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DEC 2 9
1941
Volume 154
Number 4025
New York N.
STATE
AND
Y., Saturday, December 27, 1941
CITY
Price 60 Cents
Copy
a
DEPARTMENT
BOND PROPOSALS AND NEGOTIATIONS
ALABAMA
issuance
Bond Call—S. B, Howard, City
Clerk, states that general refund¬
ing, series A, bonds, Nos. 4, 25, 58,
94, 101, 108, 112, 114 and 123,
drawn by lot, are called for pay¬
ment on Jan. 31, 1942, with cou¬
pons due Feb. 1, 1942, and all sub¬
sequent coupons attached.
Dated Feb.
1957.
1,1937.
the
.
Due Feb. 1,
First
Jan. 31, 1942, at
on
National
Bank,
Flor¬
Purchased—We
con¬
Sale
City
ica, N. T. & S. A., of San Fran¬
cisco, as IV2S, at a price of 100.07
154, p. 1361—are dated Oct.
15, 1941, and mature on June 15,
as follows:
$4,000 in 1942 to 1950,
and $3,980 in 1951, giving a basis
about
1.49%.
Interest payable
15.
Irrigation District
Paradise), Calif.
(P. O.
National
Bond Sale Details—The District
Secretary now states that the
$140,000 4% semi-ann. pipe line
that
Bank
of
that
stated
the
First
Birmingham,
as
result of the
a
re¬
cent call for tenders the city pur¬
chased
$34,000 public improve¬
ment
refunding oonds at prices
ranging from 62.50 to 69.75, and
$13,000 general refunding bonds
at prices ranging from 63.00 to
bonds sold
noted
Sept.
to
here
15,
the
RFC at
Nov.
on
8,
trict's
from
his home
State
exempt
unanimous
Justice
Court
ing
par,
as
dated
are
1941, in the denomina¬
tions of $1,000 and $500, and ma¬
ture July 1, as follows: $2,500 in
1945
The
opinion,
a
of
one
tice
Harlan
decision
ciate
Justices
Stanley
participate.
to
domicile
a
and
Owen
J.
Asso¬
Roberts
Reed
did
not
1954.
33,000
-y A.
v
seem
eral
hold
District
bonds.
that
should
each
be
individual
decided
merits—that
is,
case
its
on
whether
in¬
dividual worker actually makes
Washington his home.
"We hold," he said, "that per¬
sons
1942
Issue
1944,
1940.
Due
$2,000 in
$3,000 in
and
1953.
Dated July
000. Prin. &
1, 1940. Denom. $1,int. payable at the
First National
domiciled here who live
are
to
1947, $3,000 in 1948 to
here and have no fixed and defi¬
1951, $3,500 in 1952 to 1955, $4,nite intent to return and make
000 in 1956 to 1958, $4,500 in 1959
their homes where they were for¬
to 1961, $5,000 in 1962 and 1963,
69.00.
merly domiciled."
A
$5,500 in 1964 to 1966, $6,000 in
ARKANSAS
1967 and 1968, $6,500 in 1969 and
FLORIDA
>
*1970, $7,000 in 1971 and 1972, $7,Fordyce Spec. Sch. Dist. No. 39 500 in
Hillsborough County (P*m O.
1973, and $8,000 in 1974.'
(P. O. Fordyce), Ark.
Tampa), Fla.
Legality
approved
by
Orrick,
Bond
Call—Imon
E.
Certificates Voted—We under¬
Bruce, Dahlquist, Neff & Herrington of
stand that the County Commis¬
Secretary of the Board of Educa¬ San Francisco.
sioners recently voted
tion, calls for payment on Jan. 1,
to
issue
CONNECTICUT
1942, at par and accrued interest,
$763,450 not exceeding 3% paving
of
follows:
as
to
Bridge
refunding
6
to
1945
own
the
No.
July 1,
:
Road: &
Special
Jackson's
to
opinion did
lay down any gen¬
rule, but appeared rather to
not
'
Bank, Chicago.
IDAHO
Camas
f
'
the above district bonds Nos. 1 RB
297 RB,
to
300 RB
327 RB,
320 RB
to
349
to
342 RB
to
to
417 RB.
and
RB,
365 RB
Dated
Jan.
1,
1960.
Said
bonds
with Jan.
sented
subsequent
the
1935.
1,
coupons-
Commercial
317 RB,
Due Jan.
must
Darien
1,
Jan.
pre¬
1942, and all
attached, to
Bank,
Little Rock.
Offering—J.
ceive sealed bids
on
be
National
Note
$150,000
Additional
cortnection
Ark.
after.
Prin.
the
successful
—
and
int.
Rock.
the
National
These
entire
payable
bonds
direct
Bank,
consti¬
indebted¬
ness
of the district, and are in
the opinion of counsel, direct ob¬
ligations of the district, secured
by: a voted, continuing tax of 7
to
be
levied
on
all
taxable
property
within
the
district
throughout the life of the issue;
a pledge of that part of the State
derived
from
apportionment
sources
other
than
the
sales
tax
to guarantee
annual interest, and
a first mortgage on all real
prop¬
erty owned by the district.
Le¬
gality
approved
by
Wallace
Castle
,vv
Special
trict,
bidder.
Bond
Dis-
bids until
10
a.m.
Dec.
on
29, for
the purchase of $55,000 not to ex¬
ceed 2Vz% interest coupon school
bonds. Dated Feb. 1, 1942. Denom.
$500. Due $2,500 on Feb. 1 from
1943 to 1964 incl. Rate of interest
to
be
expressed in multiples of
Va of 1% and the bonds are sub¬
ject to registration.
(F-A) payable at
Prin. and int.
the Farmers
Bank, Wilmington. Bids may be
made subject to the opinion of
ji
Issue
Discussed—G.
and
vision
be
that
sold
the
bonds
less
at
than
shall
not
their
face
value, the bonds will be awarded
that bidder naming the best
bridge
4%
Dec. 23—v.
on
re¬
154,
1577—were purchased by R. E.
Crummer & Co. of Orlando, at a
p.
103.00,
Dated
Jan.
on
1
basis of about
a
Jan.
1944
in
X,
bid
to
was
1941.
1955.
received,
Due
No
accord¬
ing to the Clerk of the Board of
County Commissioners.
Panama City, Fla.
Bankruptcy Case Pending—It is
stated by Giles J. Patterson, of
Jacksonville, that the municipal
bankruptcy case for the above
city has been referred to a mas¬
ter
It
and
will
before
hearings
probably
in
are
be some time
any final decision is ren¬
dered.
•
St. Lucie
R. C.
were
Sale—W.
successful
bidders
for
only- $266,000
offer in the opinion of the Board
Education
after
considering
ann.
the
154, p. 1577—paying 103.50 for the
lowness
named
ther
in
fact
an
the
such
that
ceptable
in
of
to
bid
the
the
face
A
of
amount
certified
bid
fur¬
be
ac¬
only if it
of not less
amount
rate
the
will
Board
issue.
the
and
bid
a
above
interest
than
value
of
check
for
must
ac¬
for
of
the
4%
aggregating
sale
E.
DISTRICT
District
United
ruled
OF
Tax
States
Dec. »15
COLUMBIA
Upheld —The
Supreme
Court
thatj maintenance
of
Bond
Sale—The
water
ann.
offered
154,
the
existing conditions the Kingdom
of Denmark is not at this time in a
posi¬
tion
to
1942
meet
the maturity on January
$30,000,000 principal amount
of
the 6%
of
1940 bonds.
were
No
other
received.
For
of paying January 1,
1942 coupons of the 6% Loan, I
propose to'
put The National City Bank of New
York,
55
Wall
Street,
New
York
City, Fiscal
Agent, in funds so far as it is estimated to
be necessary to make coupon
payments to
holders of bonds other than those held for
account of residents of Denmark.
of so excluding residents of
Bond
Sale—The
semi-ann.''bands
4%
aggregating
following
,
The pur¬
pose
Denmark
to the greatest extent possi¬
ble, dollar exchange available to Denmark
for possible future use in connection
with,
external debt service. January 1, 1942
cou-;
is to conserve,
pon
payments will be made subject to sucl*
as
may
be granted to the Fiscal
Agent by the United States Treasury.
It is contemplated to make
subsequent
pertinent
announcements
in
due
course
licence
the
a
view to informing bondholders
future status of the Loan.
;
of
HENRIK KAUFFMANN
Envoy Extraordinary and
Minister Plenipotentiary of
His Majesty, the King of Denmark
•
Washington, D. C., December 24,
1941.
for
sale
State
Page
City Department
Proposals and Negotiations 1673
and
Bond
General
Corporation and
semi-
Invest¬
News
1697
Fund Notices
$70,000
revenue
works
INDEX
ment
and
Sinking
Dec.
on
Dividends
1691
.v.....
Weekly Bank and Financial
19—v.
Statistics
Discount Rates of Foreign Central
Banks
...........................
&
Blum, Murphey, Favre & Co.,
Weekly Return of Member Banks
of Spokane, and Power &
\
1678,
Marshall
of
Seattle, paying
a Weekly Return of N. Y. City Clear¬
ing House
premium
of
$216,
equal
to
100.308, a net interest cost of Bankers'Acceptances
about 2.80%, on the bonds divided New York Money Rates.......... A
as follows:
$33,000 as 3s, due on Foreign Exchange Rates.
Dec. 1; $2,000 in 1943, $3,000, 1944 Foreign Money Rates...............
to 1946, $4,000, 1947 to 1949,
$5,- The Course of Bank Clearings.....
000, 1950 and 1951; the remain¬ Discount Rates of Federal Reserve
Banks
ing $37,000 as 23As, due on Dec. 1;
Course of Sterling Exchange...,...
$5,000 in 1952 to 1954, $6,000,
both
...................
1955
to
1957, and $4,000 in 1958.
Township
A;''-
(P.
IU-
O.
tion
of
issuing
Bethalto
Hettick),
the
on
$18,000
ques¬
im¬
road
School
on
District,
cilities
to
large
workers.
14.
$10,-
influx
'
election
recent
due
'defense
necessary
of
-
1677
1681
Union
Defeated—At
the
voters
de¬
school
building addition bonds.
1684
1685
Active
U.
Authorized
an
system
East St.
an
—
Village
ordinance
issue
au¬
of
revenue
$25,000
refunding
Spindles
Louis School District,
III.
Plans Bond Sale—The Board of
voted to
ad-
Statistics...
........
A.....
Private
1685
..............,,..,'1685
Exchange of Pledges..,
1685
Enterprise and Hitler's De¬
feat
............................,
Sales
....
.............
—
1686
1686
Dairy Products Goal....
1687
"Invisible"
1687
U.
S.
U.
S.
Sugar Stocks...........
Wheat
and
Rye Acreage...
Wage Earnings..
Has
to
Record
Fight
Food
Supplies..
Until
1687
1688
Living in Large Cities.....
Liberty
1688
1688
Is
Secure
1689
October Crude
Oil Output..
1689
Chain Store Sales
1689
S. United, Says
President.......
1690
F. R. October Business Indexes......
1690
Retail Food
1690
War
Effort
Bank
Costs..;....
Discussed
at
Canadian
1691
Meeting
Commercial Paper
••
Education' recently
S.
Auction
U.
thorizing
1682
Coal
Life Insurance Company Assets....
November
Dongola, III.
bonds.
"Captive"
in
1683
a
proposal to issue $40,000
passed
Shop
Winter
a
Council
(Texts).... 1681
Mines
Cost of
feated
Bonds
..........
Life Insurance and Defense.
October
City, III.
Bonds
1678
1677
fa¬
A'-v!:
■'
:y
Calumet
School
Additional
made
were
1676
1677
General Crop Report
Treasury Allotments
III.
building bonds was
approved by the voters at an elec¬
Dec.
1679
1677
Nov. Portland Cement
school
tion
16781677
Miscellaneous
U. S. War Declarations
shortly
1679
1677
Agricultural Dept. Reorganized....
Proposed Election—An election
will be held
167T
Non-Ferrous Metals Market
ILLINOIS
Barr
1691
..............
......
bonds
1362—were awarded to a
syndicate composed of Richards
water
County and Special Road
& Bridge District No. 6
(P. O.
Bushnell), Fla.
1,
of
Loan.
the
purpose
Redemption Calls
bonds.
sue
External Gold Bonds,
1, 1942
Under
p.
20—v.
191,000 Special Road and Bridge
District No. *5, refunding, is¬
OF:
above-described issue (hereinafter referred
to as the "6% Loan"):
>
3.)
Grangeville, Idaho
$344,000,
Dec.
on
semi-
following bonds:
$71,000 county road and bridge
refunding,
issue
of
1940
bids
each proposal.
company
bonds
offered
scheduled for Jan.
Bonds Voted—An issue of
to
of
tion
000
Circuit
the
Board
(These bonds are being offered,
subject to the outcome of an elec¬
County and Special Road
R. Lott, Clerk
Court, states that
Crummer & Co. of Orlando,
the
the
of
6, by
provement bonds.
-
Bridge District No. 5
(P. O. Fort Pierce), Fla.
Bond
Jan.
Commissioners, for the
purchase of the following bonds
aggregating $25,000: $16,000 court
house, and $9,000 hospital bonds.
and
of
Clerk
until
HOLDERS
County
process.
Sumter
Wade, County Clerk, states that
the County Board of Supervisors
has been discussing the possible
road
fered for sale
William Poole, Esq., of Wilming¬
ton. Subject to the statutory pro¬
Calif.
Bond
semi-ann.
$148,000
funding, series of 1941 bonds of¬
other
Offering—Jacob H. Spei-
5%
Oakland),
School
cher, President of the Board of
Education,
will
receive
sealed
$2,000
Alameda County (P. O.
Sale—The
price of
Del.
the
CALIFORNIA
Bond
'
is
Townsend of Little Rock.
,
3.54%.
In
at
County Special Road
Bridge District No. 4
(P- O. Vera Beach),
■'.'Vy.v
Fla.
:\'h"'"■■■
of
received
:
and
;
a.m.
DELAWARE
the
Commercial
Little
mills
10:30
purchase
tax
;
New
Information
with
$1,090,000
(not $1,035,000) refunding bonds
that T. J. Raney & Sons of Little
Rock,
have
contracted
to
ex¬
change—v. 154, p. 1473—it is now
reported that the bonds bear in¬
terest at 3%, are dated Oct. 15,
1941, and mature Jan. 1, 1975,
callable at par on July 1, 1942, or
any interest paying
date there¬
tute
••
anticipation notes.
Dated Jan. 14, 1942, and payable
May 14, 1942, in New York City.
Satisfactory legal opinion will be
Rock Special School
(P. O. North Little
Rock),
the
until
the
/
will be
Indian River
re¬
Little
District
<
for
12,
furnished
North
Benjamin
Corbin, First Selectman, will
'
certificates.
(P. O. Darien), Conn.
THE
Due January
with
County
(P. O. Fairfield),
.'•V;VA Idaho
Bond
Offering — Sealed bids
the
TO
The undersigned Minister of Denmark in
Washington makes the following statement
for the information of bondholders of
■
-
NOTICE
Kingdom of Denmark
Twenty Year 6%
1940. Due July 1, as follows:
$25,000 in 1942 to 1945, $26,000 in 1946, $25,000 in 1947,
$30,000 in 1948, $24,000 in
1949, $29,000 in 1950, $34,000
in 1951, $29,000 in
1952, $50,000 in
1953, and $16,000 in
tax
Federal
Chief Jus¬
Stone
F.
hold¬
income
States,-
F.
re¬
Columbia
applied
the
NOTICE
3.55%:
workers who maintain
in
FINANCIAL
154, p. 1577—were pur¬
by the only bidder, R. E.
Crummer & Co. of Orlando, at a
price of 103.00, a basis of about
$363,000 county road and bridge
refunding bonds.
Issue of
district
be
Dec.
on
22—v.
chased
delivered by
of
Appeals
the
not
Dis¬
Court's
$396,000, offered for sale
Jackson,
H.
District
of
that
could
tax.
Robert
versed;^
the
paying
income
Justice
which is
the sinking fund agent and de¬
positary for the above city, has
stand
in
necessarily
and
r
under¬
not
Columbia
Details—The
bonds sold to the Bank of Amer¬
of
residence
a
Federal worker in the District of
fire department improvement
pon
of
does
;
Clerk states that the $39,800 cou¬
Paradise
Tuscumbia, Ala.
Bonds
tube
Daly City, Calif.
Bond
J-D
for payment.
ence,
$7,000,000
bonds.
—v.
Holders of said bonds will
present them
of
struction
Florence, Ala.
Outstanding....
1680
U. S. Pre-war Proposals to Japan..
1680
November
Department
Store
Sales
in New York Reserve District....
October
Auto
Financing...........
1680
1680
THE COMMERCIAL & FINANCIAL CHRONICLE
1674
vertise
bids
for
of
issue
an
on
$200,000 school building bonds.,
Herrin, III.
•.*
r
Bonds j
Council
li\. Bond
City
Authorized—The
passed
ordinance
an
on
Dec. 8 to issue $80,000 sewer sys¬
and
a
bonds in connec¬
project
to
cost
Massac County
(P. O. Metropolis),
tem
plant
with
tion
$262,634.
III.
r
Bond Election—An election will
be
held
Jan.
20
the
on
question
of
issuing
$37,000
courthouse
completion bonds.
The measure
was
defeated at a previous elec¬
tion
Nov.
on
4—v.
154,
1097.
p.
Bonds
Sold
—
The
•
Offering
Sealed
bids
10 a.m. on
—
will be received until
Jan.
nished
shall
bids
all
Enclose
a
than
be
check for not
certified
..
sold
to
—were
$27.62, equal to 100.11,
of
about
Jan.
dated
Dec.
154,
in 1943
Due
1952
to
New
Bond
$2,500
1578—are
p.
incl.
V
P.
1,
1,
as
$22,000, until 7:30 P.M.
on Jan.
6. Bidder to specify'the
lowest prices at which the certif¬
icates will be sold to the sinking
dation, City Debt, states that the
following 4% bonds of the above
city have been called, but not
presented for payment as yet:
Constitutional, 21 bonds of $1,000
each
and
bonds
3:
of
$500
each, called Jan. 1, 1941.
Constitutional, 11 bonds of $1,000
each
and
2
bonds
of
$500
fund for cancellation.
Erin
;' ■
$100,000
Due
notes
at
Aug. 6,
:
interest coupon
non-callable water
revenue
bonds.
Denom.
supply system
Dated Jan. 1, 1942.
$1,000.
lows:
$3,000
Due Jan. 1 as fol¬
from 1947 to 1950
incl.;
dis¬
$4,000,
1951
to
1955
incl.;
$6,000 from 1956 to 1967 incl. and
Other
$7,000 from 1968 to 1970 incl. Rate
G.
M.-P.
Murphy & Co.",
or rates of interest to be expressed
0.59%; Second National Bank of
in multiples of Y\ of 1%; Principal
Boston,
0.60%;
First
National
'and interest (J-J) payable at the
Bank of Boston, 0.78%.
'
/
Detroit Trust Co., Detroit, or at
'its successor paying agent named
bids:
MICHIGAN'
which shall be a
responsible bank or trust company
Pro¬ in Detroit.: Both principal and in¬
by the district
Detroit, Mich.
City
Officials
Confer
On
Refunding—The
posed
city's fi¬ terest of the bonds will be payable
consistingof solely from revenues of the water
Mayor
Jeffries," Jr., system. A certified check for 2%
City Controller Charles G. Oak- of the bonds, payable to order of
Township Treasurer, is re¬
man, Council President John W. the
Smith and Councilman John C. quired. • Bids shall be conditioned
Lodge, was scheduled to take ac¬ jupon the legal opinion of Claude
H. Stevens of Berry and Stevens,
tion this past week
iji the,matter
of arranging for safe of a large atorneys, Detroit,
approving the*
issue of-refunding bonds—V. 154, legality of the bonds. The cost of
said
legal opinion and of the
p. 1579.
Previous reports placed
the amount of the projected is¬ printing of the bonds will be paid
sue
at about $35,000,000.
Mayor by the totynship. Bonds will be
committee,
Edward J.
delivered at Detroit.
•
.
The
INDIANA
maturity under the
plan would be on a 15-year basis,
'
MAINE
will
receive
sealed
bids
until
2
P. M.
on Dec. 29 for the
purchase
pf $45,000 not to exceed 3% inter¬
est
refunding bonds of 1942. Dated
Jan.
1, 1942.
Jan. 1
to
as
Denom. $1,000. Due
follows: $2,000 from 1944
1950
incl.; $5,000 from 1951 to
$6,000 in 1956. Bid¬
der to name a single rate of inter¬
est, expressed in a multiple of Yd
1955 incl. and
of
1%.
Issued for the purpose of
refunding
outstanding
which mature Jan.
bonds
1,1942, and will
be the direct obligations of the
city, payable out of unlimited ad
valorem taxes
all of its taxable
on
property.
No conditional bid or
bids for less than par and accrued
interest will be considered.
The
successful bidder shall accept de¬
livery and make payment for the
bonds prior to 11 A. M. on Jan.
2,
1942, at the City Treasurer's of¬
fice
or
at such bank in the
the purchaser
writing. Legal
Ross, McCord
apolis will be
cessful
city
as
shall designate in
opinion of Matson,
&
Ice
of
Indian¬
furnished the
bidder
at
city's
suc¬
expense.
A certified check for
to
order
of
the
$500, payable
city, is required.
'
Warrant
Offering — The
City
Controller will receive sealed bids
at the same time for the
purchase
of $200,000 not to exceed 1
terest time warrants.
1, 1942.
Ya% in¬
Dated. Jan.
The
payable
on or
warrants
will
before Dec. 31, 1942,
Chicago. The
the right to pay
and remit any portion of the war¬
city shall
reserve
before the date of
maturity
by giving 5 davs notice to the
chaser
or
either
pur¬
by registered letter
publication
in
a
newspaper
published in East Chicago.
issue of $12,refunding bonds of 1941
sold to
Smith, White & Stan¬
ley of Waterville. Dated Jan. 15,
1941.
Denom.
Jan.
on
1
prin. &
$1,000.
from
int.
1942
Due $1,000
to *1953
incl.
payable at the
Trust
Co.,
Waterville.
approved
by Perkins,
Federal
Legality
(J-J)
Weeks & Hutchins of Waterville.
said.
was
Offerings Wanted—Charles G.
Oakman, City Controller, will re¬
ceive sealed offerings of city noncallable
(EST)
bonds
until; 10
A.
M.
Jan. 6 in the amount of
on
approximately $425,000 for invest¬
for
ments
the
city sinking fund,
under
the following conditions:
Offerings shall remain firm until
1
P. M.
Jan. 7, and shall show
on
the purpose of the
interest,
bonds, rate of
of -maturity,
date
Sale—The
offered
for
sale
j
Sealed
Jan.
Offering
received
be
5,
by
Ruth
—
until
8
1, 1942.
a
Due
Feb. 1, 1962.
on
NEVADA
Clark
County Educational District
No.
<
1
(P. O. Overton), Nev. "J
Offering — Sealed
bids*
Bond
,
will
be
-
received
bids
Hamilton,
on
City
Clerk, for, the purchase of $30,000
bonds.
sewer
to exceed
Feb.
Interest rate
is not
4%, payable F-A. Dated
1, 1942.
Denom. $1,000.
■$3,000 Feb. 1, 1944 to 1953.
Due
Sub¬
not
and accrued interest upon
30 days'
notice of call for re¬
demption mailed to the bank or
trust company at which principal
and * interest
is
payable
and
11
a.mJ
to
exceed
4%, payable
J-J.
Denom. $1,000. Dated Jan. 1, 1942.
Due $2,000 on Dec. 1 in 1942 to
1961 incl. Prin. and int. payable'
the
at
County Treasurer's office
Vegas. Legality to be ap¬
proved by Roland H. Wiley, Dis¬
in Las
trict
Attorney, of Las Vegas. Bid¬
ders
required
are
fers
to
submit
specifying:
of¬
•
^
(a) The lowest rate of interest
and
premium, if
which
at
above
any,,
bidder
such
will
par
pur¬
chase such
bonds; or
(b) The lowest rate of interest
at which the bidder will
purchase
said bonds at par. •: V:-The bonds shall be sold
to
the
bidder
making the best bid, sub¬
ject to thd right of the Board to
and
any
all
Bonds
the
on
bids
of
discount
any
said
shall
be
be
and accrued
allowed
of
and
not
or
paid
or
bonds.
except the bid of the
Nevada
by
be
sale
bids
will
par
will
nor
commission
All
State
accompanied
deposit of
a
5%, either cash
check, of the amount
bid.
.U-m'"
or
certified
of
the
NEW
ject to redemption on Feb. 1, 1944
or on
any interest payment date
thereafter at the option of the city
at par
until
(PST), on Dec.
31, by Albert
Leavitt, Clerk of the Board of
Education, for the purchase oft
$40,000 coupon or registered
school building improvement and
equipment bonds. Interest rate is
interest,
<
p.m.
to
Chicago, as
price of 102.679, a'
sold at less than
Minn.
Bond
22—v.
basis of about 2.09%., Dated Feb.
read vertise.
( ;Brechenridge,
will
Dec.
on
154, p.
1535—were awarded
John Nuveen & Co. of
HAMPSHIRE
Manchester, N. H.
Note
000
Sale—The
notes offered
1580—was
n.
Straw
&
0.415%
issue
Dec.
of
awarded
Co.
of
$300,154,
23—v.
to
E.
A.
Manchester,
discount.
Dated
at
Dec.
24,
1941, and due July 9, 1942. Other
mailed to the holder,
bids:
Trust
if known to
bond so called
for payment.
Issued pursuant to
the charter of the city and the
city,
of
each
laws of the
State, for the purpose
paying the costs of sewer im¬
provements within the city. Gen¬
eral obligations and for prompt
payment, both principal and in¬
of
terest, the full faith, credit, tax¬
ing powers and resources of the
be and are irrevocably
pledged. All bids must be with¬
out condition or qualification and
city will
Central
Hanover
Bank
&
Co., 0.49%; Bond, Judge^&
Co., 0.585%; First National Bank
of Boston, 0.59%; Lee Higginson
Corp..
0.60%;
Leavitt
&
Co.,
0.615%; Jackson & Curtis, 0.73%.
NEW JERSEY
Cedar Grove Township (P. O.
Cedar Grove), N. /.
Bond
Sale—The $23,000 coupon
registered
or
bonds
ment
general
offered
improve¬
Dec.
22r—v.
the
MASSACHUSETTS
dollar value and the yield.
Of¬ for but one rate of interest for the 154, p. 1475—were awarded to the
Prospect Park National Bank of
ferings will be accepted on the bonds and must be for not less
Essex County (P. O. Salem), Mass.
Prospect Park, as 2MtS, at a price
basis of the highest net yield to
than the par value.
Note
The, bidder of
Offering — Harold
E.
100.134, a basis of about 2.48%.
the city as computed from the dol¬
shall obtain his own approving
Thurston, County Treasurer, will lar
Dated
Dec.
1,
1941,
and
due
price, as of Jan.-6,1942. Bonds
receive bids until 11. a.m. on Dec.
legal opinion and at his own ex¬ Dec.
1, as follows: $2,000 from
maturing up to 1959 will be ac¬ pense.
Enclose a certified check 1942 to 1948
31, for the purchase at discount of
inch, and $3,000 from
cepted in the amount of $375,000, for
$1,000, payable to the city.
$290,000 tuberculosis hospital
1949 to 1951 incl.
Other bids:
and bonds maturing up to 1962
maintenance renewal notes. Dated
Bidder—
Int. Rate Rate Bidl
Osahis, Minn.
will be accepted in the amount Of
H. B. Boland & Co..........
100.C6
Jan. 6, 1942. Denoms. $5,000. Pay¬
2Vz%
100.V6
Bond
$50,000.
City reserves; the right
Offering—Bids will be Julius A. Rippel, Inc.2.70
able April 1, 1942, at the Mer¬
J.
B.
Hanauer
&
100.05
Co.......
2%
to reject any or all offerings and received until Dec. 29. at 8 p.m., M. M. Fre°man &
Co
100.05
i 2.90
chants National Bank, Salem, or
Robinson & Co
3
100.23
for bonds purchased which
are
by H. J.. Caughren, Village Re¬ rolver, Pr^im. &
at holder's option, at the National
C. A.
Co. and C. P.
delivered subsequent to Jan. 13, corder, for the purchase of $10,Dunning & Co.
100.15
Vfc
Shawmut Bank of Boston. Notes
First
National
Bank,
Cedar
1942, to pay accrued interest up 000 special improvement bonds.
will be certified as to genuine¬
Grove
Par
..............3%
to that date only.
Interest rate is not to exceed 6%.
ness
and validity by the Boston
Pennsauhen Township (P. O. Penn~
Bonds
Purchased—Charles .G. payable J-J. Dpnom. $1,000. Dated
bank, under
advice
of
Ropes,
*auh"n ), N. J.
Gray, Best, Coolidge & Rugg of Oakman, City Controller, reports Jan.
Bond Sale-rThe $30,000 coupon
2, 1942.
Due $1,000 from
Boston.
In connection with the that as a result of the call for
or registered relief bonds offered
Prin.
tenders on Dec. 17 of non-callable Jan. 2, 1945 to 1954 incl.
offering,
it
is
stated
by
the
Dec.
22—v.
154, p. 1475—were
County Treasurer that the re¬ city bonds—v. 154, p. 1474—an and int. payable at the First Na¬ awarded
to
the
Merchantville
newal issue is made necessary by aggregate of $337,000 bonds were tional
Bank,"Osakis. The approv¬ Bank, at 3s, at par.
Dated Dec.
statutory limitations as to the purchased as investments for the
ing opinion of W. H. Padden, of 1, 1941, and due $6,000 on Feb. I
Water
Board
date of original
Division; sinking
issue, and not
from
1942
to
1946 incl.
M. M.
at
an
: average
yield
of Osakis, will be furnished. A cer¬
by reasons of failure of funds to fund
Freeman & Co.
of Philadelphia
tified check for 2% of the bonds
be assessed for their
2.457%,
V..
payment.
bid for 3V2S.
i
-
..........
.
.....
_
,
Bonds
Somerville, Mass.
be
with accrued interest, at the First
National Bank, East
Sold—An
000 2i/2%
was
Bidder to specify denoms.
desired.
rants
Milbridge, Me.
Bonds
pom
the
it
East
Chicago, Ind.
Bond And Warrant Offering—
Albert P. Lesniak, City Controller,
average
District (P. O.
Joseph),' Mo.
% j
$100,000 cou-;,
semi-ann. refunding
bondsSt.
;
Bond
reject
MINNESOTA
.
,
MISSOURI
purchase of $125,000
exceed 6%
not to
'
'Joseph School
2*/4S, paying
'
Schott,
Township Clerk, will receive seal¬
ed bids until 8 P. M. (EST) on
'
0.49%
1942.
Mich:
Offering—Alfred
Jan. 9 for the
•'?
Sfl.
«.
Township, Macomb County,
Bend
Sale—The •; Central Han¬
Bank & Trust Co., New York,
awarded on Dec. 19 an issue
nance
Phillips,
' \
1941,
and
ma¬
follows: $5,600 in
Jefferies is quoted as saying that
1942;
$10,000,
1943
and
1944;
each, called Jan. 1, 1940.
he and Mr. Oakman had been as¬
$5,000 m 1945, 1946 and 1950, and Constitutional 12 bonds of
$1,000
sured by financial leaders in New
$20,000 in 1951.
One bond for
each, called Jan. 1, 1939.
York of the probable success of
$600, others $1,000 each.
; :
;
Constitutional, 11 bonds of $1,000
any new borrowing and that con¬
' each, called Jan.
1, 1938.
:
Rockford School District, III.
fidence in the future of the city
Constitutional, 12 bonds of $1,000
Additional
Tax
Voted—At
a
prevailed in the investment field.
each, called Jan. 1, 1937.
The proposed financing would be
special referendum on Dec.- 16
the
voters
authorized an
addi¬ Constitutional, 8 bonds of $1,000 effected under the
provisions of
each, called Jan, 1, 1936.
tional educational tax rate of 50
recently adopted legislation which
cents per $100 of assessed valua¬ Constitutional, 3 bonds of $1,000 becomes
fully effective on Jan. 9,
each, called Jan. 1, 1935.
r
tion to keep the schools operat¬
1942, permitting a more elastic
New
Public
Improvement,
2
ing • a full academic year. The
schedule of maturities on refund¬
bonds of $1,000 each, called
school board ordered the closing
ing issues. - It is designed to; level
7
of schools from Nov, 7 to Jan. 5 July 1, 1940.
the city's debt service from $19,because of lack of funds.
Oper¬ New Public Improvement, 1 bond 000,000 -annually
to
$17,500,000
of $1,000, called July 1, 1939.
ating deficits in former years had
through a reduction of the cur¬
been met through bond financing, New Public
rent interest charge of 4%%-'on
Improvement, 1 bond
of $1,000, called Jan. 1, 1938. the
according to report.
outstanding bonds to 214%.
ture Dec.
amount of
Note
over
on
Orleans, La.
Call—Horace
1
basis
Secretary of the Board of Liqui¬
Details—The $60,600
100.51—v.
1
1.975%.
a
Co., Chicago;
judgment funding bonds
recently sold to the White-Phil¬
lips Co. and Quail & Co., both
of Davenport, jointly, at a price
of
Barrow, Leary & Co. of
as 2s—v. 154, p. 1578
purchased for a premium
of
Legality approved by Chapman &
Cutler of Chicago.
;
Bond Sale
to
Weston, Mass.
count.
Shreveport,
2%%
sealed tenders of certificates of in¬
/
154,
1636—was. awarded to Jackson
& Curtis*; of Boston, at 0136% dis¬
of
Natchitoches, La.
Oct. 1, as
Moline, III.
i.
>
of $200,- debtedness, due Feb. 1,1943, in the
p.
the ^vas
payable to
$1,300,
President.
Denoms.
I
issue
000 notes offered Dec. 23—V.
conditioned.^
so
Bond Corporation of Chicago has
Price Paid—The $25,000 coupon
purchased $21,500 4% water rev¬ semi-ann. municipal airport im¬
enue bonds.
Dated April 1, 1941.. provement of
1941, series A bonds
tional Bank & Trust
Sale—The
and
bidder
successful
the
Municipal
incl., and $1,500 from 1967 to 1970
incl.
Prin. & int. (A-O) payable
at the Continental Illinois Na¬
iWalthamt Mass.
.
Note
20, by M. W. Scanlan, Presi¬ count. Dated
;Dec. 23, 1941 and
of the Police Jury, for the
due $100,000 each on April 15 and
purchase of $65,000 public im¬
May 15,
1^42. Other bids: Mer¬
provement bonds.
Interest rate is chants
National Bank of Boston,
not to exceed 5%, payable FrA,
0.37% ; Natioh^l Shawmut Bank of
Dated Feb. 1, 1942.
Denoim $lr Boston, 0.42%* Waltham* National
000.
Due Feb. 1, 1943 to 1952. A
Bank, 0.45%, First National Bank
certified transcript and the ap¬
of Boston, 0.58%; Leavitt & Co.,
proving opinion of Chapman & o.6i.%.
Cutler of Chicago, will be fur¬
less
$1,000 and $500.
Due
follows: $500 from 1946
1§56 incl.; $1,000, 1957 to 1966
>
dent
above
Middletown, III.
;
LOUISIANA
'
'
)Acadia Parish (P. O. Crowley), La.
Saturday, December 27, 1941
Bond
000
23
Sale—The
defense
V.
154,
issue
bonds
p.
tion
of
$10,-
offered
Dec.
1636—was awarded
to Tyler & Co. of
at
a
price
about
to
1946
was
for
of
1.64%.
and due
$2,000
incl.
j
received,
2s
Boston, as l3As,
100.333, a basis of
Dated
on
1,
1941
Oct. 1 from 1942
Only
an
Oct.
one
offer
call
of
22
connec¬
for tenders
non-callable
of
bid
for, is required.
West
on
bonds, Charles G. Oakman, Sec¬
of the Board of Trustees
County
-
-
;
'
■;
%
Ecorse, Mich.
100.23
Bonds
3V4%
Sold—A
O.
Decatur),
Bond
pon
$10,000 issue of
semi-ann. funding,
series bonds
second
Village Clerk, will receive
Townshio
O.
is said to have been
offered
purchased by Kingsbury & Alvis
of, New
1941.
Orleans.
Dated
Nov.
1,
a
School
Milford),
J.
$135,000
registered
school borids
154, n. 1535—-
Dec.
22—v.
awarded
tional
West
Sale—The
or
were
at,
*•
Tenders Wanted—Don H. Beckmann,
(P.
Miss.
Retirement
2.418%,
(P.
N.
Newton
retary
System, reports that
the
board
purchased
$450,000
bonds
at
an
average
yield of
Milford
District
MISSISSIPPI
city
other bid
by Arthur Perry & Co. of
Boston.
Purchased—In
with the
Dec.
Bank
price of
about 2.71%.
and
due
000
in
Dec.
1942
the
to
of
First
Butler,
100.333.
as
cou¬
Na¬
23/4s.
ar,basis of
Dated DeC. 1, 1941,
1.
and
as
follows:
1943;
$5,-
$6,000
in
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4025
Volume 154
Rensselaer, N. IV*/
Offering—Katherine
'"1944; and $7,000 from 1945 to 1961 :-'.y
Other
incl.
Bidder—
r.
..
Bond
bids:^:"
:'
3%
H.
B.
C.
r
-
will
City. Treasurer,
30,
for the purchase of $53,800 bonds,
as follows:
$10,000 .public works
100.08
•
-
B.
receive sealed bids until Dec.
100.277
•
3
&• Co. and C. P.
Preim
A.
Sanderson,
Rate Bid
Int. Rate
'
& Wells:/...,...;.
Boland & Co.;.......
Outwater
as
;
.
DunningCo.,;v'v4/v\;>:,./100,15r.
-i
follows;
$30,000
$12U,0U0
Jan.
in
1
as
4s,; due
1947 to
1950;, $60,000 as
$30,000. on 1 Jan. 1 in
l%s,': due
and
1951
$60,000
.
Jan. |1 in 1945 and 1946,
as 21/4S, due $3o,uuu on
on
,1952;
$210,000
,l%s,
as
due $30,000
on; Jan. 1 in 1953 to
bonds, due serially through; 1946;
$16,300 general improvement, due 1959, and $110^000 as 2s, due on
Jan. 1. $30.000j in. 1960 and 1961,
serially
through -1946;
$13,500
>
,
general improvement sewer, due and $50,000 in 1962.
serially until .1949, and $14,000
OREGON
public welfare, due in 1949. j/vV"/
NEW YORK
'
,
'.'V
'Y,
.y>
Bond
pon
v-.^y
-
•
Sale—The; $110,000
or
-registered
cou¬
bonds
sewer
154, p. 1580—
awarded to the Ballston Spa /
were
Co..v
New
of
J'g
■V
30, for the purchase of $34,321:05
Marine
V.
D.
Roosevelt
'
:si
&
&
Weigold,
Manufacturers
.
Trust
Co.
Inc..
100.188
100.28
^
Traders
&
«•
100.30
'•
2.20
2.30
Depew, N. Y.
-
100.369
•
:
.
i
Bond
•
Sale-r—The $9,500 coupon
registered water bonds v of¬
or
fered
19
Dec.-
awarded
were
,
Bond
ann.
sewer
system, series -of 1941
bonds offered
for sale
Dec. 19
154, p.: 1536—were awarded
—v.
on
§||f;;
-
>
V Trust
Co., Buffalo, as 2.20s, at a
price of 100.131, a basis of about
Dated
All of the bpnds;will ;be dated
Dec.
15,
1941, and due
Dec. 15 from 1945 to
^
■
\.v
■■
■
Roosevelt &
Weigold, Inc., 100.40;
Co. of Buffalo and
D. t White
&U Co.,U jointly,
•
Marine
exceed 3%
in
Due
10
five yearsk
semi-ann. road bonds.
years, optional
after
These bonds were ap¬
proved by the voters at
tion held ;on
an
elec¬
Dec. 15.
Prin.
the
of
Scribner
man, Village Clerk, will receive
sealed .bids until noon on Jan, 2,
Feb.
Pittsburgh.
Dated
int.;
and
(j-D.) payable-at
City .Treasurer's office.
Trust
$38,475 coupon
registered
or
,
:
:
'
Jan.
Denoms.
sewer,
Jan.
15,
Sold—The $135,000
a
incl.-- Bidder
1966
Gorman
rent fiscal year.
:
All
dated
Trust
,"
•
' y 1942, and issued for
of
home
'^
certificates
the
*
-
will
be
1941. The Marine
Co. of Buffalo, named a rate
Dec. 23,
0.70%, plus $1.50; Salomon
Bros. & Hutzler bid 0.75% and $3.
Commercial
ann.
on
re¬
•
and Financial
Chronicle
on
any
funding
Due in
interest
^
in 1946, callable
'interest
payment
Due
any
TENNESSEE
Madison
County
(P. O. Jackson),
Tenn.
Bond
-
ann.
;
about
or
interest to the
accrued
any
of
delivery.
Enclose
date
certified
of the
a
check for not less than 2%
amount
bid.
;//"/'■■ /';
Shebogan County (P. O. Sheboygan), Wis.
"
Bonds
stand
Approved—We
that
the
under¬
County Board
Dec. 4, voted
bonds.
:
Wisconsin
pected—Taxes
lected
local
(State of)
1942
Larger
Yield
of
col¬
levied
Wisconsin
by
units
Ex¬
and
Tax
State
and
government
will
probably yield larger amounts of
revenue in 1942 than in 1941, the
Wisconsin
Taxpayers
Alliance
said today in its annual survey of
the tax year. ;> /■
,5 • V .'V
WEST
"Tax yields in the State,
substantially in 1941 without
material
for
increase
property
to
in
rates
Issue)
W.
VIRGINIA
creased
yields will continue dur¬
ing 1942." ;
;
/.Or////://
control
.
issue
flood
refunding bonds
purchased by
syndicate composed of the Weil,
Roth &
Irving Co., Van • Lahr,
revenue
is said to have been
a
for
listed
Among /• reasons
higher tax yields next year were^,
increases
in
business
indus¬
and
trial
activity and
increases
in
farm income; and the fact prop¬
erty tax/levies to be collected
Isphording, and Einhorn & next year will be higher than last
Co., all of Cincinnati. Denom. $l,-» year's levy:" *' '
////v//' v v
000. Dated Jan. 1, 1942. Due on
The survey pointed out factory
J an. 1, 1957, redeemable by Olot,
on
Jan. 1, 1944, or any interest payrolls in selected cities were
45% higher in October, 1941, than
payment date thereafter, at the
in October, 1940, and State farm
option.,of the city, in whole, or in
prices were up 44%. The bulletin
Doll &
*
part, after due notice at 100 and
accrued
interest.
Prin.
and
int.
(J-J)
payable at the National
City Bank in New York. -Legal¬
ity
approved
by
Chapman
&
Cutler of Chicago.
Bonds
Offered
for
Investment
:
says:
state
"Total
and
Wisconsin
levied
in
year /.
ended
amounted to
taxes
local
in
the
fiscal
June
30,
1941,
$214,84,000, or about
$68.03 for each man, woman and
reoffered the child in the State.
"The 1941 Wisconsin State and
general invest¬
ment, priced at 100 and accrued local taxes were the highest in
interest, yielding 2.50%. Coupon the history of the State, repre¬
bonds, registerable as to principal senting an increase of 36% in the
only. Exempt, in the opinion of last seven years and a jump of
counsel, from all present Federal about 4% over per capita taxes in
—The
above
purchasers
bonds
for
1940."
CANADA
NOVA
SCOTIA
county school, general obli¬
Offered for sale on
Dec.
19—-v.
154, p. 1199—were
awarded "jointly to the Hermitage
Securities Co. i of; Nashville, and
the Union Planters National Bank
&
Trust
Co.
of Memphis, as 2s,
premium of $150, equal
to 100.124, a basis of about 1.98%.
a
Jan.
1, 1942.
1, 1951.
Due
Tusla), Okla►
on
J
;
TEXAS
Jan.
;
road bonds offered for
Dec. 22—y. 154, p. 1581—were
awarded to
.
of
sale
Stern
a
syndicate composed
Bros.
&
Co.
of
Kansas
City, the Mississippi Valley Trust
Co. of St. Louis, and Braun, Bosworth & Co. of Toledo, at a price
of 100.017, a net interest cost of
about 1.94%, on the bonds divided
(Reg. U. S. Patent
Office)
voters
Bond
Call
20,
a
ern
(P. O. Kenosha),
the
at
County
Issued
to
Treasurer's
refund
a
like
amount of bonded in¬
debtedness of the county.
The
bonds will be sold to the highest
principal
•
is
R. Truett, City Sec¬
(Province of)
,
Securities
Co.
and
;
T.
ActpOf March 3, 1879.
America, Spain, Mexico
On
account of the
*
M.
Bell & Co.,
.
able
Canceled—It
Jan.
both of St. John; Bank
of Nova
Scotia, Halifax; Royal
Wis.
Securities Corp., McLeod, Young,
Bond
Offering — Sealed bidsWeir & Co., Bell, Gouinlock &
will be received until 2
p.m.
Co., Mills, Spence & Co., McTag(CST), on Jan. 5,' by John C.
gart, Hannaford, Birks & Gordon,
Niederprim,
County Clerk, for Harrison &
Co., Mead & Co. and
the purchase of $50,000 refund¬
F. J. Brennan & Co., all of To¬
ing, series of 1942 bonds. Interest ronto.
rate is not to exceed 5%, payable
J-J.
Denom. $1,000.
Dated Jan.
S ONTARIO
20, 1942. Due $5,000 from Jan. 20,
1943 to 1952. Prin. and int. pay¬
Kingston, Ont.
,
Mexia, Texas
stated by J.
on
Kenosha County
office.
i"
Scotia
Nova
Bond
Issue
Details — Other
special
bond issue
for/the purpose of members of the syndicate headed
raising $48,000, the city's share of by Wood, Gundy & Co., Toronto,
approximately $105,000 for erect¬ and!the Bank of Montreal, which
ing a city building and auditor¬ made public offering in Novem¬
13-year 3%%
ium;
The bond issue is to be ber of $2,110,000
retired i in 24 ' years at $2,000 a bonds, dated Nov. 15,1941—v. 154,
p.
1280—were as follows; Do¬
year, starting on March 1, 1943
Securities
Corp., A. E.
with
interest
not
to
exceed minion
Co., Royal Bank
of
2%.%;
The city's share will pro¬ Ames, ,&
Canada, and Canadian Bank of
vide a site for the building.
Commerce, all of Toronto; East¬
the
WISCONSIN
gation bonds
paying
City Council on Dec. 1
passed an ordinance to submit to
retary-Treasurer,
that the
call responsible
bidder at not less
for payment on Jan.: 1, 1942, of than par and accrued interest to
the above city's refunding bonds, date of delivery, the basis of de¬
has been canceled: $208,000 water termination being the lowest rate
cost
to
the
works, series 1, Nos. 1 to 208. bid* and -interest
$492,000 city, series 2, Nos. 1 to county.
The county will furnish
William B. Dana Company, Publishers. 25 Spruce Street, New York, BEekman 3-3341.
Bonds
Co.
of
Sold—Wood,
Toronto
have
Gundy
&
purchased
$52,007 bonds, as follows:
$37,007 3 % improvement bonds at
101.33, a basis of about 2.75%.
15,000 3V4% improvement bonds
at
102.64, a basis of about
2.75%.///^
1942 to 1951,
':-\i..";;///'
: ••
Due serially from
incl.
Herbert D. Selbert, Editor and Publisher,
Jones,
the
NOTE;
any
taxes," the alliance
$214,854,000, about
with statistical Issues
tra)
rose
except
Managing Editor, William Dana Seibert, President, William D, Riggs,, Business Manager.
Published three times a week [every Thursday (general news and advertising
on Tuesday and Saturday].
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, Field Building (Telephone State 0613).
London—Edwarda
& Smith, 1 Drapers' Gardens. London, E.C.; Copyright 1941 by William B. Dana Company.
Reentered as second-class matter September 12, .1941, at the post office at New York, N. Y., undet
Frederick
of
on
in
issuing $150,000 highway
favor of
dicates that the trend toward in¬
Huntington, W. Va.
Bonds
Sold—A
$526,000
of.2V2% Western Section
:
Sale—The $120,500 semi-
Bond Sale—1The $560,000 semi-
-
of
.
Tulsa County (P. O.
during the cur-
rent fiscal year.
>
.'
OKLAHOMA
State.
date.
Dated
certificates, due April 1,
lief purposes
be
furnished the successful bidder.
4 $77,000 certificates, due Dec. 1,
1942, and issued on account
of unpaid taxes' for the cur¬
58.000
will
Cincinnati
of
'
'
1
on
different rate of interest,
•
Sale consist-
semi-ann.
bonds to Kalman & Co. of St.
Paul.
may
•
ed of:
v-.
1942.
payable from unlimited taxes. A
certificates- of indebtedness ofcertified check for 1% of the issue
! fered Dec. 22—v., 154, p. 1535—
bid for, payable to order of the
were
awarded to the Manufacvillage, is required. Legal opin¬
turers & Traders Trust Co., Bufion of Peck, Shaffer, Williams &
i falo, at 0.59% interest, plus a
premium of $4,14.
on
tha/tthe
follows:
as
"payment date.
.40,000 2 3A% isemi-ann. funding
system
provided that fractional rates are
expressed in a multiple of V4 of
1%. Interest J-J. The bonds are
Niagara Falls, N. Y.
Certificates
to
name
100.103
2'/4
Mc-
$1,000 and $500.
Due
follows: $1,000 from
incl., and $1,500 from
15,
1953
100.134
100.288,,
100.28
'
.
Donald
sold
2%
as
1944 to 1952
100.177
1.90
Securities Corp
E. H. Rollins & Sons, Inc...
Dated
Jan.
Rate B<d
100.179
1fi
ITnfon
1 sanitary
bonds.
Other bids;
Bidder— '
Int. Rate
Geo. B. Gibbons 8e Co., Inc.
1%%
R. D. White & Co
;
Marine Tr. Co. of Buffalo...
i%
Gordon Graves 8c Co.
1.90
—
2, for the purchase of $30,000
3 V2 %
as
$3,000
1944 to 1951 incl.:
Liberty, Ohio
Offering
been
bonds to the
1961, callable
„
Alexander, Village Clerk, will, re¬
ceive sealed bids until noon on
follows: $3,475 in 1942;
in 1943, and $4,000 from
1,
West
Bond
Buffalo; as 1.70s, at a price of
.100.229, a basis of about 1.66%.
r Dated
Nov. - 1,
1941,; and
due
Nov.
$153,000
Co.
of
'
;
have
required,.
22—v.
Traders. Trust
&
ufacturers
<
made
.
154, p.
1580—were awarded to the Man-
•
1942,
1,
payable to order of the village, is
acquisition
land
offered Dec.
bonds
be
amounted
and due $2,000. on
Feb. 1 from 1944 to 1954 incl.
m~R.
for the purchase of $10,000 3%
100.179;:(for 2V4s), George B. Gib- fire truck purchase bonds. Dated
income taxes; and exempt from
SOUTH DAKOTA
x bons
& Co., Inc., and Manufac¬ Jan.
taxation
in
the
State
of
West
1, 1942. Denom. $500. Due
turers
&: Traders
Trust
Co., $500 on
May 1 and Oct. 1 from Sully County (P.O. Onida), S.Dak. Virginia.
jointly, 100.309.
'
Bonds
1943 to 1952. incl. - Interest • pay¬
Sold-|—James P. CavaShinnston, W. Va.
able semi-annually.
A certified naugh,
Malone (P. O. Malone), N.Y,
County Auditor,; states
Bond Election—We understand
check for 5% of the bonds bid for, that bonds aggregating $193,000,
y;;
Bond Sale—The
.
will
Jan. 20, on the basis of the pay¬
ment of the purchase price plus
Supervisors
r
»"
;,
County (P. O. Fort StockX'.:-ton)i Texas
Bond
Offering—H.
H.
Butz,
County Judge, states that he will
receive sealed bids until Dec. 31,
for the purchase of $50,000 not to
1942.
Jan. ' 1,
Dated
bonds
Pecos
'
$100,000 on
Jan. 1; 1942.
Bidder to name a
1948 incl. Othfcr bids:
single rate: of interest, expressed
"Bidder—T
i" '
|
Int. Rate Rate Bid
i Denoms. $1,000 and $750.
Due in a multiple of V4 or 1/10th of Halsey, Stuart & Co,, Inc...
100.698
100.677
July 1, as follows: $750 in 1942 1%.- Prin. and int. (J-J) payable Union Tr. Co. of Pittburgh.
Singer, Deane & Scribner..
ll,2 v100.629
and 1943, and $1,000 from 1944 at the First National * Bank, - Sid¬ Lehman
Bros., Hemphill, Noyes
8c Oo. and Otis 8c. Co.....
l\'z
100.309
to 1951 incl. Prin. and int. (J-J)
ney, with. New .York exchange.
'
^ payable at the Citizens National Bonds - will be valid and legally
Greenshurg, Pa.
\
v Bank, Lancaster, or at the Manu- binding gen. obligations of village,
Bond Sale—The $60,000 coupon
; facturers
& Traders Trust Co., all of the taxable real property improvement bonds offered Dec.
Buffalo., The bonds are general within5 which will "be subject to 22—y.
154^ p. 1365-J—were awarded
obligations of the village, payable the levy of ad valorem taxes to' to Singer; Deane' &, Scribner ol
from
unlimited taxes.
Legality pay
the
bonds
and.. interest Pittsburgh:, as l%!s, at a price of
approved by Dillon, Vandewater thereon, without limitation as to 100.865, a basis of about 1.35%.
rate or amount.
Series B bonds, Dated Dec.
& Moore of New York City.
15, 1941, and due
however, are- payable primarily June 15, as follows:
$10,000" in
Eastchester (P. O. Tuckahoe),
from
the
collection - of
assess¬
1944 and 1945; j$15,000 in 1948 and
N.Y.
/
ments
against
property
bene¬ 1949, and $10,000 in 1950. Second
Bond Sale—The $100,000 cou¬
fited by the improvements for
high bid of 100.388 for 1V2S was
pon or registered refunding bonds Which issued.
A certified check made,
by; Mbore,
Leonard
&
offered Dee. 24—v. 154, p. 1580— for
$700, payable to order of the Lynch.
were
awarded
to
the
County
village, is required. Legal opin¬
Neshannock 'Township School Dis¬
Trust
Co.. of White Plains, as ion
of" Dillon,
Vandewater
&
trict (P. O. Ri F. D. No. 3, New
2.10s,
at
a
price
of
100.021, Moore of New York City will be
a
basis of about 2.097%.
Dated furnished the successful bidder.
''.-c.
Castle), Pa. X :XI'-',. >•
Bond Sale—The $22,000 coupon
Dec.
1, 1941, and due Dec. 1,
or registered school bonds offered
OHIO
as
follows:
$15,000
from
1948
Dec.
19—v.
to
1950
154, t p.
1536—were
incl.,
and
$55,000 in
Deshler, Ohio
awarded
to
1951.'
Other
bids:
(for
2.20s),
Singer,
Deane} &
Bond
Offering—K. L. Baugh-
; 2.17%.
Bank, New York
;V.r
•
to
Traders
&
Manufacturers
the;
National
City.
to
•
v* v>.,■
'>
2.40::.'.*
.........V.'....,
3%
Chase
its own completed bonds and the
legal opinion of Chapman & Cut¬
ler of Chicago, without cost to the
successful bidder. Delivery of the
pon or
Rate Bid
2.20%U!
Inc..
Sons,
Co. of Buffalo
White & Co;..
Trust
R.
1, 1935. Due
Interest rates are
to 5%. Payable at the
to the Charles N. Tripp Co.
WASHINGTON ;;; ;;
of
exceed 5%' interest cou¬
registered street improve¬ Portland,: as 214s, at a price of
Sunnyside, Wash: 100.13, a basis of about; 2.22%.
ment bonds, as follows:
Bonds Sold—A $28,000 issue of
-rj •£<
Dated Dec. 1,1 1941.
Due $1,000 3y4% water revenue
$20,425.65 series A bonds.
One
refunding
from Dec. 1, 1943 to 1959 incl.;
bond for $425.65, others $1,bonds is said to have been pur¬
optional on or, after Dec. Jt, 1946. chased at
000 each/ Due July 1, as fol¬
par by H. P. Pratt &
lows:
$3,425.65 in 1942;,': $4,£
Co., and; Harris,
Lameroux
&
'PENNSYLVANIA
000 from 19431 to 11945.unci.,
Norris, both of Seattle, jointly.
Erie County (P. O. Erie), Pa,
and $5,000 in 4946.Denom. $1,000. Dated Dec. 1, 1941.
Bond Sale—The $400,000 cou¬ Due on-Dec.
13,895.40 series B bonds. "One
1, as follows: $9,000
f *
bond for $895.40, others $1,- pon refunding bonds offered Dec. in 1958 and 1959, and $10,000 in
v*
000 each. Due July 1, as Jol- 23—v. 154, p. 1280—were awarded
1960; callable at par, plus ac¬
Greenwood : &
Co.! of crued interest, in inverse numeri¬
lows: $2,895.40 in 1942; $2,000 to H. T.
V
in 1943, and $3,000 from 1944 Philadelphia, as iy4s, at a price cal order, on Dec/1, 1951, or any
of 100.475, a basis of about 1.16%. interest
,to 1946 incl.
,,// V // - v.!
payment date thereafter.
not
?
-
*
Int. Rate
Rollins
H.
'
.
*
Bidder—
-and
■
Hoyt, Village- Clerk, will receive
sealed bids until 2 p.m. on-Dec.
1962 Unci.
from '1948 :"to
$6,000
■
as
1942, and due Jan. 1, as follows:
$4,000 front 1943 to 1947 incl., and
Other' bids;
.
jointly''
York,;
'
! Hillshoro, Ore.
^ ; '
Sale—The $17,000 .semir
-
,
-
Offering
Bond
&
2.20s, at a price of 100.33, a basis
of about
2.17%./Dated Jan. 1,
■rX:X -i,
/
Sherwood
and
Bank
Sidney, N: Y.—
Harold ; R.
VY; '
,
"
National
,
.
from
March
1, 1975.
,
offered Dec. 23—v.
•
■
.
.
vVk
,
,
Ballston, Spa, N, Y.
'
Dated
492.
March
1675
Subscriptions in United States and Possessions, $26.00 per rear, $15.00 for 6 months; in Dominion of Canada, $27.50 per year, $15.75 for 6 months. South and Cen¬
and Cuba, $29.50 per year, $16.75,for 6 months; Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $31.00 per year, $17.50 for 6 montba.
fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
THE COMMERCIAL & FINANCIAL CHRONICLE
'
1676
:
Saturday, December 27,1941
:
V..i Week-Ended
THE COURSE OF BANK CLEARINCS
show
Bank clearings this Week
Fifth
W.
s
Md.—Baltimore
(
Total
St.
Detroit
—
;
_
Cleveland-
+ 30.7
188,475,158
+ 11.6
77,500,000
+ 34.5
111,951,000
+ 34.7
134,409,395
+ 44.2
146,280,578
.
259,221,945
345,000,000
•105,000,000
104,200,000
150,649,000
,
_____________
Francisco
114,563,807
+
:
i
—,
78,116,799
Eleven
Total
All
five
cities,
ir
all
_________
cities
week
for
SVO.
+15.7
+34.2
+ 18.8
1,299,663,713
—12.7
6,072,643,183
Reserve
2,533,106
175,244
+ 64.6
+
50.990.250
+ 41.7
244,605,794
+ 33.4
I
Haute
2,750,120 '
-
30,525,000
3,632,095
Reserve
Boston.—
2d
New
3d
York
4th
Atlanta
7th
Chicago
8th
St.
7
<1
5,708,435
:—
311,860,510
4,295,396,760
492,555,957
394,258,200
175,171,544
Total
f
1,300,356
3.699,667
+ 28.4
450,748
334,880
429,375,302
327,806,563
1,384,115
4,324,778
+24.0
4,311,725
1.807,536
+ 36.7
1,345,188
1,487,995
1,213,720
883,498,812
626,447,152
+41.0
634,447,970
510,155,486
156,000,000
116,000,080
+34.5
,,
,
•
r
1,795,212
cities)
(18
965,317
3,796,460
1,193,619
•
Eighth Federal Reserve District—St.
Mo.—St.
Louis
109,600,000
91,300,000
74,896,375
47,246,934
+ 58.5
41,695,758
38,700,965
43,616,018
38,042,019
+14.7
30,384,168
20,841,623
893,000
640,000
+ 39.5
650,000
523,000
275,405,393
201,928,953
+36.4
182,329,926
151,365,588
Ky.—Louisville
Tenn.—Memphis
111.—Quincy
x
Total
Ninth
4,210,356
3,427,092
+ 22.9
3,456,665
2,931,775
113,109,003
74,923,029
+ 51.0
78,808,316
64,362,191
; 46,393,717
33,468,403
+ 38.6
28,713,362
24,766,977
3,674,711
D.—Fargo
32
-
+ 36.6
2,400,932
1,091,615
+ 24.4
874,880
901,942
+ 51.4
853,331
62L515
4,226,503
+ 18.7
3,551,891
3,827,006
175,127,907
120,728,180
+45.1
118,659,377
99,430,822
.
cities)
(7
182,329,926"
120,728,180
162,656,091
91,230,175
+ 45.1
118,659,377
162,905,558
add
now
'
85,700,943
78,614,938,
298,498,395
+ 42.1
274,370,417
255,355,717
9,595,498,231
4,671,980,610
8,249,423,708
+ 17.3
7,336,695,753
6,624,084,290
3,422,685,519
+
36.5
3,169,959,539
2,727,325,944
521,396,541
A 398,255,150
+ 39.3
131,103
+ 50.0
106,491
117,376
+ 18.9
3,157,013
2,305,794
53,050,533
2,826,569
34,365,568
+ 54.4
33,918,032
31,292,973
2,377,786
5,733,979
2,176,609
+
9.2
2,046,367
3,406,173
+ 68.3
3,554,713
3,000,659
160,131,690
114,695,718
+ 39.6
115,133,875
4,472,108
071,840
+ 18.9
3,520,779
+ 17.4
619,699
745,050
3,761,220
572,387
'1:
619,929
96,631,261
3,074,852
+ 20.2
744,019
230,879,570
162,656,091
+41.9
162,905,558
2,470,176
—17.4
1,970,189
1,730,600
72,601,074
+ 40.2
68,218,991
61,103,414
40.3
7,475,413
7,965,428
2,549,000
j.
■
Mo.—Kansas City
St. Joseph
Colo.—Colorado Springs
Pueblo
•
Total
cities)
(10
Inc.
; :
i/■,:•.
: 'A-:."
Federal
;
■
1940
1941
$ A:A
or
%
"
2,040,668
101,810,824
Ft. Worth
11,650,238 >1
-
kA:S.AA>
$
;
+ 25.9
543,520
3,616,379
2,094,696
+ 72.6
2,459,448
552,192
2,368,465
410,254,580
290,203,800
1,008,257
811,123
583,623
Mass.—Boston
2
River
632,009
940,469
I
_
Lowell
Bedford
•
1,087,883
Springfield
3,547,044
3,187,549
3,976,328
Worcester
3,441,811
685,630
15,583,969
4,525,514
15,820,100
586,o41
472,499,983
338,543,327
19,780,661
Conn.—Hartford
Haven
I.—Providence
H.—Manchester—
—
,
cities)
Federal
Reserve
Buffalo
884,462
_
•
743,264
383,012
674,717
+ 12.1
3,516,459
3,352,847
Santa
8.0
2,779,487
2,122,826
Conn.—Stamford
.........
Montclair
+ 26.2
18,363,256
Newark
N.
Northern,
J.
+ 45.4
4,398,189
4,605,822
+ 31.0
13,443,300
(12
cities)
628,676
784,266
+39.6
311,860,510
—52.7
5,526,275
1,209,861
+ 47.0
36,700,000
32,500,000
+ 43.5
553,611
493,623
4,826,738,189
A 9,160,040
4,988,919
+
San
!
Lancaster
Philadelphia
6,000,214
419,698
Total
Grand
L_
lfe.3
4,557,272
3,323,291
3,921,314
+ 38.7
163,526,000
152,687,938
4,007,107
3,297,351
+ 21.5
2,619,210
2,817,282
1,665,617
+
26.7
1,572,341
1,570,162
2,970,903
+ 41.5
2,731,468
2,215,494
6,759,027
(112
A
cities)
cities)
York
New
Wilkes-Barre
■
27,883,893
35,667,582
4,971,677,015
J.—Trenton
298,498,395
+ 42.1
274,370,417
8,249,423,708
+ 17.3
4,671,980,610
3,422,685,519
+ 36.5
3,169,959,539
20,843,549
19,736,086
17,495,222
5,459,572
2,765,202
5,879,945
Halifax—^———
4,474,325
3,596,405
+ 24.4
3,210,812
Hamilton
7,533,685
6,476,141
+ 16.3
Calgary
7,493,828
8,965,097
—16.4
5,471,700
7,089,673
2.302.098
1,943,224
+18.3
1.1
7,376,434
6,851,961
1,921,968
1,927,437
3,374,765
6.2
28,460,707
24,164,455
+ 11.1
37,047,008
37,122,680
—20.0
470,142
919,910
603, 938
938, 429
397,314
339, 496
1,750,829
1,560,465
+ 12.2
1,920,585
1,740, 861
418,000, 000
557,000,000
1,827,405
2,469,490
1,636,025
2,024,017
1,523,706
+ 27.1
—13.3
477,000,000
1,625,636
6.7
2,928,677
+
1,706, 866
3,150, 104
0.3
1,031,815
891, 908
+ 32.8
1,484,878
1,092, 777
—
9,695,100
—30.1
4,777,000
4,636, 300
578,373,800
+25.7
492,SOSES'!
433,100,679
Winnipeg
—
Quebec
i
John
+
2.2
1,805,968
1.993.698
1.902.099
1.945.303
3,131,532
3,166,387
Edmonton
6,909,774
5.062.304
+ 36.5
5,230,926
4,365,648
5,231,710
4,836,266
397,597
+
3,826,812
Victoria
;—
Regina
>
Brandon
Jaw
17,794,100
13,778,900
+
4.4
2,595,196
69,988,109
61,831,710
+ 48.8
129,401,044
100,578,416
+ 29.1
12,634,300
10,621,700
+ 42.9
2,214,938
3,045,602
2,229,673
+ 36.6
3,541,455
257,858,944
3,529,940
+
175,860,640
+ 46.6
174,907,727
140,918,544
603,681,141
415,350,994
+45.3
394,258,200
320,184,040
0.3
1,909,159
2,822,665
1,793,599
2,225,133
8.2
4,858,769
+ 21.1
342,488
597,072
544,678
1,318,288
361,336
Fort William
_____
—-
1,471,611
+ 15.4
1,517,077
4.3
773,268
681,314
+ 12.2
1,999,820
1,172,037
+ 31.1
989,243
.
731.102
816,028
1,265,013
1,126,996
894,256
785,059
i
Westminster
Hat
645,737
+ 20.6
780,709
—
Medicine
3,354,585
1,171,936
r__—
Brantford
New
—
778,875
Saskatoon
Moose
481,688
—
1,698,963
Lethbridge
782,479
+
0.3
619,068
580,395
399,776
335,929
+ 19.0
300,969
238,401
—
<•."
677,469
719,733
735,551
+ 18.0
996,870
985,519
+
1.1
918,547
704,247
1,496,400
1,315,266
+ 13.8
1,362,383
1,109,671
4,459,610
489,909
3,683,577
392,219
+ 21.1
3,475,486
+ 24.9
2,960,529
387,681
Moncton
1,379,107
1,233,451
+ 11.8
1,060,021
1.008.699
Kingston
798,252
756,969
+
5.5
656,353
636,613
Chatham
981,549
929,443
+
5.6
592,592
575,208
+
3.0
1,040,842
875,946
+ 18.8
1,245,439
582,491
962,803
864,842
Barnia
951,637
521,396,541
398,255,150
+30.9
418,836,580
402,816,142
Peterborough
Sherbrooke
—_
._.
Kitchener
__-x
Windsor
210,695,795
39,244,175
18,518,367
+ 12.8
4.2
492,825
9.7
Cleveland
(7 cities)
84,412,288
5.7
+
430,199
9.4
Columbus
Mansfield
107,579,658
+ 21.4
6,031,819
+ 11.2
+
3,127,102
75,188,393
141,636,346
Youngstown
Pa.—Pittsburgh
+ 57.6
6,285,491
5,349,410
4,017,667,170'
$
107,524,233
40,946,211
5,265,701
4,295,396,760
1938
165,557,676
19,355,722
36,296,956
+ 35!2
2.4
W>
130,004,443
+ 31.6
105,213,380
49,763,778
Ottawa
+
127,648,586
m
$
$
20,454,934
4,057,301
+
1939
1940
165,822,778
60,407,095
Montreal
4,047,613
+
3,264,663
107,480,582
168,035,908
Toronto
+ 16.5
District—Cleveland—
Cincinnati
255,355,717
6,624,084,290
2,727,325,944
Inc. or Dec."
1941
$
Vancouver
6,776,200
Ohio—Canton
;:fi;
7,336,695,753
424,258,568 ;
Canada—
7,677,021
727,099,837
(10 cities)
+
London
1,631,336
:
+ 48.5
9,595,498,231
A'Y;
3,896,758,346
735,957
2,635,229
4,889,137
3,711,823
174,105,540
2,110,504
(10
8,629,524
548,845
1,584,844
1
Reserve
27,314,667
241,458,000
Total
4,166,736,214
1,376,807
708,000,000
Scranton
Federal
18,918,324
Barbara
1.0
588,814
York
19,031,916
4,551,526
21,500,171
Jose
+ 29.4
602,198
_
—
964,439
31,601,596
+ 43.5
4,281,097
1,279,507
1,506,370
Bethlehem
Reading
948,908
34,566,982
7,069,080
+ 22.8
District—Philadelphia—
Pa.—Altoona
Chester
+ 61.0
+ 54.5
281,462,574
702,922
5,092,057,165
....
Reserve
35,770,031
+ 46.8
Beach
Calif.—Long
St.
Federal
39,024,774
'A1'
'•
12,279,300
+ 16.9
790,047
39,628,338
78,614,938
,
13,106,044
6.4
466,833
29,614,778
.AAA
85,700,943
V
Stockton
+
8,114,716
Syracuse
(+38.5
91,230,175
,.v
39,732,116
City
San Francisco
+ 15.7
481,170
825,810
+
11,853,734
...
—_
4,233,527
48,399,752
1,031,851
Pasadena
1,045,369
1,112,704
4,923,517,621
York
Rochester
Lake
Utah—Salt
240,489,819
780,806
5,813,780
Jamestown
1,1532,969
3,974,448
1,661,473
71,058,145
263,640,389
1
Elmira
1,227,902
+ 28.0
61,403,446
7.7
616,323
*61,900,000
,w...
—
2,834,000
+ 50.6
+ 53.7
Week Ended Dec. 18
7,383,481
1,766,718
;
__
+
2,348,000
1,207,721
District—New York—
Y.—Albany
Binghamton
Francisco—
Yakima
Outside
(12
District—San
Wash.—Seattle
+ 41.4
42,100,000
20,716,700
.......
-
Reserv e
Ore.—Portland
+ 24.3
—
15,617,828
1,438,960
6,579,829
—
R.
N.
141,374,296
4,299,802
126,396,100
Federal
Twelfth
4938,
610,413
AAAA
Portland
v.
5,501,898 "'.
—-
cities)
(6
,8,303,402
3,536,000
1,856,472
:—
Falls
La.—Shreveport
Total
1939
768,302
.
688,556
;
Dec.
Reserve Distriet—Boston—
Me.—Bangor
685,179
/
Eleventh Federal Reserve District—Dallas—
Texas—Austin
:;418,836,580' t 402,816,142 >
.
3,482,700
I
\
+30.9
94,946
104,570
100,815
196,610
140,478
X
_
Week Ended Dec. 20
Clearings at—
804,151
City—
Kan.—Topeka
Wichita
.
detailed statement showing last week's figures for each city
our
>
:
3,359,496
Omaha
.
141,374,296
+ 38.5
District—Kansas
Hastings
99,430,822
+ 41.9
Reserve
Lincoln
510,155,486
151,365,583
Federal
Neb.—Fremont
185,349,890;
+ 36.4
citie^
2,117,207
2,689,596
1,357,798
1,365,670
5,016,652
Tenth
150,023,090;
175,127,907
230,879,570
______—
District—Minneapolis—
D.—Aberdeen
320,184,040
201,928,953
k '
Federal Reserve
Minneapolis
St. Paul
281,462,574
+ 41.0
44
(4 cities)
Minn.—Duluth
separately for the four years.
Total
;V v- 8,388,504
+ 173.3
~
Fourth
..
.
5,362,247
Galveston *
We
Total
9,501,217
3,674,197
72.4:u
+46.9;.
V
5+36.0
„
Wichita
N.
+
*
6,164,082
20,753,998
1,253,789
2,470,023
Peoria
4,017,667,170
433,100,679;
626,447,152
44
10
City
w_.
Total
+15.6
8,771,111
\ >3,886,144
6.857.451
22,931,997
.
407,082
Rockford
$
126,396,100
\ 4$.
112 cities
Third
«
2,085,579
0.6
+
+31.5
1,554,263
1,129,718
20,644,000
.
1,175,411
Dallas
J.
2,068,538
...1,892,782
.
,
1938
424,258,568
7;
Francisco
+ 39.6
338,543,327
4,971,677,015 * + 2.4
+ 25.7
578,373,800
415,350,994 i + 45.3
+ 28.3
201,383,832
+ 33.4
244,605,794
II
6
Total
N.
•
'
+37.2
■+35.5
,
520,932
108,385,344
2,959,143
-
3,428,399
+ 24.0.
1,642,171
v
638,423
121,116,525
+ 35.3
7,925,282
185,349;890
'■
379,580,159
Helena
275,405,393
10
City—.—
Outside New York
New
•
2,024,993
24,974,955
:
,r
-
+ 60.0..
2,057,035
:
516,307,245
k
.
i ;
Total
1939
$
II
4
Minneapolis
Second
■;
42,600,677; >
3,212,162
522,528
Chicago
Decatur
Mont.—Billings
209,038,591
634,447,970
(I
18
11th Dallas
603,681,141
258,321,713
326,272,042
883,498,812
«•
6 "*
___
727,099,837
M
10
Louis
10th Kansas
5,092,057,165
H
10
—
472,499,983
4$
12
Richmond
6th
N.
' 197,902
;v
CLEARINGS
$
">
12 cities
—
Cleveland
5th
Total
•
1.
15,118,274 '
Sioux City
Ilk-—Bloomington..
S.
1940
1941
Philadelphia
New
+ 30.3
+19.9
.,'24,620,000
»
V;y 2,680,913
•32,842,100
1,897,876
.
(
Inc. or Dec.
'
1st
New
-
>>482,075
Springfield
by Federal Reserve districts.
a summary
Districts
•
Fall
...
7.976,790
_w_.
N.
Week Ended Dec. 20
•
'
••.154,384,105
v. 3,908,190
.
'■*'
,
2,822,050
;
;
..
___.
,v
.
increase^of 1.0%.
SUMMARY OF BANK
First
1,674,560
V
189,585
.
•.y'' '
4,686,264
'
Terre
•
Philadelphia 25.7%.
furnish
In the following we
"■.
2,383,821
1.8
of
33.4%, Richmond 28.3% and
•
23,195,515
209,038,591
247,037,317
■
■
t
the Chicago Federal Reserve District. Bos¬
and Dallas were not far apart with gains of 39.6% in the first and 38.5% in
latter.
All the remaining Districts also showed gains: St. Louis 36.4%, Atlanta
.
1,374,627
1,047,099
23,373,000
49,347,969
'V
.
41.9% by Kansas City and 41.0% by
Canada
23,079,000
26,252,984
.<
628,286
LiJL;
__
In.^-Cedar Rapids
V'. Des Moines *j«v.
2.4%, the smallest in any District.
The greatest improvement was
recorded by the Cleveland and the Minneapolis Federal Reserve Districts with gains
of 45.3% and 45.1%, respectively.
A 42.1% increase was shown by San Francisco,
12th San
7.4
+
For that week there was an increase of 17.3%,
increase
9th
1.399.450
District—Chicago—
Wayne
Indianapolis
South Bend • j—>.
+12.1
We group the cities
according to the Federal Reserve districts in which they are located and from this
it appears that the New York Reserve District (including this city), recorded an
Federal
+ 37.8
1,813,972
326,272,042
Federal
Lansing
LY/:;;,'y ■?'
clearings at this center having recorded an
the
31.097.249
3.5
+ 15.4
72,239,731
<10 cities)
Ind.—Ft.
results for the week previous—the week ended
the aggregate of clearings
for the whole country having amounted to $9,595,498,231 against $8,249,423,708 in the
same week of 1940.
Outside of this city there was an increase of 36.5%, the bank
ton
+
178,357
Grand Rapids
able to give final and complete
Dec. 20.
a
65,600,000
1,932,503
1,577,770
29,550,000
Mich.—Ann Arbor
vA
A-A
the elaborate detailed statement, however, which we present further below,;
we are
4,950,339
21,336,171
76,700,000
Orleans
A'\ Detroit
; v.
until noon*
Accordingly, in the above the last day of the week in all cases has to be
In
5,899,883
21,971,927
+ 33.0
4,170,295
-Total
+ 44.5
4,772,979,470
6,804,784,064
____
+ 43.6
+ 40.8
42,859,776
La.—New
V
(Saturday) and the Saturday figures will not be available
:/
150,023,090
94,600,000
Mobile
r
.v:''
175,171,544
1,317,204
77,108,276
6,584,657
25,565,015
Mlss.-i-Vicksburg
>..?•**/■
Complete and exact details for the week covered by the foregoing will appear
in our issue of next week.
We cannot furnish them today, inasmuch as the week
estimated.
+28.3
1,820,987
Wis.T—Milwaukee
today.
201,383,832
31,745,000
-
M -V
•Estimated.
ends today
24,728,750
+ 25.6
•2,000,000
:
all
+ 33.1
"
+ 20.6
5,670,653,387
five days
cities, one day
Total
2,604,000
43,886,317
•1,425,700
92,669,352
28,097,327
27.7
1,134,130,677
cities,
3,231,000
49,121,661
9,458,680
Ala.—Birminght
'.i
+ 34.4
66,617,068
3,963,117,614
809,861,856
4,584,204,471
1,086,448,916
days__—...
five days
cities,
+ 20.5
+ 30.9
+ 38.8
35,999,216
Fla.—Jacksonville,
r
v;/.':
378,543
125,800,000
.
Macon
Seventh
Other
$
626,504
District—Atlanta—
V-. Augusta ■____
+ 27.8
94,508,551
136,604,141
80,353,118
•—
Baltimore
_
Reserve
Nashville
/' 441,000,000
—
City
Louis
San
(6 cities)
Federal
Ga.—Atlanta
+ 8.9
193,790,007
Kansas
>
■
258,321,713
134,563,663
____
Tenn.—Knoxville
2,492,753,891
210,355,703
Philadelphia
rUy-
43,880,552
54,209,204
1,579,400
107,121,605
32,958,702
2,192,809
__
C.—Washington
:
2,715,663,092
..
__
4,710,000
70,944,240
_______
C.—Charleston
D.
1940 .A,
<71941
338,832,000
York
New
5,675,000
Richmond
+ 32.4
804,921
;
,y"'
"A A;
■ •
1,065,449
Va.—Norfolk
Clearings—Returns by Telegraph
A."A
1938
1939
.
District—Richmond—
-Huntington
Sixth
parative summary for the week follows:
Week Ending Dec.'27
Reserve
Federal
Va,
S.
for the corresponding week last year. Our prelim¬
for the same week in 1940.
Friday of 8.9%. Our com-
,
Dec.
i9f
inary total stands at $6,804,784,064 against $6,072,643,183
At this center there is an increase for the week ended
i
Dec: 20
or
i.
\-
inary figures compiled by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended today, Saturday, Dec. 27, clearings ■
from all cities of the United States from which it is possible to obtain weekly clear¬
ings will be 12.1% above those
Inc.
.
Prelim-
increase compared with a year ago.
an
"•
•
Prince
Albert
Budbury
Total
—
(32
•Estimated.
cities)
867,923
,
287,300
632,650
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4025
Volume 154
word
The trade is confused about
just how the use of tin
on
Ordered-Copper Prices Unchanged
control of all tin
would otherwise have been a bad
effective during the last week.
price situation. *
supplies in this country by the Government became
The copper conference held in Wash¬
ington on Dec. 18 disclosed that there has been no change in the
views entertained by OPA in reference to copper prices.
OPM has
revised Priorities Regulation No. 1 to conform with current practice
Straits
was
month
so
far
St. Louis.
63,507 tons.
The
for
Government-management-
from
Price
that
derson
tion
follows:
as
"The
■
Price
Administrator
clarified
week
52.000
52.000
52.000
20__.
.52.000
52.000
52.000
52.000
22__.
.52.000
52.000
52.000
52.000
$200
23___
.52.000
52.000
52.000
52.000
lots
Dec.
24—
.52.000
52.000
52.000
52.000
quotation
12c.
".V,
<
20
11.775
-V 24
fc'J li
11.775
Average.
52.000
5.85
5.70
5.85
5.70
52.000
5.85
j ;, 5.70
5.85
5.85
5.70
52.000
5.85
11.200
52.COO
5.85
'•
of
i
Foreign
of
central
•
Date
Effect
Argentina
Jan
5,
5
Dec
1,
Chile
2Ya Mar 11,
3
Dec 16,
Colombia
4
'^Canada
Jly
18,
1940 2Vu
1940 6
1935
1936 4
1933 5
Erie
Jan
2,
f.a.s.
__
\Ya
Oct
26,
1,
3,
4
France
Germany
—
Dec
1%
Finland
Mar 17,
3V2 Apr
6
Greece
Not
Oct
_—
Jan
R.
officially
1941
22,
28,
3
Sep
3V2
May
Spain
a
of
reorganization
the
Sweden
2
3
tural
1V2
Nov
Yugoslavia
5
Feb
different
the
1936
tural
'
Minneapolis
Kansas
!
in detail with call loan rates on the Stock
Exchange from day to day, 1% was the ruling quotation
all through the week for both new loans and renewals.
The market for time money continues quiet.
Rates con¬
tinued nominal at P/4% up to 90 days and l1/2% for four
to six months maturities.
The market for prime com¬
:
1939
"
4, 1937
1937
•?9.2
Aug 21,
1937
1937
\ Aug. 24, 193T
"Advances
r.u-1 Ya
—
on
Trust
;
/
2
1937
1937
2
3,
Government obligations bear a rate of 1%, effective
Atlanta, Kansas QJty and Dallas'
St.- Louis.:■>7"
7'
Sept. 1, 1939, Chicago; Sept. 18; 1039,
8ept.
21. .1939,
show
signs
of stiffening.
all maturities.
Rates
are
% %—%%s for
&
&
6,000,000
Co.
20,000,000
City Bank
Bank
Co.
Trust
7
t7
Foreign Money Rales
in London open
on
Friday
were
of last week,
as
on
Economics; and M. L. Wil¬
Director, Extension Service.
Clearing House Associatloi
24,';, 1941;
Net Demand
Time
Deposits
Deposit
Profits
Average
Average
228,456,000
14,532,C
27,343,6(^0
652,409,000
83,767,300 a2,597,625,000
35,457,t
154,926,0
$
14,353,100
77,500,000
20,000.000
—
90.000,000
Co.
41,891,200
58,607,400
906,325,000
188,375,200 b2,092,753,000
40,986,600
788,788,000
7,772,0
93,573,C
104,757,0
21,000,000
75,947,300 cl, 115,259,000
81,565,
15,000,000
20.288,200
27,061,(
10,000.000
109,278.000
766,605 000
7,744, (
50,000.000
53,997,200
741,476,000
6,094,1
Bank
Co
Nat. Bank
365,097,000
Continental Bank &
4.000.000
4,551,600
72,082.000
Bank__
100,270.000
140.711,400
(13,206,210.000
40,722,;
Avenue Bank
500,000
4.301.800
60.457.000
4.341,1
85,319,200 el,246,842,000
65,678,
Trust
Co.
Chase Nat.
Fifth
Bankers
Title
Trust
Co.
Guaranty
25,000,000
&
Trust Co.
6,000,000
1,268,700
17,290,000
5.000,000
10,215,700
155.928,000
2,851,
12,500,000
28>093,100
471,610,000
36,119,
7,000,000
Trust Co.
Nat.
Trust
8,984,900
143,700,000
1,096,
7,000,000
11,125,300
113,167,000
53,915,
Bank &
Co
Nat.
Bank
Trust
Co.__
Public
and
2,237,
Midland
Marine
Y.
1,355,
market discount rates for short bills
11/32%, as against 11/32% on Friday
months' bills,
of last week
1%.
and 11/32—11/16% for three
against .11/32—1 1/16%
Money
tural
son,
&
Co
Exch.
Trust
Com.
x
Chief of the Bureau Of Agricul¬
Man¬
Irving Trust Co.__
N.
Dealing
mercial paper has been very active this week. There has
been no change in rates as yet, but the market continues
the
Trust Co.
7
Relations; H. R. Tolley,
Agricultural
Cent. Hanover Bank
Corn
2
Sen
Y.____
N.
Trust
Manuf.
2
1937
Aug 31,
/
Di¬
Defense
of
Undivided
•Capital
Guaranty Trust Co.
First
:
3,
Sep
...ny*
Francisco.
of
2
City j.—..
their
Clifford Townsend,
$
of
National
2
2,
to
Office
business Wednesday, Dec.
Members
Bank
2
Aug 21,
-,/fi ya.
.
of
close
Chemical
2
Sep
additions
ad¬
have
rector,
Statement of members of the New York
hattan
V/a
2
:
Conser¬
M.
there
Other Board members
groups.
are
but
Acting
are
below:
at
V/a
1937
1935
.-'•lVfe
St. * Louis
i
Rate
1,
;; Sep
Agricul¬
and
no
Clapp,
Service,
The weekly statement issued by the New York
Citj
Clearing House on Friday afternoon is given in ful
Bank
V;;
the
Previous
,:v;*i Yz
—
Dallas
Money Rates 7
Date
'.-M'.]
-M:'-
fol¬
Clearing House
;M'/a
Atlanta
of
Adjustment
'v
1937
AYt
H.
Forest
♦Surplus and
Aug 27,
:
Earle
Rural
Administration,
Weekly Return of the New York Gity
Clearing House
May 11,
:Vh
•
—
Chicago
2
1, 1935 6 Ya
____
—
Richmond
each
M.
Administrator
Aug 27,
,\V/a
of
Evans, Administrator
of the Agricultural Adjustment
Administration,
becomes
Ad¬
ministrator, and Dillon S. Myer,
Assistant Chief, Soil Conserva¬
tion Service, becomes Assistant
Established
Sep
-and
the
Farm
Harry
Administrator,
Electrification
been
R.
*
1
Governor,
Administration;
Slattery,
low:
The
Dec. 26
and
C.
Administrator,
Black,
ministrators
changes this week in the redis¬
Reserve banks; recent ad¬
Reserve banks:
banks
reserve
Cleveland
j-
to
now
Board
supervision
Federal
table."
subordinated."
Defense
obligations are shown in the
following is the schedule
in effect for the various classes of paper
the
all
Corporation;
Security Administration;
G.
general
administrators.
no
task,
A.
group
Government
to
Philadelphia
12, 1940 2Ya
15. 1933 V/a
26,
the
Credit
Baldwin,
Chief,
reorganization," Secretary Wick¬
of
this
To
B.
agencies which will be under the
of
the
Department.
the reorganization,
19
line agencies of the Department
are^being placed in eight groups
York
New
San
:
of
Bureau
Hutson, President, Com¬
modity
pri¬
administrators who
be members of the Agricul¬
will
grams
and
allies.
must be
The
Through
Board
the
Credit
her
Board,
composed
of
11
Department officials to assist in
directing
vital
war-time
pro¬
this
discharge
and
De¬
fense
Boston
•
confirmed.
New York
Bu¬
Chemistry
tions; Beltsville Research Cen¬
Farm
partment of Agriculture's admin¬
istrative machinery and the for¬
mation
of
an
Agricultural De¬
Rate in Effect
1939 5 ■
May 29, 1941 3%
Switzerland
6, 1940 4
4. 1937 7
farmers
others
on
Federal
Mar 29,
_*4
Engineering;
responsibility of American
agriculture
during-, the
emer¬
gency—the production o| the food
and fiber needed by this country
Discount Rates of Federal Reserve Banks
1940 4
1935 3y»
Portugal
___
of Agricultural
and
Delivered
mary
Secretary of Agriculture Claude
Wickard announced on Dec.
13
rates
the
at
6
-
of Plant Industry;
Bureau
J. B.
ing
3
26,
Oct
Nov
Rumania
1934 4 Ya
1941
Jun
3
South Africa
1939 3
1935 5
Poland
of the Bureau of Animal Indus¬
try; Bureau of Dairy Industry;
transactions,
Agricultural Dept. Is
"7;../ Reorganized
Rate
Jly.15, 1939 7
6Vs May 28, 1935 V/a
3
May 13, 1940 V/a
V/a Dec 17, 1937 5
4
Mar 31, 1941 4%
Norway
activities
the
ter, and Bureau of Home Eco¬
to
viou»
•
V/a May 18, 1936 5
3.29 Apr
7, 1936 3.65
3
Jan 14, 1937 4
Italy
Japan
Morocco
1936 ZY*
1937 5
16,'1940 4Va
Jun 30, 1932 ZYa
Oct
—
Estonia
•
1,
Jan
—_
England
—
India
Lithuania
vakia
Denmark
Effective
3
Java
Czechoslo¬
Danzig
2Ya
Hungary
Research
grouped
tine; Office of Experiment Sta¬
have been
footnote
Pre-
Date
Effect
Holland
..
—
Country
Dec. 26
Dec. 28
Effective Rate
3 ft Mar
1, 1936
2
Belgium
Bulgaria
vious
Agricultural
be
nomics.
an¬
of rates
Rate in
Pre-
Rate in
Country
will
dollar basis. Quotations for the present reflect this
change in method of doing business.
A total of .05c. is deducted from f.a.s. basis
(lighterage, etc.) to arrive at the f.o.b. refinery quotation.
offerings
Discount Rates of the Federal
count
banks.
'
;
of
tor
8.25
v
"Through
was
vances
table which follows:
the
Entomology and Plant Quaran¬
headed by
There
shown in the
Present rates at the leading centers are
Agri¬
supervision of the Administra¬
the
Reserve Banks
foreign
the
of
Under
figures shown above are net prices at refineries on the Atlantic seaboard.
Re¬
•
changes during the week in the
any
Research.
the
prices in New England average 0.225c. per pound above the refinery basis.
'.
Export' quotations for copper are reduced to net at refineries on the Atlantic
seaboard. On foreign business, owing to the European War, most sellers are restricting
Central Banks
rates
Plant
reau
or
prices
are
entirely nounced by OPM at the beginning ard
said, "we hope to contribute
Pending action on
without justification and, in my of the week.
actual allocation of metal through our maximum effort toward help¬
opinion, represent a wilful attempt
discount
'
tin quotations are
copper
no
5.70
8.25
major United States
They are reduced to the
All prices are in cents per pound.
.
have been
:
Chief of
Industry, be¬
cultural
8.25
5.70
Aucht.er,
was
price of all copper. ... Efforts,
prior month.- / 1
'
apparently by trade informants,
Tin;
to make it appear that QPA is
Control of tin supplies
willing to permit a general rise
There
for
except
Agricultural
of
lead and zinc quotations
Copper,
deliveries;
„gie present plan of regulat¬
ing the zinc industry will be con¬
Discount Rates of
of
St. Louis, as noted.
are based on sales for both prompt and future
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
;
York
the
Agricultural
Administrator
comes
,
8.25
,
thought that the
a pound is an adequate price for
plan might be changed at the turn
by far the bulk of the copper of the
year.;' The "pool" for Jan¬
being produced
in the United
uary will probably bet set at 31%
States.
Copper output is increas¬ of October
production."! The price
ing! substantially at l2c°nly a situation was unchanged.
small part of the country's current
Production of zinc at domestic
and "potential
output
requires
mines, in terms of recoverable
prices above 12c.
OPA will ap¬
metal, amounted to 64,135 tons
prove prices above 12c. for addi¬
during October, which compares
tional copper that cannot be pro¬
with 62,339 tons in September, the
duced
profitably at this price. Bureau of Mines
reports.
Pre¬
Approval has already been given
liminary figures for November
in a number of cases.
This sys¬
point to an output of about 62,100
tem of differential pricing permits
tons, a decrease of 3% from the
maximum production without the
October level. However, the daily
serious inflation which would at¬
rate of production for November
tend a rise of several cents in the
was virtually the same as
in the
in
/
5.70
52.000
'
basis of cash,. New
C.
Bureau
8.25
52.000
The above quotations are "M. & M. M.'s" appraisal of
markets, based on sales reported by producers and agencies.
division
Western
the
8.25
calendar
for
of
Agricultural
Service,
Division
E.
8.25
52.000
week ended Dec. 20 are:
Domestic copper f.o.b.
refinery, 11:775c.; export copper, f.o.b. refinery 11.200c.; Straits tin, 52.000c; New
York lead, 5.850c.; St. Louis lead, 5.700c.; St. Louis zinc, 8.250c.; and silver, 35.125c.
prices
Average
of
and
Marketing
St. Louis
'
Marketing.
supervision
Zinc
St. Louis
/
Administra¬
Statistics.
—Lead—
New York
11.200
..
the
tration,
the
New York
11.200
;
'■//
11.775
Assistant
Marketing will be grouped the
activities of the Surplus Mar¬
keting
Administration; «t h e
Commodity Exchange Adminis¬
("E. & M. J." QUOTATIONS)
11.200
,11,775
;
Kitchen, Chief,
Agricultural
Administrator
the U. S.
11.200
11.775.
v
.*
of
Under
Official
York
New
11.200
.
11.775
-23
V
tor
London
11.200
11.775
22
-
'•
zinc
it
//•
19
The
thd
and
Agricultural Marketing Service,
quiet during the last week,
the
prise
unchanged
at
Straits Tin,
Exp. Refy.
Dom., Refy.
Corporation,
trator and C. W.
Treasury price held at 35c.
—Electrolytic Copper—
cover¬
in
market
continued at 35V8C., and
DAILY PRICES OF METALS
Dec.-—
silver
23%d.
on
three months.
that
cently,
Last with
quotations.
no
was
Dec. 8, per long ton,
£ 259 for spot and £ 262 for
was
tons
-
of
"drug-store"
$215 has been
as
grouped
Agricul¬
Administra¬
the
Adjustment
becomes
The
.
24, inclusive,
of the common
during the week
ended Dec. 20.
Shipments in the
same week totaled 5,521 tons. The
backlog dropped to 73,507 tons.
The feeling obtains in the trade
3,964
brands
high
be
of
Roy F. Hendrickson, Admin¬
istrator, Surplus Marketing Ad¬
ministration, becomes Adminis¬
On
flask.
per
as
will
activities
surance
their regular customers at around
London Market—Dec. 18 to Dec.
Zinc
sold
V
su¬
tion;
the
Soil
Conservation
Service; the Federal Crop In¬
tin,
51.125c.
ore.
Prime
the
named.
»
7 The
Conservation
tural
San
Francisco
quotations on
99%, spot, was
quicksilver range from
nominally as follows: Dec.
18, nearby
$196 to $200 per flask.
51.125c.; 19, 51.125c.; 20th, 51.125c.;
Silver
22,
51.125c.;
23,
51.125c.;
24,
deliveries
from domestic
Hen¬
that
is
52.000
52.000
Dec.
5,481
' of the Office of tinued for at least 60 days.
Administration
52.000
.52.000
Dec.
in this country
of 45,980 tons,
againt 43,537 tons in October.
Total production was 48,930 tons,
of which 41,566 tons was obtained
;
position
.52.000
19_-,„
Chinese
the
Sugar Division.
Dec.
ing lead refined
showed
March
18 A.
18
November
for
Feb.
Dec.
lead
common
involved
arrival
Dec.
7";
Statistics
situa¬
that
of
Sales
last
tons.
labor
conference, held in Wash¬
ington
on
Dec.
18,
apparently
accomplished little except to again
emphasize the complexity of the
job of producing copper in this
country under varying conditions.
Labor policy was examined, but,
according to observers, nothing
came out of this phase of the dis¬
cussions. f Misinterpretation
of
^hat Donald Wallace, of the price
division, said about copper prices
appeared ' in
the ; "Wall
Street
Journal," which brought out a
strong statement; on price policy
the
■■
future
Jan.
Dec.
requiring producers to accept all€>orders
bearing
priority
rating on someone's part to sabotage the
before taking other business. Chi¬ Government's effort to maintain
nese
antimony sold at 16%c. a price stability at a time when ris¬
pound.
