assoc Gas A Elec Co—
Sink fund lnc 5s
Sf lnc 4X8-63*8
14
NY PA NJ Utilities 6s 1956
Northern
Ohio Power Co 3s
1971
Old Dominion Pow 5s_1951
Parr Shoals Power
103
Central Gas A Eleo—
1st lien collt rust 0s. 1940
Cent Maine Power 3)4s *70
Central Pow A Lt 334 s 1909
9834
10934
08.—.
8834
90 34
105
234
Pub Serv of Okla 3 34 a. 1871
Pub Utll Cons 5348—1948
10434
105""
/18 34
1934
10734 10734
95
9634
9034
Cons Cities Lt Pow A Trac
,
Collateral 5s
Sou Calif Gas
1962
9634
9834
1951
3348-.-1970
Sou Cities Utll 6s A... 1958
7234
108
63
7434
10834
6434
Southern Count Gas 3s '71
Consol E A G 0s A
0s series B
-
—
63
64
1962
6234
6734
Southern Nat Gas 334s '56
10434 105
7934
8034
10334 105
64
65
10334 10334
Tel Bond A Share 5s..1958
1962
.
Crescent Publle Service—
Coll lnc 0s (w-s)
1954
Dallas Ry A Term 0s. 1951
9334
9534
Texas Public Serv 5s..1961
1970
10734 10834
Federated Ucll 6)48—1957
10434 10534
10634 108
1960
10334 10434
10334 10434
s
9734
Houston Natural Gas4s.'55
1970
:debs 3 34s
United Pub Utll 0s A. 1960
3J4S
Inland Gas Corp—
034s stamped
Utlca Gas A Electric Co—
5s
1952
81
1957
Gen Mtge 414s
For footnotes
see
I960
10634 10734
103
page 820
104
10834 109
Western Public Service—
6348
Electrical
19«0
101
5.58
9.12
6.72
7.40
J 0.49
11.53
7.96
8.76
equipment...
Insurance stock
5.60
Metals..
6.69
7.36
Oils
7.54
8.30
3.26
3.61
Dividend Shares
26c
Machinery
Eaton A Howard—
.
............
5.82
Railroad equipment
1
17.70
18.81
Stock Fund......—1
10.52
11.17
No Amer Bond Trust ctfs.
40)4
Eqult Inv Corp (Mass)..5
24.81
26.68
No Amer Tr Shares 1953.*
1.95
6.30
Steel
Equity Corp $3 conv pref 1
♦
1934
2034
8erles 1955
1
2.40
15.78
16.98
Series 1950
1
5.55
6.15
Series 1958
1
1.93
2.04
2.31
3.18
3.59
103
6.41
6.94
....
....
2.35
First Mutual Trust Fund.5
Fidelity Fund lnc
....
....
Fiscal Fund Ino—
stock series... 10c
Fixed Trust Shares A
10
Foundation Trust Shs A.l
3.35
3.85
15.73
5.08
10c
.36
.41
Putnam (Geo) Fund
1
12.28
13.13
4.20
5.10
3.28
3.67
17.24
4.30
Plymouth Fund lnc
Quarterly lnc Shares.. 10c
8.62
Fundamental Invest Inc. 2
•
3.92
•
26.82
28.84
Investors Trust. 1
4.39
4.78
Republic Invest Fund—1
Scudder, Stevens and
Clark Fund Ino
Capital Corp
*
69.63
Selected Amer Shares..2)4
B
General
8.14
Investors
1
5.68
*
13.04
Sovereign
Agricultural shares
4.87
5.36
Standard
3.63
4.00
♦State St Invest Corp
7.14
7.85
Super Corp of Amer AA..1
shares
Aviation shares
4.88
5.42
5.09
Mining shares
4.24
4.92
shares
8.17
3.84
_.
6.33
7.43
shares
Electrical Equipment.
Food shares..
5.60
.19
Inc. 50c
Utilities
•
6234
2.10
5.37
5.93
Building shares
Chemical
3.68
Selected Income Shares.. 1
Spencer Trask Fund
Group Securities—
Trustee Stand Invest Shs—
2.10
♦Series
C
1
♦8erles
D
1
1.99
1
5.08
1
5.15
Trustee Stand Oil Shs—
♦Series
A
♦Series
B
4.49
4.95
2.63
2.91
RR Equipment shares..
Steel shares
3.50
3.86
4.68
5.16
Trusteed Industry Shs 25c
Tobacco shares
4.24
4.62
Union Bond Fund B
.13
.25
shares
...
Huron Holding Corp
1
Income Foundation
Trusteed Amer Bank Shs—
Class B
1.29
14.30
15.38
2.04
.71
Z15.60
1334
1.51
2.28
1
Fund—
13.85
1.41
Investors..6
.45
25c
B
Wellington
10c
Fund lnc
com
Incorporated
Investment
Banking
Corporations
♦Blair A Co
.3.50
14.80
.90
.99
Insurance Group shares.
1.25
1.37
Investm't Co of Amer..10
Investors Fund C__
1
18.45
20.05
9.26
9.48
Insurance
Aetna Cas A Surety
Aetna
Bid
1
♦Central Nat Corp cl A__•
♦Class B
*
♦First Boston
Corp
10
♦Schoellkopf Hutton A
Pomeroy lnc oom
lOo
78
20
,>
1
1334
.10
....
13134 13534
5634
5834
10
10
....
10
2834
2934
Agricultural
26
80
American Alliance
10
American Equitable
Bid
Par
Home.
.—6
Home Fire Security
Homestead Fire
10
3134
134
10
18 34
—
Ins Co of North Amer
10
7934
2534
Jersey Insurance of N Y.20
Knickerbocker
6
4034
22)4
1134
13 34
Lincoln Fire
6
734
15
Maryland Casualty
1
1334
47
Amer Fidel A Cas Co com 6
83
2334
21
6
American Home
Companies
Ask
Aetna Life
6
10
American of Newark...2)4
American Re-Insurance.10
934
1
334
6334
Mass Bonding A Ins..1234
49
Mercb
American Reserve
10
1334
1434
Merch A Mfre Fire N Y..5
American Surety
26
4934
.5134
Automobile
10
38
40
,
Fire Assur
com
Baltimore American
734
834
10
National Liberty
234
26
Camden Fire...
96
100
National Union Fire
100
Bank era A Shippers
Boston
6
National Casualty...... 10
National Fire
625
638
New Amsterdam Cas
New Brunswick
2
51
7
734
2734
6434
734
20
159
2
19
...10
6
20 34
2234
Carolina
10
29'4
3034
New
City of New York
10
2334
2534
New York Fire
City Title
6
Connecticut Gen Life... 10
Continental Casualty
5
2634
28
Northern
3234
3434
North River.
2.50
26
National .26
130
26
120
9
8
Eagle Fire
.234
Employers Re-Insurance 10
Excess
6
Federal
10
Fidelity A Dep of Md—.26
Fire Assn of Phlla
10
Fireman's Fd of San Fr 25
Firemen's of Newark
5
Franklin Fire
5
34
41
8
4934
134
44
Hampshire Fire
Northeastern
10
6
6
12.60
Pacific Fire
1634
534
9934
42 34
934
5134
Preferred Accident
16
6
13034 13534
7234
7434
Providence-Washington .10
109
Reinsurance Corp (N Y) .2
11234
1134
934
3134
3534
46
Pacific Indemnity Co.-.10
Phoenix
1(
3334
Republio (Texas)
Revere (Paul) Fire
Rhode Island
9234
36)4
734
10
2634
10
2534
234
3
General Reinsurance Corp 6
Georgia Home
10
Gibraltar Fire A Marine. 10
43
4534
St Paul Fire A Marine 62 34
251
2434
2634
Seaboard Fire A Marine. 10
2534
2734
Seaboard Surety
Glens Falls Fire
4434
4634
Security New Haven....10
11
1234
1134
Springfield Fire A Mar..23
Standard Accident
Globe A
Globe A
130
8334
West Texas Utll 3348.1969
Iowa Southern Utll 4s_1970
5.06
8.29
1.19
Toledo Edison Co—
1st mtge 3 34a
El Paso Elec
8.79
...
supplies
1.07
Republic Service—
/134
8934
7.99
Bank stock
Northwestern
1950
10834 10934
Inoome 5Hb with stk '52
Cities Servloe deb 6s._ 1903
4.73
11.00
3.25
10634 107
Portland Electric Power—
99 »A 10134
HI
11134
Central Public Utility—
5s.
68.1952
Philadelphia Co 434s.1961
1st lien coll tr 6Ma~ 1940
97
109
Indiana—
Public Service 3348.1969
8.04
4.29
10.01
4.95
Par
Utll—
334
7.31
5.53
D....——..._2.60
6734
31
Conv deb 5)4s
11.87
1
O...................1
10534 10534
Luzerne County G A E—
1834
7.46
11.01
New England Fund
N Y Stocks lnc—
Chemical
Diversified Trustee Shares
Le ington Water Power—
1834
6.73
10634 10734
Lehigh Valley Tran 5s 1960
w
/1734
/17J4
fl 8
4.64
5.02
—
'
5334
Corp—
Income deb 3)4s—1978
Ask
1970
4348
4.18
Low priced bond series..
Building
4.22
..
Bid
3-50.1953
Amer Gas A Pow
5.48
Agriculture
3034
10
.100
preferred
Aviation Group shares
Bank Group shares.!...
Utility Bonds
Ask
1.20
5.09
Series—
Aviation
Institutional Securities Ltd
Public
1.08
National Security
Income series
Independence Trust Shs.*
West Texas Utll S6 pref..*
3.30
ser B shares
O 8 El Lt A Pr Shares A—
Washington Ry A Ltg Co—
5434
1001
7%pf
15
♦7%
Petroleum
Utilities Corp
preferred
preferred
S3
4434
133
25
Narrag El 434% pref—60!
Nassau A Suf Ltg
Pub
12.75
Utah Pow A Lt S7 pref...*
Monongahela West Penn
Pub Serv
United
9.54
*
(Md) voting shares. _25c
(Colo)
Railroad shares
2934
87
♦Common B shares
Merchandise
8434
6%
100
9.18
8.73
Nation.Wide Securities—
Automobile
Mass Utilities Associates—
Mississippi Power 80 pref-*
2.46
Cumulative Trust Shares. *
General
Sierra Pacific Pow oom...*
*
preferred
1
19.43
8.54
Preferred stock series.
-
Fundament'l Tr Shares A 2
Rochester Gas A Eleo—
100
-
2.46
Insurance stk series. 10c
6534
10334 10534
1834
2034
129
-
Cram A Foreter Insurance
Bank
39
*
Penna Edison S5 pref
2.07
3.90
18.07
Railroad
65
10634 109 J4
114
-
2.07
1
3.00
1
National Investors Corp.l
3.92
28
2.18
10c
Mass Investors 2d Fund.l
Maryland Fund Ino
Automobile
104
11134 113)4
3534
3734
63
3.59
2634
♦8% preferred
20 34
1834
1U34 11234
10134
1
Series ACC mod
9
Pipe
Republic Natural Gas
Lt Associates
10.30
♦Cram A Forster com__10
34
2834
9.51
1
Balanced Fun.d
preferred
0%
100
534% preferred
69)4
Queens Borough G A E—
64
Luzerne County G A E—
Mass
6834
6534
10134 10234
5% pref25
preferred
0% pf.100
S7 prior lien pref
4)4% preferred
100
Kings Co Ltg 7% pref-100
l/mg Island Lighting—
Louisville G A E
7%
(Del)
3.30
28.00
Series A A mod
7.99
Mutual Invest Fund lnc 10
2.65
26.04
Accumulative series
3734
Ohio Public Servloe—
Light—
Kansas Power A
preferred... 100
Line Co
Interstate Natural Gas—•
3034
Northern States Power—
Panhandle
50
Ind Pow A Lt
*
14 preferred-...
4434
Electric Light-26
34
Northeastern El Wat A El
4334
4234
Florida Pr A Lt 87 pref..*
preferred
cum
4634
10734 10834
*
preferred—*
80 cum preferred
80.60 cum
cum
Pacific Pr A Lt
Federal Water Serv Corp—
•
N Y Water Serv
11434 11634
7%
preferred
preferred
7%
pref-100
10
4
15
7.26
Mass Investors Trust
Corporate Trust Shares..1
Series AA
1
New York Power A Light—
Central Maine Power—
Cent Pr A Lt 7%
cum
New Orleans Pub Service.*
Light—
preferred
•
*
*
S0 prior Hen pref
Birmingham Gas—
13.60 prior preferred-.60
3)4
14
Fund lnc com
.21
Consol Investment Trust..
Ask
New Eng Pub Serv Co—
17 prior lien pref
Carolina Power A
Bid
6.45
10c
Manhattan Bond
13.59
Commonwealth Invest
Ask
5.86
22.93
Chemical Fund
Utility Stocks
3.85
1
Knlckbocker Fund..
.11
Canadian Inv Fund Ltd—]
Bid
10.01
3.37
12.40
1
Century Shares Trust...*
Public
9.09
Series 8-4
21.21
1
Bullock Fund Ltd..
434
3.39
5
Broad St Invest Co Inc..6
334
:
♦5% preferred
5
Basic Industry Shares..10
New York City
7.93
Series
Bankers Nat investing—
Principal Stock and Commodity Exchanges
115 Broadway
Business Shares—1
Amer Foreign
.....6
Republio
...5
Rutgers Fire
16
934
10
10
734
40
3734
12834
52)4
2d preferred
Great American
Great Amer Indemnity
16
64
68
Stuyvesant
5
4
6
28
2934
Sun Life Assurance
100
200
1
10
12
Travelers
100
413
Hadfax
10
U 8 Fidelity A Guar C0..2
Hanover
.——10
Hartford Fire
10
Hartford Steam Boiler.. 10
11
1234
2834
2934
U S Fire
92
95
U 8 Guarantee
5334
5534
Westchester Fire
4
10
2.50
24)4
5134
76
36 34
Volume
823
Financial Chronicle
The Commercial &
153
Quotations on Over-the-Counter Securities—Friday Aug. 8—Concluded
If You Don't Find the Securities
In
which
our
you
have interest,
you
Quoted Here
Alden Apt 1st mtge 3a. 1957
In this publi¬
Record.
cation
and
Banks and Trust
Domestic (New
'
\
Public
Utility Bonds
3s
Foreign Government Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
63
34
Deposit
1950
33
26
Mill Stocks
Mining Stocks
i,
Quotation Record is published monthly
2
and
16X
below are
Bid
Anhall 7s »0
1946
1946
/SO
mmm
|
'Housing A Real Imp 7s '46
/8X
Hungarian Ital Bk 7Xs '32
1947
'
mmm
/25
1948
Bank of Colombia 7%.
/25
/32
m'mm
'
7S
1964
1946
Barranqullla ext 4s
Bavaria 6X0 to
;
-m-
Hungarian Discount A Ex¬
change Bank 7s
1936
Bogota (Colombia) 6X0 *47
8s
1945
/4X
m
Jugoslavia 5s funding
1956
1958
%
-mm
C4X
1969
1940
/4X
5
/ax
7X
Leipzig O'land Pr 6Xs '46
Leipzig Trade Fair 7s_1953
Luneberg Power Light A
Water 7s
1948
Brandenburg Elec 6s. 1953
/8X
/43
44"
Brazil funding
5s..1931-61
Bremen (Germany)
/8X
/8X
78.1935
1940
68...
mmm
/8X
1945
/8X
mmm
/8X
/8X
mmm
—
'38
/9X
mmm
Nassau Land bank 6Xs
mmm
25
*46
Call (Colombia) 7s_—1947
Callao (Peru) 7X0—1944
Cauca Valley 7X0
1946
Ceara (Brazil) 8s
1947
19 H
/15X
/3X
19 H
12
'mmm
lox
17X
4X
10X
(A A B) 48—1946-1947
/63
/60
Nat Central Savings
1948
'
1953
1946
86
Cordoba 7s stamped.. 1937
/35
Costa Rica funding 5s_ '51
/II
13
Costa Rica Pac Ry 7X0 '49
/14
/II
15X
1949
5s
6X0—1959
Dortmund Mun Util6Xs'48
'•
m
Dulsburg 7% to
1946
Eat>< Prussian Pow 6s.
1953
/8X
/8X
/8X
'60
1953
Electric Pr (Ger'y) 6X0
6X8
mm
9X
1941
'46
Saarbruecken M Bk 6s. '47
R C Church Welfare 7s
mmm
mmm
Santa
/4X
mmm
Santa Fe 4s
mmm
/8X
35
mmm
/io
mmm
Building A Land-
1938
72 X
mmm
German Central Bank
Agricultural 6s
1948
8s
8s ctfs of deposit. 1948
1946
Funding 3s
Graz
(Austria) 8s
Guatemala 8s
1954
1948
'/I
...
7X
/6
/X
/10
6X
...
'mmm
fSH
1957
1963
47
Bamburg Electric 6s. .1938
1947
stamped-1942
Santander (Colom) 7s_1948
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 7s..1945
6Xs
1951
Saxon State Mtge 6s..1947
Slem A Halske deb 6S-2930
State Mtge Bk Jugoslavia
5s
...1966
-
10x
/9X
/66
mmm
14 X
/13X
/9X
/8X
45
54
60
28 X
31
/8X
/8X
100
as a
12
(8
Uruguay conversion scrip..
Unterelbe Electric 6s.. 1953
mmm
Vesten Elec Ry 7s
1947
1945
/8X
Ask
of Chas. deY Elkus
New
XS
Par
Assoc com. 1
...1
Preferred
/23
63
65
/50
52
/26
28
1954
1989
Haytian Corp com
•
Punta Alegre Sugar Corp. *
The
1940-1942
/30
as a
Goodwin
Y.
Savannah Sugar Refg
Vertientes-Camaguey
West Indies Sugar
820.
Goodwin
limited partner, the retirement
change in the firm name
limited partner, and the
Walston, C. P. Hoffman,
Claire
Hoelscher.
Sherman
and
C.
Hoffman is a
Russ, J.
M.
H. Menge, Jr. and E. D.
Muir have
/8X
1
6
dissolved the
organized Russ & Co. (a partner¬
ship), to conduct a general investment business with offices in the First
National Bank Building, San Antonio, heretofore occupied by the former
firm.
Associated will be the entire sales, trading and office organization
partnership of Buss, Roe & Co. and have
of the dissolved firm.
and Chicago, announce
their Chicago
office.
work in Chicago
relations counsellors in New
the appointment of Hugh
Mr. Donaldson has been
during the last 10 years and
York
Donaldson as Manager of
of Huff, Geyer &
office
formerly manager of the
Mr. Liston was
Ilecht, Inc.
prior thereto was for many years
& Co. in
Mills.
associated with the New York
Ledogar-Horner Co., Cleveland,
securities department of
corporate
engaged in public relations
recently has been associated
Steel Co. and General
Liston has become
L.
in charge of trading for
and
Mitchell, Herrick
Cleveland.
Levine has resigned to join
Broadway, New York.
association with Orvis Bros &
the organization of L.
Mr. Levine will direct
32 Broadway,
which emphasizes the strong
reference to
Punta
Co.. Harry A.
F. Rothschild & Co.,120
the activities of their cotton
prepared a circular
companies,with specific
Indies Sugar Corp.,and
New York City, have
position of Cuban sugar
Vertientes-Camaguey
Sugar, West
Alegre Sugar Corp.
Co. Inc. announce that
'
'
have become
—Edwin F. Cadiz, formerly
mmm
Howard V. Williams,
and Frank Y. McKenna,
formerly with Burr & Co., Inc.,
formerly with
associated with the firm.
Vice-President and manager of
the trading
-
mmm
department of G. A.
as
Saxton & Co., Inc. has
the firm of Bayles, Softye
Low & Co.,
that Max S. Wolfson
been admitted as a
& Co.
general
,
,
Stock Exchange, an¬
Arthur E. Rappeport have been admitted
Members New York
and
general partners in the firm.
—Frank C. Masterson &
V. T. Morse and
become
Co., announce that
Henry Vander Noot, all
Harry M. Kibbee,
Norvell
formerly of Lord & Widli, have
associated with them.
S.
Lebenthal, head of the Odd Lot
Lebenthal and Co. will return to
Municipal Bond Firm of
his desk next week after a
long absence
due to illness.
Coro.-l
—Herbert J.
Co. is now in
For footnotes see page
of the New York and San
general partners of the firm are V. C.
new
—Louis
Sugar Co
Nlquero Sugar—
33
Walston, Hoffman & Goodwin.
—Rosenbaum,
Stockt
Eastern Sugar
1951
5s
22 X
30
the admission of Claire V.
general partner, Claire C. Hoffman as a
—Strauss Bros.
mm m
mmm
Estates—
1947
Haytian Corp 4s
20X
NOTICES
—Walston & Co. of San Francisco, members
•—Schoonover, deWillers &
Wurtemberg 7s to
m
1948
1st mtge 4a
mmm
/•;'
/40
/8X
'
mm
Westlnghouae Bidg—
1952
00
Tollma 78
m
m
1951
1st 4Xs w-s
Apta—
■
■.
/45
/18X
Toho Electric 7s
Antllla Sugar Estates—
6s
1950
3s
'
■
and cotton seed oil departments.
mmm
4§"
.
iox
Wall A Beaver St Corp—
CURRENT
nounce
6s
29
'm
Walbrldge Bidg (Buffalo)—
m'm
•
38X
Sugar Securities
Baraqua Sugar
25
49
5s
1st income 3-5s
46
Lincoln Bidg lnc 5Xs w-e
due 1952 ($500 paid)...
partner in
Bid
x-s.1949
1st
iox
1955
1947
1956
Stettin Pub Util
m
25
2 Park Ave Bidg 1st 4-6s'46
1951
-—After 25 years continuous
15
/9
Bondt
23
m
9
18
/I0
/8X
Harz Water Wks
6s
Haiti 6s..
1958
m
.
Trinity BIdgs Corp—
Amott, Baker & Co., Inc.,
Hanover
85
39X
with the Carnegie Illinois
7s_—1946
18 X
/5
39
1955
Textile Bidg—
...
Catharina (Brazil)—
2d series 5s
Conversion Office
German scrip
...
9
/6X
4s scrip
8%
German
53
—Corwin
7s1967
mmm
/8X
50 X
Salvador
mmm
1948
Lefcourt Manhattan Bidg
1st 4-5s._
1948
''■mm
(Syracuse)
1st 3s
mmm
/8X
Rom
/3
7s..1946
22
3s
Syracuse Hotel
35
35X
—Glenn Griswold Associates, public
mmm
/8X
/8X
_—
—
1967
bank 6Xs
90 X
mmm
/8X
1933
Catb Church 6Xs '46
Rio de Janeiro 6%
'
mmm
9X
/8X
/8X
/8X
/8X
6s 1936
mmm
7s. '63
Frankfurt 7s to
1945
French Nat Mall SS 6s '52
1957
mmm
19X
mmm
(Ger¬
..1946
Prov Bk Westphalia 6s '33
68
mmm
/3X
/8X
many) 7s
/18
German Atl Cable
mmm
31
7s ctfs of deposit..1957
Farmers Natl Mtge
German
/8X
1956
1968
Protestant Church
/18
/3
7s Income
mm m
/56
1952
5% scrip..
7X0—-1966
1966
1967
7X« Income
In
18
1946
6X8
Poland 3s
European Mortgage A In¬
vestment
with stock
15
33 X
—A.
Porto Alegre 7a
13
18 X
/8X
/8X
Duesseldorf 7s to...—1946
mmm
89
/8X
Cundinamarca
17 X
/4X
Mtge 7s._
Panama
City Savings Bank
Colombia 4s
1950
limited partner.
fQ
/4X
87 X
13
Hotel 8t George 4s.. .1950
Claire
'
/4X
Panama City
Budapest 7s
mmm
Bk of
Hungary 7Xs
1962
National Hungarian A Ind
Oberpfals Elec 7s
Central German Power
1934
33X
30
to
Oldenburg-Free State—
78 to
1946
German Central Bk
Madgeburg 6s
3Xs with stock
The Madison Ave—
''
61 Broadway Bidg—
31X
Harrlman Bidg 1st 6s. 1951
Hearst Brisbane Prop 6s' 42
30
mmm
3X
Central Agrlo Bank—
see
37 X
37
1947
1st 3Xs...
mmm
Francisco Stock Exchanges, announce
Nat Bank Panama—
(C A D) 48... 1948-1949
Burmeister A Wain 6s. 1940
14X
/13
1966
1st 5X e(w-s)
...
mm
Municipal Gas A Elec Corp
Recklinghausen 70—1947
/47
Caldas (Colombia) 7 X»
Sherneth Corp—
60 Park Place (Newark)—
Graybar Bidg 1st lshld 5s '46
__
11 X
9X
3s with stock.... ..1956
mmm
Munlo Bk Hessen 7s to *45
19
1953
6Hs
61
Savoy Plaza Corp—
mmm
Munich 7s to
Brown Coal Ind Corp—
Buenos Aires scrip
18X
26
Fuller Bidg debt 6s...1944
1st 2X-4S (w-s)
1949
■%mm
/—
/35
scrip
18
16X
.1939
London Terrace
64
57
mmm
mmm
1*
1962
7Hs
mmm
mmm
'
Hungarian Bank
British
Montevideo
mmm
/8X
Merldionale Elec 7s-.1957
38
17
Lexington Hotel units....
mmm
61 X
1957
1st mtge 4s
37
36
1966
1st A gen 3-4s
Mannheim A Paiat 78.1941
/62
funding scrip
Brazil
10
1943
income
Roxy Theatre—
Lefcourt State Bidg—
1st lease 4-6Xs
1948
Lewis Morris Apt Bidg—
10
P
/7
/8X
/3
/8X
/8X
1943
Koholyt 6Xs
Land M Bk Warsaw 8s *41
6s
mmm
6s
7X
/5X
35
1400 Broadway Bidg—
1st 4s stamped
1948
1st 4s
5X
6
7s
mmm
mmm
18X
7s
mmm
34
'''■•■■mm
/7X
/18
/17X
Bolivia (Republlo) 8s_1947
%mm
lh
Jugoslavia 2d series 5s. 1956
1946
:
/4X
/4X
Hungarian Cent Mut 7s '37
'
/8X
Bavarian Palatinate Cons
Cities 7s to
Atk
Bid
Atk
f8
Antioquia 8s
60
Realty Assoc Sec Corp—
42 Bway 1st 6s
situation some of the quotations shown
59
1961
14
13
Film Center Bidg 1st 4s *49
40 Wail 8t Corp 6s.— 1958
nominal
25 X
/22X
Prudence Secur Co—
5Xs stamped
8Xs (stamped 4s)..1949
Foreign Unlisted Dollar Bonds
5X
58
1951
8eo s f ctfs 4X8 (w-s.'68
17X
lnc deb 5s ws
Due to the European
/4
16 X
16 X
52d A Madison Off Bidg—
1st leasehold 3s. Jan 1 '62
St., New York City.
Dept. B, Wm. B. Dana Co., 25 Spruce
48
185 Broadway Building—
mmm
5s 1952
60 Broadway Building—
let Income 3s
1946
Your subscription should be sent to
58 X
31
1 Park Avenue— !•''
...
500 Fifth Avenue—
The Bank and
31 X
56 X
46
Ollcrom Corp v to
mm'**
Deb 5e 1952 legended...
U. S. Territorial Bonds
30
6Xs series F-l
5Xs series Q
2d mtge 6a
Hotel units
Eqult Off Bidg deb
U. S. Government Securities
49X
6Xs series C-2
23
Eastern Ambassador
Title Guarantee and Safe
47 X
N Y Towers 2-4s—..I960
Dorset 1st A fixed 2S..1957
4X
3
.1956
5Xs series BK
51
21
1948
66 X
17
N Y Title A Mtge Co—
24
30
Court A Remsen St Off Bid
Stocks
■ells for 112.50 per year.
15X
Colonade Construction—
1st 3Xs
mmm
63 X
N Y Majestic Corp—
21X
1957
1st 48 (W-8)
mmm
84
...
4s with stock strap.
Cheseborough Bidg let 6s '48
Stocks
ties
59 X
1948
Chanln Bidg 1st mtge 4s '45
Public Utility Stocks
Investing Company Securities
29X
Brooklyn Fox Corp—
Federal Land Bank Bonds
Joint Stock Land Bank Securi¬
28
Broadway Motors Bidg—
4-6s
Canadian
Canadian
1st 5s (in
Metropoi Playhouses Ino8 f deb 5s...
1945
N Y Athletic Club 2s. 1955
1st leasehold 3X-5s 1944
Domestic
York and
Out-of-Town)
54
1947
1951
5s: Bklyn)
1st
18X
B'way A 41st Street—
Municipal Bonds-
Companies—
8~"
7
16 X
B'way Barclay lnc 2s._1956
of securities covered are:
Baumann—
Ludwlg
36 X
Beacon Hotel lnc 4s..1958
quotations are carried for all active over-the-counter
stocks
The classes
Ask
Bid
Ask
Bid
will probably find them In
monthly Bank and Quotation
bonds.
Certificates
Real Estate Bonds and Title Co. Mortgage
Lacy, formerly with J.
the trading department
Arthur Warner and Doty,
of J. F. Reilly & Co.
Fay &
The Commercial & Financial Chronicle
824
General
Aug.
9,
1941
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELUNEOUS
NOTE—For mechanical
it is
reasons
However, they
FILING
REGISTRATION
OF
not
are
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
STATEMENTS
Interest due Aug. 1 on the 5s, 1944, was
UNDER
SECURITIES ACT
The following additional registration statements (Nos.
4804 to 4809, both inclusive), have been filed with the
Securities and Exchange Commission under the Securities
paid.
Marine Midland Trust Co., as trustee for the company's 5% bonds, due
1950, placed a valuation of $6,663,791 on the collateral securing the $21.416,000 bonds of this issue outstanding. This is a collateral ratio of 31.1%
compared with 30.3% on May 1, last.—V. 153, p. 680.
Allis-Chalmers Mfg. Co.—50-Cent Common Dividend—
approximately
Directors declared a dividend of 50 cents per share on the common
stock, payable Sept. 30 to holders of record Sept. 8. Like amounts paid on
June 30, last, and Dec. 20, 1940, and on Sept. 30, 1940, and previously
(A. E.) Staley Manufacturing Co. (2-4804, Form A-2), Decatur, III.,
regular quarterly dividends of 25 cents per share were distributed.—V. 153,
p. 680..
//
Act
of
The
1933.
involved
amount
is
$8,232,725.
has filed
registration statement covering the proposed offering of 4,000
shares cumulative preferred stock, $5 series (no par), and 50,000 shares
common stock ($10 par).
The proposed offering of these blocks of stocks
does not represent new financing.
The preferred shares are being sold out
of the estate of the late Augustus E. Staley Sr., and the common by certain
trusts established by him.
Underwriters named are Smith. Barney & Co..
The First Boston Corp., Blair & Co., Inc., and Stifel, Nicolaus & Co., Inc.
A. E. Staley Jr. is President.
Filed July 30, 1941.
a
Amerada
(no par), but having an assigned value of $10 per share, 75,000
and 10,000 bearpr scrip certificates.
Of the stock registered,
131,630 shares are to be offered in exchange for common stocks of Wm.
Filene's Sons Co., Abraham & Straus, Inc., Bloomingdale Bros., Inc., and
the F. & ft. Lazarus & Co., subsidiaries.
The remaining 75,000 shares
are to be issuable against exercise of the 75,000 warrants.
(Further details
were given in last week's "Chronicle,"
page 689).
Edward C. Blum is
President.
Filed July 30, 1941.
Seneca Falls Machine Co. (2-4806, From A-2), Seneca Falls, N. Y.,
Airplane Manufacturing & Supply Corp.
(2-4807, Form A-1),
Burbank, Calif., has filed a registration statement covering 69,000 shares
of common stock (par $1).
The number of shares to be offered by the
underwriter consists of the 69,800 shares currently registered with Securities
and Exchange Commission, and 16,433 shares
previously registered with
the SEC.
Such aggregate of 86,233. shares are already issued and out¬
standing and are to be offered to public for account of certain selling share¬
holders, to be offered to public at arbitrary prices to be determined by
underwriter from time to time with regard to existing circumstances,
Such offering price will not exceed 125% nor be less than 110% of the
highest
bid price during the day of sale.
G. Brashears & Co., Los Angeles is named
underwriter. Earl Herring is President.
Filed July 31, 1941.
Bell Aircraft Corp. (2-4808, Form A-2), Buffalo, N. Y., has filed a
registration statement covering 100,000 shares of common stock ($1 par).
G. M.-P. Murphy & Co. will head an
underwriting syndicate of 11 firms
who will offer the shares publicly.
Net proceeds from the sale of the 100,000 shares of stock will be added
to the company's general funds and used for
working capital, including
the cost of engineering and research, the purchase of raw materials,
pay¬
ment of wages, salaries and other operating expenses.
As of July 15 1941,
the company's unfilled orders totaled about $86,000,000, of which about
$32,000,000 were for materials under contracts with the British Government.
The
following is
list of the underwriters and the number of shares each
has agreed to underwrite:
No. ofShs.
No. ofShs.
G. M.-P. Murphy & Co
Merrill Lynch, E. A. Pierce
17,500
& Cassatt
Schoellkopf, Hutton & Pome5,000
roy, Inc
Jackson & Curtic__
15,000
5,000
Hayden, Stone & Co
15,000
Auchincloss, Parker & RedBlyth & Co
15,000
path..,..
......3,000
a
Eastman, Dillon & Co
8,000
6,000
Laurence M. Marks & Co
Laurence D. Bell is President.
Emanuel & Co..
Union Securities Corp
,
•
3,000
7,500
Filed Aug, 5, 1941.
Standard Oil Co. of Ohio (2-4809, Form A-2), Cleveland, Ohio, has
a registration statement
covering 186,667 shares (par $25) common
stock.
These shares, will be offered by an
underwriting group including
F. S. Moseley & Co., Smith, Barney & Co., and Lee
Higgison Corp., are
being sold by the present owner, Ajax Pipe Line Corp. W. T. Holliday is
President,
Filed Aug. 5,1941 (further details on a subsequent page)»
The last
in
our
previous list of registration statements
was
given
$1,674,650
207,252
Total income
Deprec., depletion & drilling
169,372
$1,269,514
432,062
expenses
$^,274,311
1,680,669
$1,844,022
1,418,080
$1,701,576
1,346,348
$593,642
$0.75
$425,943
$0.54
$355,228
$0.45
Net income.....................
Earnings per share on common
—V. 152, p. 3331.
American
Airlines,
Inc.-—CAB Refuses to Reopen Mail
Pay Case—
A
-
petition of the
oral arguments
for the reopening of its mail pay case in either
further public hearings has been denied by the Civil
company
or
Aeronautics Board.
The company threatened by a retroactive rate decrease totaling over
$1,000,000, had asked permission to submit new evidence on the effects of
emergency on their operations and to permit the arguing of basic
questions which the Board has not yet answered with regard to its rate
the
making policy.
The Air Transport Association had circulated
among
submission of such
this matter is
in
the
further evidence
and
that
common
an
stock, payable Aug.
1270.
Board's
in
action
nautics Act of 1938."
Among questions which the company wished to argue with other air
transport companies were:
(1) Whether the Board should gauge its rates to bring the carriers only
a non-speculative return on the fair value of its
investment;
(2) Whether the Board would be justified in ordering a retroactive
decrease in rates which would entail a back payment from the airline to
the Government;
(3) Whether the Board should order depreciation of equipment over a
longer period because of the defense emergency, or whether, as the airlines
contend, the emergency should justify the airlines to depreciate their
equipment over shorter periods and in larger annual amounts.
Income Account Six Months Ended June 30 (Incl. Subs.)
1940
1941
Operating
Profit
on
revenues
$11,603,452
sale of flying
equipment.
108,010
$9,341,328
$6,399,020
$4,962,883
110,025
$11,711,462
Total.
1938
1939
$9,231,303
9,172,691
7,342,067
$6,399,020
5,241,415
$4,962,883
4,253,569
Balance
$2,538,771
Deprec. & obsolescence.
1,187,457
53,296
Estd. Fed. income tax..
431,300
$1,999,261
$1,157,605
820,745
56,610
580,080
81,428
81,900
$709,314
751,662
108,886
Expenses.............
Interest
Earns: per sb. on cap. stk
Note—No
234,500
provision made for
excess
$414,197 loss$15l ,234
$1.41
Nil
$887,406
$2.48
$866,717
$1.32
profits tax.
-
,
Passengers Carried—
Company set
high traffic record in July with a total of 113,624
passengers compared with 84,961 in July, 1940.
The line flew a total of
38,821,364 passenger miles compared with 29,507,321 in July a year ago.
—V
a new
153, p. 1414.
American Bank Note Co.—Earnings—
initial dividend of 50 cents per share on the
25 to holders of record Aug. 15.—V. 152, p.
Airplane Mfg. & Supply Corp.-—Registers with SEC—
See list given on first page of this
Alabama Power
Period End. June 30—
revenue..
Operating expenses
Taxes
Pro v. for
depreciation..
p.
3178.
6 Mos. End. June 30—
1941
Consolidated
1941
1940
1340
$614,840
*
v.
„
pref. stock
Balance
-V. 153, p. 234.
__
$8,297,048
4,782,891
$8,342,699
4,855,261
$217,519
195,178
$171,587
195,178
53,514,156
2,342,138
$3,487,438
2,342,138
$22,341
Net income._
def$23,591
$1,172,018
$1,145,300
Alaska Juneau Gold Mining
Co.—Earnings—*
Period End.
July 31—
Gross profit
Net profit
__
1941—Month—1940
$338,000
$.338,500
102,100
89,100
$2,629,900
833,700
$2,539,000
700,600
Includes other income and is after
operating expense and developing
charges, but before depreciation, depletion and Federal taxes.—V. 153,
234.
Alleghany Corp.—Collateral Appraised—
* appraisal of the collateral
securing company's 5% bonds, due
1944, by Guaranty Trust Co., as trustee for the issues, shows the value of
the collateral at $40,328,766 or
136.1% of the $29,633,000 par amount of
bonds outstanding.
This/compares with a collateral ratio of 130.1% on
May 1.
Continental Bank & Trust Co., as trustee for the
5s 1949, places a val¬
uation of $29,439,928 on the collateral
securing this issue or a collateral
ratio of 134.2% to the $21,938,000
par amount of this
on
$1,423,226
139,322
$511,759
$1,023,536
$315,896
$1,283,904
$398,729
19,325
11,794
90,160
50,442
40,993
$1,042,861
83,413
$417,850
82,952
$1,334,346
153,433
$439,722
115,531
51,500
8,425
325,556
252,500
Div.fromfor'nsub--
May 1 had
a
—
Total Income
Pref.div.—for'nsub.—
_
Fed. &for'n inc. taxes.
Fed. excess profits taxes.
205,500
_
252,500
Net profit
Preferred dividend
$501,448
134,870
issue outstanding.
value of 127.56% in relation to
______
$283,398
134,870
The above figures do not include the results
subsidiary for the month of June, 1941.
a
a$594,432
134,870
113,030;
10,110
78,348
——
$235,733
134,870
64,994
64,994
_
of operation of the British
Note—The provision for Federal income and excess profits taxes for the
second quarter of 1941 has been determined in accordance with the Revenue
Acts of 1940, and in addition, includes an amount of $120,000 in anticipation
of increases in such taxes for 1941.
net
Company
1941
1940
$708,931
$278,556
53,117
36,375
Earnings-Depreciation
Profit
Miscell. income
$40,000 is applicable
to
$296,621
118,200
233,800
45,500
$849,794
85,869
6,740
207,431
$282,014
profits taxes.
a
$337,861
53,880
$238,481
a$315,954
30,612
Netprofit--.
See note
$274,566
22,055
-
Fed. & for. income taxes
excess
$823,164
26,630
$664,626
__
Fed.
$242,181
5,520
90,160
/
Total income.
Other deductions
Pref. div.„ for'n sub
Consolidated
1941
1940
$899,220
$331,071
76,056
56,505
$655,814
8,812
_
Div.fromfor'nsub.
a
Of this amount
profits for the first quarter of 1941.
Z Mos. End. June ZQ—
1941—7 Mos.—1940
a
Collateral under the 1949s
the par amount of bonds.
$388,672
72,776
Common dividend.
$574,792
403,204
397,321
Earnings
$1,129,767
Depreciation...:......
106,231
Other deductions
1941—Month—1940
1941—12 Mos—1940
$2,117,454
$1,843,814 $24,142,776 $22,762,415
954,844
771,502
8,228,931
8,872,106
309,505
259,155
4,114,222
3,454,456
238,265
238,365
2,859,400
2,736,330
Int. & other deductions.
on
department.—V. 151,
Co.—Earnings—-
Gross income
p.
the
public interest and consistent with the Civil Aero¬
Profit.
Miscellaneous income
Directors have declared
a
list
...
the
Company
Divs.
a
in the case if further hearings were allowed.
The Board gave no reason for denying the petition other than stating
that it "sets forth no sufficient ground for reopening the record
for
issue of Aug. 2, page 680.
Aetna Standard Engineering Co.—Initial Dividend—
Gross
its members
of these questions explaining their importance to the industry and indicated
it believed the other airlines should ask the Board for permission to intervene
Net profit..........
filed
1949
$2,514,132
1,244,618
$2,067,060
Operating income
has filed
a registration statement
covering 225,000 shares of common stock
(par $1) Brown, Schlessman, Owen & Co., Denver, Colo,, has underwritten
all of the 225,000 shares, at $4 per share, and has advised
company that
it proposes to sell to Burr & Co., New York, a
50% participation in sad
225,000 shares, at the underwriters' price of $4 per share.
The shares will
be offered to the public at $5 per snare.
The entire net proceeds will accrue to certain
selling stockholders, who
are selling such shares,
already issued and outstanding, to the underwriter.
M. A. Collidge is President.
Filed July 31, 1941.
1940
$3,136,221
1,461,571
-
Other income
Federated Department Stores, Inc. (2-4805, Form A-2), New York,
filed a registration statement covering 206,630 shares of common
warrants
$3,643,054
1,575,995
1941
Taxes, leases abandoned, &c
has
stock
Corp. (& Subs.)—Earnings—
Quarter Ended June 30—
Gross operating income
76,104
5,315
57,841
233,800
$157,361
above.
.
10-Cent Dividend—
Directors have declared a dividend of 10 cents per share on the
stock, payable Oct. 1 to holders of record Sept. 11.
Like amount
common
was
paid
Volume
on
The Commercial & Financial Chronicle
153
July 1, last, this latter being the first dividend paid on the common
shares since April 1, 1939, when
similar
amount was paid.—V.
American Barge Line Co. (&
a
Net profit
Earnings
1
-
per
statement.—V.
1941
share...
1940
$369,271
$1.23
6 Months Ended June 30—
b
152, p. 3640.
Subs.)—Earnings—
$269,219
$0.90
Earnings for the First 6 Periods of 1941
.
,$1,532,730
.•Net
Cost of sales
1,170,126
Gross profit
Selling and administrative
$362,604
176,926
........
expenses..-......:
.....
$185,678
28,391
Operating profit
Non-operating income and deductions
50,061
Provision for Federal income taxes
Net profit
Provision for preferred dividends.......
Net profit on common stock.
$107,226
36,820
....
...... ........
__.
$70,406
...
Company's 13 period fiscal year ends Nov. 28, 1941.
Note—Net sales for corresponding period of 1940 were $1,218,491.—V.
p. 1903.
152,
American
1941
Net operating profit
Dividends, interest and discounts
Royalties, licenses and service charges.
$11,335,211
350,479
96,100
16,112
a
n
Other earnings (net)...
Total
$11,797,902
Depletion and depreciation
2,418,401
Research and process development expenses
1,518,895
Int.and amortization charges on funded & other dt.
205,252
Net income
on
per
....
$7,554,465
1,786,693
1,218,014
230,085
$4,319,673
1,462,000
500,000
$2,357,673
117,030
$2,436,207
2,618,364
$0.93
$2,240,643
2,618,365
$0.85
After retroactive adjustments for higher taxes and contingency pro""
as reflected in the audited statement for the year.
Note—The net income as above does not include the equity in the un¬
a
visions
distributed
income
net
of
Associated
(50%
companies
owned
or
less).
—V. 152, p. 3332.
Co., Inc.—Sale of Foreign
Weighed—
Company, it is said, is negotiating with the Chilean Government for
properties in that country, but officials considered the
too problematical at this stage to venture any comment.
Dis¬
patches from Santiago said that the Government had announced its decision
to buy electric and traction companies, representing an investment
by
United States stockholders.—V. 153, p. 541.
the sale of its utility
matter
American-Hawaiian Steamship
Co.—Earnings—
Operating revenue.
Operating expenses
-
8,457,212
...
Total income
Provision for depreciation
Provision for contingencies ......
248,228
$2,013,355
289,460
250,000
397,692
$1,615,663
al,276,874
......
:
Gain from sale of capital assets.
$1,765,127
$3,269,448
......
$3,585,814
$3,808,908
.......
8,525,075
223,094
Net profit from operations
Other income
....... _________
...
$3,269,448
Profit
$2,892,537
794,000
863,000
392,211
Provision for estimated Federal taxes:
Normal income tax—Under Rev. Acts of 1940-
_
Excess profits tax—Under Revenue Acts of 1940
Estd. add'l taxes based on pending legislation. _
683,051
366,000
$1,252,448
$1,817,275
871,600
436,850
$2.87
$4.17
a Proceeds from sale of six ships in excess of book
value, b On 435,800
shares of capital stock, $10 par.—V. 152, p. 3640.
Net profit
Dividends paid
b Earnings per
share
American Home Products
Corp.—$5,000,000 Debentures
Privately—The company has sold privately $5,000,000
15-year 3*4% sinking fund debentures, dated July 1, 1941.
Proceeds will be used to pay bank loans and for additional
working capital.
Manufacturers Trust Co. has been ap¬
pointed trustee of the issue.—V. 153, p. 681.
Placed
American
Light & Traction Co. (& Subs.)—Earnings—
12 Months Ended June 30—
Gross oper. earns, of subs, (after
company transfers)
General operating expenses
1941
1940
eliminating inter¬
$48,577,990 $44,779,627
26,631,365 24.507,479
2,269,882
i,248,845
3,574,229
3,405,794
2,199,192
General taxes........————4,656.042
1,425,488
4,533,348
$9,247,280
146,809
$8,658,674
Dr20.831
$9,394,089
$8,637,843
Maintenance
———...
Provision for depreciation
Federal and State income taxes
Net earns, from operation
—
of subsidiaries
Non-operating income of subsidiaries ...
__
Total income of subsidiaries.
Interest, amortiz. and preferred
dividends of subs.
4,158,lo6
4,221,965
$5,235,933
Balance
$4,415,878
stk.
11,157
10,249
Equity of A. L. & T. Co. in earnings of subs
Inc. of A. L. & T. Co. (excl. of inc. rec. from subs)
$5,224,777
$4,405,629
Proportion of earns, attributable to min. com.
Expenses of American Light & Traction Co—...
Light & Traction Co..
—
Taxes of American
Balance......
.........
Holding company interest deductions
Dividends on preferred stock
Additional Fed. inc. tax accrual in
increase in tax rates.
1,611,613
1,547,466
*6,836,390
Total
,
$5,953,095
240,290
197,874
249,658
252,627
$6,346,442
60,833
804,486
$5,502,594
61,000
804,486
anticipation of
269,/14
(consolidated) for common stock..
$5,211,408
Consolidated earnings per share of common stock.
$1.88
Balance
$4,637,108
* $1.68
computed for current periods are based on
rates imposed by the First and Second Revenue Acts of 1940.
For com¬
parative purposes, adjustments made in 1940 to reflect successive changes
in tax rates have been allocated over entire calendar year.
Additional
Note—Federal income taxes
1940
$778,564
$447,782
426.311
754,576
866,031
Total income
Interest-
$1,791,498
$1,533,141
$1,313,813
108,250
163,840
33,295
130,856
144,050
77,806
114,839
160,249
35,580
1941
40,784
Administrative and selling expense._
Taxes other than income
Amortization of investment
Payments under employees' annuity
36,449
79,526
38,320
147,002
Prior for
185,000
118.589
132,000
135,121
126,020
146,250
10,313
Cr3,238
Cr8,660
341,883
Drl,286
222,860
Crl,599
132,205
$646,588
$0.44
$538,377
$0.36
$520,263
$0.34
^Plan
84,828
reserve for contingencies
Adjustment of metal price fluctuation
and normal stock reserve.....
.....
Net profit..
Earnings
per
share
on common
stock.
Consolidated Earnings for the
Cr478
Six Months Ended June 30,1941
$2,816,027; other income, $822,305; total income, $3,638,332;
$221,701; payments under em¬
ployees' annuity plan, $136,952; taxes (other than income taxes), $332,176;
United States and foreign income taxes, $628,182; depreciation, $293,507;
depletion, $166,770; amortization and write-down of investments and
mining properties, $61,360; provision for contingent reserves, $358,318;
minority interests' C'r$5,315; net income, $1,434,051.
Note—Earnings per share of common stock after preferred dividend
requirements, $1.00.—V. 152, p. 3484.
Profit,
administration and general expenses, &c.,
American Power & Light Co.—Details of Integration
Plan, &c.—Howard L. Aller, President, in a letter to stock¬
holders July 23 states:
me to report concerning the present prob¬
confronting us as directors and you as stockholders which arise from
proceedings involving company being conducted by the Securities and
Exchange Commission under Section 11 of the Holding Company Act of
1935.
Soon after the introduction in Congress of the bills which resulted
in passage of the Act,
stockholders were advised by special letter of
March 4, 1935, of the introduction of these bills and that their purpose
was
to "compel the liquidation of company and other similar holding
companies" and of the impact of the Act upon their investment.
The
warning was repeated in the annual report for 1934, dated June 7, 1935.
In the report for 1936 it was stated "the continued existence of company
at least in its present form, is endangered if the major provisions of the
Act are held valid and applied to company."
In the annual reports for
1939 and 1940, stockholders have been advised of the present proceedings
The directors have authorized
lems
under the Act.
1941
1940
$12,043,025 $10,290,201
6 Mos. Ended June 30—
Profit-
1939
$1,365,187
the
American & Foreign Power
Power Assets
(& Subs.)—Earnings—
Profit before charges
Other income
U. S. and foreign income tax.
1,700,000
....
American Metal Co., Ltd.
3 Months Ended June 30—
Minority interest
213,714
share
paid
73,879
3,30,5,433
stock....
quarterly dividend of 20 cents per snare on the com¬
stock, both payable Sept. 1 to holders of record Aug. 20. Like amounts
on June 2, last.
Extra of 1ft cents paid on March 3, last one of 30
cents was paid on Dec. 2, 1940 and extras of 10 cents were paid on Sept. 1
and on June 1,1940.—V. 152, p. 3168.
V
mon
19,457
$2,649,921
on
preferred stock
Balance applicable to common
American shares outstanding
Earnings
281,138
...
foreign taxes
■Net income
Dividends
al940
$7,179,991
income
$7,655,354
Provision for Federal and
Provision for contingencies
American Laundry Machinery Co.—Extra Dividend—
an extra dividend of 80 cents per share in addi¬
Directors have declared
tion to the regular
Depreciation
Depletion.,
Cyanamid Co. (& Subs.)—Earnings—-
6 Months Ended June 30—
Corp.—New President—
Corporation announced the election of George A. Johns, as President.
Mr. Johns succeeds William S. Grove who has resigned.
The new president
has been associated with the company since 1926, and for the past few years
has been Vice-President and Sales Manager.—V. 151, p. 3332.
American Box Board Co.—Earnings—
.
153. p. 541.
American Insulator
-
a
After interest, depreciation, Federal income taxes and in 1941 excess
profits tax.
b On 300,000 shares of common stock.—V. 152, p. 3960.
825
accruals for current period have been made on the books of operating sub¬
sidiaries in anticipation of increases in income tax rates for the year 1941.
Such additional provisions are separately statea at the bottom of the above
•
Before approaching the immediate
review the history
problems it may be well briefly to
and accomplishments of yoor company.
1905 the General Electric Co. organized the Electric
Bond & Share Co. to take over the securities of certain public utilities which
Organization—In
acquired by the General Electric Co. in connection with the sale
apparatus to these utilities.
The General Electric Co. had
difficulty in disposing of these securities due to the general unpopularity
of such securities with
investors.
Public utilities, especially those in
smau communities remote from financial
centers, found it very hard to
raise funds and particularly equity money for their expansion through the
sale of their own securities to the public.
Pursuant to the plan of corporate
structure set up for the financing of these utilities, Electric Bond & Share
Co. organized American Power & Light Co. over 31 years ago, as one
of its holding company subsidiaries, for the purpose of financing the acquisi¬
tion and development of public utility companies including certain of those
which had been acquired from the General Electric Co.
The properties
first so acquired were several small electric and gas properties in the States
of Kansas and Oregon having a combined annual gross revenue of about
$2,500,000.
had been
of electrical
Ownership—The common and preferred stocks of American Power &
(sometimes called American) are owned by some 34,000 stock¬
the States of the United States, in five of
its foreign possessions and in 25 foreign countries.
Electric Bond & Share
Co. is the largest of these stockholders.
It owns 20.7 % of the outstanding
shares of stock.
More than half of these stockholders own 25 shares or
iess
each and only three-tenths of 1% of them own 500 shares or more
each.
The largest stockholder, other than Electric Bond & Share Co.,
owns about six-tenths of 1% of the outstanding stock of American.
Light Co.
holders who are located in all
American—From the smail beginning in 1909 American con¬
the acquisition of additional properties,
This growth and development may be
visualized from the few following facts, given in approximate round figures,
embracing American and its subsidiaries;
Growth of
tinued to grow and prosper through
their development and expansion.
1940
1910
Number of communities
v
.
10
41
500
427
1,447
14,DUG
403,000
3,929,000
served-
Number of employees
Population served.
16
3
Number of operating utility direct subsidiaries.
Number of companies and properties acquired
and coasolidated to comprise the above subs.
55.000
1,067,000
27,000
1,430,000
Gross annual revenues consolidated
$2,500,000 $108,000,000
Record of Earnings—What has been the record of earnings for the in¬
vestor in the securities of American Power & Light Co. and its subsidiaries
Number of gas
and eiectric customers
capacity in kilowatts
Totai generating
during this period £
■■■,..
.
.
■,
,
.
(1) Interest Payments—There has never been a default by American
Power & Light Co. or any of its utility subsidiaries in tne payment of
„
bond, debenture, loan, note or other interest-bearing security
public.
Every dollar of such interest, totaling some
$270,000,000, has been paid punctually on the due date.
(2) Payment of Principal of Bonds and Debentures—Bonds and deben¬
tures in the principal amount of some $600,000,000 have been sold to the
public by American and its subsidiaries or were outstanding at the time
of the acquisition of subsidiaries.
Of these, all maturing obligations have
been paid on or before the maturity date except three issues with a total
principal amount of some $22,000,000, the maturities of which have been
extended for a period of time.
The three extensions were caused by the
maturities coming at a time when the operating companies had not re¬
covered from the effects of the recent long depression.
Of these three,
one was paid before the extended maturity date, and the other two have
about nine years to run to maturity.
(3) Payment by Subsidiaries of Preferred Dividends—I here are out¬
standing in the hands of the public preferred stocks of American's subsidiaries in the amount of some $110,000,000.
American's subsidiaries
have paid some $100,000,000 in preferred dividends to the public.
From
1909 to 1932 dividends were paid quarterly in full on every share of such
stocks
During the recent Repression and beginning in 1932 and 1933,
four of the electric subsidiaries and one gas subsidiary deferred certain
preferred stock dividends for a period.
The deferring of these dividends
was largely due to the necessity for conserving cash for construction needs
during the period when puolic financing for such needs was practically
interest on any
outstanding with the
,
The Commercial & Financial Chronicle
826
All of the arrears on such preferred stocks of the electric
There remains only the gas subsidiary with
its preferred stoc*c.
American has recently made further
investment of $600,000 in the common stock of this gas subsidiary to assist
the expansion of its chemicai by-products plant with the hope of revitalizing
impossible.
subsidiaries have been paid.
any arrears
on
its business.
(4) Payment of Dividends by AmericarP— American itself earned and paid
full dividends for 23 years, from 1900 to 1933, on its
outstanding preferred
paid common dividends from 1913 to 1932.
Since Jan. 1, 1933,
American has paid partial preferred stock dividends which have averaged
about 60% of the full rates, and in 1939 and 1940 paid 87% and 871^%
of the full rates, but, of course, it has paid no common dividends since
1932.
Since its organization American has paid in cash a total of some
stocK and
$97,000,000
as
preferred stock dividends and has paid in cash and stock
some $38,600,000 as common stock dividends.
The failure to pay the
full preferred dividends in recent years, following the partial recovery of
business from the darkest depression period, has been largely attributable
to two causes, the increased burden of taxation and the direct or threatened
competition with hydro-electric projects constructed with funds furnished
by our Federal Government.
American's subsidiaries have had to face
without deduction of paxtial costs allocated to
other purposes, some $44,000,000 of Federal funds have been expended
in Texas to build hydro-electric projects on the Brazos and Colorado rivers,
$60,000,000 have been spent on Nebraska hydro-electric projects and
$300,000,000, exclusive of cost of future irrigation works, will have been
spent on the Bonneville and Grand Coulee projects in Washington and
Oregon winch will have a capacity of some 2,500,000 kw. of hydro-electric
such competition where,
power.
Under
normal
conditions
and
with
a
fair
solution
of
the
difficulties
arising from competition witn Federally financed projects and from the
problems with other Government agencies, there would be reason to hope
that American could be rastored to a full preferred dividend paying
basis,
with
compensated for, and that thereafter there could be a re¬
sumption of common dividends.
Therefore, viewed as a whole and over the long period of 31 years of
American's existence, it would appear that what American has produced
and developed as a business enterprise has been
exceptionally successful
from the standpoint of the investor in the enterprise.
arrears
Benefits to the Public—What public service has been rendered during this
period?
From the small beginning with the inefficient isolated plants and systems
of 1909, there have been built large hydro-electric and steam
plants of
modern and efficient design.
There are 36,00J miles of distribution lines
and 10,000 miles of transmission lines which serve and interconnect these
systems.
American has been one of the leaders of the country in the con¬
struction of high voltage transmission lines.
At the present time, when
demand is being made by Government authorities for more high voltage
transmission lines in the interest of conservation of our national
power
resources, it is found that American's system has over four times as many
miles of such lines per kilowatt of generating capacity for the intercon¬
nection of its own system and for interconnection with other
systems as
the average for the entire electric utility industry in the United States.
The service has been reliable, continuous and ample to meet all demands
made upon American's subsidiaries.
The properties have been
kept abreast
of the rapid improvement of the art and have been well maintanied and
operated by a large and efficient organization, now consisting of some
14,000 employees.
The use of the service has been continuously expanded
with inestimable social benefits and the cost of the service has been
con¬
tinuously and greatly reduced.
The average rate for residential service
on American's
system has been reduced from 12.4 cents per kwh. in 1910
in 1940.
Kate reductions even during the last five
years of rapidly rising taxes and other costs nave totaled some $11,000,000
of annual savings to the customers of the subsidiaries of American.
to 3.5 cents per kwh.
Where
This
Has Been Done—These accomplishments have not
been
in
the thickly settled portion of our country.
American's subsidiaries serve
largely the smaller cities, towns, villages and hamlets.
They serve elec¬
tricity to a total of 1,354 communities, 1,205 of them having a population
of less than 2,500 each and only seven
having over 100,000, of which the
largest has a population of about 300,000.
They are located in widely
different sections of the country.
It has been demonstrated that the
different kinds of businesses, crops and industries in
widely separated
sections give to American and its family of subsidiaries a valuable
diversity
and, therefore, stability, and it has been considered that this more than
offsets any disadvantage incident to the distance between these
properties.
For example, if the wheat crop in Kansas should be
poor,
thus adversely
of other
affecting the earnings of the Kansas subsidiary, the earnings
subsidiaries may counteract such effect since they are
largely dependent
in Texas, the tourist trade of Florida,
upon such factors as the cotton crop
the iron
ore
production in Minnesota,
production in Montana.
But what have been the achievements of American Power &
Light Co.
and its subsidiaries during the last 10
years—the period of the great national
depression and partial recovery ?
or copper
Progress Toward Recovery in Recent Years-—These subsidiaries have been
able to meet unavoidable increases in
operating costs.
They have borne
a staggering increase in taxes.
These taxes have increased from $7,800,000
in 1930 to $17,800,000 in 1940.
This increased tax burden alone is more
than equal to full annual dividends
American's preferred stock or it is
equal to some $3.30 per annum on each share of its common stock.
The
physical properties have been maintained in first class condition and have
been expanded to meet the public need.
Over $48,000,000 have been spent
and added to the plant accounts of the subsidiaries
during the past eight
years while, during the same period, the debt has been reduced
oy almost
$10,000,000.
Reserves for the replacement of property have been increased
on
some
$35,000,000 during the past decade.
Rates to the consumers have
been reduced constantly and for a
long period of years have been sub¬
stantially less than the national average in spite of the fact that American's
subsidiaries serve chiefly parts of the
country with a low density of popula¬
tion, and sparsely settled areas generally are more expensive to serve than
densely populated areas with the exception of the largest cities having great
underground distribution systems.
Although rate reductions affecting
annual revenues have totaled over
$14,500,000 in the past 10 years, the
annual gross revenues of the American
system have increased from $87,000,000 to $108,000,000, or 24%, and the record of
earnings, interest and
dividend payments has been
creditable, as recited above.
There are some
$37,000,000 of cash and cash equivalent securities in the treasuries of the
American system and of this amount American alone has
some
$16,000,000.
Physical Assets Back of American's Investment—There are
outstanding
and owned by the
public some $46,000,000 of American's long-term debt,
some 1,770,000 shares of its non
par preferred stock and some 3,000,000
shares of its non
par common stock.
The stock and debentures are held
y
some
or its
45,000 security holders.
These securities represent capital of
$260,000,000 on American's books, largely invested in the securities
subsidiary operating utility companies.
The aggregate of the plant
nRn°^8
subsidiaries is $780,000,000 and their total assets $836,If there be deducted from such totai
assets the amounts of all
debts, capital stock and liabilities
outstanding, which are not owned by
American, and also all reserves for the
000,000.
other purposes, there remains some
books
of
replacement of property and for
$303,000,000 of stated value on the
American's subsidiaries against American's investment in these
In other words, after
providing for all their liabilities, the
stated Plant account and assets of
American's subsidiaries more than
support the full stated value of ail of American's
subsidiaries.
outstanding securities.
...
?aay be asked how real and substantial
sidiaries
that
support
The amounts
the
full
stated
value
are
the assets of these sub¬
of
American's investments.
the books of certain of American's subsidiaries
as
placed on
representing the value of the plants acquired at the time of
acquisition
by these subsidiaries were
substantially greater than the cost to American
S
^dividual properties acquired.
The amounts so recorded repre¬
plants, all elements of value considered.
the aggregate earned a reasonable return on
such value and,
if the properties were to
be reproduced today, estimates indicate that the
su
reproduction in the aggregate would be
substantially greater
than the amounts on the books
of the subsidiaries for
plant and property.
I he values inherent in the
plant accounts of American's subsidiaries at
j
sented
the value stated for such
1 hey have in
Eresent costs to be in the aggregate substantially in excess been estimated
of reproduction less depreciation have thus of the amount
y engineers
necessary
sidiary
of such
fully
to
support
American's stated
investment
companies after full provision for all claims of
other
in
these
sub¬
security holders
subsidiary companies.
This briefly is the 31-year record and the
present status of a solvent
and successful business
enterprise.
American is in a strong cash position
and is able and willing to devote its
resources in
assisting its subsidiaries
to supply electric power for essential national
defense purposes in
many
Aug.
9,
1941
parts of the country.
Company has contributed in a large way to the
welfare of the nation, to the communities and peoples served, to its large
body of employees and also to the investors who have furnished the capital
of this possible.
Notwithstanding these favorable facts, company is faced with a very
uncertain future, occasioned chiefly by the impact of the Public Utility
Holding Company Act and particularly Section 11 thereof.
to make all
.
The Public Utility Holding Company Act—The Public Utility Holding
Company Act was passed in August, 1935.
Section 11 of the Act provides
breifly, (1) that public utility holding companies may control only a single
"integrated public utility system" and such additional systems as the
Commission may permit them to retain on finding that they conform to
certain specified requirements and (21 that the Commission shall require
holding companies and their subsidiaries to take such steps as the Com¬
mission shall find necessary to insure that the corporate structure or
continued existence of any company in the system does not "unduly or
unnecessarily complicate the structure, or unfairly or inequitably distribute
voting power" among security holders of the system.
The requirements
of additional systems which a company may be permitted to retain are
that (A) each of such systems cannot be operated independently without
the loss of substantial economies; (B) all such additional systems are located
in one State or in adjoining States; and (C) the combination of the systems
is not so large as to impair localized management, efficient operation or
effective regulation.
"Integration" Provisions of Act—With respect to the economic and po¬
litical philosophy underlying the legislation, it may be said that, as originally
introduced in Congress, the bill was predicated upon the hypothesis that
the public utility holding company was intrinsically an evil thing and
should be destroyed.
While the Act was under consideration by Congress,
this view became radically changed and, in the form as utilmately passed,
the Act is based upon the theory
that specific practices of public utility
holding companies have been or may be detrimental to the public
and that, to eliminate abases, the public utility holding company
welfare
should
Federally regulated and its operations confined by geographical and
economic limitations to be specifically defined by the Commission.
Conse¬
quently, the Act established h rigorous system of regulation of holding
companies and their subsidiaries by the Commission, particularly in financial
matters, and in addition thereto, provided in Section 11, as above stated,
for the limitation of the field of individual holding company operations
to "a single integrated public utility system" and such permissive additional
systems as should meet the standards above described.
be
11, with other related sections of the Act, leaves wide latitude
interpretation to the discretion of the Commission in defining the limits
integrated public utility systems.. Until recently it was hoped and
widely believed in the industry that the Commission, recognizing the everwidening territorial and economic boundaries in which single systems could
efficiently function, would adopt an interpretation of this section which
would permit the creation of major regional systems, whose size would be
limited only upon proof that greater economies, more effective regulation
cr more advantageous management would result from such limitation of
size.
However, the positions so far taken by the Commission's staff in
many cases indicate an interpretation of the statute which would confine
the limits of individual holding company operations to a much narrower
Section
of
of
field.
Registration Under Act—The Act requires public utility holding companies
register with the Commission.
After litigation concerning the constitu¬
tionality of the Act as a whole, the United States Supreme Court, in
March, 1938, held the registration provisions of the Act to be constitu¬
tional, but declined to pass on other provisions of the Act.
Accordingly
your company registered with the Commission.
to
Plan for Integration Filed 1938—American Power & Light Co. in No¬
vember, 1938, filed with the Commission a comprehensive, though tentative,
plan of integration of electric utility properties in its system as part of a
general integration plan for properties in the Electric Bond & Share system.
This plan envisaged the creation from the present Electric Bond & Share
system of three major integrated electric systems located generally in the
North Central States and Atlantic Seaboard, the South Central States,
and the Pacific Northwest States, regardless of intermediate holding com¬
pany ownership of the constituent parts of the system.
It was believed
that if some such systems as proposed were created, company would properly
play an important part in their creation, and probably in the subseqeunt
control and administration of one of the resulting integrated systems and
that, given the physical basis upon which the corporate structures should
rest, any necessary or desirable readjustment of corporate structure could
be made.
However, no opportunity has been afforded to obtain a solution
of the problems on the basis of the plan of integration proposed in November,
1938.
^
Present Proceedings
y.v;
11 of Act—In 1940 the Commission
Under Section
instituted proceedings against company and associated holding companies
under the integration provisions and the provisions relating to simplicity
of corporate structures of the Act.
While
no
hearings have been held with
respect to the former, extensive hearings have been held under the latter
and are still in progress.
In this latter case the issue is presently confined
whether the corporate existence of company should be discontinued to
to
insure
simplicity of structure and
Electric Bond & Share Co. system.
While
fair
distribution
of
voting power in
the
Supreme Court has not passed on the constitutionality of
Section 11 of the Act and expressly left the question open for later deter¬
mination if it should be raised, counsel are of the opinion, whatever doubts
or convictions may be entertained as to the constitutionality of this
section,
that, in the existing circumstances, it is desirable to endeavor to arrive
at some reasonable plan of compliance with the section which will preserve
for tne stockholders the substantial values in the company's holdings.
Counsel, therefore, has recommended to the board of directors the filing
of a plan with the Commission to achieve such objectives.
Counsel are further of the opinion that unless some such plan as here
proposed is approved and adopted, and if the Commission should order
the dissolution of company in the present proceedings and be sustained
by the courts, there may result a sale of all its assets, and a distribution,
first, in payment of debt, second, to preferred stock, including arrearages,
and the balance, if any, to the common stock.
Your board of directors is of the opinion that, in view of the distressed
world conditions, the disruption of our domestic economy caused by the
war and the defense program and the absence of
satisfactory markets for
securities, such a dissolution would result in sacrifice of values in the
company's holdings to the detriment of both preferred and common stock¬
holders.
Accordingly, directors have filed a plan with the SEC and it is
desired here to give its general tenor and the practical reasons which,
in
the
plan
opinion of directors, made such action desirable.
No such
become operative until it has been approved by the SEC and
can
then approved by stockholders.
It is anticipated that under the plan it
securities of certain of the subsidiaries which
will be possible to exchange
are held by American company
presently outstanding securities of American company,
or to sell only such limited amount of American
company's assets as may
be found desirable for the discharge of part or all of American
company's
debt or to such other extent as may be in the interest of stockholders of
American company, and thereby the losses would be substantially less than
for
some
of
the
would result from a sale of all of American company's assets under
present
market and world conditions.
After such limited exchange or sale of
securities, and the determination of such integrated public utility system
or systems
as
American company may be entitled to retain, the plan
proposes, in effect, to distribute the remaining securities, consisting prin¬
cipally of investments in the stocks of public utility subsidiaries, to the
stockholders of American company in proportion to their rights as deter¬
mined upon the reclassification of stock.
Outline of Plan
The present stock capitalization of American Power & Light Co. shall
be revised to consist of a single class of common stock.
This stock shall
be issued to present preferred stockholders on the basis of one share of
new
stock (or a convenient multiple or fraction of such share)
presently outstanding share of preferred stock, and an additional
stock (or conveninent multiples or fractions thereof)
$100 of arrearages on the present preferred stock, calculated to
the effective date of the plan.
Whether any differential shall be allowed
in favor of the $6 preferred stock over the $5 preferred
stock, in addition
to the greater number of shares resulting from
larger dividend arrearages,
common
for each
share of
for each
new common
is left for future determination.
The present common stock is to be awarded
such participation in the new common stock as may be determined to be
fair and equitable.
The exact amount of differential, if any, to be awarded
the $6 preferred stock over the $5 preferred stock and the amount of
par¬
ticipation to be awarded the
the plan progresses.
common
stock will be determined
as
work
on
Volume
The
153
The funded debt of the company is to
be discharged or otherwise
available cash on hand and the sale or exchange
for from
provided
of securities in
Section 11 of the Act, with particular reference to the subsidiary operating
utility properties which may be retained by the reorganized company.
Reservation of
the company's portfolio.
Upon the completion of the recapitalization and discharge or provision
debt, the company will select and retain from its present
for the funded
systems such "integrated public utility system," or systems,
entitled to retain under the Public Utility Holding Company
distribute the stocks of the remaining
as it may be
Act, and will
the new
subsidiaries to the holders of
capital stock in proportion to their respective holdings, either directly or
through the creation of such new companies, or combinations of existing
companies, as may be found desirable and practicable.
As a result, present
stockholders will have certificates for shares or fractional shares of stock
and in the other companies, not sold or ex¬
changed, proportionate to their present holdings as reflected in the re¬
in
827
Commercial & Financial Chronicle
the reorganized company
Rights—The plan has been submitted with full reservation
rights of the company, its subsidiaries and its
of legal and constitutional
and their security holders.
Proxies
is
the plan
determination of stockholders.
Solicited—The problems presented, if
Consents Not
or
by the Commission, are for
approved
not
the interest of economy a copy of the plan in its present form is
distributed to stockholders but may be obtained on request.
This letter
is for information only.
It is not a solicitation for any proxy, consent or
In
such action will be re¬
or for approval of the plan.
No
quested of stockholders unless and until the plan
authorization,
event, a copy of the
stockholders.—V. 153, p. 541.
and, in such
is approved by the SEC
approved plan will be distributed to
classified stock.
plan is not to become effective except upon
90% of the company's $6 preferred
The
and the vote of
approval of the SEC
stock, of 90% of the
stock.
Selection of "Integrated System" by American Company—In the two pro¬
ceedings presently pending before the Commssion, it is, in effect, charged
that the operations of company are not confined to a single integrated
company's $5 preferred stock,
American
public utility system and such additional systems as the company may
be permitted to retain under Section 11 (b) (1) of the Act, and that the
interposition of company as an intermediate holding company in the
Electric Bond & Share Co. system complicates the corporate structure of
that system and unfairly distributes voting power among security holders.
With respect to the first of these charges, it must be said that considering
American company and its subsidiaries as a system separate from Electric
Bond & Share Co., it is obvious that American company as now constituted
cannot meet the statutory test of a single integrated system and additional
systems in adjoining States.
A fundamental concept in the development
of company was to diversify
distribute the risk of the equity capital over as wide a
With this object consciously in view, it created or
acquired public utility companies in States as widely separated as Oregon
and Washington in the Northwest, Florida in the Southeast, Minnesota
in the North, and Texas in the South, with other companies in Central
and Western States.
Therefore, if a comprehensive integration plan of
Electric Bond & Share Co. may not be consummated, and American
company is to continue its existence as a holding company, it must select
from its operating properties a group of public utilities which may be
found to constitute a single integrated system with such additional systems
"in adjoining States" as it may be permitted to retain.
No final determination has as yet been made as to the interpretation
of the phrase "in adjoining States," that is to say, whether the additional
systems must be in States adjoining the principal system, or need merely
be in States adjoining each other.
Consequently, the plan as filed with
the Commission does not attempt to make a definitive selection of the
systems to be retained by American company, and claims the right to select
its holdings so as to
territory as possible.
under such inter¬
confirmed.
its plant that its
consisting of the
Kansas-Nebraska
Florida Power & Light Co.J and
it may be entitled to retain
pretation of the Act as may eventually be adopted and
Briefly, it may be said that the company claims in
system comprises six integrated public utility systems
Northwestern group of properties, the Texas group, the
such system, or systems, as
the Minnesota-Superior group,
Central Arizona Light & Power Co., and claims the right to elect any two
of these groups as the integrated systems which it is entitled to retain.
Whether these claims of the company, either as to the composition of its
systems, or as to the number which it may retain, may be sustained by
the Commission cannot presently be forecast.
In any event, it is obvious
that the company will be required to dispose of a number of its present
subsidiaries and that its future operations will of necessity be greatly
group,
;
curtailed.
Proposed Reclassification of Stock—With respect to the claim by the
and unfair distribution of voting power,
it may be said that, without admitting or weighing the charges made, a
reclassification of stock into a single class of common stock appears to
be necessary if the corporate existence of the company is to continue and
if the values, which the company's executives and directors believe inhere
in its holdings, are to be preserved for the present security holders.
It would be a very difficult task to attempt to divide the interests in
subsidiaries between preferred and common stockholders of American
company under the present stock capitalization.
Therefore, as a first
step, and before attempting to make a determination of the integrated
systems and an election of which systems shall be retained by American
company and which distributed to stockholders, the plan proposes a re¬
classification of American company's present stock capital into a single
class of common stock, in which the preferred would be recognized as
having the first claim on account of its liquidating rights, including accumu¬
lated arrearages (with such differential, if any, as may be allowed the
$6 preferred stock over the $5 preferred stock) and the common stock
would be accorded such recognition as it is entitled after according full
satisfaction on an equitable basis to the claims of the preferred.
No attempt is made in the plan to determine the relative or proportionate
interests of the two classes of preferred, or of the preferred and common
stocks, but that question is left for factual determination, approval of
the Commission and vote of the stockholders.
In such a readjustment,
the preferred stock will of necessity surrender its preferences, but the
common stock, in turn, will surrender its control.
This company has been created and developed under the established
law of the land which, with respect to the value of public utility properties,
has been that the present fair value of used and useful property is the
value on which a utility is entitled to earn a fair return.
In recent years
theories have been advanced which are at variance with such concept of
value and which are based upon the cost, or estimate of cost, to the first
individual who employed the capital to construct the utility property,
or are based upon a concept of value predicated
upon immediately past
and immediately prospective earnings.
If such basic change in the concept
of value should prevail, such change might deprive investors, and especially
equity investors, of substantial values in reorganization under Section 11
of the Act.
The basic concept of value, as embodied in the established
law, is, therefore, of great importance to investors, irrespective of the
method employed in any such reorganization.
Commission of system complication
Unfavorable for Reorganization—Section 11 of the Act states
required should be taken "as soon as practicable after
The enforcement of the Act was held largely in abeyance
until April, 1938, by reason of the constitutional test case above mentioned.
By the following fall, the "integration plan" above mentioned was formally
presented to the Commission.
No consideration has been given to that
plan and the present move to enforce Section 11 by breaking up public
utility holding company systems was instituted in the spring of 1940.
In the meantime, the world was plunged into war and serious effects
on our domestic economy became inevitable.
While it is not the purpose
here to challenge the political or economic philosophy of the Public Utility
Holding Company Act, it cannot be believed that the Act, containing the
provisions of Section 11, would be passed if the question were presented
under present conditions, or that Congress ever conceived, in passing the
Act, that it would be enforced under these present conditions.
However,
the Act remains on the books and the Chairman of the Commission has
recently stated "The first and most important truth about our policy with
respect to Section 11 is that we intend to enforce it."
It is for these reasons
that your directors, solely in the interest of conserving for the security
holders of American the maximum value possible under the circumstances,
have presented a plan.
While reasonable men may differ as to whether the principle of diversity
of investment, such as has been am ployed by the American company in
the
Jan.
6 Mos. End. June 30—
Net profit after all charges
Earnings
a
after
providing
American
excess
$750,000 provision
profits taxes.—V. 152, p. 3012.
&
Telephone
principle which would restrict operations to
limited
provided in the Act, should be the guiding criterion for public
holding company operations and may differ as to what con¬
centration or distribution of control or stock votes should be established
in corporate organization, it would seem that there should be no ground
for any reasonable difference of opinion as to whether or not it is wise or
practicable to enforce by rapid stages the breaking up of public utility
systems and the reorganization of the corporate structures of holding
companies under present conditions when the inherent values cannot be
realized.
The Act states in nearly every important section that it shall
be administered "in the interest of consumers and investors."
This gives
rise to the hope that the Commission and the courts will grant adequate
time for an orderly reorganization under this plan.
as
utility or
Ultimate Dissolution
of all the
American should continue
be dissolved and complete
be made to stockholders, is a question which
more definitive construction has been given
Possible—Whether upon accomplishment
steps contemplated by the plan the reorganized
in a limited way to exist, or whether it should
distribution of all its assets
be
determined until
^<-
Co.—Warrants
Telegraph
'•f
Issued—
The company on
•:
Aug. 4 mailed to stockholders warrants
evidencing their
right to subscribe for the 15-year 3% convertible debenture bonds, due
Sept. 1, 1956.
Stockholder of record July 25 are given the right to subscribe
for debenture bonds under this offer.
Rights expire Aug. 29.
Attention
is called to the following:
Subscription Rights—One "right" attached to each share of capital stock
outstanding at the close of business on July 25.
Stockholders accordingly
have been given warrants representing the same number of subscription
rights as there were shares registered in their names on that date.
Eight rights are required to subscribe for each $100 principal amount of
debenture bonds, and a holder of less than eight rights may subscribe by
acquiring enough additional rights to make eight or a multiple of eight rights.
Subscriptions will be accepted by the company only for $100 of debenture
bonds or multiples thereof, and not for fractional parts of $100.
Expiration of Offer—Rights not used in making subscriptions on or before
Aug. 29, 1941 wui be void.
Warrants—Warrants are of two kinds—
(1) Full Warrants, for eight rights or multiples thereof, entitling the
holder to subscribe for $100 of debenture bonds or multiples thereof; and
(2) Fractional Warrants, for less than eight
rights, which when combined
of eight rights or
With other fractional warrants to represent an aggregate
multiple thereof entitle the holder to subscribe for
or a multiple thereof.
a
$100 of debenture bonds
V
permit subscriptions for $100 of
be effected by acquiring additional
Combination of fractional warrants to
debenture bonds
rights.
or
multiples thereof may
'•: '
return them to the treasurer of
exchange new warrants aggregating the
the holder may indicate.
Subscriptions and Payments—Subscriptions may be made by executing
the subscription agreement on the face of the warrants.
Warrants for the
required number of rights with payment in full at the rate of $100 for each
$100 of debenture bonds subscribed for should be delivered to J. F. Behan,
Treasurer, 195 Broadway, New York, on or before Aug. 29, 1941.
Checks, drafts and money orders should be drawn to the order of American
Telephone & Telegraph Co. on institutions located in continental United
States and must be payable in United States funds.
No interest will be
allowed because of payments made prior to Aug. 29,1941.
Delivery of Debenture Bonds—Temporary debenture bonds in bearer form
with the March 1 and Sept. 1, 1942 semi-annual interest coupons attached
Holders
desiring
to divide Warrants may
the company and he will issue in
same number of rights, divided as
will be delivered in the continental
United States as soon as
practicable after
Sept 1, 1941, by registered mail, as directed in the subscription agreements
unjess otherwise arranged.
Temporary debenture bonds will be in dtenoms.
of $100, $500, and $1,000 and will not be registerable.
Purchases and Sales of Rights—The subscription rights maybe purchased or
sold through the usual investment channels.
The rights have been admitted
to trading on the New York Stock Exchange and on other stock exchanges
where the stock of the company is now listed.
The closing market price of
rights on the New York Stock Exchange on the record date, July 25, 1941,
on a "when issued" basis was $1.28 each.
Company will neither buy nor
sell rights.
For the convenience of stockholders, the company has also made arrange¬
ments with Bankers Trust Co., 16 Wall St., New York, under which Bankers
Trust Co. will act as agent for stockholders in the purchase and sale of
rights, charging therefor an amount not
right.—V. 153, p. 385.
American Viscose
6 Memths Ended June
expected to exceed five cents per
Corp.—Earnings—
1941
1940
$38,130,128 $28,633,648
8,828,031
6,901,357
30—
Net sales.
_
Income from
operations, before depreciation.
2,929,572
Dr21,018
Interest earned
....
—
$4,702,032
414,192
278,623
7,573
$6,148,201
.
operations.............
Income from
2,199,325
$5,898,459
Depreciation
$5,402,420
270,759
...,
redemption of investments
(net)
_i,..
Gain on sale and
Other income
Total
income
—,
Estimated provision for income
and profits taxes—
States
.■
173,000
125,000
1,470,000
1,210,000
._
Revenue Act now in effect
(normal tax only, no excess profits tax payable
under this Act)
Estimated additional provision, including excess
Federal—Under
profits tax, under Revenue bill as submitted to
House of Representatives on July 24, 1941—
steps
its development, or a
cannot
And
1939
$53,427
Nil
for anticipated additional
per share on common
Federal incoxhe and
1, 1938."
areas,
Corp.—
Subsidiaries)
1941
1940
a$3,271,009
$1,535,905
stock.
$0.31
$0.14
(Including United States
Conditions
that
Sanitary
Standard
&
Radiator
and of a majority of the common
152,
—V.
p.
4115.
'
Anglo National
r
$4,067,420
vr /
:
Corp.—Liquidating Dividend—
declared a liquidating dividend
payable Aug. 15 to holders of record
Directors have
class A stock,
1,130,000
$3,375,201
Net income
of $3 per share on the
Aug. 9.—V. 149, p. 97.
& Electric Co., Inc. (& Subs.)
1941—12 Mos.—1940
$60,772,395 $56,869,886
Oper. exps. and maint.. 12,289,363
11,580,796 23,999,745 22,984,301
Fed. normal inc. taxes..
2,432,052
1,376,792
4,636,224
2,448,055
Fed. excess profits taxes
370,440
918,895
-----American Water Works
1941—6 Mos.—1940
$30,908,181 $28,682,285
Period Ended June 30—
Gross
earnings..
6,013,789
3,286,405
3,078,096
6,356,801
and depletion.
of electric plant
2,665,678
2,492,003
5,133,133
4,865,751
adjustments, &c__—
463,382
476,750
914,643
997,950
Other taxes
—
Pro v. for deprec.,
ments
Amort,
income.
Gross
retire-
—
-.
_
$9,400,860
$9,677,848 $18,812,953 $19,560,039
Interest, amort, of debt
disc. & premium (net),
„
4,236,032
Minority int. of subs—
Balance
4,339,521
2,630,370
159,891
2,592,561
73,068
8,554,989
5,241,786
293,513
8,703,366
5,222,756
73,317
$2,374,566
Ac., of subsidiaries
Pref. divs. of subs
$2,672,697
$4,722,666
$5,560,601
Int., amort, of debt dis¬
count, &c., of Ameri¬
can
Water
Works
&
484,200
Net income-.-.-
Preferred
Bal.
dividends
for
surplus
Per share on
com.
489,110
965,828
969,648
$1,890,366
600,000
$2,183,587
600,000
$3,756,837
1,200,000
$4,590,952
1,200,000
$1,290,366
Electric Co., Inc
$1,583,587
$2,556,837
$1.09
$3,390,952
$1.45
stock
2,343,105 shares outstanding
The Commercial & Financial Chronicle
828
Income Account
Period End. June 30—
Earnings—Divs.,
Expenses
Net
1941—6 Mos.—1940
$2,144,938
815,405
$4,664,377
1,511,442
$1,329,523
$3,152,935
earnings
Int., amort, of debt dis¬
count, &c
Preferred
com.
489,110
965,828
$2,187,106
1,200,000
$2,361,291
1,200,000
$987,106
$0.42
$1,161,291
surplus..
$258,754
$240,413
on 2,343,105 shares
outstanding—....
Per share
$0.50
Weekly Output—
Comparative table of weekly output of electric energy for the last five
follows:
years
1941
1940
62,960,000
52,596,000
64,970,000
65,545,000
Aug. 2-.-. 67.262,000
—V. 153, p. 681,
52,700,000
54,682,000
53,390,000
1939
46,361,000
45,100,000
47,019,000
46,210,000
1938
1937
39,814,000
39,518,000
40,463,000
41,210,000
50.993,000
49,90o,000
50,318,000
50,291,000
.
Arden Farms Co.—Accumulated Dividend—
Directors have declared
a dividend of 75 cents per share on
account of
on the $3
preferred stock, payable Sept. 2 to holders of
record Aug. 22.
Like amount was paid on June 2 and March 1, last, and
on Dec. 2, 1940,—V. 152, p. 3487.
accumulations
Associated Dry Goods
Corp.—New Official—
W. Gilbert Morrison, has been named Treasurer of the
corporation, it
announced on Aug. 1, by Oswald W. Knauth, President.
He succeeds
E. H. Stewart, who resigned about two weeks ago.
Mr. Morrison has been
Secretary and Assistant Treasury for 11 years.—V. 153,
Associated Gas & Electric
p.
94.
Co.—Hopson Gives Up Assets
S.
Treasury announced Aug. 7 that an agreement had been
reached between the Government and trustees for the Associated Gas &
Electric Co. and affiliated corporations formerly controlled by Howard
C. Hopson, whereby these concerns are to pay to the United States
$8,957,120 in settlement of Federal tax liabilities.
On the whole amount, $2,069,223 has been paid since Feb. 5,
1940, leav¬
ing $6,887,897 to be paid, of which the trustees propose that $1,187,897
shall be paid by the so-called Hopson Group, consisting of Hopson and his
three sisters. Amy H. Starch, Perle M. Hopson and Norma H. Jones, and
all of the so-called Hopson investment and service companies, business
trusts and partnerships.
The trustees propose to pay the sum of $5,700,000.
A hearing will be held Aug. 25 in the United States District Court of the
Southern District of New York, when the trustees will seek court approval
of their proposed reorganization of Associated Gas & Electric and affiliated
companies.
Commenting
says in part:
on
the
one
hand and rising costs on the
ing form."
Comparative analysis of the portfolio shows a number of changes since
year-end.
Several bond items were sold, notably $250,000 Cities
Service 5s, 1950, and some $400,000 Standard Gas & Electric
debentures,
but additions to some other issues left the total dollar amount of bond hold¬
ings not far below the year-end figure.
The principal additions to the pre¬
ferred stock portfolio were a large increase in Hearst Consolidated Publica¬
tions 7% preferred to a total of 94,373 shares, the acquisition of 70,170
Amalgamated Sugar 5% preferred, and purchase of 8,364 shares additional
Radio-Keith-Orpheum preferred.
The major sales in the preferred stock
portfolio were 6,882 shares of Keith-Albee-Orpheum 7% preferred soid to
Radio-Keith-Orpheum and the sale of 5,000 United Corp. preferred.
From the portfolio of common stocks nearly 300,000 Utah-Idaho
Sugar
common were sold in connection with the
acquisition of the 70,170 shares
Amalgamated Sugar 5% preferred and 41,080 shares Amalgamated Sugar
common.
Investments in steel, automobile and aviation
company stocks
were generally reduced, the principal sales
being 9,500 shares Bethlehem
Steel, 3,000 shares United States Steel, 10,000 shares General Motors,
3,500 shares Chrysler, 10,000 shares Curtiss-Wright and 5,000 shares
United Aircraft.
Other important reductions or eliminations were
3,000 shares Amerada,
5,000 shares Electric Auto-Lite, 7,000 shares General Theatres Equip¬
Freeport Sulphur, 4,000 shares Kennecott, 18,200 shares
Molybdenum Corp. of America, 6,000 shares Great Northern preferred,
4,000 shares Pacific Lighting, 2,500 shares J. C. Penney and 10,000 shares
Pullman.
Increases to the common stock portfolio, in addition to the
Amalgamated
approximately 75,000 more shares of Radio-Keith-Orpheum
45.OO0 shares Bendix Home Appliances, 4,000 shares American
Viscose, 5,000 shares White Motors, and a number of oil stocks,
including
2,800 shares Standard Oil of Indiana, 1,500 shares Texas Corp., 3,000
shares Shell Union and 1,600 shares
Skelly Oil.
Sugar,
—Settlement of Federal and State Tax Claims Involved—
U.
on
All these
elements must naturally be kept in proper balance
and in line with our general economy.
It is hoped and believed that this
is the intent and will be the result of the many emergency controls now tak¬
ment, 3,000 shares
was
The
between restricted prices and taxes
other hand.
the
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Aug. 2,
1941, totaled 67,262,000
kilowatt hours, an increase of 25.98% over the output of
53,390,200 kilo¬
watt hours for the corresponding week of 1940.
July 12.,
July 19
July 26
"Therefore it seems in the interests of your company and its
stockholders,
well as in the interests of the public at large, that the measures taken
by the Government succeed in preventing such an occurrence.
With ade¬
quate public support, your management believes such efforts will succeed.
Fair prices must of course embrace costs,
including profit.
It would be
equally unfortunate if profits were to be squeezed down below fair amounts,
969,648
$840,413
600,000
stock and
Week Ended—
economic structure.
as
$3,330,939
484,200
dividends,..
Bal. for
$4,833,178
1,502,239
$858,754
600,000
Net income
1941
high taxes.
A gradual rise in prices may not be avoidable in periods
of emergency such as at present, and may even be desirable.
That must
be sharply distinguished from an uncontrolled inflationary spiral which
would not only jeopardize preparations for defense but
seriously damage our
1941—12 Mos.—1940
inter¬
.$2,149,415
806,461
$1,342,954
est,
Aug. 9,
and
of Company Only
the settlement, the New York "Times"
were
common,
Mr. Odium also reported continued progress in the more
important
special situations and the acquisition of further substantial amounts of the
company's own preferred and common stock.
Noting a reported book
loss on sales of securities in the income
account, and the apparent discrep¬
ance between this and a provision for income tax
during the same period,
Mr. Odium again pointed out the arbitrary situation in which Atlas
Corp.
finds itself as the result of the consolidation of Oct.
31, 1936, at which date,
by virtue of the consolidation, securities then owned were entered on the
books at the higher values then prevailing,
regardless of actual costs.
Con¬
sequently profit or loss on later saies of these securities is based on these
higher book costs rather than tax or previous actual costs.
It was pointed out in this connection that "if all of the
holdings of securi¬
ties of your company had been sold on June
30, 1941, at the values at which
the
carried in the accompanying statement, the item 'Net un¬
realized depreciation' appearing in the statement would have
entirely dis¬
appeared and reported loss on sale of securities during the period would
have increased by the same amount, but the asset value of the stock would
same
are
not have been
Hopson and members of his family had assets with a net worth of nearly
$5,000,000.
Under the agreement Hopson will retain only an annuity
policy yielding $6,000 annually and insurance policies with a present valua¬
tion of $65,000.
His immediate family, consisting of his sisters—Perle
M. Hopson, Amy H. Starch and Norma H. Jones—are permitted to retain
their bank accounts and homes having a net value of $349,068.
Beneficial
interests of the sisters and two minor children under deeds of trust, with a
value of $471,081, also are to be retained by the sisters, but
expressly not
for the benefit of Hopson.
The trustees, because of Hopson's fraudulent practices while in control
of the utility empire, had claims of nearly $20,000,000 against him on behalf
of the Associated estate.
At the same time the Federal Government held
affected at all and the total amount of
surplus at June 30
would also have remained as stated."
Consolidated Income Statement for 6 Months Ended June 30
[Corporation and Its Investment Company Subsidiaries]
1941
Income—Dividends
Interest..
76,318
Underwriting fee
Total
......
income
a$900,936
495,715
Expenses
$6,000,000 claims for taxes against Hopson.
1940
$824,619
Profit
1339
$768,054
284,772
107,318
$1,160,144
606,813
$460,807
119,542
*
$580,349
668,991
$405,221
$553,332
x$88,642
xl,582,972
3,854,992
c716,300
vision for Federal income tax
Provision for Federal income tax
x$l,177,751
$4,408,324
488,268
$627,658
58,400
Net income for the period
Preferred dividends
Common dividends
x$l,189,351 b$3,920,056
594,167
668,539
666,002
721,740
b$569.258
That the trustees had turned up every available Hopson asset that would
subject of lengthy litigation was indicated by the fact that they
acquired by the terms of the agreement Hopson's former Summer estate near
Hopatcong, N. J., known as the Casa Stradella Farm.
This has an esti¬
mated value of $67,500.
A feature of the agreement involves the settlement of large Federal tax
claims against Associated Gas & Electric which were incurred during the
Hopson regime.
The trustees said that, immediately upon consummation
of the agreement, they would clear up payments due the Government under
a
compromise settlement reached in 1939 before the system went into
bankruptcy.
At one time, the Bureau of Internal Revenue listed tax
liabilities against the Associated system at $80,000,000.
This was com
promised in 1939 for $8,957,120, of which $2,069,223 has been collected
since February, 1940.
Under the terms of the agreement now filed, $1,187,897 is to be paid the
Government out of Hopson's personal and family interests, and $5,700,000
will be paid by the trustees in their capacity as managers of the A. G. & E.
system.
New York State, under the agreement, will be paid $276,190 for
are
after eliminating portions thereof
applicable to minority interests,
representing a net income of $4,999 in 1940 and $3,709 in 1939.
c After
deducting profit of $1,262,987 on sales of notes of affiliates of Utilities
Power & Light Corp., offset
against unrealized depreciation of notes of
other affiliates of that
company at June 30, 1939.
x Loss.
claims.
Another feature of the agreement is that it will release
collateral in the A. G. & E. system held by the Federal Government as a
The release of this collateral, consisting primarily of securi¬
[Corporation and Its Investment Company Subsidiaries]
not be the
^
Net profit on sales of securities
basis of average cost
Net income
a
Includes
subsidiary
before
its tax
By the terms of the agreement, cash, securities and other Hopson assets
a current market value of $2,500,000 will be turned over to the
trustees,
including Associated Gas securities having a face value of about $13,600,000.
The Associated securities, however, have a negligible market
value at present, but creditors' claims against the estate will be reduced
by
the $13,600,000 face value amount through the transaction.
A liability
to the New England Gas & Electric Association also will be
discharged
by the payment to it of $55,000 in cash and the surrender to it of $58,058
face value of preferred stock.
with
Weekly Output—
The
Atlantic
•
Utility
Service
Corp. reports that for the week ended
Aug. 1, net electric output of the Associated Gas & Electric group was
118,287,475 units (kwh.).
This is an increase of 19,171,735 units or
19.3% above production of 99,115,740 units a year ago.—V. 153, p. 681.
Atlas Corp.—Financial
Report Asset Value
up from
Year ago.
The corporation on July 30 reported an asset value of
$11.81 per share
for its common stock at June 30, 1941, as compared with
$11.43 per share
at June 30, 1940.
In
his
letter
to
shareholders,
President
Floyd B.
Odium presented
common,
against
a
de¬
With respect to the current situation in national and world
affairs, Mr.
Odium said:
"Since 1929 those charged with the management of investment funds
have had many unusual problems facing them.
At no time have the prob¬
lems been more difficult than at present, due to the
rapid changes brought
about by international conditions and the defense
program at home.
The
impact of frequent changes in and increase of taxes, the restrictions and
priorities with respect to many materials and their effect on normal channels
of business, trade and profits and on civilian
life, pose daily questions con¬
cerning which an enlightened guess is all that is sometimes possible.
Your
management has deemed it prudent during these times to maintain a sub¬
stantial portion of the assets of your company in the form of cash.