The publication further ing prices for such an important
commodity as copper would seri¬
reported as follows:
ously hamper success of the war
: vvr^..
Copper
effort." \V_. •.;! '■.
' '
■ /
The job of speeding up allo¬
V
^ Lead '
cations
of
copper
is receiving
Consumers of lead are expected
attention in Washington and the
to obtain between 70,000 and 7o,industry hopes that January metal 000
tons of lead during January.
will begin to move to fabricators
Requests for lead for January de¬
soon after the first of the month.
livery exceeded 100,000 tons. The
Sales for last week to the domestic
price of common lead continued
trade totaled 10,423 tons, making
at 5.85c., New York, and at 5.70c.,
the total for
the
:
for
tin
follows:
as
Under
pervision of the Administrator
of Agricultural Adjustment and
stances, some sellers have virtu¬
ally withdrawn from the market
and others are limiting sales to
supply, the market is doing noth¬
ing. The ceiling of 52c. for Straits
tin
effectively
controlled what
"Metal and Mineral Markets" in its issue of Dec. 25 reported that
,i
Group.
(1)
rumors
that the price is to be
regulated soon; (2) reports that
consumers
working on defense
orders are obtaining metal at $193
per flask, f.o.b. Laredo, Texas; and
(3)
the supply situation is as
tight as ever. Under the circum¬
is to be restricted to conserve the
Stocks
vation
Quicksilver
Washington, and receipt of official
Non-Ferrous Metals-Full Control Of Tin
1677
on
Friday
call at London on Friday was
Totals
•As
1941;
per
trust
518,661,200
official
967.515,600 15,742.079,000
reports; National, Sept.
Sept. 30/1941.
30,
1941;
741,795,000
State, Sept.
30,
companies,
Includes deposits in
foreign branches:
$284,116 000 (latest available
date);
b $66,353,000
(latest available date); c (Dec.
24)
$2,896,000;
d $98,832,000 (latest available date); e (Nov. 29), $24,975,000.
a
'V'-
The
ington.-
1
•
THE COMMERCIAL & FINANCIAL CHRONICLE
1678
'
•
Member Bank Condition Statement
*
■
•
/
'
-
Churchill'
implemented
will, Ue
policy
cfompared
conferences between President 'Roosevelt
Minister
Prime
and
-
on
by
rbroad "questions
consultations
with
$1,958,333 by Britain,' or"$43,750 a
$32,638, which comes to $729 everyvsecond against $544 similarly; expended by Great Bri; |
tain. ' However, a daily expenditure of about $122,000,minute
of
the
by
Saturday, December 27, 1941
against
comments of the
high military, naval, and Y aviation representatives of
Board of Governors of the Federal Reserve System re¬
both nations and their large staffs : of;• technical;? and 1 /000 would be required to bring our war expenditures
economic experts.
-to the same scale as Britain's, in proportion to popuspecting the returns of the entire body of reporting
As soon as possible the joint plan¬
member banks of the Federal Reserve System for the
lation.
ning will be extended to the other anti-Axis nations.
week ended with the close of business Dec. 17.
In response
to questions by reporters at the -White V The Census Bureau reported on Dec. 21 that the
The condition statement of weekly reporting member.
House on Tuesday, Prime Minister Churchill stated that',
total ..debt burden of the United States
on
June 30
banks in 101 leading cities shows the following principal
production will be intensified to the point where the
reached a record high of $69,162,000,000, equivalent to
changes for the week ended Dec. 17: Increases of $94,prompt and effective delivery of war supplied, includ¬
a per
capita debt of $521, despite a slight decrease in
000,000 in commercial, industrial and agricultural loans,
ing lend-lease aid, wherever needed will be the: chief
State and local indebtedness of $42,000,000 to $20,183,$355,000,000 in holdings of United States Government
problem.
The importance of this problem is attested by
000,000.
The Federal debt on June 30 was $48,979,bonds, and $571,000,000 in United States Government de¬
the inclusion of Lord Beaverbrook, Britain's Minister
000,000 but by Dec. 18 it had increased to $57,251,209,posits, and decreases of $631,000,000 in reserve balances , of Supply, in the Prime Minister's party.
However,, 249, owing to the accelerated pace of war spending.
with Federal Reserve Banks and $622,000,000 in demand
Mr.' Churchill indicated that an Allied Supply Com¬
Representative Patman of Texas., a member of the
mand is unlikely in view of the large British staff al¬
deposits-adjusted.
/, ' \ /. /;'■
;':V" ' ' Y;- -J
House Committee on Banking and Currency, last week
Commercial, industrial and ; agricultural loans in¬
ready' functioning here. '
YYY'Y'Y'• -I;//'-.'-',;V;
urged legislation to compel the use of idle gold reserves
creased $35,000,000 in New York City, $23,000,000.. in
YY By the enactment of H. R. 6233, a bill to expedite the
to finance the war.
He said the Federal Reserve Banks
the Chicago district, $10,000,000 in the Cleveland district
;:war effort, Congress has authorized the President to
could create the necessary credit without cost to the
and $94,000,000 at all reporting member banks.
order the use of alien property for the benefit' of the
Government, and thus could save the taxpayer from $2,Holdings of Treasury bills increased $28,000,000 in the
United States, thereby permitting the control, sale, or
500,000,000 to $4,000,000,000 a year in interest charges
Chicago district and $5,000,000 at all reporting member
other disposition of some $7,000,000,000 of frozen alienand pay the anticipated $100,000,000,000 war debt in 40
owned property.
banks, and declined $37,000,000 in New York City. Hold¬
*'*':■5;"■'//Y^Y'''''^//*;''''
/years.
"The banks now have loaned approximately $10
In a recent radio address urging a vast, united effort
ings of Treasury notes declined $26,000,000 in the Cleve-1
to every $1 of their. capital and assets," he asserted.
land district and at all reporting member banks.
Hold¬
to outstrip the Axis in production, Wendell L. Willkie
following will be found the
In the
,
...
■
*
*
'
-
'
Y
*
Y
Y
.;Y;Y
,
,
bonds increased in all
being $118,000,000 in
Cleveland district and
ings of United.States Government
districts, the principal increases
New York City, $67,000,000 in the
$66,000,000 in the Chicago
said
district.
'•
\'
V
"Assets—
'
...
Commercial, >
and
trial
Ojpen market paper
Loans to brokers and
544,000,000
loans
'Other
chasing
5
for
VS.
may
130,000.000
with
+,.
—
5,000.000
30,000,000
5,000,000
—'17,000,000
211,000,000
976,000,000
2,533,000,000
+
,5,000,000
+
2,953,000,000
+
2,000,000
219,000,000
+'* 7,000,000
9,000,000
Reserve banks +,
Cash
in
Balances
vault.
with
—
:banks
.
+101,000,000
37,000,000
3,389,000,000
-
24,060,000,000 •; —622,000,000
justed
Time
deposits
U.
Gov't
8.
—4;701, ooo, ooo
+
23,000,000
deposits—ad¬
Interbank
1,365,000,000
deposits—
deposits:
Domestic
5,374,000,000 /
...
—-
+
30,000,000
571,000,000
.
+1,781,000,000
31,000,000
+
889,000,000
—
/C
9,229,000,000'
banks
659,000,000
/Foreign banks_.__i__
—
+
55,000,000
1,000,000
+
257,000,000
X
9,000,000
for
"(B) Amount to be distributed/ following the sale or
winding up of companies or the dissolution of partner¬
ships.
•
"(C) Legacies and similar payments.
r
"(D) Capital payments arising out of settlements,
and
-';//' yy; YY/y /Y;Yy •// Y-'';/A/'.
-YY+v;;..;y
American
markets.
slight improvement this week, but the supply is
still very light and the market has been quiet.
Dealers'
rates as reported by the Federal Reserve Bank of New
York for bills up to and including 90 days are Vi% bid
some
;
f
is
since
seen
in the pending
foreign
traders
floors for export goods
<
..."
the National Foreign recently, that present methods of'
procurement under the lend-lease program fail to util¬
ize the selling and distribution machinery built up by
American exporters during the past hundred years, and >
Eugene P. Thomas, President of
Trade Council, stated
urged that the lend-lease program should not be per¬
mitted to disrupt the processes and machinery which
have created an American export trade
of approxi¬
,
Mr. Thomas pointed out
mately $5,000,000,000 a year.
procurement system tends not only to '
divert foreign purchases from established Americari Y;;
agencies,, but to deprive the British Purchasing Com-;
missions of their associations with American manufac¬
that the present
in the- ordinary- 'course;' of
!
imported for sale
--trade:"/;^
holders of the
British
-
tion,
"(E) Proceeds of the sale of real estate, furniture,
pictures, jewelry or other movable assets situated in
prime bankers' acceptances has shown
price control legisla-/
assert that either ceilings
would make it impossible for
exporters Jo compete successfully in world";
business
or
a -
'the United Kingdom other than goods
The market for
•
strategic materials, exports have been routed largely
through United States" and British Government agen-'
cies^
Another serious "threat to United States export
accounts
cashing before maturity... This / does not
apply to national savings certificates, 3%. defense bonds,
or treasury bills issued by the British Government.
thereof
1,000,000
2,000,000
Borrowings
blocked
to
U(A) Sterling proceeds of securities drawn iorVre-/
or
maturing after the date • of notice from
the
Bank of England, or surrendered
after the date
Y/f,
Liabilities-r-
Demand
income, is available to him through,
payment
domestic
■
as
./
-
9,972,000,000 ' —631,000,000
+ ; 5,000.000
600,000,000
be Y
due
to 'war
restrictions,
private exporting,
agencies may be forced out of business unless some
licensing system is provided under which the exporters
would be permitted to handle military and lend-lease
shipments. / While the established foreign trade agen¬
cies
handle
much of the
Government's imports of
The items which may be credited
covering payments to non¬
residents of Grept Britain arid which are therefore not
realizable for Federal income tax purposes, are listed as: /
1,802,000,000
3,658,000,000
can
ports
non-resident of the United Kingdom
blocked account " is -"by conversion
permission into specified governmental; securities
which such non-resident may. receive interest in
only
Federal
with
a
on. a
respect to this item."
217,000,000
26,000,000
355,000,000
439,000,000
8,757,000,000
securities
Reserve
way
realize
lished by the British Treasury.
The Official rate would
also apply to conversion of British income tax paid with
*
+>] 2,000,000
000,000,000."
registered account at the official exchanger rate estab¬
42,000,000
4,000,000
—.
1,955,000,000
:
X
notes
only
from
14,000,000
—
45,000,000
Obligations guaranteed
by U. S. Gov't.Other
1,768,000,000
+
1,258,000,000
banks
bonds,...
S.
+
sterling which,
loans__
--Other
,.94;000,000
x 8,000.000
-41 -6,000,000
425,000,000
Treasury bins
Treasury
2,088,000,000
pur-
"Real estate loans____
to
4,774,000,000
+
carry¬
or
ing .securities
•Loans
+
172,000,000
+
V
433,000,000
dealers in securities
..
415,000,000
the
6,769,000,000
tural loans
..
;
+
Indus- ;
agricul-
national debt
-
+
30,306,000,000
11,429,000,000
—total
our
.
,
Dec. 18, 1940
Dec. 10, 1941' ;
*
and
<
v
Loans—total
.
1941
prevented
effort, he asserted.
OPM Research Chief Stacy y Extension of export control to all goods leaving the
country became effective on Dee. 23.
As in the. case of Y
May pointed out recently that the tinited "States spent
the 80% previously subject to control by the Economic
$16,000,000,00,0 or 17% of its $92,000,000,000 income in
Defense Board, now the Economic Warfare Board, li¬
1941 on the war, while Britain spent 60% of a national
censes Will be issued for most of the new items affected.
income of only $24,000,000,000.
He said this country
As these are of little strategic importance, they will
could spend $45,000,000,000 a year without strain. '
'/
Under- a'Treasury /Department
ruling-issued on. probably be covered by short-range'general licenses,,1
permitting their shipment to Canada, Great Britain and
•
Dec. 18 income from British "blocked accounts" .is- not;
Northern
Ireland, ;Newfoundland,Iceland, and Y the ;
includable in the income of an American taxpayer un¬
Philippine Islands, indicated respectively by the sym- less it is
actually realized./ Where income, has / been
bol G 1,- 2, 47, 62, and 63.
Commodities issued under
realized from a blocked account, the tax is computed .at
a/general long-range license are designated by the
the official sterling exchange rate prevailing at the
symbol G 1 to 81 and may be shipped wherever United
date of the transaction.
The ruling of the Bureau of
States exports are allowed to go;
Materials or products
Internal Revenue stated that blocked accounts were es¬
. •
tablished on Nov. 23,;, 1940., It is explained that ex- i of vital strategic importance require individual licenses.
With .'the progressive elimination of non-military ex-. >
cept by special permission from the Bank of England, ,
investments
and
Loans
•
Dec. 17,
be
can
paid without too burdensome taxes if Congress will
compel the use of idle gold to finance the extra $100,-
man
Increase (+) or Decrease(—)
* : Since ' " '
Since
-v.;
*
I*
-
Y
tion
1941, including food, new facilities, and quarter¬
master supplies,
are only $12,500,000,000,
arid actual
fighting materials represent only one-fifth of the Ger¬
•
\;v
; :
'
'
$1, through the purchase of government bonds, and
collect tribute from the Government? .Infla¬
thereby
tures in
district and $55,000,000
;
-;YY:V
assets and liabilities of i
reporting member banks together with changes for the
week and the year ended Dec. 17, 1941, follows:
.
to
$30,000,000,000 a year on war weapons, against an
annual expenditure of about $20,000,000*000 by Great Bri- '
tain and her dominions. Total United States wai expendi¬
deposits-adjusted declined $397,000,000 in
New York City, $71,000,000 in the Chicago district, $40,000,000 in the Philadelphia district and $622,000,000 at
all reporting member banks.
United States Government
deposits increased $361,000,000 in New York City and
$571,000,000 at all repotting member banks. . {Y Y;+;YY;
-Deposits credited to domestic banks declined $27,000,000 in New York City, $25,000,000 in the Richmond dis¬
„
"Why permit them to make loans of $15 to $1, or $30
Germany is spending between $25,000,000,000
and
Demand
trict, $24,000,000 in the Boston
at all reporting member banks.
A summary of the principal
that
<
bonds
j Argentine conversion offer were
turers,. which have,; been of great
affected by the recent
required to elect pay-
mutual benefit in
essential; information/ respecting1- British , *
requirements and American manufacturing
i procedure.
He' noted, that exporters , .are expectingM
'modification of the new export prices on iron and steel /
'providing
I technical
] ment in cash.
The Argentine issues were restricted seI curities and were therefore already registered with the
; Bank
of England, which arranged to. pay for'them jri/
so,as to permit a reasonable margin over the domestic.:
and 7/16%
asked; for bills running for four months,;
bufk, taking over the foreign exchange and crediting
•ceilings for the higher costs on exports due to higher.,
9/16% bid and
asked; for five and six months, %%
the accounts of the bondholders with sterling.-; + + %?,'■.<; (operation costs, credit risks, financing/ demurrage, etc.;
bid and 9/16% asked.
The bill buying rate of the New
S
Japan's entry into the war increased the; British
r
A boom iii South Africari silver mining is reported,
Y
York Reserve Bank is
for bills running from 1 to
[blacklist of enemy firms by 368, bringing to. more than /due to hoarding, which is rapidly absorbing the avail¬
90 days.
.v.; Y Y..■■ ;/;. • Y. Y ■ :Y/Y,/; ■ ■ Yf'Y:,
able supply of minted coins. /Since the Rand refinery
6,000 the number of commercial firms, banks and ship¬
ping companies with which Britons are forbidden to
| produces some 3,000 ounces of silver a day, there is no / ;,i
•
.
!
Course of
market
»
Sterling Exchange
sterling exchange is quiet and the
in dull trading.
The range for
sterling this week has been between $4.03% and $4.03%
for bankers' sight, compared with a range of between
$4.03% and $4.03% last week.
The range"- for cable
transfers has been between $4.03%
and $4.04, com¬
The
free
pOund
steady
of between $4.03V2 and $4.04 a
Y1Y\-'Y' Y;,'/ ;Y: Y '
VY/
Official rates quoted by the Bank of England con¬
pared
week
V
for
is
tinue
with
ago.
range
a
>•
■:
! fe^r
of a shortage of coins,.- ^
Y'-/"i
Y'" Y ;/;:V/ /-t.A •
V':Y;
New Australian taxes, in addition to those provided
Steadily mounting circulation of the Bank of Eng-;.
in November in the record $1,056,136,000 war budget,
land, which rose during the week ended Dec. 17 to £13,have been; adopted to raise an estimated+$79,625,000.;, .. r
1467,000, the largest weekly increase .since the. beginning,
of the war, is ascribed to a combination of seasonal de-;„ i during 1941-42 for the mobilization of the militia and
mand and inadequate public response to Government * ARP services.
Between $150,000,000 and ■ $160,000,000;
I will be spent by Australia because of the war in the
j appeals to save. ;
It is thought that the Government
will soon announce a revised wage policy to curb ex¬
t Pacific.
A war levy of 2 V2C. per dollar is imposed on
cessive spending."
{incomes of :$510 to $975 and- of 5c.;per dollar* on inAccording to the economist,/ John
Maynard Keynes, the total daily income of Britons ex¬ ! comes in jexcess of $975, with a rebate of 16c. a week. /; r
ceeds the value of available consumer goods by £4,000,allowed for wife and child. 'The company tax rate is ;
jdeal./-
/
-
.
000,
unchanged: New York, $4.02%-$4.03%;/ Canada.'
(Canadian official, 90.09c.-90.91c. per United
States
dollar);
Australia,
3.2280-3.2442.
3.2150-3.2280;
"
New
Zealand,
'■
exchange is not quoted on Germany, Italy,
any of the invaded European countries.
Since July
exchange on China and Japan has been suspended
In London
or
26
by Government order.
In New York exchange on China
and Japan was
similarly^ suspended on July 26, but
trading in the Shanghai yuan was resumed under spe¬
cial license on Aug. 4.
The unit has been superseded
the Chungking dollar.
Y
Coordination of the war strategy and
by
productive ef¬
forts, and pooling of resources of the United States,
Britain, Russia, and China is being studied in the AngloAmerican war conversations started this week in Wash¬
„
salaries and other income amount to £16,000,-
as
increaesd
from
15c. to
20c.
per
dollar.; '••" ';/•"• '•*•;• ';'•/•
fv The Canadian - dollar continued ;its downward;trend,;;;;
declining in a thin market from its closing orice of 86.75c
:;
ron Friday last to 86.12c on Wedries^^yi The Dominion, -:; •.
ing the Government at least £2,000,000 a day.Bureau of Statistics reported that Canadian gold pro¬
OPM experts stated on Dec. 19 that Congressional
appropriations,
contract
authorizations,- and / Recon-; duction increased during October to 461,168 ounces; com- + •
struction
*■
Finance
Corporation commitments to date - pared with 445,085. ounces+in*;September-■•and 468.170
ounces in October, 1940.
At 4,466,373 ounces, production ,
bring the total authorized United States war funds to
during the 10 months of 1941 was 1.3% higher than in/
$74,440,000,000.
Owng to our entry into the war, the
.the corresoonding 1940 period...
previous estimate of $10,400,000,000 for^ 1942 construc¬
Elimination of tariff and all other barriers to the free
tion has been raised to about $11,250,000,000, which will,
day, while only £12,000,000 of consumer goods are
available daily.
He urged the people to save by lend¬
000
4.43-4.47
'
a
.
be
expended
entirely for
construction essential to de¬
The war is already costing
the United States 1 1/3 times the current British expendi¬
fense
ture.
or
to health and safety.
At
$63,000,000
a
day,
against Britain's $47,000,-
000, the United States is spending $2,625,000 an "
hour,
flow
of
necessary,
munitions and war
Canada and the United States
as
war
cupolies between
is to be effected as
raoidly.
will continue for the- duration of the . ..
in the interests of maximum soeed and efficiency in output. The Joint War Production Committee of
possible
war,
.
and
THE COMMERCIAL & FINANCIAL CHRONICLE
Volume 154 ! Number 4025
and
Canada
the
statement of
States recommended
7-point
a
Foreign Exchange Rates
policy designed to integrate the resources
productive facilities of the two countries which has
received the approval of President Roosevelt and the ;
and
•
Canadian
cabinet,
war
Z"'Z-Z:'.-;
'/■-/::z/Z-;
'r "■
-
Kenneth
W. Taylor,'
"
RATES CERTIFIED BY FEDERAL RESERVE BANK TO TREASURY UNDER TARIFF ACT OF
FOREIGN EXCHANGE
•'
new
'/other supplies to build up inventories against expected
/ price advances. The real test will come, he said, when
consumer
spending power and demand encounter in¬
creasing supply shortages and rationing, because then
■buying will tend to seek black markets and so relax
price control. In Britain, he said, prosecutions for viola/
tion of rationing and price control regulations are aver/ aging around 3,000 a month, and the Government is
spending-about $10,000,000 a week for losses on con¬
trolled marketing of essential commodities and in sub¬
sidies to keep down consumer prices. Canadian measures
to combat inflation, cited in addition to the price control
method, include the wage and salary ceiling, agricultural
■r
subsidies, industrial priorities and rationing, and curtail¬
ment of public spending power by war taxes, loans and*
savings. Z .;///:///,• ■
!//;V:;;///(//;./, Z/.Z/Z/|;
Montreal funds ranged during the week between a;,
discount of 14%% and a discount of 13 3/16%.
*
* 1
cer¬
now
tifying daily to the Secretary of the Treasury the buying rate for cable transfers in the different countries of the
world, v We give below a record for the week just passed:
-v,.-,;.;
v-..:
,
'
'
and Control
-
of Section! 522 of the Tariff Act of 1930, the Federal-Reserve Bank is
Pursuant to the requirements
Secretary of the Wartime Prices >
Board; said in a recent address that Canada's
price ceiling has already. had • an important effect
in tending to check inflation by easing the previous
/-demand for basic commodities^ and for industrial and/
h
"
United
1679
//A"kZ;/ZZ'V;' ZZ>
'■
:! -../
-
Noon
Unit
and Monetary
>/.Oountry
•2/v;#;.'■/X>,T
1.
';*Z
?»>•:
Buying Rate for Cable Transfers in New York
'v ^V'*Z:.
Z?
;./
Value in United States Money
..
.
Dec. 19
1930'
/...
•/.-•DEC. 19, 1941, TO DEC. 25, 1941, INCLUSIVE
..
Dec. 22
Dec. 20
Dec. 23
Z/
Dec. 23
Dec. 24
-.T
'
'
; EUROPE—
4
Strain
to
the German economy is indicated,
on
recent Department
a
•
'
with
respect
C in
residents
intended to
is
National City Bank of New York.
V
States tariff concessions are on sugar
Cuba
lower import
to
agrees
-
Z
:
•
.
American
Free
New Zealand,
AFRICA
is
Peru
nominal
at
15.75,
ers
.471600
,'
•
of nationals
'
t
f
■
.471600
.471600
3.228000
3.228000
-.471600
.471600
,.
3.228000
3.228000
3.228000
3.215033
3.215033
3.227833
3.980000
3.980000
3.215033
3.980000
.
.!
.
3.215033
3.227833
3.227833
3.980000
3.215033
3.227833
3.980000
.909090
.909090
.909090
.909090
.909090
.867578
.866562
.864609
Z:
.860859
.860892
.205650
—
.205650
.205650
v
.205650
.205650
/
.909090
.909090
.858333
.858750
dollar
.909090
.909090
.909090
.865000
.!
;/.Z;/
;;
.863750
.861875
HOLIDAY
-.Z* j.:
1
I
1
1
I
1
1
1
1
1
1
1
.297733*
1
-
»•—
.297733*
.237044*
.
.297733*
.297733*
.237044*
,297733*
.237044*
—i-
.237044*
.237044*
,060575*
—--
Export
Colombia,
.060575*
.060575*
.060575*
.051335*
.051360*
.051335*
.051335*
'
peso—«
Official • u.
..
.060575*
.051335*
Z. Official \ —i.——
§
—
I
1
1
i
i
!
1
1
i
1
§
*
.569850*
.569850*
♦
t No
available.
rates
§ Temporarily
'
■;
.569800*
.658300*
.
if, ;^x
"5
.658300*
.529000*
.529000*
,
.529000*
omitted.
.569800*
.653300*
■
.658300*
.529000*.
-
rate,
Nominal
.
,529000*
/
.658300*
——
Non-controlled
s' '
.56985C*
'
..
Controlled
is/-,
§
§
§
«
peso
§
Uruguay, pes?
<
,
HOLIDAY
y/-,•■
Weekly Return of the Member Banks of Hie Federal Reserve System
c/-v
ing the principal items of resources and liabilities of the reporting
which weekly returns are obtained.
These figures, are always a
themselves*
"ASSETS
*
The
OF WEEKLY REPORTING MEMBER
AND LIABILITIES
BANKS IN 101 LEADING CITIES BY DISTRICTS ON DECEMBER 17, 1941
(In Millions of
New
Federal
:
Total
Districts-
Reserve
Boston
and
York
Dollars)
Richmond
lanta
2,369
delphia
912
822
i
1,412
13,364
11,429
—-
806
4,235
559
886
333
427
6,769
437
2,759
296
430
163
433
103
107
41
30
18
544
25
383
30
17
4
7
Indus,
and agricul.
loans
paper
brokers and dealers in secur
for purch.
or
Other loans:
.425
Obligations'
guar.,
—
Balances
Other
186
2
39
696
2,664
471
439
369
1,167
954
293
150
300
256
508
47
22
2
28
2
26
5
2
11
6
11
14
38
16
33
23
/, 388
197
$
%
'
assets—net
144
.60
:
1
1171
560
110
204
~89
138
79
100
"93
C8
14
30
15
29
>•273:
16
10
30
51
43
16
48
43
74
Z: 64
1,730
205
88
52
436
805
292
140
1,381
231
142
121
131
843
104
•-
262
174
113
64
304
67
"33
89
Z: 40
171
'
:
109
1,592
268
269
66
110
Z 559
114
447
•
4,996
494
750
302
196
1,446
242
130
31
64
30
18
92
15
234
211
357
246
244
691
54
67
147
,
*
188
3,389
69
.1,162
69
31
3,801
600
j—
.
2
1
1,623
9,972
10
'
37
.51.
383
48
■
3,658
— —
59
6
4-
56
•
2,953
Govt
.1/51.
146
?
434
2,533
vault—i_i——
with domestic banks
in
50
,8,757
—
Reserve with
Cash
32
192
976
—
—-——
by U. S.
195
78
1,955
—
securities
j-.
••
Federal Reserve Banks
Other
15
45
—.1—
bfllfl --il—
Treasury notes. —
United States bonds.—
•
883
1,426
13
18
1,258
carrying securs.
Real estate;loans-:-.—-———-—
Loans to banks
--—
Treasury
Mexican
$
276
7
to
loans
San
Dallas Fr'iseo
520
223
market
Other
City
$
Loans
-
apolis
942
4,205
Open
Commercial
Mne.- Kansas
Louis
Chicago
$
$
1,517
30,306
-
Loans—rtotal
-
St.
At-
land
Cleve-
'
investments—total—;
-
Phila-
$
ASSETS—
Loans
Chilean exchange
15.75.
Board of Governors of the Federal Reserve System, giv-.
member banks in 101 leading cities from •
week behind those for the Reserve banks/
Following is the weekly statement issued by the
of
46
87
73
387
126
62
340
239
189
560
8
16
15
201
93
281
317
326
22
.15
19
32
291
'
43
111;
34
LIABILITIES—
Demand
Time
5,374
States Government
deposits-
Inter-tbank, deppsits:Z/-,:,
Domestic
-
24,060
deposits—adjusted—
deposits
United
Foreign
v
l.__
/i!•;?/, •:
1,486
222
1,365 Z
346
1,867
716
242
"-735
204
58
46
417
1,103
769
,
.
.35
..
3,710
458
545
599
6
3,439
618
365
656
632
'1,485
192
998
188
109
138
133
1,110
59
-|171
28
2
30
43
559
>.
404
2
20
659
1,245
10,992
'16.:.'-
9,229
banks
banks
Borrowings —
Other, liabilities
:
2
1,427
481
197
1
9.
r
497
___
108
407
340 1
1
19
—
2
:
•
'• T
—------
814
25
277
16
"25
47
19
24
7
""9
4
3,926
252
1,661
219
395
106
99
433
100
64
112
1
——
Capital' accounts
j
354
392
93
on
tion
ited
Bank
of
since the
-
Successive extensions have been
original arrangement of July 14,
1937,/
and should not be confused with the stabilization agree¬
ment made earlier this year.; / ;/</.
Public. CircularfNo.' 8Af :issued-^on Dec. 21, authorizes
Japanese nationals to pay taxes and fees to the Federal
and State Governments, to deposit their funds in blocked
accounts in
banks, and to engage in certain other lim-
..
concern
for
-of-1943.Z On Dec. 2 of
the
New
On
Dec.
23
the
State
Superintendent
of
authorized to carry out the settlement agree¬
paying by Dec. 29 $4,428,750 from the funds of
York Agency of the Yokohama Specie Bank,
plus interest of $5,905,000 from Sept. 1 to the date of
payment. A United States Treasury license was issued
for the transfer of the funds, and the balance of the
this year, when a balance of $f>,-
000,000 was still outstanding, the New York Agency of
Specie Bank, as guarantor of the Japan¬
Agency's $17,000,000 available cash will be impounded
the Yokohama
company's payments, offered to settle the claim im¬
mediately for $4,428,750 in cash. The American firm
accepted the offer on Dec.. 5. The Japanese banking
agency was taken over by the State Superintendent of
Banks for -liouidation on Dec. 8, following the declara¬
war.
was
ment by
properties to a Japanese mining$8,175,000, payable in installments by the end
holders, sold its Korean
■"
of
Banks
,
China, under which-it. iias been able to
obtain, dollar, rexchange,- has beem! extended for six
■
.301215"
t
HOLIDAY)
.250187*
.301215
3.227833
Free
concluded
of certain
nominally at 20.70, against 20.70.-
months from Dec. 24.
-
.
.301215
.301215
types of transactions under proper safeguards.
ZZlri/1939,"^ the Oriental Consolidated Mining Co., an
/.-.The United States Treasury's- agreement .with the Cen-Z American firm with many British and American stock¬
Z
-
-
.250187*
i
dollar
■■'Free' '-T—--
or
,made
t
t
*
'
1941,-,
;
I./;///
Brasit milreis—
';
Philippine products exported to the United
States have been suspended for one year from July 1,
tral
i:|
....y.:'U
t
-.
|
•
-
Official
•
•
individual in the continental United States. ••
/United States investments in the -Philippines: are e<i-.
-mated by the Department of Commerce at $156,800,000."
.
.
.250187*
.250187*
•
.301215
Argentina; peso—
•
Washington or delivered to a designated bank, corpora-
Taxes
J-
t
.250187*
£.
'
of United States Government securities, checks and
Ztion,
t
>:
30UTH AMERICA—
in the Philippine Islands will be permitted to/
Z register-any amount with the High Commissioner's office
during the emergency, it was. announced on. Dec. 23;Z
Funds will1 be held Zby the ' Treasury Department 'in
•
..
'
'
I
,'!
•
-r
./ !i<'
—
■tli
t.
>
pound
_I
peso
Official
•currency
'
wt.-S
t
,——
Newfoundland,
Exchange on the Far Eastern, countries is quiet. Own¬
,,
-'r
30 American
on
funds
ag^nst
'
.
'•Z'
'
Z
Mexico,
against 5.17. The Chilean
is quoted nominally at 4.00, against 4.00;
1 peso is quoted
t
•
t
Free
/ is quoted nominally at 5.17,
-.export peso
.
§
t
Official
truck parts, and ae-.
5.20, against 5.20.
,
-.:
_
Free
unofficial or free market peso closed/
against 24.00 on Friday of last week. The Brazil-
ian milreis closed at
.
Z
'Canada, dollar—
The Argentine
at 23.65
r:'/v;v
A
_
t
■
y
NORTH .AMERICA—
•diplomatic relations are placed at about 2,000,000 pesos
in bank reports published' cn Wednesday.
,
-1
>
>
-
t
*
(yuan)
/ Union -of South Africa, pound.
with which Mexico has severed
countries
/belligerent
Frozen
& /■::■.-■■Vt./Z.//:/
: vv Z'-.zv,'::; t.:-z:-:z." :;Z
;zz
V
dinar
Australia, 1 pound—^.
Official U
.
blacklist.
t
■■■••.-
:•/
Z/Z'/Z-sZ/:''ZV:i
.t
.
„
,/■-/
revoked
Mexican iron end
the
V-':'
V
.
Yen —*
Settlements,
Straits
steel exports to Canada are expanding under the stimulus of war requirements, and it* is
thought that oil needs of the; anti-Axis nations will induce the United States to provide the necessary equipment to step up Mexican oil production.
Revival of
confidence in Mexican investment opportunities is indi¬
cated by the fact that more than half the Mexican
.capital lodged in United- States banks some years ago
has returned to Mexico,-it was asserted recently by.Sal-,
vador tJgarte, President, of the Banco de Comercio bf
Mexico City. Nearlv; 400 Axis firms in Mexico are on
,
/ZZZ/
t
:ZZZ:
t
•
■
AUSTRALASIA—
Italian,
'
t
t
^British);, rupee
Japan,
;v
;'Zv;ZrZ-1
t
/
r
4.035000
HOLIDAY!
and tobacco, while
duties
products, including automobile and,
cessories, tires and tubes.'
•»
:;: ;
4.035000
t
...
t
■
—
Chefoo dollar
India
The principal United
import duties by both countries.
•
'■
;
t
4.035000
t
.
>.
Kong, dollar
Hong
'
Z.*v:".;Z
-
t- i-Zr
t
■
_
■>'■
t "
4.035000
:
4 vZZ.Z:
k-v:;.
r,,
••
,
Shanghai dollar (yuan).
China, Tientsin dollar (yuan)
mixed.
reflecting
in recent
peso
;•
.
•■'"•'z'.'
'
t
...
j.
Chile,
showed continued strength,
eurrerfcy shipments from New York banks
•i- months for
hoarding. A new trade agreement
with Cuba on Dec. 23 provides for reduction
Cuban
>
!
',v
China,
"
-
s
4.035000.
..
China, Hankow dollar (yuan)
Exchange on the Latin American countries was
The
'
.■
t
;:Z Z?v/tr//Z//
4.035000
China,
Z
•
'•
.
t
franc
Yugoslavia,
ASIA—
conserve
-
t
v
krona
Switzerland,
dollar exchange available to Denmark for possible future
use
in external debt service.
The fiscal agent is the
;
Z
-
>Z-':Z/'
t
.
4.035000
..
peseta>
Sweden,
Jan. 1. will not be met
it was announced on Wednesday by Henrik Kauffman,
Minister at Washington. Jan. 1 interest will be paid to
holders of bonds other than residents of Denmark. The
Danish
-
•
4.035000
leu
of Denmark, which matures on
of
t
.
t
Z; ■/;'•;v'•■■■:- '. ■ /Z:;.z
^ZZZ Z/zZZt ZvU-ZZZ i
v? :.Z;
Z
,v / .Z:-Z;r::-t>:--^/ZZ; t
' -
"
_
"
„
escudo
Spain,
r;
outstanding licenses governing payment of the Danish »
Government obligations from frozen funds. Because of
war conditions the $30,000,000 6%
loan of the Kingdom,
exclusion
:
44)35000*;
-
pengo
■
Portugal,
of about
Denmark, Secretary Morgenthau on Wednesday
:
Irmnw-zloty
Poland,
issues a week earlier.
to prevent transfers of dollar, exchange to
order
f
>
■
t
Rumania,
...
and Japanese
•
koruna
Netherlands, guilder
according
German,
to
■
•
i".
lira
Norway,"
months.
Trading in all Bulgarian and Hungarian securities has
been suspended by the New York Stock Exchange. Simi¬
taken
Official
Italy,
...
40% to 50% in the last few
was
:
'■'■'/zzzz:-t
pound sterling-n
Hungary,
Z':.
coal, textile, and leather industries
growing raw material shortages with consequent
diminished production are reflected in reduced clothing
and other rations. Slowdowns in Czech factories under
German control are reported to have reduced output by ■>.
action
-
—
Finland, markka
—
France,- ttano'-'-ii.
Germany, xeichsmark
_
Greece,
drachma
Z
and
lar
$
.*•#•' >"•
t
t
4.035000
>:■:
in steel,
costs
$
$ '
-:■/.•
t
'
J: t
•
1,700,000 foreign workers and a million German women,
which is due to the need for reserves to replace the huge*
losses on the Russian front. In addition, rising produc¬
tion
'/S/,;
$
Z'/'/Z'V-
Wj: t
_—_—
■
of Commerce article, by an in¬
creasingly acute labor shortage, despite the use
/
• '
I
i
-
Denmark,' krone
England,
x-i
'
Continental and Other Foreign Exchange
i
.
Belgium, Belga
;.Z: Bulgaria, lev "
r
Czecho-Slovakia,
ese
.
by the United States Government.
The Hong Kong dollar closed
s.
25 5/16
on
at
25 5/16,
against
Friday of last week; Manila at 49.80, against
49.80; Singapore at 47.48, against 47.48; Bombay at 30.35,
against 30.35; and Calcutta at 30.35, against
30.35/
wwwv^ivm*ftuii,
wi»v»lHWM>
n
establishment of
naval and < air bases
equipped so greatly
askance at the,
Commercial Paper Outstanding
military,
Reserve Bank of New
The Federal
33210190
30
standing.
In the
we
29
able.
Oct.
31__.
SO-
rfSept.
___
_______
;
SO
Aug.
Nov.
Oct.
nently
370,500,000
353,900,000
Sept.
.June
Way
31
Apr.
War.
_
___
_
31„_
____
28
Feb.
31
Jan.
Aug.
i
1940
31
Dec.
_
i
209,900,000
30
I
of
without
exist side by side
<could
His message
invasion."
of
fear
peoples
diverse
many
7
also said:
that it will be
Majesty, as it is to
me, that in seeking these great
objectives both Japan and tne
United States should agree to
■Q eliminate any form of military
I
certain
am
clear to your
,
"V./
threat.
that
Stating
'
'y:
;
heavy move¬
the
' Japanese
troops ; into
Indo-China constituted a
of
ment
French
"legitimate threat" to the
of the
Philippines, East
peoples
Indies,
Malaya and Thailand, the Presi¬
declared that "continuance
dent
of such
a
situation is unthinkable."
that withdrawal of
He added
the
would result in
throughout
the whole of the south Pacific and
closed his message with a direct
appeal to the Emperor to help
forces
Japanese
the assurance of peace
"restore traditional
vent further death
amity and pre¬
and destruction
The
of
text
his appeal was
as
follows:
Almost
a
of
President
century
the
States
ago
United
the
Emperor of
extending an
offqr of friendship of the people
of
the
to
addressed
Japan a
message
United
the
States
to
the
people of Japan. That offer was
accepted and in the long period
unbroken peace and friend¬
of
ship which has followed, our
respective nations, through the
virtues
of
their peoples
and
wisdom
of their rulers, - have
prospered and have' substan¬
tially helped humanity.
',.. Only in situations of extra¬
ordinary importance to our two
countries need I address to your
Majesty message on matters of
state.
I feel I should >now so
because of the deep
and
far-reaching
emergency
which appears to be in forma¬
address you
Developments
Pacific
the
are
occurring
area
which
deprive each of our
nations and all humanity of the
beneficial influence of the long
threaten to
peace
tries.
between our
two
coun¬
Those developments con¬
possibilities.
of the United
States, believing in peace and
in. the right of nations to live
and
let
live,
have
eagerly
tain tragic
The
people
watched
tween
the
our
conversations be¬
two
Governments
past months.
We
have hoped for a termination of
the
present
conflict between
Japan and China.
We have
during these
»
or
in favor of any
I
restore
will
agree
attainment of the
had outlined a proposed
basis for agreement between the
two countries.
This proposal as a
basis of negotiation was rejected
by Japan in a note delivered to
the State Department on Dec. 7,
be
after the "treacherous attack upon
year
a
Hull's
your
to enter into
northern French Indo-China for
permitted
the
Japanese
operating
protection
of
troops
which were
China further north.
Spring and Summer
the
Vichy
Government
per¬
mitted further Japanese military
against
this
forces
southern
into
enter
to
French
of
defense
Indo-
I think I am correct in
China.
no attack has been
Indo-China, nor that
has been contemplated.
,
saying that
made upon
any
During the past few weeks it
has
the world
clear to
become
naval
military,
thatJapanese
and air forces have been sent to
numbers
large
in
Indo-China
southern
reasonable doubt on the
other
China
is
not
character.
part of
Indo-
in
concentration
uing
defensive
in
■ -Pyv.
continuing
its
:
,,v*,.■■
/ -
Because these
a
contin¬
this
that
nations
such
create
to
as
con¬
centrations in Indo-China have
reached
such
large proportions
and because they extend now to
the southeast and the southwest
of
the
peninsula, it is
only reasonable that the people
of the Philippines, of the hun¬
dreds of islands of the East In¬
dies, of Malaya and of Thailand
itself
are
asking
themselves
whether these forces of Japan
preparing
make attack in
these
I
many
am
sure
or
intending
one
or
more
fear,
their
i
had
pro¬
that the two governments
(1) a mutual declaration of
policy, to include the principle of
inviolability of territorial integ¬
rity and sovereignty of each and
nations; the principle of non¬
interference in the internal affairs
all
of other countries;
equality,
the principle of
equality
including
ment; and the principle of reliance
Falls
:
department stores
methods
and
and
processes;
multilateral
in
the
Pacific;
-
withdrawal
.
of
and
Indo-China^ giving-un _ot .extra¬
territorial rights in
of
the
China; support
National Chinese Govern¬
Chungking, .and the con¬
clusion of a reciprocal trade pact
between Japan and
the" United
ment of
States.
saying that Japan is ready to ac¬
cept some of the principles, mostly
concerned : with
commerce, „the
note stated that in view of world
.
conditions "it seems only a
utonian
the
note
charged
United
peoples is a legitimate
inasmuch as it involves
peace and their national
States
"interfer¬
ing with Japan's constructive en¬
deavors toward the stabilization
of
East
Asia",
and,
with
other
STOCKS,
;■
+32
'
+34
1940.
SECOND
FEDERAL
unadjusted
Stocks,
seasonally adjusted
Stocks,
Oct.
Nov.
130
-V.;'::
125
112
120
98
113
128r
132
85r
—
109
113
111
'
■
■
.
v
••
■
■
" '
(
•
,
.,
v. ■
• -
7
C.
J.
Capt,
.
-
. .
Again Lower
of the Census, Department of Com¬
Bureau
automobile'financ¬
showed that the dollar volume of retail
merce,
;
automobile financing, announced Dec. 16 by
October figures on
Director
',
'■
Automobile Financing In October
as
109
Revised.
r
of
-
-1041-
Sept.
lOlr
_l_
-
I';
:
101 r
amounted to $106,680,847, an increase
2.5%, as compared with September, 1941, a decrease of 29.8%
compared with October, 1940, and a decrease of 2.8% as com¬
organizations
400
financing
of wholesale
volume
The
1939.
October,
with
pared
$198,874,483, an increase of 122,6%
compared with September, 1941, a decrease of 10.1% as compared
with October, 1940, and an increase of 52.6% as compared with
October, 1941, amounted to
for
October, 1939.
of
end
1941, as
October,
These
$1,435,361,363.
The
nancing for 400 organizations
\
27, 1941 issue of the
"Chronicle," page 1234.
••••'••' •'
in
V
Number
A -in
.f.of
v.
Thousand
j-Dollars
Thousand
'
Dollars
.
Cars
..-
'
Number
:
.Cars
7,
-
1v
Number
in
..■!
,7. ot ,/•;
9,333
October
198,874
______
56,055
a247>214
106,680
Cars
43,427
194.601
50,073
180.052
V;''
67,162;i
v1
Total (10 mos.
Oct,)—, 2,0^3,564
end.
104.078
<
v
^
'•
•
-
-
Oct.)
__
i' 46,586
109,792
89,886
59,524
267,702
.
...
■>
■>'
• ■.
948,832
f
47,730
167,286
177,816
50.268
611,038 1.855.654
518 410
<f„
"
1,192,855 2,804,486 1,129,447
Of this number
RETAIL
800,027 2,167,249
''70.468
Total (10 mos.
o
62,424
627,338
1,194,878
130,331'
> 54,165
■
237,754 , ; 94.316
October
end.
190,031
842,357
210,191
'■
X".
65,309
56,607
.
1,689,182 3,362,127 1,427,365
■
''''
....
Oct.)—
September
60.651
,983,65,7 2,625,823
•'
v- /
'•
(10 mos/
i
•
3,984,30S 4,826,01^ .1,358,485
1940-r-
;
T Dollars
Dollars
*,
250,656
•
in
;
Thousand
°f
Thousand
1941—
September
1
.
Volume
Volume
Volume
*
>
Unclassified Cars
Total
Financing
Year
Used and
New Cars
Volume
: -
.
r-r-Retail Financing (400 Organizations)-
_
Month
v':
iji Octber; figures of automible fi¬
Wholesale
and
$106,680,347, reported for;
financing,
of September, 1941, were published in the
nancing for the month
Nov.
94.5%
accounted for
organizations
presents statistics on wholesale and retail fi-;
below
table
"
*
reported by 214 organizations amounted
214
month by 400 organizations.
that
'
,
automobile receivables outstanding at the
of retail
volume
total
the
"
>'
,
The volume of retail
27.2% were new cars, 72.57c were used cars,
.and 0.3% unclassified.
AUTOMOBILE RECEIVABLES OUTSTANDING END OF
REPORTED BY 214 IDENTICAL ORGANIZATIONS
MONTH
AS
1941
1941
1940
1940
$
$
July
1.542,871,600 1,105,275,234
1,180,906,448
1,208,702,083
876,699,079
February
887,096,773
August
March
1,255,229,506
918,645,709
September
1,493,636.261
1,097,627,143
October
1,435,361,363
1,114,526,350
1,137,469,065
1,166,050,596
January
April
May
June
971,940,670
1,340,696,165
1,432,542,508 1,021,533,732
1,499,983,244 1,063,638,452
——
1,560,029,489 1,116,928,055
November
December
-
of endangering the very
existence of her empire.
It also
powers,
said that the American Govern¬ dominant position it has hitherto
I am sure that your
ment
desires
to
maintain
and occupied not only in China but
Majesty will understand why.
The
strengthen, in .coalition with Great in other areas of ea$t Asia.
the peonle of the United States
its note also charged that the Amerand
other
in
powers,
such
large numbers look Britain
existence.
31
-
,
(
100)
120r
(average
the part
and Great, Britain with
Majesty
average =
daily), unadjusted--—_
(average daily), seasonally adjusted
Sales
Sales
Japanese reply was a flat '-Total
end.
rejection of the proposal and ter¬
mination of negotiations. ; -While '"-'1939
on
+ 13
-
SeptemberxlS!' 114,873" 269.077 '109,961 ; '79,046 ' -■ 5 55,796
v":3 October
1^- 221,252
337,304
151,899
127,113 .
89,475
'
24
;+
■
1940
The
ideal
'6
AND
SALES
(1923-1925
non-aggression. pact
Japanese-; trpopsV.ln, China
.+ 15
+14
November
of
r
§
+
shopping days in November,
25
1941.
•'
+34
+17
.
v;-yreserve district
the prevention
concerning % eco¬
nomic relations, and (2) that va¬
rious
steps
be i taken byv both
countries, among them being, a
principles
+ 32
'
'J,.+ 25
.
'
+ 10
STORE
DEPARTMENT
OF
-" k'
r,.u,
-v;
+ 20
20
-;^/i-+
;
+34
+ 17
'
versies
ful
^
.
shopping days in November,
international conditions by peace¬
five
..;
_
___.
+25
.
♦Apparel stores
♦Subject to possible revision.
to
pacific settlement of contro¬
and for improvement of
and
,,'
-
—
Niagara
24
;
+32
+ 23
+25
INDEXES
?.
+11
■■
35
+
♦All
.'•A+41
39
5
♦Buffalo
Rochester
\ *
23
+
+ 28
21
+
___!
York State
New
.
+41
<
+14
'
+ 23
—
♦Western
7.
'
23
+
13
+26
'
♦Elmira
cooperation
international
upon
-r-,■(
■
Binghamton
of
commercial opportunity and treat¬
-
_
York State
New
"
-
-
+37
12
+18
.
+ 33
+.20 -".(r
+
York State
New
♦Southern
posed
draft
.
8
+
-
Syracuse
Northern
.
+31
i-'-k-
27
+
>■'
,■
.
+
State
u-
+
+
■
+12
'
+ 31
+21
•
17
;
+32
+ 13
+10
•
-
York
New
+ 31
+10
i
+10
-
Mohawk River Valley
ing for
of
will understand that the fear of
all these
note
American
The
reply
the' State
!
Stock on hand
January
:
"
2
+ 22
,s„
_
Albany
;
United
to
directions.
that your
the
+
_..,
Hudson River Valley
Central
of the American
Government to attempt to force
their immediate adoption."
The
-
are
Both
made
and conciliation for
French Indo-China for the com¬
mon
:
Secretary
public by
Department on Dec. 7.
Majesty's Government concluded
an
agreement with the Vichy
Government by which five or
six
thousand
Japanese troops
were
words.
had " taken
•
to
States note and the Japanese
high ob
ago
according
place,"
were
than
States
United
the
to
jectives.
More
Counties
Valley
Poughkeepsie
♦Upper
of this
Nov. 26,
form of military
any
^
.''y'V.
+14
i
River
appeal the United States, in a note
to the Japanese Government- on
This seemed essential to
threat.
the
should
States
and Fairfield
Hudson
Lower
v
*
.
.+4
;
Westchester
de¬
-
-i}\
:
:
Jersey
•
Majesty, as it is to
me, that in seeking these great
objectives both Japan and the
United
.
Prior to the transmittal
clear to your
eliminate
amity., and
struction in the world.
nation.
it
traditional
prevent further death and
and that all
that
certain
am
that
of us, for the sake of the
peoples not ;only of our own
great countries, but for the sake
of humanity in neighboring ter¬
ritories, have a sacred duty to
people would resume commerce
without
distrimination against
corners
tion.
in
lifted for them all,
confident
am
both
many
And
i.n the world."
.
I
-
V-,'
■■
+
New
"Newark
to. your
I am doing, give thought
in this definite emergency to
ways
of
dispelling the dark
diverse peoples could
exist side by side without fear
of
invasion,
that
unbearable
burdens of armaments could be
of
^Northern
Bridgeport
may, as
clouds.
'
/
York City
New
assurance
Majesty at this moment in the
that your Majesty
to Emperor Hirofcito of Japan on Dec. 6, expressed a "fervent hope" for peace and
jvarned that developments in the Pacific area "contain tragic possi¬
bilities." The White House released the text of the message on Dec. 7.
Recalling the "beneficial influence" of the long peace between the
two countries, the President cited as high objectives in the conver¬
sations for peace the hope of the«^
hoped that a peace of the Pa¬
United States for a termination of'
cific could be consummated in
the conflict between Japan and
such a way that nationalities
China and the hope that "nation¬
alities
I
fervent hope
'
—NetSales
area^iv:,^..
myself
1941
Percentage Changes from a Year Ago
throughout the whole
address
v'.'
Second Federal Reserve District
:
of
the
in
result
of peace
Roosevelt, in his last-minute appeal
President
from
forces
would
.
month was 34%
MAJOR LOCALITIES—NOVEMBER,
TRADE BY
•
of the Jap¬
Indo-China
withdrawal
a
of the South Pacific
Japan
Of Appeals To Emperor Hirohito
the
the part
China.
on
Government
anese
'
assurance
same
the
of
Thus
President's Pre-War Proposals To
And Text
the
;
tabulation:
following is the bank's
DEPARTMENT STORE
undertake to ask for
even
;
ago.
year
■"
would
1939
217,900,000 i Dec.
___
...
29
a
The
the Government of Thailand.
234,200,000
238,600,000
233,100,000
226,400,000
219,400,000
31.
above
governments of the East Indies,
the governments of Malaya and
from
assurance
same
)\
:V
V,:
,
Apparel stores' stock on hand at the end of the
obtain
can
we
the
224,100,000
30—.—
that
think
;
in the New York Reserve District reported a
gain of 1% in net sales in November as compared with a .year ago.
withdrawn therefrom.
be
I
November, 1940.
The apparel stores
absolutely no thought
on the part of the United States
of invading Indo-China if every
Japanese soldier or sailor were
244,700,000
232,400,000
-
-
31
329,900,000 July
299,000,000 June
295,000,000 May
274,600,000 Apr.
263,300,000 Mar.
240,700,000 j Feb.
232,400,000 Jan.
31__
July
__________
at the end of
There is
252,400,000
250,700,000
_________
at the end of November were 32% more than
in department stores
bek of dynamite.
a
on
during November as compared with
6%
according to an announcement issued Dec. 17 by the Fed¬
Reserve Bank of New York.
Stocks of merchandise on hand
year ago,
eral
spoken : of above can sit
either
indefinitely or perma¬
to
31
a
the peoples whom I
of
None
231,800,000
;
30
377.700.000
_________
V';/
.
department stores in the Second (New York) Federal
District increased
Reserve
unthink¬
is
have
1940—
387,100,000
__
_______
situation
a
of
Sales
It is clear that a continuance
of such
:
give a compilation of the monthly
$
1941—
Nov.
Federal Reserve District 6% Above Year Ago
constitute; armed- forces
capable to measures of offense.
figures for two years:
r
to
as
■
following table
Department Store'Sales In New York
Ncv.
manned and
York announced on Dec. 15
that reports received by the bank from commercial paper dealers
show a total of $387,100,000 of open market paper
outstanding
on
Nov. 29, 1941.
This amount represents an increase t of 2.5%
over Oct. 31,
1941, when $377,700,000 was outstanding, and an in¬
crease of 67% over Nov. 30, 1940, when there was $231,800,000 out¬
standing.
The Reserve Bank reports that this is the first unin¬
terrupted increase from January to November noted in the bank's
records which 'go back to 1918.
It was also „pointed out that the
commercial paper market has shown marked improvement since
the 1933 low, when on May 31 there was only $60,100,000 out¬
':■■•'
-
Saturday, December 27, 1941
CHRONICLE
THE COMMERCIAL & FINANCIAL
1680
ican proposal ignores Japan's sacrifices in the four years of the
China affair and disparages Ja^an's "honor and prestige."
1681
CHRONICLE
THE COMMERCIAL & FINANCIAL
Number 4025
Volume 154
less than
Crop Report, December, 194
^ ^ United States Declares A Stale Of War
Exists Between It And Germany And Italy
Of The U. S. Department Of Agriculture
General
The
made public
on
production and yield per acre of crops as of Dec. 1.
in part follows:
'
\
Germany was 88 to 0 and
90 to 0 for war with Italy." In the
the United States.
House the vote on the war reso¬
In a brief message to the Congress shortly after noon on Dec. 11,
lution against Germany was 393
98.049
Corn, all (bu.)—.:
55,831
747,507
812,374
39,547
569,417
588,802
671,293
17,191
16,284
178,090
223,572
7, 274,644
(bu.)
spring
2,786
tbu.)
Durum
{
(bu.)—i——
Barley
13,738
150,492
190,093
37,972
1,007,141
1,246,050
14,049
224,970
310,108
358,709
41,149
45H91
3,320,
>
(bu.)
./ 1,788
3,180
1,069
7,564
(bales)_____—
Red
i bu. )_____
seed
127,894
153,968
93,593
12,566
10,976
*13,246
5,595
60,172 •
11,791
11,634
12,661
3,264
8,732
8,582
556
2,051
172
'
963
947
:r
y
167
9,i)8!"
791
.
1,028
1,074
clover seed
345
1,716
dry edible (bags) t—.
Peas, dry field (bu.)______ i-.J 261
802
368
1,904
7 240
•
Beans,
;
364
7
■
7
Tobacco
7,373
1,749,705
796
974
921
378,103
: 357,783
(gals.) —
102
7;
(2 States)
Plums
used
Prunes,
550
(tons)
§10,240
296
251
41
44
33
35
1134,784
§42,066
§40,380
Uttl25,310
§114,391
§54,430
§31,622
1170:
States)
(boxes) —
(5
States)
-
66.6
43.5
■■->.
49.0.
227.3
152.5
165.3
»
■
889
790
975
990
; t8.2
26.1
38.4
1112 885
fl5"033
114.2
"§7,964
2,025
14.9
70.7
§998.9
,
106.7
20.7
22.8
155.4
185.2
125.9
414,607
§13,202
49.6
§13,100
17,362
32.8
§7,501
9,992
41.7
§9,771
13,001
13,146
117,560
112,320
42.1
340.6
23.4
319.3
317.2
42.6
94.9
106.0
731.5
4.0
6,298
7,860
686
773
861
1.1
572
Odt
572
145.9
158.8
§§19,941
§§22,754
23,388
14,060
.9
1.6
•
•
125.1
107.2
95.2
§§14,538
15,368
372.7
431.4
450.8
106.0
100.1
90.3
§~§~8410
§~§~8~684
366.7
331.3
360.5
203.6
307.1
23.1
4,242
4,769
,
>345.2
,
21.4
5,074
13.0
11.2
§~1~2~551
"l~2~053
17.8
12.5
15.5
12.7
76.2
80.0
77.0
60.3
60.1
61.0
§§~12~398
15.9
19.9
16.0
43.8
39.0
555.8
614.6
656.7
183.2
205.0
201.4
§~20~ 2 38
§§24.126
§§"2~4".317
.
§
,
455.3
1,579.6
2,275.8
2.730.2
267.6
§§68,419
§§79,408
67,312
153
167
33.5
878
1,020
1,080
342.9
§§41.701
372.6
409.6
260.6
277.4
2,842.9
1.617.4
1.225.5
3,068.5
1! 113.9
3.9
4.0
35.6
32.0
306.6
321.2
—
crops:
§
■
,
3,270.6
1,689.5
1,679.8
1,379.0
——-
34.8
•'
1,590.8
50,652
49,758
4.7
4.1
§§§§582
596
495
11115.6
177.0
200.2
211.1
§§11,292
§§14,385
§§14,147
337,022
334,171
337,798
(bu.)„
(crates)
only)
——
>
tFor hay and forage, but not included in tame hay.
tBags of 100
§1,000 trees tapped.
§Includes some quantities not harvested
table by States.
ttShort-time average. ??Production includes all
cranes for fresh fruit, juice,
wine, and raisins.
§§Includes some quantities not har¬
vested
§§Short-time average.
££Pounds of oil.
***Excluding crops not harvested,
minor crops, duplicated seed acreages, strawberries and other fruits.
*A11 purnoses.
nounds
•»See
on
Acre
Crop and
Unit—
(bushels)
(bushels)
(bushels)
Wheat, all
Winter
spring
Durum
1930-39
1941
28.4
31.0
13.3
15.3
16.9
14.4
16.5
17.0
10.5
13.0
16.9
9.3
11.1
16.4
23.5
—
—
—
-——
(bushels)"——
(bushels)
Other spring
1940
bushels)
—
>
10.7
13.4
16.9
;
66
372
'
—4—
^___.
520
>-•>' 147
■'■f:
: YY,
143
87-
148
';'■"
;
89
1,915
1,854
YY-*"7Y
vY"-;::.
206
Y
;
223
.
YY
.84 '•'
<
220
.88
-
209
:
.198
2.17
,1.84
..
Y
us
.77
5.56
•'
4.23
Y
191
.
'
3.10
,>V
39.3
>
...
31.9
24.6
v.
the
121
Y
252
42.0
32.3
YY:
'
..
;
136
§105
and forage, but
§Short-time average,
hay
not
unusually
v.
158
-
Y
63.8
4
Representatives
of
United States of America
the
■
Y.
included
§ Pounds
favorable
127>YYv
>•
'
of
'■
145
<121
67.0
71.8
in
tame
of
the
hay.
ment
of
thus?
been
United
the
between
war
and the Govern¬
States
Germany
has
which
thrust
upon"
is
States
the
for¬
hereby
mally declared; and the Presi¬
dent is hereby authorized and
directed to employ the entire
naval and military forces of the
Government to carry on
against the Government of
war
and,
Germany;
conflict
to
the
bring
to
termi¬
successful
a
nation, all of the resources of
the country are hereby pledged
by the Congress of the United
States.
In
'y'y
his
gress
brief
message
to
'
Con¬
asking for,the war declara¬
President
tions,
that
marked
there been
Roosevelt
re¬
has
before
"never
greater challenge to
liberty ; and
civilization;'*
adding that united effort by all
peoples
determined
to
remain
free "will insure a world victory
of the forces of justicfe and of
righteousness over the forces of
savagery and barbarism."
a
?Total
oil.
The
1941
for crop production,
fairly good in practically all parts of the country except
Gulf Coast region, in South Carolina and in some
the
of
text
President's
follows:
message
To the Congress of the United
States:
the
,
the
On
morning
Government
of
,
Dec.
11
of
Germany,
of world
conquest, declared war against
pursuing
jts
course
the United States.
Western
smaller
scattered
South
including southeastern Nebraska, south¬
and northern New York.
Wheat, averag¬
areas,
Dakota,
ing 16.9 bushels per acre, seems to be the only important crop that
set a new high record of yield this year but this year's yields of
tobacco, potatoes, sugar beets, beans and soybeans have been
exceeded only once or twice in the last 70 years and the yields of
corn,
oats, barley, grain sorghums, rye, buckwheat, flaxseed, cotton, hay
peanuts were at levels reached only in unusually favorable
seasons.
Rice- was about the only important field crop showing
and
acre.
used for the 46 principal field crops
was about the same as in 1940 but the acreage lost from crop fail¬
ure
was the lowest in more than 10 years.
This left for harvest
about 338 million acres, 1%
more than were harvested in
1940
but still 7% below the peak of 364 million acres harvested in 1932
when the crops included 24 million more acres of corn and 14 million
more
acres of cotton than in
1941. Notwithstanding the smaller
y
and
Senate
the
by
of
6.00 life,
:'•'?'•••*.
286
263
§41.5
—
74
v
'
270
■
110
was
112
•■,•■ 193
■
227
,
6,000
V
2.58
66
1.46
Y
a
■
110
record, averaging 2% above yields secured in 1940 and 21% above
1923-32 or predrought average.
Yields appear to have been
least
Resolved
House
315
the
in
America:
of
Therefore, be it
of the
271
\
v2.31
■
77
*Y
1941
States
United States and the resources
primarily because of above-normal rainfall in the western half of
the country where low rainfall limited crop production during much
of the 1930-39 period.
Crop yields per acre were the highest on
The
acreage
acreage
in
these
planted
or
intensively
cultivated
crops,
the
exceptionally
high level of crop yields per acre this season resulted in a nearrecord volume of
crop production, * about
11% in excess of the
predrought level. In comparison, aggregate production
8% above the predrought level and in the highest
year (1937), production was 12.6% above that level.
>
Present estimates of crop production in 1940 include revisions
made after compilation of available records on' crop movements,
marketing and processing.
The estimates for 1941, unlike those
(Continued on Page 1682)
1923-32
last
Average
Horn, all
year
the
and
358
'
,
4,800
"
•
Acreage And Production Of Crops,
The
317
1,500
—
tFor
purposes.
(uncleaned).
footnote
-Yield per
All
*A11
against the Government
people of the United
war
108
•
309
116
——
—
below-average yield per
*
r
Y
at
8~039
.
Y
9.05
368
,
125
Y'V
1
___
(crates)
eastern
market (21 crops) —
processing (11 crops)
Garlic (sacks) ___
Total, 46 crops^*
■
1,102.2
§~§~4~783
>
5,345
3.6
Strawberries
:"Y?.
92
(bushels)
6.72
'
-•.'■Y-i*.
103
272
>
7.01
8.94
4,740
;
7.18
>
6.58
vYY
255
(tars)
169
!''YY:Y
6.83
.
358
(bushels)—
_____14—
equivalent sugar per tree.
4^609
,
§"§4480
3.9
160.0
8,900
^
148.6
41.9
671.6
427.9
136.8
45.4
:
Y
450.9,
23.0
177
5.70
>.Y 121
____
85
1.72
.
6.56
•
_—
138,000
31.5
-
126.0
—
For
Strawberries
175
Peppermint (pounds)§
Potatoes, early (bushels) __^
Shallots (Louisiana only) (bushels)
17,747
35.9
91
•:
5.92
,
1,245
-
1.84
85
2.12
._!—
•
of
Germany has formally declared
state
56
71
1.52
;i',
_l__4_a___•—__a
(sacks)
the same.
Government
the
Whereas
United
.96
i,i24.
Y
222
(crates)
(sacks)
and making pro¬
vision to prosecute
95
,
1.10
Yi
64 .-■«
v
Y 1,120
.
—.—
processing (tons)
Garlic
§13,605
47.2
.
344.1
For
(La.
1.18
r,
—
_
__4—4i—
4—
(bushels)
Germany and the Governand
the
people of the
70
'
YY,",.(
;
80
YY 97
86
7.70
Watermelons' (melons)
206.2
128.8
20.4;
'
YY
Y 106
.
for market
For
§1,067.1
v
120.7
—
Peppermint (lbs.)££
Potatoes, early (bu.)
26.4
6.41
Spinach, for market (bushels)
For processing (tons)
Tomatoes, for market (bushels)
§1,273.3
1,124.8
HI,144.3
158.9
1,310.0
44.5
181.7
—
truck
(boxes)
(bushels)
processing (pounds) ———_______
Peppers (bushels) — __4_———
Pimientos for processing (tons) —;
"~2~156
12.8
'
18.7
above
,20.8
For
27.7
!1
i
•
126.4
80.6
(tons)
pickles
Lettuce
*14,81 i
81.7
12.4
29.4
(bu.)
372
1,160
4
_:
state of war
a
ment
11.68
;
.
.
296
1,282
—
(crates)
(crates)
For
Peas,
73.4
processing
market
jbushels);
Germany:
in Congress assembled, that
(tons)
(bushels)
Kale (Virginia only)
38.0
171.0
154.2
(bu.)
processing
v
"V.375
62.0
*2.15
Y>
1,171
Eggplant
53.9
M91.7
'
processing (tons)—
Shallots
700
7,870
7.7
-
.
Watermelons (melons)
Total
:
848
Y.
50.0
—
For
(tons)
of
13.3
Y
21.8
(California only)
kraut
The
joint resolution
the
United States
162.6
YYY:
255
Corn,'Sweet, for market (N. J. only)
•V
*174.6
Eggplant (bu.) ———
Kale (Virginia ortfy) (bu.)_
(crates) —:
—
Onions (sacks) —:
—
Peas, total
—
For market (bu.)
For
61.3
18.9
13.4
*1.88
—
_!
>
market
Celery
86,201
5,698
ll.4
-r
18.9
Lettuce
.
88,426
87.9
23.8 I'¬
.53.9
->11.2
(bu.)
'
•'
131.5
;■„•
11.4
(barrels)
For
743
174.5
•
,
.
Y
247.9
>
——-
——
(pounds),
14,580
17.6
46.5
206.4
24.8
(tons)
' 57.2
names
involved.
'
Carrots
•61.7
*
13.8
•32.5
(crates) *—_——
sweet, total
market, (N. J. only)
Spinach, total ———'.—
For market (bu.)
V For processing (tons)—_
Tomatoes,- total
—
r
:
is
with
948
•
15.6
159.4
T
(crates)
For processing (California only) (tons)
Beans, lima/for market (bushels)
For processing (pounds)
Beans, snap, for market (bushels)
For processing (tons)
Beets, for market (bushels)
For processing (tons) —————
Cabbage, total (tons)
79.3
60.3
12.4,
.
;
—
Cauliflower (crates)
*
•■
83.4
'.Y-'Y:
1,034
18.0
Cantaloups (crates), —a————44
36.6
for
59.6
>
____:
Asparagus, for market
'
(bu.)———
For processing (tons) —
Beets, total
i For market (bu.)——
For processing (tons) —
Cabbage, total (tons)——
:
For market (tons)
i For kraut (tons)
Cantaloups (crates) ——
Pimientos
188
39.6
80.9
■
'
44.9
market
pponers
■
130.9
•
81.0
YYY
832
(pounds)'
Artichokes
Onions
1
For
132.0
"
83.0
.
41,490
580
127.5
129.9 .':■•:
110.1
-
pickles
112.6
iiL-
Italian
exists between the Government
856
*
'•
the
the
for
save
793
794
Commercial Truck Crops:
84,482
17,099
604
10.0
10.6
8.5
•
processing
(Calif,
only)
(tons) —
Beans, lima, total———
For market (bu.) _——
For processing (tons) —
For
YYY 5.5
858
806
For processing (tons)
Cucumbers, for market
only)
For processing (tons)
Cucumbers, total ;
".
For market (bu.) ;
714
_____
18.2
•■':•;■ Y
Y:-Y>v\Y 5.1 1
text
countries
war
22.2
16.2
••
6.4 YY
?
For
for
38
:
43,033
64,676
28
28
>
28
J-
(bu.)
<16.1
iY
the
and
German
Declaring that
,
(pounds)
Cauliflower;
Asparagus, total
For market (crates) j—
Corn,
84,082
24,383
.v.''
8,815'. >.
(boxes)
Celery
§81
Y
>V-M-178
,
(12 States) (lbs.) —
Commercial truck crops—
Carrots
of
901
*
in
the
following
3.31
'•
,
'
232
-
Pecans
For
I
890
14.3
Y
781
(bushels)
For
(Calif.)
total
1.05
of
211.1
16.8
—
too
on
In
The two resolutions were iden¬
tical
2.27
;,YY. 194.1
;Y3.11
:
arrived
vote
to
resolution.
the
both
2.71
*
•,
2.86
3.31
——:
—^
(pounds)
Maple sugar and syrup
Hops
J:48
20
60,283
.
.Y
—
snap,
2.36
•
>:
173.2
\
(pounds)
(bushels)
(bushels)
(pounds)
Broomcorn
163
47
.ail
i'-nT
i?':
States)
.
Beans,
;
—
Sorgo syrup (gallons)
Sugarcane for sugar (tons)
Sugarcane syrup (gallons) —___
Sugar beets (tons)
2,651
I \ 1175 Y'Y
47
(Calif,
47
■; §178
.
(3
(bbls.)
'.
-.112,548
11138
7;
!„
:
t—,
(7 States) (boxes)
Grapefruit (4 States) '.
>
Artichokes,
-
1127,278
112,264
(tons)
*
Potatoes
30,819
Oranges
Y
'
y___
1—
-
1.00
1.16
3.08
—
1.29
1.55
1.98
Sweet potatoes
Tobacco
1.75
,
*
:
(bushels)
Peanuts picked and threshed (pounds)
Velvetbeans*
.93
.81
floor
war
declarations.
1.39
1.48
1.87
._.
on
1.31
•'
—
Cowpeas for peas
2,091
2,680
2,642
"
—
(boxes)
dry field
Peas,
Cranberries
———
(tons)
fresh
.76
(bushels)
(pounds)
(bushels)
•'
1.41
•
1.42
(pounds)
edible
dry
Beans,
§69,610
■t
war
against
declaring
war
against
Japan on Dec. 8, voted "present""
§126,076
1154,356
(3
Cranberries
489
§10,288
"
Lemons
'! 10,090
30
————
dried
Prunes,
.
324
crop?
(tons)
canned (2
Prunes,
18,374
-
811,974
7/.
•
,
States)
-
.
12,292
1.377
•
§10,240
(tons)—,
(12 States) (tons)
Cherries
13,415
5,597
:
§10,288
??
total
Grapes,
1,279,872
11,681
4,218
21,948
757
-
(bu.)
(bu.)
1
11,267
9,284
113
916
,•■
V
•
total
Pears,
1,455,802
4,729
296
——Y*v
——
Peaches, total
63,284
53,811
i
L
-
270
.
815
'
commercial
(bu.)
"
§11,974
———
seed
Timothy seed
1,446
"
137
•f
73.208
.,
1,350 7 1,394,839
190
13,146
ft
197
257
(lbs.)'
Apples,
759
i
1,408.
;
'
'
(tons)———
Maple sugar (lbs.)—;
Maple syrup (gals.)——
(tons)
664
882
1,676
Sugar beets
Hops
1,558,085
370,045
i
clover
Lespedeza seed
8,232
2,153
for
vote
House, Representative Jeannett©
Rankin, Republican of Montana,
who cast the only dissenting vote
235.4
1.32
1.24
./
u—
Sweetclover seed
106,712
V
2,733
•*■■■
r
Red
:
1.16
(tons);_i—
(tons)
(bushels)
clover seed (bushels)
Alsike
6,315
3,439
77,374
1,063,374
18,788
■
2,453
219
(gals.)—_—
Sugarcane for sugar (tons)
Broomcorn
1,219
1,378
252.5
■•»<•
205.4
■
17.3
12.4
11.0
:
Soybeans for beans (bushels) ——————Y
2,040
43.4
—__i—___________
Alfalfa seed
,/827
2,865;
syrup
Sugarcane syrup
tame,
1,970
_i——
—
potatoes (bu.) ■ —1— i■
(lbs.) —,Y_——** ;
Sweet
Sorgo
(tons)
all
3,296
(tons)
(bu.)
Potatoes
all
Hay,
169,251
16,943
t.
Velvetbeans*
Hay,
1527
7,280
: r
9.8
50.9
Sweet sorghumst
4,371
1,490
1,964
1,445-
i
;
Cotton, lint (pounds)
Hay, wild (tons)
35,506
284
5,855:
4,779
2,052
(bu.)__— .71,140
Peanuts picked & threshed- -S'.'-'j
,v" 1,486
(lbs.)
Cowpeas for peas
9.7
:__
•
1,565
139,790
1,240
-
—i____^
6.4
48.4
11,7
986v
I-''.. 13,297
2,085
-
17.9
Y
16.0
__J
(pounds)
1,017
831
;
12.9
>yY 16.7
'
sorghums* (bushels)
39!
1,729
■
Ri/e (bushels)
1,49!
71,975
"\
25.5
12.8
AY:_—
Flaxseed' (bushels)
2,04:
I
333
120
720
•
'483
Soybeans for beans (bu.)__
7
399:
279
361
*
Lespedeza seed (lbs.)—-___
Timothy seed (bu.) _——
1,446
31.0
23.0
11.2
—J——.
Buckwheat (bushels)
ain
35.2
20.6
i'
__x_
^
15,040
12,955,
27.3
:_
(bushels)
opcorn
1941
1940
1930-39
\
r
(bushels)
82,35
9,46!
4,679
'
■
e
94,107
-85^)7<
69.650
•
59,232
56,102
'V
78,733
71,893
'•■,■71,806
!
arley (bushels)
4,892
94,541
7\ 5,890
(bu.)— V;
Sweet clover seed (bu.)—— A-r;
■
54,028
84,253
•
22,376
23,861,
,67,893
(bu.)—______
clover
31,485
65
_____—
all (tons)———.
Hay, all tame (tons) —
Hay, wild (tons)———
Sweet sorghumst (tons) —
Alsike
30,886
54,433
68,133
8,903
49
.
-
31,223
Hay,
Alfalfa seed
10,325
Y
J.' i
,■
V
11,269
45,673
Crop and Unit-—
the
on
German
Average
6,078, Oats
6,493
7,315
•
1,245
»
(tons)
38,472
7
3,202
942
Popcorn ilbs.)
Cottonseed
339
•
389
f
V
3,498
3,210
460
—
Flaxseed (bu.)
—
Rice (bu.) ______—:i—
Grain sorghums*
(bu.) —
Cotton/lint
—Yield per Acre
"
—•____
the
members
some
late
1,176,107
■
Rye (bu.)
Buckwheat
that
232,844
35,393
while
0
to
"long-known and * the long-ex¬ world now are moving toward
against Italy was 399 to 0.
The
pected has thus taken place" and this hemisphere." Acting speed¬
larger
Congressional
war
vote*
warned
that
the
"forces
en¬
ily, the Senate and the House
against Italy was due to the fact
the war resolutions
deavoring to enslave the entire completed
41,800
33,479-
27,598
2,546
3,029
14,162
10,707 *' I" 13,496
_——7'
(bu.i
.
13,956
36,487
(bu.)
Other spring
Oats
945.937
52,980
35,789
16,742
—_
"
All
1941
2,672,541
55,884
(bit.)
Winter
1940
•
39,141
(bu.)
all
Wheat,
2,307,452
2,460,624
1930-39
86,089
86,738
.
that the<^
President Roosevelt said
Average
1941
1940
The vote in the Senate for war
upon
tin thousands)
tin thousands)
1930-39
Crop and Unit—
!
document.
the Italian
to
ture
signed
people of the United States. Congress acted unanimously soon after
with
Germany and Italy had joined its Axis partner, Japan, in the war
The report
—Production-
Acreage Harvested
President
the resolution
as
to Germany at 3:05 p.m. and
one
minute later put his signa¬
exists between the Governments of Germany
war
,
Average
Roosevelt
declared on Dec. 11 that a state of
and Italy and the
The United States formally
of the United States Department
Dec. 18, its report of crop acreage,
Reporting Board
Crop
of Agriculture
hour after receiving
an
the President's request.
or
year
was
The
long-known
and
the
long-expected has thus taken
place. The forces endeavoring
enslave
to
the
entire
moving
hemisphere.
now
Never
before
world
this
toward
are
has
there
been
greater challenge to life, lib¬
erty and civilization.
a
Delay invites greater danger.
Rapid and united effort by all
of the peoples of the world who
determined
are
will
insure
a
the
forces
to
remain
free
of
world
victory of
justice and of
the forces
of savagery and of barbarism,
righteousness
Italy
also
over
has
declared
war
against the United States.
therefore
I
gress to
between
request the Con¬
recognize
a
state of
the United
and
Germany,
war
States and
the
between
United States and Italy.
FRANKLIN D. ROOSEVELT.
The White
!
J
I
4
House, Dec. 11, 1941.
'
'
•
THE COMMERCIAL & FINANCIAL CHRONICLE
1682
should
Strengthening Of Life Insurance Seen
<
As A Major Contribution To Defense
x»
democracy
borner
an
as
the
facing
now
declared, "life insurance,^
integral part of that de¬
willingly
mocracy,
the present emergency,
j- We
canalize off a large volume of
shoulders its full share of the re-
!sponsiblity for its defense."
in that
consideration
capital funds, initially intended
|
for
advanced
already
Suggestions
for
connec¬
part
life
bonds
to
fense
of
public.
the
lease
the
leadership,
agency
and company
thereby
and
system,
agency
to
the whole institution of life insur-
will constitute a major con¬
•ance,
tribution to the defense of democ¬
defense
,
cut down
labor ; for
and
In
effort.
this
these
take.
consideration,
in
connection
posals which
den
It
into
should
we
with
are
with
us
is
facts,
and
the peculiar part we play
press
any
■
pro¬
made to bur¬
additional
taxes.
not
only in times of war
emergency that our rela¬
and
tion
Canada
sympathized with Great
Britain, but went into the war,to
protect her own freedom, A. N.
Mitchell, President of the Canada
Life Assurance Co., Toronto, told
the convention
he
to
the
national
economy
Dec.
on
stated,- Canada,
12.,
Now,
devoting
is
-
of its national income
about 43%
to .its war expenditures and to
supplying Great Britain with ma¬
terials
can
Britain,
at
were
if
longer
no
dollars.. -."We
Hitler
lives
our
subjugated
and
liberties
stake," Mr. Mitchell said.
faced
were
decision.
diate
she
Canadian
that
knew
"We
which
for
pay
we
should
•
'management in general, can make
to
the
strengthening
of
our
will flow
obligations.
we
play a large part in
keeping the price level stable;
An
observing
governmnt
In
addition, "the contribution which
materials,
fashion
de¬
sale
A large
.
public demand for consumption
goods and services and thus re¬
sales
insurance
the
in
funds
Government
,
elements through the salevof
life' insurance, at the same time
making available more premium
dollars for the purchase of Gov¬
ernment bonds to provide phys¬
ical defense materials, and utili¬
6f the
these
of
When this is done
ary
organization
other purposes..
into
clude the
zation
protection, into uses which
serve
.
said Mr. Weidenborner, in¬
combating of inflation¬
tion,
most desirable
is
in
The
with
choice
a
clear-cut
and
completely unanimous,
been at any time
since the slightest evidence of re¬
gret about the choice made."
nor
•
has
there
Various
other
speakers
/
dressed the convention.
<
ad¬
•>•".,v\
racy," he declared.
of
Executives
the
country's
urged on Dec. 12 to oppose
hampering or discour¬
-influences
ad-^
aging private insurance, in an
Douglas S. Freeman,
dress by Dr.
Richmond
"The
of
Editor
Leader," who
News
the life, com¬
told
officials that "when you con¬
pany
combat
to
tinue
that would
influence
every
hamper
discourage
or
private insurance you are not
working for your corporate policyholders only but for your na¬
policy makers also, and for
tional
your
national traditions and your
ideals."
national
Freeman
Dr.
maintained that life insurance has
"in immense, unreal¬
contributed
ized measure" to American prog¬
and
ress
ideals,
to
ence
,cial
the
to
of
preservation
and declared with refer¬
present economic and sothat "change will be
trends
violent
less
revolution
and
will
heretofore
as
in its
blunted
be
are
<
damaged in the fj.elds or in the stacks by
lower than usual.
, ;
its feeding quality is
of hay are very unevenly, distributed this season.
low and prices high in portions of the Atlantic Coast'
On the other hand, supplies are
in parts of California.
and
large and the price low in most of the western half of the coun¬
production of all tame and wild hay combined totaled
tonsj almost as much as in 1940' and above production
The
try.
94 million
in
other
years since 1927.
In addition to hay there was a record
of 15 million tons of sweet sorgo forage or "cane" which is
used as hay in much ,of the Southwest.
This was 2 million tons
crop
than
More
production
iii
million more than
The quantity of grain sorg¬
about 40
and
1940
production in any year prior to 1938.
hum cut for forage was also large. ^
jJS!/y,
The: 1941 fruit crop seems likely-to be the largest yet produced.
Allowing for,; oranges and other citrus fruits that are now on the
trees but will not be picked for some time, but excluding non¬
commercial apples, the total tonnage-of fruit seems likely to be 5%
3%/above the big crops
and 1939.
Larger than average crops of : peaches, pears,
cherries,: plums, figs, and olives have been harvested and
there was about an average crop of commercial apples but there
was. less than the usual production of prunes and apricots.
Citrus
fruit production! is now expected to be only about 3% below the
record tonnage of the 1940-41 crop,, but production is still largely
above production last season but only 2 to
of
1937
grapes,
dependent
on
conditions.
tons
from
freezing
other
or
unfavorably
with large crops of English walnuts, filberts, and pecans more
offsetting an unusually small California almond crop.
age,
than
V. :
possible losses
Combined production of tree nuts is well above aver¬
Commercial; vegetable , production, estimated at vllVz million
was about 7% larger than in any previous year. ^ This favor¬
able
showing
was
due
chiefly
to
the
of
excellent-yields
crops
for canning and processing. vThe total acreage of these was
only just slightly above the former peak (1937) but the produc¬
grown
tion, close to 5 million, tons,, was a million tons greater than in any
and tomatoes, which together are
5/6 of this year's total tonnage for canning or processing, all set
new
records for production as a result of record or near-record
previous year; peas, sweet corn,
.
Crop Deport, December, 194
Of The U. S. Department Of Agriculture
| leading life insurance companies
.were
Supplies
imme¬
was
was so
heavy r&ins that
.
States
we
may
best
promote,
through our investment operations,' the productive effort of
the nation.
We are, after all,
the largest single channel for
savings
accumulation- in" - the
\
country.
4/
Weiden-
Mr.
'
Supplies
how
.
This
source.
eagerly
and
of threats,
gravest
-
Farseeing management in- this
business should be alert as to
Strengthening the life insurance agency system would constitute
With
Mississippi River
the
to national welfare at all times.
,
major contribution" to the defense of democracy, Frank F.
tWeidenborner, Agency Vice-President of The Guardian Life In¬
surance Co. of New York, told the 35th Annual Convention of The
Association of Life Insurance Presidents in New York on Dec. 11.
«
pressed, but also in
stand-in
important relation in regard
an
<"a
-
be
times of peace, for we
Saturday, December 27, 1941
(Continued from Page 1681)
issued during the growing season! from July to
November, are based
in part on the findings of the post-harvest
surveys of acreages,
yields and production on a large number of individual farms. With
the
exception of fruits and
and
1941
cated
the
estimates for «both
1940
have also been adjusted for the results of the 1940 Census
enumeration
earlier
vegetables, the
of
years
by
harvested in
crops
1939.
Estimates
for
1939
and
have not yet been revised to allow for changes indi-
the
Census; present
indications are that the changes in
production will be less than 1% for most major
but may be important in some States and for some of the
estimates
crops
minor
of
years,
part-time
or
all rather favorable
prior to 1938.
' ■
years,
years
seasons,,,
but
exceeded
production
•
••'/
in
.V.,!',.
/
5 The! aggregate production of the six principal grass and clover
seeds sown for hay production was substantially less in 1941 than
in
any
in
any
of the three preceding seasons but still exceeded production
year prior to 1938.
After 3 years of very large supplies a
practiced may be necessary
return to the closer utilization formerly
and there may be some
crop
more
The lespedeza seed
shifting between kinds.
is the second largest that has been harvested and constitutes
than a fourth of the total grass and clover seed produced. Red
clover
prior
above the usual production
The seed production of alfalfa, alsike clover, and
seed, next in tonnage, is much
to
1938.
sweet clover are each close to what was usually produced prior to
for some crops which, during the de-' 1938.
Timothy, less in demand than formerly, shows reduced pro¬
extensively grown for home consumption on duction/Seed supplies for other hay- and pasture plants (most
particularly
crops,
pression
and yield per acre.
In 1941 the-tonnage of vegetables for:
marketing fresh was from 2 to 3% less than in the-three preceding;
acreages
were
subsistence
:
farms.
Between
the
Census
of
.
1935
and
1940, the number of farms enumerated decreased 10.5%, the num¬
ber of farmers repotting that they: had grown potatoes decreased
15% and the number reporting sweetpotatoes decreased 34%.
,' Th 1941 harvest included only small crops of cotton and to¬
which, except, sudan, are sown on smaller acreages) appear quite
generally ample. v The sudan and orchard grass seed crops are
each the largest ,in 10 years.
Crimson clover, formerly largely im¬
of
ported, and -white clover both show large increases over last year
and the highest seed production on record.
: Kentucky bluegrass
slightly below average crops of potatoes and sweet.-: and
redtop seed production was about average.
The production of
potatoes but large production of nearly all other groups of crops.
sorgo or "cane" seed was much larger than in 1940 and appears
Only 5 cotton crops in 30 years, have been smaller but tobacco was
ample.
.
"
'
r
1
•<
^
only moderately below average.
Total grain production was larger
bacco
and
.
-effect if,
within his
initiative
own
his
means, on
and
his
at
own
than
in
other
since
seasons
1920.
New
Corn
high
production records
•sacrifice, the father is encouraged were established for hay and forage as a group, for fruits and for 4;.
Estimates based on season end surveys place the 1941 produc¬
to
carry sufficient
insurance to vegetables other than potatoes and sweetpotatoes.
The list of in¬ tion of corn for ail purposes at 2,672,541,000 bushels, the highest in
make
decent
dividual crops which exceeded previous production totals includes 9 years.provision for his
The 1940 crop was 2,460,624,000 bushels, the 10-year
;family."
barley, grain sorghums, sweet sorghum for forage, beans, soybeans, (1930-39) average 2,307,452,000 bushels.
The estimates of corn
Declaring that a majority of oranges, the principal vegetables grown for canning, carrots, celery production for all purposes include the grain equivalent for silage,
those
best
qualified have
ne¬ and a few other vegetables for fresh market. - The corn crop was forage, pastured and hogged off corn, as well as that husked and
glected government, Francis V. the largest since 1932.
The wheat crop was the largest since the picked for grain.
The production of corn for grain, estimated at
Keesling, President and General big crop of 1919 which was mostly planted "before the Armistice 2,429;054,000 bushels, represents a high percentage, 91% of total
Counsel of the West Coast Life in 1918.
Rice production was probably within 1 or 2% of the record production.
The 1940 grain production of 2,209^583,000 bushels
Insurance Co. of San Francisco, crop. The flaxseed crop was the largest since 1902 and the second
represented 90% of the total; the average is 87%.
urged on Dec. 11 that government largest on record. The peanut crop was smaller than that of last year
/.The total acreage of corn harvested for all purposes in 1941
be the primary concern of every but larger than the crops of other years.
Considering the whole was 86,089,000 acres, the smallest since 1894, when only 80,069,000
citizen.
He expressed the opin¬ range of crops and the supplies on
hand, the outturn of crops this acres were harvested.
The harvested acreage in 1940 was 86,738,ion that there is no substitute for season
appears not only of near-record volume but- rather closely 000
acres, the 10-year average, 98,049,000 acres.
.the party system as a means of apportioned to meet current needs.
:
" '
.7."
The total acreage of corn planted in 1941 was 87,164,000 acres
selecting competent government
When the production of corn, oats, barley and grain sorghums
as
compared with 88,563,000 acres planted in 1940.
Abandonment
officials and called for modifica¬
are
combined, the indicated production of feed grains was about of the planted acreage this year was only 1.2%, the lightest in a
tion of the direct primary system
106.6 million tons.
This is nearly 7% more than production last
decade.-:
■.
.!//.' v.- ■
as
an
aid
toward
that
end.
year and the largest production of feed grains since 1932, yet present
The 1941 yield per harvested acre of 31.0 bushels compares
Speaking on "Moral Hazard in indications are that more than this will
be. utilized and that the
with the 1940 yield per acre of 28.4 bushels, the 10-year average of
Relation to Democracy," he said:
reserve of corn
and oats carried over on farms next summer will
23.5 bushels,:and has been exceeded in the 75 years of record only
"I have found during 40 years of
-
be
!
experience that a majority of our
qualified citizens have ne¬
glected
government—some
be¬
reduced
last
best
they " minimize
cause
because
—
others
think they are too
busy or participation would hurt
business—and - all
because
they
are
they
selfish.
ernment
is
"Consequently,
the
business
gov¬
of poli¬
on
July.
farms
from
the
near-record
total
of 24
million
tons
on
hand
Recent reports indicate about a 10% increase in chickens
and the number of units of grain-consuming livestock
and
poultry fed this winter is expected to be about 6% above the
number in the corresponding period a year ago.
Farmers have
also
been
livestock
ditions
and
a
feeding
much
milk
more
cows
liberally
and
than
probably
in
any
some
other
recent
year.
kinds
As
of
con¬
to favor further increases in livestock and poultry
continuation of liberal feeding, the total increase in feeding
appear
as compared with last season will probably be greater than the in¬
crease in feed production.
which life insurance
The
aggregate hay and forage crop of 1941 was either the
plays in the national economy
largest or one of the largest ever produced.
There was also a large
was described on Dec. 11 by A. J.
tonnage of hay carried over from the big crop of 1940 and the heavy
vMcAndless, President of The Lin¬
coln National Life Insurance Co., growth of feed on western ranges and southwestern wheat pastures
of
Fort Wayne,
Ind.
He pre¬ and the mild weather of November combined to permit a late use
sented the Greetings of the Amer¬ of pastures which has tended to reduce hay requirements to date.
ican Life Convention, of which he The quantity of hay and forage used for feeding during the re¬
also" is
President, at the con¬ mainder of the feeding period will probably be very large if
ticians."
The
^
part
vention of the Association of Life
Insurance
At
Presidents, saying
this
overlook
-
the
stand
*
1
we
:
should
not
the
part which the
business of life insurance plavs
in
,
time
national
in
a
economy.
peculiar position
We
as
medium for savings, since we
tap individual savings at their
a
by the ,1906 yield per acre of 31.7 bushels.
The 1941 season in the Corn Belt was marked
usual variation.
by
more
than the
A good stand, early plantings except in Minnesota,
and Kansas, warm dry weather in late June following
period of wet weather, and clean fields made possible
increased use of mechanized equipment, resulted in excellent
prospects on July 1 over much of the Belt.
The crop made further
improvement through mid-July and pollination was largely com¬
pleted ahead of the drought and heat wave which developed in
late July and continued through the first two weeks of August,
when it was broken by rains and moderating temperatures.
An
Nebraska,
an
by
earlier
an
exception
were
damage.
age
was
more
South Dakota
where the drought and
heat
wave
prolonged and more intense and resulted in irreparable
Coincident with
drought and
heat injury,
from grasshoppers occurred in that State.
By September 1, it was apparent that
severe
dam¬
the large acreage of
hybrid corn; 62% of the Corn
Belt's total, had withstood the
drought and heat remarkably well.
Ample moisture and warm
weather during September favored full development of the late
weather conditions are about average.
The number of units of crop, of which there was a larger acerage than usual in Minnesota,
hay-consuming livestock to be fed, although slightly less than in Nebraska, and Kansas, and enabled it to mature with practically
the winter of 1933-34 appears to be larger than in any other winter no frost damage.
Heavy rains throughout October and most of
since that of 1922-23.
Price conditions also favor the liberal feed¬ November, especially in the central and western part of the Belt,
ing of hay for the average price of hay is close to the lowest on kept the moisture content of corn high and made fields so soft
record in comparison with the prices of cattle, milk and sheep and
that husking operations were seriously hampered.
In Illinois, 35%
wool and it is also low compared with the price of grain.
of the crop was still in the field on Dec. 1.
In Minnesota where
The quantity of hay fed will be .-increased,, also, because a the fall was drier, practically all of the crop had been husked.
large tonnage of hay and sorghum forage produced west of the Over most ,of .the Corn Belt, weather daipage to, forage both i^ the
shock and
on
stalk was much heavier than usual and
the standing
'>
relatively heavier than damage to the grain.
In the
-crop
were
Potomac
'■ ;
•
v
in
Corn
*:"////
.); : ' *;■
silage amounting to 34,026,000 tons was
#
produced on 4,4
production of 34,173,000 tons was
083,000 acres in 1941.
In 1940 a
harvested from 4,671,000 acres.
The
10-year average acreage is
5,202,000 acres, the production, 32,919,000. tons.
The. 1941 forage
acreage of 3,975,000 acres compares with 5,271,000 acres in 1940. *
-
)
considerably above average. >In the area south of the
Ohio Rivers and east of the Mississippi, the entire
history. •'\
*
Wheat
•
spring wheat.
The crop would have been even larger
rains that interfered with harvesting and caused
for excessive
but
losses of matured grain in the winter
.
Great
Pacific
moderate increase
-'V; '»
The production of winter wheat
is estimated at 671,293,000
bushels, not a record crop, but higher than last year's 588,802,000
bushels, and considerably above average* Winter wheat was seeded
last fall on 45,663,000 acres, compared with 43,216,000 acres in the
preceding fall.
With smaller than usual nation wide winter loss
the harvested acreage now stands at 39,547,000 acres, about 10%
above 1940, but only slightly above average.
There was heavy
winter loss of this year's wheat acreage in the Missouri River
States hit by the November freeze, but in other important produce
ing States winter damage was light.
The effects of timely, and
uted
'
more
to the
harvested
in
t
wheat States of the southern
Plains, the northern hard red spring wheat States, and the
northwest.
The much higher than average yields1 contrib¬
heavy production than did the
acreage.
-
■
.
-
distributed
well
rains
everywhere
are
in
evident
than
grain
was lost by excessive rains that delayed harvest in Texas and Okla¬
homa, and there was some curtailment- from early expectations
in yield
and quality in southwestern Kansas and southeastern
Colorado.
Although the heavy plant growth and moisture con-f
ditions
'f there
was
caused
was
no
considerable
advance
to
Steelman,
absence
as
to
Service
Conciliation
States
head the arbitration
panel, voting
President of
Benjamin F. Fairless,
with John L. Lewis,
the union.
States
United
the
of
The
ganization.;/Of the 53,000 miners
working.-}in. the "captive" coal
mines, about 95% had been union
members
arose.
the
before
controversy
/V *
•
/
.
..
;
The steel companies operating
"captive" coal mines affected by
the ruling are: United States Steel
Corp.,: Wheeling Steel Corp., Re-t
public ■ Steel
Corp.,
Bethlehem
Steel Corp., Crucible Steel Corp.;
Youngstown Sheet and Tube Co.,
National • Steel
Corp.
and
the
..
Woodward Coal 'and Iron Co.
decision ;1 also
The
applied
to
the
Co., operators of
Semet-Solvay
bituminous- coal
mines
in
.
West
Coal Co.,
of
commercial
mines in West Virginia, had de¬
clined in advance to be bound by
also
The
Carter
operators
the ruling.
.
*
widespread infestation, and damage from
that
production of all spring wheat is
estimated at 274,644,000
in¬
and
added:
"It
is
be
That
to
the
That decision
tributing
Government
is
to
Board
Arbitrators
of
labor."