"Some may consider this unwise in view of the
possibilities of inflation
and the possible consequent effect thereof on common stocks.
An abrupt
inflationary spiral is by no means a certainty and furthermore there may
be considerable doubt
securities in such
a
to how
much protection to
capital is afforded by
period of inflation, when accompanied by price controls
as
pro¬
11,600
682,155
794,769
dividends from non-consolidated majority-owned
b Amounts shown in the above statement of income
Assets—
1941
;
Cash
a
e
f
Security under option
holdings
610,500
Portfolio
-__b25,765,530
Investments and receivable from non-consolidated
controlled companies
cl5,764,650
Other
assets
Deferred charges
d327,099
150,861
...
Total
Liabilities—
Dividends payable
1940
$8,230,022 $13,128,508
276,485
193,655
1,005,000
Dividends receivable and interest accrued
Receivable under allowances by courts
25,141,067
16,429,541
1,434,761
50,113
.$52,130,147 $56,377,644
on
issuable capital stocks
Due for securities purcnased
Other accounts payable and accrued
expenses
Provision for current year taxes
Provision for contingencies
Amount applicable to minority interests
6% preferred stock, cumulative (par $50)
Common stock (par $5)
__
Capital surplus—!
Deficit
Net unrealized depreciation—Dr
$189,837
$200,817
102,388
278,943
102,940
1,153,854
13,548
19,256,350
13,100,375
£34,583,515
1,632,153
15,019,450
203",761
1,006,886
968,830
64,861
21,476,700
14,150,210
38,494,108
20,188,530
a
comparative table of the progress of the common stock asset value as at
June 30 for the preceding three years.
The table shows in each of these
three years an increase in the asset value of Atlas
cline in each year in the general market.
the
Consolidated Balance Sheet June 30
lien for taxes.
ties in the NY PA NJ Utilities Co. group of properties,
having a value of
more
than $40,000,000, will expedite ©reorganization of the Associated
Gas system.
NY PA NJ Utilities is one of the largest and most important
subsidiaries in the system.
deducting
$86,442
company,
on
Total
$52,130,147 $56,377,644
a
Includes accounts receivable,
b Representing securities for which
market quotations are available priced at June 30, 1941, market
quotations
(cost $42,113,031).
c Cost $14,128,331, carried by the management for
d Cost $646,139, carried
by the management for purpose of this statement at the above amount,
e
In connection with reorganizations of
Radio-Keith-Orpheum Corp. and
Utilities Power & Light Corp.
f Carried at amount received upon exercise
of option in July 1941
(cost $600,000).
g Of which $514,860, representing
par value of common stock in treasury, is restricted as to dividends under
Delaware law.—Y. 152, p. 2844.
purpose of this statement at the above amount,
Baldwin
Locomotive
Works—Bookings—
Charles E. Brinley, President of the company announced that the dollar
of orders taken in June by the Baldwin Locomotive Works
and
subsidiaries, including the Midvale Co., was $40,635,672 as compared with
$10,055,883 for June, 1940. The month's bookings brought the total for the
consolidated group for the six months of 1941 to $102,622,211 as
compared
with $23,172,886 in the same period of 1940.
Consolidated shipments,
value
including Midvale, in June aggregated $7,567,547
768 in June, 1940.
as compared with $3,509,Consolidated shipments for the six months of 1941 were
Volume
The Commercial & Financial Chronicle
153
$35,732,805 as compared with $22,100,199 for the same period of 1940.
On June 30,1941, consolidated unfilled orders,
including Midvale, amounted
to $218,254,046 as
compared with $151,336,668 on Jan. 1, 1941 and with
$43,329,926 on June 30, 1940.—-V. 153, p. 682.
$7,118,498
4,998,757
151,600
246,494
384,097
__
Operation
Maintenance
_
General taxes
Federal and State income taxes
a
$1,337,550
54,521
$1,392,071
265,125
$1,254,733
6 Months Ended—
Sell., ship'g &
Depreciation
Retirement
reserve
accruals.
...
_______
...
Gross income
Interest
on
$1,015,825
305,440
23,126
16,527
280,877
22,874
12,132
Net income
a
$781,852
Before retirement
reserve
accruals.—V.
152,
gen. exps.
in
reserve
add'l 1941
Sales.
Cost of goods sold,
$9,181,705
b53,355
Net profit
Provision for depreciation
Net operating prof it
Income from investments, &c
7,782,195
451,410
6,585,340
344,870
$958,100
47,356
$537,044
13,644
$3,158,760
Total income
Federal income taxes
Prov.
for
anticipated
Federal taxes
$3,130,108
28,652
$1,005,456
260,938
$550,688
100,775
$938,110
171,492
$744,518
171,493
$449,913
171,493
$766,618
252,178
$573,025
$278,420
249,163
bl,823,450
a
increase
$612,506 x$l,571,238
6,014
4,540
$1,084,570
$749,034
4,501.385
3,525,386
2,896,278
4,466,519
$5,585,954
$4,274,420
79,209
313,609
1,513,324
158,418
$2,901,295
79,209
627,218
$4,879,527
313,609
$3.20
Earned surplus beginning
of year
....
on
on common
in
397,200
pref. stock
Approp. for
$7,467,254
12,247,354
705,260
$741,077
7,957
$1,031,215
Divs.
1939
delivery & other
expenses
July 2, *38
$9,016,501
8,256,411
1,846,702
412,172
a72,455
300,000
Balance
Interest received
Total
1940
..$16,082,722
record
$3,881,602
313,609
$2.13
$2,354,906
313,609
$1.71
$617,046 x$l,565,224
$699,942
(& Subs.)—Earnings1941
account of
for
taxes
Divs.
Atlas Powder Co.
6 Mos. End. June30—
on
June 29, '40
July l, *39
$12,092,160 $11,050,209
7,915,908
8,653,882
2,043,912
1,891,050
2,597,560
403,180
399,802
420,390
a25,110
a85,355
480",000
225,000
125,000
220,000
Excess profits tax
1
3171.
p.
share
per
238,908
$1,126,946
bonds
Amortization of debt discount and expense
Other income charges
of $1.50
Dec. 20, last, and one of $4.50 was paid
June 28, '41
Interest expense.
Prov. for Fed. normal tax
$1,224,102
30,631
Gross income
on
Net sales after allow's_.$18,019,720
Cost of sales, excl.deprec 12,991,143
Increase
a
dividend
paid
Bigelow-Sanford Carpet Co., Inc.- -Earnings-
$5,950,601
4,158.524
131,870
212,291
223,813
Utility operating income
(net)
Other income
was
Dec. 26, 1939.—V. 151, p. 3738.
1940
1941
revenues
a
the preferred stock, payable Aug. 15 to holders of
on
Aug^ 5. Dividend of $6
Co.—Earnings—
12 Months Ended June 30—
Operating
Bessemer Limestone & Cement Co.—Accumulated Div.
Directors have declared
accumulations
on
Atlanta Gas Light
829
79,209
stock.
1
for in v.
res.
Earned surp. June 30.
Shs.com.stk.outstand'g.
Earnings per share
a
Includes other non-operating expenses,
income and expenses,
x Loss.
Nil
b And other non-operating
June 28,'41
*41 June 29,'40
$
$2,822,086
313,609
Sheet
Balance
June 28,
Assets—
,ooo".66o
Liabilities—
$
June 29/40
$
$
Preferred stock
Land, buildings,
2,640,300
2,640,300
equipment, &c._ 9,315,526
9,732,875 b Common stock.15,680,450 15,680,450
Cash
1,282,972
1,489,095 Accounts payable- 1,443,740
575,231
Accts. & notes rec. 5,646,482
3,918,621 Notes payable
1,400,000
3,000,000
Inventories
12,964,339 12.427,304 Acceptances under
Non-curr. invest.&
letters of credit,
■
^
ry:
v7'
receivables
590
secured by trust
;
> .']-r
7,180
Ins., tax, rents, &c
receipts of wool
'/Vv:
547,075
494,186
a
..
-i,
Net income
Dividends
on
preferred stock
.
Amount earned
Shs. of
common
on com.
stock..—
stock outstanding
Amount earned per share
a
excess
250,288
$2.29
$3.04
Federal taxes accrued
on
basis of
in transit for rec.
$1.12
Assets—
Capital surplus
1940
Liabilities—
a
4,053,160
Notes pay'le
933,269
4,275,589
Cash..
<16,149,658
3,670,155
Notes rec.-—Empl.
7,613
Notes & accts. rec.
2,290,910
9,708
Misc. accts.& notes
1,377,000
916,736
503,548
535,394
Note pay'le (curr.)
Accts. payable
50,000
Accrd. liabilities..
191,867
298,335
373,368
3,198,790
774,226
282,485
Atlas
—U. 8. Govt
4,235,314
secure.
824.583
Securities invest..
281.584
73,887
Del'd items
—Other.......
261,083
Total
29,756,984 28,069,260
b Represented by 313,609 no par shares.
$1 Common Dividend—
Directors have declared a dividend of $1 per share on the common stock,
payable Sept. 2 to holders of record Aug. 15.
Like amounts were paid in
preceding quarters.—V. 152, p. 3961.
Birdsboro Steel Foundry &
Fed.
inc.
&
other
accrued taxes...
Div.
2,962,811
470,977
57,164
accrued
57,164
on
pref. stock
69,682
59,628
gencies, &c
Capital and
in surplus
832,426
Earned surplus...
29,486,712 24,200,726
387,696
1,008,790
1,008,790
4,431,197
paid
.....
Total
4,999,887
29,486,712 24,200,726
Common stock represented by 262,852 shares of no par value,
1940
$233,785
$94,845
$0.47
$1.16
1939
1938
loss$8,571 loss$146,260
Nil
Nil
,
a After all charges
including depreciation and Federal and State income
b On 200,000 shares of no par common stock.
Company for the three months ended June 30, 1941 reports net earnings
of $142,918 after all charges including estimated provision for income
taxes.
Earnings in the preceding three months were $90,867.'
i
The company, for the first six months of this year, booked business
totaling $5,990,000 which compares with $1,904,000 for the first half of
tax.
1940.
Business on the company's books as of July 1, 1941 amounted to $5,000,000 which compares with $1,565,000 a year ago.—V. 152, p. 4116.
Bishop Oil Co.—Earnings—
b Rep¬
resented by 10,673 shares of common stock in 1941 and 12,563 shares of
common stock in 1940.
c After reserve for depreciation of $9,822,924 in
1941 and $8,891,235 in 1940.
d Includes $621,505 earmarked funds from
Machine Co.—Earnings—
1941
a
Reserve for contin¬
a
29,756,984 28,069,2601
After depreciation,
6 Mos. End. June 30—
Net profit..
b Earnings per share
147,297
Deferred credits..
Total
a
1,000,000
Contract advances
Powder Co.
Marketable
1,377,000
Total
6,859,700
(non-
current)..
3,881,602
1,000,000
$
8,761,725
504,726
1,000,000
Contract advances
43,716
receivable, &c._
Inventories
$
Common stock..
7,747,672
504,726
4,879,527
Res. for Inventories
1940
6,859,700
8,761,725
Preferred stock
equipment. 8,920,220
G'dwill, pats., &c_ 4,053,203
Secur. of affil. cos.
933,444
of
1941
$
•
property
and
b Stock
766,231
Earned surplus
Balance Sheet June 30
Plant,
20,720
;
1,951,753
taxes, &c......
profits tax.
1941
c
256,487
Res've for Federal
b Includes $892,200
existing laws,
Period End.
June 30—
Grossincome.
1941—3 Afos.—1940
b$162,579
$120,727
29,869
10,235
1941—6 Mos.—1940
b$281,291
$231,343
a
To Pay $1 Dividend—
Directors
declared
stock no par value,
Bankers Indemnity Insurance Co.—New
election
as
an
Official—
Counsel of the company.
Mr. Van Orman's
executive officer will be acted upon by the directors at an
General
early meeting.—V. 142,
Barnsdall Oil
p.
32,540
yl7,394
$23,851
774.
on
sale of capital items,
c
Includes interest of $4,894
on
Federal
income tax ref unds for tax years 1933 to 1936, inclusive.—V. 152, p. 3015.
Bond Stores,
Inc.—Sales—
Company on Aug. 5 reported sales for the month of July of $2,106,783
compared with $1,391,881 in July, 1940, an increase of $714,902 or 51.4%.
For the seven months ended July 31, 1941, sales amounted to $22,056,852 as compared with $15,375,578 for the corresponding period of 1940.
This is an increase of $6,681,275 or 43.5%.—V. 153, p. 236.
as
Boston Edison
Harold P. Jackson, President of the company, announced the appoint¬
ment of Francis Van Orman as successor to the late Paul H. Guiifoii, as
Vice-President and
After deducting all charges including depletion, depreciation and lease®
b Includes net income of
.
abandoned and estimated Federal income taxes,
a
dividend of $1 per share on the common
payable Sept. 10 to holders of record Aug. 29.
This
compares with 75 cents paid on June 10 and March 10, last; $2 paid on
Dec. 10, 1940; 75 cents paid in each of the three previous quarters; $1.50
paid on Dec. 11,1939, dividends of 50 cents paid in each of the three preced¬
ing quarters and 75 cents paid on Dec. 10, 1938.
See V. 148, p. 723 for
aetailed record of previous dividend payments.—V. 152, p. 2844.
have
Net profit
a
U. S. Government contract advances.
Co.—-Earnings—
Period End. June 30—
Operating revenues
Operating expenses
Depreciation
Deprec'n, special
Corp.—Suit Dismissed—
.....
1941—12 Mos.—1940
$8,608,954 $37,662,681 $36,368,859
3,846,280
17,501,890
17,584,470
1,005,390
4,231,348
3,931,746
1941—3 Mos.—1940
$9,177,978
4,197,827
1,125,316
prov.
for retirements
49,105
33,467
810,812
146,316
750,000
87,659
b6,644,427
'•
Taxes accrued
al ,907,721
20.846
bl ,763,386
a6,617,283
Net oper. income
Non-oper. income
$1,864,542
76,737
$1,973,051
46,494
$8,355,033
161,828
$7,370,555
Int., disc., rents, &c
Supreme Court Justice Bernstein on July 29 dismissed an accounting
and injunction suit brought by a minority stockholder
against certain
officers and directors of the company, in connection with the sale of 317,000
shares of common stock of Barscoe Oil Co., a subsidiary.
The injunction
sought to restrain the defendants from carrying out a contract under which
the purchasers of the original block received an option for an additional
236,000 shares at the same price.—V. 153, p. 682.
$1,941,279
455,203
$2,019,545
477,954
$8,516,860
2,643,811
$7,500,420
1,921,391
Income balance
$1,486,076
$1,541,591
$5,873,048
$5,579,028
Uncollectible
Grossincome
Bath Iron Works—New Treasurer—
G. Vincent Pach, Treasurer of the Todd-Bath and South Portland
ship¬
building corporations, will be elected Treasurer of this corporation at a
meeting soon of the latter company's board of directors, it was announced
on
July 30.
Mr. Pach will succeed L. Eugene Thebeau who recently
resigned.—V. 152, p. 1905.
Belden
Manufacturing Co.—40-Cent Dividend—
Directors have declared a dividend of 40 cents per share on the common
stock, par $10, payable Sept. 2 to holders of record Aug. 18.
This com¬
pares with 35 cents paid on June 2, last; 25 cents paid on March 1, last;
35 cents on Dec. 2, 1940; 25 cents on Sept. 2, 20 cents on June 1 and March
1, 1940; 30 cents on Dec. 1, 1939; 15 cents on Aug. 15, 1939; 10 cents on
May 15, 1939, and 5 cents on Feb. 20, 19.39, this latter being the first
dividend paid since May 16, 1938, when 5 cents per share was distributed.
—V.
153, P. 682.
revenue
a
1941 Federal Income Tax accrued at 30%.
b
1940 Federal Income Tax restated at 34%.—V. 152, p, 4117.
Bristol-Myers Co, (& Subs.)—Earnings—
Period End. June 30—
aNetincome
Shs.
com.
stk. (par $5)..
Earnings per share
a
Bell Aircraft
1941—3 Mos.—1940
$443,967
$369,810
681,973
$0.54
667,253
$0.66
1941—6 Mos.—1940
$1,30.5,458
$1,142,841
667,253
681.973
$1.95
$1.67
After all charges and provision for income taxes, and in 1941 a provision
for contingencies and the possibility of greater taxes.—Y. 152, p. 3015.
Bucyrus-Erie Co.—Earnings—
Corp.—Registers with SEC—
1939
1938
1,359,538
$1,871,750
1,018,820
$1,497,459
1,039,162
$3,437,945
43,033
$1,714,417
173,211
$852,930
306,402
$458,296
293,586
$3,480,977
387,447
$1,887,628
350,006
$1,159,332
289.345
$751,883
282,100
a2.019,000
b70,051
c367,300
$1,074,530
$1,100,271
201,271
490,291
203,298
306,432
$382,968
Operating profit..
...
Other income._____
$590,542
1941
$5,161,381
1940
$3,073,955
1,723,436
6 Mos. End. June 30—
Gross income........
Expenses
See list given on first page of this department.
129.864
To Get $8,456,175 for Plant—
Total income
Jesse Jones, Federal Loan Administrator, announced Aug. 4 that Defense
Plant Corporation, a subsidiary of Reconstruction Finance Corporation,
has authorized the execution of a lease agreement with Bell Aircraft Corp.,
Depreciation
Prov. for
contingencies.
Buffalo, to provide for the construction and equipping of a plant at Niagara
Falls airport, Wheatfield, N. Y., to manufacture aircraft parts, at a cost
Federal
of
$8,456,175—V. 152, p. 1739.
Net profit
Preferred dividends
Bell Telephone Co. of
Common dividends
Pa.—Gain in Phones—
Company reports net gain of 6,243 stations in service during July.
This
is the first time there has been a gain in July instalations since 1937 and is
the largest increase for July in company's history.
In June this year,
company reported net gain of 4,556 stations and in July last year a loss of
875.—V. 153, P. 95.
taxes,
&c
Surplus
a
on
Provision for
.
Federal income taxes and
the Federal income tax bill as passed
Aug. 4, 1941.
190,560
106",900
$679,487
213.346
$362,883
215,551
$466,141
$147,332
excess profits taxes is based
by the House of Representatives
The Commercial & Financial Chronicle
830
b Provision
for
contingencies
investment
re
in
Huston
Bucyrus,
Ltd.
Canadian National
Provision for Federal income taxes made at rates in Revenue Act of
1940,
c
June 25, 1940.
Notes—(1) The most recent dividend from Ruston-Bucyrus, Ltd. was
received in December, 1940, and following the policy inaugurated two
years
ago a corresponding amount was set up as a reserve against our investment
in that company; any dividends received during the current
year will be
similarly treated.
(2) Provision for State income taxes is based on current State laws. The
law was amended earlier in the year,
deduction for Federal income taxes paid, thereby
the Wisconsin income taxes to be paid for 1941.
limiting the
allowable
substantially increasing
It is estimated that under the State and Federal laws in effect at the
of 1940, taxes on income for the first six months of 1941 would have
amounted to 1,555,000, whereas under the proposed Federal tax bill and
the current Wisconsin income tax law, the
company is required to provide
(3)
end
$2,019,000, an increase of $464,000.
(4) On Oct. 8, 1940, subsequent to the issuance of the semi-annual report
for the first half of 1940, the * ederal income tax law was amended,
increasing
the amount of income taxes to be paid.
While the report showed provision
for $367,300 and net earnings of $1,100,271 the amended law increased to
$575,300 the tax requirement applicable to the first half of 1940.
This
would have reduced the net earnings for that half year to $892,071.
Land,
a
$
buildings,
3,969,870
5,833,699
Accts. & bills rec..
Due from affll. cos.
Other assets—..—
Inventories.
Investments
127,715
8,099,206
—
1,486,342
.-i—
Deferred charges.
Goodwill
26,682
.
6,838,511
.....
1940
S
8
7% cum. pref. stk. 5,750,300
5,169,929 Common stock... 6,128,635
3,042,297 Accounts payable.
843,091
3,824,688 Dividends payable
409,103
118,641 Miscell. accts. pay.
87,388
189,283 Accrued payrolls..
305,396
6,664,902 Reserves
255,831
1,871,507 Accrued taxes
3,097,146
33,814 Acer, commis., &c.
255,010
6,838,511 Add'l costs of con¬
machinery, &c.. 5,328,775
Cash
1941
Liabilities—
f
tracts
to
5,782,500
6,128,635
429,603
Celluloid
Net income.
in
Operating
Operation
Total
31,710,806 27,753,572
1941—12 Mo.?.—1940
$9,576,045 $44,700,091 $38,494,585
6,920,233
32,262,322
26,830,041
V Operating income
$2,655,812
Dr2,219
Maintenance
a
a
a
'/>971
$1,599,097
$8,288,728
$7,440,174
$5,507,470
Gross
revenue..-.
Operating
3,965,026
$1,136,643
2,872
$6,180,414
11,205
$5,486,084
7,371
$1,139,515
499,915
$6,191,619
1,970,200
Income deductions
$639,600
$4,221,418
$3,500,537
__
Federal
for
income
taxes
for
the
six
months
June 30, 1941 was based on 30% of the estimated taxable income,
p.
stock
—
deprec.
$987,156
519,694
152, p. 4118.
Co.—Earnings—
1941—Month—1940
1941—12 Mos —1940
$774,333
291,603
166,872
--.
expenses
for
519,694
accruals.—V.
reserve
$9,917,726
3,975,290
2,163,068
$716,234
270,543
142,649
$9,603,939
3,823,449
1,593,068
and
amortization.--.
122,000
115,000
1,422,000
1,230,000
$193,857
56,810
$188,042
$2,957,421
55.261
$2,357,368
654,822
$137,047
41,801
income
Int. and other deduefns
Divs.
income
•.
pref. stock
pref.
stock
on
Amort,
$132,780
41,801
$1,702,546
501,660
$2,203,946
501,607
ended
V.152,
3172.
of
15,949
15,949
191,406
191,406
Balance
$79,295
$75,029
$1,009,533
$1,510,933
Central Illinois Public Service Co.—Accumulated Div.—
A dividend of $1.50 per share on the $6 and
6% preferred stock was de¬
clared by the board of directors payable Sept. 15 to stockholders of record
at the close of business
Aug. 20 leaving arrearages of $24 per share.—V. 152,
p. 3338.
..
Central Indiana Gas
Co.—Earnings—
12 Months Ended June 30—
1941
[Formerly Nevada-California Electric Corp.]
** In
view of the fact that holders of over 80% of the old preferred stock of
the Nevada-California Electric Corp. have accepted offer of settlement of
dividend arrearage, and the fact that the summer season has caused many
stockholders to be away from home so that their attention could not be
devoted to the matter, the board of directors has extended the time for
a
Gross income
Retirement
reserve
accruals
Gross income
article fourth
acceptance until the close of business Aug. 30, 1941.
Stock certificates in definitive form, authorized by the amendment to
of the certificate of incorporation, are now available, and
Interest—bonds.
Interest—advances from associated companies...
stockholders
Other income charges---...
should, therefore, forward their old certificates to Inter¬
Denver, Col., so that certificates for the new stock
be issued, and those who have accepted the offer of dividend arrearage
settlement will receive for each share of old preferred stock,
(1) One full share of $3 cumulative preferred stock of the par value of
$50 per share;
(2) Six shares of common stock of the par value of $10 per share, and
(3) $1 in cash.
Those who have definitely decided not to accept the offer of dividend
settlement are entitled to receive for each share of old preferred stock,
certificate for 4-5 share of new preferred stock and certificate for 6 shares of
common stock.—V. 153, p. 237.
-
.
$413,677
13,939
$518,159
112,848
a Utility
operating income
Other income (net)--i
$2,641,432
1,954,028
73,027
170,192
30,508
$498,896
19,263
General taxes
1940
$3,090,409
2,273,252
73,519
163,639
81,103
Operating revenues
Operation
Maintenance-.--.
Federal income taxes-..--
California Electric Power Co.—Time Extended—
753.474
expense
$5,49.3,456
1,992,918
$888,540
.
Note—Provision
15,264,159
$1,383,009
2,905
.
Net income
15,919,163
$1,385,913
497,374
.
on common
Taxes
1941—12 Mo.?.—1940
$5,101,669 $22,099,577 $20,750,24.3
.........
13,794
$989,338
•—V. 152, p. 4118.
Corp.—Earnings—
1941—3 Mo.?.—1940
-
-
$1,723,460
656,975
64,451
14,878
62,178
—
Period End. June 30—
>
.
Operating revenues
$2,244,065
520,605
2,347
$2,653,593 $12,436,798 $11,666,892
1,054,496
4,148,070
4,226,717
3962.
Buffalo Niagara Electric
$2,250,856
Dr6,791
$1,714,685
649,375
—
—
Before retirement
Gross
Period End. June 30—
$2,193,630
$2,194,685
480,000
-----
reserve accruals.
Dividends declared
$12,437,769 $11,664,545
<Vote—Provision for Federal income taxes for the six months ended June
1941 was based on 30% of the estimated taxable income.—V. 152,
r
402,418
485,891
54)659
-
30,
P.
495,610
535,713
232,784
...
—
Interest on bonds and debentures
Amortization of debt discount and expenseOther income charges
BS
$1,821,635
1940
$5,322,035
2,128,211
1,055
-
Gross income.--.—
Net
r
1941
$5,888,931
2,431,193
Utility operating income
Prov.
pNetlincome-.-
Co.—Earnings—
revenues
Central Illinois Light
Operating revenues
$11,487,339
Oper. rev. deductions...
8,603,773
$2,889,177
1,067,542
'
Illinois Electric & Gas
General taxes___
Power Corp. (& Subs.)—
1941—3 Mo.?.—1940
income
$219,875
7,650,576
Buffalo Niagara & Eastern
Income^deductions...
34,000
$559,747
Federal income taxes
p.3643.
WGross
..."
Revenue Act for 1941.—V. 153, p. 684.
a
Central
Less depreciation of $5,227,235 in 1941 and $5,758,543 in 1940.—V. 152.
fe»
115,652
a253,500
_
Retirement
8,319,376
Total.........31,710,806 27,753,572»
$2,883,565
5,612
278,539
$324,458
70,584
a Includes normal and excess
profits taxes which are estimated on the
company's understanding of the provisions now proposed to be contained
Net income-
Other income
328,397
Provision for P'ederal income taxes
175,534
Earned surplus...
$1,432,242
829,245
$928,899
Net operating profit.
Miscellaneous charges (net)...
Other income (net)--
24,243
258,281
5,600,596
1940
1941
$2,D3,251
925,955
Selling, general and administrative expenses
Provision for depreciation accrued
Gross income..
11,655
$7,267,327
Corp.—Earnings—
186,116
249,132
794,941
Capital surplus...
Period End. June 30—
$8,849,262
________
12 Months Ended June 30—
Gross operating profit...
409,595
63,819
650,132
5,597,743
1940
1941
Gross earnings
Invoiced
customers...
Advances
a
Ry.—Earnings—
12 Months Ended June 30—
1940
1941
—V. 153, p. 544.
Consolidated Balance Sheet June 30
1941
Assets—
9,
Earnings for the 10-Day Period Ended July 31
adopted
Wisconsin
Aug.
$427,616
116,568
$405,311
139,425
81,250
8,827
$311,048
139,425
81,250
10,117
national Trust Co.,
Net income
may
a
$175,809
-
Before retirement reserve accruals.—V.
Central New York Power
Period End. June SO—
Operating
revenues
Oper.
deductions.,,
$80,256
152, p. 3173.
Corp. (& Subs.)—Earnings—
1941—3 Mos.—1940
1941—12 Mos.—1940
Years End. June 30—
Ltd. (& Subs.)1941
Consol. profit on opers..
Int. earned on invests.
-Earnings-
1940
1939
$523,296
$494,021
5,063
Profit
on
sale of real est-
on
sale of bonds.
$546,489
3,927
$776,383
37,019
$550,417
190,749
115,000
$1,561,995
7,819
$1,206,500
5,862
$5,929,639
31,974
$4,876,477
27,089
Gross income.-..-—
Income deductions
$1,569,814
760,178
$1,212,361
$5,961,614
2,810,995
$4,903,566
2,576,586
Total profit
Bond interest----—--
Depreciation
Income and corp. taxes_
Loss'.on sale of invests
on bonds (red.
held by company)
Prem.
173,667
59,000
excess
80,000
43,566
28,531
$809,636
*$545,956
$3,150,619 *$2,326,980
*
Changed to give effect to major adjustments made during year 1940.
Note—Provision for Federal income taxes for the six months ended
2.135
8,714
12.260
$145,027
$216,114
$396,370
125,000
143,750
156,250
$20,027
$72,364
$240,120
$124,424
profits tax.
1941
Assets—
Call loan.------a
Accts. receivable
Inventories
Victory
i
>
1940
203,372
170,488
294,313
—
50,000
1940
$332,625
Bond int. accrued.
15,760
pref. shs..
31,250
15,922
31,250
85,000
110,000
Accts. pay., wages
& oth.
200,000
bonds,
18,420
Mtges. receivable,
b Bldgs. & equip't 2,358,666
1941
$355,205
108,405
Res. for conting..
1st mtge. 6% s. f.
$75,944
3%
due 1951
Liabilities—
Dlv.
§139,915
200,000
247,092
Dom. of Can.
'
accr.
chgs
Taxes due & accrd.
on
19,819
2,427,560
98,928
1st pref. cum. red.
gold bds., due'41
Land
341,466
355,274
stock ($100 par)
Prepd. insur. taxes
89,496
500,000
92,005
528,700
542,600
1,250,000
1,250,000
5% cum.partic.red
500,000
class B pref. stk.
Goodwill
($50 par)
1,250,000
1,250,000
Common stock..
25,000
25,000
Earned surplus.--
499,107
479,079
c
.34,148,427 $4,135,405'
Total
*
a
Total--
After reserve for doubtful accounts,
par
shares.—V. 151,
p.
1715.
$4,148,427 $4,135,405
b After
of $2,753,790 in 1941 and $2,630,727 in 1940.
no
was
based
on
30% of the estimated taxable income—V. 152,
3174.
Central Vermont Ry. Inc.—New President—
Election of R. C. Vaughan of Montreal as President of this
railway was
following a recent quarterly meeting of the board of directors
accepted the resignation of S. J. Hungerford as President.
Mr.
Hungerford will continue as Chairman of the Board.—V. 153, p. 390.
which
$261,924
137,500
Consolidated Balance Sheet June 30
Cash
June 30, 1941
p.
announced
147
Net addition to surp_.
Includes
$543,750
34,380
211,120
or
Net profit
Divs. on pref. stock
a
$499,084
32,324
226,586
a95,000
_
------
666,405
Net income.---
4,182
-
rev.
Operating income
7,307
Prem.
1938
$770,308
6,075
8,964
$5,980,628 $27,395,461 $24,606,751
*4,774,128
21,465,822 *19,730,274
Other income
Canada Bread Co.,
$7,001,477
5,439,483
c
reserve
for
depreciation
R< presented by 200,000
Chesapeake & Ohio Ry.—Equip. Trusts Offered—Harris,
Hall & Co. (Inc.); Drexel & Co.; Alex. Brown & Sons;
Tucker,
Anthony & Co.; The Illinois Co. of Chicago; Sternl, Wampler
& Co., Inc., and McMaster Hutchinson &
Co., on Aug. 6
offered $3,300,000 (third equipment trust of
1941) lf^%
serial equip, trust certificates at prices to yield from
0.25%
to 1.90%, according to maturity.
Dated Aug. 1, 1941, due Aug. 1, 1942-1951.
These certificates are par
an issue of $4,300,000 to be issued under the
Philadelphia plan against
cars and 1,000 all-steel hopper cars, estimated to cost
approximately $5,454,190.
The certificates will represent not more than
80% of the cost of the equipment.
Issuance is subject to approval of
Interstate Commerce Commission.
of
1,000 all-steel box
[Thelwinning bid for the issue was 100.333 for l^s.
Second high bid,
100.139 for the same coupon, was submitted by Harriman Ripley &
Co.,
Inc., and associates; Lazard Freres & Co. group bid IOj.068, also for 1%b,
Halsey, Stuart & Co., Inc. and associates, 100.027 for that coupon.
Salomon Bros. & Hutzler, Dick & Merie-Smith and Stroud & Co. bid
100.339 for lMs.]—V. 153, p.390.
and
Chicago Corp.—Accumulated Dividend—
Directors have declared
Aug. 15.
^
dividend of 50 cents per share on account of
Sept. 1 to holders of record
Like amount was paid on June 1 and March 1, last; Dec. 1 and
accumulations
on
a
the preference stock, payable
Volume
The Commercial & Financial Chronicle
153
Sept. 1, 1940.
Dividends of 75 cents were paid on June 1 and March 1.
1940; Sept. 1, June 1, and on March 1, 1939 dividends of 50 cents were
paid in the last three quarters of 1938 and previously regular quarterly
dividends of 75 cents per share were distributed.—V. 153. p. 685.
excessive.
amount
6 Months Ended—
Net loss
b
Earnings
per
Nil
share
After interest,
a
June 29,'40
$88,395profS 102,924
June 27,'41
_______
July 3, '39
$97,942
$0.30
depreciation, taxes, &c.
step in settling the extended tax controversy.'—V.
Nil
July 3,'38
$151,423
Nil
b On 346,181 shares capital
3 Mos. End. June 30—
Total
a
Int.
on
period were $11,952,409 compared to $12,665,140 last
year, a loss of 5.63%.
The drop in sales volume is ascribed by E. L. Schnadig, President, to
the rural nature of the company's business.
80% of its customers live on
farms or in towns having a population of 2,500 or less, most of whom have
not yet been affected by the general advance in economic conditions.
"Expenses of approximately $100,000 not included in spring 1940 have
been absorbed in spring of 1941," said Mr. Schnadig.
"These cover items
such as handling and warehousing of several million dollars worth of ad¬
vance-purchased merchandise, urban promotion including order office and
retail store development and the establishment of a contingency reserve."
Mr. Schnadig concluded by saying, "Our July sales were well above last
year.
This fact, together with the improvement in rural incomes, should
make for a favorable increase in fall volume."—V. 152, p. 2234.
the
for
Childs Co.
Interest
bank loans-,
on
153,
686.*
p.
Subs.)—Earnings—
1940
1939
'
$1,368,579
91,000
10,625
$601,948
105,223
12,500
1938
$251,669
167,197
State & Federal taxes in
with bd. issue
68,419
2,386
1,359
9,021
110,946
___
Amort.of bd. disct & exp
2,221
124,270
Premium and commission
bonds purchased__
Prov. for deplet. & depre
on
Prov. forest. Fed.
income tax
______
229,622
After
,
164,884
applicable
465,270
deduction
of
117,988
$1,602,681
Net profit
a
;
___
norm,
to the parent company
$982,723
provision
estimated
for
;
_
$302,474
normal
ioss$51,040
Federal
income
taxes of subsidiaries.
Note—The company's proportionate share of net profits of subsidiaries
not
not taken up, amounted to $472,845 for the period of
ended June 30, 1941.—V. 152, p. 3339.
consolidated,
three
(& Subs.)—Earnings—
months
Coca-Cola Bottling Co. of Los Angeles—60-Cent Div.—
1941
$7,715,325
___
1940
$7,949,505
7,403,470
6 Months Ended June 30—
Sales and rentals
Cost of sales and general expenses
1941
$2,356,602
59,029
income
long-term debt._
connec.
Sales
1939 taxes amounted to $265,000 and with penalties the
$293,000 at the time the tax certificate was issued.
basis for assessing the Climax property is expected to be the
Cleveland-Cliffs Iron Co. (&
Chicago Mail Order Co.—Earnings—
a
The
was
Some new
next
831
8,247,291
Directors have declared a dividend of 60 cents per share on the common
stock, payable Aug. 16 to holders of record Aug. 8.—V. 151, p. 3391.
Coca-Cola International Corp.—Common Dividend—
Income from operation.
Other income.
$311,855 loss$297,786
6,992
9,487
_
Directors
have declared a dividend of $5.65 per share on the common
par value, payable Oct. 1 to holders of record Sept. 12.
This
with $5.70 paid on July 1, and on April 1, last; dividend of $21.40
was paid on Dec. 16, 1940; $5.70 was paid on Oct. 1, 1940; $5.80 paid on
July 1 and April 1, 1940; $23.40 on Dec. 15, 1939; $5.80 on Oct. 2 and on
July 1, 1939; $3.85 on April 1, 1939; $21.40 on Dec. 15, 1939; $5.80 on
Oct. 1, 1938, and $3.89 paid on July 1 and on April 1, 1938.—V. 152, p.
stock,
no
compares
Total income
$318,847 loss$288,298
187,543
194,669
__.
Interest
______
Other deductions
._
299,465
04,000
281,975
Cr575
Depreciation and amortization.
Reserved for bad debts, &c
6,796
—.__
_
Loss
3019.
$778,433
$156,893
Unamortized
of improvement to terminated
cost
leasehold.
__
—
Excess of principal amount over cost
80,901
...
of debentures
057,585
__
Net loss
024,786
$180,210
reacquired
$753,646
Note—The statement for 1940 includes the operating results of the com"
pany's concessions at the New York World's Fair.—V. 153, p. 93.
Cities Service Co.—Divestment Plan—
Citias
and Cities Service Power & Light, a subsidiary, filed an ap¬
plication (File 70-367) under the Holding Company Act, coveiing a plan
for the divestment by the parent of its interests in its principal utility holding
subsidiary.
company
Columbia
26
the organization of three regional holding companies,
outstanding capitalization of 635,000 shares of common stock,
value as follows:
Rocky Mountain Regional Corp., which will own the securities now owned
by Cities Service Power & Light Co. in subsidiary companies operating in
the States of Colorado, Wyoming, New Mexico and Arizona.
Ohio Regional Corp., which will own the securities now owned by Cities
Service Power & Light Co. in subsidiaries operating in the State of Ohio.
Mid-Continent Regional Corp., which will own the securities now owned
by Cities Service Power & Light Co. in subsidiary utility companies (also
of two now owned by Federal Light & Traction Co. and Cities Service Co.)
operating in the States of Missouri, Kansas, Oklahoma and Arkansas.
The common stock in the three new regional corporations will be offered
in exchange to holders of the preferred stocks of Cities Service Co. as follows:
Holders of one share of $6 cumulative preferred stock or $6 cumulative
preference BB stock, with dividend arrearages at Dec. 31, 1940, of $51.50
per share on either class, will leceive one share of the common stock in each
-of the three regional organizations.
Holders of 10 shares of 60c. cumulative preference B stock, with dividend
an
without par
arrearages at Dec. 31,
common stocK in each
of the
Holders
present stock.
1940, of $5.15 per share, will receive one share of
of the three regional organizations.
stock of Cities Service Co. will retain their
Net
common
stock.
As part of the plan, Cities Service Co. will purchase from its subsidiary
and certain preferred stock of gas utilities aggregating $5,251,052
note
principal amount for $5,000,000 cash and the delivery of the securities owned
by the parent in an electric utility aggregating $1,043,921 principal amount.
The parent will surrender 121,854 shares of the outstanding preferred stock
of Cities Service Power & Light Co. and will retain the shares of stock of
each of the regional companies not needed for exchange for the preferred
stock.
The other assets of the subsidiary company not to be transferred
to the regional corporations would likewise be retained by Cities Service
Co.
Such other assets of Cities Service Power & Light Co. to be received
by Cities Service Co., consisting primarily of securities in utility companies
operating in Connecticut, North Carolina, Tennessee, Michigan, Colorado
and Washington, will be subject to the prior pledge to secure the subsidiary's
debentures.
of the
plan will not become effective unless approved by a vote of a majority
common stockholders and accepted by the holders of 80% or more
of the
preferred stock.
The
Purchase of
The
Securities
Stock from British Exempted—
and
Exchange Commission
Aug.
on
1
issued
an
order
exempting the applications and declaration pursuant to Sections 9 (c) (3)
-and 12 (c) of the Public Utility Holding Company Act of 1935 and Rules
U-42 and U-100 thereunder regarding the acquisition by company of not
to exceed
the
7,000 shares of its $6 cumulative preferred stock (no par) from
Government or agents.—V. 153, p. 686.
a
1941
6 Months Ended June 30—
Gross oper. revenue (after
Provision for Federal income tax
Net operating revenue
2,815,970
1,367,472
$9,677,748 $10,160,576
—
372,844
Other income
396,792
$10,050,592 $10,557,368
Gross income
Earnings applicable to minority interests
3,723,106
$5,011,523
1,528,156
1,559,308
$3,055,485
discount
3,697,098
1,544,372
225,480
$1,583,642
Interest charges and amortization of
Preferred dividends paid and accrued
$3,452,215
1,547,529
275.208
;
Cities Service Power & Light Co.—interest charges
on
funded debt and amortization of discount—
Net income
—V. 152, p.
c
holders of record Aug. 12. This compares with $1
paid on Dec. 16, 1940 and on Dec. 21, 1939.—V. 152, p. 1909.
:stipulation
Colorado
an
was
agreed to by the Lake County Board of Commissioners, the
Tax Commission and the Climax company.
The company had refused to pay 1939 taxes on the grounds an increase
its assessed valuation from $4,000,000 to $16,000,000 was illegal and
948,643
351,292
_
__
_.
_____
$2,418,086
$1.41
$2,493,718
$1.45
on
Columbia Oil & Gasoline Corp.—Transactions for
ment
Settle¬
of Anti-Trust Suit Are Filed with Commission—
The
(a subsidiary of Columbia Gas & Electric Corp.)
corporation
on
Aug. 4 filed an application with the Securities and Exchange Commission
under the Public Utility Holding Company Act of 1935, proposing a number
of transactions designed to settle an anti-trust suit begun by the Depart¬
ment of Justice among a number of defendants, among which Columbia
The plan outlined in its application follows:
Acquisition by it of 400,000 shares of its participating preferred stock
Oil is one.
from Columbia Gas.
Transfer
to
Columbia
Gas of all of Columbia
than its interest in Panhandle Eastern Pipe Line
Oil's properties, other
Co.
by Columbia Oil of its $10,000,000 class A participating
preferred stock of Panhandle Eastern.
Application of the proceeds from such disposition and its available cash
in excess of $50,000 to the retirement by Columbia Oil of its debentures
held by Columbia Gas.
Disposition by it of 10,000 shares of Panhandle Eastern's class B preferred
stock at $125 a share and accrued unpaid dividends.
Purchase by Columbia Oil from Panhandle Eastern by exercise of sub¬
scription rights of 1,285 shares of Panhandle Eastern's common stock.
Disposition by Columbia Oil of all or part of its holdings of Panhandle
Eastern's common stock, including the 1,285 shares, by either the issuance
to its common stockholders of rights to subscribe to such stock, or through
the sale of all or part of such stock, and the application of the proceeds to
the redemption of all of its remaining outstanding debentures held by Colum¬
Disposition
bia Gas.
Distribution of the remaining assets of Columbia Oil, if any, to its com¬
p.
stockholders,
as
liquidating dividend for its dissolution.—V. 153,
a
391.
.
Commercial Credit Co. (& Subs.)—Earnings—
1941—6 Mos.-—1940
Period Ended June 30—
$
Gross receivables
acquired
Gross operating income.
Earned insurance prems.,
Sundry income.
Officers'employees'& agents'comp__
c
Taxes
12 Mos. 1941
$
$
557,493,639 416,712,086 986,040,356
13,847,700
10,532,627
25,739,570
fees, &c___
2,898,708
858,390
5,286,152
152,393
131,405
213,441
^Gross income.f-Z'
—-
Other management expenses
16,898,801
11,522,421
31,239.163
3,290,676
448,670
2,194,159
69,883
Cr680,098
7,786,862
1,322,034
5,176,636
81,736
Cr843.333
173,789
921,164
1,157,886
2,165,189
2,642,043
4,173,508
$4,368,126
Dr611
$3,946,291
Dr677
$8,734,488
Drl,678
4,367,516
259,118
2,762,013
3,945,614
259,118
3,222,194
5,523,952
1,346,384
464,302
5.48
$35.81
$16.85
6.54
$32.35
3,952,901
702,548
2,704,534
34,444
Crl38,116
exch. fluctuations
of net losses._
losses chargeable
against earned premiums.
1,267,144
Interest and discount charges.
1,527,901
Prov. for Fed. & Can. income taxes.. a2,479,317
Prov. for Can.
Res. for losses in excess
Prov. for insurance
Net income for minority interests
b Net inc.
credited to earned surp__
Cash divs. paid on preferred stock.__
Cash divs. paid on common stock.___
Co.—Tax Suit Settled—
A settlement of 1939 tax claims against company for $212,500 was ap¬
proved Aug. 6 by Federal Judge William H. Luby, at Leadville, Colo.
Company agreed to make the settlement upon condition that a tax cer¬
tificate which had a value of approximately $324,000 be canceled.
The
$3,793,654
1,103,316
500,147
450,000
Calculated under Second Revenue Act of 1940, as amended
Net income from operations.
stock, payable Sept. 2 to
$3,769,355
24,300
March 7,
1941.
b For estimated additional Federal income and excess profits taxes
chargeable to the 1941 period, calculated under the Revenue Bill of 1941,
as reported by the Committee on Ways and Means on July 24, 1941.
c Calculated upon the
1.716,277 sharas of $2.50 par value stock either
outstanding at June 28, 1941, or to be outstanding upon completion of
exchange of old $5 par value stock.
Note—The earnings previously reported for the 1940 period have been
ad justed.-—V. 153, p. 97.
,
: •:; " vr: mm
^
«
Directors have declared a dividend of 50 cents per share on the common
Climax Molybdenum
19,913
_•
Profit for period
Earnings per share
a
3803.
Cleveland Worsted Mills Co.—50-Cent Dividend—
29,*T¥o
$4,471,550
Excess profits taxes
18,466,860
3,265,954
2,649,333
$4,451,637
(net)
b Supplemental provision—
1940
20,422,377
Provision for retirements
U-*.-—
income
Income taxes
deducting allowances).$36,015,412 $32,810,879
Oper. expenses, maintenance & general taxes
Subs.)—
Provision for Fed. income & excess profits taxes.
mon
Light Co. (& Subs.)—Earnings
(&
-
Profit
British
Cities Service Power &
&c
Miscellaneous income
tion of Cities Service Co.
a
Inc.
June 28, '41 June
_--______$29,134,776 $24,952,294
Time discount and agency commissions, record
returns, allowances and discounts
8,578,424
7,262,917
Operating expenses and cost of goods sold
11,487,005
9,779,150
Selling, general & administrative expeases
4,172,604
3,758,217
Interest
32,621
33,498
Depreciation and amortization
412,486
349,157
common
Assuming a total exchange under the plan, the capitaliza¬
will consist of its outstanding debentures and its
System,
Gross income from sale of facilities, talent, lines,
The plan calls for
each with
Broadcasting
Weeks Ended—
records,
The Securities and Exchange Commission announced July 31 that
Service Co.
Colonial Stores Inc.—Sales—
Sales for the 4-week period ended July 26, 1941 aggregated $4,061,956
compared with $3,268,090 combined sales of the merged companies, David
Pender Grocery Co. and Southern Grocery Stores, Inc., for the correspond¬
ing four weeks of 1940.—V. 153, p. 686.Aa
d Balance of income
Interest & disct.
©
chgs.—times earned.
Net income from operations
f Dividend requirements
$15.22
518,236
2,690,621
5.88
$71.61
$16.85
$2.00
$4.45
1,842,006
1,841,973
a Federal income taxes for the 6 months ended June 30, 1941, have been
provided at rates up to 30% instead of the present maximum rates up to
Net income from operations
h Number of shares of common stock.
g
$2.23
8,732,809
1,841,973
'
832
The Commercial & Financial Chronicle
24 %.
No provision necessary for Federal excess profits tax as the
company
is not liable for any tax under the
present exemptions and Cor) any known
provisions of proposed amendments,
b Net income credited to earned
surplus includes net income of Canadian subsidiary reduced to
current rates
of exchange prevailing at the end of each
period,
c Except Federal and
Canadian income taxes.
Commercial
Analysis of Consolidated Earned Surplus
Period Ended June 30—
1941—6 Mos.—1940
12 Mos. 1941
Net income credited to earned surplus
$4,367,516
$3,945,614
$8,732,809
Excess reserves on closed banks re¬
Total
Dividends paid in cash
4)4 % cum.
21,993
$4,000,758
$8,881,915
259,118
2,762,013
CV69.214
122,015
Cr140,500
1,450,620
Furniture and fixtures written off
d Adjustments of reserve
Appropriated from earned surplus-
a
40,497
108,609
$4,443,244
—
Adjustments
c
46,581
259,118
3,222,194
189,756
83,031
235,171
_
Net surplus credit for period
Earned surp. bal. begin, of period--.
518,237
5,523,952
C'r269,538
175,137
CY264.931
1,450,620
$59,191
$11,488
16,611,677
14,910,943
Earned surplus bal., end of period $16,670,868
""a
Henry Ittleson, Chairman, and Arthur O. Dietz, President, in their
stockholders, point out that the possibilities of curtailed
consumer demands in order to
carry out the defense program
imminent and that production of
peace-time goods will undoubtedly
experience considerable contraction.
are now
On the other hand, in the first six months of
tnis year, consumer goods
manufactured in great abundance and were in such demand
that the
volume of sales financed
by the corporation exceeded that of any prior
comparable period.
Total volume of $890,600,379 represented an in¬
crease of $264,734,208 over the first
half of
were
$14,922,431 $16,670,868
ceivables
tax
26,355,687
29,280,088
sales
lien
109,788,418
74,281,840
62,494,494
79,682,405
184,384,518
retail
122,673,469
97,734,322
116,822,838
48,580,584
45,000,384
34,197,463
33,023,317
notes and acceptances
Customers'
liability on
foreign drafts
Sundry accounts & notes
Retail motor vehicle instalment lien
obligations..344,075,848
Other instalment obligations, secured by liens or
31,787,454
2,824,937
2,772,713
972,274
561.875
in
co.'s
possess'n, deprec. val.
Sundry securities.----of Am.
201,427
a630,796
689,193
300,027
414,935
3,847,940
3,376,559
4,044,779
4,544,087
See
1,172,305
2,550,382
792,517
3
147,314,000
2%% debs, due 1942—
3)4% debs, due 1951-.1.10% note due Feb. PM3 15,000,000
2)4 % prom.notes due *49 30,000,000
Conting. liab. on foreign
—...
1,280,008
1,642,870
■■at
67,494,000
35,000,000
30,000,000
4
99,513,845
35,000,000
30,000,000
30,000,000
102,599
agents' accts. payable,
balances
6,065,175
3,164,184
3,926,809
2,626,885
9,046,384
6,627,227
4,885,534
7,356,893
Sundry accts.
pay., incl.
all Fed. & other taxes.
6,218,231
5,649,487
5,683,442
5,969,420
8,889,407
5,837,056
3,321,627
5,016,122
3,243,906
5,814,608
4,750,927
Dealers' participat'g loss
Res. for possible losses._
Res. for poss. losses and
conting.
on
lien oblig's,
notes & accts. rec
conting.on Calve.t Fire
Insurance Co.for pend¬
fluctuations
Amer. Credit Indemnity
693,131
893,724
1,173,442
20,506,626
Minority ints., subs
51,564
4)4% cum. con. pref. stk 12,193,800
Common stock (par $10) 18,419,730
Earned surplus.
16,670,868
Capital surplus
17,667,538
1,000,233
11,493,759
44,948
12,193,800
18,420,060
14.922,431
17,667,237
913,480
11,103,037
44,806
12,194,800
18,419,930
17,10t>,710
17,964,470
Fire Insurance Co.
Notes Sold Privately—On Feb. 21,
1941, company borrowed $15,000,000
for two years from one life insurance company at a net cost of
1.10%
per
153, p. 686.
development
of
1941—t—3 Mos.—1940
$217,436
22,517
40,559
$10,763,372
taxes
5,375,171
outstanding
Earnings per share
a
Adjusted.
v.-,,
__
-■.<f
;v';"
Consolidated Income Account for Six Months Ended June
30, 1941
Net service, premiums and commissions
earned, after providing
for losses and
reserves
Operating
contingencies
expenses
on
$26,587,869
11,648,104
1,641,302
-
current indebtedness.
Dividends
received from National
Surety
subsidiary, not consolidated)
Miscellaneous income
$13,298,463
Corp.
(a
owned
wholly
500,000
138,718
70,894
Total income
112,606
38,334
120,780
35,766
243,244
76,155
249,899
71,461
Interest
on
$13,937,181
non-current
indebtedness
Provision for Federal income taxes at
30%
924,779
and capital stock
taxes
c
b Net income
$423,068
$21,362
Prov. for estd. Fed. inc. & excess profits taxes..
$1,040,235
265,000
a
income
after
taxes..
Net consolidated income
Net of current period's expenditures shown above,
b Before depletion
Federal income taxes,
c Under
proposed
Revenue Bill of 1941.
Note—No provision was made for taxes for this period in 1940 but reserve
or Federal income and excess profits taxes for the full
year 1940 amounted
$150,000.—V. 153, p. 391.
Commonwealth & Southern
The
net income of National
Combined net earnings
Dividends on serial preference stock
Dividends on common stock
Shares of
common
$8,802,466
361,236
Surety Corp
$9,163,703
208,812
7,079,759
-
stock outstanding
3,539,881
Earnings
per share of common stock
;
$2.53
And its subsidiary (excluding unrealized gain or loss from
changes in
mancet price of securities).
a
Corp.—Weekly Output—
weekly kilowatt-hour output of electric energy of subsdiaries of The
Southern Corp. adjusted to show general business con¬
Commonwealth &
Undistributed
$775,235
and
o
4,209,935
$156,289
See note
a
Net
3,465,370
$9,163,703 a$7,2t,8,002
3,539,881
3,539,123
$2.53
$2.01
-
Operating profit
1941—6 Mos.—1940
$1,400,193
$548,544
39,529
•
Net income after taxes
Shares of common stock
mine
development..
Depreciation.
to
Federal. State and local
Corp.—Earnings-
$596,526
expenses
Amortization
increasing
A comparison of the
earnings for the six months ended June 30 follows:
1941
1940
Net income before all taxes
$14,538,874
Interest
Consolidated Coppermines
a
and
their letter
curtailment become obvious."
1,045,448
9,333,919
108,443
12,193,800
18,420,080
16,944,469
17,672,400
389,729,884 278,549,772 230,968,371 268,882,410
Gleaner Harvester Corp.
b Securities held by Calvert
Period End. June 30—
Net income before chges.
Actual exploration and
running time for
the required percentage of down payment,"
stockholders.
"Preliminary research of the subject
has been undertaken
by certain Federal agencies, but no conclusions have
yet been announced.
If the Government should decide that such
regula¬
tion is necessary in aid of the defense
program, the management will
cooperate to the best of its ability.
We assume that any regulation im¬
posed will be so designed as to avoid discloating business
unnecessarily,
and, that it will be made applicable, without
discrimination, to all com¬
mercial and financial agencies which service consumer credits
either directly
says
Accordingly, it
Co.—insur. reserves—
Res. for def, inc. & chgs.
annum.—V.
factoring subsidiaries.
adopt such policies.
may properly be urged that regulation of credit terms
by
Government action should be postponed until the effects of
production
389,142
Including
to the
"There has been considerable discussion
regarding the desirability of
and the economic results which
may accrue from the regulation of con¬
sumer credit terms
through shortening the maximum
payment and to increase the ratio of down payments
required, and many
trade associations have advised their members to
ing claims
Res. for Canadian exch.
a
extended.
Such curtailment will no doubt be gradually consummated as
defense industries expand and require increased man
power and materials."
Factoring subsidiaries did a greatly enlarged business in the first six
months, they point out, and the types of business served by these units
are not expected to be affected
by priorities to an extent comparable to
the industries which manufacture durable
goods.
In fact, many of the
mills and manufacturers which receive
or indirectly.
"Important distributors of consumer goods have announced
changes in
merchandising and financing policies to shorten the maximum time for
4,971,847
Res. for poss. losses and
Total
they state.
"The motor manufacturers recently agreed to
the production of motor vehicles in the 'model'
year beginning
August, 1941, by approximately 20% of the number manufactured in the
preceding 12 months, and it now appears that curtailment will be further
curtail
payments
Margin due customers,
only when receivables
reserve
601.037,654 438,964,750
factoring service are obtaining
Government orders, thus increasing the volume of their business available
sold
Manufacturers' & selling
credit
Totals...
61,764,225
2,139,142
39,125,840
"In the development of the defense
program numerous measures have
been initiated to conserve essential materials and to shift
labor to defense
3
Unsec. short-term notes.221,773,000
61,879,131
2,008,846
59,309,288
production,"
—389,729,884 278,549,772 230,968,371 268,882,410
-
107,688,970
Commenting on the outlook for the remainder of the year, Messrs.
Ittleson and Dietz discuss the
probable effect of curtailed production and
the possibility of regulation of consumer credit terms.
520,448
a
b930,133
—
Deferred charges
Furniture and fixtures.-
drafts
64,273
of Calvert Fire
sec.
Ins. Co
Total
112,862
112,908
Credit
Indem. Co. of N. Y—
Invest. sec. of Gleaner
Harvester Corp
Inv.
1940
£
228,246,573
477,840,389 335,935,543
Other products
Receivables of factoring subsidiaries
211,474
Repossessions
sec.
133,764,541
Total instalment obligations
Wholesale lien notes and acceptances:
Motor vehicles.
of
Mfrs.' Finance Co—.
Inv.
June 30 compare as follows:
1941
at
[<■■■;
guarantees.
receivable
(non-current)
'■■i'
102,599
—
Assets
Outstanding receivables
June 30—
Motor lien wholesale
.890,600,379 625,866,171
"increase in the average dollar
and which is available for future
gross earnings, at June 30, 1941, amounted
to $38,020,542, compared with
$26,646,494 at June 30, 1940.
time
notes
an
assets
outstanding during the period.
The deferred
income account, i.e., the portion of
charges on business already booked
ac¬
obligations.
Motor
359,124,285 265,987,970
6,485,150
6,549,783
198,963,255 128,448,595
—
—
of earning
51,254,541
326,027,689 224,879,823
The first six months of 1941" showed
amount
£
173,625,282
or
60,059,423
^Totals
1938
ceptances & industrial
lien
1940
$
Receivables of factoring subsidiaries
Consolidated Balance Sheet June 30
—37,368,822
_
1941
■■
Total instalment obligations
Wholesale lien notes and acceptances:
Motor vehicles.
Other products--
Assets—
re¬
$162,072,904.
follows:
as
by liens
change fluctuations on investment in Canadian subsidiary to current rate
of exchange,
e Includes at June 30, 1941, $2,677,361 undistributed
surplus
of Canadian subsidiary at current rate of
exchange.
1939
an increase of
guarantees..
b Previously charged to earned surplus, recovered
through depreciation
charged to operations,
c Of reserve for depreciation of securities
to market value (American Credit
Indemnity Co. of N. Y.).
d For ex¬
notes,
$601,073,654,
Retail motor vehicle instalment lien
obligations..265,968,266
Other instalment obligations, secured
reserves
—-
1940, while outstanding
June 30 totaled
:1
in the last six months of the year and computation of Federal
income taxes
based upon the law as finally amended,
accts.,
on
Classification of volume compares
First Six Months—
thereon, at rates existing under present laws, $349,380; balance,
$1,450,620.
The credit of $349,380 will increase, but the amount of the
increase is dependent upon the net earnings of certain of the
subsidiaries
Open
30%
letter to the
satisfaction of
credits
Cash---.
:'j
months of
1940, net income for that period has been adjusted
throughout to reflect
the increased tax rates under the Second Federal
Revenue Act of 1940
passed in October, 1940, which applied retroactively.
For payment of past service benefits under
employees' retirement an¬
adopted by directors and approved by stockholders, under
contract with Metropolitan Life Insurance Co., New York, and
with Cana¬
dian Government, $1,800,000; less Federal and Canadian
1940
Corp.—Semi-Annual
in
nuity plan,
1941
Trust
anticipation of a tax increase, although the Federal corporation income
rate now in effect is
24%.
Under the Federal revenue law now in
effect, no provision for excess profits taxes was
necessary for the first half
of 1941.
In comparing earnings with those for the first six
$1,748,437
14,922,431
income
Investment
tax
on:
preferred stock--
conv.
Common stock
8,563
53,735
_
1941
Combined net earnings of the corporation,
including net earnings of
National Surety Corp., amounted to
$9,163,703 for the first six months
of 1941, compared with
adjusted net income of $7,298,002 for the corre¬
sponding period last year, according to the financial report to stockholders.
After preferred dividends, net earnings were
equivalent to $2.53 per share
on 3,539,881 common shares
outstanding in the hands of the public on
June 30, compared with $2.01 per share earned on an
adjusted basis on
3,539,123 shares similarly outstanding a year ago.
Provision for Federal income taxes has been made at the
rate of
g Per share on common stock, including scrip,
outstanding at end of
period,
h Including scrip, outstanding at end of period.
—
9,
Report—
d From operations, after
payment of dividends, credited to earned sur¬
plus.
e Per share on preferred stock
outstanding at end of period,
f On
preferred stock outstanding at end of period, times earned.
turned to earned surplus
b Cost of furniture and fixtures
Aug.
ditions of territory served for the week ended
July 31, 1941 amounted to
190,026,087 as compared with 158.198,900 for the corresponding week in
1940, an increase of 31,827,187 or 20.12%.—V. 153, p. 686.
of
Note—^Canadian earnings of $119,634 included above
$13,160 Canadian exchange depreciation.
*
are
after reduction
Volume
The Commercial & Financial Chronicle
153
Consolidated Balance Sheet June 30
$
Cash
cars
the proposed consolidation of the subsidiaries.
Maine & New Brunswick Electric Power Co., Ltd. will acquire^all'of
the assets of the other subsidiaries for 1,000 shares of its common stock
and other products at depreciated
realizable value
360,184
3,376,126
2,564,047
11,531,000
2,143,480
1,633,102
Miscellaneous accounts receivable
Capital stock of National Surety Corp
Miscellaneous investments
Deferred charges.Furniture and fixtures
187,414
250,637
1,245,723
11,531,000
2,027,368
b6i,,390
6
Marketable securities
6
__
Total.
($100 par) and the assumption of their liabilities.
750 shares for its assets and Woodstock 250 shares.
$4.25 series 1935
$
1,262,479
53,098,215
974
9,544,100
1,262,479
53,086,845
1,102
17,404,001
11,534,839
9,544,100
Cap. from conversion of preferred
Common stock
Common stock scrip
Credit balance due manufacturers and selling agents
by factor companies, &c
Reserve for retirement benefits for past service of
employees
120,918
Reserve for losses and contingencies
4,945,902
6,422,083
11,875,000
lbi% notes due 1942-44
20,000,000
20,000,000
2% notes due 1947
\%% notes
52,500,000
52,500,000
2% notes due 1947 and 1951
35,000,000
2lA% Canadian notes due 1942
1,801,800
Notes payable
374,450,669 241,456,831
Dividends payable
3,640,535
3,641,293
Accounts payable, inc., Federal and State taxes.. 15,222,849
11,607,373
Dealers' reserve
8,568,270
12,069,220
Interest accrued
187,738
317,208
Deferred income
38,020,542
26,646,494
Minority interest
8,548
11,024
Earned surplus
23,223,674
24,178,369
Paid-up surplus
28,952,463
28,941,840
Consolidated Investment Trust—To Pay Special Div.—
Trustees have declared a special dividend of 20 cents in addition to a
regular quarterly dividend of 30 cents per share on the capital stock, both
payable Sept. 15 to holders of record Sept. 2.
Extra of 10 cents was paid
on June 16 and on March
15, last; special of 25 cents was paid on Dec. 16,
1940, specials of 10 cents were paid in three preceding quarters; a special
dividend of 20 cents was paid on Dec. 15, 1939, and a special of 15 cents
was paid on June
15, 1938.—V. 153, p. 687.
—
Consolidated Mines of California—Promoter Guilty-—
The Securities and
......
Total
violating the registration provisions of the Securities Act of 1933 in connec¬
with the sale of stocK of Consolidated Mines of California.
Judge
Yankwich suspended the sentence and placed Tyler on probation for five
years conditioned upon having no employment connected, directly or intion
...694,015,730 509,034,046
Commonwealth Edison Co. (&
rectly
scheme to defraud numerous investors in California.
It was charged that
Shaw dominated a committee that had been formed to represent stock¬
holders of two cement companies and that the defendants employed the
1941—12 Mos.—1940
29,724,479
3,471,076
_
State, local & miscell.
Federal taxes.
Federal income taxes.._
11,506,504
5,693,346
10,654,208
4,426,735
22,299,725
11,223,237
Fed. excess profits taxes
Prov. for depreciation._
20,801,301
7,497,377
8,940,420
8,670,374
18,146",356
Net oper. income....
Other income...
17,14_1,154
22,666,255
21,450,802
280,669
41,780,062
750,960
41,328,550
610,914
42,531,022
11,023,455
1,533,332
102,486
Cr252,827
21,731,471
5,650,942
716,668
43,597
Cr434,418
Cr377,636
41,939,464
12,114,374
1,463,064
76,514
Cr711,793
16,833,311
15,754,682
30,249,385
28,997,305
193,263
Grossincome
Int.
on
22,859,518
funded debt....
5,478,369
Amort, of dt. disc. & exp.
Other deductions.
Int.
chgd. to construc'n-
Consol. net income.-.
trust and confidence
77,340,119 159,467,48.5 150,530,481
28,309,983
58,281,273
55,889,834
3,828,017
7,736,832
7,872,265
82,002,080
re venues
Operation
Maintenance.
750,000
50,665
Note—No provision has beep made for Federal excess profits tax.
Charles Y. Freeman, Chairman, states:
mining
company which was dominated
Consolidated Oil Corp.—Receives Additional $1,000,000
from Mexico—
H. F. Sinclair, President, stated on Aug. 6: "With the payment of $1,000,000 in August, 1941, $5,000,000 has been received by Consolidated
Oil Corp. under its agreement with the Republic of Mexico."—V. 152, p.
3647.
Consolidated Retail
Period End.
July 31—
Consolidated Textiles Co., Inc.—Bond Payment—
Corporation has declared a payment of $93.40 on account of principal and
$14.20 on account of interest on each $1,000 principal amount of its $1,393,000 5% income debentures from treasury funds.
Payment is made as
of Sept. 4.
These bonds were issued in 1938 under the reorganization plan of the
company.
Interest is payable to the extent earned after depreciation or
obsolsecence, but cumulative without interest from Aug. 27, 1938.
Until
the current payment there had been no interest payment up to Nov. 15,.
'
1940, at which time interest
12.48%.—V. 150, p. 2798.
Instalment Sales Terms Raised—
Consumers Power
An increase in minimum down payments and shortening of terms on
instalment of electric appliances will be placed in effect Aug. 16 by Common¬
wealth Edison Co., Chairman Charles Y. Freeman announced July 31,
These credit changes have been adopted in keeping with present
1941.
Period End. June 30—
Gross
Taxes-
trends, Mr. Freeman pointed out.
Under the revised schedule, the minimum down payment will be increased
Prov. for depreciation,.
to
10% of the purchase price.
The maximum number of monthly instal¬
ments will vary with the type of appliance.
For electric refrigerators the
Net
Divs.
week's
electricity output of the Commonwealth Edison group of
companies, excluding sales to other electric utilities, showed an 11.9%
increase over the corresponding period of 1940.
Following are the kilowatthour output totals of the past four weeks and percentage comparisons with
Co.—jEarnings—
1941—12 Mos.—1940
$47,919,736 $42,958,076
18,244,675
17,472,906
8,241,302
5,134,759
5,580,000
4,920,000
$1,266,417 $15,853,759 $15,430,410
378,260
4,579,887
4,794,614
$924,227
285,426
65,278
$888,157 $11,273,872 $10,635,796
285,427
3,424,817
3,424,820
65,278
783,339
783,339
$573,523
$537,452
income
pref. stock....
on
approximately
$1,294,413
370,185
Int. & other deductions.
Weekly Output—
aggregated
4,^0,000
Grossincome.
maximum term will be reduced from 30 to 24 months.
accumulations
1941—Month—1940
$4,045,907
$3,589,122
1,530,522
1,381,193
720,972
511,511
500,000
revenue
Operating expenses-,-.,
national
Amort, ofpref.stk. exp.
Balance
$7,065,716
$6,427,637
—V. 153, p. 97.
last year:
aV?;'',:.
Week Ended—
1941
Aug.
2
July 26-.-July 19
July 12
-----_
1940
151,117.000
146,204,000
142,848,000
143,239,000
134,996,000
136,466,000
127,988,000
127,248,000
Continental Can
Increase
11.9%
7.1%
11.6%
12.6%
income
Community Public Service Co.—Earnings—
Period End. June 30—
Operation
— -
Maintenance
1941—3 Mos.—1940
$854,483
431,238
55,979
$787,187
397,014
74,531
59,992
56.163
244,706
$307,274
58,515
$259,480
38,219
$1,262,954
94,914
$1,175,296
(other
Includes
Balance
$365,788
$297,698
65,515
66,000
$1,357,869
263,353
Crown
$1,242,178
264,000
2,702
3,016
22,466
11,070
Sundry int. paid public
inter.co. int. (net)
a8,326,179
4,50,000
count and expense
2,289
2,272
9,519
an
50,348
22,492
319,740
$6,330,142
$7,049,860
2,853,971
$2.88
2,853,971
$2.80
2,853,971
$2.21
115.464
$167,529
$153,569
$627,326
$633,903
114,550
115,352
458.202
434,789
or
7.08%.—V. 153,
Note—Federal income taxes reported here, reflects pro rata accrual
taxes for each period on
basis of additional assessment made
1941—3 Mos.—1940
$6,996,475
Other income
461,264
Profit
$7,457,739
2,807,108
Surrendered leaseholds..
256,811
—
Depletion
Depreciation....
of
on
p.
239.
1941—6 Mos.—1940
$25,342,691 $22,004,947 $45,078,740 $41,501,906.
16,952.569
15,957.189
31.180,961
29,085,428
1,393,647
921,996
2,288,951
1,813,794
_
March 15, 1941.—V. 152, p. 3019.
Consolidated Amusements, Inc.—50-Cent Dividend—
$2.47
Subs.)—-Earnings—
Intangible devel. costs__
such
2,853,971
for
Operating profit
stock
—
642,500>
Drug Co.—Sales—1
Costs and expenses
a Taxes:
254,931
69,161
Fed. and State inc. taxes
common
$7,979,628
increase of $48,958,
Grossincome..
9,114
79,273
48,478
—
Net income
b4,403,447
$8,220,908
an amount
Provision for renewals &
paid in cash..
5,207,290
900,000
Continental Oil Co. (&
Amortization of bond dis¬
replacements
5.208,758
900,000
Period End. June 30—
—
1938
Sales for July this year were $740,870 as compared to $691,912 for July
66,883
1940,
Interest on bonds
1939
possible increase in Federal taxes on 1941 in¬
come and other contingencies, including excess profits tax.
b Includes pro¬
visions for Federal surtax on undistributed profits.—V. 152, p. 3804.
a
235,924
Net income from oper.
Other income (net)
taxes.
pref. stock
standing (par $20)-..
Earnings per share.
$3,268,759
1,594,539
263.000
than Fed.
and State income).—
on
Net profit
Shs. common stock out¬
1941—12 Mos.—1940
$3,407,665
1,681,761
218,243
1940
$14,088,386 $12,437,433 $12,095,807
Deprec. and est. Federal
Divs.
Total oper. revenues.__
Co., Inc. (& Subs.)—Earnings—
12 Mos. End. June SO—
1941
Profit-...$16,997,087
—V. 153, P. 686.
on
1941—7 Mos.—1940
$5,141,135.
$5,858,301
—V. 153, p. 688.
period of 1940, an increase of 11.1%.
Total electric revenues increased
6.4%.
Total sales of gas in therms were 129,231,738 in the first six months of
1941, compared with 115,939,410 in the corresponding period of 1940, an
increase of 11.5%.
Total gas revenues increased 4.7%.
Divs.
Stores, Inc.—Sales-
1941—Month—1940
$657,284
$521,481
Sales-.-
Total sales of electricity in kilowatt-hours were 3,879,558,466 in the first
months of 1941, compared with 3,492,371,972 in the corresponding
Taxes
existing between the committee and depositing stock¬
gold
by Tyler and Shaw.—V. 153, p. 545.
holders to persuade them to exchange their certificates for stock in a
six
Last
Charges of mail fraud in
were dismissed.
The indictment charged that Tyler and William J. Shaw, who recently
was found guilty by a jury on the same counts of the
indictment, devised a
$
Operating
indirectly, with the sale of securities.
or
the indictment
Subs.)—-Earnings-
1941—6 Mo*.—1940
Exchange Commission and the Department of Justice
reported July 31 that Frank S. Tyler, of Los Angeles, was found guilty on a
plea of nohe contendere in the Federal District Court at Los Angeles of
a Represented by 3,539,881
(3,539,123 in 1940) no-par shares after de¬
ducting 46,133 (46,883 in 1940) shares held in treasury at an aggregate
stated value of $691,995 ($703,245 in 1940).—V. 153, p. 545.
Period End. June 30—
Mainejwill
Requests by interested persons for a hearing on the declaration or appli¬
cation (File 70-363) of Consolidated Electric & Gas Co.
regarding thelproposed sale of all of the outstanding securities of its subsidiary, Hoosier
Public Utility Co., to Southeastern Indiana Power Co. may be made in
writing not later than Aug. 15.
The Securities consist of
17,270 shares of common stock (no par) a
$318,750 6% 10-year note, due 1945; and $150,000 of 5% first mortgage
sinking fund bonds, due 1954.
Southeastern Indiana Power Co. will pur¬
chase the securities for $1,100,000 plus interest on the note and bonds and
an amount
equal to the net earnings applicable to the common stock from
Jan. 1,1941 to the closing date less dividend
paymentsjnade.on the common
stock during that period.—V. 153, p. 687.
1940
$
Serial preferred stock,
Carleton will receive
The two companies will then be liquidated and the stock of
be issued to the parent company as a liquidating dividend.
694,015,730 509.034,046
r1941
Liabilities—
a
Company, and its subsidiaries, Maine & New Brunswick Electrical Power
Co., Ltd., Carleton Electric Co., Ltd., and Woodstock Electric Ry. Light
& Power Co., have filed with the SEC an application
(File 70-365) regarding
53.857,257
71,370,132
601,037,654 438,964,750
Notes and accounts receivable
Repossessed
Consolidated Electric & Gas Co.—Consolidation of Subs.
1940
S
1941
Assets—
833
75,072
1,515,087
158,640
Interest
Minority interest
2,938
$5,125,762 $11,608,828 $10,602,684
562,921
1,083,985.
1,078,899
$5,688,683 $12,687,727 $11,686,669
2,757,178
4,795,859
5,468,915
269,512
566,172
504,623
76.459
147,810
153,514
1,307,144
3.085,540
2,589,985
159,045
317,024
342,348
4,421
2,994
7,552
*
Directors have declared a dividend of 50 cents per share on the common
stock, payable Aug. 1 to holders of record July 19.
This compares with 40
Balance
$2,642,082
$1,114,925
107,072
$3,772,327
$2,619,733
$2,642,082
$1,007,852
$3,772,327
$2,388,286
$2,642,082
4,682,567
$0.56
$1,007,852
4,682,571
$3,857,665
4,682,567
$0.21
$0.82
$0.51
b In? Kettleman
North
Loss on sale of assets.._
paid in the two preceding quarters; an extra of 50 cents paid on Dec. 19,
1940 and regular quarterly dividend of 40 cents paid on Nov. 1, 1940.—V.
151, p. 3885.
231,447
cents
,
Balance...-
b Increase in equity.._.
Consolidated Edison Co. of New York, Inc.—Output—
Consolidated Edison Co. of New York announced production of the
electric plant of its system for the week ended Aug. 3, 1941, amounting to
145,400,000 kwh., compared with 135,600,000 kwh. for the corresponding
week of 1940. an increase of 7.2%.—V. 153, p. 687.
Net
.
profit....
Shs. cap. stk. (par $5)..
Earnings per share
a
Includes
Federal
85,338
and
State
income
taxes,
Dome Association resulting from readjustment of ownership.
$2,388,286
4,682,571
The Commercial & Financial Chronicle
834
Consolidated Balance Sheet June 30
1941
«Cfwh
S
1941
Govt,
15,894,954
10,000
9,625,081
8,214,063
Accounts
110,000
account
89,925
129,045
85,993
2,150,618
1,402,764
21,071,600
3,440,437
21,071,600
316,095
344*050
144,064
account......
158,702
72,686
vertible
curr. assets
626,382
Minority lnts
204,745
207,988
Res.
Notes receivable,
for
153, p. 546.
87,785
351,041
4,629,693
4,972,118
9,259,182
9,052,837
67,137,786
1,894,789
Capital stock. 23,692,967
Capital surplus. 49,102,900
Earned surplus.
net
Prop'y acc'ts. 77.406,627
IJnadJ. debits &
sundry assets.
-Underwriting <fc
704,769
22,157,329
23,261,986
Gross
1939
$2,476,404
2,172,288
1938
$2,319,079
$305,863
$304,115
$247,823
1,822
profit
on
957
1,740
2,234
$825,733
438,369
$306,821
272,716
$305,855
244,699
$250,057
245,416
$387,364
5,570
$34,103
4,617
$61,156
4,143
$4,642
4,270
profjt on sales of
used
trucks
Profit
434,931
2,071,255
new
trucks & service pts.
Gross
481,061
383,510
1940
$2,751,059
2,445,197
$823,910
Cost of sales
23,692,967
49,102,900
Co.—Earnings—
1941
$7,830,494
7,006,583
Gross sales
a
1,879,815
c
Other invests. &
Diamond T Motor Car
SMos. End. June 30—
and
contingencies,
advs.
in contr. cos..
Directors have declared a dividend of 50 cents per share on the common
2 to holders of record Aug. 15.
This compares with
$1.50 paid on Oct. 21, 1940, and 75 cents paid on Dec. 1, 1939, this latter
being the first common dividend paid since Oct. 20, 1938, when $1.35 per
share was distributed.—V. 152, p. 2237.
stock, payable Sept.
insur.,
annuities
current..
advances,
debs.
Purch. obligat'ns
Deferred credits
19,598,841
products..... 20,728,879
Mat'ls & supp'is
1,061,819
a
Light Corp.—V.
154,668
Acer,
10-yr. 2H% con¬
cos. on current
Crude oil & ref'd
&
213,456
liabilities,
b Accrued taxes.
receivable....
Due from contr,
Invest.
Power &
Deere & Co.—50-Cent Dividend—
cos. on current
Notes arid acc'ts
not
See Electric
8,215,105
Due to controlled
se¬
curities at cost
Oth.
S
10,904,895
pay_.
Dallas Railway & Terminal Co.—Would Decrease Par of
Common—Other Transactions Proposed—
1940
%
Liabilities—
10,937,885
8.
U.
1940
S
Assets—
Aug. 9, 1941
on
sales...
_
Sell., gen. & adm. exp..
other exps. of
deb. issue....
Prepaid
ance,
Operating profit.
—
Other income
insur¬
royalties,
taxes,
1,152,852
Total
136,268,757
Total
1,013,748
$392,933
Interest
128,251,207'
Total
$38,720
$65,299
$8,912
5,796
bl74,700
660
167
888
8,725
12,500
$212,437
paid..
Prov. for Fed. inc. taxes
136,268,757 128,251,20
$29,336
$52,632
After
reserve for depreciation, depletion and intangible development
$125,266,979 in 1941 and $115,890,364 in 1940.
b Includes esti¬
provision for Federal income tax.
c Represented
by 4,738,593
.shares of $5 par value, including 56,027 shares in 1941 and 56,022 shares
in 1940 in treasury and carried at no value.—V. 152, p. 3020.
a
Net
costs of
mated
income
$8,024
a
Of new trucks and service parts, less discounts, returns, allowances.
Federal excise and State sales taxes,
b Including excess profits tax.
This
f>rovision for Federal income andanticipating the probable effectadjustment
excess profits taxes includes an of the tax
respect of the first quarter,
n
Continental Gas & Electric Corp. (&
Subs.)—-Earnings
12 Months Ended June 30—
1941
Gross
operating earnings of subsidiaries
eliminating inter-company transfers)
General operating expenses.
(after
$39,964,985 $38,682,935
15,097,995
Maintenance.
14,480,962
1,979,870
5,016,09/
2,094,241
3,477,193
.2,064,268
Provision for depreciation
Federal and State income taxes..
General taxes
_
4,842,654
2,555,679
3,594,501
_
.
...
before Congress upon net earnings for the half-year.—V. 152,
measure now
3495.
p.
1940
Distillers Co., Ltd.—Final Dividend—•
Directors have declared
a
final dividend of 19 1-10 cents per share on the
American Depository receipts for ordinary registered shares payable Aug. 7
to holders of record July 8.—V. 149, p. 4027.
Dixie-Vortex
Co.—Earnings-
\2Mos. End. June30—
Net earnings from operations of subsidiaries.. -$11,809,884
-«i i sno kka
Non-operating income of subsidiaries
#
$11,634,569
Dt-10,367
76,061
........
.$11,885,945 $11,624,201
4,488,542
4,785.-535
1.940:
1941
Net income after int. and
Federal income taxes.
$888,183
$2.18
Earns.per sh. on com.stk
152, p. 3649.
1939
•
$825,007
$1.87
—V
1938
$819,979
$1.84
$812,519
$1.80
ktf
.
Dome Mines,
$7,397,403
17,968
-
35,411
Bullion output for
$6,821,070
38,738
earns, attributable to min. com. stock.
$6,831,666
1/,596
$7,379,435
.
Propor. of
Dresser
$7,418,174
125,586
125,607
Holding
_
_,
$6,682,246
2,521,038
159,132
47,496
-
2,o38,023
160,186
44,719
on
.
debenture interest.
$4,439,313
.
$3,119,260
-
^
---
tion of increase in tax rates.
'• ■,
■;
•.
•
.
'.
>
$2,619,265
,.*•
...
;
been
allocated
$2,742,841
$2,619,265
entire
over
calendar year.
Additional
accruals for current period have been made on books of
operating subsidiary
companies in anticipation of increases in income tax rates for the year 1941.
Such additional provisions are separately stated at the bottom of the above
statement.—V. 152, p. 3494.
Crane
12 Months Ended June 30—
a
per
share of
common
1941
stock
vision of $1,000,000 for possible
profits taxes.—V. 152, p. 3020.
$2.53
...
Net profit...
Dividends..
Earnings
per
1941
.
...
1940
$26,473,477 $25,072,992
2,295,376
2,910,159
614,800
686,979
100,000
$1,580,576
on
Cushman's Sons, Inc.—Accumulated Dividend—
Darby Petroleum Corp.—Earnings—
6 Months Ended June 30—
1941
Number of net barrels of crude oil produced
Average market value per barrel produced
i
_.
1940
803,320
$1.06707
636,448
$1.01378
646,212
855,187
Increased in inventory of crude oil
2,013
280
$857,200
19,259
$646,492
18,292
$876,459
262,010
$664,784
257,444
$614,449
Gas sales.
Total
expenses
Other income.
Gross income
Interest paid
.
_.
$407,340
2,631
12,145
113,790
83,035
94,638
$409,971
19,575
105,983
66,652
86,374
$317,944
Depletion
Depreciation
b Undeveloped leaseholds surrendered
Earnings
$131,387
$626,594
17,187
per share
$0.37
$0.91
And provision for Federal and State
taxes, &c.
b Abandoned wells,
dry holes, &c.
c On 351,390 shares of
outstanding common stock.—V.
a
152, p. 3494.
$375,781
335,000
$476,481
300,000
e$l.l2
—
f $1.59
share
Including depreciation, June 30,1941, $112,046; June 30,1940, $99,152.
rates at June 30, 1941 and 1940.
c And excess profits
taxes imposed by Second Revenue Act of 1940.
d And Excess profits taxes
imposed by proposed 1941 tax rates,
c On 335,000 no par shares of com¬
mon stock,
f On 300,000 no par shares of common stock.
a
b At prevailing
June 30 '41
Trade notes
$991,276
Liabilities—
Dec. 31 '40
..$1,517,863
Cash
Accounts
& accepts, ree'le
and accrued int.
1,593,829
1,838,394
643,612
779,146
2,733,190
...
Invest'ts and other
Patents
plant
Salaries,
32,269
Notes
2
42,617
Deferred charges..
124,576
159,783
335,000
201,975
1,068,531
1,015,871
&
Dividend payableFed. State & Can.
taxes
2
65,023
comm'ns accrued
&
....
wages
on
Income
payable
$574,502
&
Insurance accrd.
1,642,833
2,993,103
Inventories
June 30 '41 Dec. 31 *40
payable.$1,260,265
Taxes, royalties
accts.
de¬
ferred
750,000
Reserve for Contin-
115,000
115,000
3,350,000
181,319
Earned surplus... 2,445,644
3,350,000
181,319
2,404,863
tlngencies
a
...
Common stock..
Paid-in surplus
Total
$9,730,565 $7,968,105
no
par
Total
$9,730,565 $7,968,105
shares
including
15,000
shares
in
Duquesne Light Co.—Earnings—
Years Ended May 31—
Operating
revenues
Operating
1940
1941
A .$35,376,700 $33,592,683
expenses
—.... .
.. .
_
11.027,450
Maintenance and repairs.
Appropriation for retirement reserve.
Amortiz. of utility plant acquisition adjustments.
Taxes (other than income taxes)..
Prov. for Federal and State income taxes
Net operating revenue
Amortization of debt discount and expense
Interest on Federal income tax settlement, &c
Interest charged to construction
Taxes assumed on bond interest
Net income
10,291,507
2,119,677
3,187,415
690
2,404,326
3,409,667
2,315,308
2,739,500
252,959
Gross income
Interest on funded debt
Miscellaneous
2,305,429
3,330,136
575
$12,899,002 $12,938,701
Other income
c
257,157
•
have declared a dividend of $1.75 per share on the 7%
pref. stock, par $100, payable Sept. 2 to holders of record Aug. 18.
Like amount was paid in each of the seven
preceding quarters and previously
dividends of 87H cents per share were distributed.—V. 152, p. 3179.
Operating and administrative
21*396
017,296
112*,598
a Represented
by 350,000
treasury.—V. 152, p. 3650.
cum.
a
*5*868
$2,223,180
b After depreciation, State and local taxes
income.—V. 153, p. 98; V. 152, p. 2850.
The directors
Crude oil sales
~
209,779
Cr938
—
assets.........
Net earnings....
1940—24%, 1941—30%.
"1,072
—
d Additional Federal income
Property,
Publishing Co. (& Subs.)—Earnings-
Reserve for Federal income tax..
Reserve for Federal excess profit tax_
a
$954,457
23,523
Additional Federal income
eauipment (net) 2,890,535
present law, and in 1941 a pro¬
additional Federal income and excess
a
I
1940
$5,020,285
$1.73
on
6 Months Ended June 30—
Gross operating income
b Earnings...
but before Federal taxes
$902,123
3,819
5,354
3,483
8,001
211,540
158,962
—
Adjustments for prior years
Assets—•
r
$6,907,457
After charges, Federal taxes, based
Curtis
1__
Consolidated Balance Sheet
Net profit.
Earnings
$923,092
31,365
Total income
Interest expense.
Co.—Earnings—
Ilncluding Domestic Subsidiaries]
a
$1,725,097
802,005
Operating profit
c
$12.79
$12.21
Note—Federal income taxes computed for current periods are based on
rates imposed by the First and Second Revenues Acts of 1940.
For com¬
parative purposes, adjustments made in 1940 to reflect successive changes
have
$1,832,302
960,670
b Canadian and State income taxes
376,419
Balance (consolidated) for common stock
Consolidated earnings per share of common stock..
tax rates
3,704,700
,
Adjustments for Canadian exchange.
Under-provision of capital stock taxes for prior yrs.
Sundry deductions
b Federal inc. & declared-value excess profits taxes
b Federal excess profits taxes
$3,939,318
1,320,053
1,320,053
.
in
1940
$5,429,797
4,064,014
$871,632
30,491
goods sold
Other income
5% debentures due 1958.
on
1941
$5,896,317
......
Cost of
Gross profit on sales
;
Selling, engineering, general & admin, expenses.
86,481
company deductions:
Interest
Taxes
_
$6,856,481
87,753
$7,166,980
.
Expenses of Continental Gas & Electric Corp..
Taxes of Continental Gas & Electric Corp
_
Manufacturing Co. (& Subs.)—Earnings■—
Net sales
a
_
July amounted to $660,947 compared with $659,94
in July, 1940.—V. 153, p. 546.
in June and $661,241,
6 Months Ended June 30—
received from subsidiaries).
Balance
Ltd.—Output—
401,779
$13,151,961 $13,340,480
$2,450,000
$2,450,000
31o,884
315,936
14,595
89,754
Crll8,277
69,300
Cr30,357
69,300
65,718
_
54,519
$10,354,741 $10,391,326
Note—The company is making provision for Federal normal income tax
or the year 1941 in accordance with the Revenue Act now in effect and
under which no provision is being made for excess profits tax as it is estimated
no such tax will be due.—Y.
153, p. 394.
Durham Hosiery
Directors have declared
Mills—Preferred Dividend—
a dividend of $2.50 per share on the class A 6%
preferred stock, payable Aug. 1 to holders of record July 29.
This com¬
pares with $1.50 paid on May 1, last; $1 paid on Feb. 1, last, and regular
quarterly dividend of $1.50 paid on Feb. 1, 1940.—V. 152, p. 3650.
Volume
The Commercial &
153
Eastern Air
To
Lines, Inc.—Earnings—
7,538,860
$943,247
4,298,980
135,685
9,910,502
$1,015,911
5,530,495
189,348
2,680,794
99,655
16,293
$468,679
2,038,676
60,469
18,428
146,752
37,703
$3,307,798
Operating expenses.
2,036,291
Selling & admin, exps...
459,890
Deprec. & obsolescence.
368,438
$2,586,252
1,632,592
381,874
229,438
$6,882,505
4,065,916
922,187
729,739
$5,415,616
3,202,933
768,455
431,303
161,000
120,000
396,000
279,000
$282,179
$0.49
$222,347
$0.39
Revenues—Mail.
$511,057
Passenger—...—
Express..
Other
revenue
Total
a
(net)._
revenues
Provision
$5 each and
$1,540,000 6% promissory note, due Nov. 25, 1940.
It will
7 % preferred stock of Dallas
a
surrender for cancellation its entire holding of
consisting of 11,000 shares (par $100) and will waive its claim to the unpaid
dividends on the preferred, amounting to $54.25 a share.
Dallas Railway & Terminal Co. will issue common stock ($50 par), to
the parent equal in par value to the principal amount of the note, the stated
value of the common stock of Northern Texas Co. and the par value of the
v.:.-'.,.;
Federal
for
Income taxes.
Acquire Common Stock of Subsidiary—
The Securities and Exchange Commission on July 31 announced the
filing of an application (File 70-366) under the Holding Company Act re¬
garding the proposed acquisition by Electric Power & Light Corp. of
common stock of its subsidiary Dallas Railway & Terminal Co.
The parent will transfer to Dallas all of the outstanding capital stock
or Northern Texas Co. consisting of 2,000 shares with a stated value of
1941—6 Mos.—1940
1941—3 Mos.—1940
4,994,925
3,837,444
Period End. June 30—
Total miles flown
11,000 shares of Dallas'
Net profit
b Net profit per share..
Federal
a
shares
income
computed at
tax
will issue
1
$
688,132
.
Investments..
Advance
....
Accrued liabilities.
680,667
241,106
243,163
29,144 Prep'd transport'n
652,413
337,800
2,411
1,700
209,576
17,123
2,774,740
3,406,212
1,842,396
Provision for Fed'I
3,964,483
hand.3,386,850
on
Short-term notes.
Acc'ts receivable..
Income
2,290.225
3,392,368
1,566,766
31,173
1,039,106
Coll.
paym'ts
288,000
1,915,988
under contracts.
Property & equip. 3,484,241
Spare
parts
and
73,390
equip..
301,042
30,508
Common stock..
2,860,890
a
Capital surplus... 3,491,769
Earned surplus
13,452,588
a
Represented by 572,178 shares in 1941 and 554,948
have a par value of $1 but are represented with a
which
Ebasco Services Inc.—Weekly Input—
of
1941, the System inputs of client operating
Services Inc., which are subsidiaries of American
Electric Power & Light Corp. and National Power &
compared with the corresponding week during 1940 were
Ebasco
Power & Light Co.,
Light
shares in 1940,
stated value of
as
Co.,
as
follows:
^'7 V'v.
Thousands of Kilowatt-Hours
Increase—
Amount
%
145,734
130,003
15,731
12.1
82,706
75,055
7,651
10.2
104,045
88,199
15,846
18.0
include the system inputs of any companies not
29,453
25,091
$74,365
Net profit
x$84,823
The above figures do not
appearing in both periods.—V. 153, p. 689.
x$91,285
$61,671
El Paso Electric Co.
x Loss. ■
' w ■
Note—No provision has been made in 1941 for Federal income and excess
profit taxes because of losses that can be carried over under the present law.
—V. 152, p. 2852.
■
Edison Bros. Stores,
Period End.
Sales
—V.
Interest—demand notes
Inc.—Sales—
$2,098,733
Total
(& Subs.)—Earnings—
Period End. Mar. 31—
1941—3 Mos.—1940
Subsidiaries—.
Operating revenues
$31,653,588 $31,916,067
Operation
10,502,729
10,715,889
Maintenance.
1,363,635
1,415,541
Prop, retire. & depletion
reserve appropriations
1941—12 Mos.—1940
17,966,233
Balance for common stock and
17,332,120
long-term debt..
(notes, loans,
59,470,268 $10,412,621 $30,583,161
2,886,849
2,986,355
11,753,852
2,116,900
1,008,278
Cr45.588
2,007,134
1,430,076
Crl 9,325
502,387
359,886
Crl ,623
591,283
242,636
Cr8,897
&c.)
Other deductions
chgd. to construct'n
El Paso Electric Co.
179.310
608,908
377,661
$3,985,090
$7,485,606
3,607,474
286
3,985,090
7,485,606
3,563
8,018,649
8
...J- $3,607,760
Expenses, incl. taxes
80,082
$3,985,098
$7,489,169
410,319
411,956
$8,019,264
261,786
1,653,676
Elec. Power & Lt. Corp.—
Net equity
Otherlncome.
Total
deductions.
Int. & other
Of Electric Power &
408,995
1,645,034
53,123
Balance carried to con¬
solidated earned sur. $3,117,359
a
$3,520,019
Light Corp. in income of
Statement of
..
Total--
Expenses, incl. taxes
_
bonds.
Amortiz. of debt disct. &
Int. on coll. trust
expense on
$5,435,140
subsidiaries,
$3,441,479
53,123
387,500
14,711
408,995
1,550,000
54,962
9,744
9,744
38,974
$45,956
7
1
1,098
1,038
$227,204
$1,387,450
$926,549
Electric
An
1941
$ *,
$
...184,518,382 184,547,972
$
Liabilities—
■
Capital stock.-.155,044,139
Long-term debt.
Cash in banks—
On demand..
5,679,150
4,751,263
Special depos.
Accts. receivable
Dividends receiv
139,200
148,124
$
xl55044,139
31,871,975
payable.
14,120
11,082
278,981
281,895
256,585
170,364
Accrued taxes..
Oth. curr. liabs.
61,293
121,681
Other curr.assets
1,050
800
stk.
103,109
3,466,592
3,505,566
103,109
Div's
Reserve....
_..
Earned surplus
.
91~20(j
126,460
156,194
156,244
6,497,047
issued. 3.441,289 shares.
Total
64,089
$463,683
58,705
46,710
Co.(Del.)
Co.—Asks Permit to Reduce
SEC to Use $5,000,000 Cash to
Share
with the Securities and Exchange
asking for authority to use
Com¬
$5,000,000 in cash from
Gas
with the
application has been filed for the purpose of using
cash, pending the outcome of the hearings on the
toward the acquisition of the company's
tenders from its preferred stockholders
$5,000,000 of treasury
United Gas financing,
preferred stock by the invitation of
■
Gas plan, originally filed with the Commission on May 5,
sale of $75,000,000 of bonds for the purpose of providing funds
for refinancing and liquidation of about $9,500,000 of arrears on the first
preferred stock of the company. Electric Bond & Share owns
of the bonds to be refinanced.
Electric Bond & Share has outstanding 1,155,655 shares of $6 preferred
The United
calls for the
$53,365,000
300,000 shares of $5 preferred stock.
preferreds is stated at $145,565,000.—V, 152, p.
stock and
5,644,207
194,192,666 193,227,202
x Represented
by:
$7 pref. cum. (entitled upon liquidation to $100 a
share); pari passu with $6 pref. and $5 pref.; authorized, 800,000 shares;
issued, 515,135 shares.
$6 pref. cum. (entitled upon liquidation to $100
a share); pari passu with $7 pref. and $5 pref.; authorized, 1,000,000 shares;
issued and outstanding (including 3 2-3 shares of scrip) 255,430 2-3 shares.
$5 pref., cum. (entitled upon liquidation to $100 a share); pari passu with
$7 pref. and $6 pref.; authorized, 1,000,000 shares; issued, none.
2d pref.,
series A ($7), cum. (entitled upon liquidation to $100 a share); pari passu
with 2d pref. series AA ($7); authorized, 120,000 shares; issued and out¬
standing, 78,164 shares; 2d pref., series AA ($7) cum. (entitled upon liuqidation to $100 a share); pari passu with 2d pref., series A ($7); authorized,
100,000 shares; issued, none.