Mr.
that in this instance the union is
whose
will
too much
;
judgment, that decision
give great, and renewed
impetus to the closed shop con¬
throughout American
industry and will cause un¬
necessary labor unrest and agi¬
tation,
with
the
consequent
curtailment
of
production of
various materials vitally needed
The only beneficiary
powerful United
of
America*
Workers
membership already
Workers
troversy
is the already
Mine
Mine
Government
In my
will
That decision does not confer
single benefit on the work'ers in the "captive" coal mines.
Their wages, hours or working
conditions are in no way^im-
proved.
The
like the Hitler methods toward
one
evident
United
That would be
cree.
In dissenting from the de¬
of the majority members
•:
>
be¬
compel this 5% to join
the union by Government de¬
Fairless also said:
;
agreement
never
the entire bituminous coal indus¬
the
the
Union.
"further
imposes an
unregulated labor monopoly upon
of
by
legal collective bargain¬
ing, and not of Government
compulsion
on
employers
or
employees.
It is also true that
95% or more of the employees
in these particular mines belong
,
decision
try."
that
true
of the
dissenting opinion, Mri
said,; referring
to the
long-existing open shop principle,
that "there is no possible justifi¬
cation for a change in this basic
labor relationship at a time of
national crisis" and stated that
his
cision
'
the
United
dustries the closed shop is now
in operation.
This is a result
pro¬
Fairless
the
the
of
tween employers and employees
in many plants of various in¬
duction."
In
counter to
States will not order, nor will
Congress pass legislation order¬
ing, a so-called closed shop.' It
by con¬
assuring
to unity and
continuity of maximum coal
runs
ber 17, 1941, when he said:
"I tell you frankly that
grant the union shop in
mines may well serve
emergency
the
the statement publicy made by
President Roosevelt on Novem¬
few
national
violates
ing,
a
freedom
which
the
Congress has taken great pains
to protect.
;
the
.
these
decision
sentatives in collective bargain¬
advantage of the present national
emergency for organizational pur¬
poses."
•
"On
the
contrary," he con¬
tinued, "confining myself to the
narrow
facts of this case, I feel
that
the
freedom of choice by the Amer¬
ican worker of his own repre¬
of its development.
may
violates
a job regardless
membership or non-mem¬
bership in any organization.
'
facts in
other labor disputes, I find no
basis
for
the
charge that the
union here is attempting to take
.
mines
course
Whatever
0
Dr. Steelman, in explaining his
opinion, /pointed
out
that - the
union had already organized 95%
cause of the employees in the "captive"
77;
normal
decision
of
The decision, which the companies had agreed in
accept, was by a two .to one majority, with Dr. John R.
who took a leave of$
—;
:—-Director of the United requesting the union shop in the
apprehension that rust would develops,
relatively "unimportant* ':
work¬
coal
ican worker to
steel companies.
the harvested Virginia.
yield of 17.0 bushels per acre, which is a half bushel higher
the 1940 yield, and well above average. /But much matured
of the
bituminous
fundamental right of the Amer¬
bitrate the "captive" coal mine dispute handed down its decision on
Dec. 7 ruling in favor of the demands of the United Mine Workers
of America (CIO) for a union shop in the mines owned by the major
1941
winter and
the
That
board appointed by , President Roosevelt to ar¬
.
.
in
ers
"Captive" Coal Mines; -Fairless Dissents
President
/"
•
In
The three-man
Steel .'-Corporation, who was the
production of all wheat was 945,937,000 bushels,, the
other member of the board, filed
largest crop since 1919.
The crop was favored by ample moisture
a dissenting opinion.
The ruling
/for seeding the full intended acreage last fall in the principal winter
in favor of a union shop will re->
wheat States by small winter loss in most of the important wheat
quire
about
2,500 .non-union
areas, and by the rare occurrence in the same year of nearly optimum
miners to join the U. M. W, or¬
weather conditions everywhere for growing and maturing of* both
The
braces about 95%
Shop
dustry.
and
time had less than the usual amount
of rainfall but yields and quality, nevertheless, were above aver¬
age.
Aside from frost damage to one-third of the corn acreage in
Wyoming, and to lesser injury in a few other mountain States;
the 1941 season was the best in many years, in some States the best
1683
Mitralion Board Orders Union
Northeast, both yields per acre and quality of the 1941
from planting to harvest
season
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4025
Volume 154
for national defense.
em-
In view of the constitution of
in any year since 1928. This
large crop is the result of the exceedingly high yields, attaining new
high records in some States, produced by ample spring and summer States, but in other areas losses were lighter than a year earlier,
The 1941 yield by States generally was lower than last year but
moisture over all the spring wheat belt. - Even with the very, low
1940 was an unusually favorable season for this crop.
For the
abandonment the harvested acreage' at 16,284,000 was below the
preceding year and below average, v The 16,741,000 acres seeded to Nation, the yield per acfe was 31.0 bushels compared with 35.2 in
1940 and the average of 27.3 bushels. - In the important oats States,
spring wheat in 1941 was less than the 18,248,000 acres seeded in
yields ran 5 to 15 bushels lower than last year, but in the West
1940, partly because ample fall moisture permitted full realization
and South Atlantic States, higher yields were obtained.
■
of winter wheat seeding intentions in the Northwestern States.
As a whole, the crop matured early, before widespread and
The production
of durum wheat is estimated at . 41,800,000
bushels, which has not been equaled
this
Board
of
Arbitration
and
the appointment of its members
by the President of the United
States, that decision is bound to
be considered as the imposition
of
closed
a
shop by Government
action.
In
my
opinion, the Congress
in these days of national emer¬
.
should
change a
alone undertake
However, rust
and a fourth larger than last serious damage resulted from hot, dry weather.
to
long-established
The high yields this year account for and hot weather caught oats in the critical filling stage in some
open shop into a closed shop, or
2,546,000 harvested acreage is .lower of. the West North Central States; resulting in considerable varia¬
a closed shop into an open shop.
than either last
year
or
average.
The harvested yield of 16.4 tion. in quality and test weights. Adverse wet weather conditions
In a statement regarding the
bushels per acre, which is better than 5 bushels above the 1940 yield also interfered with threshing in some areas in North Dakota and
In the Western States decision Mr. Fairless also said: «■'
and 7 bushels higher than average, was heavily influenced by North Minnesota, with some injury to quality. .*
I do not agree with the deci¬
Pakota's record high yield of 17.0 bushels per acre. ; In this case weather conditions were favorable and yields..exceeded those of
last year in all States except California.
sion of the majority of
this
In the Eastern Corn Belt
also, heavy, prolonged rains at harvest curtailed the yield /from
Board of Arbitration and I have
conditions were generally favorable but.yields were not as high
early expectations and materially lowered the quality of the wheat
filed a dissenting opinion.
as
in the exceptionally favorable season of 1940.
That
long exposed to the adverse weather.
/
opinion speaks for itself. How¬
Th production of 232,844,00 bushels of spring wheat other, than .vv:/;■/';
' ;/ /;•//1//'';' Barley
•;/■:ti'v^V%'V.
!:
ever,
I
want - it
understood
durum is nearly a fourth larger than the 1940 crop and well above
/;•/. Production of barley set a new record in 1941. The crop is es¬
that notwithstanding my dissent
the country's 150 million bushel average.
This larger crop was timated at 358,709,000 bushels which exceeds the previous record
taken in my capacity as a mem¬
harvested from 13,738,000 acres, which is down from the 14,162,000 of
328,351,000 bushels produced in 1928. by 30,358,000 bushels. As
ber of this Board of Arbitration,
acres
harvested in 1940, and a little under average. , Both yields a result of increased
acreage harvested and better than average
the "captive" coal mining sub¬
went to the new high level of 16.9 bushels per acre, 3.5 bushel3
yields, production exceeds the 1940 output by almost 16% and is
sidiaries of United States Steel
above the 1940 yield and about 6 bushels above average. > In the
59% larger than the 1930-39 average.
Comparing production with
Corporation, in accordanee with
entire spring wheat belt the rainfall throughout the growing season
1940 in the important North Central States, huge crops in Nebraska,
their acceptance of arbitration
was
right to promote maximum growth.
But continuation of the North Dakota, South Dakota, and Kansas more than offset smaller
in this matter, will make*the
rains through harvesting time, lowered yields below what other¬
crops in Minnesota, Wisconsin, Iowa, Michigan, Illinois, Missouri,
decision here recommended by
wise would have been realized, and damaged quality of the grain* and
.California. '»
'
7'-> ■
VS'S- ';
the majority of the Board ef¬
particularly in North Dakota.
:'
fective in agreements with the
The acreage of barley harvested in 1941 was 14,049,000 acres,
The estimates of wheat production by classes of wheat show which is
United Mine Workers of Amer¬
4% above the previous record of 13,526,000 acres harvested
increases over last year for each of the classes.
The increase is in 1929. The seeding of 15,080,000 acres was slightly larger than
ica.
relatively greatest for hard red spring, next for hard red winter.i the peak acreage sown in 1940.
The union shop was the only
In Minnesota, Iowa, and California
Durum wheat production exceeds last year by about the same rate
the acreage seeded was much less than in 1940.
There were but point involved in the dispute
as the hard red wheats.
Both the hard red and durum wheat pro¬ appreciable increases in other States, particularly in the Great which the Board had been delib¬
duction is approximately one-fourth larger than last year.
White Plains Area. '
/•. y/y/V•
erating since Nov. 26.
Appoint¬
wheat is 6% above last year.
The smallest increase is in soft red
The yield in 1941 was 25.5 bushels per acre, the highest since ment of the Board by the Presi¬
winter, which is only about 3% above last year.
dent and the events leading up to
1928.
This
gency
bushels, which is far above average
year's 33,479,000 bushel crop.
the large crop because the
-
.
,
v
■
.
the 10-year
equal or above
those of
all
leading States except Illinois, Michigan,
Wisconsin, Minnesota, Iowa, Missourj, and California.
In the Great
Plains States, 1941 yields were from 3 to 14 bushels above average.
The 1941 barley crop east of the Rocky Mountains is lower in
quality than the high quality crop of 1940 but is above average.
The-western barley crop is of fair quality but also below that of
last year. - '/>. • .v 1" ' v-. - ■'
"
-
Oats
'y
The production of oats in 1941 of 1,176,107,000 bushels is about
6% less than the 1940 production of 1,246,050,000 bushels but 17%
larger than the 10-year (1930-39) average of 1,007,141,000 bushed
The decline in production, compared with last year is due to sharply
lower yields per acre in the Corn Belt States.
The acreage har¬
vested this year is larger than in 1940 in nearly all of the important
,
,
producing States.
The acreage
<
.
v ;
harvested for grain in 1941 is placed at 37,972,000
.
(1930-39)
compares
average
1940
in
of
with
20;6
23.0 bushels-in
bushels. Yields
Rye
1940
and
the
were
a
'
controversy were detailed in
these columns Nov.
27* page 1248.
agreement giving the UMW
a
union shop in. the
"captive"
mines was signed at Washington
on
Dec.
15 by John L. Lewis,
President
of
the
United Mine
The
Workers
j
(CIO) and Harry Moses,
"captive" coal
head of three large
company subsidiaries of the U. S.
1935 and about 7% over last year's acreage,
The 1941 rye crop of 45,191,000 bushels is 10% larger than the
Steeel Corp,
The agreement will
harvested acreage is 36,487,000. Compared 1940 crop of 41,149,000 bushels and 17% larger than the 10-year
expire March 31, 1943. Associated
with 1940 all major groups of States, except the South Central
(1930-39) average production of 38,472,000 bushels. This year's Press advices Dec. 15 said:
which decreased slightly, show a larger area harvested., In the
crop is not a large one, however, as rye production has equaled or
Today's signing did not in¬
Corn Belt States the increase is between 9 and 10%, the largest for exceeded 50 million bushels in 11 of the last 25 years.
A record
clude
the Tennessee
Coal &
any area but the North Atlantic States increased around 3% and high production of 100,896,000 bushels was obtained in 1922.
Iron Co., a U. S. Steel subsid¬
the South Atlantic States, 8%.
- ■
' *. •';
The area harvested in 1941—3,498,000 acres—is 9% larger than
iary which, officials said, would
The area seeded for harvest in 1941 also was larger than in
in 1940-.
The yield of 12.9 bushels per acre is slightly higher than
sign separately.
the previous year, being estimated at 39,363,000 acres against 37,Mr. Moses is President of the
last year.
•'
;
'
002 000 in 1940.
The acreage not harvested for grain is 3.5% of
H. C. Frick Coke Co., the Na¬
Rye yields were unusually good this year in Indiana, Ohio,
the'seeded acreage compared with 4.3% last year when the acreage
tional Mining Co. and the U. S.
diverted or abandoned also was relatively light.
This season Kentucky, North Dakota, Idaho, Wyoming, Colorado, Utah, WashCoal and Coke Co.
\
(Continued on Page 1684)
■
heavier acreage losses took place in the South Central group of
acres,
The
the largest since
1930-39
average
•
THE COMMERCIAL
1684
bond investments of the 49
companies will approximate $8,199,000,000 or 27.5% of total ad¬
pal
Life Insurance
Company Assets Estimated
At $32,5^0,000,000; 10% Of National Wealth
Total admitted assets of all United States legal reserve life in¬
companies at the end of 1941 were estimated at $32,550,000,-
mitted
assets, at
of
the -end
according
year,
the
to
this
survey.
About two-thirds of this amount,
$5,815,000,000, represents obli¬
000 by Elbert S. Brigham, President of the National Life Insurance gations of the United States Gov¬
Co., of Vermont, in presenting the results of a nation-wide survey ernment;
about
$1,735,000,000
of life insurance investments at the 35th Annual Convention of The bonds of domestic State, county
Association of Life Insurance Presidents in New York on Dec. 12. and municipal governments; and
Mr. Brigham also reported that^
about $642,000,000, bonds of Can¬
net investment earnings of life in¬
roads, public utilities and cer¬ ada and its political subdivisions.
tain industrial enterprises. The In
surance companies dropped from
discussing policy loans, Mr.
a rate of 5.03%
in 1930 to 3.44%
relatively
small
amount
of Brigham said:
stocks
included
is
in 1940.
He based this statement
composed,
At the vend of 1931, policy
for the most part, of guaranteed
on
records of 49 United States
loans represented 16.3% of total
and preferred stock issues.
legal reserve companies having
admitted assets. This ratio was
More than one-quarter is in
92% of the total admitted assets
then on an uptrend which con¬
of all such companies. '
government bonds, principally
tinued through
1932, reaching
domestic obligations of Federal,
In discussing the asset total, the
a
peak of 17.9%/ more than
State and local governments. ' '
speaker said:
: v"
•
'
double the present percentage
Nearly one-fifth is in first
Lately there has been some
of 8.7 at the end of this
surance
apprehension lest these $32,500,000,000
of
assets
represent
economic
of
concentration
a
detrimental to the wel¬
power
fare of our
country.
This
sum,
great though it is, represents but
10%
of
our
total
national
of
10%
claims upon
Are first
wealth.
national wealth
our
a
proportion too great to secure
the
contracts
of:
66,000,000
policyholders? Where
American
is the concentration of economic
when these assets are of
power
such
nature that their
a
practically
have
agers
man¬
no
au¬
the direction of the
thority in
or
year.
;
mortgage
within
real
estate
loans
conservative
a
the
tage
of
Such
loans
This
percen¬
non-farm real estate.
Less
one-tenth
than
loans
sents
within
the
repre-;
policyholders^
to
value
surrender
their policies.
About
one-sixteenth
sents
home
and
,
of
"j
repre¬
branch
decline
has resulted from
repayments, from the passing of
the period of financial distress
among policyholders and from
the practice of banks in making
loans, especially of the larger!
amounts, secured by life insur¬
ance policies.
It should be em¬
phasized that whenever interest
rates
stiffen, many of •these
loans probably will be called by
the banks, and the companies
property
value.
principally on
are
office
property
and real estate ac¬
quired in satisfaction of debt, -i
stand
The
remainder, about onesixteenth,
represents
miscel¬
laneous assets, including cash. ■
Government, State and munici-
ready at all times to meet
the loan requirements of policy¬
holders under the provisions of
their Contracts.
T
y
v
that
meant
10
1931 to 1940, inclusive, the
of
income
investment
net
the
during
all
life
companies was $2,400,000,000 less than it would have
been at the 1930 level, according
to Mr. Brigham, while for 1940
alone, net investment income was
$425,000,000 less than it would
States
United
legal
reserve
insurance
have been at the
The
1930 rate.
for
reduction
income
is
1940
a
nearly equal to the dividends
sum
paid
and
credited to
policyholders
and
is
a
sum
greater by $105,000,000 than was
paid for initial premiums for new
insurance, he stated.
actually
The speaker
cline
the
in
attributed the de¬
rate
of
earnings
on
life company assets to the
of
influx
capital seeking refuge in the
United
States
because
conditions
turbed
exercised
rates
by
•
.
States.
New
rains
expect
reasonably
with
consequent stiffening of interest
rates, once peace has come, but
how effective pressure by the
capital,
in yield
under
very
70%
: ;
Pennsylvania the crop matured and was
favorable conditions.
In 1941 these two
of the United States total.
In the Central
the tobacco to ripen
A
decline
of
prematurely.
29%
about
in the
this year was partially offset by an
acreage
of dark-fired tobacco
increase of about 2% in yield
acre with the result that a dark-fired tobacco crop of about
75,783,000 pounds was produced this season compared with 103,793,pounds in 1940.
Loss of foreign markets and change in domes¬
tic consumption requirements in recent years have contributed to
a definite downward trend in production of dark-fired tobacco, but
per
000
this year's crop
is even smaller than the 1938 crop which was un¬
usually small because of serious wildfire damage.
7;
It is estimated that 357,400 acres of Burley tobacco
of 983
pounds
bacco this
per
acre
In the 1940
season.
'-
with a yield
produced 351,232,000 pounds of Burley to¬
360,800 acres produced 375,-
season
975,000 pounds of Burley tobacco at a yield of 1,042 pounds per
acre,
The 1941 crop made its growth under varied and unusual
conditions.
Much of the acreage was not planted until late in the
spring and this tobacco
grew
The
under rather dry conditions. •
portion of the crop that was planted early was subjected to heavy
and prolonged rains and made quick growth but when the hot, dry
weather came later, the tobacco fired badly and most of it was
harvested early in August.; The tobacco from the early cuttings ap¬
parently cured out fairly light, but the late harvested tobacco made
good weight and the yield per acre for the entire crop is only about
6% less than the 1940 all time high yield of 1,042 pounds per acre.!
7. ; A tobacco crop of 29,822,000 pounds in southern Maryland is in¬
dicated for 1941.
This is a decrease of nearly 9% from the 1940 pro¬
duction and is accounted for by a yield 13% lower
than last season.
of tobacco in Maryland is 5% above that
The 1941 acreage
harvested
The prospects for Maryland tobacco appeared quite
bright early in the season, but declined as the season progressed.
Moisture was plentiful during the early stages of growth but con¬
siderable fertilizer was leached from the soil so that later plants
last
year.
lacked
food
adequate
acreage
for proper development.
of dark air-cured tobacco was 25% less
•
'
than
sult, however, is an indicated current dark
of
compared with
34,150,000
Cotton
cotton
some
reduction
in
1941 was 10,976,000 bales compared
bales ginned in 1940 and 13,246,000 bales the 10year
average.
The indicated lint yield per acre for the
United States of 235.4 pounds compares with 252.5 pounds in 1940
and 205.4 pounds, the 10-year (1930-39) average.
7\
•
> :
with
12,566,000
(1930-39)
Harvested
6.2%
less
than
is estimated at 22,376,000 acres,
23,861,000 acres harvested in 1940.
acreage
the
checks
available
on
potato production.
(Most of the revision was in the 30 late potato States where
the census revealed a further sharp decrease in the number of
This decrease had not been sufficiently
The estimates for the years
;-V",
-r*7 : .,'77"7:77/' between 1934 and 1939 have not been revised, hence the above es¬
y/.ri'7 ;
.iL.' 77;*777'77-' v 77 timates are on a level moderately lower than those previously pub¬
harvesting and caused
and quality.
of
;
and
interfered with
Production
'
*
York
States
ultimate withdrawal of foreign-
refugee
In
produced
said:
may
Central
States
apprehension as to the rates to be
earned by life insurance invest¬
ments in the future, Mr. Brigham
owned
rank growth
,
harvested
ment, and to competition for the
reduced supply of high-grade se¬
curities.
Although
expressing
We
also
of 889
rather
heavy
quick,
of tobacco, followed by hot, dry weather which caused
•
to the
,
It is
of the war.
air-cured tobacco crop
42,518,000 pounds last year and the
10-year average of 41,715,000 pounds.
The record breaking yield
per acre is the result of a combination of factors including unusually
(Continued from Page 1683)
• >
good growing conditions and the fact that farmers growing dark airington, and Oregon, while they were near the 10-year average in cured tobacco this year were probably above the average in ability
most other States.
\
and have farms above average in productivity.
The 1941 rye crop is lower in quality than the 1940 crop par¬
A 1941 cigar tobacco production of 138,280,000 pounds or about
ticularly in the northern States of the North Central area, but com¬ 4% less than in 1940 is estimated on the basis of post-harvest indi¬
pares favorably with the average quality of the crops from 1934
cations.
Weather conditions were above average in most cigar
to 1940.
V'^7777!
/>■';
' ;'V'
tobacco producing sections during the season, and fall weather was
Buckwheat
'■
'■■■■":.7, ■'
favorable for harvesting and curing the crop.
>7
•'
As a result the yield
The 1941
buckwheat crop of
6,070,000 bushels is about 6% per acre this year of 1,365 pounds in well above the 10-year average
of 1,232 pounds although slightly less than the 1940 yield of 1,381
smaller than the 194Q harvest of 6,493,000"bushels, and about 17%
smaller than the
10-year (1930-39) average.
1
'
The 1941 acreage pounds per acre.
was reduced 13%
from the 1940 harvest with over half of the de¬
'7%7>,;:, 77''
Potatoes
"v
7.-';:7
crease taking place in New York.
Potato production in the United States in 1941, estimated at
The yield per acre of 17.9 bushels exceed the 1940 yield of
357,783,000 bushels, was below average and compares unfavorably
16.7 bushels and is about 2 bushels larger than the 10-year average. with the
378,103,000 bushels produced in 1940.
Production in 1939
Yields averaged about 2 bushels above 1940 in the North Atlantic was
341,484,000 bushels.
The estimates for these three years have
States but about one and a half bushels below 1940 in the North been revised to a level based on the 1940 Federal Census and other
money
over
because
t
The 1941
General Crop Report, December, 1941,
Of The U. S. Department Of Agriculture
the? .Govern¬
>
curtailed
sharply
1940, but this was offset somewhat by an all time high dark aircured tobacco yield this year of 954 pounds per acre.
The net re¬
dis¬
of
abroad,
control
of
degree
been
true, however, that this season's flue-cured tobacco yield
pounds per acre is about 13% less than the 1940 yield.
The
low yield per acre appears to have. resulted primarily from
rains in July over much of the flue-cured belt which caused
in
The decline in interest earnings
years,
has
ment
-
affairs of their borrowers?
has
Saturday, December 27, 1941
& FINANCIAL CHRONICLE
which is
Allowing
farms
growing potatoes.
in
reflected
the unrevised estimates.)
lished for this period.
tion is 6%
(1930-39)
year
The revised estimate of 1939 potato
below the estimate previously published.
average
production,
now
produc¬
When the 10-
estimated at 370,045,000
bushels, is revised to a level comparable with the revised estimates
for 1939 and years following, it will probably be about 2% lower.
The estimates which are given subsequently for groups of States
have also been revised on the same basis as described above for
and production.
production between 1940 and 1941 was
the estimated abandonment of 3.8%, the cotton acreage in cul¬
tivation on July 1 is indicated to have been 23,250,000 acres.
The
estimate of abandonment makes allowance for acreage removed
both
by farmers after July 1 for compliance with terms of the Agricul¬
tural Conservation Program.
United States potato crop.
for
acreage
Most of the decrease in
of the
is es¬
timated at 242,217,000 bushels compared with 258,593,000 bushels in
rates low \yill be, we cannot
1940 and 258,389,000 bushels, the 10-year (1930-39) average.
The
During much of the 1941 season, growing conditions were
with any certainty forecast.
favorable in the Mississippi River delta, and in Virginia, North 1941 crop was significantly smaller compared with
1940 in the
The outlook is not promising as
States of Minnesota, North Dakota, Nebraska, Idaho and Colorado
Carolina, Oklahoma, and west Texas.
Yields in these areas were
to
the
volume
of
high-grade
considerably above average, with new record high yields estab¬ where reduced plantings, disease and other adverse seasonal in¬
investments, he added, continu¬ lished for Missouri and Tennessee.
In the area from South Car¬ fluences, together with early September, frost, curtail production.
ing:
olina and Georgia to east and central Texas frequent showers dur¬ The crop was moderately larger in Michigan and Wisconsin, with
Such investments are, in a
In the 3 Eastern late-States
ing the growing season resulted in serious losses from boll weevils. other States showing little change.
sense, the by-product of ven¬
These losses were most severe in South Carolina, Georgia, Florida,
(included with 18 latey smaller crops in New York and Pennsyl¬
ture
capital.
After the suc¬
Louisiana, and east Texas, where yields per acre were much be¬ vania were offset by a Maine crop 3 million bushels larger and the
cessful
ventures
have
been
low average.,
total for the group was 92,961,000 bushels in 1941 compared with
7■
established,
securities of life
An unusually large proportion of the crop in Texas and Okla¬
91,219,000 bushels in 1940 and 98,226,000 bushels, the 10-year average.
Government
to
keep
interest
in the 18 surplus
late States which produce about two-thirds
In this group production in 1941
.
have been is¬
sued.
A system of taxation
which takes
away
the lion's
share of the profits, if the ven¬
ture is successful, and leaves the
insurance
grade
venturer to absorb the losses, if
unsuccessful,
cannot
fail
to
hamper that progress which has
made our country great and to
restrict risk-taking which,
in
turn,
when
successful,
ulti¬
mately has produced satisfac¬
tory outlets for the investment
of life insurance funds.
.
homa, and the Far Western States
In
other States
harvesting
on
Tobacco
The
after-harvest
estimate
combined, places this year's
about 3%
less than
still unharvested
was
that date
of
crop
forecast
was
7,7/ v7
total
admitted
insurance
tioned
reported that the
assets
companies
of
the life
are
appor¬
roughly as follows:
About one-third of this total
is
held
in
corporate securities,
bonds secured by first
on
the property of rail-
chiefly
liens
•
>
tobacco
at
production, all types
1,279,872,000 pounds or only
July 1 this year.
In the 1940
1,455,802,000 pounds of tobacco was produced in this coun¬
try and the 10-year (1930-39) average production is 1,394,839,000
pounds.
The decrease from 1940 is accounted for by a reduction
of about 4% in acreage and of about 8% in yield per acre.
All
classes of tobacco except Maryland tobacco
and cigar wrappers
showed decreases from last year's acreage with dark-fired and
dark-aircured tobacco acreages showing the sharpest percentage
decreases.
However, higher yields were secured by the latter
classes of tobacco whereas all other classes except cigar filler show
lower yields in 1941 than in 1940.
A flue-cured tobacco crop of 650,605,000 pounds is indicated
for this year compared with a crop of 756,563,000 pounds last year
and a 10-year average of 751,348,000 pounds.
The relatively small
size of the current crop is largely due to the fact that normally
about 50% of flue-cured production is exported and this move¬
was
on
season
_
Mr. Brigham
Dec. 1.
on
almost completed.
is placed at 29,935,000
with 33,572,000 bushels in 1940 and 33,089,000
bushels, the 10-year (1930-39) average.
In the Eastern Shore Dis¬
trict of Virginia, Delaware,
and Maryland which last year ac¬
counted for about 40% of the potatoes produced in this group, the
Production in the 7 intermediate States
bushels
crop
about 4 million bushels smaller and below average due
weather which resulted in low acre yields. Yields were also
in this group but were above average
was
to dry
low
compared
in other eastern States
in Missouri and
Kansas.
Production in the 12 6arly States was
maintained at
a
high level
again this year with a crop of 47,317,000 bushels against 48,984,000
bushels in 1940 and 38,929,000 bushels, the 10-year average.
The
yield per acre'in 1941 was lower than in 1940 but the acre¬
harvested was considerably larger.
.
The acreage of potatoes harvested in the United States in 1941
is estimated at 2,733,400 acres compared with 2,865,400 acres in 1940,
2 818,900 acres in 1939 and 3,295,600 acres, the unrevised 10-year
average.
The 1941 yield per acre of 130.9 bushels approximates the
record 1940 yield of 132.0 bushels and compares favorably with the
1939 yield of 121.1 bushels and the 10-year average of 112.6 bushels.
Yield per acre of potatoes in the United States has been on the up
average
age
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4025
Volume 154
trend in recent years as a result of increased use of certified seed and
better growing practices.
The 18 surplus late States
<
10-year average.
1941 potato
Harvest of the
the
of
number
late
to Government investment accounts.
September and October rains made harvest at
th usual date difficult or impossible.
States experiencing this dif¬
ficulty
were
Michigan,
Wisconsin,
North
Dakota,
Nebraska,
Colorado, and Idaho.
Delayed harvest also resulted in some loss
from freezing in the ground and yields on late fields in most' of
these States were curtailed from earlier expectations by the early
—2% Bonds of 1951-55—
Total
Subscriptions
usual.
as
•
»_.
:
"'V
...
1941
sweetpotatoes in
of
Production
- "
'
■
,
',
18%
an
—
,
Allotted
tacked
248,727,950
69,103,850
61,176,950
istence
39,400,700
39,173,000
672,230,950
103,897,250
122,166,450
;
118,588,100
V
19,642,450
19,475,400
existence which China has
car¬
148,225,550
!v:
22,989,850
ried
half
Louis
114,617,300
64,802,350
:
107.621,250
280,768,550
31,363,100
13,135,000
"
—
Invest.
Govt.
153,192,050
10,603,150
12,257,750
1,461,400
84,841,550
Francisco
;■
tween
-
industry in November, 1941, produced
13,724,000 barrels from the mills, and
the month 17,624,000 barrels, according
S. Department of the Interior.
Produc¬
tion and shipments of portland cement in November, 1941, showed
increases of 17.3 and 32.3%, respectively, as compared with No¬
vember, 1940.
Portland cement stocks at mills Were 13.4% lower
Portland cement
barrels, shipped
had in stock at the end of
to the Bureau of Mines, U.
.
4^4:-^4
below are compiled from reports for No¬
the Bureau of Mines from all manufacturing
,
,
following statement of relation of production to capacity
the total output of finished cement is compared with the estimated
In the
•.
the close of November, 1941, and of 160
of November, 1940. *
capacity of 157 plants at
plants at the close
—November
1940
The
The
12
60.1%
W—-- —
month
•
\
64.5%
63.7%
<
;
6,834,400
C
District
Eastern
York
New
&
Stocks at
1940
1941
1940
2,139
2,623
1,015
1,279
3,766
3,319
760
1,768
1,734
1,3.62
1,210
909
TCXflrS "
1
1,615
1,568
1,275
1,626
1,201
*1,443
1,736
1.343
902
1,234
559
917
2,606
2,004
901
1,879 "
1,926
882
754
545
399
866
802
Wyo.
Utah,
&
■
California
&
2,009
802
926
1.765
■'
<4
530
779
1
V, 340
-—
Oregon
2,220
673
563
850
375
224
271
1,898
1,375
325
211
46
32
—
MonW
Idaho
Puerto
937
1,021
648
'—
Colo.,
.
1,518
,
Okla, & I
Kans.,
Nebr.,
.j
942
1,327
1,242
Mo.,
1941
1941
2,829
—
Wis.,
W.
e
/ 1,183
& W. Va.___
Western Pa.
Michigan
end of month
*
—Shipments— r
—Shipments— -~
866
1940
———:
—
;
1,417
:
238
Washington——'
Rico
:
32,
;
—
12,725
•Revised.
v;
.■
:■
.
-;yv
:
;;••
1,716
•1,503
295
599
44
Increase In Active
<j,
577
v..
10,372
14,931 *
20,353
13,724
V;;"
r'-1'
•
•
—Production1940
1941
6,205
.
that according to
Japan is
>•;;
17,624
■■■:
,
|
•
Nov. 30
States
—-
23,069,146
Growing
Cotton
New
All
i; all who
v
'
•
Stocks at
end of month
—Shipments—
T
•
1940
1941
1940
1941
3,893
9,02l
7,984
25,759
24,416
'"
5,041
8,345
-'25,894
"'25,307
10,596
4,907
7,716
"7,456
7,918
—
April
9,915
26,118
-25,988
12,196
14,732
10,829
14,132
,25,348
24,056
13,206
16,048
24,758
22,745
16,109
12,633
-u-t-
-
15,223
'
12,712
August
13,223
13,442
16,687
24,010
22,855
'21,865
16,000
16,345
12,490
12,290
14,018
,17,825
21,549
19,7,32
18,284
19,921
17,561
18,008
•16,417
20,353
17,624
16,115
14,741
13.935 t
16,688 v
15,776
17,833
12,725
14,931
10,372
13,724
13.105
September
October
f—---•
November
December
11,195
-U_—
—--——
•Revised.
J
,•
11
J;,:
644,716
1,814,052
Alabama
Connecticut
ple,
in
New
Hampshire
confident
New
York
South
442
result
314
elimination of the lawless forces
312
against
138,296
•
60,061,408
114,513,204
325,660
295,564
110.972,624
822.072
2,418,344,715
285,918,173
now
ROOSEVELT
D.
The
341
5,629,586
our
the
are
FRANKLIN
380
412
complete
which your effort,
and
305
in
inevitably
efforts of our
individually
cbllectively directed.
'
354
v
894.048
Carolina
the bonds of
traditional friendships and will
442
261,308
exchange
between
the
President of the Philippine Comr
419
320
473
458
—_
other gallant nations
will forge stronger
-
5,768,410
Island
with
mon
the struggle in
engaged in com¬
;/•
228,277,005
958,809,122
:_v
Rhode
are
we
'1,397,217,872
157,880
277.716
Carolina
North
that
which
effort, - and
600,030
;
country's
association
and the great nation
you lead.
I am wholly
my
which
associates
2,804,442
com¬
with you
281
645,684
—
and
the
vanquishing the
enemy and thereafter establish¬
ing a just peace.
I take pride
459
3,142,914
—
Massachusetts
to
of
peo¬
of
3,035,536
3,161,346
Georgia
Maine
it has
as
effort
devotion
cause
mon
146,832.853
;
suc¬
demand
concentrated
intensive
a
courageous
your
832,998,149
1,785,054
will
and
489,216
1-
522.840
——
and
you
to
It will demand of
entering it,
are
demanded
409
7,927,900,233
1,751,623,445
221,832,964
17,413,090
5,011,340
States—17.917,096
England States^.—5,581,714
x
712,088
other States
brought
cessful end.
Average
per spindle
in place
9,901,356,642
a
quickly
or
>
,:
;
monwealth
the
and
President
the United States follows:
of
5,386,592
5,278,574
2,550,338,665
Tennessee
553.096
542,648
242,514
230,186
253,097.474
105,222.504
607.638
.254,636,492
400
just
arrived
from
Baguio, the Summer capital of
548,996
184,116,382
270
the
Virginia
All
636,596
681,550
States__;
other
;
I
434
Philippines,
the
United
States
I
by
country
1
where
was
between
war
declared.
Pledges Are Exchanged By United States
With Great Britain, China and Philippines
■
.
have
when
and
the
Japan
covered
have
was
the
automobile
and
I
happy to report that every¬
the people are loyal to
am
where
-
"r r; 130,292 4
,
;
8,192
,
21,178
23,379
i.'j t.
•Ml?
Department made public in Washington on Dec. 12
exchanged
between
President
Roosevelt
and
King
George VI of Great Britain pledging cooperation and expressing
confidence in victory against the "common enemy."
,
the
On
same
day
(Dec.
12)
the
exchanged between the President
Kai-shek of China and<S>throughout
Manuel D, Quezon, President of
tyranny.
the Philippine Commonwealth.
and
messages
The
exchange
i
people
follows:
•
;*
My thoughts and
out to you and • to
;
prayers
go
the great
peeople of the United States at
this
solemn
moment
in
your
when you have been
treacherously attacked by Ja¬
history
We are proud indeed to
fighting at your side against
We share
pan.
be
11, 1941
;
be
full comrades-in¬
The courage
which
proud
reiterated
empty word.
;;.V;
1941
9,
grave
renewed
assurances
of
The hearts of all
are
deeply touched
fortitude and gallantry
being shown by
your
this present ordeal.
o"e
with you in
ultimate
triumph
FRANKLIN
Dec. 11, 1941
)
i
f
.
)
>
D.
are
at
*aith in the
of
;
neople in
We
our
ideels.
mon
,
1
hour.
Americans
by the
FRANKLIN D. ROOSEVELT
v
am
Philippine people to the United
States
and
to democracy
are
particularly annreciated in this
your
J \
I
the
the devotion and loyalty of the
people have shown in two long
years of war inspires us as we
join the struggle.
The forces
which have plunged the world
in war, however strong, cannot
■•r t
their
MANUEL L. QUEZON
Your
and
overcome
freedoms
arms.
are now
Dec.
most deeply for
Our two na¬
established
inflexible determination
and your confidence that with
God's help the powers of dark¬
your
will
tions
you
message.
of
of democ¬
have
upon us was no
VI,
prevail against the indominitable
strength ; bf free
peonle
fighting in a just cause.
May
God guide us through whatever
trials are yet to come and speed
the day of victory. -
the common enemy.
four
Thank
your
::
caues
given to you
to the effect that you can count
assurance
London:
■;l The President:
I
United
American
because
that
therefore
GEORGE R. I.
His Majesty King George
the
and freedom.
racy
world purged of
: King
President Roosevelt
and
and
the
of
to
devotion to the
■
Dec.
the
i'"
between
and
to
testimony of
to you, to the
gratitude
States
issued the
Generalissimo
Chiang
a
determined
in
Government
also
Department
and
her
by
their
.
ness
130.315
V".
America
stand
State
The
mesages
London, Dec. 10, 1941
-----
.
Total
November
24,210.898
State—
United
'<
10,043
February
Total
.:
•
•
Japan
and
the
conquest in which
major participant.
The struggle cannot be easily
Active Spindle Hrs. for Sept.
Spinning Spindles
In place
Active during
by
movement of
spindle in place by States, are shown in the following statement:
•;
of
aware
of other nations that have been
active, the number of active spindle hours, and the average hours
'!>
,
predatory neighbor ^
a
menaced
October, 22,963,944 for September* 23,029,666 for August, 23,028,082
July, 22,994,980 for June, and 22,685,622 for November, 1940.
per
a
invading
country's
sympathy
in
principle and in practice. China
is now being joined in her re! v.sistance to aggression by a host
for
George
'
January
May
and
of
this
preliminary figures 24,210,898 cotton spinning spindles were in place
in the United States on Nov. 30, 1941* of which 23,069,146 were oper¬
ated at some time during the month, compared with 23,043,310 for
2
SHIPMENTS AND STOCKS OF FINISHED PORTLAND CEMENT, BY
MONTHS, IN 1940 AND 1941 (IN THOUSANDS OF BARRELS)
March-
four
against : the
force? of
Spindles In November
The Bureau of the Census announced Dec. 19,
-
1,229
1
-
PRODUCTION
•
struggle
..
HI., Ind. & Ky
——
Va„ Tenn., Ala., Ga., La., & Fla.
Eastern Mo., Ia., Minn. & S. Dak.
Ohio,
62.5%
2,482
;
& Md.~—
Maine
J.
N.
Pa.,
for
on
years
1,035,600
$1,069,702,800
$6,979,193,950
$532,717,850
and
51.467,900
336,961,400
76.5%
61.0%
78.3%
:
FINISHED PORTLAND CEMENT, BY
(IN THOUSANDS OF BARRELS)
; "
—Production—
< '• '■■■';.—Production—
valiant
China has been made
$4,727,898,150
—
1941 .V
"
;
,
;'i
1941
'
78.6%
PRODUCTION. SHIPMENTS AND STOCKS OF
DISTRICTS, IN NOVEMBER, 1941 AND 1940
;
1941
72.7%
49.9%
months ended—
" V
August,
September,
October,
1941
"•
States
Texas
PRODUCTION TO CAPACITY
RATIO OF
United
the
In
103,500
Mississippi
.
the
Japan.
24,673,450
t
Accounts
Total
By
The
plants.
be¬
war
255,674,400
San
14,931,000
vember, received by
of
state
a
252,414,250
ber
s:;4'
of
19,063,100
61,489,150
13,847,400
8,332,900
Dallas
Portland Cement Statistics For November, 1941
,
war
20,680,300
-
„
declared
182,288,250
.
ago.
statistics given
then
164,714,650
The aggregate number of active spindle hours reported for the
compared with 81.0 bushels in 1940, and the 10-year aver¬
yield of 83.0 bushels per acre. Yields for the current season month was 9,901,356,642. Based oh an activity of 80 hours per week,
below average in the Atlantic States from New Jersey to the cotton spindles in the United States were operated during Novem¬
Georgia, and in Alabama and Louisiana.
In the Atlantic Seaboard ber, 1941, at 129.4% capacity. This percentage compares on the same
States, particularly in the commercial; areas of New Jersey, Del¬ basis, with 125.8 for October, 123.7 for September, 125.3 for August,
aware, and Virginia, 1 lack of adequate moisture limited yields; in 123.0 for July, 121.5 for June, and 105.7 for November, 1940.
The
Louisiana
the
crop
was
curtailed by excessive rains. :: Yields average number of active spindle hours per spindle in place for the
were
larger than usual in all other States except Kentucky and month was 409.
' 1
\
Tennessee, where they were about average.
'
:
The total number of cotton spinning spindles in place, the num¬
year
and
537,042,950
were
a
;
the United States.
The
Congress has declared the ex¬
520,875,900
441,752,800
400,009,850
age
The
*
>,
upon
3,433,309,300
30,835,900
35,781,950
per acre*
L;
mes¬
Chiang
;
.
9, 1941
Japan first treacherously at¬
$96,686,700
Minneapolis
Kansas City
changes were recorded in Georgia, Florida, Alabama, Missis¬
sippi, and Texas where increases ranged from 25 to 29%.
• ' \
The 1941 average yield for the United States was 83.4 bushels
than
Generalissimo
to
Received
272,261.950
St.
age
'
perfidy;
Chicago
States, the 1941 harvested acreage was larger than for 1940 from
Virginia and Kentucky south, and,west to Texas- and Oklahoma ex^
cept for Arkansas.
In Arkansas, New Jersey, Delaware, Maryland,
and California acreage was the same as last season. ■/Greatest acre¬
'4
are
brute
The text of the President's
$637,834,450
Richmond
.
increase of 14%.,;
of
CHIANG KAI-SHEK
2,242,647,450
more
compared with 664,000 acres in 1940,
':;H
Allotted
63,284,000 bushels,—
was
"
world
curse
Dec.
319,816,050
than the 53,811,000 bushels harvested in 1940, but
14% smaller than the
10-year
(1930-39) average of 73,208,000
bushels.
In 1941 sweetpotatoes were harvested from 759,000 acres
about
the
we
until
you
the
and
from
$38,273,800
Treasury
.';
.
with
Atlanta
>
Sweetpotatoes
.
stand
Pacific
$343,340,850
York
New
general qual¬
;
the
to
freed
Subscriptions
Subscriptions
of
battle
and all
are
force and endless
Total
Cleveland
Harvest weather was favorable in Maine, New
York, and Pennsylvania.
An unusually large portion of the New
York crop was produced on Long Island this year.
Yields in Wash¬
ington and Oregon were above average and harvest progressed
about
have
we
Kai-shek s,aid:
Philadelphia
This resulted
offer all
sage
Total
Subscriptions
Federal Reserve District-^ "" Received
Boston
ity is fair to good.
'1
we
-2%%' Bonds of 1967-72-
Total
people
their gratitude to
that have been given us.
To our now common
Federal Reserve Districts and the Treasury as follows:
quent and excessive
September frost, which stopped tuber development.
in a considerable number of small potatoes, but in
;
..
progressed with difficulty in a
western States where fre¬
renew
the
aggressor
the people of the United States
for the understanding and help
.
' ;
crop
erous
China
subscriptions received were $4,727,898,150
and total allotments amounted to $532,717,850.
For the 2^% bonds,
subscriptions were $6,979,193,950 and allotments $1,069,702,800.
.Of the subscriptions of $5,000 and less,-where the subscriber spe¬
cified that delivery be made in registered bonds 90 days after the issue
date, $13,800,850 was subscribed and allotted for the 2% bonds and
$26,043,450 for the 2V2% bonds..'
;:. j:;.• •/; /"
The details of this offering were given in our issue of Dec. 11;
page 1425.
J;1
;■
'
Subscriptions and allotments were divided among the several
northern and
crop
;
In this tragic hour when you
are assailed by the treach¬
too
For the 2% bonds, total
*:
,
Chungking, Dec. 9, 1941
subscription and allotment figures with respect to the cash of¬
fering on Dec. 4 of $500,000,000 of 2% Treasury Bonds of 1951-55 and
of $1,000,000,000 of 2%% Treasury Bonds of 1967-72.
An aggregate
of $11,707,092,100 of subscriptions were received of which allotments
totaled $1,602,420,650, including $103,500 of the ll/z% bonds allotted
,
the
Generalissimo:
Secretary of the Treasury Morgenthau announced on Dec. 16 the
•
above
lowing telegram from the Chihese
final
in the 18 surplus late States was 147.1 bushels in
1941 compared with 144.6 bushels in 1940 and 121.8 bushels, the 10year average.
'.V,- "
; '(!•; •\V0■
■ Vi
Acreage harvested in the 7 intermediate States totaled 263,900
acres in 1941 compared with 263,300 acres in 1940 and 318,300 acres,
the unrevised 10-year average.
Yield per acre in 1941, at 113.4
bushels, was low compared with the 127.5 bushels secured in 1940.
In, the 12 early States, the acreage harvested in 1941 at 496,500 acres
was the largest of record and continued the up trend of the last few
years.
In 1940 the acreage totaled 474,700 acres and the 10-year
average 432,300 acres.
Yields in this group in 1941 wetfe not out¬
standing at 95.3 bushels compared with 103.2 bushels in 1940 but
were
issimo Chiang Kai-shek and Pres¬
ident Roosevelt included the fol¬
7
acre
per
The exchange between General¬
Subscription And Allotment Figures
On Recent Treasury Bond Offering
'
'
'
> :
harvested 1,647,000 acres in 1941 com¬
pared with 1,788,200 acres in 1940, 1,762,400 acres in 1939 and 2,129,800 acres, the 10-year average. * The 30 late States harvested 1,973,000 acres in 1941 and 2,127,400 acres in 1940.
This decrease con¬
tinued the down trend that has been under way in recent ^ears.
Yield
1685
our
com¬
v
ROOSEVLT
Auction Sales
Transacted
Wednesday, Dec. 10, by R. L. Day &
on
STOCKS
(par $100)
Shares
Pierce
101
i
Manufacturing Corp.
Ramp
16
Private
v
Building
Y.,
N.
Corp.,
$ per Lot
1V4
Paramount
15
30
2,000
•
The
5
Exchange
Block
Boston
9
Trust
they have bee^
this (defense)' program," and warned
"production volume must be doubled."
Speaking before me
Congress of American Industry, held by the National Associa¬
they "need to do more rather than less than
but
the goods
46th
i—1III—
ioc
$4shr.
75c
(par
month.
York, Mr. Nelson called for a de¬
fense production pace geared at
16
the rate of
(par
"
$40,000,000,000 of mu¬
nitions and other war materials a
Mr.* Nelson said in part:
The big outstanding fact be¬
fore us today is that our defense
.
year*.
;
;
100
S.
W.
i
12
19
8
f
E.
Old1"Colony~RR.~"ctfDep.
E.
F.
Jr.
Berry,
Street
State
>
IS
1,000
.
? 3,500
450
1,000
-
150
-'7,500
Dispersion Products, Inez, common
Caro
Cloth Corp.,
common
Alden
Food
Fawn
Mining
Shares
48
Devonshire
347
Self
375
16,500
Ltd.'
Elkland
Leather
(par
Inc.
Co.,
first preferred
Old State
80
basis
of
winner
a
:
>75
;
50
26
5
17
State
50
Lucius
700
10
125
500
13
-25
25
1,275
(par
Exchange
Street
&
Beebe
Inc.,
Sons,
(par $100)—1
20 Boston Metropolitan Buildings,
__________________
100
(par
stock
founders
Exchange
Street
46
State
25
Chicago!°Mi 1 waukee"*St.
I
shr.
10
*r
25
National
200
,
.
,
'
•
$2,000
Cold Storage Co.
March'15, 1935, and sub. on
Troy
Gas & Electric
3,000
Associated
3,000
Hotel
Governor
April
15,
Clinton,
1931,
and
/
...
April
due
.*>;
90
.1
40
100
50
_Orpheum
Penn
1,000
50
400
84
$100)—
i_i—_l—
—J
18 Real Est. Improvement Trust (par $100)
Circle Consolidated Mines—1__—_l_——,
15
10
Gold
3 v-;
Chemical Products Co., common; 10 6%
preferred (par $100)—. 1
-■
Sibley-Sabine Corp. (par $1)j—_i
_J;_——
—' 2
United Stores Corp., common (par 50 cents); $2,000 Central Public
Utility Corp., 5V2s, August,
1952; 125 20/80 class A; 40 common
V. T. C.
(par $1); 20 Chicago, Milwaukee, St. Paul & Pacific RR., »
•
common;
20 United Light & Power Co., preferred A; 56 Public
Trust
4%
3,000
68
50
of
issue
1894_i.
Smelting
Eureka
250
Investors
10
Federation,
Coal
Walker
Ice
&
Inc.,
preferred
preferred
Co.,
(par $20); 150 common
(par $100); 40 National
370
10
58
30
50
B;
ioo
20
140
Ozark
Corp.
(old)
Electric Corp.,
Bald
St. Paul <fc Pacific RR., preferred (par $100);
Grande Western RR., 6% preferred (par $100)——
Investment Trust—-————-,—
Realty Co., preferred (par $100).'—
'
——
Peak Colony Club, Inc.,* 5s, 1951; 28 common;
13 preferred
1
307
$3,750
$100)
180
Milwaukee,
Chicago,
50
& Rio
Denver
10
50
Terminals Co., Ltd. (par
Real Estate Trust (par $100 >
Coast
10
Boston
1,000
Boston
'
Montana
Mines
Montana
Mining
Corp.,
Mining Corp. 7s, March,
17
225
26
100
260
Self-Feeding
Worth
30
1.200
60
(par
(par
T.
—
$1);
1,365
$1); $1,350
Ley
;
_i._
class A;
$100)—...
Inc.,
(par
1'; ;•«
Lofland,
..j'-i
Bank
Title
Philadelphia,
on
>
&
Ceramics
$ per Lot
Hill
Lavashower
330
Hotel. Brighton,
50
200
40
GO
60
.
500
Gillinder
2
«
5 "
*
/
Inc. >(no par)-i^—
Co., common (no;par);
5 6%
that, having
•;
with
confidence
can
what. is
perhaps its greatest task—that
of giving leadership as well as
cooperation in the ; reconstruc-;
At the
Dec.
-
/
5th afternoon
ses¬
sion of the
$V2 shr.
10 . -
Property,
Pentex*Royalty
too,
tion to follow.
21
101
Mining
Congress, Dr. Edwin G.
Nourse, Director/ of,/ the Institute
■
of Economics of the Brookings In¬
stitution,
that
the
told
the
industrialists
real
.change of
serving the private enterprise
pre¬
sys-;
tern in for businessmen to act dar-s
ingly and. in concert
the_ problems
period.
cumulative preferred
;
one
in
meeting
of ..the- post-war
/Discussing
the ."Nature
and Future of Private
_
'15
.
"■
*
175
'
100
100
50
25
50
TO
:iv*
7par
participating
Cosgrove-Meehan Coal Corp.*,; common )(no par);
Co.^
$100); 52 Johnstown
50/1,500 Coal Land
.30
50
(bar $100)
Alfred J. Major, Inc., common (ho!partly:—_______
Ajax. Hosiery Mills, preferred (par $50)—
'Ajax Hosiery Mills, common (no par)
American Superpower Corp.; common (no par)
_________________
Leon Wiesen Building; & Loa-n .Association, Book 367; 10 Book 368__.
Southern Gas & Pcwer-Corp/i-^-xl—1:;—
Seaboard Utilities Shares Corp., common——
________
Alfred
J.
Major,
Inc.,«' preferred
—_
*
26
*
5
'
■
1
65c shr.
25c shlv.
5
16
6
■
*
1,000
3,000
500
10,0no
500
Tredyffrin Country Club, golf playing
said
that;
the private enterprise system
may
be swept away by. the
pent-up op¬
position • ofr those, who * cherish
memories of its past
or
1
BONDS•
$ per Lot
;j": ,
'
,-i •
*• $• pci ajwu
Demand note of the Wheeler CJharV Co.,: Inc., dated Sept. 13, 1938— I O r- <
Demand note of the'Wh6eler/Chart'Co./Inc.* dated Nov. 3/ 1938—_L • -11
.No. 1437 Spruce Street, -second 6s< July Tv 1933,* January, 1930, and
<.
membership———-' 25
i__$5VBbond
joffprq0^ ""ui'ding/ first 5V2s, 1932, certificate of deposit.-—
North Hills Country Club, certificate of membership—
Nourse
.
"'
,
$3,000
Enterprise,".
industry's
leaders must discard the
tendency
toward defeatism, in
meeting this
challenges Otherwise, he warned,
Dr.
26".'
—
.*' (trust ..certificate
■
.
-
of Johnstown
certificates——
United States National Bank
Trust
:
325 4./:
5
(par
.believe,
face
$100)——
Co.— __i—130:, /
Co. (no par)—_—_$l% shr.
Vulcanite
Co/ ((po pa,r)_—i—L——$1% shr;
McKinney Manufacturing Co
—
Santa Maria Timber Co., S. A. (trust certificates), (no par).——
Santa Mario Timber Co., S. A. (trust certificates) '(no par)—_
Dutton Investing Corp., W<on, N.j Y.,- first preferred (no par)__^—_
Dutton Investing Corp.>,Walton, N' Y., second preferred (no par)_l—
Wabash Railway Co., preferred Ai(par $100j—
common
I
done this job well, industry
/
Portland Cement
Portland Cement
Vulcanite
10
■
Corp.,.* preferred—__i_——
Esmeralda-Parral
560
shr.-
i
Apartment Co., common.;
—_—_—
and Securities Corp. (par* $50)—
job
//..V;**;<'
// can way of life.
2
Bond
defense
principle under which it developed its ability and- willing-
9
—LiXi:
Chestnut
7,350
3
.
,»
3
—;—:
commop___
the
V/ness to do the job is the key to
/ the preservation of the Ameri-*,
Co.
Corp.,
getting
dustry will, demonstrate once
again that the free enterprise
.
Co.
Trust
year,
done at this critical time, in¬
/
-
'•
a
industry, under a
from three to five
to reach." He also stated:
By
*
T
'■*-
STOCKS
than
more
dictatorship,
years
Wednesday.
v-
little
a
United
it took German
Philadelphia Trust Co.
186
^120
15 Lucy-Crescent Candy Co., Inc., 8% pre¬
1
1—
——t——_—
,75
Pennsylvania Drug Co., Inc., preferred (par $501—
The Village Hall Corp. of Barstable
(par $5); 5 High .Head,Cran-%
21
berrv Co. (par $100); 30 Cox Confectionery Co., preferred (par $100)
Edgar P. Lewis & Sons, Inc., preferred (par $10)
275
American Superpower Corp., common
______
13/j
Jacksons,
•
16
certificate—
prob¬
States, under a* free
competitive enterprise system, has
''reached a production stage that
$ per Lot
-
^■-
Investment
-
15
the
30
25c
—
Barnes >•.&
at
304
—$3 shr.
$8
" f
National Boston
1
Boston Montana-
1941, series B; $350 7s, March, 1940, series B
Carburetor Co., Inc.—
common
(par $5)
'
& Co., Inc., Temp. Ctf
Elkland Leather Co., Inc. (par $1001
Fred
ferred
14
Mills,
Corp.
common
$10)_____
BOND
a year,
'
2
18
1
—3
$1,000,000,000
.
70
■
Pacific
Co.—
tribute"*
twofold—to insure against
was
that in
V
_$13 V2 shr.
Irving Worsted Co., Chester, Pa. (no par)
$25 shr.
Philadelphia Toboggan Co._——
rxiuuucipiiAa
—
——,.r*—.
Wanamaker & Brown, Inc., common (no parL
55
Wanamaker & Brown,-Inc., common /(no. par) 1__——____
15
;
126
30
:—
Trust
Universal
67
12
■————
and Loan
Empire Holding Co.; (par $100)„_i__.
Atlas Gold Mining Co., capital—i—
1
River
45
(par $100)1—
$50 shr.
(par $25)*_^___i________^$12(4 shr,
'$81shr
(par; $50)—
1
Rahway Trust Co., N. P
:—:i_w_—
1
Gloucester County Title & Mortgage Guaranty Co.__________—__
6
Universal Ceramics Corp., preferred—
350
5
1
/: 1
14
Land
120
'
Shawmut Bank
______1_,
-
North
10
100
1
(par
50
120
'
2,.
North Eastern .Warehouse
.31
,
25c
J;—_
—>——L-i—
—
(paiv- $10)____
Philadelphia Cricket Club? gold
6,100
5
—
common.'——:———,7(.par $1)__
1
1
Accumulation FUnd of America, Inc.LJ———
.-Shares
1-*"
(par $100) >_—^r,_—
——__—j._
Central States
Industrial Development Corp.
Building
Transacted
5
250 Big Missouri Mines Corp. (par $Hl
—
Electric Corp., common.i—__L_—___________;
1,#
;.
cost
"a
tie-ups in defense production and*
secondly, to protect consumers and*
business men against "extortion"
through unfair practices.
In his address, Mr. Kellar said
L'-l
common; (no par)— A—
preferred
Dec. 17.
20
1.
States
Chicago & Northwestern RR. Co.,-common'
Inc.,
(no. par)L:_^___—
that
practices
labor
asserted
said that the nation's labor
lem
■V/B
(par, $})
.(par $1)^_____
common
Control Corp,,
who
consumers
of more than
1
j—
Inc.,, preferred_i_i-:i.^L^_'jL-i—
common
America's
v2
_*
._i
—
Control
Heat
illegitimate
shr,
'
—330
1
)3ervice
Heywood Wakefield Co., common (par $25)_:i:tt:_—————————$5(4
Security Loan & Mortgage Corp., preferred—;
Divide
Extension
Consolidated Mines Co.*,,.100 Rainbow Luminous
Products
Circuit,
Pennroad-Corp.,
Integrity
$250
1
$4 preferred (par $100) ; 50 common—____L Unity Gold Production Co., common (par $l)___^—_—
Textile Finishing Machinery Co., common (par $100)
Central
$10)——A
:'-_
60c
Cos.,
_'
Co.z_
W.
United
.
—$10 shr.
__$11% shr;
—
$25)„__
Thurman
were
Assistant
Attorney-Gen¬
States, and K,
T. Keller, President of the Chrys¬
ler Corporation./ / >
Irving. Worsted Co., Chester, Pa. (no par)—V2 shr.
Pocono Hotel Corp., common (no part—____
20 ; -
8
1
—
$50)——
(par
(par
Mortgage Guaranty
capital (par $1)__—
-l*
Thrift Building and Loan Association, Book No. 4071, 40th series'—
3,000
3
$1)—z—______—
Trust-..
Co., '(par
dinner
eral of the
$ per Lot
Boca Raton Club, Inc.,
25
-
Investment
Andrews
Units
Co:
&
422
Chicago & Northwestern RR. Co., common (old)—L——ii.—
Second Investors Corp., common (par $5)—!
——
205
Philadelphia
Trust
Title
500
—
Co.. (par
&
the
Arnold,
$100l_4.—^ $30 shr,
(par
Pittsburgh Hotels, Inc., common V. T. C. (no par)^_____u„r
50
25
W.__—:———
W.
Cofp.
1938,
Association^^—_l__„—
(par $1),; $4,200 first 4s, due I960—850
Alden Park Corp., class A (no par)—_4l——I50c
\ 35
Electric
States
Trust
Penn Heat
10
Graphophone Manufacturing Co.,
common;
100 United
Power Corp., common; $2,000 Government of Russia,
Columbia
28,
Boca Raton Club, Inc., common
>
(par
Holding
Utility
50
Bank
Victor Dairies,
157
(par $100);
Nov,
The other principal speakers
;
at
demand; $1,250 *v" /
dated
s
Corp., commort, stamped
Penn Heat Control Co., preferred (no par)
-
./from savagery.
't-\.-!
1932,'
r
Thrift
-
-.
on
,
Mr. Arnold
212
,
on—5
$1,150
5,
May
you we
ing faith in the greatest principle that man has yet evolved
Jn his long; struggle upward
.
$3,850-*V:
•••'
demaiidi«aii___>-_,_fL_A_^__AL-___'i_LT-/25* s''1*
100
.
dated
I tell
country, we shall leave
than that, a sick and dy¬
/. worse
$1,000 '
•
T*" 90
6
Co*
County
'
preferred (par $100); 63 com. (par $100)
3 < >
Board of Trade Building Trust (par $100 i
,_i—
r
3(4 shr.
Massachusetts Power & Light Assoc., common1_—_____i— ; 5c
>
Shawmut Bank Investment Trust-—„1—
—2
Bedford
Title
Land
The
30
$3,500
me
children?
our
/.dying
Wednesday, Dec. 10, by Barnes & Lofland, Phil¬
120/100 D. A. Schulte, Inc..
•
34
1930;
demand;
on
1940,i;:due* on'
City National Bank,
5
Lot
per
to
"•
*; 45
—
1933;
STOCKS
10
Building Trust,
Bedford Trust
Hitler a* few
long enough for
to die peacefully
by
even
shall not only leave a sick and
$1,300 dated Nov.' 27, 1939, due ondemand;
Brothers
Franklin
10
d
.
'
1945, coupon ,"' **>
20,
youth. Perlive in a world
our beds.
But what comes
after that?
What do we leave
;*5
20
—
37
due
1938,
on
Gloucester
.
'
23-•
Interest The James Hardie Trustees (Certif. of Equitable Ownership) $2,000
22
30
23,
demand;
on
22,1
Oct.
due
$1,025 dated Nov. 24, 1937, due
5, 1933;
10
1(4
Inc.;
to the safety
or
'f/in
,v
':vrU' 2ft i/1'-:..:
Oct.r20,1 1928,
dated
1929, due Jan:
22,
May
Hardie
; 1
Day & Co., Boston, on Wednesday, Dec. 17.
Shares.V.-/ STOCKS
; I■>('
■: - .; $ per Lot
25
Samo,set Cotton Mills, common (par $100)1—'——
30c shr.
10
Warwick Mills,
common—„_i—$6 shr-.
49
Arlington Realty Corp.—,
;
——
50
Devonshire
or
and
-you
.
4.,t:
Shares-
10/70
,
Co.;
&
con¬
our
could
we
years,
$l)^2,a____I--L1—1
adelphia.
1
Ley
Co.* Vi
J
Transacted by R. L,
31
Jan.
Transaction
-
T.
(par
Co.
;V"rdated May 27,
25c
Fred
"we
He added:
solely to the
eye
■^dominated
.
1
Y., Broadway Exchange Corp/7s, October,
and sub.; 0n_•!:1 _——___z_
N.
Neck
dated
•,
.
(par $100)^._—
1936,
due May
-
common;, 300
Realty
(par
Corp.
1,
-dated
50c
convertible 6s, 1999—.—_
6(/2s, April 15, 1943* series B coupon
\
«
.haps
.
Building,
10c
<.
Cos.,
'
.
Scraggy
2,500
Inc.,
sub.
an
of the skins of
:
\
,13
that
one
reject."
venience of the generation now
$ per Lot
T
of the
The decision cannot be made
with
•.;**•' *" i-*,
BONDS
1
* 1,
$ per Lot
New York, Westchester & Boston Ry. Co., first mortgage 4(/2s, Juljr,,'"''-VT
1946, series I, coupon July 1; 1936; and sub: on; $1,000 61 Broadway
;
$2,000-
25
.
.
.
& Bridge, 4% preferred (par $100)AL
5(/2
150 Ozark Corp., common (new)f__100 ;;
.
Cities
Corp.
Cosmocolor
'/■
.
260
1
25c
1
'
'. ••
$
first mortgage 7s, Sept. 15, 1952, coupon.
\
Service
Wileonite
100
,
100
A____—25c ...
$100)^4___^_-i.-;^r,___*_____--_----~-_- 70c
5% first preferred (par $100) : 758 5%,
' ;
BONDS
common;
Massachusetts
5
$I66)^_
b \>
Chicago & Northwestern Ry., common. (old) (par $100)—
2(4
Hopkins Gold Development Co. (par 50 cents)_L_-ii__^—v "65
Owens Lake Soda Syndicate, Inc., preferred
4 *•
Warrants Air Investor, Inci; 460 General Investment Corp._^______
11
30
■
is
Government
must accept or
Council Bluffs Ry.
Co.,
,
50c
$1Q0)__—_—,—_$120 shr.
(par $100)2.
Paul & Pacific RR., common .(par,
&
Teguitlan Copper Mining &r Smelting Co.
100
—_u_——_
francs) ;_i——.
__i——-—-—(par $100); 32 Pemberton Building Trust >
&
Childs
(par,$1 )__•__,— ——_—3
(par $11
.'■
Building Corp. (par $50); 33 Philadelphia & Reading
Iron Corp., common_z.^iJi—_
Omaha
121,465
■
(par $100);
preferred
a
"
—;-*./■ »21
1,008 common———Lindbladh Corp., preferred (par $10)_—
—
Chicago, Milwaukee, St.. Paul & Pacific RR., preferred (par $100)—
Winthrop Building Trust (par $100)
Mexican Northern Mining & Smelting (par $100)———_—~ —
Associated Gas & Electric, class A (par $l)*__-__.>.i___s
—
Public Utility Holding Co. of America, common W. W. (par $1)
American Super
Power, common—__—__——L.
Les Magasins, 5 and 10 capital stock (par 10o francs); 125 5 and 10
second
a
.325
.
Dep. (par $100)——-■
4 •
Milwaukee, St. Paul & Pacific RR. Co.,-common (par $100)
1(4 •
Milwaukee, St. Paul & Pacific RR. Co., common .(par $100)
VA ;
National Railways of Mexico, second preferred (par $100)_____VA
Seaboard Utilities Shares Corp.; 25 National Service Co., $3 pre-*
37
a
to
at
$40,000,000,000 a year, the future demands
on American industry are going
to be ever so much greater than
military
rate of ap¬
$1,750,000,000
goods
rate of better than
.100
:.
Chicago,
25
'
at
military
banquet
of
we
ourselves
set
Title
Land
Coal
(par $1)__>360 /• ,'
_
Light Corp., common
all.
out
STOCKS
17
(
Chicago,
ferred; 38 Utilities Power &
Rainbow Luminous* common
take
today making
are
Old Colony RR., Ctf.
25
25
Corp.,
turn
conducted
Shares
43
50
$100)_____:i—,
cents)—______——________
1
2
Eureka-Croesus Mining Co..
Film (par $!(_
1
National
being
do—and
pro¬
convinced
,
annual
/fin the saddle,
preferred; 50 $4
——r.
i
is
armament
am
must
undertake to
we
current
the
the
80c
(par.; $100)
:
which
expenditures
proximately
1
common
:—.
20
f
:
Obviously, if
playing for marbles; we are
a life-or-death con¬
We
3;
Trust (par $100»—
—
j—
——23
Co.-(par $1); 23 Stufcz Motor Car Co.; of America,
W
Smelting
4,500
Grand
100
1
$3
63
duction—as I
on
70c
B;,25 preferred—;—________—.___
Carburetor Co., Inc.;
Building
Eureka
100
-
50
(par
Trust,
Building
W.
Kimball
Inc.;
(par
common
Co.,
Feeding
common<
Co.,
State Street Exchange
40
«
2 common
Corp., common—_____
50 United
Chicopee Falls Housing Corp., common (par $100)_——
Financial Independence Founders, Inc., common V. T. C.
double
test
even
must be doubled-
ume
effort. T In
not
70c
—;
Colony RR., Ctf. Dep. (par $100)—
National
Service Cos., common
(par $1);.
; "all-out"
an
very
job of getting
out must be done by;
evening of
Dec.
5, Dr. Robert G. Sproul,
President
of
the
University of
California, declared ..that failure
to meet the challenge of dictator-'
ships will not only leave a "sick
and dying
country," but worse
than that a "sick and dying faith
in the greatest principle that man
has evolved in his long struggle'
upwards from savagery"—the de¬
mocracy of the American people.
Speaking on the subject "Stock¬
holders in Civilization, Inc," Dr.'
Sproul said the threat to our form
body else. I believe that at the
very least that production vol¬
good deal
a
nature of the case it
has got to be all-out.
We are
1
Old
preferred;
870
(par $100); 3 common
$100)__—
(par
Exchange
*
the
________—
preferred (par $100);
(par $100)
Block Trust
about
10c
$lboI_^_^__L_;_
(par
Inc., 8%
Co.,
&
19 Boston
$25);
(par
18
Berry,
\/ We have talked
engaged in
20 Straus'Safe
$50v;
(par
$100).
preferred
participating shares (par
Jr. & Co., Inc., 8%
Deposit
F.
Investing Corp.,1 preferred
Straus
;
'
the:
and
money
actual
Congress,' held
keep Hitler from beating every¬
production effort, huge as it is,'
is not big enough.
T. *'•' : ■ *-*> «
•/
the
It won't
won't beat Hitler.
■
the
At
fact
that >this
program
got started
less than 18 months ago, that is
an amazingly fine achievement;
yet it unfortunately remains
true that production at the rate
Considering
the
industry itself.
New<^
in
Manufacturers
of
tion
i
_
set
program,
up
coordinate the various efforts—,
$10 shr.
;
•
put
that
$1D0)__—
9Va
$100).—J
:——
25C
Central Pennsylvania Gas Co., common—__________:—__T_
100
—
6
Kernwood Country Club, common (par $50)
40
_______
50c
36
Philadelphia & Reading Coal & Iron, common—_____
________
j
\
17 Vs United States Electric Power Corp., common (par $1); 30 Retail
Properties, Inc., common; 27 United Pounders Corp., common..---—
2Vz
Hotel Charles Co. second mortgage pec. 31, 1953; 63 Hotel Charles
„
$5,000
Co., first preferred (par $100)——__—
__i_—___L\.6o
Burbank-Feltham Co.
(par $100); M New University Club, -Boston,- •
100
Real
Estate Trust;
$1,000 Lake Placid Co;, 1st 4s. October, 1940,
Coupon October, 1938, and sub. on_ __________________
—__—115(: Fawn Mining Co., Ltd. (par 50 cents)——_—,1.
2,000
San-Man Chocolates Co., common (par $100)_____—
______
.15
90
F. E. Berry, Jr. & Co., Inc., 8% preferred
100
(par $100); 25 common
Street
State
18
the
doing to adjust themselves to
_
—
—
(par $100)—
Associates
Estate
Real
3 that
chart
>sights,
Board, told leaders of business and industry on Dec.
and Allocations
11
4
100
—;
(par $100)
Manufacturing Co,____
—
Carpenter Hotel Co. (par $100)__—
______
Rudolph Karstadt, Inc., American Shares (par 40 R. M.
Tubal
Shares, Inc..
i
National Service Cos., common
(par $!)_.
50
4
Settle
Corp.,
& Wyckoff
White
Units
150
c
Building
Manufacturing Co.
Wilder
68
they have been, so far.
It is
equally obvious that as the de-*
mands increase, so also does the
responsibility. The Government
can't do this job alone.
It can
.
Priorities
Nelson, Executive Director of the Supply
M.
Donald
8
3
common—_______——
30
120
Enterprise And Hitler's Defeat
Keynote Addresses At NAM Convention
CJo., Boston.
—
Saturday, December 27, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
1686
5....
are
some
shortcomings
dazzled by the.prospect of
quick and easy road to
abundance.
;
If the. American people are sue-'
cessful
in
overthrowing, Hitler
they will have to persuade all the,
"passive, disgruntled and disillu-
Volume 154
Number 4025
THE COMMERCIAL & FINANCIAL CHRONICLE
1687
-L
pioned". Europeans that we under¬ •j nouncqd today;. should, make; it
stand what we are'attempting to possible to get them." * ' >■*-Y
The. Department has estimated
dp, Demaree Bess, European cor¬
respondent for the Saturday- Eve¬ 'thai; 1942 production should be
at least 3,5C0,C00,000 pounds (82,ning Post,; told the Congress on
Dec.-5/ 'Speaking on ^Europe as 000,000 cases) of evaporated .milk;'
I Saw It/-' Mr. Bess said there is 525,000,000 pounds *of„dry-;'skim
every indication that a majority milk for human consumption; and
of the American people are agreed 900,000,000 pounds
:of American
-
desired plant expansion can ,be
brought • about in many cases
'
-
^without direct financial assistYance. from the
such
than
,.tal, after,
This
showing has been
ability to expand, with
a
neces¬ | cheese.
made of
This will', represent in¬
defeat Hitler, - but that creases over the estimated 1941
,.no serious interference with ex¬
"Europeans don't trust us because production of 20% for evaporated
isting flow of raw materials,
^they think we are too dumb, so far milk, 46% for dry skim milk, and
ahd ability to. inaugurate or exas European affairs are
concerned, 33% for American- cheese; From, -(..vpand production promptly. This
to understand .exactly what we the
Department's .announcement Y assistance will include: (1) cer¬
are doing".
we also quote:
He added:
-Y"
tifying necessity for the expan¬
"Hitlerism is a. specific and
-Since : expanded
sion and assisting in
purchase
obtaining
concrete scheme which now ex¬
Operations - started'. in
mid- >' priorities for "• equipment,
(2)
ists not only on paper: but in
March
this year,
the Depart¬
expanding
tax
amortization
cold reality.
ment has bought approximately y help;
In order to over¬
'y;-;; '■
' '•
throw it, Hitlerism's opponents
140,000,000 pounds" of cheese, YT The-Department is prepare!
must
produce
a
scheme
for
to Assist approved farmers' co¬
14,500,000 cases • of\ evaporated
Europe which is equally spec-fie
milk, and 33,000,000 pounds of -operatives (within the general
and concrete.
Only when we
dry skim milk. Purchases are
definitions
of
the
Capper...
.
than
dition
and
pared
with
convince
continuing at
Europeans that we offer
anything better than European
The
many
chaos
which
has-
alternative to
an
as
lerism.
to
the
Soviet
Drastic controls
to
be
a
Officials
needed
from
author
of
ceiling
the
bill
for
an
overall
prices which was de¬
by the House, told the N.
Dec. 3.
on
•
a
price
Rep¬
control
bill,
contemplating placing of ceilings
on a selected basis, was "more inflaEpnary than deflationary in
character."
His criticisms of the
bill
am
couraged
an
the
"invisible"
on
third-quarter of
The
supplies
port
1941, together with
report
obtained
were
facturers,
difference
marizes
STOCKS
or piecemeal method leaves
the general price level free to
rise, whereas the application of
a general over-all celing would
■call a halt to the rise of general
prices. Inflation does not come
about
,
rises.'
the
on
a
runaway
if
inflation
wholesalers
and
be
to
of
•
OP
must call
a
/Estimated
evaporated
milK
milk
needs
to
receipts
issued
in 1942,' 'and
war-iime
plans- for the
retailers.
^
y
1.506
yU
y
The
/ ..V
.
'
MANUFACTURERS.
:
what
would
in
south
and
of
New
to
Y/'Y
where
Firms
'
;■
quarter,
...
Sept. 30,..
June 30,
Reporting
for
1941
1,506
613,986
1941
-
.
1,302
389,229
1,383
290,747.
1938
for
1,321
239,809
750,456 "
46.9%;
amounting to-111,3.46
1940,. 1,302
tons,
.
firms,
46:3%. '.'/Does
on,-Sept»'-30;i:1941kv;v>.:--•
not
795
,85
86
88
18,808
16,712
15,105
M 85
90
94
42,046
48,950
31,968
1,275
83
89
89
30,279
34,545
21,038
1,838
1,415
85
83
72
36,888
35,300
22,640
753
685
! 85
88
92
16,822
16,368
15,412
'
37
:88
89
95
640
665
83
87
89
3,213
2,548
3,420
414
.330
238
182
84
91
6,829
2,475
4,522
,2,048
.
1,856
91
1,315
1,650
2,686
93
37,328
34,426
49,810
13,064
10,712
'68
88
88
125,514
173,092
160,680
84
433
—
68
90
86
323
84
85
77
7,962
7,245
5,814
498
'79
85
64
8.543
7,665
6,225
Carolina.
477
506
531
•
81
Carolina.
163
253
293
;
73
151
170
130
Y"
1 81
179
10
i78
83
of the
'supplies-of daiiy products we
:have promised to send to Great
Britain-
underYthe
Lend-Lease
:progratti.r"'PrOCessing' facilities to
(turn out the needed quantities of
dairy
products must be
made available, however, and the
"certain
program
which
is
being
an-
63
91
6,480
4,500
•
,110
,324
V 5.030
4.276
; 67
77
80
49,773
48,610
55;588
3,917
3.604
66
66
85*
30,513
27,186
50,456
1,002
1 1,380
24,909
691
678
206
160
SO
11,898
27,762
94
94
13,178
17.584
92
91
93
1,240
3,160
2,560
94
7,776
21,650
17,430
89
2,432
2I416
4,223
72
90
.
50
14,750
32
28
92
916
392
532
/ 175
Y;
79
90
95
2,873
4,851
4,200
4
;
91
95
100
77
140
:
'
,
5
1,233
1,661
737
688
'
89
89
75 1-
619
96
96/
79
1,512
11
97
96
799
857
711
39,318
,
79
45,663
74
—Y.
..
<206
42
3
cLY
:
302
335
'196
•
160
64
380
>
78
.82
! 70
590
1,321 '1,162
1,234
Mexico_i__
1,311
r\
116
25,219
49 941
42,336
11,743
20,130
14,856
,
81
77
12,723
11,656
11,376
84
,
87
564,936
671,293
630,913
RYE*
■
'-
-
—
'»
•'
Acreage Seeded
:
of
New
Y..Y
:
1940
1941
_YY-i'
>
...
1 ;
'
ii—-
Y
228
182
Y
--
general except in a few minor States.-^ The decrease in seeded acre¬
age-is in line with the reduced .1942 wheat acreage allotments of
271
Ill
88
:
1,
J
.
31
____Y_
V:
"
Y
;
«
91
purposes,
f.
including
seeded
an
52
■
55
,1
85
82
86
'Y
96 '
78
86
72'
73
148
93
,
83
78
65
83
77
1'
75
76
80
70
78
-
81
168
'383
-
*
Y
85
1
89
89
-
88
81
80
73
135
>,
89
206
77-1-
1Y
84
91
13
i 175
''
93
85
1
83
•
-
143
,•
12
V
83
76
90
•
'
165
319
..42
42
69
69
83
65
68
76
PO
89
21'"'-" '
19
83
87
94
71
93
94
9
1,
:
;
82
38
175
65
90
94
7
8
78
83
92
50
.
45
75
99
96
1
97
93
88
96
138
18
6.101
allowance
82
40
■
50
acreage
82
81
.
146
■
82
115
of
70
76
130
13
'■Estimates
1 '<••
■
4
_______
_______
913
20
•: : -1'
88
'
■
680
45
Colorado
United States
66
'■ 73
1
198
14
V/yoming;
,
1'
198
.73
Idaho
California
81
.1
93
87
.
Washington
Oregon
YY_.
75
61
92
'
87
80
67
120
120
.
Utah
85
140
;
,•755
..
.
;
60
/
Montana
.
1,063
-/.I
904
.
140
;____
—
120
-1 viY
67
133
170
___
94
91
; 87
87
-
42
___
,.
89
18
Texas
early sown wheat, which in places was handicapped by insufficient
moisture, made good growth after rains came, and much of the late
sown wheat has had a longer than usual late
growing season.
There
is some apprehension that top growth is too abundant to withstand
severe/winter weather - if it
should occur.
Present indications,
11
88
85
,
1,003
Y..1-11 _;Y___-r;<-T24:: >■<
Virginia
'
The
85
88
.
81
•
14
Maryland YY_____ ..Y_/.'-
Kentucky
■'
88
-
Oklahoma
90
339
'
117
___Y-
Tennessee
86
•V
i8i
529
_______
Delaware
Caroline
90
199
Y-:.
833 1; "'
Dakota
Kansas
South
-87
85
399
v..
.
Georgia
1 I- 91
86
"'"I
c,-
355
Carolina
90
86
115
'
North
89
85
1.1,
11.
,',212
_______
_______
West
1941
89
•
Y; 134
119
■'
-
Virginia
78
246
/I
'iY-lY- jY-Y-" " 537
Iowa
^Y~:
155
122
Mi^souri „YYl
North Dakota
_______: 1,197
Nebraska
1940
'
93
i'
•
125
144
Wisconsin
South
1930-39
63
•
•
81
Minnesota
program.
94
..
Average
•'
Y— -lYu'Y
Y__Y_,_^ .YY;:
Indiana
Illinois
128
1 63 vbh-
i
90
Jersey '.,YPennsylvania :YYy;
Y
61 :v
New
Ohio
.
' v 1930-39
Y_--/-:
__Y_—
York
:
Percent-
.
Fall
of
-
.
.
Fall
of
State—
Condition Dec. 1
Thousand Acres
Fall
Michigan
however, are for the abandonment of only 6.6% of the seeded acre¬
age compared with 13.4% of the acreage seeded last fall, and the
10-year average of 18.6%.
• 4Y
Y
s
82
-
315
United States,-_ 47,875
39,318,000 acres is 14%; less thap the 45,663,000 acres
seeded in the fall of 1940 and 18% below average. . Reductions were
which has continued the growth until a later date than usual.
7,125
5,415
573
,
care
5,786'
4,666
82
_______
Washington
,
tftke
90
82
so
Nevada
The decline in acreage in the soft red wheat
spect to priorities and tax amor¬ area was augmented somewhat because of the-dry soil at the usual
time for plowing for wheat, followed
tization. * Secretary Wiekard said:
by^heavy rains and wet fields
at seeding time.; In some areas,. however,-the open fall made it
3 4 "Our 1942 milk-production goal
possible to continue seeding operations to a later date than usual
of 125,000,000,000 pounds provides
after fields dried out sufficiently, to be worked.
for, • an, - increase* .-of\ 8,000,000,000
.•
V
In spite of the difficulties experienced in getting the seed in
(pounds over 1941 and -14,000,000,-the* ground this fall, the Dec. 1 condition of 87% is unusually
•000 pounds over 1940; This - pro¬
high.
A year ago it was 84%, and that was. the highest since the Decem¬
duction can provide for increased
juseVof milk- and'its products by ber,; 1930 condition of 86%. The generally excellent condition of
our civilian population and armed
the;crop is attributed to ample moisture and warm, open weather
forces; and also
2,232
83
; 77
vest in 1942 of
farm
2,196
1,431.
3,516
4.743
California
the
77
6,638
36
Arizona
AgricnHnral Beparfmen! Report On Winter- I;
Wheat And Rye Acreage Sown For 1942 Crop
73
;
3,146
82
-
1,500
7,110
14,876
Utah
transit,
" Y Y Y/.'Y Y
1,628
•
35
-
..
-re¬
/
.
76
1,037
74
Colorado
New
8
:
"2,114
1,599
375
:
1,332
5,185
432
7
'.
78
248
Idaho
in
83
78
441
Wyoming
.
^privately-owned* plants with
84
1.418
73
387
,
84
,;82
'
210
/
'
Y:
180
427
Montana
234,462
,
ap¬
120
Y'-'
456
—.i.
Arkansas
,
are
61
367
560
•
612
Texas
13,360
18,036
66
81
14,064
w-—.
Georgia
352,657
28,324
*66
; 70
Tennessee
374,978
66
199
2,930
Kentucky
1*610,740
755,803
72
214
3,368
North
Stocks
sugar
80
235
Oregon
►
1,336
666
3,532
Dakota-
South
■
Use
1,077,100
include.,
!
190
Delaware
,
firms,
1,173
39
Maryland
'Approximately 28,000 distribution outlets are represented by the 149 retailers report¬
ing for this -period,.YtThe third quarter receipts- by the 1,506 firms reporting for this
neriod were approximately 56.6% of the total deliveries of
sugar by refiners, processors,
and importers for the period July 1 to Sept.
30, 494i.
Comparable figures lor the
corresponding period or the three preceding years were: 1938, 1,321 firms, 39.6%; 1939,
1,383
1,210
87
209
Oklahoma
.
1942
6,720
1,240
86
41
Kansas
third
___YY~1Y
1941
6,570
'
5,987
.1,776
-
Virginia
West Virginia
906,800
1,139,010
1931-40
92
198
Alabama
892,549
883
835
Nebraska
AND
1,207,011
•89
1941
.
-1,483
1,786
2,087*
Missouri
sum¬
July 1-, .Sept. 30,
Sept. 30, '41
1941
1,203,765
85
Iowa
data
data
987
Indicated.
Average
:89
69
2,118 Y 2,018
;
-Thousand Bushels-
Average
280
72
Production
Percent——
1941 1930-39 1940
301 V
;
f.
f
of
1940
63
.
Wisconsin
third
__YY_YY
for third
1939 -:_Y-'_.:____
Comparable
quarter,
data
1940
Comparable
quarter,
*
Y_______
____
Jersey_.___.
Michigan
>
or
Condition Dec. 1
»
Fall
of
■!
272
Illinois
manu¬
19411
Deliveries
drought delayed drilling
plant development - after
WINTER WHEAT
.
Fall
1930-39
York_____.
Indiana
re¬
fall
retarded
as
Yr:-: —Thousand- Acres
Pennsylvania
11
RETAIL¬
July 1-
•
continued
well
as
.
their- facilities and which
of 1941 was affected by a
Dry weather delayed seeding,, oper¬
States and probably held the acreage
been sown if more favorable conditions
i's-'Y-,'-.
New
and
WHOLESALERS,
Receipts
sown
in the fall
rye
have
York
germination,
New
(Short Tons)
• "••Stocks
acreage
Minnesota
table
RECEIPTS
the
in all States except Illinois, New Jersey, Delaware/Mary¬
land, Virginia, North Carolina, and Georgia.
In many of the more
important rye States the crop is'in the best condition in 10 years
or more.
Favored by ample supplies of soil moisture and mild fall
weathef, early seeded rye made «a good growth and late seedings
developd rapidly in all States except the Atlantic Coast States
-Y. '
WITH
in
general
In most other States the
others.
State-
"V/
/
THIRD QUARTER,
I-'Y- Y"/-: Y'Y
v
'
Comparable
following
' V*v '
i'
rather
are
with substantial reductions in Minnesota,
Nebraska—each an important rye State.
emergence.
expansion of processing facilities -v
to produce thehij were announced
'on Dec; 22 by tie; Department of
The Crop Reporting Board of the United; States Department of
Agriculture,
In connection with Agriculture made public on Dec. 19, its report showing the acreage
plant expansion; the Department and condition of winter wheat and rye for the crop of 1942 as follows.
made known that it is prepared to
v,.
Winter Wheat
extend" assistance; -in - obtaining
.. The
acreage of winter wheat seeded this fall was reduced ma¬
priorities and in financing, to co¬
The acreage seeded for har¬
operatives which want to increase terially below the 1940 seeded acreage;
proved by the Agricultural Mar¬
keting Administrator; Assistance
on
a
similar basis will be given
seedings
average
cheese,
and" dry skim
meet
:
,
fall
The condition of rye on Dec. 1, 1941 at 87% of normal is
higher
than either the 83% reported a-year earlier or the
10-year average
of 75%.
Condition of the crop ;1 is uniformly good, being above
for
Sept.
grain.
They
where rye
as
areas
of the eastern
some
reductions
of
totals
needed
BY
:Y\v.'Y
Total
halt to the rise
Dairy Products Goals -YY-'y
Y :;
By Agriculture Dept.
HELD
„
prevented,
>.■
SUGAR
;V
No. of
and
general prices.Y-i./yy
of
was
acre
^
prevailed.
Reduced wheat allotments seem to have encour¬
aged larger plantings of rye in some areas, while the incentive to
increase production of feed grains in 1942
appears to have caused
South
V :..
the data:
'
we
*
is
below
by the Sugar Division of the Agricultural Ad¬
.
"
"
record
quarter
-
■■
acreage
conflicting factors.
in
its-summary
States
com¬
bushels.
seeded
had
*"
The data for the third quarter
DELIVERIES OF SUGAR,
of selected price
is*" the product of a
general price level
issued
acre,
11.8
per
year
seeded
area
ations
-
17
of
average
for harvest
spring seedings in
as
for
Y
1940
last
and
Ohio
second
ERS, * &C„ ON SPECIFIED DATES. TOGETHER
because
It
The
Farm
justment Administration from schedules received from 1,506
tive
*
"■ >Kye
■
well
as
over
of
Dec.
on
the
of
allowance
an
than
number Pf
equipment to an
plant.
The
Departthen
purchase the
of sugar in the United
(see issue of Oct. 9, page 525);
between the over-ail and piecemeal method is that the selec¬
Y
smaller
Wisconsin
.
Department of Agriculture
data
and
Missouri, the Dakotas, Mon¬
will
*
'v
'
...
Colorado, and Utah.
tana,
is
up
deliveries.
encourages
fundamental
1941
12%
con¬
an
the spring.
Increases
-
for
processing facilities.
but about
indicated by
seeded
Southern States-, where scarcity of seeds of winter legumes resulted
in some shift to rye,
The acreage is higher also throughout most
of the Ohio Valley, and in
Michigan,
have
The
of
al*o stated:
One
h
include
is sown in
add
or
•:
„
acres,
Fall
speculation." Representative Gore
Y
plant
existing
ment
*
in
.
manufactures the infla¬
metnod
*
bushels,
yield would be the highest yield
Acreage Seeded
that it "invites and en¬
prices ; to rise to the
selective
the:
bushels
acreage
i-'i
tionary psychology," and that "the
.-■*
14.7
improvement, etc.,
also
Credit Administration or from
the Farm Security Administra¬
tion temporary loans to build a
that it is possible that the
say
restricted/levels written into the
bill," that' "it encourages, aug¬
ments
present
-of
year
obtain
Banks-
671,293,000
per
necessary.
will
District
Cooperatives
-
production
the
the fall,
rye seeded in the fall of 1941 is estimated at
increase of 2% over the 6,182,000 acres seeded
earlier and 3% over the 10-year (1930-39) average fall seedThese estimates include the acreage seeded for pasture, soil
ings.
.
resentative Gore said that the Ad¬
ministration
in
cooperatives
from
the
increases
stepped
on
A. M. convention
The
-
of
average production.
The yield
weather factors is 16.0 bushels
bushel
6,289,000
providing
financing where it is
/
will
it
which
are
prevented, Representative
Gore
(Democrat, Tenn.),
feated
by
production
the
1931.
The
plants, many of
plant or equipment financing
the operation with Lend-Lease
already
been
to
funds and lease it to the cooppeak
pro-,
duction. V Enlarg e d
plant l erative for the production of
■; facilities must be provided in Y Lend-Lease dairy products for
areas
where
additional- milk : sale to the
Department.;
can
be
made
available
for
Secretary Wiekard has desig¬
the production of the needed
nated the Agricultural Market¬
products, c .Y
;; ■
1
-,Y
ing Administrator to administer
Department - reoresentativee
the program for expansion of
are
Albert
of
Department
apparently be
impossible to obtain all of the
that
say
.
'
war-economy,
Volstead "( Act)
•
necessary if
inflation and runaway prices, at¬
tributable to
re-
about 22,000,000 cases
evaporated, milk; 250,000,000
pounds of American cheese, and
200,000,000 pounds of dry skim
milk.
'■ '> ,Y'."V
r^'-* -
worked out in Russia—a system
is theoretically capable
'
have
of
which
:
substantial rate.
alone
-
quested
present
system
of indefinite expansion.
a
British
'
"
Hit-
The only precise scheme
the anti-Hitler coalition
produced
is
the
time
/
16.0
.
•
can we
in
.
*
\
the'1941
larger
since
'
have done that
measurable
are
reported-condition, rainfall and temperature to date, related
to
sary
-
as
to. yields in past years, indicate a 1942 wheat
crop of approximately
631 ^million bushels., - This
production would be about' 6%* less
Department is
^prepared to assist, whether the
plant, is operated by a farmers'
cooperative or by private capi-
t
Y
should i do. whatever is
we
Government." -In
the
cases
.Factors affecting production-which
such
for
to
spring
84
116
;
18
.
■
_
.
6,289
6,182
relate
■
the
sown
total
rye.
acreage
75
of
83
rye
sown
87
for
*'
all
"-
'■
THE COMMERCIAL
1688
this time and
;
Wages Highest On Record
October Average
will do every-
we
higher for men's cotton clothing and felt hats; for. Women's" wash
frocks, rayon dresses and i silk hosep and for! shoes.'V' - Only1
scattered price rises were reported for wool clothing and in some
cases lower prices were; reported
for men's add women's coatsThe kinds of wool clothing on the market change with the seasons
-
;
in > our power - to check
speculative increases., /•
.
thing
weekly compensation of wage earnings in 25 manu¬
Mr. Wickard is also reported as
industries amounted to $35.63 in October, as compared saying that the war had greatly
with $35.10 in September, according to the Division of Industrial reduced oceanic shipment of food
Economics of The Conference Board.
The October average was the supplies to this country. Outgoing
The average
facturing
highest
study, issued Dec. 16, further
The Board's
record.
on
said:
weekly wages in these
amounted to $22.85,
to November, 1940, when they
were $29.73, the rise was caused
primarily by increased work¬
ing time, which expanded from
32.2
to
39.6 hours per week.
Since November, 1940, the rise
has been caused primarily by
increases
in
average
hourly
1940.
In
in
increase
The
average
since Novem¬
ber, 1940, has been caused pri¬
marily by wage rate increases.
Increased
overtime
payments
earnings
hourly
been
been
has
cause
wage
creases.
earnings
hourly
cents,
85.3
to
amounted
the
highest on record, in October,
as
compared with 84.5 cents in
in¬
paint
feeds
earnings rose from 80.0 to 83.*
Hourly
cents.
earnings
and knit
hosiery
goods
consequence*
of
the
indus¬
59.9 cents
try rose from 57.2 to
in
in
wage
rate
18% at sev¬
Hourly earnings oi
increases of 10% to
mills.
eral
miscellaneous
of
employees
from
increased
cents to 89.3 cents.
foundries
86.t
four
but
all
In
industries.
the other
iron
and
of
the
steel, lumber and millwork, and
meat
packing industries they
were
unchanged.
In the elec¬
trical
manufacturing "industry
they amounted to
with
compared
the
largest
weekly
to
$45.82 in
compared
with
$42.14 in September. This in¬
October,
crease
as
was
caused mainly by a
from
to 39.6 per week.
In the
and steel industry the av¬
seasonal increase in hours
36.8
iron
14%
creased
modity
these
plan
appears
hours per week increased
from 37.8 to 40.0, so that aver¬
erage
Living
expected
of
be
by
caused
time.
Average
hours
worked
per
industries were
only 1/ 10th of an hour greater
week in the 25
between
table i
Oct. 15 to Nov. 15, 1941, in the Cost of Goods Purchased
and Lower-Salaried Workers in Large Cities of the
.
Earners
Wage
+
i■'
■'
.
October than
be
in¬
4,443,000,000 to
of the de¬
fense program. They amounted
to 41.7 as compared with 41.6
in September. They were lower
than in September in 15 of the
25 industries, and in three other
New
and machine
tool in¬
Items
0.4
+
+ 2.8
+ 1.7
+ 0.9
0.8
+ 0.7
+ 3.0
...
+ 0.6
♦
___
+
;':,v
+ 0.6,
+ 2.8
+1.0
.
+ 0.5
+ 2.4
1.1
+ 1.1
+
"
+ 0.5
Cincinnati..
—0.4
*
x
+1.5
+
0.2
+ 0.8
+ 2.3
City
+ 0.7
+ 1.0
Minneapolis
+ 0.4
+ 0.4
+
+ 0.9
+ 2.1
+ 1.6
+ 0.8
'■
V:
-1
—
t
+ 0.2
t
0.2
0.9
+
+0.1
+
*
0.4
+
+
1.3
0.3
+
t
Central:
North
St. Louis
0.8
+
—0.2
+ 0.6
+ 2.4
+ 1.0
+ 0.3
+ 1.9
—0.4
+ 0.9
+
Washington, D. C
East South Central:
0.1
+ 0.7
+
1.8
—0.4
x
+
2.1
+
1.0
+0.1
+ 0.2
+ 0.2
'
+ 0.2
+ 0.1
Savannah
+
t
0.1
+ 0.4
+ 0.8
•
0.6
X
1.5
+ 2.6
+ 2.7
+ 0.8
+ 1.0
+ 1.7
+ 2.0
+ 0.2
+
+1.2
+ 3.0
+ 0.9
+1.1
+ 2.7
+ 0.6
1.1
+ 1.6
+
+
1.6
+ 0.5
•
:
Houston.