Common, authorized, 4,000,000 shares:
194,192,666 193,227,202
$527,772
23,850
reduction of its
■
'
$634,633
the reduction of its preferred stock.
On May 5, in connection with the proposed financing of United
Corp. (a system subsidiary), the company filed an application
SEC to apply $53,365,000 which it would receive from the financing, plus
$6,635,000 in cash, or a total of $60,000,000, toward the
preferred stock.
;
_
,
lMl.
Since hearings on the United Gas Corp. financing are still in progress the
since
Accrued accts.-
Accts.
declared.
3
285,163
31,762,625
,
J
its treasury for
1940
1941
1940
&
application was filed Aug. 5
mission by the company
'
$965,800
438,029
Buy in Preferred—
profits are indicated.
(Company Only)
Bond
Stock—Seeks Permission of
$2,842,011
261,786
1,550,000
61,396
made for Federal excess profits tax
$1,038,241
403,609
36,189
a
38,974
2,268
Balance Sheet March 31
Total
$69,506
Electric Co., Del.)
$944,412
21,388
$552,077
$416,973
The company does not consider that it has any liability under the Ex¬
cess Profits Tax Act of 1940 as amended March,
1941. Beginning with
the month of March, 1941, the accrual for Federal income tax is based on
an estimated rate of 30% against the original estimate of 27%, spreading
the under-accrual for January and February over the remaining 10 months
of the year.
The rate under the present law is 24%.—V. 153, p. 240.
1941—12 Mos.—1940
$2,841,396
615
$692,283
debentures
Deferred charges
$82,145
applicable to El Paso Electric
Balance
for three
$805,980
80,082
387,500
13.068
Note—No provision has been
Reacq. cap,
$94,922
25,416
$1,021,846
16,396
Preferred dividend requirements—
$3,437,916
3,563
coll. tr. bonds retired-
Assets—•
3,283
Balance
income (Company Only)
Other int. deductions—
Investments
$78,861
2,937
$610,783
Interest (El Paso
$6,103,802
b Includes
1941—3 Mos.—1940
$805,694
$692,275
286
8
Premium and expense on
no excess
$91,985
Balance
Balance
$315,579
Period End. Mar. 31—
subs.
Gross income from
Interest on debentures.
8,874
30,464
Interest & amortization.
615
provision by subsidiaries for Federal excess profits tax of $105,786
months June, 1941, $290,453 for 12 months June, 1941.
Other
23,400
39,013
Federal income taxes.
Net operating revenues
Other income (pet)....
$8,018,649
;
1941—12 Mos.—1940
$3,676,824 $3,241,560
1,423,834
1,288,184
224,336
172,870
409,163
400,847
209,541
74,053
388,104
361,193
$274,447
109,195
13,568
33,485
Other taxes
361,922
$3,607,474
nority interests
Net equity
$331,576
122,553
19,859
34,766
Operating revenues—..
Operation
Maintenance
—
a
(Texas)—•Earnings-
1941—Month—1940
Depreciation
Pref. divs. to public
$123,329
does not consider that it
Period End. June 30—
$6,565,616 $15,749,719 $16,267,044.
1,971,618
7,886,452
7,886,473
——$5,758,397
1,971,613
applicable to mi¬
Balance;
$183,526
surplus
has any liability under the
amended March, 1941.
Beginning with
the month of March, 1941, the accrual for Federal income tax is based on
an estimated rate of 30% against the original estimate of 27%, spreading
the under-accrual for January and February over the remaining 10 months
of the year.
The rate under the present law is 24%.—V. 153, p. 240.
The company
a
$31,716,835
12,031,906
.
Other int.
$306,301
182,972
Excess Profits Tax Act of 1940 as
$31,377,250
257,968
339,585
46,127
12,441
Gross Income
147,199
$330,724
Balance
>,457,827 $10,366,494 $30,325,193
Other income (net)
a
9,646
18,089
3,303
Preferred dividend requirements
5,816,172
16,348,056
4,806,005
4,923,119 '
Net oper. revenues
a
$337,339
16,712
24,821
3,837
Federal income taxes
Other taxes
$114676,758 $111757,369
41,006,757 40,883,771
5,672,408
4,612,138 bl9,706.167
b5,406,278
Taxes
Portion
$376,094
revenues
Expenses
153, p. 240.
1940
$273,250
47,700
16,389
1
Miscellaneous revenue
1941—7 Mos.—1940
$1,653,045 $18,178,068 $14,664,928
Electric Power & Light Corp.
Int.
1941
$352,243
23,850
Interest—income notes
1941—Month—1940
July 31—
_
on
(Del.)—Earnings—
12 Months Ended June 30—
cos.; Dividends—common
Revenue from sub.
a
Int.
1940
1941
Operating Subsidiaries of—
American Power & Light Co.
Electric Power & Light Corp....
National Power & Light Co
1941—12 Mos.—1940
$181,691
$8,636
120,020
99,921
1941—3 Mos.—1940
$103,818
x$59,732
....
_
Provision for deprec'n..
547.
For the week ended July 31,
companies
Eastern Rolling Mill Co.—Earnings—
Period End. June 30—
$100 to $50 a
Northern
be dissolved.—V. 153, p.
Texas Co. and that company will
$5 per share.—V. 153, p. 98.
Profit
of its common stock from
of $50 par value common stock in exchange
for its outstanding 32,500 shares of $100 par value common stock.
Dallas Railway & Terminal Co. will acquire the properties of
9,727,355
12,271,527
Total
9,727,355
.12,271,527
Total
poses to decrease the par value
share and will issue 65,000 shares
to
stock..
Res. for advtg. exp
79,205
379,000
overhaul
for
Res.
121,205
Deferred charges..
sub.
on
common
of flying
336,738
supplies
taxes
share
outstanding stock agree to accept common stock of the company
equal in par value to the unpaid dividends to the extent of $50 a share and
$4.25 in cash for each share held.
The 3,843 shares of 7% preferred stock
publicly held will be the only preferred stock of the company to remain
outstanding.
::^
'■"■'AIn connection with the transaction, Dallas Railway & Terminal Co. pro¬
515,643
Cash in banks and
held by it to the extent of $50 a
of this
S
S
Liabilities—
Trade acc'ts pay..
7% preferred stock.
In addition, the company
the parent equal in par value to the unpaid
stock to
the 7 % preferred stock
$4.25 in cash for each share the parent holds.
According to the application, Dallas Railway & Terminal Co. has 3,843
shares of 7% preferred stock outstanding in the hands of the public.
The
above transaction is not to become effective until at least 80% of the holders
i
1940
1941
1940
,a$:v?
; vk'V;
v,;
on
and will pay the parent
<
Balance Sheet June 30
1941
■;.i. A
common
dividends
$768,663
$733,926
$1.34
$1.28
1940 rates,
b Based on 572,178
outstanding June 30, 1941*
835
Financial Chronicle
Electrolux
The book value of the
4121.
Corp.—Dividend Deferred—
their meeting on Aug. 5 deferred dividend action for 30 days
uncertainty as to the rate of production which would be per¬
immediate future. Dividends of 20 cents were paid on June 16
and March 15, last; 25 cents paid on Dec. 23, and on Nov. 15, last; and
dividends of 30 cents paid in two preceding quarters.—V. 152, p. 3967.
Directors at
owing to the
mitted in the
Erie
RR.—"When Issued" Trading—
York Stock Exchange on Aug. 1 authorized for listing on "when
The New
issued" basis
$5 955,850
the following securities:
1st consol. mtge.
4K% bonds, series A, due Jan. 1, 1957.
909,775 1st consol. mtge. 4% bonds, series B, due Jan.
52 889,392 General mortgage income 4lA% bonds, series
74
2015.
390,013 shares of 5%
series A pref. stock ($100 par).
1, 1995.
A, due Jan. 1,
Tbe Commercial & Financial Chronicle
836
2,005,605 shares, certificates of beneficial interest in 2,005,605 shares (no
par) common stock.
554,736 shares (no par) common stock.
Trading was started on Aug. 4.
The National Uniform Practice Committee of the National Association
of Securities Dealers, Inc. announces that all contracts entered into on or
before Aug.
2,
1941
in
Erie
RR.
new
stock "when, as and if
of beneficial interest
common
be considered contracts in certificates
issued" shall
Practice
Uniform
Committee
Erie RR. Co. warrants "when,
as
also
announces
that
and if issued" should be
quotations
the basis of
on
1941
$5,075,611
$3,812,552
2,597,009
$1,514,481
.
shippping,
advertising,
Selling,
$1,215,542
w
834,198
745,077
$680,283
2,515
$470,465
3,226
$682,798
$473,691
administrative and general expenses.
.
Other income.
.
a
Interest paid
1941—Month—1940
1941—12 Mos.—1940
$5,255,469
$4,708,716 $59,885,572 $55,621,462
1,885,460
1,666,246
21,789,543
20,303,429
353,528
292,538
4,007,215
3,564,617
Depreciation
566,894
526,273
6,568,794
6,317,287
a
Federal income taxes.
368,160
206,266
3,607,765
1,589,857
Other taxes
550,966
.508,840
6,305,562
5,815,008
20,473
15,550
152,703
a
b Frov. for U. S. & Canadian normal taxes—
Engineers Public Service Co. (& Subs.)—Earnings—
1940
3,561,130
Cost of products sold
in
the right to purchase one share of the new common stock "when, as and
if issued," and contracts in these warrants should be made on the same
basis.—V. 153, P. 548.
1941
9,
Federal-Mogul Corp. (& Subs.)—Earnings—
6 Months Ended June 30—
Netsales
in common stock.
The
Aug.
106,874
9,500
Excess profits tax—
Period End. Jtme 30—
Operating revenues
Operation
Maintenance..
Net oper. revenues...
Other income (net)
$1,530,459
7,155
$1,508,550 $17,606,690 $18,031,261
Dr8,806
Dr90,143
I>rl51,64l
Net profit
$3.54,545
-
$336,844
a Provision
for bad debts, Canadian exchange and other miscellaneous
deductions,
b The provision for United States taxes on income for the
1941 has been estimated on the basis of the
provisions of the proposed Revenue Act recently approved by the House
Ways and Means Committee, and the provision for the six months ended
June 30, 1940 has been stated on the basis of tbe final rates in effect for the
six months ended June 30,
1940.
Notes—(1)
year
Net profits as stated above are after provision for depreciation
following amounts: 6 months ended June 30,1941,
$79,367; 6 months ended June 30, 1940, $58,070.
(2) The Canadian
subsidiary's net profit of $6,994 for the 6 months ended June 30, 1941 is
consolidated herein on the basis of the prevailing rate of exchange.
and amortization in tbe
Balance
$1,537,614
Interest and amortizat'n
618,591
$1,499,743 $17,516,547 $17,879,620
628,712
7,502,787
7,816,559
Balance......
Dividends
$919,022
preferred stocks, declared
on
$871,030 $10,013,759 $10,063,060
2,865,415
2,608,094
1,453,958
1,839,268
24,143
19,622
Cumulative pref. divs. earned but not declared._
Amount applicable to minority interests
Balance applicable to Engineers Public Ser. Co.
$5,670,242
Amortization of bond discount
as
3,048
7,574
7,574
deductions above:
Preferred dividends declared—
Interest
Earnings from other
178,590
56,760
184,810
60,913
107,852
sources
Total.......
Expenses and taxes
accts.
$6,021,019
390,249
equipment (net)
Patents & goodwill
Deferred charges—
Balance for
common
stock and surplus
the month of March, 1941 the accrual for Federal income tax is based on
estimated rate of 30% against the original estimate of 27%, spreading
the underaccrual for
of the year.
January and February over the remaining 10 months
The rate under the present law is 24% .—V. 152, p. 689.
Fairbanks Morse & Co.
(& Subs.)—Earnings—
6 Mos. End. June 30—
1941
Net sales
$18,598,955
Costs and expenses
15,118,236
1940
1939
1938
$12,154,582 $11,385,327 $10,488,266
10,578,914
10,091.722
10,080,892
Operating profits... $3,480,719
75,249
$1,575,668
93,122
$1,293,605
82,047
$407,374
105,533
Total income
$3,555,967
382,191
$1,668,790
375,450
71,276
95,163
250,000
$1,375,652
388,812
109,443
159,000
$512,907
325,301
110,827
25,000
$948,177
$718,397
$51,780
Net inc. Mun. Ac. Corp.
Depreciation.....
Interest
Federal income taxes—
al ,720,000
Net profit
a
$1,382,499
Includes
profits tax.—V.
excess
Fairchild Aviation
6 Mos. End. June 30—
a
99.
p.
Corp.—Earnings—
1940
1939
1938
$23,561,442
$3,111,096
318,946
$1,507,475
141,122
$1,530,014
355,049
$1.08
Unfilled orders
a Net profits
Earnings
152,
1941
$0.95
$0.41
per snare
159.508
$0.47
After provision for Federal taxes.
Note—50% of earnings have been deducted in the 1941 period to cover
Federal income and excess profits taxes which are largely indeterminable
at this time.
In the same period of 1940 taxes were provided for at 23.1 %
of earnings.—Y, 153, p. 394.
Family Loan Society, Inc. (& Subs.)—Earnings—
Period End. June 30— 1941—3 Mos.—1940
Gross income collected
$1,141,580
$980,348
Operating
charges
21,769
1941—12 Mos—1940
$4,289,173
80,345
18,513
$3,702,403
82.253
100,000
287,581
202,074
on
Payrolls & comms.
Taxes,
otner
123,155
106,858
446,477
301,318
650,000
stock
:
1,397,360
Capital surplus
247,829
Earned surplus... 1,894,171
Total.
.—55,598,647 $4,183,698
Total.
—
.
1,397,370
247,843
1,635,708
_-.$5,598,647 §4,183,698
—
152, p. 3806.
Flintkote Co.
(& Subs.)—Earnings—
16 Weeks Ended
Peribd—
July
12,
'41
$8,370,736
Netsales.
a
§353,398
141,202
than
taxes on income.
1,273,711
1 U. S. & Canadian
taxes on income.
44,156
Long-term note.
1,842,791
1
55,420
$3,369,174
an
long-t'm note
Trade accts. pay..
..
2,285,192
Earnings per share of common stock.
$1.75
$1.76
^""a Thecompanies do not consider that they have any liability under the
ii/xcess Profits Tax Act of 1940 as amended March, 1941.
Beginning with
year
(par §5)
-V.
pref. stock of Engineers Public Serv. Co.
9,230
one
Common
$5,654,366
$3,352,855
—
810,621
1,927,852
11,723
1,193,517
2.217,493
$5,955,181
309,815
2,277,915
.
Service Co
on
rec.(net).
Property, plant, <fc
Balance applicable to stocks of Engineers Public
Divs.
within
Other assets-.....
§250,000
maturing
Paym'ts
102,760
$5,630,770
—
ceptances,
June 30, '41 Dec. 31, '40
Liabilities—
Notes payable——
ac¬
and
notes,
Inventories
Preferred dividends not declared
$115,633
§380,195
Trade
$5,596,074
Deductions applicable to securities of subs, owned
by parent company, included above-
Earnings from subs., included
Consolidated Balance Sheet
June 30, '41 Dec. 31 ,'40
Assets—
Cash
Net profit...
income
1,117,418
Net
Common shs.
outstand'g
Earnings per share
b710,477
686,196
$1.00
28
Weeks Ended-
July 13. '40 July 12, '41 July 13, '40
$6,032,388 $13,146,431
$9,163,272
804,174
653,257
1,552,843
cl ,016,264
621,470
507,152
678,546
678,546
686,196
$0.75
$1.45
$0.92
a After depreciation, &c. but before Federal, &c. taxes,
b In 1941 after
provision of $406,941 for Federal State and foreign taxes, including $61,516
for Federal excess profit tax, 1940, $146,105.
c In 1941 after provision of
$536,579 for Federal .State and foreign taxes, including $61,516 for accrued
Federal excess profit tax; 1940, $182,704.
For the 13 periods ended July 12. 1941, net income was $1,831,344 after
provision of $856,480 for Federal, State and foreign taxes including $61,516
for Federal excess profits tax.
For the corresponding period of 1940, net
income was $1,443,522 after Federal, State and foreign taxes of $393,173.
Provision for 1941 Federal income and excess profits taxes was estimated
on the basis of information then available regarding the House
Ways and
Means Committee proposed amendments to the Internal Revenue Code.
In commenting on above sales figures for the 28 weeks ended July 12,
1941 I. J. Harvey Jr., President, said, "The increase in the company's
sales volume testifies not only to the widespread demand for goods of all
kinds but also to the effectiveness of the continuing program of product
diversification and expansion of productive facilities inaugurated six years
ago.
Approximately 50% of volume for first half of 1941 was from the
sale of new and improved products which were not available in the Flintkote
line six years ago.
Although our position in the asphalt roofing field has
been maintained and strengthened, Flintkote today can no longer be classi¬
fied merely as a manufacturer of asphalt roofing.
Our diversification and
expansion program has transformed Flintkote into a producer of a wide
line of building materials, industrial specialties and consumer goods.
"Prominent among the newer lines of materials now made by Flintkote
are structural and decorative insulation board products, asbestos cement
roofings and sidings, sound absorbing and insulating specialities for the
automotive and marine industries, paper board products including corregated and solid fibre containers and folding and set-up boxes, industrial
waterproofing and protective coatings, industrial mastic floors used in
defense plants, and a wide variety of non-inflamable adhesives and rubber
cements for general industrial use, together with rubber dispersions used in
place of latex and crude rubber or as extenders of these materials.
The bulk
of the basic
domestic
materials used in these Flintkote products is drawn from
raw
sources.
"The
Net income collected-
$961,835
501,655
$4,208,828
2,120,136
$3,620,151
1,821,698
$490,189
2,448
33,064
38,763
34,358
$460,180
$2,088,692
$1,798,453
28,007
34,841
37,279
2,448
33,206
134,417
239,007
123,226
197,781
$381,555
98,360
expenses.
$1,119,811
629,622
$360,053
73,895
$1,679,614
460,750
$1,449,438
291,772
$283,195
Operating
$286,158
$1,218,864
$1,157,666
industrial, military and marine phases of the Defense Program have
utilized many Flintkote products and more business cna be expected from
this
and
Miscellaneous
charges._
Depreciation
Interest
Oper. bad debt
res.
(net)
Income taxes.
Dividends paid—
Preferred, series A
Preferred, series B
Common
32,638
9,375
198,360
Balance to surplus...
v
33,266
Assess—
131,437
9,375
37,500
133,448
22,317
197,523
792,261
770,202
$45,994
$257,666
$231,699
1940
5
1,861,739
1,865,098
mortgage)..... 14,115,722
11,358,853
Notes rec. (chattel
Notes
rec.
ment
(invest¬
7,629
Furn.
&
fix.
preciated
3,306,109
7,791
186,430
142,910
(de¬
value)
Prepaid expense..
Prepaid interest
payable
240,373
240,164
7,400,000
42,470
13,532/
507,587
327,237
4,011,304
3,306,109
20,862
15,830
Accrued
Inv.
taxes
ctfs.
„
Res. for contings..
Ser. A pref. stock-
1,740,710
500,000
1,774,190
stock
909,149
905,314
2,896,006
2,871,753
1,690,099
1,572,141
.20,247,402
16.723,230
Total
.
—
Federated Department Stores,
500,000
Inc.—Registers with SEC
See list given on first page of this
department.—V.
153,
p.
689.
(M. H.) Fishman Co., Inc.—Sales—
...
153, p. 241.
Florida East Coast
Ry.—^Reorganization—
The Interstate Commerce Commission on Aug. 4 received from one of
its examiners (Ralph H. Jervel), a proposed plan for reorganization of the
road under this plan capitalization will be reduced from $95,616,000 to
$37,000,000; and the fixed interest charges will be reduced from $2,823,480
to $483,480, which will be increased to $513,480 by reason of an increased
interest rate on fixed-interest bearing bonds provided income available
for fixed charges shall equal or exceed $1,250,000 a year for any two con¬
secutive years after consummation of the plan.
The effective date of the
plan is Jan. 1, 1942.
New capitalization and charges are recommended as
Issue—
Amount
1st mortgage series—A bonds
Annual Requirements
f $33,480—Interest
$1,116,000
12,000,000
124,000—Maturity
.
4,500,000
450,000—a Interest
220,000—b Cap. fund
60,000—c Sink, fund
1202,500—Int. cont.
1 22,500—Sink,
Com. stock (no par) 49,500 shares
fund
19,384,000
issued—
-V. 152, p. 2704.
Period End. July 31—
the defense program gathers momentum."
General mortgage series—A bonds
thrift
Ser. B pref. stock.
--.20,247,402 16,723,230
Sales
as
$
Earned surplus
—V.
demand
in
3968.
260,494
Employee
Common
Total
p.
4,950,000
331,311
Liabilities—
Divs.
Capital surplus
..
more
1940
contra
51,0471
be
152,
Equipment notes
1941
accounts
certificates) 4,011,304
Other assets
—V.
follows:
$42,822
Notes payable
$
Cash
source.
Our materials were not generally required in the planning
'tooling up' stages of defense activity.
However, since many types of
products go into the finished production of manufactured goods they
should
28" 007
Consolidated Balance Sheet June 30
1941
our
1941—Month—1940
$419,842
$384,456
1941—7 Mos—1940
$2,571,226
$2,280,285
Total capitalization
a
Annual interest
on
..$37,000,000 $1,112,480
first mortgage bonds will be increased $30,000 an¬
nually if income available for fixed charges equals or exceeds $1,250,000
consecutive years after consummation of the plan.
b Annual mandatory (if earned) capital fund payments will equal 2%
of total railway operating revenues for the first 10 years after the effective
date of the plan and thereafter 1% will be mandatory (if earned) and 1%
discretionary with the board of directors.
c Annual
sinking fund payments on first mortgage bonds, series A, will
equal H of 1 % of bonds outstanding but payments will not commence until
10 years after their date of issue.
The equities of the holders of general unsecured claims not entitled to
priority and of stock are found to have no value and no provision is made
for their participation in the plan.
The claims of holders of present first and refunding mortgage bonds,
totaling $45,000,000 of principal and $24,375,000 of interest which will be
accrued and unpaid as of Jan. 1, 1942, cannot be satisfied in full within the
capitalization recommended, but these holders will receive all the new
per annum for any two
income bonds and
new
stock recommended to be issued in the reorganize-
Volume
The Commercial & Financial Chronicle
153
tion, constituting the entire equity remaining in the
property after satisfac¬
tion or the claims of the present first
mortgage bondholders.
Holders of present first
mortgage bonds will receive under the recom¬
mended plan for each
$1,000, principal amount, of bonds held, $1,000,
principal amount, of new first mortgage 3K (4)% bonds and cash equal
to accrued and unpaid interest to Jan.
1, 1942.
Holders of present first and
refunding mortgage bonds will receive for
each $1,000, principal
amount, of bonds held and all accrued and unpaid
interest thereon to Jan. 1,
1942, $100, principal amount, of new general
mortgage income 4}4 % bonds and il shares of new no par common stock.
Equipment trust certificates outstanding will be assumed by the re¬
organized company.
Exceptions
served
so
as
the
to
proposed
must be filed in Washington and
to reach other counsel of record on
Sept. 22, 1941; replies to
report
exceptions may be filed and served by Oct. 2, 1941.
The case is assigned
for oral argument before Division 4 on Oct. 24.—V.
153, p. 589.
Florence Stove
Earnings for 12 Months Period Endeu April 30, 1941
Gross sales, less discounts, returns and allowances
a Cost of goods soid
Gross profit—
_
—
—
__
.
_
$16,124,556
12,047,905
$4,076,651
1,966,283
.
Selling, general and administrative expenses
Profit from operations
$2,110,368
139,158
.
Other income-
Total.
Other charges
;
Provisions for Federal income taxes-—
Excess profits taxes.
$2,249,526
1,768
V
600,000
250,000
-
...
Net
profit
Earnings per share of capital stock
$1,397,757
$4.06
Includes $254,391 depreciation.—V. 152, p. 3807.
a
Florida Power & Light
Co.—Preparing for $70,000,000
Financing—American Power & Light Plans to Give $26,300,000
as
Capital Contribution-—
H. L. Aller, President of the American Power &
Light Co. announced
Aug. 7 a comprehensive refinancing program for the Florida Power &
Light Co. subsidiary, involving a capital contribution of $26,300,000 by
the parent concern,
the parent concern.
The contribution was being
Mr. Aller said, to facilitate Florida Power's program, including
about $70,000,000 of new bonds, serial notes and preferred stock.
Mr. Aller's announcement that American Power &
Light would make
the contribution was contained in a motion filed with the Securities and
made,
Exchange Commission in proceedings instituted against American Power &
Light on July 10.
To allow time for preparation of the financing plan, the
15 of a hearing called by the
motion requested postponement until Sept.
Commission for Aug. 11.
/
The contribution to Florida Power would consist of $22,000,000 of 6%
American Power & Light received in 1926 for loans of
subsidiary in connection with Florida Powers'
heavy expansion program at that time; 13,477 shares of $7 preferred stock
and 10,000 shares of $6 preferred stock of the Florida
property and 20,000
shares of second preferred stock of the subsidiary which were among
securities received by American Power & Light in exchange for
properties
at the time of formation of the Florida company.
debentures which
the same amount made to its
owns
properties in Florida.
Mr.
Aller declared that, because of the contribution of these securities
the Florida Power refinancing as proposed would involve but $70,000,000
adequate by Abraham L. Pomerantz,
General Counsel for the plaintiffs in the Druckerman action.
On his motion.
Justice Levy appointed Abraham J.
Halprin as referee to ascertain the
fairness and adequacy of the offer and adjourned the trial without date.
The two companies made the offer "with the
distinct understanding
that no liability is admitted."
They explained that final adjudication
could only come after
long and expensive litigation that would seriously
interrupt the work of executives and other personnel and would impede
the production of
equipment vital to the national defense program.
The Druckerman suit originally
charged waste of RCA assets in trans¬
actions involving $500,000,000 beginning in the
period before 1932 when
General Electric and Westinghouse were
large RCA stockholders. Justice
Bernard L. Shientag dismissed last year causes of action
involving losses of
preferred stock, compared with $93,000,000 of bonds,
debentures and preferred stock now outstanding.
The securities of Florida
Power to be refunded would be $52,000,000 of 5% bonds and 142,667 shares
•of $7 preferred stock.—V. 153, p. 549.
dismissed or discontinued.
The Druckerman complaint would be dis¬
missed also against RCA directors and all others named as defendants. Cost
and attorneys' and accountants' fees would come out of the
$1,000,000.
—V. 153, p. 689.
General
Corp.- -Offers
Plan to Acquire InvestCorp. would be merged into
proves
Moines
Des
& Southern
1
The reorganization
company
two
companies will be asked to approve the merger
proposal at special meetings on Sept. 18. Favorable vote of at least twothirds of outstanding shares of all classes of stock of the investment trust
and of at least two-thirds of each class of stock of the finance
company
A letter to stockholders by E. K.
MacDonald, President, states that in tbe
judgment of the management. Utility & Industrial Corp. "does not con¬
stitute an economic unit which reasonably can be expected to
operate
successfully under existing circumstances."
He cites the burden of taxes and expenses, such as the maintenance of
offices, the transfer and registration of stocK, the preparation and filing of
reports for governmental bodies and stock exchanges, research, legal and
auditing services, and points out that expenses and taxes for the last 334
years have amounted to 71.1% of all dividends and interest received.
Net
investment income during the period has averaged less than four cents a
share annually on the preferred stock against cumulative dividend
require¬
ments of $1.50 a share.
The result Is that arrears on the preferred stocu; reached $13.75 a share on
June 30, while no dividends have ever been paid on the common.
Net
asset value on June 30, 1941, was $1,675,253, or $3.02 a share on
553,481
shares of preferred stock outstanding, whereas on the basis of liquidation
preferences, including dividend accumulations, claims of the preferred
stock amounted to $24,214,794, or $43.75 a share.
No equity exists, therefore, for the common shareholders, but, in view of
the fact that voting control is held by the common shareholders,
approval
of a straight liquidation of the company would not be easy to obtain. Under
the proposed merger, however, common stockholders would receive 5% of
the General Finance Corp stock to be issued for the exchange and preferred
stockholders 95%.—V. 153, p. 690.
General Motors Acceptance Corp.1941
Assets—
1940
$
Cash-
1941
38,733,782
Notes & bills rec.
payable
(net)- —-----601 ,764,489 495,670,767
Due
1,053,637
Motors
3,092,156
& affil. cos
17 488,202
14,193,063
1 426,560
3 974,522
568,480
2,315,971
4,813,779
4,508,245
session loss res 25 878,780
Long-term debt. 114 756,757
Conting. & other
reserves
8 796,936
a Two-yr.
1%
19,204,280
168,250,000
fice equipment
Corp
deprec.}.
1,174.721
777,787
discount
(notes pay.) —
614,861
505,314
Other defd.cbgs.
178,079
Otli. accts. pay.
170,918
Interest accrued
Prepd.
taxes
Dealers'
Co.—Transfer Agent—
Galveston-Houston Co.
(& Subs.)
1941 —Monlh—1940
Period End. June 30—
$356,932
Operating revenues
Oper. rev. deductions:
Operation,
$309,793
June
1941—12 Mos.—1940
$4,021,094
$3,811,795
154,493
44,299
1,933,572
545,270
4,692
43,488
1,811
40,870
32,241
498,788
16,754
465,871
$84,951
$68,319
$999,496
453
393
$895,578
3,350
$84,926
30,950
$68,773
$999,889
361,547
deprec.
.....
Int. on bonds—Houston
Electric Co
$37,764
31.008
$638,343
8,821
162,018
5,900
1,668
4,244
242
54,285
7,104
40,998
2,907
$37,586
$19,776
$433,230
$321,391
eqpt.
$933,336
.......—134,394
a271,405
Total income..
$664,008
120,404
123,766
$629,133
103,812
100,134
$527,536
$0.58
$419,838
$0.43
$425,187
$0.44
—
...
...
—
....
.—
Netprofit——
- —Earns, per share on common stock—
Including $13,686, estimated excess profits taxes and $52,119 possible
increase in normal and excess profits taxes.—V. 152, p. 2855.
General Refractories Co.
1941
$
TMWUles—
machinery, &c—ll,410,46S
Cash
1,267,493
11,439,119
1041—3
Mos.—1940
905,411
8,620
Accts. receivable--
3,413
2,948,600
1,521,206
3,021,075
Operating profit
$868,979
Deprec., deplet.& amort.
152,728
I merest
—3,750
$713,597
160,637
213,750
110,414
_
-
Fed. & State inc. taxes.
b Contingency reserve.
-
_
Surplus...
Earnings per share
—
and
104,550
_
Net profit
Preferred dividends
a
Mos.—1940
$1,405,104
$1,125,025
305,715
320,831
3,750
328,690
160",524
160,910
Due
640,000
$442,546
72,518
$606,039
141,988
$643,669
145,466
$323,643
$0.60
$370,028
$0.68
$464,052
$0.86
$498,203
$0.92
b To provide for additional taxes
other contingencies attachingto high rate of operations.—V.152, p.3809
Electric
Co.—Offers $1,000,000 to Radio Corp.
Claims—
An offer by the General Electric Co. and the Westinghouse Electric &
Manufacturing Co. to pay $1,000,000 in cash to the Radio Corp. of America,
In full settlement of all claims involved in several pending suits by RCA
stockholders, was presented to Supreme Court Justice Aaron J. Levy in
accounts
204,313
4,212
192,012
Patents
Dep.
with
trustee
fund-
Repair parts, &c._
Cash in banks in
-
insurance
41,933
44,683
1,063,532
582,483
6,977
9,300
755,693
income tax
Notes
120,236
pay.
192,171
192,171
69,366
114,049
(non-
current)
First
84
2,600
348,615
5,842
2,000
mtge. S3A%
sink, fund bonds
620,000
Capital stock
12,394,738
Scrip for cap. stock
Capital surplus
611,338
b
-
Earned
surplus
640,000
12,391,458
3,4.50
611,313
3,630,034
2,899,771
19,892,741
18,481,569
204,576
5,978
6,244
19,892,741
18,481,569
hands of receiv.
Total
—
pi.group
Res. for conting..
officers
from
872,654
Reserve for Federal
650,000
North
in
and employees--
Deferred
Total
After depreciation and depletion of $5,497,466 in 1941 and $5,130,542
in 1940.
b Represented by 469,713 no pai shares in 1941 and 469,651 no
a
par
on
632
em
$
606,959
(cur¬
rently)
Res.for
34,504
Magnesite
Co
for sinking
$394,201
70,558
On 539,221 shares of common stock,
General
584
35,389
Accrd. int. rec
pay.
Accrued accounts.
3,511,318
Notes receivable..
west
1941—6
Note.
1940
$
Accounts payable.
Real est., bldgs.,
Invest,
June 30—
-Balance Sheet June 30—
1940
$
Assets—
Miscell. invest'ts--
Gaylord Container Corp.—Earnings-
38,898
a
Inventories—...
Net income
—V. 153, p. 241.
1939
$590,235
37,294
1940
$633,520
30,489
;
Other deductions.
'
1941
$896,042
—
Other income
$527,315
143,724
8,750,000
Corp.—Earnings—
6 Months Ended June 30—
Operating profit
Federal taxes.
13,501
11,250,000
16,149,967
Total..-. —.658,589,766 540,004,361
540,004,361
General Printing Ink
a
notes, &c
Amort, of debt expense.
a.
50,000,000
surplus.
a These notes, sold to General Motors Corp., are subordinate to all other
obligations of General Motors Acceptance Corp.—V. 152, p. 3498.
1941
Period End.
25 000,000
($100
11 250,000
8 750,000"
Undivided profs. 18 642,631
$898,929
371,614
$53,976
_
Depreciation
&
6,377,482
50 000,000
Earned
1,888,321
556,996
Dr 25
— _
Oper. inc. before deprec.
coll.
1943.
par)
(Including Subsidiary)
excess
—
Other income (net)
on
1,
Cap. stk.
Earnings—
49,836
173,966
Maintenance
Int.
repos¬
notes due June
Total. —----658,589,766
Gross income
..
...
New York has been appointed
registrar for the common and preferred stocks of this company.—V. 153,
p. 548.
Gross inc. bef.
1,227,604
Fed. inc. & other
Paid-in surplus-
Fruehauf Trailer
&
Corp.
Due Motors Ins.
Co. autos. & of¬
by the Interstate
The Chase National Bank of the City of
income
General
to
,582,966
,604,502
...
company.
profits taxes—...
—.367 243,119 237,777,749
Investments
According to procedure under the Bankruptcy Act, the plan will next
be submitted by the ICC to security holders who are entitled to vote on
the reorganization.—V. 153, p. 689.
Fed.
*
Accts. receivable
Moines, Iowa, July 27.
The plan reduces capitalization from $10,162,791
$3,672,000 and eliminates the outstanding equities from participation
Other taxes
$
Notes and loans
to
new
1940
JAahtlities—
$
47 ,670,148
...
•Commerce Commission earlier this year has been approved by the U. S.
District Court in a decision by Federal Judge Charles A. Dewey at Des
in the
-Consolidated Balance
Sheet June 30—
>"
submitted
is
required by law to effect the merger.
RR.—Court Ap¬
,
plan for the
Company—
Stockholders of the
(less
an extra dividend of five cents per share on the
stock, par $1, payable Aug. 15 to holders of record Aug. 9. Regular
•quarterly dividend of 2y2 cents per share was paid on June 16, last.—V.
151, p. 1143.
Finance
A plan, whereby the Utility & Industrial
General Finance Corp. has been announced.
ment
Brewing Co.—Extra, Dividend,—
Directors have declared
Dodge
Plan—
$262,000,000.
depend upon judicial approval in the Druckerman case; and execution of
judgment for $1,000,000 in this case would be stayed until the others are
•common
Ft.
than
more
■of bonds, notes and
Frankenmuth
837
the trial
of one of the actions, instituted in New York
Supreme Court by Rose Druckerman and 11 other RCA stockholders.
The offer was approved as fair and
American Power & Light proposes to deliver also to its subsidiary $701 ,000 of notes and 60,000 shares of common stock of the Utilities Land Co.,
which
with
Other suits based on similar allegations are pending in the U. S. District
Court and in other counties.
Under the terms, their settlement would
Co.—Earnings—
—
connection
shares
in
1940-
Earnings for the 3 and 12 months ended June 30, 1941 appeared in the
"Chronicle" of Aug. 2, page 692.
General Motors Corp.—To Pay $1 Dividend—
share was declared on Aug. 4 on the common stock,
$10, payable Sept. 12 to holders of record Aug. 14. Like amount paid
with 75 cents paid on March 12, last; $1
A dividend of $1 per
par
on
June 12, last, and compares
The Commercial &
838
and is
Georgia Power Co.—Earnings—
335,000
$2,652,834 $35,795,848 $32,631,641
1,229,666
15,761,613
14,407,472
331,087
5,164,938
3,927,718
290,000
3,750,000
3,360,000
$715,953
328,938
$802,080 $11,119,297 $10,936,451
544,379
6,061,831
6,638,574
$387,015
223,006
$257,702
245,862
1,633,244
430,094
Taxes
Prov. for
depreciation..
Gross income
Int. & other deductions-
Net income.Divs. on pref. stock---.
$5,057,466
2,813,207
75,000 shares.
around
Hewitt Rubber
$1,347,527
2,950,350
and industrial use.
During the six
Corp.—Accumulated Dividend—-
dividend of $1.50 per share on the $6 preferred
15 to holders record Aug. 5. A like amount was paid
on May 20, last, this latter being the first dividend to be paid on the issue
since August, 1937 —V. 152, p. 3183.
1941—Month—1940
1941—7 Mos.—1940
$7,738,162 $60,540,386 $53,196,642
SI—
$8,730,641
153, p. 242.
Great Lakes Towing
Co.—$2 Preferred Dividend—
Directors have declared a dividend of
$2 per share on the 7% non-cumu¬
lative preferred stock, payable Aug. 15 to holders of record
dend of $5 was paid on Dec. 23, 1940 and one of $3.50 was
Aug. 5. Divi¬
paid on Oct. 5,
1940.—V. 151, p. 3747.
(H. L.) Green Co.—Sales—
1941—Month—1940
1941—6 Mos.—1940
$3,334,298 $22,744,715 $20,768,881
Period End. July 31—
$3,732,597
Sales
operation
—V. 153, p. 242.
Corp.—New Directors—
Gulf Oil
a
151
151
Stores in
of the board of directors J. E. Nelson, H. A. Gidney,
elected members of the.corporation's directorate.
recent meeting
and Alan M. Scaife were
All
three
are
men
members of Gulf's Finance
Committee.
Mr. Nelson
and Secretary of the Finance Committee, and
Vice-President and Comptroller.
The election of Messrs. Nelson, Gidney and Scaife increases the member¬
ship of the Gulf board to nine.
Continuing members are W. L. Mellon,
Chairman; F. A. Leovy, Vice-Chairman; Colonel J. Frank Frake, President;
H. L. Stone Jr., Executive Vice-President and General Counsel; M. V.
Hartmann, Vice-President, and R. K. Mellon.—V. 152, p. 2856.
is Vice-President, Treasurer
Mr. Gidney is
Gulf Power Co.—Earnings-
Operating expenses
Taxes
___
Prov. for depreciation-
-
1941—12 Mos—1940
$2,153,008 $1,954,623
1,063,728
1,013,006
2.39,238
331,608
189,999
182,500
Gross income
Int. & other deductions.
$45,694
18,747
$44,350
19,775
$567,672
231,993
$519,878
242,316
Net income
Divs. on pref. stock
$26,947
$24,575
5,584
$335,678
67,014
$277,562
67,014
6,584
$210,548
$268,664
$18,991
$21,363
Balance
$473,774
267,000
$129,371
27,000
provision for estimated taxes-
$206,774
$102,371
$0.61
$1.23
for approximately 20 % of first half
year's business, almost all of this amount being in the second quarter, and
are currently accounting for approximately 40 % of volume. We are currently
supplying more than three-quarters of the requirements of the largest manu¬
facturer of pursuitr-type airplanes, and all of the requirements of a second
important manufacturer of such planes.
Our tanks have proven satis¬
factory under accelerated flight tests and in service in both installations.
In June, 1939 we begun the shipment of fire hose to Great Britain for the
use of their Air Raids Protection Service.
We have, to date, shipped more
than 3,100,000 feet of this hose and are currently working on an order for
approximately 500,000 feet additional.
Another important defense activity has been the furnishing of nearly
one million feet of refueling hose to the U. S. Army Air Corps.
To summarize the current situation, we estimate that for the balance of
the year 50% of our sales will be "direct defense" materials, consisting of
bullet-sealing tanks, British fire hose, and various types of hose for the U. 8.
Army Air Corps and the Navy; 45% of our sales will be "indirect defense"
materials, such as conveyor belts for the mining, chemical, public utilities,
and heavy manufacturing industries, themselves actively engaged in defense
work; and the remaining 5% will consist of sales to various manufacturers
who may not be directly engaged in defense work at the present time.—V.
Sales of bullet-sealing tanks account
153, p. 551.
Heywood-Wakefield Co. (& Subs.)—-Earnings—
§ Mos. End. June
a
Net
1939
x$125,519
1940
$75,005
1941
$182,722
30—
profit
.5201,658
Cash
579,844
_
-
i..
_
1,609,866
1.396,917
2,132,456
2,019,404
86,973
86.975
3,850,355
3,882,072
Deferred charges
1,507,756
66,000
89,257
849,200
1,033,818
$343,778
$342,172
2,735
$3,617,257
27,719
$4,172,513
31,618
$344,907
107,077
$3,644,976
1,263,592
$4,204,130
1,384,602
$237,830
$2,381,384
584,967
$2,819,529
$1,796,416
$2,234,561
Accounts
1
1
128,040
__
99,371
Accrued
2,075
;
$345,853
Balance-
Interest & amortization.
1.
Balance-
103,690
v
Federal,
State
$242,163
Preferred dividend requirements
Balance for
The
a
common
...
stock and surplus....
does not consider that it has any liability
company
584,968
under the
1941. Beginning with
the month of March, 1941, the accrual for Federal income tax is based on
an estimated rate of 30% against the original estimate of 27%, spreading
the under-accrual for January and February over the remaining 10 months
of the year.
The rate under the present law is 24%.—V. 153, p. 242.
Excess Profits Tax Act of 1940 as amended March,
Hagerstown Gas Co.—Earnings—
10-year
B
99,161
7,940
10,652
Operation
Maintenance
General taxes.
1st
2,756
Federal and State income taxes
Utility operating income-.—....
a
Gross income.
a
Retirement
on
...
charges
reserve
accruals
_
Harbison-Walker
Period End. June 30—
a
14,888
Net profit
Earns, per sh. on com...
Co.
1941—3 Mos.—1940
$559,600
$0.37
1941—6 Mos.—1940
$1,730,800
$939,100
$1.20
$0.62
After
Houston Oil Co. of Texas—Earnings—
[Including Houston Pipe Line Co.]
1941—3 Mos.—1940
1941—6 Mos—1940
Gross earnings
$1,686,782
$1,666,198 $3,591,495
$3,657,629
Operations and general
expenses and taxes
810,312
912,829
1,667,119
1,814,178
Period End. June 30—
...
$876,470
11,236
Other income credits
$887,706
201,434
Total income.
Aband.leases & retirem't
Deprec. and depletion
Fed, inc. taxes (est.)
_
404,196
24,12,5
_
ir-'i
Plywood Corp.—Accumulated Dividends—
Directors have declared
accumulations
on
a
dividend of 50 cents per share on account
the preferred stock, payable Aug.
Consolidated Earnings for
$1,843,451
24,926
$1,943,166
345.078
$1,868,378
434,674
8,350
805,2.56
111,600
787,444
71,650
$96,106
Nil
$681,231
$0.38
$574,609
$0.28
$764,920
264,553
395,911
12 Months Ended June 30, 1941
earnings from operations, $6,769,358; operating and general ex¬
including taxes (other than Federal income taxes), $3,333,930;
operations, $3,435,428; Other income, $43,881; total income,
$3,479,310; interest on bonds and notes, $400,483; amortization of debt
discount and expense, $28,498; depreciation and depletion,
$1,568,216;
property retired and abandoned, $292,184; Federal income taxes, $212,748;
net profit, $977,179.
v i."
Gross
penses,
income from
in the above statement represent
provided by the tax laws now in effect.
is indicated to be due for the period
No liability for excess profit taxes
shown.—V. 152, p. 3657.
Independent Pneumatic Tool Co.—Stock Offer ed—
Hallgarten & Co. and Blyth & Co. on Aug. 5 offered 8,000
shares of stock (no par) at $28 (less one point to dealers).—
V. 152, p. 4125.
Industrial Brownhoist Corp.
Profit from oper.
Offered—
$363,480
$160,806
$736,534
$336,450
33,561
15,251
162,500
35,089
16,421
67,411
30,322
324,000
a
79,697
96,028
$152,168
_
Prov.for Fed.inc.taxes
$109,295
Holders of the capital
ness
on
$4,200,000 30-year 3%%
debentures due Sept.
1,
1971, in the ratio of
vo'::;a
/
1941—6 Mos.—1940
Provision
Prov. for bond interest.
stock of the company of record at the close of busi¬
July 15 have been offered the right to subscribe at face value to
(& Subs.)—Earnings-
1941—3 Mos.—1940
before
providing for deprec'n,
interest, &c_
for deprecia'n
and idle plant expense
of
1 to holders of record
Like^amounts paid on May 1 and Feb. 1 last and Dec. 16, 1940.
Hartford Electric Light Co .—Bonds
$1,924,377
18,789
$753,369
7 11,551
$257,951
$0.11
Net profit
Earns.persh.oncom.stk.
Period End. June 30—
Harbor
1,559,578
$8,009,349 57,733,522
3344.
estimated normal income taxes as
(& Subs.)—Earns.
depreciation, depletion, Federal and State income taxes and
excess profits tax in 1941.
Note—Since the estimated net earnings for the first half of the year 1941
are based on the Federal tax laws now in effect, it should be anticipated
that on the basis of the proposed tax law, now in Congress, these estimated
net earnings may be reduced 25% or more.—V. 152, p. 3184.
a
1,500,000
Note—Federal income taxes deducted
-V. 152, p. 3184.
Refractories
$866,000
$0.60
911
$7,475
$16,021
—
Before retirement
a
$22,936
14,550
13,751
1,074
Net income
3,487.000
1,500,000
1,341,771
p.3657.
$37,825
$30,847
accruals
bonds
Other income
Dr2,811
$45,247
14,400
_______
reserve
Gross income.
Interest
;
_
$40,636
$48,992
Dr3,745
....
Other income (net)
Total
577,500
3,487,000
pref.
Hotel Waldorf Astoria Corp.—No September Interest—
Notice has been received by the New York Curb Exchange that inasmuch
as there were no earnings applicable to the corporation's 5% sinking fund
income debentures due Sept. 1, 1954, no interest will be paid on these
debentures on Sept. 1, 1941.
These debentures are dealt in flat.—V. 152,
8.912
12,370
2,028
546,600
(par 525)
Com. stk.lpar 525)
Income from oper
$161,771
97,825
$169,501
131,267
regis.
stock
1940
1941
12 Months Ended June 30—
&
Cndn. inc. taxes
Series
—V. 152, p.
151,774
27,566
ters of credit.
deb.bonds.
$8,009,349 57,733,522
300,000
352.000
payrolls,
Drafts against let¬
5%
Total
5372,477
50,000
taxes. &c
Surplus
Net operating revs
1940
5355,338
payable.
Notes payable
560,329
1,478,484
255,061
943,883
40,093
120,521
.
$248,783
Notes, acceptances
& accts. receiv--
1041
Liabilities—
1940
1941
Assets—
Patents & goodwill
$934,301 $11,032,713 $10,729,467
3,444,838
3,319,197
276,257
104,000
91,876
.
Other income (net)
1938
x$153,312
1941 after Federal taxes at rates proposed in the
new 1941 Federal Revenue Act.
While a substantial backlog of business is available and incoming orders
continue at a favorable rate, the company's ability to show progress will
depend upon the effects of the priorities' program now engaged in regulating
the flow of materials for national defense.
Some defense orders are in
process, and it is likely that an increasing share of the company's pro¬
ductive facilities will be made available for such work.
Richard N. Greenwood, states:
After all charges and in
Plants & equlpm't.
129,534
Depreciation
—
double
1940
_
Miscell. investm'ts
1941—12 Mos.—1940
1941—Month—1940
Period End. June 30—
Operating revenues-.—- $1,034,726
Operation...
______
320,048
Maintenance------45,489
Federal income taxes.
more than
1941
Earnings per share on common
Inventories-
Gulf State Utilities Co.—Earnings-
Other taxes-
greatly exceeded any
10% less than our
Ended June 30
Earnings before taxes
Reserve for Federal income & excess profits taxes.
Net earnings after
,
^
,
,
,
Consolidated Balance Shea June 30
.
—V. 153, P. 692.
a
.
_
months ended June 30, 1941 sales
Earnings for 6 Months
a
1941—Month—1940
$193,191
$168,051
103,562
85,469
28,101
22,399
15,833
15,833
Period End. June 30—
Gross revenue
....
.
the company's history and were, in fact, only
largest previous full 12 months' period. They were slightly
our sales for the first six months of 1940.
(W. T.) Grant Co.—SalesSales
,
affected at this time by an
particularly for military, naval,
like period in
Gosnold Mills
„
Kennedy,
Corp.—Semi-Annual Statement—
demand for its products,
extraordinary
nnn
6,000; Sulz
Miller, 1,500 and Morgan,
Thomas Robins Jr., President, states:
The rubber industry as a whole is greatly
Directors declared a
At
15.000 shares; E. W. Clucas,
Granger, 3,500; Robinson,
1,000.—V. 153, p. 693.
stock, payable Aug.
—V.
_
Bankamerica Co. distributed
bacher.
—V. 152, p. 3968.
Period Ended July
153, p. 396.
Harvill Aircraft Die Casting Corp.—Stock Distributed—
The Bankamerica Co., E. W. Clucas & Co.. Sulzbacher, Granger & Co.,
Robinson, Miller & Co. and Morgan, Kennedy & Co. have completed the
distribution of 27,000 shares of common stock at $3-55 a share.
The stock
represented part of the holdings of Blair & Co. which originally totaled
$4,297,877
$2,244,259
$11,839
$164,009
Balance-.-
•;..
1941—12 Mos.—1940
1941—Month—1940
$3,114,291
Operating expenses
exercisable only at the office
Hartford, Conn.—V.
V-vO'lc
Gross revenue.-.--,
The subscription
and are in bearer
(EST) on Sept. 2,
of Hartford National Bank & Trust Co.,
$100 of debentures for each 20 shares of stock held.
rights have been mailed to the company's stockholders
form.
The right to subscribe expires at 4 o'clock p. m.
paid on Dec. 12, Sept. 12, and June 12, 1940; 75 cents paid on March 12,
1940; SI .25 paid on Dec. 12,1939; 75 cents paid In each of the four preceding
quarters; 25 cents on Sept. 12, June 13, and on March 12, 1938; SI.50 paid
on Dec. 13, 1937; SI paid on Sept. 13 and on June 12,1937; 25 cents paid on
March 12, 1937, and a year-end dividend of SI.50 paid on Dec. 12. 1936.
—V. 153. p. 690.
v,
/-V:
A"
Period End. June 30—
1941
Aug. 9,
Financial Chronicle
Net
a
profit.
Excess profits taxes
$314,801
$160,726
3026.
and other contingencies.—V. 152, p.
Volume
Humble Oil & Refining Co.—Wins
This
$10,000,000 Suit—
and oil companies associated with it won the "Wilson
which had been in progress since Aug. 26, 1940, over con¬
of oil lands valued at upward of $10,000,000.
The court on Aug. 2
company
Strickland suit
trol
denied
the claims
of
5,000 persons to the property, most of them
back to the Texan war
some
in whole or in part, at any time without making payment on account o
principal of the new bonds not held by this Corporation.
(d) All funds received by applicant from retirement of the pledged
collateral (including the preferred stock of United States Lines Co.) may be
of the new bonds held by this Corporation.
(e) Without the prior written consent of this Corporation;
(i) No dividends will be declared or paid on account of, or other dis¬
used by applicant for retirement
relatives of claimants whose alleged ownership dated
for
independence.—V. 152, p. 3499.
Idaho Power
$546,734
$6,654,381
$6,241,026
173,345
164,040
1,908.008
161,000
50,000
136,000
2,035,477
; 1,774,083
43,700
562,500
1,564,043
512,500
181,862
703
$202,994
657
$2,282,321
2,266
$2,256,475
5,894
$182,565
$203,651
Direct taxes......
res. approps
Net oper. revenues...
Other income (net)
$2,284,587
$2,262,369
56,250
56,250
675,000
675,000
8,524
11,068
108,982
119,127
327
27
7,925
1,367
$118,118
Gross income
on
$136,360
$1,508,530
$1,469,609
mtge. bonds
Other int. & deductions.
Int.
1941—12 Mos.—1940
$566,207
taxes
charged to constr-Cr
Net income
414,342
414,342
$1,094,188
Divs. applic. to pref. stocks for the
$1,055,267
period
Balance
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
30% for the full year 1941.
taxes at the rate of
No provision has been made for the Federal excess profits tax
will be payable.—V. 152, p.
(2)
present indications are that no such tax
Inland Steel Co.
since
4125.
(& Subs.)—Earnings—
1940
1939
1938
$12,666,236
Deprec. and depletion..
1,958,468
$5,915,540
1,755,225
$4,015,949
1,413,088
$3,057,674
1,212,138
341,375
2,495,159
a621,772
b664,887
454,250
388,152
462,375
248,063
1941
3 Mos. End. June 30—
Net after expenses
Interest
Esti.
Est.
inc.
Fed.
taxes...
profits tax._
Est. amount to provide
excess
2,498,968
V;-
^
^
for addit. Fed. taxes at
$4,102,572
Net income
c
Earnings
per
1
1,269,694
proposed new rates
$2,873,655
$1,760,459
$1,135,097
$2.51
$1.76
$1.08
$0.72
share—.
Includes $175,897 excess interest paid on account of refunding opera¬
tions non-recurring,
b Includes adjustments from Jan. 1, 1940, on account
of new rates under the Revenue Act of 1940 and after deducting from taxable
a
income the proportion of unamortized bond discount and expense and
premiums on series D3K% first mortgage bonds redeemed during period,
c On capital stock.
Contracts for
Construction of Additional Furnaces—
Following the directors' meeting held July 30, Edward L. Ryerson,
Chairman, announced that contracts had been entered into with Arthur
G. McKee & Co. for the immediate construction of the company's sixth
blast furnace, which will be a
tion early in 1939, and, when
duplicate of the fifth furnace placed in opera¬
completed, will produce approximately 1,000
of pig iron per day.
Despite rigid restrictions placed on sales, incoming business continues
volume than shipments.
Most of the new orders bear preference
ratings and much of the tonnage is being allocated by the Office of Produc¬
tion Management.
A constantly greater portion of current schedules is
being made up of priority orders thereby unavoidably delaying delivery of
in greater
other tonnages.
Operations during the second quarter of 1941 were at the rate
of 105.7%
of theoretical ingot cpaacity compared with 106.7% in the first quarter of
1941 and 81.5% in the second quarter of 1940.
Exports during the current
quarter were 3.0% of total shipments as against 7.3%
of 1941 and 5.5% in the second quarter of 1940.
in the first quarter
Employment and payrolls again made new highs, the average number of
employees for the quarter being 21,258 and the total payroll $11,234,967.—
V. 152, p. 4126.
International
financing
Mercantile
Maturing
Bonds—To
Marine
Sell
Co.—Plan for
Certain
Properties
Re-
to
A
>
Considering and acting upon a plan for the refinancing of the corpo¬
& coll. trust sink, fund 6% gold
ration's outstanding $11,469,000 1st mtge.
bonds which mature Oct. 1, 1941.
In connection with and in relation to said plan for refinancing said
bonds and with the object of simplification of operations of the corporation
and its various subsidiaries, to consider and act upon
(b)
(1)
The sale by the
corporation and (or) its subsidiaries to United States
principal operating subsidiary of the corporation, of the property
value of the equity
therein, to wit, $1,065,000 in cash;
(2) The sale by the corporation and (or) its subsidiriesa to United States
Lines Co., of tugs, barges and other equipment, at the appraised value
thereof, to wit, $350,000 in cash;
(3) The sale by the corporation to United States Lines Co., of 27,026
shares of Pan-American Airways Corp. stock at the market price thereof;
(4) The exchange of preference stock and junior preferred stock of United
States Lines Co., now owned by the corporation and (or) its subsidiaries and
affiliated corporations, for shares of prior preference stock of United States
Lines Co., all in connection with a proposed plan of recapitalization of
Lines Co.,
known
as
One Broadway, New York, at the appraised
United States Lines Co.
Plan for
On Oct.
Refinancing of Bonds
1, 1941, the $11,469,000 1st mtge.
& coll. trust sink, fund 6%
gold bonds of the corporation will become due and payable.
The original
issue of these bonds was $40,000,000 and to date there have been retired
$28,531,000 bonds.
Interest has been regularly paid on these bonds to
date and there are no arrears.
The plan for the refinancing of the bonds is made possible through the
cooperation of the Reconstruction Finance Corporation.
Negotiations
have been carried on for some time with the RFC, culminating In an agree¬
provide funds for that purpose, as
following letter dated July 11, 1941 received
from C. B. Henderson, Chairman or the RFC.
Pursuant to your informal application, this corporation will make avail¬
able to International Mercantile Marine Co. up to $4,500,000 to effect
consummation of its proposed plan to refinance its $11,469,000 6% 1st mtge.
bonds outstanding which mature Oct. 1, 1941, upon the following and such
other terms and conditions as this Corporation shall prescribe:
(1) Applicant's proposed plan for paying the holders of its outstanding
1st mtge. bonds 50% in cash and 50% in new 4% coll. trust bonds shall be
accepted by the holders of a very substantial amount (as determined by this
Corporation) of the outstanding bonds before any of this Corporation's
funds are made available.
(2) New coll. trust bonds shall be issued to this Corporation in the
principal amount of the funds advanced by this Corporation to applicant.
The new bonds held by this Corporation and the new bonds to be issued to
the holders of applicants' outstanding bonds shall bear interest at the rate
of 4% per annum.
All of such new bonds shall be secured by the same
collateral under the same indenture (which shall be satisfactory to this
Corporation) which indenture shall provide, among other things, that:
(a) The new bonds held by this Corporation shall be retired at the rate
of $450,000 annually.
After, and only in the event of, payment of said
$450,000 annually, to this Corporation on account of principal of the bonds,
payment may be made on account of principal of the new bonds, issued to
the holders of applicants' outstanding bonds, in an aggregate amount not
exceeding $450,000 annually provided the consent or this Corporation is
ment
by that governmental agency to
evidenced substantially by the
by the corporation
,
first
obtained.
.
(b) The new bonds issued to this Corporation shall have first claim as
against the other new bonds of applicant on any assets of applicant, including
the collateral securing the indenture, in the event of liquidation of applicant.
(c) Applicant shall have the right to pay the loan from this Corporation,
(5) The cash accruing to applicant in accordance with the adjustments
required by paragraph 4 hereof shall be used (in a manner approved by this
Corporation) by applicant in consummation of the plan, and such cash shall
be so used before any disbursement by this Corporation.
(6) Applicant shall proceed to dissolve as promptly as possible its sub¬
sidiaries, the United States Lines, Inc and American iJnes Co , thus making
United States Lines Co a direct subsidiary of the applicant and permitting
applicant to acquire the junior preferred stock of the United States Lines
Co
whereupon appropriate steps shall be tasen to eliminate by financial
readjustment the preference stock and junior preferred stock of the United
States Lines Co leaving said company with two classes of stock outstanding,
namely, common stock and preferred stock, of which the former will be
wholly owned by applicant and of which a majority of the latter will be
owned by the applicant.
(7) Applicant shah have the right to pay off this Corporation's loan in
whole or in part at any time without payment of premium or penalty
The foregoing letter superseded a letter dated April 29, 1941 from Emil
Schram, Chairman.
Pursuant to the plan for the refinancing of the bonds there will be issued
by the corporation approximately $10,234,500 face value new 10-year 4%
coil
trust bonds of which the RFC wih acquire for cash approximately
,
$4,500,000 face value of bonds, called "RFC bonds."
Bonds not acquired
by RFC are referred to as "new bonds."
Holders of the presently outstanding bonds of the corporation wih be given
the opportunity to exchange their bonds for cash and' 'new bonds'' as follows:
For each $1,000 of presently outstanding bonds the holder thereof will
(1) $500 in cash plus (2) $500 face value "new bonds" plus (3) ac¬
outstanding bonds at the rate of 6% per
1, 1941.
Total Bonds to Be Authorized and Issued—Bonds in the aggregate principal
sum of $12,500,000 will be authorized and the amount of bonds to be issued
pursuant to the plan will not exceed $10,234,500.
The management does
not intend at the present time to issue the balance of the bonds to be author¬
ized pursuant to the plan.
The management reserves the right to sell or
dispose of the oalance of such bonds as it may deem appropriate without
further action by the stockholders of the corporation.
Subscription by RFC to Approximately $4,500,000 of Bonds—Pursuant to
the plan approximately $5,734,500 in cash is required for immed iate
payment to holders of the presently outstanding bonds.
A part of the
required cash wih be on hand and a portion will be procured by the corpora¬
tion through the sale to United States Lines Co., its principal operating
subsidiary, of the property referred to above.
The balance will be pro¬
vided by the purchase by RFC of "RFC bonds" at face value for cash.
receive
crued interest on the presently
annum
to Oct.
Maturity
of Bonds—All bonds to be issued will mature Oct. 1, 1951, sub¬
ject to earlier payment under redemption provisions of the new indenture.
Interest on Bonds—Interest on the bonds to be issued will accrue from
Oct. 1, 1941, at the rate of 4% per annum payable April 1 and Oct. 1.
Collateral for Bonds— The collateral for the bonds to be issued will consist
of the fouowing:
„
.
,
Approximately 1,161,545 shares of preferred stock (presently desig¬
preference stocK) of United States Lines Co. which International
Mercantile Marine Co. will directly or indirectly receive pursuant to the
action expected to be taken at the forthcoming meeting of stockholders of
this corporation and corresponding action to be taken by United States
Lines Co
in exchange for
(1) 561,427 shares of prior preference stock of United States Lines Co.
(par $10 per share and entitled to annual cum. dividends of 70 cents per
share) representing 100% of the outstanding stock of this class, and
(2) 252,500 shares of preference stocic of United States Lines Co. (par
$1 0 per share and entitled to annual cum. dividends of 70 cents per share) out
of a total of 342,500 shares of that class outstanding, and
(3) 330,462 shares of junior preferred stock of United States Lines Co.
(par $5.15 per share and entitled to annual cum, dividends of 37 Vi cents per
share, if earned, after payment of dividends on senior classes of stoca and,
in addition, to participation in excess earnings with common stoca) out of a
total of 600,000 shares of junior preferred stock outstanding, and
(b) 1,200,000 shares of common stock of United States Lines Co. (par
10 cents per share) representing 100% of common stocs: outstanding, and
(c) The capital stocks and other obligations of subsidiary and affiliated
companies held or owned by I. M. M. or the equity of the corporation therein.
Bond Retirement Provisions Under New Indenture—Indenture securing all
the bonds will provide for retirement annually of $450,000 face value of
"RFC bonds" issued to the RFC.
After payment of annual amount in
retirement of "RFC bonds" the corporation may, with tne consent of the
RFC, use annually not to exceed $450,000 to retire at 102^%, and (or)
to purchase at market at a price not in excess of 102 % of face value, "new
bonds" which, under the contemplated plan, are to be issued to the holders
of the presently outstanding bonds of I. M. M. Co.
The "RFC bonds" wih have first claim as against the "new bonds
on
any assets of the corporation, including the collateral securing the new in¬
denture, in the event of the liquidation of the corporation.
Effectiveness of the Plan—Plan shall become effective only at such time
when the RFC in its discretion determines that a sufficient number of
presently outstanding bonds have been deposited under the plan to justify
declaring the plan effective.
? '
1 ,
Listing of New Bonds on the New York Stock Exchange—It is contemplated
that application will be made for the listing of the "new bonds" for trading
on the New York Stock Exchange.
(See also United States Lines Co. below).—V. 153, p. 552.
nated prior
special meeting of stockholders will be held Sept. 2 for the following
(a)
i
(a)
United States Lines Co.—
purposes:
capital stock.
(ii) Applicant will not transfer or otherwise hypothecate any of its free
acquired.
(f) Applicant's management and compensation to its officers and directors
and employees shall be satisfactory to this Corporation so long as
this
Corporation is the holder of any of the new bopds of applicant.
(3) Collateral securing the indenture shall consust of:
(a) The shares of stock of the United States Lines Co.:
(i) Approximately 1,113,914 of new preferred stock now represented by:
(a) 547,927 shares of prior preference stock (70 cents per share cum.),
representing 100% of the outstanding stock of this class; (b) 391,712 shares
out of a total issue of 537,319 shares of preference stock (70 cents per share
cum.); (c) 330,462 shares out of a total issue of 600,000 shares of junior
preferred stock (373^ cents per share cum., if earned);
(ii) 1,200,000 shares of common stock, representing 100% of the total
issue outstanding.
(b) The capital stock and other obligations of applicant's subsidiaries and
affiliates, held or owned by applicant, or applicant's equity therein.
(4) Applicant shall effect consummation of the following:
(a) Transfer of applicants' equity in real estate at No. 1 Broadway,
New York, and certain other terminal property and equipment to United
States Lines Co. in exchange for $1,365,000 cash.
(
(b) Sale by applicant of 27,026 shares Pan American Airways stock owned
by it to the United States Lines Co. for cash, the price to be determined by
the market on date sale is consummated.
assets now owned or hereafter
1941—Month—1940
Period End. June 30—
Int.
tributions made with respect to, applicant's
Co.—Earnings—
Operating revenues
Oper. exps., excl. direct
Prop, retire,
839
The Commercial & Financial Chronicle
153
,
,
,
International Paper & Power
,
Co.—Holding Company to
Disappear—New York Operating Company to Take
Over—
Cullen, President, announced Aug. 6, that a special meeting of
shareholders has been called for Sept. 25, 1941, to vote on a program for
the elimination of International Paper & Power Co., the present holding
R
J.
and the distribution to each shareholder and
corresponding shares and warrants of a new New York
company,
warrant holder of
corporation which
"International Paper Co." The present International
Paper Co. would be consolidated into the new corporation.
will take the name
-
Effect of Program
hydro-electric power investments of International Paper
International Paper have, with minor exceptions, been
disposed of, there is no longer any necessity to continue the existence of
International Paper & Power Co.
On completion of the program, share¬
holders of International Paper & Power Co., which is solely a holding com¬
pany
will own directly stock of the new International Paper Co.
The
new company will control all of the assets no w controlled by International
Paper & Power Co., owning directly the major operating properties in the
Now that the
&
Power
and
United States.
will achieve two results (1)
Simplification of corporate
and (2)
Economy in administration expense and taxes.
No
substance in the present interests of any shareholders or warrant
This program
structure
change of
The Commercial & Financial Chronicle
840
Aug. 9,
1941
cor¬
the present board of directors of International consisting
of nine members should be increased to 11, of which two would be elected
poration.
by the $3.50 prior preferred, four would be elected by the $1.75 preferred,
The record date of the shareholders meeting will be Aug. 18, 1941.
At
the meeting the shareholders will also vote with respect to an amendment
four would be elected by the class A stock, and one would be elected by the
class B stock.
holders is involved, although certain technical changes are inherent in the
change from
of
one
Massachusetts voluntary association to a New York
a
Declaration
of the
section
of
Trust
which
would
permit
greater
expedition in carrying out the program.
The amendment is not, however,
essential to the program, which could be carried through even though the
amendment were not adopted.
Action by the warrant holders will also
be re julred to carry through this amendment, and a meeting of warrant
holders has been called for Sept. 24, 1941.
The record date for the warrant
holders meeting is Aug. 16, 1941.
r
The program
being submitted to the shareholders includes two separate
steps.
The first step involves (a) the transfer of the assets of International
Paper & Power Co. to the New York corporation (which will eventually
take the name "International Paper Co.") in exchange
for the latter's
preferred and common stock and common stock purchase warrants; (b) the
termination of International Paper & Power Co.; and (c) the distribution
warrant holders of shares and warrants of the
Board.
The
M.
to buy the
price.
number of shares in the new corporation and at the
same
same
of International Paper Co.
The second step involves the consolidation of the present International
Paper Co. into the new corporation.
The name of the consolidated cor¬
poration (which will be the new corporation) will be International Paper
Co.
It will by the consolidation assume the liabilities and acquire the
assets of the present International Paper Co., including direct ownership
of all the major operating properties now controlled by International
Paper & Power Co. in the United States.
<
The amount of International Paper Co. stocks remaining in the hands
of the public is very small—only 6,796 shares of 7% preferred, 38 shares of
6% preferred and 266 shares of common at June 30, 1941.
Shortly after
completion of the program the publicly held 7% preferred shares would
be cilled for redemption at $115 a share after receiving all back dividends.
The
publicly held 6%
Into
the stock
of the
—V.
on
Intertype Corp.—Debenture Issue Reduced—Interest Rate
$600,000 Reduced to'S%—
The corporation in June last paid off $400,000 of its
$1,000,000 10-year
SH% sinking fund debentures, reducing the amount outstanding to
$600,000. Under a supplemental indenture the interest rate on the $600,000
of debentures has been reduced to 3 % and the sinking fund provisions are
$120,000 annually commencing June 15, 1944, instead of $200,000 as
originally.—Y. 153, p. 552.
'
Kansas Gas & Electric Co.—Earnings—
Period End. June 30—
Upon consummation of the program, including redemption of the pub¬
licly held International Paper Co. 7% preferred stock, the capitalization
of the new International Paper Co. will be as follows:
Authorized
5% pref. stock (par $100)
Common stock (par $15)
Common stock purchase warrants....
conv.
—
1,000,000 shs.
6,000,000 shs.
1,348,218 units
26,1942.
1,823,879 shs.
1,347,748 units
■
company
Revenue that:
m
'
•
tion
State of New York will result in
under the laws of the
no
corp
ra¬
taxable
deductible loss to either of the constitutent corporations.
The ruling recommends the approval of closing agreements by the
Commissioner, agreeing that the transactions outlined above will not
result in any taxable gain or deductible loss to the company, International
Paper Co. or the new corporation.
It is stated that the closing agreements when issued would be binding
unless Congress should change the applicable tax statutes and make the
changes retroactive so as to cover past transactions.
The management
does not know of any proposal to make any such changes in the existing
statutes, but points out that unforseen developments in the pending tax
legislation might make desirable some postponement of putting the program
completely into effect.
Postponement could be accomplished, ir such a
course seemed
best, either by directors withholding final action or by
adjournment of the shareholders' meeting.
gain
2,615,575
808,632
60,000
55,000
690,000
660,000
Amortization of limited-
157
391
3,392
4,952
$169,094
$185,265
$2,565,212
8,694
: $2,352,800
!$2,357,896
19,601
$2,573,906
540,000
180,000
231,240
363
632
$105,807
$1,623,029
$1,286,857
term investments
_
345
Gross income.
Int.
on
143
$169,439
$185,408
45,000
_
45,000
15,000
mortgage bonds
15,000
19,655
$89,784
Netincome.........
5,096
748,500
180,000
143,171
Dividends applicable to preferred stocks fo"r the
520,784
period
Balance..
...
—
_
_
_
_
...
_
_
520,784
$1,102 ,245
$766,073
Note—No provision for Federal excess profits tax has been made since
present indications are that no such tax will be payable.- -V. 152, p. 101
Key West Electric Co.—Earnings
1941—Month—1940
Period End. June 30-
1941—12 Mos.—1940
$24,483
6,489
1,105
3,263
2,800
2,414
$17,931
5,670
1,030
3,007
1,135
1,827
$269,087
20,032
37,453
24,325
28.236
$208,548
67,881
18,393
30,403
8,563
22,165
$8,413
$5,261
819
774
$85,653
4,178
$61,143
1,558
$9,232
1,935
$6,036
1,900
$89,831
23,982
$62,701
23,119
Balance
$7,296
Preferred dividend requirements....
$4,136
$65,849
24,374
$39,582
24,374
$41,475
$15,208
Operating revenues
Operation
Maintenance
...
Federal income taxes.
.
Other taxes...
Net oper. revenues...
Other income (net)..
73,387
Balance
........
Interest & amortization.
|
The consolidation of International Paper Co. into the new
(3)
j
2,532,773
880,625
•
The exchange of stocks and warrants of the company for stocks and
new corporation will give rise to no taxable gains or deduct-
(2)
warrants of the
ible |Qgggg
219,320
63,070
Direct taxes.....
a
(1) The transfer of the assets of the company to the new New York
corporation will result in no taxable gain or deductible loss to either com¬
pany.
$6,441,959
229,348
90,465
Depreciation...
o
obtained a ruling of the Commissioner of Internal
has
$6,672,002
excess
Income Tax Status
The
$523,046
Property retirement re^
serve appropriations._
by Public
925,978 shs.
Common stock purchase warrants expire Sept.
$15 per share.
1941—12 Mos.—1940
$549,064
..
Held
of the amount required for
issue as part of the program, 2,324,512 shares will be reserved for conversion
of the 5% preferred stock, 1,347,748 shares will be reserved for purchase
by holders of common stock purchase warrants for that number of shares
shown in the above table and 40,000 shares will be reserved for sale to an
officer at
stock authorized in
common
1941—Month—1940
Operating revenues
Operating expenses, ex¬
cluding direct taxes
All of the International Paper Co. stock now held by International
Paper & Power Co. would be cancelled.
These holdings now amount to
well over 99% of the outstanding shares of each class of International
Paper Co. stock.
Capitalization of the New Corporation
Of the
1941—Month—1940
1941—6 Mos.—1940
$2,076,503
$1,665,085 $13,825,246 $11,072,099
common stock would be converted
corporation, not more than 43 shares of 5%
new
At that time the
153, P. 243.
preferred and
Ereferred stockfor this purpose. of common stock of the new corporation
and 608 shares
eing required
Cum.
Chairman and President.
as
Interstate Department Stores, Inc.—Sales—
new
:
Consolidation
Chandler resigned
Period End. July 31—
Sales.
of International Paper & Power Co.
will receive the same
number of shares of the same class of stock in the new corporation that they
now hold in International Paper & Power Co.
The new corporation's 5%
preferred stock will carry the same accumulation of dividends as the present
6% preferred stock of International Paper & Power Co.
Warrant holders
will receive warrants in the new corporation that will represent the right
made were in line with the program chosen on July 21, when
moves
Board promoted William B. Yaeger, who had joined the company as VicePresident and director on Jan. 1, to the Presidency.—V. 153, p. 694.
corporation.
Shareholders
that
New Chairman, &c.—
,j*
William F. Carey, New York City's Sanitation Commissioner, was on
Aug. 6 elected Chairman of this corporation. Directors also selected Walter
P. Chrysler Jr., and Frank A. Yanderlip Jr. to fill two vacancies on the
P.
Termination of International Paper & Power Co.
to its shareholders and
contends
or
Stock Exchange Listing
Hydro-Electric
—
....
month of April, 1941 the accrual for Federal income tax is based on an
estimated rate of 30% against the original estimate of 27%, spreading the
under-accrual for January, February and March over the remaining nine
months of the year.
The rate under the present law is 24%.
Accumulated Dividend—
Directors have declared
accumulations
on
a dividend of $1.75 per share on account of
the preferred stock, payable Sept. 2 to holders of record
Aug. 15. Like
amount was paid on June 2 and March 1 last, Dec. 2, Sept. 3,
June 1 and March 1, 1940, and on Dec. 1, 1939, this latter being the first
dividend paid on this issue since June 1, 1933.—V. 153, p. 244.
.
Application will be made by the new International Paper Co. for listing
its 5% preferred and common stocks on the New York Stock Exchange
and for listing its common stock purchase warrants on the New York Curb
Exchange.
It is expected that such listing can be completed in time so that
trading in the securities of the new corporation can begin immediately
after the termination of International Paper & Power Co.—V. 153, p. 243.
International
Balance.
a Company does not consider that it has any
liability under the Excess
Profits Tax Act of 1940 as amended March, 1941.
Beginning with the
System—Common
and
Class B Shares Surrendered and Canceled—
Kimberly-Clark Corp.—Transfer Agent—
The Chase National Bank of the City of New York has been appointed
transfer agent for the common no par value stock of this company.—V. 153,
p.
553.
Kinner Motors, Inc.—10-Cent Dividend—
Directors have declared a dividend of 10 cents per share on the common
stock, payable Aug. 15 to holders of record Aug. 1.
Dividends of five
cents were paid on May 15 and Feb. 15 last, this latter being the initial
distribution.—V. 152, p. 3186.
1
Irwin L. Moore, President of International Hydro-Electric System, on
Aug. 5 announced that all the common shares and class B shares of the
System have been surrendered to it and have been canceled in accordance
with an order issued last January by the Securities and Exchange Com¬
mission.
These securities, comprising 2,500,000 shares of common stock
and 1,000,000 shares of class B stock, were originally held by International
Paper & Power Co. and International Paper Co.
In January, 1939, they
were transferred to liquidating trustees and have now been surrendered
by
the trustees for cancellation.
No dividends had
on
these
ever
stocks.—V.
been
152, p.
paid by International Hydro-Electric System
4126.
International Silver Co.—$1 Common Dividend—
Directors have declared
a
$1 per share
was
dividend of $1 per share on the common stock,
International
to Ask
also distributed.—V. 153,
Utilities
p.
100.
Corp.—Challenges
SEC
Right
Voting Change—
The corporation told the Securities and Exchange Commission on Aug. 6
that it did not believe the SEC had authority to order redistribution of the
voting rights of its security holders.
The company's challenge was made in an answer to a Commission order
during the course of a hearing before trial examiner Richard Townsend.
Eugene L. Garey, company counsel, presented the company's position and
opposed the introduction of numerous SEC records. /
In its answer, International not only disputed the Commission's authority
to order redistribution of voting power but also alleged the 1935 Public
Utility Holding Company Act and rules and regulations adopted under it
:,
is unconstitutional.
The SEC claims that the class B stock of International now has 89% of
the total voting power and that the stock has a negative value of $1,735,993
after taking into account the liquidation
priorities of the $3.50 prior
be
given
a
while the other security holders should
bigger voice in the company affairs.
and 61 Canadian, a year ago.—V. 153, p. 244.
Lane Bryant, Inc.—Sales—
31—
1941—Month—1940
Period Ended July
Sales.
$1,159,584
1941—7 Mos.—1940
$877,475
$9,355,985
$7,907,735
Lane-Wells Co.—Extra Dividend—
Directors have declared an extra dividend of 10 cents per share in addition
to the regular quarterly dividend of 25 cents per share on the common
stock, both payable Sept. 15 to holders of record Aug. 27. Like amount paid
on Dec. 15, 1940; extras of 10 cents were paid on
Sept. 15, and on June 15,
1940.—V. 153, p. 554.
Lehman Corp.—New
Officers—
The directors of this corporation at their meeting on Aug. 6 elected the
following five additional officers: Edmund Brown Jr., Vice-President;
Dorsey Richardson, Vice-President; Frederick L. Schuster, Vice-President;
Alvin
W. Pearson, Asst. Vice-President,
Vice-President.
and
Donald
8.
Morgan, Asst.
All of the newly elected officers have been associated with the corporation
for many years.—V. 153, p. 244.
Lerner Stores
Corp.—Sales—
Period End. July 31—
Sales
1941—Month—1940
1941—6 Mos.—1940
$4,027,264
$3,487,321 $22,609,442 $20,035,635
—V. 153, p. 245.
pre¬
ferred, the $1.75 preferred and the class A stock.
The class A stock, for
which the SEC finds the largest value, is said to have only
6.26% of total
voting power while the $1.75 preferred has 4.74% of the voting power.
The $3.50 prior preferred is entitled to no votes under the present setup.
The SEC has indicated that it believes the voting rights of the class B
stockholders should be restricted
1941—Month—1940
1941—7 Afos.—1940
$12,923,581 $11,216,749 $87,609,606 $79,941,796
Number of stores in operation on July 31, last, totaled 733, of which 671
were in the United States and 62 in Canada, compared with 677 American
—V. 153, p. 398.
Sayable last, this latter being record Aug. 12. Dike amount was 1, 1930,
uly 18 Sept. 1 to holders of the first dividend paid since Dec. paid on
when
(S. S.) Kresge Co.—Sales—*
Period End. July 31—
Sales
The SEC utility staff
Libby, McNeill & Libby—Stock Offered—Headed by
Glore, Forgan & Co., a national under-writing group on
Aug. 5 made public offering of 1,500,000 shares of common
stock at $5% a share.
These 1,500,000 shares will be pur¬
chased by the underwriters from Swift & Co. and are the
Volume
The Commercial
153
remaining portion of 3,018,639 shares of Libby—approximately^83%4of the outstanding stock—owned by Swift &
Co. on Jan. 1.
On completion of this underwriting, Swift &
Co. will have completely divested itself of Libby securities.
The underwriting group offering the stock is one of the
largest on record.
Principal members associated with Glore,
Forgan & Co. are: Harriman Ripley & Co., Inc.; Blyth &
Co., Inc.; Dean Witter & Co.; Stone & Webster and Blodget,
Inc.; Hornblower & Weeks; Hemphill, Noyes & Co.; Bankameriea Co., and Ladenburg, Thalmann & Co.
Net earnings, according to an unaudited statement furnished the under¬
writing group, for the first 17 weeks of the current fiscal year, ended June 28,
were SI,061,406, after provision for Federal income tax at the rate of 30%,
equivalent to 29 cents per share on the 3,627,985 shares of stock outstanding.
In the same period last year, after provision for Federal income tax at the
rate of 24 %, earnings amounted to $881,242, equivalent to 24 cents per share.
Indicated book value of Libby stock on March 31, 1941, was reported as
S9.22 a share.
Current assets were reported as $30,765,929, representing
about 62% of total assets; and current liabilities as $3,605,740, a ratio of
8M to 1.
After deducting current liabilities and funded debt, current
assets were equivalent to $4.69 a share;
The company reports a 38% increase in domestic and Canadian dollar
billings, exclusive of direct and indirect Federal Government business, for
the first 17 weeks of the current fiscal year.
Total sales to the Federal
Government during the first 17 weeks of this fiscal year amounted to approxi¬
mately $3,000,000, as compared with about $500,000 in the same period in
1940.
Sales to the Federal Surplus Commodities Corporation are reported
to more than offset the decline in volume of export sales during the first
six months of 1941 as compared with 1940.
The company also reports that
it is in the midst of the packing season, and that present indications are for
a favorable supply and a firm price structure.
:
V
v.-'-' --"-''"'i
Realignment of the board of directors, subsequent to the public offering
of 1,518,639 shares of the company's stock in January, resulted in the elec¬
tion of Charles F. Glore, of Glore, Forgan & Co., and Edward B. Cosgrove,
President of the Minnesota Valley Canning Co., an authority on food
packing merchandising, to the board.
Libby was founded in 1863.
The present company was incorporated in
1903.
It is understood to be the world's largest producer of canned foods,
and to sell a greater variety of canned foods than any other company.
plants in the United States, United
also operates land and equipment for
the raising of fruits and vegetables, principally pineapple in the Hawaiian
Islands and asparagus in California.
The company's salmOn packing
operations include the operation of numerous boats and vessels.
Libby's products are mainly distributed through 29 branches located in
the principal cities of the United States.
The company is understood to
be the most important producer of canned meats: the second largest producer
of California canned fruits; the second or third most important canner of
pineappie, including juice; the third most important packer of all varieties of
salmon, and second for red saimon alone.
Other items such as tomato
juice, sauerkraut, pickles and green olives have strong industry positions.
Underwriters—The names of the several original underwriters and the
number of shares of (a) the 1,518,639 purchased by each of them under
agreement dated Jan. 28, 1941, and (b) the names of the several under¬
writers and the number of shares of the 1,500,000 pressently to be purchase
by each of them, are as follows:
Link-Belt Co. (& Subs.)—Earnings—
Period End. June 30—
Sales to customers..
a Cost of sales—
_____
Name—
b
85,000
a
83,639
Name-"
a
Total income
Normal tax.
85,000
85,000
Robert C.Jones & Co.-
85,000
Kalman
Inc.
and
Webster
A
Stone
account of
-55,000
-
55,500
.55,000
Blodget, Inc.- —
Hornblower A Weens
55,500
Kidder, Peabody A Co.
Hemphill, Noyes & Co.55,000
Bankamerica Co
45,000
Thalmann
A Co
55,000
A. C. Allyn & Co., Inc_30,000
Ames, Emerich A Co.,
Inc
10,000
Bacon, Whipple & Co-.20,000
Bankers Bond Co-..-- 5,000
Inc
10,000
—-—10,000
-
55,500
Lee Higglnson Corp--Lehman Brothers—
.65,000
39,000
24,000
S. R. Livingstone &
Lougnbrldge & Co.
4,500
21,000
-----
Burns, Potter & Co
..12,500
Burr & Co., Inc
5,000
&CO-.--.15,000
R. W.Clarke & Co., Inc 5,000
Coburn & Middlebrook 5,000
Courts & Co
..10,000
E. W.Clark
Cana6,000
A
van
Paul H. Davis A Co
Dempsey-Detmer A Co 5,000
R. S. Dickson A Co.,
Inc.
15,000
Francis I. duPont & Co.
and Chisholm A Chap¬
(a
single
partnership)
co¬
5,000
--------
Elworthy A Co
Ferris Exnicios &
5,000
10,000
little
7.500
A Co-.25,000
Granbcrry&Co
10,000
7,500
Marache &
Lord...---10,000
—
Green, Ellis & Anderson
Hallgarten &
20,000
Co.!
H.
Co
Harrison
——-
Hill Richards A Co
W. E. Hutton & Co
Illinois Co. of
9,000
Moore,
Lynch
—,
-
M. H. Murch A Co
-
Chicago-12,.500
Indianapolis
Bond
&
Share Corp-...--—- 5,000
Jackson & Curtis
20,000
—
4,500
9,000
E.
H.
Inc
4,500
9,000
-
— -
-
4,500
-
7,500
24,000
$88,797
$36,726
$17,894
Assets—
-
-i"'v
5,053
4,826
r;
payroll
Current accrued
223,551
(net)
765
r
$49,640
demand—.—.—
Accounts payable, trade
Notes payable,
Inventories
317,207
Total fixed assets (net)
239,997
Total Intangibles (net)
Deferred charges...
2,260
Note payable,
bank—
officer
—
Equipment purchase notes
16,671
Fed. A State income taxes.....
2
....
Accrued other taxes A insurance
Other assets.
Accrued extra
Accrued
taxes
compensation
(contingent)
Deferred credits—
—
stock
Preferred
Common stock
-
Earned surplus
$849,328
Total
.$849,328
V Total
McCrory Stores Corp.—Sales1941—Month—1940
Period Ended July 31—
$3,334,396
3,947,909
1941—7 Mos.—1940
26,053,385 $23,351,447
203
201
Stores in operation
—V. 153, p. 399.
McGraw Electric Co.—Earnings1938
1940
1939
$7,293,651
$6,110,948
$5,499,723
5,507,446
4,792,182
4,643,656
$1,786,204: $1,318,766
$856,067
107,125
52,353
34,548
$1,893,329
374,000
$1,371,119
$890,615
al,233,050
264,113
175,755
$1,678,726
$1,519,329
$1,107,006
$714,860
$3.21
$2.34
$1.51
1941
'
Net sales—after deduct,
discts., returns and al¬
lowances
$9,786,133
Cost of goods sold, gen.,
adminis. & sell. exps__
6,923,643
Net profit from oper.. $2,862,490
Int. received, disct. on
49,286
purchases & miscell
Prov. for income taxes.
_
$2,911,776
ner-—
30,000
15*000
9,000
18,000
4,500
4,500
--—
15,000
-----——10,000
5,000
5,000
12,000
16,500
4,500
4,500
Stern, Wampler & Co.,
Inc.---------------20,000
Stix&Co
5,000
Straus Securities Co—10,000
Stroud A Co., Inc
12,500
—
16,500
4,500
9,000
12,000
4,500
Sullivan & Co
24,000
9,000
Tucker, Anthony A Co
G. H. Walker A Co
4,500
Webber, Darch & Co—
— —
White, Weld & Co
The Wisconsin Co
Accr'd liabilities..
100,446
36,524
39,854
J
trademarks
•
799,333
242,361
118,150
tax of
inc.
79,771
6,929
472,600
prior yrs.
Common stk.
472,600
(par
963,168 Paid-in and capital
—
;
Development work
for Fed.
$1)
'
$130,173
surplus..
surplus.
d Earned
1,031,549
1,031,549
3,091,939
2,476,562
Y:\x;:.T:
1
1
and goodwill.-
$5,680,475 $4,478,324
Total
$5,680,475 $4,478,324
b As
and
Total
of $52,848 in 1941 and $50,868 in 1940.
for depreciation of $781,873 in 1941
d Since Jan. 1, 1933.—V. 152, p. 3814.
After reserve for losses
estimated,
c
After
$730,494 in 1940.
reserves
McKesson & Robbing,
The New York
Inc.—Listing of Securities—
Stock Exchange has authorized the listing of
$13,700,000
15-year 3H% sinking fund debentures, due July 1, 1956. which are
outstanding in the hands of the public, and 56,000 shares of
cum. preferred stock (par $100), which are issued and outstanding
and
hands of the public.—V.
issued
5
in the
153, p. 399.
McLellan Stores Co.—Sales—
Period End.
July 31—
Sales....
—V.
1941—Month—1940
1941—6 Mos.—1940
$2,051,356
$1,786,620 $11,825,938 $10,283,086
153. p. 399.
4,500
13,500
5,000
Mack Trucks,
Inc.—Earnings—
Period End. June 30—
25,000
25,000
61,535
62,879
58,951
71,502
mach'y,
1,071,030
equipment, Ac
$205,283
Dividends payable
Res.
!
supplies, Ac
a
Starkweather A Co
Westheimer A Co
.
Bldgs.,
Pats.,
18,000
9,000
5.000
24,000 Weil & Co., Inc
9,000 Wells-Dickey Co—— 7,500
4,500
24,000
b Inventories
1940
1941
Accounts payable.
27,500
Stern Brothers A Co
6,000
7,500
Receivables
Liabilities—
1940
1941
$1,479,747 $1,272,515
465,977
738,143
1,525,278
2,110,518
Prepaid insurance,
c
12,600
-
months ended
the provision
Comparative Balance Sheet June 30
Land
4,500 Singer, Deane A Scrib-
The Federal income and excess
provision for Federal excess profits tax was necessary for 12
June 30, 1940, but for the 12 months ended June 30, 1941,
included above is $516,000.
Investments, &c._
—10,000
Schoellkopf, Hutton A
Pomeroy, Inc
20,000
Schwabacher A Co
25,000
Shields & Co
—.12,500
$3.55
Includes Federal excess profits tax.
a
profits tax provision for the six months of 1941 included above is based on
the best available information as to the probable 1941 Revenue Act.
No
a
55,000
Rothschild A Co .25,000
-
Earns.per sh.(on present
472,600 shares)
4,500
—-—-
William R. Staats Co.
54,810
3,567
13,333
114,563
10,719
30,000
-V. 153. p. 695.
Assets—
Sills, Troxell A Minton,
15,000
i-C ^
$8,359
124,567
20,000
18,791
30,757
121,500
3,261
295,099
($50 par)
Capital surplus
Cash..
18,000
aNetprofit.
sh. on 597,335
1941—3 Mos.—1940
$848,799
$702,847
1941—6 Mos.—1940
$1,508,158
$814,296
Earns. per
com.stk.out.
$1.42
$$.17
$2.52
$1.36
Federal income tax and reserve for excess profits
1941.—V. 153, p. 245.
n;:;.-V . iV.Yv
shs.no par
receive at the corporate trust department of its New York office up
5, 1941, offers for the sale to it of sufficient of these bonds to
$64,061 now in the sinking fund, at prices not to exceed
$27,775
:
Notes & accts. rec.
4,500
Sons,
Rollins A
ler
Sept.
and accrued interest.—V.
$62,044
12,204
13,114
:
4,500
Salomon Bros. A Hutz-
exhaust the sum of
par
$168,864
8,335
71,731
$89,777
22,500
Lukens Steel Co.—Tenders—
Bankers Trust Co., as trustee for the first mortgage 20-year 8% bonds
(extended to Nov. 1, 1955, at the rate of 5% per annum) announces that
it will
$27,009
Balance Sheet
15,000
—V. 153, p. 695.
to
325,524
$59,638
v
2,406
$205,638
4,872
110,988
Net profit
-
—
&
Gernon-—5,000
511,135
$164,944
3,919
Net income
.5,000
-
A
7,500
5.000
899,168
1,897
Net profit before prov.
for income taxes
&
_
Dayton
Holley,
6,000
Hutchins
■
$203,740
mfg__
Total gross income
Deduct, from gross inc.Fed. & State Inc. taxes..
on
• ■
1938
..
.I.-:.iUv$570,774
$352,534
$1,064,113
$792,628
Other income.
Cash,
1939
1940
588,887
Gross inc. from
Minseh, Monell & Co.,.
-
4,500
Hano&Co
Carter
4,500
7,500
—
Granberry,
-
5,000
Co
Inc
-
Goldman, Sachs
Graham, Parsons & Co.
Years Ended Dec. 31
■
--y
and expenses
:
9,000
5,000
& Doo-
Roth
■
■
Apr. 30, '41
(less returns
and allowances).--,
Total cost of goods sold
9,000
4,500
4,500
First Cleveland Corp..
Jan. 1 to
.
Gross sales
15,000
6,000
4,500
4,500
Co.,
Inc
Glenny,
.10,000
Merrill, Turben A Co.. 7,500
Metropolitan St. Louis
L. F.
Ferris A Hardgrove
$965,279
1
287,606
12 Mos.End.June 30—
7,500
G. M.-P. Murphy & Co20,000
Newhard, Cook A Co
----David A. Noyes A Co
7,500
12,000 O'Melveny-Wagenseller
& Durst
7,500
4,500 Otis A Co ———25,000
Pacific Co. of Calif
5,000
21,000
Paine, Webber A Co. .20,000
----Rauscher, Pierce & Co.,
Inc..
———
5,000
7,500
Reinholdt & Gardner.. 5,000
Reynolds & Co.
30,000
Daniel F. Rice & Co.— 5,000
Riter&Co
7,500
12,000
6,000
6,000
Fred W. FairmanACo.
,
(W. C.) Lipe, Inc., Syracuse, N. Y.—Earnings—
Period—
A
Co
Mitchell,
$2,317,090
61,231
34,270
100,000
'
100,000
to reserve
Deprec. (incl. above).
4,500
McDonald-Coolidge
"$2,990,387
16,500
5,000
7,500
Fahey, Clark A Co
$965,279
$2,856,117 $2,255,859
$1.26
$3.87
$2.99
226,348
541,957
456,868
b Arising from fluctuation of Canadian exchange rates,
c For possible
future inventory price declines and other contingencies.—V. 153, p. 102.
a
24,000
Co--15,000
Leonard I A
6,000
Corp
i~8~666
318,000
318,000
$1,407,015
Sales
5,000
A. E. Masten & Co.—
Mitchum, Tully A
Securities
Equitable
563,594
942,610
Net credit to surplus.. $1,307,015
Earns, per share common
$1.76
4,500
4,500
Co———
15,000
Emanuel & Co
1,320,140
probable in¬
Appropria'n
6,00(F
5,000
W. L. Lyons & Co
5,000
Mahan, Dittmar A Co_ 5,000
Inc
4,500
Bywater & Leary
Frank B. Cahn & Co—
Smith
4,500
5,000
5,000
Buckley Brothers.--..
man
7,500
16,500
Brush, Slocumb & Co.
Crago,
9,000
5,000
Brailsford & Co
258,661
b Unrealized loss..
c
Co.
The M i 1 waukee Co
7,500
—
657,026
521,200
_
Chanute,
Boswortn,
$3,080,334
199,650
9,000
54,000
Arnliold A S. Bleichroeaer,
$5,963,466
392,328
.-/ 85,150
on
Net income
10,500
24,000
Laird, Bissell A Meeds.
Ladenburg,
Boettcher & Co.
5,000
6,000
5,000
Kay, Richards & Co..
A.M. Kidder & Co
.,309.090
creased tax rates
7,500
7,500
ACo., Inc
$2,806,802
273,532
______
Excess profits tax.Additional provision
12,000
7,500
Co., Inc..
.65,000
Blyth & Co., Inc
.65,000
Dean Witter & Co.-..-55,000
$5,616,738
346,728
$3,149,080
245,839
-
$1,188,334
120,756
Federal Tax Estimate—
Johnson, Lane, Space A
Harriman Ripley & Co.,.
$3,010,797
138,282
Sundry charges
b
6,000
R.H.Johnson A Co.—
1941—6 Mos.—1940
1941—12 Mos —1940
$20,074,055 $12,960,586 535,753,812 $25,622,241
17,063,258
11,772,252
30,137,074 22,815,439
Net profit on sales
Other income
It presently operates 48 food packing
States possessions, and in Canada.
It
Glore, Forgan A Co
841
& Financial Chronicle
153, p. 695.
a
After charges and
tax in
(R. H.) Macy &
Co.—-Official Resigns—
Ralph I. Straus, has resigned as
Secretary of this company to devote full
national defense activities.
Mr. Straus remains a director of
Macy's, but resigns his offices in subsidiary companies.—V. 152, p. 2862.
time to his
The Commercial &
842
&11 counts#
Defendants in
Years Ended May 31
Consolidated Income Account for
1941
1940
3989
$2,930,032
$2,884,922
$3,099,297
gen.
& adminis¬
trative expenses
2.260,836
2,235.795
2,402,928
Interest on mortgages..
4,167
10.616
16,175
Other deductions
4,382
b!7,l 10
11,545
2.288,234
24,854
30,609
155" 732
al 19.330
163,740
81,2t7
172,067
84,727
C83.755
$385,586
$370,362
$411,857
$454,789
1,067,279
992,666
938.308
934,957
Income.
...
Oper.
1938
$3,062,310
doubtful
for
Allowance
5.000
accounts
Deprec., amoriiz.. &c._
Prov. for Fed. inc. taxes
Net
profit
Earned surplus at begin.
$1,452,866
Total
295,544
Dividends paid
31- $1,157,322
outstand268.000
Earn, surp., May
Common shs.
standing (no par)
Earnings per share
175,068
$1,369,028
301,749
$1,350,165
$1,389,746
357,499
451,438
$1,067,279
$992,666
$938,308
269.600
$1.40
275,000
$1.50
279.900
$144
1941
$54,570
5,869
Adv.
19,269
10,000
Fed. Income taxes.
N. Y. World's Fair
4s
3,492,754
61,843
3,365,052
equipment
57,664
Deferred charges.,
Notes and accts.
c
34,011
receivable......
38,084
Reserve
a
e
.
Treasury Btock..
Menasco Mfg. Co.—Defense Loan—
company has been granted a loan of $1,639,058
expand its hydraulic strut division to three
The
capacity.
company
1,067,279
143,353
Dr55,690
.
Merchants Refrigerating
July 28.
p.
dividend of 25 cents per share in addi
lion to the regular quarterly dividend of like amount on the common stock"
par $25, both payable Aug. 10 to holders of record July 31.—V. 152, p. 990'
1941
Directors have
$7.50 was paid on Dec. 20,
this latter being the first
$6,300,883
4,473,999
685,991
Appropriation for retirement reserve
Taxes (other than income taxes)
500,000
416,000
500,000
421,000
Net operating income.
Other income.... j
$86,301
6,335
$175,203
6,025
$92,637
211
$181,228
312,660
18,560
79,749
3,458
$239,336
per share was
730,680
$233,199
repairs
Maintenance and
Gross
income
_
Interest on funded debt
247,464
14,026
70,273
...
Amort, of debt discount and expense
Other
Interest-
-
-
^
-
-
Other income deductions
Net loss
Marshall Field &
Net profit....
Earns, per
Merritt-Chapman & Scott
sh. on com—
Net profit for the
Metal & Thermit
Master Electric Co.
Period End. June 30—
Dec. 10,1940.—V. 152, p.
Minneapolis St. Paul & Sault Ste. Marie
{Excluding Wisconsin Central By.]
$5,775,846 as
Traffic
1941—6 Mos.—1940
$1,305,219
goods sold, excluRive of maint., depre¬
ciation,
taxes,
rents
$3,887,847
$2,445,388
,
1,200,557
651,809
2,147,326
$917,680
Maint. & replacements.
135,672
16,863
Deprec. & amortization-:'vKTaxes (other than income
45,627
taxes)-5,975
Rents and royalties
$653,410
93,831
18,703
$1,740,521
$1,216,942
269,787
33,726
88,910
10,420
General expenses- _
Net railway revenues.
Taxes
Net after taxes..
58,314
4,363
$7,719,946
1,519,651
1,426,529
206,487
3,271,676
323.152
$7,229,087
$450,240
122,092
$209,174
105,187
$972,450
631,268
$893,657
570,848
$328,148
$103,986
24,056
12,399
$341,183
66,250
79,137
$322,809
$298,331
8,257
$67,531
10,776
$195,795
52,135
$158,261
61,977
$306,588
4,305
$78,307
2,398
$247,930
27,237
$220,238
18,057
$75,909
$220,694
$202,182
172,325
29,504
2,400
expenses
Transportation expenses
1,228,446
Balance of profit.
Hire of
-
Net after rents
Other income (net)
Income before interest
Int. being accrued
Selling, general and ad¬
ministrative expenses.
222,473
191,843
447,372
$491,071
$317,128
$571,728
9,058
L
& paid
372,807
Net profit from opers.
Income deductions
Prov. for Fed. inc. taxes
Net income
per
-
share
4,290
$890,304
20,543
$504,565
5,367
a277,800
$321,418
4,133
74,600
$910,847
9,237
a450,800
$580,786
10,487
$221,397
$0.88 v
Gross income
Earnings
x
13,494
Other income
$242,685
$1.00
$450,810
$1.80
$450,298
$1.86
120,000
V,:'\:
'
profits tax has been in¬
the best of opinion of the officers of the com¬
pany, the pending 1941 Revenue Act which, made retroactive to Jan. 1,
1941, reduces second quarter earnings.
Further adjustment in this pro¬
vision will be made, if necessary, as the pending Revenue Act becomes law.
a
Includes
excess
profits tax.
Note—Provision for Federal income and excess
creased and anticipates to
Corp.-—Victor in
United States
Suit Charging
Monopoly, Price-Fixing—
The Federal Government on Aug. 6 lost its anti-trust suit
against the
corporation and eight other defendants charged with monopolization and
price fixing.
Federal Judge Alfred O. Coxe, in an opinion handed down
,
Balance
x
Before interest on bonds, &c.—V. 153, p.
1,339,010
1,410,880
210,919
3,073,656
300,964
'90.379
74,169
696.
Minnesota & Ontario Paper Co.—Acquisition—
H. M. Robinson, President of this company announced the absorp¬
operations by the parent organization.
This change
was undertaken to simplify the corporate structure of the parent organiza¬
tion, and hereafter all Insulite activities will be carried on by the Insulite
division of Minnesota & Ontario Paper Co.
There will be no change in personnel policy or sales activities, with
E. W. Morriil, Sales Manager, and his entire staff continuing sales opera¬
R.
tion of the Insulite Co.
tions of the Insulite division.
,
pioneered the manufacture of the first rigid structural insulating
placed the new product on the market in 1914.
Since that
time Insulite has developed a national acceptance in home building, modern¬
izing, and many other uses.—Y. 153, p. 555.
Insulite
board
and
Mississippi Power Co.—Earnings—-
Balance Sheet June 30, 1941
Assets—Cash, $466,991; United States Government and Canadian bonds,
$25,925; notes and accounts receivable, customers (net), $931,671; other
accounts receivable, $4,016; Inventories (estimated), $1,400,000; emergency
inventories, $289,939; cash surrender value of life insurance, $7,575; fixed
assets (net), $1,210,642; intangible assets (net), $22,135; deferred charges,
$29,818; total, $4,388,712.
Liabilities—Accounts payable, $238,545; bank loan, $250,000; salaries,
wages and
other compensation, $194,568; property and personal taxes
accrued, $9,250; social security taxes accrued, $34,834; Ohio State indus¬
trial insurance accrued, $1,263; provision for Federal income and capital
stock taxes, $730,748; common stock ($1 par), $249,932; paid-in surplus,
$349,272; earned surplus, $2,315,299; reserve for contingencies, $15,000;
total, $4,388,712.—V. 153, p. 246.
Masonite
12,633
17,184
equipment—Dr_
Rental of terminals—Dr
37,406
1941—6 Mos.—1940
1941—Month—1940
$1,308,301
$1,674,291
315,055
297,745
236,505
215,281
35,607
35,361
578,348
497,716
58,535
53,025
$302,284
Mtce.
t
$2,118,237
allowances
revenues
Mtce. of way & struc...
of equipment
(& Subs.)—Earnings—
Cost of
Ry.—Earnings
*
Period End. June 30—
Total
1941—3 Mos.—1940
3188.
Co.—Gain in Phones—
Company had 886,651 telephones in service Aug. 1, a gain of 7,993 during
July and 67,215 during the first seven months of 1941.
There were 440,303 telephones in service in Detroit, a gain of 3,686 in
July and 29,992 for the year.—V. 153, p. 246.
ended June 30, 1940.
$2.51 and $2.20 resp ctively
and
Divi¬
the common
dividend of 70 cents per share on
terly dividends of $2 were paid on
dis¬
sales,
less
counts,
returns
Gross
the 6>£ % cum.
Aug. 15.
Corp.-^-70-Cent Dividend—
Directors have declared a
1941—6 Mos.—1940
$1,657,967 $1,575,102
$0.62
$0.58
and Federal taxes.
12 months ended June 30, 1941, was
compared with $5,176,425 for the 12 months
The earnings per share of common stock was
—V. 153, p. ■
:.i,;.
•;
$2.50
stock, payable Sept. 10 to holders of record Sept. 2. Dividend of 50 cents
was paid on June 10, last; 30 cents was paid on March 10 last, this latter
being the first dividend paid on the larger amount of shares now outstanding.
The old no-par stock was spiit-up on a 4-for-l basis.
Dividend of $2 was paid on old stock on Dec. 20, 1940, and regular quar¬
Co.—Earnings-—
1941—3 Aids.—-1940
$800,074
$720,697
$0.30
$0.25
1940,
Corp.—$2.50 Preferred Div.—
dividend of $2.50 per share on
Directors have declared a
After depreciation/Interest
•
1940; and one of $5 was paid on March 1,
dividend paid since March, 1931, when
distributed.—Y. 152, p. 1923.
Michigan Bell Telephone
Period End. June 30—
a
share on account of ac¬
stock, payable 8ept. 2 to
March 3, last. Dividend of
preferred class A stock, payable Sept. 2 to holders of record
dend of $5 was paid on June 2 last.—V. 152, p. 2862.
—V. 153, p. 400.
;
Pay $5 Dividend—
declared a dividend of $5 per
cumulations on the 5% cumulative preferred
holders of record Aug. 22. Like amount paid on
1940
$5,979,013
4,290,720
125.
Merrimack Mfg. Co.—To
Ry.—Earnings—
-
Co.—Accumulated Dividend—-
dividend of 50 cents per share on account of
stock, payable Aug. 1 to holders of record
Like amount was paid on Dec. 28 and Nov. 1, 1940.—Y. 152,
Directors have declared a
accumulations on the 7% pref.
Paper Mills Co.—Extra Dividend—
Years Ended June 30—
will have a
Company has called for redemption on Sept. 1. 1941, $125,000 aggregate
principal amount of its first mortgage
% convertible sinking fund bonds
at a premium of 1M % •
No further interest will accrue after Sept. 1,1941.
on any of the bonds called for redemption and all rights of holders of said
bonds to convert them into common stock of the company must be exer¬
cised prior to 3 p.m. EST, Aug. 27,1941.
_
.
m
^
Payment will be made at the Mercantile Commerce Bank & Trust Co.,
St. Louis, Mo.—V. 153, p. 695.
2,861,737
Directors have declared an extra
Operating revenue
Operation
„
.
in-line training plane engines at its new Burthe new hydraulic division facilities are added
total floor area of 150,000 square feet.—V. 152, p. 684
Mengel Co.—Bonds Called—
Represented by 268,900 no par shares in 1941 and 275,000 no par
shares in 1940.
b After depreciation of $2,944,304 in 1941 and $2,793,214
in 1940.
c After allowance for doubtful items of $2,023 in 1941 and $2,107
in 1940.
d Since paid off.
e 900 shares in 1941 and 5,400 shares in 1940—V. 153, p. 103.
Market Street
by the Defense
times its present
Company also is building
bank (Calif.) plant.
When
a
Marathon
Corp.—Tenders—
Plant Corp. to
Total-- - - - - —$4,325,837 $4,469,912
...$4,325,837 $4,469,012
103.
Trust Co., N. Y. City, will until Aug. 20 receive bids for the
sufficient 5% preferred stock to exhuast the sum of $250,259
at prices not exceeding $105 per share and accrued dividends.—V. 153,
page 401.
^
10,000
1,157,322
Z>r 10,551
of prices, he said that
The Irving
81,297
2,798,259
144,791
Capital stock
,
sale to it of
d200,000
Capital surplus
153, P.
Melville Shoe
d 100,000
1st mtge. (current)
1st mtge.(non-cur)
Earned surplus
Total
—V.
and
ing space
■
'there is no conten¬
than determine the price
products; it is not even
suggested that there is or has been any attempt by Masonite, or by any of
its agents, to influence, or control the price after title has once passed.
sales of advertis¬
bldgs. and
b Land,
rentals
substanti¬
Supreme Court in United
.
tion by the Government that Masonite does more
at which its own agents may sell its own hardboard
12,941
Accounts
that upheld by the U. S.
States vs. General Electric Co.
With respect to the regulation
23,422
3,356
3,317
ally tney are the same as
$25,572
32,292
119,878
IAabUities—
1940
$867,105
Inventories
*
1940
payable.
Accrued expenses.
1941
$865,193
Assets-
which
$1.62
a No provision has been made, or is believed to be required, for excess
profits tax.
b Includes estimated loss on New York World's Fair 1939
debentures of $10,069 of investments,
c Includes surtax on.undistributed
net income amounting to $1,300.
Consolidated Balance Sheet May 31
Cash
U. S. District Court, New York, ruled in favor of the defendants on
r1
'\r*
-, ■ y.
the case along with Masonite Corp. were Celotex Corp.,
Certain-teed Products Corp., Johns-Manville Corp., Insulite Co., Flintkote Co., National Gypsum Co., Wood Conversion and Dant & Russell, Inc.
The Government had charged that the agency contracts Masonite has
with the other defendants for the market of its "hardboard" products were
illegal under the anti-trust laws because they regulate, prices at
hardboard products may be sold by the different agents.
It also alleged
that the defendants were engaged in a conspiracy to restrain and monopolize
trade
-..|.....j, •
•" ,
> -1,* ■ i,«. i:v.. •* ■« . - *•.*
Discussing the question of monopoly raised by the Government, Judge
Coxe stated that "I find nothing in the evidence to show that it (Masonite)
has in any respect misused any of its patent rights or violated any of the
provisions of the Sherman or Clayton anti-trust laws."
Regarding Masonite's agency contracts, Judge Coxe said that
in the
Corp. (& Subs.)—Earnings-
Square Garden
Madison
1941
Aug. 9,
Financial Chronicle
1941—Month—1940
$278,613
195,250
145,014
51,721
33,723
depreciation.31,000
25,000
Period End. June 30—
Gross revenue...
$335,295
1941—12 Mos.—1940
$3,666,400 $3,542,359
1,822,256
Operating expenses
Taxes
Prov. for
Int. & other deductions.
Net income
Divs.
on
pref. stock
Balance
—V. 153, p.
$57,324
41,128
$16,196
21,088
$34,370
21,088
$13,281
496,685
$999,,605
550,832
$317,304
253,062
$448,773
253,062
$64,242
t
290,000
$813,854
496,550
$195,711
696.
Montgomery Ward & Co.—Sales—
1941—Month—1940
Period End. July 31—
Sales.
—V.
1,756,069
336,000
$74,876
40,506
def$4,892
Gross income
694,291
153, p. 247.
$48,304,952 $37,212,720
1941—6 Mos—1940
$298089,594 $241450,081
Volume
The Commercial & Financial Chronicle
153
Mobile Gas Service
National Lead Co.—Consolidated Balance Sheet June 30—
Corp.—Earnings—
12 Months Ended June 30—
Operating
1940
1941
Operation
Maintenance
835,932
29,526
59,966
36,780
General taxes
Federal and State income taxes
[Company and domestic subsidiaries in which it owns all of the capital stock]
$915,040
634,098
$1,174,647
revenues
32,311
56,395
10,398
$209,211
46,866
$193,763
I_I_.
$181,836
27,374
$251,608
57,845
I
$212,443
39,165
Retirement
Interest
on
accruals..
reserve
$162,344
45,825
1,982
45,825
first mortgage 5% bonds.
U. S. Govt.
Other mkt.
........
excess
$114,537
$145,404
3,000
.....
reserve..
Net earnings
a
Before
created
prior years,
152, p. 1439, 3190.
Reserved
c
b For
accruals,
reserve
in
$148,404
$114,537
uncollectible
accounts,
...
...
retirement
for
interest
income bonds.—V.
on
Morse Twist Drill & Machine Co.—$2.50 Dividend—
Directors have declared
quarterly dividends of $1.50 per share were distributed.—V. 152, p. 991.
Mullins
Notes rec.
dividend of $2.50 per share on account
cumulative preferred stock, payable Sept. 2 to holders of
Dividend of $1.75 was paid on June 2, last; $1 paid on
Munsingwear, Inc.—Sales—
1941
Net sales
on
U. S.
$2,559,771
494,326
$2,lSl,007
$3,054,097
__
Army and Navy contracts
1940
$2,181,007
28,676
6 Months Ended June 30—
Net sales to regular customers
426,664
426,664
9,524,300
Pension reserve.
2,306,663
Res. for contgs.
1,550,000
2,803,910
1,000,000
.
Net loss.
117,655
_
—V. 152, p.
303,042
241,239
Domestic
5,972,748
-4,397,443
5,515,552
7,027,233
166,513
24,367,600
10,327,700
Common stock. 30,983,100
24,367,600
Cl.B. pref. stock
10,327,700
30,983,100
30,314,360
28,710,897
& miscell. res.
6,950,230
361,248
166,543
Cl. A. pref. stock
6,472,936
Foreign
358,288
Surplus
Nat. Lead Co.
capital stock.
Misc. lnvestm'ts:
77,840
77,840
49,209,481
licenses.
484,872
46,327,602
Foreign
and
prop,
equipm't (net)
729,808
491,706
680,955
Total...-
114,651,342 109,773,609
a 29.883 shaies of preferred A, 25,815 shares
1941 and 3,210 in 1940 common shares.
have
declared
a
1941—Month—1940
1941—7 Mos —1940
$4,971,126
$3,966,085 $31,184,214 $26,534,745
202
204
_
_
Inc.—To Pay $1 Dividend—
dividend of $1
share on the common
per
National Malleable & Steel Castings
Directors have declared
in the
appeared
stock, payable June 2 to holders of record May 10.
This
common dividend paid in some time.—V. 147, p. 425.
will be the first
Co.—50-Cent Div.
dividend of 50 cents per share on the common
a
stock, payable Sept. 6 to holders of record Aug. 22.
Dividends of 25 cents
were paid on June 7 and March 22 last; $1 on Dec. 21, 1940; 25 cents was
paid in three preceding quarters; $1 on Dec. 21, 1939, and a regular quar¬
terly dividend of 50 cents was paid Dec. 22,, 1937.—V. 153, p. 556.
Co.—Extra Dividend—
dividend of $1 per share in addition
capital stock, par $20,
$1.50 per share on the
to semi-annual dividends of
Sept. 2 to holders of record Aug. 11.
Similar
March 3 last, Aug. 19 and Feb. 19, 1940, Aug. 14 and
both payable
on
amounts were
Feb. 26,1939,
Nebraska Power Co.—Earnings—
Narragansett Racing Association, Inc.—New Director
Charles A Connors has been elected a director of this association to fill
late James H. Connors who died
recently.
The board of directors also voted to nominate Mr.
nominee for election as Chairman
meeting to be held Sept. 4.—V. 153, p. 401.
at
agement's
a
Connors
as
the man¬
special stockholders'
1941—12 Mos.—1940
$8,849,110
$8,434,710
314,857
138,336
306,860
117,974
3,815,172
1,582,619
3,766,605
56,600
52,500
655,000
630,000
800
800
9,600
20,470
$223,749
$216,431
$2,706,136
$2,707,754
742,500
direct taxes
Direct taxes.
semi¬
'
1941—Month—1940
$734,342
$694,565
Penod End. June 30—
Operating revenues..
Operating expenses, exel
the unexpired term of his brother, the
1941
Aug. 15 and Feb. 14, 1938, and Aug. 9 and Feb. 8, 1937; previously
annual dividends of $1 per share were distributed.—V. 152, p. 991.
(G. C.) Murphy Co.—Sales—
Stores in operation_
—V. 153, p. 247
.114,651,342 109,773,609
—
preferred B, and 7,638 in
30,
June
Earnings for the 6 months ended
"Chronicle" of August 2, page 697.
paid
Period Ended July 31—
Sales
exch'ge
Foreign
20,646,669
National Union Fire Insurance
1759.
llab.
reserve
The directors have declared an extra
Total net sales
116,193
4,797,284
13,082,676
from
employees
Pats. &
116,193
4,797,284
Dlv. payable
Fire ins. reserve
Employers
Inventories.... 21,695,438
Secs.of affil.cos.;
Plant
2,296,783
516,929
Accts. and notes
Directors
of ac¬
record Aug. 15.
March 20, last;
$3.43 paid on Dec. 24, 1940, and previous payment was the quarterly
dividend of $1.75 per share distributed on March 1, 1938.—Y. 153, p. 401.
a
Tax reserve
1,403,223
National Linen Service,
Mfg. Co.—Accumulated Dividend-
Directors have declared
$
9,857,551
1,159,924
3,776,935
516,929
Total
dividend of $2.50 per share on the common
a
$
4,410,485
4,884,750
1,176,609
Deferred charges
stock, payable Aug. 15 to holders of record July 31.
Dividends of $1.50
were paid in the two preceding quarters; extra of $5 was paid on Dec. 20,
1940; dividend of $2.50 was paid on Nov. 15, 1940; and previously regular
Liabilities—
Accts. payable..
sees
Domestic
c
S
8,660,964
503,678
sees.
Foreign
a
Remainder
b Restoration of
1940
$
receiv. (net)„.
Gross income
a
1940
1941
1941
Assets—
Cash
Domestic
Other income (net)
843
__
,
_
Property retirement re¬
serve appropriations..
1,311,499
Amortiz. of limited-term
investments
dividend of 50 cents per share on the common
stock, payable Aug. 15 to holders of record Aug. 2.
This compares with
25 cents paid on May 15 and March 4 last.—Y. 151, p. 2051.
InvestmeAt Co.—New Chairman—
National Bond &
Aug. 2 named Lee Frank, formerly Executive Vice-Presi¬
dent, Chairman of the board of the company, a new post, and Harry Weiss,
heretofore a Vice-President, President, to succeed the late Melville N.
Rothschild.
Nathaniel Sommerfield and Melville N. Rothschild Jr., were
Directors
on
in addition to continuing as
3817.
named Treasurer and Secretary, respectively,
152,
Vice-Presidents of the company.—V.
p.
62
59
$216,490
$2,790,144
61,875
17,500
9,254
61,875
Other int. & deductions.
a
$223,811
Int. charges to construe.
Cr377
Cr332
742,500
210,000
113,005
04,123
$135,559
$127,690
$1,728,762
$1,642,430
499,100
499,100
Net oper. revenues—
Other income
Nashawena Mills—50-Cent Dividend—
Directors have declared
$2,786,719
3,425
Gross income--—
Int. on mtge.
Int.
on
bonds
debenture bonds.
Net income
Divs. applic. to pref.
&
Bronze
Aluminum
Foundry Co., Cleve¬
land, Ohio—Semi-annual Report—
June 30, 1941
Earnings for Six Months Ended
Gross sales,
Net
$2,163,818
87,503
...
Returns and allowances
sales—
-
...
$2,076,315
.
1,773,574
Cost of goods sold and expenses
Net profit before
$302,741
Federal income and excess profits taxes
Balance Sheet June 30, 1941
$97,938
582,851
Notes & accts. rec.
(net).
_
309,545
9,495
Inventories
Other assets
Property, plant and equipment
Patent
license...^.:.........
Deferred charges.—
After deducting
payable—bank
Accounts
$100,000
280,385
payable..
Accrued property taxes, &c___
Capital stock
Capital surplus.....
Earned
$1,483,7401
Total
a
a400,lll
34,492
49,307
Notes
surplus..
__
b568,241
145,278
379,416
.$1,483,740
Total.
$283,888 for depreciation,
10,420
b Represented by 99,583
shares at stated value.
Notes—(1) Company is contingently liable in the minimum amount of
$23,333 arising from a certain royalty agreement now in litigation.
(2) No provision has been made for Federal income and excess profits
profit for the period from Jan. 1, 1941, to June 30,
applicable to the net
1941.—V. 151, p. 2198.
taxes
Notes—(1)
of 30% for the full year 1941.
(2) No provision has been made for Federal excess profits
present indications are that no such tax will be payable.—V. 153,
Nebraska Public Service
The Federal Power Commission
1939
Net oper. income
Total incomeInterest-------.------
Federal income taxes—
Miscell. deductions
officers & employees
lines to Con¬
clause in the
agreement between buyer and seller, the commission said, provided that
the obligations of the District to acquire the properties was subject to the
condition that on or before the closing date the "United States shall not
have become engaged in war,"
,
Corp.—Earnings—
6 Months Ended June
Gross profit on
ISM.**
30—
$2 .821,35o
sales—
1.167,764
359,760
199,380
Advertising expense
Selling expense
General and administrative expense
Operating profit
Other deductions, less other income
—
Federal and State normal income taxes
Excess profits tax
.
— —
Estd. addit'l Federal taxes under proposed new law
Net income
—V.
152, p. 2560.
Neisner
....
—V. 153,
-—
-
^'inn'nun
100,089
279.000
132,000
92,000
$491,361
$2,220,996
996,013
182,448
87,bb8
147,000
-----------
$452,021
E
Brothers, Inc.—-Sales—
1941—Month—1940
1941—7 Mos.—1940
$1,565,763 $12,759,838 $11,363,916
$1,981,892
-----
p" 248.
$515,681
8,692
$343,875
6,250
$236,546
4,921
$760,187
34,664
196,800
6,959
$524,373
31,036
84,300
3,210
$350,125
30,495
50,300
8,715
$241,467
42,118
34,600
2,369
24,826
24,909
$496,938
$380,918
$260,616
$162,380
Aug. 1, New England Gas & Electric Assn. reports
electric output of 11,993,284 kwh.
This is an increase of 2,631,993 kvh.,
or 28.12% above production of 9,361,291 kwh. for the corresponding week
$1.27
$0.89
$0.43
Gas output is reported at 84,032,000 cu. ft., an increase of 10,560,000
cu. ft., or 14.37%
above production of 73,472,000 cu. ft. in the corre¬
sponding week a year ago.—V. 153, p. 697.
$713,273
46,914
.
pref. & cl. A
stocks
officers and employees is payable from
first profits qfter earnings on common stock equal $1 per share.—V. 153,
p. 247.
'
compensation
to
National Industrial Loan
Corp.—Dividend Correction—
published under this company's name in last week's
"Chronicle," page 697, was an error.
It properly refers to the Phoenix
Acceptance Corp. class A common stock.—V. 147, p. 275.
The dividend item
(J. J.)
Newberry Co.—Sales—
Period Ended July 3,1—
Sales
—V. lo3, p.
1941—Month—1940
1941—7 Mos.—1940
$4,842,720 $4,249,035 $31,097,424 $27,151,521
249.
England Gas & Electric Association—To
New
Stock of
Purchase
Subsidiary—
and Cape & Vineyard Electric Co., a subsidiary, have
application with the Securities and Exchange Commission under
Company Act in connection with proposal by the latter to
sell to its parent 6,000 shares of common stock ($25 par) for an aggregate
of $300,000.
Proceeds from sale of the securities are to be used to pay
floating indebtedness incurred by the subsidiary for capital purposes
The
company
filed an
the Holding
amounting to $300,000 as of April 30,
Earns, per com. share
after
providing
for
on
application by the company
11,731,975
40,771,387
$2,439,983
1,867,888
335,549
Net inc. before prov.
for add'l corap.
to
Additional
an
12,541,814
46,127,579
$2,648,655
2,012,063
292,717
Amort, of intangibles
a
556.
15,438,408
60,631,179
$3,410,158
2,522,683
371,794
16;106,033
67,598,907
$3,797,590
2,712,231
372,086
Other income
divs.
p.
Co.—May Sell Lines—
received
for authority to sell its electric transmission and distribution
sumers Public Power District of Nebraska for $318,000.
A
Sales
1938
.
tax since
$1.84
carried..
Operating income
Operating expenses
Depreciation
Rev. pass'gers
a
1940
1941
6 Mos. End. June 30—
Revenue miles operated.
a
(& Subs.) —Earnings-
Dr 188
$1,229,662
-
Period End. July 31—
National City Lines, Inc.
112,636
taxes at the rate
Nehi
Mobilities—
A ssets—
Cash on deposit and on hand__
stocks for the period
210,000
$1,143,330
Provision for Federal income taxes, subsequent to April 1.
made at a rate which wili result in the accumulation of such
Balance
1941 is being
National
17,500
9,751
1;618
1941.
Output—
I
For the week ended
New
England Telephone & Telegraph Co.—Gain in
Phones—
Company reports a
of 1,118
gain of 2,894 telephones during July as against a loss
For the first seven months of this year the gain
in July last year.
The Commercial & Financial Chronicle
844
56,459 as compared with 37,785 for the first seven months of 1940.—-V.
153, P. 557.
was
Period End. June 30—
New
Total oper.revenues
Jersey Zinc Co.—Earnings—
Period, End. June 30—
a
Dividends
1,963,264
$5,513,900
2,944,896
981,632
Surplus
Earnings
$737,127
1,963,264
$1.37
share
per
$2,569,004
1,963,264
$571,524
1,963,264
$0.79
$373,373
1,963,264
$1.69
$2.81
10,623,884
50,741,709
2,042,458
1,981.108
3,922,682
2,510,659
4,115,568
3,682,200
2,235,141
15,271.756
9,592,080
17,632,335
a Includes dividends received from subsidiary companies, proceeds from
&c., and is after deductions for expenses, taxes, depreciation,
depletion, contingencies.—V. 152, p. 3033.
46,507,546
8,026,612
Taxes, other than income
7.868,825
„
taxes
a
Shs. cap. stk. (par $25).
12,726,630
Maintenance.
$3,318,268
2,944,896
Subs.)—Earnings—
1941—3 Mos.—1940
1941—12 Mos.—1940
$33,875,496 $30,430,438 $135713,566 $126800,333
Operating expenses
1941—6 Mos.—1940
1941—3 Mos.—1940
$2,700,391
$1,553,156
Net income
Aug. 9, 1941
North American Co. (&
Pro v. for income taxes
Approp. for deprec. res.
3,834,866
„
14,789,735
,7.110,082
16,117,150
Non-operating revenues.
$8,557,499
2,574,942
$8,073,239 $34,449,074 $34,406,995
2,464,525
li>,143,309
10,537,093
$11,132,441
Net oper. revenues
$10,537,764 $44,592,383 $44,944,088
3,439,627
13,535,038
13,870,227
patents,
Gross income
3,317,761
Interest on funded debt.
New York Power &
of disc't &
Amort,
Light Corp.—Earnings—
exp.
$1,686,474
Dr4,477
Operating income
Other income
Gross income.
$7,356,559
Drl 5,072
$2,080,970
Dr5,362
$6,856,086
Dr8,206
$1,681,997
947,618
$2,075,608
964,098
$7,341,486
3.787,553
$6,847,880
4,090,298
$734,379
_____
Income deductions—
$1,111,509
$3,553,933
Note—Provision for Federal income taxes for the six months ended June
based
30% of the estimated taxable income. No provision
for Federal income taxes was required for the years 1939 and 1940 as a
result of the deduction in the return for the year 1939 of the premium and
unamortized debt discount and expense on bonds refunded in October,
1939.—V. 152, p. 3192.
was
New York & Richmond Gas
1,201,808
chgd. to prop. & plant
Cr139,799
Cr43,433
Cr382,860
Crl23,950
Net interest charges..
Pref. divs. of subs
$3,489,332
1,420,504
$3,711,211 $14,421,741
5.438,072
1,358,694
$15,031,139
5,615,889
;■
$19,224,837
revenues
65,358
subsidiaries
Bal. for divs. & surpl.
Divs.
Co.—Registers with SEC—
$18,020,722 $113676,236 $108972,210
72,122379,137
413,786
Operating taxes
56.521,777 $42,438,314 $38,678,076
3,719,153
21,286,099
19,369,590
Net oper. income
Net income
$3,566,891
3,719,379
$2,802,624 $21,152,215 $19,308,486
2,992,736
20,085,056
18,175,014
—V. 153, p. 698.
Company reports billings on shipbuilding contracts for the 13-week
period ended June 30, 1941 of $19,663,900. Billings for the 26 weeks ended
on that date amounted to
$36,105,362 as compared with $24,753,134 for
the same period in 1940.
The reported unbilled balance of
shipbuilding
contracts of $413,910,977 at June 30, 1941
compares with $93,790,480 at
June 24, 1940.
The number of employees is given as
16,990 at June 30, 1941 and was
11,025 at June 24, 1940.
A subsidiary company, the North Carolina
Shipbuilding Co. of Wil¬
mington. N. C., is constructing 37 emergency cargo ships for the U. S.
plus fixed fee contracts.—V. 153, p.
697,
Niagara Falls Power Co. (& Subs.)—Earnings—
Period End. June 30—
1941—3 Mos.—1940
Operating revenues
$4,157,338
Oper. revenue deduct'ns
3,185,861
$971,477
Other income.
69,359
Gross income
Income deductions
$1,040,835
265,437
...
Net income.
$775,398
1941—12 Mos.—1940
$3,258,408 $15,377,831 $12,254,700
2,272,369
11,365,434
8,867,876
$986,039
62,993
$4,012,397
270,679
$3,386,824
291,624
:$1,049,033
$4,283,076
1,068,530
$3,678,448
1,126,095
278,329
$770,704
$3,214,546
$2,552,353
Note—Provision for Federal income taxes for the six months ended June
was based on 30% of the estimated taxable income.—V.
152,
Lm
A■!,mm
Niagara Lockport & Ontario Power Co.
4
,
,
(& Subs.)—
1941—3 Mos.—1940
1941
12 Mos.—1940
Operating revenues
$3,076,649
$2,642,432 $12,412,541 $11,308,972
Oper. revenue deduct'ns
2,474,934
2,042,762
9,881,855
8,256,736
Operating income
$601,715
Other income
Dr65
$601,650
...
355,676
$599,670
5,357
$2,530,686
2,917
$3,052,236
13,764
$605,027
362,584
$2,533,603
1,418,184
$3,066,000
1,456,855
$245,974
$242,443
$1,115,418
$1,609,144
Note—Provision for Federal income taxes for the six months ended June
30, 1941, was based on 30% of the estimated taxable income.—V.
152,
...
1941
1941
$76,500,
$
Cash
392,340
Accts. & notes rec.
Int. and dlvs. rec.
Stocks,
notes
$2,781,92
596.34
9.51
536.87
12 Months Ended June 30—
Dividends: Income—On stocks of subsidiaries
On stocks of Washington Ry. & El. Co
On common stock ofPacific Gas & El. Co
On capital stock of Detroit Edison Co.
1,527,894
Interest—On bonds of subsidiaries
On advances to subsidiaries—
58,367
Total income
on
75,240
80,599
22,454,503 25,264,817
discount &exp__
Miscell. assets
185,005
14,151
5,893
76,079
debs...
8,195,000
Preferred stock
2,720,000
Com. stk. (par S5)
Reserve for taxes
7,112,500
225,622
17,393
Capital surplus...
3,598,327
1,357,025
.
61,367
.
Earned surplus...
Total
S
20-year 5H% con¬
vertible
.
306,802
Amort, of discount & expense on debentures
Other interest charges
Total
23,126.191
Aug. 2,
30,11941
page 698.
4,624
'
_
$17,122,998 $17,565,009
Earnings per share of
preferred dividends)
402.
stock (after deducting
com.
$1.55
83,248
Northern States Power Co.
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended Aug. 2, 1941, totaled 36,771,384 kilowatt-hours, as
compared with
28,743,410 kilowatt-hours for the corresponding week last year, an increase
of 27.9% .—V. 153, p. 698.
Northern States Power Co.
(Minn.) (& Subs.)—Earns.
Years Ended May 31-
Operating
Operation
1941
revenues
Maintenance
_
Depreciation....
Taxes (other than income taxes)
Provision for Federal and State income taxes
Net operating income
Gross income
Interest
on
on
$12,856,310 $12,318,044
3,487,450
3,487,450
80,300
130,050
65? ,923
693,943
64,656
41,731
41,843
41,843
funded debt
Interest
bank loans
Amortization of debt discount and expense
Other interest
Amortization of sundry fixed assets
Amortization of expense on sales of capital stock of
subsidiary company
Interest charged to construction
Miscellaneous..
30,000
Cr83,142
109,433
.
..
12,500
Cr45,852
127,527
$8,467,847
$7,828,852
27,135
29,070
27,135
29,070
$8,411,642
.
Dividends
$7,772,647
on capital stock of sub. held
by public:
Cum. pref. stock, 5%, of Northern States Power
Co. (Wis.)
Notes—Provision for Federal income taxes for the above periods was made
Revenue Acts in effect during such periods.
No provision for excess profits tax under the Second Revenue Act
of
1940 has been made as it is estimated no such tax will be due.—V.
153,
P. 698.
,
Period End. June 30—
Operating
Operating
Co.—Earnings-
1941—Month—1940
$352,950
$351,781
direct taxes
Direct taxes
195,686
68,328
200,860
61,574
25.000
25,000
2,545,691
797,635
2,603,484
765,287
325^000
300,000
res.
of limited-term
investments
1,264,409
1941—12 Mos.—1940
$4,582,173
$4,758,659
exps., exclud.
Amort,
24
Net oper. revenues
Other income (net)
$63,936
6
$64,347
Dr73
$63,942
$64,274
22,333
9,975
4,380
22,333
10,500
5,215
Cr339
Drl 8
$27,593
$26,208
24
$913,823
$1,089,864
4,715
$914,161
268,000
121,888
55,277
Cr 1,476
$1,094,579
334,640
85,750
$470,472
334,199
$549,761
334,197
338
26,075,176
appearedlinlthe
Corp.—Meeting Adjourned—
Special stockholders' meeting to recapitalize and effect a
merger with
has been adjourned until
revenues
7,309,725
78,870
5,555,100
Nonquitt Mills—$1.25 Dividend—
subsidiary Palace Poultry Car Co.,
Oct. 7 for lack^of proxies.—V. 153,
p. 402.
1940
.$40,822,764 $38,689,132
14,175,531
13,983.057
1,578,506
1,662,309
4,160,549
3,769,367
5,068,612
4,823,441
3,103,232
2,239,972
.$12,736,333 $12,210,986
119.976
107,058
Other income
Property retirement
appropriations
Directors have declared a dividend of
$1.25 per share on the common
stock, Payable Aug. 14 to holders of record
July 29.
Dividend of $1 was
paid on May 14, last; 75 cents was paid on March
4, last, and previously
re£u^r Ouarterly dividends of 50 cents per share were
distributed.—V. 152,
p. 2865.
company s
$1.60
—V. 153, p.
8,978,000
2,801,200
f
North American Car
2,637,500
56,567
94,205
53,038
Net income
Indicated present value.
^arn^1,gs„ of the 6,m°nths endedIJune
for
"Chronicle"
335,198
2,574,167
debentures
Gross income
23,126.191 26.075.176
77,007
$21,893,143 $22,198,606
1,149,438
963,827
686,700
546,300
Expenses
Northwestern Electric
Accounts payable.
Divs. and int. pay.
3,360
523,419
66,697
Other
Interest
1,466,778
14,765
420,126
Other
194C
$
LiaWUies—
401,680
85,065
Unamortized bond
r
1941
1940
$13,245,454 $12,892,498
2,620,997
3,163,307
4,005,540
4,005,540
8.35
1941
4,951
&
bonds
a
$305,200 and $153,000, respectively, for excess profits taxes.
in accordance with the
$2,860.64
i
1940
Assets—
which may be
Provision for income taxes for the three months ended June 30, 1941 and
1940 and for the 12 months ended June 30, 1941 and 1940 include $79,650,
Net income
were
June 30 '40 June 30 '41
nnnjl
$2.04
$2.08
$0.46
for any additional Federal income and excess profits taxes
levied under a 1941 Federal Revenue Act.
Consolidated Balance Sheet June 30
a
$0.53
a Provision
for Federal normal income taxes for the six months ended
June 30, 1941 has been made at the rate of 24% as provided in the existing
law and provision for excess profits taxes has been computed at rates ef¬
fective for the year 1940.
No provision has been made in the accounts
Niagara Share Corp. of Md.—Semi-Annual Report—
^
$3,920,843 $17,794,695 $17,525,455
$4,558,746
Com. stock of Chippewa & Flambeau Impt. Co.
For each $1,000 debenture
Forjeach share of class A preferred
For each share of class B common
3,821,688
3,821,255
955,314
divs. &
surplus
3662.;.
Corporation's net assets as of June 30, 1940 and June
30,
equivalent to the following:
-
com.
Balance
Net income
o.
for
955,314
J
Period End. June 30—
Gross income
Income deductions
$4,876,157 $21,615,950 $21,347,143
$5,514,060
_,
Earns, per share of com,
30, 1941,
3192.
1.699,917
1,250.000
1,866,620
1,250,00-1
366,702
225,000
Federal normal income tax
Other taxes...
Newport News Shipbuilding & Dry Dock Co.—Billings
cost
v.:---
Corporate Income Statement (North American Co. Only)
1941—6 Mos.—1940
$7,144,479
3,577,588
Maritime Commission under
83,054
pref. stock of
on
North American Co.
Bal.
J'-.
483,545
225,000
Other deduction
Operating revenues
$19,159,479 $17,948,600 $113297,099 $108558,424
Operating expenses..... 12,015,000
11,426,823
70,858,785
69,880,348
Net oper. revenues...
__
stockofNo.Am.Co_.
1941—Month—1940
Uncollectible oper. rev._
p.
funded debt
Telephone Co.—Earnings
Period End. June 30—
Operating
1,202,721
66,842
on
Company on Aug. 7 filed a registration statement with the Securities and
Exchange Commission for $2,125,000 of first mortgage 414% bonds due
on Aug. 1, 1966.
The bonds are to be offered to the public at a price to
be supplied by amendment to the registration statement.
Halsey, Stuart
& Co., Inc., of Chicago, is the sole underwriter.
The net proceeds to the company will be applied toward the redemption
of $2,125,000 of series A first refunding mortgage 6% bonds due on May 1,
1951, at 105 plus accrued interest.
The balance of the amount required
will be obtained from the company's treasury.—V. 153, p. 557.
New York
296,253
18.764
on
Other interest charges..
Int. during construction
$2,757,582
Net income
30,1941,
294,736
16.634
Min. ints. in net inc. of
Period End. June 30—
1941—3 Mos.—1940
1941—12 Mos.—1940
Operating revenues
$6,840,631
$6,349,211 $26,922,333 $25,420,164
Oper. revenue deduct'ns
5,154,156
4,268,241
19,565,773
18,564,078
Interest
Interest
on
mort. bonds.
on
debentures.
_
Other int. & deductions.
Int. chgd. to construe
Net income
Dividends applic. to pref. stocks for the period
Balance
is
$136,273
124,582
Cr 154
$215,564
Notes—Provision for Federal income taxes, subsequent to April 1, 1941,
being made at a rate which will result in the accumulation of such taxes
at the rate of
30% for the full
year
1941.
No provision has been made for Federal excess profits tax since
present
are that no such tax will be payable.—V.
152, p. 4132.
indications
Volume
The Commercial & Financial Chronicle
153
Ohio Edison Co.-
1941—Month—1940
1941—6 Mos.—1940
$1,557,572 $22,242,724 $19,656,941
491,501
7,291,177
6,416,880
425,480
278.256
4,218,045
3,064,743
225,000
2,950,000
2,650,000
250,000
$1,932,228
669,429
revenue
Operating
expenses
Pacific Telephone & Telegraph Co.—Gain in Phones—
-Earnings—
Period EndedGross
__
Taxes
Prov. for depreciation.
_
Gross income
Int. and other deduct'ns
$587,319
285,302
.
845
$562,815
280,044
$7,525,318
3.381,376
$7,783,502
3,430,759
Net increase in telephones on lines of this company and subsidiaries set
another record in July at 11,853, preliminary figure shows.
July gain last
year was
Largest previous July gain was 9,189 in July, 1936.
79,514 phones, against 44,244 in like
only 4,160.
For first
months lines added
seven
1940 period.—V. 153, p. 699.
Packard Motor Car Co.
(& Subs.)—Earnings—
6 Months Ended June 30—
^
Divs.
a
_
155,577
$127,194
$2,485,820
$2,277,019
1939
x$102,366 x$l,040,616
Nil
Nil
$1,251,694
amounted to $536,984.
$282,771
$146,440
preferred stock
on
$4,143,942
1,866,923
$302,017
155,577
Balance.
Earnings
$4,352,743
1,866,923
1940*
1941
Net profit after taxes, deprec., &c
per
share.:
$0.08
—
a On
15,000,000 shares of no par common stock,
x Loss.
Note—Provision for normal tax for the six months ended June 30, 1941,
—V. 152, p. 3976.
Consolidated
-i.■;'
Balance Sheet
'■
'
Ohio Oil Co.—Earnings—
1938
$27,179,451
17,990,874
$12,038,999 $12,956,263
537,968
791,210
$8,238,382
324,515
"$9,188,577
__-$12,576,968 $13,747,473
1,384,188
1,349,391
Deprec. & depletion
3,917,811
4,915,046
Minority interest
774
3,903
$8,562,897
1,223,905
5,200,174
3,452
$9,252,394
1,308,773
4,916,959
2,786
419.867
1,858,058
340,360
$4,658,397 loss$142,559
6,563.377
6.563,377
$0.55
loss$0.18
$2,683,516
6,563.377
$0.16
Operating profit
Other income.
Total income
Taxes--.
Prov. for
a
Fed.
63,817
and
inc.
1,127,224
1,370,157
profit tax (est.).
excess
Other charges-.——.
June 30 '41 Dec. 31 '40
June 30 '41 Dec. 31 *40
\
6 Mos. End. June 30—
1941
1940
1939
Sales
—$30,247,694 $30,284,207 $25,515,394
Cost of sales
18,208,695
17,327,944
17,277,012
1,068,020
1,752,715
Netprofit
$4,776,815
Shs.com.stk. (nopar)..
6,563,377
Earnings per share
$0.60
"v
.
"i,
ffc ''
Liabilities—
,
a Property
invest.25,858,136 25,790,068
Rights, franchises,
&o
1
1
263,522
Mtge. & misc. inv.
312,199
Inv. in & advs. to
Advs. by cust. un¬
Eng. sub. (cost)
209,363
185,135
Inventories
8,493,145 10,118,436
Accts. receivable— 1,592,546
2,472,248
Prov. for Inc.tax.-
Def'd instal. notes 2,880,035
Capital surplus
Includes $150,934 in 1941, $656,584 in 1940 and $312,500 in 1939 for
interest on funded debt; $1,008,674 in 1941, $494,824 in 1940 and $964,994
in 1939 canceled unoperated leases; $116,554 in 1941, $453,134 in 1940 and
$367,211 in 1939 for non-productive wells and $93,994 in 1941, $148,174
in 1940 and $213,354 in 1939 for miscellaneous charges.—V. 152, p. 3193.
der
Canadian
bonds
securs.
Cash
1,231,789
3,961,722
972,234
1,878,981
38,753,440 35,015,111
94,641
94,616
Deferred charges..
354,800
487,324
Total
83,693,140 SO,309,911
Total
83,693,140 80,309,911
-
a After
depreciation,
b Represented by 15,000 no par shares, including
8,600 held in name of trustee for account of company.
Note—The wholly owned British subsidiary has been excluded.—V. 153,
P. 249.
Panhandle Eastern
Ohio River Sand & Gravel Co.—Accumulated Dividend—
12 Mos. End. June 30
cumulations
Directors have declared a dividend of $1 per share on account of ac¬
on the 7% cum. 1st pref. stock, par $100, payable Sept. 1 to
holders of record Aug. 15. Like amount was paid on June 1, last, Dec. 1
and March 1,1940 and Dec. 1,1939.—-V. 152, p. 2867.
Net oper. revenue
Total int. deductions...
Pipe Line Co. (& Subs.)—Earnings
Total oper. expenses....
165
Gross
Broadway Building, Inc.—May Not Pay Interest—
1940
1939
—$14,336,448 $13,096,556 $11,163,975
8,521,473
7,344,008
5,999,260
revenues
Net income
The Uniform Practice Committee of the National Association of Securi¬
.....
ties
Dealers, Inc., District No. 13, announces that it has been informed
by 165 Broadway Building Inc. that due to unfavorable rental conditions
Otis Steel Co.—New
1941
operating income
Dim from other invest.
$2,585,570
1939
1,149,930
$4,784,971
$4,557,424
$3,884,532
$3,444,418
1 863,565
investments
214,298
...7 ,042,692
1 ,010,305
Acc'ts & notes rec.
268,862
-
1 ,489,127
Special deposits...
$2,005,278
1,946
$1,958,091
$1,659,066
Accounts payable.
17,544
226,249
33,628
455,462
Divs. declared
146,500
796,130,
Debt discount and
—...»
165,000
1,406,489
2,101,986
expense
2,383,936
1,482,524
3,176,774
95,979
1,527.238
M atured
long-term
debt
Accrued taxes
Total income
$2,585,570
$2,007,223
$1,659,066
Accrued interest--
$1,958,091
854,087
Deferred liabilities
691,819
732,037
42,486
58,836
90,385
79,328
78,858
348,485
267,036
a212,500
172,265
172,233
133,400
150,597
95,583
97,082
$594,175
$494,589
143,436
340,290
255,861
37,334
58,016
35,439
$412,339
168,976
257,129
ments
57,131
Provision for losses
Prov. for Fed. inc. tax-
_
Net income
Pref. stock dividends---
Common stock divs
144,759
Includes $42,500 for increase under proposed
81,853
242,729
Total
6,583,225
Other receivables.
238,970
Repossessed autos.
Inv. in Merchants
77,125
Panhandle Producing & Refining Co.
$571,041
182,061
258,047
Period End. June 30—
Net sales
Cost of
,:K $ '
Liabilities—
5,028,526
40,151,139
goods sold
Direct oper. expense
Operating charges
Depreciation
Depletion
Amortiz. of undeveloped
188,018
77,578
(inch
taxes on
2
2
160,091
-
$
.
secured)
-.35,950,000 26,900,000
Accounts payable
893,600
884,772
Divs. payable
175,366
175,724
Taxes
158,089
1940
Notes payable (un¬
Corp..
Furniture, fixtures
and equipment.
...
.
TOtal' ''•» #►"'
'
«. rn.rn.rn.
Deductions from income>
1,624,585
Unearned income. 2,506,214
1,293,355
1,980,165
1,175,603
Prov.
1,681,729
994,850
3,962
1,917
$94,574
6,158
$2,435
3,577
$129,334
7,334
$24,036
12,398
$100,732
13,908
$6,013
15,616
$136,667
27,946
$36,434
33,006
14,908
20,314
14,908
20,314
goods —•« i......... .
928,970
for
Fed.
income
3,980
3,980
2,966,200
Earned surplus
Total
taxes
2,319,360
1,752,841
x
Consolidated Balance Sheet June 30
1,999,663
1,748,402
1941
Assets—
4,254,750
56,353,067 45,605,356
f
stock-
$905,407
Accts. & notes pay
366,668
Accrd. int. tax., &c
155,528
$905,407
428,647
164,057
Long-term debt.—
359,000
6,552
521,667
66,984 Purchase obllgat'n
51,280
1,298,108
97,289
Fixed assets
46,860
b Common
Dep. on sales con¬
tracts
Capital surplusEarned surplus
1941—12 Mos.—1940.
$516,179
$505,881
$6,659,171
$6,103,895
248,664
79,965
220,674
78,952
2,902,409
1,038,154
2,591,110
904,816
57,908
57,908
694.900
694,900
134
136
Total-—---—$3,233,280 $3,411,555
a
After reserves for
—
Total
—
76,546
1,287,523
21,158
$3,233,280 $3,411,555
depreciation, depletion and amortization.b
$1 par.—V. 152, p. 3977.
Repre¬
sented by 905,407 shares,
Property
investments
1940
1941
Liabilities—
1940
3 J,219,307 $2,043,586
87,113
87,905
Cash -—243,656
$299,362
Notes & accts. rec.
485,647
450,325
Inventories ......
484,569
129,521
Other assets-----a
charges
(& Subs.)—Earnings-
1941—Month—1940
x$16,886
Loss.
Prepaid & deferred
Pacific Power & Light Co.
$89,834
x$29,918
$67,936
Netprofit.
-V. 152, p. 2565.
retirement re¬
serve appropriations-.
Amortiz. of limited-term
28,275
273,503
150,027
58,845
27,054
997,450
927,470
.56,353,067 45,605,356
taxes
■1940
$1 ,412,358
876,976
Losses on sales of tubular
reserve
Paid-in surplus
Direct taxes
936,736
235,978
104,637
59,380
900
_
'
5% series, cum. pf.
stock ($100 par) 2,940,200
Com.8tk.($10 par) 4,246,750
Period End. June 30—
(& Subs.)-
1941—6 Mos.-
$1,498,301
291,474
348,929
pf. stlc. ($10 par)
Operating revenues
Operating
exps.,
excl.
b Represented by
2.744
.... .........
income.
Non-operating income.
Fed.
income)
8% cum. series A
pf. stk.($10 par)
6M% cum. ser. C,
direct
1941—3 Mos.—1940
$736,482
$922,242
471,089
595,950
132,219
126,365
85,021
57,528
30,126
29,973
14,691
15,108 /'
Net operating
Dealers equities in
loans & reposession loss
leases-
Reserves
Total
6,961,478
79,613,070 73,607,655
Total
79,613,070 73,607,655
-
a Representing gas sale and purchase contracts, &c.
807,367 no-par shares.—V. 152, p. 3823.
159,297
116,000
1941
$
$
Assets—
Loans & disc'ts. -.49,295,656
.
reserves
Surplus
law.
1940
1941
Deferred charges
8,406,178
759,206
Other
Consolidated Balance Sheet June 30
Finance
58,556
10,135,514
759,272
9,074,120
Fed.
Interest
Cash
43,334
Res. for depl., &c_
1,072,989
istrating expenses
a
8,575
2,585
accrued liabils—
Prov. for equip, replace¬
(other than
income)--
300,670
Other current and
Salaries, advertising and
other oper. and admin¬
Rents
Taxes
$
stock--20,1S4,175 20,184,175
61,698,684 CI. A pref. stock-10,000,000 10,000,000
1,000,000
2,210,175 CI. B pref. stock- 1,000,000
22,506,000
-----210,258 Ser. A 4% bonds—
5,904,560 Mtge. bds., ser. A_ 6,250,000
845,473 Mtge. bds., ser. B_12,000,000
192,911 Serial notes, ser. A,
B, C, and D_.. 6,000,000
15.158
Other l'g-term debt
Prepaid acc'ts and
deferred charges
1938
1940
•$
Liabilities—
■
b Common
Intangibles
a
1941
1940
..64 826,105
Mat'l & supplies.
1940
1,280,183
% S
equipment
Corp. of Calif. (<& Subs.)—Earnings—
6 Mos. End. June 30—
Int. and disc't and other
$5,164,716
1,195,125
property, plant &
Assistant to 22. J. Kolas, President.—V. 153, p. 559.
Pacific Finance
$4,594,348
$5,752,548
■
Consolidated Balance Sheet June 30
Cash
Victor H. Lawrence became associated with this company on July 30 as
$9,592,566
4,998,218
1,030,004
$5,814,975
Assets—
Other
Official—
1938
1941
1941
said corporation antiicpates inability to continue interest payments at a
fixed rate of 4M% on its first mortgage loan certificates of 1958.
Accord¬
ingly all transactions in this issue should be "flat" unless otherwise specified.
—V. 148, P. 2908.
576,952
1,250,000
656,069
1,250,000
10,766,721 10,766,721
Earned surplus... 4,707,922
3,456,228
Munic., State and
U.S. Govt,
salescontr's.26,420,970 26,151,306
General reserve.—
2,983,556
Cash in closed bks.
a
$
$
stock—30,000,000 30,000,000
5,568,637
610,537
Miscell. curr. res.. 1,797,007
1,929,529
b Capital
Accts. payable, &c. 6,967,492
Miscell. liabilities- 1,126,959
Park Castles Apartments,
Securities
Inc., Kansas City, Mo.^-
Ready—
consisting of income bonds and stock, are now ready
depositing bondholders.
In order to obtain these
should forward or present their certificates of
The new securities,
$129,642
18,854
$148,347
$2,023,574
224,667
$1,912,933
216,267
for
18,480
$148,496
Dr2,148
$166,827
$2,248,241
Dr 25,431
$2,129,200
Dr4,403
the
$146,348
85,417
21,493
$167,154
$2,222,810
1,025,000
262,098
$2,124,797
85,417
19,607
430
2,575
$39,438
Net oper. revenues.-_
Rent from lease of plant-
$62,130
$936,142
$860,160
distribution
to
securities, security holders
National Bank of St. Louis, St. Louis, Mo., the
These certificates of deposit must be en¬
registered holder or holders thereof with the usual
guarantee of signature by a bank or trust company.
Upon completion of
the exchange, certificates of deposit will be canceled.
Park Castles Apartments, Inc., is a corporation organized in Missouri by
Charles L. Holman, et al., as a committee constituted and acting under
deposit agreement dated Nov. 30, 1931 for the protection of the holders of
bonds secured by deed of trust on Park Castles Apartments, Kansas City,
Mo.
This corporation owns and operates the property which was acquired
by the committee at foreclosure sale on behalf of depositing bondholders.
The capital stock of the corporation consists of 1,850 shares (no par), all of
which is to be issued to depositing bondholders on the basis of one share of
stock for each $100 principal amount of deposited bonds.
There is no other
stock of the company authorized or issued.
^ -'J
In addition to this stock depositing<bondholders are to receive new general
mortgage income bonds of Park?Castles Apartments, Inc., which are to be
issued to depositing bondholdersTpro rata in accordance with their interests.
For each depositedibond, depositing bondholders will receive a new general
deposit to The Boatmen's
Operating income
Other income (net)
Gross income
bonds
deductionsInt. charged to construc¬
tion (Cr)
Int. on mtge.
Other int. &
Net income
Divs. applic. to
——
1,025,000
242,212
458,478
458,478
$477,664
pref. stocks for the period
Balance
Notes—(1)
327
$401,682
Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will
the rate of 30% for the full year
taxes at
result in the accumulation of such
1941.
(2) No provision has been made for Federal excess profits tax since
present indications are that no such tax will be payable.—V. 152, p. 4133.
committee's depositary.
dorsed in blank by the
The Commercial & Financial Chronicle
846
principal amount equal to the principal amount
The new general mortgage income bonds wil
mortgage income bond in
of the
bonds.
deposited
aggregate in principal amount $185,000 and are secured by a deed of trust
on the property subject to the lien of a 1st mtge. deed of trust originally in
the amount of $50,000, now reduced to $35,625.
The first deed of trust
,
:
.
•,'
'
■
Peoples Gas Light & Coke Co.—Sells $37,000,000 Bonds
Privately—The company on Aug. 1 completed arrangements
sale at par of $22,000,000 first and refunding
mortgage 3^% bonds, series E, due 1966, and $15,000,000
first and refunding mortgage 3% bonds, series F, due 1956.
The purchasers of the bonds and the amounts were: John
Hancock Mutual Life Insurance Co., $17,000,000; North¬
western Mutual Life Insurance Co., $9,250,000; Prudential
Insurance
Co., $5,250,000; Massachusetts Mutual Life
Insurance Co., $5,000,000; and Equitable Life Insurance
Co. of Iowa, $500,000.
Proceeds of the issues, together with
other funds, will be used to retire existing issues (see below).
for private
,
Parke, Davis & Co. (& Subs.)—Earnings1941—6 Mos.—1940
Period End. June .30—
Profit from operations.
a
Depreciation of plant.
Pension paid to former
employees
Foreign exchange loss—
1941—12 Mos.—1940
Bonds Called—
$5,807,612 $13,322,836 $12,131,913
249,077
503.015
497,766
$7,437,9.56
250,697
b
All of the outstanding
78,494
8,363
160,233
Cr260,586
($15,000,000) first and refunding mortgage 4%
gold bonds, series B dated July 1, 1931 have been called for redemption on
;
82.083
48,252
on
.
provides for interest at the rate of 4K% per annum and annual principal
payments of $2,500, which are payable quarter-annually in instalments of
$625 each.
The general mortgage income bonds are dated Jan. 1, 1941 and
mature Jan. 1,1956.
They bear interest at rate of 5% per annum, payable
if and to the extent that 75% of the net income of the company and the
mortgaged property as defined and provided to be ascertained and de¬
termined in the deed of trust securing said bonds, shall suffice for such
payment.
Interest is non-cumulative and is payable once a year beginning
Feb. 1, 1942.
The remaining 25% of the net income, plus any amounts
remaining after the payment of interest at the rate of 5% per annum on the
income bonds, will be used either for the retirement of bonds on a tender
basis, or to reduce the indebtedness secured by the 1st mtge. as may be
determined by the trustees.
•-,?
The tustees under the general mortgage deed of trust are The Boatmen's
National Bank of St. Louis, as corporate trustee, and Hugo Monnig as
individual trustee,
Aug. 9, 1941
Pennsylvania should not be prohibited.
The company in
formed the SEC that it would postpone the declaration and payment of any
dividends on its common stock until after the convening of hearings in
September and in no event would it declare dividends earlier than Oct. 10
without further order from the Commission.—V. 153, p. 699
dividends
Sept. 2 at 104 and accrued interest.
All of the outstanding ($22,000,000) first and refunding mortgage 4%
bonds series D dated June 1, 1936 have been called for redemption on
Sept. 2 at 103 and accrued interest.
Payment on both issues will be made at the Continental IUinois Natural
Bank & Trust Co. of Chicago.
1 54,183
312,121
,.
$7.0.56,924
71,081
25,958
29,196
Profit
on
sees
saies of sees...
Misc. other income
Profit
c
$5,471,679 $12,920,175 $11,167,843
49,422
126,982
109,251
Dr.36,535
124,242
Dr52,854
28,578
261,330
62.834
$7,183,160
Balance............
Inc. from market
$5,513,143 $13,432,729 $11,287,074
Provision for U. S. A.
and foreign income and
3,163,000
4,988,162
2,752,184
370,000
190,000
370.000
$3,600,160
Netprofit
1,609,838
420.000
profits taxes...
d Adjustment
excess
$3,533,305
$8,254,567
leave the company without any outstanding deferred charges applicable
to its existing funded debt and will relieve future earnings of an annual
$8,164,889
charge of $120,000, this being in addition to the annual savings of $315,000
resulting from the refunding."—V. 153, p. 560.
in interest
Peoples Drug Stores, Inc.—Sales—
Before
depreciation, other income and other charges,
b Equipment
of patent rights,
c At proposed rates
for 1941 and
effective rates for prior periods,
d Of reserve for profits not received from
foreign countries.
a
and
amortization
Note—The net
Parker Rust-Proof Co.
$295,591
1941—6 Mos.—bl940
$250,440
$0.58
$0.68
per share
After depreciation and
a
(& Subs.)—Earnings—
1941—3 Mos—bl940
Period End. June 30—
Netincome...
Earnings
(50%) normal and
$.570,447
$573,177
$1.33
$1.32
profits tax in 1941.
excess
b As originally reported.
Robert W. Englehart, Secretary, states:
At the close of the first quarter we estimated a reserve for Federal taxes
for that period of only 30%, leaving a net profit for the quarter of $384,-
898, equivalent to $0.89 a share.
In view of increased business and an
indicated increase in both normal and excess profits taxes, it has since been
determined advisable to increase the tax reserve from 30% to 50%, which
reduces the first quarter profits to $274,855, or $0.64 a share.
Profits for the first six months of 1941 were $570,447, or $1.32 a share.
This compares with profits of $1.16 a share in the first six months of 1940,
but attention is especially directed to the fact that taxes finally paid for the
first half of 1904 were $218,299 in comparison with provisions of $570,000
for the first half of 1941.
Extra Dividend—
:h-.
.
;•
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
shares, both payable Aug. 30 to holders of record Aug. 11.
Like amounts
were paid on May 31 and March 1, last.
Extra of 50 cents was paid on
Nov. 30, 1940, and extras of 25 cents were paid on Aug. 31 and on June 1,
1940.—V. 152, p. 3977.
Patino
Period End. July 31—
Mines
&
Enterprises
Consolidated,
Earnings—
Inc.—
—V.
153,
Bolivian taxes.
Estimated net profit after taxes
Pepperell Mfg. Co.—$4 Dividend—
Pepsi-Cola Co.—Dividends Distributed—
Register In Chancery Anthony F. Emory has distributed a total of
$199,418 representing a dividend of $2 a share on 99,709 shares of stock
"of the former Pepsi-Cola Co."
The distribution, ordered by Chancellor
Wm. Watson Harrington on July 25, was in accordance with the merger
agreement of Pepsi-Cola and Loft. Inc., filed April 28.
Pepsi-Cola was
merged into Loft and the name of the latter changed to Pepsi-Cola.
Of the sum distributed, the Pepsi-Cola Co. received $168,675: Arthur G.
Logan, solicitor for Charles G. Guth, a defendant in the New Castle County
Court of Chancery action brought by Loft, $4,418, and a total of $26,325
went to David L, Podell and Hays, Podell & Shulman; Levien, Singer &
Neuberger; and Southerland, Berl, Potter & Leahy.
The distribution marked the end of a 30-day waiting period ordered June
26'when the Chancellor denied a claim for Federal income taxes of $119,984
and interest against the dividend. Payments were withheld 30 days pending
the possible filing of a praecipe by the Federal Government in the State
Supreme Court.—V. 153, p. 249.
Phelps Dodge Corp .—To Vote
(J. C.) Penney Co.—Earnings-—
6 Mos. End- June 30—
1941
<
1940
,
1939
1938
Sales
$146,727,559 $125,305223 $115655,858 $105295,180
Cost and expenses
133,937,442 115,806,082 106,985,556
98,050,225
Deprec. and amortiza'n.
686,455
600,062
569,279
559,903
a Federal taxes
b5,639,319
3,357,993
2,878,206
2,464,732
Other income.
Profit of subsidiaries—
p,
Net
profit.....
Earns, per sh. on
$6,464,342
439,922
123,719
$5,541,086
$5,222,817
596,363
101,434
504,223
114,203
$7,027,984
Philadelphia Co.—Earnings—
[Not including Pittsburgh Rys. and subsidiaries and Beaver Valley
Traction and subsidiary]
12 Months Ended May 31—
1941
1940
Operating revenues
$49,265,682 $46,440,248
Operating expenses
17,533,392
15,458,123
Maintenance and repairs
3,577,275
3,362,373
Appropriations for retirement and depletion res'ves
6,141,278
5,814,804
Amortization of leaseholds
6,067
26,159
Amortiz. of utility plant acquisition adjustments..
690
575
Taxes (other than income taxes)
3,064,410
3,120,404
Provision for Federal and State income taxes by
utility subsidiaries
3,763,482
3,005,300
...
____
$4,220,320
380,015
102,274
Net operating revenue
$6,159,511
$2.56
$2.24
$5,920,614
stock....
Includes all taxes,
Gross income..
$4,702,609
$2.33
$1.85
b Including approximately
1941
Assets—
S
Cash
24,061,416 13,248,239
.73,722,581
receivable.
649,419
789,327
charges.
66,623,480
Interest
Divs.
1941
539,944
Mtge. receivable..
Impts. and lease¬
98,142
576,585
5,245,101
99,497
holds, less amort
1.692,622
liabilities
Reserve
Balance
a
5,434,072
Interest
funded debt
Amortization of debt discount and expense
Int. on Federal income tax settlements, &c
Interest charged to construction
Taxes paid or assumed on int. and dividends
.23,739,145 14,751,374
6,247,653
3,398,929
fire
118,560,027 97,561,0361
losses, &c
2,433,659
Surplus
2,309,042
52,316,802 48,978,925
on
no par
Hear¬
company pleaded that it had not
time to prepare a
program looking toward a "constructive
solution of the major problems involved."
t
order, dated July 25, was issued against Pennsylvania Power
Li.?.ht- National Power & Light and the Electric Bond & Share Co. and
cause
why further
3,000,000
191,472
1,026
Cr3,600
528,259
130,094
69,192
524,164
$6,410,112
$6,796,593
69,192
_
reserve
On the Consolidated Gas Co. of the City of Pittsburgh preferred capital
b For payments (made to others) on obligations of street railway
stock,
companies guaranteed by
Philadelphia
Co.: On
obligations
held
by the
Note—The companies are making provisions for Federal normal income
taxes for the year 1941 in accordance with the Revenue Act now in effect
and under which
The
specified that the three utilities should show
3,000,000
191,715
186
Crll,319
125,070
public.
Company, recently cited by the Securities and Exchange Commission
with a
show cause'
order prohibiting it from
paying dividends on its
common stock to its parent, the
National Power & Light Co., on Aug. 7
asked the
Commission to postpone
hearings on the matter, scheduled for
&
Guaranteed payments.
Appropriations to
Consolidated net income for the period
....118,560,027 97,561,036
Pennsylvania Power & Light Co.—Asks Delay
ings—
of SePt- 15.
a
a
Total
Represented by 2,743,984 no par shares in 1941 and
2,543,984
in 1940.—V. 153,
p. 249.
w5
on
b
shares
£UF'
J
had sufficient
..$10,313,215 $10,708,940
Philadelphia Company:
1,835.028
cos.
69,275
71,380
1,585,156
6,444
1,599,875
16,027
1940
reserve..
for
41,738
69,369
87,057
on
2,462,729
316,208
120,281
129,74 1
charged to construction
capital stocks of subs, held by the public
Minority interest in undistributed income
Mobilities—
$
S
Common stock..33,822,767 28,122,767
Accts. pay. & accr.
Fed'1 tax
2,517,923
316,885
25,143
*___
Miscellaneous
Revenue Act.
a
9,393,161
$14,815,752 $15,298,676
I
funded debt
Taxes paid or assumed on int. and dividends
$1,100,000 estimated
1940
S
on
Amortization of debt discount and expense
Int. on Federal income tax settlements, &c
Balance Sheet June 30
Furniture, fixtures
land, &C--.
11,012,447
$15,179,088 $15,652,509
Dr363,335
Dr353,832
...
Subsidiary Companies:
com.
to cover additional Federal taxes under proposed 1941
Total
corporation
for salaried
249.
Interest
Invest, in sub
Retirement Plan—-
employees earning $2,000 or more per annum.
Sucn salaried employees must be at least 24 M years and under 64
years
of age, with at least one year of continuous service in order to be eligible to
membership.
Retirement benefits will commence at normal retirement
age, which is 65 years and with respect to future, service will be provided
through monthly contributions by the members and equal contributions
by the company.
Louis S, Cates, President, in a letter to shareholders stated that the plan
is intended to supplement, for employees on salaries of $2,000 or more per
year, the benefits under the Federal Social Security Act on a basis that will
give them total retirement benefits commensurate, in relation to earnings,
with those received under that Act by the lower-paid employees.—V. 153,
Other income (net)
Profit
Merchandise
on
A special stockholders meeting has been called Sept. 10 by this
the purpose of voting on the adoption of a retirement plan
or
(in¬
cluding provision for probable increased United States tax rates) amounted
to £134,061 plus 3,746,674 bolivianos.
This compares with profit after
taxes of £16,577 plus 7,857,395 bolivianos for the same period
in 1940.
Tin in concentrates shipped but not sold at March 31, 1941, was valued
in inventory at £255 as against £233 at March 31, 1940.—V. 152,
p. 3978.
Deferred
249.
.•
United States and
Acets.
p.
Directors have declared a dividend of $4 per share on the common stock,
payable Aug. 15 to holders of record Aug. 7.
Previously regular sem-ann.
dividends oi $3 per share were distributed.—V. 151, p. 1583.
Company reports for the three months ended March 31, 1941, estimated
net income of £186,924, plus 7,079,674 bolivianos, before providing for
a
1941—Month—1940
1 941—7 Mos.—1940
$2,240,905
$1,911,346 $15,005,001 $13,092,889
Sales
profit, including that not transferred to the U. S. A.,
yielded fiom foreign operations in the first six months of 1941 through
foreign branches and sales made direct from the United States amounted
to approximately $1,300,000 of which approximately $900,000 was from
the British Empire.
As in the past the accounts of foreign branches (oth6r
than Canada) for the periods ending either April 30 or May 31 have been
included in the above accounts for the periods ending June 30.
Provision for the U. S. A. excess profits tax for the six-monih period in
1941 is approximately $1,000,000 compared with about $50,000 for the
corresponding 1940 period.—V. 152, p. 3035.
a
George A. Ranney, Chairman states:
"The company will charge the premiums on the two issues called for
payment and the unamortized balance of its debt discount and expense,
less any related tax adjustment, to its earned surplus account.
This will
common
estimated
no
no
provision is being made for excess profits tax as it is
153, p. 403.
such tax will be due.—V.
Philadelphia & Reading Coal & Iron Co.—Philadelphia
Group Approves Plan—
The protective committee for holders of the 20-year conv. 6% debentures,
Schofield Andrews is Chairman, has sent a letter to debenture
holders summarizing the plan and stating that the committee intends to
of which
support the plan before the court.
"We believe that the plan gives the company
as
a
going concern," the letter states in part.
opportunity to continue
"Also that the proposed
Volume
Philadelphia Transportation Co.—Asks Fare Increase-—
Company on July 29 askfed the Pennsylvania Public Utility Commission
for permission to increase the concern's single fare from 8 to 10 cents and
the price of tokens from two for 15 cents to three for 25 cents.—V. 153,
p. 404.
■■■■••■<";,;v. ?/.:>
Directors have declared
Procter & Gamble Co.
dl938
1939
$47,235,669 $48,928,238 $63,441,129
44,747,529
44,877,117
61,926,776
$2,220,001
$2,488,140
39,949
14,804
$4,051,121
2?r64,522
$1,514,353
127,970
$2,259,951
$2,502,944
229,394
1,157,636
215,000
$3,986,599
$1,642,323
260,377
1,163,474
505,321
421,876
1,131,660
c3 0,000
111,393
Operating profitOther income
Total income
217,730
Interest, discount, &c
Deprec. & maintenance.
a928,957
Federal taxes, &c
b302,500
365,109
Extraordinary charges..
Net income-
$9,627,588
$7,882,471
796,375
878,758
Common dividends
loss$52,605
7,099,362
$7,860,317
878,758
6,981,558
...
Total surplus
$1,692,318
6 167,999
$900,913
$810,764
8,816,823
.........
Previous surplus
878,758
share
per
—
S
1941
1940
$
A ssets—
Bill of lading drafts
under collection.
Inventories..
$
Liabilities—
12,076,935 12,191,973
b Movable plant—
502,827
466,176
Cash
1,849,497
1,331,079
U.S.Treas. bills—
1,100,000
c Trade, sects, rec.
3,009,424
2,260,983
.
3,232,299
.
127,467
106,123
414.134
36,229,131
34,994,838
366,137
427,928
30,654,316
673,423
operations
35,788,902
32,001,910
815,962
6,344,447
2,515,319
5,505,855
28,628,493
23,980,736
24,680,736
Other income.-
593,974
Dividend from Canadian subsidiary.
_
Total income
excess cost
excess
9,240,006
675,000
profits tax
Consolidated net profit for year—,. 27,581,523
Refunds & adjustments of prior years'
taxes
565,763
„
Amount transferred from material and
,
•
13,730,625 13,730,625
Capital stock
Accts.
1940
$
700,000
payable
28,147,286
Balance
28,147,286
76,824,490
28,628,493
68,020,914
24,111,306
56,576,894
2,348,217
96,649,407
19,222,552
602,365
83,111,764
12,649,788
563.037
1,027,585
850,440
Additional provision for prior years'
taxes and related contingencies
569,430
&
1,349,377
1,450,405
d Funded debt—-
521,657
461,312
10,138,281 11,658,403
Total profit
a
28,628,493
351,579
5,400,000
5,600,000
Earned surplus
8,831,213
8,816,824
accr'd liabilities.
Reserve for Fed. &
State taxes
647,051
Previous surplus
Dividend from Canadian subsidiary
Reversal of reserve for investments
__
created at June 30, 1932, no longer
75,347
required
Advs.on grain pur.
272,172
173,212
Misc. accts. receiv.
492,995
Prepaid expensesTrade memb'ships,
347,776
279,047
199,183
Total surplus
Common dividends
(cash)
104,971,776
19,224,142
sundry stks., &c.
147,359
123,532
Preferred dividends (cash)
602,365
Stock
Misce 11. assets
117,389
Premium
Deferred charge—
186.480
r U
Earned surplus at end of year
Hydraulic rights.
-
Goodwill, tr.-mas,,
trade names, &c.
1
29,662,794 30,244,905
Total
29,662,794 30,244,905
Total-..-
deducting depreciation of $9,802,012 in 1941 and $8,999,087 in
b At depreciation value,
c Less reserve for bad debts of $176,080
in 1941 and $100,000 in 1940.
d Includes payments due within one year
($200,000 in 1941 and 1940).
a
After
1940.
25-Cent Dividend—
Directors have declared a dividend of 25 cents per
stock, payable Sept. 1 to
share on the common
Like amount paid on
dividends of 40 cents per
on
redemption of pref. stock
-
76,824,490
Earnings per common share
$4.37
a
Excluding English, Canadian, Javanese and Defense
b Excluding English and Canadian subsidiaries.
85,145,269
$4.21
Earnings for 3 Months Ended June 30
1939
cl941
dl940
$10,805,454 $6,355,345 $6,930,753
$1.04
b Earnings per share
$1.66
$0.97
a After interest, depreciation and
Federal taxes,
b On common stock,
c Excluding
English, Canadian and Javanese companies and Procter &
Gamble Defense Corp.
d Excluding English and Canadian comparies.
3 Mos. Ended June 30—
Consolidated Balance Sheet June 30
dl941
16,718,961
dl941
el940
16,402,195
Period End. June 30—
Operating revenues
Operating expenses, excl.
taxes-__—
1941 —Month—1940
Cash
1941—12 Mos.—l 940
$284,067
$266,925
$3,515,775
145,844
42,961
22,917
1,969,927
2,013,041
447,684
275,000
Direct taxes
Prop, retire, res. approp.
of limited-term
440,341
275,000
4,496,358
13,311,697
11,818,137
materials—
45,127,420
2,436,577
2,156,587
Gen.
1,008
$720,372
$827,298
469,511
33,853
$719,532
486,467
37,073
52,797,572
$196,690
430,167
1,000,000
cum.
pref.
stk. (par 3100)
2,250,000
2.250,000
8,447,300
8,447,300
25,640,000
8%
5%
Def'd charges.-
$324,700
430,167
314
$58,926
38,550
2,283
mortgage bonds.
Other int. & deductions.
on
1,000,000
pref. stock.
Goodwill, pats.,
698
240
Gross income
for con¬
res.
tingencies
not
62
$830,445
Dr3,147
766
$58,686
$55,507
40,070
Other income (net)
3,037
Dr 840
consolidated
6,096,594
Land,
a
3,121,587
mach'y,
—
58,179,138
52,701,216
2,323,316
25,640,000
Dr2,328
Dr2,328
Paid-in surplus-
plant
b Common stock
cTreas. stock..
bldgs.,
<fe equipment-
(par $100)
4,665.585
3,484,618
_
Other l'ns & inv.
17,154,456
85,145,269
76,824,490
Earned surplus.
17,154,456
1,925,215
licenses, &c._
Int. charged to construc¬
17
(Cr.)-.—.......
$12,400
$18,110
Net income..--.....
Divs. applic. to pref. stocks for the period
...
def$105,467 def$233,477
Balance
Notes—(1) Provision for Federal income taxes, subsequent to April 1,
1941, is being made at a rate which will result in the accumulation of such
of 30% for the full year 1941.
a
No provision has been made for Federal excess profits tax since pres¬
that no such tax will be payable.—V. 153, p. 562.
ent indications are
Total— - .
162,742,183 148,244,632
Total
. .
-162,742,183 148,244,632
depreciation of $44,700,560 in 1941 and $42,705,468
b Represented by 6,410,000 no par shares,
c 582 shares of com¬
stock.
d See note (a) above,
e See note (b) above.—V. 152, p. 3981
After reserve for
in 1940.
mon
Puget Sound Power & Light Co.
taxes at the rate
(2)
subs,
for
10
$55,193
investments.
Net oper. revenues
tion
6,072,759
8,701,369
Insurance res.—
rec.
&
$
wages,&c 8,219,477
Accrued taxes-- 12,451,432
Inv. in & advs.to
Amort,
Int.
17,817,202
(less res.)
Stocks of mdse.
Debtors & notes
—
el940
payable,
Accts.
accr.
secure.
(at mkt. val.)
$3,457,105
157,147
45,317
22,917
Market,
,
$
Liabilities—
Portland Gas & Coke Co'.—Eamings-
68,020,914
$3.67
companies.
Net profit
a
holders of record Aug. 14.
May 31, last, and previously regular quarterly
share were distributed.—V. 152, p. 3036.
direct
195,812
1,151,783
of inventories
...
Prov. for Fed.
72,807,699
39,039,852
2,699,397
products price equalization reserve
1941
.
48.009,068
Comparative Balance Sheet May 31
■
Fixed plant
84,503,449
46,376,901
3,025,587
87,597,965
-
37,496,529
Profit from
income account.
a
—— —
Provision for income taxes
$8,816,823
549,225
$1.64
$8,831,213
549.225
$1.47
profit.
Selling, general & admin, expenses
Depreciation
—
Equipment inventory adjustments &
equipment scrapped..
Provision for
7,983,797
8,717,956
.———219,865,347 205,011,842 190,045,159
132,267,381 120,508,393 117,237,460
Net sales.—...-i...-..
Cost of goods sold
over market
$6,167,999
$6,981,558
549,225
549,225
Nil
$3.08
c No pro¬
a Depreciation only,
b No provision for excess profits tax.
vision required for taxes on income or undistributed profits, d Consolidated
Balance, surplus
Shs.com. stk. (par $25).
Earnings
bl939
bl940
8,754,388
Discs., allowances, returns & sales tax.
$7,046,757
Crl,813,110
Transferred to surplus
Ended June 30
228,619.735 213,729,798 198,028,956
Gross sales
Gross
amount paid
cents paid on
(& Subs.)—Earnings—
Consolidated Income Account for Years
-ral941
53,840,185
& admin, exps
gen.
dividend of 10 cents per share on the common
a
stock, payable Aug. 25 to holders of record Aug. 15.
Like
on April 25, last, and on Dec. 20.1940 and compares with five
Aug. 28 and on May 1, 1940.—V. 152, p. 3357.
Pillsbury Flour Mills Co.—Earnings—•
1940
Pay 10-Cent Dividend—
Pleasant Valley Wine Co.—To
securities is fair to the several classes of creditors."—V.
Years End. May 31—
1941
Net sales
$56,060,187
Cost of goods sold, sell.,
847
Financial Chronicle
conservative and that the contemplated distribution of
153, p. 561.
capitalization is
new
The Commercial &
153
Period End. June 30—
(& Subs.)—Earnings
1941—Month—1940
1941—12 Mos.—1940
$1,353,018 $17,203,670 $16,479,504
$1,409,250
Operating revenues
.
.
5,940,195
6,426,902
1,073,764
1,500,064
432,960
2,334,297
201,620
498,519
79,952
122,201
26,437
182,704
Net oper. revenues—
Other income (net)
$419,620
1,193
$443,205
Drl0,779
$5,435,682
Dr74,191
$5,769,423
30,901
16,020
15,117
$169,465
7,559
$156,040
2,604
Balance---------Interest & amortization.
$420,813
278,980
$432,425
279,361
$5,361,491
3,357,532
$5,621,999
3,513,824
$177,024
41,116
$158,644
37,991
$141,833
$153,064
Prior preference
$2,003,959
550,000
$2,108,175
Retirement reserve accruals.
Gross income...............
Interest on bonds
Other income charges
$135,908
29,606
3,529
$120,652
30,599
1,359
$1,453,951
1,583,970
$1,558,175
1,583,970
$130,011
$25,795
1941
$382,671
145,513
19,054
17,738
Operation
Maintenance-
—...... .
- - -
General taxes......................
Income taxes
Other income (net).
a
Gross income
...
518,870
Operation
Porto Rico Gag & Coke Co.—Earnings—•
12 Months Ended June 30—
Maintenance
1940
$342,576
135,706
88,103
—
129,189
Depreciation
51,848
Federal income taxes.
a
Other taxes
19,693
Balance-
■
Balance~i~-
dividend requirements
a
on
preferred stock
Before retirement reserve
Postal
$102,773
24,725
—
accruals.—V. 152,1
$88,694
44,505
3195; V. 151, p. 2953.
Telegraph, Inc.—Earnings—
Period End. June 30—
1941-—Month—1940
Teleg. & cable oper. revs
Repairs
Deprec. & amortization.
$1,939,572
131,397
200,696
Preferred dividend requirements
All other maintenance..
136,828
1,482,624
Conducting operations. _
Relief dept. & pensions.
All other gen. &
misc. exp
47,936
45,208
1941—6 Mos.—1940
199,273
130,095
1,364,816
48,116
50,819
815,512
1,204,180
738,748
8,741,536
292,394
266,563
704,797
1,156,349
668,937
8,063,908
293,147
270,896
':l
Puget Sound Pulp
$390,280
$765,682
33,000
539,708
30,000
533,835
$962,988
14,833
$1,329,517
assignable to oper.
88,488
$168,470
5,000
87,350
Oper. income (loss) — .
Non-operating income __
$199,105
$260,820
3,908
1,799
Gross income (loss)...
$195,197
26,680
$259,021
18,2.36
$948,155
$1,300,706
148,144
329,558
$221,877
$277,257
$1,096,299
$1,630,264
oper. revs,
—
Uncoil, oper. revenues—
Taxes
$105,117
5,500
Average daily
Net
loss
—V. 153, P. 404.
1941
Net
63,475
351
production, tons.
Sales, tons—-----
—
sales-.!
^
—64,468
$3,659,436
-
1,623,429
before depreciation
a
177,669
Provision for Federal taxes.
Net
profit.
Earnings per share
Deduct's from gross inc.
& Timber Co.- -Earnings—
6 Months Ended June 30—
Production, tons
Depreciation
:
28,811
550,000
The companies
Operating profit
cable)
(loss)
Net telegraph &
—---
Dr147,423
do not consider that they have any liability under the
Excess Profits Tax Act of 1940 as amended March, 1941.
Beginning with
the month of March, 1941, the accrual for Federal income tax is based on
an estimated rate of 30% against the original estimate of 27%, spreading
the under-accrual for January and February over the remaining 10 months
of the year.
The rate under the present law is 24%.—V. 153, P. 250.
a
$L?26,979 $11,668,653 $10,392,352
102,330
-
«^^-
Balance--------
Dividends
980,435
1,415,758
245,680
2,128,014
a
At the rate of
.
liabilities
66,312
366
66,755
$2,916,274
900,930
n2,871
;—
867,455
354,627
$578,305
—
.
1940 period.
June 30—
Current assets
$433,433
1941
--.
——
Current ratio.
Working capital
,
of common stock
$1.67
$1.18
60% of operating profit after depreciation in the 1941
period and 45% in the
Current
1940
:
...
-
1940
$2,539,832
1,585,988
$1,351,4
980,9
1.60 to 1
1.38 t<
953,844
370,5
The Commercial & Financial Chronicle
848
Earlier forecasts of
pulp shortage now
appear to
on
added.
used
$282,933
$0.37
Republic Petroleum Co.—Common Dividend—
Directors have declared two dividends of three cents per share each on
the common stock, one payable on Sept. 30 to holders of record Sept. 10,
and the other payable Dec. 30 to holders of record Dec. 10.
Last previous
b Earnings per share
a
After
b On
interest
common
depreciation,
Federal
minority
$569,223
$0.74
&c.
dividend of 25 cents per share on the common
stock, par $10, payaole Sept. 15 to holders of record Aug. 29.
This com¬
pares with 15 cents paid in four preceding quarters; 25 cents paid on June 15
and March 15, 1940; 50 cents on Dec. 15, 1939; 20 cents in each of the
three preceding quarters, and dividends of 25 cents were paid on Nov. 1
and on March 1, 1938, this latter being a regular quarterly dividend.
A
Dec. 24,1937.—V. 152, p. 3981.
Radio
Other income
1941—6 Mos.—1940 ^
$72,136,305 $56,559,704
151,858
447,355
294,478
a
295,401
all
inc. from
gross
sources
Cost of goods sold. &c..
$38,280,336 $28,543,775 $72,583,660 $56,854,182
31,467,197
25,648,077
60,449,368
50,154,199
Interest
Depreciation
_
Amortization of patents.
a
$6,813,138
57,613
839,704
200,000
$2,895,698 $12,134,292
21,920
82,426
797,350
1,655,372
150,000
350,000
fNet income..
Before retirement
~St. Louis-San
300,000
2,591,700
898,500
825,000
bl61,000
1,323,300
825,000
b356,500
On general mortgage
4% bonds interest aggregating
5% bonds interest aggregating
tion of such bonds so that an appropriate legend may be stamped thereon
St. Paul Union Stock
St. Regis Paper Co.—Revaluation
$3,696,714 b$l,575,369
and common stocks in the future.
A definite date for such dividend resump¬
tion could not be predicted at this time or any definite plan submitted to
stockholders for adjustment of accumulated arrears on the preferred.
—V. 153, p. 251.
bS0.ll
$0.27
Corp.
entitled
were
to
exchange
their
stock,
Savannah Electric & Power
Period End. June 30—
Operating
Operation
Depreciation
Federal income taxes.
Other taxes
Net oper. revenues...
Other income (net)
Balance
Interest & amortization.
Balance-
88,847
95,203
deductions
a
Rail transport, rev..
a
Payments
$6.769,745
444,23*
83,761
6,469
146,511
418,806
49,035
privileges.—vt 1537p-108*.
Pittsburgh—Sales—
Sales totaled $172,445 in July, a gain of 20.9% over sales of $142,604 in
the same month last year, the company reported on Aug. 4.
July, 1941
sales were highest in the company's history for that month.
seven
months of this year sales amounted
$915,369 in the
same
Rand's
to $1,202,827,
period of last year.
operates a chain of retail drug stores in
Pennsylvania, Ohio,
Virginia and Maryland, with a majoirty of stores located In the
Pittsburgh area.—V.
152,
p.
3825.
Communications, Inc.—Earnings—
Period End. June 30—
Total oper. revenues
Total oper. deductions..
Net oper. revenues
1941—Month—1940
$773,393
$646,715
482,143
451,239
$291,250
Other communication inc
$195,476
Dr326
3,347
1941—6 Mos.—1940
$4,777,257
2,868,414
$3,799,894
$1,908,843
18,198
$195,150
Dr2,403
$1,927,041
Dr594
$1,120,712
ordinary income
$291,620
Deduct, from ord. inc_.
35,848
$192,747
35,048
$1,926,447
214,634
$1,127,616
108,264
$157,699
2,710
$1,711,813
$1,019,352
3,392
ordinary income.
$255,772
income
Deduct, from net income
908
2,539
741
$159,706
$1,710,182
921,800
$1,022,003
44,600
241,900
Net Inc. transferred to
earned surplus
def$9,928
$115,106
—V. 153, p. 250.
of the year.
$788,382
common
Materials,
wages
conserve raw
$29,314
$398,829
149,114
$320,879
149,114
$249,715
60,000
$171,764
60,000
$189,715
$111,764
$780,103
metal office
materials for defense.
as
July 5, '41 June 29, *40 July 1, *39
$11,846,072 $10,149,657
$8,723,164
& salaries, repairs &
maint. local taxes and other exps..
7,184,782
457,718
6,062,619
501,081
5,089,776
436,827
Gross profit on sales
$4,203,573
Distrib., adminis. & gen. exps., incl.
freight paid on goods sold
2,897,635
Int. on 3H% debenture bonds, &c..
$3,585,957
$3,196,561
2,447,946
1,077
2,196,065
Operating profit
$1,305,937
Int. on Brunswick Pulp & Paper Co.
bonds owned
44,688
Discount on purchases, other inter¬
est, &c
I.
29,575
a Prem. on Brunswick
Pulp & Paper
$1,136,934
$966,659
Depreciation and depletion
Co. bonds
33,838
77.422
82,890
35,985
31,666
117,600
Total income
Prov. for Fed. & State taxes
$1,497,800
b532,252
$1,250,341
370,439
$1,081,214
286,135
Net earnings
Dividends on preferred shares
$965,548
129,939
$879,902
127,097
$795,081
67,502
Balance for surplus
Earns, per share on common shares..
$835,609
$1.25
$752,806
$1.12
$727,578
$i.09
•
Called in entirety April 25, 1941.
Company as owner of 50% of the
common stock of Brunswick Pulp
& Paper Co., paid $66,800 (included
above in cost of goods sold) as its share of this premium and expenses pay¬
able in connection with the refunding.
Therefore, of the $117,600. only
a
$50,800 is non-recurring income.
b Federal corporate income tax is provided above at proposed 30% rate.
No Federal excess profits tax is due under the existing law, and no provision
has been made for any charges in this law.
Condensed Statement Comparing Current Assets and Liahi
1941
—V.
filing cabinets, to
$695,676
374,797
Co.—Earnings—
furniture and
steel
$773,642
374,813
6 Months Ended—•
Net sales.
Total current assets
Total current liabilities
well
$60,771
31,457
stock and surplus
The company announced July 31 that it will discontinue the manufacture
of smaller typewriters, especially student
as
$63,404
31,429
The rate under the present law is 24%.—Y. 153, p. 252.
Scott Paper
Remington Rand Inc.—To Drop Some Lines—
models,
$689,185
6,490
6,904
703
$255,772
265,700
$758,515
15,127
9,207
$294,597
Dr2,977
Extraord. inc.—credits.
Extraord. inc.—charges.
$59,698
1,072
""a"The company does not consider that it has any liability under the
Excess Profits Tax Act of 1940 as amended March, 1941.
Beginning with
the month of March, 1941, the accrual for Federal income tax is based on
an estimated rate of 30% against the original estimate of 27%,
spreading
the under-accrual for January and February over the remaining 10 months
$1,111,505
2,688.389
,i
Operating Income
Ord. inc.—Non-commun
$60,296
3,108
Balance-
$6,049,899 $26.502,629 $23,943,542
and other carriers—express
$199,274
74,584
11,410
26,825
4,943
21,812
Preferred dividend requirements
Balance for
Interest and discount on
funded debt
1941—12 Mos.—1940
$2,655,921
$2,382,651
983,403
889,174
178,329
145,101
343,866
340,054
114,407
58,361
277,398
260,774
$234,169
89,530
15,176
31,394
11,817
25,954
$31,975
Maintenance
a
Co.—Earnings—
1941—Monfh—1940
revenues
Debenture dividend requirements
Total revs. & income.$l8,057,682 $15,925,102 $79,289,724 $71,520,898
Operating expenses
10,414,346
9,166,404
48,903,199
44,117,863
Express taxes
689,541
618,569
2,991,652
3,293,149
some
the books of
b$0.03
Period End. May 31—
1941—Month—1940
1941—5 Mos.—1940
Charges for transporta'n $17,795,946 $15,675,808 $78,147,581 $70,442,910
Other revs, and income261,736
249,294
1,142,143
1,077,988
Net
on
b$433,402
250j
Net
of Investments Voted—
special meeting approved recommendation of
$1,767,049
Railway Express Agency, Inc.—Earnings—
Gross
recent
pany's valuation on Dec. 31, 1940, of $22,416,908.
Roy K. Ferguson, President, stated that the restatement of these invest¬
ments aids in preparing the way for resumption of dividends on the preferred
Keith-Albee-Orpheum
R. C. A.
a
directors providing for restatement of certain Investments
$5,306,494 b$3,185,222
1,609,780
1,609,853
share for share, for the common stocks of the predecessor of the present
RKO company, but such exchange is no longer available.—V. 153, p.
West
Yards—Liquidation Dividend—
Company paid a liquidating dividend of $7.50 per share on its common
on July 26 to holders of record July 25.—V. 151, p. 2362.
stock
the company.
The restatement, which is effective at of Jan. 1,1941, marks
down the value of the investments to $3,140,001 as compared with com¬
RadiorKeith-Orpheum Corp.—Extends Purchase Offer—•
over
$66,460
89,550
The trustees will pay interest on the bonds at the office of C. W. Michel}
120 Broadway, New York City, on and after Sept. 2, 1941 upon presenta¬
Stockholders at
Corporation has extended until the close of business on Aug. 15, 1941,
its offer to purchase the outstanding minority interest in the common stock
of Keith-Albee-Orpheum Corp. at the price of $5 per share.
The offer
was made during the early part of July and was to expire
July 31, 1941.
Approximately one-half of the common stocx of Keith-Albee-Orpheum
Corp. held by the public at the time the offer was made has been acquired
under the offer.
Some years ago the holders of the minority interest in the common stock
31.4%
Francisco Ry.—Interest—
Lonsdale, trustees, were authorized to pay interest accruing to Sept. 1,
1941, on the general mortgage 4% bonds and the income 5% bonds of
Kansas City, Memphis & Birmingham RR. as follows:
bl ,223,400
a For increases In normal Federal income and excess
profits taxes under
proposed new Revenue Act applying to income for 1941.
b For compara¬
tive purposes, the 1940 net income has been adjusted to reflect the retro¬
active increases in income and excess profits taxes enacted late in that year.
—V. 153, p. 701.
up
accruals.—V. 152, p. 3196; V. 151, p. 2954.
By an order entered July 23, 1941 by the U. 8. District Court for the
Eastern District of Missouri, Eastern Division, J. M. Kurn and John G.
46,424
1,588,438
b527,100
(13,881,016 shares)
For the first
reserve
$0.13
Balance for com. stk__
Earns, per share on com.