Mountain:
+ 0.4
"
+
0.1
+ 0.9
+
Birmingham
South Central:
West
X
+ 1.8
X
+ 0.7
+ 1.5
Atlantic:
Baltimore—
'•>>.
+ 0.2
:
+
X
+ 0.5
South
+ 0.4
2.2
+0.6,.,.
; v
0.1
+
+ 0.4
+ 1.4
Kansas
+
+ 0.2
+ 0.2
■
+ 2.1
Detroit
in living costs since the entry
of the war
increase in living costs was 11.8%.
—0.5
X
x
k
X
+ 1.5
0.3
+
-+1.0
Cleveland
From the outbreak
0.2
+
+ 0.2
•
Chicago
"No
+ .01
X
t
X
X
1.5
—0.3
+ 0.3
Pittsburgh
Central:
costs
neous
.08
+
t X
+ 0.9
+
East North
West
cella-t
Atlantic:
Buffalo
-
+1.4
+ 1.4
Boston
,
"
+ 1.3
Mis-'
House-
Fuel,
electricity furnish;•
and ice
ings
Rent
Clothing
Food
-
X
+ 0.9
0.1
...
.
Denver
+ 1.7
+ 0.2
+0.4
X
X
+ 0.2
.
Pacific:
k
>
+
' San Francisco—u-'—i
revised; all items to
Indexes
v.
,
,
•.
....
of
+
o
r,
...
+
§+0.6
tNo change.
'
V
J
y •,
electricity furnishelectricity':
Food
:
Rent
Clothing
and ice
•113.1
.-114,4
r107.9
; ; i08.6
.ill5
H3.4
113.0
115.2
>115.6
113.9
;
.
110.2.
t
L
Atlantic:
■
ings
115.8,.,
-
1104.0
•103.5
-.
England:
—
>
103.2
108.8
113.1
111.5
102.9
108.4
108.7;
114.7
105.6
Pittsburgh——
112.9
117.4
106.9
107.1
110.8
114.8
-110.7
112.3
110.5
114.3
115.0
112.9
116.4
117.8
.' 112.6
112.0
116.2
107.9
108.2
110.6
109.8
:
I
cellaneous
107.1
104.9
119.5
'
110.4
110.6
103.3
110.2
>
|
113.3
110.4
Philadelphia-
—■
0.1
§Oct. 15
House-
Items
lI
Cil
0.4
.;;; table 2
:
by Wage Earners and Lower-Salaried
United States by Groups of Items, Nov. 15, 1941
(Average .1935-39=100)
.
v;,
v;;' "ah
"V,'All
1
Boston
+
1.8
Purchased
Goods
Area and City
Average: Large
Middle
+
+0.1
0.2
tBased on data for 34 cities.
t
New
-
+1.0
Large. .Cities of the
Workers in
.
Cost
the
of
X
•
■
113.0 and housefurnishings to 114.1
:>>
Indexes
+ 0.4
:,+ 0.2
+ 0.7
+ 0.7
1+0.4
cities.,
51
data for
\
2.0
-
Seattle—
"Based .on
'
.'•
•?
•
Los Angeles—
•„
.
103.7
'
115,0
'
107.1
x*
107.6
116.4
105.9
103.3
114.3
105.7
103.6
102.6
122.2
'107.5
113.6
112.0
117.6
106.2
116.9
105.4
116.7
110.0
114.2
»107.5
102.7
114.1
105.9
112.9
} 114.0
108.9
98.8
116.6
110.4
117.0
114.4
103.2
105.9
110.4
104.5
111.3
114.3
112.8
112.2
103.4
121.2
106.3
113.3
118.6
,117.8
112.7
101.2
116.4
108.0
108.5
111.4
118.8
101.3
101.7
123.4
106.2
113.4
112.6
119.7
127.0
99.9
114.4
108.0
111.2
118.6
117.8
107.0
93.7
117.8
105.8
109.7
113.2
112.6
108.3
98.2
117.0
107.2
Los Angeles-:
111.2
115.4
116.4
108.5,
94.2
San Francisco—____
110.5
114.4
113.8
105.0
92.8
115.3
109.5
1113.5
118.9
115.1
115.0
98.6
1114.8
109.5
East North Central:
7:
Chicago—
Cincinnati—
Cleveland——.—
Detroit—
West
North
Kansas
City
Minneapolis—
St. Louis—________
South
'•
'
'
Central:
Atlantic:,
'
averaged with those which rose. /
__
Fuel, Electricity and Ice
'
East South Central:
higher prices were reported for coal and wood in
Two cities, Minneapolis and New York, reported
fuel oil prices were lower in mid-November than in mid-
Slightly
a
few
that
cities.
October.
and
by families of wage earners
cost 1.4% more on Nov. 15
November prices were reported as being much
Clothing customarily purchased
lower-salaried clerical workers
than
on
Birmingham
West South Central:
Houston
Oct. 15.
__
______
'
Mountain:
Denver
Clothing
industries
machine
of
Groups
by
.
England:
Middle
despite the urgency
they
were
un¬
changed. As in September, the
longest work week was in the
States,
...
+ 0.7
Average: Large Cities
the
in September,
..
items
„
in
.
Area and City
reported for relatively few dwellings.
Of the 21 cities included in
this survey, only one city showed an increase of as much as 1%
in the total rental bill, when rents which remained unchanged or
are
>
which oc-r
included in this group.
All
large cities increased on the average by 0.4%
mid-October and mid-November.
Higher rentals were
decreased
.
in most cities.
continued to rise
prices of other commodities
United
industries,
in
1.1.
and services in spite of the increases
goods
in
0;:
4,628,000,000 pounds, and later
to 6,200,000,000.
Rent
•..
+
Percentage Change from
goods purchased by wage earners and
lower-salaried workers for Nov. 15, 1941 was at the highest point
Rents
31.5
was
laneous
"The index of the cost of
the nine the
«
cities
cline
immediately
the war.
tubes
and
tires
for
Fish—The annual catch could
greatest increases were in food and clothing
in all other major groups," she said.
}
'/
1.9
-.+
prices also continued their earlier advances.
Five of the
reported lower gasoline prices.
In St. Louis, this de¬
enough to cause an 0.4% drop in the cost of miscel¬
Soap
■
from
;
.
Oils—In¬
creased
-
*
+19.3
r
.
.
0.4
+
20.1
+
—
+
21
reports are yet available on changes
September
.v
0.2
Miscellaneous Goods and Services
supplies of lard and oil
from peanuts and soybeans are
expected next year.
almost
15, the average
16.9
0.7
+.
;
0.7;
+
7.8
—_—
Prices
is planned in
and
____—i
+
,
23.5
+
—
+
"No change.
,
Nov. 15, 1941
+31.8
—
+-
Sheets
to
.'■>
to
15, 1941
Nov.
.
Mattresses
advances
in Europe to Nov.
v>
"
;
•
,
———ii
curred
Fats
-
•
____i_i—
suites
Rugs
larger next year.
Edible
advisable.
States into
■
•
Washing machines
Living costs of moderate-income families rose 0.7% from midmid-November, Secretary of Labor Perkins reported on
the United
,
refrigerators
Electric
October to
of
0.8
Average
in
suites
room
Bedroom
Living Costs In Large Cities Advanced
•
@.7% From Mid-October To Mid-November
"The
+
-Percentage Changes ■■■■■•
Oct. 15, 1941
.
in nine of the 25
and in all but one
decreases were
by
shorter
working
sales tax from 2 to 1%.
Philadelphia
smaller
16.3
largely
were
^
New York
17.
+
____—_____
Articles of Housefurnishings
creased
in¬
agricultural commodities at
with
7.1
Prices' Paid for Specified Housefurnishings by
Wage Earners and Lower-Salaried Workers in Large Cities of the United States.
from
of
and
Change
Percentage
weekly earnings increased
since December, 1930.
Higher prices for goods and services were
$37.16 to $39.32. In the
paint
and
varnish industry, responsible for a rise of 9.7 above the 1935-39 average and defense
average
weekly earnings rose excise taxes levied in 1940-41 accounted for an additional 0.5 of 1%."
\:
from $33.24 to $34.53, although Secretary Perkins further reported:
hours
per
week
decreased
Food
'•
>>> V.
from 41.6 to 41.4.. In the hos¬
Retail food costs advanced 1.3% between mid-October and
iery and knit goods industry,
weekly
earnings
rose
from
mid-November, continuing the rise which began about a year
ago.
The largest price advances were reported for eggs and
$21.38 to $22.56, although there
was
fresh fruits and vegetables, such as apples, bananas, carrots and
only a slight increase in
hours per week.
The increase
green beans, which generally rise during the late fall and early
in hourly earnings in miscel¬
winter.
The price increases for oranges, spinach, and onions re¬
laneous
foundries
caused an
flected relatively short market supplies.
Other foods showing
increase
in
weekly earnings
substantial price gains were fresh milk, coffee and fresh fish,
from $39.66 to $40.47, although
The average cost of cereals and bakery products remained un¬
hours of work declined from
changed.
Meat prices declined considerably as is usual at this
45.8 to 45.3.
Weekly earnings
time of year, when beef and pork are marketed in large quan¬
were lower in October than in
tities.
'
age
1_—-—
in the city
of
1942.
There is little excuse for any
Dec.
+
Sept. 15, 1939
production
Larger production
substantial increase in the price
of
45.6
ported for electrical goods and gas stoves reflected the new de¬
retailers' stocks purchased since Oct. 1.
The
decline shown for New York City is accounted for by the change
Vegetables — The production
vegetables for processing in
1941 was of record proportions.
production in any com¬
or
product where an
increase
4.2
+
equipment continued to rise
responsible for the increase of
in housefurnishings in large cities.
The higher prices re¬
0.8%
of
the light of
will
and
+
;
dresses
month
dairy products likewise is at a
record level.
goals
0.5
—
+ 15.0
fense excise taxes on
Dairy Products—The produc¬
of milk and manufactured
in¬
carefully in
war
The
year.
0.9
—
+10.3
Prices for electrical and cooking
tion
We
to
studying
now
actual
amounted
they
make
necessary.
us
where
17.3
___
—
—.___—«—._—_____
hose
this
pro¬
chicken meat is expected to
production goals for 1942
planting begins makes it
are
are
0.9
Housefurnishings
93.6 cents as*
cents in
increase in av¬
earnings was in
automobile industry, where
The
next
before
for
increases
0.6
+
;
' "
;
2.0 X.
+
—
and are now planning an¬
The fact
that we still have time to revise
creases
Silk
farms is increasing
Products—Egg
3.5
+
S
15.0
■
expected to be 5% larger
further
other record next year.
possible
coats ____
panties
produc¬
number
+
32.6
+
coats, fur trim__.
Rayon
is expected to set
The
1.8
-
Sport
duction is at a record level and
year
our
on
Poultry
record production
a
1942
record.
+
+ 17.9
Dress
i
0.7
+
shoes
Work
0.2
+
+11.0
__
__
•'
:
+
+
>——
____________
Women's:
93.9
September.
erage
and is
Commercial
than this year.
gets underway at a
when farmers have just
very
Hourly earnings were higher
in October than in September
in
time
—
livestock
war
completed
in
new
a
ard further said:
industry, where hourly
varnish
tion
people,
including
the
armed
forces, and enough more to help
feed our Allies." Secretary Wick¬
The
Meats
-
for our own
scale. We have plenty
shirts
'
0.9
15.3
21.7
+30.9
__
shoes
Street
—
■;
+
__—
cotton—
shirts,
Business
-
largest in 20 years.
unprecedented
an
on
Work
*'
Grains—The wheat supply is
farms
our
on
cotton
trousers,
*
•
9,6
+
_
•
ample for two years, while corn
and
barley
supplies are the
the productive capacity
to add to our food
and
ary
-I-
ii'_
Overalls, cotton
of Secretary Wickis given as fol¬
in the same advices:
lows
issued on
"we have large supplies of
in our Ever-Normal Gran¬
said,
and
the
in
was
crease
largest
The
September.
the
supplies
of the
States." "In addition," he
United
woof
Suits,
Work
••
to
;
Nov. 15, 1941
Nov. 15, 1941
/' JiV.;-- >
Percale
history
the
food' in
of
supply
Average
on
Oct. 15, 1941
to
.>,
•.
+
A summary
hand the largest total
on
in¬
rate
\<
•'
ard's food report
17, Secretary of Agriculture
Wickard declared that "we have
main
the
But
1941.
October,
Articles of Clothing
Men's:
.
■
:
Percentage Changes
Sept. 15, 1939
ocean
freight rates for cocoa and coffee from Latin America.
Dec.
factor,
a
bearing
National food situation,
be¬
cause hours of work expanded
further
to
41.7 per week in
also
have
statement
a
maximum
fixed
and
Wickard Says U. S. Has
amounted to 85.3 cents, as com¬
Record Food Supplies
pared with 74.7 cents in No¬
vember,
in
of
Articles
Specified
September.
.
began rising
rapidly in December, 1940, so
that
in
October,
1941,
they
"
Clothing
Large Cities of the United States
for
Percentage Change in Average Prices Paid
by Wage Earners and Lower-Salaried Workers
,,
with
compared
as
in
hours
which
earnings,
higher than on Oct. 15 in 6 of
the Bureau obtained clothing prices.
than 2%
50.4 loaded with crude rubber, tin and
Nine in¬ other strategic materials. In the
dustries operated less than 40 Associated Press he is quoted as
hours per week per employe. saying:
v>>.. .•>■
The largest decrease was in the
"Some special arrangements"
northern
cotton
had been made, he said, how¬
mills, where
average hours fell from 40.5 to
ever, to assure the United Estates
38.8. The largest increases were
of imports of specific agricul¬
in the automobile and iron and
tural products, such as a guar¬
steel industries.
antee of space for Cuban sugar
hours,
industries
this year, however,
15
Nov.
usually established by Oct. 15. On
the total clothing budget was more
the 21 cities from which
price levels are
winter
and
ships are
incoming
while
food,
dustry, where it averaged 50.2
average
'
ships, he said, are mostly loaded
with defense materials, including
.
when<&
1938,
January,
From
'J-A ft
Saturday, December'27»-1941'
& FINANCIAL CHRONICLE
—
Pacific:
Seattle
"Based
all items
__
data
for 51
115.2
108.2
tOct. 15 index revised;
tBased on data for 34 cities.
to 113.0 and housefurnishing to 114.1.
• '
on
•
cities.
.
,
'/
-Volume 154 r Number>4025
THE COMMERCIAL & FINANCIAL CHRONICLE
->
To Hitler the
President Roosevelt
Says:U. S. Will Not ;
Lay Down firms Until World Liberty Is Secure
President Roosevelt
pledged on Dec. 15 that the United States
lay down its arms "before liberty is once again secure in
would not
the world
we
In a nation-wide radio address commemor¬
live in."
ating the 150th.anniversary of the ratification of the Bill of Rights,
the President said that the issue of the war is the "attempted revival
of barbarism, this proposed return to tyranny, this effort to impose
again upon the peoples of the^
American bill of human rights
world doctrines of absolute obe¬
as valid: A small clique of am¬
dience, and of dictatorial rule, and
bitious and unscrupulous poli¬
of the suppression of truth and of
ticians whose announced and
the
of
oppression
conscience
which the free nations of the earth
have long ago rejected."
He con¬
tinued:
•
is
nothing
more or less than an attempt to
overthrow and to cancel out the
What
face
we,
great upsurge of human liberty
of which the American Bill of
Rights is the fundamental docu¬
ment; to force the peoples of the
earth, and among them the
peoples of this continent, to ac¬
cept again the absolute author¬
ity,. and
despotic rule from
which the courage and the resolution and the sacrifice of their
■
;
liberated them many,
years ago.
v\ '
ancestors
many
the
of
Speaking
influence
by the "basic principles,
of freedom of man and freedom of
exerted
mankind"
Bill
ican
in the Amer¬
enacted
of
President
Rights,
admitted platform was precisely
the destruction of the rights that
the entire program and goal of
these political and moral tigers
nothing more than the
overthrow,
throughout
the
earth, of the great revolution of
human liberty, of which our
American Bill of Rights is the
was
mother charter.
since 1933 a "small
clique of am¬
bitious and unscrupulous politi¬
cians" in Germany have as their
entire program and goal "noth¬
ing more than the overthrow,
throughout the earth, of the great
revolution of human liberty of
which
our
American
Bill
of
Rights is the mother charter." He
added that the truths which were
self-evident to six generations of
Americans were "hateful" to Hit¬
ler and his fellows and that the
inalienable rights of life, liberty
and the pursuit of happiness were
"empty words which they pro¬
posed to cancel forever."
Mr. Roosevelt went on to relate
propositions advanced by the
Nazi politicians, explaining in de¬
tail Hitler's ideal of the people,
the government and the church.
He concluded his address by de¬
claring that the attempt to over¬
throw the principles embodied in
the American Bill of Rights could
only succeed "if those who had
inherited the gift of liberty had
the
lost the manhood to preserve
it."
talk
The text of the President's
follows:
V
No date in the long history of
evident
freedom means more to
liberty-
loving men in all liberty-loving
countries than the 15th day of
;
■
•
*
i
Y
December, 1791.
On that day,
150 years ago, a new nation,
through an elected Congress,
adopted a declaration of human
rights which has influenced the
thinking of all mankind from
one
end of the world to the
other.
*
/'YY
single republic
;on this hemisphere which has
not adopted in its fundamental
law the basic principles of free;. dom
of man and freedom of
;
mind enacted, in the American
-
Bill of Rights.
>
,
There is not a country,
.
small,
this
on
large
continent
v/hich has not felt the influence
that
of
Thomas Jefferson—
to
which have been self-evident to
the
six
who
icans
document,
directly or
indirectly.
Indeed, prior to the year 1933,
essential validity of the
American Bill of Rights was ac¬
cepted at least in principle.
Even today, with the exception
of Germany, Italy and Japan,
peoples of the world—in all
probability four-fifths of them
—support
its
principles, its
teachings and its glorious re¬
the
sults.
But
The
hateful.
men
rights to life, liberty and the,
pursuit
of
happiness
which
seemed to Jefferson, and which
seem to us, inalienable, were,
to Hitler and his fellows, empty
words which -fhey
proposed to
cancel forever A
The
"
propositions
they
ad¬
vanced to take the place of Jef¬
ferson's inalienable rights were
these:
'
Ay: ■
being has
himself
human
individual
the
.That
rights whatever in
by virtue of his
no
and
humanity;
That
individual
the
being has
no
right to
human
a
soul of
his own, or a mind of his own.
tongue of his
a
or
or
own,
trade of his own; or even to
he
where
the
woman
pleases or to
he loves;
a
live
marry
is the duty
his God,
and not to his conscience, but to
Adolf Hitler; and that his only
value is his value, not as a men,
obedience,
but
as a
to
unit of the Nazi state.
Hitler
To
not
the
ideal
of
the
people,
as
we
conceive it—
free,
self-governing and
responsible people—is incom¬
prehensible.
The
people,
to
Hitler, are "the masses" and
the
highest
human idealism
is,
in his
own
words,
that
in
to
the
1933 there
in Germany a
year
power
political clique which did not
accept -the declarations of the
Hitler, the freedom of men
as
they please and
speak as they please and wor¬
ship as they please is, of all
things imaginable, most hateful
and
most
desperately to be
to
man
should
"a
come
dust
"of
order
wish
to
be¬
particle" of the
force"
which
is
to
shape the universe.
To
we
Hitler, the government,
as
The government to
him is not the servant and the
instrument
their
of
absolute
the
people,
master
and
but
the
dictator of their every act.
kerosene, residual fuel
oil, and.lubricating oil for October, 1941, indicate sizeable gains in
total demand over a year ago, but the unseasonable weather ap¬
pears to have effected a decline for distillate fuel oil.
According to the Bureau of Labor Statistics, the price index
for petroleum and products in October, 1941, was 61.7 compared
with 61.7 in September and 49.0 in October, 1940.
The crude-oil capacity represented by the data in this report
was 4,600,000 barrels, hence the operating ratio was
89%, compared
with 89% in September and 82% in October, 1940.
SUPPLY AND DEMAND t>F ALL OILS
A"
issue
of
issue of the
time,
war
in
we
engaged, is the issue forced
the decent, self-respecting
peoples of the earth by the ag¬
gressive dogmas
of this at¬
tempted revival of barbarism,
this proposed return to tyranny,
this effort to impose again upon
the peoples of the world doc¬
trines of absolute obedience, and
of dictatorial rule, and of the
suppression of truth, and of the
oppression of conscience, which
Crude
of
the
earth
have long ago rejected.
What we face is nothing more
nor
less than an attempt to
290
132,393
4,271
125,376
118,755
1,207,521
4,179
3,831
3,972
1,182,462
3,877
4,705
4,662
3,815
3,853
126,423
41,038
production
Refined products
new
—
for
in
us
.
petroleum.—
our
of
our
Bill
of
passion
hearts and minds to those
commitments
We
that
■:
..
of
the
human
are
up
arms
ih
a
67,988
a
670
Asphalt--
4,393
124,269
275,349
a
133
736
a
!
54,200
a
2,482
192
*
Road oil
'A 493,937
a
13,358
*
20,333
1,051
5,817
a
a
a
3,563
25,077
;
750
1,462
683
8,301
7,380
6,625
5,884
64,187
60,461
308
189
1,960
1,703
126,137
118,272
4,205
3,815
246,111
263,856
9,869
10,321
4,870
5,373
12,353
6,569
289,704
:
6,774
243,735
Still gas
Miscellaneous
282,411
—
a
Losses—
2,988
Total domestic demand™
a
;
a
Daily average—1
:
*
1
a
1,768
18,989
17,524
a
.
,
1,087,166
3,564
a
STOCKS
Crude petroleum:
Refinable in U. S
Heavy in California—.
Natural gasoline
Refined
products
Total, all oils—
Days' supply—
*Not
548,178
PRODUCTION
243,735
9,869
263,856
4,870
6,569
290,018
290,918
12,353
289,704
573,696
.
544,216
121
a
548,178
A'?'-
—.
a
137
573,696
■
146
*1
available—see
text
al iove.
CRUDE
OF
tBureau
PETROLEUM
(Thousands
Mines.
of
BY
•
^Increase
STATES
AND
PRINCIPAL
FIELDS
of barrels)
October, 1941
Total
Arkansas
Sept., 1941
Daily av.
Oct.,
January-October
1941
1940
2,218
71.6
74.2
2,121
21,859
21,427
1,196
38.6
38.6
1,328
11,747
1,191
38.4
39.1
1,333
12,333
14,353
13,447
2,705
-—
87.3
86.5
2,506
25,383
25,275
133,481
186,916
Daily av
1940
California:
Kettleman Hills—
Long Beach
—
—.
—
Wilmington—
"
—.
Rest of State
Total
—.
California—
Colorado.
15,095
486.9
482.6
13,7*71
141,687
20,187
651.2
646.8
18.938
187
6.0
6.1
112
191,156
1,495
13,104
422.7
423,1
10,795
109,690
534
17.2
17.7
583
5,567
7,800
251.6
246.4
5,914
67,849
54,716
397
12.8
13.0
464
4,012
* 4,357
8,118
—
261.9
253.3
6,577
73668
66,111
——
Illinois——
—
Indiana——
-
Kansas—
—.
Kentucky———
Louisiana:
_
i
1,105
126,345
3,660
.
.
—
Rodessa
404
Rest of State———
•
Total Lousiana——
—.
Michigan
13.0
13.5
523
4,417
1,761
10,283
56.8
53.0
1,520
16,727
14,430
331.7
319.8
8,620
94,812
86,386
...
51.5
1,474
12,895
62.3
56.5
480
10,889
21.4
567
6,195
5,637
3,442
_
New Mexicoo
59.5
22.1
111.0
109.5
3,199
32,856
14.8
408
32,506
4,303
1,932
Montana—
5,845
684
1,845
.
Mississippi
—.
'A
465
.
:
15.0
17,147
,
3,436
4,223
300
9.7
A 9.6
296
2,756
2,642
2.612
Ohio-
84.2
87.4
3.023
27,963
31,797
Oklahoma:
Oklahoma
City
Seminole
Rest
3,211
31,601
34,618
234.3
241.7
6,630
69,180
64,126
13.001
419.4
436.8
12,864
128,744
130,541
1,501
48.4
48.0
1,405
13,853
14,590
12,223
—.
394.3
368.3
10,203
102.405
260.0
7,403
11,563
2,572
110,162
74,925
109,226
118,921
22,584
22,355
-
Texas: \
107.7
100.9
7,262
Pennsylvania
j,A
„
Gulf Coast—
West Texas—
8,488
273.8
11,508
371.2
2,525
81.5
—
—
—.
Rodessa__—
October Crude Oil
;
3,127
of State
Total Oklahoma-
Panhandle—
October
45,7^1
28,459
,
30,192
Coke—JL.—
act—now and evermore.
mark in
1,200,875
3,937
a
5,608
11,670
O
East Texas
Runs To
a
53,807
31,534
2,638
;
;
Lubricating oil__
Wax—A
liberty,
Output Sets New HighStills Again Show An Increase
*
5,624
*
Residual fuel oil
New York
world, that hav¬
in the de¬
we will not lay
them
down
before liberty is
once again secure in the world
we live in.
For that security
we pray;
for that security we
ing taken
fense of
48,926
|
Distillate fuel oil
power or
We covenant with each other
0
414,469
5,269
6,005
58,995
Kerosene.
..A„A-yAK-v^
■■
solemnly determined
combination of
powers of this earth shall shake
our hold upon them.
no
t2,900
>-A 6,248
*
Gulf Coast
spirit.
4,210
t2,840
that
A. - A,A -A"
34,073
33,266
1,249,801
4,098
j,
129,546
4,179
■*
fixed and certain
We hold with all the
2,581
A
A*
earlier
framed
3,719
'
43,123
135,285
'
4,078
197
——
■
...
„
Motor fuel—
the determination of this gener¬
ation of our people to preserve
Rights. A V
4,516
3,962
Refined products—
lost the manhood to preserve it.
But we Americans know that
of
5,047
Domestic demand:
attempt which could
succeed only if those who have
inherited the gift of liberty had
determination
1,134,423
;/A '
"A'.;
Total demand
Crude
1,152,534
3,791
3,659
135,482
A
stocks, all oils—
Daily average
Exports:: ,,
an
generation of Americans
A A.",;.; I. A
A
A-V;
We
will
not,
under
any
threat, or in the face of any
danger,
surrender
the
guar¬
anty of liberty our forefathers
■
Daily average—
DEMAND
113,418
A A 5,444
*
supply, all oils-*—
Decrease in
many years ago.
the
266
52,128
2,859
45,458
296
Total
lution and the sacrifices of their
to win it.
1940
5,952
gasoline——
————
tCrude petroleum——
.
as
1941
4,069
Daily average——
Imports:
Rights is the fundamental docu¬
ment: to force the peoples of the
earth; and among them the
peoples of this continent, to ac¬
cept again the absolute author¬
ity
and
despotic
rule
from
which the courage and the reso¬
liberty is
January-October
1940
119,446
3,982
5,664
Total
great upsurge of human liberty
of which the American Bill of
It is
October,
mi
126,145
Natural
overthrow and to cancel out the
ancestors liberated them many,
September,
1U41
petroleum——
Benzol
upon
nations
October,
.
Daily average-
are
free
-
Domestic production:
the
which
our
.
the
(Thousands of barrels)
NEW SUPPLY
The
before all the
conceive it, is an impossible
conception.
think
feared.
the
a
and nation."
To
as
That his only duty
of
338
350.0
79.2
;
10.9
11.7
Y
503
71,283
4—:
327.5
318.0
10,348
4,064
93,948
45,234
1,459.2
1,387:2
42,592
414,909
311
Total Texas—
10,152
—.
.'i
Rest of State
10.0
9.6
312
2,861
678
21.9
22.2
780
7,486
7,520
West Virginia—
r
.
5,704
93,422
.
414,090
2,899
Wyoming:
Lance Creek
—
Salt Creek—
460
—-
14.9
1,405
45.3
•
Rest of State
Total
—
Wyoming
Other—
—
—
—.
2,543
*177
15.3
1
434
4,326
4,345
46.3
991
12,986
9,426
2,205
24,798
1,385
21,291
82.1
Yj
83.8
5.7
5.7
Y
69
159
126,145,000 barrels, the daily average of 4,069,200 barrels
Total United States—
126,145
3,981.5
113,418
4,069.2
1,152,534
being 87,700 barrels higher than in September.
1,134,423
A
^Includes Missouri (4), Nebraska (171), Tennessee (1), and Utah (1).
The Bureau's report further states:
•
aThe major part of the gain in production in October was in Texas
with small gains in California, Kansas, Louisiana, and other States
outweighing a material decline in Oklahoma.
Illinois' daily pro¬
duction declined 400 barrels to 422,700 barrels; this small decrease
was significant as it was the first drop since May.
According to a compilation made by Merrill Lynch, Pierce,
Coastal Louis¬
Fenner & Beane, 30 chain store companies, including two mail order
iana, Kansas, and Mississippi were again the record breakers.
The gain in crude-oil production in October outweighed an in¬ companies, reported an increase of 20.0% in sales for November,
crease in
Excluding the two
crude runs to stills; exports of crude oil showed little 1941, relative to those for November, 1940.
change and the net result was a smaller withdrawal (about 2,000,- mail order organizations, 28 other chain store companies reported
'
000 barrels) from crude-oil inventories in October than in September. an increase in sales of 20.6%.
was
November Chain Store Sales At $419,578,777
Refined
the
came
him—were
followed
these
to
Amer¬
of
generations
"absolutely and exclusively ip
one doctrine,
the service of but
race
finished and unfinished gasoline was several million barrels
higher
thari the: total on hand a year ago.
a v
^
The production and stock figures for
we
as
Daily average crude-oil production exceeded the 4,000,000-barrel
October, 1941, for the first time, it is reported by the Bureau
of Mines, U. S. Department of the Interior.
The total output in
V
There is not a
or
self-
were
„
,
v
which
The truths
Roosevelt said that, with the ex¬
ception of Germany, Italy and,
Japan, probably four-fifths of the
peoples of the world support "its.
principles, ifs teachings and its
glorious results."
The President further said that
Indeed,
declared.
instrument
Church,
conceive it, is A monstrosity to
be destroyed by every means ai
his command. The Nazi church
is to be the "national church,"
1689
the
Sales
Products
crude runs to stills increased for the seventh
successive month, the October record of 4,089,000 barrels being
40,000 barrels above the average in September.
Because of the lack of import and export data (the Commerce
Department has not yet clarified its recent order relating to the
publication of such figures), the customary domestic demand for
motor fuel for October cannot be obtained.
HoweVe^ estimating
Daily
average
comparatively small imports, the total demand was about 61,000,000 barrels, or 9% above a year ago. This gain was less than
"normal," probably because of curtailment in the eastern States.
This situation, plus the record-breaking output, resulted in a gain
in stocks of over 2,000,000 barrels.
As stocks declined materially in
October, 1940, the total for Oct. 31, 1941 of 82,303,000 barrels of
the first
in
1940.
chains
the 30 companies showed an increase of 21.1% for
months of 1941, relative to those for the same period
Excluding the two mail order organizations, 28 othfer
for
10
reported an increase in sales of 18.0%.
—Month of November—
%
-11 Months End. Nov. 30-
1940
Inc.
30.2
$999,395,155
$834,674,695
96.234.425
$73,496,384
85,086,704
13.1
889,508.948
784,719,510
13.4
6
55,588,008
46,200,399
20.3
448,146,293
365,049.892
22.8
8,271,305
14,9
100.348.508
88.345.761
13.6
2
Shoe
chains
9,502,119
4,005,270
3,361,437
19.2
*3,573;073
35.844.740
21.6
1
Auto
supply—
6,279,000
5,218,000
20.3
p,937,000
47,223,000
33.3
$267,271,094 $221,634,229
20,6
127,936,100
19.0
$2,543,908,977 $2,155,857,598
1,417,983,271
1,116,204,276
27.0
20.0 $3,961,892,248 $3,272,061,874
21.1
1941
Period—
Grocery
chains-
$95,662,272
5 & 10c.
chains.
chainsapparel
2 Drug chains
6
11
28
2
Chains
Mail
orders-
30 Companies
-
152,307,683
$419,578,777 $349,570,329 >
1941
1940
Inc.
19.7
18.0
Americans
President Roosevelt Warns Other Countries
fense
of
Nation Is United Behind
to*
Foreign Policy
to
Mr.' Roosevelt
said.
dent
made
letter
Democrat
Gillette,
Senator
from
©f Iowa,
consistent opponent of
a
the Administration foreign
policy.
Senator Gillette had informed the
President that,
while he had not
changed his convictions, he was
offering his "support and ser¬
vices" in carrying out the policy
which the majority had laid down.
In
writing
give
follows:
1935-39
convictions
these
rendered
now,
But,
President, the ma¬
the Congress held
Mr.
jority
of
reference
with
to
other
these
:
views
proposals than were en-
tertained by me, and
i
these conflicting views have found ex¬
pression in the enactment of
the various proposals into law.
;
Within
the
past few
days,
a
decision was reached
passage of the revising
and repealing paragraphs of a
majority
pertaining
proposal
In
*
the
to
my
■
■
.?-
Nov.
Oct.
pl67
__Y
163
As
who
___Y____Y1Y
169
207
157
138
120
YY130 .VY-
118
pl33
137
pl38
145
111
pl22
137
Minerals
_______
Construction
all
of
and
*
Total
of
attainment
victorious
tendering
service in
and
Y.-'-
V; .'
I
received
have
by $184,137,000,
of
Labor
and all
without
index,
of
letter
frank
Nov.
,
in
national
adjustment,
Aircraft
v
Factory
have
written,
NOnferrous
-Y;
in
metals
That
there
there
are
is
debate,
or
Zinc
and
of
as
cohesion
though
times
that
made.
173
184
184
173
206
177
207
206
Cotton
164
176
178
425
410
265
p234
231
152
p234
231
p286
268
171
p286
268
1290
600
125
110
134
pl397
pl52
pl24
1290
146
279
166
p279
279
153
335
tl62
p339
335
tl57
627
226
p659
627
219
186
-155
pl90
185
'158
135
pl38
176
147
179
176
210
179
p219
143
144
\Y .147
143
:
216
145
*
216
;••• ■■ i
135
:
Cattle
hide
and
leathers
130
pl65
176
113
120
117
135
P155
150
161
139
167
161
139
172
146
pl79
,•: 172
151
164
140
124
107
100
129
101
110
139
114
92
and
140
v'
V 110
.Y
_
101
99
107
133
133
pl52
134
151
133
116
pl43
149
oil
iY
coke
Chemicals
131
106
112
133
114
131
112
.
437
281
p410
437
147
117
pl58
'151
134
132
-.
*
134
137
133
Y
;;r137,
■
Metals
that
Iron
•
p
116
97
P99
123
128
115
148
148
193
203
192
231
150
143
pl56
113
,
Preliminary.
jRevised.
309
our
mistake
people,
is
some
While there have
expressions
,
;
•
,
•>,»-
v/,
159
Coke
■
115
128
v.ya-2 it i
-v
iil
-
':••
Forest
policy, I have always felt that
those" diferences were of degree
Miscellaneous
but not of principle.
Note—To
we
135
109
165
117
coal
;
convert
140
and
miscellaneous
by .213 and miscellaneous by
98
181
204
99
coal
.548.
increases
Little
v
/-.
-
Yv-
(Five-Year/Average
:
:
•;•••
.*
--Y/.^l:'_---__.
bakery products—?;
NOV. 18,
: *1941
1935-39
Oct. 14
'
199
120
150
97
to points
101
97
indexes
in
total
Y
Y
and
veal
V'W 1941
'•
1941
*
:
;
102.2
112.9
115.5-/,
115.1
116.2
109.3
-114.9
99.4
110.8;
?
101.6
110.7
(i
-
,
1940
Aug. 15,
1939
' '
93.5 'V
' 95.9
94.7
100.9/.:
-
!
97.3
93.4
95.7
-
107.4
99.6
81.3
88.0
'
-
116.3
94.9
98.8
91.1
103.1
94.6
'
129.9
112.1
99.6
119.9
118.5'.?
103.0
93.1
137.3
132.9
115.2
110.2
104.0
100.5
87.3
103.5
99.4
85.5
YYYYY'-iYYi.-.
105.2
103.7
102.5 '
/
91.3
jYVYY^YYY--**Y
116.2
112.7
.111.0 ;;
100.1
-112.9..
111.0
■
Y_—___L_iL_Y
Dried
•/
'
101
:'98
index,
multiply
.
-
vegetables--
'
Beverages-.::__i_u___-_______--:-.
,
120.9
•.
r
101.2
i—__j.__Y_Y~-
106.7
105.6
112.5
111.8
.
103.0
112.9
and
oils
90.7
92.4
"
i_Y-_YYYY_;i.-;YY_:.;
•Preliminary.'' '-V. |;;;
Fats
Sugar'
'
135.9
146.0
Canned
145
.
cur¬
111.1
"125
*
and
131.5
Fruits; :and
124
,
111.6
102.2 "J'k .,;••
'•:107.4
Dairy products
•,129
151
or
■* ■-•'
Nov, 12,
Sept.16,
112.4
^LYr-Y?-----
Eggs-'
'
232
The
100)-■
=
113.1 4'.
:
.V Chickens ';.'Y-t-:---YY--'--YFish, fresh and cannedY™--.
96
147
\\
2%
for ,11
largest
Rock ; (2.8%)
110.4
159
146
<
4.2
4-29:0
of
income families
mid-November.
(3.0%),
8.6
5.5
-
were
".3
-
NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
.
Cereals: and
121
104'
143
133
-
114
165
115
98
144
-
Foods
All
147:
,
138
168
150
131
Merchandise, l.c.l.
I have been confident that
121
204
and
Denver
Lamb-'
95
146
-
chops Y.
there
2:7
-
105.4
93
products
for
P"-k
moderate
to
mid-October
Commodity GroupY
J162
;155
Beef
97
l
were
■••'YyY<vY-*
146
176
■281
•
119
118
Livestock
-
.
totalfoodY costs
in
5- '-•"INDEX
•?
98
Ill
'
of
Y: 18Y ?'
4-
+
-.+
2.2;
-
period- and for Oct. ;T4,1941f Sept. 16, 1941, Nov. 12, 1940; and
Aug. 15, 1939 follow: Y':Y'Y.
v-""''Y:"Y?-Y 'v.
average =100)
121
Coal
.:
reports tha
2.2
-
chickens__-'
steak
rent
freight-car loadings
(1935-39
Roasting
10.3V
4
greater ithan average, declines in prices of meats. Y; , ;
^
v':. Index numbers of food costs by commodity groups for the
'Data not yet available.
:
Rib roast
24.3:
+15.8
Y 1,1
138 (
'120
•
indication of lack
among
also
^_rY'Y
4
.2
-
White bread
135
j
*
127
pl43
pl28
pl59
119
Copper
Lead
pl40
pl52
:_
.__
pl29
112
pl32
___.
113
127
p97
ore
i
,/■
r
•
'
4131
127
pl23
petroleum
115
Butter
••cities; with: the 'igreatest: - decreases in Atlanta1 v (1.0 %), Washington
D. C. (.4% )rand Richmond .4%); ; The lower prices in these three
cities were due to- reductions in prices of fruits and vegetable, and
Y't
.
YM,;v:c
p410
Bureau
0
(2.8%).
Greater than average advances in prices of dairy
products, fruits and vegetables, and fats and oils contributed to the
large increases in these three . cities.:? Food prices declined in six
>. •.'115.
129
pl27
Crude
iY: .4.
;The
.4
4-
milk
Boston
-419
-o.
no
123
pl56
Anthracite
;
1344 .113
115
129
121
•
,132
;
116
129
;
«135
118
129
coal
?lour'
,
ill
.
•
Change)
419:1
Change*
_____________
Round
i; 112
____
151
Sugar
:
increases
110
consumption
Bituminous
Milk, fresh (average)
,•/,
Item
•
Evaporated
4 26.7
-417.9
%>9: Y ^ :#29.8
'• ■+ : 1:6*
1:6
':,••• + 34.2
14YM"Y'.'.Y4-15.3-
cities' between
v167
113
110
Y---i
products
2.1
132
167
109
105
-
4-
112
132
110
127
________
tomatoes
Canned
Nov., 1940f
(Percentage (Percentage
-Change)'
4-39.1
6.3
6.3
124
158
__
__
+
4-
':,Coff^eYYYiiY-Y
Oranges' _YIYYYY
,
-
+13.34-13.3
V-
compared with
Nov., 1940
'Change)-'-
'
_2__—Y_YY
more
125
_______
___
-
Item
Potatoes
Eggs
103
145
__
November, 1941V"
Oct., F41
(Percentage (Percentage
117
Y______—YY
oil
I
H6
110
products
Lubricating
:?
167
foods
__
.
Kerosene
Beehive
124
pl36
V
!•
compared with
V 96
pll5
103
'■
__.
refining
82
112
117
pl35
pl42
products
YYYY«
and coal
again
YY'"'.November, 1941;.
'Oct. ,1941
08
103>>: •.:>/
120 Y V..J.79
131
v
.
139
-••..V
122
consumption
Petroleum
,126
':
137
164
pl21
pl38
publishing—
Newsprint
pl64
.
136 '
129
Y; ;
pl33
_______—_
products
121
_Y
;Y_Y_Y-
manufactured
Paperboard
way,
130
107
leathers
food
declined
prices
»ment, as a result of increases in supplies.
..
123
102
_
leathers
flour
Rubber
158
126
Y
129
packing
Rubber
159
pl64
kid
Manufactured
Y Fuel
138
pl56
pl79
—
:
Petroleum
145
pl26
125
167
kip
and
Other
pl36
128
146
"
155
150
products
Shoes
Meat
127
129
147
105
Tanning
Wheat
181
:
138
and
a
.
147
210
to
:
139
pl55
glass products—
textiles
Goat
•'
,Y
offsetting
mid-November,
and
the Bureau's index.
54 included in
v
161
137 ".
No¬
between
this month in an irregular move4
Only two other comT
modities, lettuce and sweet potatoes, were lower in price on
Y Nov. 18 than on Oct. 14.
All of the 54 foods were higher, in price
on Nov.
18 than a year earlier!
<
r.
Y j, The continuous upward trend in retail prices of food for the
Y past
12 months has followed marked advances in wholesale
y,
market, resulting from Government policies with regard to purY chases under the Lend-Lease Act, and loans on basic farm comr
modities, together with increased consumer demand, slightly
Y smaller supplies of some foods, and speculative activities in some
; staples.
•
«
v
;Y-j ">■ / ;Y''.--/-,'• ,v
Changes in prices from Oct; 14, to Nov. 18, and since Novem¬
ber, 1940, for. the more important foods were as follows:
\
143
'
mid-October
between
Butter
Y
:•
600
146 "
23.5%
advanced
reported for 30 other foods
Lard prices also were
reduced about 4% following the recent heavy marketing of hogs,
'/
.
152
185
110
137
*
pi 50
plate
consumption
Calf
*•!'
wholesale
at
considerable extent the price increases
of the
166
263
•.
price
-
e:
178
178
>' 410
pl31
,
deliveries
Wool
Leather
"t'
pl31
and
:
N^*'.
425
pl59
clay,
Rayon
different
views in regard to our foreign
been
172
184
pl38
—
products
glass
Textiles and products
statements of conflict¬
an
191
Oct.
prices
.
.
Polished
I
1940
191
♦
Furniture
Paper
1941
Nov.
171
147
*
consumption
Stone,
-
1940
Nov.
191
pl38
Flour
vember, 1940, and November, 1941.
'
*
All of the 11 cuts of meat priced by the Bureau declined in
adjustment
p219
products-
Lumber
is
seasonal
Oct.
shipments
Lumber
ing opinion prior to the decision
should not be taken by persons
abroad
July 15 in 45 of those cities.1 Increases in prices of bread and
have been attributed largely to increased costs of produc-r
tion.
Y Without
variation
179
and
smelting
Zinc smelting
Copper deliveries
ques¬
Democratic
our
._
YY
YYY?;
Copper
tions of national policy are de¬
cided
prices have been reported in 46 of the 51 cities covered by the
prices on Nov. 18 were higher than
milk
p339
__
sales
cars
Minerals—, '
you
for
Bureau's survey, while bread
1
PRODUCTION
p659
assembly
&
Shipbuilding
if the occasion
should warrant it, I would not
hesitate to ask you to place your
abilities at the disposal of your
country in some other capacity.
As
year
34%
bj
pieo
parts,
Locomotives
but
duty,
compiled
pl24
Yv
equipment
_
Bodies,
would be reluctant to interrupt
that
index
176
__
Yw«
YY_ YY-YYY/
Gasoline
-
payrolls
p279
Bessemer
Automobiles
Tin
and
and
pl52
&
________
Transportation
of your State
represent them
councils
the
'
P1398
hearth
Printing and
our
vancing
-
184
Machinery
period of emer¬
gency
when the challenge to
the destiny of our country is so
strong.,'. 7.
people
elected you to
125.1
191
iron
Open
this
The
191.1
♦
Nov.
steel
Electric
gratifying to have your
statement
of
willingness
to
in
113.9
116.4
207
and
indeed
serve
115.5
Statistics.
Steel
or
It
114,7
166.6
"
■
1941
very
21.-
135.3
144.0
other by $226,132,000.
seasonal
Manufactures—
;;
your
; i
127.1
*
a
,
*
*
__
duration of the emergency.
replied:
-
Adjusted for
Y purpose of enlisting myself and
all that I have in service for the
The President
■
<■
;
seasonal
to do and for the
us
^.Y.
.
activity where I can be of as¬
sistance in the work which we
have before
YYY-
113.8
of the .1935-39
113.1%
was
continuously.
The net increase in total food costs for1
was 17.9%., with advances amounting to 30% for pork,
fresh vegetables, and 25% for fresh fruit. ;/ The foods
goods
Nondurable goods
139.2
106.6
showing the largest price increases over a year ago are lard, 63%;
127
116
135
141
144
122
Freight-car loadings
shortening in cartons, 55%, and cheese, coffee, evaporated milk;
105
100
112
114
Department store sales, value
pll5
pl32
97
71
108
Department stores stocks, value_
Y 79
eggs, canned pink salmon, canned peaches, navy beans, shorten¬
p Preliminary.
•Data not yet available.
ing in tin or similar containers, and oleomargarine, 24 to 31%. '♦
Between Oct.'14 and Novi 18, advances in retail prices of
Note—Production, carloadings, and department store sales indexes based on dail*
averages.
To convert durable manufactures, non-durable manufactures and mineral!
milk ranging from one-half to about V/2 cents per quart occurred
indexes to points in total index, shown in Federal Reserve Chart Book, multiply dur¬
in 11 cities, while moderate • increases in prices of white bread
able by .379, non-durable by .469, and minerals by .152.
1
were reported from
15 cities.
At the same time, average bread
Construction
contract
indexes
based
on
3-month
moving averages, centered
at
second month, of F. W. Dodge data for 37 Eastern States.
Y;prices declined ,'.8 cents per pound in Chicago, .3 cents in Dallas,
To convert indexes to vahv
figures, shown in the Federal Reserve Chart Book, multiply total by $410,269,000
Y'iarid .1 cents5'in Pittsburgh.
Since last April increases in milk
the
capacity
any
•. -
114.2
114.6
.,*
Durable
support
my
:
Total
and Commander in Chief of her
forces,
83
112
r;
on
£rty of addressing this letter to
you as President of my country
•
99
84
(1935-39 average =100)
•
?
"
food
in
changes
on
the highest level reached in nearly 11 years.
Since
Y August 1939, just prior to the! outbreak of the European War,
total, retail food costs have risen 21%, with the most outstanding
increases reported for eggs (61%), fresh and canned fish (36%),
dairy products (30%), dried fruits and vegetables (29%), and
fats and oils. (26%).
Y: !' ' YyY
Yy.v VVyV :'Y
Since November of last year retail food prices have been ad¬
•?
'
•
181
•
Railroad
,
p68
pl66
132.7
«
goods
Factory payrolls—
goals for which we are now
committed, I am taking the lib-
;
87
130
123.6
goods
Nondurable
ac¬
for
87
142.3
;
Durable
national
our
:
•
pl93
the Bureau's index of retail food costs
119
"
available
average,
Factory employment—
Pig
resources
121
192
p71
other
INDUSTRIAL
taken, and
as one who recognizes the need
for the present unified mobili¬
zation
161
142
yet
are
•
,
139
210
pl42
;
Residential
tion the Congress has
strength
172
p212
v
value—
contracts,
Total
All
pl73
,137
reports
.
136
pl42
pl29
No
prices.
prices since the entry of the United States into the war.
;
Y
The Bureau's announcement goes on to explain:
' '
On Nov. 18, the last date for which the Bureau will have in¬
dexes of food costs while the United States was formally at peace,
N^v,
167
p212
Iron
opposed the
Oct.
pl67
pl73
Bureau
YYY'Yy v--V/'.
one
Nov.
134
Nondurable
so-called Tripartite
the
Nov.
«
Durable
Total
relationship to the aggressive
to
food
Without
in
reduction
a
seasonal adjustment
1941
1940
1940
on 18. foods in 19 cities as of Dec. 2 inin prices of meats, lard, and butter, and
prices of eggs, with continued advances in other
Preliniinary reports
^ v;
dicated further declines
v
YY
loadings
Adjusted for
1941
activities of the nations adher¬
ing
y;7;■Yy'-Y YY
•' Y;?.->•.-
.
Manufactures—-
entirely from the realm
of debate our present policies
■Pact. ;YY
'and pork are marketed in large quantities.
.,
V
seasonal variation
V«'-
.Y'.
.
moves
of
18,
the
for
v:
Y:Y.:
Y Y^-Y^-'-'/Y YV'YY
-
Employment
opinion, the action
thus taken on this proposal re¬
Act.
1.3%- between Oct." 14 and Nov.
advanced
costs
striven.
industrial 'production and freight-car
for all other series
Y:''"Y '?-;:-:';;vY'-:/' :-Y-Y!:/.,'
residential
Neutrality
existing
theretofore
ever
political-freedom
■
the
in
food
Retail
average = 100
"■
Total
sert them should the same or simi¬
questions properly come be¬
fore the Congress for review.
for
1923-25
Industrial production—
and I would by word or vote reas¬
lar
of
business indexes
100
average =
Y
— r
I have not sur¬
proposed.
courses
YY/y.Y-v.r:;
.'3;
the
to
as
Further
•
and sincere convic¬
unwisdom of the
deep
my
tions
?
-
my
support to several of these (Ad¬
ministration) enactments because
government has
our
ideals
1.3%
Federal Reserve October Business Indexes
"
"I have been unable to
which
;
continuing the rise whichvbegan in November, 1940, Acting Comr
missioner Hjnrichs of the Ur S. Bureau of Labor Statistics reported"
on Dec. 16. " Costs of all important groups of food advanced during
adequate protection to the
cure
Costs; Advanced
^Between Jflid-October And Mid-NovemberY
the time and place
that defense or the
begin
Food
Retail
existed con-r
as
Saturday, December 27, 1941
month except for cereals, bakery products, and meats. ' In in¬
dicating this the Department said:
;
The largest advances were reported for eggs and fresh fruits
; and vegetables such as apples; bananas, carrots, and Yeen beans^
which. generally trise seasonally during the late fall' and; early
winter.
Relatively " short' market supplies were i etiecteu " lxi
The Board of Governors of the Federal Reserve System on Y1 contra-seasonal price increases for oranges, spinach, potatoes and
•:
onions. - Other staple commodities showing substantial price gains
Dec. 19 issued its monthly indexes of industrial production, factory
'• were
fresh milk, coffee, and fresh fish.
The average cost of
employment and payrolls, &c.
At the same time the Board issued its
cereals and bakery products remained unchanged. ' " Meat prices
customary summary of business conditions.
The indexes for Novem¬
ber/together with comparisons for a month and a year ago, are as "^declined considerably, as is usual for this time of year when beef
President,
■Y;Yt;.?:
Yyy
the
to
Senator Gillette said:
de¬
that
methods to be employed to se¬
behind the Administration's foreign policy, declar¬
ing that statements of conflicting opinion should not be taken by
persons abroad as an indication of lack of cohesion.
"While there
have been expressions of different views in regard to our foreign
policy, I have always felt that those differences were of degree
but not of principle," the Presi-<S>
country is united
these remarks in reply to a
the
country and
cerned only
that the
President Roosevelt on Nov. 29 warned foreign nations
in
believed
our
such differences
of
CHRONICLE
THE COMMERCIAL & FINANCIAL
1690
90.3
92.8
91:6
;
90.3
94.9
80.2
■
84.5
94.8
95.6- i
Volume 154
THE COMMERCIAL & FINANCIAL* CHRONICLE
Number 4025
sulted
War Effort Discussed At Canadian Dank
'
far
so.
contracts
in
Of Commerce Annual Shareholders Meeting
[
,
,
.
.
-
>v
Sails and
Below will be found
a list of corporate bonds,, notes,
preferred stocks called for redemption, including
under sinking fund provisions.
The date
indicates the redemption or last* date for making tend¬
ers, and the page number gives the location in which
the details were given in the "Chronicle."
;
1902
of
^
RR.
first
bonds
mortgage 4%
'
:
;.
Inc., 15-year debs., due 1950__Jan
1st mortgage 7s, due 1947„——
May
Tool Co. 8% bonds of 1921_———Mar
-
«
;
1
Machine
Ohio
refunding
Ry.
and
improvement.
=
Connecticut Railway & Lighting Co. 4 Vi % bonds.-.—.—Jan
Continental Baking Co. 8% preferred stock—
—Jan
Cumberland
'
3 Vi %
due
bonds,
first fortgage
1
.;
Dayton Power & Light Co. 1st mortgage 3s, due 1970—Jan
Dayton Union Ry. 4% mortgage bonds, due 1949
Jan
Detroit, Tol. & ,Ironton RR. 1st mtge bonds, due 1964-Jan
•
Devoe &
& Clearfield
Coal
&
Iron
Co.
1st
mtge.
:
Manila Gas Co.
1
1
1
1.
1
1
r
6Vis of
Mercantile
.
;■»
Inc., 1st mortgage
,,>■
Narragansett
Electric Co.
1st
mortgage 3Vi%
prior liens, "due
York Fire
North
Co.-4%
American
Oklahoma
Gas
first
Atlantic
Athol
.
7%
.
:v.
■
City
Buffalo
12-29
1-
5 (
23-
$1
2
20c
Canada
Life
1383
Canadian
1057
Extra
19
12
6%
2
547
964
>
1384
*
V'-
•
12-27
12-20
12-19 "
12-20
12-17
12-26
'
12-20 ■'
12-15
:
T-:
967
12-26
12-31
t$i
t$iy2
(quar,)~\_i-L-r.
1-15
1-
t$5
}37'/2c
.
1-2
2-
12-31
2
1-
9
2-2
1- 9
2-2
1-
t$iv2
1-15
9
12-31
t$2
1-
2
12-20
tec
2-
2
1-16
t37'/2C
,
1-
2
12-15
10c
—
1-
1
12-22
1-
68%c'
1
12-22
$3
12-27
12-24
$1%
12-26
12-16
$1V4
1-20
$2V2
1-
(quar.)__. L
1-10
1
25c
1-31
81V*
1-31
12-17
'}
1-23
1-23
$6
$1.18
12-24
1-
12-18
2
12-18
1-15
12-31
12-31,
12-23
12 J/2 c
12-29
12-23
12-15
40c
(quar.)
t43%c
12-27
12-27
12-15
12-27
12-15
12-27
12-15
12-27
12-15
12-31
12-20
—
(s-a)——
(yr.-end)
70c
2-
1
1-16*
$2
12-29
12-19
$2
12-27
12-18
43%c>
12-27
12-18
17 Vic
1-1
12-26
35c
12-30
12-26
.
1% convertible .preference, (quar.)_
Dividends are grouped in two separate tables,
In the >
-.Accumulated
first-.we/.bring■ together all the dividends announced the;
Cities Service Power & Light Co.—
current week. Then we. follow with a - second, table in •y U $5 ^preferred *(-quar;)—-..
$6: preferred <quar.)
Which we show the dividends previously announced, but
il preferred - (quar.) ——L
which have not yet been paid./Further details and Record ,i. Citizens Bank'of Brooklyn (N. Y. )———
(.
..
•'
.
,
____——.——
.
——
of past
dividend payments in many cases" are given
un¬
City.Baking Co. .(Bait.), 7%
prqf.
12-26
2-2
$iy2
1-
1-12
12-15
2
tic
1-20
20c
1-
1
12-26
15c
(quar.)
common
1-
1
12-26
1-5
Bank—
Land
$14
1-20
12-31
15c
12-29
12-19
t$3
t$l%
Dominion
dividend
(irregular)——
Fire
Insurance
(Toronto)
5V2%
Chem.,
1-
2
12-31
2- 2
1-16
$1%
1-
2
12-20
$iy4
1-15
12-31
$1%
Steel
Products,
12-31
12-20
37y2c
1- 7
12-27
50c
(s-a)———
12-30
12-17
;12-30
12-17
Ltd.—
-■
Interim on common
(quar.)
^
Electric Prod. Cons. (Seattle)
2-
2
1-15
25c
■"V.- 3-: 2
2-16
$5
12-23
12-19
25c
—
12-29
'■V 12-22
$iy4
(quar.)
-
2-
2
$iy2
Share, $5 preferred
preferred
$1
—
2-
2
20c
(extra)-—
(quar.)
—
Consolidated Gas
(quar.)
50c
(quar.)
pref. (quar.)
(Charleston,
$2'/2
Fire
C.)
Mfg. Co., 17c
Insurance
Co.
10c
50 c
nv*
12-29
12-26
$iv2
12-29
12-26
$1%
12-29
12-26
$2
12-27
12-23
11-
10-25
$1%
1
30c
—
(Fred)
&
1-6
,,
12-20
1- 6
12-13
12-20
1-
2
1-
2
12-20
12-23
12-17
Drop
Federal
Insurance
(J. J.)
(year-end)
Co. (N. J.)
(quar.)_—
Industrial
12-30
12-20
12-
12-23
12-15
1-
2
2
12-22
t$5»/4
12-29
12-24
t$10
12-15
12-10
$1
preferred—
7%
& Dyeing,
Fund,
Rubber
&
12-30
1- r
12-15
35c
12-15
2c
12-15
pref.
(year-end 1
Tire
1-2'
12-30
$2
& Co., 17r
Corp.
12-23
50c
Forge
(resumed)
B
2
5c
—'
(quar.)_„
United Cleaning
&
1-
50c
(quar.)_
Co.
Federal
Felin
$1%
(S-a)——^
Extra
Inc.——i—
Co.—
25c
—
(quar.)
12^10
11-30
1-20
1-
5
River
5%
Paper,
Franklin Process Co.
,.
Froedtert
&
Grain
preferred
preferred
(quar.)
$1
Investors
Beneficial
General
interest
Mills,
Inc.
(Boston)—
1-15
$4
1-15
12-31
12-31
12-20
12-26
5c
1-15
15c
1- 2
10c
——
$1
(quar.)
—
Hardwood Timber
8%
Fire
Insurance
Co.
Gas
(quar.)
Co.,
common
preferred
50c
——„
(Quarterly) -.22——•.
Times
„—
1-
12-29
2-
2
12-19
2
1-
9*
12-16
1-25
1-10
1-15
12-23
12-22
12-19
12-20
12-20
12-20
12-10
12-23
12-19
12-26
12-22
1-15
12-31
1-15
12-31
12-19
12-18
12*
12-
2
12-15
12-
5
12-15
12-
S
4
1-2
50c
12-29
12-16
1- 2
12-29
50c
'.
12-16
'
12-17
12-17
\
1—.—40c
-.1
$1%
Hat
Corp. of America, 6V2% pref. (quar.)—
Hatfield-Campbell Creek Coal Co.— '/.'•••
prior preferred
2—
5% non-cumulative participating preferred
5%
Haverhill
12-23
12-16
12-22
50c
(quar.)—
(quar.)
Hartford Steam Boiler Insp; & Ins. Co.—
Hartford
t$l%
$40
$1V4
$1V4
(quar.)l
i"
—
12-31
,
Guggenhime & Co., $7 first preferred——_
Extra
1-15
1-15
r
$1
$1V*
(quar.)——$lJ/2
Gladding, McBean & Co
25c
Glatfelter (P. H.), 61/2% preferred—- t$4.87V2
Goodman Manufacturing Co._——
$1
Grand Rapids & Indiana Ry. (s-a) (yr.-end)
$2
Great Lakes Engineering Works (year-end)
30c
Great Lakes Towing Co. (year-end) ——12—.'..
$3
Guarantee Co. of America (quar.)——-—
$1V2
Extra
1'
1.
$2 V2
Hartford
2
$2 Vi
(year-end I
Gimbel Bros., $6 preferred
Hartford
12-20
12-18
2- 2
Gilmore Oil
(liquidating)-—2
Harnischfeger Corp., 5% first pref.
5% second preferred (quar.)—
3-21
2
2-
50c
Corp.—————
Trust
1-
12-20
12-24
30c
——
General
12-20
12-31
20c
(quar.)
Instrument
2
1-15
2
*
Co.,
General
1
1-
$lVi
—
(quar.)__
class A————
Gardner Electric Light, common (s-a)___
57c preferred (s-a)
General Development Co. (year-end)
General Finance Corp,
(quar.)
Fyre-Fyter
4-
25c
—
(year-end)
Malting, com.
1-
$iy4
—
Gas Light Co
Hawley Paper & Pulp, 7% first preferred
Quarterly
Hendey Machine, class B
—*
$2 class A (quar.)_:
Hershey Chocclkte Corp., com. (quar.)
$4 conv. preferred (quar.)———
——
-
$1%
15c
SIVi
1*
2
12-22
12-29
12-22
2-
2
1-17
1- 2
12-23
2
12-23
25c
1- 2
12-26
t$5.25
$1.75
12-29
12-22
1-
1-
-
12-1
$iy2
—
———
$1%
Chicago Railway Equipment, com. (year-end)
77c
preferred (quar.)———-'-——jl.
Chicago & Southern Air Lines, Inc.—
-
"■'
12-30
_
Corp.
$1.20
12-31
t0.10937
Chicago, Burlington & Quincy RR.
12-24
40c
$1 y*
1-
(s-a)__
Detrola
Fox
12-31
-12-20
m'/i
—
Specialty Co. (quar.)_LL^__—
Electric, 7% preferred—
Y.)
12-31
2
37 Vic
(quar.)
Fisher Brothers, $5 preferred
Fisher (Henry) Packing Co
12-31
1
t50c
(quar.)_——LL
(N.
& Co.,
Financial
12-31
; 1-15
$7c
Securities Co., Ltd.——„
Silk Products Corp.—
National Bank
$lVi
$iy2
1-15
t$iy2
(quar.)—
■
E.)
preferred
First National Bank of Hartford
12-10
37y2c
—
(quar.)
;
preferred
(W.
Firestone
12-12
t37y2c
preferred
•.
—
/■ 67c preferred BL_L—_ r t0.09375
: 6%
preferred C^L—LL-yi—L-L——L———, t0.09375
37V2C
Chain StoreProducts, $1.50 conv, pref, (quar.)
Chase
Dean
Fifth
12-16
t$i%
(quar.)
pref.
.
Davega Stores Corp. (year-end )^_
Davenport Water 5% preferred (quar.)
Davidson-Boutell, 6%> conv. preferred (quar.)
Davies Petroleums, Ltd—
-L—
Common
12-19
1-10
12-26
•
to,-
12-22
Fen ton
12-19
12-24
67c
1602
50C
Fear
12-20
$4
Central States.
17c
2c
12^1
1^15
12-15
Equity Fund, Inc.
12-26
$iy2
...
Central-Penn National Bank (Phila.)
.
12-17
S.
12-29
70c
(quar.)——<
(bearer)—.—
Central Kansas Power, 4%9fe
^Central
1-24
12-23
•
12-22
12-26
.;
$3
(quar.)—_L^„——:
Fire Ins. Co.
(Winnipeg) (extra)
Preferred
12-31
$iy2
Equitable
1-10
2
25c
(quar.)—
Capital Finance; 6#> preferred (s-a)
Carborundum Co., (yeaivend).y_—__
Carolina, Clinchfield & C)hio Ry. (quar.)— V
Case, Lockwood & Braihard (quar.)
y Celotex
Corp;, common (quar.)——
5% preferred (quar.)—r—
Central Franklin
Process, com.
(year-end)
1384
12-23
1-10
2-2
Emerson Electric
,12-18
1-
2-
$12,
1
(Liquidating)
v
1384
12-31
Elizabethtown
12-20
12-24
v
15c
commonL./L—
••5%% preferred (quar.)LLi.L'L—___—_—
,
,
12-20
$15
Cannon Shoe Co.,
. ...
2
$iy4
.
$1.50 class A
1304
12-23
$2y2
(s-a
Elgin Sweeper, $2 partic. prior pref.
40c preferred
(quar.)
2-13
1-
50c
Canadian Foreign
.Canadian
1496
12-31
12-18
$3 Vi
$6
,12-20
2
50c
(Toronto)
12-23
37»/2c
preferred
Electric Bond &
12-19,,
3-
43 Vic
L
preferred
Canadian
-1600
.
12-24
12-23
12-31
J
preferred (quar.)^___
Canadian Fairbanks-Morse Co., Ltd.—
y
....
12-17
40c
12-31
$2
—
'
12-20
12-22
$1
$iy2
(s-a)i..__
——-
12-17
12-24
35c
5%
y,,
;
12-24
12-24
125c
common
common
1st
1
$4
common__-„-_%_
5% convertible preferred (quar.)
Ebsary Gypsum Co., Inc.Economy Grocery Stores (quar.)
12-22
$1%
(1927 series)——
Assurance
preferred
1-
Manufacturing..—-^..—
yi,
12-22
*
12 Vic
12V2C
(quar)—
Bronze, Ltd.,
1st
Eastern
12-22
12-30
12-30
pref.
12-22
$iy2
50c
12-24
2
12-30
67o
12-17
12-29
East Hartford Trust Co.
12-15
Canada-America Trust Shares—
1
1
12-15
2
5c
——
preferred
1
?
12-24
1-
5c
Sugas Estates
Second Fund
1384
12-19
2
1-
$2
6% preferred (quar.)
(liquidating)——
California Ice-& Cold'Storage Co.—
$1.75 participating class A———^
California-Oiregon Power, 1% preferred
8% preferred
1599
:
2
1-
$2V2
Butler Manufacturing,
/';■ 6%
1
31
31
1-
$3 V2
'
1381
12-24
preferred-
preferred (quar.)
Duncan Mills,
•i
12-19
t$l%
Inc.
Calamba
$2
t$11.65
Corp., 6Vs7r
Dominion Tar &
12-31
12-22
37 Vic
$£80 preferred"
1-15
pref. (quar.)
7% preferred (quarterly)
Duquense Light Co., 5% "preferred (quar.)__
Early & Daniel Co., 7% preferred (quar.)—
Eason Oil,
$1.50 preferred
(quar.)
1-15
2
—
Insurance Co.
12-27
1-31
Third liquidating
12-20
12-24 '
31V4C
Manufacturing
(N. Y.)
12-22
40c
Des Moines Joint Stock
12-31
12-26
•
_—
(quar.)_L
2
1-2
(Peter)
6%
12-29
$1
;
1-
50c
Publishing 7% pref. (s-a)__
Crystalite Products, 6% preferred (quar.J.¬
Cuban Telephone, 6% preferred
(quar.)
Cypress Abbey Co.—
Danahy Faxon Stores, Inc.—
Darling Stores, 6% preferred (quar.)__—.L
12-23
1-15
$1V*
$lJ/2
#
time prior
y
12-19
1-15
50c
Page
1601
and. including March 1,., 1942.
12-31
30c
—
Brooklyn National Corp.
1
at any
12-19
10c
752
Depot Co. ^general mortgage 4% bonds———Dec 30
Virginia Pulp & Paper Co. first mortgage 3%
..
tRedeemable
1-13
12-31
$1V*
Boylston Market Association (year-end)
Steel Corp. (quar.)———
1385
issue.
1-15
$lVa
(quar.)„
Nast
5%
,12-31
$1%
(s-a)_-
30c
Co.
Crowell-Collier
1-23*
T-7o
15c
t60c
12-22
(quar.)
__.L
(Jersey City) (quar.)
Publications
(resumed).
preferred
Trust
—-
$4
(quar.)—
com.
(quar.i-
California Water & Telep.,
yreste?n N6.w York Water Co. 1st mtge. 5s___—'—Jan.
2-16
12-22
1- 2
Creamery Package
$3
Brainard
1150
2
$1
12-24
35c
U-J.
3.6%-3rd preferred (s-a)__
12-20
12-24
quar.)—
1380
1
•
$2
$iy4
prior
4.6%
12-31
iy2%
-
4
pref. (quar.)
Mills, Jnc.-,
Craddock-Terry Shoe Co.,
1-17
Co.
preferred
12-22
(C. B.) & Sons, 6%
Common (resumed)
12-22
quar.t—
Associates, Inc.,
Border
12-27
Collyer Insulated Wire Co
Colon Development, 6% preferred
12-23
2
2
(quar.),
Broadway Market Corp.' (Del.)
6
1954_j.t_r-__:_.—_i-—-^_.L^_c_,£...^LT;_^.L.Feb
1-
1-
'
Boston Edison Co.
12-22
50c
Bottling Co. of Los Ang. (iireg.)
(resumed)
Co. (quar.).,^-.^^™^.^^-.-.
Cottrell
12-1.7
$1V*
Bathurst Power & Paper Co., Ltd.—
Class A (interim)——
*
12-
1-2
12-22
—
preferred
Chemical,
preferred
12-18
Yards
(Daniel)
Cooper
12-19
:
1380
debentures, due 1959—.—Dec 31
Co. 4% debs., due 1946——Feb
1
in this
T.)
12-16
25c
25c
(Phila.)—
(reduced
(reduced
(J.
Baldwin
:
& Electric
..*Announcements
Banking
A
Brinck's,
Southwestern-Light & Pwr. 1st mtge. bonds, due I960—Dec 31
/Standard Bleachery & Printing Co.;.'15-year ;5Vi%
L/
■f bonds,due-1946-.—
—~1
—•——Jan L 1
Terre Haute Traction & Light Co. first consolidated
•.*,. mortgage 6%. gold bonds, due 1944_—s——„—-May
l
Virginia Coal & Iron Co.-Keokee ConsoUdated Coke :
".
duq
pref.
12-19
Stock
Consolidated Rendering Co.___i-_
12-20
1
1494
jahy, 1/
5s—llj—L....LL—LLFeb : ,1."
.ShawinigamWater (&. Power,Co. 3,Vi% notes, due 1946.-Dec 30
Sisters of Charity of Cincinnati, Ohio, 1st and refuhdt ing
mortgage .bonds,-due 1949———-.—r.—_ Jan ' 1
bonds,
2
2-
—
7%
(year-end)
convertible
5j/2 r/r
t
Salmon River Power Co. 1st mtge.
5
6%
Co.,
Burdine's, Inc.,
bonds, due l959——Jan
1-
12-27
12-23
—
Extra
■
1
Co. 5%
of Rec*
12-18
50c
Coca-Cola
12-20
12-23
(year-end)
preferred-^
$1.50
1302
t
West
12-23
$2
——
Co.
Class
t
bonds, due 1943_^_L—...
mtge.5y2% bonds, due 1972_^Feb
Philadelphia Rapid Transit Co. real estate 1st mortr gage 6%
bonds of C. Benton Cooper of 1924—.—Jan
Pocahontas Fuel Co., Inc., 50-year 5% bonds—...—.Jan.
Poli-New England Theatres, Inc., first mortgage bonds,
due 1958
.—L—__—Jan
Public S,erv. Co. of Indiana, Inc., 3%% debs, of 1939.Jan
Republic Steel Corp. general mortgage 4 >/2 % bonds,
series B, due 1961——_L————L—_—Li-—Feb
Rhokana Corp., Ltd., 7% debentures—Dec
Ruud Manufacturing Co. common stock—Dec
Saint Paul Union Depot Co. 1st mtge. 5% bonds, due
Union
(year-end)-
Manufacturing Co.,
Common
1149
(non-callable) 6%
12 24
75c
West Point RR.
Automobile
1596
1
Phila. Elec. Power Co. 1st
.
Pay'ble
12-30
$1.20
12-20
12V2C
Attleboro .Gas Light (quar.)_j.„__—
Autoline Oil Co., 8% preferred (quar.)—
Peoples Gas Light & Coke Co. first consolidated mortgage
Holdem
When
Share
*
(irreg.)2
W/2C
Union
Commercial
12-17
m%
Preserving,
News
..Common
1192
Jan
mortgage 4s Of
12-29
12-23
25c
preferred
Atlanta &
1536
1
1905—Jan
1958—
Protection
Wood
American
1598
Corp.
Name 0/ Company
.
.
Cohde
12-27
$1%
—
(resumed)—
American Manufacturing Co., common
1493
15
Jan
12-31
$1
(quar.)
Cast Iron Pipe Co.—
preferred (s-a)
,; American Fidelity & Casualty Co. (quar.)__
American Furniture, 1%
preferred (quar.)-
bond6,
—
12-10
1-15
65c
(quar.)_
6%
1381
New
must be reduced if the Domin¬
Commercial Banking Corp.,'7%
American
959*
—
Jan 10
due 1946—Jan
1
bonds, due 1955——...—Mar
1
Date
due ,1966—L.
Co.
American Can Co.
Baker
1
A,
12-20
30c
preferred irreg.)
(year-end)—.
conv.
Iron
common
American Arch Co.
959
New Orleans Compress Co., Inc., 5% debs, of 1935——Dec 31
New
York City Omnibus Corp.—New York Railways
series
in
Per
,
Cleveland
Columbia
Jl-15
—
1596
1928—Properties, Inc., 5Vi%; bonds,
Mississippi Power Co, 5%
Company and Issue—
1
—
1377
1377
1492
Corp.
Power & Ice Co.,
&
1% pref. (quar.)
Alliance Insurance Co. (Phila.) (year-end)
Aloe (A. S.) Co. (year-end)!
L;
Amalgamated Sugar Co., 5% pref. (quar.)
American Aggregates, 5%
preferred (quar.)
1376
1593
.906
540
1191
1376
—
Mayaguez Light,
12-
.
capital stock—,——-.—Dec 29
1st mortgage 6s of 1926
Jan
1
Garden
Fuel
preferred (quar.)——
Alberta
1591
1189.
954
*
Corp. preferred and common stocks-.-Jan 31
Square
7%
-.
Beacon
Lehigh Valley Transit Corp, 1st mtge. bonds, due 1945-Jan
Louisville & Nashville RR. unified mtge. bonds
Jan
Madison
non-cumulative
Albers Super Markets
..'a
5s,
——lan
1950
due
Lefcourt Realty
$2
—
Raynolds Co., Inc., 7% preferred stocks.—.Jari /.
Equity Corp. 5% debentures..-^-^-——^..----^—L.Feb
Equity Corp.-Amer., British & Cont. debs., due 1953—Feb
•Federal Light & Traction Co. 6% bonds, due 1954—Jun» 1
Georgia-Carolina Power Co. 1st mortgage 5s, due 1952__Jan
1
Graton & Knight Co., 4%% bonds, due 1951——
Jun
1
Gulf, Mobile & Ohio RR. G. M. & N. RR. 3% notes-Jail
1
Gulf & Ship Island first mortgage refunding & term.
'L
5% bonds, due 1952
—:
-Jm
Illinois Consolidated Telephone Co. 4Vt% bonds—
Jan
1
Inland Steel Co. 1st mtge. 3% bonds, ser. E, due 1952. Jian 15
International Paper Co. 5% bonds, series A and B—Jan
1
International Paper Co. 7 7<
preferred stock—
Jan 15
Jefferson
of Rec.
Payable
4c
(quar.)—
(monthly)—
American Steel Foundries (year-end)
American Telephone Co. (Abilene, Kansas)—
1491
5% preferred (quar.)
956 y
Anglo-National Corp., $2 class A__„—
>'■ 1052
Arkansas Natural Gas Corp., 6% preferred—
=
♦
H Associated Telep. Co., Ltd., SIVi pref. (quar.)
^
Atchinson, Topeka & Santa Fe Ry. (yr.-end)
1593
15
————Jan
1966——
Holders
35c
(irregular)
Albany -Packing,
=..•
1
1
4
debentures, due 1948—i.——Feb
County Power & Light Co.
established
been
Cockshutt Plow Co.
Investors, Inc.—
5%
.....
mortgage 3 J/2% bonds, series E, due 1996.....Feb- 1
Chicago & Illinois Western RR. general mortgage 6%
^
bonds, due 1947-__—...
—Jan ; 1
Continental Oil Co. 2%%
Fund
Alabama
'1590
31
15
1
Central States Edison, Inc., ,15-year coll. trust bonds__Feb 24
&
Air
1373
1589
857
1374
745
1145
1590
1258
.
Brush-Moore Newspapers, Inc., preferred stock...^i—Dec
Canadian Bakeries, Ltd., 6 xh % bonds of 1925—-:___^Jan
Canadian Foreign Invest. Corp., Ltd., 8% pref. stock.Jan
Chesapeake
Affiliated
1589
1
15
2
1
1
17
1
1
,
Bausch
had
25c
(quar.)
y
Aetna Ball Bearing Mfg. Co. (year-end)
.
Appleton Company preferred stock
—Feb
Armour & Co. of Del. 1st mortgage 4s, due 1957
-^Jan
Armour & Co. of.Del. 7%.preferred stock
Jan
Atlantic City Sewerage Co, 1st mtge, 6s, due 1956--^ Jan
Atlas Imperial Diesel Engine Co. 6% gold notes of 1930^-Mar
Autocar Co.
ords
ion Government is to continue
manufacturing, mining and some
sections of forestry, construction
a sound program of war finance.
had revived to the level of 1930,
The
bank's
annual
statement
farm
purchasing
power
had was referred to in our issue of
reached a 10-year peak, and em¬ Dec. 4, page 1333.
:
When
share
Name of Company
;
,
Abbots Dairies
Page
15
*•.
Amer., British & Continental Corp. 5% debs., due 1953__Feb
American Type Founders,
.
$1
Date
Company and Issue—
Belt
tyranny,- but to take nearly one-third, or more than
require the utmost $500,000,000,
effort on the part of all indi¬
With respect to the price and
viduals
as
well
as
Govern¬ wage control measures recently
ments;
invoked by the Canadian Gov¬
•
After
presenting
the
bank's ernment, Mr. Arscott said:
annual financial statement to the
While there may be differ¬
ences of opinion as to the best
shareholders, A. E. Arscott, the
General Manager, reviewed the
mTethod of effectively dealing
economic changes that had taken
with the problem, nevertheless
it is apparent that, no matter
place in Canada since the out¬
break of war.
Mr. Arscott pointed
how
accomplished,
public
out
that
new
production
rec¬
spending for consumer goods
will
are:
Per
those called
& Barberton
Axis
Cohen
The dividends announced this week
:
and
Akron
the
them
der the company name in our "General Corporation and
Investment News Department" in the week when declared.
"y;
1 x - 1
Sinking Fund
Notices
>
ordinated and their armament ployment was at a record
level,
production accelerated'.
These with an increase in wage pay¬
are the steps essential to
end ments over the previous year of
of
nearly
$2,800,000,000. He added
that aptual war expenditures to
date- amounted to about $1,500,000,000 and are being made cur¬
Record industrial production and employment in Canada, the rently at the rate of $100,000,000
urgent need of the public to cooperate with the Government in its monthly. Supplementary to this
endeavor to curb inflation and the extensive war program of Can¬ the amount of credits for war ma¬
ada and the Allied countries were features of the addresses de¬ terials
and
food
supplied
to
livered Dec. 9, in Toronto, before the annual meeting of share¬ Great Britain during the present
holders of The Canadian Bank of Commerce by the President and fiscal year might reach $1,000,General Manager of that institu-3>000,000.
tion.
a year hence will have reason for
After describing the economic
S.
H.
Logan, ; President, de¬ added prijde in this country's fur¬ as well as political tyranny now
clared that independent observ¬ ther contribution to the cause in being exercised by Germany over
ers
had expressed . astonishment which it joined a little over two most of Continental Europe, Mr.
at what Canada had accomplished years ago."
Logan said:
>
V
v
"V';
' ■>.
If Europe is to be liberated
Mr. Logan said that Canada's
thus far, but more had to be done.
from this slavery and the rest
"In the greater effort ahead," he war program, including the con¬
of the world preserve its freecontinued, "many problems will struction of over 200 new plants
extensions at
an
eventual
confront us, but I am confident and
dom, the Allied forces must be
further strengthened and co¬
that we shall overcome them and cost of over $500,000,000, had re¬
169t
1
12-22
35c
12-26
12-22
50c
12-26
12-22
75c
2-16
1-24
$1
2-16
1-24
2-16
1-24
'
Saturday, December 27, 1941
When
of Rec.
Holdert
When
Per
Holdert
Pay'ble
Per
».v..
A-,..
'
1
'
•
'
Share
of Company
Name
Chemical Corp. (stock)—
(One share of common for each 20 held)
Higgins Industries, 6% conv. pref; (quar.)__"_
Holeproof Hosiery Co., 6%% pref. (quar.)__
Quarterly on preferred—
Quarterly on preferred
Hook
(quar.)
Drugs
Hotel
Statler
6%
Co.,
5
$1
12-20
12-
8
12-30
12-23
12-23
12-18
30c
Brothers, 6%
5%
Inter-Mountain
Telephone
12-20
12-20
12-10
1
12-18
1-
2
2
1
1-15
International Paper Co., old
Intersate
$1%
1-31
20c
1-15
7% pref. (final)
7% pref. (quar.)..
Equipment
———
Investors Telephone Co
:
—-*■'
Iowa Electric Co., 6%%
preferred B———
7% preferred A—
Iowa Public Service Co.—
Stores,
Home
preferred
Jeannette
Brothers
&
12-15
Preferred
12-15
Printz
1-
$1%
1-
$iy2
1-
12-20
2
Providence
(quar.)—
Battery Co.
2
12-26
12-23
12-30
12-24
1-
-
1-
1-15
Kable
Bros.
Kahler
(quar.)———.
Kansas
Furnace Co
5c
2-16
12-26
12-20
Co., Ltd.
(Charles A.)
$4
12-15
t
$1
12-23
12-19
v
2
Brewing..—___
(G.)
2
class
•70c
12-19
12-19
Rickel
12-29
12-19
Risdon
2
1-12
r
Ritter
A
(quar.).—
.___
1-
.
Riverside
Cement
Roosevelt
Company
Stock
dividend
Dufault
Lamson
Lane
Lane
(initial)
Ltd.
Mines,
6%
12-18
Russel-Miller Milling,
12-26
f*Vi
f-"1
'•
'
.
B
$3.50
1-
1-20
Rose's
5
Louis
San
Pipe Co.
Loomis-Sales Second
Mutual
Ludlow
$6
Fund
12-15
Scott & Williams,
iv 1- 5 *1
Seaboard
12-18
12-20
$2 preferred
12-30
12-20
$2 conv.
2
1-21
Investment Co.
Securities
(quar.)
mon
(quar.)
12-24
12-18
7%
12-24
12-18
12-29
12-20
12-29
12-20
Shakespeare Co.
ii,
Utilities
'^5%
Shawinigan Water & Power
Shaw-Walker, 5% preferred
5% preferred
Signode Steel Strapping (special)
Material Service
12-26
12-24
11-15
11-15
>
Silbak
Premier
Southern
7%
Acid & Sulphur
6%
12-20
Southern California Edison, com.
t$iy2
12-30
1-20
12-31
1-15
12-31
12-23
12-20
12-20
12-10
40c
i
$1
——
3c_
Middlesex
Midland
preferred
2-
2
$iy4
2-
1
12-24
1-31
12-23
12-19
2
12-26
xx;
.
75c
$iy2
,
1-
25c
12-15
12-
t$2
12-27
12-27
2
preferred (quar.).
Montana Power, $6 preferred
(quar.|—.....
Moore
Drop Forge, class B
Morrell
(John)
5%
preferred
Power
1-15
(quar.)—..
Nabco
Nash:
Liquidating Co.
(A.)
12-23
7V2%
••
X
62 Vic
1-20
12-31
$1%
1-15
12-31j
$18
National
Bronze
&
Distillers
Money Corp,
(quar.)
preferred
$1.50
National
Shawmut
National
Shirt
$6
class A
Bank
Shops of
12X22
2
12-20
1-
<1-2
12-31
1-15
$iy4
12-30
12-26
1
1-15*
11-20
1-15
1-
2
37'/2c
■
1-15
1-
12-31
12-31
12-30
12-24
2-19
1-31
$2
1-15
12-31
7%
—
i
12-31
t$i3/4
1-20
12-31
$iy4
1-15
12-31
pref. (quar.)
Northland Greyhound Lines, Inc. (irreg.) —
Northwestern Nat'l Ins. (Milwaukee) (quar.)
1
1-20
t$iy2
preferred
preferred
Northern States Pwr.(Minn.), $5
$l'/4
$l'/2
$1V2
____.
Bell
Royalty
Co._——
:
Co. of Missouri, $5
Elec.
2- 9
12-12
12-15
2-16
1- 2
1- 2
<
Stock
Terminal
Yards
United Shipyards,
American Home
American
12-20
American. Investment
1-
1
1-31
12-
Cold
S.
(quar.)
t$l3/4
pref.
(quar.)
$iy4
Junior
preferred
American
Meter
American
2-16
1-31
12-11
12-31
12-29
12-22
(liquidating)
pref. partic.
12-19
12-29
12-29
12-23
60c
12-29
12-23
U. S.
Industrial Alcohol
U. S. Rubber Reclaiming,
Utah Hotel Co.
Utica
(quar.)—_—______
2-
2
1-19
,25c
2-
2
2-
2
12-31
12-27
12-23
$1
12-20
12-17
75b
12-20
12-13
5c
12-24
12-17
$1
12-10
$1%
12-12
Mills, Inc.—
:
———
(year-end)—
I2X2
Common
—
(special)
5% preferred (quar.)_.
5% preferred (quar.)
5% preferred (s-a)
Participating
units
Assurance
4V2%
12-24
12-17
Western
12-31
12-22
West Michigan Steel
20c
12-30
25c
t$lVa
-
—
1-2
15c
12-29
Corp.
preferred (quar.)
Seal-Kap Corp. of Del.
Co, common (reduced)
$lVi
—_
X
Special on
preferred
common__,_„:__________
40c
$lJ/2
$1%
6%
7%
preferred
American
<
Amoskeag Company, common (s-a)
$8
12-29
12-23
Arkamiss
12 y»c
12-29
12-21
Arkansas Power & Light Co,
2-16
$6
(s-a)
_
Hocking Glass Corp.-—
'
12-20
1- 6
$2.25
7- 6
preferred
1
5-15
Armour &
1
5-15
Armour & Co.
(s-a)____
t$1.20
1-
2
12-31
Foundry (quar.)__—__
15c
12-24
12-12
Co.
Print
-,
6-20
12-16
X
-
4c
1- 1
2- 2
1-22
$15
1-18
$l3/4
X; $l'/2
$l3/4
t$l'/2
$1
1- 2
.1-2
1- 2
1- 2
12-27
•
1- 1
•
.
$7 pfd. (quar.)
(quar.) _______X
(Del.), 1% pref. (quar.)
(111.), $6 conv. prior pref—^
common
(year-end)
6-20
12-20
;
•
'
___:
Works,
1- 6
$1V4
$13/*
(quar.)
Timber
6-
Arnold
12-15
11-29*
12-10
12-12
12-20
7- 6
Appleton Co, 7% conv. pref. (quar.)_
Argus Interests, Ltd. (initial)
;.
$5
preferred
$5 preferred
2
12- 6
1-15
1- 1
1- 2
1- 2
1- 6
1-5
12- 5*
$1%
v;XX
!___
12-24
$4.50
1- 2
12-19
75c
$2.25
Extra,
Common
(semi-annual)
■XV $4.50 preferred (s-a)
12-22
2-2
1- 2
$2'/4
12'/2c
$1V2
$l'/a
75c
Telegraph Co. (quar.)
Thread
Co, Inc., 5% pref. s-a)__
American Tobacco Co, 6% preferred (quar.)
Amer. Water Works & Elec, $6 pref. (quar.)
'
1-2
$2
$1%
•
(s-ak;
American Telephone &
■
$1V4 X
(irreg.)______
Co.
(quar.)______
American Surety Co.
1- 2
1- 2
12-28
X 1- 2
12-29
(vear-end)
Sugar Refining
12-15
12-22
12-11
12-11
12-11
12-15
12-20
12-29
30c
25c
(quar.)__
Stamping Co, 7% pref. (quar.)__
American States Ins. Co. (Ind.)
(quar.)___;_
American
: 1-15
"
12c
60c
American
6-
A—
t93%c
—_______
-y
Mill Co.— vX'
12-30
3-
12-15
1-15
1-15
12-18
12-20
12- 8
12- 8
12- 5
1- 1
1- 2
(extra)
(quar.)
;
Light, $6 preferred___.—
12-26
$iy4
12-15
2- 2
Snuff
$2%
(Toronto)
________—37 V2c
convertible
American
$iy4
Co.
50c
$iy4
—
12-22
1- 2
2- 2
Rolling
&
(special)
30c
preferred
Anchor
Annapolis Realty Corp.—Common
v.t.c.
(year-end)—
Washington Railway & Electriq Co.—
Baltim.
50c
$7
Clears all arrears.
Wash,
12-15*
1- 2
12-30
•
X-J
_______
prior preference-
12-22
12-22
12-15
X'.;"-'XXr>-'XX
(B2%C
1- 2
conv.
(quar.)__
Radiator fir, Stand. Sanitary
12-31
t$2
8% prior pref
1——
______
—
& Mohawk Cotton
Extra
Co.
American Stores Co.
_______
68 %c
25 c
(quar.)
20c
20c
5%
of 111,
American
American
12-23
1- 2
1- 2
1- 2
12-29
$2
-
(monthly)
Corp.
American
12-20
t$3
Corp.—
preferred
convertible
$5
1-31
2-16
10c
—
_
Optical Co.
American Power &
preferred.,.—
(initial)—
U. S. Hoffman Machinery
12- 9
12-22
"
12-17
12-31
12-20
50c
Co,
Light & Traction Co.
2
1-
50c
—
1- 5
1- 2
Coro.______—
X 6 % preferred (quar.)
;
$i'/8
(quar.)
Storage,
American
1
12X11
Insulator
1-15
12-22
.
(year-end)
com.
X: preferred/ (quar,).
$2 preference (quar.)
12-24 •!'
12-24
pref.
of Omaha
Inc., class A
4% prior
.
U.
Co.
Products
II-29 "
12-19
2-15
20c
Co,
(quar.)
1
12-15
50c
!
Cold Storage,
Felt
&
preferred
(quar.)
American Hawaiian Steamship Co. (year-end)
12Xl7
1-15
$1.183/4
$1
$l»/2
$1V2
Co.—
(quar.)
1st preferred
2nd
$6
50c
Union
Union
6%
(quar.)
$1V2
Electric
,
(quar.)
Union Manufacturing Co.
American Hair
5
(quar.)
preferred
(quar.)
&
2
lc
——
Gas
preferred
1-
90c
Manufacturing Co
12-
preferred
Co.
12-
$iy4
(quar.)
(irregular)—....
Bldg.
Walthara Watch Co, 7%
$1
(quar.)
Express
12-31
10c
25c
preferred (quar.)
Manufacturing, $3.60 pref,
Adams
12-23
30c
—
12-31
$iy2
Central Ry. (s-a)
Northern States Power (Del.), 6%
:
2
$iy2
A
of
Export Lines, Inc.
preferred
6%
12-15
t$10
(quar.)
Virginia Coal & Iron
Niagara Fire Insurance Co. (N. Y.)(yr.-end)
Norfolk & Western Ry. Co, adj. pref. (quar.)
Northern
common
12-22
3c
t$7
Vagabond Coach Manufacturing Co...
Vanette Hosiery Mills (resumed)——
12-22
New
7%. conv. pref
Power Corp, $7 preferred
Water Co, 6% non-cum. pref.
Inc.,
1-15
75c
Central Ry.
12-23
12-22
.
5%
12-24
12-15
1-
$10
(s-a)
(quar.)
American
12-27
$1
12-23
1-2
Co.
12-22*
X
$2
12-23
12-26
&
2
(s-a)__.__.
1
10c
Baker
12-22*
1-
(quar.)
(quar.)
7% 2nd pref.
2
$iy2
New
2
2
Light Co.
1-
1-
40c
England Power Co, 6% pref. (quar.)..
York Telephone Co. (quar.) (re£uced)__
Nelson
12-26
1-
t$2
12-30
25c
$iy2
.
12-18
1-20
t$l3/4
2
—
prior preferred (quar.)———
State Bank of Newark, N. J.
12-
IOC
:
(Boston) (quar.)
Del, Inc.—.',—,—
National
2-2
50c
$1
_____——
12-24
$1.12
—
12-31
•
(quar.),——
25c
$1%
(quar.)
50c
$1
Aluminum Foundry——
Products (quar.)
12-31
series
div.
(Opt.
1-
Gas
5V2%
National Linen Service Corp, V. T. C
National
12-24
93 %c
Share—
&
3-20
12-31
1-15
(year-end)
12-15
25c
—
—
Bond
National
A
12-31
-X:
1-15
A
4%%
$4.50 preferred
12-29
12-15
12-31
4-15
class
$2.75
American
Union
12-20
$l'/2
-X;
37'/2c
...—
Troy Sunshade Co. (quar,).—
Tuckett Tobacco Co, Ltd, 7%
2
1-
12-19*
12-20
12-24
3- 2
1936),'•" CX'
payable in cash or
share of B stock ' t68'/4C
1- 1, 12-11
American Crystal Sugar Co, common
50c- - I* 2
12-16
6% preferred (quar.)
_u
*>v $1V2 '
1- 2
12-16
American Cyanamid Co, com. class A (quar.)
15c
1- 2
12-12
Class B
(quar.)
15c
1- 2
12-12
5% preference (initial quar.)
12'/2c
1-2
12-12
;
II-25
Troxell
1-20
15c
(Phila,)' s-a)
National
12-27
12-11*
12-22
12-16
12-18*
;
X
.
Light Corp.—
1
Tom
3
12-31
1- 1
1- 2
3-16
$3
15c
$1
(s-a)
X
&
Power
12-
1- 3
80c
(s-a)..
National Bank of Germantown & Trust Co.
;■.
12-
40c
gtd.
com.
_—
1- 3
■
1-17
.
i
•;?
■■
5%
preferred
v. ■
(s-a)
i'
75c
—
■.
.
,
v
ti
0':
v
1 t
1
12-15
12-15
12-10'
12-10
12-15
"
A'
;
American Fork & Hoe Co.—
4%
37y2c
—
(liquidating)—
5
1-26
.
1- 5
12-19
' 12-19 ,
12-11*
,
2.5c
12-13
12-
$4
'CO..',—__'
Nashville & Decatur RR,
1-20
Cities
12X22
300
12-13
50c
———
(quar.)
2-15
(quar.)..
Thatcher
12-31
X-
Co, common—,—
Mountain States Tel. & Tel.
American
12-31
Textiles,
1-12
2-
1-15
,
1- 2
1- 1
12-29
1- 2
_:
(quar.)
1-15
Telluride Power Co.
2-20
12-22
12-17
37»/2c
(quar.)
Taylor & Fenn Co.
1-26
12-15
75c
$3 '/2
8c
$1%
___
& Cigar—
12-30
Taunton
12-15
12-23
Co.
pref.
(quar.)
t$l
Taro
12-20
t43c
&
States
1-20
preferred
$2%
1-15
Co...—_4——
Morris Plan Bank (Cleveland)
.
(quar,)
Morris Plan Industrial Bank (N. Y.) (irreg.)
Mountain
2-15
(year-end)
...
Manufacturing Corp. (year-end)
Texas
—;
Fyear-endF—
37y2c
6%
Submarine Signal Co.
11-30 '
(quar.)
Radio
American Cigarette
12-18
American Felt Co, 6%
12-15
50c
Monumental
American
12-11
12-26
7
Tennessee
50c
(quar.)
Telegraph
Chicle
12-11
12-17
6%
_____
1-
12-15
3-
Casualty Co.
2- 2
12-20
34%c
$1%
.
2
American
+75c
37 %c
—
1-
American Cast Iron Pipe Co,
I- 5
12-11
preferred (quar.)
Stetson (John B.), 8% preferred
Sturtevan
(B. F.) Co, $3 preferred
$3
1-
2
American
2*
2-
1-
25c
!
Process,
1- 2
12-29
1- 2
1-2
____^_
7
2*
2-
1-26
(quar.)
1-
1-
tsiy2
$iy2
12-26
2
1-
$iy4
12-23
60c
(irr.)
7%
5
1-
12-16
1
12-27
•
American Business Credit
2-
1-20
(quar.)
5%%
Montreal
Franklin
1-20
XX'
12-24
preferred (quar.)
:
Bemberg Corp, 7% pref. (s-a)
Corp, class A_^__
American Can Co, 7% preferred (quar.)
American Car & Foundry, 7% non-cum. pfd.
1-26
12-15
3-16*
12-15
12-15
4- 1
$l3/4
XJ
6%
"lXl
1- 1
12-31
12-31*
•
10c
t75c
Texas
class A
Society,
—
(quar.)
(extrat—
6% pref.
Gas
(quar.)
preferred
5c
units (quar.)
Mississippi Power & Light Co, $6 preferred
Missouri Power & Light, $6 pref.
(quar.)..
A
(quar.)___
Co
Note
12-16
12-12
12-17
$1.06'/4
1-15
25c AX 1-15
(quar.)
Co.
Insurance
-' 20c
Bank
12-15
12-29
1- 2
1- 1
t75c
10c
Extra
,•
12-22
12-29
15c
50c
$1Y4
125c
(quar.)
American
1-19
2-25
$1%
7% preferred—
Steel Co. of Canada, Ltd, com. (quar.).
12-23
1-
12-24
1-
12-30 '
.
preferred
Alliance
American
$l>/4
Standard National Corp,
Minneapolis Gas Light Co.—
Loan
California
31c
(irregular)
12-15
25c
12-23
$3 y2
(s-a)
$5 participating
Co.
Springfield Fire & Marine Ins. Co.
12-23
t$l
—
Co.—
$1.50 conv. pref.(quar.)
(quar.)
& Elec.
Power
original preferred
7%
1-24
$l»/2
Mid-West Refineries,
Monroe
Berkshire
Southern
12-20
t2c
12-19
$2%
—:
Preferred
convertible
$4.25
12-20
12-20
12-30
$l'/2
Inc.
Airlines, Inc.
American
12-23
1-
12-30 A, 12-20
'
1-20
(irregular)
Grocery
5%
American
2
25c
1-15
preferred-
v.t.c. A
Petroleum,
class B
V.T.C.
7%
Water,
Middle States
6%
.
35c
.—...i,—
Allotments certificates for
A
62y2C
"X
12-30
:
23c
12-20
Extra
Southern
preferred
12-23
7%
12-15 '
12-31
12-20
,
(irregular)
Co.
Amalgamated Electric Corp, Ltd.
Amalgamated Leather Cos, Inc.—
6%
conv. preferred
Amalgamated Sugar Co. (quar.)
"
12»/2c
a: 1-15
v)
Corp.
12-27
America—
Mfg.
Manufacturers,
preferred
(quar.)
75c
.____—x—_
Southern
(quar.).—i--
preferred A
Messenger
12-23
50c.
pref.
Common
1-15
Corporation
Metropolitan Industries, 6%
12-27
f4c
12-20
(quar.).j.——
(year-end)
12-18
Ltd
Mines,
12-20
i' •
Co. (s-a)
________
(quar.)—,—
McCrory Stores, 5% preferred (quar.)
McGillivray Creek Coal & Coke Co, Ltd
McLellan Stores Co, 6% preferred (quar.) —
Medusa Portland Cement, com. (year-end)__
McCall
12-29
—
1-15
t20c
Petroleum
Mayflower
12-18
(quar.) —
Shippers Car Line,
Associates—
participating preferred
12-18
12-29
(quar.)—__—
12-20
12-27
3»/2%
Trust
Investors
Massachusetts
12-22
12-29
$iy4
*■■■
5c
(quar.)
Goods
Aluminum
;
$iy4
2
X:X;'25cA
7% preferred (quar.)..
Massachusetts
12-29
of
Co.
preferred
40c
12-29
3 y2 %
!
$1%
6%
'
10c
tl7y2c
Mills, 6%-pref erred
12-31
!—
f2'/2c
Martell
1-15
(year-end)
Shaffer Stores, 5% pref. (quar.)
Co., Ltd, com, (quar.)
Tel. & Tel.
25c
Selected Securities
partic. preference (interim),—
Maritime
2
12-24
50c
$iy2
& Moore
_________
Marconi's Wireless Tel., Ltd. (interim)——.
12-18 :
; 12-24
12-12
12-12
1-16
12-15
2
2
2
2
A -1- 1
1- 2
1- 2
25c
12-15
>
Aluminum
—
X:
v t$2'/2
$1
: >
$3
X'r
Aluminum
preferred (quar.)
Security Title Bldg, $7 partic. pref.____
:
(s-a)
1121-
Industries, Inc,
25c
Alles' & Fisher, Inc. (resumed)avXJSVbo
Allied Laboratories, Inc. tquar.)
15c
Allied Products Corp, class A (quar.)
433/»c
Allied Stores Corp, 5% pref. (quar.)
$1V4
12-18
5%
$iy2
Maxwell
Manning,
12-26
12-31
1-15
■
Extra
Louis, com¬
of St.
?
Allen
50c
12-18
1-
12-30
;
I2X3I
12^10
27'/2c
"2X16
-
1-15
—
12-20
12-31
$l3/4
$l'/2
$l'/4
$4'/2
(quar.)
50c
12-26
(increased)—
12-15
12-22
preferred
50c'
preferred
?
1- 2
1-15
-
■
.
12-10
2-16
Co.—
(quar.)
20c
50c
pref.
12-20
-$5
common
12-20
8%c
25c
Algoma Steel Corp, Ltd.—
■
5%
preference (interim)
Allegheny Trust Co. (Pittsburgh)
(quar.)__
Allegheny & Western Ry, guar. com. (s-a)
Allemannia Fire Ins. Co. (Pitts.)
(quar.)
12-16
25c
—_—_
Corp,
12-20
1-2
25c
Power
$5 preferred
(quar.)
Albany & Susquehanna RR.
12-24
12-23
10c
(quar.)
12-24
"iV* $2
conv.
12-31
$1
$2»/4
—
12-19
——■
12-24
.
1-2
25c
___i._
preferred
22y2c
65c
(year-end) __—
12-12
1-
'
Y.)
N.
i'j
(quar.)
$6
12-29
12-29
Co.
$7
12-20
1-12
12-22
v
75c
Reduction
Alabama
12-24
50c
Inc.—
Finance
1
2-
12-20
"V); $2
(Watertown,
Co.
•
Extra
12-20
-
11-29
12- 2
12-15
Ahlberg Bearing Co. class A
12-20
2
1- 2
12-31
1- 2
(quar.)
12-24
$iy4
$13
(quar.)—...
non-cum.
12-20
1-
11-29
$l'/4
$$l3/4
Extra
$16
_____
Diego Gas & Electric Co, common
preferred (quar.)____x
12-30
Ludlow Valve Mfg. Co.—-
5%%
12-20
'
(irregular)
A,; 30c
Typograph, common
(quar.)—
I-15
1X;
(extra)—__
5%
25c
preference
Agricultural Insur.
12-18
''
Cardinals
25c
(extra)
Fund
12-18
2-12
25c
75c
Lock Joint
12-18
2
X
1- 2
20c
2
:—
12-11
12-11
Engineering—
preferred
2
12-24
11-29
1-2,
30c
1-
12-24
1- 2
1- 2
(quar.)
1-
$1
5%
12-31
87y2c
Co.
1-
$3
1- 2 v f-11-29
$1"
(quar.)
(quar.)i-________
Agnew-Surpass Shoe Stores, 7% pref. (quar,)
Air
preferred (quar.)
Joseph Stock Yards (quar.
St.
1-26
Insurance
Standard
5%
RR,
Sagamore Manufacturing Co._^—__________
St. Joseph Ry. Light, Heat & Power Co.—
St.
1-15
Life
Aetna
12-16
$1;
12-31
12-27
(Hartford)
40c
20c
Co,
Extra
12-16
12-20
$1 A"'
;
—
Insurance
Aetna
12-20
_________
12-31
75c
(quar.)
Shares, Inc. (liquidating)—.—
12-26
12-20
4 >/2% pref. (s-a)-.___
(quar.)^
pref. (quar.)..
1-15
50c
preferred
2
25c
Inc.
10 & 25c Stores,
5,
X 1-15
1-
1-
(year-end)
Co.
(Hartford)
'
of Rec.
1- 2
12-20
>1- 2 ;; 12-18
12-30
12-16 1,
A 12-29
12-26
1-10
12-26 J:
v. 2-20
X 2-11
12-29'
12-19
J 1- 2
12-17
12-30
12-10
•
Surety
&
Extra
12-26
12-30
A
1-15
$1%
2
6'/4C
20c
37'/2c
35c
(s-a)_—
(quar.)
$iy2
(liquidating)—
12-18
■X:;, 70c
1-
X 25c
(extra)
2
2-
Extra
Aetna
8c
6c
(quar.)___
Liquidating
12-19
$3
12-23
X'
•
12-29
"
Inc.
class A
Bearing Co.
Aetna
Casualty
■';XA;; (quar.) .■'
12-17
$2
Ball
Aetna
3
12-19
12-23
Securities,
Supply Mfg.,
$l»/4
Potomac
50c
(quar.)
1-
1-17
12-24
2 ;
12-24
12-29
20c
$1%
$VA
(Charles) & Co., 7%
'Class
12-31
2c
preferred (quar J
Liberty Loan Corp., class A (quar.)— _—__
.
1-
50%
(quar.)—..—
———
(A. C.) Leather Co. (year-end)— '
AApp-Wpvi 11
Leich
20c
Saco-Lowell Shops, $1 conv.
preferred
Lawrence
T
Aero
$2
class
Co,
Sabine Royalty Corp,
—
Aeronautical
2-16
25c
(year-end)
Manufacturing Co.
1
:
(reduced).—
B
2-16
'
Dental Manufacturing
12-22
Bryant, 7% preferred (quar.).
Co., Inc.
(year-end)
...
Class
12-18
2
•v; 50c
(s-a)
(s-a)
12-31
$iy2
:
Langendorf United Bakeries, class A
& Co.
12-22
of Delaware—.—________
Corp.
W.)
1-16
•
Lake
obligations
(H.
12-31
'_—
————
Dividend
:"17y2C
—
(quar.)
2
(quar.)....
$1
25c
X A 25c
4c
3%c
Fire Insurance Co. (N. O.) (s-a)
Lafayette National Bank of Brooklyn—
X
Corp.
13-
3- 2
——
12-24
Lafayette
Aerco
Adams-Millis
$1%
(quar.)
&
12MjC
(quar.) —
.La Salle Industrial Finance Corp.
12-24
Corp. (year-end)....
Addressograph-Multigraph Corp
X
12-30
$1%
Non-voting common (s-a).
12-29
9
A;;
extra
3-16
12-24
$2
(irregular)
20c
2-
Co,
1
40c
(s-a)
common
12-20 i
$iy2
Steel
Acme
$3
t$3Vii
!
12-30
4-
Pay'ble
Share
of Company
& Fitch Co, $6 pref. (s-a)
Works^ Ltd.* 6V2 % pfd. laccum.)
25c
Fredericksburg
t37y2c
_____
Abercrombie
Acme Glove
10c
1-20
1-
(quar.).—
pref.
1- 9
12-16
$2
2-
—
Water Works, 6%
Krueger
Oil
Indian
Red
A 50c
.
,—t—~-+
preferred;.
Kokomo
2
(quar.)
t50c
Co.
Kawneer
Richmond
I 11-28
12-20
.
15c
)>3 pref..^
&
Reading Co.
11-28
5c
(quar.)——
Keystone Telephone Co. of Phila
Kaufman
Name
9
2
:
Rhode Island Electric Protective
>
$5%
—
Stove
Kalamazoo
1-
1- 2
''
12-20 ,12-10
2- 1
1-15
preceding table.
X'X^XV-AiXX;/
X-X x
'l-fX-' '•XXxAXXX'XX:;;X;aFX,;X1XA...X >'A;,A;XX;XA'X;;X':XX;A....X Per '• ;•, When ^ Holder$
1-15
12-31
2-
9
—.—
12-19
1-26
65c
(irreg.)_________
common
convertible preferred
5%
2 !'
50c
t$ 13A;,
12-30
1-31
12-18
announced
50c
2
1-
(year-end)
——
City Fire & Marine Insurance Co—
12-19
2
25c
2-
Corp.
dends
2-
'
12-26
weeks and not
35c
(quar.).-...—
Pyle-National Co.
Ralston Steel Car,
1-15
75c
———*
1
1-1
1-
2-
•
,X 20c
(spec.)
»X
12-29
: 12-29
.
give the dividends announced in previous;
yet paid. The list does not include divi-:
this week, these being given in the
we
12-22
25c
•\v-. 25c
W.
K.
Below
12-16
$iy4
12-20
2
12-23
<
$iy2
.
2
5c
5c
______
1-
1- 6
Provident Savings
—
(year-end)
Julian & Kokenge Co.
12-23
40c
10c
Indemnity Co,—
Building (s-a)__'.__i:-_..—_._1_
Bank & Trust Co. (Cinn.)
12-20
2
12-26
1-J9
1-10
2-14
$1V2
Wood, Alexander & James, 7%
$iy2
(N. Y.)
$2%
(s-a)—
(year-end)—
______
1st preferred
Zeigler Coal & Coke
12-26
1-19
12-12
12-26
,
,
Co.______
12-16
$iy2
(resumed)
1st preferred
Electric
t$l
—
—
Accident Insurance
of Rec.
'12-31
50c
(s-a)
(quar.)
com.
5%
Suburban
1-15
$iy4
Mills,
Holderit
(increased)30c
& Co.
(R. C.)
12-27
12-26
(quar.)
Biederman
Protective
75c
(N.O.)
When
Pay'ble
„
$3
.
$iy2
preferred (quar.)
12-27
—
(year-end)
Joplin Water Works, 6% preferred (quar.)—
6%
12-27
t$3
Shoe
Laughlin Steel
)
2
12-19
12-23
Glass, $7 preferred—
Johansen
Jones
Co.
\
.
;
50c
$iy4
'
—A.
(yr.-end)
4% non-cum. partic. pref. (irreg.)
Porto Rico Power, 7% preferred (quar.)—
Potomac Electric Power 5V2% pref. (quar.).
50c
$1%
Wilson Line, Inc.,
preferred (s-a)
Sulphite & Paper, com.
t43%C
—
Williams
12-20
(quar.)_L._X.X__i
Fashion
Full
t405/ac
(quar.)
$6.50 preferred (quar.)—___——
$6 first preferred
(quar.)——
first
$7
12-10
12-23
(quar.)
B
preferred
6y2%
1-19
1-
12-22
Port Huron
1-15
Dept.
preferred
Pilot
12-20
2-
40c
$1%
Interstate
preferred A
$5
12-20
1-
40c
—
6%
6%
40c
com.
Machine Tool Corp.—..
12-10
Worcester
Pennsylvania Power Co, $5 pref. (quar.)...
Philadelphia Co.
(year-end).
A
Philadelphia Electric Co. (quar.)_^.__j
12-22
12-22
12-10
12-22
Pipe Line Co, com
Eastern
'
(quar.)._
•
...
$5.70
12-26
12-22
$iy2
:
(quar.) —ii.-..——
(resumed).
(quar.)
.....
6V2% preferred....
Insur.
.
1-
12-26
Mortgage Co.
Panhandle
12-10
12-20
(quar.)
(quar.)^____
Co.,
non-cumulative preferred
Coast
'
;
Pan-American Life
2 Vi °!e
—
.
Co.—
Pacific Portland Cement
12-10
$2
preferred
Illinois Coal Corp., 7%
(liquidating)
5
12-20
$1%
(quar.).,—_.
preferred (s-a)—,..— :
Pie
Pacific Gas & Electric Co.
5
12-
$1%
(quar.)—
second preferred
Hudson Bay Co.,
12-
12-20
.12-22
$iy2
preferred (quar.)______
first preferred
7%
Farms
$5 class A partic. pref.
Pacific
12-5
12-20
75c
$3%
preferred
t
12-22
12-20
'
—
6%
12-26
$2
(quar.);
(quar.)_________u.____,__'
Ohio Wax Paper Co
Orchard
12-26
40c
(quar.)______L_________
com.
preferred
12-18
$l1/4
:
...
Finance,
5%
X :
P«f
Share
■
,
$l'/2
2-16
$1%
2-16
Westmoreland Oil (resumed)1^-19
Weinberger Drug Stores (quar.)
.....
25c
1- 2
White Rock Mineral Springs Co,—?
■'
■.
.
"X
7% 1st preferred (quar.)
$1%
12-30
5% 2nd preferred (quar.)
$l'/4
12-30
50c
Extra
Ohio
9-30
$i
12-24
y
.. /,
of Company'-
West'Penn Electric Co, 6% pref.
7% preferred (quar.)——
12-18
(Spokane)
$2
9-30
$2 V2
.
__.
—
7%
6%
12-
XX
Co
International
12-15
(year-end)
Co.
(s-a)
Indiana &
10-10
18C
(S-a)
Howes
10-10
Insurance Co.
Title
Northwestern
2
1-
,
Name
of Rec.
Payable
40c
3-31
$1
;
preferred
Scale
4-10
$6
common—
preferred
7%
Howe
1-17
$t
Telegraph Co. (yr.-end)_
Co. (B'klyn) (initial)
Hoover Ball & Bearing
Share
12-23
2-1
$1
Guaranty
Title
Home
12-30
preferred—
Home Telephone &
X
,A v:
,
40c
30c
5%
•
on
'■■- X
Name of Company
Northwestern States Portland Cement (quar,)
Heyden
Accumulated
•
12-15
•
>
.1
Volume 154-
.
;
■
V; V.
•
Ltd.
(quar.)
' "V
^
A--
of
12-31
12-
Power
1-1
12-12
Canada Permanent
1- 2
12-15
Canada
50c
12-31
12-20
Canadian
1- 2
12-15
.7%
.
2-2
1-
1-
12-24
75c
1-
1
1-2
11-29
2
12-20
6c
1-
1st
60c
11-29
2
37*/2c
(quar.)
(quar.).
Mortgage Corp.
(s-a)
Ltd.,
partic.
5%
(accum.)
pref.
Car
7%
2-
1
1-15
1
2-15
7%
4-
6 V2 %
6%
1- 2
12-10
1- 2
12-10
Commerce
1-26
:
,
12-31
1-15
'
12-31
1- 2
12-15
'
——-;_1-
——
7c
Credit
1- 3
Commercial
1-2
12-15
1- 2
12-15
12-15
Commercial
1-2
12-15
1-
£
12-15
1- 2
12-15
preferred
partic.
preferred
Water
Commonwealth
Water &
$$l3/4
12-31
12-29
12-17
V
Backstay Welt Co., common (quar.)
—.>_—
12*/2c
Baldwin Company I—1————w^——40c
't
6% preferred (quar.) -.
—————$l'/2
1-10
12-23
Canadian Fire Insurance Co.
12-20
Canadian
12-31
:
12-24
1-15
♦.
r
6%
preferred
preferred
8%
BancOhio Corp.
(quar.) —
v 22c
>•- -Extra'<'»———————; -2c
—
Bandtjen & Kluge, --Inc.—'I17..?'..
7% convertible preferred (final)—
Bangor Hydro-Electric, 77c preferred (quar.) '
*
871/2C
$l3/4
$l'/2
■
—
6%
preferred
(quar.)—
•
—
Bank of America Nat. Trust & Sav.
vi
(Capital)
(quar.)
Bank
.
.
of
Co.
(quar.)
*
2
2
12-15
12-31
12-15
1-
2
Nova
of
Yorktown
(N.
Extra
Bankers Commercial Corp.,
Bankers
National
preferred
Bankers
Barker
Trust
Co.
Brothers
5*/2%
(quar.)—
com.
'
Y.)
(N.
Corp.,
(quar.)—.
(year-end)
common
2
2
2
12-20
1-
2
50c
7%
$1%
1-
1
(s-a)
A
12-30
12-22
12-30
12-22
25c
1-2
12-12
Extra
1-
12-12
Carnation
2
Beech-Nut
:•
&
Trust
Co.
(quar.)
Co.
50c
1-1
12-31
12-24
1-
1
1-
2
12-15
12-30
12-15
$5
1
12-24
7-1
1-
6-28
50c
1-
2
1- 2
1-
2
12- 3
12- 3
1-
'
11-29
1- 2
50c
(s-a)
Benson & Hedges,
2
12-10
Carolina Power & Light, $6 preferred (quar.)
$7 preferred
(quar.)
12-10
Carpel Corp.
2
12-15
Carriers
1- 2
12-15
Carter
&
45c
62*/2c
$1
—____——
Cement,
6%
12-31
12-31
,12-15
12-27
12-15
12-20
2- 1
1-21
7% pref.
(quar.)—-
Nat'l
Canal
—_____•
Herald-Traveler
Boston Insurance Co.
(quar.)
40c
v
___
12-15
7%
2
12-
5
7%
Extra
Brach
.
& Sons
(E. J.)
(quar.)
—
—•
Brantford Cordage Co., Ltd., $1.30
(quar.)
6%
preferred (quar.)—
12-20
12-24
Breeze Corp.
2
12-24
Central Electric & Tel. Co.,
1-15
12-31
Central
12-29
12-20
1-
2
12-16
1-
2
12-16
1-
Bridgeport Brass Co.,
1-1
common
Mfg.
Brillo
Class
A
12-15
(year-end)
preferred
British
American
British
Celanese,
British Columbia
1st pref.
6%
2nd
pref.
(quar.) —
(quar.) —
& Trust
Mortgage
Ont.)
(s-a)
12-22
Brockville Trust & Savings Co.
Extra
(Ont.) (quar.)
-
Co., Ltd. (quar.)—
Brooklyn Borough Gas Co., com. (quar.)—
.6% participating preferred (quar.)
Brooklyn Trust Co. (s-a)
—
Brown-Forman Distillers Corp., $6 pref.
Brompton Pulp & Paper
Brunswick-Balke-Collender Co.—
$5 preferred (quar.)
Brush-Moore Newspaper, 6% pref. (quar.)—
Bucyrus-Erie Co., 7% pref. (quar.)
Budd Wheel Co. (year-end)
Buffalo Niagara & Eastern Power Corp.—
$5 preferred (quar.)
6.4% preferred (auar.)
Building Products, Ltd. (quar.)
Extra
Bullard Co.
11-29
Extra
-—
—
—
-
-
Burger Brewing Co., 8% pref.
Burlington Steel, Ltd. (quar.)
(quar.)
Feb
29,
1941)
California
5%
Packing
preferred
Corp.,
(quar.)
common
——
—
1- 2
12-15
t$4
t62V2C
12- 9
Chain Store Investors Trust
12-15
Quarterly
1-
1
12-12
Continental
1- 3
12-22
1-
1
12-26
1- l
12-16
12-31
12-16
$4.50 preferred
Trust
(Cincinnati)
(quar.)
12-
12-31
12-3
12-29
12-15
1- 2
12-15
1- 2
12-15
1-
12-15
$1
___
(quar.)
$5 pref.
$$2
$1*4
(quar.)
(quar.).
2
1- 2
$iy8
1-
3
12-12
2
12-12
12-31
50c
12-18
(Mass.)
12-31
Chemical
Bank
1-15
12-31
Chemical
Executor
Fund,
1-17
1- 2 7
1- 2
1941
$2.50
$3
12-15
prior preferred
preferred (quar.)
12-19
1- 2
12-17
1- 2
12-20
Co.
7%
1-15
12-31
1- 1
2- 1
12-17
1-17
1- 2
1- 2
Credit
2- 2
1- 2
1- 9
12-15
12-10
1- 2
1-15
12-30
12-30
1- 2
t50c
1- 1
1- 2
12- 9
12-9
12-22
12-19
1-15
12-17
12-17
1-1-42
12-13
t$l
1- 2
1- 2
12-18
1-15
12-31
1-2
12-22
'
12-15
'
preferred
7 7c
4y2%
pref.
12-15
Delaware
12-17
De
12-17
& Suburban
67c
Detroit
Edison
Detroit
Hillsdale
International
7-15
6-16
Detroit
Manufacturers
1- 2
12-20
Detroit
7 %
11-16
1- 2
12-17
$iy2
1- 2
12-29
;
Dixie-Vortex
Co.,
Doehler
Casting
Doernbecker
Extra
Clemenceau Mining
50c
12-29
12- 5
$1
$15c
1-1
12-15
Clinton Trust Co.
1- 2
12-15
Clinton
Corp.-.
.
(s-a)__
—
Cleveland Electric Illuminating—
$4.50
preferred
Cleveland
5%
class
A (quar.)_.
stock dividend)
$l'/a
(year-end)
80c
\
(quar.)
(quar.)
7% preferred (quar.)
7% pref. (quar.)
Co., Ltd.—•
(N. Y.)
Additional
Coleman
on
12-29
12-20
12-29
12-20
25c
1- 2
$l3/4
$1%
Water Works,
Cluett Peabody & Co.,
Cockshutt Plow
1- 1
$1V4
—
1-15
1- 2
12-20
12-19
1-
2
12-19
>
Colgate-Palmolive-Peet
$4.25
pref.
(quar.)
2-
12-16
5
5-15
5-
5
8-15
8-
5
1-15
1-
7
12-29
12-19
1- 2
12-22
1-
12-22
$1%
$iy4
2
1-
1
1-
2
12-20
1- 2
12-20
12-31
12-29
12-18
62%c
12-29
12-10
12-29
12-19
12-29
12-24
$$2'/2
$25c
1-
12-18
2
6 7c
1-20
Ltd.,
common
(quar.)
(quar.)
Ltd., com. (quar.)
2-
12-31
2
1-15
1-2
12-20
1-
2
12-20
$$1*4
t$l34
1- 2
12-15
1- 2
12-15
$$1*4
1-
$$13A
Ltd.
67c non-cumulative participating preferred
1-15
2
12-
1
12-15
....
1- 2
12-15
75c
75c
1- 2
11-29
1-
2
12-19
15c
1-
2
12-19
Driver-Harris Co.,
Sl34
1-
2
12-20
Duke Power Co.,
$l3/4
$l*/a
l- 2
12-15
(quar.)
Corporation, 6%
Draper Corp.
preferred
(quar.)
Common
7% preferred (quar.)
77c preferred (quar.)
Dun & Bradstreet, Inc., $6 pref. (quar.)
Duncan Mills, 7% preferred (quar.)
Dunkirk
Trust
(N. Y.)
(quar.)
Dunlop Tire & Rubber Goods Co., Ltd.—
57c 1st preference (s-a)
25c
6-18
6-4
12-29
12-19
12-29
12-19
87c
$1.06'A
12-31
12- 9
87c
•
(quar.)
(quar.)__
(quar.)
preferred
5
3
$60c
■.'(
25c
—
(quar.)
Co.,
1-
2-16
t50c
(Toronto)
Foundries & Steel,
Glass
1-
12-20
12-31
Dominion Woolens & Worsted, Ltd.—
$1%
common
Lamp & Stove Co.
Extra
1-24
15c
Co.
Ltd.
preferred
Dravo
(quar.)
Graphite Bronze, com.
preferred
7%
11-27
25c
12-29
12-12
$1% ,1- 2
12-20
20c
1-14 vi 12-15
—
—
Dec."
1-5-42
12-26
12-26
30c
(com.
Dominion Textile Co.,
66%%
Mach. Corp. (quar.)
Clearfield & Mahoning Ry. Co.
7%
1-20
$2
t25c
Dominion
30c
(Kansas
(stock dividend)
City)
v
1-15
$1.20
12-20
Co.
:
2
2
$2.40
$2.50
Mfg.
Mines,
1-
1-
15c
—
12-31
Dome
12-26
25b
———
Die
2
25c
Shoe Corp,
preferred (s-a)
Discount Corp. (N. Y.)
6%
8
1-
$4
—
(final) ____—
:—__
5% pref. (quar.)_;
.i
preferred
Diamond
1- 5
12-
12-15
50c
——
1-15
.
2
$2'/2
(resumed)
Raynolds, class A
B
.
12-22
1-
25c
(s.-a.)
Corp.
&
Class
$1.12
;
Trust
&
12-16
12-29
12-30
4%c
Extra
12- 5
1-31
Devoe
8-15
12-27
12-29
1-31
Detrola
5-15
1- 2
1- 2
1- 2
2-16
2-16
6- 1
$l3/4
Bank
12-22
12-29
50c
(s-a)_
preferred (ouar.)___
City National Bank & Trust Co. (Columbus,
Cleaning
2-16
3- 3
9-1
Tunnel
River
Dominion
(s-a)
1- 2
J$7
12-19
50c
12-30
National
12-15
7*/2c
'_
1-2
Ohio)
12-15
1-6
25c
preferred (quar.)
preferred quar.)
75c
City
62Vic
5%
6% pref. (quar.)
,
37VaC
5%
12-15
Dominion Bank of Canada
12-15
12-31
$1
37'/2c
Co
(s-a)
RR.
12-11
12-31
12-13
(quar.)
Michigan Stove Co.
preferred (quar.)
12-26
12-20
1-1
(quar.)
Bridge
1- 2
Citizens Wholesale Supply Co.,
12-20
1-2-40
$25c
Southwestern RR
1- 2
1- 2
12-29
12-29
12-20
1- 2
&
$1%
1- 2
12-19
1- 2
pref.
12-20
12-20
$3
Gasket & Mfg. Co.
Detroit
Detroit
$iy2
7%
2
15c
3-17
Bank
2
3-18
12-20
1-2
35c
$1%
—.
National
1-
1;
$1%
series B-l
12-16
(Pasa¬
(quar.)
Manufacturers
1-15
3-31
1-2
$1%
Co.
12-19
,
12-13
12-24
$4 j
t$l3A
(quar.)
Bank Shares,
2
Detroit
Bell Tel. Co. (auar.)
(Waterbury, Conn.) (quar.)
(Washington, Pa.),
1- 2
1-15
12-15
12-19
class A,
1-15
$iy«
(quar.)
$l1/2
2- 2
1- 2
pref.
Deposited
57c
Citizens Water
$1*4
12-19*
conv.
12-17
12-19
12- 1
12-26
2
$2
!
$1
$lVa
City Investing Co., 7%
$1% i
Co.,
(A.)
2
$134
dena, Calif.), common
&
Pinna
1-
,
1-
f3c
4-15
$iy4
$iy4
$1V4
$iy4
1-10
12-31
30c
.
,
(s-a)
Co.
RR.
1- 2
:
12-20
25c
Ltd.
Mines,
25c
(quar.)
12-20
2
t$l
of Canada, Ltd.—
(accumulated)
Delnite
1-
12-22
2
1-
(quar.)__
(s-a)
preference
Deisel-Wemmer-Gilbert Corp.
1- 2
2
1-
40c
_
12- 5*
2
1-
1-10
deHavilland Aircraft
25c
(quar.)
preferred
Citizens
(quar.)
12- 5*
1-
12-16
t$2'/a
RR., 87c pref. (quar.)
Securities Corp. of Canada, 5%
1-
12-30
1-10
2
1-
t$l3A
(quar.)
1- 1
1
1-31
1-31
75c
Michigan
Debenture &
12-15
15c
$$2%
Ltd.
Frere,
&
°12-15
1-2-42
$1%
Forster,
&
12-31
1-2-42
$1%
preferred
David
1-
25c
(Montreal)
com.
(year-end)
(year-end)
preferred (s-a)
Cuban-American Sugar, 1%
preferred
5%% convertible preferred (quar.)_^_____
Cunningham Drug Stores, Inc.—
6% class A prior preference—
Davenport Hosiery Mills, Inc.—
77c preferred (quar.)
12-20
1-15
&
8%
12-15
12-31
1-10
$13A
Corp.
Trust Co.
2
1-10
40c
•
Utility Banking Corp., cl. B
Crum
12-22
50c
—
Citizens Commercial Trust & Sav. Co,
12-20
Corp—
Crystal Tissue, 87c
12-15
1-2
12-29
$1%
Electric, 5% pfd. A (quar.)
Cinn., New Orleans & Texas Pacific Ry, Co.
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)———
Cincinnati Postal Terminal & Realty Co.—
6V2% preferred (quar.)
12-20
$25c
75c
75c
$2
Wheat
12-12
80c
(s-a)__
•
of
12-20*
pref.
—
Crown
62V2c
;
Paper,
Cincinnati
B.)
Crown-Zellerbach
$5c
Cincinnati Gas &
12-31
(W.
12-10
$1
(quar.)
prior
_____
25c
Oil
Cotton
7%
7% partic. pref. (quar.)
(quar.)
Co. (quar.)_______
12-10
75c
(Quarterly)
(Quarterly)
Chillicothe
Elec.,
1
1-1
$13A
12-10
75c
(quar.)
20c
.
___
l- 2
1- 2
$1
Chikasha
&
1- S
1- 2
$1V2
Extra
;
12-31
45c
(quar.)
conv.
conv.
Gas
1-
.
.—-—
preferred
Dayton
,
$2
preferred (quar.)
Cooper-Bessemer Corp., $3 prior pref. (quar.)
Corroon & Reynolds Corp.—
$6 conv. preferred (quar.)
;?•,
Courier-Post Co., 7% preferred
(Toronto),
(quar.)—;
(year-end)
7%
15c
Co.
Chicago Title & Trust Co.
1-2
12-15
12- 8
Coon
20c
Chemung Canal Trust Co. (Elmira.N. Y.) (s-a)
Chesapeake & Ohio Ry., common (quar.)__
4% non-cum. series A preference (quar.)
Chesterville Larder Lake Gold Mining Co
Chicago Pneumatic Tool, common
12-20
1- 2
12-15
12-30
12-23
12-31
12-16
12-31
12-15
12-29 -^2-15
l-lo
12-31
(quar.)
(quar.)
Inc.
6*4%
12-31
$1
—:
Trust
&
pref.
Continental Tel. Co.,
12-20
$lVi
Co.
(quar.)
1-15
8%
(quar.)
1-15
10c
________
&
Baking,
Year-end
1- 2
5c
12-29
12-15
40c
(Toronto)
(quar.)
$4c
Extra
1
1- 2
$1V4
1-15
12-31
Continental Bank & Trust Co. of N. Y.—
1- 2
tic
Century Electric Co.
$2.0052
—
Continental
Co.
$iy«
—
Central Trust Co.
12-20
(A. M.) Co. 7% preferred (represent¬
the quarterly dividend of $1.75 due
1. 1939, and interest thereon to Dec.
Byers
ing
Extra
12-10
2
1-
$10C
—
12-23
Gas
62Vic
5% pref. (quar.)
(quar.)
1- 2
50c
—
——
——
12-30
$134
12-31
1-15
$17V2C
(irregular)
Continental Assurance Co.
$lVa
Central Patricia Gold Mines, Ltd.
1-2'; 12-20
60c
certificates
12-23
$iy8
Central N. Y. Power Corp.,
$37 V2C
———-—————
12-20
2*-2
Pasadena—
12-30
$iya
12-22
.
+$l'/2
t$lV2
:
12-15
2
35c
_____
of
Co.
12-22
Y.)
-
12-15
(Stratford,
Co.
12-15
1-
common
12-30
Christiana Securities Co.—
$50c
6%
(N.
—_—
12-30
1-15
t$lVi
(quar)
Co.
12-31
British Columbia Tel. Co.—
British
preferred <quar.)
preferred (quar.)
Chartered
]
2
1- 2
$50c
$75c
(quar.)
Hotel
Voting transfer
75c
$6 div. series preferred
$5 div. series preferred
12-
(quar.)————.—-
Electric Ry. Co., Ltd.—
5% prior preference (s-a)—
British Columbia Power Corp., Ltd,, class A
Columbia
Inc.,
Consumers
Cream
12-1
$25c
3Vi%
preferred
6%
1;Ltd.,
British
1-
$2
Stores,
Consumers Power Co.,
$1
12-31
Oil Co. (quar.)
Ltd., 1% 1st prefer, (s-aj
Electric Power & Gas Co.,
(s-a)
12-13
$$2
pref. (quar.)
12-31
50c
———.—~——
Retail
8%
Constance
37'/2c
Champion Paper St Fibre Co.—
6% preferred
(quar.)
$1%
,40c
40c
30c
—
(irregular)
Co., com.
(auar.)
1%
12-20
12-30
Trust
&
12- 9
$1
25c
—_———
(initial quar.)
preferred
5Vi%
12-15
$1%
12-15
90c
(quar.)
12-15
1- 2
Bank
Hanover
6%
•12-23
t$lVa
Bridgeport Gas Light Co. (quar.)
Bridgeport Hydraulic Co. (quar.)
2
$1
(quar.)__
1- 2
$iy4
(quar.)
pref. (quar.)
Central Illinois Light Co., 4Vt%
Central Maine Power Co.—
'
——
-
r
1-
lOc
12-29
$1%
Central Aguirre Associates (quar.)
Central Canada Loan & Savings Co.
Ltd.,
——
•
90c
$ls/8
$3J/2
2
32Vic
——
12-26
________________
$1%
1- 2
preferred
Brazilian Traction, Light & Power Co.,
2
Power
60c
quar.)
12-31
.
—
—
—
1-15
2-
__.
Continental Insurance Co.
(initial
$4
(quar.)
Ltd.
Mines,
Extra
2
—
Consolidated
America—
75c
75c
$1
30c
$20c
tlOc
———w———--.
Bralorne
of
,k 1-. 1
1-
.
Corp.
1- 2
(quar.)—.
Warehouse (quar.)
Boston Wharf Co. (irregular)
Storage
Boston
&
$l'/2
prior preferred (quar.)
partic. preferred (s-a)
1
1-
6%
$1 Vi
com. (year-end)
$114
5% conv. preferred (quar.)—37 Vic
Blue Top Brewing Co., Ltd., 6% class A(s-a)
$30c
Boston & Albany RR.——
—
'
$214
Boston Elevated Railway (quar.)
$114
Boston
2-16
2-
'?■""':\
15c
(quar.)
prior preferred
1s
(Providence,
Bank
I.), semi-annual
Bliss & Laughlin, Inc.,
R,
Co.
5%
—_
Blackstone
Celanese
pref.
———
._.
.
W.)
Carthage Mills, 6% preferred A (quar.)
6% preferred B (quar.)
Case (J. I.) Co., 7% preferred (quar.)
Cayuga & Susquehanna RR. (irreg.)__•
-
75c
$1%
Bibb Manufacturing Co.
(quar.)———X
$1
Bickford's, Inc., common (quar.)—
—
25c
$2.50 preferred (quar.)
62 Vic
Biltmore Hats, Ltd.
(quar.)
$15c
Bird & Son, Inc.
(year-end)
70c
Birmingham Electric Co., $7 pfd. (quar.)—
$l3/4
$6 preferred (quar.)
:v;*y $lVi
Blackhawk-Perry Corp. (s-a)
$1*4
(quar.)
Bethlehem Steel Corp.,
Light
15c
(year-end)
Extra
12-23
.
(J.
1-15
2
$1%
50c
Corp.
2
3-
(quar.)
(quar.)
Dredging
Gold
preferred
Extra
1-10
1- 2
$1%
(quar.)
General
2-
Y.—
20c
&
12-18
'
50c
(initial)
com.
Limestone
12-12
2
(quar.)
Co.. of N.
Consolidated Mining & Smelting (Can.)
12-13
1-20
$7.50
12-13
1- 2
$1V4
$lJ/4
$1V2
(quar.)
1- 2
1-15
preferred
conv.
Bessemer
Ry.
1-
37'/20
(quar.)
preferred B
preferred C
1
$15c
VV:
.
(Baltimore)—
4y2%
4%
11-29
$4c
preferred (quar.)
Ohio
>
(quar.)__
Gas, Electric
Consolidated
5
1-
1
(quar.)
class A
Common
12-19
12-27
12-
2-
preferred
Co.
12-20
1
$3
—
prior preferred
Consolidated
►- O
!-*» Iv tH*
75c
Co.,
(quar.)
EdisOn
12-15
$1*4
—
Consolidated
12-16
50c
1- 2
1-
>
RR.
Industries,
Cigar Corp.
preferred
2
$13A
Chemical
(quar.)
1-
Consolidated Laundries Corp.—
_
1-2
$$1
t$l%
t$2
Light & Power (quar.)
& Passumpsic Rivers
preferred (s-a)
7%
i
:< ■
75c
Connecticut
12-20
1-30
1- 2
12-31
(Hartford)
Consolidated
1- 2
2-16
25c
Co.
Consolidated Bakeries of Canada. Ltd
2-1
12-31
12-14
pref,
___
12-26
tic
Clinchfield &
—
12-31
1-15
$5
—
(quar.)
12-31
$3
7
$1
:
(quar.)
.
$2
Carolina
^—
Belding-Corticelli, Ltd., common (quar.)
7% preferred (quar.)
Bell Telephone of Canada (quar.)
Beneficial Industrial Loan Corp. (Del.)—
Common
(year-end)
$2.50 prior pref., series 1938 (quar.)——
a
1st
12-12
12-15
$3
1-15
f
1-15
$15
Connecticut
(Hart¬
25C
Packing
Extra-
5%
1- 2
1- 2
Securities,
1-15
75c
—.—
$1V4
$3'/2
(s-a)
Coke
&
12-11
12-31
;
,t50c
(Hartford), (quar.)
»
.
10c
$iy3
(qu.)_
preferred
Connecticut General Life Ins.
'
$5 preferred
(quar.T————
Beatty Bros., Ltd., 7% 2nd preferred
Beech Creek RR. (quar.)
(Toronto)
2ji
•
;
____
12-20
1
——
Co.
12-11
12-31
,$3
Extra (s-a)
Cariboo Gold Quartz Mining Co., Ltd. (quar.)
50c
$1*4
12-11
l- 2
12-20
50c
preferred (s-a)
Capital National Bank
ford)
1- 2
1- 2
—________—$50c
6%
12-16
_—
class
Capital Administration Co., $3 pfd. A (quar.)
Capital Finance Corp., 6% pref. (s-a)
12-16
preferred (quar.)
—
Bausch & Lomb Optical, com. (year-end)
5% conv. preferred (quar.)
Beatrice Creamery Co., common (quar.)_
Ltd.,
Boxes,
12-24
1
Gas
12-12
1-
Assoc.
7%
Co.,
12-15
1- 2
$1%
$1%
1-15
12-31
12-31
;
$1%
1- 2
$50c
Co.
12-24
J
Connecticut
6*/2%
12-12
1-
$5.50
Wirebound
(cumul.)
12-10*
2
Extra''
12-13
$$2
2
(quar.) —40c
11-15
Products, Ltd.—
12-29
'
Gas
Consolidated
Cannon
12-24
:
1- 2
$$2
12-11
1
$$2
1
1-15
(quar.)
1 k
1-
I__
Connecticut Fire Ins. Co.
1-
2%
Ltd.
1-
$2
(quar.)
Lt., $6 piref,
$50c
12-11
1-
Concord
12-10
$1.06y«
(quar.)
5c
Life
1
Co., 5%% pfd. (qudr.)
$$l3/4
12-31
1-
______________
12-20
1-15
(s-a)
12-31
Mills
,1- 2
$$2
partic.
6%
Westinghouse Co.,
quar.)
Confederation
$12V2C
preferred (accumulated)
Canadian
12-20
12-1
$12V2C
preference
Tube & Steel
Canadian
2
$1
1-
-
•' ' ■-
(Del.)—
(quar.)
$$3
(quar.)
Railway Co.—
Pacific
non-cumul.
Canadian
12-20
1-
4%
•
12-16
1-
68%c
preferred
(quar.)
Bastian Blessing Co., com.
1-
$l*/2
6'Ac
7 Vic
50c
pref. (quar.)
6%
Investing,
(quar.)
Canadian
12-18*
12-19
1-
$12'/2C
7
_2
Co.
Corp.
$$2
preferred (quar.)
Light & Power Co.
Canadian Oil Cos., 8% pref.
12-18*
2
2
50c
-
__i
Canadian
1-
t$3
:
(quar.)
Y.)
Ltd.
7%
V
1-
$1
of
Bank
Co.,
shares
(quar.)_^
Registered shares (quar.)
Canadian Industries, Ltd.,-
12-10
12-31
Electric
9
75c
Extra
$$2
^
Bearer
12-10
1-
$3,/2
(quar.)
Scotia (quar.)
Bank
6%
1-
10c
York
New
General
Extra
$1
20c
'
of
12-19
12- 1
Ltd.—. -W.V:-.'":
Corp.,
(quar.)
Canadian General Investments, Ltd.. (quar.),
Canadian Indemnity Co. (s-a)
12-31
.60c
_
(s-a)
Manhattan
the
Special
Bank
12-29
Foreign Investment
(quar.)
Canadian
:12-19
Assoc.—
——
—
.$2 conv. preferred
>
12-29"
12-31
1- 2
(quar.)__^_„__^_^—$$iya
preferred
,
1-31
$$l
7; <
Trust
Frosted Food—
1st pref. (s-a)
Community
$50c
(s-a)
9
12-
.,*■
t75c
Commonwealth
13c
12-
12-29
'
.
$iy4
12-16
12-16
12-24
12-31
(Indianapolis), 5%
Southern
&
12-16
!
2
1-15
(quar.)
12-20
(quar.)
1-
12-24
12-29
preferred
*
Canadian Converters Co., Ltd. (quar.)>_i
Canadian Cottons Co., Ltd., common (quar.)
<
&
Co.
12-31
3-15
- -
Loan
2
75c
(re-
conv.
(quar.)_
Bank
Nat'l
12-31 >
12-17
(irreg.r
preferred
conv.
Commonwealth
$7
1-
$10c
•
—^____^
Commonwealth
4'4%
(quar.)
(quar.)_~__
Trust,'
quar.)
1-10
: :
Mo.)
(quar.)
Investment
1-15
12-15
1-30
$1.06*4
pref.
common
preferred
conv.
duced
Co.,
$50c
1
Inc.
City,
2
1- 2
2c
$1
Alcohols, Ltd., 8%
Commercial
1-10
•>
Extra
Commercial
4y4%
-iJ
12-20
2-
$1
$44c
$25c
12-29
B,
(Kansas
12-15
$6
25c
_i.__7c
Common
Axe Houghton Fund
i
Common• -(irreg.)
Qo.
12-26
*
Common
Trust
(quar.)-»
common
l- 2
$1
$iya
i
Ltd.,
12-20
Co.—
;
1-15
$5c
12-20.
1-2
—$1%
1- 2
&
Celanese,
Electric
(quar.)
2- 2
$15c
12-18
l- 2
(quar.)
1- 2
►
1
$iy2
preferred (quar.)
Oils, Ltd.
$12Vic
:
Ohio
1-
$1%
Command
-$5c
preferred
of Rec.
25c
(Waterbury, Conn.) (quar.)
Southern
&
preferred
$25c
Extra
3-
Columbus
$75c
Foundry Co., Ltd.—
participating preference (accumul.)
Canadian
";1-* 1
Colonial Trust Co.
12-22
^
(quar.)
conv.
non-cum.
12-22
2
1-
—$$2Vi
preference
Canadian
1- 2
12-31.12-15
$$2
$l>/a
_
,
Participating
/
12-9
$$1
(quar.)
Participating
>>:
12-18
25c
common.,*—.
5%
12-20
12-29
$15c
$$l3/4
.
Breweries, Ltd., $3 pref. (accum.)
Canadian Canners, Ltd., common (quar.)
5
2
A 1- 2
40c
-
^
Canadian
$1
$1*4
17*/2c
-
12-15
$30c
com
Ry.
Bakeries,
(interim)
1-2'
$20c
Corp., Ltd.,
Holders
Pay'ble
Finance
(Lima, Ohio) (quar.)
Colonial Ice Co., $7 preferred (quar.)
$6 preferred B (quar.)_
$10c
-
When
Share
Name of Company
Colonial
12-30
$$lVfe
(interim)
preferred (quar.)
Southern
Per
of Reo.
50c
Canada Packers, Ltd.
,
*
'
pref.
Northern
12-20
„
6%
Canada
12-31
Holders
75c
(quar.)
—
20c
Corp., 1% pref. (quar.)—
Autocar Co.,
$3 preferred (quar.)
I
Automobile Insurance Co. (Hartford)—
& Sons Co.,
Cycle & Motor Co., Ltd.
$l'/2
Plan
(B. F.)
Corp., Ltd.
,
1-26
$62Vic
Stone
.'V-:v>.•"
$2*/a
■
Pay'ble
1693
15c
(quar.)
2-2
Bk.
Avondale Mills,
Common
12-31
B
Crushed
12-30
(Jacksonville, Fla.) (s-a)
Atlantic Refining. Co,—
. .
.. . ..
•
4% convertible preferred A (quar.)_i
Atlas Acceptance, 5% pref. (quar.)
Avery
12-6
Canada
class
25c
___
■
Canada
$2*/2
___
.*> Extra
5%
12- 6
Extra
___
Thrift
12-15
12- 6
12-31
$1*4
*
Atlas
1- 2
12-31
50c
preferred (quar.)
Atchison, Topeka & Santa Pe Ry. Co.—
5% non-cum. preferred (s-a)
Athey Truss Wheel Co. (resumed)
Atlanta
Birmingham
&
Coast
RR.,
5%
1;
pref. (s-a)
'__
Atlanta Gas Light, 6% pref. (quar.)—.
Atlantic City Fire Insurance (quar.)___
Nat'l
.
50c
——
When
Share
"
Tungsten
Corp.' (year-end)
Camden & Burlington Co. Ry. (s-a)_—
Campbell, Wyant & Cannon Fdry. (year-end) '
Canada Bread, Ltd., 6%
1st pref. (quar.)„_
1
o*
of Company
Name
Callite
12-1
(quar.)
common
i^*-L
Per
of Rec.
12-31
'.'>•*
t$l%
•
5%
Atlantic
Payable
tl5c
——:
Co.,
4-u—-j
Holders
$15c
Canada;/7%: pref*
—
Investment
Extra
When
Share
._
—
Breweries
Associates
'•>'
(quar.)________.
_
Associated
Per
•
-Name of Company
..
Asbestos Corp.,
Extra
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4025
Duplan
Corp.,
common
preferred
preferred
(quar.)
(quar.)
1-
1
12-20
$13A
l-
2
12-20
$2
1-
2
12-10
$62*/ac
12-31
12-15
30c
$2
$2
12-29
12-11
1- 2
12-11
4- 1
3-13
THE COMMERCIAL & FINANCIAL CHRONICLE
1694
(E.
duPont
Duval
M.
share
Payable
Sulphur
preferred
—,—
(year-end)______
Sav.
(quar.)
(Halifax)*
Co.
Loan
1-
12-20
12-15
2
1-
2
12-20
$$1
__
Township Telephone Co.
Eastern
(quar.)
Kodak
Co.,
12-15
1-
1
1-15
pref.
2- 2
5- 1
2-16
5-15
1- 2
;"2-2
5- 1
1- 2
12-16
12-31
"12-18
1-2
$2.50
preferred
12-
5
12-19
12-30
12-19
3c
12-31
12-10
Gibson
50c
12-29
__
Co.
(A.
C.)
12-22
Gilbert
15c
1-
1
12-20
Gillette Safety
1
12-20
Girard
partic. class A (quar.)
__
Co. (Del.), 1% pref. A (quar.)
$1'A
$13A
1-15
12-31
preferred B
Sl'A
1-15
12-31
$iy8
1-
2
12-15
'
Globe
12-29
12-23
•
El Paso Elec. Co.
—__
(Texas), $4.50 pref.
Electric Controller & Mfg.
(quar.)
Co.»—
$5.75
...
,
(extra)
(year-end)
Electrographic Corp.
preferred
Elmira
1%
1-15
12-31
1- 2
12-15
1-
2
12-15
Indiana
1-
1
12-20
Indianapolis Power &• Light, common
dividends
(Del.)
(quar.)
Falstaff Brewing Corp., 6%
Family Loan Society, Inc.—
Common
Federal
2
12-15
1-2-42
12-31
:
Co., Ltd.
1-
2
2
12-20
12-30
12-22
1- 1
1-
(quar.)
12-20
1-
'
Ltd.
Co.,
5%
preferred
(quar.)
Co.,
Ltd.
Goulds
1%
pref.
1- 2
12-12
1-
12-12
1-
12-31
1-
$2
25C
2
12-13
1-
2
3c
1
1-
1
12-13
37y2C
1-
1
12-13
37'Ac
1-
1
1
_
12-15
held)
75c
1-15
12-31
!-15
12-31
12-31
12-17
Life
West
—.—
Assur.
Saddlery
6l7o
(Washington,
12-29
12-20
80c
1-10
12-31
1-10
12-31
Greenwich
Sl'A
12-30
12-30
2nd preferred
6%
Fifth
75c
Fifth-Third
Union
of
Co.
Finance
Trust
2
(Cin.)
$1
1-2-42
1-
12-20
$1
1-15
(quar.).
(quar.)
(S. F.)
(quar.)——
(Binghamton, N. Y.)
Bank
2
1-
National Bank
5y2%
(Del.),
Corp.
preference
Watch
Gruen
5
5%
New
preferred
12-22
Grumman
1
12-23
(monthly)
1-
2
12-15
1-
2
12-26
Guelph Trust
12-26
Guilford
12-31
Gulf Power Co.,
-
1-
50c
National
Bank
Trust
&
—
Inc.
5%
(M. H.)
$2
(quar.)
j
(quar.)
(Chic.)
i-
2
12-
1-
2
12-31
12-20
-
6%
pref.
Sl'A
Foundation,
Kleiser
&
(quar.)—i
(quar.)
preferred,
Hamilton
Dec.
11-14
Sl'A
1-2
12-17
1-
2
12-17
1-
2
12-17
1-
2
12-17
12-31
12-15
Harding
50c
35c
—_—
u"
50
V
12-30
12-15
3 7'Ac
1-
2
12-15
+$13A
(quar.)
$7 conv. pref.
1-2
Petroleum,
Star
Ltd.
Ltd.
Carpets,
Franklin
-
Harris Hall & Co., common
(year-end)
6%
(Geo. A.)
4%
conv.
preferred
12-30
12-15
12-15
Harris Trust
12-15
15c
12-31
12-10
Hart Battery Co., Ltd. (year-end)
Hartford-Connecticut Trust Co. (quar.)
$3
12-31
75c
Fuller
Mfg.
1- 2
j
Market
Service
Fulton
Class
A
Storage,
Corp.,
Co.
V
.
8%
$1
6%
(Robert)
Co.,
preferred
12-30
12-23
12-
11?21
12-30
12-30
$2 r;!'" 1-
Power Co.,
com.
1-
12-19
12-22
12-22
2
_____
2
12-19
1-
2
12-15
1-20
2-
General Electric Co.
General
<
$5i
preferred
$4.50 pref.
1-10
2
12-30
Bank
Dollar Sav.
Public Service
Co., Ltd.—
12-15
'
12-20
Water Supply,
preferred
17c
1-
2
12-23
1-
2
12-23
1-
2
12-23
15A7#
1-2
12-23
1»A7#
1-
2
12-23
50c
12-31
12-15
$iy*
12-31
12-15
$iy2
i_-*
—
1-1
12-15
(quar.)____
common
(quar.)
Corp.—
Telephone
12-10
1-
2
12-20
Jason
1-
2
12-20
Jefferson
12-29
12-19
Jersey Central Power <te Light Co.—
1-2-42
12-20
12-31
6%
first preferred
5%
class
t
12-10
12-16
7 5
preferred
12-29
1- 2
12-16
—
.(quar.)_
Johns-Manville
Joliet
Service
1
12-10
Sl'/2
1- 1
12-10
$1%
1-
12-10
$13A
■
v
•
1-1-
12-19
1- 5
12-24
$iy4
1-
1
12-8
$iy4
1-
1
12- 8
25C
Chicago RR. Co., stamped (quar.)
Jones & Laughlin Steel Corp.,—
7:7 5% preferred A (quar.)_______;____
1-
2
12-20
2
12-15
f
2
12-15
Kahn's
12-31
12-15
2-16
1- 2
12-17
Kansas City Power & Light, $6
Kansas Electric Power Co., 57#
1- 2
12-17
Kansas Gas
1_ 2
12-17
2
12-17
12-27
12-20
12-20
(quar.) _____u_______^_^_^ ; i <> $iy2
Kansas Power Co., $7 preferred (quar.)___^ ;y $1%
$6 preferred
$iy2
(quar.)____________________
Common
1-
LLrl5
Monthly
Extra
1-
1
12-
1-
2
12-19
1
1- 2
12-29
12-15
Corp.
\
Holly Development Co. (quar.) —__________
(D. H.), Co., Ltd. (quar.)
(irreg.)
Elec., 6% pref.
Honey
Gas
&
Dew,
Ltd.
2-
2
1-12
$1'A
12-29
12-19
t$iy2
12-29
12-22
12-10*
5%
'
1-12
Hardart
&
(quar.)
Co., 6%
Baking Co.
Finance
preferred
1-2
12-19
11-29
2
1-15
1-
2
12-16
1-
2
12-16
1-
2
11-26
1-
7
12-24
12-
1-31
pref.(quar.)
(quar.)
(N. J.)
*
(quar.)__
(quar.)
(quar.)
'•
6%
,
preferred-(s-a)
Kearney & Trecker Corp. (initial)
Keith-Albee-Orpheum Corp., 77# conv.
12-
Fibre
Corp.
12-20
1-
2
12-20
1-
2
12-20
1-
2
12-15
1-28
1-10
1-1
12-15
75c
2-15
■
island
Kelley
Lime & Transport Co.
2-
1
pref.
2
12-19
12-31
12-12
2
12-20
.>
25c
(quar.)
1-
25c
Gold
$1'A
6%
Kings
preferred (quar.)
County Lighting,
pref,
57#
series
12-29
1-
2
12-15
25c
1-
2
12-12
$i*/2
Kimberly-Clark Corp.,' common (quar.)
6
.
'y 1- 1
70c
j
12-31
t8c
(irreg.)
1-6
1-15
83Ac
__—_______
Ltd.
1-30
$iy2
•
(quar.)
Mines,
1-30
1-
2
12-12
$iy4
Kerlyn Oil Co., class A
1-
25c
Kellogg Co., common _____________________
Kellogg Switchboard & Supply, common
57# preferred (quar.)
Kentucky Utilities Co., 67#, pref. (quar.)
6
l- 2
12-15
12-15
1-
6
12-10
12-
6
D
12-29
12-29
12-12
>*
6 7#
(quarj
$iy2
l-
2
$1.20
50c
50c
12-29
12-19
7
7% preferred, series B (quar.)
$13A
1-
2
1,2-15
Kinney (G. R.)
Klein
(D. Emil)
12-30
12-23
62'Ac
2-2-42
1-21-42
1-
2
12-15
7-
1
6-15
1- 2
1- 2
12-20
12-31
12-20
preferred, series C
5%
12-20
Inc., $5 prior
Co.,
& Co.,
preferred
pref
(Ontario)
i
t$1.19
Inc.,
(quar.)—
50c
12-31 '
12-16
12-31
12-16
12-28
12-19
67y2c
'12-28
12-19
12-20
12-19
Kroner Grocery & Baking Co., 67# 1st pref.
1-25
1-
12-31
$2.70 preferred
-12-28
62y2c
Knapp-Monarch Co., common
$2.50 preferred (quar.)
'
(quar.)
:
Koppers Co., 67# preferred (quar.)
Kresge Dept. Stores, 4 % conv. 1st pfd. (quar.)
77#
12-20
12-15
La Crosse
1-
2
12-20
La
1-
2
12-13
12-12
2
12-18
1- 2
12-20
1-
;' $1
1-15
12-31*
1-15
Salle
7 %
$iy2
1-
1
$i
1-
2
12-20
1-2-42
12-19
(quar.)________________
$13A
2-2-42
1 •16-42
Telephone, 6% pref. (quar.)_____
University—
■"""
$iy2
2-27
12-20
$13A
1-
2
12-22
1-
2nd preferred
2
12-31
Extension
,
preferred (quar.)
;
—_
J.), 4% guar, (quar.)
Products Co.—
preferred (initial).
Lamaque Gold Mines, Ltd. (quar.)
____
Lackawanna
RR.
Laclede-Christy
(N.
12-20
12-30
12-15
15c
12-30
12-15
t$l
1- 2
12-15
12-12
1-2-42
12-30
tlOc
2-
$1
2
1-
9
1-
9
t5c
Extra
Landed
Lang
*
Banking
fquar.)__
(John A.)
—
&
Loan
Co.
2
1-
2
12-16
t$l
1-
2
12-15
50c
1-2
12-15
1-
2
12-15
(Hamilton, "
—
<Sz Sons, Ltd.
2-
37'Ac
t$l
Company
__________—
Lambton Loan & Investment Co. (Ont.) (s-a)
Ont.)
:
2
$l'/a
Clay
6%
12-31*
12-30
1
$iy2
1-2
15c
(quar.)
Mortgage
12-15
1-2
$13A
6
12-
1
75c
—___
Keystone Public Service Co., $2.80 pf. (quar.)
2
12-12
1-
,7
-
Kerr-Addison
1-
2
20c
12-12
1- 2
12-12
1-
$1 Va
12-18
12-
2
$iya
(quar.)_
(quar.)
Lambert
—
Erie
pref.
1
1- 2
1-
n\k
(quar.)
2
37y2c
Extra
&
4'/2%
1-
$1.50 conv. pref.
(quar.)
Hummell-Ross
Light,
$4.50 preferred
1-
$1'A
common
$1%
'
4
1-17
12-15
12-12
t50c
$iy2
$iy2
62 '/2c
(quar.)__
Oil Field Material,
Houston
Huron
12-2
12-20
2-
50c
15c
(quar.)
Corp.,
12-20
$iy8
1
Dept. Stores
2
lc
$l'/2
Holophane Co., Inc.
Household
12-26
1-
Co.,
Kaufmann
t5c
class A
2
$iy4
Katz Drug
12-31
2
-
Kansas Power ■&
2
12-15
<1-
$6 preferrel
12-31
1-
1
$iy4
7
1-
Inc.—
$5c
Horn
1-24
•
12-20
$iy2
;_
Natural Gas Co.,
12-20
37V2c
L__
Houdaille-Hershey,
1-
(quar.)
12-20
1-
$13A
$1.50 pfd. (quar.)
12-12
$1%
preferred
Kansas-Nebraska
''v-,,;•
_____________
^
__1
Hooker Electrochemical
35C
$6
pref. (quar.)
(quar.)
2
$13A
pf. B (quar.)
pref.
77#
1-15
Hollinger Consolidated Gold Mines, Ltd.—
12-M
1
(quar.)
(quar.)
Hilton-Davis Chemical Co.,
12-
1
■
& Elec.,
1-2
31 V4c
(s-a)
'
■
12-15
12-31
6
1%
$iy2
____\
(year-end)
(New Orleans)
Hickok Oil Corp.—
12-31
$$iy4
1-
2
preferred B (quar.)______:—________
(E.) Sons. Co., common (quar.)
preferred (quar.)
7
65c
'____
(s-a)
preferred
$15c
v
1-20
2-
*
12-17
$1%
—______u
&
5%
1
12-31
50C
'
Co.
12-15
1-
(quar.)
77#> preferred
Corp.,
12-20
12-29
,
$1%
*
•
preferred (quar.)__
"A %' ^preferred
(quar. )_!_!i___—____•;—
12-15
12-30
50C
.
Co.
1- 1
$2c
$2%
tei
i
Ltd.
Electric
67#
■
Johnson
V l- 2 :?
(quar.)
(s-a)j
A
Mines,
1%
12-12
2
12-31
l-
r
1-
$1%
37y2c
Sl'A
$iy4
Bartiett
prior preferred
12-31
(quar.)__
(irregular)
(quar.)
Spencer,
1%
10c
pref.
12-26
12-19
1-
$13A
2
i'
.
12-16
2
12-29
1347#
(quar.)
preferred A
12-15
1- 2
-
(quar.) r
preference, series C (quar.)
preference D (quar.)
$5
12-31
12-31
$1 '/a
preference. B
Jamestown
11-30
1-15
$2
;
1%
5%
1- 2
15C
(quar.) >
preferred A
5%
12-15
$1
7r'o
r
12-22
2
1-
2% 7#
(year-end)
Common
12-30
$iy2
(Pitts.) (s-a)
1-
'
50c
:
1-
$13A
com.
5%
Corp.—
$6
Co.,
1-20
Sl'A
(year-end)—-—.—:—-
(quar.)
Henkel-Clauss
Home
(quar.)
1-
2
10c
Holmes
Transportation
Foods Corp.,
Motors
Jamaica
1-
.
25c
(quar.)
12-15
75C
(quar.)—_
General Industries Co., 5% pref. (quar.)
General Investment Corp., $6 pref.
General Mills, Inc., 5% pref. (quar.)
General
12-15
50c
preferred
2
General Fireproofing Co.,
preferred
'
50c
Extra,
1%
12-31
$$1,38
,—:—
(quar.)
American
Corp. of America, 6y2%
Hibernia National Bank
1-
$1'A
1%
12-19
liy2c
(irreg.)
Haverty Furniture Cos., $1.50 pref. (quar.)
(quar.)__________________
Helme (Geo. W.) Co., common (quar.)
Hibbart.
General Amer. Investors Co., Inc.
General
12-29
,
75c
Hazel Atlas Glass
17'Ac
(initial quar.)
(quar.)
A
(quar.)
(quar.)____
Harvill Aircraft Die Castings Corp. (irreg.)_
12-26*
75c
.
—
preferred
12-19
$iy4
'%>■« $3
$25c
(quar.)_
12-26*
Gemmer Manufacturing Co.—
$6
Co.
17'Ac
___
,
(Chicago)
Light Co.
Ins.
12-30
25c
(quar.)—
(quar.)
preferred (quar.) — —__—__.
5'A % preferred (quar.)
preference
Fire
12-30
15C
common
5%
$3
12-19
50c
Electric
Hartford
12-19
2
Sl'A
,
—
pref. (quar.)
(quar.)_
convertible preferred (quar.)_
Industries,
Bank
25c
—
(irreg.)
convertible preferred
(Julius) & Co.
1
25c
—
Co.
& Sav.
30c
(initial)
com.
Gardner-Denver Co., common
Gatineau
12-29
—
12-19
1-1
25c
^
._
Garfinckle
Gar Wood
■
Hat
quar.)
Gannett Co., Inc., class B conv.
6%
I,
15c
v~———
(quar.)
Galveston-Houston
$3
♦
12-18
$75c
Kearney (James R.) Corp.—
Extra
i
t $2
50c
Gair
12-27
—y~T
—
preferred.
(year-end)__
com.
(reduced
& Glass
12-23*
12-17*
12-15
1-
Irving Trust Co. (New York)
(quar.)
Island Creek Coal, $6 preferred (quar.)
12-23**
i
1
2
1-15
1-
■,
—
Iron
12-29
$13A
(quar.)
Hartford National Bank & Trust
————
Cold
(year-end)
Trust
Fulton
12-31
Harrisburg Gas, 7%
Hartford
(quar.)
(Kalamazoo, Mich.)
Co.
Year-end.
Fulton
(quar.)
(quar.)
(quar.)
Common
12-19
25c
$13A
$1.14%
(quar.)__
12-15
12-29
■
$2
$iy4
(quar.)___—_________
12-29
12-31
1-20
Co.,
preferred
pref.
$6
12-27
5%
12-29
1-20
(Greenfield,
Co.
preferred
7%
12-20
Jamaica
75c
______
$lc
.—
————
company,
Fuller
Trust
County
Mass.); (s-a!
Frick
(quar.)____—___—
12-15
$1
30c
$1JA
J
(s-a)
25c
—__________—
Franklin Co. Distilling, 60c conv. pref.
12-10
1-1
75c
Hamilton United Theatres,
pref.
Harris-Seybold-Potter Co.
$5 preferred (quar.)
$25c
(quar.)——
(quar.).—
(Peter) Brewing Co.
12-29
45c
2
12-11
%, t$iy4
25c
Four
Fox
Canada, Ltd.
$$174
2
2
12-15
$25c
of
Foundation Co.
pref. (accum.)
1~%
1-
1-
Co.
A preferred
12-12
i$l'A
1% preferred
Hammond Instrument Co., 6% pref. (quar.)
Hanover Bank & Trust Co.
(N. Y.) (quar.)
Hanover Fire Insurance Co. (quar.)
Harbison-Walker Refrac. Co., 6% pfd. (quar.)
$13A
Inc.—
;
(s-a)—_——_—
Foster Wheeler Corp.,
1-12
12-29
pref.
conv.
Securities,
L-'f preferred
12-20
$1.2iy2
J50c
—
(accum.)
3
J25C
preferred
5%
tlOc
Cotton, $2 pref.
preferred
$2
1-
12-31
12-27
:
12-22
Sl'A
class A
Non-cumulative
12-15
12-23
Paper Co.—
12-22
1']
1- 3
12-12
(quar.) 7
(extra)
preferred (quar.)
Ltd.-—
<
Bank Group shares (stock)
Investment Foundation, Ltd., 6% convertible
12-20
$iy2
2
12-
1-12
Co.
1-
1-
2- 2-
$13A
2-2
Co.,
Telephone,
Institutional
12-23
-v-.,
——-—
4 y2fo
12-31
>•
Telegraph Co. (Maine)_______
Department Stores______.
Interstate
2
(Chicago)
87y2c
———-
(quar.)
Corp.
Bank
National
Exchange
50c
Ltd.-— "
Interstate Hosiery Mills
1-
25c
(quar.)
12-31
(quar.)__
Co.
Halsted
12-20
1-2-42
Ltd.,
Co.
;
(s-a>
12-30
25c
Machinery
1-15
$iy4
$7 preferred (quar.)—
Florsheim Shoe Co., class A
class
3
preferred
Co.
1-14
12-17
1-15
___—
1-
t$iy2
<auar.)__
1.%
Water,
Insurance
Hammermill
(year-end)————
preferred (quar.) —
Florida Power & Light, $6 preferred
.—
6%
Haloid
12-11
$13A
_
Florence Stove Co.
Foster
Halifax
$6 pref.
■
1-2
—
Silver
1- 2
\ $$1]A
t75c
$1&
43%c
J50c
(Baltimore)
pref.
1-28
50C
i$i
Co.,
!
1- 2
$3
(Ont.)
6%
57#
3772c
$1 '/a
Ltd.,- 59b
Paper
12-23
12-29
$1
_
—
Co.
Realty,
Hackensack
3-31
$3
(quar.)—_
(quar.)
Co.,
Paper
Foresight
'■?:
62'Ac
Florida Power Corp., 1%
Food
2
y, 4-1
Co., Inc.—
pref.
conv
Flambeau
1-
$2
.
(Ramsey,
,V.
First State Pawners Society
Fishman
Co.
.
National Stores,
First
"f,
(quar.)—
.——__-4.-:';
National
N.. J.)^ (s-a)
'■y
(Pittsburgh]
Bank
Additional
First
2
semi-annual
3
83Ac
Shoe
$iy2
80c
Guaranty Trust Co. (N. Y.) (quar.)
Guelph & Ontario Investment & Sav. Society,
(year-end)
1". 3
'
Canada,
Telegraph
Ocean
Interstate
12-29
31 'Ac
(quar.)
Engineering
Aircraft
2
1-
1-15
funds)'
•
12-15
common
$2 y2
v
S.
International
12-15
133Ac
12'/2c
1-
(reduced
York
First NatT Bank. (Palm Springs)
First
12-31
25c
1-
of
Co.
12-23
2
(quar.)
Co.,
12-20
1-15
t
(payable in U. S. funds)
par)
(quar.)
(payable in
International
12-20
2
(quar.)
com.
$1
(quar.)I_—
Chicago
of
2
12-31
U.i
;—
$20
National Bank of
First
1-
12-19
1-
(quar.)
$3
First
12-29
12-26
$2
pref.
Nickle
International
1-
class A______
—;
12-20
1- 2
*
y':.
50c
(quar.)
6%
System,
Cooperage,
Greyhound
12-31
Pennsylvania
National
First
1-
Bros.
Accumulated
2
t
(quar. 1
pref. "($5
2.44c
Water
12-18
1-
(quar.)_
(increased quar.)'
(payable in U. S. funds)
pref.
1-15
Greif
12-15
$6
Co.
Fireman's Fund Ins. Co.
t;
(quar.)
Y.)
(N.
12-31
12-15
12-31
$1'A
12-20
12-31
$iy2
Common
International
J75c
Participating
Greenwich
12-31
12-31
$37y2c
—
;
Internationa! Paints,
Accumulated
12-20
12-31
$1%
$iy2
i;; $1
;
$iy2
$15c
12c
3iytc
^
$1.25 participating preferred
(quar.)
Bank
Avenue
common
1-15
30c
International
,
2
12-31
____:_
Products
Cellucotton
12-31V 12-20
$$3%
(quar.)
:
Green (Daniel)
preferred (quar.)__
Greenfield Tap & Die, common (year-end)__
$6 preferred (year-end)
Greening (B.) Wire Co., Ltd. (quar.)
Gas,
'
>.
(accum.)
12-29
1-15
t$3
dividend
12-31 !
1-15
$75c
40c
Fidelity Trust Co. (Baltimore)
(quar.)
Field (Marshall) & Co., 6% preferred (quar.)
"
r
first
(quar.)
Co., 6%
preferred
$iy4
(s-a)
(s-a)_
(quaf.)
Internat'l Power Co.,
Great Western Sugar Co., common
1%
Stock
•
»
—
6%
12-13
$iy»
____________
preferred
second
Ltd.,
12-16
1- 2
.
(quar.)
(Winnipeg)
Co.,
preferred (quar.)__
(Stamford, Conn)
Fidelity Title & Trust Co.
6 7#
U.
(accum.)
J75c
(assum.)_—; 'o^J75c
Great Lakes Power Co., 7 % pref. (quar.)__
$$1%
Great Lakes Steamship (stock dividend)—
12-30
1-
12-22
Ltd.,
class A preference
$2 class B partic. preference
West
1-2
$3
*37%C
(quar.)
partic. pref.
1%
Steamship
12-15
t30c
Common
r
•
12-19
Great
12-24
1-2
$$4
■V7b
Great
12-24
12-31
Ltd.—
Powders,
International
12-15
12-31
(s-a)
Bronze
f
12-13
^
12-15
preferred
International
12-15
12-13
$l<e
12-15
8%
12-19
of Crucible Steel, 5%
con v.
pref., for each 10 shares of Great Lakes
12-12
$iy«.
Ltd., com.
12-18
share
12-16
2
.1-
Ont.)
(year-end)
Inc.
Coal Co.,
1-15
12-31
50c
Intercolonial
12-30
12-31
$iy2
Interbanc' Investors,
12-30
lc
(quar.).
preferred (quar.)———__——;____
Fidelity & Deposit Co. (Md.) (extra)______
Fidelity & Guaranty Fire Corp. (Baltimore)
Fidelity Fund, Inc., (year-end)___—
Fidelity-Phoenix Fire Insurance Co. (s-a) —
America
of North
25c
75c
C.)
preferred
Ingersoll-Rand; Co.) '6%
Insurance Co.
tSS'A
(quar.)_-
$1'A
Corp., 6%"pref.
International
______
1* 1
$1.31'A
50c
Industrial Securities
.
International Harvester Co.
Insurance Co.
12-31
$$1
Mtge;
12-18
____
8
12-20
1-15
class A
non-cum.
(quar.) _____)
& • Trust
(Sarnia,
12-15
(One
12-
12-31
40C
preferred
12-15
80c
——
$2
Acceptance,
conv.*
1- 2
$2
2
$3
■______—______
;
12-29
12-13
1-
(quar.)
V 1- 2
Great Lakes Paper Co.,
3-18
40c
1-
12- 8
1-
$i%
(s-a)—_
International Business Machines Corp.
Co.
preferred
2
25C
5%
12-15
1- 2
75c
;
funds)
Great American
12-13
4-
75c
•
Industrial
in
12-31
2
Sl'/a
(s-a)
(payable
preferred
t$2
1%
12-20
1- 2
1-
1-
,
12-29
12-22
2
(quar.)__—
5>A%
•
-
1- 2-
5%
12-12
2
12-29
65c
25c
Inc.,
(W. T.)
12- 8
$iy2
'
(quar.)
Co.- (Indianapolis)
(Del.), common (quar.)__
•
35c
preferred (quar.)
»-.;^25c
Graton & Knight Co., common (initial)
50c
S.
XT.
Grant
12-15
2
Indianapolis Water" Co.t- f'fc,;'■
5% preferred, series A (quar.)_
12-31
1- 2-
462y2c
—
Gorton-Pew Fisheries
Pumps,
2
1-
'12-10
'
1-2
t$2ya
12-26
2
$63c
^
—
__,
2
1-15
1-
:
-v.
Extra
12-26
;.
Sl'A
6%
$iy2
62y2c
20c
40c
D.
'
-
(quar.)
1
;
Federal Services Finance Corp.
12-18
1-
$1
_
(quar.)
$1%
(quar.) ——
$1.50 conv. preferred A (quar.)
__
Faultless Rubber Co. (year-end)
Federal Bake Shops, common (year-end) __—
(s-a)
Petroleums, Ltd.
1-1
$50c
(increased)
Inc., class A
.
Goodyear Tire & Rubber Co. of Canada, com.
—
preferred
$1%;* "
1-
12-18
Golden
75c
$1.50 conv. preferred
5%
1
12-26
$$1.52
preferred
1-
$1%
__—
12-20
—
(quar.)
Industrial
(quar.)
5
(quar.)
com.
12-20
pref,
Sl'A
Sl'A
(Toronto)
preferred
4'A%
1- 2
7%
2
payable in common——
Fairmount Creamery Co.
f
1-
Equitable Investment Corp. of Mass. _—
Eversharp, Inc., 5% preferred (quar.)——
Stock
12-18
• >
Stock
State
$iya
; n v9
-
pref.
12-17*
(quar.)__
1-
____—__—__——
Co.
12-12
(N. Y.)
Telegraph Co. (quar.)______
Goldblatt Bros., Inc., $2.50 conv. pfd. (quar.)
25c
Engineers Public Service Co., $6 p*ef.(quar.)
5V2% preferred (quar.)
:—
$5 preferred
(quar.)
Insurance
1-2
1-2
12-29
Co.
12-17
35C
_______
Life
40c
conv. preferred (qua".)-_
) 56y4C
(year-end) _________—v.75c
2
56'Ac
•
(quar.)
12-15
75c
Empire Trust Co. (N. Y..) (quar.)__—-—Emporium Capwell Co., common (quar.) _—
4'A % preferred A (quar.)
Emsco Derrick & Equipment Co.
(resumed)
Endicott-Johnson Corp. (quar.)
——
preferred
12-26
1-
&
Trust
12-20
Goderich Elevator & Transit
Gold
preferred
2
Co.,
$7 preferred
■fc 7%
2
Insurance
Co., 4V2%
Tubes
Steel
(quar.)
6 %
—
1-
1-
75c
_____
—
$1.60
—
—
.?
Elec.
Michigan
(quar.)
; 2- 2
(Phila.)
12-24
Williamsport RR. Co.—
&
Excelsior
6
12-15
Co.,
.
5
12-15
2
8%
&
12-
2
1-
0% p£.
Godchaux Sugars,
6
12-
12-31
1-
Indiana
50C
—_
preferred (s-a)
b%
12-
2
Glidden
12-31
tlOc
30c
Indiana General Service Co.,
12-29
50c
-—
2
1-
t35c
$7 preferred.
8<A
1-
t30c
preferred—
Electric Power & Light Corp., $6
Falls
Glens
12-26
w
30c
12-12
Globe-Wernicke
El Paso Elec.
1- 2
1-2-42
30c
■>
>
common_^_______-___
12-12
Co.
Trust
1-
12-11
12-15
.•
12-20
(quar.)
——__—
Art
1
2
common,»'
75c
$2SA
Co., $6 pref. (quar.)
$iy2
(quar.)
1
$iy»
(quar.)______;—;—- > 50c
Co., $3.50 pref. (quar.)__—
:
87y2c
Razor Co., $5 pref. (quar.)__
$iy4
Georgia Power
$5 preferred
'
1-
1-
$$374
(initial s-a)__
(quar.)
Canada,
of
1- 2
pref. (quar.).
(quar.)_______;____________r,_
(quar.)—
12-30
„
12-15
Georgia RR. & Banking Co.
12'Ac
12'Ac
$2
—
•
Co.
Indian Motocycle Co.,
$1V2
$lVa
■:—___
Gas & Electric, com.
$3 preferred
5
Tobacco
12-20
Lines),
(interim) •'
12-15
12-31
'
,
preferred
6% * participating
Imperial
2
12-19
•Imperial* Life Assurance Co. of Can.
\
1-
12-15
12-31
(Madison,
1-2
General Water,
12-
Imperialle Fuels—
12-12
1- 2
12-29
(quar.)__
preferred
Wise.), $6
12-30
$1
$iy2
(s-a)___:_____^
Telephone Co.
;
General Tire & Rubber Co., 6%
2
RR.
guaranteed
Illinois Commercial
•'•-•v
12-15
12-
1- 2
4%
12-31
' i$1%
$2
Co—
Co.
(Leased
Telephone
Central
Illinois
>
,
Bell
12-22
68 %C
25c
2
2
1-
Illinois
Payableof Rec.
.
pref.: (quaf.)____:
conv.
Holders
When
•
Share
■:■■■■
non-cumulative preferred (s-a)_______
Indiana Gas & Chemical Corp., $3 pref. (s-a)
1-
$1'A
62V2c
—__
(quar.) ________—;
preferred
1-
5
>
1- 2
Co.—
<»
Huttig Sash & Door Co.,' 7% pref^ (quar,)^
Hyde Park Breweries Assoc., Inc., (yr-erld) '
12-16
.
(quar.)__.
General Time Instruments Corp.
$6
-
'1- 2:
12-29
$l1/a
(quar.)_______
25c
Easy Washing Machine, class A (irreg.)—
Class B
(irregular)
Ecuadorian Corp., Ltd.
(ordinary shares)
Edison Brothers Stores
(extra) —_________
Elder Manufacturing Co., common ___-.iiL—
5%
_
General Telephone Corp.—
12-12
$1
7%
.__
$1'A
(quar.)-—
(quar.)
(quarj_
preferred
6%
4-1
2-16
5-15
5'/2%
1-2
4-15
'
Name of Company V.'V,-,'
/:
■
Hussman-Ligonier
1-15*'
10c
convertible preferred
*"
.
.
,
12-31
50c
—;
5%
common
,
;'10c
4'A%
12-15
.
25C
_______
:
_____
Eastern Steel Products,
12-20
1
$2 conv. pref.
Eastern Steamship Lines, Inc.,
Eastman
2
1-
t75c
J*.*,—_
preferred
6%
1-
$iy8
|
(quar.)_
prior preferred
4'A %
,
$1
$4 participating class A
_________—$1
6% preferred (quar.)
Sl'A
6% preferred (quar.)
»•
Sl'A
General Paint Corp., $2.67 preferred (quar.)
67c
General Printing Ink, $6 preferred (quar.)__
$1'A
General Shoe Corp., 40c. pref. (s-a),
20c
General Steel Wares (initial)
_____'v!,!$50c
v
$$1'A
Associates—
of Rec.
(resumed)
$4 participating class A
12-13
12-31
50c
Sl'A
—
.
—
■'
Per
Holders
(resumed)
—
&
& Fuel
Eastern Gas
Share
Common
1- 9
1- 2
$3
,
.
(quar.)—
Canada
Eastern
of Company
Common
1-24
River,
Eagle Picher Lead Co.—
6%
When
Pay'ble
Per
Name
of Rec.
General Outdoor-Advertising—
C.|,
$iy8
'
Fall
»
(B.
(quar.)
Texas
'.<
-.*
!
(quar.).
Co.
Trust
Mass.
:
deNemours—
I.)
preferred
$4.50
Durfee
.'
of Company
Holders
When
Per
Name
Saturday, December 27, 1941
(quar.)
$17'A'C
'
1-2
12-15
Volume 154
Number 402
THE COMMERCIAL & FINANCIAL CHRONICLE
•
Per
•
•
Name
;•
Lamson
■
to
When *
Holden
Share}. ':.Pay'ble
\
,,
,
of Rec.
of Del., com. (initial) A___.
preierred (covering s-a period June 1
*6'to
•
of ::,Company
Corp.
Nov.-
30).
v-i,———v
Lawyers Trust Co.1 (N. Y.)
Jjeath & Co.,<
$2.50
Rubber & Tire Corp.
Lehigh Portland Cement, 4%
Corp.
(quar.)
pref.
Electric
Water
Co.
62yzc
12-29
(quar.>__<
75c
__
Brothers
Co.
'
Extra
1
B
■
Little
Lock
-Common
•
3-,l
v50c
„
6'/a%
Forbes
preferred
■.
pref.
12-20
5
1-15
&
(B.)
12-31
12-19
12-31
12-19
12-31
2
2
$l'/4
2
1-2-42
1-15
•1-15
1-15
50c
1-15
1-
—
*'•
Ltd.,
Co.,
7%
pfd.
12-20
Trust
Co.
Y.)
Margay Oil Corp.
Midland
(s-a)
12-30
30c
12-20
:
Fuel
Grocers,/.$1.50
1-
2
12-26.
National
50c
1-
2
12-15
National Bead
1-15
12-30
1-
(s-a)—
12-31
12-31
12-31
12-15
:,40c
12-29
50c
,
1-
2
2-
$3
Valley RR. (s-ai__
McCaskey Register Co., 7% 1st pref. (quar.)
8%
2nd preferred
(irregular)
McColl-Frontenac i Oil
Co.,
Ltd., 6%
preft
Massawippi
v'..$i3,v
2
1-
2
1-15
1-2-42
Johnson
Extra
;
7%
&
Co.
$2
3
3
62 Vic
—
1-
2
25c
.
National Bank &
35c
Co.
Trust
&
Extra
6%
$iy2
12-30
12-20
$i
12-30
AV
i
Associated Telephone Co,
:
.
preferred (quar.)
Michigan Public Service Co., 7% pref. (quar )
6% preferred (quar.)—.—
6% series of 1940 preferred (quar.)
12-13*
12-23
12-29
$6
(quar.)—
—_
Mid-City National Bank of Chicago
—
——
Loan
&
8%
7%
Co.
Savings
(s-a)
Co.,
preferred (quar.)—
Falls
Co.,
(Port
,
r
12-19
Newport Electric,
12-16
Newport
12-
———,—
common
•———————
Power
1-
1
12-
2
1-
1
12-
2
1-
1
12-
1-
1
12-
2
1-
2
12-15
(quar.)___
2nd
pref.
(quar.)
(s-a)_____
(quar.)
1
12-15
1
12-15
12-15
Norma-Hoffman
1-
1
12-15
North
60c
1-
2
,12-20
$i
1-
2
12-20
4-
1
3-21
1-
2
12-15
preferred A
$2
1-
North
Side
Bank
North
Star
&
Trust
Co.
Co.j Ltd., 7%
Texas ,Co.'—
(year-end)
Co.—
(Cine.)
(s-a)
pref. (accum.)
12-16
North
12-18
Northeastern
Jan.
12-31
Northern
Central
1-
2
12-15
Northern
Natural
Gas
$i y2
i-
2
12-15
Northern
Ontario
Power, Ltd., common—;
—----—
$1 Va
1-
2
12-15
—
(Winnipeg)—_
(quar.)—_—
7% pref. (quar.)
Monongahela West Penn Public Service Co.—
7% preferred (quar.)——
—
Monarch Life Assurance Co.
Moneta Porcupine
Mines, Ltd.
Monongahela Valley Water,
*
Corp.
12-30
12-12
Northwestern
2
12-20
$1V2
1-2-42
12-20
$iy2
Northwestern
Telegraph Co.
Nova Scotia Light & Power, Ltd.
12-15
12-20
$2
1-
2
12-
1-
2
1
12-20
1-
2
12-20
t$l%
1-
2
12-20
2
12-16
*2c
1-15
12-31
$1%
1-15
1-
1-
2
& Worcester
8%
Norwood
2
1-
2
12-15
12-
1-2
35c
RR..
&
Hyde Park
(Cincinnati)(quar.)
Ogilvie Flour Mills.
Ohio
Edison
Bank
preferred
1-
2
12-23
(quar.)
preferred
&
(irreg.)
Trust
12-29
"
12-19
preferred
.
12-19
12-30
12-19
1-
1
12-15
1-
1
12-15
$13A
1-
2
12-15
1-
2
1-
2
12-15
$i
1-
2
12-15
$iy4
1-
2
12-15
:
:
(Seattle) (quar.)
7% pref. (quar.)
(irregular)
J.
12-15
Phila.
2
12-11
1-
1
12-12
12-29
12-19
50c;
50c
.__
& Trenton
RR.
Co.
1-
2
50c
1*
2
12-20
12-31
12-15
v $iy2
$iy2
1-
50c
12-20
2
1-
_
12-
1
2
$iy4.^ :
(s-a
12-
1
1
12-10
Insurance
Co.
Phoenix
Securities
1-10
12-31
1-
2
12-18
1-
2
12-15=
$i
Packing
Phoenix
50c
1-
2
12-15
75c
1-
2
$2%
5V*%
Phillips
Corp.,
Co.,
pref.
(Hartford)
(quar.)__
$1.31 y4)"
(quar.)__
12-18
12-12
12-12
$ i y4
1-2
12-12
Pick
1-
2
12-31
Pickle
1-
2
12-15
Pilgrim Trust Co.
1- 2
$1%
3-25
1-
60c
(year-end
2
75c
12-15
12-29
$13A
(quar.)
2
$3
convertible
preferred A (quar.)_;
Co., com. (irreg.)
(Albert)
Crow
12-15
Pioneer
U 1-
2
12-18
Pitts.
1-
2
1-
2
12-15
12-29
12-19
Mines
(quar.)
Mines of
Gold
12-12
20c
—
British
12-31
12-15
$2
(quar.)
1-31
*10c
___________
Gold
12-20*
$i»/4
1-15
;,.•:$ pa
1-31
1-2-42
12-24
.
12-29
Columbia,
7%
Wayne
preferred
&
Chicago
Ry.
Co.,
$iy4:
1-31
12-12
]____
12-31
____—
10c
12-22
12-
15c
2-15
1-31
15C
5-15
4-30
(year-end)
;______
12-12
12-16
Pond
12-19
Porto
6%
Corp.
1st preferred
6%
non-cum.
1-
2
12-10
1-
1
12-22
12-29
12-20
*8%c
1-
2
12-10
1-
2
12-19
12-29
12-19
1-15
Procter
12-31
12-31
______—___
*2c
1-15
(quar.)_—_
*5c
1-15
&
& Co.,
12-31
pref. (quar.)_
preferred (quar.)
*$1%
1-
12-20
Ltd., 5 V2%
8%
Gamble,
(irregular)
Providence & Worcester RR.
Provincial Paper Co., Ltd.,
Investors.
Personal
Prudential
Class
A
(quar.)__.
Service
1-26
12-31
$iy4
12-31
7%
6 %
1-
2
12-20
1-
2
12-20
1-
2
12-16
$2
1-
2
12-15
preferred
5%
12-15
$13A
preferred
preferred
Public Service
$iy4
1-
2
12-20
1-
2
$1.80
$1.65
12-17
12-15
1-
2
2
$iy2
1-
2
12-15
$iy4
1-
2
12-15
Pure
12-15
5%
1st preferred
(quar.)
$2
7%
2nd preferred
(quar.)
$i%
1-
2
2
12-17
convertible
Quebec Power Co.
<:
12-20
58 Vb c
1-
2
12-20
f
50c
1-
2
12-20
41 %c
1-
2
12-20
50C
5%
2-13
1-15
pref.
$iy4
1-
2
12-20
$13A
_______
(auar.)___
1-
2
12-19
1-15
12-20
preferred
1-
2
12-15
(quav.)_____
$iy2
1-
1
12-10
$iy4
—
(quar.)
preferred
t$iy4
30c
preferred (quar.)
Oil Co., 6% pref.
(quar.)__;
Quaker Oats Co., 6%
12-17
1-
2
—
conv.
1-
1
12-10
$1V2
.
2-28
2-
2
*25c
(quar.)_
Radio Corporation of
.
12-24
1-
-
Corp.—
Original preferred
6%
12-31
25c
37V2C
(quar.)
Puget Sound Power & Light, $5 prior pref
Puget Sound Pulp & Timber Co.—
12-15
1-
■
(N. J.)
__—______
Publication
12-15
12-10
1-
of Colorado—
preferred (monthly)
Public Service Co. of Oklahoma,
12-15
'
of N. Y.
6%
(quar.)
2
12-30
5C
(monthly)____________—
(monthly)
(monthly)
Corp.
12-16
12-10
(Bait.)—
___________
Public
12-24*
12-30
*$13A
:
12-15
12-31
$2V2
7% pref. (quar.)_
Inc
Finance Corp.
Corp.
8c
—;
(quar.i
2
1-15
$2
—
12-31
2
12-31
1-15
1-26
1-
12-15
1-15
National Bank ft Tr.
_____________
2
2
*75c
Public
2
12-19
1-
2-
*15c
*$l'/2
9
1-
1-20
12-29
*$13A
(quar.)___
(quar.)
partic, preferred
Proprietary Mines
12-31
12-29
*25c
2<
$iy2
—
Premier Gold Mining Co., Ltd.
Mines, Ltd.
Prudential
12-
6-30
9-30
1-
62V2c
(increased quar.)
(year-end)
Ltd., 7% pref (quar.)
of Canada, com, (interim)
Pocahontas
Preston East Dome
Price Bros.
$iy2
_______—
9
12-10
2
Creek
7-15
10-15
15c
Rico Power Co.,
1-
8
15C
2
12-
12-24
15c
12-28
1-
12-10
2
12-31
common_______________—
Plough, Inc. (quar.)
Plymouth Cordage Co.
12-30
40c
6
1-
$3'A
1-15
12-30
1-
$114
(s-a)__
1-15
1-31
20c
12-10
$1%
Common
1-15
11-29
2
____________
(quar.)
Bldg. & Loan Ass'n
Valley Wine Co.
Tool
1
1-
com.
(quar.)
Plaza Permanent
Pleasant
Co.,
1-
$1%
Ft.
;
$13A
(quar.)
Leather'Co.,
Co.
Co.
1-
—
_J
12-10
$iy4
Works,
Co.
1-
t$iy2
(quar.)
(quar.)___
_____
2
12-30
25C
(quar.)
com.
Philadelphia/ Baltimore & "Wash. RR. (s-a)
Philadelphia Co,, 6% preferred (quar.)
$5 preferred (quar.)
Philadelphia Electric Power, 8% pref. (quar.)
Co.
_____—
(quar.)
$5
Circle
Pfaudler
12-23
>
$6
Ohio
Water
Pennutit
/
12-11
1- 2
Co.—
$7.20 preferred (quar.)
$7 preferred (quar.)
$6.60
pref.
_____
Ltd.
12-10
5
15c
$iy4
(quar.F
Peoria
Perfect
3
12-29
8%
433/4C
1
$iy2
fs-a)
1-15
2
1-
$iy2
__.—
12-15
1-
Norwich
(quar.)
2
1-
70c
(quar.)
Extra
*20c
Telephone Co. (quar.)___
7% pref. (quar.)__
i
1-
*$1.20
Bell
original nref.
2
$i%
J20C
6%
Power,
t$iy2
l-
$iy2
12-15
2
$2
(year-end)
2>
12-13
1-
90c
(s-a)—
Co.
Northwestern Elec, Co.,
12-20
$iy2
1- 2
'V;
(year-
preferred (quar.)
1-2-42
JlOc
——
6%
$1.05
$l3/4
1-
12-13
85C
25c
—
Mississippi Power Co. $7 pref. (quar.)
S6
preferred
(ouar.) —
—-——
Mississippi Power & Light, $6 pref.
——
Mississippi River Power, 6% pref, (quar.)„
Mississippi Valley Public Service—
6% preferred B (quar..). -—————-Missouri Edison Co., $7 pref. (quar.)
—
Mobile & Birmingham RR., 4% pref. (s-a)„•
Modern Containers, Ltd., common (quar.) —
preferred (quar.)
Electric
Co.
1-
2-
12-10
3-31
12-10
1-2
15c
12-31
Rv.
2
25c
12-31
75c
$1%
—
1-
12-20
v
'V:
12-31
&
12-15
1
12-20
12-20
12-20
717/aC
d
\
75c
Water
1-
2-15
12-27
2
*50c
_
.
Oil
12-20
25c
1-
1-2
75c
Rayon Corp.—
12-16
2
12-31
12-20
$iy2
preferred (quar.)
5%% preferred (quar.)_______
12-13
2
1-
12-26
1-15
$iy4
___
6%
1
1-
1-15
12-27
12-30
12-31
50c
1-15
12-29
$1
Plomb
(year-end)
(quar.)