Rand's
loss$8,617
bonds
on
$2,571,922 b$l ,238.328
804,873
804,926
Preferred dividends
toTail
accruals
Interest on advances from parent company
Other income charges
$6,699,983
1,420,400
£rofits tax addit. prov.
stimated
Other
$26,532
reserve
income—
Gross
Interest
Prov. for Federal excess
of
$96,952
79,585
22,410
3,574
...
mT
income tax
profit
$151,584
54,632
79,585
12,886
6,028
...
Gross income
Retirement
Prov. for normal Federal
Net
$175,478
Dr23:894
$178,631
53,599
..
indicating the payment of such interest.—V. 153, p. 702.
Net Income before int.,
depreciation, &c
$196,198
Drl 7,567
—
Utility operating income
On income
Total
30,142
40,009
8,375
$125,032
taxes
Other income (net)
a
Corp. of America (& Subs.)—Earnings—
1940
$487,652
224,036
40,079
42,247
5,812
Federal income taxes
Quinte Milk Products—Extra Dividend—
Company paid an extra dividend of five cents per share in addition
to the regular dividend of 10 cents per share on the common stock on
Aug. 1, last.—V. 150, p. 1145.
1941
$517,678
Maintenance
General
interest,
a
Period End. June 30—
1941—3 Mos.—1940
Gross inc. from oper
$37,984,935 $28,391,917
3512.
Operation.242,954
Quaker State Oil Refining Co.—To Pay 25-Cent Div.—
on
p.
"r
Consolidated net income before provision for Federal income tax, for the
28 weeks ended July 12, 1941, amounted to $1,038,397, compared with
$766,976 for the corresponding period of 1940.—V. 152, p. 3037.
year-end dividend of 15 cents was paid
152,
12 Months Ended June 30—
Operating revenues
stock.
Directors have declared
made in 1927.—V.
was
f* Roanoke Gas Co.—Earnings—
$686,571
$0.89
taxes,
distribution
common
28 Weeks Ended
$280,512
$0.37
"The backlog of civilian goods, including office equipment being
by Government and defense industries, exceeds $6.O0O,OOO, so that
the total backlog now is better than $11,000,000."—V. 153, p.
July 12, '41 July 13, '40 July 12, '41 July 13, '40
Net profit
already have been discontinued and stocks
being liquidated," James H. Rand, Jr., President, said.
"Other
are
armies and other war machines."
as
Purity Bakeries Corp. (& Subs.)—Earnings—
a
hand
He asserted the Tonawanda plant, which makes steel cabinets and cardfiling systems, may go into the production of howitzer parts.
"Our backlog of defense materials now exceeds $5,000,000," Mr. Rand
present rates of production and consumption.
He quotes the OPM as
estimating this year's domestic demand at 1,604,000 tons, with production
and imports for the first four months of 1941 running at an annual rate
around 1,300,000 tons.
"Even assuming this year's production is stepped up to the highest rate of
any of the first four months, and imports for the year average up to the best
month of the first quarter, unbleached sulphite pulp available for domestic
consumption would still reach only 1,465,000 tons, or 139,000 tons short
of estimated demand," Mr. Anderson declared.—V. 152, p. 3037.
-12 Weeks Ended
1941
9
parts of our office equipment line, including tabulating machines, standard
typewriters and larger business machines, are just as essential to defense
In 1939."
Domestic demand exceeding supply of unbleached sulphite pulp this
year
in the amount of 300,000 tons is foreseen by Mr. Anderson on the basis of
Period—
Aug.
"Some of the company's lines
be approaching reality,
not only in unbleached sulphite but in other grades as well, according to
Ossian Anderson, President.
"Wood pulp of all grades in storage in the United States declined to 80,000
tons on June!, 1941," Mr. Anderson said, "which compares with the March
1940 high of 325,000 tons and with the last previous low of 215,000 tons
a
153,
p.
703.
$10,096,611
2,081,130
1940
$7,263,743
1,727,036
1939
5 099,212
I 641,412
Volume
The Commercial & Financial Chronicle
153
Seaboard Air Line Ry.—Interest Ordered Paid—
The Federal District Court at
Norfolk, Va., has signed an order to pay
on four issues of
underlying bonds on or before Aug. 15.
The issues
are Raleigh &
Augusta 5s; Raleigh & Gaston 5s; Florida Central & Peninsula
consolidated 5s, and Caroline Central 4s—V.
interest
153,
p.
703.
Southeastern Greyhound Lines—Issuance of Notes—
The Interstate Commerce Commission on
July 28 authorized the com¬
pany to issue not exceeding $180,000 secured serial equipment notes to
finance the purchase of new motor buses.—V.
152, p. 2876.
Southern Bell Telephone & Telegraph
Co.—Earnings
Sears, Roebuck & Co.—Sales—
Period End. July 31—
Sal?®-^o
—V.
153,
1941—Month—1940
407.
p.
1941—6 Mos —1940
$72,869,575 $51,351,896 $428367,630 $328749,926
zzz
Seiberling Rubber Co.—Prices Increased—
Company announced
a
straight 5 % increase in price of tires to dealers and
consumers, effective immediately.
Col. J. L. Cochrun, Vice-President in
Charge of Sales, said the increase
was due to
rising labor and material costs and had been
Henderson,
approved by Leon
Cochrun, said, is
Price
Administrator.
The increase, Mr.
equivalent to that announced by four other Akron tire manufacturers.—V.
153,
2250.
p.
Seneca Falls Machine Co.—Stock
no-par
common
11SH shares of $1 par common stock. This is equivalent to a stock
dividend of 11.775% and will result in an increase in the
outstanding com¬
mon stock to 475,000 shares.
At the same time stockholders voted to cancel the
par preferred stock now
2,000 shares of $100
held in the company's treasury.
(W. A.) Sheaffer Pen Co.—To Pay Extra Dividend—
Directors have declared a quarterly dividend of 50 cents
per share
an extra dividend of 25 cents
per share on the common stock, both
payable Aug. 25 to holders of record Aug. 15. Like amounts paid on May 26,
last; extra of 50 cents paid on Feb. 25, last; extras of 25 cents paid in the
three
preceding quarters and an extra of 50 cents in addition
of $1 was paid on Feb. 26, 1940.—V.
152, p. 3984.
Sierra Pacific Power
Period End. June 30—
Operating revenues
Operation.
Federal income taxes
Other taxes
...
1941—12 Mos.—1940
$2,381,317
827,162
108,597
200,207
262,105
$2,189,852
736,804
111,182
$983,246
3,551
$1,005,040
3,944
141,253
195,573
$75,298
$66,001
96
80
$75,394
13,723
$66,081
11,766
$986,797
153,805
$1,008,984
115,961
$61,671
6,482
$54,315
9,624
$832,992
95,481
$893,023
115,635
Cr 125
806
623
Gross income
5
accruals
Gross income.
on
long-term debt..
of debt prem.
453
4,136
11,560
9,676
8,666
:
Amortiz.
and discount
Other income charges..
Operating revenues.. $7,220,286
Operating expenses
4,786,071
$6,082,535 $42,642,781 $37,427,478
4,005,007
27,446,955
24,046,533
oper. rev—
Net oper. revenues—.
Operating
$2,434,215
1,063,868
taxes..
Net income
$54,691
Dividends on preferred stock
Dividends on common stock
—V. 153, p. 563.
$43,431
$721,814
157,500
271,703
$759,047
210,000
498,122
Simonds Saw & Steel Co.—80-Cent Dividend—
Directors have declared
a dividend of 80 cents per share on the common
value, payable Sept. 15 to holders of record Aug. 23.
This
with 70 cents paid on June 14, last; 40 cents paid on March 15,
last; 70 cents paid on Dec. 14,1940; 60 cents on Sept. 14, 1940; 40 cents paid
on June 15 and March 15, 1940; 70 cents on Dec.
15, 1939; 40 cents on Sept.
15, 1939; 20 cents on June 15, 1939; 10 cents on March 15, 1939; 60 cents
paid on Dec. 15, 1938; 10 cents on Sept. 15, and June 15, 1938, and a
dividend of 20 cents paid on March 15, 1938.—V: 152, p. 3985.
no par
compares
Net operating income $1,370,347
income
1,130,676
153, p. 110.
expenses.
.
Operating income
Other income
8,685,833
6,770,173
29,349,363
26,084,955
$2,117,097
$9,871,759
1,898,751
$8,042,016
936,387
$2,320,114 $11,770,510
51,013
238,682
111,920
444,470
1,270,901
5,991,595
$8,978,403
186,652
438,886
5,016,638
$3,880,075
44,200
Non-operating charges.
Interest charges
111,209
Deprec. & deple., &c
1.331,837
Fed. & State inc. taxes.
Net
622,000
114,600
654,300
187,400
$1,770,829
profit
common
203,017
$771,680
$4,441,463
$3,148,827
981,349
$1.80
995,348
$0.74
981,349
$4.53
a dividend of $1 per share on account of accu¬
on the
7% cum. pref. stock, par $100, payable Sept. 15 to
holders of record Aug. 30.
Similar amount was paid in preceding quarters.
—V. 153, p. 254.
„
Southern Indiana Gas & Electric
Co.—Earnings
Period End. June 30—
Gross
1941—Month—1940
revenue
$403,937
146,161
92,537
expenses
Taxes
Consolidated Income Account for
the 6 Months Ended
June 30,
_
and
amortization
non-operating
$75,893; interest and amortization of discount and expense on
and serial notes, $222,417; depletion, depreciation and other
capital extinguishments, $2,700,407; provision for income taxes, $868,000;
net income, $2,669,746; shares of common stock outstanding at the close
of period 981,348.6.
The earnings per share of common stock was $2.72.
Note—The foregoing figures contain no specific allowance for excess profits
tax, but in the opinion of the management, based on statutes now in force,
the provision for income taxes, shown above, is
probably adequate to cover
both income taxes and excess profits tax, if any.—V. 152, p. 4138.
49,454
633,073
593,452
$102,528
32,659
$1,250,149
387,678
$1,287,765
390,197
$78,510
34,358
$69,868
34,358
$862,470
412,296
$897,568
412,296
stock expense
10,848
10,848
130,180
130,180
$33,304
Balance
$24,662
$319,993
$355,091
—V. 152, p. 4139.
a
1940
b$22,000,000
The estimated income after providing for Federal income taxes at the
proposed rate of 30% of taxable income,
b As finally adjusted.
Note—Above earnings includes full equity in the six months' estimated
earnings of Standard-Vacuum Oil Co., in which this company has a 50%
interest.
Earnings of foreign branches and activities have been included only to
the extent that they have been remitted.
A statement issued Aug. 5 states that domestic gasoline prices have
improved somewhat from the abnormally low level at the year end and the
early part of 1941.
Although raw material and operating costs are higher,
the company's net income was better in the second quarter, due to the
improved price level and increased sales.
Domestic sales of all petroleum
products, during the first six months of 1941, increased approximately
5% over the same period of 1940.
This larger volume is likely to be
maintained for the remainder of the year, except in the Eastern area, where
it will be affected by the curtailment of consumption required because of
the diversion of coastwise tankers to the British service.
At
p, meeting Aug. 5 the directors declared a dividend of 25 cents per
share, payable Sept. 15, 1941, to holders of record as of Aug. 21.—V. 152,
p. 3664.
South Carolina Power
Period End. June 30—
Company applied Aug. 6 to the Interstate Commerce Commission for
authority to issue $20,000,000 of promissory notes to nine banks on security
of 120,000 shares of capital stock of the Pacific Fruit
Express.
Each bank
would hold stock according to the amount of the notes taken.
The notes to be dated Oct. 1, 1941, would mature quarterly and bear
interest as follows: Jan. 1, 1942, and April 1, 1942, 2%; July 1, 1942, and
Oct. 1,1942,2M%; Jan. 1 and April 1, 1943, 2^%; July and Oct. 1, 1943,
2%%\ Jan. 1 and April 1, 1944 3%; July 1 and Oct. 1, 1944, 3H%; quar¬
terly in 1945, 3 H%.
,
Gross
revenue
Operating expenses
Taxes.
Prov. for depreciation..
$391,438
204,583
58,011
37,600
$4,276,767
2,046,573
47,365
31,250
728,947
381,350
^
$9,724,000, secured by 58,344 shares of stock.
Chemical Bank & Trust Co., New York, 16 notes for $121,500 each,
aggregating $1,944,000, secured by 11,664 shares of stock.
Union Trust Co. of Pittsburgh, Wells Fargo Bank & Union Trust Co.,
Anglo California National Bank of San Francisco, Bank of California
National Association, Farmers & Merchants National Bank of Los Angeles
and Crocker First National Bank of San Francisco, 16 notes of $31,250
each, aggregating $500,000 each and secured for each bank by 3,000 shares
of stock.
Proceeds of the notes at par would be used as follows:
$7,000,000 to pay
the outstanding balance of the road's promissory note due on May 1, 1945,
held by the Reconstruction Finance Corporation, and
The
remaining balances of bank loans due
$3,788,044
1,783,448
570,084
375,000
Int. & other deductions.
$91,244
54,146
$86,165
655,055
$1,059,512
674,225
$37,098
14,286
$30,662
14,286
$464,842
171,438
$385,286
171,438
$22,812
$16,376
$293,404
$213,848
55,503
$1,119,897
*
Divs.
on
pref. stock
Balance
—V.
152, p. 4139.
$13,000,000 to
Nov. 1, 1941.
balances are as follows:
Guaranty Trust Co., $6,500,000;
First National Bank, New York, $2,600,000; Chemical Bank & Trust Co.,
$1,300,000; Union Trust Co. of Pittsburgh, $1,300,000; Wells Fargo Bank &
Union Trust Co., $325,000; Anglo California National Bank of San Fran¬
cisco, $325,000; Bank of California National Association, $325,000, Farmers
& Merchants National Bank, Los Angeles, $325,000.
"From available cash," the application said, "Southern has reduced its
short-term loans from banks and the RFC from $42,000,000 to $20,000,000
during the past two years.
By refunding the remaining balance the appli¬
cant will obtain the benefit of substantial interest saving.
Interest payable
upon the said proposed bank loans over a four-year period, assuming there
is no prepayment, is estimated to amount to $1,292,831."—V. 153, p. 703.
Southern
Ry.—Earnings—
—Fourth Week of July—
1941
1940
Gross earnings (est.)—
—V. 153, p. 703.
•—Jan.
1
to
July 26—
1941
1940
$3,831,623 $100299,151 $77,533,265
$5,176,433
Spiegel, Inc.—Earnings—
Period End. June 30—
inc. after interest,
1941—3 Mos.
1941—6 Mos.—1940
-1940
Net
a
deprec.. Fed. income
taxes, &c
Earnings per share...
a
On
common
$658,435
$0.34
$490,710
$0.20
$304,372
$0 15
$315,229
$0.15
stock.
Before provision of 30% Federal normal income tax.
profits for the three
months'
period ended June 30, 1941, were $450,327.
No provision was
excess profits tax.
For the same period in 1940, profits were
$401,677, before provision of 24.22% for Federal income tax.
Before
provision of 30% for Federal normal income taxes, profits for the first six
months' period ended June 30, 1941, were $701,014.
No deduction was
made for excess profits tax.
For the corresponding period in 1940, before
provision of 21% for Federal income taxes, earnings were $833,464.—
V. .153, p. 254.
made for
Spencer Shoe Corp.—Sales—
Sales for the five weeks ended Aug. 2, 1941, were 20.61% above
for the same five weeks of 1940, and for the 35 weeks ended Aug. 2,
those
1941,
13.32% ahead of the corresponding period of 1940.
The manufacturing division, from a bid opened July 30, 1941, has re¬
ceived a contract for 50,000 pairs of Army shoes amounting to $170,750.
This contract gives the company an aggregate of $1,232,270 from Govern¬
ment contracts since Dec. 31, 1940.—V. 153, p. 407.
Spokane International Ry.—Reorganization—
Aug. 2, approved the form of
filed by the reorganization committee in connection with
reorganization of the company.
Only the Interstate Commerce Com¬
mission's approval is now needed of applications to issue securities and to
transfer the properties to the new company.
Under the plan the old bondholders will receive $56.25 on each old $1,000
bonds as back interest, representing interest from Jan. 1, 1938 to Jan. 31,
The Federal Court at Spokane, Wash., on
the indentures
the
to be
Bondholders of the
be accomplished some time around
dated Feb. 1, 1940.
road hope that final reorganization can
Oct. 1.—V. 153, p. 703.
(A. E.) Staley Mfg. Co. (& Subs.)—Earning
6 Mos. End. June HO—
-
Expenses-...
Depreciation
1941
$3,659,789
1,378,654
$2,780,428
816,546
1,466,674
410,013
277,944
1,303,869
394,134
263,305
$2,083,531
1,145,545
382,615
91,636
$1,038,154
$1,011,618
$819,120
$463,734
426,435
,
Net profit
1938
1939
1940
$3,166,250
Fed. inc. taxes, est
Net income
on
bank
Gross earnings
Gross income
follows;
First National Bank, New York, 16 notes for $243,000 each, aggregating
$3,888,000, secured by 23,328 shares of stock.
^Guaranty Trust Co. of New York, 16 notes for $607,750 each, aggregating
The new securities are
1941—12 Mos.—1940
$312,427
147,647
as
1940.
Co.—Earnings—
1941—Month—1940
-ICC Asked to Approve $20,000,000
Bank Loan—
debentures
Socony-Vacuum Oil Co., Inc.—Earnings—
1940
$4,548,208
1,842,332
824,658
54,917
Net income
Divs. on pref. stock
Amortization
of
pref.
charges,
6 Months Ended June 30—
1941
Net earnings after Federal income taxes (est.). a$18,000,000
$4,848,552
1,841,524
1,123,805
$110,320
31,809
Gross income.
Int. & other deduc'ns
1941-
Gross operating income, $21,265,707; costs, operating and general expenses,
taxes, &c., $15,803,513; operating income, $5,462, 194; dividends, interest
and other income, $1,074,269; total income, $6,536,463;
1941—12 Mos
$361,934
134,835
75,117
Provision for deprecia'n
995,348
$2.85
standing (par $15)
$7,761,157
6,566,775
Southern Colorado Power Co.—Accumulated Div.—
stock out¬
Earns, per sh. on cap.stk
$8,722,361
7,348,024
Directors have declared
pay the
$3,308,926
571,149
Total income
Shs.
$963,895
769,250
mulations
now
Skelly Oil Co. (& Subs.)—EarningsPeriod End. June 30— 1941—3 Mos.—1940
1941—12 Mos.—1940
Gross
earnings
$11,994,759
$8,887,270 $39,221,122 $34,126,971
Operating
$2,077,528 $15,195,826 $13,380,945
1,113,633
6,473,465
5,619,788
Net
The notes would be issued
stock,
1941—6 Mos—1940
$6,110,146 $42,802,909 $37,567,750
27,611
160,128
140,272
revenues
Southern Pacific Co.
i
oper. income
Other income (net)
res.
to a dividend
Co.—Earnings-
1941—Month—1940
$205,259
$183,979
76,308
69,526
6,565
17,420
30,951
10,864
16,136
20,167
Maintenance
Int.
1941—Month—1940
$7,247,103
26,817
Operating
and
Retirement
Operating
Uncollectible
Split-Up Voted—
stock
Utility
Period End. Jxfne 30—
—V.
Company has filed with the Massachusetts Commissioner of Corporations
and Taxation the results of a recent
meeting of stockholders at which it was
voted to issue for each of the outstanding 4,000 shares of
a
849
„
,
.
.
Registers with SEC—
See list given on
first page of this department.—V. 153, p. 703.
The Commercial & Financial Chronicle
850
Standard Fruit &
6 Months Ended June 30—
1941
Operating profit
Depreciation, amortization and abandonments--Provision for income and excess profits taxes
Net
1940
$1,798,972
300,000
$307,907
536.213
profit
Exclusive of
$766,306
441,696
16,704
a$962,759
—
Comparative Income Statement fParent Corporation Only)
profits aggregating $946,352 after estimated income
steamships no longer needed in the
company's operations.—V. 152, p. 254.
a
Aug. 9, 1941
1937, such remaining shares having been written down to quoted market
value of Dec. 31, 1937.
The quoted market or management's estimated
fair value, of all securities carried in this account, was at June 30, 1941,
approximately $5,531,000 (1940—$8,553,000).
Included herein are cer¬
tain securities deposited under declarations of trust dated Feb. 14, 1938.
c Represented by 2,104,391 no
par shares.
Steamship Corp. (& Subs.)- -Earns.
net
12 Months Ended June 30—
Revenue from subsidiaries—Dividends
Interest-Other
taxes thereon, realized on the sale of six
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Aug. 2, 1941, totaled
159,093,711 kilowatt-hours, as compared with 133.912,426 kilowatt-hours for
the corresponding week last year, an increase of 18.8%.—V,
153, p. 704.
Total
Total
301,440
238,051
$1,913,173
572,334
44,525
49,157
c
-
Other taxes
-
$1,560,147
576,408
$1,247,157
earnings
b Operating expenses
Federal income taxes
dividend of 10 cents per share in addition
to the regular quarterly dividend of 25 cents per share on the common
stock,
both payable Sept. 15 to holders of record Aug. 15.—V. 152,
an extra
$979,339
275,434
305,375
$1,373,682
Other divs., int. & miscellaneous earnings
a Profit on sales of securities
Standard Oil Co. of California—Extra Dividend—
Directors have declared
$881,985
62,271
35,083
69,237
37,525
-
Standard Gas & Electric
1940
1941
$1,266,920
$906,639
16,361
60,740
p. 3360.
Net income--——
Standard Oil Co. of Indiana—Extra Dividend—
Directors have declared
a
dividend of 25 cents per share in addition
to the regular quarterly dividend of 25 cents per share on the
capital stock,
both payable Sept. 15 to holders of record Aug. 15. Like amounts were
paid
on Dec. 16 and on Sept. 16,1940.—V. 152,
p. 2877.
an extra
Standard Oil Co. of Ohio (&
profits taxes
Earnings
per
Sales of such
surplus.
for space
occupied $110,282 (1940, $107,966) paid to Stone & Webster Realty Corp.
under the terms of its lease of the Boston office building owned by that
corporation.
1941
1940
c
..$44,776,538 $38,510,989
6,150,372
4,464,551
„
1,253,000
2,361,000
2,500
2,542,312
$2.97
-
—
------
share of common stock
After deducting gasoline and oil taxes.
interest.
a
1,162,400
505,000
6,000
Balance Sheet June 30 (Parent Corp. Only)
1941
2,803,764
$3.32
a
b After adjustment of minority
computed
on
1941—Month—1940
$588,169
$421,639
1941—3 Mos.—1940
,112,138
5,50.3,640
623,795
489,516
$6,449,060
4,195,444
204,208
481,338
$707,057
62,246
$284,190
64,799
2,217
$2,495,186
$1,568,070
254,390
2,040
264,747
8,088
291
221
272
52,500
53,041
207,184
curity losses
applicable
minority interest
9,735
1,517
1,752
Cr919
20,610
11,825
$587,380
_
—
904
Total.—14,803,499
$164,761
$0.08
$1,905,089
$0.90
$1,069,755
$0.51
$0.28
Includes, in addition to the customary profits and losses on security
Blodget, Inc., incident to its business,
(1940—$64,523) and $223,488
for 12 months of J941 (1940—$305,574) on sales of
investment securities
by other companies in the group.
Such profits and losses exclude those on
Sun Oil Co.
(& Subs.)—Earnings—
6 Mos. End. June 30—
1941
Gross inc. from opers-, $72,175,877
Cost, expense & tax
Deprec. and depletion.,
Operating income.
amounts,
which
have
been
$731,428
1,177,434
$5,431,342
262,424
$5,304,638
330,820
$1,416,304
329,610
$1,908,862
487
553
796
$5,168,431
273,133
1,253,522
$4,973,265
300,000
1,188,109
$1,085,898
300,000
1,159,459
$3,641,776
$3,485,156
df$373,561
$301,831
2,580,898
$1.90
2,434,841
2,318,918
$0.34
2,316,484
Net income
Preferred dividends
Common dividends
Surplus
com.
relatively insignificant.
Assets—
a
$
S
1940
1941
Assets—
plant,
equipment, &c 93,422,934
real estate
$
8,881,190
8,223,184
84,994
Casb
Marketable
25,710
sec.
b
87,196,150
15,314,645
accts.
Notes.
&
receivable
10,563,252
7,578,053
Oil inventories. 21,271,027
18,804,137
Mat'ls <fc supplies 10,118,718
7,411,406
Investments
14,550,494
14,607,720
Deferred charges
1,640,853
1,226,462
....
2,856,235
Taxes & Int. accrd.
978,179
473,526
7,845,397
6,086,794
a
1,831,582
1,635,317
Res.
receiv. (less res.) 4,855,194
Materials & suppl's
48,804
Prepayments
Sink,
fund,
(less
&
possible
losses..
.
100,000
71,781
190,400
186,363
5,000,000
1,715,339
Min.
stock
of
463
958
for
79,466
&
sub
debits
5,501,978
440.684
309,703
85,916
114,817
Purcn.obligjdue
within 1 year)
on
leases
92,968
3,750,006
3,805,042
2,535
14,551,589
14,474,108
Treasury stock
DT527,358
Dr527,331
159.875.456
152,344,283
—
—
159,875,456
152,344,283
Total
After depreciation and depletion, &c.
b After reserves,
d Class A, 4>£ % cumulative, par $100.
tive, par $100.—V. 153, p. 704.
.
common stock,
3,243
c
e
11,897 shares
6% cumula¬
Talon, Inc.—To Curtail Production—
2.564,782
9,218,853
64,350
slide fasteners for civilian purposes by 25%
mands for metal alloys, especially copper.
because of heavy defense de¬
The company, which employs 4,500 here and 1,800 at Erie, said "decision
as to whether the Erie
plant will be closed or run on a partial basis will be
announced later."
Because
count & expense
5,783,938
affil.
a
Unamort. debt dis¬
Unadjusted
accts.-
to
(not curr.)
Company disclosed that, effective Aug. 10, it will reduce its production of
surplus
36,701
83,218
Total
of
cap.
50,962
27,811
in
c
equip,
depreclaion)
int.
cos.
Earned surplus,
71,036
Capital stock... 5,000,000
Capital surplus
9,143,299
7,254
repre¬
allow,
for
security
Unadjusted credits
indebt.
within 1 year)
571,773
Earned surplus
16,417
_
senting cash held
by bond trustee.
Furn.
820,421
39,857
reserves
$
5,811,000
8,881,190
8.694,718
Accounts payable.
6,498,296
Cash
Accts., int. & notes
Accrued
c
b Securities
Deprec.
1940
$
d9,319,700 el0,000,000
Common stock. 89.019,367
84,004,714
Long-term debt. 20,921,435
21,247,550
Accounts pay—
9,356,875
7,351,751
Tax liability
7,077,801
6,058,708
Deps.
$
5,600,000
$0.63
Preferred stock.
1940
Bonds and mtge..
300,000
1,157,855
1941
LiaMlities—
$
Prop'y
Minority interest
Liabilities—
Office bldgs. and
$1.91
Reserve.
1941
$1,759,686
stock outstand¬
Consolidated Balance Sheet June 30
1940
148,464
712
Consolidated Balance Sheet June 30
estimated rate
The earnings as stated do not take account of the difference between
book amount and quoted market or estimated fair value
of securities owned
except to the extent of $100,000, as shown in the above statement.
1941
1938
$255,674
1,160,630
re¬
income, whereas the rate under the
present law is 24%.
In the opinion of the management, the companies
consolidated do not have any liability under the Excess Profits Tax Act
of 1940, as amended, for the
periods reported.
Notes—(1) The consolidated financial statements include the accounts
of all subsidiaries of Stone &
Webster, Inc., other than two small companies
the assets and net income of which are
(2)
1939
$4,866,220
438,418
a
an
1940
$75,791,797 $59,516,436 $59,871,611
65,957,771
54,757,755
54,554,351
4,967,806
4,503,007
4,585,832
$4,798,179
633,163
flected, on the written-down basis, in capital surplus in accordance with
practice established Jan. 1, 1932.
Sales of such securities since that date
have resulted in a net credit to capital
surplus.
b Provision for Federal income taxes is on
the basis of
of 30% for normal income taxes on 1941
62,133,697
5,244,001
Other income
ing (no par).—
Earnings per share..„_
written-down
14.803,499 14,581,446
Sullivan Machinery Co.—50-Cent Dividend—
Shs.
profits of $10,540 for 3 months of 1941
at
Total..
Directors have declared a dividend of 50 cents per share on the common
stock, payable Aug. 25 to holders of record Aug. 14.
Last previous dis¬
tribution was made on Oct. 15, 1940, and also amounted to 50 cents
per
share.—V. 152, p.'2252.
net
carried
14,581,446|
a Carried at written down values as of Jan.
1,1932 and cost of subsequent
purchases except in the case of the investments in subsidiary companies
owning land and office buildings which were written down on the basis of
assessed property valuations as of Dec. 31, 1937.
b Carried at written down values as of Jan. 1,1932 and cost of subsequent
purchases except in the case of shares of common stock of Engineers Public
Service Co. remaining after the distribution to stockholders Dec. 27, 1937,
such remaining shares having been written down to quoted market value
of Dec. 31, 1937.
The quoted market or management's estimated fair
value, of all securities carried in this account, was at June 30, 1941, approxi¬
mately $3,418,000 (1940, $5,491,000).
Included herein are certain secur¬
ities deposited under a declaration of trust dated Feb. 14, 1938.
c Represented by 2,104,391 no
par shares.—V. 152, p. 2720.
transactions of Stone & Webster and
of securities
Earned surplus
for
depreciation)
Sundry assets—
Unadjusted debits
a
sales
928,374
13,830
2,738
allow,
Minority interest
2,808
share
8,505,573
1,123.335
surplus.
Interest, &c
100,000
to
income
45,380
5,000,000
8,508,707
35,985
(less reserve)..
213,383
7,692
Provision for possible se¬
per
30,221
Capital
1941—12 Mos.—1940
$1,517,006
1,056,300
54,868
121,648
-
Amount
Earnings
3,163,034
(less
$3,308,169
$2,702,954
1,531,650
321,860
142,388
interest
Depreciation
Net
3,251,803
1941—7 Mos.—1940
$4,321,987
82
Balance
Int. on bonds & mortgage
Amort, of dt. disc. & exp.
23,283
5,000,000
Capital stock
c
receiv.
accounts
Webster, Inc. (& Subs.)—Earnings—
b Federal income taxes,.
Other taxes
Other
1,272,500
5,293,423
Furn. & equipment
—V. 153, p. 254.
expenses
54,441
Unadjusted credits
2,372,500
4,333,942
Cash-..
Sterchi Bros. Stores, Inc.—Sales—
Operating
47,678
72,711
Other notes, int. &
Aug. 5 filed with the SEC a registration statement
(No. 2-4809, Form A-2) under the Securities Act of 1933, covering 186,667
shares of common stock, ($25 par).
The statement was filed in the Com¬
mission's Cleveland Regional Office.
The stock being registered is
presently held by Ajax Pipe Line Corp.
and represents all of the holdings of that
company in the Standard Oil Co.
(Ohio).
Discussing the use of the proceeds, all of which will accrue to
Ajax Pipe Line Corp., the registration states:
"First, to the redemption on Oct. 1, 1941 of its outstanding 51,000
shares of $7 preferred stock, and second, to the
partial redemption pro
rata on Oct. 1, 1941 of its
outstanding 61,429 shares of $7 second preferred
stock.
The company, based on its present holdings of
preferred stock and
second preferred stock of Ajax
Pipe Line Corp., would on suchredemp.
tion receive approximately $1,500,000.
The principal underwriters are: F. 8.
Moseley & Co., Boston; Smith,
Barney & Co., New York City, and Lee Higginson Corp., New York City.
The offering price of the stock will be furnished
by amendment.'—V. 152,
p. 3514.
Stone &
$
$
75,464
Taxes accrued
4,799,405
sub. companies.
on
Period End. June 30—
Gross earnings
4,801,655
b Sees, of other cos
Common Stock Registered—
Period Ended July 31—
—
1940
1941
Liabilities—
Accounts payable.
Notes receiv. from
on income for the first
the basis of the report of the House
1941 to that of
"last-in first-out" resulted in a net reduction of the consolidated net income
for the first six months of 1941 by $170,476.
Sales
$
sub.
companies
Ways and Means Committee presented July 26, 1941.
A change in the method of crude oil inventorying in
The company
in
Invests,
1940
$
Assets—
Note—The estimated provision for Federal taxes
was
the basis of an estimated rate
on
normal income taxes on 1941 income, whereas the rate under the
In the opinion of the management, the company does
not have any liability under the Excess Profits Tax Act of 1940, as amended,
for the periods reported.
excess
—
six months of 1941
Provision for Federal income taxes is
of 30% for
present law is 24%.
Normal Federal income & declared value
Excess profits taxes
State taxes on income
b Net profit
surplus in accordance with practice established Jan. 1, 1932.
securities since that date have resulted in a net credit to capital
b Expenses include, in addition to fixed rental payments
Subs.)—Earnings—
6 Months Ended June 30—
Gross operating income
Profit before taxes on income.
Prov. for taxes on income (estimated):
a
—
Excludes profits and losses on sales of securities carried at written down
have been reflected on the written down basis, in capital
amounts which
of
War
Department
orders,
personnel
in
machine shop here probably will be unaffected, the
The War Department recently awarded the concern a
the
tool
room
announcement
and
said.
$500,000 contract for
slide fasteners and gauges.—V. 152, p. 2720.
Total
a
28,336,258 24,683,206!
Office building and real
stated
at
Dec.
estate
Total
and related
28,336,258 24,683,206
depreciation
reserves
b Carried at written down
values as of Jan. 1, 1932, and cost of subse¬
quent purchases except in the case of shares of common stock of
Engineers
Public Service Co. remaining after the distribution to
stockholders Dec.
Tilo Roofing
are
31, 1937 amounts (the net representing the then assessed
property valuations), adjusted for subsequent additions and
retirements,
and, in the case of the reserves, for subsequent provisions for
depreciation.
27,
28 Weeks Ended—
Sales..
a
—
Net profit
b Earnings per share
c
Co., Inc. (& Subs.)—Earnings—
July 19, '41 July 13, '40 July 15, '39 July 16, '38
$1,958,851 c$l,904,812
$1,747,758
$1,754,840
192,833
185,970
156,436
167,438
$0.38
$0.38
a After Federal income taxes and other
charges
Revised.—V. 153, p. 409.
$0.53
b On
$0.58
common stock,
Volume
The Commercial & Financial Chronicle
153
Timken Roller
United Biscuit Co. of America
Bearing Co.—-lb-Cent Dividend—
Directors have declared
a dividend of 75 cents per share on the common
value, payable Sept. 5 to holders of record Aug. 20.
Like
amount was paid on June 5, last, and compares with 50 cents paid on
March 5 last; $1.50 paid on Dec. 5, 1940; 75 cents paid on Sept. 5 and
June 5, 1940; 50 cents paid on March 5, 1940; $1.50 paid on Dec. 5, 1939;
50 cents paid on Sept. 5, 1939, and dividends of 25 cents paid in preceding
quarters.—V. 152, p. 3201, 3039, 2571.
stock,
no
par
Truscon Steel
a
Earnings
1940
$728,657
-
$437,187
$344,187
93,000
After deducting repairs and maintenance expense, provision for esti¬
excess profits tax in 1941.—V. 152, p. 4140-
Union Premier Food Stores, Inc.
Directors have declared a dividend of 75 cents per share on account of
accumulations on the $3 cum. pref. stock, payable Sept. 1 to holders of
record Aug. 11.
Like amount paid on June 2 and March 1 last; dividend
of $3 paid on Dec. 31 1940; 75 cents paid on Dec. 2,
Sept. 2, June 1 and
March
as
above will be reduced
by approximately $40,000.—V. 153, p. 410.
Co. (& Subs.)—Earnings—
1941—3 Mos.—1940
1941—12 Mos.—1940
of util. subs.$25,780,178 $24,068,821 $101567,664 $95,764,822
8,821,316
8,082,676
Operating expenses
32,772,058
34,104,743
Maintenance.
1,353,201
1,507,128
5.526,213
4,990,757
revs,
Prov.
State and local taxes—
2,847,933
3,128,321
584,606
1,471,444
Net oper. revenues—
Other income (net)
$7,419,430
348,297
$8,441,476 $34,819,228 $35,149,755
318,703
818,086
837,851
$7,767,727
2,028,354
$8,760,179 $35,637,314 $35,987,606
2,110,076
8,269,473
8,489,638
amortization
Gross income.
long-term debt—
2,226,200
1,987,752
471,641
1,505,875
9,830,670
9,100,256
2,153,903
6,032,651
8,784,461
6,284,447
1,859,664
5,923,680
Amort. of debt discount,
90,798
29,345
75,003
24,502
Cr54,531
98,482
41,521
58,231
32,800
Cr25,542
$5,574,256
$6,444,611
70,468
64,962
premium and expense
Taxes assumed on int—
charges..
Other int.
Misc. income charges
Int.
...
charged to construe.
income of
Net
subsidiaries
-Earnings-
a
6 Mos. End
—
June
30, '41 Mar. 31,''41 June 30,41
$264,659
$225,267
$489,926
Net profit---
a After charges and
provision for Federal income and
amounting to $876,012.—V. 153, p. 113.
United
Light
&
excess
Co .—SEC Orders
Power
profits taxes
Company to
Divest Itself of Many Properties—
The Securities and Exchange Commission issued Aug. 6 an order under
the geographical integration section of the Public Utility Holding Company
Act which will pare the $589,706,862 United Light & Power Co.'s public
utility system to two or more systems of which the larger will have a capi¬
talization of some $240,000,000 and narrow its operations from 12 to six
States.
The dissolution of the United Light & Power Co., the top holding
company
of the system, and of the United American Co.,
company, was ordered in March.
The order directing certain action under Section 11
Prov. for Fed. inc. taxes
Other Federal taxes
on
1939.—V. 153,
Dec. 1,
an
intermediate
holding
for
deprec.,
re¬
newals, replacements &
Int.
on
-3 MonthsPeriod—
Federal and State income taxes (1941, $181,925;
b Should the present tax proposal of the House Ways and
Means Committee become effective, the net income
Oper.
paid
was
United Drill & Tool Corp.-
After charges and
United Gas Improvement
1, 1940, and dividend of $6
565.
p.
(& Subs.)—Earnings
July 12, '41 July 13, *40 July 15, *39 July 16, "38
a Net income
b$501,494
$450,699
$421,848
$310,508
Shares common stock...
332,129
327,629
310,585
310,549
Earnings per share.$1.29
$1.28
$1.26
$1.01
Period End. June 30—
$475,401
c$0.95
$434,842
c$0.87
a
After interest, depreciation and provision for Federal taxes, and a
$33,987 in 1941 for anticipated increase in Federal taxes,
b On
468,283 shares of common stock,
c On 459,054 shares of common stock.
—V. 152, p. 3829.
28 Weeks Ended—
1940, $160,275).
1939
1940
$418,185
b$0.76
per share
reserve of
mated Federal income tax and
a
(& Subs.)—Earnings—
1941
.__
United Chemicals Inc.—Accumulated Dividend—
1941
$821,657
93.030
Provision for depreciation
a
6 Mos. End. June 30—
Net profits.___
a
Co.—Earnings—
3 Months Ended June 30—
Profit from operations
Net income....
851
369,959
152,395
298,687
177,800
Cr245,564
401,535
165,288
221,419
121,927
Cr76,264
utility
_______
$26,614,564 $26,664,063
Sinking and other fund
(b) (1) of the Public
Utility Holding Company Act of 1935 follows:
It is hereby ordered, pursuant to Section 11 (b)
(b) (1) of the Public
Utility Holding Company Act of 1935, that:
(1) Continental Gas & Electric Corp. shall dispose of its interests in
Columbus & Southern Ohio Electric Co., Point Pleasant Water & Light Co.,
The Hillsboro Ice & Coal Co., and Panhandle Power & Light Co., and in
the properties and assets owned or operated thereby;
(2) American Light & Traction Co. shall dispose of its interests in San
Antonio Public Service Co., American Coal Co., South Texas Ice Co., The
Detroit Edison Co., and International Paper & Power Co., and in the prop¬
erties and assets owned or operated thereby;
(3) The United Light & Rys. Co. shall dispose of its interests in Northern
Natural Gas Co. and International Paper & Power Co., and in the prop¬
erties and assets owned or operated thereby;
(4) The United Light & Rys. Co. and The United Light & Power Co.
shall eliminate from their respective holding company systems their interests
(whether direct or indirect) in the following companies and in the properties
and assets o wned or operated thereby:
$5,503,788
Divs.
274,323
267,844
Milwaukee Solvay Coke Co.
Consolidated Building Corp.
Columbus & Southern Ohio El. Co.
$6,379,649 $26,340,241 $26,396,219
pref. stocks and
on
968.054
>
other prior deductions
Earns, applic. to com.
stocks of util. subs—a
i$4,535,734
Bal. of
subs,
3,813,452
3,775,458
$5,426,378 a$22,526,789 $22,620,761
169,962
687,751
704,872
■
139.378
interests
Minority
953,271
applic.
the!
to
$4,396,356
U. G. I. Co-
$5,256,416 $21,839,038 $21,915,889
of
non-utility
applic. to thes
Earns,
subs,
U. G. I. Co
Dr 1,413
—
Dr7.087
Dr23,994
27,064
Earns, of subs, applic.
to the
$4,394,943
U. G. I. Co
$5,249,329 $21,815,044 $21,942,953
Deferred divs. on cumul.
I. Co-
—
—
International Paper &
South Texas Ice Co.
19,937
93,679
81,738
2,157,622
8.119,823
8,950,481
/
*
1,549,195
$5,968,055
Total
$7,426,888 $30,028,546 $30,975,172
Expenses, taxes & other
The United Light & Power Co. shall dispose of its interest in LaPorte
Gas & Electric Co. and in the properties and assets owned or operated
thereby.
>; ,, ■
(5)
It is Further Ordered that the respondents shall proceed with due
diligence to comply with the foregoing order, and shall make application
to the Commission for the entry of any further orders necessary or approp¬
riate for that purpose; the respondents shall submit to the Commission for
its approval in these proceedings
appropriate applications or declarations
for the purpose of complying with the various provisions of this order in
accordance with the applicable standards of the Act; and jurisdiction is
hereby expressly reserved to enter such orders in these proceedings as may be
necessary or appropriate for the purpose of carrying out the provisions of
A.
such further orders as may be necessary or appropriate with respect to any
of the remaining issues in these proceedings and particularly for the purpose
of
3,143,733
determining what action should be ordered
reconvene
United Light & Rys. Co.
$6,651,420 $26,884,813 $27,938,568
Gross oper. earns, of
...
pref.
956,520
956,520
stock
3,826.080
3,826,080
_
_
applic. to com.
stock of the U. G. I.
Bal.
Co
—
—
—
$4,190,434
—
$5,694,900 $23,058,733 $24,112,488
$0,180
Earnings per share
$0,245
$0,992
$1,037
Provision for Federal normal tax, in the above statement, is
of 30% for 1941, compared with 24% effective
Notes—1
(& Subs.)—-Earnings—
1941
1940
subs, (after eliminating inter¬
company transfers)
$89,193,975 $84,133,619
General operating expenses
41,739,195
38,886,850
Maintenance
4,334,151
4,229,028
Provision for depreciation
8,590,185
8,737,774
Federal and State income taxes—_
4,776,244
3,539,858
General taxes
8,308,473
8,066,019
12 Months Ended June 30—
$5,146,954
div.
$5
on
upon
the Commission shall deem appropirate.—V. 153, p. 411.
3,036,604
Bal. appiic, to capital
stocks of the U. G. I.
Co
to be taken by the respondents
urisdiction is reserved to
the hearings herein
such notice
Jmrsuant to Sections 11 (b) (1) and 11 (b) (2) of the Act, and for that purpose
as
775,468
821,101
deductions
Divs.
Power Co.
American Michigan Pipe Line Co.
It is Further Ordered that jurisdiction be and is hereby reserved to enter
23,91
-
—
Detroit Edison Co.
this order.
pref. stocks of subs,
applicable to the U. G.
I. Co., deduct'd above
Other
income
of
the
U. G.
American Production Co.
Milwaukee Coke & Gas Co.
The Hillsboro Ice & Coal Co.
American Coal Co.
;
of utility
earns,
Point Pleasant Water & Light Co.
Panhandle Power & Light Co.
Michigan Consolidated Gas Co.
Madison (Gas & Electric Co.
Milwaukee Gas Light Co.
San Antonio Public Service Co.
of net income>
approp.
—--
—
—
Net earnings from opers.
of subsidiaries
— .
Non-operating income of subsidiaries
—.$21,445,724 $20,674,088
1,188,592
1,027,700
made at an estimated rate
the year
for
1940.
Adjustment to the 30% rate, retroactive to Jan. 1,
1941, was made in the June 30 quarter.
$22,634,316 $21,701,789
12,733,722
13,125,498
Total income of subsidiaries—
Int., amort. & pref. divs. of subs
Included in the figures for 12 months ended June 30, 1941, is provision
of $3,602 for 1940 for Federal excess profits tax, under the "Excess Profits
Tax Act of 1940," this amount being applicable to one subisidary company,
and was recorded in the month of December, 1940.
It is anticipated that
2
no Federal excess profits tax will be payable by the U. G. I. Co. and other
subsidiary companies, for the year 1940.
No provision has been made in
the current year's figures for such tax.
a
3
Earnings applicable to common stocks of utility subsidiaries for the
12 months' periods ended Jime 30, 1941, include, respectively,
and
$15,000, and $113,897 of earnings of Luzerne County Gas & Electric Corp.,
not available for payment of dividends on common stock of that company.
Statement
of Income (Company Only)
1941—6 Mos.—1940
Period End. June 30—
(rec. or declared);
Subsidiary companies-
1941—12 Mos.—1940
Divs.
Other companies
$9,115,572 $10,185,603 $19,566,944 $20,704,543
3,400,260
4,176,060
7,729,926
8,591,717
$14,361,663 $27,296,870 $29,296,260
miscell.
from
inc.
inVests.
and other inc.
Total income-
common
743,530
1,493,405
1,544,511
774,306
737,915
1,522,375
of subsidiaries
Income of the United Light &
income
received
Total—
—
income—$11,156,834 $13,003,374 $24,668,078 $26,737,520
from inc.
61,769
56,258
126,529
118,900
Other deducs.
$11,095,065 $12,947,116 $24,541,549 $26,618,620
to special
Net income-.
Income approp.
fund reserve, &c
Divs.
757
1,584
1,424
4,176
balance-$11,0^4,308 $12,945,532 $24,540,125 $26,614,444
1,913,040
1,913,040
3,826,080
3,826,080
pref. stock
on com.
Deficit
—ADD
stock
$9,181,268 $11,032,492 $20,714,045 $22,788,364
9,300,710
11,625,886 20,926,597 23,251,770
$119,442
._
UP—
—
—
1,134,972
1,076,846
$8,635,563
$7,513,295
172,213
113,481
—
———_
_ —
149,022
93,665
$8,314,327
$7,306,148
1,337,435
—
1,343,243
Holding Company Deductions:
Interest on 5H % debentures, due 1952
308
Other interest.-
41,821
20,259
41,997
$6,914,502
1,214,949
$5,902,083
1,214,949
$5,699,553
$4,687,134
Amortization of debentures discount & expense._
Taxes on debenture interest
Prior
preferred stock dividends
Balance
on
Rys. Co. (excl. of
from subsidiaries)
Expenses of the United Light & Rys. Co.
Taxes of the United Light & Rys. Co..
1,369,017
Bal. for com. stock-..
$6,436,448
Equity of the United Light & Rys. Co. in earns.
—
768.172
Net income
2,139,842
—-;
18,823
,
Exps., other than taxes-
Divs.
$8,576,291
$7,500,590
_.
183,480
123,156
386,988
354,788
$12,699,312 $14,484,819 $27,683,858 $29,651,048
Prov. for taxes
Net oper.
$9,900,594
2,400,004
.—
of earnings, attributable to minority
stock
Balance
Total dividends—.---$12,515,832
Int..
'J
Balance
Proportion
$593,394
$212,552
$463,406
—-
Weekly Output—
Federal income tax accrual in antici¬
■,
647,833
- - -—
$5,051,720
$4,687,134
pation of increase in tax rates
Balance
(consolidated) for common stock.
Note—Federal income taxes computed for current periods are based on
imposed by the First and Second Revenue Acts of 1940. For com¬
parative purposes, adjustments made in 1940 to reflect successive changes in
tax rates have been allocated over entire calendar year. Additional accruals
for current period have been made on books of operating subsidiary com¬
panies in anticipation of increases in income tax rates for the year 1941.
Such additional provisions are separately stated at the bottom of the above
statement.—Y. 152, p. 3990.
rates
U. S. Freight
,
for the L . G. I. system companies for the week just
closed and the figures for the same week last year are as follows:
Week
ended Aug. 2, 1941, 104,807.335 kwh.; same week last year, 88,646,960
kwh., an increase of 16,160,375 kwh. or 18.2%.—V. 153, p. 705.
The electric output
Additional
—
-
Co.—25-Cent Dividend—
share on the common
4 to holders of record Aug. 21.
Like amount was
paid on June 5 and March 7 last and Dec. 23, Nov. 28, Sept. 5 and March 7,
1940, and dividend of 50 cents was paid on Dec. 21, 1939, this latter being
the first dividend paid since Dec. 1936.—V. 152, p. 3831.
Directors have declared a dividend of 25 cents per
stock, payable Sept.
The Commercial & Financial Chronicle
852
U. S. Rubber Co.—To Make Munitions—
Consolidated
Pro Forma
The company has been asked by the War Department to
engage in the
manufacture of munitions, it was announced July 30
by F. B.
jE^rcsidtj-Ot/
Assets*"*"*
Cash in banks and working funds
Insurance
—
mortgage
(10c. par)
1,200,000 shs.
1,200,000 shs.
100%
70c. cumulative dividend, redeemable at $10.50
per share, preference
b 37j^c. dividend cumulative, if earned.
In
addition, entitled to same dividend per share as is paid on each share of
common stock, redeemable at $7.50
per share, preference in liquidation
$7.50 per share.
The only material differences affecting the classes
of stock are their
priorities among each other in the order named in respect to
payments of
dividends and payments in liquidation of the
company.
a
in liquidation $10 a share,
Common stock has exclusive voting rights
except on the sale of tne whole
or substantially the whole of the assets
of the company and on matters
adversely affecting the preferences attached to any class of stock other than
the common stock, in whica cases the approval of a
majority of each class
of stock affected thereby, voting separately, is
required.
There are no dividends in arrears on the
prior preference stock.
As of
June 30, 1941, there were accrued and unpaid dividends
on all of the out¬
standing preference stock of United States Lines Co. of
approximately
$2,068,065.
Holders of tne preference stock have agreed to waive
$750,000
of such accumulations which would reduce those
accruals to $1,318,065.
In addition, since June 30, 1941, dividends
aggregating $525,763 have been
declared on the preference stock of United States lines Co.
payable on Oct. 1,
1941, to holders of record of Sept. 25, conditioned upon the plan for the
refinancing of the bonds of International Mercantile Marine Co. which
see] being declared effective by the Reconstruction Finance Corporation. As
of Dec. 31,1940, accrued and unpaid dividends on
the junior preferred stock
States Lines Co. amounted to
approximately $628,000.
The stockholders are asked to consider and act
upon a plan of recapitali¬
zation which will result in the United States Lines Co.
c
591,620
—
North Atlantic Transport Co. Inc., capital stock and mtge__
Investments in and advances to affiliated companies
Inventories—Vessel stores, spare parts, &c., ashore
Insurance claims pending, &c_.
Vessels at cost less depreciation provided for
Vessels under construction
Property, building and real estate, One Broadway, N. Y. City-Tugs, barges, terminal equipment, furniture, &c
Unexpired insurance, prepaid expenses, &c
Maintenance expenses of 88. America, 88. Manhattan and 88.
Washington under Relief Act which are recoverable from
608,725
25,335
190,887
856,994
28,448,356
1,445,294
2,100,000
449,785
1,065,753
charter hire of these vessels
Trade names, American Pioneer Line and Panama Pacific Line
Total
Due
to
affiliated
Sundry operating
reserves
Note instalments payable in one year...
Advance passenger ticket sales and deposits
voyage
$4,761,322; less, unterminated
$1,568,327
revenue,
10,500
$2,389,247
697,077
413,996
319,012
195,054
1,081,171
companies
Unterminated voyage revenue,
1,888,669
$51,238,671
—
Liabilities—
Accounts payable and sundry accruals
Due to U. 8. Maritime Commission
by the United
Mercantile Marine Co. in the proportions
stated, to wit:
Class of Stock—•
Outstanding - —Owned by I. M. M.—
a Prior preference ($10
par)
561,427 shs.
561,427 shs.
100%
a Preference
($10 par)
342,500 shs.
252,500 shs.
73.72%
b Junior preferred ($5.15 par)
600,000 shs.
330,462 shs.
55.07%
1,676,324
328,320
2,295,988
465,841
555,473
Special reserve fund, securities
Construction fund, cash
Miscellaneous special and guaranty deposits
Investments—Societe Maritime Anversoise, capital stock and
Company (a Nevada corporation), the principal operating subsidiary of
indirectly by International
72,949
409,967
Capital reserve fund, cash
Special reserve fund, cash
International Mercantile Marine Co., owns and
operates 28 passenger and
cargo vessels.
The steamers America, Manhattan and Washington which
the company owns are now being operated under charter
stock.
_—
$2,339,504
364,851
3,071,512
196,074
1,779,950
Miscellaneous receivables
Funds established under provisions of Merchant Marine Act of
1936 (asamended):
United States Lines Co
.-—Recapitalization Plan—
of
claims receivable
Receivable from U. 8. Maritime Commission
Due from affiliated companies
separate
to be known as the munitions division.
J. W.
States Government in connection with its defense
program.
Company has outstanding the following shares and classes
These classes of stock are owned
directly or
*
Marketable securities. Pan American Airways stock
Traffic accounts receivable, less reserve
McGovern, former Assistant General Manager of the
company's tire
division, has been appointed General Manager in charge of the new division.
The way was cleared for United States Rubber to
increase its partici¬
pation in defense work when stockholders, at a special
meeting in Jersey
City, N. J., on July 8, voted to amend the company's corporate charter
by restating and adding to the objects for which the
company was formed,
including the right to manufacture munitions.
Site of the Des Moines plant is situated
eight miles north of the city's
business center, and just south of Ankeny, Iowa.
It includes 2,500 acres
for the plant itself and 2,000 acres for a
firing range, located about a mile
from the plant. Approximately 6,500
persons will be required to operate the
plant. The Government will finance the building and operation of the
plant,
and will own it.—V. 153, p'. 706.
Common
(Incl. Wholly-Owned
[Giving effect to plan of recapitalization, &c.]
Davis Sr.,
The announcement followed receipt of a contract from the
Ordnance
Department for the designing, engineering, construction and operation of a
$31,000,000 small arms ammunition plant at Des Moines, Iowa.
"Making munitions will be a new activity for our company." Mr. Davis
said.
"For nearly 100 years we have devoted all our
energies to making
products that contribute to comfort, convenience, health and a better
way
of living of the people of the United States, and of
many other parts of the
world.
We would prefer to continue producing products of this
kind ex¬
clusively.
"However, from the inception of the defense program we have
constantly
placed our country's defense needs foremost.
Today every one of our
plants is turning out products for defense. And every day sees the amount
of our production for defense steadily increasing.
"Now, upon invitation of the War Department, our company is
going to
extend its activities into the armament field. We
cheerfully accept this new
assignment in the interest of further strengthening our country's defense.
We will execute these new duties with all the
efficiency of management we
have been privileged to develop during our century of
peacetime service."
Mr. Davis said that the Des Moines plant will be
operated as a
division of the company,
Aug. 9, 1941
Balance Sheet June 30, 1941
Subsidiaries)
3,192,995
Construction mortgage notes on vessels
19,659,871
Real estate mortgage instalments 1942 to 1950
985,000
Other notes, due serially 1942 to 1947
208,333
Reserves for Workmen's Compensation and Pier
Rehabilitation,
-
&c
465,837
Reserve for additional charter hire due U. 8, Maritime Com¬
mission
Deferred profit, arising from sale of vessels
Miscellaneous deferred credits
Provision for estimated profits subject to possible
recapture by
the U. 8. Maritime Commission
Preferred stock (1,493,155 shares issued) less
;
1,240,158
406,973
250,403
1,090,000
3,885 shares in
treasury less treasury stock (3,885 shares)
Common stock (.1,200,000 shares issued)
14,892,700
120,000
459,776
3,171,068
Capital surplus
Earned surplus
Total....—V.
153,
p.
$51,238,671
566.
Utility & Industrial Corp.—Proposed Merger—•
See
General Finance Corp.—V. 152, p.
1300.
Vanadium Alloys Steel Co.-—To
Pay $1 Dividend—
Directors have declared a dividend of $1 per share on the common
stock,
payable Sept. 2 to holders of record Aug. 15.
A dividend of $1.25 was paid
on June 2 last; $1 was
paid on March 3 last, and on Dec. 2, 1940; 75 cents
paid on Sept. 3, 1940; $1 paid on June 28, 1940; 75 cents
paid on March 2,
1940; 50 cents on Dec. 2, 1939, and dividends of 25 cents
per share paid on
Sept. 2 and June 2,1939.—V. 152, p. 2881.
Vick Chemical Co.—Dividends—
/
of United
At a regular quarterly directors
meeting held Aug. 5 the usual quarterly
dividend of 50 cents per share and the usual extra of 10 cents
was declared
having outstanding
only one class of preferred stock (with no accrued or unpaid dividends
thereon) and one class of Common stock.
The plan of recapitalization
contemplates
(1) An offer to holders of the preference stock of United States Lines
Co. of an aggregate of 421,728 shares of prior
preference stock of United
States Lines Co. for all of the 342,500 shares of
preference stock presently
outstanding.
Upon such exchange I. M. M. will receive
directly and
indirectly a total of 319,225 shares of prior preference stock of United States
on
Lines Co.
(2)
The merger of United States Lines, Inc. into United States Lines
United States Lines, Inc. is a Delaware
corporation and is the owner
600,000 shares of junior preferred stock of United States Lines Co.
Pursuant to the proposed merger, the holders of the
outstanding 600,000
shares of preference stock of United States
Lines, Inc. will receive in ex¬
change for such stock an aggregate of 510,000 shares of
prior preference
stock of United States Lines Co.. of which I. M. M. will
receive 280,893
shares by reason of its ownership of 330,462
shares of the preference stock
of United States Lines, Inc.
The shares of prior preference stock of United
States Lines Co. to be
issued pursuant to (1) and (2) above will be of the same
character in all
respects as the presently issued and outstanding
prior preference stock of
United States Lines Co.
Co.
of
Upon the exchange of preference and junior preferred
stocks for prior
preference stock, pursuant to the plan of recapitalization the holders of the
preference and junior preferred stocks will
thereby release and relinquish
all dividends in
arrears.
The dividends on the prior preference stock of
United States Lines to
be issued in exchange for the preference and
junior preferred stocks of
United States Lines Co. will accrue from
July 1, 1941.
Upon the accomplishment of such exchanges it is planned that the certi¬
ficate of incorporation of United States Lines Co. will
be amended in such
respects as may be necessary to change the designation of
prior preference
stock to preferred stock and to cancel and
eliminate all preference and
junior preferred stocks, so that United States Lines Co. shall
thereafter
have
outstanding—
Preferred stock (of which I. M. M.
directly 1,161,545 shares
or
indirectly)
will
own
directly
or in¬
77.79%)
Common stock (of which I. M. M.
will
1,493,155 shs.
own
lo0% directly
-
Gross profit from vessel operations
Loss from terminal and other operations
Gross profit from
Administrative and
commissions and
Provision
shipping operations
general expenses, $860,797; less
brokerage earned, $145,573.
I
__
agency
_
$2,750,342
128,466
715,224
for depreciation of vessels
in regular
operations,
$38,536; interest expense,
$21,273; advertising expense,
$9,409; taxes, other than Federal income
tax, $43,531; mis¬
cellaneous deductions, $24,431
Profit
Commissions
on
orders, interest,
Net profit from regular operations
before provision for Federal
Income tax
competitive bidding rule for utility securities if a workable solution
could
be found to handle the Virginia Public Service
financing.
An integral part
of the
to be
The
financing involves raising of several millions of dollars for the utility
applied to needed new construction for the national defense
banking
program.
groups
are
part of next week.
expected to report back with plans in the early
Recently the SEC rejected
a
$37,000,000 financing
the ground that the
utility's capital structure
Commission declared in its findings that the
on
program for
was
Virginia
unbalanced.
The
company should be reorganized
completely to meet the standards of the Public Utility Holding
Company
Act.
In addition, the Commission issued to the
trustees an integration
order declaring that under Section
11 of the Act the Virginia
property
should be cut loose from the Associated Gas
System.
Prior to the Commission's
findings, the financing program had been
approved by the Virginia Corporation Commission and had been
approved
tentatively by the Federal District Court in New York, which has
juris¬
diction over the reorganization
proceedings of the Associated Gas system.
The banking groups called in
by the trustees were Halsey, Stuart & Co.,
Inc.; Wertheim & Co., The First Boston Corp., Lazard Freres &
Co. and
Blair & Co., Inc.—V. 153, p. 566.
Warner Co.—Tenders—
The
Tradesmens National Bank & Trust Co.,
Philadelphia, Pa., will
Aug. 26 receive bids for the sale to it of sufficient first
mortgage 6%
sinking fund bonds to exhaust the sum of $97,350 at prices not
exceeding 101
and accrued interest.—V.
152, p. 3833.
until
Washington Water Power Co. (& Subs.)—Earnings—
Period End. June 30—
Operating revenues
Oper. exps., excl. direct
taxes
Direct
370,383
190,213
350,356
184,638
91,855
4,691,894
2,310,436
1,100,015
4,154,983
1,798,718
91,040
$240,898
1,936
$306,025
1,834
$3,261,664
36.884
$4,099,809
33,994
$242,834
64,167
7.291
$307,859
7,662
$3,298,548
770,000
206,332
$4,133,803
788,876
114,680
5,080
1,506
$171,376
$236,030
stock for the period
$2,327,296
622,518
$3,231,753
622,518
taxes
Prop, retire,
res.
approp.
Net oper. revenues
Other income (net)
Gross income
Int.
on
1941—Month—1940
1941—12 Mos.—1940
$892,534
$932,874 $11,364,009 $11,164,910
mtge. bonds
Other int. & deductions.
Interest charged to
struction. (Cr.)
Netincome..
Divs.applic.topref.
64,167
1,111,400
con¬
Balance
137,180
$1 769 472
money
The trustees of the Associated Gas &
Electric Corp. on Aug. 6 asked
representatives of five leading investment
banking houses for a compre¬
hensive refinancing program for the
Virginia Public Service Co.
The trustees were said to have told the
bankers that the former would
be willing to request the Securities and
Exchange Commission to waive its
$2,621,876
fees,
See also V. 152, p. 3041.—V.
Virginia Public Service Co.—Investment Bankers Asked
Jor Advice on Refinancing—
-
presently outstanding bonds, has specified as a condition of such assistance
that the plan of recapitalization of United States
Lines Co. be accomplished.
Consolidated Statement of Income 6 Months
Ended June 30, 1941
(Exclusive of operations under the Relief
Act)
Results of vessel operations—Revenue
$9,478,087
Expense-...7,116,398
Gross profit from vessel operations
before subsidy
$2,361,689
Operating-differential subsidy
388,653
Aug. 15.
152. p. 3832.
or
1,200,000 shs.
The management is of the opinion that
the capital stock structure of
United States Lines Co. is complicated and
cumbersome.
The RFC, in
connection with its agreement to
participate in the refinancing of the
the outstanding capital stock of the
company, payable Sept. 2, to holders
of record at the close of business
'
31^429
$1,800,901
$1,704,778
$2,609,235
Notes—Provision for Federal income taxes, subsequent to
April 1, 1941,
being made at a rate which will result in the accumulation of such taxes
at the rate of 30% for the full
year 1941.
is
Includes
in the 12 months ended June
30, 1941, provision of $7,353 for
Federal excess profits tax applicable
prior to Jan. 1, 1941, but includes no
subsequent provision for such tax since no excess profits are indicated.—V.
152,p. 4143.
Volume
The Commercial & Financial Chronicle
153
Wabash Ry.—ICC Sanctions
Reorganization Plan—
The Interstate Commerce Commission on July 29, approved a plan of
reorganization for the road, and at the same time authorized the Pennsyl¬
vania RR and the Pennsylvania Co. to acquire control of the reorganized
road, Wabash RR.
)0 The capital structure of the Wabash as of Jan. 1, 1941, the effective date
of the proposed plan of reorganization, including obligations of the WabashSt. Charles Bridge Co. and the Wabash-Hannibal Bridge Co., wholly owned
subsidiaries, assumed by the Wabash, was composed also of equipment
obligations, various issues of bonds and Reconstruction Finance Corporation
and bank loans evidenced by receivers' certificates, totaling 3153,811,820.
Interest accrued and unpaid as of that date amounted to $38,826,678.
The total capitalization including such interest and $138,120,767 of capital
stock represented by common stock and two classes of preferred stock,
was $330,759,265.
Annual requirements of present capitalization as of
Jan. 1,1941, including fixed rents, amount to $7,391,362.
Under the proposed plan of reorganization the new capital structure and
annual charges as of Jan. 1, 1941, will be as follows, with no-par common
stock stated at $100 a share:
Principal
Annual Re-
Amount
Undistributed Securities—
Equipment trust certificates, series H
WTabash-St. Charles Bridge Co. 1st mtge.
quirements
$213,500
$8,540,000
2,025,000
50,000
settlement of such claims.
In
"The lines of the Wabash
$1,894,170
67,998
62,502,447
Total fixed interest debt
Rents
naturally complementary to those of the
are
Pennsylvania and together form a direct route from Kansas City to
Eastern seaboard, avoiding the congested terminal areas of St. Louis
Such
a route
The Wabash's stock in the Lehigh Valley also is
scheduled to be voted by
independent trustee.—V. 153, p. 708.
2,258,418
Walgreen Co.—Sales—
1,750
Period End. July 31—
Sales
—V.
1941—Month—1940
1941—7 Mos.—1940
$7,106,026
$6,103,596 $46,995,123 $42,249,288
153, p. 256.
Warner Bros.
300,000
«
Pictures, Inc. (& Subs.)—Earnings—May 31, *41
39 Weeks Ended—
Total fixed charges
Capitalfund
__
40-year gen.-mtge income bonds, series A
50-year gen.-mtge income bonds, series B
Sinking fund
17,510,012
21,710,059
101,722,518
31,106,677
Total debt
Preferred stock
2,558,418
1,000,000
700,401
922,677
196,100
5,377,596
1,399,800
Film rental income, theatre
miscellaneous income
Gross income
132,829,195
59,818,600
Total debt and preferred stock
Total capitalization
6,777,396
192,647,795
_ _
allocated to the bondholders of the Wabash
and the holders of receivers' certificates, except 19,970 shares (no-par com¬
mon stock to be used in the payment of unsecured claims.
This common
stock, together with that to be allocated to refunding and general mortgage
bondholders, is to be placed in escrow pursuant to a proposed escrow agree¬
ment, from which it may be withdrawn by the owner at his option, or, if he
so desire, he may leave it, to be sold at $12.75 a share, of which he will
receive $11.75 and $1 is to be applied to reorganization expenses.
The stockholders of the Wabash will not participate in the distribution of
the new securities, but will have the privilege of purchasing, in the order of
their priorities, any of the no-par stock not withdrawn from escrow.
$73,486,491 $73,371,184
3,004,721
3,122,981
$76,609,472 $76,375,905
_
64,956,113
Cost of sales and expenses
Prov. for invest, in affiliated companies
Prov. for miscellaneous investments
_:
67,071,604
31,749
4,200
*
3,385,294
2,393,710
914,000
3,486,670
2,772,306
175,000
$4,960,355
548,607
$2,834,376
314,323
Amortization and depreciation of properties
Interest expense
Provision for contingencies
Profit
May 25, '40
admissions, sales and
Rents from tenants and royalties
a
Common stock
the
and
under a coordinated arrangement is of particular
importance at the present time.
The control sought also will be desirable
from the standpoint of an amalgamation of weak to strong roads."
The Commission stipulated that the Pennsylvania's stock in the Lehigh
Valley and the New York, New Haven & Hartford RR be placed in the
hands of a trustee and voted free from influence from the Pennsylvania.
Chicago.
.
30-year 1st mortgage bonds
Serial collateral 1H % notes
authorizing the Pennsylvania to acquire stock control
new Wabash company, the Commission commented:
of the
81,000
$47,354,241
4,533,206
Wabash-Hannibal Bridge Co., 3H% serial notes__
New Securities—
:V"r
paid to the
representing former holders of refunding and general-mortgage
bonds, and $1 would be delivered to the reorganization managers for the
purposes of the reorganization.
All other stock placed in escrow, including
that allocable to nonassenting bondholders, will be sold at the same price
and the proceeds would be delivered to the reorganization managers.
No specific provision has been made for the payment of unsecured claims,
but 19,970 shares of the no-par common stock have been designated for the
owner,
an
4%,
serial bonds
853
Of the purchase price to be paid for the stock, $11.75 is to be
_
Otherincome
.__
All the new securities are to be
Profit before minority interests, &c
$5,508,962
Proport'n of profit applic. to min. stkholdrs. (net)_
Lrl7,517
$3,148,698
Dr3,985
1,058,000
694,000
$4,433,445
191,764
$1.12
$2,450,713
Provision for normal Federal income taxes
Net profit
Dividends on preferred stock
b Earnings per share
_____
$0,58
Other than $515,116 in 1941 and $582,498 in respect to studio proper¬
charged to film costs,
b On 3,701,090 shares of common stock.
a
ties
■
Consolidated Balance Sheet
..
Distribution of Securities
bondholders of the Wabash will receive in exchange
for each $1,000 bond deposited and the unpaid interest accrued thereon,
new securities of the applicant or new securities and cash in the following
Under the plan the
Assets—
a
RR, 75% of the principal in first-
bonds, and $33.33 of general-mortgage income
bonds, series A;
(2) Detroit & Chicago extension first-mortgage bonds, 90% of the princi¬
pal in first-mortgage bonds and 10% in general mortgage income bonds,
series A, and for interest accrued to Dec. 31, 1940, $25 in cash, $112.50
of first-mortgage bonds, and $12.50 of general-mortgage income bonds,
5,670,885
equip.,
b Common stock
19,006,723
lease,
Cash
AcctS.rec., &C__
Inventories
Advances
(5) Des Moines division first-mortgage bonds, 70% of the principal in
general-mortgage income bonds, series B, 30% in 4H% preferred stock,
and for interest accrued to Dec. 31,1940, $8 in cash, $84 of general-mortgage
income bonds, series B, and $36 of preferred stock;
(6) Omaha division first-mortgage 3Vi% bonds, 10% of the principal in
general-mortgage income bonds, series B, and 90% in 4K% preferred
stock, and for interest accrued to Dec. 31, 1940, $3.50 in cash, $11.38 of
general-mortgage income bonds, series B, and $102.37 of 4*A% preferred
St/OCk*
"•
'■
■
•' >'
'
v'
to
outside
125,480,373 128,684,295
10,284,296
9,387,400
1,572,729
1,748,379
16,781,829
16,297,417
703,708
62,957,491
2,185,742
accr'ls
payable on
6,564,610
6,727,079
pref. stock...
Fund, debt (cur¬
95,882
565,255
U. S. Govt, bds,
Accts.
498,682
262,469
1,006,770
1,069,858
805,018
67,675
946,455
1,563,440
3,660,206
3,154,992
98,855
50,000
1,566,912
8,331,776
110,000
968,470
8,331,777
Curr.
of
in
terri¬
oper.
foreign
tories
Res. for Fed. tax
from
Deferred charges
—.—
308,331
&c
Deferred
2,406,296
credits
306,158
2,510,105
min .stkholdrs.
249,544
252,618
Contlng .reserves
in
terri¬
1,464,000
8,657,725
4,225,682
oper.
2,835,083
tories
515,514
Earned surplus.
Capital surplus. 57,316,563
d Pfd. treas. stk. Dr 170,141
170,115,305 168,532,666
Total
209,414
Adv. pay. deps.,
Propor.applic. to
Current assets of
foreign
liabils.
subs.
officers
subs.
2,624,225
21,739
639,575
822,019
122,215
companies
Other assets
Goodwill
2,455,257
pay'le
Invests, in affil.
rec.
and
rent)
Royalties
fund deposits.
Accts.
pay.
Due affil. cos...
secur.
& sink,
contr.
payable.
sundry
Mtge. rec., &c__
5,670,885
19,006,723
other
long-term debt 59,600,962
Notes
Div.
450,580
to
and
Fund
an
pro¬
ducer
Deps.
(3) Toledo & Chicago division first-mortgage bonds, 75% of the principal
in first-mortgage bonds and 25% in general-mortgage income bonds, series A,
and for interest accrued to Dec. 31, 1940, $20 in cash, $70 of first-mortgage
bonds, and $23.33 of general-mortgage income bonds, series A;
(4) First-lien terminal bonds of the Wabash RR, 50% of the principal
in first-mortgage bonds and 50%
in general-mortgage income bonds,
series A, and for interest accrued to Dec. 31, 1940, $50 of first-mortgage
bonds and $50 of general-mortgage income bonds, series A;
$
$
cPref. stock.__
&c__—
(1) First-mortgage bonds of the Wabash
Liabilities—
Real est., bldg.
amounts:
mortgage bonds and 25% in general-mortgage income bonds, series A,
and for interest accrued to Dec. 31,1940, $25 in cash, $100 of first-mortgage
May 31,'41 May 25, '40
May 31, '41 May 25, '40
$
$
Total
541,000
57,316,563
Drl70,141
170,115,305 168,532,666
■
(7)'Second-mortgage 5% bonds, 5% of the principal in general-mortgage
income bonds,
series A, 65% in general-mortgage income
bonds, series B,
preferred stock, and for interest accrued to Dec. 31,1940,
$9.79 of general-mortgage income bonds, series A, $127.29 of generalmortgage income bonds, series B, and $58.75 of preferred 434% stock;
(8) 6% debenture bonds, series B. 70% of the principal in general-mortgage
income bonds, series B, and 30% in preferred 434% stock, and for interest
accrued to Dec. 31, 1940, $168 of general-mortgage income bonds, series B,
and $72 of preferred 434% stock;
(9) First-mortgage bonds of the Columbia & St. Louis RR, 70% of the
principal in general-mortgage income bonds, series B, and 30% in preferred
43^% stock, and for interest accrued to Dec. 31, 1940, $8 in cash, $88.67
of general-mortgage income bonds, series B, and $38 of preferred 434%
and 30% in 4 34 %
stock*
(10) Refunding and general-mortgage bonds of the Wabash RR, 10% of
principal in general-mortgage income bonds, series B, 25% in preferred
434% stock, and 6XA shares (no-par) common stock, and for interest ac¬
crued to Dec. 31, 1940, 10% in general-mortgage income bonds, series B,
25% in preferred 434% stock, and 65% no-par common stock, on the basis
of $100 a share, the common stock to be deposited in escrow as hereinafter
a
(11) The holders of
Welch
stock A, and the common stock of the Wabash, in the order of their priorities,
at the price of $12.75 a share to be paid to the depositary.
Holders of the preferred stock A will be entitled, within a period of time
determined, to purchase stock of the road at the rate of 834 shares
10 shares of preferred stock A now held, subject to reduction to the
of the new no par stock is withdrawn from escrow.
Holders of the common stock will be permitted to purchase, in proportion
to their holdings, and within a time to be prescribed by the reorganization
managers, shares of the road's stock not purchased by the holders of the
preferred A stock.
If after the time limit prescribed for the purchase of
stock any of it remains in escrow, those stockholders of the Wabash who
have exercised their rights may have the privilege of purchasing the re¬
maining stock in proportion to their subscriptions.
For the purpose of this
provision the convertible preferred stock B is to be treated as if it had been
converted into common and preferred A stock.
to be
for each
extent that any
Grape-Juice Co.—40-Cent Dividend—
share on the common
stock, payable Aug. 30 to holders of record Aug. 11. Stock
was paid "on June 30, last, and previously regular quarterly
cents per share were distributed.—V. 152, p. 3666.
Wesson Oil & Snowdrift
dividend of 5<~
dividends of
Co.—$1.50 Dividend—
Directors have declared a year-end
dividend of $1.50 per share on the
stock, payable Aug. 27 to holders of record Aug. 8.
This com¬
pares with 25 cents paid on July 1 and April 1 last; 50 cents paid on Aug. 26,
1940, and dividend of 12 34 cents paid on July 1, 1939.—V. 153, p. 114.
common
Western Auto
Supply Co.—Earnings—
1941—3 Mos.—1940
1941—6 Mos.—1940
$18,903,975 $13,600,390 $30,207,266 $22,684,675
1,977,838
1,013,895
2,503,585
1,157,306
Normal income tax—
487,657 '
249,546
615,761
285,255
Excess profits tax
294,301
29,792
371,615
34,055
Estimated
provision209,611
264,671
Period End. June 30—
Net sales
aNetearnings
b
receivers' certificates of the first and second seies
aggregating $11,819,583 will receive for each certificate
deposited, 75% of the principal in first-mortgage bonds and 25% in generalmortgage income bonds, series A.
Interest accrued to Dec. 31, 1940, will
be paid in cash.
(12) The holders of receivers certificates, series A and series B, out¬
standing in the amounts of $4,575,000 and $4,491,411, respectively, wil
receive for each certificate deposited serial collateral 134 % notes, series A
equal to 50% of the principal amount of such certificates, first-mortgage
bonds equal to 37.5%, and general-mortgage income bonds, series A, equal
to 12.5%.
Interest accrued to Dec. 31, 1940, will be paid in cash.
(13) The stockholders of the Wabash will not be entitled to new securities
under the plan, but the common stock of the new company, aggregating
598,186 shares, will be deposited by the road in escrow pursuant to an
escrow agreement to be dated as of Jan. 1, 1941, between the road and the
Bank of Manhattan Co., as depositary, which will provide that eacn person
entitled to receive common stock under the plan may, within a certain
time to be fixed by the reorganization managers, but not less than 90 days,
withdraw the stock to which he is entitled.
All stock not so withdrawn
will be subject to sale to the holders of the 5% profit-sharing preferred
and serial certificates
c
Directors have declared a dividend of 40 cents per
the
set forth.
b Represented by 3,801,344 shares of $5 par
Represented by 103,107 no par shares,
d 3,490, shares at cost
708.
After depreciation, &c.
value,
—V. 153, p.
b
c
$734,557
$1,251,538
$837,996
$0.98
$1.66
$1.11
a Before provision for
Federal normal income and excess profits taxes,
b Provision for Federal normal income and excess profits taxes computed
under the Second Revenue Act of 1940, as amended (now in effect).
c For
Federal normal income and excess profits taxes proposed under the Revenue
Net
earnings
sh. of cap. stk
Earns, per
$986,269
$1.31
Congress.
No provision has been made for certain chain store taxes assessed
1936 to 1941 incl.
Approximately $17,500 of such chain store
Act now before
Notes (1)
for the years
(not including interest and penalties) would apply to the 6 months'
period ended June 30, 1941, and a approximately $14,000 would apply to
ended June 30, 1940.
The company is contesting the
legality of this assessment, which, together with interest and penalties,
accrued to June 30, 1941, amounts to approximately $233,000.
(2) The figures for 1940 have been revised and the figures for the March
quarter of 1941 have also been revised.—V. 153, p. 256.
taxes
the 6 months' period
Western New York Water Co.— To Sell Bonds Privately—
and Exchange Commission announced Aug. 1 that com¬
pany filed an application (File 70-368) under the Holding Company Act
regarding the proposed issuance and private sale of $3,5C0,000 of 314%
first mortgage sinking fund bonds, due 1966, and $967,500 of 3H% sinking
fund notes, due 1953, to the Northwestern Mutual Life Insurance Co. at
106.214% for the bonds and 100% for the notes.
The proceeds will be
applied to the redemption of the following:
(a) $2,067,500 of 534% first mortgage gold bonds, series A, due Nov.
1, 1950, to be redeemed at 105%;
(b) $668,000 of 5% first mortgage gold bonds, series B, due Nov. 1,
1950, to be redeemed at 105%;
(c) $155,500 of 5% first mortgage gold bonds due Nov. 1, 1951, to be
redeemed at 101%;
The Securities
The Commercial & Financial Chronicle
854
(d) $576,500 of 6% 10-year convertible debenture gold bonds, with
maturity extended to Nov. 1, 1950, to be redeemed at 100%.—V. 152,
p. 3362.
1
.
.
Western Public Service Co.—Accumulated Dividend—
'
The directors have declared a dividend of 37 Yi cents per share on account
of accumulations on the $1.50 series A p.ef. stock, no par value, payable
Sept. 2 to holders of record Aug. 12, leaving arrears of $1,12V2 per share.
Like amount was paid in preceding quarters.—V. 153, p. 256.
White Motor Co.
$189,600
44,504
Total income
$235,107
46,279
Total expenses
A ssctS"
A
•
on
$188,828
29,361
98,679
sales of assets
Depletion, coal lands in Pennsylvania_
Depreciation, dwelling in West Virginia.
,
153
S
$
Plant & equip—
6,166,356
7,107,083
Balance Sheet
as
....
$60,634
182,435
1
2,314,438
b Accts. and notes
receivable
Investments
9,848,622
sions
Fed.
pat¬
End.
June 30—
1941—3
Mos.—1940
1941—6
Mos.-
1940
Gross sales
$32,702,810 $22,672,948 $60,989,837 $41 ,351,768
23,309,979
16,704,548
43,737,466
30 ,143,147
1,858,627
1,323,527
3,488,437
2 ,684,073
1,333,151
1,200,899
2,567,257
2 ,322,146
1,664,609
1,604,625
3,244,424
3 ,092,880
c Taxes
250,934
219,814
485,855
420,936
Prov. for doubtful accts.
86,964
59,279
160,146
105,875
a
b Cost of sales
Repairs &maint. charges
Prov. for depre. & deple.
Sell., gen. & admin, exps
Gross profit from opers $4,200,546
166.705
$7,306,252
305,214
$2,582,711
270,181
$1,684,971
$7,611,466
$2,852,892
440,535
378,469
853,457
750,442
dl,218,529
287,076
d2,068,813
438.372
$2,708,187
Gross income
Int. charges, incl. dis¬
count on bonds
$1,560,256
124,715
$4,367,251
Other income
$1,019,426
$4,689,196
$1,664,078
$6.60
$1.24
Prov. for Federal income
taxes
(estd.)
Net profit
Earns, per sh.
mon
of
com¬
stock outstanding
$3.96
$0.95
Less discounts, returns and allowances,
b Including taxes, labor, idle
plant expense and other operating charges,
c Other than income taxes
(exclusive of those included In cost of sales).
d The provision for Federal
income taxes for the quarter ended June 30 and for the 6 months ended
June 30 is approximately $180,000 and $790,000, respectively, in excess of
the income tax liability of the corporation as required by the Federal tax
laws in effect at June 30, 1941.
Such excess provisions have been made in
a
Friday Night, Aug. 8, 1941.
Coffee—On the 4th inst. futures closed 31
net lower for
lots.
the
Santos contract,
to
47
points
with sales totaling 385
Coffee broke
sharply today on the week-end news of
quota increase equal to 445,000 bags for the balance of the
year ending Sept. 30, which establishes the over-all quota
now at
16,600,000 bags and projects a quota for the year
beginning Oct. 1 of 19,875,000 bags unless changed mean¬
a
while.
The coffee futures market
was
not far from seasonal
highs at the close on Friday, and the adverse news over the
week-end caught a built up long position on which stop loss
orders had been placed.
Selling was general at the opening.
On the 5th inst. futures closed 6 to 10
points lower, with
the exception of the spot
delivery which was 2 points higher.
Sales totaled 119 lots.
The opening range was 14 to 15
points net higher.
Coffee made an effort on the opening
today to shake off the weakness developing in the previous
session following the week-end increase in quotas, but the
attempt was short-lived.
In Brazil prices were unchanged
for spot Santos types but lower on Rios.
Rios 5s were 1,000
reis
lower at 35.700 and Rio 7s 200 reis lower at 27.800.
On the 6th inst. futures closed 22 to 10
points net higher for
the Santos contract.
In the
cautious
pending
a
early trading buyers appeared
meeting of the Inter-American Coffee
Board today.
One report from Washington said that the
American delegate to the Board would
present a resolution
asking Brazil and Colombia to rescind their minimum price
regulations and permit the market to seek a level commen¬
surate with
supply and demand.
In Brazil the spot price
Rio 7s was off 200 reis at 27.600
per 10 kilos.
On the 7th inst. futures closed 14 to 5
points net higher for
the Santos contract, with sales
on
totaling 62 lots.
tracts were traded in Rio
Two
con¬
September, which closed 10 points
net
higher.
During the early afternoon Santos contracts
stood unchanged to 5 points
higher against earlier gains of
7 to 9 points.
Trading was very slow. It was learned that
the Inter-American coffee board
only took up routine matters
yesterday's meeting and no official statement was re¬
leased.
In Brazil today the spot
price on Rio 7s was
at
up
1,704,302
676,902
...
821,741
412,259
260,000
Canadian
&
terns, dies, Ac..
582,684
319,976
income taxes...
1,788,258
185,651
176,210
Notes pay. banks
Deferred income..
1,500,000
340,939
319,645
Contlng. res., &c.
Earned surplus
1,449,737
1,697,900
126,439 dfl,56l,616
Capital surplus. ..20,180,lol 20,180,161
Total
...32,196,238 25,213,7751
a After depreciation,
b After
$1 par.—V. 152, P. 2107.
Total..
reserves,
c
32,196,238 25,213,775
Represented
Willys-Overland Motors, Inc.—Gets
16,000 Army Reconnaissance Cars—
by
Contract
company announced on
shares
to
of
Build
Aug. 2 that
the U. S. Army Quartermaster Corps has awarded his company a contract
to build 16,000 quarter-ton, four-by-four reconnaissance cars.
The contract was for approximately $14,000,000.
Production on the
order will begin in October and reach completion by Jan. 1, he said.
WillysOverland completed its initial order for 1,500 on July 31, ahead of schedule.
Mr. Frazer said that the contract contained a clause giving the Army the
privilege of increasing the order by 8,000 units within 60 days.
The Willys reconnaissance cars, he explained, are built around the same
basic power plant that is used in the company's low-cost Americar, and are
produced on adjacent assembly lines in the company's Toledo plant. Willys
is also producing shells, powder and projectile hoists, breach housing, recoil
cylinders, machine-gun parts and steel tank tracks for the government.
The "Willy" scout car is small enough to fit into the hold of an army
transport plane and fast enough to carry a machine gun over rugged terrain
at 60 miles per hour, Mr. Frazer said.
The units to be built under the new
16,000 order will have minor specification changes based on Army ex¬
perience in field operations.—V. 152, p. 3991.
Wisconsin Electric Power Co.—Utilities to
Merge—
Common ownership of the Wisconsin Electric Power Co., the Wisconsin
Gas & Electric Co. and the
ized
Wisconsin-Michigan Power Co. has been author¬
by the Wisconsin Public Service Commission.
Wisconsin Electric Power Co.
mon
was
authorized to issue $12,650,000 com¬
stock to
concerns are
acquire common shares of the other two utilities.
All three
subsidiaries of the North American Co.—V. 153, p. 412.
(F. W.) Wool worth Co.—SalesPeriod End. July 31—
Sales..
1941—Month—1940
1941—7 Mos.—1940
$28,398,045 $24,506,959 $187433,202 $170542,375
—V. 153, p. 257.
400 reis while the Santos
type
COMMERCIAL EPITOME
sundry
Deferred charges..
Joseph W. Frazer, President of this
Wheeling Steel Corp. (& Subg.)—Earnings—
&
payables
Assets—Cash on deposit (demand and time) and funds, $219,799; market¬
Period
156,250
Accrued taxes—_
252,664
able securities at cost, $1,055,462; other current assets, $22,054; fixed assets
538; other current liabilities, $6,265; depletion reserved against minimum
royalty advanced, $49,424; capital stock (par $10), $2,000,000; capital
surplus, $4,436,384; cost of treasury stock (17,847 shares), $229,713:
total, $6.334,948.—V. 150, p. 2902.
1,198,996
Capital stock...
Dividend payable-
5,194,781
15,451,817
185,872
of Dec. 31, 1940
(less reserves—depletion, $1,078,765; depreciation, $1,663), $5,033,443;
prepaid expense, deferred and miscellaneous assets, $4,190; total, $6,334,948.
Liabilities—Accrued taxes, $27,050; dividend payable Jan. 2, 1941, $45,-
625,000
1,259,699
c
Pay rolls, commis¬
8,170,826
b Inventories
Other
S
625,000
Accts. payable— 3,648,261
Adv. payments—
1
1,453,031
Ac.—
1940
Liabilities—
|
Goodwill, patents,
Unamortized
Net profit for year
Dividends (paid from capital surplus)
1941
1940
n
Cash.
Profit
1938
Consolidated Balance Sheet June 30
1941
1,003
„
a
Net loss
1939
$743,529 loss$469,045 loss$884,778
$1.19
Nil
Nil
stock,
Income royalty received—lease Pennsylvania coal lands
Income from securities owned
Miscellaneous income
1940
1941
c$791.356
$1.27
After depreciation, income, &c., charges,
b On 625,000 shares capital
c And after provision for excess profits tax.
a
Income Account Year Ended Dec. 31, 1940
1941
9,
(& Subs.)—Earnings—
6 Mos. End. June 30—
Net profit
a
b Earnings per share
Westmoreland, Inc.—Earnings—
Aug.
anticipation of increased income tax rates and excess profits taxes applicable
to the full year of 1941.
In determining the liability for such taxes, a
charge to surplus of $2,100,000, representing allowable income tax deduc¬
tions in connection with the refinancing consummated early this year, has
been considered.—V. 152, p. 3666.
5 Rio price
was
off 200 reis.
Trading in the actual market was slow.
Today futures
higher for the Santos contract,
closed 17 to 24 points net
with sales totaling 121 lots.
The Rio contract closed 2 points
net higher, with sales
totaling only 15 lots.
Santos coffee
futures advanced 5 points in quiet trading.
In Brazil Santos
spot price on type 5 Rio was off 700 reis, while other types
were
unchanged.
the
New
Traders
Orleans
interested in a resolution of
Coffee Association
protesting
were
Green
against a 25% increase in the 1941-1942 quota as endangering
the price structure and the Inter-American
agreement which
met with
approval of the New Orleans
Rio coffee prices closed
as
group.
follows:
September
7.841 May
December
8.041 July
March
8.211
.8-38
.
Santos coffee prices closed
December
as follows:
12.06
May.
12.25 trad July.
March, 1942
12.42 trad
September.
12.52
12.62
Charles Plohn of Newborg &
Co., New York City and
Co., Atlanta, Ga., were
elected to membership in the New York Coffee and
Sugar
Exchange, Inc. at a meeting of the Board of Managers held
Aug. 6.
Malon
C.
Courts
Cocoa—On
the
of
Courts
4th
&
inst.
futures closed 3 points net
session.
Trading was generally
mixed on
During the last few minutes of
trading some trade short covering lifted the market to the
closing levels. There were only 109 lots sold today including
19 lots which were
exchanged for physicals and 12 lots of
higher in
rather quiet
the Exchange.
a
switching operations.
Stocks in licensed warehouses
tinued to advance to further
con¬
highs today with a total of
1,486,815 bags. Arrivals today totaled 49,554 bags, bringing
the total so far this
year to 3,653,391 bags.
Local closing:
Sept., 7.55; Oct., 7.59; Dec., 6.67; Jan., 7.71; Mar., 7.79;
May, 7.87.
On the 5th inst. futures closed 4 points net
higher. Dealers were buying the Sept. contract and selling
the forward positions and manufacturers were
doing the
reverse.
new
new
Stocks in licensed warehouses again increased
highs at
1,487,044
bags.
Arrivals
so
far
his
to
week
Volume
The Commercial &
153
Financial Chronicle
54,339 bags, bringing the total for the calendar
Switching operations, principally
of the Sept. delivery into forward positions, proved to
amount to
year
out
to 3,658,176 bags.
Of
today
switching accounted for 492 lots.
Local closing; Sept.,
7.59; Oct., 7.65; Dec., 7.71; Jan., 7.75; Mar., 7.83; May,7.91.
On the 6th inst. futures closed 10 to 6 points net higher. The
firmness of cocoa today was attributed largely to reports of
damage to the "Paranahyba" whch was carrying 80,000
bags of cocoa to this country from Brazil. While no definite
news on the extent or the nature of the damage to the vessel
was known, the news nevertheless brought out commission
house and trade buying.
Later reports in the trade stated
the vessel put into Pernambuco with engine trouble.
Trad¬
ing on the local Exchange amounted to only 284 lots, includ¬
ing 28 lots of switching operations. Stocks in licensed ware¬
houses again rose to new highs to 1,490,069 bags.
Arrivals
of cocoa so far this year now amount to 3,662,726 bags.
Local closing: Sept., 7.69; Oct., 7.73; Dec., 7.79; Jan.,
7.83; Mar., 7.89; May, 8.00.
On the 7th inst. futures closed 3 to 5 points net lower, with
be the main feature of the
the 689 lots traded
on
cocoa
futures market today.
the New York Cocoa Exchange
sales totaling 232 lots. During early afternoon cocoa was un¬
changed to 2 points lower, with sales totaling 140 lots. Be¬
fore the opening the exchange received a cable saying that
the "Parnahyba," with a cargo of 80,000 bags of cocoa, had
been stranded, with forty-nine inches of water in the hold,
and that it was expected that the ship would make its way
back to Pernambuco.
Opening prices were 5 to 6 points
higher on this news, but hedge pressure wiped out the gains.
Local closing: Sept. 7.66; Oct. 7.69; Dec. 7.76; Jan. 7.79;
Mar. 7.87; May 7.95; July 8.03. Today futures closed 4 to 6
points net lower, with sales totaling 118 lots.
Trading in
cocoa declined,
with only 85 lots changing hands up to 2
o'clock when prices were 2 to 3 points lower.
Sept. sold at
7.63, off 3.
Licensed warehouse stocks declined 1,800 to a
total of 1,491,021 bags. Local closing: Sept. 7.61; Oct. 7.65;
Dec. 7.70; Jan. 7.74; Mar. 7.82; May 7.91; July 7.99.
Sugar—On the 4th inst. futures closed 1 to 3 points net
higher for the domestic contract, with sales totaling 149
The
lots.
quiet
reflected
the
actual market where the
refiners was withdrawn with the lifting of offer¬
ings to 3.70c. There was buying interest, however, at 3.60c.
and possibly slightly better for forward positions.
The world
contract closed 9 to 11 points net higher.
The Government
continues to threaten that a further increase in quotas or
demand by
suspension of quotas mi^ht be necessary.
Worried
over the fear of later shipping shortages, the sugar
market, however, is not giving heed to the Government
statements.
Some feel that the quotas are already high
even
more
enough
now
to be tantamount to suspension.
On the 5th
higher for the domestic
contract, with sales totaling 154 lots.
The world sugar
contract was 2% to 3% points net higher, with sales of 588
lots.
It was the 1941 positions in the domestic contract
that showed the maximum gains.
The nearbys were slow
moving, reflecting the quiet of the actual market.
In the
world contract prices rallied as much as 6 points, dropped
back to previous closing levels, then recovered to close
higher. On the one side there was new speculative buying for
Wall Street and trade house account and hedging and profit
inst. futures closed 1 to 4 points net
For the second successive day no sales
reported. The tone of the market, how¬
ruled firm, with offering of about 10,000 to 15,000
held at 3.70c. and buyers interested at 3.65c.
One
the other.
taking
on
of
sugar were
raw
ever,
tons
report was current that refiner bid 3.67% but was turned
down.
On the 6th inst. futures closed 4 to 5 points net
higher for the domestic contract, with sales totaling 759
lots.
The world sugar contract closed 7% to 9 points net
higher, with sales totaling 953 lots. The sugar markets were
strong and active today.
Domestic sugar moved into new
high ground in active trading, with buying principally
hedge lifting against sales of raw sugar.
Gains of 6 to 7
points in domestic futures were show during early afternoon.
The raw market was cleared of offers at 3.70c, highest since
Sept., 1939.
World sugar futures were 7 to 8% points
higher, at new seasonal highs in active trading.
The spot
price yesterday advanced to 1.58, up 8 points, suggesting
either new bids or new business at that level.
On the 7th inst. futures closed unchanged to 5 points net
higher for the domestic contract, with sales totaling 602 lots.
The world sugar contract closed 6% to 4 points net higher,
with sales totaling 1,097 contracts. Domestic sugar advanced
3 to 4 points, reflecting a further rise in raw sugar.
In early
afternoon March was selling at 2.81, up 3 points.
In the
reported at 3.75, or 5 points
yesterday's price. Sucrest bought 7,250 tons of Philip¬
pines, October arrival, while an operator got 5,000 bags of
Puerto Ricos, clearing August 23d and 3,400 tons of Philip¬
pines clearing August 10th. Traders were expecting a further
rise in the price of refined sugar to reflect the latest advance in
raw sugar.
World sugar futures were 8A to 9 points higher
at new seasonal highs in active trading.
The strength re¬
flected reports that Britain had bought upward of 100,000
tons of Cuban raws at from 1.70 to 1.75.