12-20
$iy2
Plainfield Union Water
(quar.)
prior preferred
12-24
1-10
25c
held
6%
9
40c
Co.—
American
2
12-15
Peoples Drug Stores, Inc
Peoples Gas Light & Coke Co.
One share of Detroit Edison cap. stock for
each 50 shares of North American,
com.,
North
1-
12-30
Peoples Nat'l Bank of Wash.
$iy2
(quar.)____
Bearings Corp. (year-end)
American
12-15
12-
2
tlOc
Niagara Wire Weaving, Ltd.
1
6%
&
Power
11-
1-
12-20
Corp.—
1-
1-15
$i
12-20
2
12-15
87>/2C
(quar.)_________
$iy2
1-
12-20
12-15
2
12-31
50c
(quar.)
$iy2
1-
VI- 2
$iy2
class B
12-31
&
.—
(quar.)
$2y2
(quar.)____
B
Niagara Share Corp,,
Water
preferred
$lVb
Power
12-31
$iy4
(quar.)
$2 Va
5%; 1st pref. (quar.).------,----^-^—-^;
5% 2nd pref. A (quar.)-._^__;-.^_ V----
'
$5
8
$2
:
pref.
12-22
40c
;
Lives
on
Gas—
preferred
Hudson
Niagara
Pennsylvania
12-11
(reuced quar.)___,
6%
12-22
2
50c
(s-a)_^
,
Shipbuilding & Dry Dock—
convertible
$5
5%
$i%
News
12-31
12-30
$3
___________________
12-15
12-15
pref.
12-18
1-15
$iy2
Pennsylvania Glass Sand Corp., com. (quar.)
5% preferred (quar.)
Pennsylvania Power & Light Co.—
:
;
$7 preferred (quar.)
12-20
2
Ry.
12-15
1-
12-30
$5 preferred (quar.)
50c
2
$iy4
& Light
preferred (quar.)
6% preferred (quar.)
$6 preferred (quar.) — j
Mission Corp.
(irregular)
Mission Oil Co. (year-end)
$6 preferred
:i-
$1%
7%
12-15
12-31
50c
Milwaukee Terminal
12-30
$i%
2f.
$iy»
.
50
$i%
(quar.)
2
•
prior preferred (quar.)
51/2 %
(quar.)
1
*40c
Year-end
Minnesota
Light, 7%
Richmond
1-
Hope,
—
——
MmlanU £5ieei "PlOuuotS
Millers
&
prior pref,
1-
•-
.
12-15
$i%
Co.
2
12-31
10c
12-30
(quar.)
West.
&
12-31
12-26
12-18
25c
Extra-
12-16
pref.
(s-a)
common
Telegraph
&
New York Trust Co.
'
Ont.),
York
6%
12-23
$l3/4
■
$6
(quar.)
com.
1-15
12-29
12-29
$i
/'
(quar.).
preferred
for Insurances
Co.
12-29
12-
12-15
J10C
(quar.)
12-16
1
2
$i
(quar.)
12-29
$.1%
$i
junior preferred (quar.) —.—
Mickelberry's Food Products Co.—•
Midland
preferred
New
A
t$3%
1-
1-
1-15
35c
Telephone
12-31
1
12-15
15c
6%
Casualty Co., 6%
12-15
2
2
15c
(quar.)
(quar.)
pref.
Corp.,
2
(quar.)
Co.
$lVi
$6
Additional
Mutual
Power
$134
6%
preferred
York
$iy2
prior preferred (quar.) __—*———
$7 preferred
(quar.)
—
$7 prior preferred ,(quar.)
—
—
$5 preferred (quar.)_—
$6
Co.,
pref.
RR.
New York Lackawanna
12-23
75c
.
7%
Service,
RR.
York
12-29
preferred A
preferred B
1-15
1-
1-15
1-
____]
conv.
Peaslee-Gaulbert
1-15
J $2
2
*$iy4
Dredging, Ltd.
60c-conv.
1
12-15
$2
Light
or
$iy2
$1.31'4/
2-
ioc;
__
;___
Granting Annuities (quar.)
Pennsylvania Edison Co., $2.80 pref.
$5 preferred (quar.)
Pennsylvania Forge Corp. (quar.)
$1%
Co.
(quar.)
preferred (s-a)___u______-
New
12-29
1
Harlem
&
New
12-29
1-
Y.
10%
6d,
1-16
40c
Telegraph
(quar.)
12-20/
$1
t$5
—
&
Co.,
Public
$iy2
preferred
—
Orleans
(2s
2- 2
t$l
(s-a)
&
Northern
12-31
25c
$iy2
—„————
Machine Co.
$2.40
1
25C
Inc., common
Metropolitan Edison Co., $6 preferred (quar.)
Michigan
1-
$5
Peninsular
1-
2
Consol., Inc.—
50c in U. S. cur¬
Pennsylvania
-V
V
1-15
2-
75c
preferred
1-16
1-
2
$3Va
12-15
2
12-15
2-
1-
1- 2
2
12-13
2
50c
(quar.)
pref.
Zinc Co.,>7%' pref.
N.
3-20
(quar.)
Peerlass
1-
12-26
1-
13c
common
Insurance Co.
(year-end)
New York City Omnibus Corp._
12-20
New York
12-31
$iy2
$7 preferred
1
_
Paper Co.,
New Process Co.
1
1-15
15c
Water
12-26
1-
———--
(quar.)__
(quar.)_
1st pref.
__r__
London
60c
1-17
Common
12-15
4-
Merrimack Manufacturing Co., 5%
,
12-15'
$iy2
—_-—i
(Toronto)
Telephone
12-31
$iya
preferred (quar.)
Mesta
2
12-18
*33Vbc
12-31
(St.
———
(Albany) (quar.),,
Miners Transports (yr.-end)
Ltd.
Power Ass'n, 6%
$iy2
Merchants & Farmers Bank
Merck & Co.,
1-
New
New
Co.
10c
Power
Jersey
New Jersey
12-15
2
(quar.),
.
New
12-15
1-
1-17
2
2-
12-29
1-2-42
$13A "
(qugr.)
(s-a)___l_^
(quar.)___
.]_
t$3.43%
preferred-.
;_
Hampshire Fire Inc. Co.
Jersey
4%
*50c
(quar.)
$lJ/4
—-.
Merchants
1-. 2
$1%
1
1
Y.)
(quar.)___.
prior
(year-end)
2- 2
(quar.)
Corp.
New Haven Water Co.
12-19
(quar.) v——
Merchants Bank of
Extra
12-29
75C
(quar.)
(quar.)
Co.
12-15
12-13
Payne Furnace & Supply,
1-20
50c
Trust
England
12-20
•
preferred (s-a)——
Common
&
preferred
New
shares)
1-
,
1
12-29
$iy2
______
(Hartford)
rency per share)
Consolidated Gold
2-
20c
12-26
Mengel Co., 5% conv. 1st preferred (s-a)—
Mercantile National Bank ;(Chicago)
—Louis)
!
New
12-26
1-
(Am.
2-
*38c
___^
$iy2
(quar.)__
$iy8
; 50c
10c
(quar.)_____
Pato
50c
y,
1-
*i5
50c
(quar.)_____
Mines & Enterprises
50C
12-20
1-
Appliance
75c
$iy2
New
12-20
if 2
m,L—*..
Mercantile
2
$5.25
New England
11-1
1-
*30c
__
—
McQuay-Norris Manufacturing Co
Mead
preferred
Co.
New England Fire
12-31
25c
J30C
(annual)
com.
12-15
Co.
Nekoosa-Edwards
12-18
t$iy2
Tool
Common
'12-18
50c
Ltd.r
Participating preferred (s-a)
12-30
25c
Supply Co.-, 6%
prior preferred
Nehi Corp.,
12-31
12-29
ni.ii
Co., class B
Dredging Co.
12-12*
50c
Car
National Trust Co.,
12-22
12-29
$1
--A
Ltd., extra______
(quar.)—y
(quar.)
Mclntyre Porcupine Mines,
McWilliams
1
—
Standard
National
■
Petroleums,
1-
12-15
t$iy2
5V2%
12-15
$iy2
Co.
National
.
1-15
$iy2
_
Marven's, Ltd., 6% preference (quar.)
Maryland Trust Co., (Bait.) (s-aj~—,
McManus
Patino
2
12-19.
Companies,
12-12*
1-
1-31
Paraffine
3-24
1
(quar.)
12-29
1
2
11-25
$3>/2
4-
2-
1
$iy4
(quar.)
_______
Water & Power
1-
(quar.)__
pref.
(s-a)
$1%
(N.
20c
(s-a)
preferred B
Parker
National Power & Light Co., $6 pref.
Steel
preferred A
7 %
12-10
National
60c
7%
Panama
15c
1-
50c
.:
Corp.
12-24
1-15
12-15
l1
Packer Advertising Corp. (quar.)___
Pacolet Manufacturing Co.—
2
12-20
National
Consolidated
2
12-31
2
1
$1
___________________
1-
25c
1-
1-
30c
(quar.)_______
$1
$i%
12-15
50c
(s-a)____
Investors, Inc., $3 pref. (quar.)
(quar.)____
1-
12-12
National
Tin
Preferred
Bank
Service
Page-Hershey Tubes, Ltd.
$1%
12-24
2
1-
16y4c
$5
(resumed)
t43c
1
12-11
Mills
Public
^___
2
Safety
Lighting Corp.,
Pacific
Park State Trust Co.,
1-
12-27,
Pacific
12-31
:
12-24
12-29
20c
Co.
(quar.)
1-15
r,;;
■
Extra
12-10
,
12-29
$iy4
Indemnity Co.
1- 2 '
1-10
12-31
Ins.
,,
;•
(quar.)
+50c
(quar.
(year-end)
preferred
Pacific
12-16*
12-15
*$iy4
,
preferred A (quar.)
6»/2% preferred C (quar.)
11-14
2
Ltd.,
(resumed)
Telegraph
(quar.)__
(quar.)_
25c
2
6
12-15
1-
•
1
*50c
Co.,
Corp. of Calif., common.:
$i
(quar.)
1-
.
Atlantic
Pacific Tel. & Tel. Co., com.
6 '.'o
preferred (quar.)
1-
/
3-
1-
*30c
8%
12-10
12-17
3-16
$iya
(quar.)
Pacific South'n
1- 15-42
12-29
$iv4
(year-end)________^.___
Fisheries
12-16
1
15c
10c
12-15*
(quar.)
__________
12-19
2-
2
10c
&
Finance
5%
9
1-
(Minn.)
Glass
Pacific
Co.,
preferred B
Co.
dividend series
Pacific
v,
12-12
55c
(quar.)
6%
12-15-
pfd.
(quar.)
Power
12-
1-15
*$iy»
(quar.)___.;
Power
12-19
2
12-15
$15c
&
1
1-
40c
(Hartford)
7%'preferred A
$1%
(Arthur G.)
Gas
Co.
(quar.)
1-15
1-
12-15
2
1-
$2
_______
American
Pacific
iquar.)
(quar.)a.x_-___
National
(quar.)—_
McKee
pref.
conv.
Ltd.;/common
12-15
Debenture
Heat
preferred
$4.50
11-29
12-30
12-31
12-31
$5
$iy2-
(quar.)__.
(quar.)
Tail
Pacific
12-20
2
50c
Casket Co.,
2
2
1-
93%c
(s-a)_
25c
Glass
12-19
12-29
12-15
25c
(quar.)
pref.
____
Light,
Pacific
Candy,, 7%
l-
Bank
8%
&
Owens-Illinois
Orleans)
$lJ/4
(quar.)
Plate
12-29
;
50c
-
(quar.)
Quarterly ______
6; preferred (quar.i
6% 2nd preferred (quar.)
12-31
common:
Fire, Ins.-Co.
Marmon-Harrington Co. (initial)' (new)——
Marshall Field & Co., com. (year-end) C—
Massachusetts
(New
Inc.,, $7 pref. (quar.)
National Chemical & Mfg. Co. (quar.)_
National City Lines, class A (quar.)
$3 preferred fquar.)
'
7% preferred
1-15
i5c
Bank of Chicago
Breweries,
"t$6
_—
(quar.)_j_
_
Corp.——~
$5 pref. (quar.)——.
Co.,
12-31
$iy4
(s-a)
guar,
*
'
Water
Co.,
National
Marion-Reserve Power,
Marion
Detroit
Boulevard
50c
(Ont.)
(N.
12-31
& Share Corp.; (quar. i.
preferred
National
LA',
_
preferred (quar.)
Mapes Consolidated Mfg. Co.
1-15
1-15
___
t$la/4
conv.
7'/2A
1st pref. (quar.)
7%/ 2nd preferred ('quar.)iNational Cash Register Co. (quar.)
12-22
2
7%
t.
•
National
12-22
1-
20c
Fibres, Inc.
Quarterly
"1-5
$l3/4
of
Biscuit
National
5
2
12-19
12y2c
,
Co:," $2.20
Battery
National
12-31*,,
1-15
Bank
National Bond
12-31* f
1-
;
12-19
2
25c
Bank-of. Commerce
National
(ac-
Co.—
(quar.)
Manufacturers Life Ins. Co.
Nat'l
12-31*
'12-30
55c
$10
12-20
2
1-
(quar.)
Automotive
National
12-12
it
50c
(quar.)
;
12-15
12-31
2
1-
40c
12-15
$3
(year-end)
preferred
Marine
40c
$l'/4
Tire & Rubber
National
12-23V;
t$iy4
...
1-
V
Co., 1st preferred
Chattanooga & St. Louis Ry. (year-
National
12-31
1-2-42
2-15
3c
Inc.
12-31,
$154
Fund,
Nashville_& Decatur RR.;f
12-31-
37y2c
cumulated)
$2
11-29.'1.
1-24
12-20
3
$1
11-29 V.
1-27
1-15
2
*20c
M g.
Nashville
12-23
.
12-13
13-
$iy4
(quar?)
com.
Nash-Kelvinator Corp.
12-17'
4 1-15
12-29
Nachman-Springfilled Corp.
12-20
1-
Otter
Inc., common (quar.)
preferred
;
5%
12-24
$l»/4
quar. >
Investment
Mutual Systems,
12-22
$l'/2
pref,
preferred
Mutual
a
12-20
12-29
(G. C.)
12-24
2
lc
12-13
12-31
25C
shares
Electric Railway
common
*$1%
Murphy Paint Co., Ltd.,
Loan
Ottawa
$2Va
12-15
12-30
'
.___^
Filters, Inc., class B__
Corp.,
Extra
12-22
50c
Murphy
12-10
12-33
b Va %
12-31
2
$1%
(quar.)
Orange & Rockland Electric, 5%
6% preferred (quar.)
1-
&
12-12
'
;
7%
Min.
Ontario
$1%
(quar.)
12-20
1-
35C
(quar.)
*
pref.
Va.)___
Develop. Co. (quar.)
Co., 5% pref., (quar.)
Oil
12-31
1-
(quar.)
(quar.)
Diablo
Omnibus
12-29
1
trust
National
Omaha
,
12-29
50c
(s-a)__^__
7%
cons.
1-2-42
3iy»c
—
pref.
common
Co.,
Mt.
Cafeterias,
1-
$4
V
(year-end)
Motor Finance Corp. (quar,)__
Mountain Trust Bank (Roanoke,
12-20
25c
'
J
Theatre
Manufacturers
15c
(Savannah)
series
Ottawa
(quar.)
Co.
12-20
2
75c
(quar.)
prior preferred
conv.
Oliver United
4
4
—
j_
12-17;
1-5
lr
37y2c
•
series)
$6
Plan
t: 12-30
50c
(quar.)
common
(quar.)—_•
Co., $2 cl. A
C.)
preferred
6%
preferred
Nashua
$2.20=/prefemdv';"(quar;il
Mansfield
6%
Extra'.
Morris Plan Bank of, Virginia
2bc
Co.,
Mahoning Coal Railroad,
"
___________
Morrison
$2V2
_j_—
Maniscnewitz
1-15
(quar.)___
com.
.
2
'
1st
12-29
(Philip:) & Co., Ltd.,
preferred (quar.)
$2'/«
12-17
50c
(quar,)____„———
'
—LL_
Company
MacAndrews&
Mansfield
1-15
2-1
8%
—
..
75c
$1.06 y4
(s-a)
1212-
1-
1-
$iy»
A___;
common
Colony Insurance Co. (quar.)__
Old Colony Trust Associates (quar.) —
12-12
Morris
5
6-
1% Vpre¬
—
(R.
2
Co.
$1
Lykens Valley RR. & Coal Co, (s-a)_—
Lynchburg & Abington Telegraph Co. (s-a)
Lynn Gas & Electric (quar.)——
6%
1-
Essex RR.
(quar.i
12-20
$iy4
Old
12-31
Co.
12-17
4$3V2
Common
Mahon
2
50c
'
preferred
fExtra
2
1-
1-1-42
$1
_____-sA^LLL.,;' Louisville Gas & Elec. (Ky.), 5%. pref. (quar.) ■=;
•:*
1-
$1V2
Goods
$2
———--A V'
Lunkenheimer
$1%
$1%
Dry
l'2-30
90c
tquar.j___-__________
(quar.)—
5%
4
(payable U. S. funds)
R.;
12-30.
'
New
12-
(quar.)
4V4%
.
,3-16
25c
(year-end) 'i___A.___U--j.-C_L LL-UU
B
2
(quar.) : (payable U. S. funds)
(W.
Morris Plan Corp. of Amer.-(1931
9
25c
_
&
Class
2-
12-15
,6-20
i2y2c
_
Ltd.,
1-
pref. B
5c
Theatres,
4
pref. A
Moore
.
12-12
i- 2
•'-'$l5/8
(quar.)
12-
preferred
$5.50
12-31
2
$3
12-15
1-
*55V2c
*66'/2c
(quar.)j
2
1-31
7%
12-31,
4-,l
$1%
/
Taylor, common (quar.)_______—___
Louisville Gas/& Elec. (Del.), class A (quar.)
•
12-19
Ltd.j common
n
50c
Long Island Safe Deposit Co. (s-a) C—
Longhorn Portland Cement Co.— /=/;=/• ;/'=,
Lord
Corp.,
Extra
1
$13A
iaccum.)
'
'
1-
$iv2
'_______
(Marcus)
ferred
12-15
Morris &
,
.—]
Loew's
2
1-
Morris
Schuylkill Navigation RR. & Coal Co.*
common (monthly).—
preferred
Extra
1-
2
50c
Ohio Water Service Co., class
*$3
of Rec.
1-
58 Vbc
$5 non-cum. preferred (quar.)
Oklahoma Natural Gas,
*38c
Moore
(monthly)
preferred (monthly)
Holding Corp.—
7%
H older»
Ohio Service
12-12
*$1
5
preferred
41%c
12-12
(quar.)
consol.
Pay'ble
Co.—
2
(quar.)
1-20
6%
When
Share
",
v
(monthly).
1-
Light, Heat & Pow.
5c
(extra)
Inc.
it
Service
preferred
1-15
City & Dist. Savings Bank
12-16
A——___________—_._i—
Loew's,
1-15
2-1
,
of Company
$1%
(quar.)
Montreal
12-26
Joint Pipe Co.,
8%
common__*: ^
Montreal
2
-
(irregular)
Liquid Carbonic Corp., (quar.)
Extra
50c
1-
i„—
.Class
12-15
1-2
<
(quar.jJi-
Lipe .(W. C.), class A
l-'l
1-15
'
(quar.)__
com.
$5
12-29
_
Co.,
12-15
'■■•'V. $2
(Chicago) (quar.)—_
Liggett & Myers Tobacco, 7% pief. <quar,)_
Belt Co., common (quar.)_—
preferred
12-15
12-29
Co;,
7%
Link.
pre.erred
12-27.
1
12-15
12-29
$1V4
$1.30
Liberty National Bank
Match
12-29
$1V2
(quar.
: t30c
—
6'/a%
10c
(quar.),_
preferred
Name
'
Public
5%
'
Utilities
preferred
Class A
;
.
,
Ohio
12-13
.6%
,
preferred (initial quar.)*,=.__
Lexington Union Station, 4% pref. (s-a)
•■6Va %
•
12-15
50c
2
1-
Per
•
of Rec.
12-15
12-29
87»4c
12-20
12-29
$114
__
;
5.2%
Lion
1
l-
12-30
Holder s
Payable
15c
Montgomery County Trust Co. (N. Y.), (s-a)
Montgomery Ward & Co., common (quar.)__
;
1-15*
12-13
25c
(year-end)—]
Ltd.
Co.,
Telephone
2
.V$l'/4
(quar.)^__i.L^___*.:___.A;V
Stores Gorp., common (quar.)__^____
4Va %. preferred (quar.)*_i-^-_;.r/'____.i__A:
Levy
1-2-42
25c
-
Lerner
Lexington
2-
$1
,
'
b"/o
12-12 1
s.
Co.
Montana-Dakota
-
./
■
Share
Name of Company
-
Auto
Equipment (year-end)
Monroe Chemical, $3.50 ;pref,.< (quar.)
12-22;
__
Lenox
'
Monroe
12-20
12-29
-
Lehman
Leland
2
20c
preferred Mquar.)-_-i_»_--_LiiLi._Li„"J
Lee
1-
1
12-24
12-29
35c
•
■
12-24
■
When
Per
I'fv*
'
„
12-29
$iy2
'
(quar,)
•
(year-end)
common
r.
.,
20c
1695
America,
$3.50 cony. 1st preferred
$5 preferred B .(quar.)
com.
(yr-end)
(quar,)_—____
____________
2-25
1-25
20c
1-28
12-19
87 V*>c
1-
1
12-18
$iy4
1-
1
.12^18
-
,
;
■
Railroad Employees Corp.,
preferred (quar.)
Packing Co.
80c
i
Rath
1- 2
1-2-42
1- 2
1- 2
12-23
37V2C
$1%
25c
SlVs
1- 2
1-2
12-23
12-20
1-2
1- 2
12-10
12-10
$2Vi
conv.
Reliance Mfg. Co.
(quar.)
*
1- 2
12-31
—____
Republic Investors Fund
(irreg.)'
Metal Products
Riecke
Extra
1- 1
1- 1
l- 2
12-10
12-10
12-17*
30c
$1%
$1%
75c
$iya
$1%
30c
12-30
1- 1
1- 1
1- 2
I- 2
12-17
12-15
12-15
12-20
12-11
12-30
12-15
12-30
12-30
12-30
12-20
12-20
12-20
$3
1- 1
12-20
(resumed) ___
Mills—
preferred (s-a)____
Riverside Silk Mills, Ltd.—
'•
:
————-
25c
—
(quar.)
\ 25c
37yac
•
-
$1.50 conv. preferred (quar.)
Rochester & Genesee Valley RR. z._*_*_:—:
Common
(quar.)
—_
25c
Rome Cable Corp._—^
_____———
< 15c
Additional •_!
;
—15c
Rome & Clinton RR. (irreg.)
" $2
Roeser
&
(quar.)
Pendleton
-
—___—_____
(Helena), Inc.,
Rubenstein
Class
(quar.) _______________
(s-a)
—:_i—
Shipbuilding Co., Ltd.—
V
5V4% preferred (quar.)
fit. Lawrence Corp., Ltd., 4%
class A conv.
preferred (accumulated) *
fit. Lawrence Paper Mills Co.,-:-'
--
St.
Paper Co.
Croix
6%
preferred
•
Sun Oil Co.,
Sun
1- 2
12- 8
12-27
1- 2
12-19
12-19
$3
$3y2
"
(s-a)
1- 2
"1-2
12-19
12-19
87y2c
—
1-20*
25c
$1%
ficruggs-Vandervoort-Barney, Inc./* com.__v_
1
31/2% preference (s-a) __________—
6%
1st preferred (s-a)______.————. '*
7% 2nd preferred (s-a) __—______
Seaboard Citizens National Bank
(Norfolk,
Va.)
1- 2
1-2
1- 2
2- 1
2- 1
1-2 '.
1-2
12-29
12-29
preferred A (quar.) _—
—
62y2c
Securities
Holding
Corp.,* Ltd.,
6%
noncumul. pref.
(irregular)
" " $65c
Seiberling Rubber Co., com. (resumed) __.— "
25c
12-29
(quar.)__
com.
5%
1-15
1-1
* 1- 1
_
28c
—
1 $1%
$1%
12-29
1- 1
1-1
1-2
'Allotment
certificates
Seven-Up Bottling Co.
25c
55c
$2
1- 1
1- 1
1- 2
(St. Louis)—
$3
1-1
&
•
5ya%
—
(Conn.—
Shamrock Oil & Gas Corp., 6% pref. (s-a)—
"6% conv. pref. (s-a)
—,
Shareholders Corp. (quar.)
1
Seymour Trust Co.
Sharon Steel Corp.,
1-1
12-30
30c
10c
1- 1
2-25
1-2
t4c
1-15
tic
1-15
;;
1- 2
1-2
1-15
_—.____—
Extra
Mortgage Co.
7%
Sigma
Mines,
5%
Smith
t$l% ;
,
Twin
(extra)
(Howard) Paper
Inc.
Mills, pref.
(quar.)
:
Co.,
(s-a)____25c
pref. A
conv.
5c
(quar.)__
(quar.)___
Pittsburgh Water, 4'/2% pref. (quar.)
South Porto Rico Sugar, common
(interim)
$lVa
South La
$6 1st pref.
Street Corp.
Salle
South
preferred (quar.)—
Southeastern
Greyhound Lines,
(quar.)
non-cum.
6%
conv.
pref.
(quar.)
Southern
Canada
Power
(quar.)
6% partic. preferred
Southern
Southern
Natural
New
Gas
Co.,
Ltd.,
(quar.)
—__
/
England Telephone Co.
Southington Bank & Trust Co.(Conn.) (quar.)
Bond
&
United
Fruit
Co.
Consolidated Corp.
Southwestern Associated Telephone,
2-16
1-15
12-31
United
$1V2
1-1
(s-a)
Spicer Mfg. Corp., com.
$3 preferred (quar.)
Spartan Mills
1-15
l- 2
12-20
$4
$1
75c
12-31
1-15
1-15
12-20
1- 5
1- 5
$13/4
i_ 2
12-15
50c
1- 2
12-23
(increased)
—_—
Springfield Gas & Elec. Co., $7 pref. (quar.)
Springfield Safe Deposit & Trust Co. (Mass.)
i
(quar.),.
AU
■
& Electric
Corp.
(year-end)
Ltd. (s-a)
Equities of Canada,
prior preferred
Fund
1-13
(irregular)—
—
Milk
preferred
Products,
common
•
\ $2
participating
preference
(quar.)
'<
2
12-20
12-24
12-29
12-19
12-31
12-20
12-18
j12-28
$1
i
4
1-15
1-
2
1-
1-15
$iya
2
$l'/2
;
1-
2
12-27
,$iya
(quar.)
—__l
i_
2
12-27
25c
Oil
Wesson
7%
Snowdrift
&
2- 5
1- 2
12-31
1-15
1-19
12-20
12-24
12-31
12-18
$10c
$1
$1.11
t6c
25c
1-15
12-20
1-2-42
12-24
12-19
12-30
12-30
1-2-42
1-2-42
1-2-42
12-15
12-15
12-15
12-29
12-31
12- 9
12-15
234234234-
2
2
1
2
2
1
2
2
1
12-16
12-19
30c
$3'/4
i
1-2
12-29
12-16
Y 1- 2
12-26
1-
12-15
,.
25c
Penn
West
West
.
Virginia Pulp & Paper——
Water Service Co.—
preferred (quar.)
$6
Western
Electric
Grocer
Common
j
Western
12-31
12-15
12-30
'12-12
1-15
12-19
,f:a $I»A
50c
1- 2
Ltd.,
(Calif.)
5%
pref. (quar.)
1
2-14
1-15
12-20
:
1-15
12-20
1-
2
12-31
1-
2
12-31
50c
12-31
12-18
35c
1-15
12-31
1-
12-22
.
YY
v
—
$i»/4
lc
Westgate Greenland Oil (monthly)
Westmoreland, Inc. (quar.)
Westmoreland
Weston
Water,
pref. (quar.)—.
(quar.)
—
•
1-15
2-16
3-16
1-15
2-16
3-16
1-15
2-16
3-16
1- 2
12-18
12-20
$iy2
12-20
12-15
1-
12-11
2
1- 2
$20c
12-12
'
5% pref. (quar.)
Wheeling Steel Corp., $5 prior pref.
Extra
1-15
2
12-12
12-27
12-15
12-27
12-15
$1%
1-1-42
12-15
$1%
1-
1
12-13
$3
$1%
1-15
1-10
$114
1-
1
12-18
1-
1
>12-18
$1
(quar.)
i ■
(quar.)
Whitman (Wm.) Co., 7%
preferred (quar.)
Wichita Union Stock Yards,
(s-a)
preferx*ed
Water
Wichita
2
1-
—_—
preferred
6%
2-
$l'/4
■
$1
Whitaker Paper Co.
7%
$114
___L
(quar.)
7%
Co.,
Y;
■
—
pref.
(quar.)
'
;
1-15
1-
2
Wieboldt Stores, Inc.—
prior preferred (quar.)
6% preferred (quar.)
i
Will
& Baumer Candle Co., Inc., common
(year-end)
8%
preferred (quar.)
Wilsil, Ltd. (quar.)
—
Wilson & Co., Inc., $6 preferred
—
Wisconsin Co., 7% pref. (quar.) ^
Wisconsin Electric Power, 4%% pfd. (quar.)
$5
75c
6%
preferred (quar.)_
Gas
Wisconsin
Investment
Oil Co.,
Wood
1-
2
12-23
1-
2
12-15
t$l1/2
2-
2
1-16
$l3/4
1-
2
12-24
$1.183/4
1-31
*
1-15
1-15
12-31
6c
'
1-31
12-29
12-20
c 25C
1-
2
25c
1-
2
—
(Gar)
10c
(initial quar.)
Ltd
Industries, Inc.,
Mines,
tlOc
*5c
Extra
Wrigley (Wm.),'Jr., & Co.
Monthly
12-31
1-
12-12
12-12
12-15
2
11-26
1- 2
11-26
12-20
(Del.)—; "
—
V 25C
"•
1-
2
1; 25c
________
Monthly
2-
2
1-20
25c
3-
2
2-20
25c
4-
1
3-20
•
:
Wurlitze/(Rudolph)
1-15
$lJ/a
$1 Ve
;
(quar.)
common
12-23
$2
4l/2% pref. (quar.)
Co. (irregular)—
Extra
12-27
$25c
Elec.
Wisconsin
Wiser
<fc
10c
&
Towne
Class
B
(quar.)
(quar.)
12-
8
2
12-
9
i 25c
1-
2
12-
9
Jl34
.1 10c
1-
2
12-
9
1-
2
12-22
in v*
1-
1
12-19
1-
1
12-19
1-1-42
12-13
12-29
12-18
12-29
12-18
-
.
Yosemite Portland Cement, 4%
1
2
1-
(quar.)
common-
(quar.)
preferred
7%.
11-
25c
12 %c
pref.
1$l3/4
;i»34
7%
,1,
•";!
Co.,
Manufacturing,
Y115c
14 Vic
Yale
preferred-
12-20
1
(J. S.) Co., common (quar.)__
7%- preferred (quar.) ——
Young
'■
Youngstown Sheet & Tube Co.—
5 Va %
preferred
Youngstown Steel
(quar.J—
Car
(quar.)
12-12
$1V4
I- 2
$2>/a 1-10-42
1-10
1-2
$1%
A
2
1-15
.
25C
$6
(George), Ltd.
3-
-$1 i/a
—
(year-end)
Western Tablet
,
12-20
$$1%
(s-a)
7% preferred (s-a)
—
& Stationery—-
..
12-15
12-23
30C
—
Western Pipe & Steel Co.
1
'7 1- 2
•
$75c
•
—
(s-a)
12-15
12-15
$l'/4
(quar.)
preferred
1-
75c
$3Va
;
(quar.) —_i__
Western N. Y. & Penn. Ry. Co,, com.
-5%
2,
12-30
$1 Va
(s-a)
;
com.
1-
.
_—„_____—
Grocers,
/
,,,
.
.
7% pref.
(Iowa),
1
12-15
$1%
Co..
Co.
preferred
A \ 1%
.
12-
2
$ 1 Vs
$$1Y4
__
—_
..
1-
$l'/a
Co. (s-a)__
2
12-31
20C
(year-end)
Yellow Truck & Coach Mfg. Co.
58'/3C
58V3C
58y3C
53c
53c
53c
50c
50c
50c
12-15;
1
50c
Penn
West
2
1-
'
Co.__*_—_________
(Pittsburgh),
preferred (quar.)
—
Electric, class A (quar.)——
Power, 4Va % preferred (quar.)
Texas Utilities, $6 pref.
(quar.)—
West
1-
$l'/a '
___i
•
—
preferred
United New Jersey RR. & Canal Co. (quar.)
United Pacific Insurance Co.
(quar.)
United Printers & Publishers, Inc., (Del.) —
S3
12-24
12-24
12- 1
12-31
12-20
12-20
$2
(year-end)
Income
United
1- 2
12-29
1- 2
1-1
1- 2
1-2
58y3C
53c
50c
(monthly)
Light & Railways* Co.—
prior
12- 5
$75c
(quar.)_
(monthly)
7% prior preferred (monthly)
7% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (quar.)
6%
prior preferred (quar.)
6%
prior preferred (quar.)
12-15
——
preference
prior preferred (monthly)—
6.36%
prior preferred (monthly)
7%
12-15
1-2
Gold
A
,
12-20
1-
$1
(quar.)
Wright-Hargreaves
United
12-22
$iy4
35c
$1V2
:__
(quar. reduced)
United
$6 pref.
5% pref. (quar.)
Southwestern Life Ins. Co. (Dallas)
(quar.)
Southwestern Light & Power, $6 pref.(quar.)
& Elec.,
Ltd.
Share.
12-31
1- 1
25c
$50
$iy2
.___
(Pittsburgh) (quar.)___.
(Providence) (quar.)
Co.
United Illuminating Co.
12-24
12-29
(Maryland)
7%
6%
12-31
20c
Gas
;
12-24
12-31
(quar.)
Southwestern Gas
1-15
class
United
12-26
12-31
Trust
6%
1-31
12-20
25c
Co.
(quar.)
United Fuel Investments
12-20
12-20
t20c
t$iy2
Trust
Union
V
1-15
1-15
Southwest
(Indianapolis)
(quar.)___
(quar.)
-
United
f 50c
—:—
Extra
Co.
12-15
95c
$3y2
$l»/2
$iy2
$3
•
$3
(yr.-end)
Extra
Union Trust Co.
2-20
2-20
$ia/4
$1
Trust
12-22
;•
,
(quar.)
(Pittsburgh)
1-15
1- 2
t$5
—
:
2- 2
12-31
75c
1st pref.
<
Pacific RR.
12-12
3- 2
3- 2
■
<
Union
Union
37V2c
34%c
—
—
1%
(quar.)
National Bank (Pittsburgh)
Union
12-15
1- 2
$1
10c
-
preferred
Union Savings Bank
:
15c
1
;_
Union
common
(quar.)
$1%
(quar.)
Co.,
$4
$iy2
t$l
$1%
50c
■■■',
-
Carbon Corp
&
1- 2
12-12
30c
30c
.___—
12-15
12-13
12-19
12-20
12-20
12-18
'
$1V4
__—
Mills
Carbide
7.6%
2-20
.
Fund
Union Buffalo
California Edison Co., Ltd.—
Original preferred (quar.)
5V£% preferred (quar.)
12-30
1- 1
1-1
1- 2
1- 2
1- 2
V
—
Co.
Trust
Bond
12-18
3- 2
1
12-15
(quar.)
Union Investment Co.—
12- 9
37!/2c
pref. (quar.)
l-'2
prior lien preferred (quar.)
1r/o
Union
12- 5
12-31
12- 9
:
.
—
6%
Southern
com.
$$l,/2
-—
Electric—
&
1- 2
$2
Inc.,
Gas
11-15
1- 2
"1-2
25c
8%
State
Union
.^1-15 -12-31
1- 2
12-15
$iy2
50c
South Carolina Power,
Co.
Insurance
6%
Ltd.,
Corp.,
-
Underwriters
12-19
12-19
12-30
$$l>/2
10c
(quar.)_
-
1-18 '
1-15
12-30
40c
-
Extra
Aircraft
12-31
12-31
$1V4
:__
(quar.)____
Udylite Corp.
" *
': $lV/4
2- 2
12-15
12-22
1- 8
1-20
pref,. A
$l'/2
15c
>.
(N. J.) (s-a)—
Tri-Continental Corp., $6 pref. (quar.)
Trusts & Guarantee Co., Ltd (Toronto)
(s-a)
Tubize Chatillon Corp., 1% pref,
(quar.)__
208 South La Salle St. Corp. (quar.)
12-31
:
$$iy4
50c
Trenton Banking Co.
12-15
1-15
r
Corp.—
Snyder Tool & Engineering
Solar
1- 2
Finance
(quar.)
1-15
(interim)
Ltd.
prior preferred (quar.) _—!____—preferred, class A (quar.)
Skilsaw,
2- 1
t30c
—
tl5c
(resumed)
of Canada
(quar.)_
pref.
Skenandoa Rayon
5%
Co.
f$l
.
_____—_—
(N. Y.)
Trade Bank & Trust Co.
■
6herwin-WJlliams
(quar.)
12-20
12-20
2
12-29
.
30c
;
Western
Torrington Co. (increased quar.)
Towle Manufacturing Co. (quar.)_
2
1-
25c
*.
Wellington Fund. Inc. (year-end)
Wells Fargo Bank & Union Trust Co." (quar.)'
12-13
12-31
Creek Gold Mines (quar.)
12-23*
1- 2
Toronto
12-20
2
1-
$1
Wayne Knitting Mills, 6% preferred (s-a)__
Wayne Pump Co.
1
.___
12-31
1- 1
12-29 ;
$2'/2
(quar.)_-____
Trusts Corp.
4-10
1-
r 75c
(year-end)
Washington Title Ins. Co., com.
Class A pref.
(quar.)
1-10
-
12-31
40c
_____*
—
Extra
3-10
3-20
1-20
4-20
____
Co.
D.)
12-19'
$1%
West Virginia
*
12-31
Sheep
12-20
12-19.
12-20
1-2
12-17
—
12-29
1-15
Travelers
(S.
12-19-
12-31
•
$iy»
(quar.)
(s-a)
12-15
12-30
12-31
75c
t$l»/4
Washington Irving Trust (Tarrytown, TV. Y.)"
v:;
12-29
1- 2
12-19
1-26
conv.
$iy2
_.—
75c
(quar.)
50c
Ltd.__—:._—$$1
;■
preferred (quar.)
$1V4
Shawinigan Water & Power (quar.)___—' 23c
Shawmut Association, common__—'
15c
$5
1- 2
12-10
12-20
12-20
_
(Ohio)
General
%
Kootenay Power & Light Co., Ltd.—
Trust
Toronto
7-18
50c
Jersey & Seashore RR
Toledo
Co.
1
50c
West
Toledo
Elevators,
4-18
8-
_____
West
12-20
12-20
12-20
Toronto
1
'
(year-end)
12-22
1- 2
1- 2
1-2
Inc.
1-17
5-
37V2c
(quar.)
1_______^
Co., Ltd.
1- 1
1
Stocks,
Co.—
2
$1%
$iy4
(New
12-18
2-
$1%'.
Bond, Inc.,
Warren
12- 8
(s-a)
12-18
12-27
—
End Bank
1- 2
1- 2
Ltd.
12-27
37'/2C
_i___
West
58y2c
50c
41%c
12-18
12-20
>
" "
(irregular)
com,
12-20
;
12-27
Minnesota
1
t2c
1- 1
v:
(monthly)
—
(monthly)
(monthly)_______________—
Shipbuilding Co. (year-end) _________
Traders
Co.,
;
preferred
r
1-
62'/2C
(quar.)*—
Waukesha Motor Co.
$$3V2
preferred
preferred
preferred
5%
*
*
'/'■■
6%
r;
12-20
$1%
1
(quar.) V-i-——■'«
class A (year-end)
:
Walworth Co., common (resumed)
&
12-10
12-17
i
2nd preferred
$3
12-22
2
2
'
(quar.)
7%. preferred
1-
12-30
,12-31
1-
(quar.)
Cotton
_■!
12-19
12-31 ,/
Y $1V*:.}
_____
12-20
12-20
11-28*
12-15
12- 6
12-22
20c
(year-end)
& Allied
Edison
7 %
12-18
~ ; ; -
(quar.)
conv. pref.. (s-a)—.
Common
of
Co.
Mortgage Guarantee Co.,
12-12;
v
37i/ac
12-29
12-29
1- 2
1- 2
12-29
12-29
50c
$l>/2
10c
50c
- ;
2-20
2
1
12-1
12-21
37'/2C
prior pref.
conv.
Detinning
Extra
■
2
1-
12,
5c
12-15
$1.85
'
.
12-22
1- 9 ,
12-15-
(year-end)—
'
12-15
12-15
12-20
"15c
(quar.)
Falls Machine Co.
Seneca
(quar.)
(quar.) ___^—
Insurance
6%
$3
preferred
preferred
Wabasso
,
3-
—
Waitt
$1 Vs
—_—tl5c
$$13A
(quar.)
Tailors, Ltd.
7%; preferred
12-19
12-16
12-16
12-22
*
12-27
2
$1
preferred
Vulcan
■„
1-
(quar.)
Corp.;
7%
2
________
(quar.)
T$4.50
7%
1-
tlOc
6%
v.
12-23
2
$2»/a
______
preferred
.
12-29:
1-
v$l'/2
15c
(quar.)
Co.
preferred
Title
12-20
12-20
$1.04
Banking
Orleans)
6%
12-31
Inc.—
preferred
12-23
$1%
Extra
.
1
62'/2c
(quar.)__
(quar.)
Victor-Monaghan Co., 7% preferred^ (quar.)
Virginian Railway, common (quar.).__
*:,6%
1-
"
pref.
5%
12-22,;
t$iv2'
12-29
(quar.)
pref. (quar.)
(extra)_____—
$6
Service,
Electric
Tobacco
Ltd.,
Viau,
1-16
2
1-2-42
(interim)
Venezuela Syndicate,
2
1-
15c
(quar.)
Wagner Baking Corp., com.
*
Pacific Coal & Oil Co.
12-27
$iy4 *
62c
Class B preferred (initial) ——.
6% class A preferred (quar.)__
$2.50 conv. prior preference (quar.) ______
Selected American Shares, Inc. (year-end)
Selected Industries, $5.50 prior pref. (quar.)
(
Corp.
& Mfg.
Texas
Toledo
preference
2
2-
.$lVa
Co.
12-12
12-12
12-20
1- 1
(quar.)
Texas
Title
12-19
12-27
RR.
1-16
2-
$2
t$2
,;
___^
prior pref.
12-15
12-15
12-15
1- 1
1- 2
1- 2
12-31
12-29
2- 2
,
1
1-2
1-15
12-17
12-19
$l3/4
(quar.)
(quar.)_
Corp., $3 pref.
Ltd., $3.50 preferred (accum.)
Tnompson Products—
>
,
;
5% convertible preferred (quar.)
Tide Water Associated Oil, com. (year-end)
12-18
Corp.,
'_*.
2- 1
12-31
10c
$4.50
prior
$5.50
12-19
$1%
75c
Company
Tip-Top
Knitting Co., 5%
Valley
12-15
12-27
Thayers,
12-31
12-18
12-18
Commercial
Extra
12-30
Extra
Texas
Utica
i\.
;
Vulcan
!
Haute Malleable
Terre
Textile
12-31
12V2C
* 20c
5c
Extra
Seaboard
Transportation
&
preferred
2*
7- 2°
,
$1;
preferred
12- 2
68%c
t20c
$62'/2c
50c
25c
tlOc
Teck-Hughes Gold Mines, Ltd.
Telluride Power Co., 7% pref.
(quar.)
$6
7-15
12-29
$1
Lt._,Co. 6% pf. (qu.)
cl. A pf." (quar.)
Power & Light $7
4-
$1V*
60c.
1- 1
12-30
—_____
-
Technicolor, Inc.
Terminal
<te
4-15
$1V4,
$1.10
1st pref.
8%
Pr.
preferred (quar.) __•
Vulcan-Brown Petroleums, Ltd.
10c
10c
(quar.)
(G.), Ltd., common (quar.)
5% preferred (quar.)
Taylor-Colquitt Co. (quar.) ____——:—___
12-10
12-10
12-10
12-19
1-20*
Pictures,
Michiaan
12-12
12-10
12-10
12-30
.1- 2*
•
1- 2
12-31
12-31
12-30
1-15
'
.'
(quar.)
12-12
12-12
$l'/4
62y2c
(quar.)
Tamblyn
12-10
:___■
preferred
12-12
25c
1- 2
•■$1V4
1- 2
25c
1-15
,V;
;
,____■
1- 2
};. 1- 2
—
participating preferred
5y2%
v
J.
'
;
(quar.)
50c
(quar.)
-
Corp.—
t50c
t75c
50c
Extra
12-15
17J/2C
(quar.)——.
1- 2
1- 2
1- 2
Talcott
k
1-2
1- 2
preferred
5%
12-15
1-15
—
Taggart Corp., $2.50 pref.
(James), Inc.
12-22
2
25c
(quar.)
Extra
12-16
2
Sugar
Uuuer
,'
12-15
12-15'
12-15
1-10
12-15
1-15
1-
$l3/4
t$2>/2
•
1-20
12-31
$1
87»/2C
12-15
30c
50c
12-16
1-
Y.)
1- 1
„—
12-31*
12-10
1
——
(N.
Co.
t$3%
(quar.)
2
2
1-
50c
(semi-annual)
Valve Bag Co., 6% pref. (quar.)i_i__—;
Van Camp Milk, $4 preferred
(quar.)
40c
20c
2-
1-
50c
30C
Valley Mould & Iron Corp.,
(s-a)
12-31*
25c
12-12
12-121
2
t$l%
12- 8
t50c
2-
,
1- 1
1- 3
1-19
25c
12-29
12-15
12-12 ^
2
1-15
Extra
V
,
2-
,$5 preferred (quar.j_
*'$5 preferred
(quar.
Universal-Cyclops Steel (year-end)
Universal Leaf Tobacco Co., com. (quar.)
j
8
68%c
$10
preferred
Utah
8
12-
2
$15
United
8%
12-20
12-
(quar.)—_
Conv. preferred
$5
2
1-
Co.
(quar.)
Trust
States
United
h
12-20
2
1-
_____4__———________
Stockyards Corp.—
Y:,/'-' ';'
preferred
Extra
Ventures, Ltd.
i
A
1%
1-
12-31
12-31
50c
Smelting, Refining & Mining Co., com.
S.
+25c
Extra
Class
U.
Potash
States
United
2-11
12-31
,
$1%
68%c
107o
Tacony-Palmyra Bridge, common (quar.)
1-5
12-20
12-12
12-20
1- 1
12-29
Co.
&
U. S.
1-10
—
1-15
*
2- 2
Extra
Swift
12-22
1-20
1- 1
(Del.)
Co.
Trust
iquar.j
7% prior preference.
Playing Card tquar.j___
Plywood Corp. (quar.)
$iya
____
1-15
$1%
States
12-31
——_
2-26
$2V2
V.
Leather Co.,
1-15
——
(semi-annual)
,
—
Extra
,
Utah-Idaho Sugar Co.,
pref. (s-a)
Supertest Petrol. Corp., Ltd. (ordinary) (s-a)
Sussex
.
United
12y2c
$1.50 preferred B (s-a)_^___i-_—
Sussex Railroad Co. (s-a)
15 c
25c
*
iquar.)
U. S. Hoffman Machinery Corp. (quar.)
U. S. Industrial Alcohol—___________
12-17
Supersilk Hosiery Mills, Ltd.i 5%
12-16
preferred
12-15
12-15
12-15
(quar.)
Extra
1'fo
12-29
Superheater Co., common——______—____
Common
Gypsum Co., common
12-31
12-31
12-30
(quar.)
5
—!
25c
;
preferred
U. S.
(s-a)
(s-a)
preferred
43%c
t$2
t2'/2c
Oil Corp.—
•
convertible preferred (quar.)
Life Assurance Co. of Canada (quar.)__
7%
Gauge Co., common
Universal
_____
class A preferred
4V2%
S.
12-20
Superior Water, Light & Power Co.—
1- 2
1- 2
1- 2
^
5y2%
1- 2
1-15
preferred (accumulated)
$75c
National Stock Yards (quar.)
$H4
fiabin Robbins Paper Co., common (qtiar.)—
20c
•7% preferred
—-————
$1%
Safeway Stores, Inc., 5% preferred (quar.)
$iy4
fian-Nap-Pac Mfg., 70c pref. (quar.)..
17 Vic
Savannah Electric & Power Co.—
8%
debentures A (quar.)
.—$2
7>/2% debentures B (quar.)_—._*
$1%
7%
debentures C (quar.)__—__—.——
$134
:
!
6V4% debentures D (quar.)____
—
$1%
Schenley Distillers Corp., 5Vi% pref. (quar.)
$1%
Scott Paper Co., $4.50 pref. (quar.)
"S $lVa
$4 preferred (quar.) —____
_____—
$1
ficranton Electric Co., $6 pref. (quar.)
- $1V2
Louis
i$lV2
______
preferred
dividend
Stock
*
6%
St.
12-15
12-20
12-20
12-17
Sunray
■'"'•••
"f
20c
1- 2
1- 2
12-29
,
$75c
(s-a)
;
Sudbury Basin Mines, Ltd.
Sun Glow Industries (quar.)
12-24
1-15
12-31
tl5c
—
(Toronto)
Corp.
& Fuller Co.
Stix-Baer
12-22
1-2
80c
$1V4
___.
Engineering
Trust
;
12- 9
12-23
12-15
preferred (quar.)
conv.
Products
3- 5
2- 2
12-17
1-2
.1-2
12-31
$3
$2
(Boston)
7%
preferred
(quar.)—
Strawbridge & Clothier, 1%
,
125c
v
r___
12-16
1-
25C
..
3-14
2-16
12-30
40c
3iy4c
75c
—
5
—i—
United
;
(quar.)
pref.
(L. S.)
Sterling
'
t$l%
5%
Works,
preferred (quar.) —
Bros., Ltd. (quar.)
6%
Steel
1-10
1-10
8t. John Dry Dock &
-—______
Street Trust Co.
5%
12-26
1- 5
1-2
1-15
1- 2
25c
$1
$3
-t
$3
50c
pref. (s-a)
(year-end) _______
Stedman
'
(quar.)-
A
12-31
12-31
12-20
12-19
(quar.)
Stecher-Traung Lithograph Corp. (year-end)
State
1- 2 * 12-20
'1- 1
12-20
1- 1
12-20
'1- 1
12-10
12-29
12-10
3-31
3-10
1- 2
12-20
$1%
$1V4
12-31
1-10
1-10
1- 2
12-29
6%
Spring
Co. (year-end)
State Bank of Albany (quar.)
2-20
2-28
52
/;
(quar.) ; • ;
1st pref
6V2%
Telephone,
Rochester
v
1-20
1-15
tlOc
tlOc
Steel
Starrett
12-13
1- 2
1-20
t50c
(quar.)-—.—
partic. class A preferred
$2
Rochester Button Co.
Extra
—
12-15
Wholesale Phos. & Acid Wks., Inc.—
Stanley
Riverside & Dan River Cotton
6%
1- 1
U.
of Rec.
1-
37 ^c
•
■
Fiaeiity & Guaranty Co, (Bait.) (quar.)
Extra
T/o
$1V4
Quarterly
2-1
2- 1
20c
Paper Co.
Standard
1-16
(quar.)
Standard
1-17
1-15
1-15
\
(quar.)
Screw Co.,
preferred (quar.)—_K~—___■
United Specialties-Co.
(quar.).
<5%
U. S.
Holdert
Pay'ble
62V2c
(quar.)„__
United Shoe Machinery, common
U. S.
Standard
$iy2
$lVi
$1%
(quar.)
B
1-23
(quar.)__
(quar.)_
preferred
Class
1-31
___
River Raisin
5%
12-20
(Ohio)—-
Standard Radio, Ltd., class A
,
8c
15c
15c
preferred B (quar.)___——.1—___
Republic Steel Corp.
6% prior preference A (quar.)
6% preferred (quar.)_
.—
Reynolds Metals Co., 5Va% conv. pf. (quar.)
Rhinelander Paper Co. (year-end)
Rice-Stix Dry Goods, 7%
1st pref. (quar.)_
7% 2nd preferred (quar.) ______—:______
Richman Brothers Co. (quar.)
—_;
Richmond Water Works, 6% pref. (quar.)
Richs Inc., 6V4%
preferred (quar.)__
Oil Co.
Standard
1-31
12- 8
2-20
12-31
t$l
"____
pref. (accum.)
Ltd., 6y2%
Standard Fuel Co.,
1-30
1- 2
3-16
75c
—
(quar.)
(Trenton)
Co.
Ins.
1- 1
a5 sh.
10c
$l'/a
J50c
(in¬
(quar.)
—'___.
Standard Chemical Co., Ltd. (irreg.)
Fire
1-15
When
e.,». Share
of Company.:
Name
,
$3J/2
Ltd.
;____
Standard
12-31
2- 2
■
preferred
$4.50
1- 2
$iy4
"Per
Holdert
of Reo.
;
.
•'
Africa,
Standard Brands, common
12-15
6%
South
of
1
t
,.
$l'/4
preferred (quar.)__
conv.
terim)
1-1
_______—
Bank
Standard
$4
—
(quar.)————_____________—.,'
A
'
,
10c
(s-a)—,
& Saratoga RR.
Rensselaer
1-2
12-29
,
When
Pay'ble
"
Per
Share
a
.
.
of Company *
Squibb (E. R.) & Sons-$5 preferred, series A (quar.)!
Staley (A E.) Mfg. Co.—
7% preferred (semi-annual)
12-17;
1-2
12-15
12-26
12-23
25c
Remington
"
12-31
12-20
12-16
12-16
12-18
12- 8
—»»———
preferred (quar.) _—
__
(111.), 7% preferred (quar.)
Rand, Inc., common (interim) __
$4.50 preferred
(quar.)___
Rensselaer Co. Bank & Trust Co.
(N. Y.)
6%
1-20
1- 2
1- 2
12-31
1- 8
1- 1
87V2c
12V2c
$2 preferred (quar.)
Ray-O-Vac Co., 8% preferred (quar.)
Reading Co., second preferred (quar.)
Reading Gas Co. (Pa.) (s-a)—
_
Real Estate Loan Co. of Canada (s-a)
Realty Mortgage Co., non-cum. pfd. (yr-end)
Reed Drug Co., class A (quar.)
Reed-Prentice Corp., 7% preferred
(quar.)
Reliable Stores Corp., common <quar.)_____
Rayonier, Inc.,
Extra
r
,
Name
20c
37V2c
50c
50c
50c
$1 Va
$$1
$1
8%c
—
.
,
Square D Co., 5%
—
.
.
.
Holder!
of Rec.
t
s
.
—_—.
When
Pay'ble
Per
Share
r
Name of Company
Saturday, December 27, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
1696
50c
12-30
•Transfer
tOn
books
not
closed
for
this
dividend.;
account of accumulated dividends.
IF
tPayable in Canadian funds, tax deductible at the source.
Non-resi¬
tax, effective April 30. 1941 increased from 5% to 15%.
Resi¬
dent
50c
1- 2
12-20
dent
tax remains at 2%,
a
Less British Income i!&x.
THE COMMERCIAL & FINANCIAL CHRONICLE
Nurfiber 4025
Volume 154
''
I*"'
*■ if1
'
'
"»•>
\
^
1
.
,
,
'
'
.
,
.
.
' '
1697
.
•
•
.
.
■
,
,
General Corporation and Investment News
RAILROAD
-
PUBLIC UTILITY
$2
non-cumulative
a
convertible
Sept.
dividend of 65 cents per share on the
1936.—V.
153, p.
Alabama
Co.
Plans
Bond
Dec.
22.
as
Comparative table
years.'follows:
Week End.-
proposals affecting the debenture stock and bonds of this
become operative and binding.
attention of the holders is directed
now
The
the
proposals:
(1) The instalment
y
to
com¬
'
the
following effects
of
'
of interest originally due on Dec.
with simple interest thereon at the rate of 5%
Dec. 31, 1941.
payable,
on
31,
per
is
1932,
20
-V.
1941.
accrued
x.
..
interest
payable
with
the coupon
will be 45%
of the
amount.
face
payments In London will be subject to deduction of 10 shillings
pound for British income tax.
Payments to debenture stock
holders resident in Canada registered on either register will be subject
All
the
on
to
deduction for national defense tax.—V. 144, p. 4164.
5%
154,
,7;'
Alleghany Corp.—Suit Filed—
Judgment was filed Dec. 22 in Federal Court
George A. Ball, Muncie, Ind., defendant in a
$5,000,000 damage suit
involving disposition of Alleghany's stock.
Plaintiffs in the suit are Robert R. Young and Allan P. Kirby and the
Seaboard Co., Ltd., of Nassau, the Bahamas.
The suit
charged Mr. Ball"artificially and illegally" raised the
marlot value of Alleghany shares $5,000,000 before selling to the
A
motion
for summary
Indianapolis
by
>
plaintiffs in 1937.
Thq motion asks the court to rule that the plaintiffs are precluded
from recovering damages on 1,200,000 shares of stock which were left
in the hands of the George and Frances Ball Foundation as collateral
for a $2,375,000 note given as partial payment for the stock.—V. 154,
p.' 1145.
; •
-.
:
•'.
" .. ."
•" >.
"
Net
.
^
47,052,000
43,911,000
60,839,000
46,947,000
62,722,000
56,160,000
47,564,000
42,701,000
38,240,000
share, with a concession of two points to members of
NASD.—v. 154, p. 1628. ; ;
, J
a
.
38,733,861
60,347,891
Canadian Pacific Ry.—Earnings—
1941
1940
$4,767,000
$3,736,000
Week Ended Dec. 14—
Gross
The
directors
earnings (est.)
154, p. 1490.
.
.
Central States Edison, Inc.—Bonds
have
declared a dividend of 60 cents per share on
on the 6%
cumulative preferred stock, par
to holders of record Dec. 24.
A distribution of
30 cents was made on March 31, last.
Total payments on the preferred stock will amount to 90 cents per
share, the same as in 1940.
Arrearages on Oct. 1, 1941, totaled $2.70
of accumulations
account
share.—V.
per
153,
p.
980.
V
.
The
Dec.
Atlantic
net
19
Utility Service Corp.
or
12.9%
p.
1629.
electric
output of the
(kwh.).
This
production of 113,778,351
;;• y
above
'
1,
Atchison Topeka & Santa Fe
Central Vermont Ry., Inc.—Earnings—
'
units
%
,
r
Average miles of road
Freight revenue
Passenger revenue
154,
ago.—V.
year
a
All
,
p.
.V..;
1629.
This
Dec.
the
over
consisting
total,
period
loaded
last
>ear,
on
line
and
the total was 50,773,
received from connec¬
y:
wnen
18,145
1590.
Stores
Brothers
G.
5,000
4,000
Otis & Co
Net
4,000
Hornblower & Weeks__
Inc.—
The First Cleveland
154,
$1
company
on
last;
15,
and May
11
Dec. 24
stockholders
Nov.
on
deductions
leased
240,777
roads
___________
L.
667,785
—,—-
$288,686
——.
Sheet
physical property
in
affiliated
—
companies
Dec.
31
Dec. 31, '40
Sept. 30, *41
$24,302,853 $24,377,016
1,378,324
1,390,919
13,001
13,001
21,016
21,016
——
Investments
1,018,639
—
Special
1,926
336,116
3,040
113,974
278,324
deposits
Traffic
&
Net bals.
Misc.
service
car
from
rec.
accounts
Materials
Other
&
receivable^...
106,539
305.664
841,630
618,103
13,906
._
Murphy & Co
1,164.
10,704
13,007
13,695
193,706
assets
—_.
debt—
unadjustable debts
1,500
—
152,495
1,500
$29,317,027 $28,622,338
Total
Liabilities—
1,000
$10,000,000 $10,000,000
Capital
stock
1,000
Grants
in
Stein Bros. & Boyce_—
1,000
Funded
Vietor, Common & Co.
1,000
affiliated companies—8,903,084
Traffic & car service balance payable—
——
Audited accounts & wages payable
418,853
Miscellaneous accounts payable
12,389
Interest matured unpaid
1,889
Unmatured interest accrued
223,255
F.
Rothschild
Henry
Herman
&
&
Corp.Co
500
Co
paid
year-end dividend of 50 cents per
18.
Previously the company paid
Aug. 13, last, and 25 cents each on
a
cents on
of
aid
debt
124,674
construction——
unmatured
17,306,000
——
Non-negotiable debt to
the
680
30,583
—.—154,048
depreciation, equipment—
—
2,691,870
Other unadjust. credits
——_—
423,466
Additions to property through income & surplus
3,603
94,575
2,687,938
346,441
3,603
11,260,015
11,502,427
liabilities
current
Other
14, 1941.—V. 154, p. 1260.
deferred
Tax
Bartholomew
—
liabilities
—
liability
Deficit
Ford
W.
J.
8,740,948
157,630
312,884
39,876
2,040
28,878
248,015
rents
accrued—,
124,674
17,306,000
833
78,242
234,836
Unmatured
Other
A.
Brickley recently presented to Judge
of the U. S. District Court at Boston a petition
seeking to have set aside the court order enjoining
the company from filing a plan of reorganization.
Judge Ford denied
the petition.—V. 154, p. 1145.
Attorney
10,791
450
5,907
advances—
fund
on
74,641
437,340
—
assets
fund
deferred
Other
balance
agents & cond
receivable——
supplies—
current
Working
Other
Boston Terminal Co.—Petition Denied—
of
1,026,318
2,889
—.
"y>, :1
841,250
investments
Other
Accrued
Francis
689
■
profit
Miscellaneous
of record Dec.
50
for
14,864
$1,197,937
charges..
& equip, property,—
Improvements on leased railway propertyDeposits in lieu of mortgaged property sold.
Border City Mfg. Co.—Year-End Dividend—
The
share to
fixed
for
income.
from
Road
1490.
p.-
$1,212,801
deductions
Assets—
1,000
2,500
2,500
2,000
path
;—.
1,000
M.-P.
Co.
167,295
$1,181,277
31,524
income—
y"''' Comparative General Balance
% %
1,500
Bear, Stearns & Co
R. S. Dickson & Co., Inc.—
4,000
;
Hallgarten & Co.—
Auchincloss, Parker & Red—V.
Emanuel &
247,473
—
,—______—
'
Shares
7,500
$1,596,045
deductions
Other
purchase,
7,500
Becker & Co.,
248,453
—
available
Discount
Blyth & Co., Inc
Clark, Dodge & Co
G.
$1,844,498
—
consists
Shares
A.
operation
income,—,———,———
charges—rent
Interest
follows;
Dominiek & Dominick
2,231,976
16?,727
income
Income
maximum number of shares of common stock which each may
Lehman
816,828
——
103,061
operating
Miscellaneous
principally of the retail sale
of men's and students* clothing at 59 stores located in 48 cities and
the manufacture of most of the clothing sold at these stores.
The
corporation also sells at retail men's haberdashery, furnishings and hats.
In the past five years, the number of stores has increased from 34
to 59 stores.
Manufacturing plants of the corporation are located at
Rochester, N. Y., and at New Brunswick, N. J.
Underwriters—The names
of
the
principal underwriters and the
as
equipment—
income
Fixed
are
722,113
way
from railway
accruals ;
railway
Total
Bond Stores, Inc.—Common Stock Offered—Offering
of 50,000 shares common stock (par $1) was made after
the close of the market Dec. 23 by a group headed bv
Lehman Brothers and Wertheim & Co.
The price was
$18.25, closing price of the stock on the New York Stock
Exchange.
The shares being offered are outstanding
shares owned by Benjamin J. Friedman, President of
Bond Stores, Inc., and none of the proceeds from the
sale of the stock goes to the corporation.
VH-i'^
Bond
351,829
$5,881,203
revenue
Other
;
of
314,68ft
railway operating expenses—,—
Net
:
business
422
$5,214,688
—
—
Railway operating
Equipment rents
Joint facility rents
During the preceding week (the week ended Dec. 13) the total was
59,079, including 38,236 loaded on line and 20,843 received from con¬
nections.
For the same week of 1930 the total was 48,108, comprising
32,413 loaded on line and 15,695 received from connections.—V. 154,
The
»
expenses
Net
This was an increase of 8,741
of
tions.
p.
of
Other
of freight during the week ended
cars were loaded on line and
cars
of 32,628
i
operated,-,.-
Transportation
37,760
this
same
of
Maintenance
Traffic
y^y.,;:';,/;"
21,754 were received from connections.
cars
#
operating revenue
Railway tax
Of
1941.
interest.
RR.—Carloadings—
handled 59,514
company
20,
revenues
Maintenance
stock,
154,
other
Railway
Ry.—$1 Dividend—
a
dividend of $1 per share on the com¬
payable March 2 to holders of record Dec. 31, out of
accumulated surplus for the 12 months ended June 30, 1941.
A similar
payment was made on Sept. 2 and on Dec. 1, last, and on Dec. 27,
1940.
The previous payment on this issue was $2 on Sept. 1, 1937.—
V.
collateral trust
drawn by
1941
Earnings for the 9 Mos. End. Sept. 30,
directors have declared
The
mon
Called—
its 15-year
Payment will be made at the Office of the trustee, The Cnase National
Bank, 11 Broad St., N. Y. City.—V. 154, p. 1375.
/
reports that for the week ended
Associated Gas & Electric group
is an increase of 14,662,151 units
128,440,502 units
was
corporation is notifying holders of
bonds that $100,000 principal amount of the issue have been
lot for redemption on Feb. 24,
1942, at par and unpaid
"
Associated Gas & Electric Co.—Weekly Output—
"
This
payable Dec. 29
$10,
&
Co., Inc. offered .after the close of the stock market
Dec. 22, 2,000 shares of common stock (no par) at $95
5,524,224
5,719,836
1591,
154, p.
Arkansas Natural Gas Corp.—Accumulated Dividend—
.
Feb.
Co. of America—Stock Offered—Blyth
22,389,448 276,365,487 223,790,418
16,865,224 216,017,596 185,056,557
21,573,130
revenue
-V.
-
.
—
$
$
$
$
27,292,966
42,206,000
—V.
.
Aluminum
1941—11 MOS.—1940
1941—Month—1940
1937
45,697,000
Wertheim & Co
at
regular quarterly dividend of $1.25
preferred stock, payable
3883.
for the last
1938
55,661,000
56,234,000
56,222,000
58,130,000
60,466,000
73,316,000
73,792,000
1589.
p.
energy
1 QQO
1940
Baltimore & Ohio
.
31,
the
—_
Operating revenues
Operating expenses
annum,
half-yearly instalment of interest originally due, or to become
due, half-yearly after Dec. 31, 1932, up to and including Dec. 31, 1950,
will
be payable
with simple interest thereon nine years alter its
original due date. Each instalment of interest originally to become due
on
June 30,
1951, and half-yearly thereafter, will be payable with
simple interest thereon on Dec. 31, 1959.
(2) The Algoma Central & Hudson Bay Ry. has the right to pur¬
chase, with any moneys from time to time found available therefor by
the joint committee constituted under the proposals, debenture, stock
and
lor)
bonds of Algoma Central Terminals, Ltd., either in the
market or by tender; or alternatively the right to cause the Terminals
Co. to redeem with such available moneys the said debenture stock
and (or) bonds, or any part or parts thereof, in accordance with the
provisions for redemption attaching thereto, except that such debenture
stock and (or) bonds shall be redeemable at 125%, which price shall
constitute full satisfaction of all rights whatsoever in respect of the
debenture stock and
(or)
bond so redeemed/whether arising there¬
under or otherwise howsoever, other than any unpaid instalment of
interest that may have become payable as stated above.
The instalment of interest payable Dec.
31, 1941, will be paid as
follows:,'
y" -yV
Checks will be mailed on Dec. 29, 1941, in England, to debenture
stock holders on the London Register, and in Canada to those on the
Montreal Register.
In the case of bonds Coupon No. 3 will be paid on Dec. 31, 1941, at
the chief office of the
Bank of Montreal in London, England, in
sterling, or at the holders' option at the chief office of the Bank in
Montreal, Canada, in Canadian dollars at the rate of exchange of
$4.8665 to the pound.
Company will, not pay interest on coupon after
The
weekly output of electric
71,268,000
13—
Dec.
Each
Dec.
declared
Canadian National Ry.—Earnings—
v-'Vi.'/''''".-;'\
69,136,000
6
Dec.
Algoma Central Terminals Ltd.—Bond Plan Approved
pany, which were approved by extraordinary resolutions of the holders
of the debenture stock and bonds at the meeting held Novl 20, 1941,
of
1941
29__—.
Dec.
follows:
$10,036,950 to the redemption on March 1, 1942, at 105, of
$9,559,000 5% first mortgage 30-year gold bonds, due 1946;
'
(b) $18,142,500 to the redemption on June 1, 1942, at 102%, of
$17,700,000 5% first mortgage lien and refunding gold bonds, due 1951;
(c) $5,558,140 to the
redemption onv May 1,
1942, at 101%, of
$5,476,000 5% first mortgage lien and refunding gold bonds, due 1956;
(d) $48,315,370 to the redemption, at 101, of $47,837,000 4%% first
and refunding mortgage gold bonds, due 1967;
i
/
,<e) $15,450,000 to the redemption, at 103, of $15,000,000 5% first
and refunding mortgage gold bonds, due 1968;
■
<f) $1,840 to the redemption of $1,600 of 6% Electric Light System
refunding bonds, due serially to July 1, 1945, of the Town of Headland
(assumed); .•
';i.\•.
■.
■ ;-v,..•
(g) $17,350 to the redemption of $10,000 of 1%
30-year funding
bonds, due 1952, of City of Ozark (assumed).—V. 154, p. 1589.
have
also
Period End. Nov. 30—
1940.
five
(a)
The
of
Nov.
The company will offer $80,000,000 of new bonds, maturing in 1972,
through competitive bidding.
/";>
The net proceeds from the sale of the bonds, together with the
proceeds of bank loans aggregating $12,000,000 and treasury funds,
will be applied to the retirement Of the company's entire outstanding
mortgage idebt
American Water Works & Electric Co., Inc.- -Output-
week
-Company plans to retire all its outstanding mortgage debt under a
proposed financing program submitted to the Securities and Exchange
Commission
directors
per share on the outstanding 7,500 shares of
Feb. 2 to holders of record Jan. 9.—V. 151, p.
Output of electric energy of the electric properties of the company
for the week ending Dec. 20, 1941, totaled 73,792,000 kwh., an increase
of 17.65% over the output of 62,721,900 kwh. for the corresponding
Redemption
$80,000,000 Bond Issue Filed With SEC—
—
p.
MISCELLANEOUS
-
The
16, 1940, and 25 cents on March 30, June 29 and
The previous payment was 25 cents on March 31,
1100.
'
1940.
154,
INSURANCE
-
stock,
540.
Power
Dec.
on
30,
1938.—V.
payable Dec. 29 to
holders of record Dec. 24.
A distribution of $1 was paid on this issue
on Dec. 27, last
year.
The previous payment was 60 cents on Dec. 23,
preferred
cents
75
Air Investors, Inc.—65-Cent Dividend—
The directors have declared
INDUSTRIAL
-
-
—
—
company
Total
—V.
$29,317,027 $28,622,338
-
—
154, p.
1629.
American Manufacturing Co.—$1.50 Common Dividend
"The directors have declared a dividend .of $1.50 per share on the
common stock and the regular quarterly dividend of $1.25 per share
on
the preferred stock; both payable Dec. 31
to holders of record
Dec. 19.
'
'
\
'■<. '
On Oct. 1, last, a distribution of 75 cents per share was made on
the common stock, which compared with 50 cents on July 1 and 25
cents in preceding quarters.—V. 154, p. 1528.
Calamba
.
checks
The
clared
of
holders
Dec.
23,
The
ruled
the
on
Sugar Estate—Dividend Ruling—
in
record
share
company
on
the
on
extra dividend of 50 cents per
stock to holders of record Dec. 6.
The regular
15
Dec.
common
paid an
quarterly dividend of 25 cents per share has been declared on this
Issue, payable Jan. 1 to holders of record Dec. 20.
An extra of 50 cents was paid on Dec. 14, 1940, and one of 25 cents
on Dec.
15, 1939.—V. 151, p. 3385.
American Service Co.—Accumulated Dividend—
The
company on Dec.
account of accumulations
of
holders
record
Dec.
23
paid
a
dividend of $5.50 per share on
on
the $3 cumulative preferred stock to
This compares with $2 paid on Dec. 23,
1939, and on Dec. 23, 1938.—V. 151, p. 3225.
Dec.
on
a
year-end dividend of 50 cents per
payable Dec. 29 to holders of record
This compares with 25 cents paid on Dec. 15, last; 75 cents
have
declared
common
stock,
directors
23.
Sept.
the
15,
last;
25
1941
:?■
,y
1941.
distribution
for
said
settlement
deemed
on
of
of
cents in
each of the
two preceding quarters;
from
Net
ry.
per
distribution
Dec.
30,
directors
have
declared
quarterly dividends
of
$1.75
per
Like
amounts were distributed on the said
April 15, July 15, Oct. 15 and Nov.
33,232,972
26,738,924
The directors
addition to
the
' 6,384,315
3,463,653
"
:
ry.
45,272,707
inc
oper.
37,427,291
Bonds Called—
stocks on Jan.
15,
Bronze
Co.,
.
Ltd.
—
Extra
Dividend
;
of
102%%
at
redeemed
'
at
the
their principal amount.
The drawn bonds will be
office of the sinking fund trustee upon presentation
and
surrender on and after Feb.
the
bonds
On
Of
fund trustee, is notifyimprovement mortgage 3%%
Morgan & Co. Incorporated, as sinking
p.
ing holders of C. & O. Ry. refunding and
bonds, series E, due Aug. 1, 1996, that $90,000 principal amount of
these bonds have been drawn by lot for redemption as of Feb. 1, 1942,
15, last.—V. 154, p. 1490.
Dec.
p.
for
after
the
redemption
1942.
date.
2,
No interest shall accrue on
1941, $12,000 principal amount of the bonds previously
redemption had not been presented for payment.—-V. 154,
22,
1261.
y
have declared an extra dividend of 50 cents per share
the regular quarterly dividend of 37 % cents per share
outstanding 80,000 shares of common stock, no par /value, both
An extra of 50 cents
payable Feb. 2 to holders of record Jan. 9.
per share was also paid on the common stock on Feb. 1, 1940 and 1941.
on
inc..,—_
from
drawn
Canadian
in
4,397,702
3,136,084
Net
share
on the 7%
preferred stock, $1.50 per share on the 6% preferred stock,
and $1.50 per share on the 6% preferred stock, series of 1927, all pay¬
able on account of
accumulations on Jan. 15 to holders of record
31.
1938
$10,058,293
97,433.225
38,473,120
j.
Dec.
1939
4,260,350
oper.
From Jan. l—
Gross
California Oregon Power Co.—Accumulated Dividend
The
1940
railway— $13,254,350 $10,843,851 $12,172,453
railway—
5,960,828
4,744,221
5,761,442
railyay— 138,084,265 122,922,913 109,150,698
Net from railway--—
665,087,099
54,699,531
46,153,902
■
share on Dec. 29, 1941, and that all due
covering deliveries after Dec. 12, 1941, in
made prior to Dec. 29, 1941, must be re¬
1941.—V. 154, p. 1591.
$4
from
Net
transactions
50 Cents—
on
16,
1941
November—
Gross
Committee on Security Rulings of the New York Curb Exchange
said common stock be qupted "ex" the above referred to
bills
American Steel Foundries—Year-End Dividend—
The
Chesapeake & Ohio Ry.- -Earnings—
$4 per share cash distribution de¬
payable on Dec. 24, 1941, to stock¬
(at San Francisco), were mailed on
11.
1940, and $3 on Dec. 20,
share
Dec.
of the
stock to be
that
cash
American Optical Co.—Pays Extra Dividend—
.The
payment
common
Chicago Burlington & Quincy RR.—$2 Dividend—
The directors have declared
mon
stock,
distribution
Dec.
27.
payable Dec.
1938.
a
dividend of $2 per share on the com¬
29 to holders
of record Dec. 19.
A similar
Dec. 26, 1939;
made on this issue on Dec. 24, 1940;
and Dec. 28, 1937.—V. 154, p. 1300.
was
Paul & Pacific RR.
Milwaukee
Chicago
Cars
—
Loaded Increase—
Saturday, December 27, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
1698
Erie RR.—Distribution of New Securities—
twice the number of 5%%
stock.
The reorganization managers announce ttiat distribution of the new
and Estabrook & Co. are
securities and payments of cash provided for in the company's plan
named in the registration statement as the principal underwriters.
of reorganization has been authorized by the U. S. District Court for
The amount of net proceeds to the company and specific ^applica¬
the Northern, District of Ohio, Eastern Division,,,'".
tion thereof will be revealed in amendments to the registration state¬
Accordingly, New York & Erie RR. second and third mortgage bonfls
ment.
When the company announced approval of its financing pro¬
wilL-be paid-In .cash, with interest to Dec.1 26,-at the-New York offiee
gram by stockholders earlier this month it stated that the new shares
of the Erie RR..
7-*
\¥
would
be issued to retire all presently outstanding 5% %
preferred
To carry out
the specified exchanges, the following bonds shoujd
stock and to
obtain new funds for expansion of present facilities.
be deposited at the New York office of Chemical Bank & Trust Cd.:
The company plans to acquire or redeem all the 5 Va % preferred 7 stock
Erie RR. prior lien 4s, ,1996; general lien 4s,
1996; general mortgage
outstanding by March 1, 1942.
•»
"* -^'convertible 4s' (an series);' 1^5^; rexunumg and improvement 5s (both
The $2.25 preferred stock to be offered in exchange for. the .SViVc
series);- Erie & Jersey RR. -6s, 1955, and Genesee River RR. 6s, 1957.
shares outstanding will be redeemable in whole or in part by lot at
Deposits of first preferred, second preferred and common stock, or
plus an additional amount equal to
shares
preferred shares not exchanged for new
Chas.
Co.,
&
Putnam
& Co.,
Scranton
W.
.
.
of
Revenue
Milwaukee Road and received from con¬
loaded on the
cars
period were:
1941—96,249 cars
1940—88,359 cars
during the
nections
Dec.
1
to
21,
Dec.
2
to
22,
Nov.
1
to 22,
line
Dec. 13, '41
Dec. 21, '40
17,551
17,303
14,950
14,140
13,116
11,578
L
— —_
.
v
Dec. 20, '41
——/J
_
„
'
154, p. 1491.
Ry.—Cars Loaded
& Northern Western
Chicago
Connecting
loading days).
loading days).
(18
(18
1941—102,016 cars (18 loading days).—V.
Week Ended—
On line
22,645
22,685
loaded
cars
21,'40
19,840
Dec. 20,'41 Dec. 13,'41 Dec.
Week Ended—
No.
or before March i,'1947, and thereafteif at $56
accrued dividends in each case: " The redemption
preferred stock to be offered publicly will be sup¬
plied by amendment to the registration statement.—V. .154, p. 1491,
; ,,
$57.50
of
features
-V.
26,528
30,419
31,631
Total
share
plus
per
share,
per
on
York
Federal
Inc.-r-Output—
Consolidated Edison Co. of New York,
Chicago Rys.—Six Months Interest—
ended
Aug.
1,
& Pacific Ry. — Court Orders
Why Reorganization Should Not Be Ap¬
Cause
proved—
Michael
Judge
Dec.
entered
9
of
Igoe
L.
an
in the reor¬
parties, interested
all
at Chicago
Court
Federal District
the
directing
order
ganization of the company to show cause on or before Dec. 31, 1941,
why the reorganization program drawn up by the Interstate Com¬
merce
Commission should not be disapproved and referred back to
District
Federal
This
order was entered
Court
company
Circuit Court of Appeals,
which reversed District
Court
and
ICC
approval of reorganization plans for the Chicago
Milwaukee St. Paul & Pacific RR., on the ground that in drafting its
the
by
.
1948,
15,
terminate
will
of
the,
at
Feb.
1942, the redemption
$21,071,600 of these
4,
Objections to the plan also were
revamping.
•/posed
of convertible bonds on the ground
of their holdings should be reconsidered in the light of
of
$32,000,000
voted by holders
that the equity
higher earnings.
the Rock Island
directed interested parties in
proceeding to "set forth upon what points findings by the Commissionare
necessary
in order to comply with the principles stated by the
also
Igoe
Judge
in its opinion."
Court
Circuit
Car
It
1529.
p.
Erie RR.—Plan Operative—
:
declared oper¬
U. S. District Court for the Southern District of Ohio,
and the cash and securities for exchange and dis¬
tribution under the plan are now available at Ohio National Bank,
30 East Town St., Columbus, Ohio, the depositary appointed by the
the
by
Division,
court for
/
of distribution.—V. 152, p. 2545.
purposes
stock,
Erie
30
The sale
f
holders of
to
Counsel
road
the
for
Dec. 7.1
on
:
Coal
Commission
told the
that the
St. Louis, attorney for the Missouri Pacific,
it
as
hearings
began
plans
reorganization
on
&
directors have
The
30
cents
30
cents
value,
1939.—V.
154,
of 20 cents was also paid on Dec. 27,
.v/.
An extra
quarters.
previous
538.
p.
Commonwealth Edison Co.—Weekly Output—
increase
*
RR.,
and
RR.
Tioga
154,
Clarion RR.
the West
1630.4
p.
Stove
Year-End Dividend—Pays
' / /,
; \
i,'; '7;
Co.—$1.50
">
Sept.
50% of the D. & R. G. W. common stock, should
opportunity to purchase a similar amount under the reor¬
,
;
at
>
31,
directors
15
Dec.
on
to
50 cents In each of the
and
1940,
voted
last; $1.50 on Dec.
preceding quarters.
The
for
a
30,
three
to
declared
have
pay
-.
Dec..
-,V.
Gardner,
and
Mass.,
168,275,000
157,437,000
6.9
153,000,000
151,555,000
152,012,000
11.3
9.2
6.1
165,469,000
161,255,000
4'. 154,~p~.~l593.
'
i.■7:/ *"7;"
Commonwealth &
~ (*
v:./;/-/' 7 ^47/7" 'V'
1939
Southern Corp.—Weekly Output—
(& Subs.)—Earnings—
Consolidated Earnings
Cost
for 28 Weeks Ended Nov.
sales, less returns and
;
15, 1941
in
19.
instead of Dec.
551,924
Experimental
_
—
expense
and general
Administrative
42,475
——
expense-
.
:
113,077
;
income
on
—
on
Officers life
Federal
For
for
stock tax„
expenses
•_
„•
&
Ebasco
of
Operating Subsidiaries of
'' :
Power & Light Co.—__
National
Tbe
Balance Sheet, Nov.
Assets—Cash,
$828,466;
accounts
$224 607;
notes
and accounts
15,
The
property,
$43,997;
Liabilities—Notes
and equipment
patents and goodwill, $1;
payable,
plants
$464,437;
accounts
surplus,
p.
Notes
1, July
1
cents
in each of the three preceding
1, 4ast;
Oct.
and
60
Erie Lighting Co.—Earnings
12 Mos. End.
operating
y
,
V.c
-7
,
■
Provision
Accounts
$132,869;
for retirement
of fixed
-
$465,550;
earned surplus,
$559,869; total, $3,823,471.—V.
150,
Interest
164,424
Dr80
135,115
Registers 336,088
statement covering 336,088 shares of new cumulative
preferred stock (no par) was filed with the Securities and Exchange
Commission Dec. 24.
The stock has a stated value of $50 p®r share.
The shares registered comprise $2.25 cumulative preferred stock in
the amount of
136,088 shares to be offered to holders of the 68,044
preferred shares ($100 par), on the basis
of two shares of new stock in exchange for each old share, and $2
cumulative preferred stock for sale to the public, consisting of 200,000
presently outstanding 5 % %
debt
of
assumed
on
(mortgage bonds)
discount
interest
interest charges
'
income
228,400
and
10.041
:
i"Less
reserve
—
Outside
■"Net
Crl75
Cr593
:/
i-V
-t
4,314
r.,-
Operating gain
$452,343
income
New
$363,134
153,
p.
.
/
•"
-
'
;
After
&
reserve
for
$1,733,925
depreciation
151, p. 3559.
' "
■
>
•
%
Ending June 30, 1941—*
ores
$5,626,519
produced—
"4,568,069
-LUf—
$1,058,450
—_js
8,077
—l_
1,234
—:
York
subsidiary written off_,
;
and London
for
other
sOn
income
depreciation—
paid
•
33,277
10,000
303,119
952
:_
r
66,548
?.
1
■
—
conversion
uf
liabilities, June
Mexican .peso
30,
1941.
'
38,204
"1,834
2,847
$1,030,570
tax_
—
and excess profits taxes-
taxes—
Gain for. year
Dividend
■_
expenses—_1"_—Ll— 2—
U. C. capital stock
for
and
;
——
for Mexican
Reserve
"
$1,067,760
._/
_£L—
exploration
Provision
provision has been considered necessary
1129.
acconuts.
____
Provision
tax, under the Excess Profits Tax Act of
V.
doubtful
Balance
.4,501
for excess profits
1940, for the periods covered
by this statement.
The company has joined ivith others...4n. a-con¬
solidated return for the year 1940 which indicated no tax. liability and
will similarly join in a consolidated return for the year 1941.
It is
estimated that the 1941 consolidated return will show no tax liability.—
Note—No
121,140
exchange profit
Provision for
Net
for
Mining properties and investment in
4,526
11,491
'
7_:—i!_
12,472
12,472
————————
Total,. Jii_i*l—
-„14.876
1,136
4.049
deductions
732,231
Dividends received on investments.
10,138
13.917
expense——
companies__
111*716
600,000
984,198
w———t.———-
Miscellaneous income
230,600
—
,*./
.,
13
-
$639,091
A
^
charged to constructibn
Miscellaneous
Shares of Preferred Stock—
registration
long-term debt
Amortization
Taxes
Other
Co.
on
187,500
192,739
600,000
;
Operating/ shipping and selling expense—
$639,078
'
$713,606
:——-
_____
surplus
par)-:
/''yy/v •/."""* *"r Earnings Year
Gross revenue jrom metals and
118,827
;•
$713,687
•"
/_/_7_
Interest on debt to associated
Interest
Connecticut Light & Power
income
($1
(The) Fresnillo Co.—Earnings—
expense
Gross
96,638
Paid-in: surplus:
169,437
196,247,
—-
—__
11,306
120,429-
taxes
118.469
•
134,373
Operating income
income (net)
21,093
708,450
134,769
—T_
Other
stock
V Earned
8,756
13,809
serial notes
depostt; on barrels and cases.
Long-term
Customers'
"26*667
;
$2,274,351
-
759,613"*""
capital—d_"—
profits
7_————
for income
,
taxes—Federal income &; declared
excess
75,000
49,812
Accrued;':expenses
V Capital
$13,000
$17,300
$1 889,376
$2,103,114
A——
(net)
'
taxes
Capital- surplus
1940
1941
■
$1,733,926
30,246
>7;.
payable
Accrued
30
17,428
——
.
f
."IV
^—7.":"
Provision for
value
,l
'
revenues—
Operating expenses
(net)., $670,633;
total, $3,823,471.
payable,
Sept. 30—
29,187
—:
refunds—
tax
for
Provision
cents on Dec. 23, 1940. and
quarters:—'V: 151, fi. 3745. »'•."
1,672
1,300,396
payable, trade—
notes payabie_„
/ Serial
• s-
,.
•
1,442 835
assets.w-—
•7:v Liabilities—
year-end dividend of 60 cents per
a
1.005
-
2,020
,
$2,274,351
and class B stocks, payable Dec. 23 to holders of
This compares with 30 .cents per share paid on
Maintenance
2419.
A
recently declared
directors
6,620
%
,*v j'
22,174
257,199
'/v 522,879
_/_/!'__/_±_i__:—
receivable
1-Permanent
Co.—60-Cent Year-End Dividend—•
April
3,875
(net),
1940
$93,790
100,949
r^.__^
receivable
"Accounts
Claims
Amount
both periods,—V. 154, p. 1594.
17.
114,019
and taxes, $179,465; provision for Federal income
taxes,
$33,798;
notes payable
(non-current), $330,000; reserve for
Federal income taxes
(current year), $114,019; 7%
cumulative pre¬
ferred stock ($100 par), $269,100; 6%
cumulative class A preferred
stock ($100 par), $163,900; common stock ($5 par), $1,110,465; capital
accrued
not
do
figures
Dec.
2,639
receivable—trade
31
Balance Sheet Oct.
—Increase—■ -
'
1940
1941
,
''
share on the class A
1,234
accounts due from affiliated corporations, $21,255; sundry
(net), $12,162; inventories, $1,639,140; investments and other
assets,
$383,211;
deferred charges,
1
2,824
1941
6L000
19^1
.'-Deferred ' charges
Corp._r—;
<fe Light Co._:
Power
above
record
1 —— !" $211,273
_
—
Consolidated
5,002
y.y
surpluS-i-c-C""" / $984,198
(par $1)4 - 600,000
share—:—
$0.57
Mortgage
.
159,912
139,011
20 901
-15.0
78,680
69,703*%
8,977
12.9
109,589 ,, 93,162
16,427
17.6
include tbe svstem inputs of any com¬
American
2,025
^
75^000
per
Inventory
Other ."current ,assets_^
& Light Co.,
Electric Power & Light
8,149
:_
:
—
$807,231
60,000
outstdg.
.
25,178
Federal income and excess profits taxes
profit
*-
//
Services Inc.,, which are subsidiaries of
Electric Power & Light Corp.-and National
Lignt Co., as compared with the corresponding week during
companies
.
Gross
Net
$319,306
yy/y 327
$1,074,124
129,926
,
——Thousands of Kilowatt-Hours
$371,216
—————
insurance —/
capital
Provision
$541,441
interest
and
Comparative
18, 1941, the System inputs of client oper¬
week ended Dec.
the
Emerson Drug
Bank
Miscellaneous
288,645
'— —;•
$170,877
:;-Sv
Services, Inc.—Weekly Input—
Ebasco
38,926
loans——.
Adjustment of reserve for bad debts—retail branches—/—;
Maintenance of buildings not used in operations—:—
Interest
$30,661
314,304
Assets—
•.
—
allowed
$227,137
481,440 '
surplus
Earnings
"ex-dividend"
quoted
panies hot appearing in
Total
$325,463 *
$732,231 *- $481,441
$314,303
600,000"
600.000
600,000
$0.54
$0.38
$0.05
■Tnciudes $8,266 profit on sale of *fixed assets, -flnciudes $29,000
settlement of U. S. Process Corp. suit, and $926 additional 1939 Fed¬
eral income, tax and interest thereon.V' - - v •,. •
- ;■
Shrs.
stock "ex-dividend" as of Dec. 18, 1941, has been,
the corrected record date of Dec.-, 24, the stock
12y2C. per snare <m Dec. 23„ and transac¬
tions in the stock to and including Dec. 22 were on a "dividend-on"
basis.—V. 154, p. 243.
.
; ""
" r
was
73.912
732,231
tax
inc.
Total
"*4*042
73
,
96,638
$341,893
Earned.
thatvthe
$332,290
Operating profit
—
——__
Financial and management income
Discounts
original notification
class "B"
Based
6*2,598
*/
Fed.
1936
Charges to surplus
Dividends paid
1940, were as follows:
$1,039,767
—
—
expense
3,685
3,794
YL165
1—_____
income
on
,
Dec. 24<
Accordingly, announcement of the Exchange declar¬
dividend
B
,
profit on sales——————
Gross
Belhng
7,916
$100,18 /
120,429
--surplus
•U
:
.
and -.that said notification- snould nave, specified,
will be paid to stockholders of record 011
error,
class
the
record Dec. 24.
wi'ca 12'/2 cents
-<■
date of Dec. 19 specified in its
tion that the record
is
$2,895,169
1,855,402
——
9,805
/
income taxes-
Refund
has received notice from the corpora¬
York Curb Exchange
New
The
Power
allowances
sales
of
profit 2
charges
for
Net
quarters of 1940.
share in each of the four
ating
Gross
Prov.
dividend of 12 V2 cents per share on
a
stocks, payable Dec. 30 to holders of
wltn 2j ceato jja^ oa une 2a, raot,, ana
compares
American Power
Conn, Ltd.
declared
The directors have
class A and class B
canceled.
output of electric energy of subsidiaries of
this corporation adjusted to show general business conditions of terri¬
tory served for the week ended Dec. 18, 1941, amounted to 206,907,293
as
compared with 185,635,673 for the corresponding week in 1940, an
increase of 21,271,620, or 11.46%.—V. 154, p. 1593.
/
(C. G.)
$93,070
,
$373,080
:
•
1938
;
$363,276
.assets
Other
under one of
of securities
Previous
ing the
weekly kilowatt-hour
The
.
.
154,
participate—V.
will
111.,
Kankakee,
at
p-
,
Corp.—12%-Cent Dividend—
Easy Washing Machine
% Inc.
170,216,000
,13—
$60
employees of more than a year's service and $30 to those employed
five months. ' More than 2,000 employees in the company's plants
merits
discussing
paid for the latter line was exorbitant.
John B. Marsh of New York,
speaking for trustees
the liens
on
the Rio Grande,
urged that distribution
be made on a cash basis.—V. 154, p. 1376.
per
1940
1941
■/!/
;
bonuses of
Christmas
-
Tnis
Kilowatt Hour Output
Week End.—
(
•
.
totals of the past four weeks
comparisons with last year:
percentage
also approved
was
v....-1.
/.
year-end dividend of $1.50 per share
on
the common stock, payable Dec. 30 to holders of record Dec. 22.
This compares with 50 cents per share paid on March 31. June 30 and
.
of 1940.
the corresponding period
over
Following are the kilowatt hour output
and
:
-
'
electricity output of the Commonwealth Edison group
companies, excluding sales to other electric utilities, showed a 6.9%
of
%
fn reor-
properties
of consolidation Mr. Larimore contended
that a general distribution of reorganization securities among several '77" Fort Pitt Brewing Co.—Earnings—-%'■
railroads would result in lack of stabilization.
. .
1940
1941
Years Ended Oct. 31—
The Missouri Pacific, he told
the Commission, had an $11,500,000
$511,107
$576,343
Gross inc. from oper.__
investment in Denver & Rio Grande property, $10,000,000 of it in com¬
16,340
:f30,815
Other income
mon stock.
■
Vc, '
.v.//,.;/
W. B.
Campbell, Denver, attorney for the D. & R. G. W„ argued
$527,448
$607,158
in favor of a
complete reappraisal of the road's physical property
2,433
8,694
Interest
charges-^.
before acceptance of any reorganization plan.
1,756
17,399
Uncoil, accts. chgd. off
George D. Gibson, Richmond, Va., attorney for insurance companies
90,979 i
118,744
Depreciation
holding D. & R. G. W. securities, protested the plan to consolidate
Loss
on
i-ale
of fixed
with the Denver &
Salt Lake, contending that the amount to be
10,178
week's
East
,
the
declared a dividend of 50 cents per share on
par
no
A like amount was
22.
'
.
>
payable Dec. 27 to holders of record
paid on Oct. 1, last, which compares with
each on April 1 and July 1, 1941; 50 cents on Dec. 28, 1940:
on Oct. 1,
1940; 20 cents on July 1, 1940, and 10 cents in
stock,
common
Dec.
^
.
,
,
Dividend—
Collyer Insulated Wire Co.—50-Cent
■
.
acquisition by trustees of the
of the New York, Lake Erie &
by the Erie RR; or its successor
purchase
the
directors
The
ganization if it contained voting power.
•.
.♦« >•
Two
plans
were
before the Commission,. submitted by Examiner
M. S.
Jameson, after hearings in Denver.
One would call for con¬
solidation of the D.
R. G. W. with the Denver & Salt Lake Ry., the
other
would not.
,r
Without
"
the
stock
of
Shares of Preferred Stock-"
MOP, which now held
be afforded
•/"
•
and of the West Clarion RR.
RR.
and
of
Florence
-
specify that any plan of reorganization for the Denver &
Grande Western RR. retain voting power in its common stock?
•
H. Larimore,
authorized
13
by purchase
and authorized.—V.
Interstate' Commerce
the
■
of the Buffalo, Bradford & Pittsburgh
RR., Columbus & Erie RR., Erie & Wyoming Valley RR., Jefferson RR.,
Moosic Mountain A Carbondale RR„ New York. Lake Erie & Western
•!.
After Reorganization
asked
to
ganization,
...
:
•
Pacific
Rio Grande Western RR.—Missouri
RR. Wants to Retain Voting Power
control
of
Western Coal &
dividend of 40 cents per
a
SEC. .01® Dec.
The
.
.
H.
reorganization of the company has been
plan of
ative
Western
22 declared
payable Dec.
Dec.
on
common
Denver &
Rio
Lake
Cincinnati &
the
...
proved
of the Cleveland : &
the property
• .
had
which
properties
other
and
coal
acquisition of
,
Acquisition of Properties Authorized—
.7,
share
record Dec. 26.
This compares with 30 cents per share paid on this issue on March 25,
last; 25 cents on March 25, 1940; 15 cents on March 25, 1939, and
37 Vs cents on Jan. 3, 1938.—V. 154, p. 1190.
«♦*..V*?'
directors
The
on
certain
on
unprofitable, and the
Dividend—v/':' /
Davega Stores Corp.—To Pay 40-Cent
accomplished
Mahoning Valley RR."
»
the remainder will be
$10,600,000 on five-year serial bank loans and
taken from treasury cash.—V. 154, p. 1262.
has.been
railroads,
.
,*'*
"7
the company has arranged to borrow
finance the above operation
bonds are included,
the general mortgage income
on
the annual fixed charges amounts to about $9,380,000.
mainly by termination of leaseB on other
savings In
This
decided -to call
been
debentures.
the
of
$11,000,000
it -had
November that
last
announced
was
least
To
based
charges
the
Commission to
Dec. 13,'41 Dec. 6,'41 Dec. 14,'40
—28,277
27,355
25,181
""
'
" . //' 1
loaded
—V. 154,
The
/. '
Loadings—
Week Ended—
Cars
•'
;
If
.,
said to be outstanding at present
There are
date.
debentures.
.
the ICC had failed to establish findings on the valuation of
the property on which to determine value of outstanding securities.
In the case of the Rock Island the program of the ICC as modified
would
reduce
capitalization to
$268,127,410 from $458,000,000 and
eliminate
comgion
and preferred stock equity, whose holders have
claimed that almost $300,000,000 would be wiped out under the pro-
-•
,
'em rolling.'.■..>
;
10-year 2% %
convertible debentures due
Judge
Wilkin commented,
"While It cannot be denied that the
have been called for redemption as of Feb, 4, 1942,'fit'
/ reorganization has entailed loss to certain investors, yet it must be
102 and interest.
Payment will be made at the office of J. P. Morgan
conceded that such loss is
much less than the total loss which
all
& Co. Incorporated, 23 Wall St., N. Y. City.
The conversion privilege
investors would have suffered had reorganization npt been effected. . . .
close
business
program
.
from
; ;
releasing
Wilkin on Dec. 20 signed an order
bankruptcy at midnight.-/
.
:
• '%■/
Judge Robert N.
-t'
.
action
.
-
outstanding
the
of
All
Dec.
to the
sequence
a
as
•,
%
.
at
Commission.
the
the line
,
in the
1941,
Rock Island
Chicago
Show
months
the New
deposit for such stock,. should be made- at
P. Morgan & Co. Incorporated. : «.
..
Nothig that Erie's financial overhauling was completed in slightly
announced production of the electric plants, of its
less than four years,j the Judge termed this "an outstanding record of
system for the week ending Dec. 21, 1941, amounting to 165,700,000
^.expedition for'suca,cases," and continued:
kwh. compared with 164,800,000 kwh. for the corresponding week of
We .have
seen
an
incapac.tated unit of our national economy
1940, an increase of 0.5%.—V. 154, p. 1593.
restored to a position of health and usefulness—and at a time of great
need. : This court now vest$ in'the reorganized company the railroad
and all. its rolling stock, with the final war-time-Admonition, 'keep
Continental Oil Co. (Del.)—Debentures Called-The
amount of
2Va% on the reduced face value of $750 will be paid to holders of
record at the close of business Dec. 27, 1941, of certificates of deposit
for first mortgage 5% gold bonds due Feb. 1, 1927.—V. 154, p. 1375.
six
the
for
J.
of
office
Released From Bankruptcy—
,
154, p. 1592.
Interest
certificates of
of
$2
the
and other
;
$616,674
367,482
foreign currency, assets
•
•-
Volume 154
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4025
Consolidated Balance Sheet-June
1941
30,
the
'■
appointment
Assistant
/..'Assets—
■
•
■■■ I
Mining property in Mexico, including appraised value of de-veloped ore bodies .Y——_u.Y—U—u„—-Y—Plant, mining & other machinery, equipment and buildings
of
in
officer
a. new
Actuary.—V.
154,
the
of Irving Rosenthal,
person
Company has agreed that principal shall be repaid
1264,
p.
annuallv
'
Grand Trunk Western
6,320,063
November—"
14,088
Other
_Y——Y„—„ Y——Y-——_Y—Y—_——Y■
assets
Gross
64,043
receivable
—YYu~„ Y—Y Y YY„Y Y—Y_—
u—;™Y—u—__u—_.—.
Sundry deposits
Materials' and
Deferred
'Total
supplies Y-
.charges.
...——Y;——,
.YY-Yu
(
yyy
.[Liabilities—,.
\y'Y.
Y-Y
Common stock
(1,050,000
Y-Yy——_
par)
no
reserves
Depletion
Reserve
for
Earned
Y——Y
„
454,395
500,594
325,066
175,445
railway27,957,745
railway—
8,634,460
inc.— YY 5,796,434
22,711,911
(net
-v
1148.
'
987,582
1,088,760
Sept. 30—
exceed
*1,128,254'
to
—YY-Y_ YYY—YY.
1940
1939
$169,486
$81,268
32,968
44,084
40,584
$234,189
$125,401
$40,685
,
,
their
cents
11,866
7,561
/
1,655
$127,056
$44,005
23,000
9,000
for
the
YY $68,583
—Y_
—
dividends
dividends
$86,750
$104,056
14,445
32,500
32,500
; Balance
in
year
35,000
35,000
funded
balance
'
$1,638
shrs.
Y
•Cost
$35,005
123,913
Upon
dfebt
the
and
completion
the
of
net
of the
time
be
added
time
to
for
s
'
YY-'.
'
.
Ended
solely
consist
$123,913
$0.07
Period End. Sept. 30—
- ..Year 1941
profit from operations-:—
$654,233
Selling, adminis, and gen. expenses
185,955
)
/'
YY'YY'
charges
ree'd
•Net
_i
-
from
Provision
for
(net)—™—
/
■——Y——
class
: v
Federgl tax_—
income
Dividends
A
class
on
Bank
3 T07
$128,.u3
85,000
4%
for
56,500
23,500
$342,924
752,088
-—
87,800
46,090
81,445
„Y—
87.188
/
/
154,290
tax
•y
'-■.^■.Comparative Balance Sheet Sept.
Cash
'V- \"-V "
•
f ; vlr.t
"Y
——w—-
Customers'
267,793
169,573
._/
Profit
'
fixed
5,838
169,938
assets
152,689
727,886
___
from
sReserve
operations.
—
Dominion
209,001
receivable
:
Sundry accounts receivable
806,107
641,424
•Fixed
due
from
assets
insurance—
104,091
-
employees
8,859
Property not used in operations
.10,579
1,266,536
Y i
—.-i.-.——
49,553
f
Cash in closed
banks
Investments
subsidiary company—-
in
"
—
y
24,214
9,542
payroll —;—
payable
Accrued
taxes
and
1938
$185,627
$58,289
57,950
Cash
Investment
5%
55.831
for
workmen's
A stock
B
:\Y
.
r
compensation
insurance".
Y;
in
surplus
Capital
surplus; Y—_Y—yYY'' Y"
L—_L:
;—
stock
UTreasury
•'
—_—_
741,824
268,869
234,607
394,893
335,107
9,455,735
286,715
.
9,191,124
643,063
652,112
210,171
239,244
-v
to
757,993
608,345
15,972
unconsolidated
339,468
1,208,254
1,125,992
511,050
subsidiaries
and
liabilities—.:
3,573
for
—
Y
;
value
571,775
17,449
—
.
277,414
607,950
,
620,224
999,000
stock—....
999,000
2,493,700
stock.—.
2,493,700
500,000
500,000
income
Y_—__
500,000
500,000
10,275
10,735
7,250,840
6,402,180
241,597
239,154
;..
Total
,
*
150,186
—
contingencies
A
944,422
$15,879,207 $15,021,041
•After
depreciation,
$4,499,766 in
and
depletion
and
1940.—V.
154,
amortization
of
$4,764,904
in
334.
p.
1940
213^386
548,992
of
;y.
life
Imperial Varnish & Color Co., Ltd.—Earnings-
136,640
437,454
10,000
Y—_—
insurance
company—Y—.
Earnings for
•Net
5,585
370/776
501,248
$1,676,055
$1,136,465
for
8.493
Ended
Aug.
31,
1941
$237,269
for
depreciation
income
and
27,455"
;
—
profits taxes..
excess
89,000
483,248
12,634
Year
profit
Provision
Provision
7,640
.assets--.YYY
charges
'Y
Y'Y-_
Net
profit
Accounts
YYyY—._YYYYYiYYi._YiiY—-Y'YYyYY
83,842
Provincial
Reserve for Dominion and
taxes—Y 182,358
against future decline in inventory values :'-Y 89,000
4Capital stock
'f'
786,866
Earned surplus —rr—;
1.241.577
1,057.360
/
194.743
Y'After
for
reserve
for
.reserve
bad
depreciation
and .doubtful
of
$511,705
accounts
1941
in
$1,136,465
26,805
$1.95
-.
Balance Sheet,
.
administration
Aug. 31,
expenses.
'(cash
$186,476;
Victory
life
in¬
bonds
insurance
surrender
taxes
$11,100.
tAfter
$506,598 in 1940.
t0ni
1941
Assets—Cash, $125,702;
accounts
receivable
(net),
ventory of merchandise, etc., $470,663; investment in
(at cost), $75,000; investment in other bonds, $3,221;
785,111
of
and
share
per
,
_Y_—_
16.083
[
•After providing for all selling and
53,610 shares of no par common stock.
-.196,357
$1,676,055
'—-
186.397
Dr428,257
..._;
107,468
254,988
—_u.^—.
$120,814
dividends
/•
47,530
■
100.000
Y
y--——.-YY-YYi-Yi.—u-Y—Dr504,119
'YY
:vY- 279,000
payable and accrued .liabilities^.Y.Y^;
'.
dividends
fEarnings
Res.
16,105
Common
^
Bank advances
1,500.000.
100,000
Earned
2,028,596
Y
—
Capital surplus
$51,945
bonds..—YY_—---
subsidiary
40.277
18.951
.
Y—-Y——J—1^1.—
1940
$1,217,663
2,089,203
1,073,469
• 294,976
—
,>/■
preferred
1941
1941
'Y/V
;
(
.
Canada
56,500
—Y_—]■. 1,500,000
stock
30
Balance Sheet, Oct. 31
«
Liabilities—
51.895:
•
of
$1,542,875
class B stock-
34,503
182.123
51,895
§ Class
June
and
class
$1,617
$56,345 Y
>•
Total' _-^y.~Y-—YYl.)__
21,506,
--Y-YY---—Y'YY' ■'•
tax.
profits
for the year.
Earned surplus
97,000
$94,099
$21,370
Y
.
tClass
Sheet,
net
1941
Common
56,258
$104,677
surrender
Deferred
134,044
—
500,000
profits
'
tPortion
Reserve
Balance
u
taxes
Deferred
Inventories au.——
income -.taxes.;;;„Y——166.000
Dividends declared ———„——w_Y—19.989
proceeds
aggregated $26,320
—
Common
77,666
Y
v
y': 185,000
YY—Y——
receivable
25,562
Y
Federal
of
undistributed
Minority interest in subsidiaries
Prior
preferred stock__Y
Y.
Y 52,241 / /
52,056 ;;YY 34503
against future decline in inventory values.
.
23,149.
$48,952
:
accruals
the
,/,
payable
Accrued
414
of
*>Accounts
• $3,027,865
—
other
in
taxes
Preferred
Accounts
equity
subsidiaries
Long-term debt due currently.
Federal
LiabilitiesAccrued
excess
profits.
$15,879,207 $15,021,041
143,163
$21,379
Dominion
tFixed
—
company's
283,133
paid
;/ Assets—
13.273
23,149
Deferred charges •—26,131
—————
500,000
for
$163,675
undistributed
on
Accounts payable
1939
48,524
11,334
•
49,553
'
Total
600,000
tlncludes
:;Y Liabilities—
23,000
yy^ Y Y /..YY-,';
Y Y 51,406
Y:-.YYY71,413l
■
700,000
$98,686 surtax
contracts
Reserve
1940
.
-YY-Y-.Y-Y
'Provided
:
1-
Prepaid expenses
stk,
depreciation.
554,173
247,008
144,801
——
$314,647
$279,536
Y'-.vY. -.-Y','Y
_r
profit
Dividends
104,091
1,219,474
————-i':
———
499,991
500,000
Y'.Y'-
and ^ Provin-
taxes
;,//Net
502,038
/194.827
_———
surrender value of life
Balance
cial
6,395
i.—Y—_—213,726
Investments;
Cash
6,062
69,930
112,474
-153
.
Inventories
^
69,930
124,677
500,000
mprtgages receivable—
•Buildings, machinery and equipment, etc
Goodwill, trade names, etc.—
Prepaid expenses, etc._______™.
8,345
—Y
1941
•
buildings and plants""'
;
$348,865
200,206
—'—
com.
•
69,930
124,684
600,000
—
Land
Harding Carpets Ltd.--rEarnings—
Years End. Oct. 31—
"
receivable
B
Long-ternr debt
,,
-
$288,856
■
accounts
interest and royalties
cl.
on
69,930
124,685
700,000
Investment in controlled companies—^
Other assets
'
Accrued
115,964
$1,765,584
Notes and accounts receivable
_^Y-_-__--—^_£.—__YY--Y—_—$2,641,407 $2,480,149
152, p. 426.;
'*
Prov. for depreciation of
1940
62,406
$1,459,627
Consolidated
f 'Represented by 35,000 no par shares.—V.
' 24,407
1941
175,239
f433,067
94,485
Assets—
$35,994
554,173
Total
**Y
30
277,726
318,086
stk.
Note—The
i
$15,627
/
Profit and loss account—.—
;[Y//y
,
284,812
^07,325
500,000
90,150
164,583
,»,
326,277
$2,489,854
213,597
pref. stock
unconsolidated
$2,480,149
Y——_Y—-/■•
on
239,991
$2,117,845
tl,013,394
Inventories
depreciation
266,512
$2,900,039
...
$2,013,418
41,900
1
:
serial debentures—.—
305,319
746,803
—_YY/_____■
: $152,283
■
14,942,740
$2,163,577
104,451
com.
tlncludes
\
Y-YY-
1938
$2,349,136
A
•Includes
488,606
—-YY—Y'—_
loans
1939
cos.„—
cl.
on
Divs.
~
87,800
511,934
/_/
$175,783
y
subsidiary
Divs
5~184
6Vz% cumulative redeemable preferred shares
•Common shares u/-Y_yYYYYY/YYYYY
47 000
$399,424
-
tl66,000
tax„
stock
Y
fixed
-Earnings-
profit
688,916
86,478
/
Debenture interest accrued—Reserve for Federal and Provincial taxes
'After charging depreciation of $105,692 in 1941, $105,841 in 1940,
in 1939 On buildings, machinery and equipment;
tlncludes
$43,000 for excess profits tax.;
zyY
Assets—Y
for
13,029,611
tax-
in
583,841
3,880
Creditors, including accruals—
$131,889
$314,424 Y,
75,000 "
int.
Divs. Oh*5%
1
/—:
Liabilities—
••
and $85,678
>.'•
expended
$1,877,854
——_
$1,787
—_
Goodwill
$218,945
Cr50,644
,
$580,335
stock—i
B
be
1940
$3,680,579
49,375
$648
Y-'
:
in advance—wool tops
—
87,055
$263,780
$414,335 v.
on
earned.
12,849,225
d-
—
369,777
1940
$2,641,407
142,600
37,058
income
Dividends
been
not
$2,633,527
—
income
Cash
$406,380
$505,335
wholly-owned sub._
Federal
has
$3,375,261
profit.—^
expenses
Amount
YNet
to
op-
100,000
1941
buildings
YYyY—Y/YYyY
Plant, machinery and equipment
Life insurance premium paid—
Year 1940 9 Mos. 1939
■
$468,278
———
Income before
amortization
1941
Combined earnings —
Divs. on prior pref. stk.
/Y:Y
.
Land and
Reserve
—
not
$18,913,744 $15,482,752 $14,907,465 $17,106,317
468,647
Sales and national defense
operating profit Y—YY—/Y.-
Profit
dividends
common
Sheet, Sept. 30
/—_;—/——Y
bonds——
Canada
Investments
'
Div.
and
(& Subs.)
30- -*
and
income
Minority
of
insurance and taxes
Prepaid
'I-.'.
'
June
sales
Federal
;/■■
of
Other
$87,357
$2.04
receivable
Payments
the outstanding
the $4,000,000 of
of
Gross
♦Net
of
income
net
amortization
so
paid
is to
be
giving the company
the right
against compulsory amortization
credits
compulsory
—
of
Total
$1.55
Gemmer Manufacturing Co.—Earnings—
Miscellaneous
the
as
119,851
$143,163
- /■
YY
bank balances—
Inventories '
the'
to
corporate
financing,
present
will
company
will
proceeds
from
used
Cash and
sinking fund debentures due 1956 now offered, while outstanding
share capitalization will .consist of 426,676 shares
($10 par) common
stock.—v. 154, p. 1595.
;-Y/y Y/.-YYY'Y ■
■
defined
the
Other income
•$32,495
-
87,357
$1.55
;
'
Dominion
Accounts
3%
y
loan
15,538,484
35,000
*Deficit.
Assets—
•;/.
$36,556
;
$144,801
u—/,*
stk.(no par)
com.
$19,250
143,163
Balance
of
funds
,
the
35,000
,
The
these
which
of
purpose
Years
'
forward
Earns, per shr. on
proceeds to be derived by the company from the sale of
the debentures, $3,000,000 is to be
applied to the repayment of bank
loans, $2,100,000 of which were incurred for the redemption on Nov.
26, 1941, of the 4V2 % cumulative convertible preferred stock of the
general
of
use
rate
Excess
amortization
32,500
52,500
—-
—
Previous
net
company's
share.
final
Ilickock Oil Corp.
'
152,000
_
been oversubscribed.
company.
be
may
3,321
$241,750
155,000
$220,583
Surplus for year
surplus
Offered—Public
Corp.—Debentures
sinking fund debentures due
Dec. 1, 1956 was made Dec. 24 by Kidder, Peabody & Co.
and Mitchum, Tully & Co. as underwriters.
The Deben¬
tures were priced at 100 plus interest.
The issue has
purposes.
third
sixth year to
The balance, plus any portion of the
$200,000 not used for
assets, will be used to refund a portion of current borrowings
and to provide additional working capital.—V.
154, p. 334.
&
taxes
profit
Preferred
—Y———Y $14,868,413
offering of $4,000,000 3%
the
shall
purpose
cumulative
per
against
Operating
Of
this
Net sales
Common
Machinery
Equitable
$35,000;
fixed
*
Food
to the
veer.
$50,000;
year,
company in incurring these loans, aggregating
$1,100,000 is to refund the previous mortgage authorized by
the
stockholders of the company in the amount of
$450,000 at 5%, the
unpaid balance of which amounts to $397,500.
Up to $200,000 of the
balance of the proceeds of
these loans
1938
$267,158
1941
Y-Y—w /
for Federal
Provincial
1377.
p.
call
any
The
185,828
154,
for
at
80
credited
in
87,014
income
Provision
1,012,196
—
income)
•
$295,731
————
second
fifth
remaining after the payment of all proper accounting
charges, includ¬
ing interest, Federal taxes, amortization of all funded debt,
preferred
16,231,814
3,336,964
•
3.255,504
$45,000;
income, which
dividends
19,614,615
5,666,972
_
Ended
Total
150,000
—_Y~———Y/YY-—Y—
surplus Y/__uY——-Y—Y—Y—///Y—_Y_
Total'
398,566
Int. and other income-:.
Net
-V.
545,404
$30,000;
year.
year,
assets.
2,075.327
—//_—;
contingencies',/YYYYY/;-Y«Y/YYY-vrY-"YY'
surplus
Paid-in
745,438
First
fourth
4,007,074
/,
__
—
667,838
follows:
twelfth
year, $60,000.
Company further agrees that it will further amortize
$850,000 from the Eouitable to the extent of 40% of net
1938
$1,888,089
$208,716
5,797,875
———
_YY—Y.Y—YYY—
—
reserve
Depreciation reserve'
1939
$2,087,694
oper.
Net earnings
Depreciation
$1,050,000
Accounts payable and accrued expenses——/——---/———
150,425
Reserves for Mexican and U. S. taxes——_Y—/—-//'
292,484
Advances received on unliquidated sales of products——147,204
Surplus
rv.
Years
-Y;-
■/./
shares,
1940
$2,305,671
Guelph Carpet & Worsted Spinning Mills, Ltd.- -Earns
$14,868,413
—
V
_
■•Deficit.—'V. 154, p.
18,905
.
fram
from
Net
513,426
>
•
•_
;
Net
134,538
YYY-Y'---'-*r-r- '
—
Gross
1,363
.
RR.—Earnings—
1941
$2,535,433
.
Prom Jan. 1—
45,782
..
1—
.yYYJ-yYYYYYYYY'YYYYYyYYYYyY
Products
.
Net
233,981
Accounts receivable
'
from
railway./-;
from,: railway.—
ry. oper. inc.—.—
Net
1,201,355
Notes
Y
"
the
as
$40,000;
year,
'
$6,320,868
1699
value), $23,161; fixed assets (net), $216,565; prepaid
insurance, $3,993; trade marks, rights,
etc.,
$2;
total,
and
$1,104,783.
YYY'Y Y "/'Y'Y'./YY; YYYY'/
Y
.
'
;
.
Total.
»Y———Y—■
—.
.'i, *After
$3,027,865 Y.$2.805.277f'
Y-tRepresented
which
of
174.136
by
174,099
(173,521
,173,484
for
reserve
in
1940)
Liabilities—Accounts
in 1940)
shares of no par value
shares have been issued and 37
provision for income
depreciation of $784,416 in 1941 and $749,151 in'/ ''■are held<4; for ' exchange for' the old common shares. Y
(Authorized,
1940. ; * tOf insurance policies on life
of former President, held • 1n ,'i,300,000 shares; of no
par; value.)—V. 154, p. 1414.
Y
reserve pending performance of a
trust agreement dated OdY 9. 1936
JRepresented bv 40.000 no-par shares.
§Represented by 100.000 no-par
dend
shares.
Tf13 348
slock in
1941;
shares
and
class B stock in
of
11,325
class
stock
A
shares of
1940.—V.
152.
and
class
3.569
shares
stock and
A
of
class
Preferred
3,569 shares of
3652.
p.
Yr. The
the
General
Motors
Corp..
—
Common
Stock
Offered—
—Week Ended Dec. 14—
0"»r.
'
•
1941
revs.
—V.
:
"
154, p.
(B. F.)
company
y'.
:
$1,101,958
series
under
The
s*le
the
was
Midland
.
development
materials,
succeed
b°en
who for the
James
154,
w.
p.
named
Pch^de
past .seven-ve^rs has directed
one
Director
who
quarterly
has
1264.
;
of
of
the
nation's
Research
-announced
dividend
of
$1.25
additional $2.—V.
an
Co.
Trust
The loans were
Inc. y."
and sale of'Koroseal,
has
month,—V.
Fritz,
record
amounting, to $2
on
of.
newest
the
The
synthetic
The
his
company, to
retirement next
■'
■''
h
-
The
the
VY
150,
p.
,
was
paid
the
on
stockholders
of
loan
end
and
the
•
Y,
made
of: the
to
Continental
are
the
first
company
year
and
the
financing
on
Sept.
9,
-
by the banks is repayable $50,000 at
the balance in 16 equal quarterly
The
Co. of America
Vice-President—.
The
directors
Cameron
to
the
nromnt'en
of
Associate
made
Road, Cinn.,
^
Actua»-v.. John
2nd Vice-President and Associate Actuary
loan
mortgage upo"
New 2nd
W
announce
the post of
—
L.
and
acres
the
company
County,
by Equitable
eornn"*' *
is
secured
'eeatM
on
by
a
T.engdon
first
Form
Ohio,
consisting of approximately 72'/2
of 'and «"d -the- hijl'^ings, -jnee.hinerw. fixtures, equipment (except
automobiles
gage
to
th0,.nrop'»rfcv'or
Hamilton
and
thereon.
Y
trucks)
tools
and
preference shares, $268,050; common
shares), $89,350; capital surplus, $7,950; earned
total,
154,
$1,104,783.—V.
furniture
and
by
a
payable Jan.
15
necessitated
1378.
p.
dividend of
a
six cents
Dividend
share
per
15 to holders of record Dec.
31.
154,
p,
the
on
This
com¬
cents
by the desirability of conserving cash.—V.
(A. C.)
:
Y The
and
was
335.
of
chattel
Lawrence Leather Co.—50-Cent Dividend—
directors
for
cents
declared
payable
with
compares
75
have
stock,
common
25
the
current
a
•
Dec.
cents
paid
dividend
of
27
to
on
June
year.—V.
Illinois Terminal RR.
152,
50
Railway operating
20,
p.
revenue
Railway tax
from
of
equipment
facility rents
Other
income
Rent
for
Interest
debt
deductions
15,
total
1941
$5,180,883
—$2,075,470
677,782
240,466
——
29,781
$1,187,003
18,555
roads
of discount
a
$1,397,688
Y„—
income
!
—:
funded
Miscellaneous
:—
—
——
leased
on
Amortization
_—Y—
(balance)—Cr.
income
on
Dec.
3,105,419
„_—
(balance)—Dr.
Net railway operating
30,
—
Y—Y
Railway operating income
Hire
share
making
Co.—Earnings—
railway operations
accruals
per
record
3660.
expenses
Net
of
1941,
revenues
Railway operating
cents
holders
for Nine Months Ended Sept.
Earnings
Gross
'
Guardian Life Insurance
$114,710;
paid each quarter from April 15, 1940, to
including Oct. 15, 1941, and 30 cents in preceding quarters.
The
company states that the reduction in the
dividend rate
Joint
■'■
company- approved
'/ ' • •
■ '
with
pares
the
3976.
-
"
-•
-Y.
liabilities,
preferred
Cincinnati^ the Marine
of New York,
-
par
directors have declared
class B stock,
last
equal participants.
negotiated through Distributors Group,
'*•'*'
last.
this
'
The
preferred
20.
share,
per
share
per
the
on
Dec.
share
per
Bank and,Trust Co. of New York
New Research DirectorE.
stock,
share
per
of
which the First National Bank of
arranged by Goldman, Sachs & Co. and Dillon, Read &
Co.
.y
^ y '
Dr.YHowfrd
$2
Hilton-Davis Chemical
Co.—Financing Completed—
Company "hascompleted arrangements for a 12^year
.mortgage loan for-$850,000 at 4% from The Equitable
Life Assurance Society of the U. S. (the present 5% loan
.from the Equitable to be retired) and a 5-year term loan
for $250,000 at 2%.% for two years and 3%
thereafter, in
>
"
company's existing mortgage indenture.
>
of
holders
1940
$1,512,397
"" Y'YY'
additional
an
to
This
—
Bonds Sold Privately — The
privately to an insurance company
first mortgage bonds, due 1956.
The
as
Thevusual
it is entitled to
sold
issued
were
the/common
on
dividend
27
stock; was .also declared, payable Jan. 2 to holders of record Dec. 20.
The preferred stock is entitled to cumulative dividends at the rate of
$5 annually;"'but: whenever a dividend is paid on the common stock
Goodrich Co.
hps
$5,0b0,000Y of 3%
bonds
'/
a
no
$439,721;
for
taxes, $89,280; quarterly divi¬
market fluctuation of inventory,
Langendorf United Bakeries, Inc.—Reduces
Dec. 27, 1940, and the last, regular
quarterly dividend of $1.25 on
preferred stock was paid on Oct. 1, 1841.
Total payments on the
preferred will amount-to $7 in 1941, the same as in 1940.
/
1941
$23,300
///■;
and
cents
—-Tan. 1 to Dec. 14—
1940
$37,300
1596.
stock
common
(53,610
surplus,
accrued
$2 Extra—
dividend of 75
a
shares
Dividend—
on
'
Period—
recently declared
Common
the
common
RR.-—Earnings—'['*;■
Georgia & Florida
75-Cent
—
Stockholders Receive
directors
dividend
stock, at a fixed price,;
of 29% ,net.>:Dealer's discount 75c—v. 154, p. 1595. -. 4?;
...
Co.
&
Ystock, both payable Dec.
Union Securities Corp., Lee Higinson Corp.,. and A. C.
Allyn & Co., Inc., offered after the close of business on
Dec. 23 75.000 shares of
Hall
Harris,
B
and
profits
excess
payable, $10,722; reserve
$85,000; $1.50 cumulative
etc.,
„
payable
and
$1,205,558
3,468
—
436.940
—.
on
funded
debt
1.016
11,029
mort¬
Net
income
$753,105
Balance Sheet
.-'Assets—
$51,812,710
Dec. 31, '40
$51,191,200
38,974
37,877
9,619
6,700
Sept. 30, '41
\
and equipment
in road
Investment
Improvements on leased railway property
—
Deposit in lieu of mortgaged property sold——
Miscellaneous physical property —Z
Advance to Railroad Credit Corporation——
Special deposits
and
Traffic
and
Materials
Total
61
1,820
186,154
$54,220,481 $53,293,728
$25,000,000
—;
$25,000,000
181,666
170,978
14,560,000
($100 par)
14,229,000
_z
debt
Illinois Iowa
Traffic and
Co,
Power
492,325
—
~37~880
150,272
42,041
Audited accounts and wages payable „:
10,811
176,494
balance payable
service,
car
Miscellaneous
62,099
accounts
payable
Interest matured unpaid
;
Unmatured
interest
declared
dividends
Unmatured
current
Other
deferred
liabilities
Co., State Mutual Life Assurance Co., Union Central
Co., Continental Casualty Co. and Con¬
Life Insurance
the next
652,412
.
surplus
,
468,655
3,004,770
389.001
8,376~960
8,377,472
—
1,979
Total
$53,293,728
$54,220,481
—
—
1302.
53 Weeks Ended—*
Theatre
_i
612
income
154, p. 752.
quarter of 1940.—V.
$142,553
107,594
108,982
$50,204
$43,052
for
-—
Rent received
sales
Cost
'
admin,
cost,
12,749,^53
13,364,703
$3,577,423
$1,564,467
$696,227
$1,266,230
218,954
*452,563
$2,017,030
____
and
—-
profit
&
profits taxes
for
8,694
44,071
49,312
406,614
443,311
431,825
61,068
60,221
55,469
45,336
279,264
65,026
161,154
96,502
201,197
$1,165,736
$64,140
,
excess
315,000
——
29,563
Fed/ surtax—
Prov. for decline in con¬
version
Net
value
52,990
Earns
divs.
shs.
000
paid—
sh.
per
-
1,077,065
profit for year-
Preferred
641,550
stock
com.
Nil
$0.74
par)——$2.05
♦Includes
profits and
•-•/;•'
net
$274,120
fire loss.
other
'
332
842
$50,822
$43,894
—
37,540
37,905
29,611
taxes-
9,371
5,209
__-———
$14,240
$7,708
$11,816
$15,722
8,435
11,809
5,905
23,619
979
,
Assets—
Oct.
•6
Months
Ended
from
Income
Operating
497,260
16,990
and
Provincial
$176,926
Net
profit
14,654
13,802
renewals, etc.
for Dominion
;;
Provision
ZZ
,
7
2,467
24,309
i.-.
-
Miscellaneous
'
—
$196,956'
$127,126
1,430
1,462
2,235
$128,556
$198,418
dividends
Preferred
$179,160
income
.'
Total
income
-1——
___z—
Estimated
State
Estimated
Federal
•
Federal capital stock tax
Estimated
Net
profit
franchise
—
-
•/
.
receivable—Smelter
,
receivable—Miscellaneous
hand
(net
proceeds)
Concentrates in transit & on hand (net proceeds)
on
in process
Ore and intermediates
—_
.___
1940
$172,076
49,224
'
670
booking rights, etc.——:
L_—
Dominion Government bonds and accrued int.
Goodwill,
30,743
buildings, etc
♦Real estate,
475,929
>
accrued
accrued
Taxes
•
—
53,092
34,702
__
3,250
4,627
taxes
40,000
payable
for injuries—
payable
Compensation
Provision for estimated additional income
Reserves
;
,
Capital stock (2,500,000 shares, par $J)
Treasury stock at par—Dr
z_—,—
—_
1
,z
271,980
1~72~487
2,500,000
2,500,000
54,243
54,243
/•:"
$2,872,801
Total
-V.
770
•Z;
770
$2,713,828
1922.
152, p.
15,041
269,358
6,030
9,045
4,723
4,928
$867,964
$853,269
Liabilities—
payable and accrued charges
shares:
Common
—
♦After
/
500,000
15,144
9,339
——$867,964
Total-Z——7.-Z'—
$853,269
of $220,891 in
for depreciation
reserve
1940.—V.
500,000
—„.
Period—
Total
revenue
Theatre
salaries
&
■.■■■■■
etc.
wages,
off
written
Amount
V.
to
30,'39
$203,161
;
12.875
9,631
30,897
23,768
3,565
2 622
2.198
1,298
5,763
3,920
1,996
1,551
2,547
1,997
4,543
3,548
Total
surplus
$186,611
$190,508
115,992
.
154, p. 1632.
65,604
64,961
$94,508
$121,007
$125,547
751,696
748,733
822,232
753,930
$845,931
$843,242
$943,269
91,546
91,546
194,535
$879,477
/ 57,216
$751,696
$748,733
1940
1939
$166 6n
$209,803
'$204 323
74.260
58.513
98,577
70,580
,60,806
103,484
94,539
95,056
railway-/-
2,222.148
2.090,108
1.818.656
1,568,321
railway—Z—
957.254
869 840
746,608
544.835
790,779
847,725
791,390
,
614,762
railway-
from
Gross
1938
1941
$209,941
November—
Not
ry.
railway
from
Net
—
1941
Montour RR.—Earnings—
97,630
dividends
North.
Int.-Great
—V.
Inc
oper.
From Jan. 1—
from
Gross
Net
Preferred
1940
1941
10,650
$201,158
$192,138
1
1940
1941
14,137
6,000
—
•r—Total-—-.;
1940
18,022
Gulf Coast Lines.
Aug. 31,'38
$94,235
surplus
Carloadings—
Rec'd from Conns.
Pacific.
Missouri
6,000
taxes, deprec., etc.
Net profit
purchasing group of Lefcourt Realty Corp and Harris & Newmark, Inc., intend to solicit tenders for the purchase of Lefcourt pre¬
ferred stock at $10 per share and for the purchase of Lefcourt common
stock at $1.90 per share.
Only holders of the preferred and common
stocks of
record Dec, 30, 1941, will be entitled to submit tenders.
Tenders will be irrevocable and must be received by the agent for the
1597.
p.
No. of Cars—
:
to
6,000
Balance
Int.,
$20,763,719 $18,692,285
-
154,
or-
expenses
'
depreciation of $4,177,032 in 1941 and $4,040,767 in 1940.
tRepresented by 100,000 no par shares.
tAfter deducting company's
own
preferred stock reacquired, 1,300 shares at cost of $12,018.—
Aug. 26,'37
$210,227
ganization
-
♦After
Loaded Locally
10,550
$208,638
ZZQ/V/V-;/7
11,767
10,500
$227,993
__
exps.,
.
31,*38
Aug. 27,'41 Aug. 28,'40 Aug.
V
.
to
to
■
►
1941 and $204,526 in
Aug. 28,'40 Aug. 31,*39 Aug.
•
•.
——
Missouri Pacific RR.—System
^
'
/■,/•••
—_
——
(Marcus) Loew's Theatres, Ltd.—Earnings—
Previous
/
preferred stock
par
Total
from
Net
Lefcourt Realty Corp.—Tenders for Purchase of Pre¬
ferred Stock and Common Stock Sought—
no
—
153.
154, p.
>-
$11,000,000 $11,000,000
Common stock ($1 par)
700,000
700,000
Accounts payable and accrued expenses———- - 2,494,228
1,830,441
Notes payable to banks
•
880.180
Federal and foreign income taxes./——-—
1,131,530
280.365
Reserve for casualty liability—(128,534
*
128,534
Miscellaneous
reserve
jli*/hi—•^'•"'.■vv-: 6,788 5;J; 5,642
Capital surplus
'Z-—————
2,550,926
2,550,926
fEarned surplus
—2,751,712
1,316,197
t$6.50
337,410
—z__z——/..ZZZ/ZzZ.ZZw./--;-zZ
Earned surplus
.■ ■
.
41,280
56,229
$20,763,719 $18,692,285
—
Liabilities—,
85,172
101,584'
''168,107
'
——
9,783,319
99,425
policy—
—f
5,400
10,900
337,410p
—Z.—Z—
7% pref. stock
$1,120
$4,510
—
faxes—-.z.^z—-Z-Z.~Z--—.*—-ZZ
Provision for
v
Accounts payable
60,197
253,570
—-
Prepaid insurance and expenses——'—
Liabilities-
Payroll
10,618
516,827
theatre——
of
renovation
and
$24,743
31,249
—
...
—
$2,713,828
(net)—
Intangible assets „
—'
Prepaid insurance premiums——
:
assets
30,000
1,597,867
461,255
-
Buildings, equipment and improvements
Other
1,950
30,000
$26,703
Z
properties——/
Mining
45,005
1,596,314
309,830
475,929
1,385
i„.
—
10,885
516,827
deposit with Canadian Trust Co
on
Accounts
29,150
4,244
$2,872,801
Inventory—Stores and supplies-'—
Balance
Alteration
$138,221
51,731
619
7,420
21,918
10,776
' ^ 75,115
'
Accounts
,
15,797
i
$158,123
Comparative Balance Sheet, June 30
m/ •>1941
^.Assets—
Accounts
.
$174,671
$104,898
Cash
Bullion
3,657
4,292
17,247
Aug. 28,'41 Aug. 29,'40
$15,732
$27,453
Assets—
1,583
2,207
f
23,658
tax—
tax—
income
Total
3,597,930
1
( 9,356,906
charges ——h;
Investments
Sheet
Balance
.4,067,708
—
of life insurance
surrender value
Deferred
84,158
902,229'
1,837,103
—i.
—
receivable
accounts
Inventories
Cash
Profit'
used—.
—
and
Notes
3,136
not
property
Cash
1940
$4,096,613
1941
$4,832,286
273,993
71,961
Emergency facilities
Plant
repairs,
insur.,
Taxes,
$691,176
545,295
607,292
Z—_z_—;
expenses
$756,905
$748,220
_
1939
1940 '
1941
30—
'Z—Z-z—_
expenses
office
Home
June
product
$43,168
oa
31
r.'
v.,vWv,;
♦Property, plant and equipment———
~
'z—-
recovered
insurance
••
.
Consolidated Balance Sheet
267
Total revenue
$727,032
641,550
700,-
on
284
|
$61,152
earned
Interest
Gold Mining Corp.—Earnings-
Lava Cap
$1, 444,227
State
and foreign tax
Prov.
for
Fed,
Prov.
177,996
$873,215
811,079
"
paid
Fed.
176,988
67,027
/
Interest
for
:
412,148
charges--
Depreciation
Prov,
,\i. r-
,
14,803,161
—$3,796,378
miscel. earnings
Total
1938
$13,445,881 $14,630,933
' / ./
19,932,960
receivables
on
Subs.)
1939
a
.
.
sales
&
Profit from oper.
Int.
1940
$23,510,383 $16,367,628
—
gen.
(&
^
(inch manuf.
.'.■(no
35
~l"l94
-
ended
'' '•
1941
expense)
$42,154
~
—
Income from invests
derived
quarter
"
Balance
share, pay¬
per
the
Minneapolis-Moline Power Implement Co.
100,399
105,214
$59,691
etc./———*
owned
—Earnings—
137
;
$148,267
cents
This distribution is
31.
securities
on
31, 1941," and compares with a distribution of 21 cents per share
in the preceding quarter and 35 cents per share in the corresponding
salaries,
exps.,
wages,
269
.
$159,187
$167,285
.—
395 (<
"
Trust—40-Cent Dividend—
distribution of 40
a
record Dec.
Dec.
25.'38
$142,416
$147,998
$158,792
$166,673
'
—
income
to holders of
investment
from
Aug. 28,'41 Aug. 29,'40 Aug. 31,'39 Aug.
"
receipts
ticket
Gross
Sundry revenues
445,036
through income
;
'
/rCf'-''.
Ltd.—Earnings—
Theatres,
London
52 Weeks Ended-
Period—
20
Miscellaneous
called for redemption Feb. 16,
and the preferred shares
will be called for redemption Feb. 15, 1942, at 105 and int., or $14,282,310, representing a total outlay of $24,992,310.—V. 154, p. 1494.
1,916
899,613
p.
five years.
Total
and surplus
154,
to
used
102 and accrued int., or $10,710,000,
267,416
and loss:———j-...—Z—
prop,
be
will
financing
existing 3 Vi % debentures will be
The
1942, at
Drl8,973
—.
to
the
of
Investors
declared
trustees have
Total
retire $10,500,000 out¬
standing 3 Va %
sinking fund debentures, due in 1946, and 136,022
shares of no par $6.50 cumulative dividend preferred stock, being the
entire amount of both issues.
The company will utilize about $7,000,000 of its large cash reserves in refunding these securities.
No amortization is provided for over the first five years of the 3%
debentures.
The rate of amortization over the following 10 years will
be sufficient to retire 75% of the debentures prior to maturity.
The bank loan matures serially at the rate of $1,000,000 a year for
Proceeds
8,019
3,072,989
Massachusetts
The
able Jan.
Saturday, December 27, 1941
Years End. Oct. 31—
Assurance Co.
tinental
316,636
—
1
Life Insurance Co., New
Loew's
449,864
-
liability
(
depreciation—equipment ————Z
Other unadjusted credits
—Z——
Operating reserve
—
—
-V.
Life Insurance Co., Sun
288,835
5,545
:
Tax
Additions
Co., John Hancack Mutual
Life Assurance Co., Penn Mutual
England Mutual Life Insurance
Insurance
Life
Mutual
1,100
141,400
Accrued
Profit
$13,000,000 3% 15-year debentures to nine insurance
companies and for the borrowing of $5,000,000 in the
form of a 2y4% five-year loan from First National Bank
of Boston.
The debentures will be sold to Massachusetts
250.000
—
—
accrued
liabilities
Other
Paid-in
8,208
68,639
1
v
aid of construction
from
132,804
8,585
62,424
——
-J
Capital stock
Funded
1,223
428,278
Z—Z—~
—
Grants in
1,650
433,983
_————
•
75,688
-—
———_Z_z
debits
Liabilities—
109,596
89,635
;
supplies
assets
Unadjusted
Due
receivable
current assets
Deferred
46,851
685,260
167,690
from agents and conduc.
accounts
affiliated companies
Due from
34,581
796,881
12,767
balance receivable-
service
receivable
Miscellaneous
499,693
564,658
———
car
Net balance
Other
CHRONICLE
THE COMMERCIAL & FINANCIAL
1700
rv.
inc
oper.
—V.: 154,
p.
-
1150.
The
later than by the close of business on Jan. 31,
group will have until the close of business on
March 2,
1942,. to accept and pay for the shares of preferred and
common stock so tendered.—V. 154, p. 1631.
:,
not
purchasing group
The
1942.
purchasing
,
.
1941
1940
1939
$469,901
150,623
$498,969
151,189
$405,912
101,446
$429,220
102,955
expense
Federal
and
discount
of
Amort,
___:
10,872
7.209
90,039
—
*66,390
surplus
Balance
$270,518
$222,030
1
profit
leasehold,
'200,703
24,140
46,293
(z--.—_
——
$302,125
$258,172
$2,238,928
873.930
719,849
578,114
578,724
$1,095,960
$990,367
$836,286
for taxes
72,800
:
—
Bal.,
116,437
116,437
116,437
302,736
Aug. 31__
$979,523
prior year's adustments.
$873,930
$719,849
$578,114
Addition
751,696
Federal
Lowell
Balance
•; -
•
Net
BJeachery, Inc.—Annual Report-
2,556
pares
4,754.780
4,886,198
106,808
1940
1941
■
$240,401
U.
S.
Government
tLand,
buildings
Deferred
Goodwill
securities——
receivable
Accounts
50,000
-
—
and
equipment-———
assets
—
$349,983
:
—
—
—
Total
124,870
124,870
$5,219,399
—
.
$5,522,251
$5,494
payable
Real estate and personal property
__
Federal
and
Interest
State
taxes
payable
(due
payable
(non-current)—
Common
currently)
of State
deposits
stock
Theatre
140,000
Co.
—
stock-
♦To
V.
—
cover
for
redemotion
of
State
surrender
and
2,895
Theatre
Co.
$780,438
$506,711
$124,883
180,630
173,186
191,103
9,468
9,818
116,000
60,000
:
.
value
9,468
——————
to
for
reserve
,15 000
—
445,000
taxes—:
$603,979
$474,340
$263,707
*$66,215
Z/'Z
• v'VZ,--'/
'..v
Balance Sheet, Oct. 31, 1941
for year—
z
>:
y
>
;>V
$540,316; U.
of life
value
surrender
cash
S. Treasury bills and notes, $300,040;
insurance, $92,395; accounts receivable,
trade, $756,410; invenories, $1,355,470; accounts receivable, employees
and sundry,
$9,133; plants and equipment (net), $2,030,818; prepaid
taxes, insurance premimums, etc., $53,441; goodwill, trademarks, etc.,
$1;
total $5,138,023.
trade, $377,261; dividend payable.
and other expenses, $104,952; provision for
$529,418; reserve for contingencies, $53,442;
sinking fund requirement for Jan. 1, 1942, $95,830; capital stock
and surplus, $3,943,399; total, $5,138,023.
Note—Capital stock consists of 22,481 shares of class A stock, and
55,000 shares of class B common stock, both of no par value.—V. 153,
Liabilities—Accounts
p.
payable,
accrued payroll
$33,722;
Federal
$5,219,399
common
and
State
taxes,
247.
Dec.
Accounts
$5,522,251
tAfter
$18,000,000 Financing—Com¬
23 arrangements for the sale of
insurance.—_—
5,924
(net)—
362,782
15,493
$618,235:
life
Louis,,Mo.
payable
$18,050
Accrued items
:
__—_———
Paid-in
surplus
152,
p.
—
;.
81,285
34.351
245,130
1,062,161
——
,
Total —
-V.
$10)
(par
—
683,541
$723,085
1,172,469
842,843
$618,235
profit
admin,
Profit
Total
expenses
from
1940
1939
1938
$327,897
1941
$418,832
$315,806
$350,819
367,903,
341,683
357,419
420,114
$77,149
—,
opers.—
*$29,522
*$104,308
*$17,084
$77,149
♦$29,522
*$104,308
*$13,906
7,521
31,514
•3,178
income
Interest
,—
Amortiz.
■
of
appreciation
Net
income
.
5,845
7,277
26,652
——
Depreciation Z
♦Loss.
4127.
on
Other income
$9,127
245,130
(payroll, taxes, etc.)———
stock
Common
Ended Sept. 30—
sales— >
Selling, advertising and
14,736
of
Moxie Co.—Earnings—; ' '
Years
358,135
——-i———i—L—
;
Gross
Liabilities—
Deficit
Inc.—Arranges
completed
value
equipment at St.
Prepaid items —-Z
_
stock.
depreciation of $1,975,051 in 1941 and $1,854,479 in 1940.—
Loew's,
,—---
2,845
152, p. 683.
pany
59,958
70,187
%5
(net)—,——————
3,881,233
873,929
63.926
$723,085
Cash
979,523
z
receivable
Plant
2,556
71,258
1———
receivable
Notes
140,000
2~095
3,881,233
—
;
Total
-
reserve
and
108,329
————94,306
Inventories
1.167
420,000
~
com.
(par $25)
Surplus
■
Accounts
88,957
292
Notes
Tenants'
1940
in
Deposits in savings banks.—,—
94,878
115,322
Notes
red.
$16,685
92,545
accrued
for
$1,258,210
yzZZZz:i; 184,764
.
—
Accounts
Due
$124,954 in 1939.
After deducting
administrative expenses and reserves for Federal and Missouri income
taxes, and after adding miscellaneous income, the net earnings of the
company were $138,964, or approximately $5.67 per share.
Comparative Balance Sheet, Sept. 30 >
Assets—
1941
1940
Cash in banks and on hand
$64,992
$46,856
$90,071
_
L;ab!liti(
308,910
Assets—Cash,
Lester Watson,
with
$433,798
'313,171
exps,
deprec..—
profit
*Loss.
95,306
'
$1,142,552
Z
362,114
$819,882
511,421
income
■•:'
1,835
Sheet, Aug. 31
Assets—
$1,769,631
contingencies
"
153.
President states:
Since the last meeting of stockholders four distributions aggregating
$4.50 per share have been made, namely 50 cents per share on Jan. 11
and April 14, respectively; $1 per share on June 25, and $2 per share
on
Sept. 26, 1941.
These distributions have been charged against
capital surplus.
The St. Louis Bleachery for the 12 months ending Sept. 30 showed
net income, after depreciation charges, of $202,887:
This amount com¬
.■
2.060,702
$2,213,960
1,947
surp.,
♦Less
land
of
653,900
750,000
2,095
i
3,213,742
book
in
$2,238,928
—
p.
4.854,730
adm.
bef.
Profit
Reduct.
754,385
——
Total
154,
ZZ——_ /1 6,294,996
prof, bef. depr.
750,000
653,900
shares
preferred
shares
Earned surplus
—V.
surplus
Dividends
paid.—Z—_
$2,494,500
Depreciation
Provision
cumulative
1938
$4,033,624
1941
bef.
(net)—
etc.
,
$880,850
ginning of yearTotal
$9,364
49,000
:
$2,213,960
$7,844
accrued charges.
be¬
at
9,905
;
payable and
7%
;
and
Selling
18,000
12,000
8,366
Gross
750,000
750,000
——
Liabilities—
1940
$5,997,282
1939
$8,064,627
—
-
of goods sold,
depreciation
019,123
50,135
932,337
buildings and euipment
Dominion Government bonds and accrued int.
Goodwill" and booking rights——-——-——
estate,
Cost
4,593
Accounts receivable
sales
Net
$406,797
$330,930
Common
Net
■
Cash1
Real
Forging Co.—Earnings-
Moore Drop
Years Ended Oct. 31—
Aug. 27,'41 Aug. 28,'40
Accounts
•
taxes—
income
Assets—'■
$822,261
Sheet
Balance
1938
End. Aug. 31—
Operating profit—
Depreciation —
—Z_z
$754,385
surplus
Organization ■ expenses
Prepaid insurance and expenses
Loew's Boston Theatres Co.—Earnings—
Years
Earned
31,524
,
;
44,659
appraisal
.—
——
4,624
$40,028
.
—
*$68,323
-—.
.
♦$156,488
*
:
*$45,420
-f.
i.
•••■•
"
•
Notes
and
receivable
accounts
Inventories
(trade)
U—-Y,Y
—
...
_
Bottles and
cases
tPlant
and
—458,037
14,661
.
655,925
equipment.,
credit balances
Customers'
i
A
tClass B
•
^Convertible
1
' Surplus
■
V "
;
1
i
__
>"Represented by 2,691 (2,810 in 1940) no par shares.
tRepresented
by 155,697 (155,578 in 1940) no par shares.
tLess reserves for depre¬
ciation.
^Represented by 111,416 (111,178 in 1940) no par shares.—
V.
■■■■
151, p. 3568. !,•
*
The
■*
<; /■:
50
cents
record
as
YYy''
An
extra
V.
directors
The
payable
stock,
common
declared
have
Co. of Cleve-
30
Dec.
per
share
in
approve
which
to
on
that
say
he
can
that he
find
doubts
if
evidence
no
the
to
authorities/- He
Massachusetts
states:
-
in eastern Massachusetts
should
.
.
the
Years Ended Sept.
;
/
851,072
Gross
profit on sales———————
Selling, general and administrative expenses
/
management
a
v
...
.
Net
operations
profit from
income
700,540
$404,680
271,161
$197,990
;
Total
con¬
Housatonic
discounts
Cash
allowed,
(Bonds
Bank
and
the
Provision for Federal
Boston
409
4'/2%
upwards of $600,000,
.
.
which
he
court
to
Net profit
on
—
$97,721
70,000
80,000
$1.27
stock
$0.98
"On
Balance
'
par.
receivables
$79,692;
Assets—Cash,
$1
Sheet, Sept. 30,
1941
(net),
inventories,
$204,901;
$151,491; prepaid expenses and deferred charges, $12,820; investments
and advances, $1,755; property, plant and equipment (net), $124,634;
organization expense,
in process of-amortization, $1,228; goodwill,
patents, formulas, trade-marks, $1; total, $576,521.
i
<
»
debs,
1,
$4,728;
Federal
for
reserve
due
Federal capital stock taxes, $5,718; dividend payable,
$15,000; common stock (par $1), $100,000; paid-in surplus, $216,480;
earned surplus, $101,976; total, $576,621.—V. 152, p. 2863.
<
declared
directors have
The
a
dividend of $1.15 per share on ■ the
27 to holders of record Dec. 19.
stock, par $25, payable Dec.
common
-
split-up.
«
Total dividends in
capitalization,
4131.
p.
"■
"If
in 1940 on the same basis.—V. 152,
The
New England
For
of
*
.
19,
week ended Dec.
the
a
is reported at 128,743 mfc., an increase of 11,505 mcf.,
above production of 117,238 mcf. in the corresponding week
ago.—V. 154, p. 1598.
year
New York Chicago & St. Louis RR.—Earnings—
1941
November—
Gross
i
from railway
Net
ry.
oper. income—
From Jan. 1—
flrom
Gross
Net
Net
ry.
railway—
railway——
from
income—
1495.
oper.
—V. 154, p.
1939
1938
5,226,094
1,979,965
railway
from
Net
1940
4,143,595
1,538,071
3,988,119
1,464,153
3,344,213
1,097,816
1,839,459
932,983
869,691
717,168
54,819,859
23,088,872
42,107,021
13,649,754
39,110,640
13,080,375
32,966,588
9,166,421
15,426,351
7,431,414
7,453,678
4,306,437
;
New York Fire Protection Co.—Tenders—
£
The Chase National
will
until
p.
Bank of/the City of New York,
o'clock noon, Jan.
12
of first mortgage 4%
of $1,000
3033.
6,
1942,
successor
trustee,
Telephone Co.—Dividend Rate Reduced—
New York
directors
dividend
as
The
•J
of $1.50
of that
$7.50
on
23 declared a fourth-quarter common stock
share, payable on Dec. 31 to holders of record
Dec.
per
action
profits, the principal factors of which were higher taxes and increased
wages, the
company's announcement said.
From 1910 to and including ^ept. 30, 1941, the company paid quar¬
terly
&
per sha//, or
All of the common s/Jck is
dividends of $2
annum.
Telegraph Co.—V. 154, p.
Northern
/630.
States Pofrer
directors
have
deqlared
Co.
(Del.)—Preferred Div.-
a
Weekly Output—
Electric
week
output
ended
Dec.
3^.225,000 kwh.
8.7%.—V. 154,
-
the Northern States Power Co. system for the
20, 1941, totaled 37,215,000 kwh., as compared with
of
for the corresponding week last year, an increase of
1599.
V
p.
reference
court.
7-,-
154,
Freres
a
.
7
_
"In
w
other
one
of
taxes.
.
.
.
Lazard
—
market
the
1941
$3,864,853
3,337,315
*1940
$2,885,790
2,569,828
*1939
$3,785,181
3,083,183
$527,537
$315,963
$701,999
401,705
378,563
467,077
$125,832
4,867
etc
t$62,600
12,345
$234,921
Y, 4,374
profit on sales—
Profit
Total
$130,699
t$50,255
$239,295
—
5,627
2,459
(estimated).—
36,000
12,388
46,315
t$52,714
30,745
Nil
$180,592
30,745
$0.74
income
Federal income
Net
have had some
accrue
$89,071
preferred stock
on
Earnings per
*The
$0.29
share
common
accounts
income
above
are
presented
on
basis
tLoss.
Note—Provision
depreciation of fixed assets included in cost of
for
sales and expenses,
$53,780 in 1941, $46,815 in 1940 and $42,095 in 1939.
Comparative Balance,
Sept. 30
$326,306
tNotes and accounts receivable, etc
Deferred
charges
assets
Other
—
—
$352,528
96,866
829,220
335,223
9,221
1,566
♦Property, plant and equipment
Cash
87,307
534,292
376,180
£
9,510
12,418
'
$1,598,401
$1,372,236
$439,200
202,230
285,927
122,170
40,966
$439,200
202,230
226,675
271,427
236,479
271,427
147,408
$1,598,401
Total
$1,372,236
:Liabilities—
stock
Preferred
^
stock
payable
Accounts
Accrued accounts
Reserve
Capital surplus
Earned surplus
of
Total
-
for
reserve
in 1941 and $272,175 in 1940 reserve for
tAfter deducting $145,142 in 1941 and $145,084 in 1940
bad and doubtful accounts and notes.
tRepresented by
202,230 no par shares.—V.
Y.Y
-■
\Y■'
■■
Schroder
The
Electric
&
amount
1942,
office
Harris
V.
of
Trust
Co.
this issue
■
152, p. 3353; V. 151, p. 3570.
'
YY"";Y
/// : Y.Y.-, Y;u Y.-Y'.;
& Electric
Oklahoma Gas
Gas
55,783
29,513
deducting $310,345
♦After
depreciation.
\
with reference
dififculty in judging the
consolidated
a
only consolidated subsidiary was dissolved In September, 1940.
and the
committee which would seek to
'7-7.7:7//-*/,7':7';'7,7-\..v':7':-7.:' 7--./..i-'v'/---:.;-.,
and the effective date
respect I
tax
profit
Dividends
the court finds that the
court treats of Federal taxes
7'"-'7/- V - '
may
operations
from
Inventories
the plan.
Nothing has been said with respect to the
plan on the liability of the reorganized debtor for Federal
I think the Judge, before approving the plan, should have
which
i
Other income
feasibility is not jeopardized by liability
upon its consummation.
The problem
seems somewhat dependent upon the effective date of the plan.
Doubt¬
less any future plan will set a new effective date.
In my view, the
date selected should be as close as feasible to that on which the plan
is reported to the court."
taxes
of
close
Co.—Earnings—
30—
less discounts,
sales,
Gross
.
the plan, the court does not approve
affirmative assurance that its
for
Sept.
Selling, general and, admin, exps,,
including doubtful accounts
bonds with an extended
;7:7,-:P/Vv •••.Yw.7'77'7'77./' ;77
reorganization.
effect of the
Tire & Rubber
Ended
Cost of sales
the Hartford &
Bristol with the
for the shareholders. His silence would
that he accepts the finding of the Commission that there is
feasibility
the
shares of common stock (no par)
share less 50 cents to dealers.—v. 154, p. 1381.
Norwalk
Years
Gross
Offered
Stock
—
after
Other deductions
to a reorganization
In conclusion the
of
Co.
offered
block of 3,968
at $13.25 a
existence of any equity
equity,
no
1495.
p.
Co.
&
Dec. 23
issues discussed by the court in
Shareholders—The court makes no finding
on
collection of
certificates; Form 1000 or Form 1001, must accom¬
Niles-Bement-Pond
either by the debtor or the insurance group or
the savings banks group.
He consludes that it would be wiser to have
trustees appointed by the concurrent orders of the Commission and
the
authorized to be paid.
presenting coupons or matured obligations for the
Seeks Funds for Equipment—
applied Dec. 23 to the Interstate Commerce Commission
authority to issue and sell $2,940,000 of equipment trust certifi¬
cates under the Philadelphia plan.
The certificates will be dated Feb.
1, 1942, and mature in equal annual installments of $294,000 begin¬
ning on Feb. 1, 1943, and ending on Feb. 1, 1952.
They will be guar¬
anteed unconditionally by the trustees of the road and will be sold
at competitive bidding, the successful bidder to name the dividend rate.
The proceeds will be used to pay not more than 80%
of equipment
costing $3,675,000, the remainder to be paid in cash from current
New Haven.
out the provisions of
Silent
1, 1938
Apr 1, 1937 Oct 1, 1937 Apr 1. 1938 Oct
Company
naming of trustees
indicate
regular quarterly dividend of $1.75
per share on the 7% cumulative preferred stock and a regular quar¬
terly dividend of $1.50 on the 6% cumulative preferred stock, both
payable Jan. 20 to holders of record Dec. 31.
Like amounts were
paid in each of the four quarters in 1941.
Arrearages total $2.62^'
on
the
6%
preferred and $3.OS1/* on the 7% preferred stock.
The
Int. to
for
the
With
carry
to
Int. to
must be collected through the regular banking channels at
Checks will be mailed to holders of fully regis¬
JCommon
-the
Int. to
1,
them.
pany
record the court does not find that the treatment of the
Central New England was fair.
.'7•
;[ ,
The court similarly held as to the New England and that the road
should have better terms. ■ ,7;
7;;-77V7v:7-'-//i-v
at the rate of $8 per share per
owned by the American Telephone
6 Mos.
—
When
proposed cannot be justified, since the Air Line interests
instead of supporting the proposed treatment have interposed objec¬
tions.
The court finds that the treatment of the Air Line by the
Commission was too favorable and is disapproved.
•777.;
The court approves the treatment of Harlem River & Port Ches-
the
6 Mos.
6%:
April
interest ownership
treatment
The total dividends declared for the year amount to
date.
share as compared with $8.00.for the year 1940.
■"YY■ Yy/
of the directors was '.n keeping with a reduction in net
per
the more important
plan of the Commission for substituting
maturity carrying a lower interest rate.
Air Line Road—As to the Air Line Road
receive bids for the sale to it
1,1937
Meadow
6 Mos.
tered bonds for the payment of interest
of the Railroad Credit Corporation that its
notes are not receiving treatment equivalent to its overdue claim.
As to the Reconstruction Finance Corporation, which received treat¬
ment similar to the Railroad Credit Corporation, the court finds in
view of the fact that the company did not object he assumes it has
consented to the plan.
As to the claims of the Rhode Island Hospital National Bank, the
Merchants National Bank of Boston, and the Bank of Manhattan, the
court concludes-that the losses resulting from the inadequacy of their
collateral, though regrettable, are a form of damage without injury.
"After all, the losses, though uncomfortably real to the banks, have
been losses of fictitious values, as is demonstrated by the underlying
record of fact."
The court sustains the claim of the Housatomc and disapproves of
On
The
are
the
gold bonds dated Aug. 1, 1905.—V. 152,
.
'
I
1,1937
indicated.
banks
.
.
]
,
Apr
•
RR.
due
1940
sustains the objection
He
9.81%
or
1,1936
April 1,
3ya% debs.
Jly
Jly
Oct
decree."
.
reorganized
year ago.
Gas output
—Oct
1956
find that the proposed price can be
Two Mergers—He approves the merger of
Connecticut Western and the Providence Warren &
this, association reports electric output
Jan
Apr
1,
& H.
bonds
Coupons
the New Haven would lose part of
Approves
kwh.
This is an increase of 1,622,619 kwh., or 14.93 %
production of 10,870,100 kwh. for the corresponding week a
N. H.
Y.
the
.
.
.
can be found upon which the New Haven
the hazard of Boston & Providence deficits, I
could be accomplished by negotiation, as distin¬
from mandatory
above
Oct
1,1936
1,1936
1,
Jan.
1954
1,
funds.—V.
V his opinion.
12,492,719
above
■
Gas & Electric Association—Output—
merger
a
1,1937
1, 1937
1,1937
1,1937
1, 1936
Jly
1955— Oct
Jan.
due
April
sec.
sound basis
that
guished
■
debs
of Int. Due
N.
properly assume
wish
1,1937
Jly
■
.
,
.
any
could
Sep
1,1937
1, 1937
1,1937
1, 1937
Bal. of37V2%
which
property productive of deficits which at least for the
can be converted into- constructive
earnings only on
of the 'earnings' which it 'contributes' to the New
theory
Haven.
<
s
1941 will be $2.50 per share figured on the present
against $2.12 Vi
as
the
1,1937
Jan
Jan
Jly
1955___ Jly
St., New Haven, Conn.)
seasoned
yes.
But a
normal year
with 45 cents per share paid on these shares on June 27
and Sept. 30, last.
A distribution of $1.80 per share was made on
March 28, 1941, cn the old $100 par stock outstanding prior to the
This compares
Mar
1,1936
1954
1,
(Script certificates must be forwarded direct to treasurer, 71
not 'realistic' to view a splen¬
railroad property like the Boston & Providence as an
and the fit subject of liquidation. . . .
"Why should the New Haven pay a price predicted upon a contin¬
gency so remote that its fulfillment deserves no consideration?
"What then have we left? A magnificent piece of railroad property,
Confectionery Co.—$1.15 Dividend—-
1,1936
•
lines;
abandoned property
New England
1,1936
March
due
limiting factor on the ground that it is
did,
Sep
Jan.
due
Jun 1, 1937
May 1,1937
Jly
1, 1937
Jly
1,1937
Jly 15, 1937
Sep 1,1937
Sep
1, 1936
1,1936
1, 1936
Jly
1,1936
Jly 15, 1936
due Jan.
debs,
debs,
.
Int. to
7-
•
•
N. Y. N. H. & H. RR.
&
present record I cannot
Int. to
77.
Com¬
approved on the basis of abandonment value because there is no sufficient proof either of abandonment value or of market value.
"There will be many who object to the use of market value even as a
and
security
debs,
July
Consolidated Ry.—
4% debs, due July
conclusion he states:
"On the
payable (trade), $79,039; salaries, wages and
real estate and personal property taxes, $2,744;
income and excess profits taxes, $50,835; social
:
'
Dec 1, 1936
Nov 1,1936
Jan
1, 1937
Jan
1,1937
Jan 15, 1937
Mar 1,1937
1955
due
May
Jly
1, 1956__
15,1948__
1, 1947,
3'/a % debs, due March 1, 1947
haul."
In
Liabilities—Accounts
commissions,
Boston
of through traffic doubtless
part
the
v
Y"
Jun
1956
6%
Providence lacks the capacity of inde¬
pendent operation, and that no other existing railroad or group of
new capital will want to assume financial responsibility for its opera¬
tion, what then?
Either it must ultimately be sold as a unit presum¬
ably to the New Haven, subject to its charter, or it must be sold piece¬
meal for whatever value it can command and be abandoned.
"Obviously an abandonment would be seriously detrimental to the
New
Haven.
But the detriment, though substantial, would have its
limitations. "Through passengers and freight could still be delivered
and received both at Providence and Boston, though for a substantial
the
due
bonds
ref.
&
1,
3Va%
and $250,000 for any 12 months' period thereafter.
Hincks disapproved of the proposal of
reorganized New Haven with the
Providence.
As a /basis for his opinion the so-called segre¬
that
Granted
$126,975
-
common
per share*,
100 shares of common stock,
•Earnings
first
1, 1967
debs, due May
4%
should
appointed
would result
0,000
-
■
4%
.
;
earnings basis, the court says:
Commission gives some discussion to
the situation
if the Boston & Providence should be abandoned.
an
bearer form must be presented to City
William St., N. Y. City, for stamping of
Dec.
Providence—Judge
&
&
May 1, 1940 Nov 1, 1940
Payable at Irving Tr. Co., 1 Wall St., N. Y.
Bal. of 25%
6 Mos.
6 Mos,
4%
Commission for the merger of the
on
.20,500
Co.,. 22
■■■7
$12,-
paid
"The
Excess profits taxes________-___--______^_i._
Dividends
.
45,000
Trust
s:'7,7'-7-:7V7;777--/7;./7:- -:r/ihy.^yry of Int. Due
Y. N. H. & H RR.—
■■
:;./7'.
gation formula is accepted as fair and equitable as circumstances per¬
After discussing the valuation of the Boston & Providence
taxes:
and
registered
Farmers
•
•
-
N.
mitted.
taxes
Income
both
bonds
of the plan
1,000
409
Amortization of organization expense.,.-
-I
Jun 1, 1937 Dec 1, 1937 Jun 1, 1938 Dec 1, 1938
1937___ May 1, 1939 Nov 1, 1939
1,
due
14,647
______
Co.
V
providing that passenger service on the Old Colony might be dis¬
continued if passenger losses on those lines exceeded $850,000 for any
12 months' period during the first two years and after the consumma¬
of sales
agreement
Nov.
debs,
18,321
u
—_
with cancellation
Payment in connect,
5%
RR.
matured
•
4%
Boston
1, 1940
1, 1939 Jan 1, 1940 Jly
Payable at Second Natl. Bank, New Haven
7;7-'/•;
Norwalk
4%
bonds due June 1, 1955. Dec 1, 1938 Jun 1, 1939 Dec 1, 1939 Jun 1, 1940
Payable at City Bank Farmers Tr. Co., N. Y.
v
which
Haven against
807
'
.
payments of this interest when collected.)
any doubt as to the power of the
limit passenger losses of Old Colony
New
$135,084
'
'
-
due June
due
839
'
•
Ry
North.
&
bonds
debs,
the
4%
Co.
1956
Danbury
&
4%
$199,544
income
expense
1, 1954— May 1, 1939 Nov 1, 1939 May 1, 1940 Nov 1, 1940
I,
77-4 %
tion
Interest
4%
England
and the report is annexed as an appendix to the
mission
1,566
—
Int. to
Int. to
Int. to
RR.—
Ch.
RR.
New
ref.
4%
opinion.
ganized
$133,519
1,554
—
—
H.
&
Pt.
Haven
New
that the im¬
.
improvident
committee
compromise
the
consideration,
court's
the issues shown below, to holders
upon
bds. due Jan. 1, 1961 Jail 1, 1939 Jly
4%
(3)
Other
H.
&
England
Central
*
the parties upon the terms imposed.'' 7
of
report
receive
$1,105,219
$466,906
268,916
Cost of sales
N.
R.
This committee proposed (1) setting a limit to the
fixed charges that the reorganized New Haven should pay in connec¬
tion with the bonds of the Boston Terminal Co.; (2) assuring the reor¬
1940.
1941
$1,317,978
30—
sales
on
1941, for the payment
29,
1, 1945
Jan 1, 1938 Jly 1, 1938 Jan 1, 1939 Jiy 1, 1939
England RR. Co. 5%
bonds due July 1, 1945__ Jan 1, 1938 Jly 1, 1938 Jan 1, 1939 Jly 1, 1939
"
Net
19,
$15,000,000
New
Compromise Committee—Judge Hincks however does recommend that
the
Y.
realize
to
came
states:
court
consider
merger upon
National Chemical & Manufacturing Co.—Earnings—
Dec.
1941:
the
compels
by
..
bonds due July
absence of convincing evidence that the deficits had been
permanently eliminated or were more than offset by other
.1 should not feel justified in imposing an involuntary
in the
would be
factors
and
Paid
Haven,
history of these proceedings suggests that it was not until
the
conclusion
or
19,
bonds due May
Old
Commission
Justify
the periods
Dec.
New
,
and after Dec.
on
at
•
.
Int. to
As the Commission
in
1938
and
over
plan
a
available
/
aggregating
interest
pay
debentures.
revenue
"I
7 and
This
four
of record Dec. 26.
first in approximately
is
now
000,000 for a property producing a deficit of
the
on
holders
to
announced,:iwill be the
years.—V. 153, p. 843. ' ",X;•
it
payment,
,,
$1.25
of
goes
In
-
dividend
a
court
to
Court
District
Payable at Irving Tr. Co.,One Wall St., N. Y.
6 Mos.
6 Mos.
6 Mos.
'
6 Mos.
H.
that its right to
burdensome service and its power to impose taxes was subject to the
practical limitation resulting from the dwindling state of Old Colony
resources that the
cooperation which resulted in the economies listed
above
arose."
■
' •
'/&■■ f.
\
154/pY?1286.;;
National Bronze & Aluminum Foundry
,
the
can
and
public
record
N.
improvement of traffic arising out of the defense program
the
"And
the
land—To Pay Dividend of $1.25—
-
court
of
tion
interest for
New
past earnings the
trustees
be
S.
U.
:■
is sufficiently permanent to justify a capital
investment of large dimensions." He discusses the present and possible
future economies in the separation of the Old Colony and the coopera¬
'
See
1941.
19,
of
will
the
and
of
come
factor
a
provement
"
Dec.
basis
the
of
and
discussing the proposed price
Judge says:
that on the
fact
in
Ordered4
V '
$15,000,000
7; 77/V 7
bonds
Funds
1939, and there is no evidence of operations without
earlier period.
■
YY YY Y"YYY
v.;
YY
.7 yy
to tne underlying question: Assuming the existence
any
we
power,
The
.
on
3.
Jan.
Alter
certain
offset or outweigh the record of operating deficits."
the common stock, payable Jan. 26 to holders
*'
~
r
' ' " 'V
distribution
of '75 'cents
was
made on this issue on
share
per
the
sidered
direotors
of
the
Aggregating
Hincks
authorized
permanent investment by the New Haven contemplated for the acqui¬
sition of the Old Colony; that is to say, an investment of upwards of
$22,000,000 for an operating property heretofore productive only of ;;
deficits?
If so, the approval must rest upon a factor or factors which
Morrell & Co:-?-Regular Dividend Declared—
on Dec.
Id declared, the regular quarterly dividend of
(John)
";Yy
of
$1,594,257' $1,609,684
Total
,
at
"Thus
277,945
917,996
278,540
959,894
Colony RR.
with
in
$1,500,000
dexicit
42,778
122,259
122,318
—
...
Old
Colony properties are productive only of deficits.
observed,
these deficits
were
about
$2,500,000
113,750
40,967
•
stock_l_._____ril.____.
r____l'l_-_^;1-
preferred
__—.__—
.
i'
the
start
■"We
17,593
,
105,750
__I
stock
■
17,979
,_
stock
"Class
.
6,440
___
.
Accrued expenses
Mortgage notes payable
Interest
Judge
the cancellation of mutual claims, the
$63,203
45,000
9,160
payable
of
erties
1940
1941
$62,370
payable—trade
.
.
$1,609,684
$1,594,257
Liabilities—
Accounts
lr.,.
,
trade marks and goodwill,,,
Total
Notes
50
2,796
487,517
13,295
655,925
___—
...
Prepaid taxes and insurance
Patent rights,
123,124
50
-
„_
receivable.,.,
accounts
1701
Court—
Judge Carroll C. Hincks of the U. S. District Court at New Haven
on Dec. 9 issued an opinion on the plan of reorganization of the road
as
submitted by
the Interstate Commerce Commission.
When the
opinion was handed down the court issued a brief summary of the
opinion which covered 150 typewritten pages.
Following is a more comprehensive summary of the document cover¬
ing the important phases of the opinion:
Old Colony KK.
Discussed—Tne nrst subject discussed is the pro¬
posal of the ICC that the New Haven be required to acquire the prop¬
24,053
35,008
107,845
hand—
on
Investments
■<"
; ,7 New York New Haven & Hartford RR.—Court Rejects
ICC Reorganization Plan — Old Colony and Boston &
Providence Roads Discussed— ; v.;v -/y■■•/,/'> ■ : ;
'1 V
1040
$62,323
184,048
56,553
202,470
57,298
Expenses, advances and current accounts.
Sundry
vY
;
Y
1041 '.■•'
„$62,963
?;
.Y
Cash
Balance Sheet, Sept. 30
r.r"
Assets—
•Y'Y
'V
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4025
Volume 154
Co.,
4%
trustee,
debentures
has been
is
of
Trust
&
Savings
notifying holders of Oklahoma
1946 that $475,000 principal
redemption on Feb. 1,
due
drawn by lot for
102% and accrued interest.
the trustee, 46 William St.,
at
•
Co.—Debentures Called—
Bank,
115
Payment will be made at the
Y. City, or at the office of
Monroe St., Chicago, 111.—
N.
West
154, p. 1495.
'.
'
.
' '
Panhandle
The
directors
common
compares
stock,
,*•.
Eastern
have
payable
il'
'r
■
V
-. -i
Pipe Line Co.—50-Cent Dividend
declared
Jan.
a
dividend of 50 cents per share on the
6
to
holders
of
record
Dec.
22.
This
with $1 paid on Oct. 17, last, and 50 cents each on March 20
Balance Sheet
road and equipment
in
37,877
6,700
Improvements on leased railway property
" 38,974
Deposit in lieu of mortgaged property sold—9,619
Miscellaneous physical property _—I
______
564,658
Advance to Railroad Credit Corporation
—
34,581
Cash
-
Special deposits
and
Traffic
186,154
8,585
68,639
—,——_
__
433,983
____—
assets
Other current
Deferred
61
109,596
75,688
1,223
428,278
132,804
8,208
.™_™_——62,424
companies
supplies
and
1,650
•
167,690
89,635
• 1,820
receivable -—I—'
accounts
Due from affiliated
Materials
12,767
service balance receivable.™™
receivable from agents and conduc.
Miscellaneous
499,693
46,851
685,260
796,881
_
—1——-
—
—_
car
Net balance
assets
.
-—'___
_
Unadjusted debits
3% 15-year debentures to nine insurance
and for the borrowing of $5,000,000 in 'the
form of a 2%% five-year loan from First National Bank
of Boston.
The debentures will be sold to Massachusetts
Mutual
Life
Insurance
Co., John Hancack Mutual
Life Insurance Co., Sun Life Assurance Co., Penn Mutual
Life Insurance Co., New England Mutual Life Insurance
—
$53,293,728
$54,220,481
Total
Liabilities—
($100 par)
Funded
Due
$25,000,000
$25,000,000
181,666
170,978
14,560,000
'i._—
__
14,229,000
aid of construction
in
Grants
debt
.
—
Co,
Illinois Iowa Power
from
—
492,325
——
~3~7~880
10,811
176,494
150,272
42,041
62,099
■
Traffic and
service, balance payable
car
and
accounts
Audited
payable
payable
wages
accounts
Miscellaneous
matured unpaid
Interest
interest
State
current
Other
deferred
Tax
liability
Other
141,400
8,019
652,412
to
."
—,_
loss
and
154,
1,979
899.613
$53,293,728
Gold Mining Corp.—Earnings—
1941
1
expenses
office
1940
1939
$756,905
545,295
14,654
$691,176
expenses
.
25/38
$142,416
>
$147,998
395 v
♦
v 269,"
.
137
•
$167,285
$159,187
$148,267
$142,553
107,594
108,982
105,214
100,399
J
$59,691
$42,154
$43,052
$50,204
~1~194
267
invests
332
$43,168
$50,822
$43,894
37,540
37,905
29,611
9,371
5,209
2,467
3,136
$14,240
$7,708
$11,816
$15,722
8,435
11,809
5,905
23,619
'
24,309
Dominion
Miscellaneous
■J
1,430
income
$176,926
2,235
1,462
■
Net
profit
dividends
Preferred
___
Balance Sheet
Total
income
Federal capital stock tax"
State
Estimated
Federal
Net
Comparative
Balance Sheet, June 30
receivable—Smelter
Accounts
Bullion
:
receivable—Miscellaneous
___________
(net proceeds).
hand
on
_____
hand (net proceeds)
Concentrates in transit & on
intermediates in process
Ore and
/
Total
booking rights, etc.—
Dominion Government bonds and
estate, buildings, etc
and renovation of
♦Real
49,224
'
670
~2~9~150
4,244
'
45,005
1,596,314
475,929
V:
1,385
30,000
$26,703
31,249
Reserves
•__
172,487
2,500,000
54,243
770
$2,872,801
—_
152,
4,627
271,980
Surplus
Total
34,702
2,500,000
54,243
770
—
Capital stock (2,500,000 shares, par $1)
Treasury stock at par—Dr
-V.
$24,743
30,743
53,092
3,250
40,000
additional income taxes
$2,713,828
1922.
p.
int.
15,041
269,358
9,045
6,030
4,723
4,928
$853,269
$4,510
$1,120
payable and accrued charges
10,900
337,410
Earned surplus
500,000
15,144
shares
Total
1940.—V.
154,
depreciation
for
reserve
279,264
"IS;':/"."
Fed.
for
Prov.
315,000
Fed.
9,339
$853,269
surtax™
of $220,891 in 1941
Aug. 28,'40 Aug. 31,'39 Aug.
{,■>
Earns
divs.
ferred Stock and Common Stock
6,000
shs.
6,000
,v__„™,
com.
fire loss.
I
Assets—
"
84,158
71,961
U
902,229:
3,597,930;
f 9,783,319 '
85,172
1,837.103
l
-
4,067,708
'■ 9,356,906
and accounts receivable
__x.--x_-_-_-_™_-™^ix._-__;-™™_i
,1
of life insurance policy™
value
1940
1941
not used
property
Inventories
31
r
$4,832,286 $4,096,613
^___™__iv:i7 273,993'
—
Cash
on
v.'-.
7.
♦Property, plant and equipment
Emergency facilities
-7
;
recovered
insurance
other
■"$0.13'
Nil
$0.74
and
profits
':';r
.
$727,032
641,550
-'v
net
$274,120
•
„
v:>
'.r~
—$2.05
♦Includes
i
—;
$64,140
stock
par)
'.
99,425
101,584'
41,280 r
charges
—__
.
- 168,107
Investments
___——™__™___™_—56,229
Deferred
$20,763,719 $18,692,285
Total
Liabilities—
7
....
,
,./<. /.•,
...v
preferred stock „__™—$11,000,000 $11,000,000 2
($1 par)
I—I,™—™_—___•
700,000
700,000
Accounts payable and accrued expenses™—____- ■- 2,494,228
1,830,441
Notes payable to banks _'___
—i—vi
' : 880.180Federal and foreign income taxes__i_—_______
1,131,530
280.365
Reserve for casualty liability™.
128,534
128,534
Miscellaneous
reserve
I
•
■
6.788
5,642
t$6.50
par
no
stock
Common
—
2,550,926
1,316,197
2,550,926
2,751.712
I
surplus
surplus
fEarned
$20,763,719 $18,692,285
Total
depreciation of $4,177,032 in 1941 and $4,040,767 in 1940."
tRepresented by 100,000 no par shares.
fAfter deducting company's
♦After
shares
1,300
reacquired,
preferred stock
p. 1597.
own
of $12,018.—
cost
at
154,
Pacific.
3,565
North.
1,996
—
Total
1940
1941
1940
1941
1940
14,137
2 622
1,551
Gulf Coast Lines.
Int.-Great
9.631
30,897
23,768
2,198
1,298
5,763
3,920
2,547
1,997
4,543
3,548
12.875
154, p. 1632.
RR.—Earnings—
Montour
$186,611
$190,508
115,992
97,630
65,604
64,961
$94,235
$94,508
$121,007
1939
1938
$209,941
74.260
70,580
$166 6H
$209,803
$204 323
58,513
$125,547
k.
822,232.
,753,930
751,696
748,733
$845,931
$843,242
$943,269
$879,477
91,546
91,546
194,535
57,216
Net
98,577
94,539
ry.
60,806
103,484
95,056
railway.™ •: 2,222.148
2,090,108
1,818.656
1,563,321
957.254
790,779
869.840
746,608
847,725
791,390
railway..
from
inc
oper.
From Jan. 1—
from
Gross
Net
rv.
—V.
-
:
railway—____
from
Net
inc
oper.
154, p.
1940
1941
railway— *
from
Gross
Net
surplus
Rec'd from Conns.
1941
18.022
No. of Cars—
Missouri
6,000
$192,138
__
surplus
Preferred dividends
Sought—
700,-'
on
;
$1,165,736
$2,077,065
641,550
November—
Total
purchasing group of Lefcourt Realty Corp and Harris & Newmark, Inc., intend to solicit tenders for the purchase of Lefcourt pre¬
ferred stock at $10 per share and for the purchase of Lefcourt common
201,197
10,650
10,550
Corp.—Tenders for Purchase of Pre¬
Lefcourt Realty
96,502
—L________
paid—
sh.
per
000
off or¬
deprec., etc.
profit
Previous
10,500
$210,227
Int., taxes,
1
■
Net profit for year___
Preferred
—V.
expenses™
Balance
Net
31,'38
$201,158
$203,161
$208,638
11,767
written
ganization
to
salaries &
etc.
wages,
Amount
29.568
.
7' I.;:
•
,
Loaded Locally
31,*38 Aug. 26,'37
Aug. 28,'40 Aug. 30,'39 Aug.
$227,993
revenue
exps.,
V.
and $204,526 in
to
to
Aug. 27,'41
Period—
Theatre
"7
:
Missouri Pacific RR.—System Carloadings—
to
Total
1
52,990
Loew's Theatres, Ltd.—Earnings—
(Marcus)
.
State
&
value
version
153.
p.
161,154
8,694
406,614
60,221
charges™
Prov. for decline in con-
V.
♦After
65,026
•
'
337,410
500,000
taxes
pref. stock___
7%
$1,444,227
49,312
'431,825
■
45,336
5,400
$867,964
for
Provision
Common
$873,215
44,071
',' 443,311
"
55,469
61,068
Capital
Liabilities—
\
for estimated
Provision
60,197
253,570
accrued
309,830
r
$2,713,828
payable for injuries
516,827
theatre___
Total
Liabilities—
Compensation
;
$867,964
Accounts
$2,872,801
Payroll accrued
Accounts payable
_
Taxes accrued
payable_____
516,827
deposit with Canadian Trust Co
on
Goodwill,
10,618
Prepaid insurance and expenses—_______
1940
-
.
—
Balance
10,885
$172,076
———30,000
assets
Other
—I——-
Aug. 28,'41 Aug. 29,'40
$15,732
$27,453
Assets—
Cash
Alteration
75,115
Mining properties
______
1,597,867
Buildings, equipment and improvements (net) —
461,255
Intangible assets —_™_V——v_—:v.-■ 475,929
Prepaid insurance premiums
•
1,950
Inventory—Stores and supplies_:
$158,123
1941
$138,221
51,731
619
7,420
21,918
10,776
!
Accounts
15,797
..
$174,671
$104,898,
Assets—
Cash
3,657
17,247
"
-
1,583
4,292
tax_____
income
profit
2,207
f
'
'
23,658
franchise tax__.__
$179,160
$198,418
$128,556
—.__
Estimated
Estimated
177.996
$2,017,030
foreign tax—___ .811,079
for
Fed.
excess
":C"i
Notes
16,990
'
176,988
$3,796,378
67,027
412,148
__—___
Cash surrender
$196,956
$127,126
I
■'
*452,563
paid
for
Prov.
Plant
repairs,
renewals, etc.
for
$1,266,230
'
218,954
"
Consolidated Balance Sheet Oct.
"""979
842
$61,152
...
____—
13.364,703
$696,227
and ."
___™
284
earned
Provision
profit
(no
35
insur.,
Taxes,
497,260
612
_—___.
from
12,749,653
$1,564,467
profits taxes
Rent received
Income
14,803,161
$3,577,423
earnings
Interest
53 Weeks Ended—
$158,792
$166,673
etc.
Balance
1938
19,932,960
Depreciation
and
salaries,
exps.,
wages,
Total revenue
$748,220
607,292
13,802
June 30—
product.
J"
—
income
Theatre
(& Subs.)
1939
,
v
receivables
on
Total
:Aug. 28,'41 Aug. 29,'40 Aug. 31,'39 Aug.
receipts
ticket
Gross
Sundry revenues
Interest
Ended
from
Operating
445,036
1302.
p.
Months
Income
1.916
—
-——
Lava Cap
Home
8,37~6~960
8,377,472
surplus
through income and
:;
-
ended
sales
&
gen.
miscel.
Ltd.—Earnings—
Theatres,
—52 Weeks Ended
Total
Drl8.973
—__k_
—
prop,
Int.
outlay of $24,992,310.—V. 154, p. 1494.
282,310, representing a total
Period— *
cost,
manuf.
Miscellaneous
London
quarter
cents per share
$23,510,383 $16,367,628 $13,445,881 $14,630,933 ;
: '
——_____—
Profit from oper
16,
debentures will be called for redemption Feb.
existing 3Vfe%'
the
1940
1941
expense)
1942, at 102 and accrued int., or $10,710,000, and the preferred shares
will be called for redemption Feb. 15, 1942, at 105 and int., or $14,-
267,416
credits
Total
6
3,004,770
$54,220,481
Additions
-V.
468.655
3,072.989
reserve
sales
(incl.
admin,
the rate of $1,000,000 a year for
matures serially at
316,636
5,545
389.001
surplus
Cost
the next five years.
The
for
of the debentures prior to maturity.
retire 75%
to
loan
bank
288,835
449,864
—
—
—___________________________
unadjusted
Operating
Paid-in
Profit
_
__—_—_______
depreciation—equipment
Accrued
sufficient
The
owned
and compares with a distribution of 21
1941,
preceding quarter and 35 cents per share in the corresponding
Total
its large
Loew's
—
liabilities
;
will
financing
securities
Minneapolis-Moline Power Implement Co.
cash reserves in refunding these securities.
No amortization is provided for over the first five years of the 3%
debentures.
The rate of amortization over the following 10 years will
be
on
—Earnings—
be used to retire $10,500,000 out¬
standing 3 V2 % sinking fund debentures, due in 1946, and 136,022
shares of no par $6.50 cumulative dividend preferred stock, being the
entire amount of both issues.
The company will utilize about $7,000,the
income
Years End. Oct. 31—
tinental Assurance Co.
of
the
distribution of 40 cents per share, pay¬
31.
This distribution is derived
a
holders of record Dec.
to
quarter of 1940.—V. 154, p. 752.
Insurance
Proceeds
31,
Prov,
250.000
liabilities
Other
Dec.
Mutual Life Assurance Co., Union Central
Co., Continental Casualty Co. and Con¬
Co.,
Life
20
investment
from
in
have declared
trustees
able Jan.
Vv" l.ioo
dividends
Unmatured
_____
__—
declared
accrued
Unmatured
_—___
__________
The
companies
000 of
Capital stock
Massachusetts Investors Trust—40-Cent Dividend—
$13,000,000
Sept. 30, '41 Dec, 31, '40
$51,812,710 $51,191,200
Assets—
Investment
Saturday, December 27, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
1700
544.835
.
614,762
1150.
ThC
Only holders of the preferred and common
stocks of
record Dec.
30, 1941, will be entitled to submit tenders.
Tenders will be irrevocable and must be received by the agent for the
stock
at
$1.90
business on Jan. 31,
close of business on
for the shares of preferred and
purchasing group not later than by the close of
1942,
The purchasing group will have until the
March
1942,
2,
and
accept
to
pay
1631.
stock so tendered.—V. 154, p.
common
1941
expense
1939
$498,969
$405,912
receivable
101,446
102,955
7.209
10,872
90,039
24,140
*66,390
46,293
"•/
profit
Balance
surplus
$222,030
;
at
'
' '
$2,238,923
for
$7,844
Bah,
873,930
719,849
578,114
578,724
$990,367
$836,286
Aug.
116,437
116,437
116,437
302,736
$979,523
31__
$873,930
$719,849
$578,114
Balance
Assets—:
U.
Sheet, Aug. 31
-J:'
•
Government
S.
1
1940
1941
$349,983
50,000
securities™.
Total
154,
p.
and
equipment™—____.
assets
•
.—;—______—_—n:.
__
Since
accrued
Notes
Notes
payable
payable
red.
for
stock
Total
<
*To
reserve
V.
(par
106,808
124,870
$5,522,251
$16,685
for
Comparative Balance Sheet,
88,957
Inventories
1.167
State
stock™
140,000
Cash
Plant
_2~ 095
2,556
$506,711
180,630
land
of
173,186
191,103
9,468
9,468
9,818
——
to
Addition
for
reserve
15 000
contingencies
Federal
873,929
Theatre
Co.
common
$5,522,251
tAfter
stock.
$18,000,000
Financing—Com¬
23 arrangements for the sale of
116,666
445,000
taxes™
income
$603,979
profit for year
60,000.
$263,707
$474,340
*$66,215
Oct. 31, 1941
S. Treasury bills and notes, $300,040;
insurance, $92,395; accounts receivable,
invenories, $1,355,470; accounts receivable, employees
and sundry, $9,133; plants and equipment (net), $2,030,818; prepaid
taxes, insurance premimums, etc., $53,441; goodwill, trademarks, etc.,'
$1; total $5,138,023.
$540,316; U.
of life
value
surrender
cash
•
——-I
surrender value of life insurance
—
and equipment at St. Louis, Mo. (net)™
63,926
108,329
94,306
59,958
70,187
25
4,410.
Prepaid items
Total
—
______
5,924
362,782
15,493
.
.
.
.
358,135
14,736
$723,085
™__™_———_1.—_™_—™~:
$618,235
$18,050
$9,127
Liabilities—
Accounts payable
Accrued items
Paid-in
(par
surplus
$10).
xl
152,
81,285
4127.
245,130
1,062,161
—-
1,172,469
683,541
—_L—
—:
p.
34.351
245,130
.
Total
—V.
—~
______—_
(payroll, taxes, etc.)
stock
Common
$756,410;
Liabilities—Accounts
payable,
trade,
$377,261;
dividend
payable.
$33,722;
and State taxes,
Federal
$46,856
71,258
2,845
3,881,233
;
receivable
Deficit
Inc.—Arranges
completed Dec.
Notes
——_
_
1940
$64,992
94,878
$5,219,399
of
Sept. 30
1941
hand
92,545
depreciation of $1,975,051 in 1941 and $1,854,479 in 1940.—
Loew's,
$780,438
184,764
Assets—Cash,
115,322
152, p. 683.
pany
$1,258,210
'
value
book
in
Balance Sheet,
with
Assets—
420,000
com.
$25)
redemotion
$2,213,960
distributions aggregating
Deposits in savings banks:—______________
Accounts receivable (net)™.—»—_______i™___
3,881,233
Co.
___—
cover
751,696
deprec.-™
bef.
accrued payroll and other expenses, $104,952; provision for
$529,418; reserve for contingencies. $53,442;
sinking
fund requirement for Jan. 1. 1942, $95,830; capital stock!
and surplus, $3,943,399; total, $5,138,023.
,
Note—Capital stock consists of 22,481 shares of class A stock, and
55,000 shares of class B common stock, both of no par value.—V. 153,
p. 247.
4,886,198
124,870
2,895
Theatre
deposits
Common
300,910
$124,883
depreciation charges, of $202,887:
This amount com-$90,071 in 1940 and $124,954 In 1939.
After deducting
administrative expenses and reserves for Federal and Missouri income
taxes, and after adding miscellaneous income, the net earnings of the
company were $138,964, or approximately $5.67 per share.
pares
140,000
(due currently).
(non-current) —
Tenants'
750,000
net income, after
___;_
of State
$433,793
313,171
trade,
2,556
979,523
Due
$819,882
362,114
share have been made, namely 50 cents per share on Jan. 11
and April 14, respectively; $1 per share on June 25, and $2 per share
on
Sept. 25, 1941.
These distributions have been charged against
capital surplus.
The St. Louis Bleachery for the 12 months ending Sept. 30 showed
292
and
Interest
$1,142,552
511,421
Inc.—Annual Report—
President states:
the last meeting of stockholders four
1,835
$5,494
and personal property taxes.—
State taxes—.
Federal
$1,769,631
♦Loss.
Cash in banks and on
payable
estate
Real
prof. bef. depr.
Profit
Net
Lowell Bleachery,
~1~947
L'abilities—
Accounts
653,900
Lester Watson,
4,754.780
—h—_————__
—
$5,219,399
Goodwill
2,060,702
Reduct.
153.
95,306
buildings
tLand,
Deferred
49,000
754,385
—
2,095
receivable
3,213,742
$4.50 per
$240,401
Accounts
$9,364
653,900
shares™
Earned surplus
—V.
year's adustments.
♦Less prior
4,854,730
$880,850
paid—
surp.,
$302,125
$258,172
$1,095,960
surplus
Dividends
"i
$270,518
6,294,996
Depreciation
charges
taxes
cumulative preferred
shares
1938
$2,494,500
and adm. exps.
(net)——
etc.
$2,213,960
$2,238,928
Provision
1939
$4,033,624
Gross
Selling
9,905
v •;
payable and accrued
7%
be¬
ginning of year__
Total
18,000
::
8,366
Common
Net
750,000
750,000
750,000
Liabilities—
1940
$5,997,282
—
bef.
50,135
12,000
.
1941
—
sold,
goods
of
979423
200,703
72,800
•
Accounts
taxes™
Cost
depreciation
932,337
leasehold,
'4.
Forging Co.— Earnings—
$8,064,627
sales
Net
4,593
___
buildings and euipment
Dominion Government bonds and accrued int.