Today futures
closed 7 to 1 point net higher, with sales of 278 lots in the
domestic contracts.
The world sugar contract closed 4% to
raw
market three sales were
over
1
point higher, with sales totaling 738 lots. Domestic sugar
irregular at 2 points higher to 1 point lower during the
was
855
early afternoon session.
After yesterday's market close,
the sugar section of the AAA announced that 3.75 for raw
sugar was above 110 of parity.
This, it was believed, de¬
terred buyers. Nothing was done in the raw market.
Three
refiners, all out of town, Henderson, Revere and Godchaux,
announced an advance of 15c, to $5.35 a hundred pounds
without taking any new business at the $5.20 price.
Prices closed
follows:
as
September
2.82
January, 1942
sugar
sugar
May
2.84 July
•
New Sugar
A
2.84
__2.87
2.89
2.80 March...
,
November
index
with
the
Index Announced by Dyer & Co.
to
1939, equals 100)
the
compare
index
28
of
price of duty paid raw
commodities (August,
basic
Statistics
the Bureau of Labor
used by
has been prepared
by B. W. Dyer & Co., New York, sugar
economists and brokers.
They state that a comparison of
sugar
prices
commodity
and
prices
facilitated.
Below
are
in
v
their index figures and
for the latest week and
general
■
thus
is
1
■
average
sugar
.
prices
previous periods:
Week. Ending
Week Ending
Week Ending
Aug. 1, 1941
July 25, 1941
Aug. 2, 1940
3.630
Raw sugar, duty paid
4.978
Refined sugar, net cash
V
2.630
3.510
4.263
4.949
86.3
82.4
84.2p
Dyer's Price Index
Preliminary.
During the week ended Aug. 1 duty paid raw sugar sold
at an average price of 3.63c. per pound, an advance of 12
points from the preceding week, and a full cent per pound
higher than the same week a year ago.
It is explained that
in the past year commodity prices in general advanced more
rapidly than sugar prices.
Therefore, their index declined
from 1940 to 1941.
It was stated that the duty paid price
of sugar would have to be 4.31c. in order to have their
index equal 100 at the present time.
The Dyer firm stated that this new index is to a replace
their price index which had a base of 1926.
The new index
will
be
released
weekly.
Lard—On the 4th inst. futures closed 10 to 12 points net
The bullish trend of most markets appeared to
higher.
influence the lard market,
together with the firmness of hogs.
The lard market ruled firm
during most of the session.
The
opening range was 2 to 7 points up.
Hog prices at Chicago
closed mostly 15c. over Friday's finals and throughout the
session sales ranged from $10.75 to $11.75.
Western hog
marketings were only moderately heavy and totaled 63,000
head, against 61,400 head for the same day last year.
On
the 5th inst. futures closed 12 to 17 points net lower.
The
market ruled heavy during most of the session.
The bearish
trend of most commodity markets had its influence on lard.
There were no bullish items to encourage support.
Sales
of hogs at Chicago ranged from $10.75 to $11.70.
Receipts
of hogs at the principal packing centers in the West totaled
62,000 head against 63,800 head for the same day last year.
On the 6th inst. futures closed unchanged to 5 points net
higher.
The opening range was 5 to 7 points net higher.
Trading was relatively light, with the market showing little
of interest.
Hog prices at Chicago were 10 to 25c. lower.
Sales ranged from $10.50 to $11.60.
Hog receipts totaled
60,500 head against 52,200 head a year ago.
On the 7th inst. futures closed 2 to 7 points net higher. The
market ruled a little firmer today, though volume of sales was
light. Hog prices at Chicago advanced 15c., with sales rang¬
ing from $10.65 to $11.65.
Hog marketings were 43,900
head against 52,700 head for the same day last year. On the
7th inst. futures closed unchanged to 5 points off.
The
market
appeared to be virtually at a standstill.
OF LARD FUTURES IN
DAILY CLOSING PRICES
CHICAGO
Mon.
Tues.
Wed.
Thurs.
Fri.
_10.17
10.30
10.12
10.15
10.20
10.20
December
10.30
10.50
10.40
10.62
10.27
10.45
10.27
10.47
10.32
10.52
10.32
10.52
January, 1942
10.60
10.70
10.55
10.57
10.65
10.60
Sat.
September
October...
May
-—
Pork—(Export),
mess,
$29.87% (8-10 pieces to barrel);
family (50-60 pieces to barrel); $22.25 (200 pound barrel).
Beef:
(export), steady.
Family (export), $22.25 per barrel
pound barrel).
Cut Meats: Pickled Hams: Picnic,
loose, c.a.f.—4 to 6 lbs., 17%; 6 to 8 lbs., 17%; 8 to 10 lbs.,
17%.
Skinned, loose, c.a.f.—14 to 16 lbs., 25%c.; 18 to
20 lbs., 24%.
Bellies: Clear, f.o.b. New York—6 to 8 lbs.,
20%c.; 8 to 10 lbs., 20%c.; 12 to 14 lbs., 18%c.
Bellies:
Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs., not quoted.
18 to 20 lbs., 14%c.; 20 to 25 lbs., 14%; 25 to 30 lbs., 14%.
Butter: Firsts to Higher than Extra and Premium Marks:
33% to 36. Cheese: State, Held '40, 25% to 26%.
Eggs:
Mixed Colors: Checks to Special Packs: 24% to 28%.
(200
Oils—Linseed oil prices were advanced 2 points recently,
reflecting high markets for flaxseed. Quotations: Chinawood:
Tanks, spot—32% offer nominal; drums—33% offer nom¬
inal.
Coconut: Tanks, nearby—.07% to .07%; Oct. forward
bid nominal; Pacific Coast—.06% bid nominal.
nearby—12% to 12%. Soybean:
Tanks, Decatur, old crop—.09% bid; Nov.-Dec.—.09% bid
nominal.
Edible: Coconut: 76 degrees—13%c. last sale.
Lard: ex. winter prime—12% offer. Cod: crude: not quoted.
Turpentine: 65 to 67. Rosins: $2.99 to $4.58.
—.06%
Corn: Crude: West, tanks,
856
The Commercial & Financial Chronicle
Cottonseed Oil sales
contracts.
yesterday, including switches, 116
Crude, S. E., 10% bid.
12.10©
ugust
September
nora
Prices closed
December
12.03@12.15 January, 1942
October
11.83 ©84 sa
November
February
11.84%
March
nom
as
lots.
7
Certificated
stocks
in
licensed
warehouses
It is pointed out
by importers
long as the rubber trade is still waiting for the official
regulations from Washington as to how to conduct their
activities, business will remain at the present standstill.
Local closing: Sept., 22.50; Oct.,
22.25; Dec., 22.00; June,
20.60; Mar., 20.40. On the 5th inst. futures closed 20 points
up to 20 points off.
Sales totaled only 23 lots. Certificated
as
stocks in licensed
to 530 tons.
and
dealers
Exchange warehouses decreased 10 tons
The OPACS has asked all rubber
importers
to
furnish
them with
information on all
sales of the close of business
on
Aug. 4, it was learned today.
Government agency is seeking data on the
quantity,
quality, delivery and terms of the sales. Also being sought
is the number of deliveries made,
tonnages afloat and other
material in relation to the dealers* business.
Trading in the
rubber market was again reported at
virtually a standstill
The
today.
it
The Rubber Reserve Co.
was a
further disclosed.
purchaser of rubber,
22.50; Oct.,
Local closing: Sept.,
22.35; Dec., 22.20; Jan., 20.40; Mar., 20.30.
inst. futures closed 15 points off to 15
points
Sales were only 10 lots.
With the Government
was
established,
On the 6th
net higher.
selling price
action may be taken to liquidate the
remainder of the existing open commitments on the Ex¬
change, dealers here believe. On Aug. 5 there were 1,217
contracts open.
With the announcement from Washington
today that the Rubber Reserve Co. will sell crude rubber to
now
some
the
or
manufacturing industry at 22 %c. per pound at the dock
in warehouse in New York, the local trade is now
waiting
for the official announcement on minimum service
charges.
The price set is on the basis
grade of standard No. 1-X
ribbed smoked sheets, in cases.
Differentials for the other
grades have been agreed upon, it was further stated.
Local
closing: Sept., 22.35; Oct., 22.35; Dec., 22.35; Jan., 20.40;
Mar., 20.30; Spot: 23.00.
On the 7th inst. futures closed 15
points up to
Transactions totaled only 20 lots.
Except for
Rubber Reserve Co. buying
unchanged.
some
more
today activity in the rubber
market continued dull.
With the issuance of the
Rubber
Reserve Co.
selling price to consumers, dealers and other
interested parties are now waiting for the date when these
sales will begin.
Of course several dealers here point out
there still is the problem of minimum service
charges the
dealers and importers will
charge factories.
Local closing:
Sept. 22.50; Oct. 22.50; Dec. 22.50; Jan. 20.40; Mar. 20.30;
Spot 23.00.
Seven lots of rubber were traded in the first
three hours when
December, the only active position, sold
unchanged at 22.50.
There
were
1,187 open contracts.
Hides—On the 4th inst. futures closed
unchanged to 12
points lower.
Transactions totaled only 7 lots, all in the
Sept. contract.
Certificated stocks in licensed
Exchange
warehouses decreased 1,719 hides to
251,803 pieces today.
Although few sales of hides were reported in the
Chicago
market, dealers state that some transactions have been
going
on
last week between packers and their own
tanneries.
Estimates in the trade range as
high as
150,000 hides, all
moving at the last sale levels of 15c. for all grades
except
Colorado steers.
Local closing: Sept.,
14.55; Dec., 14.45;
Mar., 14.44; June, 14.44.
On the 5th inst. futures closed
3 points lower to 7
points higher.
Only 13 lots changed
hands.
Trading in the Chicago packing market was re¬
ported started this afternoon, with from 10,000 to
15,000
hides moving at steady levels.
Dealers here believe that
further transactions were
probably made today at the last
sale prices.
In Argentina American dealers
purchased 5,000
standard light frigorifico steers at 14
%c. and 2,000 reject
light steers at 13 ll-16c. Additional quantities of the
light
steer hides may also have been
sold, importers state.
The
futures
markets
continued
to
rule dull.
Local closing:
Sept., 14.52; Dee., 14.52; Mar., 14.46; June, 14.46.
On
the 6th inst. futures closed 3 to 12
points net higher.
There
were only 8 lots
traded, of which 4 lots represented switching
operations.
The Sept. contract was switched for the Dec.
position
at
even
terms.
Late
11,000 hides of all selections
to
dealers.
Prices
for all
in
Tuesday afternoon about
were sold in the
Chicago market
these combination trades were 15c.
grades, including Colorado steers.
This represents
of %c. over the last sale
More sales were
reported taking place yesterday.
In South America there
were 20,000
reject heavy steers sold at 13c.; 8,000
heavy
standard frigorifico steers at 13
ll-16c.; 3,000 standard cows
at 14 %c., and
3,000 reject cows at 13 7-16c.
All the sales
an
increase
were
made to United States dealers.
Local closing: Sept.,
14.55; Dec., 14.55; Mar., 14.53; June, 14.58.
On the 7th inst. futures closed 3
points up to 5 points off.
The market ruled quiet
during most of the session. No sales
were reported in either the
Chicago or Argentine packer hide
markets today.
After a flurry of some business earlier this
week, tanners took to the sidelines, dealers here state. Local
h
sales in hides in the first three hours, but
switched. September was quoted at 14.50-
no
were
were
55, unchanged,
and
There
11.80@ nora
11.83@11.85
decreased 10 tons to 540 tons.
that
There
12 contracts
sa
sa
Rubber—On the 4th inst. futures closed 10
points up to
unchanged.
Both actual and futures rubber markets con¬
tinued to rule dull today.
With the Signapore market
closed, the Rubber Reserve Co. did little or no
buying, it
was learned here.
Sales on the local
Exchange amounted to
only
closing: Sept., 14.50; Dec., 14.52; Mar., 14.56; June, 14.58.
follows:
11.81 @84
11.80 @81
Aug. 9, 1941
open
were
804
December at
14.53-60,
1
up
point.
contracts.
Ocean Freights-—Demand for merchant
ships continues
active in all sections of the charter market, but the bulk of
the business uncovered within the past few
days has been
confined
to
the
short
Canadian
and
West
Indies
runs.
Charters included:
Sugar: Cuba to Gulf; Aug., 33c. per hun¬
dred pounds.
Cuba to Montreal; Aug., 60c. per hundred
pounds. Cuba to North of Hatteras, Aug., 43c. per hundred
pounds.
Ore: Newfoundland to Boston, Aug., S3.25 per
ton.
Time: Trip down, North of Hatteras to West
Indies,
Aug. Coal: Hampton Roads to East Coast South America;
Aug., $8.50 per ton full cargoes, $8 per ton on liners. Lin¬
seed: Plate to North of Hatteras, $22 on
berth, $24 per ton
on full cargoes (foreign
ships). Sugar: Philippines to United
States Atlantic, $25 bid, asking $30.
Queensland to HalifaxSt. John, $21 per ton.
Coal—Leading anthracite coal producers sent out new
circulars recently, announcing advances of 15c. a ton for
mine prices on egg, stove, chestnut and pea
coal, effective
August 15th. This represents the third advance so far this
year for anthracite.
The other two increases, on June 15th
and July 15th, were 10c. per ton each.
It is generally ex¬
pected that another 15c. per ton rise will be effected on
September 15th, which will bring prices to their winter
Retail dealers in the metropolitan area also an¬
nounced that their schedules would be 25e.
per ton higher,
effective August 1st. While no consideration has been made
levels.
in relation to further retail
price advances, it
was
generally
believed that further wholesale increases and the
mounting
costs of operation will probably result in another
upward
move
in retail prices
during the fall.
Wool—On the 4th inst. futures closed 4 to 14
points net
higher for wool tops.
Trading in both wool tops and grease
today.
About 30 lots or 150,000
pounds of tops, and 5 grease wool contracts, representing
30,000 pounds, changed hands.
In wool tops there was a
good demand for the Oct. delivery from spot interests, and
wool
was
more
active
the
market closed firm.
The grease wool market closed
quiet, with prices unchanged to 3 points off.
There was
scattered commission house selling in both markets.
Boston
reported that there was little interest in fleece wools or
Franch combing territories.
There were some inquiries for
full staple territories, but no important sales were recorded.
The Buenos Aires scoured wool market
was dull, and
prices
unchanged for all months.
August was quoted at
45.50 pesos. Local closing: Grease Wool;
Oct., 94.2; Dec.,
93.2; Mar., 92.5.
Wool Tops: Oct., 124.5; Dec., 122.7;
Mar., 120.7; May, 120.2.
On the 5th inst. futures closed
2 to 7 points off for wool tops.
Final prices for grease wool
were unchanged
to 4 points off, after an early advance of
3 to 5 points.
Spot interests were buyers of Oct. tops, but
that month declined later in sympathy with the
Dec., which
gave way under pressure from commission houses.
Twentyfive contracts or 125,000 pounds of tops
changed hands.
closed
Commission
houses
maintained
interest
in
grease
wool,
buying early but selling later.
The market was thin all day
and closed quiet.
Sales were 10 contracts, or 60,000 pounds
of
wool.
Boston reported that fine
wools sold in the
original bag territory
morning in moderate volume and at steady
prices.
Some demand for Australian wools was also reported.
The Buenos Aires scoured wool market continued
dull, and
prices
unchanged.
The Aug. delivery was quoted at
Local closing: Wool Tops: Oct., 124.3; Dec.,
122.3; Mar., 120.2; May, 119.5. Grease Wool: Oct., 94.2;
Oct., 94.2; Dec., 92.8.
On the 6th inst. futures closed un¬
changed to 5 points higher for wool tops, while grease wool
was
unchanged to 6 points up. A steady undertone prevailed
in the wool markets today, with most of
Tuesday's losses
recovered.
Activity in the grease market was stepped up
to 30 contracts, or 180,000
pounds, while 35 contracts,
representing 175,000 pounds of tops, changed hands. The
grease wool market was quiet all day and there was little
interest present.
The Buenos Aires scoured wool market
closed barely steady in dull trading.
Prices were unchanged
to off 1 peso.
The Aug. was quoted at 45.00 pesos, off .50
on the
day.
Local closing: Wool Tops: Oct., 124.7; Dee.,
122.3; Mar., 120.5; May, 120.0; July, 119.0.
On the 7th inst. futures closed unchanged to 8
points up
for wool tops, while grease wool futures closed 1 to 5
points
net lower.
Trading was more active today, with transactions
totaling 250,000 pounds of tops and 120,000 pounds of wool.
A general demand, a good
part of which was from trade
sources, promoted early gains in wool tops, but selling by
were
45.50 pesos.
spot houses served
wool futures
as
market
a
check.
The Buenos Aires scoured
quiet, with prices unchanged to
off .50 peso.
Local closing: Wool Tops: Oct., 125.0; Dec.,
123.1; Mar., 120.8; May, 120.0. Grease Wool: Oct., 94.2;
Dec., 93.1; Mar., 92.3. Today futures closed 8 to 11 points
net lower for wool tops, while grease wool futures closed
1 point net lower.
Wool tops opened 3 points higher, but
dropped off during the morning. The midday bid price was
5 to 6 points down, and 35,000 pounds were traded before
noon.
Grease wool was up 6 points at the opening.
The
midday bid price was unchanged to 4 points down. Trading
was
quiet, 6,000 pounds being exchanged in the morning
was
hours.
Local closing: Wool Tops: Oct., 124.2; Dec., 122.0;
Mar., 119.8; May, 119.0.
Grease Wool: Oct., 94.1; Dec.,
93.0; Mar., 92.2.
■
■■
,
'/■
■
.
COTTON
Friday Night, Aug. 8, 1941
The Movement of the
Crop, as indicated by our tele¬
from the South tonight, is given below.
For the week
grams
ending this evening the total receipts have reached 74,139
bales, against 63,822 bales last week and 90,172 bales the
previous week, making the total receipts since Aug. 1, 1941,
74,139 bales, against 69,501 bales for the same period of
1940, showing an increase since Aug. 1, 1941, of 4,638 bales»
Mon.
Sat.
Receipts at—
Tues.
Wed.
Total
Fri.
Thurs.
1,332
5453
2",069
35,598
252
356
6,359
8,050
2,583
5,929
687
1,932
11,861
7,583
518
5",805
2,842
3,219
3427
Houston
9,874
19,906
66
2,122
4,373
1,122
3,121
1,691
Galveston
Corpus Christi
351
351
__
New Orleans
Mobile
38
Savannah
4
4
12,927
74,139
Lake Charles
Totals this week.
13,965
9,660
8,929
8,255
20,373
following table shows the week's total receipts, the
and the stocks tonight, compared
The
total since Aug. 1, 1940,
with last year:
Stock
1939-40
1940-41
Receipts to
1, 1941
Since Aug
1, 1939
Since Aug
Week
This
Week
This
Aug. 8
9,874
16,153
18,324
19,906
19,906
21*995
351
351
13,765
26,987
15,366
666,883
924,686
924,556
54,477
92,012
407,823
43,064
53,514
1,876
760
Brownsville
Houston
Corpus Christi-.
"
35", 598
35",598
7",804
8,547
"356
"'"356
"~38
38
8",050
New Orleans-
~8", 050
"517
"*"517
-
Pensacola, &c__.
148,731
593,232
54,823
96,772
532,172
52,453
59,123
52,453
1,360
114,001
28*446
Beaumont
21",613
20,125
9,500
24,388
11,502
1,489
3,427
6,663
32,527
1,000
1,365
■
678
Jacksonville
Savannah
Panama City *
I
.
II II II
Charleston
Lake
1940
1941
9,874
Galveston—
Gulf port..
Mobile
ITfrl
Charles--.
Wilmington
1
Norfolk
Chronicle
The Commercial & Financial
Volume 153
Now York
1
1
I
4
1
t
—
1
1
'""222
"103
1
1
1
t
Boston
1
1
1
1
Baltimore
1
1
1
day, inspired
857
heavy volume of buying orders at the opening
today. Advances were
almost as sharp as had been the break of $5 to $6.15 a bale
in Wednesday's market.
An early rise of as much as 95
points or $4.75 a bale was not fully maintained but at the
close, prices showed net gains of 72 to 81 points. The latest
victory of the Congressional farm bloc in gaining a last
minute change in the draft of the Administration price bill
for a ceding on farm products no less than 110% of parity
or the
July 29th price, whichever is higher, came as a surprise.
The trade had gone home on Friday expecting ceilings to be
set at parity, which is currently 16.49c. a pound for cotton.
Opening quotations were 65 to 83 points higher and the gains
were
extended somewhat further in the early trading as
general buying caused prices to soar at a time at which
a
of the local cotton futures market
sellers were reluctant to part with contracts.
There was
heavy profit taking on the bulge. The fact that the bill
had not yet been acted upon tempered buying enthusiasm in
some quarters.
On the 4th inst. prices closed 13 to 7 points
net lower.
Cotton moved erratically today.
Trade and
commission house buying, influenced by reports that farm
bloc leaders were talking about 10% parity, lifted prices to
gains of more than $1 a bale.
Profit taking, New Orleans
and local selling caused losses, but later short
covering and
renewed buying was encouraged by sustained strength in
wheat.
Late prices held gains of 2 to 12 points.
After
opening 2 to 7 points higher cotton quickly ran up to show
advances ranging from 18 to 26 points.
Some profit taking
in the first hour cut the gains.
Trade and Wall Street in¬
terest were reported as supplying the chief demand.
The
Street was encouraged by the fact that prices are below the
110% of parity ceilings and also by reports that the farm
bloc is discussing a 120% of parity ceiling.
On the 5th
inst. prices closed 23 to 28 points net lower. Announcement*
of a Government loan more than 2c. a pound under the
current level for futures contracts, and a statement from the
Secretary of the Treasury that the Government should
sell its cotton when there is a demand for it,
encouraged
liquidation in the local cotton market, which closed sub¬
stantially lower. There was a moderate volume of business
during the day.
The market opened 2 to 9 points lower,
then broke to losses of 37 to 42 points, but turned steadier
1
74,139
74,139
*
69,501 2,747,627 2,237,414
60,375
Includes Gulfport.
(/<■
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
Orleans-
1940
1939
9,874
19,906
35,598
Houston
16,153
21,995
7,804
5,497
13,804
11,815
356
Savannah
38
517
114
5,332
18,311
2,825
820
409
59
1
Charleston—
Wilmington
1936
1,369
4,791
4,167
170
8,050
Mobile
1937
1938
1941
Receipts at—
Galveston
New
toward the close.
1,896
2,419
4,404
618
706
1,746
1,321
1,236
384
"""560
1
12
'""103
332
274
556
265
434
13,765
39,900
39,995
63,372
41,148
—
Norfolk
All others—
"""355
Total this wk_
74,139
60,375
72,192
51,885
94,093
52,891
Since Aug. 1—
74,139
69,501
107,484
79,433
135,822
87,069
The exports of cotton for the week ending Aug. 8 reach a
total of 16,263 bales, against 51 bales in the corresponding
date last year and 54,284 bales in the same week two years
For the season to date aggregate exports have been
16,263 bales, against 23,152 bales in the same period of
ago.
the
previous season and 70,401 bales for the season to date
ago.
Due to restrictions placed on information
regarding exports, we are obliged to omit our usual detailed
two years
tables of cotton exports.
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
local
Shipboard Not Cleared for—
Leaving
Ger¬
Great
Britain
France
Other
Foreign
wise
100
Houston.-..—
Orleans
_
_
Savannah
1,978
7,000
8,000
100
1,978
7,700
8,000
Charleston
Mobile
Total 1941-Total 1940
16,978
4,872
9,315
800
4",000
"546
2~,705
4,844
2,981
1941
17,778 2,729,849
8,872 2,228,542
20,386 1,809,069
thau
there
at
the current level for futures contracts, also a
the
state¬
Secretary of the Treasury, Henry Morgen-
Jr., that the Government should sell its cotton when
is a demand for it.
Uncertainty about legislation
Washington has kept traders on the anxious seat during
most of the week.
On the 2d inst.
prices closed 72 to 81 points net higher.
News that the ceiling for cotton would be 18.14c. a pound
under the price fixing bill introduced in Congress late yester¬
announced
was
at
On the 7th inst. prices closed 3 to 4 points net lower for
all deliveries with the
exception of distant July, which sold
Opening prices were 4 to 9 points higher,
further modest gains were added in early dealings on
only 1 point off.
spot house and trade buying which overbalanced New Or¬
selling.
Volume failed to show any pickup on the
rise, and it was only a short time before selling became
general and prices dipped below yesterday's close.
Within
a short time prices showed losses of around 50c. a bale.
The
scale down.
The
market
had
to
on
a
face fresh
political news
from Washington, this time from the Administration side,
and after the early gains nervousness over the loan freezing
outlook became a dominant factor in the trade.
Secretary
Wickard also opposes any freezing of the loan cotton, and
even
though the Senate has approved the Fulmer bill,
which like the Smith
Speculation in cotton for future delivery showed consid¬
week, especially during the
early part of the period, when prices broke 23 to 28 points
on liquidation.
This was brought about largely by the an¬
nouncement of a Government loan more than 2c. a pound
erable activity during the past
from
loan
cotton
early selloff was cushioned somewhat by trade buying
235,483
Other ports
Total 1939
The
pound, or 85% of the 16.49c. parity price of
Aug. 1. The rate for middling 15-16 inch at Gulf ports is
14.25c. gross weight, 14.69 at Carolina mill points, and
13.80c. at New Mexico points. Sales in the leading Southern
spot markets were 6,378 bales compared with 3,564 bales
same day last year.
The average price of spot cotton at the
10 designated spot markets was 16.30c.
On the 5th inst.
prices closed 11 to 7 points net higher. Opening prices were
9 to 16 points net higher.
New Orleans and local selling
pushed futures down some 75c. a bale from the day's tops.
Volume declined as the market lost ground.
The early
strength reflected news from Washington that the conferees
had approved the bill to freeze Government loan stocks
despite Secretary Morgenthau's comment that it would be
"wicked."
It is now considered likely that Congress will
approve the bill.
But whether President Roosevelt will veto
it, is not known. If we should veto the measure, it is likely
that prices would be subject to selling pressure.
Another
thing which helped in the recovery of prices was the prospects
that price control measures by Congress may be held up for
some weeks.
Some short covering as well as the political
news, helped to send prices up more than $1 a bale in the
morning session.
Profit taking cut into the gains around
noon, but at that time they were still 15 to 20 points higher.
a
924,586
922,678
400,123
140,731
28,446
53,514
24.388
Norfolk
under
time broke 44 to 49
leans
Total
"705
Galveston
ment
one
Stock
Coast¬
many
market.
14.02c.
and
On
Aug. 8 at—
New
New Orleans at
points, and contributed greatly to the early selling in the
trade circles
would freeze the loan
measure
uncertain
are
what President
over
stocks,
Roosevelt
will do if the bill reaches him.
Today
prices
closed
moved in
a
the
estimate
crop
9
ing and short
net
lower.
Cotton
a
few
selling, which
Toward
points
was
the
close
the
hedge sales, realiz¬
inspired by the earlier
on
After publicatio nof the Bureau's
crop
ing prices were
a
points
held.
not
were
market showed losses of
rise.
6
to
wide range, and advances which occurred after
short
higher
time
on
market
accelerated
short
due
to
boll
weevil
sections
forecast, open¬
unchanged to 3 points higher, but within
the
of
covering
infestation
the
belt,
moved
trading.
and
from
14
was
to
17
points
reported
as
replacement
seems
and
to
The rally
the
to
be
buying.
Because
spreading in certain
weather
recently
has
not
The Commercial & Financial Chronicle
858
been good, some trade sources predicted that the crop had
deteriorated since the first of the month and that the out¬
look
for further
was
for
middling upland cotton in the
New York market each day for the last week has been:
-'Aug. 2 to Aug. 8—
Sat.
Mon. Tuei.
Wed. Thurs.
Fri.
17.24
17.33
17.30
future
delivery and open contracts on the New York
Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
deterioration.
17.47
1941
Cotton
The official quotation for
Middling upland <15-16 (nom'l) 17.60
Aug. 9,
Open
17.21
New York
Aug. 1
Aug. 2
Aug. 4
Aug. 6
Aug. 5
Aug. 7
Contracts
Aug. 7
Premiums and Discounts for Grade and Staple—The
1941—
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries on contract on Aug. 14.
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. 7.
■
-
August (Inactive;....
*600
October
14*900
17J00
13*500
15" 000
7.200
13", 700
212,700
December
57,200
56,600
50,900
52,200
47,200
37,100
531,200
1942—
2,700
January
—
July
Total all futures....
1,000
60.700
41,700
1,300
51,600
41,600
35,100
470,800
33,100
34,400
33,900
39,360
23.200
23,000
274,000
9,300
May
1,900
72,500
March
7,200
9,700
5,200
4,300
8,400
45,700
700
1,600
27,900
189,700 177.900 150,700 164,606 125,300 118,000 1,562,900
Open
New Orleans
July 30 July 31
Aug. 1
Aug. 2
Aug. 4
Aug. 5
Contracts
Aug. 5
H
29-32
16-16
31-32
1 Inch
Inch
Inch
Inch
Inch
and Up
1941—
August.;
White—
October
Middling Fair
.33
on
.43
on
.55
on
Strict Good Middling
.27
on
.37
on
.49
on
.56 on
.62
.64
600
...
on
Good Middling
.21
on
.31 on
.43
on
.50
on
.58
on
.09
on
.19
.30
on
.37
on
.46
on
March
Middling
.21 off
.06
on
.14
on
May
Strict Low Middling
.11 off
Basis
.70 off
.61 off
.51 off
.45 off
1.36 off
1.32 off
1.30 off
200
300
a4,200
7.200
5.850
6.000
7,300
24,750
33,150
21,400
29,200
66,650
104,950
950
January
.36 off
1.43 off
Low Middling
500
10"350
31,350
1942—
Strict Middling
on
500
16,500
75,450
..—
December
.70 on
on
300
100
300
4,500
51,000
42.850
32,750
30" 200
36.950
22,5.50
11,250
18,450
39,100
27,450
159,700
112,750
1,000
2,700
600
2,000
500
650
9,750
197.050 132,650
...
200
63,350
39,200
...
98,650
85,600
76,750'l04,300
462,500
1.26 off
July
Extra White—
Total all futures
Good Middling
.21
.09
Strict Middling—
.31
on
on
.19
on
on
.43
on
.30
on
.50
on
.58 on
.37
on
.46
.21 off
.11 off
Even
.06 on
.14
on
.70 off
.61 off
.51 off
.45 off
.36 off
1.43 off
1.37 off
1.32 off
1.30 off
.23 off
.11 off
.05 off
.03
.46 c?f
.36 off
.23 off
.18 off
.11 off
.93 off
.84 off
.72 off
.65 off
Includes 600 bales against which notices have been
Issued, leaving net open
none,
a Includes 2,400 bales against which notices have
been Issued,
1.26 off
.34 off
*
on
Middling
Strict Low Middling."..*
Low Middling..
contracts,
leaving net open contracts of 1,800 bales.
The Visible
Spotted—
Good Middling
Strict Middling
_
Middling
a
a
Supply of Cotton—Due to war conditions,
are not permitted to be sent from abroad.
therefore obliged to omit our usual table of the
visible .supply of cotton and can
give only the spot prices
at Liverpool.
on
cotton statistics
We
.59 off
Middling spotted shall be tenderable only when and If the Secretary at Agri¬
a type tor such a grade.
culture establishes
Market and Sales
The total sales of cotton
Aug. 8—
Middling upland, Liverpool
Egypt, good Giza, Liverpool
Peruvian Tanguis, g'd fair, L'pool
Broach, fine, Liverpool
C. P. Oomra, No. 1 staple, super¬
fine, Liverpool—
New York
at
the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also show how the
market for spot and futures closed on the same days:
on
Futures
Closed
Saturday
Monday
Tuesday
Wednesday
Thursday—
Friday
.
Total
Closed
Nominal
Nominal
Nominal
Steady.
Nominal
1
1
.
*
I
iti
•
I
Nominal
Steady
Nominat
Barely steady..
t
1
I
I
ixr iO lO
•
■
t
f
1
I
I
I
1
1
1
week.
Since Aug.
Contfct
Spot
Steady
Barely steady.
Steady
«
1
I
I
1
Saturday
Aug. 2
Monday
Aug. 4
as
Tuesday
Aug. 5
Aug. 6
I
Movement to Aug. 8, 1941
Towns
Receipts
Thursday
Friday
Aug. 7
Week
Ala., BIrm'am
Eufaula
Aug. 8
2;623
1,882
3,425
1,882
3,125
3,125
2,823
11
11
387
707
707
3,226
16.48m
16.45m
16.72m
16.49 M
10.58m
16.55m
10.46m
October—
16.70-16.99 16.82-17.14 16.4.5-16.79 16.64-16.81 16.52-16.75 16.56-16.82
16 95 —
16.82 —
16.59 —
16.68 —
16.65
10.56
17.03M
Closing.
10.91m
16.67m
16.74m
16.73m
16.65m
December—
16 83-17.20 17.00-17.33 16.62-16.98 16.81-16.97
Range..
17.12
.
16.68-16.94 16.72-16.99
17.00-17.02 16.74-16.76 16.85-16.86 16.81-16.82
16.73-16.75
(1942)
Range..
17.15-17.23 17.18-17.33 16.65-16.99 16.88-16.94 16.71-16.93 16.78-17.00
17.04m
16.76m
16.86m
16.82m
16.75m
Closing.
17.14W
Range..
17.20n
.
17.10m
16.82m
16.92m
16.88m
March—
Range..
Closing
16.81M
16.93-17.40 17.15-17.48 16.73-17.10 16.93-17.12
16.80-17.04 16.84-17.11
17.26
17.15-17.17 16.87-16.89 16.98-16.99 10.94
16.87
.
April—
Range..
Closing
May—
17.25n
.
17.16m
16.88m
16.98m
16.94m
16.88m
16.95-17.30 17.15-17.48 16.73-17.08 16.94-17.10 16.81-17.04 16.85-17.12
16.98
16.95 —
16.89
17.22-17.27 16.15-17.17 16.89
.
June—
36
36
507
1,016
1,862
Walnut Rge
Ga., Albany..
72
72
640
44
44
348
17.13m
16.86m
16.95m
16.92m
16.86m
16.95-17.30 17.10-17.38 16.68-17.04 16.90-17.05 16.74-16.96
16.83-17.06
17.18-17.20 17.10
16.84
16.92m
16.90
16.83m
Closing.
Range for future prices at New York for the week ended
Aug. 8, and since trading began on each option:
Option for—
Range for Week
Range Since Beginning of Op ion
1941—
15.14
July
8.70
Oct.
16.45 Aug.
5 17.14 Aug.
4
November..
6,323
661
588
76,111
47,907
103
1,409
6
6
173
96,730
24,706
31,415
29,107
22,847
435
;
21,960
96,844
19,972
41,166
26,604
11,401
30,279
367
367
747
115,985
279
17
115
130
12
12
209
27
27
280
59,6261
906
28,882'
"585
"""585
69
20,389
,10,430
36,741
"673
1,872
29,009
2", 798
"2",798
5"8li
93,894
3,128
6,080
177,179
1,376
1,483
3,768
600
109,894
600
700
29,150
500
500
300
470
470
453
1,015
1,154
110
350
La., 8hrevep't
Miss., Clarksd
"349
36,904
30,646
29,900
27,210
"349
2,536
49,059
"712
"""736
"437
222
54,305
222
887
368
620
920
Columbus..
Greenwood.
100
29,511
100
800
37,365
25,153
28
42
1,235
100
100
1,200
23,703
45,789
11,679
11,991
12,349
28,665
4,746
Rome
18 1940 17.46
July
15 1941
28 1941
5 17.33 Aug.
9.28
4
Dec.
1942—
16.65 Aug.
5 17.33 Aug.
4
16.73
5 17.48 Aug.
4 10.43
9.49
Feb.
19 1940 17.62
July
28 1941
17 1941 17.63
July
28 1941
Mar. 17 1941 17.78
July
28 1941
...
Aug.
April
42,523
154
237
7,649
99
99
1
""91
7,451
7,273
191
15,535
12*844
12,917
2,036
2
1
Mo., St. Louis
12344
16.73 Aug.
5 17.48 Aug.
4 13.16
16.68
5 17.38 Aug.
15.92"
Aug.
4
Volume of Sales for Future
May
July
19 1941 17.77 July
18 1941 17.75
July
143
161
161
46
3",724
"4",186
3" 581
385
385
210
3,079
57
57
277
861
15 towns ♦.
1,428
1,428
9,631
586
586
S. C., Gr'vllle
Tenn., Mem's
Texas, Abilene
4,411
349
150,748
349
1,889
125,296
89,064
3,108
3,108
2,666
37,047
71,656
37,047
59,444
766,431
23,959
26,267
37,037
441
468,683
441
788
10,722
2
2
46
747
13
13
152
621
5
5
20
1,209
1,209
3,295
29,880
105
126
187
46
Brenham.
46
334
18,387
6
6
3
8,813
1,075
1,043
28,559
20,856
122
1,117
61
61
"233
"233
1,584
1,078
19,196
1,042
12,579
.
Dallas
San
Marcos
.
Waco
*
*59
""59
141
640
640
320
4,083
658
401
13,529
470
632
73,023 123,088 2130,985
42,459
46,220
592
479
658
73,023
70,985 1925,605
Includes the combined totals of 15 towns in
Oklahoma.
New York
Quotations for 32 Years
The quotations for
middling upland % (nominal) at New
York on Aug. 9 for each of the
past 32 years have been as
follows:
1941 *
1940
1938
17.21c.
1933
9.85c.
1925
24.55c.
1917
9.98c.
...27.15c.
1932
30.25c.
24.65c.
1930
12.55c.
1923
1922
1916
1915
...14.40c.
1931
7.00c.
8.05c.
1924
9.53c.
8.36c.
10.82c.
20.3.5c.
1914
1929
18.35c.
1921
1913
1928
20.40c.
13.20c.
39.50c.
1937
1936 .....12.63c.
1935
11.60c.
1934
13.95c.
......
1920
...
9.45c.
...12.00c.
1912
...12.50c.
1927
19.45c.
1919
32.15c.
1911
...12.30c.
1926
18.75c.
1918
31.15c.
1910
...16.05c.
1941 quotation is for 15-16ths.
28 1941
28 1941
Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each
day the volume of sales
919
202
N.C., Gr'boro
Oklahoma—
*
June
35,776
300
Jackson...
Natchez
1939-....
December.. 16.62 Aug.
May
9 1941 16.65 July
_
October
July..
214
243
673
Augusta
Total,56towns
Nominal.
March
2
1,710
13,285
3,128
Atlanta
Texarkana
Range..
August
September
521
1,016
Robstown..
17.21m
Closing.
July—
January
February
2,108
Paris
Range..
n
1,270
971
Austin
Range..
Closing
139
829
Vicksburg..
Yazoo City
February—
Closing
139
Athens
2
1,533
18,654
971
Rock
9
506
Macon..
Range..
Closing
103
Aug.
Columbus..
.
November-
Jan.
243
43,107
71,244
Stocks
Week
51
20,032
23,436
Bluff.
.
Range..
■'vUCo
Ship¬
Season
51
558
Newport...
16.36m
Range..
10.85n
.
ments
|
8,896
92,334
75
829
Pine
Closing.
3.9Id
Receipts
Week
44,689
555
Helena
Hope
Closing
8
Jonesboro..
16.39m
3.94d.
4.23d.
:
Aug.
Week
Season
3,425
Montgom'y
S'elma.....
Ark..Blythev
Forest City
,
Stocks
Little
16.62m
4.09d.
Movement to Aug. 9, 1940
Ship¬
ments
CO CO
Range..
16.75 n
6.25d.
"5.73d"
4.92d.
t
Aug.(1941)
Closing.
September -
8.34d.
8.34d.
'
"400
I I tit
follows:
Wednesday
10.40d.
1938
4.78d.
5.22d.
7.29d.
detail below:
til
highest, lowest and closing prices at New
York for the past week have been
1939
7.84d.
13.90d.
6.27d.
8.49d.
I
400
Futures—The
1940
15.30d.
the week and the stocks tonight, and the same items for the
corresponding periods of the previous year—is set out in
Total
1
400
1
1941
Closed.
At the Interior Towns, the movement—that
is, the
receipts for the week and since Aug. 1, the shipments for
SALES
Market
Spot Market
are
Overland Movement for the Week and Since
Aug. 1—
We give below a statement
for the week and since
showing the overland movement
Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
Volume 153
The Commercial & Financial Chronicle
1941
Aug.b—
Since
Shipped—
Week
Via St. Louis
Via Mounds, &c.
...
Via Rock
Island
Via Louisville
Via Virginia points
Since
Aug. 1
12.917
4,425
Week
12.917
4,425
151
151
150
227
91
227
91
3,288
4,388
3,091
5,000
4,091
11,432
25,319
14,990
23,384
4,388
...
Arkansas
25,319
:■
Overland to N. Y., Boston, &c
Between interior towns
i
.....
...............
_
Mississippi
_■
177
177
185
320
.21,448
21,448
10,227
16,485
21,625
21,625
10,412
16,805
Oklahoma_ A
3,694
Inland, &c„ from South...
_
3,694
4,578
6,579
Tennessee...
Missouri
Leaving total net overland *
Including movement by rail to Canada,
The
this
a
Estimated.
year
has
been
last
year,
bales, against 4,578 bales for
and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
1941
Sight and Spinners
Takings
1940
Since
Aug. 1
Week
Receipts at ports to Aug. 8
74,139
3,694
Since
Week
60,375
4,578
8—190,000
190,000
108,000
6,579
144,000
.....267,833
.*50,065
267,833
*50,065
1 72,953
2 20,080
*28,526
*32,904
South'n consumption to Aug.
Total marketed
excess
-
Came into sight during week—217,768
Total in sight
*
Aug. 8
69,501
144,427
—...
217,768
spinn's'takings to Aug. 8. 79,821
North,
Aug. 1
74,139
3,694
Net overland to Aug. 8
Interior stocks in
79,821
187,196
....
36,867
36,867
_
...
.
.
.
sight in previous
Week—
I
Bales
years:
198,466;1939
Bales
330,906
1938—Aug. 12...
1937—Aug. 13.......
123,393:1938
222,828
230,60711937--.................. 388,143
Quotations for Middling Cotton at Other Markets—
are
Southern
the
on—
Saturday
Monday
Tuesday
Vt
15-16
Vs
15-16
%
15-16
14
15-16
14
15-16
14
15-16
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
Wednesday
Thursday
Friday
Aug. 8
Galveston... 16.30 16.50 16.17
16.00 16.20 15.91 16.11
New Orleans. 16.43 16.63 16.35
16.06 16.26 16.04 16.24
Mobile
16.20 16.40 16.07
15.90 16.10 15.81 16.01
Savannah
16.60 16.75 16.47
16.30 16.45 16.21 16.36
Norfolk
16.75 16.95 16.60
16.50 16.70 16.45 16.65
Montgomery, 16.60 16.80 16.45
16.30 16.50 16.20 16.40
Augusta
16.80 17.05 16.67
16.50 16.75 16.41 16.66
Memphis
16.30 16.55 16.15
16.00 16.25 15.90 16.15
Houston
16.30 16.50 16.17
Little Rock.. 16.20 16.45 16.05
Dallas..
...
_
15.90 16.15 15.80 16.05
16.15 16.40 16.02 16.27115
04 15
15.85 16.10 15.76 16.01
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
Tuesday
Aug. 5
1,461
7,695
280,592
40,365
1,161,706
56,990
139
11
4,101,895
380,031
1,497
programs.
The
Department also announced that all of this
cotton
not redeemed
by Oct. 1, 1941, will be placed in pools, as
provided in the loan agreement, and sold in an orderly
manner by CCC.
Under this plan unredeemed loan cotton
from each crop will be
placed in a separate pool, with the
producer retaining title to the cotton.
The Department
further said:
has
been
placed in the pool, in proportion to their interest.
Wednesday
Aug. 6
Thursday
Friday
Aug. 7
Aug. 8
No
payment will be made to the producers at the time the cotton is
placed in
the pool and individual producers will not be entitled to
order the sale of
the particular cotton which
they placed in the pool.
No salas of these
pooled stocks will be made prior to March 1, 1942.
CCC reported cotton loans were outstanding on July
24, 1941, on 491,876
bales, of which 109,214 bales were in the 1940 loan, 2,631 bales in the 1939
loan, and 380,031 bales in the 1938 loan.
Unfixed Call Sales of Cotton Decrease
34,300 Bales—
sales of cotton reported by the
Unfixed call
Commodity
Exchange Administration decreased 34,300 bales during the
week ended July 25 to 553,900 bales,
according to the Aug. 1
weekly statement from United States Department of Agri¬
culture.
Of this amount, said the Department, 86,400 bales
based
were
on
the October future and
193,000
the De¬
on
cember future of the current year, while 2,500 bales
based on the January future of next year, 126,300 on
were
March,
85,000
on
May, 54,400
on
July, and 6,300
October.
on
The
announcement added:
Unfixed call purchases increased 500 bales to 51,800 bales on
July 25.
of this number, 23,200 bales were based on October, 15,100 on
December,
100
on
January,
This
8,700
statement
March, 4,100 on May, and 600 on July.
only call sales and purchases based
on
includes
New
on
York cotton futures, as reported to the CEA by merchants with futures
contracts of 5,000 bales or more in a single future.
The figures released,
all such transactions.
cover
Penalty on Excess 1941 Cotton Will be Seven Cents
per Pound—The Department of Agriculture announced on
Aug. 6 that the penalty rate on 1941 cotton marketed in
excess
Monday
Aug. 4
22,273
on
July 31 that Commodity Credit Corporation will allow
producers until Oct. 1, 1941, to repay outstanding loans and
redeem cotton pledged under the
1938, 1939, and 1940 loan
therefore, do not
Saturday
Aug. 2
23,528
176,871
51,568
1,228,696
.
CCC Grants Producers 60 Days to
Repay Outstanding
Cotton Loans—The Department of
Agriculture announced
16.00 16.20 15.90 16.10
30jl5
New Orleans Contract Market—The
for
-
Total..
closing quotations for middling cotton at
principal cotton markets for each day of the week:
Closing Quotations for Middling Cotton
Week Ended
_
_
_
cotton
Since Aug. 1—
1939—Aug. 11...
Below
15,660
39,188
23,734
184,566
53,065
320,957
......
AA A
--- -
On final liquidation of ail cotton in each
pool, the net proceeds, if anyafter deduction of all advances and accrued
costs, including storage, insur¬
ance, and handling charges, will be distributed
among producers whose
Decrease.
Movement into
_
3,694
of 2,885 bales.
In
38,417
83,908
2,436
Virginia
foregoing shows the week's net overland movement
week
the
34,004
7,127
253,553
678,409
108,357
46,139
4.481,926
_
_
A
South Carolina
Texas
*
170,826
150
.
.
North Carolina
Total to be deducted
649,662
161,140
69,102
110,793
.....i
New Mexico
(Bales)
23,429
10,892
291,970
762,317
....
Georgia..
Louisiana
(Bales)
294,169
695,801
195,144
....
California
Total gross overland
Deduct Shipments—
...
Arizona
Balance
Outstanding
177,953
Alabama
Repayments
Through
July 26, 1941
(Bales)
317,598
79,994
States
4,043
a3.500
150
Via other routes, &c.
Total
Loans
Aug. 1
3,581
a3,000
3,288
.
859
1940
of the farm
The 1940
marketing quota will be 7 cents per pound.
penalty rate was 3 cents a pound.
The Depart¬
ment further said:
1941—
Establishment of the rate
October... 16.985-.99a 16.90
16.61
16.66
December. 17.17-L.18 17.08-17.09 16.79
16.61
—
16.84-16.86 16.80
16.59
16.77
1942—
January._ 17.165
March
17.065
16.775
16.845-.86a 16.825
16.785
17.30
17.22
16.92-16.93 16.98-16.99 16.95
16.91-16.94
May..... 17.30
17.23
16.89-16.91
16.97-16.98 16.95
16.93
16.865
16.925-.94a 168951690a 168751688a
17.275-.30a 17.17
July
Tone—
Steady
Spot
Futures...
Ask,
a
Steady
Steady
Steady
Steady.
Steady,
Firm
Barely st'y
Steady
Steady
Steady.
Steady.
by States—follow:
A'';;■
Total Loans
Repayments
Loans Outstanding
States
bales
Amount
Bales
_
Bales
Amount
La
114.691
424,860.12
2,459
126,528
5,476, 738.93
3,260, 426.48
5,991 798.96
8,689
3,324, 899.07
6,089, 185.06
386,166
19,241, 073.90
362,699
18,144 903.41
23,467
64,472.59
97,386.10
1,096,170.49
151
Fla
Ga..—.
5,901, 599.05
71,092
...
123,380
128,504
.
Ark
Calif.
Amount
%
$
Ala-....
loan rate to coopetrators for the
cents above that in effect
creased only 4 cents.
5 Bid
Report on 1940-41 and 1938-39 Cotton Loans—-The
Department of Agriculture announced on July 31 that
through July 26, 1941, loans outstanding on the 1940-41
crop cotton held by Commodity Credit Corporation and
lending agencies totaled $4,993,802 on 109,214 bales.
Loans
and repayments by States—with the exception of repayments
of $13,265,567 on 266,195 bales made but not yet allocated
Airz
was provided by Congress in an amendment
Agricultural Adjustment Act of I <*38.
This legislation set a basic
1941 crop of cotton at 85% of the cotton
parity price as of Aug. 1.
At the same time, it provided that the penalty
on marketing excess cotton be placed at 50% of the basic loan rate.
The parity price of cotton on Aug. 1 was 16.49 cents a pound, which made
the basic loan rate for % inch middling cotton 14.02 cents.
Thus, the
penalty rate was set at half of this figure, or 7 cents a pound.
This will be a
flat rate applicable to the marketing of all 1941 excess cotton, regardless of
grade or staple.
Department officials pointed out that the new loan rate is more than 5
to the
7, 320.73
8,833, 436.93
108
5 151.33
43
2,169.40
163,914
139.440
7,841 597.76
6,820 778.19
20,817
16,307
991,839.17
7,599, 896.71
184,731
155,747
68,633
1,976
779,118.52
on
the 1940 crop while the penalty rate was in¬
Producers who knowingly exceed their acreage allotments may receive
government loans at a rate of only 60% of that offered to cooperators, hut
only
on
that portion of their crop which is subject to penalty.
Enactment of this
of
legislation
was
reported in these columns
3425.
May 31,
page
Cotton
Loan
Average For 1941 to
be
14.02
Cents—
A cotton loan program
based on the recently enacted 85%
of parity law was announced on Aug. 4 by Secretary of
Agriculture Claude R. Wickard.
Cotton producers co¬
operating with the Agricultural Adjustment Administration
program, will be eligible for loans on their entire 1941 cotton
production at a rate based on 85% of parity price as of Aug. 1,
the beginning of the 1941 marketing year.
The average loan
rate on %-inch middling cotton gross weight will be 14.02
cents per pound, based upon parity price of 16.49 cents for
Aug. 1. Last year the average loan rate on J^-inch middling
cotton gross weight was 8.90 cents per pound.
The an¬
nouncement added:
Miss
77,199
3,546,,302.79
73,002
3,321, 562.95
4.197
224,739.84
Mo
12 ,'738
591, 757.14
10,893
507, 305.75
1,845
N. M...
5,473
251, ,826.69
4,680
215, 454.71
793
84,451.39
36,372.08
N. C-~.
59,457
2,821,,017.68
39,801
1,902 860.01
19,656
918,157.67
calculated in relation to the loan rate on 15-16~inch middling cotion, which
Okla
210,717
9,645 774.84
5,512 281.10
6,069
280,866.46
is
122,853
15,362
9,926, 641.30
6,205,,967.26
204,648
S. C
11,619
693,686.16
Tenn
Texas...
1,625,677
913
Va
745, 346.50
111,234
15,362
745, 346.50
78,008,,837.28 1,368,205
65,443 757.19
913
257~472
43 203.09
43,,203.09
12 565,080.09
J. B. Ilutson, President of the
the
basic description for
,
3,180,160 153,138,311.18 2,804,751 134,878,941.10 375,409 18,259,370,08
Agriculture Department also announced on July 31
that, through July 26, 1941, loans outstanding on 1938-39
crop cotton held by the CCC and lending agencies aggregate
380,031 bales.
Loans and repayments, by States, follow:
The
Commodity Credit Corporation, said that
and location in the
%-inch middling cotton.
also be based on the net
new
program
all future and spot contracts.
middling 15-16-inch cotton will be 20 points
the basic rate for
be 60 points
Total
for grade, staple,
differentials
weight of the cotton.
(.2 cents
per
will
The rate
pound)
be
for
above
As in 1940, the loan rate will
The net weight loan
rate will
above that for gross weight to compensate for the lesser number
of pounds on
which the loan is extended.
inch middling cotton,
The
average
loan rate for 15-10-
net weight, will be 14.82 cents per pound.
The schedule of loan rates this year includes all grades embraced in the
Universal Standards for American Upland cotton and staple
lengths from
13-16-inch to IK inches.
The loan rate for 15-16-inch
middling cotton, net weight, will also
because of location from a high of 15.29 cents per pound in the Carolina
vary
milj
The Commercial &
860
Aug. 9, 1941
Financial Chronicle
Rain
area
to
in New Mexico, and a rate at Gulf and
of 14.85 cents per pound.
14.40 cents per pound
Pacific ports
Georgia—Savannah
;v:
Atlanta.
Agricultural Department's Report on Cotton Acreage,
Condition
and Production—The Agricultural Depart¬
ment at Washington on Friday (Aug. 8) issued its report
on cotton acreage, condition and production as of Aug. 1.
None of the figures take any account of linters.
Below
is the report in full:
COTTON REPORT AS
OP AUG.
1, 1941
Reporting Board of the United States Department of Agrithe following report from data furnished by crop correspondents,
The Crop
ture makes
The final outturn of
will depend upon whether the various influences affecting the crop
the remainder of the season are more or less favorable than usual.
and cooperating State agencies.
field statisticians,
cotton
during
Yield per Acre
Stat
1930-
1941
Aban¬
cated
Aver
Aver
Aver.
1940
1941 1930-
1939
1940
1939
Crop
Aver.
c
1940
1930-
1941
Crop
1939
don¬
Indi¬
cated
Aug. 1
ment a
Per
Per
Cent
Cent
Cent
Lb
Lb.
Bales
Lb
Bales
80
80
94
362
454
537
292
388
94
83
260
370
300
33
25
75
84
74
286
427
297
629
739
•"
73
86
62
76
96
66
71
70
81
95
70
79
53
265
375
166
824
966
83
80
67
93
97
82
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Aug. 9,1940
Aug. 8,1941
Feet
3.0
2.9
Feet
..Above zero of gauge.
Above zero of gaugeAbove zero of gauge.
.Above zero of gauge.
Above zero of gauge.
Shreveport
1.5 •'
...
.
3.7
9.6
8.6
0.4
9.4
6.6
—0.2
report by cable tonight from
the market in both yarns and cloths
Manchester Market—Our
Manchester states that
is steady.
Demand for cloth is good. We
below and leave those for previous weeks of
give prices today
this and last year
70
73
62
221
250
167
1,132
1,010
656
72
71
64
146
154
104
32
21
1940
1941
428
65
14
.....
Tennessee...—
694
75
71
85
257
340
381
465
609
1,859
72
64
72
216
190
205
779
798
Mississippi
2,466
73
60
76
246
240
302
2,064
73
76
84
236
349
324
1,250
1,501
1,557
Arkansas
1,145
1,585
1,281
1,079
1,643
8,143
71
59
58
237
194
190
703
456
428
67
1,441
77
72
136
211
157
750
802
537
70
72
69
154
184
152
3,766
3,234
2,572
83
440
576
466
100
128
116
401
424
455
159
195
230
New Mexico
119
87
94
Arizona
241
90
89
92
California
351
91
98
87
538
749
680
333
545
499
20
81
80
87
320
394
442
16
18
19
All other.......
Middi'o
Upl'ds
Twist
to Finest
Upl'ds
d.
d.
14.74
12
Closed
14.08
1110^@12
Cotton
ings, Common
Middl'g
32s Cop
to Finest
Twist
d.
s.
s.
d.
d.
May
13
9-
16.19
16..
16.19
13
13
0
16.19
13
1
6-
16.19
13
3
13..
16.19
13
3
20..
16.19
16.19
13
3
13
3
29..
s.
4H@12
92
Nominal
4H
Closed
14.04
1110>4 @12
1H Closed
6
6
6
0
Closed
14.04
11 10H@12
Closed
14.04
11
Closed
14.22
12
Closed
14.00
12
6
@12
1H Closed
7.25
IVx
7.82
7H
7.60
9
0
7X
7y3
7M
Closed
14.13
12
6
14.25
12
6
Closed
14.19
12
0
@12
@12
@12
9
Closed
Closed
14.05
12
4H@12
9
7.95
7H
7Vi
7.84
July
3
10H@12
4H@12
176
f83
71
205
236
17
33
38
233
86
228
60
84
b Allowances made for interstate movement of seed
Indicated Aug. 1, on area in cultivation July 1, less 10-year
average abandonment,
d Included In State and United States totals. Sea Island
grown principally In Georgia and Florida.
American Egyptian grown principally
in Arizona,
e Not included In California figures, nor in United States total., f Shorta
natural causes,
From
cotton for ginning,
c
time average.
the Plantations—The following table
each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
from
Receipts
indicates the actual movement
1939
1940
9.
67,696
16.
75,438
41,104
39,262
83,347
42,308
29.
65.092
30,472
27,624
32,919
26,190
1941
1939
1940
1941
10,724 2751,529
15,932 2697,331
16,953 2651,560
17,870 2611,700
2360,407 2725,840
2321,071 2692,155
2288,087 2687,674
2256,647 2635,929
June
6.
93,349
13.
73,311
20.
78.427
27.
64,570
40,690
27,653
19,555
3.
53,576
79,412
18.
69,682
25.
90,172
19,881
21,723
1940
8.
63,822
74,139
17,109
Nil
Nil
21,240
Nil
Nil
37,576
9,324
Nil
25,232
Nil
Nil
10.19
13
4K@13
7H
Closed
14.00
12
4M@12
8..
16.19
13
4^@13
7p2
Closed
14.04
12
4H@12
Cotton
York
60,375
Foreign Cotton
Statistics—Regulations due to the war
from abroad.
tables:
World's Supply ana Takings of Cotton.
India Cotton Movement from All Ports.
Alexandria Receipts and Shipments.
Liverpool Imports, Stocks, &c.
BREADSTUFFS
in the East reported a good flour
demand recently, but the volume was smaller compared
with the earlier part of the week.
According to gossip in
the local area flour buying throughout the country was
heavy this week, with the small and large consumers par¬
ticipating.
Various estimates were reported on the volume
Nil
Nil
19,766
3,658
34,047
Nil
8.083
of trade concluded
2512,919
32,014
Nil
Nil
wave
26,363 2383,187 2061,441
33,685 2326,471 2034,995
58,075 2279,147 2013,138
73,527 2225,970 1980,272
2490,599
13,700
Nil
4,043
1,000,000 barrels
2462,476
22,696
Nil
5,562
2444,446
Nil
40,045
2434,289
22,358
36,995
Nil
63,370
2,000,000 barrels.
73,404 2181,050 1954,131 2441,606
72,192 2130,985 1925,605 2434,071
18,902
24,074
80,721
64,657
higher.
Nil
38,821
31,849
shows:
(1) That the total receipts
plantations since Aug. 1, 1941, are 24,074 bales;
in 1940 were 36,597 bales, and in 1939 were 111,506 bales.
(2) That although the receipts at the outports the past
week were 74,139 bales, the actual movement from planta¬
tions was 24,074 bales, the stock at interior towns having
decreased 50,065 bales during the week.
by
Telegraph—Telegraph advices to us this
evening indicate that in Texas the weekly progress of cotton
has been mostly good and the general condition of the crop
is largely fair to good.
Plants are beginning to bloom in
the northwest.
Rain
Days
4
2
Texas—Galveston
Amarillo
Austin
2
.
3
Abilene
Rainfall
Inches
4.23
0.54
0.07
0.47
0.04
-Thermometer-
High
Low
Mean
81
91
71
92
62
77
96
69
83
98
67
83
95
Brownsville
1
72
84
Corpus Christi
3
2.03
95
72
84
Del
1
]
96
70
83
103
73
88
97
68
83
95
71
83
95
72
97
71
84
3
0.20
0.02
0.61
1.80
0.68
0.22
0.17
71
85
2
5
0.96
0.79
98
102
70
86
99
70
85
1
0.49
98
6/
f-3
3
0.63
93
64
79
3
1
1
1.07
0.82
0.02
96
70
97
95
70
84
68
82
Rio
Fort Worth
4
3
Houston
Navasota
2
2
Palestine
Antonio
Waco
Oklahoma—Oklahoma City
Arkansas—Fort Smith
Little Rock
Louisiana—New
Orleans
Shreveport
Mississippi—Meridian
Vicksburg
_
84
>>3
85
Alabama—Mobile..
4
0.46
95
72
Birmingham..
Montgomery
Florida—Jacksonville
5
2
2
2.91
0.57
0.02
90
68
79
93
69
81
100
73
87
Miami..
1
0.08
90
78
84
Tampa
dry
94
78
86
7 82
in Europe prohibit cotton statistics being sent
We are therefore obliged to omit the following
85,193
The above statement
Returns
7.83
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
and
buying
500,000 to
for the eastern part of the country only,
since last Saturday/ when the
started, and they ranged anywhere from
for the
entire Nation the estimates were
upward of
prices closed 2% to 3J^e. net
Wheat shot up more than a cent at the opening,
and then, except for minor setbacks, continued to advance,
closing at or near the day's best levels.
Grain prices rose
1 to more than 4c. a bushel today, May, 1942, futures of
all leading cereals selling at the best levels in three to four
years.
Buying was based principally on provisions in the
price-control bill prohibiting establishment of farm com¬
modity ceilings below 110% of parity—potential ceilings
which would be higher than many traders had expected.
Some traders had believed grains would be exempted from
the price-control bill, which is expected to be revised before
it finally becomes law, but they pointed out that the mini¬
mum ceilings are far above current levels.
Some estimated
the Chicago equivalents of this level at around $1.40 for
wheat, $1.04 for corn, 64c. for oats, and $1.15 for rye.
On
the 4th inst. prices closed 2% to 3^c. net higher.
Wheat
prices soared more than 4c. a bushel today, May, 1942,
futures reaching a four-year peak of almost $1.18.
This
extended the market's advance for the last two sessions to
about 7c., reflecting trade buying following disclosure of
terms of the price-control bill which would prohibit ceilings
for farm commodities below 110% of parity.
Heavy buying
also was stimulated by reports of increasing flour and mill
trade activity stimulated by higher wheat prices.
Pur¬
chases were made to lift hedges against flour sales, traders
report.
Buying continued to reflect trade adjustments to
price-control legislation which would permit farm com¬
modities to rise 110% of parity.
There were Washington
reports that some Congressmen would try to raise the
ceiling to 120% and that other legislation would be sought to
revise parity sales upward.
On the 5th inst'. prices closed.
V2e. off to ye. up.
An abrupt last minute rally in wheat
futures gave a better closing tone to the market today,
Wheat—On the 2d inst.
64,962
7.82
7.98
are no
2600,639
2570,117
2541,961
from the
San
13
9
9
1939
Aug.
1.
16.19
16,177 2553,544 2220,186
23,331 2499,999 2190,925
36,239 2455,619 2152,669
26,909 2423,063 2100,627
July
11.
13
Flour—Mill agents here
May
23.
13
16.19
Friday Night, Aug. 8, 1941.
End
1941
16.19
Receipts from Plantations
Slocks at Interior Towns
Recelpts at Ports
Week
16.19
11..
@13
4^@13
4H@13
4H@13
Aug.
Calif.
(Old Mexico) e
3..
13
7.42
Closed
Nominal
25..
4.0
72
236
91
d.
8.14
Closed
1Lower
127.4
Egyptian d
7H
1J4
Closed
18-
205.4 252.5 224.4 13,246 12,566 10,817
72
72
76
30.1
Sea Island.d
Amer.
72
23,102
d.
3
3
3
June
27..
d.
@13
@13
@13
@13
0
16.19
s.
@13
@13
@13
@13
0
23..
Cotton
32s Cop
8K Lbs. Shirt¬
ings, Common
8H Lbs. Shirt¬
552
Alabama.......
United States.
83
67
98*
0.68
4.38
0.19
1
:'3;
_
:«.2 V-&
2
Nashville
497
1,236
1,886
Oklahoma.
f
.
Chattanooga
21
800
Louisiana....—
Iff
Wilmington
Tennessee—Memphis.
87
99
89
93
2
JJ
70
6.25
0.70
0.76
1.08
452
76
North Carolina. _
Texas.........-
£* w
Bales
34
..
Georgia
.
!*; 98
Thous. Thous.
402
..
Florida
Thous.
Per
Acres
South Carolina..
.
94
1.13
for comparison:
Thorn.
Missouri
Raleigh
Vicksburg
Indi¬
Lew
10-Yi.
Virginia
is:
Nashville
July 1,
1941
0.46
1
,
Weight Bales
Condition
Aug. 1
98
S:5,
dry
Macon..
3
South Carolina—Charleston. .
North Carolina—Charlotte...itf-'S
ProdiVn (Ginnings) b
500-Lb. Gross
Cullfr
nation
High
0.05
•
New Orleans
Memphis
Area in
Inches
Days
2 'J;::
.
....
-Thermometer
Low
Mean
86
74
82
69
85
72
Rainfall
Volume
The Commercial & Financial Chronicle
153
especially for the deferred deliveries which finished about
unchanged to a shade better than the previous close.
The
nearby delivery, however, was off almost a half cent.
Prices
of virtually all futures were
considerably lower than yester¬
day throughout most of the session.
The market was under
moderate pressure from profit-taking sales
following the
abrupt advances of the two previous sessions to the best
levels in about four years.
After a lower opening, a moderate
rally followed announcement that the Army had purchased
100,000 barrels of flour, but later hedge selling swept the
pits and prices drifted lower until the final spurt just before
the close.
On the 6th inst. prices closed
% to 13^c- net
higher.
Wheat prices shot up as much as 2 to 2^c. a
bushel in early dealings today,
reaching four-year peaks as
high as $1.19^ for May, 1942, delivery, but then lost about
half
of the advance due to profit-taking.
Purchases by
professional interests and commercial conoerns, including
mills, was stimulated by inflation talk coming from Wash¬
ington and progress of legislation which would prohibit the
Government from
disposing of approximately 170,000,000
bushels of 1940 grain as long as the war continues.
grains advanced with wheat,
about
On
rye
almost 2c. and
corn
Other
and oats
cent at times.
a
the
7th
inst. prices closed unchanged to 34s c. up.
appeared to be in the background today, with the
market taking the spotlight.
However, wheat showed
Wheat
corn
gains at
induced
time of about
one
since 1937.
There
cent
a
to
$1.19%,
a
was
sharp advances scored in prices during the past five days
and the somewhat less aggressive demand for flour
through¬
out the country.
At the outset of the session wheat prices
were
steady, with traders in general awaiting devel¬
opments.
However, as the session progressed commission
house buying and some support for
milling accounts dis¬
very
closed
to
a
the
scarcity of offerings and prices quackly responded
covering
and
advanced
about
lc.
a
bushel
at
the
principal trading centers.
Today prices closed %c. lower to %c. net higher. Wheat
losses were held to %c. during the first
hour, but the
market reflected profit-taking, induced
by the recent sharp
price advance to four-year peaks, an increase in country
sales, and a pause in mill buying.
Traders said that with
prices of deferred contracts above the loan level a more
cautious
recent
attitude
had
large-scale
demand
in
that
developed
flour
among
business
was
buyers
quarter for
the time being.
in wheat tonight, 49,889,000 bushels.
DAILY CLOSING PRICES
OF
Sat.
No. 2 red
DAILY
CLOSING
PRICES
September
OF
Tues.
121 %
December
May
DAILY
High and
113%
116%
119%
to
that
satisfy
Open interest
NEW
YORK
Wed.
Thurs.
Fri.
124%
124
122%
WHEAT FUTURES IN CHICAGO
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
113%
Season's
IN
Man.
108%
..111%
—
December.
May
September
WHEAT
121% 124%
-
and
expected
111%
114%
116%
111%
114%
117
112%
115%
118%
112%
115%
118%
112%
115%
119%
When Made
1
Season's Low and When Made
Aug.
6, 1941 September
73%
Feb. 17. 1941
Aug.
6, 1941 December
96%
May 31, 1941
Aug.
7, 1941 May...
109
July 24, 1941
...
CLOSING PRICES
OF
WHEAT
Sat.
October........
FUTURES IN
Mon.
Tues.
Wed.
74%
76%
December
May
H
O
L
74%
....
WINNIPEG
Thurs. Fri.
75
....
75%
77%
Corn—On
the 2d inst. prices closed ys to
IKe. net
The born market in sympathy with the strong
action of wheat and other grains, showed
strength and
vigor, and closed at the best levels in years
On the 4th
inst. prices closed y2 to %c. net higher.
The corn market
did not respond fully to the vigorously
strong wheat market
higher.
the
same as
the other grains.
Government sales of
corn were
reported and this appeared to be a wet blanket to some
extent upon buyers of corn.
Government corn was offered
at Chicago at practically the same
price as Sept. futures or
77c.
On the 5th inst. prices closed 34 to %e. net lower.
The corn market ruled heavy in
sympathy with the setback
of wheat and especially the rye futures market
There was
little
in
the
to encourage support of corn futures.
prices closed % to l%c. net higher.
The
strong wheat market had its influence on corn, and prices
news
861
not received
are
further complaints of corn de¬
terioration could be expected, due to the fact that the
dry
spell has caught the crop at a critical stage when luxuriant
soon
haevy growth demands
full extent
of deterioration
gains.
On the 7th inst. prices closed % to l%c. net higher.
Buy¬
ing centered principally in May, 1942, futures contracts of
which rose more than 2c. a bushel at times to a four-
corn,
No. 2
■"DAILY
'
_
,
September
December
May—
May
The advance
was
reflecting recent increased country sales of old stocks
attracted by sharply higher prices.
H. C. Donovan, crop
expert, pointed out that the weekly weather report con¬
firmed widespread need of rains and cooler weather in the
cars,
belt, but that while the damage has started it is well
consider the fact that hybrid corn, which
comprises the
bulk of the acreage in the commercial
area, can withstand
more
severe
weather conditions than can
open-polinated
The
NEW
Mon.
Tues.
91%
90%
YORK
Wed.
92
Thurs.
92%
Fri.
92%
77%
77%
g0%
78%
82%_83%
____
85%
___
_-_82%
—
!
78%
82
85%
When Made
I
Season's Low and When Made ~
June 23. 1941 (September
57%
Feb. 17,1941
Aug.
7, 19411December
73%
May 23, 1941
Aug. 7,1941|May
79%
July 30,1941'
—
86%
—
Oats—On the 2d inst. prices closed
134 to l%c. net higher.
Influenced by the
Washington news and the strong action
of the other
grains, oats showed substantial gains.
On the
4th inst. prices closed
little to say
% to 2c. net higher.
There was very
concerning oats outside the fact that the market
strong in sympathy with wheat and corn.
On the
5th inst. prices closed
34e. off to 34c. higher.
Trading was
very light and fluctuations narrow.
On the 6th inst. prices
closed 1 to 124c. net
higher.
Oats reached new highs for
deferred deliveries today, the
highest since 1937.
was
On the 7th inst. prices closed
34 to %c. net higher.
The
corn market had its effect on oats
futures.
Bullish
strong
weather
a
and
crop reports played their part in
influencing
Today prices closed unchanged to 34c. up. Oats
with corn.
Trading, however, was light.
demand.
were
firm
DAILY CLOSING PRICES
OF
1
OATS
Sat.
FUTURES
Mon.
40%
IN
CHICAGO
Tues.
Wed.
43"'
A
September
September (new)
December (new)
May (new)
41%
44%
39%
43%
Season's
High and
September
42%
Sept. (new)
42%
Dec. (new)— 45%
May (new)_._ 48%
When Made
I
Aug.
__
7, 19411September
7, 19411Sept. (new)
7, 1941 Dec. (new)...
7, 19411May (new)...
Aug.
Aug.
Fri.
42%
44U
""I
47%
When Made
30
...
Thurs.
42%
47%
45%
Season's Low and
Aug.
...
33%
36%
41%
Feb. 17, 1941
May
3,1941
May 26. 1941
July 30,1941
DAILY CLOSING PRICES OF OATS
FUTURES IN WINNIPEG
Sat.
Mon. Tues.
Wed. Thurs. Fri.
October
38%
O
....
May..
H
36
December
L
40%
41
41%
....
Rye—On the 2d inst. prices closed 43^ to
43^c. net higher.
Chicago
futures
rye
were also very firm under
buying re¬
distillers' account and some
ported to be for
speculative
buying.
Prices finished around the best levels of the session.
Washington reported on the close of the week that an import
quota on foreign rye- similar to that imposed on wheat
several months ago may soon be
necessary.
With the
spread between the price of Canadian and United States
grain widening, it may soon be profitable to import large
quantities of Canadian rye and pay the 12c. a bushel tariff.
On the 4th inst.
prices closed 13^ to 2c. net higher.
Rye
peaks for the last three or four years.
As in the other grains,
buying continued to reflect trade
adjustments to price control legislation which would permit
farm commodities to rise
110% of parity.
On the 5th inst.
prices closed 13^ to 134c- net lower.
Rye showed greatest
weakness of all the grains at the close.
There was heavy
speculative buying on the recent advance, and as the market
began to look reactionary the speculative element attempted
to take down their profits.
Many traders adopted a more
cautious attitude pending
developments in the price-fixing
legislation now pending in Washington.
On the 6th inst.
prices closed unchanged to 34c. higher.
Rye showed dis¬
appointing response to the strong upward trend of wheat
and other grains.
deliveries sold at
new
On the 7th inst. prices closed % to
34c. net higher.
The
market did not respond well to the strong corn market,
rye
traders apparently focusing their attention on the
latter.
Today prices closed % to %c. net higher.
Rye held firm
the
toward
close
of the
session, due largely to short
covering.
DAILY
CLOSING
PRICES
September
September (new)
December (new)
May (new)
Season's
OF
...
__
*"BTlLY
—
RYE
FUTURES IN CHICAGO
Mon.
Tues.
Wed. Thurs. Fri.
Sat.
65
68%
72%
>...76%
High and
September
Sept. (new)
Dec. (new)
May (new)—
May
about 7c. above the nearby deliveries.
in the face of large receipts
totaling 252
CORN IN
76%
79%
Season's High and
September
79%
December
82%
sold almost to
or
moisture.
CLOSING PRICES OF CORN FUTURES IN
CHICAGO
Sat.
Mon. Tues.
Wed. Thurs. Fri.
October
December
86c.,
OF
Sat.
91
yellow
peak of 8634:0., and this led another general price ad¬
vance in the grain pits today.
Corn derived strength from
reports of crop deterioration.
The early upturn in corn
carried September contracts to 79, while
May, 1942, futures
year
normal
since Aug. 1.
DAILY CLOSING PRICES
On the 6th inst.
for the latter showed substantial net
than
more
forthcoming Government report is not expected to show the
high
new
considerable selling at these levels,
by fears of a technical reaction after the
largely
rains
65
71%
74%
79%
69%
74%
69%
69%
72%
77%
When Made
Season's Low and When
Aug. 2, 1941 September
44
Feb.
Aug. 4, 1941 Sept. (new)
54%
May
Aug.
4, 1941 Dec.
(new)
56%
May
Aug.
4, 1941 May (new).65%
July
__
CLOSING PRICES
Made
21, 1941
31, 1941
23, 1941
25,1941
OF
RYE FUTURES IN WINNIPEG
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
54%
55%
_
H
O
....
57%
.
L
—
DAILY CLOSING PRICES OF BARLEY FUTURES IN
Sat.
Mon.
Tues.
Wed.
October
£8%
December—
—
May
47%
50%
WINNIPEG
Thurs.
50%
Fri.
51%
L
—
Closing quotations
H
O
were as follows:
corn
FLOUR
to
Standard Mill Quotations
Spring patents
First spring clears
—6.65@6.90|Soft winter straights
—6.40@6.65
6.40@6.65|Hard winter straights-...6.50@6.75
varieties.
Today
GRAIN
prices
closed
absence
to
%c.
net
higher.
Continued
of rain in the main
corn-producing belt prompted
buying of that cereal, lifting prices back to fourhighs at one stage.
Crop experts said that if good
further
year
34
Wheat, New York—
(Oats, New York—
No. 2 red, c.i.f., domestic—122% J
No. 2 white
Manitoba No. 1, f.o.b. N. Y. 91
1 Rye, United States, c.i.f—...
Corn New York—
49%
88
[Barley, New York—
,
No. 2 yellow, all rail
|
92% I
40 lbs. feeding.
Chicago, cash
66%
55-68
The Commercial &
862
below regarding the movement of grain
All the statements
—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 tfeek ended Saturday, Aug. 2, and since Aug. 1 for
each of the last three years:
bbls 196 lbs
Rye
bush 32 lbs
bush 56 lbs
bush 60 lbs
Aug.
■Vv'V'.> Wheal I
Corn ■ <
Bushels
Bushels
202,257,000 39,266,000
Summary—
American
Barley
bush 56 lbs bush 48 lbs
1941
9,
Oats
Bushels
Barley
Bushels
Rye
Bushels
,
.429,250,000
Canadian......—-
......
6,287,000 10 852,000
3,871,000
1,356,000
5,472,000
3,620,000
12,208,000
7,942,000
10.025,000
9,092,000
8,639,000
8,616,000
2,1941.-631,507,000 39,266,000 10,158,000
Total July 26, 1941..614,901,000 39,861,000
8,969,000
Total Aug.
3,1940.-406,211,000 24,784,000
8,085,000
Total Aug.
of wheat and corn, as furnished by
The world's shipment
Oats
Corn
Wheat
Flour
Receipts at—
Financial Chronicle
for the week
July 1, 1941, and July 1, 1940, are
Broomhall to the New York Produce Exchange
ended Aug. 1 and since
shown in the following:
1,210,000
4,652,000
3,552,000
1,586,000
08,000
1,336,000
75,000
675,000
633,000
490,000
145,000
212,000
542,000
150,000
157,000
891,000
428,000
81,000
514,000
3,600,000
318,000
471,000
117,000
2,420,000
1,650,000
289,000
666,000
248,000
938,000
374,000
173,000
22,000
97,000
49,000
86,000
348,000
643,000
411,000
122,000
156,000
168,000
112,000
50,000
48,000
37*000
79T666
891666
91I660
countries
414,000
19,941,000
1,780,000
Total...
432,000
444,000
13,612,000
11,965,000
306,000
Same wk '39
4,233,000
2,186,000
3,935,000
1,062,000
Same wk '40
5,157,000
4,525,000
2,572,000
1,477,000
4,199,000
Chicago
208,000
...
Minneapolis
Duluth....
15*666
Milwaukee.
Toledo
Buffalo
Indianapolis
Louis
St.
.
127*666
_
41,000
Peoria
23,000
Kansas City
Omaha
■:
;
Joseph.
St,
Wichita
...
Sioux City.
Total wk *41
6,000
858,000
10,000
*8*666
Since
Since
Week
Since
Since
Aug. 1,
1941
July 1,
1941
July 1,
Aug. 1,
July \t
July 1,
1940
1941
1941
1940
Bushels
Bushel.
Bushels.
Bushel.
Bushel.
Bushel.
Exports
178,000
6,000
10,000
15,000
2,000
28,000
53,000
4,746,000
27,858,000
2,238,000
No. Amera
9,5*83*666
17,450.000
560,000
15,893,000
37,441,000
35,847,000
Black Sea.
Argentina.
767,000
v-
1939
....
4,233,000
2,572,000
1,062,000
1,780,000
2,186,000
3,935,000
5,157,000
4,525,000
19,941,000
13,612,000
11,965,000
444,000
1938
306,000
1,477,000
4,499,000
767,000
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
Release Price Schedule
Barley
bush 56 lbs bush 48 lbs
371,000
184,000
Philadelphia
38,000
181*666
ie'ooo
*2*666
Baltimore..
20,000
885,000
140,000
New Orl'ns*
24,000
26,000
12,000
120,000
lblooo
"3*666
1,880,000
tic ports.
3,403,000
341,000
224.000
19,000
374,000
7,418,000 126,586,000
8,197,000
1,708,000
713,000
1,586,000
228,000
2,555,000
638,000
34,000
7,000
2,000
7,436,000
79,352,000
20,922,000
2,724,000
1,696,000
1,163,000
239,000
Since Jan. 1
1941
Slnce Jan. 1
1940
*
on
....
Receipts do not include
grain passing through New Orleans for foreign ports
through bills of lading.
from the several seaboard ports for the weex
The exports
Aug. 2 and since July 1, are shown in the
ended Saturday,
annexed statement:
Wheat
Corn
Flour
Oats
Rye
Bushels
Barrels
Bushels
Bushels
Boston.
release
prices
on corn
in steel bins and country elevators "will
continue to be the local market price, or 65 cents per
whichever is higher. The Department likewise said:
Reports on 1940 Corn Loans—The U. S. Department of
Agriculture announced Aug. 2 that 1,993 loans made on the
1940
corn crop
repaid during the week ended July 26.
were
total loan repayments to that date to 11,058,
representing 10,528,243 bushels valued at $6,410,239. On
the same date the Department reported 98,007 loans out¬
standing on 92,081,350 bushels valued at $56,112,689.
Loans by States follow:
This brought
Total Loans Made
1, 1941
280,000
1,247,000
Total week 1940
930,000
776,000
40,200
219,430
12,339,000
Export data from
4,554,000
Kansas
30,000
55,000
board ports,
grain,
comprising the stocks in
GRAIN STOCKS
Corn
Bushels
"
573,000
28,000
afloat-.
Philadelphia
Baltimore.
-
-
....
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph......
....
12 536,000
...
Sioux City
St. Louis
Indianapolis
Peoria..
Chicago
"
8,286,000
10,936,000
6,023,000
39,467,000
Kansas City
Omaha
1,546,000
7,193,000
1,818,000
5,300,000
11,416,000
-
...
....
afloat
922,000
7,951,000
2,832,000
1,420,000
14,355,000
...
Oats
Bushels
Wheat
New York
Bushels
Rye
Barley
Bushels
Bushels
212,000
257,000
5,000
39,000
276,000
276,000
18,000
jl4,000
100,000
145,000
3,000
1,000
456,000
78,000
1,000
214,000
1,246,000
2,074,000
7,748,000
1,269,000
116,000
7,000
265,000
36,000
~4~,666
22,000
35,000
127,000
239,000
6,000
920,000
1,080,000
61,000
8,364.000
193,000
55,000
110,000
117,000
245,000
458,000
7,000
311,570
626,371
63
4,338,697
41,891
14,000
26*666
2,869,000
3,699,000
365,000
10
66,890
24
27,138
5,649
2
856
10,431
3,442
7,987,611
2,942,312
333
271,261
818
606,476
15,455
—
13,124,538
113,942
392
374,157
98
26
39,816
461
261.670
134
71,687
5,541
4,030,897
45
35,166
38
18,928
9
3,738
109.065
102,609.593
11.058
10.528.243
—
South Dakota
Wisconsin
Total
First Report on CCC Loans on 1941 Wheat—The
Department of Agriculture announced on July 31 that Com¬
modity Credit Corporation through July 22 advanced
$1,449,870 in loans to producers on 1,447,948 bushels of
1941 wheat in 13 States. The loans are the first made under
provisions of the 85% of parity program for wheat announced
by the Department in June. Advances to date have averaged
98 cents a bushel. All wheat pledged at this time is stored, in
commercial warehouses.
The Department adds:
The largest number of loans is reported in Nebraska, where producers have
completed 5,233 loans on 1,209,297 bushels. Advances in this area, officials
of the Commodity Credit Corporation explained, represent in part loans on
indemnity wheat assigned to farmers earlier in the season by Federal Crop
Insurance Corporation, under provisions of the crop insurance program, in
adjustment for losses previously incurred. This type of loan was made in
Nebraska earlier than in other States.
Loans by States follow:
1077000
Milwaukee
-
Minneapolis
...
Duluth
Detroit
"
85,000
89,000
175,000
On Lakes
.......
Buffalo
378
4,754
9
Minnesota
Nortn Dakota
of accumulation at lake and sea¬
Saturday, Aug. 2, was a follows:
United States—
904,821
59,020,094
Michigan.
Nebraska.
Canadian ports unavailable.
at principal points
granary
L
Missouri..
supply of
visible
99,000
4,405,790
1,044
'
30,000
7,000
Bushels
59,047
879
Kentucky
3,000
4.094
13,505,870
12,596
Iowa
701.000
No. Loans
Bushels
No. Loans
263,000
a25,000
142,000
Repayments
Stale
Indiana.
2,213,000
16,314,000
The
would
All sales in recent
the release prices is
gradual adjustment of release prices to the prospective 1941 loan levels.
All other provisions of the corn release program, which is designed to
assure livestock, dairy, and poultry producers with ample feed supplies at
fair prices, remain unchanged. With the higher release prices, feeding ratios
for most livestock, dairy and poultry products will still be unusually favor¬
able and higher than they were when the release prices were established on
June 7. 1941.
Illinois
1,886*666
Since July 1, 1940
bushel,
7, 1941, the Secretary of Agriculture announced that corn
be sold in Chicago at prices between 69 and 75 cents.
weeks have been at the 75-cent level.
The change in
222*000
Baltimore
Since July
Agriculture announced on
consumption channels at market prices between
yellow corn, basis Chicago. Dif¬
ferentials applicable to points other than Chicago now in
effect will remain approximately the same. For the present,
263,000
25,000
58,000
113,(tOO
Total week 1941.
Government-Owned Corn
73 and 77 cents for No. 2
220,000
a
on
Department of
Bushels
New York.
Can. Atl. ports..
1,491,000
Barley
Bushels
Exports from—
10,777,000
fact that loan rates on the 1941 crop of corn at
Can. Atlan¬
Week 1940.
1,388.000
being made in view of the recent increase in parity prices and in view of the
85% of parity will be higher
than loans on the 1940 crop.
This change represents the beginning of a
154*660
Galveston..
Total wk' 41
310,000
July 31, that, effective Aug. 1, Government-owned corn
stored in terminal and sub-terminal elevators will be offered
On June
21,000
Boston
Rye
65,000
303,000
136,000
York.
New
4,9~89~666
for sale into
of flour and grain at the seaboard ports for
Saturday, Aug. 2,1941 follow:
Total receipts
the week ended
4,297,000
3981666
"
1,944,000
6,984,000
Revised—The
414,000
432,000
990,000
41666
306,000
Other
Since Aug. 1
1940
Corn
Wheat
Week
.
afloat
......
On Canal.....
Total Aug.
Total July
Total Aug.
1,297^060
33,108,000
3,989,000
153,000
1,121,000
24,920,000
140,000
8,262,000
388,000
17,000
2,0771)00
186,000
2 J)00
5,000
737,000
2,820,000
7,049,000
108,000
222,000
627,000
200,000
3,344,000
776,000
2,000
489,000
2,034,000
168,000
255,000
2,548,000
States in Which Loans Origin'd
2,1941.-202,257,000 39,266,000
160,000
Note—Bonded grain not included above:
5,472,000
5,114,000
4,349,000
*
w
8,584
58,654.31
22,684
24,492.88
13
3,744
3,752.36
132
34,672
11,541
1,495
34.774.48
JJJ-l iii-iii
-
...—s...—v.—
.
Kentucky
.
_
M ichigan
.v...
.
30
.. ..
5
_
M issouri
—
1
-597.19
238
...
--
63,061
64,172.71
1,209,297
1,184,751.32
Virginia
13
-
2,416.18
2,632
3
Ohio
Philadelphia, 472,000; Baltimore, 686,000; Portland, 1,306,000;
5,244,000; Buffalo, afloat, 189,000; Duluth, 10,933,000; Erie, 2,233,000;
Albany, 2,826,000; on Canal, 674,000; In transit—rail (U. S.), 1,163,000; total,
31,525,000 bushels, against 27,054,000 bashels in 1940.
12,757.92
5,233
—
New Mexico-
York, 172,000; total, 336,000 bushels, against 376,000 bushels in 1940. Barley—New
York, 73,000 bushels; Duluth, 127,000; total, 200,000 bushels, agaiast 1,207,000
bushels in 1940. Wheal—New York, 3,071,000 bushels; New York afloat, 599,000;
Boston, 2,129,000;
38
—
Indiana-.
Nebraska..
Oats—Buffalo, 164,000 bushels; New
Amount
no
Illinois
Iowa ^
6,287,000 10,852,000
4,843,000
6,718,000
2,397,000
8,671,000
Storage
Bushels
-Kansas.
26, 1941.-189,652,000 39,861,000
3, 1940.-153,861,000 24,784,000
No. of Loans Warehouse
..... — ...
1
—
v
3.891
V
4.209.85
156
..
Texas.
39,653
37,442.60
132
Oklahoma
76,442
70,558.93
v' :. V
;:
T '
252
289.45
1,477,948
51,449,870.18
Buffalo,
Wheat
-
Bushels
Canadian—
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Lake, bay, river & seab'd 65,054,000
Ft. William & Pt. Arthur 81,751,000
308,000
1,556,000
165,000
218,000
640, U00
elev.282,445,000
2,007,000
551,000
1,149,000
2,253,000
2, 1941..429,250,000
3,871,000
1,356,000
26, 1941.-425,249,000
4,126,000
1,224,000
1,354,000
Other Can. & other
Total Aug.
Total July
Total Aug.
3,1940.-252,350,000
5,688,000
3,620,000
3,525,000
4,267,000
Total
_
_
i..
—
.
.
.
6,084
Weather Report for the Week Ended Aug. 6—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Aug. 6, follows:
The
weather of the week
was
characterized by persistently high tem¬
peratures. especially in the interior of the country,
type of rainfall, local showers.
Scattered stations
and the usual summer
in the central valleys
Volume
153
The Commercial & Financial Chronicle
and Great Plains
reported maximum temperatures of 100
every day of the week, and they reached 100
degrees or higher
degrees locally in the South¬
East of the Rocky Mountains the highest
east on the last 2
days of July.
for the week were
reported at its close from the northern Great Plains when
some stations in South Dakota had
readings as
high
as
107 degrees.
The
following stations reported maxima of 100 degrees or higher on 1 or several
days of the week; Jacksonville, Columbia, S.
C., Cincinnati, Chicago,
Davenport, St. Louis, Advance, Columbia, Mo., Kansas City, Fort Worth,
Oklahoma City, Wichita, Concordia,
Huron, Pierre, Rapid City, Sheri¬
dan and
Billings.
The weekly mean temperatures were above
normal practically every¬
where from the Rocky Mountains eastward to the
Atlantic Ocean and that
were
substantial to unusually high in most sections.
The
anomalies
warmest weather occurred from the
and the southern Plains northward.
Ohio and central Mississippi Valleys
West of the Rocky Mountains the
week was somewhat cooler than normal in most
sections.
The precipitation during the week was
although
a
light and acattered in most States,
few sections had substantial to fairly heavy amounts.
These
latter include principally central and southern New
York, parts of the Lake
region, and upper Mississippi Valley and the central Gulf area.
The Ohio
and middle Mississippi Valleys, the Middle Atlantic
States and the South¬
west had but little rain.
The persistently high temperatures, with
only scattered showers which
again missed many interior sections of the country, took a heavy moisture
toll during the past week, and rather severe
droughty conditions have
now developed in
many places north of the Cotton Belt and between the
Appalachian and Rocky Mountains.
A good general rain is needed in
practically this entire area, with the situation becoming critical in some
sections, especially the western Ohio and central Mississippi Valleys, much
of the Lake Region and the eastern Great Plains.
It has become necessary for the farmers to haul water for domestic
supplies in some sections, especially southern Illinois and parts of Mis¬
souri.
Late crops, including corn, are suffering from
high temperatures
and lack of moisture in many places.
In the South, except Ohlahoma,
there is mostly sufficient soil moisture for current
needs, with some local¬
ities still too wet.
West of the Rocky Mountains conditions continue
satisfactory.
Small Grains—Wheat harvest made good progress in the later north¬
threshing, both wheat and oats, advanced favorably
other sections.
Threshing of spring wheat is well advanced in South
Dakota, mostly finished in the south, with yields generally good.
In
Minnesota returns are proving variable and rather
863
Texas—Houston: Favorable temperatures and no rain generally al¬
though adequate showers in a few widely scattered localities.
Top soil
drying rapidly in many sections.
Harvests of wheat, oats and barley
nearly completed in all sections.
Preparation of land good progress.
Rice
made
good
and condition improved.
Prospects for corn
maturity; heat damaged some late acreage.
Prog¬
condition mostly fair to good, although only fair
in some
southeastern localities; weather favored checking
weevil; bloom¬
ing beginning in northwest and picking under way in
extreme south.
Weather favorable for preparation of fields and
planting fall truck.
Po¬
tato digging
good progress in Panhandle.
Ranges deteriorated slightly,
but generally still
excellent; cattle in good condition.
i»Kti
Oklahoma—Oklahoma City: Unfavorably hot with 100 degrees or
higher
every day at some stations.
Lack of rain felt over much of State.# Grain
improved
as
progress
crop nears
of cotton good and
ress
harvests completed, except in Panhahdle where much
doned due to breaking down and rank weeds.
late
wheat
aban¬
Progress of cotton very
badly deteriorating elsewhere, due to drought,
wilting badly and very favorable for weevil activity in
south; condition
good to excellent in north, poor to fair elsewhere.
Progress of late corn
crop fair or
deteriorating; early maturing rapidly; condition generally
fairly good to good.
Third cutting of alfalfa harvested; yield and
quality
generally excellent.
Pastures beginning to burn.
Arkansas—Little Rock: Very warm days and frequent showers.
Prog¬
ress of cotton
good; weather favorable for weevil activity;
poisoning in
areas of
heavy infestation; most cotton laid by.
Progress of corn good
in
most sections, but more rain needed in
northwest and west-central.
Pastures and meadows
improving.
Tomato harvest continues.
Melons
and cantaloupes
ripening.
Late potatoes being planted.
Peach harvest
peak passed in southwest.
Early rice heading.
*•«
Tennessee—Nashville: Progress of corn good to
excellent, although
more rain needed in
considerable areas; condition of early good and late
very good to excellent.
Tobacco spotted; some poor and some
very good
but general improvement.
More rain needed for cotton in some dis¬
tricts, but condition averages very good; blooming
freely and bolls forming,
leas, beans,'clover and pastures extra good.
Truck crops thriving.
good in north: rather
poor to
THE DRY GOODS TRADE
western districts and
in
disappointing in
many
localities.
In North Dakota much of the early crop has been harvested
with excellent yields, but late grain has shriveled because of beat and
dryness..
.
■>■
V'-'v.
:\-
yy.
In Montana winter-wheat harvest is well
along, with yields good and
somewhat better than expected.
In Washington the wet May and June
caused excessive stalk growth with small heads in the extreme
east, but
returns are
exceptional in drier sections; loss by grain fires has been un¬
usually large.
In Oregon winter-wheat yields are good, but spring grain
fairly good.
A fortnight of mostly scanty rainfall and
continuously high tempera¬
tures in the Corn Belt, during the critical growth
stage, have resulted in
more or less permanent damage to the corn crop and reduced
considerably
the recent outlook for excellent to record-breaking yields in
many areas.
From the eastern Ohio Valley eastward progress of corn continued sat¬
isfactory; rains in the Northeast were beneficial.
In
Indiana weekly
progress was variable, depending on available moisture, ranging from
poor to good, although permanent damage apparently is still slight.
In Illinois considerable corn is in critical stage and
damage will progres¬
sively increase until rains come; progress was generally good in the north,
but variable in the south, with some firing on light soil in all sections.
In Missouri the crop is still fairly good on bottom
lands, but now very
poor on hilly uplands, with deterioration rather general and some upland
fields beyond help; the hybrid variety appears to be
withstanding the
drought best.
In Texas corn shows some improvement, but it is too
dry for the late
crop in Oklahoma.
In Kansas permanent damage is not serious as yet,
except locally, although deterioration is reported in much of the eastern
half.
In Nebraska corn is losing ground in many places,
especially in
the southeast, although progress was very good in some
large areas, es¬
pecially the southwest and south-central; the absence of hot, dry winds
was a
favorable feature.
South Dakota some corn is being cut for feed and some pastured.
Minnesota, while the general condition is still mostly good, rain is
badly needed, which is true also in the Lake region.
All sections
c>f
Iowa show more or less damage from searing silks and tassels and
firing
extending in some cases up to the ears; this changes considerably the
outlook of about 2 weeks ago for record-breaking yields.
In
In
Cotton—In the Cotton Belt temperatures averaged mostly from 2 de¬
degrees above normal with irregular showers rather extensive in
portions and very little rain, except locally, in the west.
In Texas the weekly progress of cotton was mostly good and the general
condition of the crop is largely fair to good; plants are
beginning to bloom
grees to 4
eastern and central
in the northwest.
In the northern half of 'Oklahoma weekly advance was
very good, but elsewhere it was mostly poor with some fields badly dete¬
riorating because of hot, dry weather; condition of the crop is good to
excellent in the north, but poor to only fair elsewhere.
Progress was mostly good in Arkansas and Louisiana, though rain in
the latter State at the close of the week was again unfavorable and some
areas are still too wet in Mississippi and Alabama; Tennessee needs.rain
in places.
In the Atlantic States weekly progress was mostly satisfactory.
Plants are fruiting well in northern Georgia with some local
picking in
the south; in South Carolina the general condition remains
mostly poor to
only fair with local abandonment.
Plants are fruiting nicely in southern
North Carolina.
The Weather Bureau furnished
the
following
resume
of
conditions in different States:
North Carolina—Raleigh;
Temperatures
mostly
favorable;
rainfall
adequate, except in west and locally elsewhere.
Progress of cotton good
and condition fair to very good; continues fruiting nicely in south.
Corn
satisfactory progress and condition good to very good.
Some improve¬
ment of tobacco, but crop not recovered from previous unfavorable con¬
dition; some good condition and harvesting in east making good progress.
Truck and fruit plentiful.
Pastures and meadows generally good.
South Carolina—Columbia: Very Warm days and soil drying rapidly
through Saturday favorable for grass riddance, cultivation, tobacco curing,
peach harvest, early haying and some improvement in general crop con¬
dition; followed by moderate to locally heavy rains, mostly beneficial.
Corn, sweet potatoes, peas, cane, pastures and vegetables fair to good
condition.
Cotton fairly good progress, with increased bloom and fruit¬
ing early in week; condition remains poor to fair and locally very poor;
some opening in south.
Georgia—Atlanta; Warm, with scattered showers; soil drying rapidly,
but moisture still sufficient.
Cotton fruiting well in north; opening in
middle and south, with scattered picking; weather favored checking weevil.
Corn fair to good; some matured.
Sweet potatoes fairly good; truck
poor to fair.
Pastures very good, but becoming weedy.
Peaches very
good; harvest about over; some left on trees due to rotting.
Watermelons
and peanuts good.
Cane good; growing nicely.
Florida—Jacksonville: Very warm days and adequate rains.
Progress
of cotton fairly good; condition fair; bolls opening; weather favorable
for weevil activity.
Late corn good.
Tobacco good quality.
Citrus
groves good; new fruit holding and sizing well.
Alabama—Montgomery: Washing and flooding rains in Warrior and
Cahaba River Valleys, elsewhere light to moderate and locally too much.
Progress of cotton poor in wet areas, but fairly good elsewhere; condition
mostly fair; weather favorable for weevil activity, but considerable dust¬
ing done.
Corn doing well.
Favorable for sweet potatoes, hay, pastures,
peanuts and gardens; condition good.
Mississippi—Vicksburg: Temperatures generally favorable; precipita¬
tion mostly latter half of week and too much locally in east and south.
Progress of cotton blooming and fruiting fairly good in northwest, but
mostly rather poor, with local heavy shedding reported elsewhere; gen¬
erally favorable for weevil activity; control ineffective.
Progress of late
corn generally good.
Progress of fruit, gardens, pastures and truck mostly
excellent.
,
Louisiana—New
of
Orleans:
of
week,
but too
Cotton
much
improved,
,
with
,
dry,
hot
weather
at close unfavorable: heavy shedding
in most sections and considerable abandonment in southwest.
Progress
most
rain
good; condition poor to locally very good.
Rice made good growth;
ripening.
Meadows and ranges better than average.
Preparing
corn
early
land for fall truck.
'
'
/
New York—Friday Night,
Aug. 8,1941
activity was reported in the markets for
dry goods during the past week, and quite a sizable amount of
business was said to have been
put through at full ceiling
prices.
Some of the mills appeared to be in favor of
moving
certain amounts of goods for the forward
positions, and
selling of January-March deliveries of cotton gray cloths,
notably print cloth yarn goods, was a feature.
However,
as had been the case
recently, demand exceeded offerings
and hardly in any case were
buyers able to secure anywhere
near the
quantities they would have been willing to take.
In
some instances, sellers showed a
desposition to hold back
because of reports that the Textile Panel was
negotiating with
the Office of Price Administration and Civilian
Supply in
regard to price ceilings.
It was reported that efforts were
being made to have ceilings recently named advanced anew,
A fair amount of
and that
decision in this direction
a
was
within the realm
of
possibility.
It was also reported that in the event of new
ceilings being named, they would likely cover a broader
range
of goods.
Manufacturing interests continued to
make
much
pointed
defense
to
of
of
both
labor
and
raw
material
costs,
out^ that labor has been steadily drifting
labor
is
industries
with
giving them
the
more
These hesitant sellers
result
that
the
and
away
question
difficulty than anticipated.
were credited with
saying that they
point in booking orders at the present time for
shipments because if
ceilings are revised upward,
they would lose an opportunity for a wider margin.
Demand was again active in wholesale markets with
buyers finding it difficult to provide for their requirements.
A good business was
reported booked in print cloths al¬
though most of the goods moved were for deferred shipment,
spot and nearby positions continuing extremely tight.
Sheetings, twills and drills were difficult to buy as some
sellers withdrew from the market, in contrast with an in¬
creased number of sellers of
print cloths.
Interest in twills
was greatly stimulated and
particularly the heavier numbers
in which the Army is
asking for 35,000,000 yds, bids sched¬
uled to be opened on Aug. 16.
In regard to ducks, business
was
generally quite qfside from some trading in the en¬
ameling descriptions.
Trading in rayons was more or less
restricted pending the establishment of
ceilings.
saw
no
late
Woolen Goods—With the fall
nearing its end so
during the past
again confined for the most part to spring, 1942,
men's wear lines.
Although there have so far been few
formal openings of such lines, the bulk of the
spring business
is said to be already in hand.
In the meantime, manu¬
facturers continued preparations for more extended
pro¬
duction periods on fall lines, which have been made
necessary
by the absorption of facilities to meet Government orders.
In the retail markets, men's wear business continued ma¬
terially above last year with all types of goods selling.
Talk
of pending price advances was said to be
partly responsible
for the increased demand as buyers were
purchasing several
far
as
week
new
season
business is concerned, activity
was
times the normal number of garments.
There
sidence in the demand for women's
with increased in¬
wear
was
no
sub¬
terest displayed in fleeces
and tweeds.
Underwear and
hosiery mills continued to operate at an active pace with
some of them refusing to
accept new orders for civilian ac¬
count.
Wool underwear mills
Army request for
over
were placing bids on the latest
500,000 dozens of part wool shirts
and drawers.
Foreign Dry Goods—There
let-up in the demand
despite high
prices.
Burlaps developed an easier tone during the week
with trading continuing virtually at a standstill.
Price
ceilings for spot and afloat burlap were considered a cer¬
tainty by the trade, and buyers remained out of the market
in the belief that when they are named, they will be well
below
current
levels.
Domestically lightweights were
quoted at 10.20c, and heavies at 13.45c.
was no
for linens which continued active for all types
/
The Commercial & Financial Chronicle
864
1,403,000 Brevard County, Fla., special road and bridge
refunding bonds contracted for by Churchill, Sims
New York, and Carlberg & Cook of Palm Beach,
on a net interest cost basis of about
3.36%.
Due
from 1946 to 1970, incl.
Specialists in
1,000,000 Waterbury, Conn., water supply bonds sold to an account
headed by Lazard Freres & Co., New York, as 1Mb, at
100.738, a basis of about 1.41%.
Due serially from 1953 to
1956, incl., and reoffered to yield from 1.30% to 1.40%,
according to maturity.
Stifel, Nicotaus 6c CoJnc.
Founded 1890
314 N.
DIRECT
•
CHICAGO
MUNICIPAL
BOND
Broadway
1,000,000 West Virginia (State of) road bonds awarded to Phelps*
Fenn & Co., Inc., New York, and A. E. Masten & Co.,
Pittsburgh, jointly, the bid being a price of 100.028 for
$205,000 4s due from 1942 to 1947, incl., and $795,000 1Mb
maturing 1947-66 incl., a net interest cost of about 1.38%.
Reoffered to yield from 0.15% to 1.55%, according to interest
ST. LOUIS
WIRE
SALES
IN
JULY
rate and date of
The month of
July was a rather dull period in the municipal
bond market, particularly as regards the flotation of new
issues.
Such offerings amounted to no more than $53,889,329, this being the smallest output for any month in the
present year. The largest sale was accounted for by the City
of Boston, Mass., and involved $5,680,000 bonds. The deal
that attracted the greatest attention, however, was the State
of Pennsylvania offering of $135,000,000 llA% tax antiei-
reference purposes:
and is
not
included
in
our
tabulations
722
276
Canadian municipal
The
an
Ohio, refunding bonds awarded to the First
at a price of
100.135, a basis of about 1.736%. Due serially from 1946 to
1955, incl., and reoffered to yield from 1.15% to 1.85%,
according to maturity.
i
3,243,000 Kansas City, Mo., water revenue bonds, comprising $505,000
3 Mb due from 1943 to 1947, incl., and $2,738,000 1 Ms ma¬
turing from 1948 to 1961, incl., sold to a syndicate headed
by The First Boston Corp., New York, at par plus a small
premium, making a net interest cost of about 1.837%.
2,000,000 Tampa, Fla., water revenue bonds purchased as 2Mb, 2Mb
and 3^s by a syndicate headed by Halsey, Stuart & Co.,
Inc., New York, at 100.01, a net interest cost of about 2.66%.
Due serially from 1945 to 1971, incl., and reoffered at prices
to yield from 1.25% to 2.65%, according to coupon rate and
date of maturity.
1,983,000 San Diego, Calif., sanitary sewer bonds sold to an account
headed by Phelps, Fenn. & Co., Inc., New York, as 1 Mb, 2s
and 3Mb, at par, a net interest cost of about 1.94%.
Due
serially from 1942 to 1980, incl., and reoffered to yield from
0.20% to 2.10%, according to interest rate and date of
maturity.
1,490,000 Brown County Water Improvement District No. 1,
Texas, refunding 3s, 3Mb and 3Mb, due serially from 1942
to 1969, incl., purchased by a group headed by Crummer &
Co. of Dallas.
Bonds due from 1952 to 1969, incl., are
callable
as
of Sept. 1, 1951.
on an
extremely
City and County of Honolulu, Hawaii, accounted for
offering of that amount of 4% water revenue bonds, due
incl., having been made by Brown, Schlessman,
1946-71
Owen & Co. of Denver
Below
we
furnish
a
securities sold in July
comparison of all the various forms of
during the last five years:
1941
1940
1939
1938
$
$
S
$
Perm't loans (U. S.)_
53,889,329
81,307,912
Temp, loans (U. S.) 227,818,224 220,451,500
Can. loans (perm't)—
Placed In Canada.
such in¬
National Bank of Chicago and associates as 1
financing continues
the item of $400,000 in the United States Possession column,
383,100
Placed in U. 8
struments continued soft.
4,000,000 Cleveland,
Sale postponed
having totaled no more than $383,100. In the matter of
short-term borrowing the record shows that the Dominion
government issued a total of $110,000,000 Treasury bills
These are bi-monthly operations of a strictly routine nature.
sustained by the various issues at the time
of Mr. Ickes' initial statements had been regained at the
price of 99.75.
No bids
Not sold
modest scale, sales of bonds in the recent month, for example,
of the losses
a
120.000
21,000
185,000
ities of various cities.
they would be adversely affected by any talk of a
possible enforced diminution of such traffic. Although most
$5,680,000 Boston, Mass., bonds for new capital purposes were awarded
to a syndicate headed by Lehman Bros, of New York, as
1Mb at 100.77, a basis of about 1.35%.
Due serially from
1942 to 1951, mcl., and reoffered from a yield of 0.25% to
x
...
Temporary financing by States and municipalities during
July was negotiated in the grand aggregate of $227,818,224.
Largest operation of that kind was the placement by the
State of Pennsylvania of $135,000,000 llA% tax anticipation
notes, comprising $45,000,000 due May31,1942, and $90,000,000 due April 30, 1943. The obligations were purchased by a
syndicate headed by the Mellon Securities Corp., Pittsburgh,
which was the only contestant for the loap.
As a result of *
conferences between State officials and representatives of the
banking group which took place after the bids was opened,
the syndicate agreed to pay slightly higher prices for the
notes than was originally contemplated.
The operation was
highly successful, the syndicate having disposed of the entire
issue within a short time following the
reoffering.
The
City of New York also contributed importantly to the*
month's grand total,.;
haying sold $40,000,000 revenue bills
to various local institutions.
In addition, there was sub¬
stantial borrowing on a short-term basis by housing author¬
a
July total includes the following issues of $1,000,000
/■..,>
'..i-/•••V- r
2%
2%
..
Okmulgee, Okla
that
The
Repor.
Bids rejected H
Offering canceled
Offering canceled
x Rate of Interest was optional with the bidder,
a District lawr Issued a call for
bids until Aug. 5 on an Issue of 880,000 not to exceed 6% Interest refunding bonds'
b Issue was reoffered for sale on Aug. 11.
of
or more:
72,000
104,000
x
not exc.
873 bLower Allen Twp. S. D., Pa
by the City of Chattanooga, Tenn., for the refunding
of $6,135,000 bonds. This project will be handled by Wainwright, Ramsey & Lancaster, consultants on municipal
finance, with offices in New York City. Program provides
for equalization of the city's annual debt payments
at
approximately $1,000,000 a year until 1967 and is expected
to effect a saving of about $1,800,000 in interest charges
during that period.
While on the subject of refunding, it is to be observed that
steady progress is being made in connection with the Phila¬
delphia, Pa., exchange program.
The operation is being
handled by the Drexel-Lehman syndicate and up to July 31,
a total of $58,900,000 of the grand aggregate of $131,064,000
bonds involved in the plan had been exchanged.
Although the market for general obligation municipals
was exceptionally strong throughout the recent month, the
securities of such agencies as the Port of New York Authority,
Triborough Bridge Authority and the Pennsylvania Turnpike
Commission declined sharply as a result of the various
statements by Harold Ickes, Oil Coordinator, regarding the
prospects of sharp restrictions on gasoline consumption.
As the bonds of these agencies are supported exclusively by
revenues obtained from
motor vehicle traffic, it followed
July, the general tenor of the market for
Amounty
$25,000
6%
aHempstead Union Free S. D. No.
724
contract
close of
P int. Rate
V
x
not exc.
28, N. Y
A development of interest during July was the action of the
City of Newark, N. J., in seeking proposals from invest¬
ment bankers for refunding of the approximately $109,000,(XX) of outstanding bonded debt.
In announcing receipt
13 offe!rs, Mayor Vincent J. Murphy said that he would
examine the plans with impartial experts before deciding
which is best for the city.
past month also witnessed the consummation of
.
Colorado S. D., Texas
588
277
long-term borrowing.
The
Name |
Albany, Minn
Carteret, N. J-_
Page
payable in instalments of $45,000,000 on May 31, 1942, ana
$90,000,000 on April 30,1943, the financing was strictly of an
nature
maturity.
Following is a report of the issues unsuccessfully offered
during Juty. Page number of the "Chronicle" is given for
eaded by the Mellon Securities Corp., Pittsburgh.
Eation notes. The issue was underwritten by a large syndicate
Being
interim
district
& Co.,
jointly,
serially
1,296,000 Jersey City. N. J., 4% hospital bonds purchased from the
RFC by Halsey, Stuart & Co., Inc., New York, at a price
of 105.389, a basis of about 3.43%.
Due annually from 1941
to 1964, incl., and reoffered to yield from 0.50% to 3.40%,
according to maturity.
Illinois & Missouri Bonds
105 W. Adams St.
Aug. 9, 1941
$
83,248,680 46,675,789
27,198,989 142,783,000
83,719,511
23,377,124
26,308.075
5,132,000
1,651,765
52,813,596
None
Total
None
None
None
None
400,000
Bonds U. S. Poss'ns.
■
1937
None
None
500,000
None
282,490,653 306,891,412 112,099,434 213,335,913 162,841,182
*
Including temporary securities Issued by New York City: $40,000,000 In July.
1941; $60,000,000 In July, 1940; none In July, 1939; $20,000,000 In July, 1938, and
537,800,000 in July, 1937.
The
number
of
municipalities emiting long-term bonds
and the number of separate issues during July, 1941, were
329 and 378, respectively. This contrasts with 339 and 446
for June, 1941, and 320 and 403 for July, 1940.
For comparative purposes we add the following
table,
showing the aggregates for July and the seven months for a
series of years.
In these figures temporary loans, and also,
issues by Canadian municipalities, are excluded:
Monh of
F*
»
1940
81,307,912
83,248,680
46,675,789
1937
83,719,511
1936
42,306,168
1935
87,468,655
1934........ 94,813,199
1933........ 30,395,055
1932
27,831,232
1931...
96,766,226
1930
112,358,075
1929
85,114,065
1928
80,899,070
1939
....
1926..
1925
1924
Month of
86,028,558
89,270,476
144,630,193
..117,123,679
810,147,280
555,308.781
640,525,646
656,752,581
687,479,117
614,383,734
256,820,181
556,300,772
947,954,662
877,894,667
755,497,820
859,218,515
968,849,278
838,257,412
896,468,767
905,868,652
For the
July
1923.
7 Months
$67,776,833
7 Months
$660,619,773
632,114,321
1938...
1927
For the
July
$53,889,329
1941
$652,577,756
749,702,241
570,999,611
379,671,407
389,641,253
174,909,192
314,407,599
321,076,020
356,818,480
384,334,150
242,358,554
276,768,423
265,493,667
198,678,899
227,245.964
190,181,357
131,700,349
1922..
94,616,091
..104,584,124
57,009,875
1919
83,990,424
1918
23,142,908
1917
92,828,499
1916
36,611,488
1915
33,899,870
1914
26,776,973
1913........ 23,477,284
1912
30,479.130
1911
42,231,297
1921
1920
....
....
1910
35,832,789
1909
20,120,647
21,108,678
16,352,457
1908..
1907....
Volume
In
The Commercial & Financial Chronicle
153
the
following
during July:
rage
Name
725 Addison Ind. S. D.,
721 Agawan, Mass
we
list the various
Rale
2M
Texas
Maturity
1942-1960
1M
1942-1951
723 Alamance County, N.C
2M
725 Albany, Texas
4
1963
1942-1951
428 Albany Port Dist, N. Y_
275 Albert Lea, Minn
1M
1942-1950
3
1946-1950
__3
1942-1951
issues
brought out
Amount
19,000
100,000
rl5,000
<*75,000
100.05
',
100.76
100
2M
1942-1956
1942-1949
182,000
25,000
175,000
45,000
16,000
724 Alliance, Ohio...
725 Angelina County, Texas
2)4-3M
275 Anoka County Con. S. D. No. 2,
1942-1946
Alexandria, La
Minn
2
lage S. D., Ohio
1943
1943
1-20 yrs.
1.58
50,000
r <*7,392
1943
1942-1961
1942-1950
587 Bell County, Texas
2
588 Bellevue, Wis
4
80,000
r<*25,000
1960-1961
1942-1954
1942-1946
150.000
Laurel, Mont
1951-1974
r211,000
279
1943-1961
<*r35,000
1942-1955
1942-1946
40,000
1946-1960
<*40,000
3M
3)4
...AM
0.61
Cody, Wyo
Colomie, N. Y__
._
1.90
276 Columbus, Miss
2
586 Columbus City S. D., Ohio
1.23
588 Comal County, Texas
1M-2M
276 Consumers Public Power District,
Neb. (3 issues)
....2M-3)4
Contra Costa County, Calif
1M
428
Edgewater, N. J
429
274
—
._
587 Elk Point, 8. Dak
2M
3M~3)4
429
Elkln, N. C
588 Eikins, W. Va
432
26,000
100.26
1.57
580
100.39
2.06
580
100.77
0.82
721
Los Angeles County, Calif
Los Angeles County, Calif
Lowell, Mass /(2 issues)
1944-1958
43,000
rl5,000
100
3.75
1951-1961
107,000
Everett, Mass.
1944-1981
431
Madison Ind. School District
2
1942-1955
586
Mahoning County, Ohio
1M
1943-1946
Maine (State of)
1942-1951
1942-1946
1942-1951
1943-1962
1942-1966
7,000
1.88
100
2.00
582
%
0.75
722
1M
100.28
1.71
1
1942-1949
1)4
1942-1960
1943
Merrill, Ore
2M
1942-1953
Monroe County, Miss.
1)4
1942-1946
430
100.76"
2.63
Mill Twp. Rural 8. D., Ohio
586
101.37
1.35
fo"o".b7"
2.74
100.27
1.41
100.07
2.99
1.95
726
Moore County, Texas.:
3
1942-1951
584
Morristown, N. J
30,000
100.31
Morristown, Vt
1.40
1)4
1942-1951
726
1941-1948
7*40,000
100.25
1.43
100.15
430
Mount Lebanon Twp., Pa
1)4
1942-1961
350,000
100.18
1.48
724
Mountrail County 8. D. No. 82,
100.11
1.61
1.31
1942-1957
1946-1959
1951
1944-1948
1949-1957
65,000
1944-1948
r50,000
30,000
7*69,000
200,000
50,000
1943-1948
1961-1962
1943-1957
100.51
"l'.ib
-
N. Dak
102.37
3.19
5-25 years
650,000
1942-1951
<*19,200
723
100.10
583
273
.....
2,39
722
100.02
1.12
430
100.02
1.74
100.14
2.99
425 New Iberia, La
100.08
2.74
277
Ohio
New
3
Mexico College of Agric.
100.05
2.24
279 Newport Township, Pa
100
3.30
426
100
3.00
200,000
101.89
10,000
100.23
1.21
r<*6,100
7*38,000
100
1.90
100
3.00
1944-1961
1943-1961
580 Newport, Ark_._..____._......—
Newton, Mass
1.87
586
2.60
275 North Adams, Mass.......
1942-1947
9,000
1942-1951
<*100,000
<*210,000
rd20,000
7*18,000
2
...1
1942-1951
....4)4
4)4
Norman, Okla
0.98
.
125,000
8,000
1
...0.75
42,000
100.57
1.89
1942-1956
585 North Hempstead, N. Y. (4 issues) 1 )4
100.09
25,000
1943-1962
1942-1951
&
Mechanical Arts, N. M....3M-3M
60,000
1943-1970
30,000
1943
...
24,000
<120,000
;
..
1^-5
..1)4
Nebraska City, Neb
3M
New Albany, Miss..
1M
New Britain, Conn
1)4
Newburyport, Mass...
AM
New Concord Union Rural S., D.
Napoleon, Ohio
1"OT.23"
fo"o"~"
50,000
100.22
0.97
1943-1966
1946-1961
15,000
7*15,000
20,000
fob"""
4.50
100
1.00
50,000
744,000
101.25
0.67
100.30
1.46
1.48
1944-1948
1942-1946
1942-1961
585 North Hempstead Union Free 8.D.
<1250,000
7*70,000
7*<13,863
10,000
r26,000
7*128,500
..
1943
1942-1951
1945-1954
1942-1956
1943
1943
1944-1961
279 Gettsburg, 8. Dak
726 Gonzales, Texas
2)4
580 Graettinger, Iowa.
2)4
1943-1959
4)4
1944-1959
55,000
-
584 Granville, N. Y. (3 issues)
Gratiot Twp. 8. D. No. 2, Mich..2
132
Grayson County, Texas
100.17
1943-1961
250,000
100.09
North Versailles Twp. Auth., Pa..3
1)4
1946-1971
410,000
Norwich, Conn. (2 Issues)
Ogden, Utah
1942-1961
1955
750,000
432
1942-1981
200,000
7*d2,469
36,000
100.43
1.47
100
2.50
587 Olypbant School District, Pa
432 Orange, Texas
1.79
586
1%
2M~4)4
4
..
720 Oro Lomo San. Dist., Calif._2^-2^
100.06
100.77
1.89
Ostrander Village 8. D., Ohio
3
1M
3
Oxford, Neb
588 Paiacios, Texas (2 issues)
432 Palestine, Texas
276
2.89
131
1.69
583 Park Rapids, Minn
100
2.50
128
101.11
2.39
127 Peabody, Mass
100.10
4.49
722
35,000
100.27
25,000
60,000
100.27
1.89
129
100
1.50
274
1.32
725
1,
1.60
1942-1957
1.30
2^-2)4
3M
1942-1958
N. Y
129 Greene County, N. Y. (2 issues)..
726 Hale Center, Texas..
16,000
202,000
1)4
-1
Peabody, Mass
—-.1
Pennington Co., 8. Dak...
.1
Pennsauken Twp., N. J...
3M
Peoria Co. Non-H. 8. D. No. 161,
Paterson, N. J
...
3
100.15
1.58
586
100.18
1.28
2.35
580
30,000
1942-1956
<1200,000
14,500
-.
2M
1943-1950
588
Hamshire-Holland 8. D., Texas.2-2^
1942-1961
60,000
722
Hamtramck, Mich
—-3M-3)4
1952-1961
r260,000
71260,000
425 Pleasant Lawn
8,000
100.62
2.15
100.07
3.29
688 Harris Co. Water Control & Impt.
Dist. No. 3 (2 issues)
3)4-3M
Hartford Co. Met. Dist., Conn—1 )4
3
277 Hatch Union H. 8. D.,N.Mex...2K
725 Haverford Twp. 8. D., Pa
1
3.00
30,000
100
1.25
7*12,000
50,000
100
3.00
101.30
1.29
100
2.00
1946-1957
77*2,451
7*30,000
461,000
55,000
20,000
r70,000
7*213,000
100,000
1942-1954
1942-1946
1942-1946
101.17
1.78
100.52
1.41
100.17
1.94
100.21
0.93
77*2,936
1.40
2)4
2)4
101.00
1949-1958
50,000
101.00
2.41
1943-1951
7*90,000
100.72
2.37
1-5 years
5,000
6,000
Con. Ind. 8. D.,
Iowa
-—.......
..
2%
1)4-3M
1M-3
583 Pontotoc County, Miss
—3
432 Port Aransas Ind. 8. D., Texas...3
430 Prairie Rural 8. D., Ohio
1.69
274 Plummer, Idaho
100
2.75
100.01
2.08
100.18
1949-1965
1950-1970
1942-1981
1942-1950
1942-1955
1942-1952
43,900
100
3.50
2.07
275 Pontiac, Mich
1946-1963
722 Pontiac, Mich
588 Harris Co. Water Control & Impt.
3)4
2.73
100
50,000
Pine BluffS. D. No. 3, Ark
583 Pine County, Minn...
100
100.00
1951
1943-1952
272 Pine Bluff 8. D., Ark
Pike Rural 8. D., Ohio
1.31
1942-1955
2
...2
111
1943
1942-1947
1942-1961
100.55
7*15,000
25,000
18,000
1943
1942-1951
.1)4
Palmerton, Pa..
430 Paris Rural 8. D., Ohio...
1942-1953
1942-1949
1)4
NO. 6, N.Y
1942-1946
i.40
722
398,000
North Sacramento 8. D., Calif...2
131
7*<113,699
T*<114,759
rdl4,759
<128,000
60,000
100,000
1943 1961
580
720
1943-1951
1.34
7*28,000
1942-1966
724
1961
...—
55,000
580 Napa County, Calif
1944-1968
1942-1961
100.27
1.76
1942-1961
Hartington, Neb
1.15
4.00
2)4
...—........3
Dist. No. 3, Texas
0.74
100.51
100.10
167,000
150,000
583 Hallock, Minn
100.04
100
1942-1970
Grundy Center, Iowa
0.82
104.56
1949-1959
583 Greenville, Miss
1.66
100.29
15,000
50,000
80,000
rl4,000
20,000
10,000
459,000
20,000
7*63,974
3.58
..
1.91
100.33
r280,000
High
Com. 8. D. No.
100.49
7<*10,400
1)4
585 Granite Falls, N. C
1.90
1943-1957
101.12
Fredonia, N. Y
..1.20
580 Gadsden, Ala. (3 issues)
3
581 Galena, Kan
3
586 Gallipolis City S. D., Ohio
1.69
429 Garfield Heights City 8. D., Ohio.
128
3)4
101.66
723
273
Maiden, Mass. (4 Issues)
Maiden, Mass
Mart, Texas (2 issues)
128 Marks, Miss. (2 Issues)
127 Medford, Mass
275 Medfield, Mass
726
106.76
429 Franklin Twp. 8. D., Ohio
274
100.34
127
1942-1946
100
1942-1956
issues)..3-3M
Fostoria, Ohio
3.07
2%
0.825
5,000
Fort Dodge, Iowa..
724
0.82
95.75
Madison, Wis
<*3,000
..
424 Fowler, Colo
fob"""
Macon, Ga
726
1942-1946
Central
1-20years
273
1942-1946
725 Ferndale, Pa
County
2.18
1.73
1943-1948
3
School Corp., Ky. (3
102.43
2M
<*120,000
7*150,000
150,000
<*300,000
r<*51,000
175,000
500,000
145,000
124,000
90,000
25,500
40,000
95,000
r<*l,978
r<*12,000
30,000
2.15
1942-1956
Farmington Twp., Mich
274
0.66
1943-1957
100.38
587 Niota, Tenn
432 Nocona, Texas
Fairmont, W. Va
100.26"
100.13
4
132
200,000
...2)4
2M
722
"f.ie
1942-1946
McMInn County, Tenn..
...3
2)4
1
274
850,000
r<*2,741
100.51
1943
20,000
301,300
El Paso County, Texas
1942-1949
725
3
725 Emmet Twp., 8. Dak
726 Ettrick, Wis
723 Great Valley
1M
0.75
Luzerne Coohty, Pa
Lykens Rurfal 8. D., Ohio
Lynn, Masai
425 McGregor, Iowa
1942-1951
2,100
<*400,000
25,000
2.22
2.40
1942-1950
r4,000,000
7<*835,658
1943
7<*5,030
36,500
1942-1980
116,000
1942-1951
15,000
1943
r<*276,837
1942-1961
200,000
1942-1956
100.32"
100.50
1942-1961
280
1943-1971
1.50
2M
426
100.27"
100
100.10
2)4
430
1.95
93.52
2,000
1-1)4
1942-1961
587 Emery 8. Dak
127 Fleming
dl 5,000
345,000
D.
588
131
85,000
41,000
276
-2.70
17, Texas...............4
Covington, Ky
—2M
Crane School District, Ariz
2M
Crete School District, Neb
1M
Cumberland County, N. J
AM
Custer Co. High 8. D., Colo..3^-5
Dakota Township, 111
3M
Denmark, 8. C
3M
Detroit, Mich
Detroit Lakes, Minn
..1)4
DeWitt County, Texas
3 )4
Dickson County, Tenn
2)4
Duluth, Minn
1)4
Dunkard Twp. 8. D„ Pa
1M
Duplin County, N. C. (2 issues)..3
East 8t. Louis Park. Dist., Ill
2M
Eau Claire, Wis
583
<*160,000
r<*50,026
40,000
8,500
450,000
1942-1961
17,000
No.
132
1942-1951
r<*67,000
1943-1956
1.36
4.00
2.50
1943
Lorain City S. D., Ohio
1943
2.74
100.11
100
1946-1951
Livonia Twp. 8. D. No. 2, Mich.2-2 )4
3.50
100.18
100.04
100
1942-1960
722
278
100
2.16
6,000
__
1.84
3,600
1.97
100.13
7*73,000
Liberty County Con. 8. D., Tex..3
Linn County S. D. No. 16, Ore.._
Littleton, Colo...
1)4
279
0.94
424
280
2.00
101.95
1946-1955
426
432
100
1942-1949
..1
Coal Rural School District, Ohio..
722
...2)4
427 Lewis & Clark Co. S. D. No. 1,
Mont
1%
726 Lewis Co. P. U. Dist. No. 1, Wash.
100.80
278 Cleveland, Ohio (5 issues).
586 Cleveland City 8. D., Ohio
431
1942-1951
1944-1955
99,000
r65,000
1942-1946
126
4
113,000
7*67,000
25,000
31,406
—-
3H-4K
72,000
1942-1961
Lebanon, Ore
585 Leeds, N. Dak
131 Lehighton, Pa
100.11
<*70,000
7*95,000
1949-1966
100
7*14,500
1943-1951
2M
...2)4
1M-1)4
Lauderdale Co., Tenn
1.68
1942-1954
2)4
587
0.49
1943-1957
3M
427
1943-1951
580
1.79
if.bo
724 Clear Creek Rural 8. D., Ohio__.2K
428
1.73
1943-1959
Lawrenceburg, Tenn
Lawrenceburg, Tenn. (3 iss.)
1942-1969rdl ,490,000
583 Clay County Common S. D. No. 5,
Minn
...3)4
128
3.50
100
723
279
Lane Co.S.D. No. 85,Ore...
2)4
Lane Co. Un. H. S.D. No. 10, Ore 2 M
Las Animas, Colo
Las Cruces, N. M
1.83
100.23
279
100.03
0.72
100
4.00
100.27
100.05
<i21,500
100.19
5,000
1.29
1.21
100
195,000
75,000
3.43
100.06
0.99
126
.
l~.Il
105.38
100.05
586
•
"3'bo
101
101.42
100.34
1.21
1943-1971
lob"""
15,000
43,000
1.14
1.17
3.50
7*50,000
101.07
127
580
0.82
100.60
1.80
100
1943-1956
1M
1
103.54
100
101.26
1943-1947
Lake County, Ind
Lake County, 8. Dak
3.36
1943-1950
274
1)4-2)4
581
1942-1961
1942-1951
275,000
2.90
r<*l,879
Lake of the Woods Co. Com. 8. D.
No. 91, Minn
3)4
100.18
2.00
100.78"
140,000
430
1942-1971
8.
1943
1942-1961
48,000
1.90
Cortez, Colo..
428 Cortlandt, N. Y
725 Cottle
County
Common
586 Key Ridge Rural S.D., Ohio
1.60
425 Kinsley 8. D., Kan
1M
588 Klickitat Co. S.D. No. 224, Wash.
7*225,000
200,000
10,000
<*7,500
Charlotte, N. C
1-2
Chateaugay, N. Y
1.60
428 Cheektowaga, N. Y. (2 issues)...2.10
428
580
35,000
100,000
431
r32,000
1.25
100
3,243,000
1942-1944
273
429
428
1943-1961
0.75
583
1,
432
Kaufman County, Texas
Kern County, Calif...
1942-1963
3,000
429
Kansas City, Mo
726
1942-1965
195,000
-
1M~3)4
1941-1964
Lakewood, N. Y
1M
Lake view Con. 8. D., Mich.__l^-2>i
432 Lamar County, Texas
-AM~2
1943-1951
Cheraw 8. D., 8. C
1946-1953
..4
Johnson City, N. Y
1949-1958
1946-1961
129
1942-1956
Cicero, 111
....1.30
1M
*
1.90
100""""
266,000
r<*105,000
7*25,000
7*50,000
28,000
1,296,000
r23,000
722
2
425
1.66
1942-1953
1.35
4
431
129
67,000
~2.il
Brown
Chelmsford, Mass
Jasper, Texas
1945-1954
100.77
Bronson Ind. S. D., Texas
No.
60,000
fo"o"~"
1.84
24,000
101.07
587 Brown County, S. Dak.
D.
1943-1950
-
12,000
82,000
587
Champlaln Central 8.
N. Y
2
Idaho Co. Ind. 8. D. No. 2, Idaho.2 )4
Imperial Co., Calif
3
722 Itasca Co. S.D. No. 1, Minn
2
5,680,000
431
723
150,000
.
1942-1951
62,000
90,000
0.50
1942-1961
279 Jenkintown S. D., Pa
428 Jersey City, N. J
2.55
1942-1962
1942-1951
Clayton & Lyme
No. 1, N.Y
1.70
431 Carson County, Texas
725 Carter County, Tenn
4
723 Cascade Co. 8. D. No. 3, Mont. .2
2.35
1942-1956
5,000
109.25
6,500
1M
Central 8. D.
2.83
115.12"
1942-1946
4
2.00
Brockton, Mass
Canton, Mass
Vincent,
100.39
rlt403,000
584 Cape
100.48
3
2)4
Hornick, Iowa
1954
100
721
426
1.87
1943-1947
fob'.bs"
1946-1970
..
100.69
1942-1951
1943-1967
3)4-3)4
725 Brownsville, Texas
3
587 Burke Ind. 8. D., S. Dak........
273 Canton, Conn
.AM
2.69
2
584
r<*2,231
3
2
688 Brown County Water Impt. Dist.
No. 1, Texas (3 Issues)
3-3 )4
1.36
100.61
3)4
714,000
1943
County, S. Dak
101.29
725 Jackson Co., S. Dak
3M~3)4
726 JacksboroInd. S.D .Texas
3
423 Jefferson Co. S.D. No. 3, Ark
3
rl8,000
Bettsville Rural S. D., Ohio
1M
7*130,000
HollyHillS.D.No.8.S.C-.._.-2^
588
r<*2,477
214
...
1.58
1944-1952
1942-1960
1945-1960
16,600
14,598
r2,500
7<*680,000
580
427 Belgrade, Mont
424 Brevard County, Fla
586 Bristol Twp. S. D., Pa
100.18
1.85
1~49
2M
1 )4
43,000
7,000
18,000
0.90
......
r<*10,507
145,000
4,375
100.03"
Boston, Mass. (2 issues)
132 Bremond Ind. S.D., Texas
1.47
1942-1960
Hempstead, N. Y
583 Heucks, Retreat Con. S. D., Miss.3
724 Hobart, Okla
1.85
110,000
17,000
425
100.14
580
1945-1953
1942-1946
0.82
58,000
726 Houston, Texas
3.60
273 Bibb County, Ga
588 Big Spring Ind. S. D., Texas
586 Bloom Twp. Rural S. D., Ohio
1942-1957
2.16
100.25
429
2.58
274
100.05
1.70
101.09
725 Holidaysburg S.
D., Pa
r49,000
N. Y
25,000
431
r<*24,000
Bel ding, Mich..
1942-1954
3.00
1942-1959
582
1.34
2M
l".09
1942-1953
S.
100.07
1M
1 )4
582 Avon Twp. S. D. No. 4, Mich.l
584 Beacon, N. Y
723 Bedford Common
100.16
74,000
428 Humboldt County, Nev._
587 Hutchinson Co., 8. Dak..
101.65
Basis
tll,500
583 Hopkins, Minn
100.71
Price
1942-1951
723
427 Baldwyn, Miss
279 Bartlesville, Okla
...3^-3^
1%
1)4
D. No. 2,
Amount
721
1944-1961
3)4
1.90
Maturity
1942-1946
1M.-D4
1.20
2.18
429 Ashtabula Harbor Exempted Vil¬
585 Athens City S. D., Ohio
428 Atlantic Highland S. D., N. J
584 Auburn. Neb
......^
585 Aurelius Village S. D., Ohio
Haverstraw, N. Y
1)4
1.60
100,000
721
280 Alice Ind. S. D., Texas
724 Alliance, Ohio
Rate
2.74
6,500
1942-1956
100.33
101.13
584
865
Name
425 Hays, Kan.
586 Hazel Twp. 8. D., Pa
723 Hempstead, N. Y
Basis
Price
Page
1945-1962
77*600,000
77*500,000
1961
77*130,030
100
100
1.00
100.11
0.86
100.45
1.17
50,000
440,000
6,800
100.43
102.43
3.66
1.38
725 Radnor Twp., Pa
100
3.00
276
35,000
175,000
100.08
2.24
275 Ramsey County, Minn
100.29
0.95
432
Rahway, N. J
Redwater Ind. 8. D., Texas
1943
17,500
77*2,463
1
1942-1971
45,000
0.90
1M
4
1942-1946
1942-1951
25,000
348,000
r23,500
1942-1968
1.69
The Commercial & Financial Chronicle
866
132
428
Rhome, Texas.
2
—AY%
Roanoke, Ind..
3
Robinson Twp. Auth., Pa
3K
Rock Island. Ill_
3K
Rockvllle Centre, N. Y. (3 lss.)...l K
Rome, N. Y. (2 issues)-...
0.90
Roslyn, N. Y
—■
1.70
St. Albans, Vt...
........2K
St. Francisville Sew. Dlst. No. 1,
Richfield Park. N. J
425 Roach dale. Ind
274
131
721
723
428
277
280
425
La
......
-
Safford, Ariz...
719
724
Salem, Ore-
—
.
—
1942-1946
5,700
2.00
Huntington, Que
1942-1965
12,000
Magag, Ont
432 Summerside, P. E.
1942-1947
6,000
1948-1971
rl14,000
1942-1958
131,750
1942-1950
Sebring
157,500
1966
r29,000
101.13
rdlOO.OOO
(1200,000
426 Somerville, Mass..
580 Somoma County, Calif
425
430
425
1~78
100
1.94
following obligations have been added to the list of invest¬
ments considered legal for savings banks, in a bulletin (No. 1),
issued by the State Bank Commissioner on Aug. 4:
ioY.M
1.28
100
3.00
100.08
2.73
1.90
75,000
100
25,000
100
100.84"
1.09
1944-1955
42,000
12,000
1942-1949
15,000
10b".28"
50,000
100.42
100.29
Wage Law, the 1941 Illinois Legislature
100,000
100.42
1.18
101.41
1.35
never
1942-1951
68,000
100.17
1.22
100
2.75
the Association, is indicative of problems found in three of the five other
States enacting minimum wage-and-hour legislation for certain classes of
municipal and State employees since 1935 without provinding for additional
funds to pay the wage increases.
Arizona, Indiana, Montana, Texas and
Washington are the other States with the regulations.
Illinois' 1937 Act required cities between 25,000 and 150,000 population
The Illinois Minimum Wage Law was passed in 1937, but payments
1947-1957
r54,000
1942-1951
36,000
95.00
1942-1962
<2500,000
100.40
1.95
1945-1971
2,000,000
100.01
2.66
6.60
15,000
100
3.75
100.09
1.22
583 Tracy, Minn
_v
IK
Tuscola Ind. S. D., Texas.
—
278 University Heights, Ohio
—IK
1942-1956
(133,000
1942-1943
19,000
432
1944-1955
1942-1955
18,000
2
101.48
1.56
100.04
1.48
30,000
101.51
2.31
r37,000
100.06
2.49
4,500
„
2-2K
583 Wadena County Ind. S. D. No. 33,
2K
276 Wade S. D., Miss..
2,000
100,000
2
3
2K
0.75
274 Washington County, Md._
....1.60
274 Washington Twp., Ind
IK
274 Washington Twp., Ind..........2
580 Washington Twp. Sch. Twp., Ind.IK
720 Waterbury, Conn
IK
1941-1964
10(L56"
25,000
350,000
429 Ward County, N. Dak.
1943-1961
582 Ware, Mass
1942-1944
3,000
100.03
0.73
1942-1961
100,000
25,998
100.66
1.53
1942-1956
1943-1962
26,000
101.19
1942 1950
16.082
100.83
1953-1956
1,000,000
100.73
12,000
105.36
—
—
—3
———.—.—.IK.
274
Wayne Twp. Sch. Twp., Ind
427
Waynesboro, Miss
431
West Columbia, 8. C
131
West Deer Twp. 8. D., Pa
276
50,000
100.50
1.44
38,500
101.24
1.32
1944-1961
30,000
1944-1963
140,000
1942-1957
81,000
100.35
1.20
1942-1951
10,229
100
2.00
teachers
1,000,000
100.02
1.38
2
1945-1959
23,500
102.32
1.80
100
2.00
100.01
1.06
the establishment of minimum
scales for special groups of public employees, according to the Associa¬
tion.
They consider it unsound administrative principle to favor certain
groups in salary treatment, and point out that, with few exceptions, mini¬
mum wage laws have not been accompanied by added authority to tax for
the required revenue.
103.90
2.10
101
2.65
100.05
3.23
1942-1952
rll.712
1942-1951
1943-1967
7T44.000
100,000
21,000
Willmar, Minn
1942-1949
3
583 Willmar. Minn
..-..3
6,000
90,000
1943
rd3,414
1.65
586 Woodlawn Village S. D., Ohio
20,000
1942-1946
1942-1946
0-3K
Woodbridge Twp., N. J
Okla.
...5
1943-1947
IK
.....3
Yolo County, Calif
1942-1961
72u Yuba County, Calif..
r2,825
175,000
100
5.00
100.20
1.48
20,000
—
103.76
Total bond sales for July (329 municipalities, covering
$53,889,329
378 separate issues)
Optional,
fc Not Including $227,818,224 temporary loams or funds obtained by
State and municipalities from agencies of the Federal Government,
r Refunding
d
bonds.
We have also learned of the
following additional sales for
previous months:
Name
129 Alexandria Bay, N.
131
Rate
Y....
1.40
Texas..3K-3K
Alvorado Ind. S. D.,
Amount
Maturity
1942-1950
Price
Basis
$20,000
100.21
1.36
35,000
1942-1966
101.17
3.37
2K
3K-3K
1946-1951
(flO.OOO
1943-1962
d40,000
3K
1944-1952
15,500
3
127 Jefferson Twp. School Twp., Ind..IK
1942-1961
1942-1954
1943-1962
748,000
31,000
1942-1955
27,500
lbb".66"
55,000
100.50
4.82
24,000
100.46
1942-1946
1942-1955
1943-1953
1942-1960
1942-1956
1946
1942-1951
1942-1946
■ •.
■
Illinois—Constitutionality
to declare unconstitutional
of Sales
Tax Assailed—A suit
the State Sales Tax Act and all
was filed recently in Circuit Court in
behalf of 35 specific firms and all firms subject
to the tax.
An injunction is also sought to restrain the
State from instituting proceedings against the plaintiffs
while the suit is penning.
amendments
Chicago
on
The constitutionality of the tax measure, known as the Retailers' Occu¬
pational Tax Act, is attacked on several grounds in the bill.
It is dis¬
criminatory, the bill contends, it imposes too great a burden on retailers,
gives too much arbitrary power to the Department of Finance in the matter
of penalties, fails to make an adequate definition of which service occu¬
pations come under the Act, and is vague and unintelligble on the method
of protesting and adjusting payments of the tax.
Municipal Bond Attorney Dies—George Strong Clay,
Hoyt, Washburn <fe Clay,
of 52 Wall Street, New York, died on Aug. 4 at his home in
Plainfield, N. J., after a long illness.
Mr. Clay, who was
81 at the time of his death, had specialized principally in
the approval of municipal bonds and was widely known in
a
member of the law firm of Reed,
1.41
1942-1946
1-15 years
.
■
Cities have offered similar objections to
wage
recent
r60,000
.....
.
Yale School District, Okla
Page
a court
1942-1966
.2
580
75,000 only
Fort Worth—was
Tdl 54,700
3K-3K
Willcox, Ariz. (2 issues)..
430 Williamsburg 8. D., Pa
430
and
1942-1955
1942-1961
upheld in
IK
2
126
279 Wynona,
—Dallas, San Antonio, Austin, Houston, El Paso
1K-4
584 Wibaux, Mont....
583
funds.
TheTexas Minimum Wage Law, which applies to cities over
1.41
test soon after its enactment.
In 1939, the Legislature
authorized cities to fund any debt contracted in meeting requirements of
the $150 per month minimum wage.
Extension of the minimum wage
425 Wichita 8. D. No. 1, Kan_.._-1-1K
276
policemen and firemen $175 a month, and cities from 10,000 to
25,000, $150 a month.
However, the Governor vetoed a companion bill
providing a method of raising funds to meet the requirement.
For two
years after the law was enacted its constitutionality was in question, and
payments of the minimum wage were suspended.
After the Act finally
was declared constitutional, it was amended to make the wage provisions
dependent upon approval of the voters.
This amendment was held un¬
constitutional, leaving the original Act in full force and the cities facing
considerable back debt, which the 1941 legislation now attempts to ease.
The 1941 Act provides that bonds to cover back pay may be issued without
a referendum vote, but makes no provision for meeting the future obliga¬
tions of the the original act.
In Arizona, at least 17 State Supreme Court decisions involving minimum
wage laws relating to various types of employment in State and local
agencies have come up since 1937.
Most of the decisions were in favor of
the employees, and when such judgments were handed down, the city or
State was forced to levy a tax to take care of the debt if there were no other
to pay
provision to cities under 75,000 was defeated by the 1941 Texas Legislature.
Montana's Minimum Wage Law, enacted in 1935, applies to policemen
only; Washington's to State employees; and Indiana's to firemen.
More
than 20 States, in addition, have minimum salary laws for public school
Westfield, N. J
West Virginia (State of)
What Cheer Ind. S. D., Iowa
721
101.41
have
The Illinois situation, according
been made in accordance with it.
to
1946-1971
1K
4
4
2K
427 West Point, Miss. (2 issues)
280
a measure
350,000
32,000
432 Wauwatosa, Wis
enacted
1942-1961
195,000
1-15 yrs.
432 Water town, Wis
Past-Due Salaries Under
Wage Act—To enable municipalities to pay back
of police and firemen due under the State's minimum
wages
1943-1946
723 Wahoo S. D„ Neb
432 Walnut Hill S. D., Texas
Illinois—Cities Get Means to Pay
Minimum
1943-1952
—
Minn
1951.
Bridgeport Housing Authority, series A, serially to 1961.
New Britain Housing Authority, series A, serially to 1961.
1.19
584 Toole County S. D. No. 14, Mont.
Uvalde, Texas
& Telegraph Co., debenture 3s, 1956.
Chesapeake & Ohio RR. Co., equipment 1 y$s, serially, 1942 to
Hartford Electric Light Co., debenture 3K«, 1971.
;
permitting the cities to issue 20-year bonds for this specific
purpose, the American Municipal Association said on Aug. 8.
1951-1960
.....-2K-3K
274 Tangipahoa Parish S. D. No. Ill,
La
3K
278 Toledo, Ohio
IK
—
Legal Investments—The
American Telephone
2.00
250,000
1942-1961
5K
(2 issues)—..——...—.;.
Connecticut—Additions to List of
(1200,000
1942-1951
Tampa, Fla
■
$383,100
month.
100"""
1942-1960
............2
432
Temporary loan, not included in total for
News Items
rdS.448
1944-1953
2K
Strasburg, Va
3.26
97.43"
1.64
1944-1966
IK
————IK
726 Sunset Sanitary Dlst.. Wis..
588 Tacoma, Wash
424
d.59,000
1943
-
430 Steubenville, Ohio..
3
Waterloo Twp., Ont
101.50
5,500
16,000
1943-1951
2
———J.K
Spencerville, Ohio
2K
Springfield, 111
IK
Stark County, Ohio..
...——IK
Sterling Twp. H. S. D. No. 300,
111
432
rd2,752
1,983,000
1944-1949
Sparta Twp. S.D„ Pa
721 Spencer, Iowa—
278
1943
1942-1951
2-2K
2
4
1><£
1K
-
Basis
100*.02*
r49,000
__
Silver City. N. M_.
101.93
2.14
*
Exempted Village 8. D.,
580 Sitka, Alaska
.......i
—
Total long-term Canadian debs, sold in July
1.69
1961
1942-1980
2K
—
3K
-
Amount
$95,000
100,000
35,000
v—50,000
1942-1961
47,000
Maturity
1942-1975
1942-1961
0.89
Dlst, No. 23,
586 Seminole. Okla
725
1.49
100.01
3,000
Ohio
428
100.06
726
100.09
3
Neb
430
1.77
Rate
-~3K
4
1941
Price
3.50
141,000
1943-1961
Scott Co. Ind. S. D. No. 1, Minn.IK
Scottsbluff Paving
128
103.58
100
18,000
Calif—
1K-3K
130 Sandusky, Ohio.—3
722
726
1942-1971
....AM
430 Saltcreek Twp. Rur. 8. D., Ohio..1.78
276 Scottsbluff, Neb
100
<1225,000
1941-1961
95,980
720 San Diego,
;
Delhi, Ont
Saline County, 111..
721
Name
Page
588
-
3K
.....IK-2
-
—
Basis
726
.6
Safford, Ariz
Price
$10,000
1942-1961
—-
580
Amount
Maturity
Hale
5
Name
page
Aug. 9,
279 Bigler Twp.
S. D., Pa
132
Brackettville, Texas
130
Falrport, Ohio
279
Gregory County Ind. S. D., No. 3,
.'
S. Dak
130
New Concord, Ohio..
130 Norwood, Ohio
...IK
129
Pleasantville, N. J
132
Port of Kennewlck, Wash
5
2
428
Ridgefield Park, N. J.
2
......
424 St. John's County, Fla
127 Van Cleve Con. S. D.,
Iowa.....IK
279 Washington Twp. Rural S.D..O-.2K
1K-3K
132 Weber County S.D., Utah
2
131 West Easton, Pa. (May)..
2
127. Wolf Creek Drainage Dlst., Iowa.3K
132 Yakima County S. D., Wash_._2-2K
132 Yakima County S. D., Wash
2
126
Watsonvllle, Calif
100.57
this field.
767,000
11,000
100.01"
3.99
100.23
10,000
100.08
1.41
718,000
100.26
1.96
3.24
45,000
722,000
22,500
100.02
40,000
100
25,000
1943-1961
2-10 years
100.17
indicated)
or
are
for
RFC and PWA loans) for that
Following issues included in
"Chronicle"
are
totals for previous months
Page numbers of the
given for reference purposes.
our
Louisiana (State of)
same.
Rale
Name
(May)
Association of State Officers to Meet—The
of State Auditors,
Comptrollers and
Treasurers will hold its annual convention on Sept. 3 to 6,
at the Balsam's, Dixville Notch, New Hampshire.
New
Jersey—Four Railroads Pay $8,034,949 in Taxes—
paid the State of New Jersey a total of
$8,034,949 in long overdue taxes on Aug. 5.
Payment of
this amount, almost 25% of the $34,800,000 in back taxes
owed by nine delinquent roads since 1933, was the first fruit
of the State's recently enacted rail-tax compromise.
Four
railroads
The compromise, which caused a sharp
political break between Governor
City, required the roads
Charles Edison and Mayor Frank Hague of Jersey
to pay
should be eliminated from the
Page
National
National Association
5,700
These additional June issues will make the total sales
(not including temporary
month $84,977,018.
127
3.69
3.00
20,000
All of the above sales (unless otherwise
June.
100.40
100
Maturity
Amount
Price
Basis
720,000
.
278 Tiffin, Ohio (June)
the principal of the back taxes but excused them from paying some
$21,000,000 in penalties and interest.
One of the payments made to the office of Comptroller Frank J. Murray,
$4,822,603 from the Erie Railroad, represented that line's full delinquent
bill.
Others made partial payments, as follows: New York Central, $1,408,672; Lehigh Valley, $933,156, and Delaware Lackawanna & Western,
$875,518.
Mr. Murray's office said checks for tax arrears
.
State
20,000
from other roads in the
expected soon.
The State's biggest taxpayer, the Pennsyl¬
RR., owes no back taxes.
Adoption of the tax compromise in the Legislature, bitterly opposed by
Mayor Hague and enthusiastically pushed by Governor Edison, caused
a
political split between the two which some observers think may end
the power of Mayor Hague's Jersey City political machine.
were
vania
UNITED
STATES POSSESSION ISSUES DURING JULY
Rale
Name
Page
DEBENTURES
SOLD
Name
Page
BY
Maturity
Amount
1946-1971
273 Honolulu (City & Co.) Hawaii....4
(Z400.000
CANADIAN MUNICIPALITIES
Rate
Maturity
Amount
432
Canada (Dominion of)
Canada (Dominion of)
*35,000,000
*35,000,000
1942-1951
56,100
726
Canada (Dominion of)
588
Charlesburg, Que
.
4
_
Basis
--
IN
JULY
Price
'
Basis
New
York
City—Borrowing Margin Increased hy $82,"prudent fiscal planning" in curtailing au¬
thorizations for new capital projects, the city has replenished
its unreserved borrowing margin by $82,053,324 in the past
053,324—By
*40,000,000
432
Price
.
Volume
The Commercial & Financial Chronicle
153,
18
months, Comptroller Joseph D. McGoldrick announced
Aug. 3. On Jan. 1, 1940, the remaining "cushion" was
$29,907,567, but as of July 1, 1941, it had reached the
figure of $111,960,891, he said.
on
The unreserved margin represents the total amount remaining which
may be used for new projects under the constitutional limitation, the
comptroller declared, and its replenishing "adds to the already established
grade A credit rating" of the municipality.
Mr. McGoldrick's remarks
were
contained in
a
message
budget message of Aug. 15, 1940, it has
for some considerable time that possible contingencies
arising from the defense program dictate the exercise of extreme caution
apparent
in matters of local financing," the comptroller said.
"I am, therefore, most heartened to be able to report that this board
has seen fit to follow practices of prudent fiscal
planning which I have
repeatedly urged
upon
its
members.
Among the States Kentucky reported
a new high of $49,000,000 in tax
Income and death tax receipts in this State
24%, while collections from alcoholic beverages, motor fuel and cigar¬
ettes climbed 21, 16 and 9% respectively.
The Oklahoma Tax Commission reported $55,000,000 in taxes was
collected in 1940-41.
This was a gain of 1.7% over last year.
Increases of
8% in sales tax collections, 7 % in gasoline tax revenues, and 3 % in cigarette
collections for the past year.
rose
tax income were included in the
addressed to the Board of Estimate.
"As I observed in my capital
been
867
than half the increase, but other internal taxes such as levies on liquor,
stocks, and toilet preparations, as well as customs duties, registered
material gains also.
more
This policy of caution at a time of
national emergency has resulted in an expansion of our unreserved margin
by more than $80,000,000 in a brief 18 months' time."
-v.v
Mr. McGoldrick stated that his capital budget message, due on Aug. 15,
would have "some specific comments upon how the defense program will
affect next year's capital budget."
On Jan. 1, 1940, the total debt-incurring power was $1,666,125,208,
while on July 1, 1941, it had been reduced to $1,654,421,809 because of
a decrease in assessed
valuations, according to the message.
The actual
amount of debt charged to the limitation on Jan. 1,1940, was $1,488,496,744
and 18 months later it had been reduced to $1,479,451,871.
general rise.
Tennessee reported $47,000,000 collected this fiscal year—a rise of 12%.
Death duties and beer taxes paced the increases with 17%, while gasoline,
tobacco and income tax collections registered gains of 16, 11 and 7%.
In
all
three
of
these
States
motor
vehicle* tax
collections
increased.
Oklahoma recorded a 29% increase in excise tax collections on motor
vehicles, and Kentucky a 37% rise in the yield from motor vehicle usage
taxes.
The Tennessee motor vehicle tax yielded 19% more than in 1939-40.
Partial returns from other States showed the same upward trend.
During
the first three-quarters of the fiscal year, Virginia received more than
$40,000,000, compared with $35,000,000 in the same period of 1939-40.
Arizona collected $4,000,000 in sales taxes alone—9% more than in the
previous 12 months, and 23% over the receipts of 1938-39.
Indiana's
gross income tax returns were the highest since the tax was instituted in
1933, reaching $25,000,000.
Michigan collected $73,000,000 in sales and
use taxes, topping the 1939-40 total by 23%.
Wisconsin reported an in¬
crease of $654,000 in cigarette tax collections during the year, receiving
$3,542,000 from this levy, which was instituted in 1939.
Before deducting required reservations and authorizations, the remaining
debt-incurring
power
within thelimitation
on
July 1,1941,
was
$174,969,937
compared with $177,628,433 on Jan. 1, 1940.
The reservations and au¬
thorizations were only $63,009,047 on July 1, 1941, contrasted with $147.-
720,866 a year and a half before, the comptroller said.
This is the item
which accounts for the $80,000,000
replenishment, while redemption of
existing debt and accretions to the sinking funds have also aided materially.
An increase in 18 months from $2,650,402,608 to $3,053,129,903 in the
gross funded debt, including the exempt debt is virtually due in its entirety
to transit unification and the continuation of the new water
supply system,
he
Bond
Proposals and Negotiations
Alabama
said.
Municipals
New
Jersey—Improvements in Local Fiscal Administration
Reported—A comparison of 1940 and 1941 property tax
levies in New Jersey, compiled by the Department of
Governmental Research of the New Jersey State Chamber
of Commerce, reveals that 316 of the State's 565 munici¬
palities, or 56%, have reduced their all purpose property
tax levies for the year 1941.
The survey, released by Charles A. Eaton Jr., Chamber
Secretary, pointed
that the all-purpose levy includes property taxes imposed for the
Steiner, Rouse & Co.
Members New York Stock Exchange
NEW
BIRMINGHAM, ALA.
YORK
Direct Wire
ALABAMA
out
support of municipal and county governments, local schools, the State's
school fund, and taxes for district courts, county libraries and other miscelr
laneous items.
A foreword to the survey by Walter Kidde, Chairman of the Chamber's
Cost of Government Committee, stated "that a definite downward trend
m
New
Jersey's property tax burden has begun" and added "this is the
a majority of New Jersey
a tax levy reduction in two successive years."
Last year 340 municipalities, cr 60% of the total number in the State,
imposed lower levies than in 1939.
The Chamber attributed this down¬
ward trend "to a decreasing public debt, the financing of municipal opera¬
tions on a 'pay-as-you-go' basis and to constantly improving current tax
collections, better budget methods, and greater control over local spending."
"These improvements in local fiscal administration have been induced
by good laws passed since 1933, restricting local borrowing and compelling
more
business-like methods of budgeting and of expenditure control.
Another important factor has been the election and appointment of better
trained, better qualified persons to public office in a large number of New
Jersey municipalities.
A continuance of these efforts should assure a
continued downward trend in property tax levies.
"Local tax rates followed the course of tax levies in their downward trend;
334 municipalities, or 59%, show a reduced tax rate for 1941, 209 an in¬
creased rate, and 22 the same as last year.
Last year 63% of the munici¬
palities had lower rates than in 1939.
While a majority of New Jersey municipal governments continued in
1941 the downward trend in their all-purpose levies which started the
year before, the total aggregate all-purpose property tax levy in New Jersey
for 1941 amounts to $262,383,802.
This is $3,337,770 more than in 1940.
Discussing this increase in the State-wide aggregate levy, the Chamber
BIRMINGHAM, Ala.—BOND CALL—C. E. Armstrong, City Comp¬
troller, states that the followingl bonds have been called for payment and
will be paid immediately on presentation together with the full amount of
the last interest coupon thereon, at the city's fiscal agent, the Chemical
Bank & Trust Co., New York City.
Funding Nos. 1 to 100, 5%, $1,000,000.
Dated.Sept. 30, 1911. Due
first time since before the first World War that
municipalities have achieved
Grade crossing, Nos. 2401 to
1942. Due Oct. 1, 1941.
Public school buildings,
"It is regrettable that the record of one
large city stands in the
way
City of Newark is found to exceed by $3,929,790 its 1940 all-purpose levy.
The aggregate 1941 property levies of all the rest of the municipalities in
the State combined are shown to be $592,020 lower than in 1940.
The
huge increase in Newark's levy this year not only wipes out this decrease
for the rest of the State, but causes the State-wide all-purpose property
tax levy for 1941 to exceed the 1940 figure by $3,337,770."
New York
State—Municipalities Cautioned to Curb NonDefense Capital Construction—The cities, counties, towns and
villages of New Yof-k State were cautioned by the Citizens
Public Expenditure Survey this week to call a halt on capital
construction "for the duration of this emergency" if they
wish to avoid the risk of obstructing defense.
Borrowing for non-defense capital outlays at this time,
the Survey warned, would hamper defense by draining off
millions in taxes to meet interest charges on non-essential
projects.
Taxes for this purpose, the Survey charged,
would weigh heavily on taxpayers now confronted by the
need of financing a substantial part of the defense program
on pay-as-you-go basis.
Last
interest alone on
year,
Federal,
State
and
local debts cost the
American .people approximately
$1,800,000,000 the Survey estimated.
New York taxpayers, it said, paid almost $145,000,000 on just State and
local government indebtedness.
Walter M. Franklin, President of the Survey, warned local government
officials that investment of funds in non-defense capital projects at this
time "would immobilize the very tax dollars that are needed so
desperately
today to help us pay for defense."
At the same time, he said that municipalities, by postponing their capital
construction, can create an enormous backlog of public employment to
held cushion economic readjustments after the war.
The debt problem in New York State is more serious than that of any
other State in the nation, the Survey said.
New York State's gross State
and local government debt amounted to $391 for every man, woman,
and child in the State in 1940.
Only four other States in the nation have
per capita State and local debts exceeding $200 and of these. New Jersey
is the highest with a per capita debt of $292—nearly $100 below New York
State.
United
States—1940-41
Tax
Collections to
Set Ail-Time
Nos.
1678 to
Dated Oct. 1,
Dated
$55,000.
1732, 4K%,
'
except those listed above. Any
1 to Oct. 1, 1941, will be paid at
maturity.
ALASKA
ANCHORAGE, Alaska—BONDS SOLD—An issue of $100,000 general
bonds was purchased recently by Foster & Marshall, of
improvement
Seattle.
ARIZONA
Ariz.—BOND OFFERING CONTEMPLATED—It is
$50,000 issue of airport bonds may be offered for sale in
MESA,
that
a
future.
'V:'
-
reported
the near
Tr"-"?#V. :
'
•
ARKANSAS
of
reduction this year in the aggregate all-purpose property tax burden for
State as a whole.
The 1941 all-purpose property tax levy of the
the
Dated Oct. 1,1928.
601 to 630, 5%, $30,000.
Oct. 1,1924.
Due Oct. 1, 1941.
This call does not apply to any bonds
bonds other than these that mature^Aug.
commented;
a
2475, 4Yi%, $75,000.
Due Oct. 1, 1911.
Public school buildings, Nos.
ARKANSAS, State of—BOND TENDERS RECEIVED—In connection
with the call for tenders on Aug. 5, of non-interest bearing road district
refunding, series B bonds, it is reported by F. A. Storey Jr., Supervisor of
the Refunding Department, that tenders were received on $476,666 bonds
at prices ranging from 70.00 to 100.00, but tenders at 90.00 and higher,
were rejected.
GUERNSEY SPECIAL SCHOOL
DISTRICT NO. 20 (P.O. Hope),
National Bank of Hope,
Ark.—BONDS SOLD—It is stated that the Citizens
purchased $20,000 3M% refunding and building bonds at a price of
101.50, a basis of about 3.52%.
These bonds were approved by the State
Department of Education on June 9. Denom .$500. Dated Aug. 1, 1941.
Due on Jan. 1 as follows;
$500 in 1942, $1,000 in 1943 to 1948, $1,500 in
1949 to 1953 and $2,000 in 1954. Prin. and int. (J-J) payable at the Peoples
National Bank of Little Iiock.
Legality approved by Donham, Fulk &
Mehaffy of Little Rock.
has
WALNUT
stated that the
RIDGE,
Ark .—ADDITIONAL INFORMATION—It is
$44,500 (not $42,000) revenue bonds sold to Hill, Crawford &
previously reported, were purchased at par, as
Lanford of Little Rock, as
follows;
.r
-
incl.
$7,000 4 % sanitary sewer bonds.
Due $500 on March 1 in 1942 to 1955
37,500 3H% water works extension bonds.
Due on March 1 as follows:
$500 in 1942, $1,000 in 1943 to 1955, and $1,500 in 1956 to 1971.
Interest
payable M-S.
:
CALIFORNIA
COSTA COUNTY (P. O. Martinez), Calif.—SCHOOL
$70,000 San Pablo School District semi-annual bonds
offered for sale on Aug. 4—V. 153. P. 423—were awarded to the Bank of
America, National Trust & Savings Association, of San Francisco, paying
a premium of $21, equal to 100.03, a net interest cost of about 1.79%, on
the bonds divided as follows: $5,000 as 3Hs, due m 1945; the remaining
CONTRA
BOND SALE—The
$65,000
as
l%s, due as follows: $5,000 in 1947; $10,000,1949,
$10,000, 1953; $5,000, 1954, and $10,000 in 1955 and
1950 to 1952;
$5,000,
1956.
Calif.—BOND OFFERING—Sealed bids will be received
until 7.15 p. m. on Aug. 13, by Victor D. McCarty, City Clerk, for the
purchase of $15,000 not to exceed 5% semi-ann sewer bonds.
Dated
July 2, 1925.
Denom. $1,000.
Due $5,000 July 2, 1946 to 1948. These
bonds are part of a $375,000 issue authorized at an election in 1925.
Bids
shall state not more than one interest rate.
Principal and interest payable
at the City Treasurer's office.
The approving opinion of O Melveny &
Myers of Los Angeles, will be furnished.
Enclose a certified check for 3%
of the bonds, payable to the City Treasurer.
EL SEGUNDO,
Administrators
LAKEWOOD PUBLIC UTILITY DISTRICT (P. O. Long Beach).
Calii.—BONDS SOLD—It is stated by Jesse E. Solter, Clerk of the Board
that $150,000 sewer system bonds were offered for sale on
Aug. 4 and were awarded to O'Melveny, Wagenseller & Durst of Los
Angeles, as 2Ks, paying a premium of $207.50, equal to 100.138, a basis
of about 2.23%.
Denom. $1,000.
Dated July 1, 1941.
Due $10,000
on July 1 in 1943 to 1957, incl,
Principal and interest (J-J) payable at
the office of the District Treasurer.
Figures based on daily statements of the United States Treasury show
that by June 30 this year the national Government had received a total of
$7,754,000,000 in taxes and customs. This was an increase of nearly 40%
over the preceding year.
Large income tax collections, due in part to the defense tax on private
and corporate incomes, reached almost $3,500,000,000, and accounted for
MATEO COUNTY (P. O. Redwood City), Calif .—SCHOOL
SALE—The $375,000 issue of San Mateo Union High School Dis¬
semi-annual bonds offered for sale on Aug. 5—V. 153, P- 720--was
awarded to a syndicate composed of the Harris Trust & Sayings BauK,
C. F. Childs & Co., both of Chicago, and J. S. Strauss & Co. of San Fran¬
cisco, paying a premium of $525, equal to 100.44, a net interest cost or
about 1.55%, on the bonds divided as follows:
$45,000 as 5s, due $15,0UI
Indicate—Tax collections of Federal,
State and local governments for the fiscal year 1940-41 just
ended will rank highest in the country's history, exceeding
the $14,800,000,000 collected by all three levels in 1939-40,
High,
First
Reports
the
information
from
indicated
Federation
of
Tax
Aug. 7.
on
of Directors,
SAN
BOND
trict
The Commercial & Financial Chronicle
868
Sept. 1 In 1942 to 1944; the remaining $330,000
Sept. 1 In 1945 to 1966, inclusive.
on
OFFERED
BONDS
as
al Tax School District No. 2
a basis of about
3.16%.
Due on
290,000 Special Tax School District No. 4
a basis of about
3.27%.
Due on
>
tional on and after May 1, 1961.
FOR
INVESTMENT—'The
successful
bidders
reoffered the above bonds for public subscription at
prices to yield from
0.20% to 1.70%, according to maturity.
(P.
O. Santa Rosa),
Calif.—BOND SALE
Clerk states that the $42,000 Cloverdale Union
High School District semi-ann. bonds sold to Lawson, Levy & "Williams of
San Francisco, as 1
at 100.297—V. 153, p. 580—are in the
denomination
of $1,000 each, are dated June 23, 1941, and mature on
June 23 as followsDETAILS—The County
to
price of 107.777,
May 1 in 1942 to 1971;
op-
.3.10%
on the District No. 2 obligations, while the District No. 4 bonds
priced to yield from 1.00% to 3.15%, for maturities from 1942 to
Maturities from 1962 through 1971, which are callable on and after
May 1, 1961, are priced to yield 3.20% to the first call date and 4.00%
1961.
$3^000 in 1942 and 1943, and $2,000 in 1944 to 1961, giving a basis of about
thereafter, to maturity.
FLORIDA, State of—BOND AND NOTE TENDERS RECEIVED—
In connection with the call for tenders of sealed offerings of matured or
unmatured original or refunding road and bridge or highway bonds, time
warrants, certificates of indebtedness and (or) negotiable notes of various
counties and special road and bridge districts, noted here on July 19—Y. 153,
price of 103.769—V. 153, p. 720—are In the denomination of
$1,000 each,
dated July 1, 1941 and mature on Jan. 1 as follows:
$1,000 in 1943 to
1948 and $2,000 in 1949 to 1955, giving a basis of about
2.51
a
are
%.
a
May 1 in 1942 to 1961.
bonds at a price of 107.853,
are
YUBA COUNTY (P. O.
Marysville), Calif.—BOND SALE DETAILS
—The County Clerk states that the $20,000 Linda
Elementary School Dis¬
trict bonds sold to Lawson, Levy & Williams of San
Francisco, as 3s at
int. (J-J) payable at the office oi the
County Treasurer.
bonds at
BONDS OFFERED FOR INVESTMENT—'The successful bidders reof¬
fered the above bonds for public subscription at prices to yield from 1.00
COUNTY
SONOMA
Aug. 9, 1941
l^s, due $15,000 on$2 ,250,000 Spec!
p.
Pnn. and
424—it is reported by J. Edwin Larson. State Treasurer, that four parties
offered bonds.
HILLSBOROUGH
COUNTY (P. O. Tampa), Fla.—REFUNDING
PLAN UPHELD—The Florida Supreme Court is said to have upheld re¬
cently the plan of the above county to refund $2,228,000 road and bridge
district bonds.
This high Court ruling affirms a decision of Circuit Judge
Sandler, dismissing objections to the refunding program filed by four tax¬
payers.
The Court said, however, that the Circuit Court decree validating
the refunding issues should be modified to reduce the amount to the bonds
actually outstanding at the time the order was entered.
County Attorney
Cobey said this would cut the original amount about $70,000.
The re¬
funding affects Northeast Tampa Spec, Road & Bridge Dist. No. 6, North
Tampa Spec. Road & Bridge Dist. No. 3, Lake Fern Spec. Road & Bridge
Dist. No. 7 and Spec. Road & Bridge Dist. No. 5, all of which are in de¬
fault.
The program will postpone principal payments and reduce scheduled
interest charges.
The bonds, maturing over a period of 30 years, will bear
interest at 4%.
COLORADO
CHERRY HILLS FIRE PROTECTION DISTRICT (P.
O. Denver).
Colo.—BOND OFFERING—Sealed bids will be received until
11 a. m. on
Aug. 15 by J. C. Owens, District President, for the purchase of
$5,500
bonds.
Interest rate is to be specified by the bidder.
Dated Sept. 1.1941
Due on Sept. 1, $1,500 in 1942 and $2,000 in 1943 and
1944.
GUNNISON, Colo.—BOND SALE DETAILS—'The Town Treasurer
states that the $75,000
2Y% semi-ann. power and light plant revenue
refunding and improvement bonds sold to Boettcher & Co. of
Denver, and
associates, at par—V. 152, p. 3221—are in the denoms. of
$1,000 and $500,
and mature as follows: $4,000 on Sept. and Dec.
1, 1941, on March, June
Sept. and Dec. 1 in 1942 and 1943, $4,000 on March,
June, Sept. 1, and
$4,500 on Dec. 1, 1944, $4,500 on March, June, Sept.
1, and $5,000 on
Dec.
JACKSONVILLE, Fla.—VALIDATION PETITION APPROVED—
The Circuit Court of Duval County is said to have approved the
city's
petition for validation of its proposal to refund $3,388,000 bonds.
1, 1945.
CONNECTICUT
MANATEE, Fla .—REPORT ON REORGANIZATION PLAN—Federal
Judge Barker is said to have signed recently a final decree in connection with
bankruptcy proceedings of the above city.
The decree calls for the
refunding of $674,100 6% bonds by exchanging them for a like amount of
refunding bonds at an interest rate graduating upwards from 1% to 4%,
making an average yield on refunding bonds over a 30-year period of a little
over 2%.
It also provides that 75% of $291,782.85 in delinquent interest
be canceled outright, with
refunding bonds being issued for the balance of
25%.
Approximately $30,000 of the old bonds remain unexchanged, and,
it is expected they will be
This means that Manatee has
exchanged soon.
reduced its bonded debt of over a million dollars to around
$700,000, with
the latter being spread over a
30-year period at a much lower interest rate.
The proceedings for the City of Manatee were handled
by its attorney. Col.
W. L. Kimball, who used Ed. C.
Wright & Co., of St. Petersburg, as fiscal
BRIDGEPORT, Conn.—BOND OFFERING—Perry W. Rodman,
City
Comptroller, will receive sealed bids until noon (DST) on
Aug. 11 for the
purchase of $400,000 not to exceed 2% interest series E
coupon refunding
bonds.
Dated Aug. 15, 1941.
Denom. $1,000.
Due Aug. 15 as follows:
$40,000 from 1943 to 1947 incl. and $50,000from 1948 to 1951 incl.
Bidder
to
name
one
rate
of interest
for the
entire
the
issue.
Prin. and int.
(F-A),
payable at the City Treasurer's office.
Registerable as to principal only,
at the holder's option.
The bonds are general obligations of the
city,
payable as to both principal and interest from ad valorem taxes
which
be levied without limit
as
may
to rate or amount except as to
certain classes of
property, such as classified timber lands, taxable at a limited
rate.
The
purchaser will be furnished with a certificate from the Tax
Assessor certify¬
ing that there
List of 1940.
are no such classes of
property within the city on the Grand
These bonds have been authorized
by Special Act of the State
agent, and the Florida National Bank of Jacksonville
Legislature, approved Feb. 25, 1941.
PUNTA
Bonds
will be delivered on or about Aug. 20.
A certified check for
of the issue bid for, payable to order of the
City Treasurer, is
nection
2%
stated
required.
Legal opinion of Ropes, Gray, Best, Coolidge &
Rugg of Boston will be
furnished the successful bidder,
GROTON,
Conn.—BOND
st,
B.
receive sealed bids until 1 p. m.
(EST) on
of $100,000 coupon water and electric bonds.
Lund,
$1,000.
Bidder to
Due
and interest
on the bonds.
Issued under the provisions of an Act of the
Legislature of Delaware entitled "An Act
authorizing the State of Delaware
borrow $1,165,000 and issue bonds therefor for the
to
purpose of purchasing
buildings, grounds and equipment for cer¬
University of Delaware and School Districts
constructing roads, bridges and highways," ap¬
proved by the Governor May 7, 1941.
The bonds will be awarded to the bidder
offering to take them at the low¬
est rate of
interest, at a price not less than par and accrued interest to the
date of delivery of the bonds.
As between bidders
naming the same rate
of interest, the amount of
premium will determine the award.
The enact¬
and erecting new and
Improved
tain State Institutions and the
and for the purpose of
ment at any time
prior to the delivery of the bonds, of Federal
legislation
which In terms, by the
repeal or omission of exemptions or otherwise, sub¬
jects to a Federal income tax the interest on bonds of a
class or character
which includes these
bonds, will, at the election of the purchaser, relieve
the purchaser from his
obligations under the terms of the contract of
sale and entitle the
purchaser to the return of the amount
deposited with
the bid.
The purchaser will be furnished with the
opinion of Reed, Hoyt,
Washburn & Clay, of New York, that the bonds are
valid obligations of
the State.
Enclose a certified check for
5% of the bonds bid for, payable
to Peter S.
Collins, State
disbursing agent.
petersburg, Fla,—BOND SALE— The $660,000
refunding bonds offered for sale
a
the issue was the account of
A group headed by B. J. Van
Ingen & Co., Inc., was third with J01.15, and Stranahan, Harris & Co.,
Inc., and others were next with 100.84.
HAWAII
HONOLULU (City and County), Hawaii—PRICE PAID—It is stated
by D. L. Conkling, Treasurer of the city and county, that the $400,000
4% semi-ann. suburban water revenue, series of 1941 bonds sold to a
syndicate headed by Brown, Schlessman, Owen & Co. of Denver—V.153,
p. 273—were purchased at par.
Due on June 15 in 1946 to 1971.
IDAHO
GRANGEVILLE, Idaho—
ELECTION NOT SCHEDULED—
BOND
us that no election has been called as yet on the
proposed issuance of $89,000 water system purchase bonds.
The City Clerk informs
IDAHO, State of—BOND SALE— The $659,100 semi-ann. State In¬
stitutions improvement bonds offered for sale on
Aug. 4—V. 153, p. 581—
awarded to a syndicate composed of Shields &
Co., Harvey Fisk &
Sons, both of New York, and Foster & Marshall of Seattle, as l%s, paying
price of 100.14, a basis of about 1.30%.
Dated Aug. 5, 1941. Due on
Aug. 15,1961; optional at any time after Aug. 15, 1943.
were
a
BONDS OFFERED FOR
INVESTMENT—'The successful bidders reoffered the above bonds for general
subscription, priced to yield above 1.30%
to maturity, and above
0.70% to the optional date.
Second highest in the bidding
came
Salomon Brothers & Hutzler,with,
100.1517; then Union
Securities Corporation, with 100.128, and Harris
Trust & Savings Bank, 100.028, all for
1.40% coupons. Halsey, Stuart &
Co., Inc., was fifth with 101.39 for a rate of IY %•
_____
POCATELLO, Idaho—MATURITY—The City Clerk stataTthat the
$82,500 sewage treatment plant semi-ann. bonds sold to Grande & Co. of
Seattle, as 1 %s, at a price of 100.201, as reported here on April 26, are due
on Jan. 1 as follows:
$3,500 in 1943, $3,000 in 1944 and 1945, $4,000, 1946
to 1952, and $5,000 in 1953 to 1961, giving a basis of about
1.73%.
Treasurer.
ILLINOIS
BELVIDERE, 111.—PROPOSED BOND ELECTION—An
be held
FLORIDA MUNICIPAL BONDS
f
henslve
In handling Florida Issues glres us a
conprsbackground of familiarity with these municipal bonds.
We
will be glad to
answer
any inquiry
regarding them at
no
on
BUSHNELL, 111.—BONDS SOLD—The Farmers & Merchants
COULTERVILLE, 111.—BONDS AUTHORIZED—An
water revenue bonds was authorized
obligation.
f
that
local
banks
have
purchased
i'ULO, 111.—BOND ELECTION—At
voters will be asked to authorize
BAY COUNTY (P. O. Panama
City) Fla.—BOND REFUNDING
CONTRACT—It is stated by H. A. Pledger, Clerk of the Circuit
Court,
that the county has
signed a contract with Sullivan, Nelson & Goss, Inc., of
West Palm Beach and Welsh, Davis &
Co., of Chicago, to refund all out¬
standing callable bonds aggregating $1,960,000. The contract
guarantees
a bid by the two firms on
the refunding issue of 102, which must be offered
for sale not later than Jan.
10, 1942. The bonds will be dated Aug. 1, 1941,
and will carry interest of
3% through 1952, 3Y% from 1953 to 1963, and
3 Yi % from 1964 to 1971, the last
maturity date.
COUNTY
SPECIAL
TAX
SCHOOL
DISTRICTS
(P.
O.
Miami), Fla.—BOND SALE—The two issues of 4% semi-annual coupon
school site and building bonds
aggregating $2,540,000, offered for sale on
Aug. 6—V. 153, p. 273—were awarded to
Blyth & Co., Inc., Phelps, Fenn
& Co., both of New York;
Paine, Webber & Co., Welsh, Davis & Co., both
of Chicago; Fenner & Beane of New
York; the Wells-Dickey Co. of Minne¬
apolis, and Campbell, McCarty & Co. of Detroit, as follows:
4
of $5,000
4
Commissioner,
issue of $107,000 judgment
an
""gALESBURG,! UL^BONDS"NOT SOLD—Answering our~~inquiry
regarding result or the reported offering of $200,000 water revenue bonds on
July 31, Alfred Nystrom, City Clerk, advised that no bids were received as
the city was asking only for tentative bids to ascertain inter** *rat.es.
CHICAGO. ILLINOIS
FLORIDA
DADE
State
..
v
bonds.
RECrummer t Company
issue
recently.
DECATUR,"111 ~BONDS SOLD—Walter"Rugh ^Finance
reports
1ST.NAT. BANK BLDC
election may
the question of issuing $36,000 paving bonds.
Bank of Bushnell purchased $16,500 special assessment bonds.
Our. long experience
con¬
2, of refunding bonds, it is
offerings were received.
seven
OTHER BIDS—Second high bidder for
John Nuveen & Co., which named 101.84.
Dodge of Boston will be furnished the successful bidder.
Bonds will be
delivered to the purchaser on or about
Aug. 22, 1941, at the First National
Bank of Boston, 67 Milk
St., Boston, for Boston funds.
DELAWARE
as
SUBMITTED—In
issue of 4%
on Aug, 5—'V. 153,
syndicate composed of the H. C. Speer & Sons
Co.; Mullaney, Ross & Co.; Charles K. Morris & Co., all of Chicago;
A twill & Co. of Miami
Beach, and Kuhn, Morgan & Co. of Tampa, paying
a premium of
$13,861, equal to 102.10, a basis of about 3.75%.
Dated
March 1, 1941.
Due $33,000 on March 1 in 1942 to 1961.1
name one rate of
DELAWARE (State of)—BOND OFFERING—Earle
D. Willey, Secre¬
tary of State, will receive sealed bids until noon (EST) on
Aug. 15 for the
purchase of $1,165,000 not to exceed 2 Yt% interest
coupon or registered
public improvement of 1941 bonds.
Dated Aug. 15, 1941.
Denom. $1,000.
Due Aug. 15 as follows: $50,000
in 1942 to 1963 and $65,000 in
1964.
Redeemable at par on any interest
payment date beginning Aug. 15, 1950.
Rate of interest to be in a
multiple
of
or l-10th of
1%, and must be the same for all of the bonds.
Prin.
and int. payable at the Farmers' Bank of the
State of Delaware, Dover.
Direct general obligations of the State and the
public faith and credit of
the State is pledged for the full and
complete payment of the principal of
TENDERS
by John Hagan Sr., City Clerk, that
p. 581—"was awarded to
Borough
Aug. 12, for the
Dated Aug. 1,
$10,000 annually on Aug. 1 from 1942 to
interest in a multiple of II of 1
%.
Principal and interest (F-A) payable at the First National Bank
of Boston.
The bonds will be general
obligations of the borough and all taxable
property
therein will be subject to the
levy of unlimited ad valorem taxes to pay both
principal and interest.
Legal opinion of Storey, Thorndike, Palmer &
1951, incl.
Fla.—BOND
the call for tenders up to Aug.
coupon semi-annual
OFFERING— Charles
Treasurer, will
purchase
1941.
Denom.
GORDA,
with
an
a
special election on Aug. 14~the
light system bonds.
issue of $5,000
QUINCY, 111.—BOND ELECTION—At
an
election
on
Sept. 16 the voters
will be asked to approve an issue of $200,000 airport bonds.
WILLIAMSON COUNTY (P. O. Marion), 111.—BONDS DEFEATED
—At an election on July 29 the voters rejected a proposal to issue $20,000
road
bonds.
INDIANA
ANDERSON
SCHOOL
CITY, Ind.—HEARING ON INJUNCTION
POSTPONED—Arthur Campbell, Superintendent of the Board of Trustees,
reports that hearing scheduled for July 26 on the injunction which pre¬
vented proposed sale on April 8 of $142,000 net to exceed 4% interest
improvement bonds, was postponed until resumption of court in October.
GARY, Ind.—WARRANT OFFERING—John A. Sabo, City Comp¬
troller, will receive sealed bids until 11 a. m. on Aug. 15, for the purchase
$100,000 not to exceed 2% interest temporary loan warrants, including
of
Volume
The Commercial & Financial Chronicle
153
$80,000 corporation fund and $20,000 sinking fund.
Dated Aug. 15, 1941
and payable Nov. 15, 1941.
Delivery on or before Aug. 25.
Mr. Sabo also states that he will receive sealed bids until
11
a.
on
m.
Sept. 15, for the purchase of $142,000 not to exceed 2% interest temporary
loan warrants, including $120,000 corporation fund and $22,000 park fund.
Dated Aug. 15,1941 and due Nov. 15,1941.
Delivery on or before Sept. 23.
All of the warrants will be in denoms. to suit purchaser.
They will be
payable out of taxes heretofore levied and
now
in
course
of collection for
lMs and lMs which mature in 1945 and 1946 are priced to yield from 1.10%
1.20%, and the Is which come due in 1947 are offered at 98.50.
They
interest exempt, in the opinion of counsel, from present Federal income
taxes, and presently exempt from taxes in Louisiana.
They are legal in¬
vestment, according to the bankers, for savings banks in New York,
Massachusetts and Connecticut, and are eligible for postal savings deposits.
to
are
each of said
funds, a sufficient amount of which taxes has been appropriated
and pledged to the payment of warrants and interest thereon.
The tem¬
loans
being made for the purpose of securing funds to meet
current expenses whichare payable out of said three funds respectively
prior to the collection of the Fall instalment of taxes in the year 1941.
The
approving opinion of Matson, Ross, McCord & Ice, of Indianapolis, will be
furnished to the purchaser at the expense of the city.
porary
are
LAKE COUNTY (P. O. Crown Point), Ind.—BOND SALE—Halsey,
Stuart & Co., Inc. of Chicago were awarded on July 31 an issue of $127,500
voting machine bonds of 1941 as 1 Ms, at par plus a premium of $1,637.10,
equal to 101.284, a basis of about 1.33%.
Dated Aug. 1, 1941.
Due as
follows:
$10,000 July 1, 1947; $10,000 Jan. 1 and July 1, 1948; $10,000
Jan. 1 and $20,000 July 1, 1949; $30,000 Jan. 1 and $37,500 July 1, 1950.
Interest J-J.
Legal opinion of Chapman & Cutler, of Chicago.
NEW ALBANY, Ind.—BOND OFFERING—James G. Ferrell, City
Clerk, will receive sealed bids until 1 p. m. (DST) on Aug. 15, for the pur¬
chase of $45,000 not to exceed 4% interest series A refunding bonds.
Dated
Sept. 1, 1941.
Denom. $1,000.
Due Jan. 1 as follows:
$5,000 from 1945
to 1950, incl.; $10,000 in 1951 and $5,000 in 1952.
Bidder to name one rate
of interest, expressed in multiples of M of 1%.
Interest J-J.
A certified
check for $1,500, payable to order of the city, is required.
Purchaser to
accept delivery and pay for bonds before 1 p. m. (DST) on Sept. 2 at the
City Treasurer's office, or at such bank in the city as the purchaser shall
designate in writing.
Legal opinion of Matson, Ross, McCord & Ice of
Indianapolis will be furnished the successful bidder^at the city's expense.
RENSSELAER,
Ind.—BOND SALE—'The $10,000 fire truck and
equipment bonds offered Aug. 6—V. 153, p. 581—were awarded to Kenneth
L. Johnson, of Indianapolis, as lMs, at a price of 100.872, a basis of about
1.35%. Dated June 1, 1941 and due $1,000 annually on Jan. 1 from 1943 to
1952 incl.
Second high bid of 100.46 for lMs was made by Fletcher Trust
Co., Indianapolis.
RICHLAND TOWNSHIP
(P. O. Newton), Ind.—BOND OFFERING
—T. G. McKnight, Township Trustee, will receive sealed bids until 2 p. m.
on Aug. 25, for the purchase of
$33,000 not to exceed 4 M% interest School
Township building bonds.
Dated April 1, 1941.
Denom. $1,000.
Due as
follows:
$2,000 July 1, 1942; $2,000 Jan. 1 and July 1 from 1943 to 1949,
incl.; $1,000 Jan. 1 and July 1, 1950, and $1,000 Jan. 1, 1951.
Bidder to
name a single rate of interest, expressed in a multiple of M of 1 %.
Interest
J-J.
A certified check for $500, payable to order of the school township,
is required.
The bonds are direct obligations of the school township, pay¬
able out of unlimited ad valorem taxes to be levied and collected on all the
taxable property therein.
Legal opinion of Matson, Ross, McCord &
Ice of Indianapolis will be furnished the successful bidder at the township's
expense.
MORGAN
CITY,
the voters
said to have approved the issuance of $18,000 water system
an
election
held
on
July
23
bonds.
IOWA
CITY, Iowa—BOND SALE—The $2,327.91 5% semi-ann.
improvement bonds offered for sale on Aug. 2—V. 153, p. 721—were
purchased by a local investor, at a price^of 100.30, according to the City
sewer
MARYLAND
noon (EST) on Aug. 26 for the purchase of $120,000
to exceed 5% interest coupon voting machine of 1941 notes.
Dated
Sept. 1, 1941. Denom. $1,000 or any mlutiple thereof at the election of the
purchaser.
Due Sept. 1 as follows:
$10,000 from 1942 to 1947 incl. and
$15,000 from 1948 to 1951 incl. Rate or rates of interest shall be in a multiple
of M or 1-10 of 1%, and all the notes due in any one year must bear the
same rate.
Principal and interest (M-S) payable at the Montgomery County
National Bank, Rockville, from an ad valorem tax on all taxable property
in the county.
Registerable as to principal or as to both principal and
interest. Valid and legally binding obligations'of the county, issued upon the
receive sealed bids until
not
faith and credit of the entire county, exempt'from State and local taxation.
The notes will be issued to purchase voting machines used at elections held
in the county, as authorized by Chapter 751, Acts of the General Assembly
of
on Aug. 4—V.
153, p. 721—were awarded to the
Iowa-Des Moines National Bank & Trust Co. of Des Moines, as 12£s,
paying a premium of $1, equai to 100.008, a basis of about 1.74%. Dated
Aug. 1, 1941. Due on Nov. 1 in 1943 to 1958; callable on or after Nov. 1,'
1948.
WASHINGTON COUNTY (P. O. Washington), Iowa—BOND SALE
—The $48,000 coupon semi-ann. hospital bonds offered for sale on July 31
V. 153, p. 581—were awarded at public auction to the Iowa-Des Moines
National Bank & Trust Co. of Des Moines, and the White-Phillips Co. of
Davenport, jointly, as l^s, paying a premium of $305, equal to 100.635,
a basis of about
1.14%.
Dated* Aug. 1, 1941.
Due on Nov. 1 in 1942 to
1951, incl.
Second best bid was an offer of $300 premium on IKs, tendered by Vieth,
Duncan & Wood of Davenport.
There were six other bidders for the issue.
DISTRICT
(P. O. Waverly), Iowa—BONDS
VOTED—The Secretary of the Board of Education states that the voters
approved the issuance of $15,000 construction bonds at an election held on
July 29.
KANSAS
City, Mo.), Kan.—BONDS OFFERED TO PUBLIC—The Small-Milburn
Co. of Wichita, and associates, are offering the following bonds aggregating
at the
County Commissioners' office or at any incorporated bank and trust
the purchaser, provided, purchaser agrees to pay
Legal opinion will be furnished by Niles, Barton,
Morrow & Yost, Esqs., of Baltimore. Enclose^a certified check for $2,400,
payable to the County Treasurer.
company specified by
costs of said delivery.
PRINCE
GEORGE'S
Due $25,000
on
Aug.
1 in
1942
to 1952, incl.
225,000 1M% school building bonds.
Due $25,000 on Aug. 1 in 1953
to 1961, incl.
Interest payable F-A.
Coupon bonds, dated Aug. 1, 1941.
Principal
and interest payable at the State Treasurer's office.
These bonds were
approved by vote of the qualified electors and, in the opinion of counsel,
constitute valid and legally binding obligations of the entire district payable
from unlimited ad valorem taxes on all tangible taxable property therein.
Legality approved by Bowersock, Fizzell & Rhodes, of Kansas City.
DRAINAGE DISTRICT
(P. O.
Robinson),
Kan.—
BONDS OFFERED TO PUBLIC—The following bonds aggregating $48,500,
being offered by Beecroft, Cole & Co. of Topeka, for public subscription:
$22,000 3M% refunding bonds.
Due on Aug. 1 as follows: $4,000 in 1942,
and $4,500 in 1943 to 1946.
26,500 3M% refunding bonds.
Due Aug. 1, as follows: $5,500 in 1947,
$6,000 in 1948, and $5,000 in 1949 to 1951.
Callable in inverse
numerical order at. par as follows: $11,000 maturing Aug. 1, 1948
and 1949, on Aug. 1, 1947, $3,000, Aug. 1, 1950, on Aug. 1, 1945,
$2,000 Aug. 1, 1950, on Aug. 1, 1944, $3,000 Aug. 1, 1951, on
Aug. 1, 1943, $2,000 Aug. 1, 1951, on Aug. 1, 1942.
payable
F-A.
Dated
Aug.
1,
1941.
Denom.
$500.
These
bonds are offered subject to their rejection by the State School Fund Com¬
Prin. and int. payable at the State Treasurer's office.
Legality
approved by Dean & Dean of Topeka.
KENTUCKY
OWENSBORO,
Council
is
said to
Ky.—BOND
have
COUNTY
BOND OFFERING—Nicholas
will receive sealed bids until
not to exceed
Orem,
noon on
(P. O.
Upper Marlboro), Md.—
County Superintendent of Schools,
Sept. 23, for the purchase of $500,000
5% interest coupon public school bonds.
Dated Oct. 1,1941.
Denom. $1,000.
Due $25,000 annually on Oct. 1 from 1942 to 1961, incl.
Bidder to name a single rate of Interest, expressed in a multiple of M of 1 %.
Principal and interest (A-O) payable at the First National Bank of Southern
Maryland, Upper Marlboro. A certified check for $1,000 must accompany
each bid.
The bonds are authorized under the authority granted by Chapter
744 of the Acts of the General Assembly of Maryland, Session of 1941, and
a resolution of the County Commissioners.
Issued on the full faith and
credit of the county and payable by an unlimited ad valorem annual tax
on all the assessable property in the county, and will be exempt from all
State, County and municipal taxation in the State.
Bidders must state in
their bids the price offered per $100 of par.
:
FRAMINGHAM, Mas8,—NOTE SALE—The New England Trust Co.
of Boston was awarded on Aug. 8 an issue of $100,000 notes at 0.12%
discount.
Due in instalments of $50,000 each on June 30 and July 31,
1942.
Other bids: Merchants National Bank of Boston, 0.16; Second
National Bank of Boston, 0.179; R. L. Day & Co., 0.21%; First National
Bank of Boston, 0.22%, and West Newton Savings Bank, 0.25%.
Mass .—NOTE SALE— The First National Bank ot
5 an issue of $500,000 notes at 0.41% dis¬
Boston was awarded on Aug.
count.