Goodwill'and booking rights
estate,
Aug. 28,'40
$406,797
$429,220
151,189
______—___
income
$330,930
Real
Moore Drop
Years Ended Oct. 31—
Aug. 27,'41
Assets—
Accounts
$822,261
Sheet
Cash
1938
150,623
Operating profit—____
Depreciation _____—
Amort, of discount and
1940
$469,901
End. Aug. 31—•
Federal
Balance
$748,733
$751,696
$754,385
■
Organization expenses
—
Prepaid insurance and expenses--—
Theatres Co.—Earnings—
Loew's Boston
Years
surplus
Earned
share.
per
842,843
$723,085
$618,235
r
Moxie Co.—Earnings— s
;
30—
1941
sales— '
$418,832
Selling, advertising and
profit
admin,
Profit
on
♦ T
Act
I
341,683
357,419
420,114
367,90^
$77,149
*$29,522
*$104,308
*$17,084
$77,149
5,845
*$29,522
7,277
*$104,308
*$13,906
7,521
31,514
26,652
31,524
44,659
"3,178
—
_____—,
of
appreciation
Net
1938
$350,819
—
Interest
Amortiz.
1939
$315,806
—,
income
Depreciation
'
1940
$327,897
opers..—
expenses
from
Other income
Total
Sept.
Ended
Years
Gross
income
'V.
appraisal
•
>.
4,624
$40,028
*$68,323
*$156,488
*$45,420
V/.'",
Assets—■
»■
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4025
Volume 154
Balance Sheet, Sept. 30
\
;
1940
1941
$62,963
Notes
and
receivable
accounts
Inventories
(trade),.
'™™
Expenses, advances and current accounts
Bottles
and
35,008
24,053
.
i
accounts
receivable
56,553
Judge
opinion
458,037
13,295
Patent rights,
655,925
655,925
trade marks and goodwill-,-
U.
Following is
comprehensive summary of the document cover¬
;S
Accounts
Notes
Accrued
^Colony
Old
Discussed—Tne
JttK.
stock
SConvertible
.V,
6,440
/
Surplus
.
278,540
17,593
113,750
C-'-v 42,778
122,259
277,945
959,894
917,996
''..Total
40,967
122,318
.
preferred
stock—
——————.r—'.
——
,
105,750
-
—
^
—
Old Colony RR.
the
in
$1,500,000
deficit
at
"Thus
pro¬
(2,810 in
1939,
any
N.
Morrell & Co.—Regular Dividend Declared—
(John)
The
;
direotors on Dec.
cents
of
record
share
per
the
to
come
we
power,
court
The
Jan.
3..
,
;
•
*
made
issue
this
on
goes
National
Bronze & Aluminum Foundry
land—To Pay Dividend of
years.—V.
have
declared
$1.25
on
.
In
1941
of
Cost
sales
—
Gross profit
1940
$1,317,978
$1,105,219
ganized
New
268,916
271,161
mission
and
1
income
$133,519
$197,990
from operations-
profit
:•>
1,554
H.
states:
Pt.
&
Haven
4%
1,
Ch.
Total
the
Haven
the
states:
court
ref.
&
:
4%
Cash
due
agreement
Amortization of
Provision
a
improvident
management
any doubt as to the power
limit passenger losses of Old
against
to
court
matured
(Bonds
Bank
June
Nov.
providing that passenger service on the Old Colony might be dis¬
if passenger losses on those lines exceeded $850,000 for any
1,000
gation formula is accepted as fair and equitable as circumstances per¬
mitted,
After discussing the valuation of the Boston & Providence
409
Excess
409
45,000
20,500
profits
on
earnings basis,
an
would
8,000
taxes
the court says:
Commission
"The
„
result
that
Granted
the
if
the
gives
some
Boston
discussion
to
the situation which
abandoned. . . .
capacity
of inde¬
Providence
profit
•Earnings
•On
"i.
share
per
lacks
the
operation, and that no other existing railroad or group of
capital will want to assume financial responsibility for its opera¬
what then?
Either it must ultimately be sold as a unit presum¬
ably to the New Haven, subject to its charter, or it must be sold piece¬
meal for whatever value it can command and be abandoned.
$97,721
80,000
$1.27
-
$0.98
stock
™„„.
of
shares
100
$126,975
70.000
—
—
common
on
-
new
tion,
stock, $1 par.
common
"Obviously
"
Balance
Sheet, Sept. 30, 1941
"
-
" '
New
$204,901;
inventories,
$151,4dl; prepaid expenses and deferred charges, $12,820; investments
and advances, $1,755; property, plant and equipment (net), $124,634;
organization expense,
in process of - amortization, $1,228;
goodwill,
Assets—Cash,
receivables
$79,692;
1939 Jly 1, 1939 Jan 1, 1940 Jly
1, 1940
■
'
.
Co.
4%
^
1, 1940
1937.™ May 1, 1939 Nov 1, 1939 May 1, 1940 Nov
registered
and
Trust
22
: •;
N.
Co.,
bearer form must be presented to City
William St., N. Y. City, for stamping of
; i
;
•
Payable at Irving Tr. Co., 1 Wall St., N. Y.
Bal. of 25% - ■
6 Mos. •
.v 6 Mos.
of Int. Due
Int. to
Int. to
N.
Y.
v
/:/;•'V.
.V
H.
&
H
first
RR.—
'
•
'
bonds
ref.
&
due
Dec
1, 1936
Jun
1, 1937
1,1936
Nov
1,1936
May
1,1937
Jly
1,1936
3V2% debs, due Jan. 1, 1956™ Jly
1,1936
6% debs, due Jan; 15, 1948™ Jly 15,1936
4% debs, due March 1, 1947. Sep
1,1936
Jan
Jan
1, 1937
Jly
1,1937
Jly
1,1937
Jly 15,1937
Sep 1, 1937
Sep 1,1937
1,1937
1,1937
1,1937
1,1937
Jun
1, 1936
debs, due May 1, 1956™. May
r/4%
1,
1967
debs,
4%
due
July
1,
1955
debs, due March 1,
3V2%
1,1937
Jan 15, 1937
Mar 1,1937
Mar 1,1937
1947 Sep
1,1936
1954_*_ Jly
1,1936
1,1936
Jan
1956™. Jly / 1, 1936
.4% debs, due April 1, 1955.. Oct
1,1936
N. Y. N. H. & H. RR. 3 % % debs, v-!
Jan
Consolidated Ry.—
4%
debs,
due
July
4%
debs
due
Jan.
1,
1,
4%
debs,
Jan.
1,
due
April 1,
due
1955
Jlv
Oct
1954
1,1936
Jan
Apr
'
1,1937
1,1937 ^
1,1937
1,1937
'
Oct
1,1937
-V
•
Apr
-
Jly
Jly
Jly
Oct
1,1937
(Script certificates must be forwarded direct to treasurer, 71 Meadow
St., New Haven, Conn.)
-
..
Bal. of
(net),
But
both
at
detriment,
passengers
be
though
and
would lose part of
through; traffic doubtless the New Haven
part of
haul."
the
patents, formulas, trade-marks, $1; total, $576,521.
the
Through
received
and
seriously detrimental to the
substantial, would have its
freight could still be delivered
Providence and Boston, though for a substantial
would
abandonment
an
Haven.
limitations.
In conclusion he states:
37%%
' "
•
.
6 Mos.
N.
H.
&
bonds
sec.
H.
April
Int. to
Int. to
1,
1, 1938
Apr 1, 1937 Oct 1, 1937 Apr 1, 1938 Oct
1940
through the regular banking channels at
will be mailed to holders of fully regis¬
must be collected
Coupons
the
6 Mos.
6%
RR.
due
6 Mos.
Int. to
of Int. Due
Y.
N.
indicated.
banks
Checks
tered bonds for the payment of interest
authorized to be paid.
collection of
presenting coupons or matured obligations for the
When
should be
Providence
&
&
Boston
pendent
Net
Dividends
1, 1939
Payable at Second Natl. Bank, New Haven
months'
12
taxes:
taxes
1938 Jly 1, 1938 Jan 1, 1939 Jly
/
(.'' VZ/'V ■ '
-
1
1, 1939
1,
1,
both
Farmers
M
of the Com¬
Colony lines;
14,647
organization expense
Federal
for
Income
1, 1938 Jan 1, 1939 Jly
1938 Jly
Jun 1, 1937 Dec 1,1937 Jun 1, 1938 Dec 1, 1938
Dec.
807
_
■
continued
1,566
cancellation of sales
with
—
v
•
June
Norwalk
due
4 V2 %
$135,084
allowed
discounts
Payment in connect,
.
Int. to
Int. to
,
1955_ Dec 1, 1938 Jun 1, 1939 Dec 1, 1939 Jun 1, 1940
;Payable at City Bank Farmers Tr. Co., N. Y.
Housatonic RR. 5% bonds
V
...
,
839
r,'.?
Int. to
■
,
North.
bonds
&
bonds
■"
$199,544
;
(
payments of this interest when collected.)
period during the first two years and after the consumma¬
plan and $250,000 for any 12 months' period thereafter.
Boston & Providence—Judge HincKs disapproved of the proposal of
the Commission for the merger of the reorganized New Haven with the
Boston & Providence.
As a <basis for his opinion the so-called segre¬
—
'
to realize
came
18,321
income
expense
19,
,
Co.
tion of the
Interest
v
1954™ May 1, 1939 Nov 1, 1939 May 1, 1940 Nov 1, 1940
4%
-
1,
RR.
1956
Danbury
-
V
V
'!■
RR.—
r
.
700,540
R.
England
New
the Old Colony and the coopera¬
He
;
Massachusetts
consider
$404,680
(3)
Net
Other
authorities.
;
should
851,072
—
;
Dec.
Haven,
of these proceedings suggests that it was not until
arose."
conclusion
$466,906
—
sales
Selling, general and administrative expenses.
on
&
-
which paid $12,$600,000, . . .
and in the absence of convincing evidence that the deficits had been
or would be permanently eliminated or were more than offset by other
factors
I should not feel justified in imposing an involuntary
merger upon the parties upon the terms imposed."
Compromise Committee—Judge Hincks however does recommend that
the report of the compromise committee which he appointed should
receive consideration, and the report is annexed as an appendix to the
court's opinion.
This committee proposed (1) setting a limit to the
fixed charges that the reorganized New Haven should pay in connec¬
tion with the bonds of the Boston Terminal Co.; (2) assuring the reor¬
Co.—Earnings—
30—
sales
without
000,000 for a property producing a deficit of upwards of
on
p. 843.
Years Ended Sept.
operations
,
he
that
say
the separation of
the history
.
153,
National Chemical & Manufacturing
Net
share
"
H.
revenue
public in eastern
above
Co. of Cleve-
per
to
Massachusetts
of
"I
of
dividend
of
evidence
no
that its right to
burdensome service and its power to impose taxes was subject to the
practical limitation resulting from the dwindling state of Old Colony
resources
that the cooperation which resulted In the economies listed
$1.25—
a
is
-
is sufficiently permanent to justify a capital
dimensions.
He discusses the present and possible
of large
the
common
stock, payable Dec.' 30 to holders of record Dec. 26.
This
payment, it is announced,--will be the first in approximately four
directors
The
there
N.
due July 1, 1945™ Jan 1,
England RR. Co. 5%
bonds due July 1, 1945- Jan 1,
Central
New
England Ry
'
4% bds. due Jan. 1, 1961 Jan 1,
tne
on
in
the
Dec.
:
New
New
the
can
provement
"And
"
An, extra distribution of "75 cents was
19, 1941.
See V. 154,'' p. .1286. : ;
,
at
aggregating
.
bonds
As the Commission
in
1938
and over
doubts if the Commission con¬
sidered the improvement of traffic arising out of the defense program
as
a
factor and that he can find no evidence to justify that the im¬
tion
quarterly dividend of
payable Jan. 26 to holders
declared the regular
19
the; common stock,
on
and
future economies in
'
50
Court
interest
pay
debentures.
bonds due May
New
basis of past earnings the Old
that on the
Y.
H.
After discussing the proposed price and
the Judge says:
earlier period.
investment
.
?
District
S.
to
■
permanent investment by the New Haven contemplated for
19401 no par shares.
tRepresented
by 155,697 (155,578 in 1940) no par shares.
ILess reserves for depre¬
ciation^,. ^Represented by 111,416 (111,178 in 1940) no par shares.— /
V• 151, p, 3568.
■
;
i4/ ., s"
' • —
■■■'
"■ .
■
■
■
,
.A.'.vc
U.
Int. to
the
is
underlying question: Assuming the existence
court now approve a plan which compels the
the acqui¬
sition of the Old Colony; that, is to say, an investment of upwards of
$22,000,000 for an operating property heretofore productive only of
deficits?
If so, the approval must rest upon a factor or factors which
offset or outweigh the record of operating deficits."
V.■.
of
$1,609,684
$1,594,257
—r————
^•Represented by 2,691
the
trustees
„
discussed
subject
nrst
Colony properties are productive only of deficits.
observed,
these
deficits . were
about
$2,500,000
9,160
17,979
credit balances
of
-"We start with the fact
.
45,000
expenses
in
the
■"
the cancellation of mutual claims,
$63,203
*™™
Mortgage notes payable—!
•Class A stock—L
erties
1940
$62,370
payable—trade
(Class B
:.V;
1941
payable
Customers'
t%
$1,609,684
$1,594,257
Liabilities—
Hincks
.
t% important phases of the opinion:
ing
posal of the ICC that the New Haven be required to acquire the prop¬
Total
by
~
typewritten pages.
150
more
a
Paid
Ordered
$15,000,000 on
certain bonds and
'
,
v1
Funds will be available on and after Dec. 29, 1941, for the payment
of interest for the periods and upon the issues shown below, to holders
of record Dec. 19, 1941:
v :
:
Payable at Irving Tr. Co.,One Wall St., N. Y.
V
■
6 Mos.
6 Mos. .■■■;•.
6 Mos.
6 Mos.
-
the
the
Commission.
When
a brief summary of
$15,000,000
''
authorized
District Court at New Haven
S.
by the Interstate Commerce
handed down the court issued
was
Judge
v
•
opinion on the plan of reorganization of the road
an
opinion which covered
.487,517
14,661
of the
Hincks
;
Aggregating
Court—
Old Colony and Boston &
—
,
2,796
1 Plant and equipment
Prepaid taxes and insurance
Issued
9
submitted
as
50
•
■•Y'
Carroll C.
Dec.
on
123,124
50
„™_
Reorganization Plan
Providence Roads Discussed—
184,048
.107,845
hand_l____
on
cases
Investments
Sundry
;
ICC
i' $62,323
202,470
57,298
„™'-
,
,
:
Interest
New York New Haven & Hartford RR.-^—Court Rejects
v
,
V*'"'
Cash
1701
interest
1000 or Form 1001, must accom¬
ownership certificates, Form
them.
pany
Seeks Funds for Equipment—
applied Dec. 23 to the Interstate Commerce Commission
authority to issue and sell $2,940,000 of equipment trust certifi¬
cates under the Philadelphia plan.
The certificates will be dated Feb.
1, 1942, and mature in equal annual installments of $294,000 begin¬
ning on Feb. 1, 1943, and ending on Feb. 1, 1952.
They will be guar¬
anteed unconditionally by the trustees of the road and will be sold
at competitive bidding, the successful bidder to name the dividend rate.
The proceeds will be used to pay not more than 80%
of equipment
costing $3,675,000, the remainder to be paid in cash from current
funds.—V. 154, p. 1495.
'
'. '
'
'
Company
for
.
,
price can be
value because there is no suf¬
ficient proof either of abandonment value or of market value.
"There will be many who object to the use of market value even as a
limiting factor on the ground that it is not 'realistic' to view a splen¬
did, seasoned railroad property like the Boston & Providence as an
abandoned property and the fit subject of liquidation. ...
"Why should the New Haven pay a price predicted upon a contin¬
gency so remote that its fulfillment deserves no consideration?
"What then have we left? A magnificent piece of railroad property,
yes.
But a property productive of deficits which at least for the
normal
year
can
be converted into constructive earnings only on
the
theory of the
'earnings' which it 'contributes' to the New
"On the present record
payable (trade), $79,039; salaries, wages and
real estate and personal property taxes, $2,744;
reserve
for Federal income and excess profits taxes, $50,835; social
security and Federal capital stock taxes, $5,718; dividend payable,
$15,000; common stock (par $1), $100,000; paid-in surplus, $216,480;
earned surplus, $101,976; total, $576,521.—V. 152, p. 2863. ; r %f.;;;\0tL
Liabilities—Accounts
commissions,
approved
$4,728;
Co.—$1.15 Dividend—
New England Confectionery
dividend of
the
common stock, par $25, payable Dec.
27 to holders of record Dec. 19.
This compares with 45 cents per share paid on these shares on June 27
and Sept. 30, last.
A distribution of $1.80 per share was made on
March 28, 1941, cn the old $100 par stock outstanding prior to the
have
directors
The
4-for-l
split-up.
declared
a
$1.15
share
per
on
1
■
Haven.
"If any
could
capitalization, as against $2.12% in 1940 on the same basis.—V. 152/
p. 4131,
•
.
" .,
guished from mandatory decree."
The above are the more important issues discussed by the court in
New England Gas & Electric Association—Output—
the
For
of
ended Dec.
week
kwh.
12,492,719
This is
of
production
above
19,
an
his opinion.
kwh.
10,870,100
for
the
corresponding
week
a
is reported at 128,743 mfc., an increase of 11,505 mcf.,
117,238 mcf. in the corresponding week
New York Chicago &
November—
Ytiy'K
railway—,
5,226,094
3,988,119
3,344,213
railway—
1,979,965
1,538,071
1,464,153
1,097,816
1,839,459
932,983
869,691
717,168
Net
from
Net
ry.
ry.
railway
from
Net
—V.
39,110,640
13,080,375
9,166,421
7,431,414
7,453,678
4,306,437
Chase National Bank of the
until
o'clock
12
32,966,588
record of fact."
Jan.
noon,
of
$1,000 of first mortgage 4%
p.
3033.
treatment
directors
The
of
of that date.
as
Vp,;-'
23 declared a fourth-quarter common stock
share, payable on Dec. 31 tat holders of record
The total dividends declared for/the year amount to
per
dividends
&
of
$2
All of the
or at the rate of $8 per share per
stock is owned by the American Telephone
Telegraph Co.—V. 154, p. 1530.
;
x
States Rower
directors have declared a regular quarterly dividend of $1.75
the 7% cumulative preferred stock and a regular quar¬
dividend of $1.50 on the 6% cumulative preferred stock, both
payable Jan. 20 to holders of record Dec. 31.
Like amounts were
paid in each of the four quarters In 1941.
Arrearages total $2.62y2
on
the
6%
preferred and $3.06% on the 7% preferred stock.
share on
terly
Weekly Output—
Electric
week
output
ended
Dec.
34.225,000 kwh.
8.7%.—V. 154,
of
20,
the
Northern
totaled
States
Power
37,215,000
Co.
kwh.,
as
system
for
the
compared with
for the corresponding week last year, an increase of
p. 1599.
,
«
xi_
favorable and Is disapproved.
the treatment of Harlem River
that the
.
,
..
with reference
His silence would
Shareholders—The court makes no finding
on
existence of any equity for the
that he accepts the finding
a
market
sales,
$527,537
$315,963
$701,999
401,705
378,563
467,077
t$62,600
$234,921
12,345
4,374
t$50,255
$239,295
5,627
etc
*1939
$3,785,181
3,083,183
$125,832
Sept. 30—
discounts,
*1940
$2,885,790
2,569,828
$130,699
less
1941
$3,864,853
3,337,315
4,867
Ended
Years
Gross
Cost of sales
profit on sales
general and admin,
Gross
Selling,
2,459
'
exps.,
including doubtful accounts
from
Profit
operations
income
Other
Total
income
Other deductions
Federal income
Net
36,000
(estimated)
tax
profit
Dividends
,
•The
shareholders.
treats of Federal taxes and the
reorganization.
one
feasibility
other
of
the
plan.
I
have had
some
effective date
-V
v
respect
dififculty in Judging the
Nothing has been said
with respect to the
the liability of the reorganized debtor for Federal
taxes.
I think the Judge, before approving the plan, should have
affirmative assurance that its feasibility is not jeopardized by liability
effect of the plan on
...
its consummation.
The problem
seems somewhat dependent upon the effective date of the plan.
Doubt¬
less any future plan will set a new effective date.
In my view, the
date selected should be as close as feasible to that on which the plan
is reported to the court."
;
taxes
which
may
accrue
upon
..
t$52,714
30,745
Nil
$89,071
—
preferred stock
on
Earnings per common share
:
^
12,388
46,315
,
above
income
■;
accounts
$0.29
presented
are
on
$180,592
30,745
$0.74
consolidated
a
basis
and the
only consolidated subsidiary was dissolved in September, 1940.
(Loss.
:
■
Note—Provision
for
sales and expenses,
depreciation
of fixed
■
assets included in cost of
$53,780 in 1941, $46,815 in 1940 and $42,095 in 1939.
Comparative Balance, Sept. 30
and accounts receivable, etc
(Notes
Inventories
$326,306
$352,528
96,866
829,220
335,223
—
Cash
87,307
534,292
376,180
9,510
1,566
12,418
$1,372,236
$439,200
202,230
charges
9,221
$1,598,401
Deferred
$439,200
202,230
226,675
55,783
29,513
™_™___;
assets
Other
Total
Preferred
stock
stock
285,927
122,170
Accounts payable
Accrued accounts
;
40,966
Reserve
271,427
236,479
Total
-
-
-
271,427
147,408
$1,598,401
Capital surplus
Earned surplus
$1,372/236
in 1941 and $272,175 in 1940 reserve for
(After deducting $145,142 in 1941 and $145,084 in 1940
reserve
for bad and doubtful accounts and notes.
tRepresented by
202,230 no par shares—V. 152, p. 3353; V. 151, p. 3570.
,j'.
•After
deducting $310,345
depreciation.
of the Commission that there is
equity.
"In
the
Liabilities—
& Port Ches-
record the court does not find
In conclusion the court
of
of
close
of common stock (no par)
share less 50 cents to dealers.—v. 154, p. 1381.
Norwalk Tire & Rubber Co.—Earnings—
interposed objec¬
Air Line by the
court.
the
for
1
1941,
the
>Silent
to
(Del.)—Preferred Div.—
The
per
.!
no
Co.
t
since the Air Line interests
justified,
approves
indicate
"
Northern
the
share,
per
common
cannot be
<
;
the
after
•Property, plant and equipment
extended
that the treatment of the
Central New England was fair.
/
'*
L
■
,/
■''
The court similarly held as to the New England and that the road
should have better terms. :
'YY
With reference to a reorganization committee which would seek to
carry out the provisions of the plan, the court does not approve of
the naming of trustees either by the debtor or the insurance group or
the savings banks group.
He consludes that it would be wiser to have,;
trustees appointed by the concurrent orders of the Commission and
On
profits, the principal factors of which were higher taxes and increased
wages,
the company's announcement said.
From 1910 to and including Sept. 30, 1941, the company paid quar¬
annum.
$13.25
offered
Co.
Lazard
—
block of 3,968 shares
tCommon
The
$7.50 per share as compared with $8.00 foi/ the year 1940.
•
The action of the directors was in keeping with a reduction in net
terly
a
at
,,
,
'
supporting the proposed treatment have
The court finds that the treatment of the
tions.
Dec.
on
$1.50
proposed
Commission was too
New York Telephone Co.—Dividend Rate Reduced—
dividend
,
the Housatonic and disapproves of
of
instead
gold bonds dated Aug. 1, 1905.—V. 152,
.
,,
plan of the Commission for substituting bonds with an
maturity carrying a lower interest rate.
Air Line Road—As to the Air Line Road the court finds
City of New York, successor trustee,
1942, receive bids for the sale to it
6,
„
1
.
court sustains the claim of
The
''■
;
^
the
Fire Protection Co.^-Tenders—
New York
will
42,107,021
13,649,754
15,426,351
:./,7;
income—
1495.
■;
-
oper.
154, p.
The
54,819,859
23,088,872
railway—
from
Gross
Net
„
collateral, though regrettable, are a form of damage without injury.
"After all, the losses, though uncomfortably real to the banks, have
been losses of fictitious values, as is demonstrated by the underlying
■
..
&
Dec. 23
Offered
Stock
—
not receiving treatment equivalent
.
1938
1939
oper. income—
From Jan. 1—
from
Gross
■
St. Louis RR.- -Earnings—
t 1941
1940
4,143,595
" '
-
,.
„
_
of the Railroad Credit Corporation that its
to its overdue claim.
As to the Reconstruction Finance Corporation, which received treat¬
ment similar to the Railroad Credit Corporation, the court finds in
view of the .fact that the company did not object he assumes it has
consented to the plan.
-' ' •
■
■ ■
As to the claims of the Rhode Island Hospital National Bank, the
Merchants National Bank of Boston, and the Bank of Manhattan, the
court concludes that the losses resulting from the inadequacy of their
ago.—V. 154, p. 1598.
year
.
sustains the objection
notes are
above production of
9.81%
or
.
reorganized New Haven.
a
He
Gas output
.
of the Hartford &
Connecticut Western and the Providence Warren & Bristol with the
year ago.
Freres
Co.
Two Mergers—He approves the merger
Approves
this association reports electric output
increase of 1,622,619 kwh., or 14.93%
Niles-Bement-Pond
...
sound basis . . . can be found upon which the New Haven
properly assume the hazard of Boston & Providence deficits, I
wish that a merger could be accomplished by negotiation, as distin¬
:
1941 will be $2.50 per share figured on the present
Total dividends In
I cannot find that the proposed
the basis of abandonment
on
Oklahoma
Gas & Electric
Co.—Debentures Called—
is notifying holders of Oklahoma
due 1946 that $475,000 principal
amount of this issue has been drawn by lot for redemption on Feb. 1,
Schroder
The
Gas
&
1942,
office
Harris
V.
Electric
at
of
Co.,
4%
trustee,
debentures
Payment will be made at the
N. Y. City, or at the office of
West Monroe St., Chicago, III.—
102% and accrued interest.
the trustee, 46 William St.,
Trust
154, p.
Trust
Co.
&
Savings
Bank,
115
1495.
^
Panhandle Eastern
The
Pipe Line Co.—50-Cent Dividend
directors have declared
common
compares
stock,
payable
Jan.
a
dividend of 50 cents per share on the
6
to
holders
of
record Dec. 22.
This
each on March 20
with $1 paid on Oct. 17, last, and 50 cents
THE COMMERCIAL & FINANCIAL CHRONICLE
1702
Philadelphia Co.—20-Cent Common Dividend—
One share of Central Distributing Co. common stock
25, 1941, on each share of Panhandle common
1941.
and June 9,
distributed on Jan.
was
in cash
of $3
total
A
31.
and
Oct.
three
O'Brien Gold Mines, Ltd.—Earnings—
and on hand
Marketing
i
expenses
bullion
Net
—
revenue
Net
received
Dividend
tion—
The
'■___'——
revenue
"
issued
19
Dec.
on
and
Operating profit
,
/.
'
Development
62,425
11,732
interim
authorized
Dividend
registration,
transfers,
•Stock
discount,
interest,
taxes
capital,
v;
on
and miscellaneous expenses.
administration
Balance Sheet Sept.
of
162,500
—
——
30, 1941
bonds, $744,706; interest accrued
and deposits, $7,589; bullion at estimated net value, $96,585;
bonds
accounts
stores,
holders
the
Nov,
1,
preferred
the*, new
thereof
to
of
exemption
.
issue
said
and
from
1
income
Investment
1939
called
been
105 Viz
at
and
Certain
tion
7-
,v
first
the
of
and
1
Feb.
on
bonds,
mortgage
$687,386
$530,269
$419,386
329,342
297,028
242,463
207,396
/„•
previously
called
on
invests,
on
realization
fixed
holders
152, p. 4135.
;V7 v..;
of
the
on
record
Arrearages
470,000
this
on
7,325
124,930
17,051
33,023
;
-v—-
dividend of $1.25 per share on
a
like
A
after
issue
amount
"
,
account
15 to
15 last.
paid on Oct.
was
will
current payment
the
7
;
vV./7')'.7
1660../, '7.,-
Punta Alegre Sugar Corp.
$27'.50
be
Years Ended Sept. 30—
":'v"7 /■'
■'
(& Subs.)—Earnings—
•
Account
Consolidated Income
,
*
1940 '"
$3,618,984
523,444
"
$4,073,384
$4,142,428
$3,993,029
$4,516,769
2,800,065
3,110,578
3,019,553
131,175
164,914
Crll,125
3,479,069
99,8.25
1941
v .
H. Karkpatrick in U. S. District Court at* Phila¬
Rev. from sug. & sirup
18, set Feb. 16, 1942, as the deadline for filing of a new
Rev. from other sources
reorganization for the company, the affairs of which have
been in the hands of the courts since July 3,
1934, when company:
Total
ievenue_______
filed for reorganization under section 77B of the Bankruptcy Act.
r 7
;
expenses____
A plan for reorganization of the company was filed with the court ... Operating
Misc.
charges (net)
in
July,
1935,
and was later amended.
This modified plan was' y
int.
paid: or
rejected last July by the Pennsylvania P. U. Commission, which charged/, Current
519,000
552,000
16,335
7,
prior preference stock, payable Jan.
$5
Dec,- 20,
share.—V. 154, p.
per
William
Judge
$3,638,117
435,267 7
of
plan
1599.
p.
.
/
of
assets
redemp-
for
154,
delphia, Dec.
289,000
sold.
Profit
Profit
12.—V.
.The directors have declared
-r
;
.*
1941, have not yet been presented for pay¬
1,
Aug.
Jan.
to
Payment will be made at the Fidelity-'":"
of accumulations
trustee, 135 South Broad Sty, Phila- *
int.
Philadelphia & Western Ry.—Deadline Set For Plan—
Divs. from
wholly owned
subsidiary companies, ;
151, p. 3573,
Puget Sound Power & Light Co.—Accum. Dividend—
successor
.delphia, Pa...
1938
1940
$1,017,971
operations
depreciation.—V.
;
first mortgage gold bonds, 5Vz.%" series, due 1972,
for redemption on Feb. 1,
1942, for s'nking fund
Philadelphia Trust Co.,
ment.—V.
•Profit
$15,878,063 $13,519,795
—___
for
reserve
49,150
1,065,786
3,723,107
39,640
■
total of $227,000
have
and accrued
1941
1,065,813
exchange
Ogilvie Flour Mills Co., Ltd.—Earnings—
31-
Total
1,177,550
6,716,400
4,740,904 -
•
_________________
,
kj,
purposes,
Aug.
1,177.550 7
6,725,600
.___
interest
charges, $35,822; salaries
and wages payable, $15,773; provision for taxes, $84,468; capital stock
(issued 3,250,000 shares, par $1), $3,000,000; surplus, $1,264,338; total,
$4,400,401.—V. 150, p. 2737.
Ended
for
$110
506,792,
84,569
84,566
________
Capital stock—employees' special (par $10)
Capital surplus
7__
r~:.
Operating surplus
is "not '4
each share**
; 7/
$196,441
/"
$598,514
1,445,476-
declared (paid Oct. 20, 1938)
revaluing normal inventory___________
Capital stock—common (par $100)
,,
,7"':
"7"
&cL
supplies,
Dividend
•After
1941;
""'''"..,7 v.-;v
pay.—for merchandise,
Reserve
stock
Philadelphia Electric Power Co.—Bonds Called—
A
$4,400,401.
Years
844,253
r
;
v.-y'x
7 .
; ,
from competitive v
4;'-'
Public Service Co. of Indiana, Inc.—Debentures Called
(3) The redemption, on Feb. 1, 1942, of such shares of its presently All of the outstanding serial debentures, 3%%, due serially March
outstanding 280,058 shares of $5 dividend preferred stock as are not
1/T942, to Sept. 1, 1949, have been called for redemption as of Jan. 12
exchanged pursuant to said exchange offer;
'
Payment will be made at the City ..National Bank
(4) The incidental alteration of voting and other rights of the com- - at/104 and int.
& Trust Co., trustee, 208 South La Salle St., Chicago, 111., at any time,
mon stock of Philadelphia Electric Co.—V. 154, p. 1383.
:-rj
on or prior
to maturity, holders to receive the redemption price and
The
(2)
bidding;
$127,569;
Liabilities—Accounts payable
from
2,646,461
893)344
.
receivable, $7,577; values in process, $6,639; general
development, $550,339; mining property, $1,385,123;
plant, buildings and equipment, $485,203; investment in Cline Lake
Gold
Mines, Ltd.,
$892,540;
sundry mining claims,
$14,911; total,
sundry
dividends
2,549,747
.
Assets—Cash, $81,620; investment in Dominion of Canada, Canadian
National Ry., and Province of Quebec
on
entitle
will
that
event
18,797
29,635
414,050
and equipmentr_—______—_______
AccruecJ Fed., State, city & town taxes—reserve
represented by such receipts, plus an amount of $1.25 per share in lieu
$345,783
profit, subject to taxes on income and profits—;—
Net
the
194,065
12,139
—___7
reserve
$15,878,063 $13,519,795
Accounts
preferred stock who accept the exchange offer;":
receipts to be exchangeable for the new preferred stock,
in
and notes receiv.—less
Liabilities— 7
preferred
receipts,
5,415,306
195,645
securities
Total
.
in
interim
■
1,245,313
5,174,357
employees—secured by mortgages_____
,
Field
other than operating
—
department expenses
———
117,570
2,101,597
,
conditioned upon the requisite authorization of said preferred stock by
stockholders at a special meeting to be held on Jan. 31, 1942; said
80,474
408,430
regarding the following
issue," as
The
4.40%
said
$500,414
—
!_
___:
receivable, &c., customers__
supplies j
j,-
charges
Miscel.
of Feb. 1, 1942, of not exceeding 280,058 shares >
stock (cumulative, par $100 per share)
to be
exchange, share for share, to the holders of the presently
outstanding 280,058 shares of $5 dividend preferred stock (cumulative, .;
no
par); and the issue of interim receipts to those holders of the
488,930
46,909
.____
bonds
notes
and
Deferred
Granting, Applica-
presently outstanding
Reserved for depreciation of plant
-704,986
Canada
Merchandise
•Buildings
permitting to become effective \ •Machinery
trans¬
order
an
declarations
•
offered
$1,036,253
Development, mining, milling, general and office expenses—
•Legal and directors' fees i
of
Accounts
1940
,303,483
___
Treasury bonds
410,815
' ; /
■
SEC
(1)
45,702
—_—.
_
S.
Dominion
.
s
Co.- -Order
Electric
actions:
of
Total
'
.
company's application and
22,892
——
_
U.
Loans to
$965,819
1,841
.
Assets—
Cash—demand deposits
compares with 10 cents per share on April 25, July 25
last); 15 cents on Jan. 15, 1941; 10 cents in each of the
quarters, and 25 cents on Jan; 25,
1940.—V. 154,
25,
Consolidated Balance Sheet Sept.' 30
1941
and currency
$3,717,964
..
.
cents
29
preceding
Philadclphia
11,333
—
proceeds—sale of arsenic
—
Interest on investments and deposits
of
•
$977,152
___
—
dividend
payable Jan, 26 to holders of record
1599.
P.
30, 1941
Earnings for the Year Ended Sept.
Production of bullion—sold
-
quarterly
a
This
Dec.
,
declared
19
Dec.
on
the common stock,
share on
per
share was paid on the common shares in
per
1530.
154, p.
„
.•
,
directors
The
stock held.
1940.—V.
Saturday, December 27, 1941
1939
$3,710,256
282,773
1938
$3,957,942
558,826
.
Total
$1,652,648
income
Provision
for
Provision
paid
of
to
the
Fees
3,663
18,622
18,789
$905,334
$996,316
2,767,801
2,511,484
2,632,880
Shs.
$3,507,800
140,000
140,000
600,000
600,000
600,000
$2,878,631
$2,933,135
$2,767,800
par)
(no
600,000
Balance Sheet Aug.
Assets—
tWater
.*
Shares
$1.08
and
and
in
mortgage
amounts
(non-current)
1
_—____
and amounts owing
493,164
2,601,682
1,127,500
Clark
612,513
150,964
185,000
185,000
5,000,000
capital
'2,878,631
_
—:
2,933,135
over
the
working
7*
■>:
was held liable Dec. 20 by Federal Judge George A.
Philadelphia for losses of the Pennroad Corporation in a
a suit by Pennroad stockholders who seek to recover $95,-
$95,000,000
investments
by
the
Pennroad
in several eastern railroads,
in
a
Corp.
freight
of
more
the
on
officers
and
directors,
some
Sales—less
selling
com-
missions
.
•••
■
;
v
$1940
"/*/'.7>'
7.'
exps.__
Loss
of
,
Louis
Eltm.
$408,456
Received
in
Sisal
•
32,912
38,282
Drl4,921
11,918
18,797
S.
Drl9,397
nine
Net
$1,076,518
$373,422
and
officers
directors of
Pennroad
of
380,500
98,850
§39,722
§144,606
And that recovery against the officers and directors by
is barred by the statute of limitations.
stockholders
Judge Welsh declared he was not holding the railroad liable for the
declared
$656,296
$129,966
tf $ 8,612
338,323
342,120
344,303
$317,974
H$212,154
full
$95,000,000
claimed
by
the
stockholders
but
only
for
"excess"
prices the Pennroad directors paid for the stocks of other railroads.
Plans
3,405,133
3,617,288
3,970,203
Counsel
would
He
after
render
-
<.
for
the
Pennsylvania
said
RR.
Dec.
22
that
the
company
appeal the decision of Federal District Judge George A. Welsh.
unable to say whether the appeal would be filed before or
the accounting which Judge Welsh decreed the railroad must
was
to Pennroad
stockholders.—V,
r
•
*
154, p. 1599.
'
h " -.j
:
;•
.
end
$4,740,904
$3,723,107
'
$3,405,133
'
1
$3,617,288
includes results of operations of Plymouth Cordage
Co. for the year ended Sept. 30, 1938, plus those of its'subsidiaries
(both wholly owned at Sept. 38, 1938) as follows:
Consumers Cordage
Co.
(1938), Ltd., for the period May 28, 1938, to Sept. 30,
1938;
year
,
'
o i
i
i-
results
of
for
Cuban
income
and
dollar
104,781
42,800
interest
*
.25,857
.
28,684
taxes
206,892
,
186,696
1,576
1,576
..
.
74,567
,/.■
749,258
,
properties..
reserve
1940.
for
by
5,374,857
5,384^458
11,449,140
409,530
11,449,140
409,530
1,524,963
1,613,880
$20,023,792 $19,502,691
81,906
participating
no
of
dividend
to
26
and $7,636,871
cents
60
acquired
.
holders
of
share
per
record
Dec.
Sugar
$Of Baragua
debentures
and
held
./•:
Co.—60-Cent Dividend—
Reece Button-Hole Machine
A
1941
in
shares.
par
income
154, p. 192.
treasury.—V.
5,119
14,445
___
depreciation of $7,872,661
tRepresented
15-year
'7*
4,070
"
.
The
operations
company
cents
stock
paid
on
to
June
on
$1.50 on March 10,
v.
154,
p.
Dec.
holders
547.
paid
23
of
was
20.
July 28
16,
equivalent.
ILoss or deficit.
a
record
paid
This
the
on
compares
common
with
10
dividend
Dec.
of
stock
cents
and Nov.
3,
of $1—
$1
This
16.
last;
$1
per
>
share
compares
on
May
1941, and an initial of 50 cents on Dec. 20,
Zv,>
on
the
with
1,
50
1941;
1940i—
•' ■'
/■
Reliable Stores Corp.—Advances Dividend Date—
The
Dec.
directors
29,
on
the
1941.
have
advanced
common
The
and
the
payment
preferred
consist
dividends
stocks
of
an
date
from
extra
of
the
dividends
Jan. 2, 1942, to
of 25 cents plus
the regular quarterly disbursement of 12'/2 cents on the common stock,
and the regular quarterly dividend of 37Vj>
cents on the preferred
stock, all payable to stockholders of record Dec. 23, 1941.
Payments
the common stock in 1941 will total 75 cents compared with 50
on
cents
in
1940.
See V.
154,
1531.
p.
Rath Packing Co., Waterloo, la.—Annual Report— '
At the
beginning of the
year company
these debentures were retired.
S.
7'
,,V
claims
ing fund 4%
U.
$201,460
$164,339
/
equipment purchased—^-
1940 and
1939.
15,916
sirup
98,865
mentioned wholly-owned
to
.*•
$The 1939 and 1940 year com¬
of Plymouth Cordage Co. and its abovesubsidiaries for the years ended Sept. 30, 1941,
SReserve to cover reduction of Canadian current assets
tlncludes depreciation at regular rates.
bines
expenses.™
—
declared
Cordage Distributors, Ltd., for the period Jan. 1, 1938, to Sept; 30, 1938.
Appeal In Pennroad Suit—
3,094,872
■i''/
8,681
/'.r
accrued
of principal amount over cost—
•After
in
!f$352,915
begin.
surp.—at
1938
i
.,
and
Reed-Prentice Corp.—Pays Dividend
405.926
____
of year
•The
;r.
income and excess profits taxes__.
int. on funded indebt. of subs. cos.
on
common
3,723,107
Oper.
'
shipping expenses of sugar,
Total
3,230
§Cr7,629
$1,423,723
surp.—at
Oper.
11,969,541
;r
U$5,382
1,277,000
reserve—
profit
Dividends
7,360
3,094,872
7.
1
•
1
11,786,849
equipment-
___
tExcess
Canada
(reserves).
Miscellaneous
for two reasons: 1) While they made
investments of Pennroad funds for the benefit of the
railroad, they did not profit personally and were innocent of "moral
(2)
12,504
(:
7,360
share paid on April 1, July 1 and Oct. 1, last; 35 cents on Dec. 27,
1940, and 10 cents on April 1, July 1 and Oct. 1, 1940.—"V. 151, p. 3899.
"improvident"
turpitude."
;/
"7
per
personal liability for the losses
Pennroad
Liens
Dec.
$1,017,798
exonerated
295
.
.
"
Drll,159
liquidation
&
Accrued
53,849
Dr4,148
23,072
profits made from the freight firm while it was in existence for four
decision
290,123
S.
Deferred
in
Corp.
taxes
and
and U.
pen¬
years.
The
V
Unpresented Baragua Sugar Estates
15-year
participating income debenture coupons____
Estates
items__—
133,703
151,969
263,786
molasses
Lands
38.886
$20,023,792 $19,502,691
for
62.408
5,952
St.
$2,693,094
U.
inc.
52,721
"
v'/'
less
charges
payable
*
In addition, he also ruled the railroad liable for all
1929.
plantings,
cane
growing cane, less amortization._
subsidiary company not consolidated-
Liabilities—.
and
97,909
367,476
V
;
v
for
planters
Provision
:
44,967
465,564
'
Total
tl$129,277
insurance
&
214,665
108,681
;j_
7
,7 7: Funded indebtedness of subsidiary companies,..
General reserve, adjusted
8,116,406
tCapital stock
*
'
Earned surplus
205,557 Crl,052,557
Dr65,837
for
res.
Miscelleanous
of
7—--—
prop.
of
sions
E.
of
.77'
27,946
taxes_
prior
sale
on
*1938
$1,062,675
$2,636,123
Adjust,
628,596
78.561
/,
Divs., int. & rec'd net__
Freight Forwarding Co.. which was organized by the Pennroad directors
March,
34,376
337,957
and
of
Provision
$6,934,572
1,377,207
7
^
Profit
$1939
77:';
$7,145,579
1,485,842
cost)__
9,151,436 r. 6,531,566
11,775,060
Adjust, in normal inven.
Curr.
.Judge Welsh ordered an audit be made to determine the exact loss.
In
the
only specific finding of loss, Judge Welsh held that the
railroad was responsible for upwards of $4,000,000
in the National
in
Planted
,
K/7/
Years Ended Sept. 30
$14,411,183 $10,214,111
to invest Pennroad funds.
Most of
still living and some dead, held posi¬
railroad.
the
with
tions
(at
reserves'-_____^_:_^^_i:_____^_______—
Deferred
■'■■■, ■}'■
../v
.
$19417
positions in the Pennsylvania RR.
the
7//'
/
forwarding
and in the railroad's efforts to dominate the railroad situa¬
eastern seaboard in the early 1930s.
The
stockholders'
suit
charged that
the
Pennroad
officers
and
directors
at
the time the action was filed used
their interlocking
company
tion
-,7 ;
,
Income Account,
selling & gen.
000,000 from the railroad.
Two stockholders' groups, which filed the suit two years ago, charged
than
stores
145,387
/
net
(at est. realizable value)
planters
Accounts
tCost of goods sold and
r
;
-
on
from
est.
(at
:____
to
1940
$1,063,577
125,182
sold
:
in commercial
<
This amount represented an increase of $1,103,188
capital of $8,584,731 at the end of the previous
$9,687,919.
$266,525
$2,021,093
molasses
stock
Stock
Holmes.
company
resulted
'
1941, the company had current assets of $11,816,474. '
30,
$16,388,353 $14,509,111
154, p. 1150.
C.
reserve
losses
hand
on
and
sirup
Advances
cash, United States and Canadian Government bonds of
$4,540,519.
Current liabilities totaled $2,128,555, making net .working,
Pennsylvania RR.—Liable for Pennroad Loss—
the
and
Prepaid expenses
Expenses, crops
including
5,000,000
__
Francis
and
of Sept.
As
64,000
$354,084
$305,438
aU.-.-i •••,'••,7^ .77,-Z,-1941
/:
to
349708
35,000
Consolidated Balance Sheet, Sept. 30
:
Sugar unsold
■V
315",928
' Supplies in warehouse and in transit_________
of their respective earnings'dur¬
2,500,000
Pennroad Corp.—Stockholders Win Suit—
at
■H 323,443
'sales- value)
Live
;
•' ' -v ' •'
dividends of $1:25
$2,000,000
•Represented by 600,000 (no par value) shares.
tAfter reserve for
depreciation of $4,177,789
in 1941 and $3,951,984 in 1940.
$Less
reserve.—V. 151, p. 2951.
The
291,060
r
receivable
Supplies
31.
Manager, has been elected President
year/,
decision
48,000
Dr5,192
disc.
$397,644
banks
Advances
and Treasurer. Charles McKinnon,
formerly Vice-President, becomes First Vice-President and Clerk, Three
new Vice-Presidents were elected—Edwin G. Roos, Charles W. Leach and
William P. Libby, and two Vice-Presidents were reelected—Francis R.
310,836
-
Welsh
Cr58,385
86,645
A year ago extra compenSa- '
Exchange memberships, at cost
'7>'':'7.
;>f V./.■■'.
3,77 ;<»
•Plants, railroads, buildings and
August P. Loring Jr., formerly President, has been elected Chairman V
Lands,
etc.
of the Board, and Ellis W. Brewster, formerly Treasurer and General
2,357,241
882,032
Pennsylvania RR.—V.
Cr58,820
47,441
;
currency..
7
in
Sugar,
v
2,631,854
dividends
for unreal,
V7
Cr46,756
183,409
Cr5,192
tax___
Assets—
Changes in ;
2,500,000
Total
See
—
i'
share, and on Dec. 27, 1940, paid an extra of $1 per share.
There was paid on Dec. 23, 1941, to all employees of the company
$16,388,353 $14,509,111
-
,
_
v
per
compensation amounting to 4%
70,022
Cr47,041
and
S.
income
Cash
$2,000,000
—
surplus
Earned
-
holders of record Dec.
paid regular quarterly
payable Jan. 20 to
the company
Previously
U.
profits
Cuban
Net
ing the fiscal year ended Sept. 30, 1941.
tion of 1% was paid.
• ':C 7• 7
77-7;-v
taxes
for
capital
extra
payable
Provision
for
■
(secured)
Rest account
;V: •' .V' "'f'
jointly 10-
of plant__
Special reserve for cane
plantings
Dec. 26 paid an extra dividend of $2 per share" to
stock and of employees' stock of record Dec. • 3.
on
3,041,202
2,522,469
—
stock
for
38,879
V
Alegre
Depreciation
7
280,147
Liabilities—
Reserve
Florida,
on
249.
p.
;; 1,290,323
2,308,034
_
Accounts
154,
Quarterly Rate—Wage Dividend
of
issues,
(current)
stock
39,267
Adjust,
price thereof.
be surrendered to the
redemption
must
quarterly dividend of $1.50 per share has also been declared on both
A
by wholly-owned
subsidiary companies (current)
•Common
26.—V.
3,683
hand
in
Loans
the
1,720,399
_.
on
Shares
Preferred
39,267
Punta
Cuban
Dec.
on
company
holders
978,318
511,753
_—_
of
accepted,
4,566,119
receivable
Stocks
Total
The
partly owned
—_
Investments
\
957,507
—
owing by
subsidiary companies
$3,467,032
1
Jan.
excess
is
Personnel—
1940
*
>
$3,798,388
Cash
$Accounts
38,763
Companias Azu-
Provision
Plymouth Cordage Co.—Pays Extra Dividend and In¬
creases
1941
trademarks, patent rights. &c.
investments
10-yr. inc. notes
on
Accounts
31
■
mill plants, &c.
power,
Goodwill,
Other
•.•'
■1
;v-
:
which
1, last.—V. 146, p. 1256.
600,000
$1.42
in
not
of
before
or
company
Dec.
on
—
prices
26 paid an extra dividend of 25 cents per
share on the common and participating preferred stocks to holders of
record Dec. 17.
The last regular quarterly dividends of 70 cents on
the common stock and of 75 cents on the preferred stock were paid
$2,511,484
600,000
600,000
Earned per share
$1.05
$1.28
•After deducting selling and general expenses.
standing
on
The
stock out¬
common
tender
Co.,: corporate
Prentice-Hall, Inc.—25-Cent Extra Dividend—
140,000
31
at
the
trustee
600,000
dividend
Trust
$118,158.22
$3,251,484
$3,673,135
140,000
—
York
New
Bonds,
Drl74,022
$3,618,631
Aug.
164,328
Sugar
115-yr.
year income notes
Interest received
trustee, will until the close of
business Jan. 19, 1942, receive bids for the sale to it of first mortgage
bonds due Nov. 15, 1958, to an amount sufficient to exhaust the sum, of
$792,627
Dr83,572
Balance
Surplus,
Poli-New England Theatres, Inc.—Tenders—
applicable
(1%)
64,620
164,328
on
stockholder or creditor, except those whose claims have arisen
1934, to present any plan or proposals for reorganization.., Int.
Int.
company—V. 154, p. 1383. .7,//"/'
/ ,4
'.■'■■■' •'V.'"
The
17,395
$769,068
prior years—
div.
48,170
164,328
___________
Baragua
on
July,
the
75,260
67,503
2,933,135
surplus
Preferred
28,584
203,796
Int.
,
&
83,550
112,888
di¬
other
Adjustments
permits the company, the indenture trustee
Estates
any
since
of
19,167
Common
2,843
9,682
debs._;
accrued
the public interest."
in
nor
latest action
-
Net profit for year-
to
30,000
fair
"neither
was
court's
The
or
careras
rectors
Previous
2,507
it
that
officers
exec,
to
4,010
25,000
company
paid
158,519
-
fees
directrs.
&
149,213
248,826
Legal expenses
Contrib. to pension fund
Salaries
$1,195,858
164,868
199,680
171,397
399,300
deprec
$1,449,663
$1,461,739
323,562
for taxes.
debentures
in the
serial loan in the amount of
had outstanding 10-year sink¬
amount of $963,000.
During the year
Company secured a satisfactory 10-year
$3,000,000, payable 1/10 annually, bearing
interest. rate lower
an
interest rate and giving the
debenture
the
than
.
Employees have had a group
life insurance plan since 1925, and they also receive vacations with
pay each year, after one year's service.
-;
■."// H
During the year an amount of $1,330,000 was spent on additions
and improvements to the plant. '•'/, v/.'/,<; //;. ;• ^/v;./,>• yy■'/'/
». /;,//
which
will
borne
be
the
by
company.
.
-
/;
Comparative Income Account
■
:52 Weeks
V,
•
i'.V.v n-/;/'■■■■:';
'
53 Weeks
——52 Weeks
■
,
Oct. 28, '39
Oct. 29; '38 •
Net sales .1—_
$81,835,994 $58,258,996 $54,577,865 $47,920,091
Cost or sales, sell., del. /
' WV';
51,478,197
45,924,8151
& adm. exps. /
77,741,416
55,126,281
384,647!
352,603
v 339,692
Deprec; & obsolescence
455,724
Period Ended—
vNov. I,'41
*
'Republic Aviation Corp-—Bonus To Employees—
•
privilege of retiring the loan at any time at a reasona¬
ble premium.
As a result of the refinancing interest charges were
reduced and company secured the additional advantage of a satisfac¬
tory loan maturing 1/10 each year over the next ten years.
/•""••
"During the past year directors adopted a pension or annuity plan;;/
and made arrangements with the John Hancock Mutual/Life Insurance ■
Co. that will provide for annuities for employees upon the retirement age of 65 years, The cost of this plan is paid in part by the employee ;
and a larger part by the company. To provide for those who have been
in. its employ over a long period of years, company has purchased addi¬
tional annuities for
them based on past service,
the entire cost of
the
company
Nov. 2, '40
,
r-
profit-sharing bonus of 3%
of a year's salary
will be made to all employees of this corporation on Dec. 29, according
to W. Wallace Kellett, Chairman.
Mr. Kellett said all personnel of
the .company who have been with the organization for the full year
prior to Nov. 30 will receive amounts considerably in excess of a
week's base wages, while those employed for shorter periods will get
proportionate amounts.—V. 154, p. 260.
Distribution' of
1703
CHRONICLE
THE COMMERCIAL & FINANCIAL
Number 4025
Volume 154
in
Speed
said
properties,
received
"We
-
ship would have
The
tubes
were
(nominal value 1
supplies
1—
Investments
Materials
loan
J
.:
359,285
20,163
9,760
82,912
....
81,466
190,000
against tax liability
Government
to
398,021.
340,249
—
__.
...
Payment
Loan
ships may be
President, <•
527,741
-
—
1
1
——
and
Sundry debtors, &c.
300,000
^
1,484,703
for
Ordinarily the
—
1,950,413
£8,758,590
£8,413,877
£4,993,160
Total
"a rush order
he said,
the Navy,"
recently from
7,500 cupronickel condenser tubes for a damaged ship.
£1
5,614,930
;
cost
at
Copper stocks
,
part of the defense effort, C. Donald Dallas,
15 in announcing two new plant records.
Dec.
on
damaged
for
parts
replacement
producing
important
*£1
5,812,820
—.—_i__
Expenditures on development and equipment of
Revere Copper & Brass, Inc.—New Records Set—
j
an
1940
1941
Property (nominal)
War
/
Balance Sheet June 30
<
..
Assets—
a
£4,993,160-
Liabilities-
in port from three to four weeks./
finished and ready for inspection in three days.
The
Capital
been held waiting
stock
General
1,048,869
1,148,869
reserve
-
ship will be ready to sail within a week of the orginal order."
"On a 1,000-ton lease-lend order for strip cartridge brass, we were
and first shipments in three days."
ready for Government inspection
taxation
for
132,318
1,283,107
1,163,031
and obsolesence
Replacements
Reserve
221,794
...
443,613
686,121
credits
Sundry
___
154,
—/'/;.:v /i;
1531.
p.
Other
&
inc.
interest,
Prov.
etc.
for
•
20,342
57,747
*531,771
47,009
110,305
11802,000
tax
495,000
+300,800
Period—
.
Gross
Net
$2,726,549
-
$2,206,059
$2,157,546
150,000
profit
150,000
§2,724,999
150,000
$1,334,443
148,447
499,987
499,996
dividends
Preferred
dividends
Common
^
937,515
300,000
300,000
500,000
500,000
$6.69
$3.95
$4.11
Earnings per share
$5.15
*
After deducting returns and allowances,
tlncludes $50,500 surtax,
on
undistributed
profits,
tlncludes
$29,600 excess profits taxes.
§$724,999 paid in cash and $2,000,000 paid in common stock.
Illncludes $64,000 for excess profits taxes.
>•:,
Shs.
stkjpar $10f
com.
Assets—
Cash
-.
loan
"
.
Inventories
receivable
2
,
,
_
equipment
plant &
Deferred charges
Total
5,583,159
250,203
—
pay.
ior
Res.
taxes
•Notes
852,949
545.545
75,000
—
with
City
888,000
2,700,000
76,500
...
stock
surplus
Paid
surplus
in
.
Profit
in
510,000
-.
on
$20,143,898 $14,994,509
;
__
for
substitution
in
500,000 shares of capital stock
voting trust certificates.
certificates representing
trust
The
Deferred
items
Total
meeting held on Aug. 5, 1941, adopted an
the articles of incorporation providing for an authorized
to
Liabilities-—^
and
Accounts
formerly
authorized.
with
holders
the
from
resulting
basis for
original
of
reorganization
Deferred
Total
Motor
the
company's sales
sales
such
tAfter
one-half
the
on
a
covered
are
and
A-l-F
that approximately 55%
Substantially all of the
D.
The
to
tion
Production
Potomac RR.
company's
defense
/v,/•;-"/v':-/'i':
from
of
$3
and
by further developments in the National Defense Program
governmental regulations related thereto, including establish¬
priorities
in materials
and products,
but the company
by
ment
of
will
Defense
National
March
Since
continue
to
occupy
an
important position
in
1940,
disposed
service stations
including
well as certain properties which were once
of
a
number
of
in Detroit and Lansing
used for production. This"
disposition was in accordance with the Plan of Reorganization
proceeds have been largely used in paying off the RFC loan.
the
of
floor
to
be
feet
are
In
covered
sale
latest
space,
for
used
other
addition
Is
has
space
1,000,000
over
and
The
square
propellers and airplane v>arts.
been rented.
Various Federal
approximately 160,000 square feet of floor
space
feet of the remaining floor
space
1,200,000
used
being
manufacture of
the
surplus
About
lease.
novy
containing
which were sold to Defense Plant Corporation and
agencies now occupy
under
buildings
three
Its
in
square
manufacturing
Consolidated
Balance
operations.
Sheet,
30,
1941
$573,008
Imprest funds, payroll accounts and in transit——
of Lansing (trust accounts)
—
73,730
Bank
securities
Marketable
;
•
(net)
$98,973
$112,832
>/•;/ 2,827.
3,142
and
:•
126.C68
subsidiaries
not
consolidated
* 542.540
/
Total
items
46,155
w——'/
(net)—-—
capital assets
•
Accounts
and
41,590
taxes
other
than
income tax
97,258
accrued liabilities—miscellaneous, accounts
Federal
income
'"v v
deposits—, $8,991
trade__^.._—. 325,091
\'/."- 92,581
payable,
payroll
Accrued
Other
$5,970,579
sundry
Accrued
tax
payable..
29,179
and excess profits tax.—
236,936
195,293
Mortgage loan payable'to RFC
income
Deferred
Reserves
—______23,105
————
•'
—■
—
Capital stock (par
Capital surplus
$1).
——,:L—■—
—
Deficit
Total
154, p.
.
P20.088
—1.800.000
—_—
2,700.000
—_
—
—
1103,
v
81,250
cap.
Prov.
for
$0.2?
$0.20
,
457,943
■
....
in
profit
Earnings
•Less
1941
of
Roan Antelope
;
per
in
and
and
admintstr.
Crl5,359
profit
,, £1,158.506
202.075
brought forward
£1,623.243
£1,372,204
261,844
depreciation amounted to
/
'
800,000
645,000
Sheet Aug.
and
on
accounts
hand
receivable
——
——t—
—
-
issue
pay
taxation.it
—
Conting.;res.
96,369
expenses
for
reserve
payable
10.000
100,000
100.000
100.000
250.000
355,762
776,020
634,196
757,089
£174,819
£202,075
£254,852
£261,844
$5,970,579
Bal. of profit and loss
882,910
16,431,695
1
....
"
surplus
§Treasury stock
—
Total
in
to
1941
banks
-
—
reserve
and
in
doubtful
$439,037
in
1,263,944
——
$98,768,676 $84,045,014
allowances, etc., of $504,154
tAfter reserve for depreciation of
accounts,
1940.
and $3,846,963 in 1940. JUnsecured notes payable
credit agreement, due at various dates in 1941,
the option of the company to Jan. 4. 1945 (reduced ;o
1941
under
at
for
234,506
1,274,930
2.802.393
H24.000.000 *17,500,000
6,233,988
6.219,090
36,283,007 30,360,720
Drl02,902
surplus
•After
229,281
838,154
.—.—...
(non-current)——
payable
Capital
renewable
mine
.
156,000
374,608
779,386
16,769,965
1
$98,768,676 $84,045,014
$4,799,897
30,000
_____
pension & Benefit fd.
General
Notes
.
17,255
expenses
1940
$1,940,283
15,483,652
48,775.866
156,000
367.608
—.
investments
Earned
(mine expls.)
account
reserve
and
31
1941
$2,089,753
23,888,041
54,621,554
contracts...
Sundry taxe3 payable and accrued—
Reserve for Federal taxes—
512.000
for
~
$2.73
$921,160 in 1941
.
263,120
730,000
••
£ 1,575,068
254.852
Reserve
New
for
Liabilities——
;rii'/V' /-••"•
5Ys% preferred stock..
_i
;———■—- $16,795,000 $17,055,000
Common stock
6,300.000
6,300,000
Accounts and accept, pay. and accrued liabs...
5,389,755
3,836,824
Cr20,342
-
52,038
.200,000
Crl,446
Crl6,754
941,875
■;V
41,312
200,000
&
Balance
Leave
/'•:/;•/ /
41,173
200,000
expenses
obsoles. res.
Apprec. of Govt, securs.
"'■Interest* receivable /.it."
Net
;
par)
and deferred charges
tLand, buildings, machinery, equipment, etc...
Brands, trade-marks, goodwill, etc.
Prepaid
£ 1,834,915 £1,598,018 £1,796,038
-■.'///■ ,V: /'/•.•:■'
41,268
($5
Total
200,000
Drl,134
Cr21,730
other
Replace.
c
■
1,260,000
outstanding
1940.
Miscellaneous
Dividends
£ 1,392,344
Operating surplus
$4,392,763
925,925
629,941
1,260,000
...
share—
——
$5.20
of $76,427 in 1941 and $181,229 in 1940.
Deposits on grain future
Marketable securities
£3,087,601 £3,395,974 £3,012,354 £3,421,707
Oper. expenses at mine// 1,663,567
1,514,154
1,288,241
1,492,379
Penalization
expenses
/
31,690
37,905
128,095
133,290
London
stock
common
Inventories
1938
1939
1940
$7,478,152
:
—
bank
in
•Notes
Copper Mines, Ltd.—Earnings—
1941
1,258,003
Assets—
Cash
account..
sales
714,755
2,724,615
Consolidated Balance
,
Years End. June 30—
824,632
capital stocic taxes..
403,743
other charges
$861,529
note payable,
Copper
$6,365,521
declared:
dividends
1941,
■ / .'•■ /.
■
payable, trade, $1,472; accrued expenses, $40,2secured by first mortgage (instalments due
within one year), $30,000; note payable, 2%%, secured by first mort¬
gage
(non-current), $82,500; capital stock ($2 par), $650,000; earned
surplus, $341,108; total, $1,145,589.—V. 152, p. 4137.
;/; //•:■;//
$11,027,399
i
5y2%
Shares
$67,106; trade
acceptances
and
accounts
receivable
(net),
$49,781;
inventories,
$331,549; prepaid expenses, $29,241; notes and account receivable, not
current
(net)
$6,690;
plant and equipment
(net), $661,221; total,
509;
;
....—
—
—i
Note—Provision
31,
13,864,484
$5,961,778
——
cumulative preferred stock—
On common stock
1—
and $31,839 in 1939 have been deducted in the above
Sheet Aug.
16,042,724
$10,559,297
468,102
charges
$0.27
.
$37,128
aggregating
depreciation,
$26,602,021 $19,826,262
adminstrative
'
for Fed. income and
Cash
On
'
-
—
Dividends
•
—V.
shs.
Balance
1,303,717
' Total__
Liabilities— ; V-'
"
; •-. "•
:■/: '/"Xv >"
Customers
$89,194
65,000
^•//v
1941
1940
allowances and discounts..$121,992,349 $81,473,632
_____________
95,390,328
61,647,371
22,182
$73,937
,'ft'
•
31—
from
Interest
4,598
13,654
■
Subs.)—Earnings—
expenses
income
18,094
;
•
,
sales..
distributing,
on
Assets—Demand deposits in bank and cash on hand,
;
.
7,514
20,35$
:',;/
and $368,914 in
Dec. 20,'4L Dec, 21,'40
—
<
advertising,
general
Total
account.
income
416,006
:—
..Other, assets
Deferred
325,000
Note—Allowances
$35,453 in 1940,
1,289.666
branches, less reserve
against closed banks
Investments and advances to
Claims
on
$2)
$1,591,512
1941
Ry.—Carloadings
:
operations
:
•Interest, storage and other income
"$115,974
$101,800
65,000
...—;
in
;""-:-./;1;/'
:
less returns,
goods sold
Profit
$65,676
year
of $425,184
depreciation
1632.
154, p.
of
Selling,
1,540,373
—
Inventories, main plant, less reserve
Inventories,
6.850
10.876
—
accounts receivable
and
Notes
.•
the
$1,972,733
for
reserve
/ Gross profit
1939
Liabilities—Accounts
bank
in
sh.
per
stock, (par
$1,145,589.
Sept.
AssetsCash
Earn,
for
paid in cash
Dividends
687,331
403,064
...
Years Ended Aug.
65,691
25,248 '
tax.
686,325
404,932
—
154, p. 1384.
Net
income
Net
has
company
income
131,025
Schenley Distillers Corp., (&
$178,523
7,547
—
Federal
219,800
131,025
loaded
—V.
the
Program.
22,
properties,
sbrplus
as
it
that
believes
for
185~940
Week Ended—
Sales,
63,244
\
$98,470
income
Total
.
Allowance
9,669
($20 par)....—..
stock
—
•After
;
Other deductions
~
par)...—.———..
($1
surplus1
Cars
per
$162,217
T
3,231
income
Other
affected
59,000
100,000
—
surplus
Total
Company is not able to predict the extent to which its business may
be
3,675
333,000
sinking fund requirement—.
preferred
Earned
.; '
to $8 per
1940
1941
$95,239
12,034
3,486
St. Louis-San Francisco
dividend
regular
$160,424
65,185
operations.—.
22,176
.....
income—
on
stock
Common
(II. W.) Rickcl & Co.—Earnings—
Profit
$65,914
stock taxes, etc.—
—
contingencies
Cumulative
Cost
profit from sales of malt
Selling, admin. & general expenses
cap.
Extra
—
semi-annual dividends of $2 per share previously.'
Total payments this year on the common stock amount
share, as against $4 in 1940.—V. 154, p. 127*.///';/
Years Ended Aug. 31—
$1,591,512
$105,849
payable
Preferred stock
both payable Dec. 24 to holders of record Dec. 20.
A distribu¬
of $3 was also paid on this issue on June 28. last, as against
Gross
$1,972,733
—_
,
regular
t
1,603
33,469
558,525
19,741
payable
for
will
of total sales will*
570,186
559,244
28,168
....
local and Fed.
Reserve
v';'
the
255,795
,
2,190
,
taxes
$2,903,253 in 1941 and
'
addition
in
stock,
common
200,000
364,516
—
;
—
Federal
about'
and
expenses
Dividends
$4,052,372
1940
$152,193
1941
$314,742
...—
of preferred stock.
and equipment..
:—
....—
plant
Accounts
recently declared an extra dividend of $2 per share on
directors
notes——
and $12,272 in 1940.
-
,
31 .i;:
—
-
Liabilities—
5,000
3575.
Fredericksburg &
Richmond,
Dividend—
by A-l-A priority ratings, with a few covered by
priority ratings assigned by the Office of Produc¬
Management.
tion
Foreign sales
business
Canadian.
and
British
was
total
of
major item of defense material in Dec., 1941, and,
business for 1942 remaining at the same level
1941, it is anticipated
be for national defense.
A-l-D
10%
151,
Oct.
Sheet
.....
fund for reduction
Total
4,100
1.487,400
1,560,196
in 1941
for depletion and depreciation of
1940.—V,
in
20,532
13,103
503,873
1940.—V.
truck
as
orders
.
have defense orders.
who
approximated
business
on
of
basis
Defense
customers
parts
this
of
commenced
be
30, 1941, approximately 9^ of
S. Government and directly con¬
Program.., Approximately 18% of
U.
reserve
$2,822,115
15,241
65,513
in 1938 amounted to $57,509 in 1941; $54,488 in
1939 and to $59,475 in 1938.
/
//
'
S.
Prepaid
98.319
756,300
$3,957,428
——
debts of $11,377
for bad
loss$94,567
$138,371
14,701
131,025
Miscellaneous assets
29,084
7 31,500
1,487,400
1,528,445
$236,799
13,965
262,052
Inventories
1,750
———:
9,230
100,000
$280,393
$52,376 in
Accrued
contingencies....
($10 par)..
•
Crl 1,301
1,910
2,680
dividends.—
Treasury tax
Receivables
(net)
share,
Sept.
to the
were
National
to
were
and
trucks
of
the
with
nected
ending
months
nine
the
For
U.
2,330
9,470
5,309
122,398
644,200
32,500
59,000
Crl,312
Crl,034
years
conting—
Capital
the
National Defense Program and Priorities
,
333,000
prior
Balance
income
—
income sinking fund bonds.—
income under sawdust contract———
the capital surplus
Inc., and the matter of
Reconstruction Finance
f
:
v
bonds
6%
mtge.
for
the
Reo
the
6%
first mtge.
interest on
fund
stock
voting trust provided by the plan of
Car Co., the predecessor of Reo
providing a management satisfactory
to
the
Corporation was a condition of
a
loan of $2,000,000 which was made to the company.
The voting trust
was to continue until the loan had been fully paid,
but not latter than
Oct. 1, 1949,
There is still a balance of approximately $195,000 unpaid
on this loan, so that the voting trust must be continued.
The
payable.
note
•After reserve
Motors,
_j_
1,840
excess
dividends
Sinking
2,070
9,395
2,627
7,631
18,242
"
26,654
amts...
taxes
•Property,
—
—
'
loss$75,559
1,815
year....
Assets—
1,458
contract——j—
liabilities
Accumulated
First
cutting
$181,088
Note—Depreciation
48,829
/
-j——u
timber
$296,398
profit
1940;
'
—
merchandise
on
$715,038
986
and
for
for
Net
$46,034
55,998
payable..
payable
on
Mortgage
account.
•
payable
loss$75,559
3,239
deductions......
Preferred
coupons
Capital
added to
$44,314
'
—
Surplus
be
profits
Common
$4,052,372
due July 1, 1931, and prior, on old
first mortgage bonds.——
—
Int.
Reserve
will
amendment
the
* *
.
vouchers
items
shares which was
present voting trust
be received.
The reduction
will
consideration
Voting
New
the
of
$3,957,428
—
trust certificates will be exchanged
certificates and no :iew
in capital stock liability
capital stocic of 500,000 shares in place of 2,000,000
38,708
45,032
—
:
—
$177,849
5,693
franchise
Cash—.
sinking
a
1940
$27,121
101,545
446,518
29,596
6,150
3,331,520
55,029
54,895
—.___/'/
—
3,100,206
companies
Accounts
outstanding
trustees at
voting
amendment
($1 par)
1941
$67,711
171,214
514,176
20,383
1
—:
—
insurance
$290,704
—...
invent,
inc.
Adjust,
Other
,
Prov.
—_
and property assets i
and investments, subs..
1 Fixed
tOn first mort¬
§Profit.
tLoss.
.
—
_
fire
from
Due
271,241
—.
Y.
prior
of
Normal
$42,164
§$26,818
interest, etc.
.
receivable
—
1933
$195,681
320,818
profit
income
N.
tax
Balance Sheet, July 31
—
1S39
$498,667
4,167
/
exps.
interest
Addit.
Cr47,574
Cr81,776
$649
notes
assets
Other
Deferred
Exchange has authorized the listing of voting,
York Stock
New
8.815
-
Inventories
Due
Inc.—Listing of VTC—
Reo Motors,
20,758
14,191
———
and
1940
$613,680
322,976
$710,871
sell.
income
Other
bo.id
dep.e.lon,
depreciation,
Assets—
•/
Cash
Notes
'
The
22.644
11,638
Cr73,272
£8,413,877
$1,187,515
476,644
1941
sales__
on
and
Gross
at
15-year income 6% sinking fund bonds.
//•■/'/' •■'•//f
661.
:/•' *Due serially from May 1, 1943 to May 1, 1951.—V. 154, p.
profit
Other
,
•Before
Advances
•
24,453
——
amaitn;
iu—
loss
: Net
gage
Accrued
'
Total
oi
excess
rates
_ ——
retirement oi bondi3^---.
£8,758,590
...
44,020
:
Red.
5,000,000
3,548,363
5,169,797
—
——
*$16,145
48,326
202,075
12,719
$30,203
r
42,275
■
—1
mortgage
3,000,000
5,000,000
—
Earned
8X666
3,000,000
L_
stock—.
preferred
Common
Waterloo—.
of
676,601
1,029,651
._
payable
Contract
5 %
$670,000
___
—
sinking fund deb
4%
10-year
4,140,952
176,398
6.848,841"
67,512
"
$2,315,000
___
——
1,247
•-$4,446
—:
—
•Accounts
.—
——_
profit
24,244
174,819
account
3358.
Operating
/ v "Net
376,567
42,839
...
Admin,
22,684
$20,143,898 $14,994,509
-
payable, etc..
on debs.
2,062
94,783
Gross
67,345
169,620
other
less
'/*
177,881
Rochester Button Co.—Earnings—
$63,920
94,623
income
deductions
Other
$126,074
30,000
30,000
benefit fund..
and
reserve
loss
-V« 152, p.
*
i
payable, banks
f.
S.
,*
/
76,012
—_
——__
Admin,
Depletion
7,712,925
...—___—
Accounts
24,752
$268,849
profit from operations—
and general expenses-
Depreciation1;—-
3,492
*
Liabilities—
Notes
$39,167
22.643
•
pension
Years Ended Oct. 31—
"Total
2,648,962
——35,742
.I.._—
Other! assets;
Property,
$103,431
23,787
$1,087,008
$1,081,368
5,400,996
'—_
& advs.—
accounts
$245,062
profit on sales—
operating income
Nov. 2, '40
Nov.'l, '41
f
—
—
—
Other
'Net
Other
$135,787
32,357
and
Total
$67.602J
28,435
$274,551
29,489
'
___
stock
Copper
July 31, '41 July 31, '40 July 31, '39
-
...
expenses
tinterest
Balance Sheet
Receivables v.
Employ,
.
mine
dividend..
"
Comparative
/;'v
'
'
;• v
.
profit
Selling
for
for
Profit
Year End. 10 Mos. End.
Year End.
-
(net)..inc.
Fed.
Works-^-Earnings—
Richmond Cedar
incl
exp.
/'/!'■:
'/,"/'!\':
;
Provision
Provision
—V.
.
bank
1, 1939). §Represented by 1,200 shares of 5y2%
at cost.
payable to banks under bank credit agreement,
due Nov. 20, 1942, renewable thereunder at the option of the com¬
pany to Feb. 20, 1946.—V. 154, p. 1151,
$20,500,000 since Jan.
preferred
stock
HUnsecured
notes
THE COMMERCIAL & FINANCIAL CHRONICLE
1704
...
Miscellaneous and contingency reserve.—
last,
15,
Consolidated
Rentals
Interest
earned
—
...
Real
estate
taxes
—-i._;
Net
from
Railway tax accrualsEquipment rents (net)_
5,329,561
1,863,732
1,154,629
rents (net)
■Interest
loss
facil.
Joint
♦Collection
of
notes
tAdjustment
of payments
Excess
Cars loaded
Profit
——.i—
19,504,259
993,625
2,157
12,997,503
644,252
4,357,000
Administrative
'
loss
54,708,302
mortgage interest
tot accrued
Interest
Consolidated
Assets—Cash
accrued
Sheet May 31,
Balance
—
t
,
banks, $756,356; notes and accounts receivable and
mortgages receivable, $481,981; special cash
in
47,032
—
154,
1632,
p.
insurance/taxes,
etc.,
'
^
:
—V.
$3,760,141.
total,
$47,586;
—Week Ended Dec. 14—
1941
154,
dividends
•Dividends
Interest
received
income
Total
Administrative
Provision
—
■—i-
——:
—
A
2
Interest
on
senior debentures
22 declared a special dividend of 25 cents per
quarterly dividend of $1.12 per share, both pay¬
Interest
on
Junior notes (payment deferred)—
tNet loss
sales of securities——
on
—
22.
,
loss-
•In
income
.
.
stock
{Based
corporation,
152, p.
/
132.
/
output
168,364,000
of
the
•y
Balance Sheet Nov. 30
■:
The
as
the
on
common
a year-end dividend of 25 cents per
payable Dec. 27 to holders of record
quarterly payment on this issue was made on
stock,
The last regular
Nov.
14,
Total distributions in 1941 will
in 1940.—V.
$238,925
$132,785
Accrued
_.v———._■—
121
(at market prices)————————
♦2,539,869
amount to $1.25 per
share,
as
———
Liabilities— "■"
of
Senior
debentures
Senior
f.
Junior
4 %t%
debentures,
note
6%
5%
$1,323,000
1,711,000
$1,323,000
1,711,000
—-——————
———i——
-
960,000
series A—
interest
36,271
244,800
payable on senior debs.—
Accrued Interest payable on Junior notes-
*
Period End. Nov. 30—
Light Co.—Bonds Called—
p.
1941—Month—1940
$1,056,293
-
-
—V. 154,
Reserve
for
taxes.:
1,125
:
■
Deficit
.
■
'
833
Drl,302,766 Drl,221,409
300,655
164,454
Unrealized'depreciation of securities—
Total
—■■——————--
Total
————————
————-
—
fCost, $3,814,925.—V. 154,
•Cost, $3,842,635.
$2,672,775
p.
$2,832,441
548.
Customers connected
Electric
revenue
Miscellaneous
Gross
—
revenue—
earnings
—
Purchased power
1941
$2,994,112 *$2,711,927 *$2,419,956
debts
Interest
Total
—_———_
Preferred
divs.
paid—
Common divs. paid
Employee's pens,
fund
Transf. to deprec. res._
of
Amortiz.
Surplus
•Adjusted.
*412,511
bond
*395,571
*302,093
*399,888
*277,680
204,789
3,600
293,671
209,198
3,600
215,952
285,666
221,547
Surplus for year.——:
Burp, brought forward
290,844
$1,584,394 *$1,528,894 *$1,464,641 *$1,419,876
425,334
425,334
425,334
425,334
320,000
319,977 :
319,804
319,751
20,000
335,440
309,513
280,878
262,919
disc't
'
———
—
•.
*—•
$483,620
*$474,070
*$438,625
tSurplus of discontinued subsidiary eliminated.
Plant investment
———————————
hand and in banks———.
Investments
in
affiliated
—;
3,583
*$403,289
—
1940
$21,105,197 $21,234,353
280,476
162,214
Plans
•Other investments
321,321
2,282,061
511,114
282,338
99,200
2,107,021
451,235
Mortgages receivable—less reserve108,576
Punds and securities held in escrow by trustee
for bondholders
L—
——15,694
Common stock held for sale to employees——
11,119
Accounts
—_
receivable, incl. accrued
Prepaid and deferred charges
rev.
-
i
,
Total
——1———1-1—i.——f—-I—-
——-
bills
and
$2,413,000
payable—
2,205,700
102,328
1,715,000
564.354
50,000
50,000
157,495
193,300
$7,585,834
$7,243,680
———.
———.———
—:
—
depreciation of $1,597,237 in 1941 and $1,530,113 in
^Represented by
$100 par.—V. 151, p. 2961.
tl35,000 shares common stock of no par value.
Wilson-Jones
for
the filing of
sales
1941
1940
1939
$1,561,000
$1,184,000
$1,128,009
and expenses—
1,282,000
1,057,000
1,029,999
operations——
$279,000
10,000
$127,000
9,000
$99,009
$289,000
$136,000
28,000
$106,009
———————
of goods sold
Cost
profit from
income--——————.i—-.-
Total
Net
registration statement covering $15,000,000
a
Co.—Earnings—
Quarters Ended Nov. 30—
Net
Calif.—$15,000,000 Loan Planned—
The
registration statement is expected to be filed soon after the first
the year and the offering will be made about Jan. 15.
A group
headed by Dillon, Read & Co. is said to be negotiating for the purchase
of the debentures.—V. 154, p. 1059. .
United Gas Improvement Co.—Weekly
income
deductions
tax-
41,000
124,000
——A——
for
$124,000
Federal
income
Earned
income
7,009
24,009
26,000
14,009
$82,000
$68,009
599,000
459,000
274,009
$723,000
168,000
$541,000
$342,009
136,000
68,009
31, 1932_
$555,000
$405,000
$274,009
——————
478,000
478,000
478,009
$883,000
$0.30
$752,009
surplus,
begin,
fiscal
year_
Total
surplus
Dividends paid in
.
cash
Earned surp. since Aug.
Capital
surplus
Total
capital surplus and earned
surplus Nov. 30
Earn, per share on capital stock—
.
Output—
V
230,868
102,288
Cash
U.
ending Dec.
106.187,276 kwh.;
20,
an
1941,
119,592,077
increase
of
kwh.;
same
13,404,801 kwh.,
or
week last
year,
12.6%.—V.
154,
'
p. .1601.:
11,958
$24,965,523 $24;712,481'
:
,
$1,033,000
$0.46
Balance Sheet,
Nov.
$0.25
30
1940
1941
Assets—
Week
hand and demand deposits—;—-$572,000
Treasury tax notes i—
110,000
notes received, less reserve——
673,000
Inventories
—1,586,000
$711,009
on
S.
604~009
Accounts and
—
Investments
1,311,009
15,000
2,009
(non-curr.) less reserve
1
■,
10,000
employees' notes and accounts—
27,000
Plant and equipment (less deprec.)—1,134,000
Idle plant less reserve™—241,000
Deferred charges
45.000
Patents less amort—
10,000
25,009
30,009
—.
——
.
Notes receivable
U. S. Industrial Alcohol Co.—25-Cent Extra Dividend
The directors have declared from earned surplus an extra dividend
Of 25 cents per share in addition to the regular quarterly dividend of
25 cents per
share
the common stock, both payable Feb. 2 to holders
of record Dec. 31.
Like amounts were paid on this issue on Nov. 1,
last.—V. 154, p. 800.
on
Officers'
and
Vick Chemical Co.—Acquisition—
See J. T. Baker Chemical Co.
Virginian
& Co.
on
Accounts
1629.
Dec. 22 offered after the close of the market
5,000 shares of 6% cumulative preferred stock (par $25)
at a fixed price of 29%. Dealer's discount
v. 154,,
1497.
Total
Dec. 20,
1941
Nov. 22,
11,522
-
10,370
10,096
17,754
Received from connections
5,485
16,443
A
1940
6,075
During
loaded.
the week ended Dec.
13,
1941,
38,000
income
p.
shares
at
cost
in
...
$4,423,000
12,000
$4,109,009
•:
$202,009
$284,000
———
139,000
28,000
3,000,000
478,000
555,000
Dr33,000
3.000,000
478,000
405,009
Dr4,000
tax
—
-
—
———
JL
——
$4,423,000
——
1941
and
600
shares
at
cost
$4,109,000
in
1940.—•
872.
dividend
of
20
cents
was paid on the common stock
This compares with 15 cents
The previous payment, amounting
share
15,581
Dec.
per
to
Total
1,135,009
241,000
Wolverine Portland Cement Co.—20-Cent Dividend—
Dec. 21,
1941
6,232
''
';;■• -" "■.
.
Federal
————
*4,300
Wabash Railway Co.—Carloadings-
locally
for
Capital stock (272,800 shares).
Capital surplus
Earned surplus ———;
•Treasury stock at cost——
•
Week Ended—
—
payable and accruals.
Provision
Offered—Wertheim
Stock
——
Liabilities—
in "Chronicle" Dec. 23, p.
By.--Preferred
,
—
Total
a
total of 17,087 cars were
23
to
share
holders
paid
60 cents per
on
of
per
record
Dec.
16,
Dec.
1940.
18.
share, was made in 1930.—V.
152, p. 1001.
Worthington Pump & Machinery Corp.—New Director
,
Sale of Road Approved—
46,412
Comparative
The electric output for the UGI system companies for the week Just
closed and the figures for the same week last year are as follows:
Charles B. Davis, at St. Louis on Dec. 15, approved
the sale at foreclosure for $31,300,950 of the properties of the road.
Federal Judge
The
Total
taxes
reserve
Provision
44,308
Accounts and notes
Merchandise and maintenance supplies
income
loan
Other
■;
3%
debentures were reported Dec. 24 virtually completed.
proceeds from the issue, it is said, will be used by the company
to construct additional tankers and for expansion purposes, including
the erection of additional facilities for the production of aviation gaso¬
line.
•
"V
Loaded
269,741
$7,243,680
$2,413,000
2,205,700
69,124
1,792,500
898,015
stock———.—
stock
for
Pension
154,
companies—Bonds,
shares and advances at book value.
$7,585,834
i—■
———
Surplus
$7,744,585
Sheet, Sept. 30
1941
79,554
2 5-year
p.
Balance
7.348
61,186
——,
Mos.—1940
1941—11
$682,262 $10,406,431
The
———
Consolidated
on
3,600
$1,110,526 *$1,090,269 *$1,061,352 *$1,959,968
+473,868
438,625
403,289
359,908
Assets—
Cash
$2,364,425
*473,280
1,800
274,596
——
———
49,500
———
preferred
Other
124,829
237,403
407,679
714,086
—
1938
28,917
$2,190,933
173,492
150,544
263,878
—
Maintenance
Bad
1939
32,631
31,308
30,114
$2,828,760 *$2,570,172 *$2,272,183
165,352
141,755
*147,773
Operation———-—
Taxes
1940
1,220,794
1,878,699
of
Southern Canada Power Co., Ltd. (& Subs.)—Earnings
Years Ended Sept. 30—
1,896,074
Victory Loan bonds——;
2%
—
tCommon
..
'
————.
shares of
4;(f
1633.K;,.-Xk
Union Oil Co. of
960,000
36,271
187,200
1
i
54,618
Net
>■
Accrued
34,464
38,908
1,322,260
„
the
Sales
-rs
949,161
Liabilities—
against
outstanding first consolidated mortgage 5% gold bonds
due May 1, 1944, have been called for redemption as of May 1, 1942,
at 110 and interest.
Payment will be made at the State Street Trust
Co., Boston, Mass., at any time on or before redemption date, the
holders to receive the redemption price and interest to May 1, 1942.—
V. 152, p. 3039.
$2,832,441
_—
1940
$3,077,257
•After reserve for
Thermoid Co. (& Domestic Subs.)—Sales—
Total.
:
of Canada
t6Va%
t2,593~53L6
$2,672,775
interest
Securities
31
$3,257,298
905,989
misc. investments, etc._«.
Patents, trade marks and goodwill—:--;-—--.
Accounts and bill receivable-————
151, p. 115.
Terre Haute Traction &
All
■
July
Sheet,
1941.
$1
1940
1941
■
Balance
Trade memberships,
Bank
directors recently declared
share
.
V
91,000
$216,127
1941
Investments
public
kwh.
Dec. 19.
$79,054
costs.
tax
..
Assets—
56,000
$227,279
„
buildings, -eto——
estate,
Deferred charges
Co.—Weekly Output—
utility operating companies in the
for the week ended Dec.. 20, 1941,
compared with 142,571,000 kwh. for the
corresponding week last year, an increase of 18.1%.—V. 154, p. 1600.
Federal
on
and excess
—,w_—
————
Inventory
totaled
28,612
inc.
Assets—
•Real
Standard Gas & Electric Co. system
108,814
43,200
~
another
of
129,424
J_—„—— ———■
taxes ::
profit
Dom,
$120,946
17,432
1,942
$132,818
———■_
common
134,533
119,569
:
and Dom.
for Provincial
1940.
.Net
45,655
122,789
,
depreciation
Provision for
profits
officers—-——57,102
executive
bank loan
on
Cash
1936.—V.
(A.) Stein & Co.—Year-End Dividend—
108,814
43,200
96,452
.
-
of
Remuneration
Interest
1940
$627,755
3,589
7,422
vr ;
Legal fees
Reserve
2,999
———
fees
Net
to holders of record Dec.
Subs.)—
1941
$589,111
' 4,120
2,250
operations-———
from
$3,858,564 $3,113,095 $174,949,545 $133,530,635
——
(&
Ltd.
Co.,
Years Ended July 31—
Earnings
including the year
and
$120,946
17,517
taxes—
Mills
Flour
Canada
Directors'
special distribution of 25 cents was also made each January, since
Electric
$136,164
—
expenses
for
Western
.
;
The directors on Dec.
able Jan.
3,589
7,494
——_—.
bonds
on
1940
commissions
accrued
$30,485;
payable,
accounts
for
Earnings—
1600.
p.
share and the regular
1940
$125,081
—————
1941
$5,133; invest¬
equipment
ana
wages,
Prov.
—Jan. 1 to Dec. 14—
1940
Springfield Fire & Marine Insurance Co. — Special
Dividend—. /■
' ■ ■;
i. ;'f:
j-;'
■■X? X;
Shawmut Bank Investment Trust—Earnings1941
30, 1941
$4,385; dividend payable, $2,813; accrued taxes, $11,280;
contingencies, $3,000; capital stock ($2 par), $125,000;
surplus, $79,102; treasury stock (6,243 shares, at cost), $15,754; total,
$240,311.—-V. 143, p. 2072.
and
36,874
48,999
reserve
Standard Gas & Electric
Income—Cash
in
Consolidated
$9,897; accrued interest on mortgages,
real estate taxes, $1,660; other accrued expenses,
$11,961; deposits by tenants on leases and accrued interest thereon,
$19,153; rents received in advance and sundry deferred income, $8,156;
deferred profit on sales of real estate, $9,983; accrued interest on 15year
income debentures;5 $601,652;
15-year income debentures due
June 1, 1951, $2,560,258; preferred stock
(par $1), $47,405; common
stock (par $1), $100,000; surplus arising from reorganization, $411,724;
deficit, $36,193; total, $3,760,141.
accrued
9 Mos. Ended Nov. 30—
•
(net), $29,534; deferred charges, $10,119; total, $240,311.
1600,, 1531.
Period—
Gross earnings
Liabilities—Accounts payable,
$14,485;
-
miscellaneous notes and accounts receivable,
wholly-owned subsidiary, $1; property, plant
$45,249;
"
interest, $18,109;
deposits, $16,740; investments, $56,360; deposit under contract to pur¬
chase real estate, $8,000; land and buildings owned in fee, $2,375,009;
prepaid
—-,-t———
Balance Sheet, June
ment
—
company on Dec. 15 liquidated its outstanding bank loans by
pre-payment of notes for $1,500,000 due Feb. 15 and May 15, 1942.
payment was the balance of a loan of $10,000,000 negotiated last
May with proceeds applied to the elimination of the company's debt
to the Reconstruction Finance Corporation.
At their peak, loans from
the RFC incurred during the depression amounted to $31,405,000.
By exercising its privilege of anticipating any of the quarterly ma¬
turities of the bank loan the company paid off many months ahead
of schedule the entire $10,000,000 of debt.
The loan agreement called
for instalments beginning Aug. 15, 1941, and concluding May 15, 1944.
^Exclusive of
1941
$21/512
$0.33
.
share—
per
6,671
2,192
Assets—Cash, $7,552; cash surrender value of life insurance, $22,362;
notes
and
accounts
receivable
(net),
$119,860;
inventories,
The
had been provided in prior years,
property abandoned.
during the year.
on
debentures purchased
on
————.
—
*On 56,257 shares of capital, $2 par.
other
or
-r.—
accounts—;——
profit'
♦Earnings
28,057,846
—;——^
the
$98,487
———
——
—
•Written off or for which reserves
d.ubtful
allowed
,
40,743
2,100
general expenses—
income——
for
Net
687,399
Southern Railway—Liquidates Bank Loans—
;13,989
$55,128
153,615
—-—-
and
on
Discounts
56,158,787
16,545,035
10,888,507
outstanding debt,
2,018
$175,183
expenses—101,962
other selling
commissions and
Salesmen's
Liabilities—Trade
Total
-V.
$41,139
interest on income debentures-—
tProvision for
Net
r——...———;
—-
$173,165
"
Federal taxes
insurance expense
for insurance over
Co.r—Earnings—
S''' Total:
The
'
22 paid to stockholders of record Dec. . 9 a
share, which was the first distribution since
15, 1928, when $1 was paid.—V. 154, p. 1397.
Warren Refining & Chemical
Carloadings of Southern Pacific Lines
Dec. 24, '41 Dec. 13, '41 Dec. 21, '40
32,371
35,628
27,630
14,661
13,371
/
9,244
-
received
Cars
13,461
—
year—,————------———-l.——■■' -y
the
during
receivable—
accounts
Mass.—50-Cent Div.
trade
$23,469
4,209
earnings.-————————--———,
Consolidated
■■' *
and
——————
87,854,315
1,342,578
on
11
/
,
The company on Dec.
dividend of 50 cents per
June
non-operating income items.
53
—-
-———
—
2,244,776
inc.—
'
,
Bedford,
New
Earnings for Year Ended June 30, 1941
profit from operations——
—
Other income from discounts, rent and sundry
$
6,695,359
provision for interest charges
Week Ended—
—
op.
ry.
oper.
•Before
1,92o
:——
;———.
—
—
Mills,
\
>
:
■
Wamsutta
;
$45,230
19,808
investment———————
on
——
Profit
•
p. 708.
21,171,454 270,022,343 210,447,870
14,476,095 182,168,027 154,289,083
66,425
rev.
♦Net ry.
Provision for
a dividend of $1 per share on the class A
29 to holders of record Dec. 24.
This is the first
December, 1936, when 50 cents was paid.—v. 153,
since
Provision
190,364
99,350
Profit from operations---.—-.-————--—.———J
lioss on sale & abandon, of real estate owned in fee, (net)
$
$
25,482,977
20,153,416
Railway oper. revenues
Railway oper. expenses-
19®,742"
„—————
$
A Dividend—
Gross
Earnings of Transportation System
1941—Month—1940
1941—11 MOS.—1940
Period End Nov. 30—
154,.
directors have declared
The
$2,476,-
was
company.—V.
,
distribution
$24,965,523 $24,712,481
Sept. 30, the market value of other investments
and $2,179,139 in 1940.—V. 154, p. 1632.
■,y.y
■General & administrative
—
reorganized:
Waitt & Bond, Inc.—$1 Class
1941
in
,
payable—
———-——
expenses——•—.i—-■
mortgages
on
——————,
——
—
the
of
stock, payable Dec.
Southern Pacific Co.—Earnings—
$773,973
243,287
-v—_————
——
————.—
at
•As
552
$721,620
26,650
25,704
—A-,———
—
Total
1941
——
earned
Operating expenses
Interest
483,619
Subs.)—Earnings—
for Year Ending May 31,
Earnings
Miscellaneous
Total
•
a
Schulte Real Estate Co., Inc. (&
Income:
185,251
Earned surplus——
31.
distribution of 22Va cents per share was also
made on the common stock.
Previously monthly payments of 7Va
cents each had been made up to and including July 15, 1941.—V. 154,
p. 1151.
Oct.
On
control
.
7,088,900
8,000,000
455
2,057,417
52,743
144,369
467,760
———
The plan will enable the !Pehnsyl»
carried out.
was
retain
to
1602,'-
•P;
106,333
42,699
136,875
_
dividend of 25 cents per
5% series, both payable
stock,
preferred
to holders of record Dec.
15
Jan.
cumulative
the
on
390,166
,
—
cents per share on
22 V2
directors have declared a dividend of
stock and the regular quarterly
The
90,314
—
reorganization
,,vania'RR.
$6,133,945..
liabilities———
121,636
'
" 564,711
Dividends payable
——
——106,333
Customers'deposits, including interest
48,361
Bond Interest accrued
._i
136,875
6% cum. participating pref. stock ($100 par)-7,088,900
Common stock (400,000 no par shares)—
8,000,000
Minority shareholders' interest in sub. company
455
Reserve for depreciation
2,065,263
Reserve for bad debts—
———_
52,994
, 9
the common
share
$6,111,121
—r
-
Accounts payable and accrued
Provision for taxes
Diego Gas & Electric Co.—Dividends—
San
1
Funded debt
24 paid a dividend of $2 per share on the
of record Dec. 18.
A distribution of $1.50
per share was made on Nov.
4, last, which compares with $1 In
preceding quarters.—V. 154, p. 870.
company on Dec.
common stock, to holders
^
of
' r
Liabilities—
Sagamore Mfg. Co.—Pays $2 DividendThe
Saturday, December 27, 1941
^reorganization managers made the, purchase;on Dec.; 1. No, objec¬
filed. ' Judge Davis retained jurisdiction to see that the plan
tions were
John M:
Franklin, President of the International Mercantile Marine
Co. and the United States Lines Co., has been
Worthington corporation.
ways. the Manufacturers
.Institute,/and
p. 1104.
elected
a
director of the
He also Is a director of Pan-American Air¬
Trust Co., the American Merchant Marine
the ^Northern, Insurance
Co.
,
of
New
.
York,—V. 154,
u;
J—-la. 14
| ..,
@FedFRASER