1942.
12 and April 10»
Higginson Corp.,
& Co., 0.47%; Harriman
Due in instalments of $250,000 each on March
Other bids:
Bond, Judge & Co., 0.415%; Lee
0.425%; F. M. Swan & Co., 0.44%; C. F. Child^
Ripley & Co., Inc., 0.47%.
REVERE, Mass .—BOND SALE—A group composed of Bond, Judge &
Co.,; Lee Higginson Corp. and Lyons & Shafto, all of Boston, recently
purchased $211,000 1^% relief and funding bonds.
Dated July 1, 1941.
Denom. $1,000.
Due July 1 as follows: $26,000 in 1942; $25,000 from
1943 to 1946 incl. and $17,000 from 1947 to 1951 incl.
Principal and in¬
terest (J-J) payable at the First National Bank of Boston.
Legality ap¬
proved by Ropes, Gray, Best, Coolidge & Rugg of Boston.
MICHIGAN
AVON TOWNSHIP SCHOOL
Mich.—BOND
DISTRICT NO. 3, Oakland County,
CALL—Edwin Lantzsch, Director, announces
call for re¬
demption on Sept. 1, 1941, at par and accrued interest, of outstanding
refunding bonds, dated March 1, 1936, due March 1, 1966 and callable,
bearing numbers as follows: 1 to 12 inci.; 16 to 32 incl.; 37 to 61 incl.
Bonds should be delivered to the Detroit Trust Co., Detroit.
BELDING,
Mich.—BLND SALE DETAILS—The $25,000 refunding
of Chicago—V. 153, p. 582—were
bonds awarded to Paine, Webber & Co.
price of 100.119 for $12,000 1
due $3,000 annually from 1942 to
1945 incl., and $13,000 l^s, due $3,000 in 1946 and 1947; $2,000, 1948;
sold at
a
1950.
.
$275,000 1H% school building bonds.
Interest
a
$3,000 in 1949, and $2,000 in
$500,000, for general"investment:
mission.
cost
awards will be made in
"
KANSAS RURAL HIGH SCHOOL DISTRICT NO. 6 (P. O. Kansas
WOLF RIVER
The notes will be awarded on the basis of the
to the county.
In case of identical best bids,
ratable proportion. Delivery on our about Sept. 1,
Maryland, Session of 1941.
lowest total interest
NEW BEDFORD,
LEON, Iowa—BOND SALE—The $12,000 semi-ann. improvement fund
SCHOOL
and sewer system
MONTGOMERY COUNTY IP. O. Rockville), Md.—BOND OFFER¬
ING—J. Forest Walker, Clerk or the Board of County Commissioners, will
Treasurer.
bonds offered for sale
WAVERLY
City Secretary states
MASSACHUSETTS
Iowa—BONDS VOTED—At
are
La.— BONDS VOTED—The
that the voters approved the issuance of $70,000 water
bonds at an election held on July 29.
IOWA
FTAGENCY,
are
869
BONDS OFFERED FOR INVESTMENT—'The successful bidders reoffered the above bonds for general subscription on the following terms:
ELECTION SCHEDULED—'The
enacted an ordinance providing that
be taken at the regular November election to determine
if
a
City
vote shall
$400,000
pro¬
posed bond issue shall be undertaken, proceeds to be used to purchase the
properties of the Owensboro Gas Co., a subsidiary of the Associated Gas &
Electric system. The property may be had for $325,000, and according to
Mayor Harry E. Smith, the additional $75,000 from the gas revenue bonds
would be used for expansion and repairs.
BUCHANAN, Mich.—BOND OFFERING—Harry A. Post,
will receive sealed bids until 5 p.m. (EST) on Aug. 11 for the
the following:
City
Clerk'
purchase of
A
$34,619.49 special assessment paving bonds.
One bond for $619.49, others
$1,000 each.
Due Oct. 1 as follows: $6,619.49 in 1942 and
$7,000 from 1943 to 1946 incl.
1 378 39 city portion paving bonds.
One bond for $178.39, others $100
each
Due Oct. 1 as follows: $278.39 in 1942; $300 from 1943
to 1945 incl. and $200 in 1946.
"All of the bonds will be dated Aug. 1, 1941.
Rate or rates of inter^t
be expressed in multiples of H of 1%.
Principal and interest (A-O)
payable at the City Treasurer's office.
A certified check for 2% of the
bonds, payable to order of the City Treasurer is required.
Bids shall be
conditioned upon the unqualified opinion of Miller, Canfleid, Paddock &
Stone of Detroit, approving legality of the bonds.
Cost of opinion and of
to
printing the bonds shall be paid by the city.
The $34,619.49 bonds are
issued in anticipation of the collection of special assessments and pledge
the full faith and credit of the city.
The $1,378.39 bonds are general
obligations of the city, payable
property therein.
from a general levy upon all the taxable
DETROIT, Mich.—BOND OFFERINGS WANTED—Charles G. Oakman, Secretary of the Board of Trustees Retirement System, will receive
sealed offerings until 10 a.m. (EST) on Aug. 12, of non-callaole city bonds
in the amount of approximately $250,000, under the following conditions:
Offerings shall show the purpose, the rate of interest, date of maturity,
the dollar value and the yield.
The Board of Trustees reserves the right
on bonds purchased, which are delivered subsequent to Aug. 19, 1941, to
pay accrued interest up to that date only.
Offerings will be accepted on
the basis of the highest net yield as computed from the dollar price.
ECORSE TOWNSHIP SCHOOL DISTRICT NO. 11, Wayne County
Mich.—BOND CALL—Ralph L. Jolly, Secretary of the Board of Education,
the call for redemption at par and accrued interest of $803,000
refunding bonds, being all of the bonds now outstanding of the following
announces
series:
Series A $50,000, Nos. 1 to 50
Series B $78,000, Nos. 1 to 78
incl.
incl.
$444,000, Nos. 1 to 146 incl.; 149 to 188 incl.; 198 to 345 incl,;
347 to 356 inc».; 360 to 429 incl.; 460 to 489 incl.
Series D $205,000, Nos. 1 to 205 incl.
Series E $26,000, Nos. 7 to 32 incl.
All of the bonds, dated Sept. 1, 1937, due Sept. 1, 1967, together with
current and subsequent coupons attached should be presented to the
Detroit Trust Co., Detroit, on or before Sept. 1, 1941.
Series C
LOUISIANA
LOUISIANA, State of—BOND SALE—The $675,000 issue of coupon
registered semi-ann. series H pension bonds offered for sale on Aug. 1—
V. 153, p. 582—was awarded to a syndicate composed of the Equitable
Securities Corp.
of Nashville, the Milwaukee Co. of Milwaukee, the
Wells-Dickey Co. of Minneapolis, and Kingsbury & Alvis of New Orleans,
paying a premium of $11.75, equal to 100.001, a net interest cost of about
1.30%, on the bonds divided as follows: $350,000 as lMs, due on July 15,
$225,000 in 1945, and $125,000 in 1946; $175,000 as 1%8, due on July 15,
1946; the remaining $150,000 as Is, due on July 15, 1947.
or
FARMINGTON
TOWNSHIP (P. O. Farmington), Mich.—BOND
$20,000 refunding bonds awarded to Crouse & Co.
SALE DETAILS—The
153, p. 722, were sold at a price of 100.219
due $4,000 on July 1 from 1942 to 1944 incl., and $8,000
1945 and 1946. Dated July 1, 1941.
of Detroit—V.
for $12,000 lj^s,
Is, due $4,000 in
The Commercial & Financial Chronicle
870
MARYSVILLE
SCHOOL
DISTRICT
Aug. 9, 1941
(P. O. Marygville), Mich.—
BOND SALE—The $200,000 general obligation school bonds offered July 31
—V. 153, p. 583—were awarded to Watling, Lerchen & Co. of Detroit,
on a bid of 100.087 for $25,000 3s, due July 1,
1942, and $175,000 0.75s,
due July 1 as follows: $40,000 in 1943 and $45,000 from 1944 to 1946 incl.
Dated July 1, 1941.
10,000 shop and equipment storage building bonds. Denom. $1,000. Due
$1,000 Feb. 15, 1943 to 1952. Bids are invited on interest rate and
and premium. General obligations of the village, payable out of ad
MICHIGAN (State of)—BONDHOLDERS PETITION U.S. SUPREME
COURT FOR REVIEXV OF $5,000,000 DRAIN CASE—'The
Michigan "In¬
vestor" of Aug. 2 reported as follows:
project.
Legal opinion of Fletcher, Dorsey, Barker, Colman &
Barber, of Minneapolis, supporting the validity of the bonds will
be furnished the purchaser without cost.
The village will pay the
cost of printing the bonds.
875.00 curb and gutter construction certificates of indebtedness. Interest
rate is not to exceed 4%, payable annually.
Denom. $225, one for
$200. Due.Feb. 15, as follows: $225 in 1943 to 1945 and $200 in
1946.
General obligations of the village.
587.50 curb and gutter construction certificates of indebtedness. Interest
rate is not to exceed 4%, payable annually. Denom. $150, one for
$137.50.
Due Aug. 15, as follows: $127.50 in 1943 and $150 in
1944 to 1946.
General obligations of the village.
Dated Aug. 15. 1941.
valorem
taxes.
Issued to finance construction of a shop and
equipment storage building for the Village Street Department,
which
"Attorneys for the bondholders interested in approximately $5,000,000
of South Macomb County drain bonds have appealed to the U. S, Supreme
Court for a writ of certiorari, an appeal for a review of the case which was
decided March 14 by the U. 8. Circuit Court of Appeals in Cincinnati and
invalidated the above-mentioned bonds.
"If the appeal is granted it would mean that the Supreme Court justices
would have to study voluminous evidence to search for an error in the
appellate court proceedings.
"The bondholders' appeal is based on claims that the decision of the
appellate court, handed down in Cincinnati earlier this year, conflicts
with decisions of other Circuit Courts of Appeal in other Federal jurisdic¬
tions.
They also claim that bondholders were deprived of their property
without due process of law.
"The appeal was filed with the Supreme Court on July 19.
Attorneys
for Macomb County and its drainage districts, headed by former Governor
Alex J. Groesbeck, have 40 days in which to file answers to the bond¬
holders' petition.
Attorneys of several municipalities are associated with
Mr. Groesbeck in the drain bond
"They will point out in their
cases.
answers
that the Cincinnati court based
its decision largely on U. S. Supreme Court rulings—principally one
stating
that Federal courts shall not upset rulings of circuit or State courts in
matters
wholly within the jurisdiction of State courts."
(References to decision of the United States Circuit Court of Appeals in
Cincinnati appeared in our issue of March 22, page 1956, and again in
issue of March 29, page 2117.)
ROYAL OAK CITY SCHOOL DISTRICT (P. O. Royal
Oak), Mich,—
BOND SALE—The $400,000 series AA-2 refunding bonds offered July 31—
V. 153, p. 583—were awarded to a syndicate composed of H. V.
Sattley &
Co., Crouse & Co., Hood, Truettner & Thisted, and McDonald, Moore &
Hayes, all of Detroit, and Ryan, Sutherland & Co. of Toledo, on a bid of
100.051 for $185,000 3s, due $25,000 from 1943 to 1949 incl. and $10,000 in
1950, and $215,000 2Hb, due $10,000 in 1950 and $25,000 from 1951 to 1958
incl. Net interest cost about 2.62%. Dated Aug. 1, 1941.
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 8 (P. O. Hazel
Park Branch, Royal Oak), Mich.—BOND SALE—The
$200,000 coupon
Aug. 4—V. 153, p. 722—were awarded
to Campbell, McCarty & Co. and Miller, Kenower & Co., both of
Detroit,
jointly, at a price of 100.044 for $140,000 3s, due serially from 1942 to
1959incl., and $60,000 2%s, due from 1960 to 1966 incl. The issue is dated
Aug. 15, 1941 and due April 1 as follows: $10,000 from 1942 to 1947 incl.;
$5,000, 1948 to 1950 incl.; $7,000, 1951; $8,000, 1952: $10,000, 1953;
$5,000 in 1954 and 1955; $7,000, 1956; $8,000, 1957; $10,000, 1958; $5,000
from 1959 to 1961 incl. and $10,000 from 1962 to 1966 incl.
Second high
bid of 100.0,39 for a combination of 2Ms, 3s and
3Ms was made by First of
Michigan Corp. and McDonald, Moore & Hayes.
second series refunding bonds offered
ROYAL
OAK TOWNSHIP SCHOOL DISTRICT NO.
8
(P.
Park Branch, Royal Oak), Mich.—BONDS PURCHASED
Hazel
TENDER—Reporting
O.
BY
result of the call for tenders of refunding bonds on
Aug. 4, Matthew Carey, refunding agent, Detroit, advises that the district
purchased three bonds at a price of 99.99.
on
BOND CALL—Mr. Carey also states that the district is
calling for pay¬
on Oct. 1, 1941, at par and accrued
interest, 14 series A and 28 series
B bonds.
ment
CALEDONIA
SCHOOL
DISTRICT
(P.O.
Caledonia)
Minn.—
building bonds is said to
CASS COUNTY (P. O. Walker), Minn.—BOND SALE—The
$100,000
refunding bonds offered for sale on Aug. 1—V. 153, p. 583—
purchased jointly by Piper, Jaffray & Hop wood of Minneapolis, and
Kalman & Co. of St. Paul, according to the
County Auditor.
Dated Aug.
1, 1941.
Due on Aug. 1 in 1944 to 1954.
were
DETROIT LAKES, Minn.—MATURITY—The City Clerk states that
the $20,000 sewage plant semi-ann. bonds sold to two
Detroit Lakes banxs
as lMs, at 100.10—V.
153, p. 426—are due $2,000 on Jan. 1 in 1943 to
1952, giving a basis of about 1.48%.
MINNESOTA, State of—CERTIFICATE OFFERING—Sealed
upon
bids will
100% of the $1,500,000 levy to be extended upon the tax rolls
respectively, to the extent
of the State for the years
1943, 1944 and 1945,
necessary for the payment of the principal thereof, respectively, said certifi¬
cates to be redeemable at par on Oct. 1, 1944 and on
any interest payment
date thereafter.
Thirty days' notice of call for redemption shall be given
by mailing notice to each agency at which these certificates are
payable
and to the holder or holders
thereof, if known.
For the purpose of receiving
such notice, the holder or holders
thereof, may register his or their name,
address and certificate number with the State Treasurer.
Such certificates
may be registered, registration to be certified by the State
Treasurer, and
are subject to successive
registrations and transfers at the option of the
holder
or
holders.
Coupons may be separated from the certificates and
surrendered to the State Treasurer for cancelation in which
will be paid to the
case
the interest
registered holder.
Each bidder must name one rate of
by the certificates, the rate to be stipulated in any
l-10th of 1%.
Prin. and int. payable in lawful money at
State Treasurer's office, or at the fiscal
agency of the State in New-
interest to be borne
multiple of M
the
or
York
or St. Paul.
The certificates will be bearer
certificates, registerable as to principal
or as to both principal and interest.
No bid for less than all of said
only,
issue or
offering less than par and accured interest to date of delivery will
be accepted.
These certificates will be issued pursuant to the
authority
contained in Laws of Minnesota 1941,
Chapter 463, for the purpose of pro¬
viding money to pay maturing, valid principal and interest
obligations of
the State, issued
by said Department of Rural Credit.
These certificates
are tax
anticipation obligations,
payable solely out of collections of taxes
levied and directed to be collected
by Laws of Minnesota, 1941, Chapter
463, Section 2.
The printed certificates will be furnished without cost
to
the purchaser.
All bids are to be subject to
approval of legality of tbe
certificates by Thomson, Wood & Hoffman of New
York, whose unqualified
approving opinion will be furnished the purchaser without
charge.
Enclose
a certified check for
$81,000, payable to the State Treasurer.
tJ^OSJFB,UD (p- °* Fosston.
Dated Aug. 1, 1941.
1.16%.
Due
on
Aug. 1 in 1942 to 1951, incl.
1.25%, according to maturity.
to
OTHER
BIDS—The
Northern
Trust
Co.
of Chicago
was
second
bidder offering 100-199 for 1.20s, while the First National Bank of
with a tender of 100.190 on the same rate, was third highest.
best
Chicago,
WILLMAR INDEPENDENT SCHOOL DISTRICT NO. 47 (P. O
Willmar), Minn.—BOND ELECTION—The School Superintendent states
an election will be held on Aug. 19 to vote on the issuance of $10,000
that
athletic field
bonds.
MISSISSIPPI
HATTIESBURG, M is*.-—BOND OFFERING SCHEDULED—It is stated
by Scott W. Pickel, Commissioner's Clerk, that Aug. 11 has been set as the
tentative date for the sale of $185,000 school bonds.
HEUCKS RETREAT CONSOLIDATED SCHOOL DISTRICT (P. O.
Brookhaven),
Mis*.—BOND SALE DETAILS—The Chancery Clerk
that the $7,000 3% semi-ann. school bonds sold to the Deposit
Guaranty Bank & Trust Co. of Jackson, as noted here—V. 153, p. 583—
were purchased at a price of 100.214, and mature on June
1 as follows:
$300 in 1942 to 1946 and $500 in 1947 to 1957, giving a basis of about 2.97%,
states
OKOLONA, Miss.—BOND LEGALITY APPROVED—An issue of
$124,000 4% general refunding bonds is said to have been approved as to
legality by Charles & Trauernicht of St. Louis, Mo. Dated March 1, 1941.
MISSOURI
ST.
JOSEPH, Mo.—BOND SALE—The $100,000
coupon semi-annua
on Aug. 1—V. 153, p. 427—were awarded
City National Bank & Trust Co. of Kansas City, as l^s, at a price
101.579, a basis of about 1.61 %.
Dated Sept. 1, 1941.
Due on Sept. 1
refunding bonds offered for sale
to the
of
in
The^cond
best bid was
an
offer of 101.543 on l%s, submitted by
John
Nuveen & Co. of Chicago.
MONTANA
the $25,000 sewage plant bonds sold to the Yellowstone Bank of Laurel, as
2j^s, at 100.04—V. 153, p. 427—are in the denomination of $500 each,
dated July 1, 1941, and mature on July 1 as follows: $1,500 in 1942
to 1955 and $4,000 in 1956, giving a basis of about 2.12%.
are
LAUREL, Mont.—BOND
bonds offered for sale
on
to 1953.
SALE—The $7,000 semi-annual instalation
Aug. 5—V. 153, p. 427—were purchased by the
as 2Ms, at par, according to the City
State Board of Land Commissioners
Clerk.
TOOLE
COUNTY
Mont.—BOND
SCHOOL
SALE
DISTRICT
DETAILS—'The
NO.
14
O.
Shelby),
states
that
the
date of issue.
NEBRASKA
BURT COUNTY BRIDGE COMMISSION (P. O. Decatur), Neb.—
PURCHASE CONTRACT—We are informed by the Robert E.
Schweser Co. of Omaha, that they have contracted to handle the sale of
BOND
approximately $600,000 4% coupon bonds, the proceeds to be used for the
construction of a bridge across the Missouri River at Decatur.
Denom.
$1,000.
Dated Sept. 1, 1941.
Due on Sept. 1, 1971, callable prior to
maturity.
Interest payable M-S.
,
FREMONT, Neb.—BOND ELECTION— The
swimming pool bonds will be submitted to a vote at
according to report.
issuance
an
IMPERIAL, Neb.—BOND ELECTION—A $25,500 issue of
bonds will be submitted to
the
of
$29,000
election on Aug. 22,
approval of the voters at
an
gas revenue
election on
Aug. 12, according to report.
LONG PINE SCHOOL DISTRICT (P. O.
Long Pine), Neb.—BOND
SALE DETAILS—The District
Secretary now reports that the $36,212.95
3H% semi-annual refunding bonds sold to the State, as noted here on
March 8, were purchased at par and mature on
Sept. 1 as follows:
$1,212.95 in 1941, $1,000 in 1942 to 1945, $1,500, 1946 to 1950, $2,000,
1951 to 1955, $2,500, 1956 to 1959, and $3,500 in 1960.
OMAHA, Neb.—BANKS TO BUY WARRANTS—We quote in part as
follows from the Omaha "World Herald" of July 29:
:
First step toward surmounting a city debt maturity
peak in 1942-43
was taken by the
City Council today when it contracted to sell to three local
banks up to $800,000 worth of city warrants
bearing 2% interest.
Held
investments in the special assessment sinking fund, the warrants cannot
otherwise be liquidated at this time, since funds for
as
redemption
are to come
from tax levies of future years.
Purchasing banks
are
the First National, Omaha National and United
as joint trustee.
The contract provides
States National, with the latter
that
none of the warrants shall be turned over to the banks
prior to 1942,
and that any income on warrants in excess of 2% be credited back to the
city.
The city may repurchase warrants at any time in blocks of $30,000
or
multiples thereof.
RAVENNA, Neb.—BONDS AUTHORIZED—'The
refunding bonds is said
Payable at any
issuance
NEW
on
of $20,000
to have been authorized recently.
HAMPSHIRE
PORTSMOUTH, N. H.—BOND OFFERING—Bids will
11 a.m.
So Py^KP. M•—BOND, WARRANT AND CERTIFICATE
OFFERING—Sealed bids will be received until 8
p. m. on Aug. 11, by
Joseph Justad, Village Clerk, for the purchase of the
following bonds,
warrants and certificates of indebtedness
aggregating $278,462.50:
$267,000 sewer warrants.
Interest rate is not to exceed
3%, payable an¬
nually
Denoms. $22,000, $10,000 and $7,000.
Due Feb. 15, as
foliows:
$22,000 m 1943 to 1952, $10,000 in 1953 to 1956 and
$7,000 in 1957.
Authorized pursuant to Chapter 312, Laws of
Minnesota, 1903, as amended, as general
obligations, with the full
faith and credit of the
village pledged for their payment. Issued
(P.
Clerk
District
$18,000 shop building construction and equipment bonds sold to the State
Board of Land Commissioners, as 2s—V.* 153, p. 584—were purchased at
par and mature $900 on July 1 in 1942 to 1961; callable after 10 years from
worth
Due $500 from Aug. 1,1942
Administration
BONDS OFFERED FOR INVESTMENT—'The successful bidders reoffered the above bonds for general subscription at prices to yield from 0.15%
Route 3, Box 8), Minn.—BOND OFFERr
-Sealed aiu* ora* kids will be received
by C. O. Engan, Town Clerk,
until Aug. 23, at 8
p. m. for the purchase of $6,000 road
improvement
bonds.
Interest rate is not to exceed
3%, payable F-A.
Denom. $500.
Dated, Aug. 1, 1941.
National Youth
ST. PAUL, Minn.—BOND SALE—The $132,000 coupon semi-annual
public welfare bonds offered for sale on Aug. 5—V. 153, p. 583—were
Aug. 21, by George C. Jones, Conservator of
Rural Credit, for the purchase of $4,050,000 Rural Credit
Deficiency Fund
certificates of indebtedness.
Denom. $1,000.
Dated Oct. 1, 1941.
Due
$675,000 on April and Oct. 1, 1945 to 1947.
The certificates of this .series
maturing in 1945, 1946 and 1947 to constitute a first and prior lien and
charge
a
LAUREL, Mont.—BOND SALE DETAILS—The City Clerk states that
semi-ann.
be received until 2 p. m. on
as
awarded jointly to Phelps, Fenn & Co. of New York, and the Wells-Dickey
Co. of Minneapolis, as 1.20s, paying a price of 100.22, a basis of about
MINNESOTA
BONDS VOTED—The issuance of $115,000 school
have been approved recently by the voters.
is to be constructed
Aug. 13 for the purchase of $100,000 bonds,
be received until
as
follows:
$35,000 equipment bonds.
Due serially from 1942 to 1946 incl.
65,000 permanent improvement bonds.
Due serially from 1942 to 1951
inclusive.
All of the bonds will be dated Aug.
of interest for both issues.
one rate
1,1941 and bidder is required to name
No bid for less than par and accrued
interest will be accepted.
.
to finance construction of
district and lateral sewers in the village
and special assessments will be levied
covering the full amount
thereof.
chaser
The warrants will be
printed without cost to the pur¬
and
an
opinion supporting their
Dorsey, Barker, Colman & Barber, of
nished the purchaser without cost.
validity
by Fletcher,
Minneapolis, will be fur¬
NEW
JERSEY
ATLANTIC
HIGHLANDS,
N.
Borough Council recently considered
of $31,000 harbor bonds.
J .—PROPOSED
BOND ISSUE—
providing for ah issue
an ordinance
DELAWARE RIVER JOINT BRIDGE COMMISSION (P. O. Cam¬
den), N. J.—PROPERTY MADE SUBJECT TO TAXATION— Governor
Charles Edison recently signed a law permitting taxation of
property of
the Bridge Commission, which operates the
Camden-Philadelphia Bridge,
and subsequently urged Governor Arthur H. James of
Pennsylvania, in a
Volume
The Commercial & Financial Chronicle
153
letter, to place similar legislation before a special session of the Legislature
expected to be convened by Mr. James.
Governor Edison, according to
newspaper report, pointed out that the New Jersey law permitting taxation
of the Bridge Oommission's
property in Camden, previously tax-exempt,
could not become operative until Pennsylvania adppted a similar law, and
said, "the
revenues
of this Commission
are
such ohat its functions would
in no way be curtailed by the
payment of taxes to the City of Camden and
also the City of Philadelphia, for any of its
property which may be located
that city."
in
DUMONT, N. J.—BOND SALE—The Borough Police Pension Fund has
an issue of $5,000 4% 6ewer bonds at par.
Due $1,000 annually
from 1942 to 1946, inclusive.
HACKENSACK, N. J .—BOND SALE—The $240,000 coupon or regis¬
tered general refunding bonds offered Aug. 5—V. 153, p. 584—were awarded
to H. B. Boland & Co. of New
York, as l^s, at a pried of 100.163, a
basis of about 1.73%.
Dated Aug. 1, 1941 and due $15,000 annually on
Dec. 1 from 1942 to 1957 incl.
Other bids:
Bidder—
B. J. Van
GUILFORD, NORWICH, BUTTERNUTS AND UNADILLA CEN¬
O. Mount Upton), N. Y.—BOND
J. Angell, District Clerk, Will receive sealed bids
TRAL SCHOOL DISTRICT NO. 5 (P.
OFFERING— Stanley
purchased
*
Inf. Rate
Ingen & Co., Inc., and J. S. Rippel & Co__ 2%
M. M. Freeman & Co
2%
Halsey, Stuart & Co., Inc
2%
Kean, Taylor & Co.; Campbell, Phelps & Co., Inc.,
and Van Deventer Bros
2%
Rate Bid
100.60
100.37
100.328
100.299
H. L. Allen & Co.; CJ. A. Preim & Co., and C. P. Dunn¬
ing & Co
2%
100.19
2%
2-10%
—
100.44
until 2 p. m.
(EST) on Aug. 15 for the purchase of $15,000 not to exceed
6% interest coupon or registered building and improvement bonds. Dated
Aug. 1, 1941. Denoms. $1,000 and $500. Due $1,500 annually on Aug. 1
from 1942 to 1951 incl. Bidder to name a single rate of interest, expressed
in a multiple of X or l-10th of 1 %. Principal and interest (F-A) payable
at the Chase National Bank of New York.
The bonds are unlimited tax
obligations of the district and the approving legal opinion of Reed, Hoyt,
Washburn & Clay of New York City will be furnished the successful bidder.
A certified check for
$300, payable to order of the Board of Education, is
required.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 28 (P. O.
Long Beach), N. Y.—BOND SALE—The $80,000 coupon or registered
p. 585—were awarded to Baker,
Hughes & Treat, of New York, the only bidder, as 4s, at a price of 100.19,
.
refunding bonds offered Aug. 5—V. 153,
basis of about 3.98%.
Dated July 15, 1941 and due $8,000 annually on
July 15 from 1952 to 1961 incl.
a
John B. Carroll & Co.; Buckley Bros., and Ira Haupt
*
*
871
EVANS (P. O. Angola), N. Y.—BONDS TO BE REOFFERED—All of
the bids for the $35,000 not to exceed 5% interest Water District No. 3
bonds offered Aug. 6—V. 153, p. 584—were rejected, owing to an error in
the notice of sale.
The issue will be reoffered at a later date, according to
Edward A. Lemmler, Town Clerk.
_
& Co
Shields & Co. and Minsch, Monnell & Co
Phelps, Fenn & Co., Inc. and Colyer, Robinson & Co. 2.10%
Rippel, Inc
2.20%
: 2.20%
Julius A.
—
Bergen County National Bank of Hackensack
*
Bid for $239,000 principal amount.
100.167
100.435
100.293
Par
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 17 (P. O.
Franklin
Square), N. Y.—BOND SALE—The $360,000 coupon or
registered building bonds offered Aug. 1—V. 153, p. 585—'were awarded
to Shields & Co. and G. M.-P. Murphy & Co., both of New York, jointly,
as 1.80s, at 100.31, a basis of about 1.78%.
Dated July 1, 1941 and due
Jan. 1 as follows: $10,000 from 1943 to 1957 incl. and $15,000 from 1958 to
1971 incl. Other bid&:
Bidder—
HADDONFIELD, N. J .—BONDS SUBJECT TO CALL—In connection
Int. Rate
with the report in V. 153, p. 723, of the
Franklin
not to exceed
Inc. and E.H. Rollins & Sons, Inc
Union Securities Corp.; Estabrook & Co., and First of
offering on Aug. 12 of $359,000
2H% interest coupon or registered refunding bonds, we sub¬
sequently learned that ad of the bonds will be subject to redemption on any
interest payment date at par plus accrued interest, upon 30 days' published
notice, provided that in the case of redemption of a part of the outstanding
bonds the last maturing bonds then outstanding shall be redeemed first.
In connection with this
provision, the Board of Commissioners has adopted
resolution providing that in case of redemption of any of the outstanding
bonds, the amount of bonds redeemed in any one year shall not exceed the
a
amount of one annual
maturing instalment.
NEPTUNE
CITY, N. 3.—PROPOSED BOND ISSUE—An ordinance
providing for refunding of $334,000 bonds will have a public hearing by the
City Council on Aug. 15.
NEWARK, N.
Mayor Vincent J.
J.—13 REFUNDING PROPOSALS SUBMITTED—
Murphy announced that 13 refunding proposals were
submitted in response to the city's announcement of its intention to under¬
take a readjustment of $109,000,000 of outstanding bonded debt—V. 153,
p. 276.
Mr. Murphy said he will examine the plans with impartial expert
before deciding which is best for the city. Deadline for submission of offers
was July 31.
The Chase National Bank of New York joined with the
Fidelity Union Trust Co., Federal Trust Co., Union National Bank. Howard
Savings Institution and the National Newark & Essex Banking Co., all of
Newark, in submitting a proposition.
Other bids came from Union Securities Corp., Harriman Ripley & Co.,
Wainwright, Ramsey & Lancaster, Ira Haupt & Co., Starkweather & Co.,
Campbell, Phelps & Co., Inc., and Norman S. Taber & Co., all of New
York; Kirby L. Vidrine & Co., of Phoenix Ariz.; Carby J. Randolph of
Martinsville, W. Va., and a combination formed by J. 8. Rippel & Co. and
B. J. Van Ingen. Another Newark group included Colyer Robinson & Co.,
Julius A. Rippel & Co., Adams & Mueller and Frank Van Blarcom.
COMMITTEE TO STUDY REFUNDING PROPOSALS—Mayor Murphy
Aug. 6 appointed five men to study the plans referred to above.
The
thus formed consists of Horace K. Corbin, President of the
-
Michigan Corp
Halsey, Stuart & Co., Inc
a
price of 100.105, a basis of about 1.98%.
Sale con-
sisted of*
$75,000 jetty bonds. Due Aug. 1 as follows: $7,000 from 1942 to 1946 incl.
and $8,000 from 1947 to 1951 incl.
,
}
25,000 street improvement bonds.
Due Aug. 1 as follows: $3,000 from
1942 to 1946 incl. and $2,000 from 1947 to 1951 incl.
All of the bonds will be dated Aug. 1, 1941. Other bids:
.
Bidder—
Int. Rate
Colyer, Robinson & Co
...
H. B. Boland & Co
—-
-
Mackey, Dunn & Co. and Barclay, Moore & Co---
-
M. M. Freeman & Co
B. J. Van Ingen & Co., Inc. and Buckley Bros
Bioren & Co.; Ira Haupt & Co. and Suplee, Yeatman
& Co
H. L. Allen & Co. and J. S. Rippel & Co
C. C. Collings & Co. and Burr & Co
Warren A. Tyson Co
■
—
2X%
2X%
2X%
2lA%
2X%
2y2%
2%%
2%%
2%%
Rate Bid '
100.417
100.239
100.23
100.77
100.399
100.31
100.85
100.531
100.275
ROSELAND SCHOOL DISTRICT, N. J.—PLANS BOND ISSUE—An
election will be held in the near future on an issue of $60,000 school building
addition bonds.
TUCKERTON, N. J.—BONDS EXCHANGED—An issue of $93,000
4% general refunding bonds has been exchanged with holders of the original
bonds, at par.
Dated June 30, 1941.
Denom. $1,000.
Due Dec. 30 as
follows:
$1,000 in 1941; $4,000, 1942 to 1947 incl.; $5,000, 1948 to 1952
incl.; $6,000,1953 to 1956 incl.; $7,000in 1957 and 1958, and $5,000 in 1959.
NEW
Kidder, Peabody & Co. and Equitable Securs. Corp--
1.90%
101.06
2%
2%
100.58
100.468
2%
100.147
100.358
2.10%
<>.
100.419
100.17
2.20%
2X%
ITHACA, N. Y.—BOND OFFERING—F. H. Springer, City Clerk, will
a. m.
(DST) on Aug. 12 for the purchase of
$239,000 not to exceed 6% interest coupon or registered bonds, as follows:
$155,000 street improvement bonds. Due Aug. 15 as follows: $15,000 from
1942 to 1946 incl. and $16,000 from 1947 to 1951 incl.
84,000 bridge bonds. Due Aug. 15 as follows: $4,000 from 1942 to 1957
incl. and $5,000 from 1958 to 1961 inch
receive sealed bids until 11
All of the bonds will be dated Aug. 15,
1941. Denom. $1,000. Rate or
expressed in multiples of X or l-10th of 1 %, and must
issue, but need not be the same for
both issues.
Principal and interest (F-A) payable at the Chase National
Bank, New York City. The bonds are unlimited tax obligations of the city
and the approving legal opinion of Reed, Hoyt, Washburn & Clay of New
York City will be furnished the successful bidder.
A certified check for
$4,780, payable to order of the city, is required.
rates of interest to be
be the same for all of the bonds of each
MONTICELLO, N. Y.—BOND OFFERING—Robert N. Benson, Village
Clerk, will receive sealed bids until 3 p. m. (DST) on Aug. 18 for the purchase
of $30,542 not to exceed 6% interest coupon or registered bonds, divided
as
follows:
•
One bond for $384, others $1,000 and $500.
as follows:
$1,384 in 1942; $1,000 from 1943 to 1951
$1,500 from 1952 to 1960 incl.
6,658 sewer assessment of 1941 bonds. One bond for $158, others $100
each. Due Feb. 1 as follows: $358 in 1942; $300 from 1943 to 1951
incl. and $400 from 1952 to I960 incl.
$23,884 sewer bonds of 1941.
Due Feb. 1
incl. and
.
All of the bonds will be dated
Aug. 1,1941. Rate of interest to be expressed
multiple of X or 1-10 of 1 %, and a different rate may be named on the
respective issues.
Principal and interest (F-A) payable at the Village
Treasurer's office.
Both issues will be secured by the unlimited taxing
power of the village, although the sewer assessment bonds will be payable
in the first instance from special assessments.
A certified check for 2% of
the bonds of each issue bid for, payable to order of the village, is required.
Legal opinion ofjHawkins, Delafield & Longfellow of New York City will be
in
a
furnished the successful bidder.
MOUNT
PLEASANT
UNION
FREE
SCHOOL
DISTRICT
NO.
1
(P. O. North Tarry town), N. Y .—BOND OFFERING—Frank L. Martin,
District Clerk, will receive sealed bids until 4 p. m. (DST) on Aug. 11 for
the purchase of $33,944 not to exceed 6% interest coupon or registered
improvement bonds. Dated Aug. 15,1941. One bond for $944, others $1,000
each. Due Aug. 15 as follows: $3,944 in 1942 and $5,000 from 1943 to 1948
incl.
Bidder to name a single rate of interest, expressed in a multiple of
X or l-10tb of 1%.
Principal and interest (F-A) payable at the First
National Bank, North Tarry town, with New York exchange.
The bonds
are general obligations of the district, payable from unlimited taxes.
A
certified check for $700, payable to order of the district, is Required. Legal
opinion of Dillon, Vandewater & Moore of New York City will be furnished
the successful bidder.
NASSAU
COUNTY
(P.
O.
Mineola).
N. Y.—BOND OFFERING—
Harry L. Hedger, County Treasurer, will receive sealed bids until 11:30
m. (EST) on Aug. 14 for the purchase of $825,000 not to exceed 4% in¬
terest coupon or registered bonds, divided as follows:
a.
$500,000 series F refunding bonds.
1949
to
1953
Due $100,000 annually on Sept. 1 from
incl.
•
t
^
325,000 emergency relief, series M, (home relief) bonds. Due Sept. 1 as
follows:
$30,000 from 1942 to 1946 incl. and $35,000 from 1947
to 1951
YORK
DOWNSVILLE, N. Y.—BOND OFFERING—Jardine Jackson, Village
Clerk, will receive sealed bids until 4 p. m. (EST) on Aug. 18 for the pur¬
of $33,500 not to exceed 3% interest coupon or registered water
bonds.
Dated Aug. 1, 1941.
Denom. $500. Due Aug. 1 as follows:
$1,000 from 1942 to 1974, incl., and $500 in 1975.
Bidder to name a single
rate of interest for all of tne bonds.
Principal and interest (F-A) payable
at tne First National Bank of Downsville.
General obligations of the
village payable as to both principal and interest from unlimited taxes
upon all tne taxable property therein, and are to be issued for the purpose
of acquiring from the Downsville Water Co. its plant, franchises, water
rights, lands, dams, easements, pipes, mains, reservoirs, hydrants, water
meters and other property appurtenant to the water system, and for the
repairing, enlarging and improving of the system, and for the acquisition
of further sources of water supply, rights of way and water mains and new
equipment.
Issued pursuant to and in strict compliance with the Constitution and
statutes of the State, including, among others, Sections 222, 224 and 225 of
Article 9 of the Village Law, subdivisions 1, 6, 16, 19, 37 and 38 of Section
89, and Sections 128,128a, 129 and 139d of Chapter 64 of the Consolidated
Laws of 1909, known as the Village Law, and the Acts amendatory thereto,
and in pursuance of the provisions of Sections 6, 6a, 7, 8a, 8b, 9 and 9b
of Chapter 29 of the Consolidated Laws of 1909, known as the General
Municipal Laws, and the Acts amendatory thereto, and in pursuance of
Section 2 of Article 8 of the State Constitution and pursuant to proceedings
of the Board of Trustees of the Village, duly had and in all respects author¬
izing the same.
The bonds will be awarded to the bidder offering to take
them at the lowest rate of interest without reference to premium, and where
two or more bidders offer the same lowest rate of interest, the bonds shall
be awarded to the bidder offering the highest premium.
Enclose a certi¬
fied check for $1,000, payable to the Village Clerk.
The right is reserved to reject any and all bids.
If the entire proceeds
derived from the sale of the bonds are not used in the improvement of
the water system, the issuer reserves the right to call the longer maturities
which are not absorbed in such improvement.
Bids will be opened at the office of the Mayor in the Village at 7:30 p. m.
(EDT) on the above date.
chase
------
—
fidelity Union Trust Co., Newark; Walter L. Cropley, municipal bond
jqintly, as 2s, at
*
Marine Trust Co. of Buffalo; R. D. White & Co., and
B. J. Van Ingen & Co., Inc*--
specialist of the Prudential Insurance Co.; Ernest F. Minier, President
of the Carteret Savings & Loan Association; Carl K. Withers, President of
the Lincoln National Bank, and Lester H. Washburn of Reed, Hoyt, Wash¬
burn & Clay of New York, the city's firm of bond consultants.
OCEAN CITY, N. J.—BOND SALE—The $100,000 coupon or registered
bonds offered Aug. 6—V. 153, p. 722—were awarded to the Boardwalk
National Bank or Atlantic City and the National Bank of Ocean City,
-
Manufacturers & Tradters Trust Co.; Kean, Taylor &
Co. and Bacon, Stevenson & Co
Blair & Co., Inc.; George B. Gibbons & Co., Inc. and
Roosevelt & Weigold, Inc
;
—
on
committee
Rate Bid
Square National Bank; A. C. Allyn & Co.,
incl.
I
be the same
1, 1941.
Denom. $1,000. Rate or
expressed in multiples of X or 1-10th of 1 %, and must
for all the bonds of each issue, but need not be the same for
both issues.
Principal and interest (M-S) payable at the County Treasurer's
All of the bonds will be dated Sept.
rates of interest to be
Delivery of and payment for the bonds will be made at the Nassau
County Trust Co., Mineola, unless otherwise agreed. A certified check for
$16,500, payable to order of the County Treasurer, is required.
Legal
opinion of Reed, Hoyt, Washburn & Clay of New York City will be fur¬
office.
nished the successful bidder.
CITY TUNNEL AUTHORITY,
N. Y.—$2,000,000
Reconstruction Finance Corporation ac¬
July 8 an additional $500,000 3X% Battery-Brooklyn Tunnel
construction bonds, thus increasing to $2,000,000 its total holdings of the
projected issue of $57,000,000.
NEW
YORK
BONDS TAKEN BY RFC—The
quired
on
ROTTERDAM FIRE DISTRICT NO. 2
(P. O. Schenectady), N. Y.
authorized an
—BONDS VOTED—At an election on July 28 the voters
issue of $5,000 fire apparatus bonds.
SIDNEY, N. Y.—PROPOSED BOND SALE—Harold R. Hoyt, Village
Clerk, reports that an offering of water and street bonds will be made soon
WARRENSBURG, THURMAN. CHESTER, BOLTON, CALDWELL^
HORICON, STONY CREEK AND JOHNSBURG CENTRAL SCHOOL
DISTRICT NO. 1 (P. O. School St., Warrensburg), N. Y.—BOND
OFFERING—Charles H. Brown, District Clerk, will receive sealed bids
until 2 p. m. (DST) on Aug. 12 for the purchase of $336,000 not to exceed
5% interest coupon or registered building and improvement bonds. Dated
June 20, 1941. Denom. $1,000.
Due June 20 as follows: $8,000 from 1942
to 1945 incl.; $10,000.1946 to 1949 incl. and $12,000 from 1950 to 1971 incl.
Bidder to name a single rate of interest,
expressed in a multiple of X or
l-10th of 1 %. Principal and interest (J-D) payable with New York exchange
the Emerson National Bank, Warrensburg, or at the National Com¬
mercial Bank & Trust Co., Albany. Bonds are direct general obligations of
at
the district, payable from unlimited taxes.
A certified check for $6,720,
payable to order of Lee F. Stockton, District Treasurer, is required. Legal
opinion of Dillon, Vandewater & Moore of New York City will be fur¬
nished the successful bidder.
The Commercial & Financial Chronicle
872
WHITEHALL (P. O. Whitehall), N. Y
OFFERING—G.
Guerdon Hardy, Town Clerk, will receive sealed bids until 1:30 p. m,
(DST)
on Aug. 14, for tbe purchase of $34,000 not to exceed
5% interest coupon
registered bonds, as follows:
or
The
bonds.
inclusive.
measures to the electorate at the November general election:
$4,000,000 highway bonds, $1,500,000 for hospitals and $2,000,000 for the recre¬
ation commission.
-
28,000 highway improvement
bonds.
Denom.
$1,000.
Due
March 1 from 1942 to 1945, inclusive.
All of the bonds will be dated 8ept. 1,1941.
Bidder to'name
a
$7,000
on
single rate
of interest, expressed in a multiple of M or l-10th of
1%.
Principal and
interest (M-S) payable at the Merchants National Bank,
Whitehall, with
New York exchange.
Bonds are direct general obligations of the town,
payable from unlimited ad valorem taxes.
A certified check for $680,
payable to order of the town, is required.
Legal opinion of Dillon, Vandewater & Moore of New York City will be furnished the successful
bidder.
YONKERS, N. Y,—NOTE OFFERING—W.
A.
Schubert, City Comp¬
troller, will receive sealed bids until noon (DST) on
Aug. 12 for the purchase
of $500,000 tax anticipation notes.
Dated Aug. 14, 1491.
Due April 14,
1942.
Legality approved by Hawkins, Delafield & Longfellow of N. Y.
City. V-'.'
CIRCLEVILLE, Ohio—BOND SALE—The $2,000 real estate purchase
bonds offered Aug. 2—V. 153, p. 429—were awarded to J. A. White & Co.
of Cincinnati, as 2V*s, at par plus a premium of $2.11, equal to 100.105.
Dated June 15, 1941 and due $1,000 on Dec- 15, 1942 and 1943.
The
Provident Savings Bank & Trust Co. of Cincinnati bid a premium of $2.20
for 2Mb.
COLDWATER, Ohio—BOND SALE—The $12,748 special assessment
street improvement bonds offered Aug. 4—V.
to the BancOhio Securities Co., Columbus, as
NORTH
CAROLINA
CALDWELL COUNTY (P.
O. Lenoir), N. C.—BOND OFFERING—
a.m. on Aug. 12, by W. E.
Easterling,
Secretary of the Local Government Commission, at his office in
Raleigh,
for the purchase of $14,500 school
building bonds.
Dated Aug. 1, 1941.
Due on Feb. 1 as follows: $1,500 in 1944, $1,000 in 1945 to
1947 and $2,000
1948 to 1952, all incl., without option of prior payment.
There will be no
auction.
Denom. $1,000, except bonds numbered
1 for $500; coupon
bonds reglsterable as to principal alone; prin. and int.
(F-A), payable in
legal tender in New York City; general obligations; unlimited tax;
delivery
on or about Aug. 28, at place of
purchaser's choice.
Bidders are requested to name the interest rate or
.rates, not exceeding
6% per annum, in multiples of M of 1%.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
Sealed bids will be received until 11
awarded to the bidder offering to
purchase the bonds at the lowest interest
to the county, such cost to be determined
cost
by
deducting the total
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 incorpo¬
rated bank or trust company, payable
unconditionally to the order of the
State Treasurer for $290.
The approving opinion of Masslich &
Mitchell,
New York City, will be furnished the
purchaser.
In the event that prior to the
delivery of the bonds the income received
by private holders from bonds of the same type and character shall be
taxable by the terms of any Federal income tax
law, the successful bidder
at his election, be relievd of his
obligations under the contract to
may,
Surchase the bonds and in such
returned.
e
case the deposit accompanying his bid will
NORTH
CAROLINA, State of—LOCAL BOND ISSUES APPROVED—
The Local Government Commission is said
to have approved the issuance of
the following bonds:
Bailey water and sewer bonds.
Canton street, water and sewer bonds.
Columbia refunding and funding bonds.
,
(Subject to an'election.)
Tryon refunding bonds. 4l
reems
creek
consolidated
school
district
(p.
o.
Asheville), N. C.—BOND OFFERING—Sealed bids will be received until
11 a. m. on Aug. 12 by W. E.
Easterling, Secretary of the Local Govern¬
ment
Commission, at his office in Raleigh, for the purchase of $12,500
4K %
semi-annual school bonds.
Dated July 1, 1941.
NORTH
KRAMER, N. Dak.—BOND
SALE—The $2,000 seml-ann.
village half
bonds offered for sale on Aug. 5—Y.
153 p. 723—were awarded to the State
Department of Insurance, as 3Ms, according to the
Village Clerk.
Due
$500 in 1945, 1947, 1949 and 1951.
DAKOTA,
State
of—CERTIFICATE SALE—The semi¬
aggregating $1,014,000, offered for sale
annual certificates of indebtedness
Aug. 1—V. 153, p. 429—were awarded to the Bank of North
Dakota,
of Bismarck, the
only_bidder, as follows:
on
$84Tj)00
certificates at 2%.
Dated Aug. 1, 1941.
Due
Capitol Building refunding f certificates.
170,000 State
1941.
Due
on
OFFERING—Helen T.
Howard, City
Clerk, will receive sealed bids until noon (EST) on Aug. 14, for the purchase
of $542,000 not to exceed 4% interest refunding bonds.
Dated Aug. 1,
1941.
Denom. $1,000.
Due as follows:
$20,000 May 1 and Nov. 1 in
1943 and 1944, and $21,000 May 1 and Nov. 1 from 1945 to 1955, incl.
Rate of interest to be expressed in multiples of M of 1 %.
Principal and
interest (M-N) payable at the City Treasurer's office.
These bonds are
issued to refund a similar amount which mature during 1941, and are to be
in coupon form but may be registered as provided by law.
Payable from
taxes levied without tax limitations.
Bids to be on forms furnished by the
Legal opinion of Squire, Sanders & Dempsey of Cleveland will be
A certified check for 1% of tbe bonds bid
for, payable to order of the City Treasurer, is required.
city.
furnished the successful bidder.
BOND
SALE POSTPONED—Helen
T.
Howard, City Clerk, later
an¬
nounced that the above sale had been postponed to Aug. 21.
EAST
LIVERPOOL, Ohio—BOND ELECTION—An election
be
held Aug. 12 on the question of issuing $35,000 street improvement bonds.
will
EUCLID, Ohio—NOTE SALE—The issue of $30,000 delinquent tax
anticipation notes offered Aug. 4 was awarded to Siler, Roose & Co. of
Toledo, as 3Ms, at par plus a premium of $91, equal to 100.303, a basis
of about 3.15%.
Dated Aug. 1, 1941.
Denom. $1,000.
Due $3,000
July 1, 1942; $3,COO Jan. 1 and July 1 from 1943 to 1946, incl. and $3,000
Jan. 1, 1947.
Principal and interest (J-J) payable at the City Treasurer's
office.
Issued in an anticipation or the collection and distribution of
delinquent taxes and owing to the city, under authority of, pursuant to,
and in full compliance with the general laws of the State,
particularly Section
2293—43A, General Code, and pursuant to Ordinance No. 7429, duly
adopted by the City Council on July 2, 1941, for the purpose of paying
unsecured indebtedness as defined in Section 2293—43, General
Code, and
incurred prior to Jan. 1, 1941, which the city is unable to
pay except by the
issuance of such tax anticipation notes.
FRANKLIN RURAL SCHOOL DISTRICT (P. O. Duncan
Falls),
Ohio—NOTE SALE—The Citizens National Bank of Zanesville purchased
July 23 an issue of $3,038.87 second series refunding notes as 1.65s.
Due in two years.
Optional after Nov. 30.
on
GLANDORF RURAL SCHOOL DISTRICT, Ohio—NOTE SALE—
The Tiffin National Bank of Tiffin purchased on
July 18 an issue of $2,935.46 second series refunding notes as 2s.
Due in two years.
Optional
GREEN TOWNSHIP RURAL SCHOOL DISTRICT
(P. O. Cin¬
cinnati, R 7), Ohio—BOND OFFERING—C. G. Lepple, Clerk of the Board
of Education, will receive sealed oids until 8 p.m. on
Aug. 25 for the pur¬
chase of $112,800 not to exceed 4% interest coupon
building, equipment and
improvement bonds.
Dated Dec. 16, 1940.
Denom. $4,700.
Due $4,700
annually on Oct. 1 from 1942 to 1965 incl.
Rate of interest to be ex¬
pressed in a multiple of M of 1%.
Interest A-O.
A certified check for
$1,200, payable to order of the Board of Education, is required.
(The
above issue was previously offered Dec. 30, 1940, and the sale
postponed
because of a taxpayers' suit.—V. 153, p. 148.)
LAKEVILLE
DAKOTA
MOUNTRAIL COUNTY SCHOOL DISTRICT NO. 82
(P.O. Stanley),
N. Dak.—BOND SALE DETAILS—The
District Clerk states that the
$28,000 refunding bonds sold to the State—V.
153, p. 724—were purchased
as 2Mb at
par, and mature $2,000 In 1942 to 1955 incl.
NORTH
Ohio—BOND
after Nov. 30.
Hickory refunding bonds.
Scotland County school building bonds.
Statesville airport bonds.
153, p. 586—were awarded
1Mb, at par plus a premium
of $38.25, equal to 100.30, a basis of about 1.45%. Dated July 1, 1941 and
due Oct. 1 as follows:
$1,748 in 1942; $1,000 from 1943 to 1949 incl. and
$2,000 in 1950 and 1951. Second high bid of 100.218 for 1 Ms was made by
J. A. White & Co. of Cincinnati.
COLUMBUS,
$49,000
17,000
76,393
25,000
75,000
50,000
11,000
1941
9,
issue
$6,000 home relief bonds.
Denoms. $500 and $750.
Due March 1 as
follows:
$500 from 1942 to 1944, incl. and $750 from 1945 to 1950,
amount
Aug.
does not provide for flood prevention financing,
although it is expected that $1,500,000 will be spent on such projects during
the year. It is further proposed that the Council submit the following bond
program
on^AugT1,1942.
Dated July 1,
Jan. and July 1, from Jan.
1, 1942 to July 1,1946.
SPECIAL
SCHOOL
DISTRICT, Ohio—NOTE SALE
—The Adams Bank of Millersburg purchased on
July 18 an Issue of $1,655.95'
second series refunding notes as 1.35s.
Due in two years.
Optional after
No. 30.
LIBERTY RURAL SCHOOL DISTRICT (P. O.
Marysville), Ohio—
NOTE SALE—The First National Bank of Marysville purchased on
July 19
issue of $2,448.85 second series refunding notes
Optional after Nov. 30.
an
LOWELL
VILLAGE
SCHOOL
as
DISTRICT,
2s.
Due in two
years.
Ohio—NOTE SALE—
George T. Lennon & Co. of Coiumbus purchased on July 10
$3,464.95 second series refunding notes as 1.90s.
Due in
an
issue of
two
years.
Optional after Nov. 30.
MADISON RURAL SCHOOL DISTRICT (P. O.
Washington), Ohio
—NOTE SALE—The Quaker City National Bank of Quaker
City purchased
July 19 an issue of $2,507.93 second series refunding notes as
Due in two years.
Optional after Nov. 30.
on
1.74s.
MAUMEE, Ohio—BOND SALE—The $35,000 village ball improvement
bonds offered Aug. 1—V. 153, p. 430—were awarded to
Braun, Bosworth &
Co. of Toledo, as 2s, at par plus a premium of
OHIO
AKRON,
Ohio—BOND SALE—The $910,988.40
coupon
refunding
bonds offered Aug. 4—V. 153, p. 429—were awarded
to a syndicate com¬
posed of the BancOhio Securities Co., Columbus;
Stranahan, Harris & Co.
Inc.; Toledo, Otis & Co.; McDonald-Collidge & Co., and
Merrill, Turben
& Co., all of Cleveland, as 2
Ms, at 100.895, a basis of about 2.10%.
Dated
Aug. 1, 1941 and due Oct. 1 as follows: $91,998.40 in 1943 and
from 1944 to 1952, incl.
$91,000
Otherjbids:
Bidder—
Provident Savings Bank & Trust
Co.; Blyth & Co.;
Hayden, Miller & Co.; Ryan, Sutherland & Co.;
Breed & Harrison; VanLahr, Doll &
Isphording,
and Weil, Roth &
Irving Co
Hawley, Shepard & Co.; Braun, Bosworth & Co.;
Field, Richards & Co.; Fahey, Clark & Co., and
First Cleveland Corp.
Fox, Reusch & Co.; C. F. Childs & Co.; McDougal &
Condon; Seasongood & Mayer; P. E. Kline, Inc.;
Commerce-Union Bank, Nashville; Katz &
O'Brien,
Kalman & Co.; Glover &
MacGregor; Moore,
Leonard & Lynch; Baum, Bernheimer
Co.; Ball,
Coons & Co.; William J. Mericka &
Co.; Fullerton
& Co., and Bohmer-Reinhart &
Co
Int. Rate
Rate Bid
$316, equal to 100.902, a
basis of about 1.92%.
Dated Aug. 1, 1941, and due Oct. 1 as follows:
$1,000 from 1942 to 1952, incl., and $2,000 from 1953 to 1964, incl.
Second
high bid of 100.637 for 2s was made by Stranahan, Harris & Co.,
Inc.,
Toledo.
MONTGOMERY SCHOOL DISTRICT, Ohio—BOND OFFERING—
Morton F. Hoffman, District Clerk, will receive sealed bids until noon on
Aug. 16 for the purchase of $25,000 not to exceed 4% interest coupon or
registered building bonds.
Dated Aug. 1, 1941.
Denoms. $1,000 and
$500.
Due Dec. 1 as follows: $1,000 from 1943 to 1952, incl., and $1,500
from 1953 to 1962, incl.
Interest J-D.
Rate of interest to be expressed
in multiples of
2M%
100.82
M of 1%.
No conditional
bids
opinion at his
will
The bonds
be received.
are
payable from unlimited taxes.
will furnish approving
Purchaser
A certified check for 1% of the bid, payable
to order of the District
Treasurer, is required.
2M%
100.57
2M%
100.47
alliance, Ohio—BOND SALE DETAILS—The $16,000 garage build¬
ing bonds awarded July 30 to the Provident
Savings Bank & Trust Co. of
Cincinnati—V. 153, p. 724, were sold as 1Mb, at
par plus a premium of
$81.60. equal to 100.51, a basis of about
1.39%.
The $6,500 street
cleaning department equipment bonds purchased the
same day by
VanLahr, Doll & Isphording, of Cincinnati, were sold as 1 Ms,
at par plus a premium of
$1.50, equal to 100.023, a basis of about 1.24%
own expense.
NEW
BOSTON, Ohio—BOND OFFERING— Ronald Greene, City
Auditor, will receive sealed bids until 7:30 p. m. on Aug. 19 for the purchase
of $60,000 not to exceed
6% interest street improvement bonds.
Dated
Sept. 1,1941.
Denom. $1,000.
Due Nov. 1 as follows: $7,000 from 1943
to 1950, incl., and
$4,000 in 1951.
Rate of interest to be expressed in
multiples of M of 1%.
Interest M-N.
No conditional bids will be re¬
ceived.
A certified check for 1% of the bid, payable to order of the
city,
is required.
Legal opinion of Peck, Shaffer, Williams & Gorman, of
Cincinnati, will be furnished the successful bidder.
NEW CONCORD, Ohio—BOND SALE DETAILS—The
$20,000 coupon
sanitary sewer bonds awarded June 30 to the BancOhio Securities Co. of
Columbus—V. 153, p. 130—were sold as 2Mb at par plus a premium of
$185, equal to 100.925, a basis of about 2.16%.
ORANGE
SCHOOL
DISTRICT
(P.
O.
Delaware),
Ohio—NOTE
SOLD—Fenner & Beame, of Chicago, pur¬
$75,000 4% first mortgage waterworks revenue bonds.
Dated
July 15, 1941.
Denoms. $1,000 and $500.
Due Oct. 1 as follows:
$1,500
SALE—The First National Bank of Delaware purchased on July 18 an
issue of $2,741.57 second series
refunding notes as 1,95s.
Due in two years.
Optional after Nov. 30.
to 1951, incl.; $2,500 in 1952 and 1953:
S3.000 from 1954 to 1966, incl.; $3,500 in 1967, 1968 and
1969. and $4,000
1970.
Bonds maturing on and after Oct.
1, 1951, are callable at 105
on Oct. 1, 1950, or on
any subsequent interest date, in inverse order of
maturity by lot.
Principal and interest (A-O) payable at the Village
Treasurer's office.
Legality to be approved by Thomas M. Miller, of
VanLahr, Doll & Isphording, of Cincinnati, as 1.90s, at
July 15, 1941. Due July 15, 1943. Optional after Nov. 30.
BERGHOLZ, Ohio—BONDS
chased
£?&l9i3 to 1945' incl.; $2,000,1946
in
Columbus.
PEEBLES VILLAGE SCHOOL DISTRICT, Ohio—NOTE SALE—
The $3,786 second series refunding notes offered July 12 were awarded to
Bidder—
Int
George T. Lennon & Co
Farmers Bank & Savings Co., Peebles
CINCINNATI, Ohio—1942 BOND ISSUE PROGRAM—The City
Council's Bond Program Committee has submitted
its 1942 bond program
City Council, providing for the issuance of $4,815,495 of bonds in
that period. The total includes
$3,502,495 referendum bonds and
to the
$1,313.000
POMEROY, Ohio—BOND SALE—The $10,000
Rate
1.90%
4%
P-
CANTON CITY SCHOOL
DISTRICT, Ohio—NOTE SALE—The
District Sinking Fund Commission, the
only bidder, purchased the $130,605.14 second series refunding notes offered
July 21.
Due in two years.
Optional after Nov. 30.
Dated
Other bids:
par.
coupon
refunding bonds
offered Aug. 4—V. 153, p. 430—were awarded to the Weil, Roth & Irving
Co. of Cincinnati, as 2Mb, at par plus a premium of $4, equal to 100.04, a
basis of about 2.24%.
Dated May 1, 1941 and due $1,000 on May 1 and
Nov. 1 from 1944 to 1948 incl. Second high bid of 100.162 for 2Mb was made
by Ryan, Sutherland & Co. of Toledo.
RILEY RURAL SCHOOL DISTRICT (P. O. Pandora), Ohio—NOTE
SALE—The First National Bank of Pandora purchased on July 18 an issue
Volume
The Commercial & Financial Chronicle
IS3
of $3,849.27
second series refunding notes
Optional after Nov. 30.
2.45s.
as
Due in two years.
armor
SCHOOL
VILLAGE
DISTRICT,
Ohio—NOTE
SALE—The Ohio National Bank of Columbus was awarded on July 18 an
issue of $3,228.14 second series refunding notes as 1.99s.
Due in two years.
Optional after Nov. 30.
TIPPECANOE CITY EXEMPTED VILLAGE SCHOOL DISTRICT,
Ohio—NOTE SALE—The Quaker City National Bank of Quaker City was
awarded
1.19s.
_
issue of $5,951.42 second series refunding notes as
years.
Optional after Nov. 30.
July 14
on
an
Due in two
UNION-SCIOTO RURAL SCHOOL DISTRICT (P. O. Chillicothe),
Ohio—NOTE SALE—The First National Bank of Chillicothe purchased on
refunding notes as 1.45s.
Due in
July 24
an issue of $6,590.46 second series
two years.
Optional after Nov. 30.
UNION
RURAL
TOWNSHIP
UNION
as
DISTRICT
Due in two years.
1.85s.
RURAL
TOWNSHIP
(P.
O.
Rush-
Optional after Nov. 30.
SCHOOL
DISTRICT
(P. O. Route
SALE—The Monroe National Bank of
Monroe purchased on July 18 an issue of $3,770.46 second series refunding
notes as 1.85s.
Due in two years.
Optional after Nov. 30.
No.
Mason),
1,
Ohio—NOTE
WELLINGTON VILLAGE SCHOOL DISTRICT, Ohio—NOTE SALE
24 an issue of
refunding notes as 1.54s.
Due in two years.
—The Ohio National Bank of Columbus purchased on July
$5,504.77 second series
Optional after Nov. 30.
WILLARD EXEMPTED SCHOOL
JENKINTOWN
SCHOOL
DISTRICT,
Pa.—BOND SALE—The
$28,000 high school improvement bonds offered July 7—Y. 153, p. 131—
were awarded to Warren A. Tyson Co. of Philadelphia, as 1 Ms, at par plus
a premium of $397.60, equal to 101.42, a basis of about
1.11%.
Dated
July 1,1941 and due July 1 as follows: $7,000 in 1946; $2,000,1947 and 1948;
$1,000,1949 to 1951 incl.; $2,000,1952 and 1953; $1,000,1954 to 1956 incl.;
$2,000 in 1957 and 1958, and $1,000 from 1959 to 1961 incl.
Second high
bid of 101.316 for 1 Ms was made by Schmidt, Poole & Co. of Philadelphia.
LANSDALE SCHOOL
DISTRICT, Ohio—NOTE SALE—
DISTRICT, Pa.—PLANS BOND ELECTION—
Ralph R. Smith, Superintendent of Schools, reports that an election will be
on the question of issuing $125,000 building bonds.
held
LOWER
Hill),
with
ALLEN
SCHOOL
TOWNSHIP
DISTRICT
(P.
Pa.—BONDS NOT SOLD—ISSUE REOFFERED—In
O. Camp
connection
the
offering on July 30 of $21,000 2% coupon, registerable as to
principal only, building bonds—V. 153, p. 430—we were informed by
Myers & Myers of Lemoyne, that no bids were submitted for the issue.
At the time set for
SCHOOL
town, R. F. D. No. 1), Ohio—NOTE SALE—The Portsmouth Banking
Co. of Portsmouth purchased on July 18 an issue of $3,666.59 second series
refunding notes
Mr. Jones, in announcing the approval, said productionlof
plate at the plant would begin "within one year."
<
m
SHADYSIDE EXEMPTED SCHOOL DISTRICT, Ohio—NOTE SALE
—The $9,559.03 second series refunding notes offered July 24 were awarded
to VanLahr, Doll & Isphording, of Cincinnati, as 1.35s.
Due in two years.
Optional after Nov. 30.
SHARON VILLE
873
subsidiary.
opening of tenders, the District Secretary presented to
the Board of Education a
large number of sealed envelopes which he had
Upon examination the envelopes
hesitated to open prior to the meeting.
contained requests for information concerning the school district and the
bond issue.
Although a local banking institution was prepared to purchase
the bonds at par at private sale, it was evident that prospective bidders
probably failed to bid because of the lack of information, according to the
district solicitors.
The School Board thereupon decided to readvertise
the issue, with sealed bids to be received by w. V. Greenfield, District
Secretary, until 8 p. m. (DST) on Aug. 11.
In addition tQ particulars of
the offering previously given—V. 153, p. 430—we are informed that the
district will pay for the printing of the bonds, but will not pay for legal
opinion that may be required by the successful bidder.
The bonds are not
callable and were not authorized by an election.
MARPLE TOWNSHIP SCHOOL DISTRICT (P. O. Broomall), Pa.—
OFFERING—Wilmer F. Loomis, District Secretary, will receive
The Tiffin National Bank of Tiffin purchased on July 24 an issue of $8,984.08
BOND
second series
sealed bids until 8:15 p. m. (DST) on Sept. 5 for the purchase of $24,000
1 %. 1M %, 1M %, 1H %, 2%, 2M %, 2H %, 2% % or 3 % coupon, registerable as to principal only, joint school addition bonds. Dated Sept. 1, 1941.
refunding notes as 1.30s.
Due in two
Optional after
years.
Nov. 30.
Denom. $1,000.
Bidder to name
OKLAHOMA
OKLAHOMA
PLATED—H.
E.
CITY,
Okla .—ADDITIONAL
BONDS
CONTEM¬
Bailey, City Manager, is reported to have said that
an additional bond issue of $1,000,000 may be required to supplement
proceeds of the $6,911,000 already marketed for construction of the Upper
Bluff Creek water project.
Since the estimates were completed, he reported
construction costs have risen rapidly.
OREGON
JEFFERSON WATER CONSERVANCY DISTRICT (P. O. Madra.),
Ore.—BOND ELECTION—The issuance of $44,000 not to exceed 6% semiann. water bonds will be submitted to a vote on Aug. 23.
Due $2,000 on
Jan. and July 1 in
1942 to 1952, incl.
MALHEUR COUNTY SCHOOL DISTRICT NO. 23 (P. O. Malheur),
Ore.—BOND OFFERING—Sealed bids will be received until 8:30 p. m.
Aug. 12, by Fred A. Strey, District Clerk, for the purchase of $7,500
school
Interest rate is not to exceed
bonds.
Aug. 1,1941.
in 1949.
fiscal
Due
on
Sept. 1 as follows:
6%, payable M-S.
Dated
$1,000 xn 1943 to 1948 and $1,500
Prin. and int. payable at the County Treasurer's office or at the
of the State in New York.
the bid.
agency
accompany
A $750 certified check must
BEND, Ore.—BOND OFFERING—It is reported that sealed
bids will be received until Sept. 23, by the City Clerk, for the purchase of
$19,000 not to exceed 3M% semi-ann. refunding bonds.
Ore.—BONDS NOT SOLD—The $13,000 not to exceed 4%
semi-annual water works improvement revenue bonds scheduled for sale
on Aug. 4—V. 153, P. 430—were not sold as all bids were rejected, accord¬
ing to the City Recorder.
He states that the City Council decided the
amount was insufficient and a special election will be held in the near
future, at which time the voters will be asked to approve a larger amount
NYSSA,
of bonds.
PORT OF BANDON (P.
O. Bandon), Ore.—PRICE PAID—Secretary
Atkinson-Jones &
here on May 3, were purchased at a price
Due $2,000 in 1942 to 1946, incl.
reports that the $10,000 time warrants sold to
now
Co. of Portland, as 2%s, as noted
of 99.17, a basis of about 3.04%.
PORTLAND, Ore.—BONDS AUTHORIZED—We understand that the
City Council recently approved an issue of $500,000 water system bonds.
UMATILLA
COUNTY
SCHOOL
DISTRICT
NO.
5
(P. O.
Echo).
Ore.—BONDS DEFEATED—The Clerk of the Board of Education states
that
the
voters
proposal to issue
election held on July 19.
turned
auditorium bonds at
an
down
.
NORTH
$20,000
a
OLYPHANT, Pa .—BOND OFFERING—H arry MetrinkoT~Borou£h
Secretary, will receive sealed bids until 8 p. m. on Aug 26 for the purchase
$35,000 not to exceed 4% interest operating revenue bonds.
Dated
May 1, 1941. Denom. $1,000. Due $5,000 on Nov. 1 from 1942 to 1948
incl. Interest M-N. The bonds are being issued subject to approval of the
Pennsylvania Department of Internal Affairs.
Legal opinion of Burgwin,
Scully & Churchill of Pittsburgh will be furnished the successful bidder.
of
F
SCHOOL DISTRICT
(P. O. Cali¬
fornia), Pa.—BOND SALE—The $25,000 coupon current expense bonds
offered Aug. 4—V. 153, p. 724—were awarded to Glover & MacGregor,
of Pittsburgh, as 1Mb, at par.
Dated Aug. 1, 1941 and due Aug. 1 as
follows:
$2,000 in 1942; $3,000, 1943 to 1945, incl.; $2,000, 1946; $3,000
in 1947 and 1948, and $2,000 from 1949 to 1951, inclusive.
ERIE,
Pa.—BOND
OFFERING—Michael J.
Henry, City Clerk, will
(DST) on Sept. 5 for the purchase of $190,000
1%, IH%. 1 M%, 1%%,2%, 2X%,2M%,2K% or3% coupon, register-
receive sealed bids until noon
bonds.
Dated Sept. 1,
$10,000 from 1942 to
1945 inch; $15,000 from 1946 to 1948 incl. and from 1950 to 1956 incl.
Bidder to name a single rate of interest for all of the bonds. Principal and
interest (M-S) payable without deduction for any tax or taxes, except
able as to principal only, funding and improvement
1941.
Denom. $1,000.
Due Sept. 1 as follows:
succession
or
inheritance taxes, now or hereafter levied or assessed thereon
under any present or future law of the Commonwealth of Pennsylvania,
all of which taxes the city assumes and agrees to pay.
Bonds will be pay¬
able from ad valorem taxes within
Cumberland
STOCKDALE, Pa .—BOND ELECTION—At an election on Sept. 9 the
authorize an issue of $6,500 street and sewer bonds.
f
voters will be asked to
as
AUTHORIZED—An issue of $7,000 3%
been authorized for future sale.
Dated Aug. 1,
1941. Denom. $500. Due $1,000 on Aug. 1 from 1943 to 1949 incl. Principal
and interest (F-A) payable at the Peoples National Bank, East Brady.
TOWNSHIP
LEBANON TOWNSHIP SCHOOL DISTRICT
(P. O. 1310
St., Avon), Pa.—BOND OFFERING—Allen II. Light,
8 p.m. (DST) on Aug. 28
for the purchase of $30,000 1%, 1M%, 1 M%, 1M%, 2%, 2M%. 2M%.
2M % or 3% coupon, registerable as to principal only, improvement bonds.
Dated Sept. 1, 1941.
Denom. $1,000.
Due $2,000 on Sept. 1, from 1942
to 1956 incl.
Bidder to name one rate of interest for all of the bonds.
Principal and interest (M-S) payable without deduction for any tax or
taxes, except succession or inheritance taxes, now or hereafter levied or
assessed thereon under any present or future law of the Commonwealth of
Pennsylvania, all of which taxes the school district assumes and agrees to
pay.
These obligations will be payable from ad valorem taxes within the
taxing limitations placed by law upon school districts of this class.
Issued
subject to favorable legal opinion of Townsend, Elliott & Munson of
Philadelphia, and to the approval of the Pennsylvania Department of
Internal Affairs.
A certified check for 2% of the bonds bid for, payable
to order of the District Treasurer, is required.
SOUTH
E.
District Secretary, will receive sealed bids until
DARBY
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Lans-
downe Ave., Upper Darby), Pa.—BOND OFFERING—John J. Schiedel,
District Secretary, will receive sealed bids until 7 p.m. (EST) on Aug. 14
for the purchase of $400,000 not to exceed 2% interest coupon, registerable
fire apparatus bonds has
RUN
$58,879,000.-fcThis includes allof series A and B except $82,900 and all
of series L.
UPPER
PENNSYLVANIA
PIKE
Pa.—BOND EXCHANGES INCREASED—Drexel
PHILADELPHIA,
Bros, of New York, joint managers of the
$131,064,000 bond exchange group, announced that in the period July 1 to
July 31, $5,879,000 additional bonds were exchanged, making a grand total
& Co. of Philadelphia and Lehman
gymnasium-
EAST BRADY, Pa.—BONDS
EAST
TOWNSHIP SCHOOL DISTRICT (P. O.
Pa.—BOND ELECTION—At an election on Sept. 9 the
$350,000 building bonds
VERSAILLES
McKeesport),
of
NORTH
Rosa
(M-S)
voters will be asked to authorize an issue of
LANE COUNTY UNION HIGH SCHOOL DISTRICT NO. 4 (P. O.
Elmira), Ore.—BONDS OFFERED—Sealed bids were received until 7 p. m.
on Aug. 9, by Earl Bryan, District Clerk, for the purchase of $8,000 school
bonds.
Dated Sept. 1,1941.
Due $1,000 on Sept. 1 in 1943 to 1950, incl,
on
Due $2,000 annually on Sept. 1 from 1942 to 1953 incl.
a single rate of interest for all of the bonds.
Principal and
payable without deduction for any tax or taxes, except
succession or inheritance taxes, now or hereafter levied or assessed thereon
under any present or future law of the Commonwealth of Pennsylvania, all
of which taxes the district assumes and agrees to pay.
These obligations
will be payable from ad valorem taxes within the taxing limitations placed
by law upon school districts of this class. Issued subject to favorable legal
opinion of Townsend, Elliott & Munson, of Philadelphia, and to the approval
of the Pennsylvania Department of Internal Affairs.
A certified check for
2% of the bonds bid for, payable to order of the District Treasurer, is
required.
interest
the taxing limitations placed by law
to
principal only, general obligation improvement bonds.
Dated Aug. 1,
1941.
Denom. $1,000.
Due $25,000 annually on Aug. 1 from 1942 to
1957 incl.
Bidder to name one rate of interest for the entire issue.
Prin¬
cipal and interest (F-A) payable at the First National Bank of Philadelphia.
Payable from ad valorem taxes within the limits imposed by law on the
Sroperty taxable in deduction for any tax or taxes,Bonds and interest will
payable without the district for school taxes.
except gift, succession
e
which the district may be required to pay thereon
retain therefrom under or pursuant to any present or future law of the
Commonwealth of Pennsylvania, all of which taxes the school district
and inheritance taxes,
or
and agrees to pay.
Issued subject to favorable legal opinion of
Lutz, Ervin, Reeser & Fromefield, of Media, and Morgan, Lewis & Bockius,
of Philadelphia.
A certified check for $8,000, payable to order of the
District Treasurer, is required.
It is the intention of the Board of School Directors, acting upon the
recommendation of the Sinking Fund Committee, to make a bid for the
above bonds for its sinking fund.
assumes
,
PUERTO
RICO
MAYAGUEZ, Puerto Rico—HOUSING NOTES SOLD—The Girard
of Philadelphia, was awarded the $835,000 issue of Mayaguez
Municipal Housing Authority temporary loan notes offered on July 29, at
0.49%, Plus a $7 premium.
Trust Co.
cities of the third class.
Issued subject to favorable legal opinion of
Townsend, Elliott & Munson, of Philadelphia, and to the approval of the
upon
Pennsylvania Department of Internal Affairs.
A certified check for 2%
of the bonds bid for, payable to order of the City Treasurer, is required.
EXETER TOWNSHIP SCHOOL DISTRICT (P.
O. Tunkhannock),
Pa.—BOND ELECTION—AX, an election on Sept. 19 the voters will con¬
FERNDALE
SALE
(P.
O.
DETAILS—The
519 Ferndale Ave., Johnstown), Pa .—BOND
$18,000 refunding bonds awarded July 28 to
Phillips, Schmertz & Co. of Pittsburgh—V. 153, p. 725—were sold as 2Ks,
at par plus a premium of $110, equal to 100.611, a basis of about 2.16%.
HOMESTEAD,
Pa .SITE OF $85,000,000 DEFENSE PLANT— The
announced July 21 than an order has been issued
United States Steel Corp.
quick evacuation of half the steel town of Homestead, to make way
for building of an $85,000,000 armor plate plant by the Government.
The
plant, which will produce plate and other special steel products for the
expanded navai program, will be built on the town site as soon as the ground
for
a
can
be cleared.
,
.
....
reported that the clearing job was to be completed within two or
It included razing or moving 1,363 buildings, among which
are 11 churches,
five schools, 46 general stores, 28 saloons, many garages
and small factories, and a water works.
Telephone lines will be moved
It
was
three weeks.
and streets torn up.
Jesse Jones, Federal
project
as
technicans
,
Loan Administrator, previously approved the plant
woxked out by Office of Production Management officials and
of the Carnegie niinois Steel Corp., a United States Steel
CAROLINA
Barnwell), S. C.—BONDS SOLD—A
$35,000 issue of 2M% semi-ann. court house bonds is said to have
purchased by McAlister, Smith & Pate, Inc. of Greenville, at par.
Due $5,000 on July 1 in 1942 to 1948, incl.
proved by Huger Sinkler of Charleston.
July I, 1941.
school bonds.
sider an issue of $13,200
SOUTH
BARNWELL COUNTY (P. O.
1
been
Date
Legality ap¬
KERSHAW. S. C.—BONDS SOLD—A $10,000 issue of 4%
semi-ann.
purchased at par by G. H. Crawford
Columbia. Dated July 1, 1941. Due on July 1 as follows: $500 in
1943 to 1952 and $1,000 in 1953 to 1957.
Legality approved by Huger
Sinkler of Charleston.
refunding bonds* is said to have been
& Co. of
SPARTANBURG COUNTY (P. O. Spartanburg), S. C.—BOND
OFFERING—Sealed bids will be received by R. H. Ashmore, Clerk of the
until 11 a. m. on Aug. 21, for the purchase of an issue of
$100,000 coupon road improvement, series E bonds.
Interest rate is not
to exceed 4%, payable M-S.
Dated Sept. 1, 1941. Denom. $1,000. Due
Sept. 1, as follows:
$5,000 in 1942 to 1947, $10,000 in 1948 and 1949 and
$25 000 in 1950 and 1951.
Rate of interest to be in multiples of M of 1 %,
and must be the same for all of the bonds.
Prin. and int. payable in New
York.
The bonds will be awarded to the bidder offering to take them at
the lowest rate of interest, at a price not less than par and accrued interest.
As between bidders naming the same rate of interest, the amount of pre¬
mium will determine the award.
The bonds are registerable as to principal
only and are to be issued pursuant to Act. No. 709 of the Acts of 1939 of
County Board,
The Commercial & Financial Chronicle
874
the State, as amended.
The Act authorizes the county to issue not exceed¬
ing $200,000 of bonds.
So much as is necessary of the gasoline tax distrib¬
uted by the State to the county during the life of the bonds and for such
period thereafter
MORTON
1941
9.
SCHOOL DISTRICT (P. O. Morton)
Texas—BONDS SOLD—The Superintendent of Schools states that $37,000
4% semi-ann. school bonds were purchased recently by Crummer & Co. of
Dallas, paying a premium of $2,429, equal to 106.564.
be necessary to pay the bonds, and not required
to be used and applied to the payment of outstanding bonds issued
by the
countypursuant to Act. No. 611 of the Acts of 1937 of the State, approved
May 27, 1937, and the acts amendatory thereof, is pledged to and required
as may
PANHANDLE,
Texas—BOND
REFUNDING AUTHORIZED—'The
refunding bonds aggregating $282,500, to
was authorized by a recent Federal Court
decree issued by Judge James C. Wilson.
The City Council was authorized
to issue the above amount of bonds, bearing 2A% interest.
Denomina¬
tions, $250, $.500 and $1,000.
Dated June 1, 1941.
Coupon bonds ma¬
turing in 1971.
Interest payable J-D.
This decree by Judge Wilson was
issued in a suit by the city against the bondholders to establish a permanent
basis for payment of the city's indebtedness, and void a nine-year-old agree¬
ment between the city and bondholders under which the City of Panhandle
had been operating.
The decree relieves the city, which for the nine years
had been forced to defray annual operating expense out of the surplus
issuance by the above city of
retire
to be used and
applied to the payment of such principal and interest.
How¬
ever, if, for any reason whatsoever, such gasoline tax is insufficient or
unavailable for the prompt payment of the bonds issued pursuant to the
Act No. 709 of the Acts of 1939, as amended, and the interest
thereon, as
they severally mature, then there is pledged, in addition to the revenue from
such gasoline tax distributed to the county, the full faith and credit of the
comity, and there must be levied annually upon all the taxable property
of the county a sum sufficient to
pay such principal and Interest as they
respectively mature.
The purchaser will be furnished with the opinion of
Reed, Iloyt, Washburn & Clay of New York, that the bonds are valid
and binding obligations of the county.
Enclose a certified check for 2%.
Aug.
INDEPENDENT
outstanding indebtedness,
revenue
ahead
of its utilities and other
with
the
resources,
and ordered the Council to
go
bond
issuing ordinance adopted by the city last month.
was 6%.
The decree will allow Panhandle to provide a levy for the payment of
interest and principal on the refunding bonds and gives the Council author¬
ity to buy bonds in open market when the fund reaches more than $500.
The tax rate is not to exceed $1.50 per $100 valuation.
The old rate of interest
SOUTH
BURKE
INDEPENDENT
DAKOTA
SCHOOL
DISTRICT
(P.
O.
Burke),
S. Dak.—PRICE PAID—The Clerk of the Board of Education now
informs
that the $35,000 coupon refunding bonds sold to the
Department of
School and Public Lands—V. 153, p. 587—were purchased as
3e, at par.
Due on Aug. 1 in 1943 to. 1961.
us
CHAMBERLAIN, S. Dak.—BOND SALE—The $15,000
coupon semi¬
annual
street improvement bonds offered for sale on
July 28—V. 153,
587—were awarded to the Northwest Security National Bank of Sioux
as IAb, paying a premium of
$100, equal to 100.66, a basis of about
1.33%.
Dated Aug. 1,1941.
Due $3,000 on Aug. 1 in 1943 to 1947, incl.
REDLAND COMMON SCHOOL DISTRICT (P.
O. Lufkin), Texas—
BOND OFFERING—It is stated by the Superintendent of Schools that he
will receive sealed bids until Aug. 16, for the
purchase of $9,000 3 A % coupon
semi-ann. refunding bonds.
p.
UTAH
Falls
HURON, S.
Dak.—BOND OFFERING— Sealed9bids will be received
until 7:30 p. m. on Aug 18 by M. F.
Walt, City Auditor, for the purchase of
$34,000 sewage disposal plant bonds.
Interest rate is not to exceed 4%,
payable F-A.
Dated Aug. 15, 1941.
Denom. $1,000.
Due Aug. 15 as
follows: $6,000 in 1942 to 1945 and $10,000 in 1946.
No bid for less than
par will be considered.
Principal and interest payable at any suitable bank
or trust
company designated by the purchaser.
Enclose a certified check
for $500.
BOX ELDER COUNTY SCHOOL DISTRICT
(P. O. Brigham City),
Utah—BONDS SOLD—An issue of $120,000 1A% semi-annual refunding
bonds has been purchased by Edward L. Burton & Co. of Salt Lake City.
Denom. $1,000.
Dated June 15, 1941.
Due $10,000 June 15, 1942 to
1953.
Prin. and int. payable at ohe Guaranty Trust Co., New York, or at
the First Security Trust Co., Salt Lake
City.
Legality approved by
Pershing, Bosworth, Dick & Dawson of Denver.
MURRAY CITY, Utah—BONDS SOLD—A $200,000 issue of 3% semielectric light revenue bonds is said to have been purchased recently
by Edward L. Burton & Co. of Salt Lake City, at par. Due in from 1 to 10
ann.
WHITE, S. Dak.—BOND OFFERING—Both sealed and oral bids wil be
received until Aug. 18, at 7:30 p. m.
by R. E. Cameron, City Auditor, for
the purchase of $13,000
general obligation sewage bonds.
No bid for less
than par and accrued interest can be
considered.
Each bid must be un¬
conditional.
A $500 certified check, payable to the
City Treasurer, is
required with bid.
TENNESSEE
CLAIBORNE
COUNTY (P. O. Tazewell), Tenn.—BOND CALl
It is stated by County Judge A. C. Schumate that
pursuant to the terms of
the resolutions passed and
approved by the Quarterly County Court
under date of Oct. 5, 1936, the
county has elected to call for payment on
Sept. 1, the following general refunding, series
1936, due Sept. 1, 1956:
$9,500, presently bearing 4% interest dated June 1, 1936, Nos. 825 to
831,
833 to 839 and 841 to 845.
Denom. $500 each.
$10,500 presently bearing
4%% interest, dated April 1, 1936, Nos. 1412, 1414, 1416 to
1421, 1423
and
1427 to
1431.
Denom.
$750.
$14,250 presently bearing 4H%
Interest, dated March 1, 1936, Nos. 1265 to 1268, 1272 to 1278,
1281,
1283 to 1288 and 1291.
Denom. $750 each.
Said bonds are to
warded to the Chemical Bank & Trust
Co., New York, with
and
shall
Sept. 1, 1941
Interest
SCA, which said bonds and coupons will be paid at
cease
to
accrue
on
be for¬
par.
the bonds
on and after said date of
call,
default shall have been made in the
payment thereof.
unless
TEXAS
AGRICULTURAL AND MECHANICAL COLLEGE
OF
TEXAS
(P. O. College Station) Texas—MATURITY—In connection with the
sale of the $1,220,000
building revenue bonds to a syndicate headed by
Moroney & Co. of Houston, as 3Ms, at a price of 100.70, as noted here on
May 31, it is reported that the bonds mature as follows: $25,000 in 1943 to
1947, $30,000 in 1948 to 1952, $35,000 in 1953 to 1955, $40,000 in
1956 and
1957, $45,000 in 1958 to 1960, $50,000 in 1961 to 1963,
$55,000 in 1964 to
1966, $60,000 in 1967 to 1969, and $65,000 in 1970 and 1971. Callable at
par, plus a premium of M of 1 % for each
unexpired.year but not to exceed
105.
•"
ALBANY, Texas—PRICE PAID—The City Secretary states that the
$75,000 4% semi-ann. water works, series of 1941 bonds sold to William
N.
Edwards & Co. of Fort Worth—V. 153, p. 725—were
Due
April 1 in 1942
on
BIG
SPRING
purchased at
•',
;■ ••
..
,
v
NEBO SCHOOL DISTRICT (P. O.
Prove), Utah—BONDS SOLD—
A $65,000 issue of IA% semi-annual
refunding bonds has been purchased
by Edward L. Burton & Co. of Salt Lake City.
Denom. $1,000.
Dated
June 15, 1941.
Due on June 15 as follows: $8,000 in 1943 to 1949 and
$9,000 in 1950.
Prin. and int. (J-D) payable at the Guaranty Trust Co.,
New York, or the First Security Trust Co. of Salt Lake City.
Legality
approved by Pershing, Bosworth, Dick & Dawson of Denver.
ST. GEORGE, Utah—BONDS SOLD— It is
reported that $260,000
light revenue bonds have been purchased by Edward
L. Burton & Co. of Salt Lake City, at par, divided as follows:
$100,000
as 4s, due on Jan.
1, $15,000 in 1944 to 1947, $20,000 in 1948 and 1949;
semi-annual electric
the remaining $160,000 as 4 As, due on Jan.
$25,000, 1955 and 1956, and $10,000 in 1957.
1, $20,000 in 1950 to 1954,
These bonds are part of the
$300,000 issue approved by the voters at a recent election.
The 4A%
bonds are callable at 104.25 and Interest in inverse numerical order on any
interest payment date on 30 days' published notice.
Prin. and int. pay¬
able at the Chase National Bank, New York.
Legality approved by Chap¬
man
&
Cutler of Chicago.
SEVIER COUNTY SCHOOL DISTRICT (P. O. Richfield), Utah—
BONDS SOLD—A $50,000 issue of
2A% semi-annual refunding bonds is
said to have been purchased by Edward L. Burton & Co. of Salt Lake
City.
Denom. $1,900.
Dated June 1, 1941.
Due on June 1 as follows:
$17,000
in 1950 and 1951, and $16,000 in 1952.
SPRINGVILLE, Utah—BONDS SOLD—Edward L. Burton & Co. of
Salt Lake City, have purchased the following water and^electric bonds
aggregating $300,000:
$48,000 2M% revenue bonds.
Due as follows: $9,000 in 1943land 1944
and $10,000 in 1945 to 1947.
56,000 2M% revenue bonds.
Due as follows: $11,000 in 1948 to 1951,
$12,000 in 1952.
196,000 3% revenue bonds.
Due as follows: $12,000 in 1953 to 1955,
$13,000, 1956 and 1957, $14,000, 1958 to 1961, $15,000, 1962 and
1963, and $16,000 in 1964 to 1966.
All bonds or any part are to be redeemable on any
interest,.date after
five years from date of issue at 101 and interest to date of call.
Legality
approved by Chapman & Cutler of Chicago.
par.
to 1951.
INDEPENDENT
WASHINGTON
SCHOOL
DISTRICT
(P. O. Big
Spring), Texas—MATURITY—The Secretary of the Board of Education
states that the $12,000 construction bonds sold to
Crummer & Co. of Dallas
as 3s, at a price of 103.54—V.
153, p. 588—are due $600 on March 1 in
1942 to 1961, giving a basis of about
2.61%.
CHILDRESS, Texas—BONDS SOLD—'The City Secretary states that
Crummer & Co. of Dallas have purchased
$151,000 refunding bonds au¬
thorized by the City Council on
July 9.
COMAL
years.
COUNTY
(P. O. New Braunfels) Texas—BOND SALE
DETAILS—The County Treasurer states that the
$200,000 road bonds sold
to Dewar, Robertson & Pancoast of San
Antonio, and associates, at 100.277
MOXEE, Wash.will be held
on
-BOND ELECTION—We understand that an election
Aug. 20 to vote $35,000 water system bonds.
WEST
MARTINSBURG,
153, p. 588—were purchased as follows:
$109,000 as
Feb. 15, $8,000 in 1942 to
1945, $9,000, 1946 to 1948, and
\%s, due on
$10,000 in 1949
1953; the remaining $91,000 as 2 As, due on Feb. 15,
$10,000 in 1954,
$11,000, 1955 to 1957, and $12,000 in 1958 to 1961,
giving a net interest
cost of about
2.06%.
Prin. and int. (F-A) payable at the office of the
County Treasurer. Dated July 15, 1941.
VIRGINIA
Va.—PAYING
AGENT APPOINTED—'The
Manufacturers Trust Co. has been appointed New York paying agent for
series A (first issue),
Housing Authority bonds of the above city.
WISCONSIN
—v.
to
W.
BARRON, Wis.—BOND OFFERING—It is reported that bids will be
received until 2 p. m. on Aug. 18 by T. L. Adams, Town Clerk, for the
pur¬
chase of $6,000 3A%
semi-annual road improvement bonds.
Dated
Sept. 1, 1941.
HURLEY SCHOOL DISTRICT (P. O. Hurley) Wis.—BONDS VOTED
—At an election held on July 21 the voters are said to have
approved the
issuance of $133,000 gymnasium bonds.
DONNA,
a
DALWORTH PARK, Texas—BONDS VOTED—It is
stated that at
recent election the voters
approved issuing $151,000 water and sewer
is stated
system bonds.
Texas—BOND TENDER ACCEPTED—In connection with
on July 31, of
refunding bonds, it is stated by B. W.
Wood, City Clerk, that the city purchased a $400 bond at 33.00 and
accrued
the call for tenders
interest.
GRAYSON COUNTY (P. O.
Sherman), Texas—BOND
The issuance of $300,000 road bonds will be
submitted to
election scheduled for Aug. 25,
according to report.
HAMSHIRE-HOLLAND
Texas
BOND
SALE
SCHOOL
DETAILS—The
DISTRICT
(P.
ELECTION—
a
O.
vote
at
153,
p.
on
WYOMING
an
Hamshire)
Clerk
of the Board of Trustees
building bonds sold as 2s, and 2Ms—V.
588—were purchased at par by Louis Pauls & Co. of
Galveston.
Aug. 1 in 1942 to 1961.
states that the $60,000 semi-ann.
Due
TAYLOR COUNTY (P. O. Medford), Wis.—B0A*D OFFERING—It
by Edmund J. Hirscb, County Clerk, that he will receive bids until
Aug. 15, at 2 p. m., for the purchase of $35,000 3% semi-ann. highway
improvement bonds.
Dated May 1, 1940.
Due in 3 years.
Prin. and
int. payable at the County Treasurer's office.
JONES COUNTY (P. O.
Anson), Texas—BONDS SOLD—It is stated
by Gilbert Smith, County Judge, that $60,000 court house and
jail bonds
purchased on July 31
by R. A. Underwood & Co., and Calliban &
Jackson, both of Dallas, jointly, as 2s, paying a premium of
$328, equal to
100.546.
Due in from 1 to 15 years, callable after 5
GOSHEN COUNTY SCHOOL DISTRICT NO. 2
(P. O. Lingle)
Wyo.—BONDS SOLD—A $41,000 issue of 2% % refunding bonds was pur¬
chased recently by Sullivan & Co. of Denver. Dated July 1, 1941.
Due on
Jan. and July 1, from Jan. 1, 1942 to Jan. 1, 1962.
Optional on and after
July 1, 1946. Prin. and int. (J-J) payable at the County Treasurer's office
in Torrington.
CANADA
were
FORT
years.
LAVERNIA INDEPENDENT SCHOOL DISTRICT
(P. O. Lavernia)
Texas—BOND SALE DETAILS—It is now
reported that the $25,500
refunding bonds sold at par to Dewar, Robertson & Pancoast of San
tonio, were purchased
as
4s,
are
MEDINA COUNTY ROAD DISTRICT
NO. 1 (P. O. Hondo), Texas—
PRE-ELECTION SALE—The County Judge states that
$100,doO 2A%
semi-ann. road improvement bonds have been
purchased by Dewar, Robert¬
son & Pancoast of San
Antonio, subject to a pending election.
Due in not
than 20 years.
MINEOLA, Texas—BONDS SOLD—It is stated that $7,500
community
center semi-annual bonds have been sold to John L.
Clark & Co. of
view,
as
3s, paying
a
purchased
a
& Co. of Toronto
an issue of
$38,817 3 A % improvement bonds at a price of 99.77,
3.55%.
Dated June 1, 1941 and due serially on June 1
1951, inclusive.
basis of about
from 1942 to
An¬
dated Dec. 15, 1940, and mature March 1,
as/oUows: $500 in 1942 to 1950, $1,000 in 1951, $500 in 1952, $1,000 in
1953, $500 in 1954, $1,000 in 1955, $500 in
1956, $1,000 in 1957, $500 in
1958, $1,000 in 1959, $500 in 1960, $1,000 in 1961 and
1962, $1,500 in 1963,
$1,000 in 1964, $1,500 in 1965, $1,000 in 1966,
$1,500 in 1967, $1,000 in
1968, $1,500 in 1969, $1,000 in 1970, and $1,500 in 1971.
more
WILLIAM, Ont.—BONDSALE—Mills, Spence
price of 100.433.
Long-
HAMILTON, Ont.— TREASURY BILLS SOLD—The Royal Securities
Corp. of Toronto recently purchased an aggregate of $500,000 Treasury
bills, as follows: $250,000 lAs, due $125,000 each on Oct. 14 and Nov. 13,
1941; $250,000 lAs, due in instalments of $125,000 each on Dec. 13,
1941,
and Jan. 12, 1942.
HESPELER, Ont.—BOND SALE—Harris, Ramsay & Co. of Toronto
recently purchased $116,400 3 A% improvement bonds at a price of 102.651,
a basis of about
3.12%.
Due serially from 1942 to 1956. inclusive.
HULL, Que.—BOND SALE—A. E. Ames &
purchased $188,000 4A% improvement bonds.
Co. of Toronto recently
WATERLOO TOWNSHIP (P. O. Waterloo), Ont.—BOND SALE
DETAILS—The $47,000 3% improvement bonds purchased by the Bank
of Toronto (V. 153, p. 726) were sold at a price of
97.82, a basis of about
3.25%.
@FedFRASER